Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 16, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PFBX | ||
Entity Registrant Name | PEOPLES FINANCIAL CORP /MS/ | ||
Entity Central Index Key | 770,460 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 5,083,186 | ||
Entity Public Float | $ 41,181,000 |
Consolidated Statements of Cond
Consolidated Statements of Condition - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | |||
Cash and due from banks | $ 25,281 | $ 41,116 | $ 31,396 |
Available for sale securities | 245,664 | 233,578 | 202,807 |
Held to maturity securities, fair value of $50,538 - 2017; $46,935 - 2016; $19,220 - 2015 | 51,163 | 48,150 | 19,025 |
Other investments | 2,735 | 2,693 | 2,744 |
Federal Home Loan Bank Stock, at cost | 1,370 | 539 | 1,637 |
Loans | 280,449 | 315,355 | 337,557 |
Less: Allowance for loan losses | 6,153 | 5,466 | 8,070 |
Loans, net | 274,296 | 309,889 | 329,487 |
Bank premises and equipment, net of accumulated depreciation | 20,153 | 21,644 | 22,446 |
Other real estate | 8,232 | 8,513 | 9,916 |
Accrued interest receivable | 1,904 | 1,855 | 1,832 |
Cash surrender value of life insurance | 18,301 | 19,249 | 18,735 |
Other assets | 1,325 | 788 | 979 |
Total assets | 650,424 | 688,014 | 641,004 |
Deposits: | |||
Demand, non-interest bearing | 127,274 | 132,381 | 122,743 |
Savings and demand, interest bearing | 318,278 | 364,975 | 315,141 |
Time, $100,000 or more | 43,991 | 38,650 | 35,389 |
Other time deposits | 40,027 | 39,010 | 39,434 |
Total deposits | 529,570 | 575,016 | 512,707 |
Borrowings from Federal Home Loan Bank | 11,198 | 6,257 | 18,409 |
Employee and director benefit plans liabilities | 18,370 | 16,768 | 16,283 |
Other liabilities | 1,787 | 1,512 | 1,766 |
Total liabilities | 560,925 | 599,553 | 549,165 |
Shareholders' Equity: | |||
Common stock, $1 par value, 15,000,000 shares authorized, 5,083,186 shares issued and outstanding at December 31, 2017 and 5,123,186 shares issued and outstanding at December 31, 2016 and 2015 | 5,083 | 5,123 | 5,123 |
Surplus | 65,780 | 65,780 | 65,780 |
Undivided profits | 21,563 | 19,318 | 19,151 |
Accumulated other comprehensive income (loss), net of tax | (2,927) | (1,760) | 1,785 |
Total shareholders' equity | 89,499 | 88,461 | 91,839 |
Total liabilities and shareholders' equity | $ 650,424 | $ 688,014 | $ 641,004 |
Consolidated Statements of Con3
Consolidated Statements of Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | |||
Held to maturity securities, fair value | $ 50,538 | $ 46,935 | $ 19,220 |
Common stock, par value | $ 1 | $ 1 | $ 1 |
Common stock, shares authorized | 15,000,000 | 15,000,000 | 15,000,000 |
Common stock, shares issued | 5,083,186 | 5,123,186 | 5,123,186 |
Common stock, shares outstanding | 5,083,186 | 5,123,186 | 5,123,186 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest income: | |||
Interest and fees on loans | $ 12,970 | $ 14,232 | $ 14,759 |
Interest and dividends on securities: | |||
U. S. Treasuries | 1,602 | 1,133 | 626 |
U.S. Government agencies | 531 | 872 | 1,956 |
Mortgage-backed securities | 1,320 | 600 | 596 |
States and political subdivisions | 1,634 | 1,325 | 1,280 |
Other investments | 26 | 53 | 31 |
Interest on balances due from depository institutions | 420 | 278 | 63 |
Total interest income | 18,503 | 18,493 | 19,311 |
Interest expense: | |||
Deposits | 1,376 | 894 | 677 |
Borrowings from Federal Home Loan Bank | 47 | 131 | 198 |
Total interest expense | 1,423 | 1,025 | 875 |
Net interest income | 17,080 | 17,468 | 18,436 |
Provision for allowance for loan losses | 116 | 568 | 2,582 |
Net interest income after provision for allowance for loan losses | 16,964 | 16,900 | 15,854 |
Non-interest income: | |||
Trust department income and fees | 1,689 | 1,614 | 1,642 |
Service charges on deposit accounts | 3,732 | 3,763 | 4,263 |
Gain on liquidation, sales and calls of securities | 134 | 158 | 8 |
Income (loss) from other investments | 42 | (51) | (218) |
Increase in cash surrender value of life insurance | 458 | 406 | 489 |
Gain from death benefits from life insurance | 429 | ||
Other income | 481 | 659 | 714 |
Total non-interest income | 6,965 | 6,549 | 6,898 |
Non-interest expense: | |||
Salaries and employee benefits | 10,949 | 11,088 | 11,716 |
Net occupancy | 2,121 | 2,323 | 2,365 |
Equipment rentals, depreciation and maintenance | 3,006 | 2,954 | 2,809 |
Loss on credit impairment of securities | 1,695 | ||
Other expense | 6,175 | 6,839 | 9,521 |
Total non-interest expense | 22,251 | 23,204 | 28,106 |
Income (loss) before income taxes | 1,678 | 245 | (5,354) |
Income tax (benefit) expense | (1,080) | 78 | (762) |
Net income (loss) | $ 2,758 | $ 167 | $ (4,592) |
Basic and diluted earnings (loss) per share | $ 0.54 | $ 0.03 | $ (0.90) |
Dividends declared per share | $ 0.01 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 2,758 | $ 167 | $ (4,592) |
Other comprehensive income (loss), net of tax: | |||
Net unrealized gain (loss) on available for sale securities, net of tax of $390 for the year ended December 31, 2015 | 127 | (3,345) | 762 |
Reclassification adjustment for realized gains on available for sale securities called or sold in current year, net of tax of $3 for the year ended December 31, 2015 | (134) | (158) | (5) |
Gain (loss) from unfunded post-retirement benefit obligation, net of tax of $372 for the year ended December 31, 2015 | (1,160) | (42) | 723 |
Total other comprehensive income (loss) | (1,167) | (3,545) | 1,480 |
Total comprehensive income (loss) | $ 1,591 | $ (3,378) | $ (3,112) |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Statement of Comprehensive Income [Abstract] | |
Unrealized gain (loss) on available for sale securities, tax | $ 390 |
Reclassification adjustment for realized gains on available for sale securities called or sold, tax | 3 |
Gain (loss) from unfunded post-retirement benefit obligation, tax | $ 372 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Surplus [Member] | Undivided Profits [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2014 | $ 94,951 | $ 5,123 | $ 65,780 | $ 23,743 | $ 305 |
Beginning balance, Shares at Dec. 31, 2014 | 5,123,186 | ||||
Net income (loss) | (4,592) | (4,592) | |||
Other comprehensive income (loss) | 1,480 | 1,480 | |||
Ending balance at Dec. 31, 2015 | $ 91,839 | $ 5,123 | 65,780 | 19,151 | 1,785 |
Ending balance, Shares at Dec. 31, 2015 | 5,123,186 | 5,123,186 | |||
Net income (loss) | $ 167 | 167 | |||
Other comprehensive income (loss) | (3,545) | (3,545) | |||
Ending balance at Dec. 31, 2016 | $ 88,461 | $ 5,123 | 65,780 | 19,318 | (1,760) |
Ending balance, Shares at Dec. 31, 2016 | 5,123,186 | 5,123,186 | |||
Net income (loss) | $ 2,758 | 2,758 | |||
Retirement of stock | $ (502) | $ (40) | (462) | ||
Retirement of stock, Shares | 40,000 | (40,000) | |||
Cash dividend ($.10 per share) | $ (51) | (51) | |||
Other comprehensive income (loss) | (1,167) | (1,167) | |||
Ending balance at Dec. 31, 2017 | $ 89,499 | $ 5,083 | $ 65,780 | $ 21,563 | $ (2,927) |
Ending balance, Shares at Dec. 31, 2017 | 5,083,186 | 5,083,186 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) | 12 Months Ended |
Dec. 31, 2017$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Cash dividend per share | $ 0.01 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 2,758 | $ 167 | $ (4,592) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation | 1,914 | 1,823 | 1,754 |
Provision for allowance for loan losses | 116 | 568 | 2,582 |
Writedown of other real estate | 460 | 782 | 937 |
(Gain) loss on sales of other real estate | 101 | (251) | 789 |
Loss on credit impairment of securities | 1,695 | ||
(Income) loss from other investments | (42) | 51 | 218 |
Gain on death benefits from life insurance | (429) | ||
Amortization of available for sale securities | 287 | 30 | 224 |
Amortization of held to maturity securities | 253 | 181 | 83 |
Gain on liquidation, sales and calls of securities | (134) | (158) | (8) |
Increase in cash surrender value of life insurance | (458) | (406) | (489) |
Change in accrued interest receivable | (49) | (23) | 293 |
Change in other assets | (537) | 191 | 1,087 |
Change in other liabilities | 717 | 189 | 66 |
Net cash provided by operating activities | 4,957 | 3,144 | 4,639 |
Cash flows from investing activities: | |||
Proceeds from maturities, liquidation, sales and calls of available for sale securities | 71,315 | 149,715 | 56,593 |
Purchases of available for sale securities | (83,561) | (183,861) | (45,042) |
Proceeds from maturities of held to maturity securities | 7,725 | 510 | 210 |
Purchases of held to maturity securities | (10,991) | (29,816) | (1,534) |
(Purchase) redemption of Federal Home Loan Bank Stock | (831) | 1,098 | 867 |
Proceeds from sales of other real estate | 1,666 | 2,775 | 3,506 |
Loans, net change | 33,531 | 17,127 | 13,630 |
Acquisition of premises and equipment | (423) | (1,021) | (416) |
Investment in cash surrender value of life insurance | (94) | (108) | (101) |
Proceeds from death benefits from life insurance | 1,929 | ||
Net cash provided by (used in) investing activities | 20,266 | (43,581) | 27,713 |
Cash flows from financing activities: | |||
Demand and savings deposits, net change | (51,804) | 59,472 | (2,463) |
Time deposits, net change | 6,358 | 2,837 | (1,750) |
Cash dividends | (51) | ||
Retirement of stock | (502) | ||
Borrowings from Federal Home Loan Bank | 131,500 | 98,920 | 992,545 |
Repayments to Federal Home Loan Bank | (126,559) | (111,072) | (1,012,844) |
Net cash provided by (used in) financing activities | (41,058) | 50,157 | (24,512) |
Net increase (decrease) in cash and cash equivalents | (15,835) | 9,720 | 7,840 |
Cash and cash equivalents, beginning of year | 41,116 | 31,396 | 23,556 |
Cash and cash equivalents, end of year | $ 25,281 | $ 41,116 | $ 31,396 |
Business and Summary of Signifi
Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Summary of Significant Accounting Policies | NOTE A – BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Business of The Company Peoples Financial Corporation (the “Company”) is a one-bank Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. Basis of Accounting The Company and its subsidiaries recognize assets and liabilities, and income and expense, on the accrual basis of accounting. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Material estimates common to the banking industry that are particularly susceptible to significant change in the near term include, but are not limited to, the determination of the allowance for loan losses, the valuation of other real estate acquired in connection with foreclosure or in satisfaction of loans, assumptions relating to employee and director benefit plan liabilities and valuation allowances associated with the realization of deferred tax assets, which are based on future taxable income. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) 2014-09 In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13 2016-13 In January 2017, the FASB issued ASU 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings. 2017-03 In February 2017, the FASB issued ASU 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): 2017-05 In March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. 2017-07 In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): 2017-08 In November 2017, the FASB issued ASU 2017-14, Income Statement – Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers (Topic 606). 2017-14 In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220). 2018-02 Cash and Due from Banks The Company is required to maintain average reserve balances in its vault or on deposit with the Federal Reserve Bank. The average amount of these reserve requirements was approximately $564,000, $4,240,000 and $2,084,000 for the years ending December 31, 2017, 2016 and 2015, respectively. Securities The classification of securities is determined by Management at the time of purchase. Securities are classified as held to maturity when the Company has the positive intent and ability to hold the security until maturity. Securities held to maturity are stated at amortized cost. Securities not classified as held to maturity are classified as available for sale and are stated at fair value. Unrealized gains and losses, net of tax, on these securities are recorded in shareholders’ equity as accumulated other comprehensive income. The amortized cost of available for sale securities and held to maturity securities is adjusted for amortization of premiums and accretion of discounts to maturity, determined using the interest method. Such amortization and accretion is included in interest income on securities. A decline in the market value of any investment below cost that is deemed to be other-than-temporary is charged to earnings for the decline in value deemed to be credit related and a new cost basis in the security is established. The decline in value attributed to non-credit non-interest Other Investments Other investments include a low income housing partnership in which the Company is a 99% limited partner. The partnership has qualified to receive annual low income housing federal tax credits that are recognized as a reduction of the current tax expense. The investment is accounted for using the equity method. Federal Home Loan Bank Stock The Company is a member of the Federal Home Loan Bank of Dallas (“FHLB”) and as such is required to maintain a minimum investment in its stock that varies with the level of FHLB advances outstanding. The stock is bought from and sold to the FHLB based on its $100 par value. The stock does not have a readily determinable fair value and as such is classified as restricted stock, carried at cost and evaluated for impairment in accordance with GAAP. Loans The loan portfolio consists of commercial and industrial and real estate loans within the Company’s trade area that we have the intent and ability to hold for the foreseeable future or until maturity. The loan policy establishes guidelines relating to pricing; repayment terms; collateral standards including loan to value limits, appraisal and environmental standards; lending authority; lending limits and documentation requirements. Loans are stated at the amount of unpaid principal, reduced by unearned income and the allowance for loan losses. Interest on loans is recognized on a daily basis over the terms of each loan based on the unpaid principal balance. Loan origination fees are recognized as income when received. Revenue from these fees is not material to the financial statements. The Company continuously monitors its relationships with its loan customers in concentrated industries such as gaming and hotel/motel, as well as the exposure for out of area, land development, construction and commercial real estate loans, and their direct and indirect impact on its operations. Loan delinquencies and deposit overdrafts are monitored on a weekly basis in order to identify developing problems as early as possible. On a monthly basis, a watch list of credits based on our loan grading system is prepared. Grades are applied to individual loans based on factors including repayment ability, financial condition of the borrower and payment performance. Loans with lower grades are placed on the watch list of credits. The watch list is the primary tool for monitoring the credit quality of the loan portfolio. Once loans are determined to be past due, the loan officer and the special assets department work vigorously to return the loans to a current status. The Company places loans on a nonaccrual status when, in the opinion of Management, they possess sufficient uncertainty as to timely collection of interest or principal so as to preclude the recognition in reported earnings of some or all of the contractual interest. Accrued interest on loans classified as nonaccrual is reversed at the time the loans are placed on nonaccrual. Interest received on nonaccrual loans is applied against principal. Loans are restored to accrual status when the obligation is brought current or has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectibility of the total contractual principal and interest is no longer in doubt. The placement of loans on and removal of loans from nonaccrual status must be approved by Management. Loans which become 90 days delinquent are reviewed relative to collectibility. Unless such loans are in the process of terms revision to bring them to a current status or foreclosure or in the process of collection, these loans are placed on nonaccrual and, if deemed uncollectible, are charged off against the allowance for loan losses. That portion of a loan which is deemed uncollectible will be charged off against the allowance as a partial charge off. All charge offs must be approved by Management and are reported to the Board of Directors. Allowance for Loan Losses The allowance for loan losses (“ALL”) is a valuation account available to absorb losses on loans. The ALL is established through provisions for loan losses charged against earnings. Loans deemed to be uncollectible are charged against the ALL, and subsequent recoveries, if any, are credited to the allowance. The ALL is based on Management’s evaluation of the loan portfolio under current economic conditions and is an amount that Management believes will be adequate to absorb probable losses on loans existing at the reporting date. On a quarterly basis, the Company’s problem asset committee meets to review the watch list of credits, which is formulated from the loan grading system. Members of this committee include loan officers, collection officers, the special assets director, the chief lending officer, the chief credit officer, the chief financial officer and the chief executive officer. The evaluation includes Management’s assessment of several factors: review and evaluation of specific loans, changes in the nature and volume of the loan portfolio, current and anticipated economic conditions and the related impact on specific borrowers and industry groups, a study of loss experience, a review of classified, nonperforming and delinquent loans, the estimated value of any underlying collateral, an estimate of the possibility of loss based on the risk characteristics of the portfolio, adverse situations that may affect the borrower’s ability to repay and the results of regulatory examinations. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant change. The ALL consists of specific and general components. The specific component relates to loans that are classified as impaired. The general component of the allowance relates to loans that are not impaired. Changes to the components of the ALL are recorded as a component of the provision for the allowance for loan losses. Management must approve changes to the ALL and must report its actions to the Board of Directors. The Company believes that its allowance for loan losses is appropriate at December 31, 2017. The Company considers a loan to be impaired when, based upon current information and events, it believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The Company’s impaired loans include troubled debt restructurings and performing and non-performing All impaired loans are reviewed, at a minimum, on a quarterly basis. The Company calculates the specific allowance required for impaired loans based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of its collateral. Most of the Company’s impaired loans are collateral-dependent. The fair value of the collateral for collateral-dependent loans is based on appraisals performed by third-party valuation specialists, comparable sales and other estimates of fair value obtained principally from independent sources such as the Multiple Listing Service or county tax assessment valuations, adjusted for estimated selling costs. The Company has a Real Estate Appraisal Policy (the “Policy”) which is in compliance with the guidelines set forth in the “Interagency Appraisal and Evaluation Guidelines” which implement Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (“FIRREA”) and the revised “Interagency Appraisal and Evaluation Guidelines” issued in 2010. The Policy further requires that appraisals be in writing and conform to the Uniform Standards of Professional Appraisal Practice (“USPAP”). An appraisal prepared by a state-licensed or state-certified appraiser is required on all new loans secured by real estate in excess of $250,000. Loans secured by real estate in an amount of $250,000 or less, or that qualify for an exemption under FIRREA, must have a summary appraisal report or in-house When Management determines that a loan is impaired and the loan is collateral-dependent, an evaluation of the fair value of the collateral is performed. The Company maintains established criteria for assessing whether an existing appraisal continues to reflect the fair value of the property for collateral-dependent loans. Appraisals are generally considered to be valid for a period of at least twelve months. However, appraisals that are less than 12 months old may need to be adjusted. Management considers such factors as the property type, property condition, current use of the property, current market conditions and the passage of time when determining the relevance and validity of the most recent appraisal of the property. If Management determines that the most recent appraisal is no longer valid, a new appraisal is ordered from an independent and qualified appraiser. During the interim period between ordering and receipt of the new appraisal, Management considers if the existing appraisal should be discounted to determine the estimated fair value of collateral. Discounts are applied to the existing appraisal and take into consideration the property type, condition of the property, external market data, internal data, reviews of recently obtained appraisals and evaluations of similar properties, comparable sales of similar properties and tax assessment valuations. When the new appraisal is received and approved by Management, the valuation stated in the appraisal is used as the fair value of the collateral in determining impairment, if any. If the recorded investment in the impaired loan exceeds the measure of fair value, a valuation allowance is required as a specific component of the allowance for loan losses. Any specific reserves recorded in the interim are adjusted accordingly. The general component of the ALL is the loss estimated by applying historical loss percentages to non-classified Bank Premises and Equipment Bank premises and equipment are stated at cost, less accumulated depreciation. Depreciation is computed by the straight-line method based on the estimated useful lives of the related assets. Other Real Estate Other real estate (“ORE”) includes real estate acquired through foreclosure. Each other real estate property is carried at fair value, less estimated costs to sell. Fair value is principally based on appraisals performed by third-party valuation specialists. Any excess of the carrying value of the related loan over the fair value of the real estate at the date of foreclosure is charged against the ALL. Any expense incurred in connection with holding such real estate or resulting from any writedowns in value subsequent to foreclosure is included in non-interest non-interest Trust Department Income and Fees Corporate trust fees are accounted for on an accrual basis and personal trust fees are recorded when received. