Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 02, 2016 | |
Entity Registrant Name | CITIZENS & NORTHERN CORP | |
Entity Central Index Key | 810,958 | |
Trading Symbol | cznc | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 12,048,128 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Noninterest-bearing | $ 13,744,000 | $ 14,710,000 |
Interest-bearing | 27,429,000 | 21,351,000 |
Total cash and due from banks | 41,173,000 | 36,061,000 |
Available-for-sale securities, at fair value | 413,606,000 | 420,290,000 |
Loans held for sale | 526,000 | 280,000 |
Loans receivable | 701,605,000 | 704,880,000 |
Allowance for loan losses | (7,661,000) | (7,889,000) |
Loans, net | 693,944,000 | 696,991,000 |
Bank-owned life insurance | 19,418,000 | 20,764,000 |
Accrued interest receivable | 3,900,000 | 3,768,000 |
Bank premises and equipment, net | 15,376,000 | 15,406,000 |
Foreclosed assets held for sale | 1,584,000 | 1,260,000 |
Deferred tax asset, net | 949,000 | 3,115,000 |
Intangible asset - Core deposit intangibles | 27,000 | 30,000 |
Intangible asset - Goodwill | 11,942,000 | 11,942,000 |
Other assets | 14,099,000 | 13,510,000 |
TOTAL ASSETS | 1,216,544,000 | 1,223,417,000 |
LIABILITIES | ||
Noninterest-bearing | 216,679,000 | 211,041,000 |
Interest-bearing | 739,169,000 | 724,574,000 |
Total deposits | 955,848,000 | 935,615,000 |
Short-term borrowings | 25,952,000 | 53,496,000 |
Long-term borrowings | 38,692,000 | 38,767,000 |
Accrued interest and other liabilities | 7,742,000 | 8,052,000 |
TOTAL LIABILITIES | 1,028,234,000 | 1,035,930,000 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, $1,000 par value; authorized 30,000 shares; $1,000 liquidation preference per share; no shares issued at March 31, 2016 and December 31, 2015 | 0 | 0 |
Common stock, par value $1.00 per share; authorized 20,000,000 shares in 2016 and 2015; issued 12,655,171 at March 31, 2016 and December 31, 2015; outstanding 12,081,030 at March 31, 2016 and 12,180,623 December 31, 2015 | 12,655,000 | 12,655,000 |
Paid-in capital | 71,212,000 | 71,654,000 |
Retained earnings | 109,901,000 | 109,454,000 |
Treasury stock, at cost; 574,141 shares at March 31, 2016 and 474,548 shares at December 31, 2015 | (10,854,000) | (8,804,000) |
Sub-total | 182,914,000 | 184,959,000 |
Accumulated other comprehensive income: | ||
Unrealized gain on available-for-sale securities | 5,347,000 | 2,493,000 |
Defined benefit plans gain | 49,000 | 35,000 |
Total accumulated other comprehensive income | 5,396,000 | 2,528,000 |
TOTAL STOCKHOLDERS' EQUITY | 188,310,000 | 187,487,000 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ 1,216,544,000 | $ 1,223,417,000 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Preferred stock, par value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, authorized shares (in shares) | 30,000 | 30,000 |
Preferred stock, liquidation preference per share (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, shares issued | $ 0 | $ 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized shares (in shares) | 20,000,000 | 20,000,000 |
Common stock, issued shares (in shares) | 12,655,171 | 12,655,171 |
Common stock, shares outstanding (in shares) | 12,081,030 | 12,180,623 |
Treasury stock, shares (in shares) | 574,141 | 474,548 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest and fees on loans | $ 7,974,000 | $ 7,709,000 |
Interest on balances with depository institutions | 24,000 | 26,000 |
Interest on loans to political subdivisions | 448,000 | 349,000 |
Interest on mortgages held for sale | 6,000 | 2,000 |
Income from available-for-sale securities: | ||
Taxable | 1,555,000 | 1,974,000 |
Tax-exempt | 896,000 | 1,016,000 |
Dividends | 34,000 | 87,000 |
Total interest and dividend income | 10,937,000 | 11,163,000 |
INTEREST EXPENSE | ||
Interest on deposits | 479,000 | 486,000 |
Interest on short-term borrowings | 62,000 | 1,000 |
Interest on long-term borrowings | 363,000 | 726,000 |
Total interest expense | 904,000 | 1,213,000 |
Net interest income | 10,033,000 | 9,950,000 |
Provision for loan losses | 368,000 | 3,000 |
Net interest income after provision for loan losses | 9,665,000 | 9,947,000 |
OTHER INCOME | ||
Service charges on deposit accounts | 1,138,000 | 1,022,000 |
Service charges and fees | 94,000 | 113,000 |
Trust and financial management revenue | 1,144,000 | 1,114,000 |
Brokerage revenue | 173,000 | 219,000 |
Insurance commissions, fees and premiums | 21,000 | 40,000 |
Interchange revenue from debit card transactions | 463,000 | 474,000 |
Net gains from sale of loans | 168,000 | 147,000 |
(Decrease) in fair value of servicing rights | (71,000) | (117,000) |
Increase in cash surrender value of life insurance | 96,000 | 97,000 |
Other operating income | 464,000 | 447,000 |
Sub-total | 3,690,000 | 3,556,000 |
Realized gains on available-for-sale securities, net | 383,000 | 74,000 |
Total other income | 4,073,000 | 3,630,000 |
OTHER EXPENSES | ||
Salaries and wages | 3,887,000 | 3,487,000 |
Pensions and other employee benefits | 1,437,000 | 1,385,000 |
Occupancy expense, net | 609,000 | 722,000 |
Furniture and equipment expense | 427,000 | 454,000 |
FDIC Assessments | 142,000 | 151,000 |
Pennsylvania shares tax | 322,000 | 318,000 |
Professional fees | 289,000 | 156,000 |
Automated teller machine and interchange expense | 249,000 | 246,000 |
Software subscriptions | 241,000 | 197,000 |
Other operating expense | 1,469,000 | 1,417,000 |
Total other expenses | 9,072,000 | 8,533,000 |
Income before income tax provision | 4,666,000 | 5,044,000 |
Income tax provision | 1,093,000 | 1,229,000 |
NET INCOME | $ 3,573,000 | $ 3,815,000 |
NET INCOME PER SHARE - BASIC (in dollars per share) | $ 0.29 | $ 0.31 |
NET INCOME PER SHARE - DILUTED (in dollars per share) | $ 0.29 | $ 0.31 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net income | $ 3,573,000 | $ 3,815,000 |
Unrealized gains on available-for-sale securities: | ||
Unrealized holding gains on available-for-sale securities | 4,774,000 | 3,725,000 |
Reclassification adjustment for gains realized in income | (383,000) | (74,000) |
Other comprehensive gain on available-for-sale securities | 4,391,000 | 3,651,000 |
Unfunded pension and postretirement obligations: | ||
Changes from plan amendments and actuarial gains and losses included in accumulated other comprehensive gain (loss) | 26,000 | (100,000) |
Amortization of net transition obligation, prior service cost and net actuarial loss included in net periodic benefit cost | (5,000) | (3,000) |
Other comprehensive gain (loss) on unfunded retirement obligations | 21,000 | (103,000) |
Other comprehensive income before income tax | 4,412,000 | 3,548,000 |
Income tax related to other comprehensive income | (1,544,000) | (1,242,000) |
Net other comprehensive income | 2,868,000 | 2,306,000 |
Comprehensive income | $ 6,441,000 | $ 6,121,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 3,573,000 | $ 3,815,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 368,000 | 3,000 |
Realized gains on available-for-sale securities, net | (383,000) | (74,000) |
Realized loss on foreclosed assets | 46,000 | 13,000 |
Depreciation expense | 408,000 | 469,000 |
Accretion and amortization on securities, net | 297,000 | 383,000 |
Accretion and amortization on loans and deposits, net | (4,000) | (5,000) |
Decrease in fair value of servicing rights | 71,000 | 117,000 |
Increase in cash surrender value of life insurance | (96,000) | (97,000) |
Stock-based compensation | 162,000 | 150,000 |
Amortization of core deposit intangibles | 3,000 | 5,000 |
Deferred income taxes | 622,000 | 440,000 |
Gains on sales of loans, net | (168,000) | (147,000) |
Origination of loans for sale | (4,975,000) | (4,150,000) |
Proceeds from sales of loans | 4,861,000 | 4,052,000 |
Increase in accrued interest receivable and other assets | (759,000) | (1,752,000) |
(Decrease) increase in accrued interest payable and other liabilities | (289,000) | 487,000 |
Net Cash Provided by Operating Activities | 3,737,000 | 3,709,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities of certificates of deposit | 100,000 | 0 |
Purchase of certificate of deposit | (100,000) | 0 |
Proceeds from sales of available-for-sale securities | 8,695,000 | 861,000 |
Proceeds from calls and maturities of available-for-sale securities | 17,318,000 | 19,400,000 |
Purchase of available-for-sale securities | (14,852,000) | (28,152,000) |
Redemption of Federal Home Loan Bank of Pittsburgh stock | 2,297,000 | 485,000 |
Purchase of Federal Home Loan Bank of Pittsburgh stock | (901,000) | (546,000) |
Net decrease in loans | 2,313,000 | 1,402,000 |
Purchase of premises and equipment | (378,000) | (367,000) |
Return of principal on limited liability entity investments | 49,000 | 54,000 |
Proceeds from sale of foreclosed assets | 0 | 191,000 |
Net Cash Provided by (Used in) Investing Activities | 14,541,000 | (6,672,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in deposits | 20,233,000 | 8,645,000 |
Net (decrease) increase in short-term borrowings | (27,544,000) | 303,000 |
Repayments of long-term borrowings | (75,000) | (72,000) |
Purchase of treasury stock | (3,070,000) | (3,022,000) |
Sale of treasury stock | 34,000 | 279,000 |
Tax benefit from compensation plans | 45,000 | 42,000 |
Common dividends paid | (2,789,000) | (2,829,000) |
Net Cash (Used in) Provided by Financing Activities | (13,166,000) | 3,346,000 |
INCREASE IN CASH AND CASH EQUIVALENTS | 5,112,000 | 383,000 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 33,313,000 | 31,619,000 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 38,425,000 | 32,002,000 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Assets acquired through foreclosure of real estate loans | 370,000 | 598,000 |
Accrued redemption of bank owned life insurance policy | 1,442,000 | 0 |
Interest paid | 905,000 | 1,201,000 |
Income taxes paid | $ 225,000 | $ 175,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2014 | 12,655,171 | 375,191 | ||||
Balance at Dec. 31, 2014 | $ 12,655,000 | $ (6,744,000) | $ 71,541,000 | $ 105,550,000 | $ 5,360,000 | $ 188,362,000 |
Net income | 3,815,000 | 3,815,000 | ||||
Other comprehensive income, net | 2,306,000 | 2,306,000 | ||||
Cash dividends declared on common stock, $0.26 per share | (3,201,000) | (3,201,000) | ||||
Shares issued for dividend reinvestment plan (in shares) | 19,239 | |||||
Shares issued for dividend reinvestment plan | $ 372,000 | 372,000 | ||||
Treasury stock purchased (in shares) | 155,800 | |||||
Treasury stock purchased | $ (3,022,000) | (3,022,000) | ||||
Shares issued from treasury for exercise of stock options (in shares) | (16,908) | |||||
Shares issued from treasury for exercise of stock options | $ 307,000 | (28,000) | 279,000 | |||
Restricted stock granted (in shares) | 34,800 | |||||
Restricted stock granted | $ 627,000 | (627,000) | 0 | |||
Forfeiture of restricted stock (in shares) | 1,943 | |||||
Forfeiture of restricted stock | $ (33,000) | 33,000 | 0 | |||
Stock-based compensation expense | 150,000 | 150,000 | ||||
Tax benefit from dividends on restricted stock | 5,000 | 5,000 | ||||
Tax benefit from employee benefit plan | 37,000 | 37,000 | ||||
Balance (in shares) at Mar. 31, 2015 | 12,655,171 | 461,987 | ||||
Balance at Mar. 31, 2015 | $ 12,655,000 | $ (8,493,000) | 71,074,000 | 106,201,000 | 7,666,000 | 189,103,000 |
Shares issued for dividend reinvestment plan (in shares) | (19,239) | |||||
Balance (in shares) at Dec. 31, 2015 | 12,655,171 | 474,548 | ||||
Balance at Dec. 31, 2015 | $ 12,655,000 | $ (8,804,000) | 71,654,000 | 109,454,000 | 2,528,000 | 187,487,000 |
Net income | 3,573,000 | 3,573,000 | ||||
Other comprehensive income, net | 2,868,000 | 2,868,000 | ||||
Cash dividends declared on common stock, $0.26 per share | (3,165,000) | (3,165,000) | ||||
Shares issued for dividend reinvestment plan (in shares) | 18,777 | |||||
Shares issued for dividend reinvestment plan | $ 352,000 | 24,000 | 376,000 | |||
Treasury stock purchased (in shares) | 154,350 | |||||
Treasury stock purchased | $ (3,070,000) | (3,070,000) | ||||
Shares issued from treasury for exercise of stock options (in shares) | (2,090) | |||||
Shares issued from treasury for exercise of stock options | $ 38,000 | (4,000) | 34,000 | |||
Restricted stock granted (in shares) | 34,199 | |||||
Restricted stock granted | $ 635,000 | (635,000) | 0 | |||
Forfeiture of restricted stock (in shares) | 309 | |||||
Forfeiture of restricted stock | $ (5,000) | 5,000 | 0 | |||
Stock-based compensation expense | 162,000 | 162,000 | ||||
Tax benefit from dividends on restricted stock | 6,000 | 6,000 | ||||
Tax benefit from employee benefit plan | 39,000 | 39,000 | ||||
Balance (in shares) at Mar. 31, 2016 | 12,655,171 | 574,141 | ||||
Balance at Mar. 31, 2016 | $ 12,655,000 | $ (10,854,000) | $ 71,212,000 | $ 109,901,000 | $ 5,396,000 | $ 188,310,000 |
Shares issued for dividend reinvestment plan (in shares) | (18,777) |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Retained Earnings [Member] | ||
Common stock, dividends, per share (in dollars per share) | $ 0.26 | $ 0.26 |
Note 1 - Basis of Interim Prese
Note 1 - Basis of Interim Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 1. BASIS OF INTERIM PRESENTATION The consolidated financial information included herein, with the exception of the consolidated balance sheet dated December 31, 2015, is unaudited. Such information reflects all adjustments (consisting solely of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations, comprehensive income, cash flows and changes in stockholders’ equity for the interim periods; however, the information does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for a complete set of financial statements. Certain 2015 information has been reclassified for consistency with the 2016 presentation. Operating results reported for the three-month ended March 31, 2016 might not be indicative of the results for the year ending December 31, 2016. The Corporation evaluates subsequent events through the date of filing with the Securities and Exchange Commission. |
Note 2 - Per Share Data
Note 2 - Per Share Data | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 2. PER SHARE DATA Net income per share is based on the weighted-average number of shares of common stock outstanding. The following data show the amounts used in computing basic and diluted net income per share. As shown in the table that follows, diluted earnings per share is computed using weighted average common shares outstanding, plus weighted-average common shares available from the exercise of all dilutive stock options, less the number of shares that could be repurchased with the proceeds of stock option exercises based on the average share price of the Corporation's common stock during the period. Weighted- Average Earnings Net Common Per Income Shares Share Three Months Ended March 31, 2016 Earnings per share – basic $ 3,573,000 12,155,108 $ 0.29 Dilutive effect of potential common stock arising from stock options: Exercise of outstanding stock options 198,985 Hypothetical share repurchase at $20.05 (178,215 ) Earnings per share – diluted $ 3,573,000 12,175,878 $ 0.29 Three Months Ended March 31, 2015 Earnings per share – basic $ 3,815,000 12,268,306 $ 0.31 Dilutive effect of potential common stock arising from stock options: Exercise of outstanding stock options 181,385 Hypothetical share repurchase at $19.78 (160,552 ) Earnings per share – diluted $ 3,815,000 12,289,139 $ 0.31 Stock options that were anti-dilutive were excluded from net income per share calculations. Weighted-average common shares available from anti-dilutive instruments totaled 47,309 shares in the three-month period ended March 31, 2016 and 103,104 shares in the three-month period ended March 31, 2015. |
Note 3 - Comprehensive Income
Note 3 - Comprehensive Income | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 3. COMPREHENSIVE INCOME Comprehensive income is the total of (1) net income, and (2) all other changes in equity from non-stockholder sources, which are referred to as other comprehensive income. The components of other comprehensive income, and the related tax effects, are as follows: (In Thousands) Before-Tax Income Tax Net-of-Tax Amount Effect Amount Three Months Ended March 31, 2016 Unrealized gains on available-for-sale securities: Unrealized holding gains on available-for-sale securities $ 4,774 $ (1,671 ) $ 3,103 Reclassification adjustment for (gains) realized in income (383 ) 134 (249 ) Other comprehensive income on available-for-sale securities 4,391 (1,537 ) 2,854 Unfunded pension and postretirement obligations: Changes from plan amendments and actuarial gains and losses included in other comprehensive income 26 (9 ) 17 Amortization of net transition obligation, prior service cost and net actuarial loss included in net periodic benefit cost (5 ) 2 (3 ) Other comprehensive income on unfunded retirement obligations 21 (7 ) 14 Total other comprehensive income $ 4,412 $ (1,544 ) $ 2,868 (In Thousands) Before-Tax Income Tax Net-of-Tax Amount Effect Amount Three Months Ended March 31, 2015 Unrealized gains on available-for-sale securities: Unrealized holding gains on available-for-sale securities $ 3,725 $ (1,304 ) $ 2,421 Reclassification adjustment for (gains) realized in income (74 ) 26 (48 ) Other comprehensive income on available-for-sale securities 3,651 (1,278 ) 2,373 Unfunded pension and postretirement obligations: Changes from plan amendments and actuarial gains and losses included in other comprehensive income (100 ) 35 (65 ) Amortization of net transition obligation, prior service cost and net actuarial loss included in net periodic benefit cost (3 ) 1 (2 ) Other comprehensive loss on unfunded retirement obligations (103 ) 36 (67 ) Total other comprehensive income $ 3,548 $ (1,242 ) $ 2,306 Changes in the components of accumulated other comprehensive income are as follows and are presented net of tax: (In Thousands) Unrealized Unfunded Accumulated Holding Pension and Other Gains Postretirement Comprehensive on Securities Obligations Income Three Months Ended March 31, 2016 Balance, beginning of period $ 2,493 $ 35 $ 2,528 Other comprehensive income before reclassifications 3,103 17 3,120 Amounts reclassified from accumulated other comprehensive income (249 ) (3 ) (252 ) Other comprehensive income 2,854 14 2,868 Balance, end of period $ 5,347 $ 49 $ 5,396 CITIZENS & NORTHERN CORPORATION – FORM 10-Q (In Thousands) Unrealized Unfunded Accumulated Holding Pension and Other Gains Postretirement Comprehensive on Securities Obligations Income Three Months Ended March 31, 2015 Balance, beginning of period $ 5,281 $ 79 $ 5,360 Other comprehensive income before reclassifications 2,421 (65 ) 2,356 Amounts reclassified from accumulated other comprehensive income (48 ) (2 ) (50 ) Other comprehensive income 2,373 (67 ) 2,306 Balance, end of period $ 7,654 $ 12 $ 7,666 Items reclassified out of each component of other comprehensive income are as follows: For the Three Months Ended March 31, 2016 (In Thousands) Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Consolidated Comprehensive Income Components Comprehensive Income Statements of Income Unrealized gains and losses on available-for-sale securities $ (383 ) Realized gains on available-for-sale securities, net 134 Income tax provision (249 ) Net of tax Amortization of defined benefit pension and postretirement items: Prior service cost (8 ) Pensions and other employee benefits Actuarial loss 3 Pensions and other employee benefits (5 ) Total before tax 2 Income tax provision (3 ) Net of tax Total reclassifications for the period $ (252 ) For the Three Months Ended March 31, 2015 (In Thousands) Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Consolidated Comprehensive Income Components Comprehensive Income Statements of Income Unrealized gains and losses on available-for-sale securities $ (74 ) Realized gains on available-for-sale securities, net 26 Income tax provision (48 ) Net of tax Amortization of defined benefit pension and postretirement items: Prior service cost (7 ) Pensions and other employee benefits Actuarial loss 4 Pensions and other employee benefits (3 ) Total before tax 1 Income tax provision (2 ) Net of tax Total reclassifications for the period $ (50 ) |
Note 4 - Cash and Due from Bank
Note 4 - Cash and Due from Banks | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 4. CASH AND DUE FROM BANKS Cash and due from banks at March 31, 2016 and December 31, 2015 include the following: (In thousands) March 31, Dec. 31, 2016 2015 Cash and cash equivalents $ 38,425 $ 33,313 Certificates of deposit 2,748 2,748 Total cash and due from banks $ 41,173 $ 36,061 Certificates of deposit are issues by U.S. banks with original maturities greater than three months. Each certificate of deposit is fully FDIC-insured. The Corporation maintains cash and cash equivalents with certain financial institutions in excess of the FDIC insurance limit. The Corporation is required to maintain reserves against deposit liabilities in the form of cash and balances with the Federal Reserve Bank of Philadelphia. The reserves are based on deposit levels, account activity, and other services provided by the Federal Reserve Bank. Required reserves were $14,562,000 at March 31, 2016 and $15,327,000 at December 31, 2015. |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements and Fair Values of Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 5. FAIR VALUE MEASUREMENTS AND FAIR VALUES OF FINANCIAL INSTRUMENTS The Corporation measures certain assets at fair value. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. FASB ASC topic 820, “Fair Value Measurements and Disclosures” establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The hierarchy prioritizes the inputs used in determining valuations into three levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows: Level 1 – Fair value is based on unadjusted quoted prices in active markets that are accessible to the Corporation for identical assets. These generally provide the most reliable evidence and are used to measure fair value whenever available. Level 2 – Fair value is based on significant inputs, other than Level 1 inputs, that are observable either directly or indirectly for substantially the full term of the asset through corroboration with observable market data. Level 2 inputs include quoted market prices in active markets for similar assets, quoted market prices in markets that are not active for identical or similar assets and other observable inputs. Level 3 – Fair value is based on significant unobservable inputs. Examples of valuation methodologies that would result in Level 3 classification include option pricing models, discounted cash flows and other similar techniques. The Corporation monitors and evaluates available data relating to fair value measurements on an ongoing basis and recognizes transfers among the levels of the fair value hierarchy as of the date of an event or change in circumstances that affects the valuation method chosen. Examples of such changes may include the market for a particular asset becoming active or inactive, changes in the availability of quoted prices, or changes in the availability of other market data. CITIZENS & NORTHERN CORPORATION – FORM 10-Q At March 31, 2016 and December 31, 2015, assets measured at fair value and the valuation methods used are as follows: March 31, 2016 Quoted Prices Other in Active Observable Unobservable Total Markets Inputs Inputs Fair (In Thousands) (Level 1) (Level 2) (Level 3) Value Recurring fair value measurements AVAILABLE-FOR-SALE SECURITIES: Obligations of U.S. Government agencies $ 0 $ 10,707 $ 0 $ 10,707 Obligations of states and political subdivisions: Tax-exempt 0 111,959 0 111,959 Taxable 0 35,094 0 35,094 Mortgage-backed securities 0 73,243 0 73,243 Collateralized mortgage obligations, Issued by U.S. Government agencies 0 180,860 0 180,860 Collateralized debt obligations 0 7 0 7 Total debt securities 0 411,870 0 411,870 Marketable equity securities 1,736 0 0 1,736 Total available-for-sale securities 1,736 411,870 0 413,606 Servicing rights 0 0 1,261 1,261 Total recurring fair value measurements $ 1,736 $ 411,870 $ 1,261 $ 414,867 Nonrecurring fair value measurements Impaired loans with a valuation allowance $ 0 $ 0 $ 1,420 $ 1,420 Valuation allowance 0 0 (306 ) (306 ) Impaired loans, net 0 0 1,114 1,114 Foreclosed assets held for sale 0 0 1,584 1,584 Total nonrecurring fair value measurements $ 0 $ 0 $ 2,698 $ 2,698 CITIZENS & NORTHERN CORPORATION – FORM 10-Q December 31, 2015 Quoted Prices Other in Active Observable Unobservable Total Markets Inputs Inputs Fair (In Thousands) (Level 1) (Level 2) (Level 3) Value Recurring fair value measurements AVAILABLE-FOR-SALE SECURITIES: Obligations of U.S. Government agencies $ 0 $ 10,483 $ 0 $ 10,483 Obligations of states and political subdivisions: Tax-exempt 0 107,757 0 107,757 Taxable 0 34,597 0 34,597 Mortgage-backed securities 0 73,343 0 73,343 Collateralized mortgage obligations, Issued by U.S. Government agencies 0 191,715 0 191,715 Collateralized debt obligations 0 9 0 9 Total debt securities 0 417,904 0 417,904 Marketable equity securities 2,386 0 0 2,386 Total available-for-sale securities 2,386 417,904 0 420,290 Servicing rights 0 0 1,296 1,296 Total recurring fair value measurements $ 2,386 $ 417,904 $ 1,296 $ 421,586 Nonrecurring fair value measurements Impaired loans with a valuation allowance $ 0 $ 0 $ 1,933 $ 1,933 Valuation allowance 0 0 (820 ) (820 ) Impaired loans, net 0 0 1,113 1,113 Foreclosed assets held for sale 0 0 1,260 1,260 Total nonrecurring fair value measurements $ 0 $ 0 $ 2,373 $ 2,373 Management’s evaluation and selection of valuation techniques and the unobservable inputs used in determining the fair values of assets valued using Level 3 methodologies include sensitive assumptions. Other market participants might use substantially different assumptions, which could result in calculations of fair values that would be substantially different than the amount calculated by management. At March 31, 2016 and December 31, 2015, quantitative information regarding significant techniques and inputs used for assets measured on a recurring basis using unobservable inputs (Level 3 methodologies) are as follows: Fair Value at 3/31/16 Valuation Unobservable Method or Value As of Asset (In Thousands) Technique Input(s) 3/31/16 Servicing rights $ 1,261 Discounted cash flow Discount rate 10.00 % Rate used through modeling period Loan prepayment speeds 168.00 % Weighted-average PSA Servicing fees 0.25 % of loan balances 4.00 % of payments are late 5.00 % late fees assessed $ 1.94 Miscellaneous fees per account per month Servicing costs $ 6.00 Monthly servicing cost per account $ 24.00 Additional monthly servicing cost per loan on loans more than 30 days delinquent 1.50 % of loans more than 30 days delinquent 3.00 % annual increase in servicing costs CITIZENS & NORTHERN CORPORATION – FORM 10-Q Fair Value at 12/31/15 Valuation Unobservable Method or Value As of Asset (In Thousands) Technique Input(s) 12/31/15 Servicing rights $ 1,296 Discounted cash flow Discount rate 10.00 % Rate used through modeling period Loan prepayment speeds 146.00 % Weighted-average PSA Servicing fees 0.25 % of loan balances 4.00 % of payments are late 5.00 % late fees assessed $ 1.94 Miscellaneous fees per account per month Servicing costs $ 6.00 Monthly servicing cost per account $ 24.00 Additional monthly servicing cost per loan on loans more than 30 days delinquent 1.50 % of loans more than 30 days delinquent 3.00 % annual increase in servicing costs The fair value of servicing rights is affected by expected future interest rates. Increases (decreases) in future expected interest rates tend to increase (decrease) the fair value of the Corporation’s servicing rights because of changes in expected prepayment behavior by the borrowers on the underlying loans. Following is a reconciliation of activity for Level 3 assets measured at fair value on a recurring basis: (In Thousands) 3 Months Ended March 31, March 31, 201 6 2015 Servicing rights balance, beginning of period $ 1,296 $ 1,281 Issuances of servicing rights 36 31 Unrealized losses included in earnings (71 ) (117 ) Service rights balance, end of period $ 1,261 $ 1,195 Loans are classified as impaired when, based on current information and events, it is probable that the Corporation will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Foreclosed assets held for sale consist of real estate acquired by foreclosure. For impaired commercial loans secured by real estate and foreclosed assets held for sale, estimated fair values are determined primarily using values from third-party appraisals. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. CITIZENS & NORTHERN CORPORATION – FORM 10-Q At March 31, 2016 and December 31, 2015, quantitative information regarding significant techniques and inputs used for nonrecurring fair value measurements using unobservable inputs (Level 3 methodologies) are as follows: (In Thousands, Except Value at Percentages) Valuation 3 /31/1 6 Balance at Allowance at Fair Value at Valuation Unobservable (Weighted Asset 3/31/16 3/31/16 3/31/16 Technique Inputs Average) Impaired loans: Commercial: Commercial loans secured by real estate $ 311 $ 96 $ 215 Sales comparison Discount to appraised value 47 % Commercial and industrial 599 158 441 Sales comparison Discount to appraised value 52 % Loans secured by farmland 510 52 458 Sales comparison Discount to appraised value 49 % Total impaired loans $ 1,420 $ 306 $ 1,114 Foreclosed assets held for sale - real estate: Residential (1-4 family) $ 883 $ 0 $ 883 Sales comparison Discount to appraised value 39 % Land 701 0 701 Sales comparison Discount to appraised value 30 % Total foreclosed assets held for sale $ 1,584 $ 0 $ 1,584 (In Thousands, Except Value at Percentages) Valuation 12/31/15 Balance at Allowance at Fair Value at Valuation Unobservable (Weighted Asset 12/31/15 12/31/15 12/31/15 Technique Inputs Average) Impaired loans: Residential mortgage loans - first liens $ 42 $ 1 $ 41 Sales comparison Discount to appraised value 31 % Commercial: Commercial loans secured by real estate 317 97 220 Sales comparison Discount to appraised value 46 % Commercial and industrial 75 75 0 Sales comparison Discount to appraised value 31 % Loans secured by farmland 512 52 460 Sales comparison Discount to appraised value 49 % Multi-family (5 or more) residential 987 595 392 Sales comparison Discount to appraised value 41 % Total impaired loans $ 1,933 $ 820 $ 1,113 Foreclosed assets held for sale - real estate: Residential (1-4 family) $ 556 $ 0 $ 556 Sales comparison Discount to appraised value 32 % Land 704 0 704 Sales comparison Discount to appraised value 29 % Total foreclosed assets held for sale $ 1,260 $ 0 $ 1,260 Certain of the Corporation’s financial instruments are not measured at fair value in the consolidated financial statements. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Certain financial instruments and all nonfinancial instruments are excluded from disclosure requirements. Therefore, the aggregate fair value amounts presented may not represent the underlying fair value of the Corporation. CITIZENS & NORTHERN CORPORATION – FORM 10-Q The Corporation used the following methods and assumptions in estimating fair value disclosures for financial instruments: CASH AND CASH EQUIVALENTS - CERTIFICATES OF DEPOSIT - SECURITIES - LOANS HELD FOR SALE - LOANS - SERVICING RIGHTS - DEPOSITS - BORROWED FUNDS - ACCRUED INTEREST - OFF-BALANCE SHEET COMMITMENTS - CITIZENS & NORTHERN CORPORATION – FORM 10-Q The estimated fair values, and related carrying amounts, of the Corporation’s financial instruments are as follows: (In Thousands) Valuation March 31, 2016 December 31, 2015 Method(s) Carrying Fair Carrying Fair Used Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 38,425 $ 38,425 $ 33,313 $ 33,313 Certificates of deposit Level 2 2,748 2,773 2,748 2,752 Available-for-sale securities See Above 413,606 413,606 420,290 420,290 Restricted equity securities (included in Other Assets) Level 2 3,261 3,261 4,657 4,657 Loans held for sale Level 2 526 526 280 280 Loans, net Level 3 693,944 688,359 696,991 685,552 Accrued interest receivable Level 2 3,900 3,900 3,768 3,768 Servicing rights Level 3 1,261 1,261 1,296 1,296 Financial liabilities: Deposits with no stated maturity Level 2 736,837 736,837 713,931 713,931 Time deposits Level 2 219,011 219,237 221,684 221,891 Short-term borrowings Level 2 25,952 25,841 53,496 53,398 Long-term borrowings Level 2 38,692 40,247 38,767 40,166 Accrued interest payable Level 2 69 69 70 70 |
Note 6 - Securities
Note 6 - Securities | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 6. SECURITIES Amortized cost and fair value of available-for-sale securities at March 31, 2016 and December 31, 2015 are summarized as follows: March 31, 2016 Gross Gross Unrealized Unrealized Amortized Holding Holding Fair (In Thousands) Cost Gains Losses Value Obligations of U.S. Government agencies $ 10,661 $ 46 $ 0 $ 10,707 Obligations of states and political subdivisions: Tax-exempt 107,269 4,756 (66 ) 111,959 Taxable 34,249 845 0 35,094 Mortgage-backed securities 72,210 1,060 (27 ) 73,243 Collateralized mortgage obligations, Issued by U.S. Government agencies 179,731 1,665 (536 ) 180,860 Collateralized debt obligations 7 0 0 7 Total debt securities 404,127 8,372 (629 ) 411,870 Marketable equity securities 1,253 483 0 1,736 Total $ 405,380 $ 8,855 $ (629 ) $ 413,606 CITIZENS & NORTHERN CORPORATION – FORM 10-Q December 31, 2015 Gross Gross Unrealized Unrealized Amortized Holding Holding Fair (In Thousands) Cost Gains Losses Value Obligations of U.S. Government agencies $ 10,663 $ 12 $ (192 ) $ 10,483 Obligations of states and political subdivisions: Tax-exempt 103,414 4,365 (22 ) 107,757 Taxable 34,317 381 (101 ) 34,597 Mortgage-backed securities 73,227 486 (370 ) 73,343 Collateralized mortgage obligations, Issued by U.S. Government agencies 193,145 623 (2,053 ) 191,715 Collateralized debt obligations: 9 0 0 9 Total debt securities 414,775 5,867 (2,738 ) 417,904 Marketable equity securities 1,680 706 0 2,386 Total $ 416,455 $ 6,573 $ (2,738 ) $ 420,290 The following table presents gross unrealized losses and fair value of available-for-sale securities with unrealized loss positions that are not deemed to be other-than-temporarily impaired, aggregated by length of time that individual securities have been in a continuous unrealized loss position at March 31, 2016 and December 31, 2015: March 31, 2016 Less Than 12 Months 12 Months or More Total (In Thousands) Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Obligations of states and political subdivisions, Tax-exempt $ 10,017 $ (66 ) $ 0 $ 0 $ 10,017 $ (66 ) Mortgage-backed securities 5,899 (27 ) 0 0 5,899 (27 ) Collateralized mortgage obligations, Issued by U.S. Government agencies 5,820 (105 ) 44,291 (431 ) 50,111 (536 ) Total temporarily impaired available-for-sale securities $ 21,736 $ (198 ) $ 44,291 $ (431 ) $ 66,027 $ (629 ) December 31, 2015 Less Than 12 Months 12 Months or More Total (In Thousands) Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Obligations of U.S. Government agencies $ 0 $ 0 $ 7,850 $ (192 ) $ 7,850 $ (192 ) Obligations of states and political subdivisions: Tax-exempt 5,200 (19 ) 216 (3 ) 5,416 (22 ) Taxable 10,605 (60 ) 2,910 (41 ) 13,515 (101 ) Mortgage-backed securities 38,764 (295 ) 3,503 (75 ) 42,267 (370 ) Collateralized mortgage obligations, Issued by U.S. Government agencies 88,355 (648 ) 49,273 (1,405 ) 137,628 (2,053 ) Total temporarily impaired available-for-sale securities $ 142,924 $ (1,022 ) $ 63,752 $ (1,716 ) $ 206,676 $ (2,738 ) CITIZENS & NORTHERN CORPORATION – FORM 10-Q Gross realized gains and losses from available-for-sale securities were as follows: (In Thousands) 3 Months Ended March 31, March 31, 2016 2015 Gross realized gains from sales $ 383 $ 74 Gross realized losses from sales 0 0 Net realized gains $ 383 $ 74 The amortized cost and fair value of available-for-sale debt securities by contractual maturity are shown in the following table as of March 31, 2016. Actual maturities may differ from contractual maturities because counterparties may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair (In Thousands) Cost Value Due in one year or less $ 10,374 $ 10,451 Due from one year through five years 65,791 67,520 Due from five years through ten years 45,949 47,676 Due after ten years 30,072 32,120 Subtotal 152,186 157,767 Mortgage-backed securities 72,210 73,243 Collateralized mortgage obligations, Issued by U.S. Government agencies 179,731 180,860 Total $ 404,127 $ 411,870 The Corporation’s mortgage-backed securities and collateralized mortgage obligations have stated maturities that may differ from actual maturities due to borrowers’ ability to prepay obligations. Cash flows from such investments are dependent upon the performance of the underlying mortgage loans and are generally influenced by the level of interest rates. In the table above, mortgage-backed securities and collateralized mortgage obligations are shown in one period. Investment securities carried at $215,510,000 at March 31, 2016 and $228,616,000 at December 31, 2015 were pledged as collateral for public deposits, trusts and certain other deposits as provided by law. See Note 8 for information concerning securities pledged to secure borrowing arrangements. Management evaluates securities for other-than-temporary impairment (OTTI) at least on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) whether the Corporation intends to sell the security or more likely than not will be required to sell the security before its anticipated recovery. A summary of information management considered in evaluating debt and equity securities for OTTI at March 31, 2016 is provided below. Debt Securities At March 31, 2016, management performed an assessment for possible OTTI of the Corporation’s debt securities on an issue-by-issue basis, relying on information obtained from various sources, including publicly available financial data, ratings by external agencies, brokers and other sources. The extent of individual analysis applied to each security depended on the size of the Corporation’s investment, as well as management’s perception of the credit risk associated with each security. Based on the results of the assessment, management believes impairment of debt securities at March 31, 2016 to be temporary. CITIZENS & NORTHERN CORPORATION – FORM 10-Q Equity Securities The Corporation’s marketable equity securities at March 31, 2016 and December 31, 2015 consisted exclusively of stocks of banking companies. At March 31, 2016, the Corporation held no stocks with an unrealized loss. In the first quarter 2016, the Corporation had realized gains of $249,000 from the sale of bank stocks. The Corporation had no realized gains or losses from the sale of equity securities in the first quarter of 2015. C&N Bank is a member of the Federal Home Loan Bank of Pittsburgh (FHLB-Pittsburgh), which is one of 11 regional Federal Home Loan Banks. As a member, C&N Bank is required to purchase and maintain stock in FHLB-Pittsburgh. There is no active market for FHLB-Pittsburgh stock, and it must ordinarily be redeemed by FHLB-Pittsburgh in order to be liquidated. C&N Bank’s investment in FHLB-Pittsburgh stock, included in Other Assets in the consolidated balance sheet, was $3,131,000 at March 31, 2016 and $4,527,000 at December 31, 2015. The Corporation evaluated its holding of FHLB-Pittsburgh stock for impairment and deemed the stock to not be impaired at March 31, 2016 and December 31, 2015. In making this determination, management concluded that recovery of total outstanding par value, which equals the carrying value, is expected. The decision was based on review of financial information that FHLB-Pittsburgh has made publicly available. |
Note 7 - Loans
Note 7 - Loans | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 7. LOANS The loans receivable portfolio is segmented into residential mortgage, commercial and consumer loans. Loans outstanding at March 31, 2016 and December 31, 2015 are summarized by segment, and by classes within each segment, as follows: Summary of Loans by Type (In Thousands) Mar. 31, Dec. 31, 2016 2015 Residential mortgage: Residential mortgage loans - first liens $ 306,753 $ 304,783 Residential mortgage loans - junior liens 21,622 21,146 Home equity lines of credit 38,627 39,040 1-4 Family residential construction 20,010 21,121 Total residential mortgage 387,012 386,090 Commercial: Commercial loans secured by real estate 154,646 154,779 Commercial and industrial 71,628 75,196 Political subdivisions 38,364 40,007 Commercial construction and land 7,445 5,122 Loans secured by farmland 7,168 7,019 Multi-family (5 or more) residential 8,393 9,188 Agricultural loans 4,492 4,671 Other commercial loans 11,387 12,152 Total commercial 303,523 308,134 Consumer 11,070 10,656 Total 701,605 704,880 Less: allowance for loan losses (7,661 ) (7,889 ) Loans, net $ 693,944 $ 696,991 The Corporation grants loans to individuals as well as commercial and tax-exempt entities. Commercial, residential and personal loans are made to customers geographically concentrated in the Pennsylvania and New York counties that comprise the market serviced by Citizens & Northern Bank. Although the Corporation has a diversified loan portfolio, a significant portion of its debtors’ ability to honor their contracts is dependent on the local economic conditions within the region. There is no concentration of loans to borrowers engaged in similar businesses or activities that exceed 10% of total loans at either March 31, 2016 or December 31, 2015. CITIZENS & NORTHERN CORPORATION – FORM 10-Q The Corporation maintains an allowance for loan losses that represents management’s estimate of the losses inherent in the loan portfolio as of the balance sheet date and recorded as a reduction of the investment in loans. The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Corporation’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. In the process of evaluating the loan portfolio, management also considers the Corporation’s exposure to losses from unfunded loan commitments. As of March 31, 2016 and December 31, 2015, management determined that no allowance for credit losses related to unfunded loan commitments was required. Transactions within the allowance for loan losses, summarized by segment and class, for the three-month periods ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 Dec. 31, Provision March 31, (In Thousands) 2015 Balance Charge-offs Recoveries (Credit) 2016 Balance Allowance for Loan Losses: Residential mortgage: Residential mortgage loans - first liens $ 2,645 $ 0 $ 0 $ 77 $ 2,722 Residential mortgage loans - junior liens 219 0 0 9 228 Home equity lines of credit 347 0 0 4 351 1-4 Family residential construction 207 0 0 (7 ) 200 Total residential mortgage 3,418 0 0 83 3,501 Commercial: Commercial loans secured by real estate 1,939 0 1 87 2,027 Commercial and industrial 981 0 1 (6 ) 976 Commercial construction and land 58 0 0 26 84 Loans secured by farmland 106 0 0 2 108 Multi-family (5 or more) residential 675 (595 ) 0 176 256 Agricultural loans 45 0 0 (1 ) 44 Other commercial loans 118 0 0 (6 ) 112 Total commercial 3,922 (595 ) 2 278 3,607 Consumer 122 (18 ) 15 7 126 Unallocated 427 0 0 0 427 Total Allowance for Loan Losses $ 7,889 $ (613 ) $ 17 $ 368 $ 7,661 CITIZENS & NORTHERN CORPORATION – FORM 10-Q Three Months Ended March 31, 2015 Dec. 31, March 31, (In Thousands) 2014 Balance Charge-offs Recoveries Provision (Credit) 2015 Balance Allowance for Loan Losses: Residential mortgage: Residential mortgage loans - first liens $ 2,941 $ (79 ) $ 1 $ (89 ) $ 2,774 Residential mortgage loans - junior liens 176 0 0 24 200 Home equity lines of credit 322 0 0 0 322 1-4 Family residential construction 214 0 0 (7 ) 207 Total residential mortgage 3,653 (79 ) 1 (72 ) 3,503 Commercial: Commercial loans secured by real estate 1,758 (115 ) 0 93 1,736 Commercial and industrial 688 (10 ) 1 5 684 Commercial construction and land 283 0 0 3 286 Loans secured by farmland 165 0 0 (6 ) 159 Multi-family (5 or more) residential 87 0 0 (6 ) 81 Agricultural loans 31 0 0 (2 ) 29 Other commercial loans 131 0 0 (8 ) 123 Total commercial 3,143 (125 ) 1 79 3,098 Consumer 145 (18 ) 15 (3 ) 139 Unallocated 395 0 0 (1 ) 394 Total Allowance for Loan Losses $ 7,336 $ (222 ) $ 17 $ 3 $ 7,134 In the evaluation of the loan portfolio, management determines two major components for the allowance for loan losses – (1) a specific component based on an assessment of certain larger relationships, mainly commercial purpose loans, on a loan-by-loan basis; and (2) a general component for the remainder of the portfolio based on a collective evaluation of pools of loans with similar risk characteristics. The general component is assigned to each pool of loans based on both historical net charge-off experience, and an evaluation of certain qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the above methodologies for estimating specific and general losses in the portfolio. In determining the larger loan relationships for detailed assessment under the specific allowance component, the Corporation uses an internal risk rating system. Under the risk rating system, the Corporation classifies problem or potential problem loans as “Special Mention,” “Substandard,” or “Doubtful” on the basis of currently existing facts, conditions and values. Substandard loans include those characterized by the distinct possibility that the Corporation will sustain some loss if the deficiencies are not corrected. Loans classified as Doubtful have all the weaknesses inherent in those classified as Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Loans that do not currently expose the Corporation to sufficient risk to warrant classification as Substandard or Doubtful, but possess weaknesses that deserve management’s close attention, are deemed to be Special Mention. Risk ratings are updated any time that conditions or the situation warrants. Loans not classified are included in the “Pass” column in the table below. CITIZENS & NORTHERN CORPORATION – FORM 10-Q The following tables summarize the aggregate credit quality classification of outstanding loans by risk rating as of March 31, 2016 and December 31, 2015: March 31, 2016 (In Thousands) Special Pass Mention Substandard Doubtful Total Residential Mortgage: Residential mortgage loans - first liens $ 296,394 $ 378 $ 9,915 $ 66 $ 306,753 Residential mortgage loans - junior liens 20,920 276 426 0 21,622 Home Equity lines of credit 37,570 492 565 0 38,627 1-4 Family residential construction 19,994 16 0 0 20,010 Total residential mortgage 374,878 1,162 10,906 66 387,012 Commercial: Commercial loans secured by real estate 140,985 4,444 9,217 0 154,646 Commercial and Industrial 67,568 2,257 1,676 127 71,628 Political subdivisions 38,364 0 0 0 38,364 Commercial construction and land 7,282 60 103 0 7,445 Loans secured by farmland 5,452 171 1,525 20 7,168 Multi-family (5 or more) residential 7,751 0 642 0 8,393 Agricultural loans 4,478 0 14 0 4,492 Other commercial loans 11,309 0 78 0 11,387 Total commercial 283,189 6,932 13,255 147 303,523 Consumer 10,878 20 172 0 11,070 Totals $ 668,945 $ 8,114 $ 24,333 $ 213 $ 701,605 December 31, 2015 (In Thousands) Special Pass Mention Substandard Doubtful Total Residential Mortgage: Residential mortgage loans - first liens $ 295,302 $ 407 $ 9,007 $ 67 $ 304,783 Residential mortgage loans - junior liens 20,558 185 403 0 21,146 Home equity lines of credit 38,071 543 426 0 39,040 1-4 Family residential construction 21,104 17 0 0 21,121 Total residential mortgage 375,035 1,152 9,836 67 386,090 Commercial: Commercial loans secured by real estate 140,381 5,862 8,536 0 154,779 Commercial and Industrial 71,225 2,106 1,737 128 75,196 Political subdivisions 40,007 0 0 0 40,007 Commercial construction and land 4,957 60 105 0 5,122 Loans secured by farmland 5,084 483 1,432 20 7,019 Multi-family (5 or more) residential 7,943 0 1,245 0 9,188 Agricultural loans 4,655 0 16 0 4,671 Other commercial loans 12,073 0 79 0 12,152 Total commercial 286,325 8,511 13,150 148 308,134 Consumer 10,490 21 145 0 10,656 Totals $ 671,850 $ 9,684 $ 23,131 $ 215 $ 704,880 CITIZENS & NORTHERN CORPORATION – FORM 10-Q The general component of the allowance for loan losses covers pools of loans including commercial loans not considered individually impaired, as well as smaller balance homogeneous classes of loans, such as residential real estate, home equity lines of credit and other consumer loans. Accordingly, the Corporation generally does not separately identify individual consumer and residential loans for impairment disclosures, unless such loans are subject to a restructuring agreement. The pools of loans are evaluated for loss exposure based upon three-year average historical net charge-off rates for each loan class, adjusted for qualitative factors. Qualitative risk factors (described in the following paragraph) are evaluated for the impact on each of the three segments (residential mortgage, commercial and consumer) within the loan portfolio. Each qualitative factor is assigned a value to reflect improving, stable or declining conditions based on management’s judgment using relevant information available at the time of the evaluation. The adjustment for qualitative factors is applied as an increase or decrease to the three-year average net charge-off rate to each loan class within each segment. The qualitative factors used in the general component calculations are designed to address credit risk characteristics associated with each segment. The Corporation’s credit risk associated with all of the segments is significantly impacted by these factors, which include economic conditions within its market area, the Corporation’s lending policies, changes or trends in the portfolio, risk profile, competition, regulatory requirements and other factors. Further, the residential mortgage segment is significantly affected by the values of residential real estate that provide collateral for the loans. The majority of the Corporation’s commercial segment loans (approximately 59% at March 31, 2016) is secured by real estate, and accordingly, the Corporation’s risk for the commercial segment is significantly affected by commercial real estate values. The consumer segment includes a wide mix of loans for different purposes, primarily secured loans, including loans secured by motor vehicles, manufactured housing and other types of collateral. Loans are classified as impaired, when, based on current information and events, it is probable that the Corporation will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial loans, by the fair value of the collateral (if the loan is collateral dependent), by future cash flows discounted at the loan’s effective rate or by the loan’s observable market price. The scope of loans evaluated individually for impairment include all loan relationships greater than $200,000 for which there is at least one extension of credit graded Special Mention, Substandard