Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 01, 2016 | |
Document Information [Line Items] | ||
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) | 12,068,583 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Noninterest-bearing | $ 14,567,000 | $ 14,710,000 |
Interest-bearing | 12,869,000 | 21,351,000 |
Total cash and due from banks | 27,436,000 | 36,061,000 |
Available-for-sale securities, at fair value | 417,205,000 | 420,290,000 |
Loans held for sale | 381,000 | 280,000 |
Loans receivable | 727,842,000 | 704,880,000 |
Allowance for loan losses | (7,929,000) | (7,889,000) |
Loans, net | 719,913,000 | 696,991,000 |
Bank-owned life insurance | 19,511,000 | 20,764,000 |
Accrued interest receivable | 3,837,000 | 3,768,000 |
Bank premises and equipment, net | 15,339,000 | 15,406,000 |
Foreclosed assets held for sale | 2,052,000 | 1,260,000 |
Deferred tax asset, net | 425,000 | 3,115,000 |
Intangible asset - Core deposit intangibles | 24,000 | 30,000 |
Intangible asset - Goodwill | 11,942,000 | 11,942,000 |
Other assets | 12,953,000 | 13,510,000 |
TOTAL ASSETS | 1,231,018,000 | 1,223,417,000 |
LIABILITIES | ||
Noninterest-bearing | 215,004,000 | 211,041,000 |
Interest-bearing | 752,947,000 | 724,574,000 |
Total deposits | 967,951,000 | 935,615,000 |
Short-term borrowings | 25,702,000 | 53,496,000 |
Long-term borrowings | 38,615,000 | 38,767,000 |
Accrued interest and other liabilities | 8,220,000 | 8,052,000 |
TOTAL LIABILITIES | 1,040,488,000 | 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 June 30, 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 June 30, 2016 and December 31, 2015; outstanding 12,070,195 at June 30, 2016 and 12,180,623 December 31, 2015 | 12,655,000 | 12,655,000 |
Paid-in capital | 71,391,000 | 71,654,000 |
Retained earnings | 110,677,000 | 109,454,000 |
Treasury stock, at cost; 584,976 shares at June 30, 2016 and 474,548 shares at December 31, 2015 | (11,087,000) | (8,804,000) |
Sub-total | 183,636,000 | 184,959,000 |
Accumulated other comprehensive income: | ||
Unrealized gain on available-for-sale securities | 6,849,000 | 2,493,000 |
Defined benefit plans gain | 45,000 | 35,000 |
Total accumulated other comprehensive income | 6,894,000 | 2,528,000 |
TOTAL STOCKHOLDERS' EQUITY | 190,530,000 | 187,487,000 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ 1,231,018,000 | $ 1,223,417,000 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 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) | 12,070,195 | 12,180,623 |
Treasury stock, shares (in shares) | 584,976 | 474,548 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Interest and fees on loans | $ 8,086,000 | $ 7,753,000 | $ 16,060,000 | $ 15,462,000 |
Interest on balances with depository institutions | 36,000 | 25,000 | 60,000 | 51,000 |
Interest on loans to political subdivisions | 452,000 | 391,000 | 900,000 | 740,000 |
Interest on mortgages held for sale | 8,000 | 3,000 | 14,000 | 5,000 |
Income from available-for-sale securities: | ||||
Taxable | 1,490,000 | 1,934,000 | 3,045,000 | 3,908,000 |
Tax-exempt | 847,000 | 1,013,000 | 1,743,000 | 2,029,000 |
Dividends | 5,000 | 67,000 | 39,000 | 154,000 |
Total interest and dividend income | 10,924,000 | 11,186,000 | 21,861,000 | 22,349,000 |
INTEREST EXPENSE | ||||
Interest on deposits | 522,000 | 479,000 | 1,001,000 | 965,000 |
Interest on short-term borrowings | 41,000 | 5,000 | 103,000 | 6,000 |
Interest on long-term borrowings | 362,000 | 692,000 | 725,000 | 1,418,000 |
Total interest expense | 925,000 | 1,176,000 | 1,829,000 | 2,389,000 |
Net interest income | 9,999,000 | 10,010,000 | 20,032,000 | 19,960,000 |
Provision for loan losses | 318,000 | 221,000 | 686,000 | 224,000 |
Net interest income after provision for loan losses | 9,681,000 | 9,789,000 | 19,346,000 | 19,736,000 |
OTHER INCOME | ||||
Service charges on deposit accounts | 1,164,000 | 1,305,000 | 2,302,000 | 2,327,000 |
Service charges and fees | 123,000 | 123,000 | 217,000 | 236,000 |
Trust and financial management revenue | 1,251,000 | 1,241,000 | 2,395,000 | 2,355,000 |
Brokerage revenue | 180,000 | 206,000 | 353,000 | 425,000 |
Insurance commissions, fees and premiums | 27,000 | 23,000 | 48,000 | 63,000 |
Interchange revenue from debit card transactions | 487,000 | 500,000 | 950,000 | 974,000 |
Net gains from sale of loans | 295,000 | 183,000 | 463,000 | 330,000 |
(Decrease) in fair value of servicing rights | (108,000) | (33,000) | (179,000) | (150,000) |