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Additionally, the recognition of future tax benefits, such as net operating loss carry forwards, is required to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the assets and liabilities are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. In the event the future tax consequences of differences between the financial reporting bases and the tax bases of the Company’s assets and liabilities results in deferred tax assets, an evaluation of the probability of being able to realize the future benefits indicated by such asset is required. A valuation allowance is provided for the portion of the deferred tax asset when it is more likely than not that some portion or all of the deferred tax asset will not be realized. In assessing the realizability of the deferred tax assets, Management considers the scheduled reversals of deferred tax liabilities, projected future taxable income and tax planning strategies. The Company currently evaluates income tax positions judged to be uncertain. A loss contingency reserve is accrued if it is probable that the tax position will be challenged, it is probable that the future resolution of the challenge will confirm that a loss has been incurred and the amount of such loss can be reasonably estimated. Post-Retirement Benefit Plan The Company accounts for its post-retirement benefit plan under Accounting Standards Codification (“Codification” or “ASC”) Topic 715, Retirement Benefits (“ASC 715”). The under or over funded status of the Company’s post-retirement benefit plan is recognized as a liability or asset in the statement of condition. Changes in the plan’s funded status are reflected in other comprehensive income. Net actuarial gains and losses and adjustments to prior service costs that are not recorded as components of the net periodic benefit cost are charged to other comprehensive income. Earnings Per Share Basic and diluted earnings per share are computed on the basis of the weighted average number of common shares outstanding of 5,123,076 in 2017 and 5,123,186 in 2016 and 2015. Accumulated Other Comprehensive Income (Loss) At December 31, 2017, 2016 and 2015, accumulated other comprehensive income (loss) consisted of net unrealized gains (losses) on available for sale securities and over (under) funded liabilities related to the Company’s post-retirement benefit plan. Statements of Cash Flows The Company has defined cash and cash equivalents to include cash and due from banks. The Company paid $1,420,399, $1,020,177 and $874,890 in 2017, 2016 and 2015, respectively, for interest on deposits and borrowings. Income tax payments totaled $78,435 in 2016. Loans transferred to other real estate amounted to $1,946,045, $1,903,427 and $7,502,496 in 2017, 2016 and 2015, respectively. Fair Value Measurement The Company reports certain assets and liabilities at their estimated fair value. These assets and liabilities are classified and disclosed in one of three categories based on the inputs used to develop the measurements. The categories establish a hierarchy for ranking the quality and reliability of the information used to determine fair value. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | NOTE B – SECURITIES: The amortized cost and fair value of securities at December 31, 2017, 2016 and 2015, respectively, are as follows (in thousands): December 31, 2017 Amortized Gross Gross Fair Value Available for sale securities: Debt securities: U.S. Treasuries $ 124,820 $ $ (2,176 ) $ 122,644 U.S. Government agencies 19,989 (158 ) 19,831 Mortgage-backed securities 89,207 96 (1,042 ) 88,261 States and political subdivisions 14,178 292 14,470 Total debt securities 248,194 388 (3,376 ) 245,206 Equity securities 458 458 Total available for sale securities $ 248,652 $ 388 $ (3,376 ) $ 245,664 Held to maturity securities: U.S. Government agencies $ 8,185 $ $ (302 ) $ 7,883 States and political subdivisions 42,978 227 (550 ) 42,655 Total held to maturity securities $ 51,163 $ 227 $ (852 ) $ 50,538 December 31, 2016 Amortized Gross Gross Fair Value Available for sale securities: Debt securities: U.S. Treasuries $ 149,676 $ 39 $ (2,091 ) $ 147,624 U.S. Government agencies 24,973 58 (206 ) 24,825 Mortgage-backed securities 43,939 74 (1,305 ) 42,708 States and political subdivisions 17,513 450 17,963 Total debt securities 236,101 621 (3,602 ) 233,120 Equity securities 458 458 Total available for sale securities $ 236,559 $ 621 $ (3,602) $ 233,578 Held to maturity securities: U.S. Government agencies $ 10,009 $ $ (315 ) $ 9,694 States and political subdivisions 36,677 29 (927 ) 35,779 Corporate bond 1,464 (2 ) 1,462 Total held to maturity securities $ 48,150 $ 29 $ (1,244 ) $ 46,935 December 31, 2015 Amortized Gross Gross Fair Value Available for sale securities: Debt securities: U.S. Treasuries $ 63,845 $ 20 $ (111 ) $ 63,754 U.S. Government agencies 84,849 176 (479 ) 84,546 Mortgage-backed securities 30,106 155 (131 ) 30,130 States and political subdivisions 22,833 894 23,727 Total debt securities 201,633 1,245 (721 ) 202,157 Equity securities 650 650 Total available for sale securities $ 202,283 $ 1,245 $ (721) $ 202,807 Held to maturity securities: States and political subdivisions $ 17,507 $ 222 $ (16 ) $ 17,713 Corporate bond 1,518 (11 ) 1,507 Total held to maturity securities $ 19,025 $ 222 $ (27 ) $ 19,220 The amortized cost and fair value of debt securities at December 31, 2017, (in thousands) by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Fair Value Available for sale securities: Due in one year or less $ 47,862 $ 47,725 Due after one year through five years 88,005 86,907 Due after five years through ten years 22,787 21,961 Due after ten years 333 352 Mortgage-backed securities 89,207 88,261 Total $ 248,194 $ 245,206 Held to maturity securities: Due in one year or less $ 694 $ 693 Due after one year through five years 14,336 14,296 Due after five years through ten years 20,555 20,235 Due after ten years 15,578 15,314 Total $ 51,163 $ 50,538 Available for sale and held to maturity securities with gross unrealized losses at December 31, 2017, 2016 and 2015, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are as follows (in thousands): Less Than Twelve Months Over Twelve Months Total December 31, 2017: Fair Value Gross Fair Value Gross Fair Value Gross U.S. Treasuries $ 49,586 $ 364 $ 73,058 $ 1,812 $ 122,644 $ 2,176 U.S. Government agencies 8,145 37 14,567 423 22,712 460 Mortgage-backed securities 60,230 415 13,492 627 73,722 1,042 States and political subdivisions 11,552 168 7,010 382 18,562 550 Total $ 129,513 $ 984 $ 108,127 $ 3,244 $ 237,640 $ 4,228 December 31, 2016: U.S. Treasuries $ 97,634 $ 2,091 $ $ $ 97,634 $ 2,091 U.S. Government agencies 24,478 521 24,478 521 Mortgage-backed securities 37,663 1,305 37,663 1,305 States and political subdivisions 24,627 926 589 1 25,216 927 Corporate bond 1,462 2 1,462 2 Total $ 184,402 $ 4,843 $ 2,051 $ 3 $ 186,453 $ 4,846 December 31, 2015: U.S. Treasuries $ 39,889 $ 111 $ $ $ 39,889 $ 111 U.S. Government agencies 14,894 87 12,581 392 27,475 479 Mortgage-backed securities 16,557 131 16,557 131 States and political subdivisions 2,225 8 1,362 8 3,587 16 Corporate bond 1,507 11 1,507 11 Total $ 75,072 $ 348 $ 13,943 $ 400 $ 89,015 $ 748 At December 31, 2017, 25 of the 25 securities issued by the U.S. Treasury, 5 of the 6 securities issued by U.S. Government agencies, 27 of the 35 mortgage-backed securities and 53 of the 148 securities issued by states and political subdivisions contained unrealized losses. Management evaluates securities for other-than-temporary impairment on a monthly basis. In performing this evaluation, the length of time and the extent to which the fair value has been less than cost, the fact that the Company’s securities are primarily issued by U.S. Treasury and U.S. Government agencies and the cause of the decline in value are considered. In addition, the Company does not intend to sell and it is not more likely than not that we will be required to sell these securities before maturity. While some available for sale securities have been sold for liquidity purposes or for gains, the Company has traditionally held its securities, including those classified as available for sale, until maturity. As a result of this evaluation, the Company has determined that the declines summarized in the tables above are not deemed to be other-than-temporary. As part of its routine evaluation of securities for other-than-temporary impairment, the Company identified a potential credit loss on bonds issued by a municipality with a carrying value of $1,875,000 during 2015. The Company’s evaluation considered the failure of the issuer to make scheduled interest payments and expectations of future performance. Principal and interest payments due under the current terms of the bonds are funded by sales and property tax collections by the related municipality. During the third quarter of 2015, the assessed value of the related real estate parcels was significantly reduced, which will reduce the level of future cash flows supporting the principal and interest payments on the bonds. The present value of the expected future cash flows was calculated by the Company. Based on its evaluation, it was determined that the investment in the bonds was impaired and that a credit loss should be recognized in earnings. During 2015, the Company recorded a loss of $1,695,000 from the credit impairment of these bonds. Accrued interest of $92,564 relating to these securities was also charged off during 2015. During 2017 and 2016, payments were received from the municipality which resulted in the Company recognizing a gain of $20,000 and $53,861, respectively. Proceeds from sales of available for sale debt securities were $30,748,797, $29,641,206 and $5,007,993 during 2017, 2016 and 2015, respectively. Available for sale debt securities were sold and called for realized gains of $133,986, $157,925 and $7,993 during 2017, 2016 and 2015, respectively. Securities with a fair value of $196,702,218, $180,659,168 and $168,724,920 at December 31, 2017, 2016 and 2015, respectively, were pledged to secure public deposits, federal funds purchased and other balances required by law. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Loans | NOTE C – LOANS: The composition of the loan portfolio at December 31, 2017, 2016 and 2015 is as follows (in thousands): December 31, 2017 2016 2015 Gaming $ 26,142 $ 31,311 $ 31,655 Residential and land development 263 291 933 Real estate, construction 31,947 32,503 35,414 Real estate, mortgage 189,201 206,172 219,925 Commercial and industrial 26,360 37,035 42,480 Other 6,536 8,043 7,150 Total $ 280,449 $ 315,355 $ 337,557 In the ordinary course of business, the Company’s bank subsidiary extends loans to certain officers and directors and their personal business interests at, in the opinion of Management, the same terms, including interest rates and collateral, as those prevailing at the time for comparable loans of similar credit risk with persons not related to the Company or its subsidiaries. These loans do not involve more than normal risk of collectibility and do not include other unfavorable features. An analysis of the activity with respect to such loans to related parties is as follows (in thousands): 2017 2016 2015 Balance, January 1 $ 6,658 $ 7,608 $ 7,760 New loans and advances 907 312 3,958 Repayments (1,022) (1,262) (4,110) Balance, December 31 $ 6,543 $ 6,658 $ 7,608 As part of its evaluation of the quality of the loan portfolio, Management monitors the Company’s credit concentrations on a monthly basis. Total outstanding concentrations were as follows (in thousands): December 31, 2017 2016 2015 Gaming $ 26,142 $ 31,311 $ 31,655 Hotel/motel 34,882 40,319 39,460 Out of area 14,597 14,461 14,526 The age analysis of the loan portfolio, segregated by class of loans, as of December 31, 2017, 2016 and 2015 is as follows (in thousands): Loans Past Due Greater Than 90 Days and Number of Days Past Due Greater Total Total 30 - 59 60 - 89 Than 90 Past Due Current Loans Still Accruing December 31, 2017: Gaming $ $ $ $ $ 26,142 $ 26,142 $ Residential and land development 263 263 Real estate, construction 747 121 522 1,390 30,557 31,947 Real estate, mortgage 5,321 790 4,884 10,995 178,206 189,201 Commercial and industrial 375 2 2,344 2,721 23,639 26,360 Other 26 3 29 6,507 6,536 Total $ 6,469 $ 916 $ 7,750 $ 15,135 $ 265,314 $ 280,449 $ December 31, 2016: Gaming $ $ $ $ $ 31,311 $ 31,311 $ Residential and land development 291 291 291 Real estate, construction 902 216 1,082 2,200 30,303 32,503 Real estate, mortgage 4,608 1,923 4,471 11,002 195,170 206,172 Commercial and industrial 867 8 875 36,160 37,035 Other 44 36 80 160 7,883 8,043 Total $ 6,421 $ 2,175 $ 5,932 $ 14,528 $ 300,827 $ 315,355 $ December 31, 2015: Gaming $ $ $ $ $ 31,655 $ 31,655 $ Residential and land development 323 323 610 933 Real estate, construction 851 448 1,346 2,645 32,769 35,414 Real estate, mortgage 7,094 3,673 1,352 12,119 207,806 219,925 146 Commercial and industrial 1,206 31 237 1,474 41,006 42,480 Other 67 67 7,083 7,150 Total $ 9,218 $ 4,152 $ 3,258 $ 16,628 $ 320,929 $ 337,557 $ 146 The Company monitors the credit quality of its loan portfolio through the use of a loan grading system. A score of 1 – 5 is assigned to the loan based on factors including repayment ability, trends in net worth and/or financial condition of the borrower and guarantors, employment stability, management ability, loan to value fluctuations, the type and structure of the loan, conformity of the loan to bank policy and payment performance. Based on the total score, a loan grade of A, B, C, S, D, E or F is applied. A grade of A will generally be applied to loans for customers that are well known to the Company and that have excellent sources of repayment. A grade of B will generally be applied to loans for customers that have excellent sources of repayment which have no identifiable risk of collection. A grade of C will generally be applied to loans for customers that have adequate sources of repayment which have little identifiable risk of collection. A grade of S will generally be applied to loans for customers who meet the criteria for a grade of C but also warrant additional monitoring by placement on the watch list. A grade of D will generally be applied to loans for customers that are inadequately protected by current sound net worth, paying capacity of the borrower, or pledged collateral. Loans with a grade of D have unsatisfactory characteristics such as cash flow deficiencies, bankruptcy filing by the borrower or dependence on the sale of collateral for the primary source of repayment, causing more than acceptable levels of risk. Loans 60 to 89 days past due receive a grade of D. A grade of E will generally be applied to loans for customers with weaknesses inherent in the D classification and in which collection or liquidation in full is questionable. In addition, on a monthly basis the Company determines which loans are 90 days or more past due and assigns a grade of E to them. A grade of F is applied to loans which are considered uncollectible and of such little value that their continuance in an active bank is not warranted. Loans with this grade are charged off, even though partial or full recovery may be possible in the future. An analysis of the loan portfolio by loan grade, segregated by class of loans, as of December 31, 2017, 2016 and 2015 is as follows (in thousands): Loans With A Grade Of: A, B or C S D E F Total December 31, 2017: Gaming $ 26,142 $ $ $ $ $ 26,142 Residential and land development 263 263 Real estate, construction 30,412 358 1,177 31,947 Real estate, mortgage 148,284 11,550 19,606 9,761 189,201 Commercial and industrial 23,133 265 2,962 26,360 Other 6,516 16 4 6,536 Total $ 234,487 $ 11,550 $ 20,245 $ 14,167 $ $ 280,449 December 31, 2016: Gaming $ 31,311 $ $ $ $ $ 31,311 Residential and land development 291 291 Real estate, construction 29,954 435 517 1,597 32,503 Real estate, mortgage 155,671 17,651 22,901 9,949 206,172 Commercial and industrial 13,926 21,680 867 562 37,035 Other 7,996 42 5 8,043 Total $ 238,858 $ 39,766 $ 24,327 $ 12,404 $ $ 315,355 December 31, 2015: Gaming $ 31,655 $ $ $ $ $ 31,655 Residential and land development 610 323 933 Real estate, construction 31,935 883 2,596 35,414 Real estate, mortgage 167,286 16,678 23,686 12,275 219,925 Commercial and industrial 24,466 15,007 2,368 639 42,480 Other 7,114 1 35 7,150 Total $ 263,066 $ 31,686 $ 26,972 $ 15,833 $ $ 337,557 A loan may be impaired but not on nonaccrual status when the loan is well secured and in the process of collection. Total loans on nonaccrual as of December 31, 2017, 2016 and 2015 are as follows (in thousands): December 31, 2017 2016 2015 Residential and land development $ 263 $ 291 $ 323 Real estate, construction 1,177 1,598 2,523 Real estate, mortgage 9,548 9,445 11,759 Commercial and industrial 2,818 515 581 Other 4 5 Total $ 13,810 $ 11,854 $ 15,186 Prior to 2015, certain loans were modified by granting interest rate concessions to these customers with such loans being classified as troubled debt restructurings. During 2017, 2016 and 2015, the Company did not restructure any additional loans. Specific reserves of $86,000, $100,000 and $107,000 have been allocated to troubled debt restructurings as of December 31, 2017, 2016, and 2015, respectively. The Bank had no commitments to lend additional amounts to customers with outstanding loans classified as troubled debt restructurings as of December 31, 2017, 2016 and 2015. Impaired loans, which include loans classified as nonaccrual and troubled debt restructurings, segregated by class of loans, as of December 31, 2017, 2016 and 2015 were as follows (in thousands): Unpaid Recorded Related Average Interest December 31, 2017: With no related allowance recorded: Real estate, construction $ 1,441 $ 967 $ $ 1,024 $ Real estate, mortgage 8,920 8,025 8,654 31 Commercial and industrial 922 884 916 Other 4 4 4 Total 11,287 9,880 10,598 31 With a related allowance recorded: Residential and land development 263 263 40 275 Real estate, construction 210 210 105 226 Real estate, mortgage 3,556 2,672 725 2,676 28 Commercial and industrial 1,934 1,934 342 1,923 Total 5,963 5,079 1,212 5,100 28 Total by class of loans: Residential and land development 263 263 40 275 Real estate, construction 1,651 1,177 105 1,250 Real estate, mortgage 12,476 10,697 725 11,330 59 Commercial and industrial 2,856 2,818 342 2,839 Other 4 4 4 Total $ 17,250 $ 14,959 $ 1,212 $ 15,698 $ 59 Unpaid Recorded Related Average Interest December 31, 2016: With no related allowance recorded: Real estate, construction $ 2,023 $ 1,331 $ $ 1,395 $ Real estate, mortgage 11,811 9,282 10,582 23 Commercial and industrial 553 515 538 Total 14,387 11,128 12,515 23 With a related allowance recorded: Residential and land development 291 291 66 304 Real estate, construction 267 267 141 283 Real estate, mortgage 1,347 1,347 195 1,080 30 Other 5 5 1 1 Total 1,910 1,910 403 1,668 30 Total by class of loans: Residential and land development 291 291 66 304 Real estate, construction 2,290 1,598 141 1,678 Real estate, mortgage 13,158 10,629 195 11,662 53 Commercial and industrial 553 515 538 Other 5 5 1 1 Total $ 16,297 $ 13,038 $ 403 $ 14,183 $ 53 Unpaid Recorded Related Average Interest December 31, 2015: With no related allowance recorded: Real estate, construction $ 2,228 $ 1,842 $ $ 1,878 $ Real estate, mortgage 9,771 9,014 9,175 21 Commercial and industrial 619 581 653 Total 12,618 11,437 11,706 21 With a related allowance recorded: Residential and land development 323 323 109 343 Real estate, construction 814 681 252 780 Real estate, mortgage 3,977 3,977 1,443 3,920 18 Total 5,114 4,981 1,804 5,043 18 Total by class of loans: Residential and land development 323 323 109 343 Real estate, construction 3,042 2,523 252 2,658 Real estate, mortgage 13,748 12,991 1,443 13,095 39 Commercial and industrial 619 581 653 Total $ 17,732 $ 16,418 $ 1,804 $ 16,749 $ 39 Transactions in the allowance for loan losses for the years ended December 31, 2017, 2016 and 2015, and the balances of loans, individually and collectively evaluated for impairment, as of December 31, 2017, 2016 and 2015 are as follows (in thousands): Gaming Residential Real Estate, Real Estate, Commercial Other Total December 31, 2017: Allowance for Loan Losses: Beginning Balance $ 545 $ 66 $ 199 $ 3,800 $ 651 $ 205 $ 5,466 Charge-offs (8 ) (36 ) (235 ) (279 ) Recoveries 686 32 29 11 92 850 Provision (9 ) (712 ) (29 ) 484 266 116 116 Ending Balance $ 536 $ 40 $ 202 $ 4,305 $ 892 $ 178 $ 6,153 Allowance for Loan Losses: Ending balance: individually evaluated for impairment $ $ 40 $ 105 $ 1,082 $ 636 $ 6 $ 1,869 Ending balance: collectively evaluated for impairment $ 536 $ $ 97 $ 3,223 $ 256 $ 172 $ 4,284 Total Loans: Ending balance: individually evaluated for impairment $ $ 263 $ 1,536 $ 29,367 $ 3,228 $ 18 $ 34,412 Ending balance: collectively evaluated for impairment $ 26,142 $ $ 30,411 $ 159,834 $ 23,132 $ 6,518 $ 246,037 December 31, 2016: Allowance for Loan Losses: Beginning Balance $ 582 $ 189 $ 589 $ 5,382 $ 1,075 $ 253 $ 8,070 Charge-offs (260 ) (2,499 ) (509 ) (254 ) (3,522 ) Recoveries 71 107 62 110 350 Provision (37 ) (123 ) (201 ) 810 23 96 568 Ending Balance $ 545 $ 66 $ 199 $ 3,800 $ 651 $ 205 $ 5,466 Allowance for Loan Losses: Ending balance: individually evaluated for impairment $ $ 66 $ 141 $ 424 $ 214 $ 15 $ 860 Ending balance: collectively evaluated for impairment $ 545 $ $ 58 $ 3,376 $ 437 $ 190 $ 4,606 Total Loans: Ending balance: individually evaluated for impairment $ $ 291 $ 2,114 $ 32,850 $ 1,430 $ 47 $ 36,732 Ending balance: collectively evaluated for impairment $ 31,311 $ $ 30,389 $ 173,322 $ 35,605 $ 7,996 $ 278,623 Gaming Residential and Real Estate, Real Estate, Commercial Other Total December 31, 2015: Allowance for Loan Losses: Beginning Balance $ 573 $ 251 $ 860 $ 6,609 $ 587 $ 326 $ 9,206 Charge-offs (1,504 ) (955 ) (1,171 ) (275 ) (203 ) (4,108 ) Recoveries 102 190 19 79 390 Provision 9 1,442 582 (246 ) 744 51 2,582 Ending Balance $ 582 $ 189 $ 589 $ 5,382 $ 1,075 $ 253 $ 8,070 Allowance for Loan Losses: Ending balance: individually evaluated for impairment $ $ 109 $ 484 $ 1,751 $ 614 $ 4 $ 2,962 Ending balance: collectively evaluated for impairment $ 582 $ 80 $ 105 $ 3,631 $ 461 $ 249 $ 5,108 Total Loans: Ending balance: individually evaluated for impairment $ $ 323 $ 3,479 $ 35,961 $ 3,003 $ 35 $ 42,801 Ending balance: collectively evaluated for impairment $ 31,655 $ 610 $ 31,935 $ 183,964 $ 39,477 $ 7,115 $ 294,756 |
Bank Premises and Equipment
Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Bank Premises and Equipment | NOTE D - BANK PREMISES AND EQUIPMENT: Bank premises and equipment are shown as follows (in thousands): December 31, Estimated Useful Lives 2017 2016 2015 Land $ 5,783 $ 5,792 $ 5,982 Building 5 - 30,681 30,650 30,641 Furniture, fixtures and equipment 3 - 10 16,758 16,422 15,879 Totals, at cost 53,222 52,864 52,502 Less: Accumulated depreciation 33,069 31,220 30,056 Totals $ 20,153 $ 21,644 $ 22,446 |
Other Real Estate