or Doubtful. Also, all loans classified as troubled debt restructurings (discussed in more detail below) and all loan relationships less than $200,000 in the aggregate, but with an estimated loss of $100,000 or more, are individually evaluated for impairment. Loans that are individually evaluated for impairment, but which are not determined to be impaired, are combined with all remaining loans that are not reviewed on a specific basis, and such loans are included within larger pools of loans based on similar risk and loss characteristics for purposes of determining the general component of the allowance. The loans that have been individually evaluated, but which have not been determined to be impaired, are included in the “Collectively Evaluated” column in the tables summarizing the allowance and associated loan balances as of March 31, 2016 and December 31, 2015. CITIZENS & NORTHERN CORPORATION – FORM 10-Q The following tables present a summary of loan balances and the related allowance for loan losses summarized by portfolio segment and class for each impairment method used as of March 31, 2016 and December 31, 2015: March 31, 2016 Loans: Allowance for Loan Losses: (In Thousands) Individually Collectively Individually Collectively Evaluated Evaluated Totals Evaluated Evaluated Totals Residential mortgage: Residential mortgage loans - first liens $ 833 $ 305,920 $ 306,753 $ 0 $ 2,722 $ 2,722 Residential mortgage loans - junior liens 72 21,550 21,622 0 228 228 Home equity lines of credit 0 38,627 38,627 0 351 351 1-4 Family residential construction 0 20,010 20,010 0 200 200 Total residential mortgage 905 386,107 387,012 0 3,501 3,501 Commercial: Commercial loans secured by real estate 6,065 148,581 154,646 96 1,931 2,027 Commercial and industrial 832 70,796 71,628 155 821 976 Political subdivisions 0 38,364 38,364 0 0 0 Commercial construction and land 0 7,445 7,445 0 84 84 Loans secured by farmland 1,418 5,750 7,168 52 56 108 Multi-family (5 or more) residential 392 8,001 8,393 0 256 256 Agricultural loans 14 4,478 4,492 0 44 44 Other commercial loans 0 11,387 11,387 0 112 112 Total commercial 8,721 294,802 303,523 303 3,304 3,607 Consumer 4 11,066 11,070 3 123 126 Unallocated 427 Total $ 9,630 $ 691,975 $ 701,605 $ 306 $ 6,928 $ 7,661 December 31, 2015 Loans: Allowance for Loan Losses: (In Thousands) Individually Collectively Individually Collectively Evaluated Evaluated Totals Evaluated Evaluated Totals Residential mortgage: Residential mortgage loans - first liens $ 884 $ 303,899 $ 304,783 $ 1 $ 2,644 $ 2,645 Residential mortgage loans - junior liens 74 21,072 21,146 0 219 219 Home equity lines of credit 0 39,040 39,040 0 347 347 1-4 Family residential construction 0 21,121 21,121 0 207 207 Total residential mortgage 958 385,132 386,090 1 3,417 3,418 Commercial: Commercial loans secured by real estate 6,262 148,517 154,779 97 1,842 1,939 Commercial and industrial 324 74,872 75,196 75 906 981 Political subdivisions 0 40,007 40,007 0 0 0 Commercial construction and land 0 5,122 5,122 0 58 58 Loans secured by farmland 1,427 5,592 7,019 52 54 106 Multi-family (5 or more) residential 987 8,201 9,188 595 80 675 Agricultural loans 16 4,655 4,671 0 45 45 Other commercial loans 0 12,152 12,152 0 118 118 Total commercial 9,016 299,118 308,134 819 3,103 3,922 Consumer 0 10,656 10,656 0 122 122 Unallocated 427 Total $ 9,974 $ 694,906 $ 704,880 $ 820 $ 6,642 $ 7,889 CITIZENS & NORTHERN CORPORATION – FORM 10-Q Summary information related to impaired loans at March 31, 2016 and December 31, 2015 is as follows: (In Thousands) March 31, 2016 December 31, 2015 Unpaid Unpaid Principal Recorded Related Principal Recorded Related Balance Investment Allowance Balance Investment Allowance With no related allowance recorded: Residential mortgage loans - first liens $ 833 $ 833 $ 0 $ 842 $ 842 $ 0 Residential mortgage loans - junior liens 72 72 0 74 74 0 Commercial loans secured by real estate 7,415 5,754 0 7,580 5,945 0 Commercial and industrial 237 237 0 249 249 0 Loans secured by farmland 908 908 0 915 915 0 Multi-family (5 or more) residential 987 392 0 0 0 0 Agricultural loans 14 14 0 16 16 0 Total with no related allowance recorded 10,466 8,210 0 9,676 8,041 0 With a related allowance recorded: Residential mortgage loans - first liens 0 0 0 42 42 1 Commercial loans secured by real estate 311 311 96 317 317 97 Commercial and industrial 595 595 155 75 75 75 Loans secured by farmland 510 510 52 512 512 52 Multi-family (5 or more) residential 0 0 0 987 987 595 Consumer 4 4 3 0 0 0 Total with a related allowance recorded 1,420 1,420 306 1,933 1,933 820 Total $ 11,886 $ 9,630 $ 306 $ 11,609 $ 9,974 $ 820 The average balance of impaired loans and interest income recognized on impaired loans is as follows: Interest Income Recognized on Average Investment in Impaired Loans Impaired Loans on a Cash Basis (In Thousands) 3 Months Ended 3 Months Ended March 31, March 31, 2016 2015 2016 2015 Residential mortgage: Residential mortgage loans - first lien $ 861 $ 3,442 $ 10 $ 14 Residential mortgage loans - junior lien 73 48 1 1 Total residential mortgage 934 3,490 11 15 Commercial: Commercial loans secured by real estate 6,160 6,588 110 112 Commercial and industrial 568 603 3 7 Commercial construction and land 0 75 0 0 Loans secured by farmland 1,423 1,465 21 26 Multi-family (5 or more) residential 690 519 0 25 Agricultural loans 15 0 1 0 Total commercial 8,856 9,250 135 170 Consumer 12 0 0 0 Total $ 9,802 $ 12,740 $ 146 $ 185 CITIZENS & NORTHERN CORPORATION – FORM 10-Q Loans are placed on nonaccrual status for all classes of loans when, in the opinion of management, collection of interest is doubtful. Any unpaid interest previously accrued on those loans is reversed from income. Interest income is not recognized on specific impaired loans unless the likelihood of further loss is remote. Interest payments received on loans for which the risk of further loss is greater than remote are applied as a reduction of the loan principal balance. Interest income on other nonaccrual loans, including impaired loans, is recognized only to the extent of interest payments received. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past due status of all classes of loans receivable is determined based on contractual due dates for loan payments. Also, the amortization of deferred loan fees is discontinued when a loan is placed on nonaccrual status. The breakdown by portfolio segment and class of nonaccrual loans and loans past due ninety days or more and still accruing is as follows: (In Thousands) March 31, 2016 December 31, 2015 Past Due Past Due 90+ Days and 90+ Days and Accruing Nonaccrual Accruing Nonaccrual Residential mortgage: Residential mortgage loans - first liens $ 2,680 $ 3,080 $ 2,381 $ 3,044 Residential mortgage loans - junior liens 140 0 79 0 Home equity lines of credit 175 0 130 0 Total residential mortgage 2,995 3,080 2,590 3,044 Commercial: Commercial loans secured by real estate 539 5,689 503 5,730 Commercial and industrial 318 312 65 313 Loans secured by farmland 102 1,418 0 1,427 Multi-family (5 or more) residential 0 392 0 987 Agricultural loans 0 14 0 16 Total commercial 959 7,825 568 8,473 Consumer 3 39 71 0 Totals $ 3,957 $ 10,944 $ 3,229 $ 11,517 The amounts shown in the table immediately above include loans classified as troubled debt restructurings (described in more detail below), if such loans are past due ninety days or more or nonaccrual. CITIZENS & NORTHERN CORPORATION – FORM 10-Q The table below presents a summary of the contractual aging of loans as of March 31, 2016 and December 31, 2015: As of March 31, 2016 As of December 31, 2015 Current & Current & (In Thousands) Past Due Past Due Past Due Past Due Past Due Past Due Less than 30-89 90+ Less than 30-89 90+ 30 Days Days Days Total 30 Days Days Days Total Residential mortgage: Residential mortgage loans - first liens $ 295,485 $ 7,234 $ 4,034 $ 306,753 $ 294,703 $ 6,156 $ 3,924 $ 304,783 Residential mortgage loans - junior liens 21,340 142 140 21,622 20,816 251 79 21,146 Home equity lines of credit 37,977 475 175 38,627 38,581 329 130 39,040 1-4 Family residential construction 19,867 143 0 20,010 21,121 0 0 21,121 Total residential mortgage 374,669 7,994 4,349 387,012 375,221 6,736 4,133 386,090 Commercial: Commercial loans secured by real estate 150,087 3,280 1,279 154,646 153,427 108 1,244 154,779 Commercial and industrial 71,123 168 337 71,628 75,002 118 76 75,196 Political subdivisions 38,364 0 0 38,364 40,007 0 0 40,007 Commercial construction and land 7,311 134 0 7,445 5,018 104 0 5,122 Loans secured by farmland 6,025 221 922 7,168 5,970 223 826 7,019 Multi-family (5 or more) residential 7,928 73 392 8,393 8,201 0 987 9,188 Agricultural loans 4,398 80 14 4,492 4,642 13 16 4,671 Other commercial loans 11,387 0 0 11,387 12,152 0 0 12,152 Total commercial 296,623 3,956 2,944 303,523 304,419 566 3,149 308,134 Consumer 10,933 95 42 11,070 10,537 48 71 10,656 Totals $ 682,225 $ 12,045 $ 7,335 $ 701,605 $ 690,177 $ 7,350 $ 7,353 $ 704,880 Nonaccrual loans are included in the contractual aging in the immediately preceding table. A summary of the contractual aging of nonaccrual loans at March 31, 2016 and December 31, 2015 is as follows: Current & (In Thousands) Past Due Past Due Past Due Less than 30-89 90+ 30 Days Days Days Total March 31, 2016 Nonaccrual Totals $ 6,894 $ 672 $ 3,378 $ 10,944 December 31, 2015 Nonaccrual Totals $ 7,100 $ 293 $ 4,124 $ 11,517 Loans whose terms are modified are classified as Troubled Debt Restructurings (TDRs) if the Corporation grants such borrowers concessions, and it is deemed that those borrowers are experiencing financial difficulty. Loans classified as TDRs are designated as impaired. The outstanding balance of loans subject to TDRs, as well as contractual aging information at March 31, 2016 and December 31, 2015 is as follows: Current & (In Thousands) Past Due Past Due Past Due Less than 30-89 90+ 30 Days Days Days Nonaccrual Total March 31, 2016 Totals $ 925 $ 242 $ 86 $ 5,060 $ 6,313 December 31, 2015 Totals $ 1,186 $ 0 $ 81 $ 5,097 $ 6,364 CITIZENS & NORTHERN CORPORATION – FORM 10-Q TDRs that occurred during the three-month periods ended March 31, 2016 and 2015 are as follows: Three Months Ended March 31, 2016 Pre- Post- (Balances in Thousands) Modification Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment Commercial, Commercial and industrial 1 $ 5 $ 5 Three Months Ended March 31, 2015 Pre- Post- (Balances in Thousands) Modification Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment Residential mortgage: Residential mortgage loans - first liens 1 $ 56 $ 56 Residential mortgage loans - junior liens 1 32 32 Consumer 1 30 30 The TDR in the three-month period ended March 31, 2016 resulted from an extension of a final maturity date. There was no allowance for loan losses on this loan at March 31, 2016 and no change in allowance for loan losses resulting from this TDR. The TDRs in the three-month period ended March 31, 2015 included an extended maturity date and a reduction in interest rate on a residential mortgage – first lien, a lowered interest rate and reduced payment amount on a residential mortgage – junior lien and a lowered interest rate and reduced payment amount on the consumer loan. There was no allowance for loan losses on these loans at March 31, 2015 and no change in the allowance for loan losses resulting from these TDRs. In the three-month period ended March 31, 2016 and 2015, defaults on loans for which modifications considered to be TDRs were entered into within the previous 12 months were as follows: Number of Recorded Contracts Investment Three Months Ended March 31, 2016 (Balances in Thousands) Residential mortgage, Residential mortgage loans - first liens 1 $ 31 Commercial, Commercial and industrial 1 5 Number of Recorded Contracts Investment Three Months Ended March 31, 2015 (Balances in Thousands) Residential mortgage, 2 $ 115 Commercial: Commercial loans secured by real estate 1 407 Commercial construction and land 1 25 CITIZENS & NORTHERN CORPORATION – FORM 10-Q In the first quarter 2016, the events of default in the table listed above resulted from a borrower’s failure to pay in a timely manner after reduced payment amounts for six months expired in the Residential mortgage – first lien and a borrower’s failure to pay off a loan after the maturity date was extended and passed on the Commercial and industrial loan. There was no allowance for loan losses recorded on these loans at March 31, 2016. In the first quarter 2015, the events of default in the table listed above resulted from the borrowers’ failure to make timely payments under the following circumstances: (1) for one customer relationship included in the Residential first lien mortgage class, payment was missed after the interest rate and monthly payment amount had been reduced; (2) for the other customer relationship included in the Residential first lien class, monthly payments were missed after reducing the monthly payments to interest only payments; (3) for the Commercial loan secured by real estate, monthly payments were missed after reducing the monthly payments to interest only; and (4) for the Commercial construction and land loan, monthly payments were missed after extending the term of maturity. There were no allowances for loan losses recorded on these loans at March 31, 2015. The carrying amount of foreclosed residential real estate properties held as a result of obtaining physical possession (included in Foreclosed assets held for sale in the unaudited Consolidated Balance Sheet) is as follows: (In Thousands) March 31, Dec. 31, 2016 2015 Foreclosed residential real estate $ 883 $ 555 The recorded investment of consumer mortgage loans secured by residential real properties for which formal foreclosure proceedings were in process is as follows: (In Thousands) March 31, Dec. 31, 2016 2015 Residential real estate in process of foreclosure $ 931 $ 1,173 |
Note 8 - Borrowed Funds
Note 8 - Borrowed Funds | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. BORROWED FUNDS Short-term borrowings include the following: (In Thousands) March 31, Dec. 31, 2016 2015 FHLB-Pittsburgh borrowings $ 18,811 $ 48,581 Customer repurchase agreements 7,141 4,915 Total short-term borrowings $ 25,952 $ 53,496 Short-term borrowings from FHLB-Pittsburgh are as follows: (In Thousands) March 31, Dec. 31 , 2016 2015 Overnight borrowing $ 0 $ 23,500 Other short-term advances 18,811 25,081 Total short-term FHLB-Pittsburgh borrowings $ 18,811 $ 48,581 The FHLB-Pittsburgh loan facilities are collateralized by qualifying loans secured by real estate with a book value totaling $448,336,000 at March 31, 2016 and $450,883,000 at December 31, 2015. Also, the FHLB-Pittsburgh loan facilities require the Corporation to invest in established amounts of FHLB-Pittsburgh stock. The carrying values of the Corporation’s holdings of FHLB-Pittsburgh stock (included in Other Assets) were $3,131,000 at March 31, 2016 and $4,527,000 at December 31, 2015. At March 31, 2016, short-term borrowings from the FHLB-Pittsburgh include 9 advances of approximately $2,090,000 each maturing monthly throughout the remainder of the year ended December 31, 2016, with a weighted average interest rate of 0.94% and rates ranging from 0.77% to 1.052%. In the first quarter 2016, the Corporation repaid 3 advances of approximately $2,090,000 each with a weighted average rate of 0.62%. CITIZENS & NORTHERN CORPORATION – FORM 10-Q The Corporation engages in repurchase agreements with certain commercial customers. These agreements provide that the Corporation sells specified investment securities to the customers on an overnight basis and repurchases them on the following business day. The weighted average rate paid by the Corporation on customer repurchase agreements was 0.10% at March 31, 2016 and December 31, 2015. The carrying value of the underlying securities was $12,100,000 at March 31, 2016 and $12,613,000 at December 31, 2015. Long-term borrowings are as follows: (In Thousands) March 31, Dec. 31 , 2016 2015 FHLB-Pittsburgh borrowings $ 11,692 $ 11,767 Repurchase agreement 27,000 27,000 Total long-term borrowings $ 38,692 $ 38,767 Long-term borrowings from FHLB-Pittsburgh are as follows: (In Thousands) March 31, Dec. 31, 2016 2015 Loan maturing in 2016 with a rate of 6.86% $ 45 $ 57 Loan maturing in 2017 with a rate of 6.83% 9 10 Loan maturing in 2017 with a rate of 3.81% 10,000 10,000 Loan maturing in 2020 with a rate of 4.79% 778 821 Loan maturing in 2025 with a rate of 4.91% 860 879 Total long-term FHLB-Pittsburgh borrowings $ 11,692 $ 11,767 The repurchase agreement included in long-term borrowings has an interest rate of 3.595% and an effective maturity date in December 2017. The “Repurchase Date,” as defined in the Master Repurchase Agreement between the Corporation and the broker-dealer, occurs quarterly on or about the 20 th Securities sold under repurchase agreements were delivered to the broker-dealer who is the counter-party to the transactions. The broker-dealer may have sold, loaned or otherwise disposed of such securities to other parties in the normal course of their operations, and has agreed to resell to the Corporation substantially identical securities at the maturities of the agreements. The Master Repurchase Agreement provides that the Agreement constitutes a “netting contract,” as defined; however, the Corporation and the broker-dealer have no other obligations to one another and accordingly, no netting has occurred. The carrying value of the underlying securities was $32,701,000 at March 31, 2016 and $33,780,000 at December 31, 2015, detailed in the following table: (In Thousands) March 31, Dec . 31, 2016 2015 Mortgage-backed securities $ 15,526 $ 15,772 Collateralized mortgage obligations, Issued by U.S. Government agencies 17,175 18,008 Total $ 32,701 $ 33,780 Two of the more significant risks associated with the repurchase agreement with the broker-dealer are as follows: ● The borrowings are putable at quarterly intervals by the issuer. Accordingly, if interest rates were to rise to a sufficient level, the issuer would be expected to require the Corporation to pay off the borrowing. In this circumstance, the Corporation would be required to obtain a new borrowing at a higher interest rate than the existing repurchase agreement or utilize cash from other sources to pay off the borrowing. If sales of available-for-sale securities were used to generate cash to pay off the borrowing, the value of such securities would be expected to have fallen, which could result in the Corporation recognizing a loss. ● As principal pay-downs of mortgage backed securities and CMOs occur, the Corporation must have available, unencumbered assets or purchase a sufficient amount of assets with credit quality suitable to the broker-dealer to replace the amounts being paid off. Since pre-payments of mortgages typically increase as interest rates fall, the Corporation may be required to purchase additional assets at times when market rates are lower than the rates paid on the borrowing. CITIZENS & NORTHERN CORPORATION – FORM 10-Q The Corporation manages these risks by maintaining sufficient available assets of acceptable credit quality, as well as maintaining other borrowing facilities, to meet ongoing collateral maintenance requirements or pay off the borrowing if required. In particular, the Corporation had unused borrowing capacity available from the FHLB-Pittsburgh of $297,186,000 at March 31, 2016. |
Note 9 - Defined Benefit Plans
Note 9 - Defined Benefit Plans | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 9. DEFINED BENEFIT PLANS The Corporation sponsors a defined benefit health care plan that provides postretirement medical benefits and life insurance to employees who meet certain age and length of service requirements. Full-time employees no longer accrue service time toward the Corporation-subsidized portion of the medical benefits. This plan contains a cost-sharing feature, which causes participants to pay for all future increases in costs related to benefit coverage. Accordingly, actuarial assumptions related to health care cost trend rates do not significantly affect the liability balance at March 31, 2016 and December 31, 2015, and are not expected to significantly affect the Corporation's future expenses. The Corporation uses a December 31 measurement date for the postretirement plan. In an acquisition in 2007, the Corporation assumed the Citizens Trust Company Retirement Plan, a defined benefit pension plan. This plan covers certain employees who were employed by Citizens Trust Company on December 31, 2002, when the plan was amended to discontinue admittance of any future participant and to freeze benefit accruals. Information related to the Citizens Trust Company Retirement Plan has been included in the tables that follow. The Corporation uses a December 31 measurement date for this plan. The components of net periodic benefit costs from these defined benefit plans are as follows: Defined Benefit Plans (In Thousands) Pension Postretirement Three Months Ended Three Months Ended March 31, March 31, 2016 2015 2016 2015 Service cost $ 0 $ 0 $ 9 $ 10 Interest cost 7 9 16 13 Expected return on plan assets (7 ) (11 ) 0 0 Amortization of prior service cost 0 0 (8 ) (7 ) Recognized net actuarial loss 3 4 0 0 Net periodic benefit cost $ 3 $ 2 $ 17 $ 16 In the first three months of 2016, the Corporation funded postretirement contributions totaling $18,000, with estimated annual postretirement contributions of $68,000 expected in 2016 for the full year. Based upon the related actuarial reports, no defined benefit pension contributions are required in 2016, though the Corporation may make discretionary contributions. |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation Plans | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 10. STOCK-BASED COMPENSATION PLANS The Corporation has a Stock Incentive Plan for a selected group of officers and an Independent Directors Stock Incentive Plan. In the three-month periods ended March 31, 2016 and 2015, the Corporation issued restricted stock under each of the Plans. In the first quarter 2016, the Corporation awarded a total of 34,199 shares of restricted stock under the Stock Incentive and Independent Directors Stock Incentive Plans. Restricted stock awards in the first quarter 2016 included the following: (1) a total of 17,289 shares to employees, vesting over a three-year term, with vesting contingent upon the Corporation meeting an annual return on average equity (“ROAE”) performance ratio, as defined; (2) a total of 10,304 shares to employees, vesting over a three-year term, with vesting dependent on satisfactory performance; and (3) a total of 6,606 shares under the Independent Directors Incentive Plan, vesting over a term of one year. CITIZENS & NORTHERN CORPORATION – FORM 10-Q In the first quarter 2015, a total of 34,800 shares of restricted stock were awarded under the Plans. Restricted stock awards in 2015 included the following: (1) a total of 20,298 shares to employees, vesting over a four-year term, with vesting contingent upon the Corporation meeting an annual ROAE performance ratio, as defined; (2) a total of 2,198 shares to employees, vesting over a four-year term, with vesting dependent on satisfactory performance; (3) an award to the Chief Executive Officer of 5,174 shares, vesting over a three-year term, with vesting dependent on satisfactory performance; and (4) a total of 7,130 shares under the Independent Directors Incentive Plan, vesting over a term of one year. Compensation cost related to restricted stock is recognized based on the market price of the stock at the grant date over the vesting period. Management has estimated restricted stock expense in the first three months of 2016 based on an assumption that the ROAE target for 2016 will be met. Total stock-based compensation expense attributable to restricted stock awards amounted to $162,000 in the first quarter 2016 and $150,000 in the first quarter 2015. |
Note 11 - Income Taxes