Increase in cash surrender value of life insurance | 93,000 | 102,000 | 189,000 | 199,000 |
Other operating income | 394,000 | 312,000 | 858,000 | 759,000 |
Sub-total | 3,906,000 | 3,962,000 | 7,596,000 | 7,518,000 |
Realized gains on available-for-sale securities, net | 122,000 | 932,000 | 505,000 | 1,006,000 |
Total other income | 4,028,000 | 4,894,000 | 8,101,000 | 8,524,000 |
OTHER EXPENSES | ||||
Salaries and wages | 3,913,000 | 3,603,000 | 7,800,000 | 7,090,000 |
Pensions and other employee benefits | 1,002,000 | 935,000 | 2,439,000 | 2,320,000 |
Occupancy expense, net | 560,000 | 640,000 | 1,169,000 | 1,362,000 |
Furniture and equipment expense | 439,000 | 467,000 | 866,000 | 921,000 |
FDIC Assessments | 155,000 | 148,000 | 297,000 | 299,000 |
Pennsylvania shares tax | 323,000 | 317,000 | 645,000 | 635,000 |
Professional fees | 282,000 | 140,000 | 571,000 | 296,000 |
Automated teller machine and interchange expense | 267,000 | 255,000 | 516,000 | 501,000 |
Software subscriptions | 251,000 | 211,000 | 492,000 | 408,000 |
Loss on prepayment of debt | 0 | 910,000 | 0 | 910,000 |
Other operating expense | 1,343,000 | 1,248,000 | 2,812,000 | 2,665,000 |
Total other expenses | 8,535,000 | 8,874,000 | 17,607,000 | 17,407,000 |
Income before income tax provision | 5,174,000 | 5,809,000 | 9,840,000 | 10,853,000 |
Income tax provision | 1,303,000 | 1,452,000 | 2,396,000 | 2,681,000 |
NET INCOME | $ 3,871,000 | $ 4,357,000 | $ 7,444,000 | $ 8,172,000 |
NET INCOME PER SHARE - BASIC (in dollars per share) | $ 0.32 | $ 0.36 | $ 0.61 | $ 0.67 |
NET INCOME PER SHARE - DILUTED (in dollars per share) | $ 0.32 | $ 0.36 | $ 0.61 | $ 0.67 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net income | $ 3,871,000 | $ 4,357,000 | $ 7,444,000 | $ 8,172,000 |
Unrealized gains (losses) on available-for-sale securities: | ||||
Unrealized holding gains (losses) on available-for-sale securities | 2,431,000 | (4,572,000) | 7,205,000 | (847,000) |
Reclassification adjustment for gains realized in income | (122,000) | (932,000) | (505,000) | (1,006,000) |
Other comprehensive gain (loss) on available-for-sale securities | 2,309,000 | (5,504,000) | 6,700,000 | (1,853,000) |
Unfunded pension and postretirement obligations: | ||||
Changes from plan amendments and actuarial gains and losses included in accumulated other comprehensive gain (loss) | 0 | 0 | 26,000 | (100,000) |
Amortization of net transition obligation, prior service cost and net actuarial loss included in net periodic benefit cost | (5,000) | (5,000) | (10,000) | (8,000) |
Other comprehensive (loss) gain on unfunded retirement obligations | (5,000) | (5,000) | 16,000 | (108,000) |
Other comprehensive income (loss) before income tax | 2,304,000 | (5,509,000) | 6,716,000 | (1,961,000) |
Income tax related to other comprehensive income (loss) | (806,000) | 1,929,000 | (2,350,000) | 687,000 |
Net other comprehensive income (loss) | 1,498,000 | (3,580,000) | 4,366,000 | (1,274,000) |
Comprehensive income | $ 5,369,000 | $ 777,000 | $ 11,810,000 | $ 6,898,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 7,444,000 | $ 8,172,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 686,000 | 224,000 |
Realized gains on available-for-sale securities, net | (505,000) | (1,006,000) |
Loss on prepayment of debt | 0 | 910,000 |
Realized loss (gain) on foreclosed assets | 67,000 | (61,000) |
Depreciation expense | 787,000 | 958,000 |
Accretion and amortization on securities, net | 660,000 | 791,000 |
Accretion and amortization on loans and deposits, net | (8,000) | (10,000) |
Decrease in fair value of servicing rights | 179,000 | 150,000 |
Increase in cash surrender value of life insurance | (189,000) | (199,000) |
Stock-based compensation | 325,000 | 307,000 |
Amortization of core deposit intangibles | 6,000 | 11,000 |
Deferred income taxes | 340,000 | 424,000 |
Gains on sales of loans, net | (463,000) | (330,000) |
Origination of loans for sale | (12,698,000) | (10,029,000) |
Proceeds from sales of loans | 12,953,000 | 10,089,000 |
Increase in accrued interest receivable and other assets | (708,000) | (1,225,000) |
(Decrease) increase in accrued interest payable and other liabilities | (296,000) | 681,000 |
Net Cash Provided by Operating Activities | 8,580,000 | 9,857,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities of certificates of deposit | 100,000 | 0 |