Other Real Estate | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Other Real Estate | NOTE E - OTHER REAL ESTATE: The Company’s other real estate consisted of the following as of December 31, 2017, 2016 and 2015, respectively (in thousands except number of properties): December 31, 2017 2016 2015 Number of Balance Number of Balance Number of Balance Construction, land development and other land 14 $ 6,670 19 $ 7,658 19 $ 8,792 1 - 4 family residential properties 5 1,562 3 202 3 368 Nonfarm nonresidential 3 653 4 756 Total 19 $ 8,232 25 $ 8,513 26 $ 9,916 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Deposits | NOTE F- At December 31, 2017, the scheduled maturities of time deposits are as follows (in thousands): 2018 $53,797 2019 24,780 2020 2,061 2021 1,498 2022 1,882 Total $84,018 Time deposits of $250,000 or more totaled approximately $20,494,000, $25,143,000 and $24,090,000 at December 31, 2017, 2016 and 2015, respectively. Deposits held for related parties amounted to $9,279,315, $17,713,230 and $7,640,079 at December 31, 2017, 2016 and 2015, respectively. Overdrafts totaling $466,812, $800,557 and $663,511 were reclassified as loans at December 31, 2017, 2016 and 2015, respectively. |
Federal Funds Purchased
Federal Funds Purchased | 12 Months Ended |
Dec. 31, 2017 | |
Brokers and Dealers [Abstract] | |
Federal Funds Purchased | NOTE G - FEDERAL FUNDS PURCHASED: At December 31, 2017, the Company had facilities in place to purchase federal funds up to $40,000,000 under established credit arrangements. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Borrowings | NOTE H - At December 31, 2017, the Company was able to borrow up to $18,399,650 from the Federal Reserve Bank Discount Window Primary Credit Program. The borrowing limit is based on the amount of collateral pledged, with certain loans from the Bank’s portfolio serving as collateral. Borrowings bear interest at 25 basis points over the current fed funds rate and have a maturity of one day. There was no outstanding balance at December 31, 2017. At December 31, 2017, the Company had $11,197,954 outstanding in advances under a $63,980,560 line of credit with the FHLB. One advance in the amount of $10,000,000 bears interest at 1.45% at December 31, 2017, and matures in 2018. New advances may subsequently be obtained based on the liquidity needs of the bank subsidiary. The remaining balance consists of smaller advances bearing interest from 2.604% to 7.00% with maturity dates from 2030 – 2040. The advances are collateralized by specific loans, for which certain documents are held in custody by the FHLB, and, if needed, specific investment securities that are held in safekeeping at the FHLB. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE I - INCOME TAXES: Deferred taxes (or deferred charges) as of December 31, 2017, 2016 and 2015, included in other assets, were as follows (in thousands): December 31, 2017 2016 2015 Deferred tax assets: Allowance for loan losses $ 1,292 $ 1,858 $ 2,744 Employee benefit plans’ liabilities 3,048 4,784 4,633 Unrealized loss on available for sale securities, charged from equity 627 1,013 Loss on credit impairment of securities 356 576 576 Earned retiree health benefits plan liability 1,012 1,638 1,638 General business and AMT credits 1,489 1,605 2,011 Tax net operating loss carryforward 1,891 3,423 2,514 Other 992 1,731 1,535 Valuation allowance (7,934 ) (11,560 ) (10,106 ) Deferred tax assets 2,773 5,068 5,545 Deferred tax liabilities: Unrealized gain on available for sale securities, charged to equity 180 Unearned retiree health benefits plan asset 202 720 734 Bank premises and equipment 2,359 4,011 4,369 Other 212 337 262 Deferred tax liabilities 2,773 5,068 5,545 Net deferred taxes $ $ $ Income taxes consist of the following components (in thousands): Years Ended December 31, 2017 2016 2015 Current $ (1,080) $ 78 $ Deferred: Federal 4,023 (247) (2,728) Change in valuation allowance (4,023) 247 1,966 Total deferred (762) Totals $ (1,080) $ 78 $ (762) Income taxes amounted to less than the amounts computed by applying the U.S. Federal income tax rate of 34.0% for 2017, 2016 and 2015 to income (loss) before income taxes. The reasons for these differences are shown below (in thousands): 2017 2016 2015 Tax Rate Tax Rate Tax Rate Taxes computed at statutory rate $ 571 34 $ 83 34 $ (1,820) (34) Increase (decrease) resulting from: Tax-exempt (362) (22) (417) (170) (447) (8) Income from BOLI (302) (18) (144) (59) (166) (3) Federal tax credits (298) (18) (298) (121) (298) (6) Other (656) (39) 607 247 3 Impact of tax rate change 3,990 238 Change in valuation allowance for enacted change in tax rates (3,990) (238) Realization of AMT credit (742) (44) Other changes in valuation allowance 709 42 247 101 1,966 37 Total income tax (benefit) expense $ (1,080) (65) $ 78 32 $ (762) (14) During 2017, the Company recorded an income tax benefit of $1,080,000. On December 22, 2017, the President signed into law The Tax Cuts and Jobs Act (the “Act”). In addition to reducing U.S. corporate income tax rates from 34% to 21%, the Act repeals the alternative minimum tax (“AMT”) regime for tax years beginning after December 31, 2017. For tax years beginning in 2018, 2019 and 2020, the AMT credit carryforward can be utilized to offset regular tax with any remaining AMT carryforwards eligible for a refund of 50%. Any remaining AMT credit carryforwards will become fully refundable beginning in the 2021 tax year. As a result, the Company has reclassified the AMT credit carryforward to a tax receivable which resulted in a deferred tax benefit of $742,000. The Company also recorded a current tax benefit of $338,000 to account for the carryback of general business tax credits to open tax years. The Company also remeasured the net deferred tax asset and corresponding valuation allowance as a result of the Act. The impact was to reduce the deferred tax asset and corresponding valuation allowance by $3,990,000. A valuation allowance is recognized against deferred tax assets when, based on the consideration of all available positive and negative evidence using a more likely than not criteria, it is determined that all or a portion of these tax benefits may not be realized. This assessment requires consideration of all sources of taxable income available to realize the deferred tax asset including taxable income in prior carry-back years, future reversals of existing temporary differences, tax planning strategies and future taxable income exclusive of reversing temporary differences and carryforwards. The Company incurred losses on a cumulative basis for the three-year period ended December 31, 2014, which is considered to be significant negative evidence. The positive evidence considered in support was insufficient to overcome this negative evidence. As a result, the Company established a full valuation allowance for its net deferred tax asset in the amount of $8,140,000 as of December 31, 2014. The Company intends to maintain this valuation allowance until it determines it is more likely than not that the asset can be realized through current and future taxable income. If not utilized, the Company’s federal net operating loss of $9,004,000 will begin to expire in 2034. The Company has reviewed its income tax positions and specifically considered the recognition and measurement requirements of the benefits recorded in its financial statements for tax positions taken or expected to be taken in its tax returns. The Company currently has no unrecognized tax benefits that, if recognized, would favorably affect the income tax rate in future periods. For the year ended December 31, 2015, the Company recorded a tax benefit of $762,000 in continuing operations and a corresponding income tax expense in other comprehensive income associated with the increase in unrealized gains on available for sale securities and the increase in the unrecognized gain related to the post-retirement benefit obligation in accordance with the intra-period tax allocation rules as outlined in Accounting Standards Codification Topic 740, Income Taxes. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Shareholders' Equity | NOTE J - SHAREHOLDERS’ EQUITY: Shareholders’ equity of the Company includes the undistributed earnings of the bank subsidiary. Dividends to the Company’s shareholders can generally be paid only from dividends paid to the Company by its bank subsidiary. Consequently, dividends are dependent upon the earnings, capital needs, regulatory policies and statutory limitations affecting the bank subsidiary. Dividends paid by the bank subsidiary are subject to the written approval of the Commissioner of Banking and Consumer Finance of the State of Mississippi and the Federal Deposit Insurance Corporation (the “FDIC”). At December 31, 2017, $12,350,841 of undistributed earnings of the bank subsidiary included in consolidated surplus and retained earnings was available for future distribution to the Company as dividends. Dividends paid by the Company are subject to the written approval of the Federal Reserve Bank (“FRB”). On December 8, 2017, the Board approved the repurchase of up to 110,000 of the outstanding shares of the Company’s common stock. As a result of this repurchase plan, 40,000 shares have been repurchased and retired through December 31, 2017. The Company and the bank subsidiary are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by the regulators that, if undertaken, could have a direct material effect on the financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, specific capital guidelines must be met that involve quantitative measures of the assets, liabilities and certain off-balance New rules relating to risk-based capital requirements and the method for calculating components of capital and of computing risk-weighted assets to make them consistent with agreements that were reached by the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Act became effective for the Company January 1, 2015. The rules establish a new Common equity tier 1 minimum capital requirement, increase the minimum capital ratios and assign a higher risk weight to certain assets based on the risk associated with these assets. Quantitative measures established by regulation to ensure capital adequacy require the bank subsidiary to maintain minimum amounts and ratios of Total, Common equity tier 1 and Tier 1 capital to risk-weighted assets, and Tier 1 capital to average assets. Beginning January 1, 2016, the Company must hold a capital conservation buffer composed of Common equity tier 1 capital above its minimum risk-based capital requirements in order to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers. As of December 31, 2017, the most recent notification from the FDIC categorized the bank subsidiary as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the bank subsidiary must have a Total risk-based capital ratio of 10.00% or greater, a Common equity tier 1 capital ratio of 6.50% or greater, a Tier 1 risk-based capital ratio of 8.00% or greater and a Leverage capital ratio of 5.00% or greater, with a capital conservation buffer above these requirements of 1.25% for 2017. The buffer will increase annually until it is fully phased-in The Company’s actual capital amounts and ratios and required minimum capital amounts and ratios for 2017, 2016 and 2015, are as follows (in thousands): Actual For Capital Adequacy Purposes Amount Ratio Amount Ratio December 31, 2017: Total Capital (to Risk Weighted Assets) $ 97,122 25.12% $ 30,930 8.00% Common Equity Tier 1 Capital (to Risk Weighted Assets) 92,273 23.87% 17,398 4.50% Tier 1 Capital (to Risk Weighted Assets) 92,273 23.87% 23,197 6.00% Tier 1 Capital (to Average Assets) 92,273 13.79% 26,769 4.00% December 31, 2016: Total Capital (to Risk Weighted Assets) $ 95,262 22.94% $ 33,220 8.00% Common Equity Tier 1 Capital (to Risk Weighted Assets) 90,068 21.69% 18,687 4.50% Tier 1 Capital (to Risk Weighted Assets) 90,068 21.69% 24,915 6.00% Tier 1 Capital (to Average Assets) 90,068 13.12% 27,464 4.00% December 31, 2015: Total Capital (to Risk Weighted Assets) $ 95,395 21.83% $ 34,954 8.00% Common Equity Tier 1 Capital (to Risk Weighted Assets) 89,901 20.58% 19,662 4.50% Tier 1 Capital (to Risk Weighted Assets) 89,901 20.58% 26,215 6.00% Tier 1 Capital (to Average Assets) 89,901 13.18% 27,291 4.00% The bank subsidiary’s actual capital amounts and ratios and required minimum capital amounts and ratios and capital amounts and ratios to be well capitalized for 2017, 2016 and 2015, are as follows (in thousands): Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio December 31, 2017: Total Capital (to Risk Weighted Assets) $ 92,493 24.04% $ 30,778 8.00% $ 38,473 10.00% Common Equity Tier 1 Capital (to Risk Weighted Assets) 87,668 22.79% 17,313 4.50% 25,007 6.50% Tier 1 Capital (to Risk Weighted Assets) 87,668 22.79% 23,084 6.00% 30,778 8.00% Tier 1 Capital (to Average Assets) 87,668 13.47% 26,031 4.00% 32,539 5.00% December 31, 2016: Total Capital (to Risk Weighted Assets) $ 91,882 22.29% $ 32,975 8.00% $ 41,219 10.00% Common Equity Tier 1 Capital (to Risk Weighted Assets) 86,726 21.04% 18,548 4.50% 26,792 6.50% Tier 1 Capital (to Risk Weighted Assets) 86,726 21.04% 24,731 6.00% 32,975 8.00% Tier 1 Capital (to Average Assets) 86,726 12.47% 27,820 4.00% 34,775 5.00% December 31, 2015: Total Capital (to Risk Weighted Assets) $ 91,963 21.09% $ 34,889 8.00% $ 43,611 10.00% Common Equity Tier 1 Capital (to Risk Weighted Assets) 86,479 19.83% 19,625 4.50% 28,347 6.50% Tier 1 Capital (to Risk Weighted Assets) 86,479 19.83% 26,166 6.00% 34,889 8.00% Tier 1 Capital (to Average Assets) 86,479 13.47% 25,680 4.00% 32,100 5.00% |
Other Income and Expenses
Other Income and Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Other Income and Expenses | NOTE K - OTHER INCOME AND EXPENSES: Other income consisted of the following (in thousands): Years Ended December 31, 2017 2016 2015 Other service charges, commissions and fees $ 99 $ 116 $ 109 Rentals 298 320 393 Other 84 223 212 Totals $ 481 $ 659 $ 714 Other expenses consisted of the following (in thousands): Years Ended December 31, 2017 2016 2015 Advertising $ 538 $ 544 $ 505 Data processing 1,289 1,346 1,403 FDIC and state banking assessments 424 901 928 Legal and accounting 422 566 785 Other real estate 740 868 2,264 ATM expense 582 555 1,183 Trust expense 307 370 355 Other 1,873 1,689 2,098 Totals $ 6,175 $ 6,839 $ 9,521 |
Financial Instruments with Off-
Financial Instruments with Off-Balance-Sheet Risk | 12 Months Ended |
Dec. 31, 2017 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments with Off-Balance-Sheet Risk | NOTE L - FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET The Company is a party to financial instruments with off-balance-sheet on-balance-sheet Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any conditions established in the agreement. Irrevocable letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Commitments and irrevocable letters of credit generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitments and irrevocable letters of credit may expire without being drawn upon, the total amounts do not necessarily represent future cash requirements. The Company evaluated each customer’s creditworthiness on a case-by-case The Company generally grants loans to customers in its trade area. At December 31, 2017, 2016 and 2015, the Company had outstanding irrevocable letters of credit aggregating $154,308, $410,286 and $1,919,678, respectively. At December 31, 2017, 2016 and 2015, the Company had outstanding unused loan commitments aggregating $41,286,000, $42,401,431 and $41,935,725, respectively. Approximately $19,691,000, $16,476,000 and $11,335,000 of outstanding commitments were at fixed rates and the remainder were at variable rates at December 31, 2017, 2016 and 2015, respectively. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | NOTE M - CONTINGENCIES: The Bank is involved in various legal matters and claims which are being defended and handled in the ordinary course of business. None of these matters are expected, in the opinion of Management, to have a material adverse effect upon the financial position or results of operations of the Company. |
Condensed Parent Company Only F
Condensed Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Parent Company Only Financial Information | NOTE N - CONDENSED PARENT COMPANY ONLY FINANCIAL INFORMATION: Peoples Financial Corporation began its operations September 30, 1985, when it acquired all the outstanding stock of The Peoples Bank, Biloxi, Mississippi. A condensed summary of its financial information is shown below. CONDENSED BALANCE SHEETS (IN THOUSANDS): December 31, 2017 2016 2015 Assets Investments in subsidiaries, at underlying equity: Bank subsidiary $ 85,543 $ 85,118 $ 88,415 Nonbank subsidiary 1 1 1 Cash in bank subsidiary 742 191 28 Other assets 3,213 3,151 3,395 Total assets $ 89,499 $ 88,461 $ 91,839 Liabilities and Shareholders’ Equity: Other liabilities $ $ $ Total liabilities Shareholders’ equity 89,499 88,461 91,839 Total liabilities and shareholders’ equity $ 89,499 $ 88,461 $ 91,839 CONDENSED STATEMENTS OF OPERATIONS (IN THOUSANDS): Years Ended December 31, 2017 2016 2015 Income Distributed income of bank subsidiary $ 1,250 $ 75 $ Undistributed income (loss) of bank subsidiary 1,592 247 (4,242) Other income (loss) 47 (32 ) (208) Total income (loss) 2,889 290 (4,450) Expenses Other 131 123 142 Total expenses 131 123 142 Income (loss) before income taxes 2,758 167 (4,592) Income tax benefit Net income (loss) $ 2,758 $ 167 $ (4,592) CONDENSED STATEMENTS OF CASH FLOWS (IN THOUSANDS): Years Ended December 31, 2017 2016 2015 Cash flows from operating activities: Net income (loss) $ 2,758 $ 167 $ (4,592) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Income (loss) from other investments (42 ) 51 218 Undistributed (income) loss of subsidiaries (1,592 ) (247 ) 4,242 Other assets (20 ) (8 ) Net cash provided by (used in) operating activities 1,104 (37 ) (132 ) Cash flows from investing activities: Redemption of equity securities 200 Net cash provided by investing activities 200 Cash flows from financing activities: Retirement of common stock (502 ) Dividends paid (51 ) Net cash used in financing activities (553 ) Net increase (decrease) in cash 551 163 (132) Cash, beginning of year 191 28 160 Cash, end of year $ 742 $ 191 $ 28 |
Employee and Director Benefit P
Employee and Director Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Employee and Director Benefit Plans | NOTE O - EMPLOYEE AND DIRECTOR BENEFIT PLANS: The Company sponsors the Peoples Financial Corporation Employee Stock Ownership Plan (“ESOP”). Employees who are in a position requiring at least 1,000 hours of service during a plan year and who are 21 years of age are eligible to participate in the ESOP. The Plan included 401(k) provisions and the former Gulf National Bank Profit Sharing Plan. Effective January 1, 2001, the ESOP was amended to separate the 401(k) funds into the Peoples Financial Corporation 401(k) Profit Sharing Plan. The separation had no impact on the eligibility or benefits provided to participants of either plan. The 401(k) provides for a matching contribution of 75% of the amounts contributed by the employee (up to 6% of compensation). Contributions are determined by the Board of Directors and may be paid either in cash or Peoples Financial Corporation common stock. Total contributions to the plans charged to operating expense were $260,000, $276,000 and $260,000 in 2017, 2016 and 2015, respectively. Compensation expense of $7,106,959, $7,804,295 and $7,576,755 was the basis for determining the ESOP contribution allocation to participants for 2017, 2016 and 2015, respectively. The ESOP held 270,455, 276,628 and 285,785 allocated shares at December 31, 2017, 2016 and 2015, respectively. The Company established an Executive Supplemental Income Plan and a Directors’ Deferred Income Plan, which provide for pre-retirement ramp-up The Company also has additional plans for post-retirement benefits for certain key executives. The Company has acquired insurance policies, with the bank subsidiary as owner and beneficiary, which it may use as a source to pay potential benefits to the plan participants. These contracts are carried at their cash surrender value, which amounted to $1,605,421, $1,604,333 and $1,473,607 at December 31, 2017, 2016 and 2015, respectively. The present value of accumulated benefits under these plans using an interest rate of 4.25% and the projected unit cost method has been accrued. The accrual amounted to $1,573,004, $1,544,017 and $1,519,537 at December 31, 2017, 2016 and 2015, respectively, and is included in Employee and director benefit plans liabilities. Additionally, there are two endorsement split dollar policies, with the bank subsidiary as owner and beneficiary, which provide a guaranteed death benefit to the participants’ beneficiaries. These contracts are carried at their cash surrender value, which amounted to $299,242, $292,063 and $284,664 at December 31, 2017, 2016 and 2015, respectively. The present value of accumulated benefits under these plans using an interest rate of 4.25% in 2017 and 2016 and 4.50% in 2015, and the projected unit cost method has been accrued. The accrual amounted to $96,547, $88,798 and $82,202 at December 31, 2017, 2016 and 2015, respectively, and is included in Employee and director benefit plans liabilities. The Company has additional plans for post-retirement benefits for directors. The Company has acquired insurance policies, with the bank subsidiary as owner and beneficiary, which it may use as a source to pay potential benefits to the plan participants. These contracts are carried at their cash surrender value, which amounted to $173,892, $166,822 and $157,051 at December 31, 2017, 2016 and 2015, respectively. The present value of accumulated benefits under these plans using an interest rate of 4.25% in 2017 and 2016 and 4.50% in 2015, and the projected unit cost method has been accrued. The accrual amounted to $214,968, $216,020 and $212,662 at December 31, 2017, 2016 and 2015, respectively, and is included in Employee and director benefit plans liabilities. The Company provides post-retirement health insurance to certain of its retired employees. Employees are eligible to participate in the retiree health plan if they retire from active service no earlier than age 60. In addition, the employee must have at least 25 continuous years of service with the Company immediately preceding retirement. However, any active employee who was at least age 65 as of January 1, 1995, does not have to meet the 25 years of service requirement. The Company reserves the right to modify, reduce or eliminate these health benefits. The Company has chosen to not offer this post-retirement benefit to individuals entering the employ of the Company after December 31, 2006. Employees who are eligible and enroll in the bank subsidiary’s group medical and dental health care plans upon their retirement must enroll in Medicare Parts A, B and D when first eligible upon their retirement from the bank subsidiary. This results in the bank subsidiary’s programs being secondary insurance coverage for retired employees and any dependent(s), if applicable, while Medicare Parts A and B will be their primary coverage, and Medicare Part D will be the sole and exclusive prescription drug benefit plan for retired employees. The following is a summary of the components of the net periodic post-retirement benefit cost (credit)(in thousands): Years Ended December 31, 2017 2016 2015 Service cost $ 153 $ 93 $ 94 Interest cost 135 101 102 Amortization of net gain (73 ) (44) Amortization of prior service credit (81 ) (81 ) (82) Net periodic post-retirement benefit cost (credit) $ 207 $ 40 $ 70 The discount rate used in determining the accumulated post-retirement benefit obligation was 3.60% in 2017, 4.00% in 2016 and 4.20% in 2015. The assumed health care cost trend rate used in measuring the accumulated post-retirement benefit obligation was 6.00% in 2017. The rate was assumed to decrease gradually to 4.50% for 2024 and remain at that level thereafter. If the health care cost trend rate assumptions were increased 1.00%, the accumulated post-retirement benefit obligation as of December 31, 2017, would be increased by 19.86%, and the aggregate of the service and interest cost components of the net periodic post-retirement benefit cost for the year then ended would have increased by 22.71%. If the health care cost trend rate assumptions were decreased 1.00%, the accumulated post-retirement benefit obligation as of December 31, 2017, would be decreased by 15.66%, and the aggregate of the service and interest cost components of the net periodic post-retirement benefit cost for the year then ended would have decreased by 17.52%. The following table presents the estimated benefit payments for each of the next five years and in the aggregate for the next five years (in thousands): 2018 $ 77 2019 49 2020 68 2021 95 2022 106 2023-2027 987 The following is a reconciliation of the accumulated post-retirement benefit obligation, which is included in Employee and director benefit plans liabilities (in thousands): Accumulated post-retirement benefit obligation as of December 31, 2016 $ 2,514 Service cost 153 Interest cost 135 Actuarial loss 1,078 Benefits paid (48 ) Accumulated post-retirement benefit obligation as of December 31, 2017 $ 3,832 The following is a summary of the change in plan assets (in thousands): 2017 2016 2015 Fair value of plan assets at beginning of year $ $ $ Actual return on assets Employer contribution 48 75 37 Benefits paid, net (48 ) (75 ) (37 ) Fair value of plan assets at end of year $ $ $ Amounts recognized in the Accumulated Other Comprehensive Income (Loss), net of tax, were (in thousands): For the year ended December 31, 2017 2016 2015 Net gain $ 11 $ 723 $ 697 Prior service charge 622 676 730 Total accumulated other comprehensive income $ 633 $ 1,399 $ 1,427 Amounts recognized in the accumulated post-retirement benefit obligation and other comprehensive income (loss) were (in thousands): For the year ended December 31, 2017 Unrecognized actuarial loss $ 1,079 Amortization of prior service cost 81 Total accumulated other comprehensive loss $ 1,160 The prior service credit that will be recognized in accumulated other comprehensive income during 2018 is $81,381. |