Note 11 - Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. INCOME TAXES The net deferred tax asset at March 31, 2016 and December 31, 2015 represents the following temporary difference components: March 31, December 31, (In Thousands) 2016 2015 Deferred tax assets: Net realized losses on securities $ 36 $ 69 Allowance for loan losses 2,623 2,761 Other deferred tax assets 2,238 2,634 Total deferred tax assets 4,897 5,464 Deferred tax liabilities: Unrealized holding gains on securities 2,879 1,342 Defined benefit plans - ASC 835 26 19 Bank premises and equipment 926 869 Core deposit intangibles 10 11 Other deferred tax liabilities 107 108 Total deferred tax liabilities 3,948 2,349 Deferred tax asset, net $ 949 $ 3,115 The provision for income tax for the three-month periods ended March 31, 2016 and 2015 is based on the Corporation’s estimate of the effective tax rate expected to be applicable for the full year. The effective tax rates for the Corporation are as follows: Three Months Ended (In thousands) March 31, 2016 2015 Income before income tax provision $ 4,666 $ 5,044 Income tax provision 1,093 1,229 Effective tax rate 23.42 % 24.37 % The effective tax rate for each period presented differs from the statutory rate of 35% principally because of the effects of tax-exempt interest income. The Corporation has investments in three limited partnerships that manage affordable housing projects that have qualified for the federal low-income housing tax credit. The Corporation’s expected return from these investments is based on the receipt of tax credits and tax benefits from deductions of operating losses. The Corporation uses the effective yield method to account for these investments, with the benefits recognized as a reduction of the provision for income taxes. For two of the three limited partnership investments, the tax credits have been received in full in prior years, and the Corporation has fully realized the benefits of the credits and amortized its initial investments in the partnerships. The most recent affordable housing project was completed in 2013, and the Corporation received tax credits in 2013, 2014 and 2015 and expects to continue to receive tax credits annually through 2022. The carrying amount of the Corporation’s investment is $787,000 at March 31, 2016 and $812,000 at December 31, 2015 (included in Other Assets in the consolidated balance sheets). For the year ending December 31, 2016, the estimated amount of tax credits and other tax benefits to be received is $158,000 and the estimated amount to be recognized as a reduction of the provision for income taxes is $76,000. For the year ended December 31, 2015, tax credits and other tax benefits totaled $158,000 and the amount recognized as a reduction of the provision for income taxes for 2015 was $80,000. The total reduction in the provision for income taxes resulting from this investment is $19,000 in the first quarter 2016 and $20,000 in the first quarter 2015. CITIZENS & NORTHERN CORPORATION – FORM 10-Q The Corporation has no unrecognized tax benefits, nor pending examination issues related to tax positions taken in preparation of its income tax returns. With limited exceptions, the Corporation is no longer subject to examination by the Internal Revenue Service for years prior to 2012. |
Note 12 - Contingencies
Note 12 - Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. CONTINGENCIES In the normal course of business, the Corporation may be subject to pending and threatened lawsuits in which claims for monetary damages could be asserted. In management’s opinion, the Corporation’s financial position and results of operations would not be materially affected by the outcome of such pending legal proceedings. |
Note 13 - Recent Accounting Pro
Note 13 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Accounting Changes and Error Corrections [Text Block] | 13 . R ECENT ACCOUNTING PRONOUNCEMENTS The FASB issues Accounting Standards Updates (ASUs) to the FASB Accounting Standards Codification (ASC). This section provides a summary description of recent ASUs that have significant implications (elected or required) within the consolidated financial statements, or that management expects may have a significant impact on financial statements issued in the near future. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which provides a principles-based framework for revenue recognition that supersedes virtually all previously issued revenue recognition guidance under U.S. GAAP. Additionally, the ASU requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The core principle of the five-step revenue recognition framework is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015 the FASB issued ASU 2015-14, which deferred the effective date of the revenue recognition standard by a year, making it applicable for the Corporation in the first quarter 2018 and for the annual period ending December 31, 2018. The amendments should be applied either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the amendments recognized at the date of initial application. The Corporation is in the process of evaluating the potential impact of adopting the amendments, including determining which transition method to apply. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Liabilities. This makes significant changes in U.S. GAAP related to certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The changes provided for in this Update that are applicable to the Corporation are as follows: (1) require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; however, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer; (2) for equity investments without readily determinable fair values, require a qualitative assessment to identify impairment, and if a qualitative assessment indicates that impairment exists, requiring an entity to measure the investment at fair value; (3) eliminate the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (4) require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (5) require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments (at March 31, 2016 and December 31, 2015, the Corporation has no liabilities for which the fair value measurement option has been elected); (6) require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and (7) clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The amendments in this Update will become effective for the Corporation for annual and interim periods beginning in the first quarter 2018. With limited exceptions, early adoption of the amendments in this Update is not permitted. Amendments are to be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values should be applied prospectively. CITIZENS & NORTHERN CORPORATION – FORM 10-Q In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. Specifically, a lessee should recognize on the balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee would be permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and liabilities. Topic 842 would not significantly change the recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee from current U.S. GAAP; however, the principal change from current GAAP is that lease assets and liabilities arising from operating leases would be recognized on the balance sheet. Topic 842 provides several other changes or clarifications to existing GAAP, and will require qualitative disclosures, along with quantitative disclosures, so that financial statement users can understand more about the nature of an entity’s leasing activities. In transition, Topic 842 provides that lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach, including optional practical expedients. An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commence before the effective date in accordance with previous GAAP unless the lease is modified, except that lessees will be required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. Topic 842 will become effective for the Corporation for annual and interim periods beginning in the first quarter 2019. In March 2016, the FASB issued ASU No. 2016-07, Investments – Equity Method and Joint Ventures. This ASU eliminates the requirement that when an investment qualifies for the equity method as a result of an increase in the level of ownership interest or influence, an investor must adjust the investment, results of operations and retained earnings retroactively as if the equity method had been in effect during all previous periods the investment had been held. The ASU requires the equity method investor add the cost of acquiring additional interest in the investee to the basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for the equity method. The ASU further requires that an entity that has an available-for-sale equity security that becomes qualified for the equity method recognize through earnings the unrealized gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments in this Update are effective for the Corporation for annual and interim periods beginning in the first quarter 2017, with earlier application permitted. The amendments should be applied prospectively upon their effective date. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation. This ASU changes several aspects of accounting for share-based payment transactions, and includes some changes that apply only to nonpublic companies. This Update includes amendments that currently apply, or may apply in the future, to the Corporation related to the following: (1) accounting for the difference between the deduction for tax purposes and the amount of compensation cost recognized for financial reporting purposes; (2) classification of excess tax benefits on the statement of cash flows; (3) accounting for forfeitures; (4) accounting for awards partially settled in cash in excess of the employer’s minimum statutory tax withholding requirements; and (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. The amendments in this Update are effective for the Corporation for annual and interim periods beginning in the first quarter 2017, with earlier adoption permitted. The ASU provides separate transition provisions for each of the amendments. The Corporation is in the process of evaluating the potential impact of adopting the amendments. |
Note 14 -Subsequent Event
Note 14 -Subsequent Event | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 14. SUBSEQUENT EVENT Effective April 21, 2016, the Corporation announced a new treasury stock repurchase program. Announcement of a new treasury stock repurchase program follows the recent completion of a common stock repurchase plan authorized by the Board of Directors in July 2014. Through March 31, 2016, 589,550 shares had been repurchased under the July 2014 program for a total cost of $11,870,000. In April 2016, the Corporation repurchased the remainder of the shares authorized under that program. In total, 622,500 shares were repurchased for a total cost of $12,140,000, at an average price of $19.50 per share. Under the new program, the Corporation is authorized to repurchase up to 600,000 shares of the Corporation’s common stock, or slightly less than 5% of the Corporation’s issued and outstanding shares at April 19, 2016. As permitted by securities laws and other legal requirements and subject to market conditions and other factors, purchases under the new program may be made from time to time in the open market at prevailing prices, or through privately negotiated transactions. Consistent with the previous program, the Board of Directors’ April 21, 2016 authorization provides that: (1) the new treasury stock repurchase program shall be effective when publicly announced and shall continue thereafter until suspended or terminated by the Board of Directors, in its sole discretion; and (2) all shares of common stock repurchased pursuant to the new program shall be held as treasury shares and be available for use and reissuance for purposes as and when determined by the Board of Directors including, without limitation, pursuant to the Corporation’s Dividend Reinvestment and Stock Purchase Plan and its equity compensation program. |
Note 2 - Per Share Data (Tables
Note 2 - Per Share Data (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Weighted- Average Earnings Net Common Per Income Shares Share Three Months Ended March 31, 2016 Earnings per share – basic $ 3,573,000 12,155,108 $ 0.29 Dilutive effect of potential common stock arising from stock options: Exercise of outstanding stock options 198,985 Hypothetical share repurchase at $20.05 (178,215 ) Earnings per share – diluted $ 3,573,000 12,175,878 $ 0.29 Three Months Ended March 31, 2015 Earnings per share – basic $ 3,815,000 12,268,306 $ 0.31 Dilutive effect of potential common stock arising from stock options: Exercise of outstanding stock options 181,385 Hypothetical share repurchase at $19.78 (160,552 ) Earnings per share – diluted $ 3,815,000 12,289,139 $ 0.31 |
Note 3 - Comprehensive Income (
Note 3 - Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | (In Thousands) Before-Tax Income Tax Net-of-Tax Amount Effect Amount Three Months Ended March 31, 2016 Unrealized gains on available-for-sale securities: Unrealized holding gains on available-for-sale securities $ 4,774 $ (1,671 ) $ 3,103 Reclassification adjustment for (gains) realized in income (383 ) 134 (249 ) Other comprehensive income on available-for-sale securities 4,391 (1,537 ) 2,854 Unfunded pension and postretirement obligations: Changes from plan amendments and actuarial gains and losses included in other comprehensive income 26 (9 ) 17 Amortization of net transition obligation, prior service cost and net actuarial loss included in net periodic benefit cost (5 ) 2 (3 ) Other comprehensive income on unfunded retirement obligations 21 (7 ) 14 Total other comprehensive income $ 4,412 $ (1,544 ) $ 2,868 (In Thousands) Before-Tax Income Tax Net-of-Tax Amount Effect Amount Three Months Ended March 31, 2015 Unrealized gains on available-for-sale securities: Unrealized holding gains on available-for-sale securities $ 3,725 $ (1,304 ) $ 2,421 Reclassification adjustment for (gains) realized in income (74 ) 26 (48 ) Other comprehensive income on available-for-sale securities 3,651 (1,278 ) 2,373 Unfunded pension and postretirement obligations: Changes from plan amendments and actuarial gains and losses included in other comprehensive income (100 ) 35 (65 ) Amortization of net transition obligation, prior service cost and net actuarial loss included in net periodic benefit cost (3 ) 1 (2 ) Other comprehensive loss on unfunded retirement obligations (103 ) 36 (67 ) Total other comprehensive income $ 3,548 $ (1,242 ) $ 2,306 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (In Thousands) Unrealized Unfunded Accumulated Holding Pension and Other Gains Postretirement Comprehensive on Securities Obligations Income Three Months Ended March 31, 2016 Balance, beginning of period $ 2,493 $ 35 $ 2,528 Other comprehensive income before reclassifications 3,103 17 3,120 Amounts reclassified from accumulated other comprehensive income (249 ) (3 ) (252 ) Other comprehensive income 2,854 14 2,868 Balance, end of period $ 5,347 $ 49 $ 5,396 (In Thousands) Unrealized Unfunded Accumulated Holding Pension and Other Gains Postretirement Comprehensive on Securities Obligations Income Three Months Ended March 31, 2015 Balance, beginning of period $ 5,281 $ 79 $ 5,360 Other comprehensive income before reclassifications 2,421 (65 ) 2,356 Amounts reclassified from accumulated other comprehensive income (48 ) (2 ) (50 ) Other comprehensive income 2,373 (67 ) 2,306 Balance, end of period $ 7,654 $ 12 $ 7,666 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | For the Three Months Ended March 31, 2016 (In Thousands) Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Consolidated Comprehensive Income Components Comprehensive Income Statements of Income Unrealized gains and losses on available-for-sale securities $ (383 ) Realized gains on available-for-sale securities, net 134 Income tax provision (249 ) Net of tax Amortization of defined benefit pension and postretirement items: Prior service cost (8 ) Pensions and other employee benefits Actuarial loss 3 Pensions and other employee benefits (5 ) Total before tax 2 Income tax provision (3 ) Net of tax Total reclassifications for the period $ (252 ) For the Three Months Ended March 31, 2015 (In Thousands) Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Consolidated Comprehensive Income Components Comprehensive Income Statements of Income Unrealized gains and losses on available-for-sale securities $ (74 ) Realized gains on available-for-sale securities, net 26 Income tax provision (48 ) Net of tax Amortization of defined benefit pension and postretirement items: Prior service cost (7 ) Pensions and other employee benefits Actuarial loss 4 Pensions and other employee benefits (3 ) Total before tax 1 Income tax provision (2 ) Net of tax Total reclassifications for the period $ (50 ) |
Note 4 - Cash and Due from Ba25
Note 4 - Cash and Due from Banks (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | (In thousands) March 31, Dec. 31, 2016 2015 Cash and cash equivalents $ 38,425 $ 33,313 Certificates of deposit 2,748 2,748 Total cash and due from banks $ 41,173 $ 36,061 |
Note 5 - Fair Value Measureme26
Note 5 - Fair Value Measurements and Fair Values of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value, Measurements, Nonrecurring [Member] | |
Notes Tables | |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | (In Thousands, Except Value at Percentages) Valuation 3 /31/1 6 Balance at Allowance at Fair Value at Valuation Unobservable (Weighted Asset 3/31/16 3/31/16 3/31/16 Technique Inputs Average) Impaired loans: Commercial: Commercial loans secured by real estate $ 311 $ 96 $ 215 Sales comparison Discount to appraised value 47 % Commercial and industrial 599 158 441 Sales comparison Discount to appraised value 52 % Loans secured by farmland 510 52 458 Sales comparison Discount to appraised value 49 % Total impaired loans $ 1,420 $ 306 $ 1,114 Foreclosed assets held for sale - real estate: Residential (1-4 family) $ 883 $ 0 $ 883 Sales comparison Discount to appraised value 39 % Land 701 0 701 Sales comparison Discount to appraised value 30 % Total foreclosed assets held for sale $ 1,584 $ 0 $ 1,584 (In Thousands, Except Value at Percentages) Valuation 12/31/15 Balance at Allowance at Fair Value at Valuation Unobservable (Weighted Asset 12/31/15 12/31/15 12/31/15 Technique Inputs Average) Impaired loans: Residential mortgage loans - first liens $ 42 $ 1 $ 41 Sales comparison Discount to appraised value 31 % Commercial: Commercial loans secured by real estate 317 97 220 Sales comparison Discount to appraised value 46 % Commercial and industrial 75 75 0 Sales comparison Discount to appraised value 31 % Loans secured by farmland 512 52 460 Sales comparison Discount to appraised value 49 % Multi-family (5 or more) residential 987 595 392 Sales comparison Discount to appraised value 41 % Total impaired loans $ 1,933 $ 820 $ 1,113 Foreclosed assets held for sale - real estate: Residential (1-4 family) $ 556 $ 0 $ 556 Sales comparison Discount to appraised value 32 % Land 704 0 704 Sales comparison Discount to appraised value 29 % Total foreclosed assets held for sale $ 1,260 $ 0 $ 1,260 |
Fair Value, Measurements, Recurring [Member] | |
Notes Tables | |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Fair Value at 3/31/16 Valuation Unobservable Method or Value As of Asset (In Thousands) Technique Input(s) 3/31/16 Servicing rights $ 1,261 Discounted cash flow Discount rate 10.00 % Rate used through modeling period Loan prepayment speeds 168.00 % Weighted-average PSA Servicing fees 0.25 % of loan balances 4.00 % of payments are late 5.00 % late fees assessed $ 1.94 Miscellaneous fees per account per month Servicing costs $ 6.00 Monthly servicing cost per account $ 24.00 Additional monthly servicing cost per loan on loans more than 30 days delinquent 1.50 % of loans more than 30 days delinquent 3.00 % annual increase in servicing costs Fair Value at 12/31/15 Valuation Unobservable Method or Value As of Asset (In Thousands) Technique Input(s) 12/31/15 Servicing rights $ 1,296 Discounted cash flow Discount rate 10.00 % Rate used through modeling period Loan prepayment speeds 146.00 % Weighted-average PSA Servicing fees 0.25 % of loan balances 4.00 % of payments are late 5.00 % late fees assessed $ 1.94 Miscellaneous fees per account per month Servicing costs $ 6.00 Monthly servicing cost per account $ 24.00 Additional monthly servicing cost per loan on loans more than 30 days delinquent 1.50 % of loans more than 30 days delinquent 3.00 % annual increase in servicing costs |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2016 Quoted Prices Other in Active Observable Unobservable Total Markets Inputs Inputs Fair (In Thousands) (Level 1) (Level 2) (Level 3) Value Recurring fair value measurements AVAILABLE-FOR-SALE SECURITIES: Obligations of U.S. Government agencies $ 0 $ 10,707 $ 0 $ 10,707 Obligations of states and political subdivisions: Tax-exempt 0 111,959 0 111,959 Taxable 0 35,094 0 35,094 Mortgage-backed securities 0 73,243 0 73,243 Collateralized mortgage obligations, Issued by U.S. Government agencies 0 180,860 0 180,860 Collateralized debt obligations 0 7 0 7 Total debt securities 0 411,870 0 411,870 Marketable equity securities 1,736 0 0 1,736 Total available-for-sale securities 1,736 411,870 0 413,606 Servicing rights 0 0 1,261 1,261 Total recurring fair value measurements $ 1,736 $ 411,870 $ 1,261 $ 414,867 Nonrecurring fair value measurements Impaired loans with a valuation allowance $ 0 $ 0 $ 1,420 $ 1,420 Valuation allowance 0 0 (306 ) (306 ) Impaired loans, net 0 0 1,114 1,114 Foreclosed assets held for sale 0 0 1,584 1,584 Total nonrecurring fair value measurements $ 0 $ 0 $ 2,698 $ 2,698 December 31, 2015 Quoted Prices Other in Active Observable Unobservable Total Markets Inputs Inputs Fair (In Thousands) (Level 1) (Level 2) (Level 3) Value Recurring fair value measurements AVAILABLE-FOR-SALE SECURITIES: Obligations of U.S. Government agencies $ 0 $ 10,483 $ 0 $ 10,483 Obligations of states and political subdivisions: Tax-exempt 0 107,757 0 107,757 Taxable 0 34,597 0 34,597 Mortgage-backed securities 0 73,343 0 73,343 Collateralized mortgage obligations, Issued by U.S. Government agencies 0 191,715 0 191,715 Collateralized debt obligations 0 9 0 9 Total debt securities 0 417,904 0 417,904 Marketable equity securities 2,386 0 0 2,386 Total available-for-sale securities 2,386 417,904 0 420,290 Servicing rights 0 0 1,296 1,296 Total recurring fair value measurements $ 2,386 $ 417,904 $ 1,296 $ 421,586 Nonrecurring fair value measurements Impaired loans with a valuation allowance $ 0 $ 0 $ 1,933 $ 1,933 Valuation allowance 0 0 (820 ) (820 ) Impaired loans, net 0 0 1,113 1,113 Foreclosed assets held for sale 0 0 1,260 1,260 Total nonrecurring fair value measurements $ 0 $ 0 $ 2,373 $ 2,373 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | (In Thousands) 3 Months Ended March 31, March 31, 201 6 2015 Servicing rights balance, beginning of period $ 1,296 $ 1,281 Issuances of servicing rights 36 31 Unrealized losses included in earnings (71 ) (117 ) Service rights balance, end of period $ 1,261 $ 1,195 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | (In Thousands) Valuation March 31, 2016 December 31, 2015 Method(s) Carrying Fair Carrying Fair Used Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 38,425 $ 38,425 $ 33,313 $ 33,313 Certificates of deposit Level 2 2,748 2,773 2,748 2,752 Available-for-sale securities See Above 413,606 413,606 420,290 420,290 Restricted equity securities (included in Other Assets) Level 2 3,261 3,261 4,657 4,657 Loans held for sale Level 2 526 526 280 280 Loans, net Level 3 693,944 688,359 696,991 685,552 Accrued interest receivable Level 2 3,900 3,900 3,768 3,768 Servicing rights Level 3 1,261 1,261 1,296 1,296 Financial liabilities: Deposits with no stated maturity Level 2 736,837 736,837 713,931 713,931 Time deposits Level 2 219,011 219,237 221,684 221,891 Short-term borrowings Level 2 25,952 25,841 53,496 53,398 Long-term borrowings Level 2 38,692 40,247 38,767 40,166 Accrued interest payable Level 2 69 69 70 70 |
Note 6 - Securities (Tables)
Note 6 - Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | March 31, 2016 Gross Gross Unrealized Unrealized Amortized Holding Holding Fair (In Thousands) Cost Gains Losses Value Obligations of U.S. Government agencies $ 10,661 $ 46 $ 0 $ 10,707 Obligations of states and political subdivisions: Tax-exempt 107,269 4,756 (66 ) 111,959 Taxable 34,249 845 0 35,094 Mortgage-backed securities 72,210 1,060 (27 ) 73,243 Collateralized mortgage obligations, Issued by U.S. Government agencies 179,731 1,665 (536 ) 180,860 Collateralized debt obligations 7 0 0 7 Total debt securities 404,127 8,372 (629 ) 411,870 Marketable equity securities 1,253 483 0 1,736 Total $ 405,380 $ 8,855 $ (629 ) $ 413,606 December 31, 2015 Gross Gross Unrealized Unrealized Amortized Holding Holding Fair (In Thousands) Cost Gains Losses Value Obligations of U.S. Government agencies $ 10,663 $ 12 $ (192 ) $ 10,483 Obligations of states and political subdivisions: Tax-exempt 103,414 4,365 (22 ) 107,757 Taxable 34,317 381 (101 ) 34,597 Mortgage-backed securities 73,227 486 (370 ) 73,343 Collateralized mortgage obligations, Issued by U.S. Government agencies 193,145 623 (2,053 ) 191,715 Collateralized debt obligations: 9 0 0 9 Total debt securities 414,775 5,867 (2,738 ) 417,904 Marketable equity securities 1,680 706 0 2,386 Total $ 416,455 $ 6,573 $ (2,738 ) $ 420,290 |
Schedule of Unrealized Loss on Investments [Table Text Block] | March 31, 2016 Less Than 12 Months 12 Months or More Total (In Thousands) Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Obligations of states and political subdivisions, Tax-exempt $ 10,017 $ (66 ) $ 0 $ 0 $ 10,017 $ (66 ) Mortgage-backed securities 5,899 (27 ) 0 0 5,899 (27 ) Collateralized mortgage obligations, Issued by U.S. Government agencies 5,820 (105 ) 44,291 (431 ) 50,111 (536 ) Total temporarily impaired available-for-sale securities $ 21,736 $ (198 ) $ 44,291 $ (431 ) $ 66,027 $ (629 ) December 31, 2015 Less Than 12 Months 12 Months or More Total (In Thousands) Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Obligations of U.S. Government agencies $ 0 $ 0 $ 7,850 $ (192 ) $ 7,850 $ (192 ) Obligations of states and political subdivisions: Tax-exempt 5,200 (19 ) 216 (3 ) 5,416 (22 ) Taxable 10,605 (60 ) 2,910 (41 ) 13,515 (101 ) Mortgage-backed securities 38,764 (295 ) 3,503 (75 ) 42,267 (370 ) Collateralized mortgage obligations, Issued by U.S. Government agencies 88,355 (648 ) 49,273 (1,405 ) 137,628 (2,053 ) Total temporarily impaired available-for-sale securities $ 142,924 $ (1,022 ) $ 63,752 $ (1,716 ) $ 206,676 $ (2,738 ) |