Fair Value Measurements and Dis
Fair Value Measurements and Disclosures | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Disclosures | NOTE P - FAIR VALUE MEASUREMENTS AND DISCLOSURES: The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Available for sale securities are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record other assets at fair value on a non-recurring non-recurring Fair Value Hierarchy The Company groups assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: Level 1 - Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2 - Valuation is based upon quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 - Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. Following is a description of valuation methodologies used to determine the fair value of financial assets and liabilities. Cash and Due from Banks The carrying amount shown as cash and due from banks approximates fair value. Available for Sale Securities The fair value of available for sale securities is based on quoted market prices. The Company’s available for sale securities are reported at their estimated fair value, which is determined utilizing several sources. The primary source is Interactive Data Corporation, which utilizes pricing models that vary based by asset class and include available trade, bid and other market information and whose methodology includes broker quotes, proprietary models and vast descriptive databases. Another source for determining fair value is matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark securities. The Company’s available for sale securities for which fair value is determined through the use of such pricing models and matrix pricing are classified as Level 2 assets. If the fair value of available for sale securities is generated through model-based techniques including the discounting of estimated cash flows, such securities are classified as Level 3 assets. Held to Maturity Securities The fair value of held to maturity securities is based on quoted market prices. Other Investments The carrying amount shown as other investments approximates fair value. Federal Home Loan Bank Stock The carrying amount shown as Federal Home Loan Bank Stock approximates fair value. Loans The fair value of fixed rate loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings for the remaining maturities. The cash flows considered in computing the fair value of such loans are segmented into categories relating to the nature of the contract and collateral based on contractual principal maturities. Appropriate adjustments are made to reflect probable credit losses. Cash flows have not been adjusted for such factors as prepayment risk or the effect of the maturity of balloon notes. The fair value of floating rate loans is estimated to be its carrying value. At each reporting period, the Company determines which loans are impaired. Accordingly, the Company’s impaired loans are reported at their estimated fair value on a non-recurring non-recurring Other Real Estate In the course of lending operations, Management may determine that it is necessary to foreclose on the related collateral. Other real estate acquired through foreclosure is carried at fair value, less estimated costs to sell. The fair value of the collateral is based on appraisals performed by third-party valuation specialists. Factors including the assumptions and techniques utilized by the appraiser are considered by Management. If the current appraisal is more than one year old and/or the loan balance is more than $200,000, a new appraisal is obtained. Otherwise, the Bank’s in-house non-recurring Cash Surrender Value of Life Insurance The carrying amount of cash surrender value of bank-owned life insurance approximates fair value. Deposits The fair value of non-interest Borrowings from Federal Home Loan Bank The fair value of FHLB fixed rate borrowings is estimated using discounted cash flows based on current incremental borrowing rates for similar types of borrowing arrangements. The fair value of FHLB variable rate borrowings is estimated to be its carrying value. The balances of available for sale securities, which are the only assets measured at fair value on a recurring basis, by level within the fair value hierarchy and by investment type, as of December 31, 2017, 2016 and 2015, were as follows (in thousands): Fair Value Measurements Using Total Level 1 Level 2 Level 3 December 31, 2017: U.S. Treasuries $ 122,644 $ $ 122,644 $ U.S. Government agencies 19,831 19,831 Mortgage-backed securities 88,261 88,261 States and political subdivisions 14,470 14,470 Equity securities 458 458 Total $ 245,664 $ $ 245,664 $ December 31, 2016: U.S. Treasuries $ 147,624 $ $ 147,624 $ U.S. Government agencies 24,825 24,825 Mortgage-backed securities 42,708 42,708 States and political subdivisions 17,963 17,963 Equity securities 458 458 Total $ 233,578 $ $ 233,578 $ December 31, 2015: U.S. Treasuries $ 63,754 $ $ 63,754 $ U.S. Government agencies 84,546 84,546 Mortgage-backed securities 30,130 30,130 States and political subdivisions 23,727 23,547 180 Equity securities 650 650 Total $ 202,807 $ $ 202,627 $ 180 Impaired loans, which are measured at fair value on a non-recurring Fair Value Measurements Using December 31: Total Level 1 Level 2 Level 3 2017 $ 6,511 $ $ $ 6,511 2016 5,006 5,006 2015 4,981 4,981 Other real estate, which is measured at fair value on a non-recurring Fair Value Measurements Using December 31: Total Level 1 Level 2 Level 3 2017 $ 8,232 $ $ $ 8,232 2016 8,513 8,513 2015 9,916 9,916 The following table presents a summary of changes in the fair value of other real estate which is measured using Level 3 inputs (in thousands): 2017 2016 2015 Balance, beginning of year $ 8,513 $ 9,916 $ 7,646 Loans transferred to ORE 1,946 1,903 7,502 Sales (1,767 ) (2,524 ) (4,295 ) Writedowns (460 ) (782 ) (937 ) Balance, end of year $ 8,232 $ 8,513 $ 9,916 The carrying value and estimated fair value of financial instruments, by level within the fair value hierarchy, at December 31, 2017, 2016 and 2015, are as follows (in thousands): Carrying Fair Value Measurements Using Amount Level 1 Level 2 Level 3 Total December 31, 2017: Financial Assets: Cash and due from banks $ 25,281 $ 25,281 $ $ $ 25,281 Available for sale securities 245,664 245,664 245,664 Held to maturity securities 51,163 50,538 50,538 Other investments 2,735 2,735 2,735 Federal Home Loan Bank stock 1,370 1,370 1,370 Loans, net 274,296 270,924 270,924 Other real estate 8,232 8,232 8,232 Cash surrender value of life insurance 18,301 18,301 18,301 Financial Liabilities: Deposits: Non-interest 127,274 127,274 127,274 Interest bearing 402,296 402,610 402,610 Borrowings from Federal Home Loan Bank 11,198 11,389 11,389 Carrying Fair Value Measurements Using Amount Level 1 Level 2 Level 3 Total December 31, 2016: Financial Assets: Cash and due from banks $ 41,116 $ 41,116 $ $ $ 41,116 Available for sale securities 233,578 233,578 233,578 Held to maturity securities 48,150 46,935 46,935 Other investments 2,693 2,693 2,693 Federal Home Loan Bank stock 539 539 539 Loans, net 309,889 313,613 313,613 Other real estate 8,513 8,513 8,513 Cash surrender value of life insurance 19,249 19,249 19,249 Financial Liabilities: Deposits: Non-interest 132,381 132,381 132,381 Interest bearing 442,635 442,937 442,937 Borrowings from Federal Home Loan Bank 6,257 6,491 6,491 Carrying Fair Value Measurements Using Amount Level 1 Level 2 Level 3 Total December 31, 2015: Financial Assets: Cash and due from banks $ 31,396 $ 31,396 $ $ $ 31,396 Available for sale securities 202,807 202,627 180 202,807 Held to maturity securities 19,025 19,220 19,220 Other investments 2,744 2,744 2,744 Federal Home Loan Bank stock 1,637 1,637 1,637 Loans, net 329,487 331,026 331,026 Other real estate 9,916 9,916 9,916 Cash surrender value of life insurance 18,735 18,735 18,735 Financial Liabilities: Deposits: Non-interest 122,743 122,743 122,743 Interest bearing 389,964 390,205 390,205 Borrowings from Federal Home Loan Bank 18,409 19,731 19,731 |
Business and Summary of Signi26
Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business of The Company | Business of The Company Peoples Financial Corporation (the “Company”) is a one-bank |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. |
Basis of Accounting | Basis of Accounting The Company and its subsidiaries recognize assets and liabilities, and income and expense, on the accrual basis of accounting. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Material estimates common to the banking industry that are particularly susceptible to significant change in the near term include, but are not limited to, the determination of the allowance for loan losses, the valuation of other real estate acquired in connection with foreclosure or in satisfaction of loans, assumptions relating to employee and director benefit plan liabilities and valuation allowances associated with the realization of deferred tax assets, which are based on future taxable income. |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) 2014-09 In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13 2016-13 In January 2017, the FASB issued ASU 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings. 2017-03 In February 2017, the FASB issued ASU 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): 2017-05 In March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. 2017-07 In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): 2017-08 In November 2017, the FASB issued ASU 2017-14, Income Statement – Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers (Topic 606). 2017-14 In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220). 2018-02 |
Cash and Due from Banks | Cash and Due from Banks The Company is required to maintain average reserve balances in its vault or on deposit with the Federal Reserve Bank. The average amount of these reserve requirements was approximately $564,000, $4,240,000 and $2,084,000 for the years ending December 31, 2017, 2016 and 2015, respectively. |
Securities | Securities The classification of securities is determined by Management at the time of purchase. Securities are classified as held to maturity when the Company has the positive intent and ability to hold the security until maturity. Securities held to maturity are stated at amortized cost. Securities not classified as held to maturity are classified as available for sale and are stated at fair value. Unrealized gains and losses, net of tax, on these securities are recorded in shareholders’ equity as accumulated other comprehensive income. The amortized cost of available for sale securities and held to maturity securities is adjusted for amortization of premiums and accretion of discounts to maturity, determined using the interest method. Such amortization and accretion is included in interest income on securities. A decline in the market value of any investment below cost that is deemed to be other-than-temporary is charged to earnings for the decline in value deemed to be credit related and a new cost basis in the security is established. The decline in value attributed to non-credit non-interest |
Other Investments | Other Investments Other investments include a low income housing partnership in which the Company is a 99% limited partner. The partnership has qualified to receive annual low income housing federal tax credits that are recognized as a reduction of the current tax expense. The investment is accounted for using the equity method. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock The Company is a member of the Federal Home Loan Bank of Dallas (“FHLB”) and as such is required to maintain a minimum investment in its stock that varies with the level of FHLB advances outstanding. The stock is bought from and sold to the FHLB based on its $100 par value. The stock does not have a readily determinable fair value and as such is classified as restricted stock, carried at cost and evaluated for impairment in accordance with GAAP. |
Loans | Loans The loan portfolio consists of commercial and industrial and real estate loans within the Company’s trade area that we have the intent and ability to hold for the foreseeable future or until maturity. The loan policy establishes guidelines relating to pricing; repayment terms; collateral standards including loan to value limits, appraisal and environmental standards; lending authority; lending limits and documentation requirements. Loans are stated at the amount of unpaid principal, reduced by unearned income and the allowance for loan losses. Interest on loans is recognized on a daily basis over the terms of each loan based on the unpaid principal balance. Loan origination fees are recognized as income when received. Revenue from these fees is not material to the financial statements. The Company continuously monitors its relationships with its loan customers in concentrated industries such as gaming and hotel/motel, as well as the exposure for out of area, land development, construction and commercial real estate loans, and their direct and indirect impact on its operations. Loan delinquencies and deposit overdrafts are monitored on a weekly basis in order to identify developing problems as early as possible. On a monthly basis, a watch list of credits based on our loan grading system is prepared. Grades are applied to individual loans based on factors including repayment ability, financial condition of the borrower and payment performance. Loans with lower grades are placed on the watch list of credits. The watch list is the primary tool for monitoring the credit quality of the loan portfolio. Once loans are determined to be past due, the loan officer and the special assets department work vigorously to return the loans to a current status. The Company places loans on a nonaccrual status when, in the opinion of Management, they possess sufficient uncertainty as to timely collection of interest or principal so as to preclude the recognition in reported earnings of some or all of the contractual interest. Accrued interest on loans classified as nonaccrual is reversed at the time the loans are placed on nonaccrual. Interest received on nonaccrual loans is applied against principal. Loans are restored to accrual status when the obligation is brought current or has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectibility of the total contractual principal and interest is no longer in doubt. The placement of loans on and removal of loans from nonaccrual status must be approved by Management. Loans which become 90 days delinquent are reviewed relative to collectibility. Unless such loans are in the process of terms revision to bring them to a current status or foreclosure or in the process of collection, these loans are placed on nonaccrual and, if deemed uncollectible, are charged off against the allowance for loan losses. That portion of a loan which is deemed uncollectible will be charged off against the allowance as a partial charge off. All charge offs must be approved by Management and are reported to the Board of Directors. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses (“ALL”) is a valuation account available to absorb losses on loans. The ALL is established through provisions for loan losses charged against earnings. Loans deemed to be uncollectible are charged against the ALL, and subsequent recoveries, if any, are credited to the allowance. The ALL is based on Management’s evaluation of the loan portfolio under current economic conditions and is an amount that Management believes will be adequate to absorb probable losses on loans existing at the reporting date. On a quarterly basis, the Company’s problem asset committee meets to review the watch list of credits, which is formulated from the loan grading system. Members of this committee include loan officers, collection officers, the special assets director, the chief lending officer, the chief credit officer, the chief financial officer and the chief executive officer. The evaluation includes Management’s assessment of several factors: review and evaluation of specific loans, changes in the nature and volume of the loan portfolio, current and anticipated economic conditions and the related impact on specific borrowers and industry groups, a study of loss experience, a review of classified, nonperforming and delinquent loans, the estimated value of any underlying collateral, an estimate of the possibility of loss based on the risk characteristics of the portfolio, adverse situations that may affect the borrower’s ability to repay and the results of regulatory examinations. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant change. The ALL consists of specific and general components. The specific component relates to loans that are classified as impaired. The general component of the allowance relates to loans that are not impaired. Changes to the components of the ALL are recorded as a component of the provision for the allowance for loan losses. Management must approve changes to the ALL and must report its actions to the Board of Directors. The Company believes that its allowance for loan losses is appropriate at December 31, 2017. The Company considers a loan to be impaired when, based upon current information and events, it believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The Company’s impaired loans include troubled debt restructurings and performing and non-performing All impaired loans are reviewed, at a minimum, on a quarterly basis. The Company calculates the specific allowance required for impaired loans based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of its collateral. Most of the Company’s impaired loans are collateral-dependent. The fair value of the collateral for collateral-dependent loans is based on appraisals performed by third-party valuation specialists, comparable sales and other estimates of fair value obtained principally from independent sources such as the Multiple Listing Service or county tax assessment valuations, adjusted for estimated selling costs. The Company has a Real Estate Appraisal Policy (the “Policy”) which is in compliance with the guidelines set forth in the “Interagency Appraisal and Evaluation Guidelines” which implement Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (“FIRREA”) and the revised “Interagency Appraisal and Evaluation Guidelines” issued in 2010. The Policy further requires that appraisals be in writing and conform to the Uniform Standards of Professional Appraisal Practice (“USPAP”). An appraisal prepared by a state-licensed or state-certified appraiser is required on all new loans secured by real estate in excess of $250,000. Loans secured by real estate in an amount of $250,000 or less, or that qualify for an exemption under FIRREA, must have a summary appraisal report or in-house When Management determines that a loan is impaired and the loan is collateral-dependent, an evaluation of the fair value of the collateral is performed. The Company maintains established criteria for assessing whether an existing appraisal continues to reflect the fair value of the property for collateral-dependent loans. Appraisals are generally considered to be valid for a period of at least twelve months. However, appraisals that are less than 12 months old may need to be adjusted. Management considers such factors as the property type, property condition, current use of the property, current market conditions and the passage of time when determining the relevance and validity of the most recent appraisal of the property. If Management determines that the most recent appraisal is no longer valid, a new appraisal is ordered from an independent and qualified appraiser. During the interim period between ordering and receipt of the new appraisal, Management considers if the existing appraisal should be discounted to determine the estimated fair value of collateral. Discounts are applied to the existing appraisal and take into consideration the property type, condition of the property, external market data, internal data, reviews of recently obtained appraisals and evaluations of similar properties, comparable sales of similar properties and tax assessment valuations. When the new appraisal is received and approved by Management, the valuation stated in the appraisal is used as the fair value of the collateral in determining impairment, if any. If the recorded investment in the impaired loan exceeds the measure of fair value, a valuation allowance is required as a specific component of the allowance for loan losses. Any specific reserves recorded in the interim are adjusted accordingly. The general component of the ALL is the loss estimated by applying historical loss percentages to non-classified |
Bank Premises and Equipment | Bank Premises and Equipment Bank premises and equipment are stated at cost, less accumulated depreciation. Depreciation is computed by the straight-line method based on the estimated useful lives of the related assets. |
Other Real Estate | Other Real Estate Other real estate (“ORE”) includes real estate acquired through foreclosure. Each other real estate property is carried at fair value, less estimated costs to sell. Fair value is principally based on appraisals performed by third-party valuation specialists. Any excess of the carrying value of the related loan over the fair value of the real estate at the date of foreclosure is charged against the ALL. Any expense incurred in connection with holding such real estate or resulting from any writedowns in value subsequent to foreclosure is included in non-interest non-interest |
Trust Department Income and Fees | Trust Department Income and Fees Corporate trust fees are accounted for on an accrual basis and personal trust fees are recorded when received. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Additionally, the recognition of future tax benefits, such as net operating loss carry forwards, is required to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the assets and liabilities are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. In the event the future tax consequences of differences between the financial reporting bases and the tax bases of the Company’s assets and liabilities results in deferred tax assets, an evaluation of the probability of being able to realize the future benefits indicated by such asset is required. A valuation allowance is provided for the portion of the deferred tax asset when it is more likely than not that some portion or all of the deferred tax asset will not be realized. In assessing the realizability of the deferred tax assets, Management considers the scheduled reversals of deferred tax liabilities, projected future taxable income and tax planning strategies. The Company currently evaluates income tax positions judged to be uncertain. A loss contingency reserve is accrued if it is probable that the tax position will be challenged, it is probable that the future resolution of the challenge will confirm that a loss has been incurred and the amount of such loss can be reasonably estimated. |
Post-Retirement Benefit Plan | Post-Retirement Benefit Plan The Company accounts for its post-retirement benefit plan under Accounting Standards Codification (“Codification” or “ASC”) Topic 715, Retirement Benefits (“ASC 715”). The under or over funded status of the Company’s post-retirement benefit plan is recognized as a liability or asset in the statement of condition. Changes in the plan’s funded status are reflected in other comprehensive income. Net actuarial gains and losses and adjustments to prior service costs that are not recorded as components of the net periodic benefit cost are charged to other comprehensive income. |
Earnings Per Share | Earnings Per Share Basic and diluted earnings per share are computed on the basis of the weighted average number of common shares outstanding of 5,123,076 in 2017 and 5,123,186 in 2016 and 2015. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) At December 31, 2017, 2016 and 2015, accumulated other comprehensive income (loss) consisted of net unrealized gains (losses) on available for sale securities and over (under) funded liabilities related to the Company’s post-retirement benefit plan. |
Statements of Cash Flows | Statements of Cash Flows The Company has defined cash and cash equivalents to include cash and due from banks. The Company paid $1,420,399, $1,020,177 and $874,890 in 2017, 2016 and 2015, respectively, for interest on deposits and borrowings. Income tax payments totaled $78,435 in 2016. Loans transferred to other real estate amounted to $1,946,045, $1,903,427 and $7,502,496 in 2017, 2016 and 2015, respectively. |
Fair Value Measurement | Fair Value Measurement The Company reports certain assets and liabilities at their estimated fair value. These assets and liabilities are classified and disclosed in one of three categories based on the inputs used to develop the measurements. The categories establish a hierarchy for ranking the quality and reliability of the information used to determine fair value. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Fair Value of Securities | The amortized cost and fair value of securities at December 31, 2017, 2016 and 2015, respectively, are as follows (in thousands): December 31, 2017 Amortized Gross Gross Fair Value Available for sale securities: Debt securities: U.S. Treasuries $ 124,820 $ $ (2,176 ) $ 122,644 U.S. Government agencies 19,989 (158 ) 19,831 Mortgage-backed securities 89,207 96 (1,042 ) 88,261 States and political subdivisions 14,178 292 14,470 Total debt securities 248,194 388 (3,376 ) 245,206 Equity securities 458 458 Total available for sale securities $ 248,652 $ 388 $ (3,376 ) $ 245,664 Held to maturity securities: U.S. Government agencies $ 8,185 $ $ (302 ) $ 7,883 States and political subdivisions 42,978 227 (550 ) 42,655 Total held to maturity securities $ 51,163 $ 227 $ (852 ) $ 50,538 December 31, 2016 Amortized Gross Gross Fair Value Available for sale securities: Debt securities: U.S. Treasuries $ 149,676 $ 39 $ (2,091 ) $ 147,624 U.S. Government agencies 24,973 58 (206 ) 24,825 Mortgage-backed securities 43,939 74 (1,305 ) 42,708 States and political subdivisions 17,513 450 17,963 Total debt securities 236,101 621 (3,602 ) 233,120 Equity securities 458 458 Total available for sale securities $ 236,559 $ 621 $ (3,602) $ 233,578 Held to maturity securities: U.S. Government agencies $ 10,009 $ $ (315 ) $ 9,694 States and political subdivisions 36,677 29 (927 ) 35,779 Corporate bond 1,464 (2 ) 1,462 Total held to maturity securities $ 48,150 $ 29 $ (1,244 ) $ 46,935 December 31, 2015 Amortized Gross Gross Fair Value Available for sale securities: Debt securities: U.S. Treasuries $ 63,845 $ 20 $ (111 ) $ 63,754 U.S. Government agencies 84,849 176 (479 ) 84,546 Mortgage-backed securities 30,106 155 (131 ) 30,130 States and political subdivisions 22,833 894 23,727 Total debt securities 201,633 1,245 (721 ) 202,157 Equity securities 650 650 Total available for sale securities $ 202,283 $ 1,245 $ (721) $ 202,807 Held to maturity securities: States and political subdivisions $ 17,507 $ 222 $ (16 ) $ 17,713 Corporate bond 1,518 (11 ) 1,507 Total held to maturity securities $ 19,025 $ 222 $ (27 ) $ 19,220 |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | The amortized cost and fair value of debt securities at December 31, 2017, (in thousands) by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Fair Value Available for sale securities: Due in one year or less $ 47,862 $ 47,725 Due after one year through five years 88,005 86,907 Due after five years through ten years 22,787 21,961 Due after ten years 333 352 Mortgage-backed securities 89,207 88,261 Total $ 248,194 $ 245,206 Held to maturity securities: Due in one year or less $ 694 $ 693 Due after one year through five years 14,336 14,296 Due after five years through ten years 20,555 20,235 Due after ten years 15,578 15,314 Total $ 51,163 $ 50,538 |
Available for Sale and Held to Maturity Securities with Gross Unrealized Losses | Available for sale and held to maturity securities with gross unrealized losses at December 31, 2017, 2016 and 2015, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are as follows (in thousands): Less Than Twelve Months Over Twelve Months Total December 31, 2017: Fair Value Gross Fair Value Gross Fair Value Gross U.S. Treasuries $ 49,586 $ 364 $ 73,058 $ 1,812 $ 122,644 $ 2,176 U.S. Government agencies 8,145 37 14,567 423 22,712 460 Mortgage-backed securities 60,230 415 13,492 627 73,722 1,042 States and political subdivisions 11,552 168 7,010 382 18,562 550 Total $ 129,513 $ 984 $ 108,127 $ 3,244 $ 237,640 $ 4,228 December 31, 2016: U.S. Treasuries $ 97,634 $ 2,091 $ $ $ 97,634 $ 2,091 U.S. Government agencies 24,478 521 24,478 521 Mortgage-backed securities 37,663 1,305 37,663 1,305 States and political subdivisions 24,627 926 589 1 25,216 927 Corporate bond 1,462 2 1,462 2 Total $ 184,402 $ 4,843 $ 2,051 $ 3 $ 186,453 $ 4,846 December 31, 2015: U.S. Treasuries $ 39,889 $ 111 $ $ $ 39,889 $ 111 U.S. Government agencies 14,894 87 12,581 392 27,475 479 Mortgage-backed securities 16,557 131 16,557 131 States and political subdivisions 2,225 8 1,362 8 3,587 16 Corporate bond 1,507 11 1,507 11 Total $ 75,072 $ 348 $ 13,943 $ 400 $ 89,015 $ 748 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Composition of Loan Portfolio | The composition of the loan portfolio at December 31, 2017, 2016 and 2015 is as follows (in thousands): December 31, 2017 2016 2015 Gaming $ 26,142 $ 31,311 $ 31,655 Residential and land development 263 291 933 Real estate, construction 31,947 32,503 35,414 Real estate, mortgage 189,201 206,172 219,925 Commercial and industrial 26,360 37,035 42,480 Other 6,536 8,043 7,150 Total $ 280,449 $ 315,355 $ 337,557 |
Summary of Loans to Related Parties | In the ordinary course of business, the Company’s bank subsidiary extends loans to certain officers and directors and their personal business interests at, in the opinion of Management, the same terms, including interest rates and collateral, as those prevailing at the time for comparable loans of similar credit risk with persons not related to the Company or its subsidiaries. These loans do not involve more than normal risk of collectibility and do not include other unfavorable features. An analysis of the activity with respect to such loans to related parties is as follows (in thousands): 2017 2016 2015 Balance, January 1 $ 6,658 $ 7,608 $ 7,760 New loans and advances 907 312 3,958 Repayments (1,022) (1,262) (4,110) Balance, December 31 $ 6,543 $ 6,658 $ 7,608 |
Evaluation of Quality of Loan Portfolio | As part of its evaluation of the quality of the loan portfolio, Management monitors the Company’s credit concentrations on a monthly basis. Total outstanding concentrations were as follows (in thousands): December 31, 2017 2016 2015 Gaming $ 26,142 $ 31,311 $ 31,655 Hotel/motel 34,882 40,319 39,460 Out of area 14,597 14,461 14,526 |
Age Analysis of Loan Portfolio, Segregated by Class of Loans | The age analysis of the loan portfolio, segregated by class of loans, as of December 31, 2017, 2016 and 2015 is as follows (in thousands): Loans Past Due Greater Than 90 Days and Number of Days Past Due Greater Total Total 30 - 59 60 - 89 Than 90 Past Due Current Loans Still Accruing December 31, 2017: Gaming $ $ $ $ $ 26,142 $ 26,142 $ Residential and land development 263 263 Real estate, construction 747 121 522 1,390 30,557 31,947 Real estate, mortgage 5,321 790 4,884 10,995 178,206 189,201 Commercial and industrial 375 2 2,344 2,721 23,639 26,360 Other 26 3 29 6,507 6,536 Total $ 6,469 $ 916 $ 7,750 $ 15,135 $ 265,314 $ 280,449 $ December 31, 2016: Gaming $ $ $ $ $ 31,311 $ 31,311 $ Residential and land development 291 291 291 Real estate, construction 902 216 1,082 2,200 30,303 32,503 Real estate, mortgage 4,608 1,923 4,471 11,002 195,170 206,172 Commercial and industrial 867 8 875 36,160 37,035 Other 44 36 80 160 7,883 8,043 Total $ 6,421 $ 2,175 $ 5,932 $ 14,528 $ 300,827 $ 315,355 $ December 31, 2015: Gaming $ $ $ $ $ 31,655 $ 31,655 $ Residential and land development 323 323 610 933 Real estate, construction 851 448 1,346 2,645 32,769 35,414 Real estate, mortgage 7,094 3,673 1,352 12,119 207,806 219,925 146 Commercial and industrial 1,206 31 237 1,474 41,006 42,480 Other 67 67 7,083 7,150 Total $ 9,218 $ 4,152 $ 3,258 $ 16,628 $ 320,929 $ 337,557 $ 146 |
Analysis of Loan Portfolio by Loan Grade, Segregated by Class of Loans | An analysis of the loan portfolio by loan grade, segregated by class of loans, as of December 31, 2017, 2016 and 2015 is as follows (in thousands): Loans With A Grade Of: A, B or C S D E F Total December 31, 2017: Gaming $ 26,142 $ $ $ $ $ 26,142 Residential and land development 263 263 Real estate, construction 30,412 358 1,177 31,947 Real estate, mortgage 148,284 11,550 19,606 9,761 189,201 Commercial and industrial 23,133 265 2,962 26,360 Other 6,516 16 4 6,536 Total $ 234,487 $ 11,550 $ 20,245 $ 14,167 $ $ 280,449 December 31, 2016: Gaming $ 31,311 $ $ $ $ $ 31,311 Residential and land development 291 291 Real estate, construction 29,954 435 517 1,597 32,503 Real estate, mortgage 155,671 17,651 22,901 9,949 206,172 Commercial and industrial 13,926 21,680 867 562 37,035 Other 7,996 42 5 8,043 Total $ 238,858 $ 39,766 $ 24,327 $ 12,404 $ $ 315,355 December 31, 2015: Gaming $ 31,655 $ $ $ $ $ 31,655 Residential and land development 610 323 933 Real estate, construction 31,935 883 2,596 35,414 Real estate, mortgage 167,286 16,678 23,686 12,275 219,925 Commercial and industrial 24,466 15,007 2,368 639 42,480 Other 7,114 1 35 7,150 Total $ 263,066 $ 31,686 $ 26,972 $ 15,833 $ $ 337,557 |
Total Loans on Nonaccrual | A loan may be impaired but not on nonaccrual status when the loan is well secured and in the process of collection. Total loans on nonaccrual as of December 31, 2017, 2016 and 2015 are as follows (in thousands): December 31, 2017 2016 2015 Residential and land development $ 263 $ 291 $ 323 Real estate, construction 1,177 1,598 2,523 Real estate, mortgage 9,548 9,445 11,759 Commercial and industrial 2,818 515 581 Other 4 5 Total $ 13,810 $ 11,854 $ 15,186 |
Impaired Loans, Segregated by Class of Loans | Impaired loans, which include loans classified as nonaccrual and troubled debt restructurings, segregated by class of loans, as of December 31, 2017, 2016 and 2015 were as follows (in thousands): Unpaid Recorded Related Average Interest December 31, 2017: With no related allowance recorded: Real estate, construction $ 1,441 $ 967 $ $ 1,024 $ Real estate, mortgage 8,920 8,025 8,654 31 Commercial and industrial 922 884 916 Other 4 4 4 Total 11,287 9,880 10,598 31 With a related allowance recorded: Residential and land development 263 263 40 275 Real estate, construction 210 210 105 226 Real estate, mortgage 3,556 2,672 725 2,676 28 Commercial and industrial 1,934 1,934 342 1,923 Total 5,963 5,079 1,212 5,100 28 Total by class of loans: Residential and land development 263 263 40 275 Real estate, construction 1,651 1,177 105 1,250 Real estate, mortgage 12,476 10,697 725 11,330 59 Commercial and industrial 2,856 2,818 342 2,839 Other 4 4 4 Total $ 17,250 $ 14,959 $ 1,212 $ 15,698 $ 59 Unpaid Recorded Related Average Interest December 31, 2016: With no related allowance recorded: Real estate, construction $ 2,023 $ 1,331 $ $ 1,395 $ Real estate, mortgage 11,811 9,282 10,582 23 Commercial and industrial 553 515 538 Total 14,387 11,128 12,515 23 With a related allowance recorded: Residential and land development 291 291 66 304 Real estate, construction 267 267 141 283 Real estate, mortgage 1,347 1,347 195 1,080 30 Other 5 5 1 1 Total 1,910 1,910 403 1,668 30 Total by class of loans: Residential and land development 291 291 66 304 Real estate, construction 2,290 1,598 141 1,678 Real estate, mortgage 13,158 10,629 195 11,662 53 Commercial and industrial 553 515 538 Other 5 5 1 1 Total $ 16,297 $ 13,038 $ 403 $ 14,183 $ 53 Unpaid Recorded Related Average Interest December 31, 2015: With no related allowance recorded: Real estate, construction $ 2,228 $ 1,842 $ $ 1,878 $ Real estate, mortgage 9,771 9,014 9,175 21 Commercial and industrial 619 581 653 Total 12,618 11,437 11,706 21 With a related allowance recorded: Residential and land development 323 323 109 343 Real estate, construction 814 681 252 780 Real estate, mortgage 3,977 3,977 1,443 3,920 18 Total 5,114 4,981 1,804 5,043 18 Total by class of loans: Residential and land development 323 323 109 343 Real estate, construction 3,042 2,523 252 2,658 Real estate, mortgage 13,748 12,991 1,443 13,095 39 Commercial and industrial 619 581 653 Total $ 17,732 $ 16,418 $ 1,804 $ 16,749 $ 39 |
Allowance for Loan Losses | Transactions in the allowance for loan losses for the years ended December 31, 2017, 2016 and 2015, and the balances of loans, individually and collectively evaluated for impairment, as of December 31, 2017, 2016 and 2015 are as follows (in thousands): Gaming Residential Real Estate, Real Estate, Commercial Other Total December 31, 2017: Allowance for Loan Losses: Beginning Balance $ 545 $ 66 $ 199 $ 3,800 $ 651 $ 205 $ 5,466 Charge-offs (8 ) (36 ) (235 ) (279 ) Recoveries 686 32 29 11 92 850 Provision (9 ) (712 ) (29 ) 484 266 116 116 Ending Balance $ 536 $ 40 $ 202 $ 4,305 $ 892 $ 178 $ 6,153 Allowance for Loan Losses: Ending balance: individually evaluated for impairment $ $ 40 $ 105 $ 1,082 $ 636 $ 6 $ 1,869 Ending balance: collectively evaluated for impairment $ 536 $ $ 97 $ 3,223 $ 256 $ 172 $ 4,284 Total Loans: Ending balance: individually evaluated for impairment $ $ 263 $ 1,536 $ 29,367 $ 3,228 $ 18 $ 34,412 Ending balance: collectively evaluated for impairment $ 26,142 $ $ 30,411 $ 159,834 $ 23,132 $ 6,518 $ 246,037 December 31, 2016: Allowance for Loan Losses: Beginning Balance $ 582 $ 189 $ 589 $ 5,382 $ 1,075 $ 253 $ 8,070 Charge-offs (260 ) (2,499 ) (509 ) (254 ) (3,522 ) Recoveries 71 107 62 110 350 Provision (37 ) (123 ) (201 ) 810 23 96 568 Ending Balance $ 545 $ 66 $ 199 $ 3,800 $ 651 $ 205 $ 5,466 Allowance for Loan Losses: Ending balance: individually evaluated for impairment $ $ 66 $ 141 $ 424 $ 214 $ 15 $ 860 Ending balance: collectively evaluated for impairment $ 545 $ $ 58 $ 3,376 $ 437 $ 190 $ 4,606 Total Loans: Ending balance: individually evaluated for impairment $ $ 291 $ 2,114 $ 32,850 $ 1,430 $ 47 $ 36,732 Ending balance: collectively evaluated for impairment $ 31,311 $ $ 30,389 $ 173,322 $ 35,605 $ 7,996 $ 278,623 Gaming Residential and Real Estate, Real Estate, Commercial Other Total December 31, 2015: Allowance for Loan Losses: Beginning Balance $ 573 $ 251 $ 860 $ 6,609 $ 587 $ 326 $ 9,206 Charge-offs (1,504 ) (955 ) (1,171 ) (275 ) (203 ) (4,108 ) Recoveries 102 190 19 79 390 Provision 9 1,442 582 (246 ) 744 51 2,582 Ending Balance $ 582 $ 189 $ 589 $ 5,382 $ 1,075 $ 253 $ 8,070 Allowance for Loan Losses: Ending balance: individually evaluated for impairment $ $ 109 $ 484 $ 1,751 $ 614 $ 4 $ 2,962 Ending balance: collectively evaluated for impairment $ 582 $ 80 $ 105 $ 3,631 $ 461 $ 249 $ 5,108 Total Loans: Ending balance: individually evaluated for impairment $ $ 323 $ 3,479 $ 35,961 $ 3,003 $ 35 $ 42,801 Ending balance: collectively evaluated for impairment $ 31,655 $ 610 $ 31,935 $ 183,964 $ 39,477 $ 7,115 $ 294,756 |
Bank Premises and Equipment (Ta
Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Summary of Bank Premises and Equipment | Bank premises and equipment are shown as follows (in thousands): December 31, Estimated Useful Lives 2017 2016 2015 Land $ 5,783 $ 5,792 $ 5,982 Building 5 - 30,681 30,650 30,641 Furniture, fixtures and equipment 3 - 10 16,758 16,422 15,879 Totals, at cost 53,222 52,864 52,502 Less: Accumulated depreciation 33,069 31,220 30,056 Totals $ 20,153 $ 21,644 $ 22,446 |
Other Real Estate (Tables)
Other Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Company's Other Real Estate | The Company’s other real estate consisted of the following as of December 31, 2017, 2016 and 2015, respectively (in thousands except number of properties): December 31, 2017 2016 2015 Number of Balance Number of Balance Number of Balance Construction, land development and other land 14 $ 6,670 19 $ 7,658 19 $ 8,792 1 - 4 family residential properties 5 1,562 3 202 3 368 Nonfarm nonresidential 3 653 4 756 Total 19 $ 8,232 25 $ 8,513 26 $ 9,916 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Schedule of Time Deposit Maturities | At December 31, 2017, the scheduled maturities of time deposits are as follows (in thousands): 2018 $53,797 2019 24,780 2020 2,061 2021 1,498 2022 1,882 Total $84,018 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Deferred Taxes Included in Other Assets | Deferred taxes (or deferred charges) as of December 31, 2017, 2016 and 2015, included in other assets, were as follows (in thousands): December 31, 2017 2016 2015 Deferred tax assets: Allowance for loan losses $ 1,292 $ 1,858 $ 2,744 Employee benefit plans’ liabilities 3,048 4,784 4,633 Unrealized loss on available for sale securities, charged from equity 627 1,013 Loss on credit impairment of securities 356 576 576 Earned retiree health benefits plan liability 1,012 1,638 1,638 General business and AMT credits 1,489 1,605 2,011 Tax net operating loss carryforward 1,891 3,423 2,514 Other 992 1,731 1,535 Valuation allowance (7,934 ) (11,560 ) (10,106 ) Deferred tax assets 2,773 5,068 5,545 Deferred tax liabilities: Unrealized gain on available for sale securities, charged to equity 180 Unearned retiree health benefits plan asset 202 720 734 Bank premises and equipment 2,359 4,011 4,369 Other 212 337 262 Deferred tax liabilities 2,773 5,068 5,545 Net deferred taxes $ $ $ |
Components of Income Taxes | Income taxes consist of the following components (in thousands): Years Ended December 31, 2017 2016 2015 Current $ (1,080) $ 78 $ Deferred: Federal 4,023 (247) (2,728) Change in valuation allowance (4,023) 247 1,966 Total deferred (762) Totals $ (1,080) $ 78 $ (762) |
Reconciliation of Federal Income Tax Rate | The reasons for these differences are shown below (in thousands): 2017 2016 2015 Tax Rate Tax Rate Tax Rate Taxes computed at statutory rate $ 571 34 $ 83 34 $ (1,820) (34) Increase (decrease) resulting from: Tax-exempt (362) (22) (417) (170) (447) (8) Income from BOLI (302) (18) (144) (59) (166) (3) Federal tax credits (298) (18) (298) (121) (298) (6) Other (656) (39) 607 247 3 Impact of tax rate change 3,990 238 Change in valuation allowance for enacted change in tax rates (3,990) (238) Realization of AMT credit (742) (44) Other changes in valuation allowance 709 42 247 101 1,966 37 Total income tax (benefit) expense $ (1,080) (65) $ 78 32 $ (762) (14) |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Actual Capital Amounts and Ratios and Required Minimum Capital Amounts and Ratios and Capital Amounts and Ratios to be Well Capitalized | The Company’s actual capital amounts and ratios and required minimum capital amounts and ratios for 2017, 2016 and 2015, are as follows (in thousands): Actual For Capital Adequacy Purposes Amount Ratio Amount Ratio December 31, 2017: Total Capital (to Risk Weighted Assets) $ 97,122 25.12% $ 30,930 8.00% Common Equity Tier 1 Capital (to Risk Weighted Assets) 92,273 23.87% 17,398 4.50% Tier 1 Capital (to Risk Weighted Assets) 92,273 23.87% 23,197 6.00% Tier 1 Capital (to Average Assets) 92,273 13.79% 26,769 4.00% December 31, 2016: Total Capital (to Risk Weighted Assets) $ 95,262 22.94% $ 33,220 8.00% Common Equity Tier 1 Capital (to Risk Weighted Assets) 90,068 21.69% 18,687 4.50% Tier 1 Capital (to Risk Weighted Assets) 90,068 21.69% 24,915 6.00% Tier 1 Capital (to Average Assets) 90,068 13.12% 27,464 4.00% December 31, 2015: Total Capital (to Risk Weighted Assets) $ 95,395 21.83% $ 34,954 8.00% Common Equity Tier 1 Capital (to Risk Weighted Assets) 89,901 20.58% 19,662 4.50% Tier 1 Capital (to Risk Weighted Assets) 89,901 20.58% 26,215 6.00% Tier 1 Capital (to Average Assets) 89,901 13.18% 27,291 4.00% |
Subsidiaries [Member] | |