Realized Gain (Loss) on Investments [Table Text Block] | (In Thousands) 3 Months Ended March 31, March 31, 2016 2015 Gross realized gains from sales $ 383 $ 74 Gross realized losses from sales 0 0 Net realized gains $ 383 $ 74 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Fair (In Thousands) Cost Value Due in one year or less $ 10,374 $ 10,451 Due from one year through five years 65,791 67,520 Due from five years through ten years 45,949 47,676 Due after ten years 30,072 32,120 Subtotal 152,186 157,767 Mortgage-backed securities 72,210 73,243 Collateralized mortgage obligations, Issued by U.S. Government agencies 179,731 180,860 Total $ 404,127 $ 411,870 |
Note 7 - Loans (Tables)
Note 7 - Loans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Troubled Debt Restructuring [Member] | |
Notes Tables | |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Three Months Ended March 31, 2016 Pre- Post- (Balances in Thousands) Modification Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment Commercial, Commercial and industrial 1 $ 5 $ 5 Three Months Ended March 31, 2015 Pre- Post- (Balances in Thousands) Modification Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment Residential mortgage: Residential mortgage loans - first liens 1 $ 56 $ 56 Residential mortgage loans - junior liens 1 32 32 Consumer 1 30 30 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Summary of Loans by Type (In Thousands) Mar. 31, Dec. 31, 2016 2015 Residential mortgage: Residential mortgage loans - first liens $ 306,753 $ 304,783 Residential mortgage loans - junior liens 21,622 21,146 Home equity lines of credit 38,627 39,040 1-4 Family residential construction 20,010 21,121 Total residential mortgage 387,012 386,090 Commercial: Commercial loans secured by real estate 154,646 154,779 Commercial and industrial 71,628 75,196 Political subdivisions 38,364 40,007 Commercial construction and land 7,445 5,122 Loans secured by farmland 7,168 7,019 Multi-family (5 or more) residential 8,393 9,188 Agricultural loans 4,492 4,671 Other commercial loans 11,387 12,152 Total commercial 303,523 308,134 Consumer 11,070 10,656 Total 701,605 704,880 Less: allowance for loan losses (7,661 ) (7,889 ) Loans, net $ 693,944 $ 696,991 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Three Months Ended March 31, 2016 Dec. 31, Provision March 31, (In Thousands) 2015 Balance Charge-offs Recoveries (Credit) 2016 Balance Allowance for Loan Losses: Residential mortgage: Residential mortgage loans - first liens $ 2,645 $ 0 $ 0 $ 77 $ 2,722 Residential mortgage loans - junior liens 219 0 0 9 228 Home equity lines of credit 347 0 0 4 351 1-4 Family residential construction 207 0 0 (7 ) 200 Total residential mortgage 3,418 0 0 83 3,501 Commercial: Commercial loans secured by real estate 1,939 0 1 87 2,027 Commercial and industrial 981 0 1 (6 ) 976 Commercial construction and land 58 0 0 26 84 Loans secured by farmland 106 0 0 2 108 Multi-family (5 or more) residential 675 (595 ) 0 176 256 Agricultural loans 45 0 0 (1 ) 44 Other commercial loans 118 0 0 (6 ) 112 Total commercial 3,922 (595 ) 2 278 3,607 Consumer 122 (18 ) 15 7 126 Unallocated 427 0 0 0 427 Total Allowance for Loan Losses $ 7,889 $ (613 ) $ 17 $ 368 $ 7,661 Three Months Ended March 31, 2015 Dec. 31, March 31, (In Thousands) 2014 Balance Charge-offs Recoveries Provision (Credit) 2015 Balance Allowance for Loan Losses: Residential mortgage: Residential mortgage loans - first liens $ 2,941 $ (79 ) $ 1 $ (89 ) $ 2,774 Residential mortgage loans - junior liens 176 0 0 24 200 Home equity lines of credit 322 0 0 0 322 1-4 Family residential construction 214 0 0 (7 ) 207 Total residential mortgage 3,653 (79 ) 1 (72 ) 3,503 Commercial: Commercial loans secured by real estate 1,758 (115 ) 0 93 1,736 Commercial and industrial 688 (10 ) 1 5 684 Commercial construction and land 283 0 0 3 286 Loans secured by farmland 165 0 0 (6 ) 159 Multi-family (5 or more) residential 87 0 0 (6 ) 81 Agricultural loans 31 0 0 (2 ) 29 Other commercial loans 131 0 0 (8 ) 123 Total commercial 3,143 (125 ) 1 79 3,098 Consumer 145 (18 ) 15 (3 ) 139 Unallocated 395 0 0 (1 ) 394 Total Allowance for Loan Losses $ 7,336 $ (222 ) $ 17 $ 3 $ 7,134 |
Financing Receivable Credit Quality Indicators [Table Text Block] | March 31, 2016 (In Thousands) Special Pass Mention Substandard Doubtful Total Residential Mortgage: Residential mortgage loans - first liens $ 296,394 $ 378 $ 9,915 $ 66 $ 306,753 Residential mortgage loans - junior liens 20,920 276 426 0 21,622 Home Equity lines of credit 37,570 492 565 0 38,627 1-4 Family residential construction 19,994 16 0 0 20,010 Total residential mortgage 374,878 1,162 10,906 66 387,012 Commercial: Commercial loans secured by real estate 140,985 4,444 9,217 0 154,646 Commercial and Industrial 67,568 2,257 1,676 127 71,628 Political subdivisions 38,364 0 0 0 38,364 Commercial construction and land 7,282 60 103 0 7,445 Loans secured by farmland 5,452 171 1,525 20 7,168 Multi-family (5 or more) residential 7,751 0 642 0 8,393 Agricultural loans 4,478 0 14 0 4,492 Other commercial loans 11,309 0 78 0 11,387 Total commercial 283,189 6,932 13,255 147 303,523 Consumer 10,878 20 172 0 11,070 Totals $ 668,945 $ 8,114 $ 24,333 $ 213 $ 701,605 December 31, 2015 (In Thousands) Special Pass Mention Substandard Doubtful Total Residential Mortgage: Residential mortgage loans - first liens $ 295,302 $ 407 $ 9,007 $ 67 $ 304,783 Residential mortgage loans - junior liens 20,558 185 403 0 21,146 Home equity lines of credit 38,071 543 426 0 39,040 1-4 Family residential construction 21,104 17 0 0 21,121 Total residential mortgage 375,035 1,152 9,836 67 386,090 Commercial: Commercial loans secured by real estate 140,381 5,862 8,536 0 154,779 Commercial and Industrial 71,225 2,106 1,737 128 75,196 Political subdivisions 40,007 0 0 0 40,007 Commercial construction and land 4,957 60 105 0 5,122 Loans secured by farmland 5,084 483 1,432 20 7,019 Multi-family (5 or more) residential 7,943 0 1,245 0 9,188 Agricultural loans 4,655 0 16 0 4,671 Other commercial loans 12,073 0 79 0 12,152 Total commercial 286,325 8,511 13,150 148 308,134 Consumer 10,490 21 145 0 10,656 Totals $ 671,850 $ 9,684 $ 23,131 $ 215 $ 704,880 |
Impaired Financing Receivable by Portfolio Segment Table Text Block | March 31, 2016 Loans: Allowance for Loan Losses: (In Thousands) Individually Collectively Individually Collectively Evaluated Evaluated Totals Evaluated Evaluated Totals Residential mortgage: Residential mortgage loans - first liens $ 833 $ 305,920 $ 306,753 $ 0 $ 2,722 $ 2,722 Residential mortgage loans - junior liens 72 21,550 21,622 0 228 228 Home equity lines of credit 0 38,627 38,627 0 351 351 1-4 Family residential construction 0 20,010 20,010 0 200 200 Total residential mortgage 905 386,107 387,012 0 3,501 3,501 Commercial: Commercial loans secured by real estate 6,065 148,581 154,646 96 1,931 2,027 Commercial and industrial 832 70,796 71,628 155 821 976 Political subdivisions 0 38,364 38,364 0 0 0 Commercial construction and land 0 7,445 7,445 0 84 84 Loans secured by farmland 1,418 5,750 7,168 52 56 108 Multi-family (5 or more) residential 392 8,001 8,393 0 256 256 Agricultural loans 14 4,478 4,492 0 44 44 Other commercial loans 0 11,387 11,387 0 112 112 Total commercial 8,721 294,802 303,523 303 3,304 3,607 Consumer 4 11,066 11,070 3 123 126 Unallocated 427 Total $ 9,630 $ 691,975 $ 701,605 $ 306 $ 6,928 $ 7,661 December 31, 2015 Loans: Allowance for Loan Losses: (In Thousands) Individually Collectively Individually Collectively Evaluated Evaluated Totals Evaluated Evaluated Totals Residential mortgage: Residential mortgage loans - first liens $ 884 $ 303,899 $ 304,783 $ 1 $ 2,644 $ 2,645 Residential mortgage loans - junior liens 74 21,072 21,146 0 219 219 Home equity lines of credit 0 39,040 39,040 0 347 347 1-4 Family residential construction 0 21,121 21,121 0 207 207 Total residential mortgage 958 385,132 386,090 1 3,417 3,418 Commercial: Commercial loans secured by real estate 6,262 148,517 154,779 97 1,842 1,939 Commercial and industrial 324 74,872 75,196 75 906 981 Political subdivisions 0 40,007 40,007 0 0 0 Commercial construction and land 0 5,122 5,122 0 58 58 Loans secured by farmland 1,427 5,592 7,019 52 54 106 Multi-family (5 or more) residential 987 8,201 9,188 595 80 675 Agricultural loans 16 4,655 4,671 0 45 45 Other commercial loans 0 12,152 12,152 0 118 118 Total commercial 9,016 299,118 308,134 819 3,103 3,922 Consumer 0 10,656 10,656 0 122 122 Unallocated 427 Total $ 9,974 $ 694,906 $ 704,880 $ 820 $ 6,642 $ 7,889 |
Impaired Financing Receivables [Table Text Block] | (In Thousands) March 31, 2016 December 31, 2015 Unpaid Unpaid Principal Recorded Related Principal Recorded Related Balance Investment Allowance Balance Investment Allowance With no related allowance recorded: Residential mortgage loans - first liens $ 833 $ 833 $ 0 $ 842 $ 842 $ 0 Residential mortgage loans - junior liens 72 72 0 74 74 0 Commercial loans secured by real estate 7,415 5,754 0 7,580 5,945 0 Commercial and industrial 237 237 0 249 249 0 Loans secured by farmland 908 908 0 915 915 0 Multi-family (5 or more) residential 987 392 0 0 0 0 Agricultural loans 14 14 0 16 16 0 Total with no related allowance recorded 10,466 8,210 0 9,676 8,041 0 With a related allowance recorded: Residential mortgage loans - first liens 0 0 0 42 42 1 Commercial loans secured by real estate 311 311 96 317 317 97 Commercial and industrial 595 595 155 75 75 75 Loans secured by farmland 510 510 52 512 512 52 Multi-family (5 or more) residential 0 0 0 987 987 595 Consumer 4 4 3 0 0 0 Total with a related allowance recorded 1,420 1,420 306 1,933 1,933 820 Total $ 11,886 $ 9,630 $ 306 $ 11,609 $ 9,974 $ 820 |
Schedule Of Additional Information On Impaired Loans [Table Text Block] | Interest Income Recognized on Average Investment in Impaired Loans Impaired Loans on a Cash Basis (In Thousands) 3 Months Ended 3 Months Ended March 31, March 31, 2016 2015 2016 2015 Residential mortgage: Residential mortgage loans - first lien $ 861 $ 3,442 $ 10 $ 14 Residential mortgage loans - junior lien 73 48 1 1 Total residential mortgage 934 3,490 11 15 Commercial: Commercial loans secured by real estate 6,160 6,588 110 112 Commercial and industrial 568 603 3 7 Commercial construction and land 0 75 0 0 Loans secured by farmland 1,423 1,465 21 26 Multi-family (5 or more) residential 690 519 0 25 Agricultural loans 15 0 1 0 Total commercial 8,856 9,250 135 170 Consumer 12 0 0 0 Total $ 9,802 $ 12,740 $ 146 $ 185 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | (In Thousands) March 31, 2016 December 31, 2015 Past Due Past Due 90+ Days and 90+ Days and Accruing Nonaccrual Accruing Nonaccrual Residential mortgage: Residential mortgage loans - first liens $ 2,680 $ 3,080 $ 2,381 $ 3,044 Residential mortgage loans - junior liens 140 0 79 0 Home equity lines of credit 175 0 130 0 Total residential mortgage 2,995 3,080 2,590 3,044 Commercial: Commercial loans secured by real estate 539 5,689 503 5,730 Commercial and industrial 318 312 65 313 Loans secured by farmland 102 1,418 0 1,427 Multi-family (5 or more) residential 0 392 0 987 Agricultural loans 0 14 0 16 Total commercial 959 7,825 568 8,473 Consumer 3 39 71 0 Totals $ 3,957 $ 10,944 $ 3,229 $ 11,517 |
Past Due Financing Receivables [Table Text Block] | As of March 31, 2016 As of December 31, 2015 Current & Current & (In Thousands) Past Due Past Due Past Due Past Due Past Due Past Due Less than 30-89 90+ Less than 30-89 90+ 30 Days Days Days Total 30 Days Days Days Total Residential mortgage: Residential mortgage loans - first liens $ 295,485 $ 7,234 $ 4,034 $ 306,753 $ 294,703 $ 6,156 $ 3,924 $ 304,783 Residential mortgage loans - junior liens 21,340 142 140 21,622 20,816 251 79 21,146 Home equity lines of credit 37,977 475 175 38,627 38,581 329 130 39,040 1-4 Family residential construction 19,867 143 0 20,010 21,121 0 0 21,121 Total residential mortgage 374,669 7,994 4,349 387,012 375,221 6,736 4,133 386,090 Commercial: Commercial loans secured by real estate 150,087 3,280 1,279 154,646 153,427 108 1,244 154,779 Commercial and industrial 71,123 168 337 71,628 75,002 118 76 75,196 Political subdivisions 38,364 0 0 38,364 40,007 0 0 40,007 Commercial construction and land 7,311 134 0 7,445 5,018 104 0 5,122 Loans secured by farmland 6,025 221 922 7,168 5,970 223 826 7,019 Multi-family (5 or more) residential 7,928 73 392 8,393 8,201 0 987 9,188 Agricultural loans 4,398 80 14 4,492 4,642 13 16 4,671 Other commercial loans 11,387 0 0 11,387 12,152 0 0 12,152 Total commercial 296,623 3,956 2,944 303,523 304,419 566 3,149 308,134 Consumer 10,933 95 42 11,070 10,537 48 71 10,656 Totals $ 682,225 $ 12,045 $ 7,335 $ 701,605 $ 690,177 $ 7,350 $ 7,353 $ 704,880 |
Contractual Aging of Nonaccrual Loans [Table Text Block] | Current & (In Thousands) Past Due Past Due Past Due Less than 30-89 90+ 30 Days Days Days Total March 31, 2016 Nonaccrual Totals $ 6,894 $ 672 $ 3,378 $ 10,944 December 31, 2015 Nonaccrual Totals $ 7,100 $ 293 $ 4,124 $ 11,517 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Current & (In Thousands) Past Due Past Due Past Due Less than 30-89 90+ 30 Days Days Days Nonaccrual Total March 31, 2016 Totals $ 925 $ 242 $ 86 $ 5,060 $ 6,313 December 31, 2015 Totals $ 1,186 $ 0 $ 81 $ 5,097 $ 6,364 |
Schedule of Troubled Debt Restructurings With Subsequent Default [Table Text Block] | Number of Recorded Contracts Investment Three Months Ended March 31, 2016 (Balances in Thousands) Residential mortgage, Residential mortgage loans - first liens 1 $ 31 Commercial, Commercial and industrial 1 5 Number of Recorded Contracts Investment Three Months Ended March 31, 2015 (Balances in Thousands) Residential mortgage, 2 $ 115 Commercial: Commercial loans secured by real estate 1 407 Commercial construction and land 1 25 |
Schedule of Real Estate Acquired Through Foreclosure [Table Text Block] | (In Thousands) March 31, Dec. 31, 2016 2015 Foreclosed residential real estate $ 883 $ 555 |
Schedule of Mortgage Loans in Process of Foreclosure [Table Text Block] | (In Thousands) March 31, Dec. 31, 2016 2015 Residential real estate in process of foreclosure $ 931 $ 1,173 |
Note 8 - Borrowed Funds (Tables
Note 8 - Borrowed Funds (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Short-term Debt [Table Text Block] | (In Thousands) March 31, Dec. 31, 2016 2015 FHLB-Pittsburgh borrowings $ 18,811 $ 48,581 Customer repurchase agreements 7,141 4,915 Total short-term borrowings $ 25,952 $ 53,496 (In Thousands) March 31, Dec. 31 , 2016 2015 Overnight borrowing $ 0 $ 23,500 Other short-term advances 18,811 25,081 Total short-term FHLB-Pittsburgh borrowings $ 18,811 $ 48,581 |
Schedule of Long-term Debt Instruments [Table Text Block] | (In Thousands) March 31, Dec. 31 , 2016 2015 FHLB-Pittsburgh borrowings $ 11,692 $ 11,767 Repurchase agreement 27,000 27,000 Total long-term borrowings $ 38,692 $ 38,767 |
Schedule of Maturities of Long-term Debt [Table Text Block] | (In Thousands) March 31, Dec. 31, 2016 2015 Loan maturing in 2016 with a rate of 6.86% $ 45 $ 57 Loan maturing in 2017 with a rate of 6.83% 9 10 Loan maturing in 2017 with a rate of 3.81% 10,000 10,000 Loan maturing in 2020 with a rate of 4.79% 778 821 Loan maturing in 2025 with a rate of 4.91% 860 879 Total long-term FHLB-Pittsburgh borrowings $ 11,692 $ 11,767 |
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block] | (In Thousands) March 31, Dec . 31, 2016 2015 Mortgage-backed securities $ 15,526 $ 15,772 Collateralized mortgage obligations, Issued by U.S. Government agencies 17,175 18,008 Total $ 32,701 $ 33,780 |
Note 9 - Defined Benefit Plans
Note 9 - Defined Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Defined Benefit Plans (In Thousands) Pension Postretirement Three Months Ended Three Months Ended March 31, March 31, 2016 2015 2016 2015 Service cost $ 0 $ 0 $ 9 $ 10 Interest cost 7 9 16 13 Expected return on plan assets (7 ) (11 ) 0 0 Amortization of prior service cost 0 0 (8 ) (7 ) Recognized net actuarial loss 3 4 0 0 Net periodic benefit cost $ 3 $ 2 $ 17 $ 16 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31, December 31, (In Thousands) 2016 2015 Deferred tax assets: Net realized losses on securities $ 36 $ 69 Allowance for loan losses 2,623 2,761 Other deferred tax assets 2,238 2,634 Total deferred tax assets 4,897 5,464 Deferred tax liabilities: Unrealized holding gains on securities 2,879 1,342 Defined benefit plans - ASC 835 26 19 Bank premises and equipment 926 869 Core deposit intangibles 10 11 Other deferred tax liabilities 107 108 Total deferred tax liabilities 3,948 2,349 Deferred tax asset, net $ 949 $ 3,115 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended (In thousands) March 31, 2016 2015 Income before income tax provision $ 4,666 $ 5,044 Income tax provision 1,093 1,229 Effective tax rate 23.42 % 24.37 % |
Note 2 - Per Share Data (Detail
Note 2 - Per Share Data (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 47,309 | 103,104 |
Note 2 - Per Share Data - Net I
Note 2 - Per Share Data - Net Income Per Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net income | $ 3,573,000 | $ 3,815,000 |
Earnings per share – basic (in shares) | 12,155,108 | 12,268,306 |
Earnings per share – basic (in dollars per share) | $ 0.29 | $ 0.31 |
Exercise of outstanding stock options (in shares) | 198,985 | 181,385 |
Hypothetical share repurchase (in shares) | (178,215) | (160,552) |
Earnings per share – diluted (in shares) | 12,175,878 | 12,289,139 |
Earnings per share – diluted (in dollars per share) | $ 0.29 | $ 0.31 |
Note 3 - Comprehensive Income -
Note 3 - Comprehensive Income - Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Unrealized holding gains (losses) on available-for-sale securities, before tax amount | $ 4,774 | $ 3,725 |
Unrealized holding gains (losses) on available-for-sale securities, income tax effect | (1,671) | (1,304) |
Unrealized holding gains (losses) on available-for-sale securities, net of tax amount | 3,103 | 2,421 |
Reclassification adjustment for (gains) realized in income, before tax amount | (383) | (74) |
Reclassification adjustment for (gains) realized in income, income tax effect | 134 | 26 |
Reclassification adjustment for (gains) realized in income, net of tax amount | (249) | (48) |
Other comprehensive gain on available-for-sale securities, before tax amount | 4,391 | 3,651 |
Other comprehensive gain on available-for-sale securities, income tax effect | (1,537) | (1,278) |
Other comprehensive gain on available-for-sale securities, net of tax amount | 2,854 | 2,373 |
Changes from plan amendments and actuarial gains and losses included in other comprehensive income, before tax amount | 26 | (100) |
Changes from plan amendments and actuarial gains and losses included in other comprehensive income, income tax effect | (9) | 35 |
Changes from plan amendments and actuarial gains and losses included in other comprehensive income, net of tax amount | 17 | (65) |
Amortization of net transition obligation, prior service cost and net actuarial loss included in net periodic benefit cost, before tax amount | (5) | (3) |
Amortization of net transition obligation, prior service cost and net actuarial loss included in net periodic benefit cost, income tax effect | 2 | 1 |
Amortization of net transition obligation, prior service cost and net actuarial loss included in net periodic benefit cost, net of tax amount | (3) | (2) |
Other comprehensive income on unfunded retirement obligations | 21 | (103) |
Other comprehensive income on unfunded retirement obligations | (7) | 36 |
Other comprehensive income on unfunded retirement obligations | 14 | (67) |
Total other comprehensive gain, before tax amount | 4,412 | 3,548 |
Total other comprehensive gain, income tax effect | (1,544) | (1,242) |
Net other comprehensive income (loss) | 2,868 | 2,306 |
Other comprehensive loss on unfunded retirement obligations | 21 | (103) |
Other comprehensive loss on unfunded retirement obligations | (7) | 36 |
Other comprehensive loss on unfunded retirement obligations | $ 14 | $ (67) |
Note 3 - Comprehensive Income35
Note 3 - Comprehensive Income - Changes in the Components of Accumulated Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Balance, beginning of period | $ 2,493,000 | $ 5,281,000 |
Other comprehensive income before reclassifications | 3,103,000 | 2,421,000 |
Amounts reclassified from accumulated other comprehensive income | (249,000) | (48,000) |
Net other comprehensive income (loss) | 2,854,000 | 2,373,000 |
Balance, end of period | 5,347,000 | 7,654,000 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance, beginning of period | 35,000 | 79,000 |
Other comprehensive income before reclassifications | 17,000 | (65,000) |
Amounts reclassified from accumulated other comprehensive income | (3,000) | (2,000) |
Net other comprehensive income (loss) | 14,000 | (67,000) |
Balance, end of period | 49,000 | 12,000 |
AOCI Attributable to Parent [Member] | ||
Balance, beginning of period | 2,528,000 | 5,360,000 |
Other comprehensive income before reclassifications | 3,120,000 | 2,356,000 |
Amounts reclassified from accumulated other comprehensive income | (252,000) | (50,000) |
Net other comprehensive income (loss) | 2,868,000 | 2,306,000 |
Balance, end of period | 5,396,000 | 7,666,000 |
Balance, beginning of period | 2,528,000 | |
Net other comprehensive income (loss) | 2,868,000 | $ 2,306,000 |
Balance, end of period | $ 5,396,000 |
Note 3 - Comprehensive Income36
Note 3 - Comprehensive Income - Amounts Reclassified Out of Each Component of OCI (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Unrealized gains and losses on available-for-sale securities | $ (383,000) | $ (74,000) |
Income tax provision | 134,000 | 26,000 |
Net income | (249,000) | (48,000) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Income tax provision | 2,000 | 1,000 |
Net income | (3,000) | (2,000) |
Prior service cost | (8,000) | (7,000) |
Actuarial loss | 3,000 | 4,000 |
Total before tax | (5,000) | (3,000) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Net income | (252,000) | (50,000) |
Unrealized gains and losses on available-for-sale securities | (383,000) | (74,000) |
Income tax provision | 1,093,000 | 1,229,000 |
Net income | (3,573,000) | (3,815,000) |
Total before tax | $ (4,666,000) | $ (5,044,000) |
Note 4 - Cash and Due from Ba37
Note 4 - Cash and Due from Banks (Details Textual) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Restricted Cash and Cash Equivalents, Current | $ 14,562,000 | $ 15,327,000 |
Note 4 - Cash and Due from Ba38
Note 4 - Cash and Due from Banks - Cash and Due From Banks (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalents | $ 38,425,000 | $ 33,313,000 |
Certificates of deposit | 2,748,000 | 2,748,000 |
Total cash and due from banks | $ 41,173,000 | $ 36,061,000 |
Note 5 - Fair Value Measureme39
Note 5 - Fair Value Measurements and Fair Values of Financial Instruments - Assets Measured at Fair Value (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | $ 0 | $ 0 |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 10,707,000 | 10,483,000 |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Estimate of Fair Value Measurement [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 10,707,000 | 10,483,000 |
Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions Tax Exempt [Member] | Fair Value, Inputs, Level 1 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions Tax Exempt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 111,959,000 | 107,757,000 |
Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions Tax Exempt [Member] | Fair Value, Inputs, Level 3 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions Tax Exempt [Member] | Estimate of Fair Value Measurement [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 111,959,000 | 107,757,000 |
Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions Taxable [Member] | Fair Value, Inputs, Level 1 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions Taxable [Member] | Fair Value, Inputs, Level 2 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 35,094,000 | 34,597,000 |
Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions Taxable [Member] | Fair Value, Inputs, Level 3 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions Taxable [Member] | Estimate of Fair Value Measurement [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 35,094,000 | 34,597,000 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 73,243,000 | 73,343,000 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Estimate of Fair Value Measurement [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 73,243,000 | 73,343,000 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 1 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 180,860,000 | 191,715,000 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 3 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Estimate of Fair Value Measurement [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 180,860,000 | 191,715,000 |
Fair Value, Measurements, Recurring [Member] | Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 7,000 | 9,000 |
Fair Value, Measurements, Recurring [Member] | Collateralized Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Collateralized Debt Obligations [Member] | Estimate of Fair Value Measurement [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 7,000 | 9,000 |
Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 411,870,000 | 417,904,000 |
Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | Estimate of Fair Value Measurement [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 411,870,000 | 417,904,000 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 1,736,000 | 2,386,000 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Estimate of Fair Value Measurement [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 1,736,000 | 2,386,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 1,736,000 | 2,386,000 |