Actual Capital Amounts and Ratios and Required Minimum Capital Amounts and Ratios and Capital Amounts and Ratios to be Well Capitalized | The bank subsidiary’s actual capital amounts and ratios and required minimum capital amounts and ratios and capital amounts and ratios to be well capitalized for 2017, 2016 and 2015, are as follows (in thousands): Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio December 31, 2017: Total Capital (to Risk Weighted Assets) $ 92,493 24.04% $ 30,778 8.00% $ 38,473 10.00% Common Equity Tier 1 Capital (to Risk Weighted Assets) 87,668 22.79% 17,313 4.50% 25,007 6.50% Tier 1 Capital (to Risk Weighted Assets) 87,668 22.79% 23,084 6.00% 30,778 8.00% Tier 1 Capital (to Average Assets) 87,668 13.47% 26,031 4.00% 32,539 5.00% December 31, 2016: Total Capital (to Risk Weighted Assets) $ 91,882 22.29% $ 32,975 8.00% $ 41,219 10.00% Common Equity Tier 1 Capital (to Risk Weighted Assets) 86,726 21.04% 18,548 4.50% 26,792 6.50% Tier 1 Capital (to Risk Weighted Assets) 86,726 21.04% 24,731 6.00% 32,975 8.00% Tier 1 Capital (to Average Assets) 86,726 12.47% 27,820 4.00% 34,775 5.00% December 31, 2015: Total Capital (to Risk Weighted Assets) $ 91,963 21.09% $ 34,889 8.00% $ 43,611 10.00% Common Equity Tier 1 Capital (to Risk Weighted Assets) 86,479 19.83% 19,625 4.50% 28,347 6.50% Tier 1 Capital (to Risk Weighted Assets) 86,479 19.83% 26,166 6.00% 34,889 8.00% Tier 1 Capital (to Average Assets) 86,479 13.47% 25,680 4.00% 32,100 5.00% |
Other Income and Expenses (Tabl
Other Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Other Income | Other income consisted of the following (in thousands): Years Ended December 31, 2017 2016 2015 Other service charges, commissions and fees $ 99 $ 116 $ 109 Rentals 298 320 393 Other 84 223 212 Totals $ 481 $ 659 $ 714 |
Other Expenses | Other expenses consisted of the following (in thousands): Years Ended December 31, 2017 2016 2015 Advertising $ 538 $ 544 $ 505 Data processing 1,289 1,346 1,403 FDIC and state banking assessments 424 901 928 Legal and accounting 422 566 785 Other real estate 740 868 2,264 ATM expense 582 555 1,183 Trust expense 307 370 355 Other 1,873 1,689 2,098 Totals $ 6,175 $ 6,839 $ 9,521 |
Condensed Parent Company Only35
Condensed Parent Company Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets | CONDENSED BALANCE SHEETS (IN THOUSANDS): December 31, 2017 2016 2015 Assets Investments in subsidiaries, at underlying equity: Bank subsidiary $ 85,543 $ 85,118 $ 88,415 Nonbank subsidiary 1 1 1 Cash in bank subsidiary 742 191 28 Other assets 3,213 3,151 3,395 Total assets $ 89,499 $ 88,461 $ 91,839 Liabilities and Shareholders’ Equity: Other liabilities $ $ $ Total liabilities Shareholders’ equity 89,499 88,461 91,839 Total liabilities and shareholders’ equity $ 89,499 $ 88,461 $ 91,839 |
Condensed Statements of Operations | CONDENSED STATEMENTS OF OPERATIONS (IN THOUSANDS): Years Ended December 31, 2017 2016 2015 Income Distributed income of bank subsidiary $ 1,250 $ 75 $ Undistributed income (loss) of bank subsidiary 1,592 247 (4,242) Other income (loss) 47 (32 ) (208) Total income (loss) 2,889 290 (4,450) Expenses Other 131 123 142 Total expenses 131 123 142 Income (loss) before income taxes 2,758 167 (4,592) Income tax benefit Net income (loss) $ 2,758 $ 167 $ (4,592) |
Condensed Statements of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS (IN THOUSANDS): Years Ended December 31, 2017 2016 2015 Cash flows from operating activities: Net income (loss) $ 2,758 $ 167 $ (4,592) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Income (loss) from other investments (42 ) 51 218 Undistributed (income) loss of subsidiaries (1,592 ) (247 ) 4,242 Other assets (20 ) (8 ) Net cash provided by (used in) operating activities 1,104 (37 ) (132 ) Cash flows from investing activities: Redemption of equity securities 200 Net cash provided by investing activities 200 Cash flows from financing activities: Retirement of common stock (502 ) Dividends paid (51 ) Net cash used in financing activities (553 ) Net increase (decrease) in cash 551 163 (132) Cash, beginning of year 191 28 160 Cash, end of year $ 742 $ 191 $ 28 |
Employee and Director Benefit36
Employee and Director Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Summary of Components of Net Periodic Post-Retirement Benefit Cost (Credit) | The following is a summary of the components of the net periodic post-retirement benefit cost (credit)(in thousands): Years Ended December 31, 2017 2016 2015 Service cost $ 153 $ 93 $ 94 Interest cost 135 101 102 Amortization of net gain (73 ) (44) Amortization of prior service credit (81 ) (81 ) (82) Net periodic post-retirement benefit cost (credit) $ 207 $ 40 $ 70 |
Schedule of Estimated and Aggregate Benefit Payments for Next Five Years | The following table presents the estimated benefit payments for each of the next five years and in the aggregate for the next five years (in thousands): 2018 $ 77 2019 49 2020 68 2021 95 2022 106 2023-2027 987 |
Reconciliation of Accumulated Post-Retirement Benefit Obligation, Included Employee and Director Benefit Plans Liabilities | The following is a reconciliation of the accumulated post-retirement benefit obligation, which is included in Employee and director benefit plans liabilities (in thousands): Accumulated post-retirement benefit obligation as of December 31, 2016 $ 2,514 Service cost 153 Interest cost 135 Actuarial loss 1,078 Benefits paid (48 ) Accumulated post-retirement benefit obligation as of December 31, 2017 $ 3,832 |
Summary of Change in Plan Assets | The following is a summary of the change in plan assets (in thousands): 2017 2016 2015 Fair value of plan assets at beginning of year $ $ $ Actual return on assets Employer contribution 48 75 37 Benefits paid, net (48 ) (75 ) (37 ) Fair value of plan assets at end of year $ $ $ |
Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Net of Tax | Amounts recognized in the Accumulated Other Comprehensive Income (Loss), net of tax, were (in thousands): For the year ended December 31, 2017 2016 2015 Net gain $ 11 $ 723 $ 697 Prior service charge 622 676 730 Total accumulated other comprehensive income $ 633 $ 1,399 $ 1,427 |
Amounts Recognized in Accumulated Post-Retirement Benefit Obligation and Other Comprehensive Income (Loss) | Amounts recognized in the accumulated post-retirement benefit obligation and other comprehensive income (loss) were (in thousands): For the year ended December 31, 2017 Unrecognized actuarial loss $ 1,079 Amortization of prior service cost 81 Total accumulated other comprehensive loss $ 1,160 |
Fair Value Measurements and D37
Fair Value Measurements and Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Assets Measured at Fair Value on a Recurring Basis | The balances of available for sale securities, which are the only assets measured at fair value on a recurring basis, by level within the fair value hierarchy and by investment type, as of December 31, 2017, 2016 and 2015, were as follows (in thousands): Fair Value Measurements Using Total Level 1 Level 2 Level 3 December 31, 2017: U.S. Treasuries $ 122,644 $ $ 122,644 $ U.S. Government agencies 19,831 19,831 Mortgage-backed securities 88,261 88,261 States and political subdivisions 14,470 14,470 Equity securities 458 458 Total $ 245,664 $ $ 245,664 $ December 31, 2016: U.S. Treasuries $ 147,624 $ $ 147,624 $ U.S. Government agencies 24,825 24,825 Mortgage-backed securities 42,708 42,708 States and political subdivisions 17,963 17,963 Equity securities 458 458 Total $ 233,578 $ $ 233,578 $ December 31, 2015: U.S. Treasuries $ 63,754 $ $ 63,754 $ U.S. Government agencies 84,546 84,546 Mortgage-backed securities 30,130 30,130 States and political subdivisions 23,727 23,547 180 Equity securities 650 650 Total $ 202,807 $ $ 202,627 $ 180 |
Carrying Value and Estimated Fair Value of Financial Instruments | The carrying value and estimated fair value of financial instruments, by level within the fair value hierarchy, at December 31, 2017, 2016 and 2015, are as follows (in thousands): Carrying Fair Value Measurements Using Amount Level 1 Level 2 Level 3 Total December 31, 2017: Financial Assets: Cash and due from banks $ 25,281 $ 25,281 $ $ $ 25,281 Available for sale securities 245,664 245,664 245,664 Held to maturity securities 51,163 50,538 50,538 Other investments 2,735 2,735 2,735 Federal Home Loan Bank stock 1,370 1,370 1,370 Loans, net 274,296 270,924 270,924 Other real estate 8,232 8,232 8,232 Cash surrender value of life insurance 18,301 18,301 18,301 Financial Liabilities: Deposits: Non-interest 127,274 127,274 127,274 Interest bearing 402,296 402,610 402,610 Borrowings from Federal Home Loan Bank 11,198 11,389 11,389 Carrying Fair Value Measurements Using Amount Level 1 Level 2 Level 3 Total December 31, 2016: Financial Assets: Cash and due from banks $ 41,116 $ 41,116 $ $ $ 41,116 Available for sale securities 233,578 233,578 233,578 Held to maturity securities 48,150 46,935 46,935 Other investments 2,693 2,693 2,693 Federal Home Loan Bank stock 539 539 539 Loans, net 309,889 313,613 313,613 Other real estate 8,513 8,513 8,513 Cash surrender value of life insurance 19,249 19,249 19,249 Financial Liabilities: Deposits: Non-interest 132,381 132,381 132,381 Interest bearing 442,635 442,937 442,937 Borrowings from Federal Home Loan Bank 6,257 6,491 6,491 Carrying Fair Value Measurements Using Amount Level 1 Level 2 Level 3 Total December 31, 2015: Financial Assets: Cash and due from banks $ 31,396 $ 31,396 $ $ $ 31,396 Available for sale securities 202,807 202,627 180 202,807 Held to maturity securities 19,025 19,220 19,220 Other investments 2,744 2,744 2,744 Federal Home Loan Bank stock 1,637 1,637 1,637 Loans, net 329,487 331,026 331,026 Other real estate 9,916 9,916 9,916 Cash surrender value of life insurance 18,735 18,735 18,735 Financial Liabilities: Deposits: Non-interest 122,743 122,743 122,743 Interest bearing 389,964 390,205 390,205 Borrowings from Federal Home Loan Bank 18,409 19,731 19,731 |
Impaired Loans [Member] | |
Assets Measured at Fair Value on a Non-Recurring Basis | Impaired loans, which are measured at fair value on a non-recurring Fair Value Measurements Using December 31: Total Level 1 Level 2 Level 3 2017 $ 6,511 $ $ $ 6,511 2016 5,006 5,006 2015 4,981 4,981 |
Other Real Estate [Member] | |
Assets Measured at Fair Value on a Non-Recurring Basis | Other real estate, which is measured at fair value on a non-recurring Fair Value Measurements Using December 31: Total Level 1 Level 2 Level 3 2017 $ 8,232 $ $ $ 8,232 2016 8,513 8,513 2015 9,916 9,916 |
Changes in Fair Value | The following table presents a summary of changes in the fair value of other real estate which is measured using Level 3 inputs (in thousands): 2017 2016 2015 Balance, beginning of year $ 8,513 $ 9,916 $ 7,646 Loans transferred to ORE 1,946 1,903 7,502 Sales (1,767 ) (2,524 ) (4,295 ) Writedowns (460 ) (782 ) (937 ) Balance, end of year $ 8,232 $ 8,513 $ 9,916 |
Business and Summary of Signi38
Business and Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2017USD ($)Subsidiaryshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 24, 2016$ / shares | |
Accounting Policies [Abstract] | ||||
Number of operating subsidiaries | Subsidiary | 2 | |||
Average amount of reserve requirement | $ 564,000 | $ 4,240,000 | $ 2,084,000 | |
Percentage of partnership in other investment | 99.00% | |||
Federal Home Loan Bank Stock, par value | $ / shares | $ 100 | |||
Number of days required to review relative to collectability | 90 days | |||
Requirement of amount of loans secured by real estate to prepare appraisal | $ 250,000 | |||
Validation period of Appraisals | 12 months | |||
Shares of common stock outstanding | shares | 5,123,076 | 5,123,186 | 5,123,186 | |
Interest on deposits and borrowings | $ 1,420,399 | $ 1,020,177 | $ 874,890 | |
Income tax payments | 78,435 | |||
Loans transferred to other real estate | $ 1,946,045 | $ 1,903,427 | $ 7,502,496 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||
Total debt securities, amortized cost | $ 248,194 | $ 236,101 | $ 201,633 |
Equity securities, amortized cost | 458 | 458 | 650 |
Total available for sale securities, amortized cost | 248,652 | 236,559 | 202,283 |
Total debt securities, gross unrealized gains | 388 | 621 | 1,245 |
Equity securities, gross unrealized gains | 0 | 0 | 0 |
Total available for sale securities, gross unrealized gains | 388 | 1,245 | |
Total debt securities, gross unrealized losses | (3,376) | (3,602) | (721) |
Equity securities, gross unrealized losses | 0 | 0 | 0 |
Total available for sale securities, gross unrealized losses | (3,376) | (3,602) | (721) |
Total debt securities, fair value | 245,206 | 233,120 | 202,157 |
Equity securities, fair value | 458 | 458 | 650 |
Total available for sale securities, fair value | 245,664 | 233,578 | 202,807 |
Held to maturity securities, Amortized Cost | 51,163 | 48,150 | 19,025 |
Held to maturity securities, Gross Unrealized Gains | 227 | 29 | 222 |
Held to maturity securities, Gross Unrealized Losses | (852) | (1,244) | (27) |
Held to maturity securities, fair value | 50,538 | 46,935 | 19,220 |
States and Political Subdivisions [Member] | |||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||
Total debt securities, amortized cost | 14,178 | 17,513 | 22,833 |
Total debt securities, gross unrealized gains | 292 | 450 | 894 |
Total debt securities, fair value | 14,470 | 17,963 | 23,727 |
Held to maturity securities, Amortized Cost | 42,978 | 36,677 | 17,507 |
Held to maturity securities, Gross Unrealized Gains | 227 | 29 | 222 |
Held to maturity securities, Gross Unrealized Losses | (550) | (927) | (16) |
Held to maturity securities, fair value | 42,655 | 35,779 | 17,713 |
U.S. Treasuries [Member] | |||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||
Total debt securities, amortized cost | 124,820 | 149,676 | 63,845 |
Total debt securities, gross unrealized gains | 39 | 20 | |
Total debt securities, gross unrealized losses | (2,176) | (2,091) | (111) |
Total debt securities, fair value | 122,644 | 147,624 | 63,754 |
U.S. Government Agencies [Member] | |||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||
Total debt securities, amortized cost | 19,989 | 24,973 | 84,849 |
Total debt securities, gross unrealized gains | 58 | 176 | |
Total debt securities, gross unrealized losses | (158) | (206) | (479) |
Total debt securities, fair value | 19,831 | 24,825 | 84,546 |
Held to maturity securities, Amortized Cost | 8,185 | 10,009 | |
Held to maturity securities, Gross Unrealized Losses | (302) | (315) | |
Held to maturity securities, fair value | 7,883 | 9,694 | |
Mortgage-backed Securities [Member] | |||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||
Total debt securities, amortized cost | 89,207 | 43,939 | 30,106 |
Total debt securities, gross unrealized gains | 96 | 74 | 155 |
Total debt securities, gross unrealized losses | (1,042) | (1,305) | (131) |
Total debt securities, fair value | $ 88,261 | 42,708 | 30,130 |
Corporate Bond [Member] | |||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | |||
Held to maturity securities, Amortized Cost | 1,464 | 1,518 | |
Held to maturity securities, Gross Unrealized Losses | (2) | (11) | |
Held to maturity securities, fair value | $ 1,462 | $ 1,507 |
Securities - Amortized Cost a40
Securities - Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Available for sale securities: | |||
Available for sale securities, Due in one year or less, Amortized Cost | $ 47,862 | ||
Available for sale securities, Due after one year through five years, Amortized Cost | 88,005 | ||
Available for sale securities, Due after five year through ten years, Amortized Cost | 22,787 | ||
Available for sale securities, Due after ten years, Amortized Cost | 333 | ||
Available for sale securities, Mortgage-backed securities, Amortized Cost | 89,207 | ||
Total available for sale debt securities, Amortized Cost | 248,194 | $ 236,101 | $ 201,633 |
Available for sale securities, Due in one year or less, Fair Value | 47,725 | ||
Available for sale securities, Due after one year through five years, Fair Value | 86,907 | ||
Available for sale securities, Due after five years through ten years, Fair Value | 21,961 | ||
Available for sale securities, Due after ten years, Fair Value | 352 | ||
Available for sale securities, Mortgage-backed securities, Fair value | 88,261 | ||
Total available for sale debt securities, Fair Value | 245,206 | 233,120 | 202,157 |
Held to maturity securities: | |||
Held to maturity securities, Due in one year or less, Amortized Cost | 694 | ||
Held to maturity securities, Due after one year through five years, Amortized Cost | 14,336 | ||
Held to maturity securities, Due after five years through ten years, Amortized Cost | 20,555 | ||
Held to maturity securities, Due after ten years, Amortized Cost | 15,578 | ||
Held to maturity securities, Amortized Cost | 51,163 | 48,150 | 19,025 |
Held to maturity securities, Due in one year or less, Fair Value | 693 | ||
Held to maturity securities, Due after one year through five years, Fair Value | 14,296 | ||
Held to maturity securities, Due after five years through ten years, Fair Value | 20,235 | ||
Held to maturity securities, Due after ten years, Fair Value | 15,314 | ||
Total held to maturity securities, Fair Value | $ 50,538 | $ 46,935 | $ 19,220 |
Securities - Available for Sale
Securities - Available for Sale and Held to Maturity Securities with Gross Unrealized Losses (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | |||
Available for Sale and Held to Maturity Securities, Less Than Twelve Months, Fair Value | $ 129,513 | $ 184,402 | $ 75,072 |
Available for Sale and Held to Maturity Securities, Less Than Twelve Months, Gross Unrealized Losses | 984 | 4,843 | 348 |
Available for Sale and Held to Maturity Securities, Over Twelve Months, Fair Value | 108,127 | 2,051 | 13,943 |
Available for Sale and Held to Maturity Securities, Over Twelve Months, Gross Unrealized Losses | 3,244 | 3 | 400 |
Available for Sale and Held to Maturity Securities, Total, Fair Value | 237,640 | 186,453 | 89,015 |
Available for Sale and Held to Maturity Securities, Total, Gross Unrealized Losses | 4,228 | 4,846 | 748 |
U.S. Treasuries [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for Sale and Held to Maturity Securities, Less Than Twelve Months, Fair Value | 49,586 | 97,634 | 39,889 |
Available for Sale and Held to Maturity Securities, Less Than Twelve Months, Gross Unrealized Losses | 364 | 2,091 | 111 |
Available for Sale and Held to Maturity Securities, Over Twelve Months, Fair Value | 73,058 | ||
Available for Sale and Held to Maturity Securities, Over Twelve Months, Gross Unrealized Losses | 1,812 | ||
Available for Sale and Held to Maturity Securities, Total, Fair Value | 122,644 | 97,634 | 39,889 |
Available for Sale and Held to Maturity Securities, Total, Gross Unrealized Losses | 2,176 | 2,091 | 111 |
U.S. Government Agencies [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for Sale and Held to Maturity Securities, Less Than Twelve Months, Fair Value | 8,145 | 24,478 | 14,894 |
Available for Sale and Held to Maturity Securities, Less Than Twelve Months, Gross Unrealized Losses | 37 | 521 | 87 |
Available for Sale and Held to Maturity Securities, Over Twelve Months, Fair Value | 14,567 | 12,581 | |
Available for Sale and Held to Maturity Securities, Over Twelve Months, Gross Unrealized Losses | 423 | 392 | |
Available for Sale and Held to Maturity Securities, Total, Fair Value | 22,712 | 24,478 | 27,475 |
Available for Sale and Held to Maturity Securities, Total, Gross Unrealized Losses | 460 | 521 | 479 |
Mortgage-backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for Sale and Held to Maturity Securities, Less Than Twelve Months, Fair Value | 60,230 | 37,663 | 16,557 |
Available for Sale and Held to Maturity Securities, Less Than Twelve Months, Gross Unrealized Losses | 415 | 1,305 | 131 |
Available for Sale and Held to Maturity Securities, Over Twelve Months, Fair Value | 13,492 | ||
Available for Sale and Held to Maturity Securities, Over Twelve Months, Gross Unrealized Losses | 627 | ||
Available for Sale and Held to Maturity Securities, Total, Fair Value | 73,722 | 37,663 | 16,557 |
Available for Sale and Held to Maturity Securities, Total, Gross Unrealized Losses | 1,042 | 1,305 | 131 |
States and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for Sale and Held to Maturity Securities, Less Than Twelve Months, Fair Value | 11,552 | 24,627 | 2,225 |
Available for Sale and Held to Maturity Securities, Less Than Twelve Months, Gross Unrealized Losses | 168 | 926 | 8 |
Available for Sale and Held to Maturity Securities, Over Twelve Months, Fair Value | 7,010 | 589 | 1,362 |
Available for Sale and Held to Maturity Securities, Over Twelve Months, Gross Unrealized Losses | 382 | 1 | 8 |
Available for Sale and Held to Maturity Securities, Total, Fair Value | 18,562 | 25,216 | 3,587 |
Available for Sale and Held to Maturity Securities, Total, Gross Unrealized Losses | $ 550 | 927 | 16 |
Corporate Bond [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for Sale and Held to Maturity Securities, Less Than Twelve Months, Fair Value | 1,507 | ||
Available for Sale and Held to Maturity Securities, Less Than Twelve Months, Gross Unrealized Losses | 11 | ||
Available for Sale and Held to Maturity Securities, Over Twelve Months, Fair Value | 1,462 | ||
Available for Sale and Held to Maturity Securities, Over Twelve Months, Gross Unrealized Losses | 2 | ||
Available for Sale and Held to Maturity Securities, Total, Fair Value | 1,462 | 1,507 | |
Available for Sale and Held to Maturity Securities, Total, Gross Unrealized Losses | $ 2 | $ 11 |
Securities - Additional Informa
Securities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)Securities | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||
Credit loss on bonds issued by a municipality with a carrying value | $ | $ 1,875,000 | ||
Loss on impairment of securities | $ | 1,695,000 | ||
Accrued interest relating to securities | $ | 92,564 | ||
Amount of gain recognized from municipality | $ | $ 20,000 | $ 53,861 | |
Sale of available for sale debt securities | $ | 30,748,797 | 29,641,206 | 5,007,993 |
Realized gain on sale of available for sale debt securities | $ | 133,986 | 157,925 | 7,993 |
Amount of securities with fair value | $ | $ 196,702,218 | $ 180,659,168 | $ 168,724,920 |
U.S. Treasuries [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities issued contained unrealized Loss | 25 | ||
Securities issued | 25 | ||
U.S. Government Agencies [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities issued contained unrealized Loss | 5 | ||
Securities issued | 6 | ||
Mortgage-backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities issued contained unrealized Loss | 27 | ||
Securities issued | 35 | ||
States and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities issued contained unrealized Loss | 53 | ||
Securities issued | 148 |
Loans - Composition of Loan Por
Loans - Composition of Loan Portfolio (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Loans and Leases Receivable, Net Amount [Abstract] | |||
Gaming | $ 26,142 | $ 31,311 | $ 31,655 |
Residential and land development | 263 | 291 | 933 |
Real estate, construction | 31,947 | 32,503 | 35,414 |
Real estate, mortgage | 189,201 | 206,172 | 219,925 |
Commercial and industrial | 26,360 | 37,035 | 42,480 |
Other | 6,536 | 8,043 | 7,150 |
Total | $ 280,449 | $ 315,355 | $ 337,557 |
Loans - Summary of Loans to Rel
Loans - Summary of Loans to Related Parties (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loans and Leases Receivable, Related Parties Disclosure [Abstract] | |||
Beginning balance | $ 6,658 | $ 7,608 | $ 7,760 |
New loans and advances | 907 | 312 | 3,958 |
Repayments | (1,022) | (1,262) | (4,110) |
Ending balance | $ 6,543 | $ 6,658 | $ 7,608 |
Loans - Evaluation of Quality o
Loans - Evaluation of Quality of Loan Portfolio (Detail) - Credit Concentration Risk [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Gaming [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total outstanding concentrations | $ 26,142 | $ 31,311 | $ 31,655 |
Hotel/Motel [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total outstanding concentrations | 34,882 | 40,319 | 39,460 |
Out of Area [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total outstanding concentrations | $ 14,597 | $ 14,461 | $ 14,526 |
Loans - Age Analysis of Loan Po
Loans - Age Analysis of Loan Portfolio, Segregated by Class of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Number of Days Past Due, Total Past Due | $ 15,135 | $ 14,528 | $ 16,628 |
Current | 265,314 | 300,827 | 320,929 |
Total | 280,449 | 315,355 | 337,557 |
Loans Past Due Greater Than 90 Days and Still Accruing | 146 | ||
Real Estate, Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Number of Days Past Due, Total Past Due | 1,390 | 2,200 | 2,645 |
Current | 30,557 | 30,303 | 32,769 |
Total | 31,947 | 32,503 | 35,414 |
Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Number of Days Past Due, Total Past Due | 2,721 | 875 | 1,474 |
Current | 23,639 | 36,160 | 41,006 |
Total | 26,360 | 37,035 | 42,480 |
Other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Number of Days Past Due, Total Past Due | 29 | 160 | 67 |
Current | 6,507 | 7,883 | 7,083 |
Total | 6,536 | 8,043 | 7,150 |
30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Number of Days Past Due, Total Past Due | 6,469 | 6,421 | 9,218 |
30-59 Days Past Due [Member] | Real Estate, Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Number of Days Past Due, Total Past Due | 747 | 902 | 851 |
30-59 Days Past Due [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Number of Days Past Due, Total Past Due | 375 | 867 | 1,206 |
30-59 Days Past Due [Member] | Other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Number of Days Past Due, Total Past Due | 26 | 44 | 67 |
60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Number of Days Past Due, Total Past Due | 916 | 2,175 | 4,152 |
60-89 Days Past Due [Member] | Real Estate, Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Number of Days Past Due, Total Past Due | 121 | 216 | 448 |
60-89 Days Past Due [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Number of Days Past Due, Total Past Due | 2 | 31 | |
60-89 Days Past Due [Member] | Other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Number of Days Past Due, Total Past Due | 3 | 36 | |
Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Number of Days Past Due, Total Past Due | 7,750 | 5,932 | 3,258 |
Greater than 90 Days Past Due [Member] | Real Estate, Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Number of Days Past Due, Total Past Due | 522 | 1,082 | 1,346 |
Greater than 90 Days Past Due [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Number of Days Past Due, Total Past Due | 2,344 | 8 | 237 |
Greater than 90 Days Past Due [Member] | Other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Number of Days Past Due, Total Past Due | 80 | ||
Gaming [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 26,142 | 31,311 | 31,655 |
Total | 26,142 | 31,311 | 31,655 |
Residential and Land Development [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Number of Days Past Due, Total Past Due | 291 | 323 | |
Current | 263 | 610 | |
Total | 263 | 291 | 933 |
Residential and Land Development [Member] | Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Number of Days Past Due, Total Past Due | 291 | 323 | |
Real Estate, Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Number of Days Past Due, Total Past Due | 10,995 | 11,002 | 12,119 |
Current | 178,206 | 195,170 | 207,806 |
Total | 189,201 | 206,172 | 219,925 |
Loans Past Due Greater Than 90 Days and Still Accruing | 146 | ||
Real Estate, Mortgage [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Number of Days Past Due, Total Past Due | 5,321 | 4,608 | 7,094 |
Real Estate, Mortgage [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Number of Days Past Due, Total Past Due | 790 | 1,923 | 3,673 |
Real Estate, Mortgage [Member] | Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Number of Days Past Due, Total Past Due | $ 4,884 | $ 4,471 | $ 1,352 |
Loans - Analysis of Loan Portfo
Loans - Analysis of Loan Portfolio by Loan Grade, Segregated by Class of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | |||
Gaming | $ 26,142 | $ 31,311 | $ 31,655 |
Residential and land development | 263 | 291 | 933 |
Real estate, construction | 31,947 | 32,503 | 35,414 |
Real estate, mortgage | 189,201 | 206,172 | 219,925 |
Commercial and industrial | 26,360 | 37,035 | 42,480 |
Other | 6,536 | 8,043 | 7,150 |
Total | 280,449 | 315,355 | 337,557 |
A, B or C [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gaming | 26,142 | 31,311 | 31,655 |
Residential and land development | 610 | ||
Real estate, construction | 30,412 | 29,954 | 31,935 |
Real estate, mortgage | 148,284 | 155,671 | 167,286 |
Commercial and industrial | 23,133 | 13,926 | 24,466 |
Other | 6,516 | 7,996 | 7,114 |
Total | 234,487 | 238,858 | 263,066 |
S [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Real estate, construction | 435 | ||
Real estate, mortgage | 11,550 | 17,651 | 16,678 |
Commercial and industrial | 21,680 | 15,007 | |
Other | 1 | ||
Total | 11,550 | 39,766 | 31,686 |
D [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Real estate, construction | 358 | 517 | 883 |
Real estate, mortgage | 19,606 | 22,901 | 23,686 |
Commercial and industrial | 265 | 867 | 2,368 |
Other | 16 | 42 | 35 |
Total | 20,245 | 24,327 | 26,972 |
E [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Residential and land development | 263 | 291 | 323 |
Real estate, construction | 1,177 | 1,597 | 2,596 |
Real estate, mortgage | 9,761 | 9,949 | 12,275 |
Commercial and industrial | 2,962 | 562 | 639 |
Other | 4 | 5 | |
Total | $ 14,167 | $ 12,404 | $ 15,833 |
Loans - Total Loans on Nonaccru
Loans - Total Loans on Nonaccrual (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule Of Financing Receivables Non Accrual Status [Line Items] | |||
Total loans on nonaccrual | $ 13,810 | $ 11,854 | $ 15,186 |
Total loans on nonaccrual | 6,536 | 8,043 | 7,150 |
Residential and Land Development [Member] | |||
Schedule Of Financing Receivables Non Accrual Status [Line Items] | |||
Total loans on nonaccrual | 263 | 291 | 323 |
Real Estate, Mortgage [Member] | |||
Schedule Of Financing Receivables Non Accrual Status [Line Items] | |||
Total loans on nonaccrual | 9,548 | 9,445 | 11,759 |
Real Estate, Construction [Member] | |||
Schedule Of Financing Receivables Non Accrual Status [Line Items] | |||
Total loans on nonaccrual | 1,177 | 1,598 | 2,523 |
Commercial and Industrial [Member] | |||
Schedule Of Financing Receivables Non Accrual Status [Line Items] | |||
Total loans on nonaccrual | 2,818 | 515 | $ 581 |
Other [Member] | |||
Schedule Of Financing Receivables Non Accrual Status [Line Items] | |||
Total loans on nonaccrual | $ 4 | $ 5 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | |||
Specific reserves allocated to troubled debt restructurings | $ 86,000 | $ 100,000 | $ 107,000 |
Commitments to lend additional amounts to customers with outstanding loans classified as troubled debt restructurings | $ 0 | $ 0 | $ 0 |
Loans - Impaired Loans, Segrega
Loans - Impaired Loans, Segregated by Class of Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Unpaid Principal Balance | $ 11,287 | $ 14,387 | $ 12,618 |
With no related allowance recorded, Recorded Investment | 9,880 | 11,128 | 11,437 |
With no related allowance recorded, Related Allowance | 0 | 0 | 0 |
With no related allowance recorded, Average Recorded Investment | 10,598 | 12,515 | 11,706 |
With no related allowance recorded, Interest Income Recognized | 31 | 23 | 21 |
With a related allowance recorded, Unpaid Principal Balance | 5,963 | 1,910 | 5,114 |
With a related allowance recorded, Recorded Investment | 5,079 | 1,910 | 4,981 |
With a related allowance recorded, Related Allowance | 1,212 | 403 | 1,804 |
With a related allowance recorded, Average Recorded Investment | 5,100 | 1,668 | 5,043 |
With a related allowance recorded, Interest Income Recognized | 28 | 30 | 18 |
Total by class of loans, Unpaid Principal Balance | 17,250 | 16,297 | 17,732 |
Total by class of loans, Recorded Investment | 14,959 | 13,038 | 16,418 |
Total by class of loans, Related Allowance | 1,212 | 403 | 1,804 |
Total by class of loans, Average Recorded Investment | 15,698 | 14,183 | 16,749 |
Total by class of loans, Interest Income Recognized | 59 | 53 | 39 |
Real Estate, Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Unpaid Principal Balance | 1,441 | 2,023 | 2,228 |
With no related allowance recorded, Recorded Investment | 967 | 1,331 | 1,842 |
With no related allowance recorded, Related Allowance | 0 | 0 | 0 |
With no related allowance recorded, Average Recorded Investment | 1,024 | 1,395 | 1,878 |
With a related allowance recorded, Unpaid Principal Balance | 210 | 267 | 814 |
With a related allowance recorded, Recorded Investment | 210 | 267 | 681 |
With a related allowance recorded, Related Allowance | 105 | 141 | 252 |
With a related allowance recorded, Average Recorded Investment | 226 | 283 | 780 |
Total by class of loans, Unpaid Principal Balance | 1,651 | 2,290 | 3,042 |
Total by class of loans, Recorded Investment | 1,177 | 1,598 | 2,523 |
Total by class of loans, Related Allowance | 105 | 141 | 252 |
Total by class of loans, Average Recorded Investment | 1,250 | 1,678 | 2,658 |
Commercial and Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Unpaid Principal Balance | 922 | 553 | 619 |
With no related allowance recorded, Recorded Investment | 884 | 515 | 581 |
With no related allowance recorded, Related Allowance | 0 | 0 | 0 |
With no related allowance recorded, Average Recorded Investment | 916 | 538 | 653 |
With a related allowance recorded, Unpaid Principal Balance | 1,934 | ||
With a related allowance recorded, Recorded Investment | 1,934 | ||
With a related allowance recorded, Related Allowance | 342 | ||
With a related allowance recorded, Average Recorded Investment | 1,923 | ||
Total by class of loans, Unpaid Principal Balance | 2,856 | 553 | 619 |
Total by class of loans, Recorded Investment | 2,818 | 515 | 581 |
Total by class of loans, Related Allowance | 342 | ||
Total by class of loans, Average Recorded Investment | 2,839 | 538 | 653 |
Other [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Unpaid Principal Balance | 4 | ||
With no related allowance recorded, Recorded Investment | 4 | ||
With no related allowance recorded, Related Allowance | 0 | ||
With no related allowance recorded, Average Recorded Investment | 4 | ||
With a related allowance recorded, Unpaid Principal Balance | 5 | ||
With a related allowance recorded, Recorded Investment | 5 | ||
With a related allowance recorded, Related Allowance | 1 | ||
With a related allowance recorded, Average Recorded Investment | 1 | ||
Total by class of loans, Unpaid Principal Balance | 4 | 5 | |
Total by class of loans, Recorded Investment | 4 | 5 | |
Total by class of loans, Related Allowance | 1 | ||
Total by class of loans, Average Recorded Investment | 4 | 1 | |
Residential and Land Development [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With a related allowance recorded, Unpaid Principal Balance | 263 | 291 | 323 |
With a related allowance recorded, Recorded Investment | 263 | 291 | 323 |
With a related allowance recorded, Related Allowance | 40 | 66 | 109 |
With a related allowance recorded, Average Recorded Investment | 275 | 304 | 343 |
Total by class of loans, Unpaid Principal Balance | 263 | 291 | 323 |
Total by class of loans, Recorded Investment | 263 | 291 | 323 |
Total by class of loans, Related Allowance | 40 | 66 | 109 |
Total by class of loans, Average Recorded Investment | 275 | 304 | 343 |
Real Estate, Mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
With no related allowance recorded, Unpaid Principal Balance | 8,920 | 11,811 | 9,771 |
With no related allowance recorded, Recorded Investment | 8,025 | 9,282 | 9,014 |
With no related allowance recorded, Related Allowance | 0 | 0 | 0 |
With no related allowance recorded, Average Recorded Investment | 8,654 | 10,582 | 9,175 |
With no related allowance recorded, Interest Income Recognized | 31 | 23 | 21 |
With a related allowance recorded, Unpaid Principal Balance | 3,556 | 1,347 | 3,977 |
With a related allowance recorded, Recorded Investment | 2,672 | 1,347 | 3,977 |
With a related allowance recorded, Related Allowance | 725 | 195 | 1,443 |
With a related allowance recorded, Average Recorded Investment | 2,676 | 1,080 | 3,920 |
With a related allowance recorded, Interest Income Recognized | 28 | 30 | 18 |
Total by class of loans, Unpaid Principal Balance | 12,476 | 13,158 | 13,748 |
Total by class of loans, Recorded Investment | 10,697 | 10,629 | 12,991 |
Total by class of loans, Related Allowance | 725 | 195 | 1,443 |
Total by class of loans, Average Recorded Investment | 11,330 | 11,662 | 13,095 |
Total by class of loans, Interest Income Recognized | $ 59 | $ 53 | $ 39 |
Loans - Transactions in Allowan
Loans - Transactions in Allowance for loan Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Beginning Balance | $ 5,466 | $ 8,070 | $ 9,206 |
Charge-offs | (279) | (3,522) | (4,108) |
Recoveries | 850 | 350 | 390 |
Provision | 116 | 568 | 2,582 |
Ending Balance | 6,153 | 5,466 | 8,070 |
Individually evaluated for impairment | 1,869 | 860 | 2,962 |
Collectively evaluated for impairment | 4,284 | 4,606 | 5,108 |
Individually evaluated for impairment, Total | 34,412 | 36,732 | 42,801 |
Collectively evaluated for impairment, Total | 246,037 | 278,623 | 294,756 |
Real Estate, Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Beginning Balance | 199 | 589 | 860 |
Charge-offs | (260) | (955) | |
Recoveries | 32 | 71 | 102 |
Provision | (29) | (201) | 582 |
Ending Balance | 202 | 199 | 589 |
Individually evaluated for impairment | 105 | 141 | 484 |
Collectively evaluated for impairment | 97 | 58 | 105 |
Individually evaluated for impairment, Total | 1,536 | 2,114 | 3,479 |
Collectively evaluated for impairment, Total | 30,411 | 30,389 | 31,935 |
Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Beginning Balance | 651 | 1,075 | 587 |
Charge-offs | (36) | (509) | (275) |
Recoveries | 11 | 62 | 19 |
Provision | 266 | 23 | 744 |
Ending Balance | 892 | 651 | 1,075 |
Individually evaluated for impairment | 636 | 214 | 614 |
Collectively evaluated for impairment | 256 | 437 | 461 |
Individually evaluated for impairment, Total | 3,228 | 1,430 | 3,003 |
Collectively evaluated for impairment, Total | 23,132 | 35,605 | 39,477 |
Other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Beginning Balance | 205 | 253 | 326 |
Charge-offs | (235) | (254) | (203) |
Recoveries | 92 | 110 | 79 |
Provision | 116 | 96 | 51 |
Ending Balance | 178 | 205 | 253 |
Individually evaluated for impairment | 6 | 15 | 4 |
Collectively evaluated for impairment | 172 | 190 | 249 |
Individually evaluated for impairment, Total | 18 | 47 | 35 |
Collectively evaluated for impairment, Total | 6,518 | 7,996 | 7,115 |
Gaming [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Beginning Balance | 545 | 582 | 573 |
Provision | (9) | (37) | 9 |
Ending Balance | 536 | 545 | 582 |
Collectively evaluated for impairment | 536 | 545 | 582 |
Collectively evaluated for impairment, Total | 26,142 | 31,311 | 31,655 |
Residential and Land Development [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Beginning Balance | 66 | 189 | 251 |
Charge-offs | (1,504) | ||
Recoveries | 686 | ||
Provision | (712) | (123) | 1,442 |
Ending Balance | 40 | 66 | 189 |
Individually evaluated for impairment | 40 | 66 | 109 |
Collectively evaluated for impairment | 80 | ||
Individually evaluated for impairment, Total | 263 | 291 | 323 |
Collectively evaluated for impairment, Total | 610 | ||
Real Estate, Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Beginning Balance | 3,800 | 5,382 | 6,609 |
Charge-offs | (8) | (2,499) | (1,171) |
Recoveries | 29 | 107 | 190 |
Provision | 484 | 810 | (246) |
Ending Balance | 4,305 | 3,800 | 5,382 |
Individually evaluated for impairment | 1,082 | 424 | 1,751 |
Collectively evaluated for impairment | 3,223 | 3,376 | 3,631 |
Individually evaluated for impairment, Total | 29,367 | 32,850 | 35,961 |
Collectively evaluated for impairment, Total | $ 159,834 | $ 173,322 | $ 183,964 |
Bank Premises and Equipment - S
Bank Premises and Equipment - Summary of Bank Premises and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Totals, at cost | $ 53,222 | $ 52,864 | $ 52,502 |
Less: Accumulated depreciation | 33,069 | 31,220 | 30,056 |
Totals | 20,153 | 21,644 | 22,446 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Totals, at cost | 5,783 | 5,792 | 5,982 |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Totals, at cost | $ 30,681 | 30,650 | 30,641 |
Building [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 5 years | ||
Building [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 40 years | ||
Furniture, Fixtures and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Totals, at cost | $ 16,758 | $ 16,422 | $ 15,879 |
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 3 years | ||
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 10 years |
Other Real Estate - Company's O
Other Real Estate - Company's Other Real Estate (Detail) $ in Thousands | Dec. 31, 2017USD ($)Property | Dec. 31, 2016USD ($)Property | Dec. 31, 2015USD ($)Property |
Real Estate By Property [Line Items] | |||
Number of Properties | Property | 19 | 25 | 26 |
Balance | $ | $ 8,232 | $ 8,513 | $ 9,916 |
Construction, Land Development and Other Land [Member] | |||
Real Estate By Property [Line Items] | |||
Number of Properties | Property | 14 | 19 | 19 |
Balance | $ | $ 6,670 | $ 7,658 | $ 8,792 |
1 - 4 Family Residential Properties [Member] | |||
Real Estate By Property [Line Items] | |||
Number of Properties | Property | 5 | 3 | 3 |
Balance | $ | $ 1,562 | $ 202 | $ 368 |
Nonfarm Nonresidential [Member] | |||
Real Estate By Property [Line Items] | |||
Number of Properties | Property | 3 | 4 | |
Balance | $ | $ 653 | $ 756 |
Deposits - Schedule of Time Dep
Deposits - Schedule of Time Deposit Maturities (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Maturities of Time Deposits [Abstract] | |
2,018 | $ 53,797 |
2,019 | 24,780 |
2,020 | 2,061 |
2,021 | 1,498 |
2,022 | 1,882 |
Total | $ 84,018 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Line Items] | |||
Deposits held for related parties | $ 9,279,315 | $ 17,713,230 | $ 7,640,079 |
Overdrafts reclassified as loans | 466,812 | 800,557 | 663,511 |
Time Deposits of $250,000 or More [Member] | |||
Deposits [Line Items] | |||
Time deposits total amount | $ 20,494,000 | $ 25,143,000 | $ 24,090,000 |
Federal Funds Purchased - Addit
Federal Funds Purchased - Additional Information (Detail) | Dec. 31, 2017USD ($) |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | |
Credit facilities to purchase federal funds | $ 40,000,000 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Borrowing limit from federal reserve bank discount window primary credit program | $ 18,399,650 | ||
Borrowing interest base point | 0.25% | ||
Maturity Period Borrowing Interest Rate | 1 day | ||
Outstanding Balance | $ 0 | ||
Amount Outstanding in advance | 11,198,000 | $ 6,257,000 | $ 18,409,000 |
Line of Credit with FHLB | 63,980,560 | ||
Advance in Amount, One | $ 10,000,000 | ||
Margin on the fixed rate of interest | 1.45% | ||
Maturity year of advances | 2018-12 | ||
Maturity dates of fixed rate of interest remaining advances, from | 2,030 | ||
Maturity dates of fixed rate of interest remaining advances, to | 2,040 | ||
Minimum [Member] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Fixed rate of interest remaining advances, from | 2.604% | ||
Maximum [Member] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Fixed rate of interest remaining advances, from | 7.00% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Deferred Taxes Included in Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||||
Allowance for loan losses | $ 1,292 | $ 1,858 | $ 2,744 | |
Employee benefit plans' liabilities | 3,048 | 4,784 | 4,633 | |
Unrealized loss on available for sale securities, charged from equity | 627 | 1,013 | ||
Loss on credit impairment of securities | 356 | 576 | 576 | |
Earned retiree health benefits plan liability | 1,012 | 1,638 | 1,638 | |
General business and AMT credits | 1,489 | 1,605 | 2,011 | |
Tax net operating loss carryforward | 1,891 | 3,423 | 2,514 | |
Other | 992 | 1,731 | 1,535 | |
Valuation allowance | (7,934) | (11,560) | (10,106) | $ (8,140) |
Deferred tax assets | 2,773 | 5,068 | 5,545 | |
Deferred tax liabilities: | ||||
Unrealized gain on available for sale securities, charged to equity | 180 | |||
Unearned retiree health benefits plan asset | 202 | 720 | 734 | |
Bank premises and equipment | 2,359 | 4,011 | 4,369 | |
Other | 212 | 337 | 262 | |
Deferred tax liabilities | 2,773 | 5,068 | 5,545 | |
Net deferred taxes | $ 0 | $ 0 | $ 0 |
Income Taxes - Components of In
Income Taxes - Components of Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Current | $ (1,080) | $ 78 | |
Deferred: | |||
Federal | 4,023 | (247) | $ (2,728) |
Change in valuation allowance | (4,023) | 247 | 1,966 |
Total deferred | (762) | ||
Total income tax (benefit) expense | $ (1,080) | $ 78 | $ (762) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | |||||
U.S. Federal income tax rate | 34.00% | 34.00% | 34.00% | ||
Income tax (benefit) expense | $ (1,080,000) | $ 78,000 | $ (762,000) | ||
Percentage of AMT carryforwards eligible for refund | 50.00% | ||||
Deferred tax benefit due to reclassification of AMT credit carryforward | $ 742,000 | ||||
Current tax benefit for carryback of general business tax credits | 338,000 | ||||
Impact to reduce deferred tax asset and valuation allowance | 3,990,000 | ||||
Net deferred tax asset, valuation allowance | 7,934,000 | 11,560,000 | 10,106,000 | $ 8,140,000 | |
Cumulative pre-tax loss position period | 3 years | ||||
Federal net operating loss | $ 9,004,000 | ||||
Federal net operating loss expiration beginning period | 2,034 | ||||
Uncertain Tax Positions | $ 0 | $ 0 | $ 0 | ||
Scenario, Forecast [Member] | |||||
Income Taxes [Line Items] | |||||
U.S. Federal income tax rate | 21.00% |
Income Taxes - Reconciliation61
Income Taxes - Reconciliation of Federal Income Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Taxes computed at statutory rate | $ 571 | $ 83 | $ (1,820) |
Increase (decrease) resulting from: | |||
Tax-exempt interest income | (362) | (417) | (447) |
Income from BOLI | (302) | (144) | (166) |
Federal tax credits | (298) | (298) | (298) |
Other | (656) | 607 | 3 |
Impact of tax rate change | 3,990 | ||
Change in valuation allowance for enacted change in tax rates | (3,990) | ||
Realization of AMT credit | (742) | ||
Other changes in valuation allowance | 709 | 247 | 1,966 |
Total income tax (benefit) expense | $ (1,080) | $ 78 | $ (762) |
Taxes computed at statutory rate | 34.00% | 34.00% | 34.00% |
Tax-exempt interest income | (22.00%) | (170.00%) | (8.00%) |
Income from BOLI | (18.00%) | (59.00%) | (3.00%) |
Federal tax credits | (18.00%) | (121.00%) | (6.00%) |