Servicing rights | 0 | 0 |
Total recurring fair value measurements | 1,736,000 | 2,386,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 411,870,000 | 417,904,000 |
Servicing rights | 0 | 0 |
Total recurring fair value measurements | 411,870,000 | 417,904,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Servicing rights | 1,261,000 | 1,296,000 |
Total recurring fair value measurements | 1,261,000 | 1,296,000 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 413,606,000 | 420,290,000 |
Servicing rights | 1,261,000 | 1,296,000 |
Total recurring fair value measurements | 414,867,000 | 421,586,000 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Nonrecurring fair value measurements | ||
Impaired loans with a valuation allowance | 0 | 0 |
Valuation allowance | 0 | 0 |
Impaired loans, net | 0 | 0 |
Foreclosed assets held for sale | 0 | 0 |
Total nonrecurring fair value measurements | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Nonrecurring fair value measurements | ||
Impaired loans with a valuation allowance | 0 | 0 |
Valuation allowance | 0 | 0 |
Impaired loans, net | 0 | 0 |
Foreclosed assets held for sale | 0 | 0 |
Total nonrecurring fair value measurements | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Nonrecurring fair value measurements | ||
Impaired loans with a valuation allowance | 1,420,000 | 1,933,000 |
Valuation allowance | (306,000) | (820,000) |
Impaired loans, net | 1,114,000 | 1,113,000 |
Foreclosed assets held for sale | 1,584,000 | 1,260,000 |
Total nonrecurring fair value measurements | 2,698,000 | 2,373,000 |
Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Nonrecurring fair value measurements | ||
Impaired loans with a valuation allowance | 1,420,000 | 1,933,000 |
Valuation allowance | (306,000) | (820,000) |
Impaired loans, net | 1,114,000 | 1,113,000 |
Foreclosed assets held for sale | 1,584,000 | 1,260,000 |
Total nonrecurring fair value measurements | 2,698,000 | 2,373,000 |
US Government Agencies Debt Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 10,707,000 | 10,483,000 |
Obligations of States and Political Subdivisions Tax Exempt [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 111,959,000 | 107,757,000 |
Obligations of States and Political Subdivisions Taxable [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 35,094,000 | 34,597,000 |
Collateralized Mortgage Backed Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 73,243,000 | 73,343,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 180,860,000 | 191,715,000 |
Collateralized Debt Obligations [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 7,000 | 9,000 |
Debt Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 411,870,000 | 417,904,000 |
Equity Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 1,736,000 | 2,386,000 |
Estimate of Fair Value Measurement [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 413,606,000 | 420,290,000 |
Available-for-sale securities | 413,606,000 | 420,290,000 |
Nonrecurring fair value measurements | ||
Impaired loans with a valuation allowance | 1,420,000 | 1,933,000 |
Valuation allowance | (306,000) | (820,000) |
Impaired loans, net | $ 1,420,000 | $ 1,933,000 |
Note 5 - Fair Value Measureme40
Note 5 - Fair Value Measurements and Fair Values of Financial Instruments - Valuation Techniques and the Unobservable Inputs Used in Determining Fair Value- Recurring Basis (Details) - Servicing Rights Assets [Member] - Income Approach Valuation Technique [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair value | $ 1,261,000 | $ 1,296,000 |
Discount rate | 10.00% | 10.00% |
Weighted-average PSA | 168.00% | 146.00% |
Servicing fees of loan balances | 0.25% | 0.25% |
Servicing fees of payments are late | 4.00% | 4.00% |
Late fees assessed | 5.00% | 5.00% |
Miscellaneous fees per account per month | $ 1.94 | $ 1.94 |
Monthly servicing cost per account | 6 | 6 |
Additional monthly servicing cost per loan on loans more than 30 days delinquent | $ 24 | $ 24 |
Servicing costs of loans more than 30 days delinquent | 1.50% | 1.50% |
Annual increase in servicing costs | 3.00% | 3.00% |
Note 5 - Fair Value Measureme41
Note 5 - Fair Value Measurements and Fair Values of Financial Instruments - Reconciliation of Activity for Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) - Servicing Rights Assets [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Servicing rights balance, beginning of period | $ 1,296 | $ 1,281 |
Issuances of servicing rights | 36 | 31 |
Unrealized losses included in earnings | (71) | (117) |
Service rights balance, end of period | $ 1,261 | $ 1,195 |
Note 5 - Fair Value Measureme42
Note 5 - Fair Value Measurements and Fair Values of Financial Instruments - Valuation Techniques and the Unobservable Inputs Used in Determining Fair Value- Nonrecurring Basis (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Impaired Loans [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Discount rate | 31.00% | |
Impaired Loans [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Market Approach Valuation Technique [Member] | ||
Impaired loans | $ 42,000 | |
Valuation allowance | 1,000 | |
Fair value | 41,000 | |
Impaired loans | 42,000 | |
Valuation allowance | $ 1,000 | |
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Discount rate | 47.00% | 46.00% |
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Market Approach Valuation Technique [Member] | ||
Impaired loans | $ 311,000 | $ 317,000 |
Valuation allowance | 96,000 | 97,000 |
Fair value | 215,000 | 220,000 |
Impaired loans | 311,000 | 317,000 |
Valuation allowance | $ 96,000 | $ 97,000 |
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Discount rate | 52.00% | 31.00% |
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Market Approach Valuation Technique [Member] | ||
Impaired loans | $ 599,000 | $ 75,000 |
Valuation allowance | 158,000 | 75,000 |
Fair value | 441,000 | 0 |
Impaired loans | 599,000 | 75,000 |
Valuation allowance | $ 158,000 | $ 75,000 |
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Discount rate | 49.00% | 49.00% |
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | Market Approach Valuation Technique [Member] | ||
Impaired loans | $ 510,000 | $ 512,000 |
Valuation allowance | 52,000 | 52,000 |
Fair value | 458,000 | 460,000 |
Impaired loans | 510,000 | 512,000 |
Valuation allowance | 52,000 | $ 52,000 |
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Multifamily 5 or More Residential [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Discount rate | 41.00% | |
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Multifamily 5 or More Residential [Member] | Market Approach Valuation Technique [Member] | ||
Impaired loans | $ 987,000 | |
Valuation allowance | 595,000 | |
Fair value | 392,000 | |
Impaired loans | 987,000 | |
Valuation allowance | 595,000 | |
Impaired Loans [Member] | ||
Impaired loans | 1,420,000 | 1,933,000 |
Valuation allowance | 306,000 | 820,000 |
Fair value | 1,114,000 | 1,113,000 |
Impaired loans | 1,420,000 | 1,933,000 |
Valuation allowance | $ 306,000 | $ 820,000 |
Foreclosed Assets Held For Sale [Member] | Residential Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Discount rate | 39.00% | 32.00% |
Foreclosed Assets Held For Sale [Member] | Residential Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | ||
Fair value | $ 883,000 | $ 556,000 |
Foreclosed assets held for sale | 883,000 | 556,000 |
Valuation allowance | $ 0 | $ 0 |
Foreclosed Assets Held For Sale [Member] | Land Receivable [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Discount rate | 30.00% | 29.00% |
Foreclosed Assets Held For Sale [Member] | Land Receivable [Member] | Market Approach Valuation Technique [Member] | ||
Fair value | $ 701,000 | $ 704,000 |
Foreclosed assets held for sale | 701,000 | 704,000 |
Valuation allowance | 0 | 0 |
Foreclosed Assets Held For Sale [Member] | ||
Fair value | $ 1,584,000 | 1,260,000 |
Discount rate | ||
Foreclosed assets held for sale | $ 1,584,000 | 1,260,000 |
Valuation allowance | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Foreclosed assets held for sale | 883,000 | 555,000 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Impaired loans | 311,000 | 317,000 |
Valuation allowance | 96,000 | 97,000 |
Impaired loans | 311,000 | 317,000 |
Valuation allowance | 96,000 | 97,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Impaired loans | 595,000 | 75,000 |
Valuation allowance | 155,000 | 75,000 |
Impaired loans | 595,000 | 75,000 |
Valuation allowance | 155,000 | 75,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | ||
Impaired loans | 510,000 | 512,000 |
Valuation allowance | 52,000 | 52,000 |
Impaired loans | 510,000 | 512,000 |
Valuation allowance | 52,000 | 52,000 |
Commercial Portfolio Segment [Member] | Multifamily 5 or More Residential [Member] | ||
Impaired loans | 0 | 987,000 |
Valuation allowance | 0 | 595,000 |
Impaired loans | 0 | 987,000 |
Valuation allowance | 0 | 595,000 |
Impaired loans | 1,420,000 | 1,933,000 |
Valuation allowance | 306,000 | 820,000 |
Impaired loans | 1,420,000 | 1,933,000 |
Valuation allowance | $ 306,000 | $ 820,000 |
Note 5 - Fair Value Measureme43
Note 5 - Fair Value Measurements and Fair Values of Financial Instruments - Estimated Fair Values, and Related Carrying Amounts, of the Financial Instruments (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | $ 38,425,000 | $ 33,313,000 | ||
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Financial assets: | ||||
Certificates of deposit | 2,748,000 | 2,748,000 | ||
Restricted equity securities (included in Other Assets) | 3,261,000 | 4,657,000 | ||
Loans held for sale | 526,000 | 280,000 | ||
Accrued interest receivable | 3,900,000 | 3,768,000 | ||
Financial liabilities: | ||||
Deposits with no stated maturity | 736,837,000 | 713,931,000 | ||
Time deposits | 219,011,000 | 221,684,000 | ||
Short-term borrowings | 25,952,000 | 53,496,000 | ||
Long-term borrowings | 38,692,000 | 38,767,000 | ||
Accrued interest payable | 69,000 | 70,000 | ||
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Financial assets: | ||||
Loans, net | 693,944,000 | 696,991,000 | ||
Servicing rights | 1,261,000 | 1,296,000 | ||
Reported Value Measurement [Member] | ||||
Financial assets: | ||||
Available-for-sale securities | 413,606,000 | 420,290,000 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 38,425,000 | 33,313,000 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Financial assets: | ||||
Certificates of deposit | 2,773,000 | 2,752,000 | ||
Restricted equity securities (included in Other Assets) | 3,261,000 | 4,657,000 | ||
Loans held for sale | 526,000 | 280,000 | ||
Accrued interest receivable | 3,900,000 | 3,768,000 | ||
Financial liabilities: | ||||
Deposits with no stated maturity | 736,837,000 | 713,931,000 | ||
Time deposits | 219,237,000 | 221,891,000 | ||
Short-term borrowings | 25,841,000 | 53,398,000 | ||
Long-term borrowings | 40,247,000 | 40,166,000 | ||
Accrued interest payable | 69,000 | 70,000 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Financial assets: | ||||
Loans, net | 688,359,000 | 685,552,000 | ||
Servicing rights | 1,261,000 | 1,296,000 | ||
Estimate of Fair Value Measurement [Member] | ||||
Financial assets: | ||||
Available-for-sale securities | 413,606,000 | 420,290,000 | ||
Cash and cash equivalents | 38,425,000 | 33,313,000 | $ 32,002,000 | $ 31,619,000 |
Certificates of deposit | 2,748,000 | 2,748,000 | ||
Available-for-sale securities | 413,606,000 | 420,290,000 | ||
Loans held for sale | 526,000 | 280,000 | ||
Loans, net | 693,944,000 | 696,991,000 | ||
Accrued interest receivable | 3,900,000 | 3,768,000 | ||
Financial liabilities: | ||||
Short-term borrowings | 25,952,000 | 53,496,000 | ||
Long-term borrowings | $ 38,692,000 | $ 38,767,000 |
Note 6 - Securities (Details Te
Note 6 - Securities (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Bank Stocks [Member] | |||
Available-for-sale Securities, Gross Realized Gains | $ 249,000 | ||
Equity Securities [Member] | |||
Available-for-sale Securities, Gross Realized Gains | 0 | ||
FHLB Stock [Member] | Federal Home Loan Bank of Pittsburgh [Member] | |||
Other than Temporary Impairment Losses, Investments | 0 | $ 0 | |
Other Assets [Member] | Federal Home Loan Bank of Pittsburgh [Member] | |||
Federal Home Loan Bank Stock | 3,131,000 | 4,527,000 | |
Available-for-sale Securities Pledged as Collateral | 215,510,000 | $ 228,616,000 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | ||
Available-for-sale Securities, Gross Realized Gains | $ 383,000 | $ 74,000 |
Note 6 - Securities - Available
Note 6 - Securities - Available-for-sale Securities (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | $ 10,661,000 | $ 10,663,000 |
Available-for-sale securities, gross unrealized holding gains | 46,000 | 12,000 |
Available-for-sale securities, gross unrealized holding losses | 0 | (192,000) |
Available-for-sale securities | 10,707,000 | 10,483,000 |
Obligations of States and Political Subdivisions Tax Exempt [Member] | ||
Available-for-sale securities, amortized cost | 107,269,000 | 103,414,000 |
Available-for-sale securities, gross unrealized holding gains | 4,756,000 | 4,365,000 |
Available-for-sale securities, gross unrealized holding losses | (66,000) | (22,000) |
Available-for-sale securities | 111,959,000 | 107,757,000 |
Obligations of States and Political Subdivisions Taxable [Member] | ||
Available-for-sale securities, amortized cost | 34,249,000 | 34,317,000 |
Available-for-sale securities, gross unrealized holding gains | 845,000 | 381,000 |
Available-for-sale securities, gross unrealized holding losses | 0 | (101,000) |
Available-for-sale securities | 35,094,000 | 34,597,000 |
Collateralized Mortgage Backed Securities [Member] | ||
Available-for-sale securities, amortized cost | 72,210,000 | 73,227,000 |
Available-for-sale securities, gross unrealized holding gains | 1,060,000 | 486,000 |
Available-for-sale securities, gross unrealized holding losses | (27,000) | (370,000) |
Available-for-sale securities | 73,243,000 | 73,343,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities, amortized cost | 179,731,000 | 193,145,000 |
Available-for-sale securities, gross unrealized holding gains | 1,665,000 | 623,000 |
Available-for-sale securities, gross unrealized holding losses | (536,000) | (2,053,000) |
Available-for-sale securities | 180,860,000 | 191,715,000 |
Collateralized Debt Obligations [Member] | ||
Available-for-sale securities, amortized cost | 7,000 | 9,000 |
Available-for-sale securities, gross unrealized holding gains | 0 | 0 |
Available-for-sale securities, gross unrealized holding losses | 0 | 0 |
Available-for-sale securities | 7,000 | 9,000 |
Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 404,127,000 | 414,775,000 |
Available-for-sale securities, gross unrealized holding gains | 8,372,000 | 5,867,000 |
Available-for-sale securities, gross unrealized holding losses | (629,000) | (2,738,000) |
Available-for-sale securities | 411,870,000 | 417,904,000 |
Equity Securities [Member] | ||
Available-for-sale securities, amortized cost | 1,253,000 | 1,680,000 |
Available-for-sale securities, gross unrealized holding gains | 483,000 | 706,000 |
Available-for-sale securities, gross unrealized holding losses | 0 | 0 |
Available-for-sale securities | 1,736,000 | 2,386,000 |
Available-for-sale securities, amortized cost | 405,380,000 | 416,455,000 |
Available-for-sale securities, gross unrealized holding gains | 8,855,000 | 6,573,000 |
Available-for-sale securities, gross unrealized holding losses | (629,000) | (2,738,000) |
Available-for-sale securities | $ 413,606,000 | $ 420,290,000 |
Note 6 - Securities - Availab46
Note 6 - Securities - Available-for-sale Securities With Unrealized Loss Positions (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Obligations of States and Political Subdivisions Tax Exempt [Member] | ||
Available-for-sale securities with unrealized loss positions, less than 12 months, fair value | $ 10,017,000 | $ 5,200,000 |
Available-for-sale securities with unrealized loss positions, less than 12 months, unrealized losses | (66,000) | (19,000) |
Available-for-sale securities with unrealized loss positions, 12 months or more, fair value | 0 | 216,000 |
Obligations of states and political subdivisions, Tax-exempt | 0 | (3,000) |
Available-for-sale securities with unrealized loss positions, fair value | 10,017,000 | 5,416,000 |
Available-for-sale securities, with unrealized loss positions, unrealized losses | (66,000) | (22,000) |
Available-for-sale securities with unrealized loss positions, less than 12 months, fair value | 10,017,000 | 5,200,000 |
Available-for-sale securities with unrealized loss positions, less than 12 months, unrealized losses | (66,000) | (19,000) |
Available-for-sale securities with unrealized loss positions, 12 months or more, fair value | 0 | 216,000 |
Available-for-sale securities with unrealized loss positions, 12 months or more, unrealized losses | 0 | (3,000) |
Available-for-sale securities with unrealized loss positions, fair value | 10,017,000 | 5,416,000 |
Available-for-sale securities, with unrealized loss positions, unrealized losses | (66,000) | (22,000) |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities with unrealized loss positions, less than 12 months, fair value | 0 | |
Available-for-sale securities with unrealized loss positions, less than 12 months, unrealized losses | 0 | |
Available-for-sale securities with unrealized loss positions, 12 months or more, fair value | 7,850,000 | |
Obligations of states and political subdivisions, Tax-exempt | (192,000) | |
Available-for-sale securities with unrealized loss positions, fair value | 7,850,000 | |
Available-for-sale securities, with unrealized loss positions, unrealized losses | (192,000) | |
Available-for-sale securities with unrealized loss positions, less than 12 months, fair value | 0 | |
Available-for-sale securities with unrealized loss positions, less than 12 months, unrealized losses | 0 | |
Available-for-sale securities with unrealized loss positions, 12 months or more, fair value | 7,850,000 | |
Available-for-sale securities with unrealized loss positions, 12 months or more, unrealized losses | (192,000) | |
Available-for-sale securities with unrealized loss positions, fair value | 7,850,000 | |
Available-for-sale securities, with unrealized loss positions, unrealized losses | (192,000) | |
Collateralized Mortgage Backed Securities [Member] | ||
Available-for-sale securities with unrealized loss positions, less than 12 months, fair value | 5,899,000 | 38,764,000 |
Available-for-sale securities with unrealized loss positions, less than 12 months, unrealized losses | (27,000) | (295,000) |
Available-for-sale securities with unrealized loss positions, 12 months or more, fair value | 0 | 3,503,000 |
Obligations of states and political subdivisions, Tax-exempt | 0 | (75,000) |
Available-for-sale securities with unrealized loss positions, fair value | 5,899,000 | 42,267,000 |
Available-for-sale securities, with unrealized loss positions, unrealized losses | (27,000) | (370,000) |
Available-for-sale securities with unrealized loss positions, less than 12 months, fair value | 5,899,000 | 38,764,000 |
Available-for-sale securities with unrealized loss positions, less than 12 months, unrealized losses | (27,000) | (295,000) |
Available-for-sale securities with unrealized loss positions, 12 months or more, fair value | 0 | 3,503,000 |
Available-for-sale securities with unrealized loss positions, 12 months or more, unrealized losses | 0 | (75,000) |
Available-for-sale securities with unrealized loss positions, fair value | 5,899,000 | 42,267,000 |
Available-for-sale securities, with unrealized loss positions, unrealized losses | (27,000) | (370,000) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities with unrealized loss positions, less than 12 months, fair value | 5,820,000 | 88,355,000 |
Available-for-sale securities with unrealized loss positions, less than 12 months, unrealized losses | (105,000) | (648,000) |
Available-for-sale securities with unrealized loss positions, 12 months or more, fair value | 44,291,000 | 49,273,000 |
Obligations of states and political subdivisions, Tax-exempt | (431,000) | (1,405,000) |
Available-for-sale securities with unrealized loss positions, fair value | 50,111,000 | 137,628,000 |
Available-for-sale securities, with unrealized loss positions, unrealized losses | (536,000) | (2,053,000) |
Available-for-sale securities with unrealized loss positions, less than 12 months, fair value | 5,820,000 | 88,355,000 |
Available-for-sale securities with unrealized loss positions, less than 12 months, unrealized losses | (105,000) | (648,000) |
Available-for-sale securities with unrealized loss positions, 12 months or more, fair value | 44,291,000 | 49,273,000 |
Available-for-sale securities with unrealized loss positions, 12 months or more, unrealized losses | (431,000) | (1,405,000) |
Available-for-sale securities with unrealized loss positions, fair value | 50,111,000 | 137,628,000 |
Available-for-sale securities, with unrealized loss positions, unrealized losses | (536,000) | (2,053,000) |
Obligations of States and Political Subdivisions Taxable [Member] | ||
Available-for-sale securities with unrealized loss positions, less than 12 months, fair value | 10,605,000 | |
Available-for-sale securities with unrealized loss positions, less than 12 months, unrealized losses | (60,000) | |
Available-for-sale securities with unrealized loss positions, 12 months or more, fair value | 2,910,000 | |
Obligations of states and political subdivisions, Tax-exempt | (41,000) | |
Available-for-sale securities with unrealized loss positions, fair value | 13,515,000 | |
Available-for-sale securities, with unrealized loss positions, unrealized losses | (101,000) | |
Available-for-sale securities with unrealized loss positions, less than 12 months, fair value | 10,605,000 | |
Available-for-sale securities with unrealized loss positions, less than 12 months, unrealized losses | (60,000) | |
Available-for-sale securities with unrealized loss positions, 12 months or more, fair value | 2,910,000 | |
Available-for-sale securities with unrealized loss positions, 12 months or more, unrealized losses | (41,000) | |
Available-for-sale securities with unrealized loss positions, fair value | 13,515,000 | |
Available-for-sale securities, with unrealized loss positions, unrealized losses | (101,000) | |
Available-for-sale securities with unrealized loss positions, less than 12 months, fair value | 21,736,000 | 142,924,000 |
Available-for-sale securities with unrealized loss positions, less than 12 months, unrealized losses | (198,000) | (1,022,000) |
Available-for-sale securities with unrealized loss positions, 12 months or more, fair value | 44,291,000 | 63,752,000 |
Obligations of states and political subdivisions, Tax-exempt | (431,000) | (1,716,000) |
Available-for-sale securities with unrealized loss positions, fair value | 66,027,000 | 206,676,000 |
Available-for-sale securities, with unrealized loss positions, unrealized losses | (629,000) | (2,738,000) |
Available-for-sale securities with unrealized loss positions, less than 12 months, fair value | 21,736,000 | 142,924,000 |
Available-for-sale securities with unrealized loss positions, less than 12 months, unrealized losses | (198,000) | (1,022,000) |
Available-for-sale securities with unrealized loss positions, 12 months or more, fair value | 44,291,000 | 63,752,000 |
Available-for-sale securities with unrealized loss positions, 12 months or more, unrealized losses | (431,000) | (1,716,000) |
Available-for-sale securities with unrealized loss positions, fair value | 66,027,000 | 206,676,000 |
Available-for-sale securities, with unrealized loss positions, unrealized losses | $ (629,000) | $ (2,738,000) |
Note 6 - Securities - Gross Rea
Note 6 - Securities - Gross Realized Gains and Losses from Available-for-sale Securities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Available-for-sale Securities, Gross Realized Gains | $ 383,000 | $ 74,000 |
Gross realized losses from sales | 0 | 0 |
Net realized gains | $ 383,000 | $ 74,000 |
Note 6 - Securities - Availab48
Note 6 - Securities - Available-for-sale Debt Securities by Contractual Maturity (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Collateralized Mortgage Obligations [Member] | |
Available-for-sale debt securities, amortized cost | $ 72,210 |
Available-for-sale debt securities, fair value | 73,243 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |
Available-for-sale debt securities, amortized cost | 179,731 |
Available-for-sale debt securities, fair value | 180,860 |
Due in one year or less | 10,374 |
Due in one year or less | 10,451 |
Due from one year through five years | 65,791 |
Due from one year through five years | 67,520 |
Due from five years through ten years | 45,949 |
Due from five years through ten years | 47,676 |
Due after ten years | 30,072 |
Due after ten years | 32,120 |
Subtotal | 152,186 |
Subtotal | 157,767 |
Total | 404,127 |
Total | $ 411,870 |
Note 7 - Loans (Details Textual
Note 7 - Loans (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Loans Receivable 1 [Member] | Credit Availability Concentration Risk [Member] | ||||
Concentration Risk, Percentage | 0.00% | 0.00% | ||
Unfunded Loan Commitment [Member] | ||||
Financing Receivable, Allowance for Credit Losses | $ 0 | $ 0 | ||
Commercial and Industrial [Member] | Commercial Portfolio Segment [Member] | Extended Maturity [Member] | ||||