Other | (39.00%) | 247.00% | |
Impact of tax rate change | 238.00% | ||
Change in valuation allowance for enacted change in tax rates | (238.00%) | ||
Realization of AMT credit | (44.00%) | ||
Other changes in valuation allowance | 42.00% | 101.00% | 37.00% |
Total income tax (benefit) expense | (65.00%) | 32.00% | (14.00%) |
Shareholder's Equity - Addition
Shareholder's Equity - Additional Information (Detail) - USD ($) | Jan. 01, 2019 | Dec. 31, 2017 | Dec. 08, 2017 |
Statement of Shareholders Equity [Line Items] | |||
Undistributed earnings of bank subsidiary | $ 12,350,841 | ||
Number of shares authorized to be repurchased under a stock repurchase plan | 110,000 | ||
Retirement of stock, Shares | 40,000 | ||
Total risk-based capital ratio | 10.00% | ||
Common equity tier 1 capital ratio | 6.50% | ||
Tier 1 risk-based capital ratio | 8.00% | ||
Leverage capital ratio | 5.00% | ||
Capital conservation buffer | 1.25% | ||
Scenario, Forecast [Member] | |||
Statement of Shareholders Equity [Line Items] | |||
Capital conservation buffer | 2.50% |
Shareholder's Equity - Actual C
Shareholder's Equity - Actual Capital Amounts and Ratios and Required Minimum Capital Amounts and Ratios and Capital Amounts and Ratios to be Well Capitalized (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total Capital (to Risk Weighted Assets) Actual Amount | $ 97,122 | $ 95,262 | $ 95,395 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Amount | 92,273 | 90,068 | 89,901 |
Tier 1 Capital (to Risk Weighted Assets) Actual Amount | 92,273 | 90,068 | 89,901 |
Tier 1 Capital (to Average Assets) Actual Amount | $ 92,273 | $ 90,068 | $ 89,901 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 25.12% | 22.94% | 21.83% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 23.87% | 21.69% | 20.58% |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 23.87% | 21.69% | 20.58% |
Tier 1 Capital (to Average Assets) Actual Ratio | 13.79% | 13.12% | 13.18% |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 30,930 | $ 33,220 | $ 34,954 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | 17,398 | 18,687 | 19,662 |
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | 23,197 | 24,915 | 26,215 |
Tier 1 Capital (to Average Assets) For Capital Adequacy Purposes Amount | $ 26,769 | $ 27,464 | $ 27,291 |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 8.00% | 8.00% | 8.00% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 4.50% | 4.50% | 4.50% |
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 6.00% | 6.00% | 6.00% |
Tier 1 Capital (to Average Assets) For Capital Adequacy Purposes Ratio | 4.00% | 4.00% | 4.00% |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Ratio | 10.00% | ||
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Ratio | 6.50% | ||
Tier One Capital (to Risk Weighted Assets) To Be Well capitalized Ratio | 8.00% | ||
Tier One Capital (to Average Assets) To Be Well Capitalized Ratio | 5.00% | ||
Subsidiaries [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total Capital (to Risk Weighted Assets) Actual Amount | $ 92,493 | $ 91,882 | $ 91,963 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Amount | 87,668 | 86,726 | 86,479 |
Tier 1 Capital (to Risk Weighted Assets) Actual Amount | 87,668 | 86,726 | 86,479 |
Tier 1 Capital (to Average Assets) Actual Amount | $ 87,668 | $ 86,726 | $ 86,479 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 24.04% | 22.29% | 21.09% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 22.79% | 21.04% | 19.83% |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 22.79% | 21.04% | 19.83% |
Tier 1 Capital (to Average Assets) Actual Ratio | 13.47% | 12.47% | 13.47% |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | $ 30,778 | $ 32,975 | $ 34,889 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | 17,313 | 18,548 | 19,625 |
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Amount | 23,084 | 24,731 | 26,166 |
Tier 1 Capital (to Average Assets) For Capital Adequacy Purposes Amount | $ 26,031 | $ 27,820 | $ 25,680 |
Total Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 8.00% | 8.00% | 8.00% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 4.50% | 4.50% | 4.50% |
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy Purposes Ratio | 6.00% | 6.00% | 6.00% |
Tier 1 Capital (to Average Assets) For Capital Adequacy Purposes Ratio | 4.00% | 4.00% | 4.00% |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Amount | $ 38,473 | $ 41,219 | $ 43,611 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Amount | 25,007 | 26,792 | 28,347 |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Amount | 30,778 | 32,975 | 34,889 |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Amount | $ 32,539 | $ 34,775 | $ 32,100 |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Ratio | 10.00% | 10.00% | 10.00% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Ratio | 6.50% | 6.50% | 6.50% |
Tier One Capital (to Risk Weighted Assets) To Be Well capitalized Ratio | 8.00% | 8.00% | 8.00% |
Tier One Capital (to Average Assets) To Be Well Capitalized Ratio | 5.00% | 5.00% | 5.00% |
Other Income and Expenses - Oth
Other Income and Expenses - Other Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |||
Other service charges, commissions and fees | $ 99 | $ 116 | $ 109 |
Rentals | 298 | 320 | 393 |
Other | 84 | 223 | 212 |
Totals | $ 481 | $ 659 | $ 714 |
Other Income and Expenses - O65
Other Income and Expenses - Other Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |||
Advertising | $ 538 | $ 544 | $ 505 |
Data processing | 1,289 | 1,346 | 1,403 |
FDIC and state banking assessments | 424 | 901 | 928 |
Legal and accounting | 422 | 566 | 785 |
Other real estate | 740 | 868 | 2,264 |
ATM expense | 582 | 555 | 1,183 |
Trust expense | 307 | 370 | 355 |
Other | 1,873 | 1,689 | 2,098 |
Totals | $ 6,175 | $ 6,839 | $ 9,521 |
Financial Instruments with Of66
Financial Instruments with Off-Balance-Sheet Risk - Additional Information (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financial Instruments With Off Balance Sheet Risk [Abstract] | |||
Outstanding irrevocable letters of credit | $ 154,308 | $ 410,286 | $ 1,919,678 |
Unused loan commitments amount outstanding | 41,286,000 | 42,401,431 | 41,935,725 |
Fixed rate commitments amount outstanding | $ 19,691,000 | $ 16,476,000 | $ 11,335,000 |
Condensed Parent Company Only67
Condensed Parent Company Only Financial Information - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Investments in subsidiaries, at underlying equity: | ||||
Cash in bank subsidiary | $ 25,281 | $ 41,116 | $ 31,396 | $ 23,556 |
Other assets | 1,325 | 788 | 979 | |
Total assets | 650,424 | 688,014 | 641,004 | |
Liabilities and Shareholders' Equity: | ||||
Other liabilities | 1,787 | 1,512 | 1,766 | |
Total liabilities | 560,925 | 599,553 | 549,165 | |
Shareholders' equity | 89,499 | 88,461 | 91,839 | 94,951 |
Total liabilities and shareholders' equity | 650,424 | 688,014 | 641,004 | |
Parent Company [Member] | ||||
Investments in subsidiaries, at underlying equity: | ||||
Bank subsidiary | 85,543 | 85,118 | 88,415 | |
Nonbank subsidiary | 1 | 1 | 1 | |
Cash in bank subsidiary | 742 | 191 | 28 | $ 160 |
Other assets | 3,213 | 3,151 | 3,395 | |
Total assets | 89,499 | 88,461 | 91,839 | |
Liabilities and Shareholders' Equity: | ||||
Other liabilities | 0 | 0 | 0 | |
Total liabilities | 0 | 0 | 0 | |
Shareholders' equity | 89,499 | 88,461 | 91,839 | |
Total liabilities and shareholders' equity | $ 89,499 | $ 88,461 | $ 91,839 |
Condensed Parent Company Only68
Condensed Parent Company Only Financial Information - Condensed Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Income Statements, Captions [Line Items] | |||
Total non-interest income | $ 6,965 | $ 6,549 | $ 6,898 |
Expenses | |||
Other | 6,175 | 6,839 | 9,521 |
Total expenses | 22,251 | 23,204 | 28,106 |
Income (loss) before income taxes | 1,678 | 245 | (5,354) |
Income tax benefit | (1,080) | 78 | (762) |
Net income (loss) | 2,758 | 167 | (4,592) |
Parent Company [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Distributed income of bank subsidiary | 1,250 | 75 | |
Undistributed income (loss) of bank subsidiary | 1,592 | 247 | (4,242) |
Other income (loss) | 47 | (32) | (208) |
Total non-interest income | 2,889 | 290 | (4,450) |
Expenses | |||
Other | 131 | 123 | 142 |
Total expenses | 131 | 123 | 142 |
Income (loss) before income taxes | 2,758 | 167 | (4,592) |
Income tax benefit | 0 | 0 | 0 |
Net income (loss) | $ 2,758 | $ 167 | $ (4,592) |
Condensed Parent Company Only69
Condensed Parent Company Only Financial Information - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 2,758 | $ 167 | $ (4,592) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Income (loss) from other investments | (42) | 51 | 218 |
Net cash provided by operating activities | 4,957 | 3,144 | 4,639 |
Cash flows from investing activities: | |||
Net cash provided by investing activities | 20,266 | (43,581) | 27,713 |
Cash flows from financing activities: | |||
Retirement of common stock | (502) | ||
Dividends paid | (51) | ||
Net cash provided by (used in) financing activities | (41,058) | 50,157 | (24,512) |
Net increase (decrease) in cash | (15,835) | 9,720 | 7,840 |
Cash and cash equivalents, beginning of year | 41,116 | 31,396 | 23,556 |
Cash and cash equivalents, end of year | 25,281 | 41,116 | 31,396 |
Parent Company [Member] | |||
Cash flows from operating activities: | |||
Net income (loss) | 2,758 | 167 | (4,592) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Income (loss) from other investments | (42) | 51 | 218 |
Undistributed (income) loss of subsidiaries | (1,592) | (247) | 4,242 |
Other assets | (20) | (8) | |
Net cash provided by operating activities | 1,104 | (37) | (132) |
Cash flows from investing activities: | |||
Redemption of equity securities | 200 | ||
Net cash provided by investing activities | 200 | ||
Cash flows from financing activities: | |||
Retirement of common stock | (502) | ||
Dividends paid | (51) | ||
Net cash provided by (used in) financing activities | (553) | ||
Net increase (decrease) in cash | 551 | 163 | (132) |
Cash and cash equivalents, beginning of year | 191 | 28 | 160 |
Cash and cash equivalents, end of year | $ 742 | $ 191 | $ 28 |
Employee and Director Benefit70
Employee and Director Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2011 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Working hours service needed for the eligibility of ESOP during a plan year | 1000 hours | ||||
Eligible age of employee for participation in ESOP | 21 years | ||||
Employer matching contribution percentage | 75.00% | ||||
Percentage of compensation contributed by employees | 6.00% | ||||
Total contributions to the plans charged to operating expense | $ 260,000 | $ 276,000 | $ 260,000 | ||
Employee Stock Ownership Plan (ESOP), compensation expense | $ 7,106,959 | $ 7,804,295 | $ 7,576,755 | ||
ESOP held allocated shares | 270,455 | 276,628 | 285,785 | ||
Interest on deferred fees accrues | 10.00% | ||||
Cash surrender value of life insurance | $ 18,301,000 | $ 19,249,000 | $ 18,735,000 | ||
Age of eligibility to participate in retiree health plan | 60 years | ||||
Employees service years required for health Insurance | 25 years | ||||
Continuous years of service for attaining voluntary early retirement program | 25 years | ||||
Defined benefit plan health care cost trend rate assumed for current fiscal year | 6.00% | ||||
Defined benefit plan health care cost trend rate assumed for year five and after | 4.50% | ||||
Defined benefit plan increase in assumed health care cost trend rate percentage | 1.00% | ||||
Defined benefit plan decrease in assumed health care cost trend rate percentage | 1.00% | ||||
Defined benefit plan effect of one percentage point increase on accumulated post retirement benefit obligation percentage | 19.86% | ||||
Accumulated post-retirement benefit obligation decreased | 15.66% | ||||
Components of net periodic post-retirement benefit cost decreased | 17.52% | ||||
Prior service credit | $ (81,000) | ||||
Scenario, Forecast [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Prior service credit | $ 81,381 | ||||
Service and Interest Cost [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan effect of one percentage point increase on accumulated post retirement benefit obligation percentage | 22.71% | ||||
Postretirement Benefit Plans, Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Cash surrender value of life insurance | $ 299,242 | $ 292,063 | $ 284,664 | ||
Present value of accumulated benefits interest rate | 4.25% | 4.25% | 4.50% | ||
Accrual amounted projected unit cost included in employee and director benefit plans liabilities | $ 96,547 | $ 88,798 | $ 82,202 | ||
Net Periodic Post-retirement Benefit Cost [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Present value of accumulated benefits interest rate | 3.60% | 4.00% | 4.20% | ||
Chief Executive Officer [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Normal retirement benefits percentage | 67.00% | ||||
Executive Vice President [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Normal retirement benefits percentage | 58.00% | ||||
Executive Officer [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Normal retirement benefits percentage | 50.00% | ||||
Supplemental retirement benefits period | 15 years | ||||
Cash surrender value of life insurance | $ 1,605,421 | $ 1,604,333 | $ 1,473,607 | ||
Present value of accumulated benefits interest rate | 4.25% | 4.25% | 4.25% | ||
Accrual amounted projected unit cost included in employee and director benefit plans liabilities | $ 1,573,004 | $ 1,544,017 | $ 1,519,537 | ||
Direct [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Cash surrender value of life insurance | $ 16,222,847 | $ 17,176,771 | $ 16,820,058 | ||
Present value of accumulated benefits interest rate | 4.25% | 4.25% | 4.50% | ||
Accrual amounted projected unit cost included in employee and director benefit plans liabilities | $ 12,628,641 | $ 12,221,421 | $ 11,813,343 | ||
Director [Member] | Postretirement Benefit Plans, Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Cash surrender value of life insurance | $ 173,892 | $ 166,822 | $ 157,051 | ||
Present value of accumulated benefits interest rate | 4.25% | 4.25% | 4.50% | ||
Accrual amounted projected unit cost included in employee and director benefit plans liabilities | $ 214,968 | $ 216,020 | $ 212,662 |
Employee and Director Benefit71
Employee and Director Benefit Plans - Summary of Components of Net Periodic Post-Retirement Benefit Cost (Credit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |||
Service cost | $ 153 | $ 93 | $ 94 |
Interest cost | 135 | 101 | 102 |
Amortization of net gain | (73) | (44) | |
Amortization of prior service credit | (81) | (81) | (82) |
Net periodic post-retirement benefit cost (credit) | $ 207 | $ 40 | $ 70 |
Employee and Director Benefit72
Employee and Director Benefit Plans - Schedule of Estimated and Aggregate Benefit Payments for the Next Five Years (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Postemployment Benefits [Abstract] | |
2,018 | $ 77 |
2,019 | 49 |
2,020 | 68 |
2,021 | 95 |
2,022 | 106 |
2023-2027 | $ 987 |
Employee and Director Benefit73
Employee and Director Benefit Plans - Reconciliation of Accumulated Post-Retirement Benefit Obligation, Included Employee and Director Benefit Plans Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |||
Accumulated post-retirement benefit obligation as of December 31, 2016 | $ 2,514 | ||
Service cost | 153 | $ 93 | $ 94 |
Interest cost | 135 | 101 | $ 102 |
Actuarial loss | 1,078 | ||
Benefits paid | (48) | ||
Accumulated post-retirement benefit obligation as of December 31, 2017 | $ 3,832 | $ 2,514 |
Employee and Director Benefit74
Employee and Director Benefit Plans - Summary of Change in Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |||
Fair value of plan assets at beginning of year | $ 0 | ||
Actual return on assets | |||
Employer contribution | 48 | $ 75 | $ 37 |
Benefits paid, net | (48) | (75) | $ (37) |
Fair value of plan assets at end of year | $ 0 | $ 0 |
Employee and Director Benefit75
Employee and Director Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |||
Net gain | $ 11 | $ 723 | $ 697 |
Prior service charge | 622 | 676 | 730 |
Total accumulated other comprehensive income | $ 633 | $ 1,399 | $ 1,427 |
Employee and Director Benefit76
Employee and Director Benefit Plans - Amounts Recognized in the Accumulated Post-Retirement Benefit Obligation and Other Comprehensive Income (Loss) (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Postemployment Benefits [Abstract] | |
Unrecognized actuarial loss | $ 1,079 |
Amortization of prior service cost | 81 |
Total accumulated other comprehensive loss | $ 1,160 |
Fair Value Measurements and D77
Fair Value Measurements and Disclosures - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Fair Value Disclosures [Abstract] | |
Minimum current appraisal is more than one year old and/or the loan balance | $ 200,000 |
Percentage of time deposits provide for automatic renewal at current interest rates | 98.00% |
Fair Value Measurements and D78
Fair Value Measurements and Disclosures - Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Assets Measured On Recurring Basis [Abstract] | |||
Available for sale, Equity securities | $ 458 | $ 458 | $ 650 |
Available for sale securities | 245,664 | 233,578 | 202,807 |
U.S. Treasuries [Member] | |||
Fair Value Assets Measured On Recurring Basis [Abstract] | |||
Available for sale securities | 122,644 | 147,624 | 63,754 |
U.S. Government Agencies [Member] | |||
Fair Value Assets Measured On Recurring Basis [Abstract] | |||
Available for sale securities | 19,831 | 24,825 | 84,546 |
Mortgage-backed Securities [Member] | |||
Fair Value Assets Measured On Recurring Basis [Abstract] | |||
Available for sale securities | 88,261 | 42,708 | 30,130 |
States and Political Subdivisions [Member] | |||
Fair Value Assets Measured On Recurring Basis [Abstract] | |||
Available for sale securities | 14,470 | 17,963 | 23,727 |
Level 2 [Member] | |||
Fair Value Assets Measured On Recurring Basis [Abstract] | |||
Available for sale, Equity securities | 458 | 458 | 650 |
Available for sale securities | 245,664 | 233,578 | 202,627 |
Level 2 [Member] | U.S. Treasuries [Member] | |||
Fair Value Assets Measured On Recurring Basis [Abstract] | |||
Available for sale securities | 122,644 | 147,624 | 63,754 |
Level 2 [Member] | U.S. Government Agencies [Member] | |||
Fair Value Assets Measured On Recurring Basis [Abstract] | |||
Available for sale securities | 19,831 | 24,825 | 84,546 |
Level 2 [Member] | Mortgage-backed Securities [Member] | |||
Fair Value Assets Measured On Recurring Basis [Abstract] | |||
Available for sale securities | 88,261 | 42,708 | 30,130 |
Level 2 [Member] | States and Political Subdivisions [Member] | |||
Fair Value Assets Measured On Recurring Basis [Abstract] | |||
Available for sale securities | $ 14,470 | $ 17,963 | 23,547 |
Level 3 [Member] | |||
Fair Value Assets Measured On Recurring Basis [Abstract] | |||
Available for sale securities | 180 | ||
Level 3 [Member] | States and Political Subdivisions [Member] | |||
Fair Value Assets Measured On Recurring Basis [Abstract] | |||
Available for sale securities | $ 180 |
Fair Value Measurements and D79
Fair Value Measurements and Disclosures - Assets Measured at Fair Value on Non-Recurring Basis of Impairment Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measured on non-recurring basis, impaired loans | $ 6,511 | $ 5,006 | $ 4,981 |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measured on non-recurring basis, impaired loans | $ 6,511 | $ 5,006 | $ 4,981 |
Fair Value Measurements and D80
Fair Value Measurements and Disclosures - Assets Measured at Fair Value on Non-Recurring Basis of Other Real Estate (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured at fair value on a non-recurring basis, other real estate | $ 8,232 | $ 8,513 | $ 9,916 | $ 7,646 |
Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets measured at fair value on a non-recurring basis, other real estate | $ 8,232 | $ 8,513 | $ 9,916 |
Fair Value Measurements and D81
Fair Value Measurements and Disclosures - Change in Fair Value of Other Real Estate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Real Estate [Abstract] | |||
Balance, beginning of year | $ 8,513 | $ 9,916 | $ 7,646 |
Loans transferred to ORE | 1,946 | 1,903 | 7,502 |
Sales | (1,767) | (2,524) | (4,295) |
Writedowns | (460) | (782) | (937) |
Balance, end of year | $ 8,232 | $ 8,513 | $ 9,916 |
Fair Value Measurements and D82
Fair Value Measurements and Disclosures - Carrying Value and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financial Assets: | |||
Cash and due from banks | $ 25,281 | $ 41,116 | $ 31,396 |
Available for sale securities | 245,664 | 233,578 | 202,807 |
Held to maturity securities | 51,163 | 48,150 | 19,025 |
Held to maturity securities, fair value | 50,538 | 46,935 | 19,220 |
Other investments | 2,735 | 2,693 | 2,744 |
Other investments, Fair Value | 2,735 | 2,693 | 2,744 |
Federal Home Loan Bank stock | 1,370 | 539 | 1,637 |
Federal Home Loan Bank stock, Fair Value | 1,370 | 539 | 1,637 |
Loans, net | 274,296 | 309,889 | 329,487 |
Loans, net, Fair Value | 270,924 | 313,613 | 331,026 |
Other real estate | 8,232 | 8,513 | 9,916 |
Other real estate, Fair Value | 8,232 | 8,513 | 9,916 |
Cash surrender value of life insurance | 18,301 | 19,249 | 18,735 |
Cash surrender value of life insurance, Fair Value | 18,301 | 19,249 | 18,735 |
Deposits: | |||
Non-interest bearing | 127,274 | 132,381 | 122,743 |
Non-interest bearing, Fair Value | 127,274 | 132,381 | 122,743 |
Interest bearing, Fair Value | 402,610 | 442,937 | 390,205 |
Borrowings from Federal Home Loan Bank | 11,198 | 6,257 | 18,409 |
Borrowings from Federal Home Loan Bank, Fair Value | 11,389 | 6,491 | 19,731 |
Carrying Amount [Member] | |||
Financial Assets: | |||
Cash and due from banks | 25,281 | 41,116 | 31,396 |
Available for sale securities | 245,664 | 233,578 | 202,807 |
Held to maturity securities | 51,163 | 48,150 | 19,025 |
Other investments | 2,735 | 2,693 | 2,744 |
Federal Home Loan Bank stock | 1,370 | 539 | 1,637 |
Loans, net | 274,296 | 309,889 | 329,487 |
Other real estate | 8,232 | 8,513 | 9,916 |
Cash surrender value of life insurance | 18,301 | 19,249 | 18,735 |
Deposits: | |||
Non-interest bearing | 127,274 | 132,381 | 122,743 |
Interest bearing | 402,296 | 442,635 | 389,964 |
Borrowings from Federal Home Loan Bank | 11,198 | 6,257 | 18,409 |
Level 1 [Member] | |||
Financial Assets: | |||
Cash and due from banks | 25,281 | 41,116 | 31,396 |
Other investments, Fair Value | 2,735 | 2,693 | 2,744 |
Deposits: | |||
Non-interest bearing, Fair Value | 127,274 | 132,381 | 122,743 |
Level 2 [Member] | |||
Financial Assets: | |||
Available for sale securities | 245,664 | 233,578 | 202,627 |
Held to maturity securities, fair value | 50,538 | 46,935 | 19,220 |
Federal Home Loan Bank stock, Fair Value | 1,370 | 539 | 1,637 |
Cash surrender value of life insurance, Fair Value | 18,301 | 19,249 | 18,735 |
Deposits: | |||
Borrowings from Federal Home Loan Bank, Fair Value | 11,389 | 6,491 | 19,731 |
Level 3 [Member] | |||
Financial Assets: | |||
Available for sale securities | 180 | ||
Loans, net, Fair Value | 270,924 | 313,613 | 331,026 |
Other real estate, Fair Value | 8,232 | 8,513 | 9,916 |
Deposits: | |||
Interest bearing, Fair Value | $ 402,610 | $ 442,937 | $ 390,205 |