Allowance for Credit Losses, Change in Method of Calculating Impairment | 0 | |||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 0 | |||
Commercial and Industrial [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses | 976,000 | 981,000 | $ 684,000 | $ 688,000 |
Real Estate Loan [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses | 2,027,000 | 1,939,000 | 1,736,000 | 1,758,000 |
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | Senior Lien [Member] | ||||
Financing Receivable, Allowance for Credit Losses | $ 2,722,000 | 2,645,000 | 2,774,000 | 2,941,000 |
Allowance for Credit Losses, Change in Method of Calculating Impairment | 0 | |||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 0 | |||
Commercial Loan [Member] | ||||
Loans Receivable Secured by Real Estate Percentage | 59.00% | |||
Minimum [Member] | ||||
Financing Receivable Individually Evaluated for Impairment Threshold With Extension of Credit | $ 200,000 | |||
Financing Receivable Individually Evaluated for Impairment Estimated Loss Trigger | 100,000 | |||
Maximum [Member] | ||||
Financing Receivable Individually Evaluated for Impairment Threshold With Estimated Loss | 200,000 | |||
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses | 3,607,000 | 3,922,000 | 3,098,000 | 3,143,000 |
Residential Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses | 3,501,000 | 3,418,000 | 3,503,000 | 3,653,000 |
Financing Receivable, Allowance for Credit Losses | 7,661,000 | $ 7,889,000 | 7,134,000 | $ 7,336,000 |
Allowance for Credit Losses, Change in Method of Calculating Impairment | $ 0 | $ 0 |
Note 7 - Loans - Loans Receivab
Note 7 - Loans - Loans Receivable (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||
Loans receivable | $ 306,753,000 | $ 304,783,000 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | ||
Loans receivable | 21,622,000 | 21,146,000 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit 1 [Member] | ||
Loans receivable | 38,627,000 | 39,040,000 |
Residential Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 20,010,000 | 21,121,000 |
Residential Portfolio Segment [Member] | ||
Loans receivable | 387,012,000 | 386,090,000 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 154,646,000 | 154,779,000 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 7,445,000 | 5,122,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans receivable | 71,628,000 | 75,196,000 |
Commercial Portfolio Segment [Member] | Political Subdivisions [Member] | ||
Loans receivable | 38,364,000 | 40,007,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | ||
Loans receivable | 7,168,000 | 7,019,000 |
Commercial Portfolio Segment [Member] | Multifamily 5 or More Residential [Member] | ||
Loans receivable | 8,393,000 | 9,188,000 |
Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | ||
Loans receivable | 4,492,000 | 4,671,000 |
Commercial Portfolio Segment [Member] | Other Commercial Loans[Member] | ||
Loans receivable | 11,387,000 | 12,152,000 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 303,523,000 | 308,134,000 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 11,070,000 | 10,656,000 |
Loans receivable | 701,605,000 | 704,880,000 |
Less: allowance for loan losses | (7,661,000) | (7,889,000) |
Loans, net | $ 693,944,000 | $ 696,991,000 |
Note 7 - Loans - Allowance for
Note 7 - Loans - Allowance for Loan Losses (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||
Allowance for loan losses | $ 2,645,000 | $ 2,941,000 |
Allowance for loan losses, charge-offs | 0 | (79,000) |
Allowance for loan losses, recoveries | 0 | 1,000 |
Allowance for loan losses, provision | 77,000 | (89,000) |
Allowance for loan losses | 2,722,000 | 2,774,000 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | ||
Allowance for loan losses | 219,000 | 176,000 |
Allowance for loan losses, charge-offs | 0 | 0 |
Allowance for loan losses, recoveries | 0 | 0 |
Allowance for loan losses, provision | 9,000 | 24,000 |
Allowance for loan losses | 228,000 | 200,000 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit 1 [Member] | ||
Allowance for loan losses | 347,000 | 322,000 |
Allowance for loan losses, charge-offs | 0 | 0 |
Allowance for loan losses, recoveries | 0 | 0 |
Allowance for loan losses, provision | 4,000 | 0 |
Allowance for loan losses | 351,000 | 322,000 |
Residential Portfolio Segment [Member] | Construction Loans [Member] | ||
Allowance for loan losses | 207,000 | 214,000 |
Allowance for loan losses, charge-offs | 0 | 0 |
Allowance for loan losses, recoveries | 0 | 0 |
Allowance for loan losses, provision | (7,000) | (7,000) |
Allowance for loan losses | 200,000 | 207,000 |
Residential Portfolio Segment [Member] | ||
Allowance for loan losses | 3,418,000 | 3,653,000 |
Allowance for loan losses, charge-offs | 0 | (79,000) |
Allowance for loan losses, recoveries | 0 | 1,000 |
Allowance for loan losses, provision | 83,000 | (72,000) |
Allowance for loan losses | 3,501,000 | 3,503,000 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Allowance for loan losses | 1,939,000 | 1,758,000 |
Allowance for loan losses, charge-offs | 0 | (115,000) |
Allowance for loan losses, recoveries | 1,000 | 0 |
Allowance for loan losses, provision | 87,000 | 93,000 |
Allowance for loan losses | 2,027,000 | 1,736,000 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Allowance for loan losses | 58,000 | 283,000 |
Allowance for loan losses, charge-offs | 0 | 0 |
Allowance for loan losses, recoveries | 0 | 0 |
Allowance for loan losses, provision | 26,000 | 3,000 |
Allowance for loan losses | 84,000 | 286,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Allowance for loan losses | 981,000 | 688,000 |
Allowance for loan losses, charge-offs | 0 | (10,000) |
Allowance for loan losses, recoveries | 1,000 | 1,000 |
Allowance for loan losses, provision | (6,000) | 5,000 |
Allowance for loan losses | 976,000 | 684,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | ||
Allowance for loan losses | 106,000 | 165,000 |
Allowance for loan losses, charge-offs | 0 | 0 |
Allowance for loan losses, recoveries | 0 | 0 |
Allowance for loan losses, provision | 2,000 | (6,000) |
Allowance for loan losses | 108,000 | 159,000 |
Commercial Portfolio Segment [Member] | Multifamily 5 or More Residential [Member] | ||
Allowance for loan losses | 675,000 | 87,000 |
Allowance for loan losses, charge-offs | (595,000) | 0 |
Allowance for loan losses, recoveries | 0 | 0 |
Allowance for loan losses, provision | 176,000 | (6,000) |
Allowance for loan losses | 256,000 | 81,000 |
Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | ||
Allowance for loan losses | 45,000 | 31,000 |
Allowance for loan losses, charge-offs | 0 | 0 |
Allowance for loan losses, recoveries | 0 | 0 |
Allowance for loan losses, provision | (1,000) | (2,000) |
Allowance for loan losses | 44,000 | 29,000 |
Commercial Portfolio Segment [Member] | Other Commercial Loans[Member] | ||
Allowance for loan losses | 118,000 | 131,000 |
Allowance for loan losses, charge-offs | 0 | 0 |
Allowance for loan losses, recoveries | 0 | 0 |
Allowance for loan losses, provision | (6,000) | (8,000) |
Allowance for loan losses | 112,000 | 123,000 |
Commercial Portfolio Segment [Member] | ||
Allowance for loan losses | 3,922,000 | 3,143,000 |
Allowance for loan losses, charge-offs | (595,000) | (125,000) |
Allowance for loan losses, recoveries | 2,000 | 1,000 |
Allowance for loan losses, provision | 278,000 | 79,000 |
Allowance for loan losses | 3,607,000 | 3,098,000 |
Consumer Portfolio Segment [Member] | ||
Allowance for loan losses | 122,000 | 145,000 |
Allowance for loan losses, charge-offs | (18,000) | (18,000) |
Allowance for loan losses, recoveries | 15,000 | 15,000 |
Allowance for loan losses, provision | 7,000 | (3,000) |
Allowance for loan losses | 126,000 | 139,000 |
Unallocated Financing Receivables [Member] | ||
Allowance for loan losses | 427,000 | 395,000 |
Allowance for loan losses, charge-offs | 0 | 0 |
Allowance for loan losses, recoveries | 0 | 0 |
Allowance for loan losses, provision | 0 | (1,000) |
Allowance for loan losses | 427,000 | 394,000 |
Allowance for loan losses | 7,889,000 | 7,336,000 |
Allowance for loan losses, charge-offs | (613,000) | (222,000) |
Allowance for loan losses, recoveries | 17,000 | 17,000 |
Allowance for loan losses, provision | 368,000 | 3,000 |
Allowance for loan losses | $ 7,661,000 | $ 7,134,000 |
Note 7 - Loans - Outstanding Lo
Note 7 - Loans - Outstanding Loans by Risk Rating (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Pass [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||
Loans receivable | $ 296,394,000 | $ 295,302,000 |
Pass [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | ||
Loans receivable | 20,920,000 | 20,558,000 |
Pass [Member] | Residential Portfolio Segment [Member] | Home Equity Line of Credit 1 [Member] | ||
Loans receivable | 37,570,000 | 38,071,000 |
Pass [Member] | Residential Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 19,994,000 | 21,104,000 |
Pass [Member] | Residential Portfolio Segment [Member] | ||
Loans receivable | 374,878,000 | 375,035,000 |
Pass [Member] | Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 140,985,000 | 140,381,000 |
Pass [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 7,282,000 | 4,957,000 |
Pass [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans receivable | 67,568,000 | 71,225,000 |
Pass [Member] | Commercial Portfolio Segment [Member] | Political Subdivisions [Member] | ||
Loans receivable | 38,364,000 | 40,007,000 |
Pass [Member] | Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | ||
Loans receivable | 5,452,000 | 5,084,000 |
Pass [Member] | Commercial Portfolio Segment [Member] | Multifamily 5 or More Residential [Member] | ||
Loans receivable | 7,751,000 | 7,943,000 |
Pass [Member] | Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | ||
Loans receivable | 4,478,000 | 4,655,000 |
Pass [Member] | Commercial Portfolio Segment [Member] | Other Commercial Loans[Member] | ||
Loans receivable | 11,309,000 | 12,073,000 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 283,189,000 | 286,325,000 |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 10,878,000 | 10,490,000 |
Pass [Member] | ||
Loans receivable | 668,945,000 | 671,850,000 |
Special Mention [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||
Loans receivable | 378,000 | 407,000 |
Special Mention [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | ||
Loans receivable | 276,000 | 185,000 |
Special Mention [Member] | Residential Portfolio Segment [Member] | Home Equity Line of Credit 1 [Member] | ||
Loans receivable | 492,000 | 543,000 |
Special Mention [Member] | Residential Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 16,000 | 17,000 |
Special Mention [Member] | Residential Portfolio Segment [Member] | ||
Loans receivable | 1,162,000 | 1,152,000 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 4,444,000 | 5,862,000 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 60,000 | 60,000 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans receivable | 2,257,000 | 2,106,000 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Political Subdivisions [Member] | ||
Loans receivable | 0 | 0 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | ||
Loans receivable | 171,000 | 483,000 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Multifamily 5 or More Residential [Member] | ||
Loans receivable | 0 | 0 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | ||
Loans receivable | 0 | 0 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Other Commercial Loans[Member] | ||
Loans receivable | 0 | 0 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 6,932,000 | 8,511,000 |
Special Mention [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 20,000 | 21,000 |
Special Mention [Member] | ||
Loans receivable | 8,114,000 | 9,684,000 |
Substandard [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||
Loans receivable | 9,915,000 | 9,007,000 |
Substandard [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | ||
Loans receivable | 426,000 | 403,000 |
Substandard [Member] | Residential Portfolio Segment [Member] | Home Equity Line of Credit 1 [Member] | ||
Loans receivable | 565,000 | 426,000 |
Substandard [Member] | Residential Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 0 | 0 |
Substandard [Member] | Residential Portfolio Segment [Member] | ||
Loans receivable | 10,906,000 | 9,836,000 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 9,217,000 | 8,536,000 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 103,000 | 105,000 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans receivable | 1,676,000 | 1,737,000 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Political Subdivisions [Member] | ||
Loans receivable | 0 | 0 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | ||
Loans receivable | 1,525,000 | 1,432,000 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Multifamily 5 or More Residential [Member] | ||
Loans receivable | 642,000 | 1,245,000 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | ||
Loans receivable | 14,000 | 16,000 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Other Commercial Loans[Member] | ||
Loans receivable | 78,000 | 79,000 |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 13,255,000 | 13,150,000 |
Substandard [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 172,000 | 145,000 |
Substandard [Member] | ||
Loans receivable | 24,333,000 | 23,131,000 |
Doubtful [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||
Loans receivable | 66,000 | 67,000 |
Doubtful [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Residential Portfolio Segment [Member] | Home Equity Line of Credit 1 [Member] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Residential Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Residential Portfolio Segment [Member] | ||
Loans receivable | 66,000 | 67,000 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans receivable | 127,000 | 128,000 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Political Subdivisions [Member] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | ||
Loans receivable | 20,000 | 20,000 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Multifamily 5 or More Residential [Member] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Other Commercial Loans[Member] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 147,000 | 148,000 |
Doubtful [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | ||
Loans receivable | 213,000 | 215,000 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||
Loans receivable | 306,753,000 | 304,783,000 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | ||
Loans receivable | 21,622,000 | 21,146,000 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit 1 [Member] | ||
Loans receivable | 38,627,000 | 39,040,000 |
Residential Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 20,010,000 | 21,121,000 |
Residential Portfolio Segment [Member] | ||
Loans receivable | 387,012,000 | 386,090,000 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 154,646,000 | 154,779,000 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 7,445,000 | 5,122,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans receivable | 71,628,000 | 75,196,000 |
Commercial Portfolio Segment [Member] | Political Subdivisions [Member] | ||
Loans receivable | 38,364,000 | 40,007,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | ||
Loans receivable | 7,168,000 | 7,019,000 |
Commercial Portfolio Segment [Member] | Multifamily 5 or More Residential [Member] | ||
Loans receivable | 8,393,000 | 9,188,000 |
Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | ||
Loans receivable | 4,492,000 | 4,671,000 |
Commercial Portfolio Segment [Member] | Other Commercial Loans[Member] | ||
Loans receivable | 11,387,000 | 12,152,000 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 303,523,000 | 308,134,000 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 11,070,000 | 10,656,000 |
Loans receivable | $ 701,605,000 | $ 704,880,000 |
Note 7 - Loans - Loan Balances
Note 7 - Loans - Loan Balances and Allowance for Loan Losses for Each Impairment Method (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||||
Loans receivable: individually evaluated | $ 833,000 | $ 884,000 | ||
Loans receivable: collectively evaluated | 305,920,000 | 303,899,000 | ||
Loans receivable | 306,753,000 | 304,783,000 | ||
Allowance for loan losses: individually evaluated | 0 | 1,000 | ||
Allowance for loan losses: collectively evaluated | 2,722,000 | 2,644,000 | ||
Financing Receivable, Allowance for Credit Losses | 2,722,000 | 2,645,000 | $ 2,774,000 | $ 2,941,000 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | ||||
Loans receivable: individually evaluated | 72,000 | 74,000 | ||
Loans receivable: collectively evaluated | 21,550,000 | 21,072,000 | ||
Loans receivable | 21,622,000 | 21,146,000 | ||
Allowance for loan losses: individually evaluated | 0 | 0 | ||
Allowance for loan losses: collectively evaluated | 228,000 | 219,000 | ||
Financing Receivable, Allowance for Credit Losses | 228,000 | 219,000 | 200,000 | 176,000 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit 1 [Member] | ||||
Loans receivable: individually evaluated | 0 | 0 | ||
Loans receivable: collectively evaluated | 38,627,000 | 39,040,000 | ||
Loans receivable | 38,627,000 | 39,040,000 | ||
Allowance for loan losses: individually evaluated | 0 | 0 | ||
Allowance for loan losses: collectively evaluated | 351,000 | 347,000 | ||
Financing Receivable, Allowance for Credit Losses | 351,000 | 347,000 | 322,000 | 322,000 |
Residential Portfolio Segment [Member] | Construction Loans [Member] | ||||
Loans receivable: individually evaluated | 0 | 0 | ||
Loans receivable: collectively evaluated | 20,010,000 | 21,121,000 | ||
Loans receivable | 20,010,000 | 21,121,000 | ||
Allowance for loan losses: individually evaluated | 0 | 0 | ||
Allowance for loan losses: collectively evaluated | 200,000 | 207,000 | ||
Financing Receivable, Allowance for Credit Losses | 200,000 | 207,000 | 207,000 | 214,000 |
Residential Portfolio Segment [Member] | ||||
Loans receivable: individually evaluated | 905,000 | 958,000 | ||
Loans receivable: collectively evaluated | 386,107,000 | 385,132,000 | ||
Loans receivable | 387,012,000 | 386,090,000 | ||
Allowance for loan losses: individually evaluated | 0 | 1,000 | ||
Allowance for loan losses: collectively evaluated | 3,501,000 | 3,417,000 | ||
Financing Receivable, Allowance for Credit Losses | 3,501,000 | 3,418,000 | 3,503,000 | 3,653,000 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||||
Loans receivable: individually evaluated | 6,065,000 | 6,262,000 | ||
Loans receivable: collectively evaluated | 148,581,000 | 148,517,000 | ||
Loans receivable | 154,646,000 | 154,779,000 | ||
Allowance for loan losses: individually evaluated | 96,000 | 97,000 | ||
Allowance for loan losses: collectively evaluated | 1,931,000 | 1,842,000 | ||
Financing Receivable, Allowance for Credit Losses | 2,027,000 | 1,939,000 | 1,736,000 | 1,758,000 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||||
Loans receivable: individually evaluated | 0 | 0 | ||
Loans receivable: collectively evaluated | 7,445,000 | 5,122,000 | ||
Loans receivable | 7,445,000 | 5,122,000 | ||
Allowance for loan losses: individually evaluated | 0 | 0 | ||
Allowance for loan losses: collectively evaluated | 84,000 | 58,000 | ||
Financing Receivable, Allowance for Credit Losses | 84,000 | 58,000 | 286,000 | 283,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
Loans receivable: individually evaluated | 832,000 | 324,000 | ||
Loans receivable: collectively evaluated | 70,796,000 | 74,872,000 | ||
Loans receivable | 71,628,000 | 75,196,000 | ||
Allowance for loan losses: individually evaluated | 155,000 | 75,000 | ||
Allowance for loan losses: collectively evaluated | 821,000 | 906,000 | ||
Financing Receivable, Allowance for Credit Losses | 976,000 | 981,000 | 684,000 | 688,000 |
Commercial Portfolio Segment [Member] | Political Subdivisions [Member] | ||||
Loans receivable: individually evaluated | 0 | 0 | ||
Loans receivable: collectively evaluated | 38,364,000 | 40,007,000 | ||
Loans receivable | 38,364,000 | 40,007,000 | ||
Allowance for loan losses: individually evaluated | 0 | 0 | ||
Allowance for loan losses: collectively evaluated | 0 | 0 | ||
Financing Receivable, Allowance for Credit Losses | 0 | 0 | ||
Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | ||||
Loans receivable: individually evaluated | 1,418,000 | 1,427,000 | ||
Loans receivable: collectively evaluated | 5,750,000 | 5,592,000 | ||
Loans receivable | 7,168,000 | 7,019,000 | ||
Allowance for loan losses: individually evaluated | 52,000 | 52,000 | ||
Allowance for loan losses: collectively evaluated | 56,000 | 54,000 | ||
Financing Receivable, Allowance for Credit Losses | 108,000 | 106,000 | 159,000 | 165,000 |
Commercial Portfolio Segment [Member] | Multifamily 5 or More Residential [Member] | ||||
Loans receivable: individually evaluated | 392,000 | 987,000 | ||
Loans receivable: collectively evaluated | 8,001,000 | 8,201,000 | ||
Loans receivable | 8,393,000 | 9,188,000 | ||
Allowance for loan losses: individually evaluated | 0 | 595,000 | ||
Allowance for loan losses: collectively evaluated | 256,000 | 80,000 | ||
Financing Receivable, Allowance for Credit Losses | 256,000 | 675,000 | 81,000 | 87,000 |
Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | ||||
Loans receivable: individually evaluated | 14,000 | 16,000 | ||
Loans receivable: collectively evaluated | 4,478,000 | 4,655,000 | ||
Loans receivable | 4,492,000 | 4,671,000 | ||
Allowance for loan losses: individually evaluated | 0 | 0 | ||
Allowance for loan losses: collectively evaluated | 44,000 | 45,000 | ||
Financing Receivable, Allowance for Credit Losses | 44,000 | 45,000 | 29,000 | 31,000 |
Commercial Portfolio Segment [Member] | Other Commercial Loans[Member] | ||||
Loans receivable: individually evaluated | 0 | 0 | ||
Loans receivable: collectively evaluated | 11,387,000 | 12,152,000 | ||
Loans receivable | 11,387,000 | 12,152,000 | ||
Allowance for loan losses: individually evaluated | 0 | 0 | ||
Allowance for loan losses: collectively evaluated | 112,000 | 118,000 | ||
Financing Receivable, Allowance for Credit Losses | 112,000 | 118,000 | 123,000 | 131,000 |
Commercial Portfolio Segment [Member] | ||||
Loans receivable: individually evaluated | 8,721,000 | 9,016,000 | ||
Loans receivable: collectively evaluated | 294,802,000 | 299,118,000 | ||
Loans receivable | 303,523,000 | 308,134,000 | ||
Allowance for loan losses: individually evaluated | 303,000 | 819,000 | ||
Allowance for loan losses: collectively evaluated | 3,304,000 | 3,103,000 | ||
Financing Receivable, Allowance for Credit Losses | 3,607,000 | 3,922,000 | 3,098,000 | 3,143,000 |
Consumer Portfolio Segment [Member] | ||||
Loans receivable: individually evaluated | 4,000 | 0 | ||
Loans receivable: collectively evaluated | 11,066,000 | 10,656,000 | ||
Loans receivable | 11,070,000 | 10,656,000 | ||
Allowance for loan losses: individually evaluated | 3,000 | 0 | ||
Allowance for loan losses: collectively evaluated | 123,000 | 122,000 | ||
Financing Receivable, Allowance for Credit Losses | 126,000 | 122,000 | 139,000 | 145,000 |
Unallocated Financing Receivables [Member] | ||||
Financing Receivable, Allowance for Credit Losses | 427,000 | 427,000 | 394,000 | 395,000 |
Loans receivable: individually evaluated | 9,630,000 | 9,974,000 | ||
Loans receivable: collectively evaluated | 691,975,000 | 694,906,000 | ||
Loans receivable | 701,605,000 | 704,880,000 | ||
Allowance for loan losses: individually evaluated | 306,000 | 820,000 | ||
Allowance for loan losses: collectively evaluated | 6,928,000 | 6,642,000 | ||
Financing Receivable, Allowance for Credit Losses | $ 7,661,000 | $ 7,889,000 | $ 7,134,000 | $ 7,336,000 |
Note 7 - Loans - Impaired Loans
Note 7 - Loans - Impaired Loans (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||
With no related allowance recorded: | ||
Unpaid principal - with no allowance | $ 833,000 | $ 842,000 |
Recorded investment - with no allowance | 833,000 | 842,000 |
With a related allowance recorded: | ||
Unpaid principal - with allowance | 0 | 42,000 |
Recorded investment - with allowance | 0 | 42,000 |
Related allowance - with allowance | 0 | 1,000 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | ||
With no related allowance recorded: | ||
Unpaid principal - with no allowance | 72,000 | 74,000 |
Recorded investment - with no allowance | 72,000 | 74,000 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||
With no related allowance recorded: | ||
Unpaid principal - with no allowance | 7,415,000 | 7,580,000 |
Recorded investment - with no allowance | 5,754,000 | 5,945,000 |
With a related allowance recorded: | ||
Unpaid principal - with allowance | 311,000 | 317,000 |
Recorded investment - with allowance | 311,000 | 317,000 |
Related allowance - with allowance | 96,000 | 97,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
With no related allowance recorded: | ||
Unpaid principal - with no allowance | 237,000 | 249,000 |
Recorded investment - with no allowance | 237,000 | 249,000 |
With a related allowance recorded: | ||
Unpaid principal - with allowance | 595,000 | 75,000 |
Recorded investment - with allowance | 595,000 | 75,000 |
Related allowance - with allowance | 155,000 | 75,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | ||
With no related allowance recorded: | ||
Unpaid principal - with no allowance | 908,000 | 915,000 |
Recorded investment - with no allowance | 908,000 | 915,000 |
With a related allowance recorded: | ||
Unpaid principal - with allowance | 510,000 | 512,000 |
Recorded investment - with allowance | 510,000 | 512,000 |
Related allowance - with allowance | 52,000 | 52,000 |
Commercial Portfolio Segment [Member] | Multifamily 5 or More Residential [Member] | ||
With no related allowance recorded: | ||
Unpaid principal - with no allowance | 987,000 | 0 |
Recorded investment - with no allowance | 392,000 | 0 |
With a related allowance recorded: | ||
Unpaid principal - with allowance | 0 | 987,000 |
Recorded investment - with allowance | 0 | 987,000 |
Related allowance - with allowance | 0 | 595,000 |
Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | ||
With no related allowance recorded: | ||
Unpaid principal - with no allowance | 14,000 | 16,000 |
Recorded investment - with no allowance | 14,000 | 16,000 |
Consumer Portfolio Segment [Member] | ||
With a related allowance recorded: | ||
Unpaid principal - with allowance | 4,000 | 0 |
Recorded investment - with allowance | 4,000 | 0 |
Related allowance - with allowance | 3,000 | 0 |
Unpaid principal - with no allowance | 10,466,000 | 9,676,000 |
Recorded investment - with no allowance | 8,210,000 | 8,041,000 |
Unpaid principal - with allowance | 1,420,000 | 1,933,000 |
Recorded investment - with allowance | 1,420,000 | 1,933,000 |
Related allowance - with allowance | 306,000 | 820,000 |
Total | 11,886,000 | 11,609,000 |
Total | $ 9,630,000 | $ 9,974,000 |
Note 7 - Loans - Average Balanc
Note 7 - Loans - Average Balance of Impaired Loans and Income Recognized on Impaired Loans (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||
Average investment in impaired loans | $ 861,000 | $ 3,442,000 |
Interest income recognized on impaired loans on a cash basis | 10,000 | 14,000 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | ||
Average investment in impaired loans | 73,000 | 48,000 |
Interest income recognized on impaired loans on a cash basis | 1,000 | 1,000 |
Residential Portfolio Segment [Member] | ||
Average investment in impaired loans | 934,000 | 3,490,000 |
Interest income recognized on impaired loans on a cash basis | 11,000 | 15,000 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Average investment in impaired loans | 6,160,000 | 6,588,000 |
Interest income recognized on impaired loans on a cash basis | 110,000 | 112,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Average investment in impaired loans | 568,000 | 603,000 |
Interest income recognized on impaired loans on a cash basis | 3,000 | 7,000 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Average investment in impaired loans | 0 | 75,000 |
Interest income recognized on impaired loans on a cash basis | 0 | 0 |
Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | ||
Average investment in impaired loans | 1,423,000 | 1,465,000 |
Interest income recognized on impaired loans on a cash basis | 21,000 | 26,000 |
Commercial Portfolio Segment [Member] | Multifamily 5 or More Residential [Member] | ||
Average investment in impaired loans | 690,000 | 519,000 |
Interest income recognized on impaired loans on a cash basis | 0 | 25,000 |
Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | ||
Average investment in impaired loans | 15,000 | 0 |
Interest income recognized on impaired loans on a cash basis | 1,000 | 0 |
Commercial Portfolio Segment [Member] | ||
Average investment in impaired loans | 8,856,000 | 9,250,000 |
Interest income recognized on impaired loans on a cash basis | 135,000 | 170,000 |
Consumer Portfolio Segment [Member] | ||
Average investment in impaired loans | 12,000 | 0 |
Interest income recognized on impaired loans on a cash basis | 0 | 0 |
Average investment in impaired loans | 9,802,000 | 12,740,000 |
Interest income recognized on impaired loans on a cash basis | $ 146,000 | $ 185,000 |
Note 7 - Loans - Nonaccrual Loa
Note 7 - Loans - Nonaccrual Loans and Loans Past Due Ninety Days or More and Still Accruing (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||
Loans past due 90+ days and accruing | $ 2,680,000 | $ 2,381,000 |
Nonaccrual loans | 3,080,000 | 3,044,000 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | ||
Loans past due 90+ days and accruing | 140,000 | 79,000 |
Nonaccrual loans | 0 | 0 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit 1 [Member] | ||
Loans past due 90+ days and accruing | 175,000 | 130,000 |
Nonaccrual loans | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Loans past due 90+ days and accruing | 2,995,000 | 2,590,000 |
Nonaccrual loans | 3,080,000 | 3,044,000 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans past due 90+ days and accruing | 539,000 | 503,000 |
Nonaccrual loans | 5,689,000 | 5,730,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans past due 90+ days and accruing | 318,000 | 65,000 |
Nonaccrual loans | 312,000 | 313,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | ||
Loans past due 90+ days and accruing | 102,000 | 0 |
Nonaccrual loans | 1,418,000 | 1,427,000 |
Commercial Portfolio Segment [Member] | Multifamily 5 or More Residential [Member] | ||
Loans past due 90+ days and accruing | 0 | 0 |
Nonaccrual loans | 392,000 | 987,000 |
Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | ||
Loans past due 90+ days and accruing | 0 | 0 |
Nonaccrual loans | 14,000 | 16,000 |
Commercial Portfolio Segment [Member] | ||
Loans past due 90+ days and accruing | 959,000 | 568,000 |
Nonaccrual loans | 7,825,000 | 8,473,000 |
Consumer Portfolio Segment [Member] | ||
Loans past due 90+ days and accruing | 3,000 | 71,000 |
Nonaccrual loans | 39,000 | 0 |
Loans past due 90+ days and accruing | 3,957,000 | 3,229,000 |
Nonaccrual loans | $ 10,944,000 | $ 11,517,000 |
Note 7 - Loans - Contractual Ag
Note 7 - Loans - Contractual Aging of Loans (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | $ 295,485,000 | $ 294,703,000 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 7,234,000 | 6,156,000 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 4,034,000 | 3,924,000 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||
Loans receivable | 306,753,000 | 304,783,000 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 21,340,000 | 20,816,000 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 142,000 | 251,000 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 140,000 | 79,000 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | ||
Loans receivable | 21,622,000 | 21,146,000 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit 1 [Member] | Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 37,977,000 | 38,581,000 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit 1 [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 475,000 | 329,000 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit 1 [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 175,000 | 130,000 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit 1 [Member] | ||
Loans receivable | 38,627,000 | 39,040,000 |
Residential Portfolio Segment [Member] | Construction Loans [Member] | Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 19,867,000 | 21,121,000 |
Residential Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 143,000 | 0 |
Residential Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 0 | 0 |
Residential Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 20,010,000 | 21,121,000 |
Residential Portfolio Segment [Member] | Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 374,669,000 | 375,221,000 |
Residential Portfolio Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 7,994,000 | 6,736,000 |
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 4,349,000 | 4,133,000 |
Residential Portfolio Segment [Member] | ||
Loans receivable | 387,012,000 | 386,090,000 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 150,087,000 | 153,427,000 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 3,280,000 | 108,000 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 1,279,000 | 1,244,000 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 154,646,000 | 154,779,000 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 7,311,000 | 5,018,000 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 134,000 | 104,000 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 0 | 0 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 7,445,000 | 5,122,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 71,123,000 | 75,002,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 168,000 | 118,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 337,000 | 76,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans receivable | 71,628,000 | 75,196,000 |
Commercial Portfolio Segment [Member] | Political Subdivisions [Member] | Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 38,364,000 | 40,007,000 |
Commercial Portfolio Segment [Member] | Political Subdivisions [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 0 | 0 |
Commercial Portfolio Segment [Member] | Political Subdivisions [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 0 | 0 |
Commercial Portfolio Segment [Member] | Political Subdivisions [Member] | ||
Loans receivable | 38,364,000 | 40,007,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 6,025,000 | 5,970,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 221,000 | 223,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 922,000 | 826,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | ||
Loans receivable | 7,168,000 | 7,019,000 |
Commercial Portfolio Segment [Member] | Multifamily 5 or More Residential [Member] | Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 7,928,000 | 8,201,000 |
Commercial Portfolio Segment [Member] | Multifamily 5 or More Residential [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 73,000 | 0 |
Commercial Portfolio Segment [Member] | Multifamily 5 or More Residential [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 392,000 | 987,000 |
Commercial Portfolio Segment [Member] | Multifamily 5 or More Residential [Member] | ||
Loans receivable | 8,393,000 | 9,188,000 |
Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 4,398,000 | 4,642,000 |
Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 80,000 | 13,000 |
Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 14,000 | 16,000 |
Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | ||
Loans receivable | 4,492,000 | 4,671,000 |
Commercial Portfolio Segment [Member] | Other Commercial Loans[Member] | Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 11,387,000 | 12,152,000 |
Commercial Portfolio Segment [Member] | Other Commercial Loans[Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 0 | 0 |
Commercial Portfolio Segment [Member] | Other Commercial Loans[Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 0 | 0 |
Commercial Portfolio Segment [Member] | Other Commercial Loans[Member] | ||
Loans receivable | 11,387,000 | 12,152,000 |
Commercial Portfolio Segment [Member] | Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 296,623,000 | 304,419,000 |
Commercial Portfolio Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 3,956,000 | 566,000 |
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 2,944,000 | 3,149,000 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 303,523,000 | 308,134,000 |
Consumer Portfolio Segment [Member] | Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 10,933,000 | 10,537,000 |
Consumer Portfolio Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 95,000 | 48,000 |
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 42,000 | 71,000 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 11,070,000 | 10,656,000 |
Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 682,225,000 | 690,177,000 |
Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 12,045,000 | 7,350,000 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 7,335,000 | 7,353,000 |
Loans receivable | $ 701,605,000 | $ 704,880,000 |
Note 7 - Loans - Contractual 58
Note 7 - Loans - Contractual Aging of Nonaccrual Loans (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Non accrual Loans [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans current and past due | $ 6,894,000 | $ 7,100,000 |
Non accrual Loans [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans current and past due | 672,000 | 293,000 |
Non accrual Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans current and past due | 3,378,000 | 4,124,000 |
Non accrual Loans [Member] | ||
Loans current and past due | 10,944,000 | 11,517,000 |
Loans current and past due | $ 10,944,000 | $ 11,517,000 |
Note 7 - Loans - Aging of Troub
Note 7 - Loans - Aging of Troubled Debt Restructings (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Troubled Debt Restructuring [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, current and past due | $ 925,000 | $ 1,186,000 |
Troubled Debt Restructuring [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, current and past due | 242,000 | 0 |
Troubled Debt Restructuring [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, current and past due | 86,000 | 81,000 |
Troubled Debt Restructuring [Member] | ||
Troubled debt restructurings, current and past due | 6,313,000 | 6,364,000 |
Troubled debt restructurings, nonaccrual | 5,060,000 | 5,097,000 |
Financing Receivables 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, current and past due | 12,045,000 | 7,350,000 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, current and past due | 7,335,000 | 7,353,000 |
Troubled debt restructurings, nonaccrual | $ 10,944,000 | $ 11,517,000 |
Note 7 - Loans - Troubled Debt
Note 7 - Loans - Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Troubled debt restructurings, number of contracts | 1 | |
Troubled debt restructurings, pre-modification outstanding recorded investment | $ 5 | |
Troubled debt restructurings, post-modification outstanding recorded investment | $ 5 | |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||
Troubled debt restructurings, number of contracts | 1 | |
Troubled debt restructurings, pre-modification outstanding recorded investment | $ 56 | |
Troubled debt restructurings, post-modification outstanding recorded investment | $ 56 | |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | ||
Troubled debt restructurings, number of contracts | 1 | |
Troubled debt restructurings, pre-modification outstanding recorded investment | $ 32 | |
Troubled debt restructurings, post-modification outstanding recorded investment | $ 32 | |
Consumer Portfolio Segment [Member] | ||
Troubled debt restructurings, number of contracts | 1 | |
Troubled debt restructurings, pre-modification outstanding recorded investment | $ 30 | |
Troubled debt restructurings, post-modification outstanding recorded investment | $ 30 |
Note 7 - Loans - Defaults on Lo
Note 7 - Loans - Defaults on Loans with Previous Modifications (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||
Troubled debt restructuring defaults, number of contracts | 1 | 2 |
Troubled debt restructuring defaults, recorded investment | $ 31 | $ 115 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Troubled debt restructuring defaults, number of contracts | 1 | |
Troubled debt restructuring defaults, recorded investment | $ 407 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Troubled debt restructuring defaults, number of contracts | 1 | |
Troubled debt restructuring defaults, recorded investment | $ 5 | |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Troubled debt restructuring defaults, number of contracts | 1 | |
Troubled debt restructuring defaults, recorded investment | $ 25 |
Note 7 - Loans - Foreclosed Res
Note 7 - Loans - Foreclosed Residential Real Estate (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Residential Portfolio Segment [Member] | ||
Foreclosed residential real estate | $ 883 | $ 555 |
Note 7 - Loans - Mortgage Loans
Note 7 - Loans - Mortgage Loans in Process of Foreclosure (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Residential Portfolio Segment [Member] | ||
Residential real estate in process of foreclosure | $ 931 | $ 1,173 |
Note 8 - Borrowed Funds (Detail
Note 8 - Borrowed Funds (Details Textual) | 3 Months Ended | |
Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Federal Home Loan Bank of Pittsburgh [Member] | Other Assets [Member] | ||
Federal Home Loan Bank Stock | $ 3,131,000 | $ 4,527,000 |
Federal Home Loan Bank of Pittsburgh [Member] | Federal Home Loan Bank Advances [Member] | Minimum [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.77% | |
Federal Home Loan Bank of Pittsburgh [Member] | Federal Home Loan Bank Advances [Member] | Maximum [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.052% | |
Federal Home Loan Bank of Pittsburgh [Member] | Federal Home Loan Bank Advances [Member] | ||
Number of Short-term Advances | 9 | |
Short-term Borrowing, Amount of Each Borrowing | $ 2,090,000 | |
Short-term Debt, Weighted Average Interest Rate | 0.94% | |
Repayment of Short-term Borrowing, Number of Advances | 3 | |
Repayments of Short-term Borrowing, Amount of Each Borrowing | $ 2,090,000 | |
Repayment of Short-term Debt, Weighted Average Interest Rate | 0.62% | |
Federal Home Loan Bank of Pittsburgh [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 448,336,000 | 450,883,000 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 297,186,000 | |
Securities Sold under Agreements to Repurchase [Member] | ||
Debt, Weighted Average Interest Rate | 0.10% | |
Repurchase Agreement Maturing in 2017 with a Rate of 3.595% [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.595% | |
Carrying Value of Securities Sold under Repurchase Agreements and Deposits Received for Securities Loaned | $ 12,100,000 | 12,613,000 |
Securities Sold under Agreements to Repurchase, Asset | $ 32,701,000 | $ 33,780,000 |
Note 8 - Borrowed Funds - Short
Note 8 - Borrowed Funds - Short-term Borrowings (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Federal Home Loan Bank of Pittsburgh [Member] | Federal Home Loan Bank Advances [Member] | ||
Short-term borrowings | $ 18,811,000 | $ 48,581,000 |
Federal Home Loan Bank of Pittsburgh [Member] | Overnight Borrowing [Member] | ||
Short-term borrowings | 0 | 23,500,000 |
Federal Home Loan Bank of Pittsburgh [Member] | Other Short-term Debt [Member] | ||
Short-term borrowings | 18,811,000 | 25,081,000 |
Federal Home Loan Bank of Pittsburgh [Member] | ||
Short-term borrowings | 18,811,000 | 48,581,000 |
Securities Sold under Agreements to Repurchase [Member] | ||
Short-term borrowings | 7,141,000 | 4,915,000 |
Short-term borrowings | $ 25,952,000 | $ 53,496,000 |
Note 8 - Borrowed Funds - Long-
Note 8 - Borrowed Funds - Long-term Borrowings (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Federal Home Loan Bank Advances [Member] | ||
Long-term borrowings | $ 11,692,000 | $ 11,767,000 |
Repurchase Agreements [Member] | ||
Long-term borrowings | 27,000,000 | 27,000,000 |
Long-term borrowings | $ 38,692,000 | $ 38,767,000 |
Note 8 - Borrowed Funds - Lon67
Note 8 - Borrowed Funds - Long-term Borrowing Maturities (Details) - Federal Home Loan Bank of Pittsburgh [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Federal Home Loan Bank Borrowings Loan Maturing in 2016 with Rate of 686 [Member] | ||
Long-term borrowings from FHLB- Pittsburgh | $ 45 | $ 57 |
Federal Home Loan Bank Borrowings Loan Maturing in 2017 With Rate of 683 [Member] | ||
Long-term borrowings from FHLB- Pittsburgh | 9 | 10 |
Federal Home Loan Bank Borrowings Loan Maturing in 2017 with Rate of 381 [Member] | ||
Long-term borrowings from FHLB- Pittsburgh | 10,000 | 10,000 |
Federal Home Loan Bank Borrowings Loan Maturing in 2020 with Rate of 479 [Member] | ||
Long-term borrowings from FHLB- Pittsburgh | 778 | 821 |
Federal Home Loan Bank Borrowings Loan Maturing in 2025 with Rate of 491 [Member] | ||
Long-term borrowings from FHLB- Pittsburgh | 860 | 879 |
Long-term borrowings from FHLB- Pittsburgh | $ 11,692 | $ 11,767 |
Note 8 - Borrowed Funds - Lon68
Note 8 - Borrowed Funds - Long-term Borrowing Maturities (Details) (Parentheticals) - Federal Home Loan Bank of Pittsburgh [Member] | Mar. 31, 2016Rate | Dec. 31, 2015Rate |
Federal Home Loan Bank Borrowings Loan Maturing in 2016 with Rate of 686 [Member] | ||
Rate | 6.86% | 6.86% |
Federal Home Loan Bank Borrowings Loan Maturing in 2017 With Rate of 683 [Member] | ||
Rate | 6.83% | 6.83% |
Federal Home Loan Bank Borrowings Loan Maturing in 2017 with Rate of 381 [Member] | ||
Rate | 3.81% | 3.81% |
Federal Home Loan Bank Borrowings Loan Maturing in 2020 with Rate of 479 [Member] | ||
Rate | 4.79% | 4.79% |
Federal Home Loan Bank Borrowings Loan Maturing in 2025 with Rate of 491 [Member] | ||
Rate | 4.91% | 4.91% |
Note 8 - Borrowed Funds - Under
Note 8 - Borrowed Funds - Underlying Securities (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities Sold under Agreements to Repurchase, Asset | $ 15,526,000 | $ 15,772,000 |
Collateralized Mortgage Obligations [Member] | ||
Securities Sold under Agreements to Repurchase, Asset | 17,175,000 | 18,008,000 |
Securities Sold under Agreements to Repurchase, Asset | $ 32,701,000 | $ 33,780,000 |
Note 9 - Defined Benefit Plan70
Note 9 - Defined Benefit Plans (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2016 | |
Scenario, Forecast [Member] | ||
Pension and Other Postretirement Benefit Contributions | $ 68,000 | |
Defined Benefit Plan Required Contributions in Current Fiscal Year | $ 0 | |
Pension and Other Postretirement Benefit Contributions | $ 18,000 |
Note 9 - Defined Benefit Plan71
Note 9 - Defined Benefit Plans - Net Periodic Benefit Costs (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Pension Plan [Member] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 7,000 | 9,000 |
Expected return on plan assets | (7,000) | (11,000) |
Amortization of prior service cost | 0 | 0 |
Recognized net actuarial loss | 3,000 | 4,000 |
Net periodic benefit cost | 3,000 | 2,000 |
Other Postretirement Benefit Plan [Member] | ||
Service cost | 9,000 | 10,000 |
Interest cost | 16,000 | 13,000 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | (8,000) | (7,000) |
Recognized net actuarial loss | 0 | 0 |
Net periodic benefit cost | $ 17,000 | $ 16,000 |
Note 10 - Stock-based Compens72
Note 10 - Stock-based Compensation Plans (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Restricted Stock [Member] | Stock Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 20,298 | |
Share Based Compensation Arrangement by Share Based Payment Award Contingent Vesting Shares | 17,289 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 4 years |
Restricted Stock [Member] | Independent Directors Stock Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 6,606 | 7,130 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | 1 year |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 34,199 | 34,800 |
Allocated Share-based Compensation Expense | $ 162,000 | $ 150,000 |
Performance Shares [Member] | Stock Incentive Plan [Member] | Chief Executive Officer [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 5,174 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Performance Shares [Member] | Stock Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 10,304 | 2,198 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 4 years |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Assets [Member] | ||||
Amortization Method Qualified Affordable Housing Project Investments | $ 787,000 | $ 812,000 | ||
Scenario, Forecast [Member] | ||||
Income Tax Credits and Adjustments | $ 158,000 | |||
Income Tax Expense Benefit Increase Decrease | $ 76,000 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||
Income Tax Credits and Adjustments | 158,000 | |||
Income Tax Expense Benefit Increase Decrease | $ 19,000 | $ 20,000 | $ 80,000 | |
Unrecognized Tax Benefits | $ 0 |
Note 11 - Income Taxes - Net De
Note 11 - Income Taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Net realized losses on securities | $ 36 | $ 69 |
Allowance for loan losses | 2,623 | 2,761 |
Other deferred tax assets | 2,238 | 2,634 |
Total deferred tax assets | 4,897 | 5,464 |
Deferred tax liabilities: | ||
Unrealized holding gains on securities | 2,879 | 1,342 |
Defined benefit plans - ASC 835 | 26 | 19 |
Bank premises and equipment | 926 | 869 |
Core deposit intangibles | 10 | 11 |
Other deferred tax liabilities | 107 | 108 |
Total deferred tax liabilities | 3,948 | 2,349 |
Deferred tax asset, net | $ 949 | $ 3,115 |
Note 11 - Income Taxes - Reconc
Note 11 - Income Taxes - Reconciliation of Income Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income before income tax provision | $ 4,666 | $ 5,044 |
Income tax provision | $ 1,093 | $ 1,229 |
Effective tax rate | 23.42% | 24.37% |
Note 14 -Subsequent Event (Deta
Note 14 -Subsequent Event (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Apr. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Apr. 21, 2016 | Dec. 31, 2015 | |
July 2014 Repurchase Program [Member] | Subsequent Event [Member] | |||||
Treasury Stock, Shares, Acquired | 622,500 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 12,140,000 | ||||
Treasury Stock Acquired, Average Cost Per Share | $ 19.50 | ||||
July 2014 Repurchase Program [Member] | |||||
Treasury Stock, Shares | 589,550 | ||||
Treasury Stock, Value | $ 11,870,000 | ||||
Treasury Stock, Shares | 574,141 | 474,548 | |||
Treasury Stock, Value | $ 10,854,000 | $ 8,804,000 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 3,070,000 | $ 3,022,000 | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 600,000 | ||||
Stock Repurchase Program, Shares Authorized to be Repurchase, Percentage of Outstanding Common Stock | 5.00% |