Purchase of certificates of deposit | (340,000) | 0 |
Proceeds from sales of available-for-sale securities | 19,387,000 | 11,255,000 |
Proceeds from calls and maturities of available-for-sale securities | 37,009,000 | 41,777,000 |
Purchase of available-for-sale securities | (46,766,000) | (35,200,000) |
Redemption of Federal Home Loan Bank of Pittsburgh stock | 2,642,000 | 2,042,000 |
Purchase of Federal Home Loan Bank of Pittsburgh stock | (1,600,000) | (2,960,000) |
Net increase in loans | (24,751,000) | (34,153,000) |
Proceeds from bank owned life insurance | 1,442,000 | 1,442,000 |
Purchase of premises and equipment | (720,000) | (539,000) |
Return of principal on limited liability entity investments | 82,000 | 99,000 |
Proceeds from sale of foreclosed assets | 292,000 | 657,000 |
Net Cash Used in Investing Activities | (13,223,000) | (15,580,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in deposits | 32,336,000 | 10,460,000 |
Net (decrease) increase in short-term borrowings | (27,794,000) | 14,269,000 |
Repayments of long-term borrowings | (152,000) | (11,054,000) |
Purchase of treasury stock | (3,723,000) | (3,415,000) |
Sale of treasury stock | 100,000 | 378,000 |
Tax benefit from compensation plans | 88,000 | 78,000 |
Common dividends paid | (5,557,000) | (5,635,000) |
Net Cash (Used in) Provided by Financing Activities | (4,702,000) | 5,081,000 |
DECREASE IN CASH AND CASH EQUIVALENTS | (9,345,000) | (642,000) |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 33,313,000 | 31,619,000 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 23,968,000 | 30,977,000 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Accrued purchase of certificates of deposit | 480,000 | 0 |
Assets acquired through foreclosure of real estate loans | 1,151,000 | 630,000 |
Interest paid | 1,826,000 | 2,404,000 |
Income taxes paid | $ 1,485,000 | $ 1,645,000 |
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 | 8,172,000 | 8,172,000 | ||||
Other comprehensive income, net | (1,274,000) | (1,274,000) | ||||
Cash dividends declared on common stock, $0.52 per share | (6,373,000) | (6,373,000) | ||||
Shares issued for dividend reinvestment plan (in shares) | 37,758 | |||||
Shares issued for dividend reinvestment plan | $ 713,000 | 25,000 | 738,000 | |||
Treasury stock purchased (in shares) | 176,000 | |||||
Treasury stock purchased | $ (3,415,000) | (3,415,000) | ||||
Shares issued from treasury for exercise of stock options (in shares) | (22,235) | |||||
Shares issued from treasury for exercise of stock options | $ 404,000 | (26,000) | 378,000 | |||
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 | 307,000 | 307,000 | ||||
Tax effect of stock option exercises | (6,000) | (6,000) | ||||
Tax benefit from dividends on restricted stock | 11,000 | 11,000 | ||||
Tax benefit from employee benefit plan | 73,000 | 73,000 | ||||
Balance (in shares) at Jun. 30, 2015 | 12,655,171 | 458,341 | ||||
Balance at Jun. 30, 2015 | $ 12,655,000 | $ (8,448,000) | 71,258,000 | 107,422,000 | 4,086,000 | 186,973,000 |
Shares issued for dividend reinvestment plan (in shares) | (37,758) | |||||
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 | 7,444,000 | 7,444,000 | ||||
Other comprehensive income, net | 4,366,000 | 4,366,000 | ||||
Cash dividends declared on common stock, $0.52 per share | (6,298,000) | (6,298,000) | ||||
Shares issued for dividend reinvestment plan (in shares) | 36,771 | |||||
Shares issued for dividend reinvestment plan | $ 693,000 | 48,000 | 741,000 | |||
Treasury stock purchased (in shares) | 187,075 | |||||
Treasury stock purchased | $ (3,723,000) | (3,723,000) | ||||
Shares issued from treasury for exercise of stock options (in shares) | (5,556) | |||||
Shares issued from treasury for exercise of stock options | $ 109,000 | (9,000) | 100,000 | |||
Restricted stock granted (in shares) | 35,427 | |||||
Restricted stock granted | $ 658,000 | (658,000) | 0 | |||
Forfeiture of restricted stock (in shares) | 1,107 | |||||
Forfeiture of restricted stock | $ (20,000) | 20,000 | 0 | |||
Stock-based compensation expense | 325,000 | 325,000 | ||||
Tax effect of stock option exercises | (1,000) | (1,000) | ||||
Tax benefit from dividends on restricted stock | 12,000 | 12,000 | ||||
Tax benefit from employee benefit plan | 77,000 | 77,000 | ||||
Balance (in shares) at Jun. 30, 2016 | 12,655,171 | 584,976 | ||||
Balance at Jun. 30, 2016 | $ 12,655,000 | $ (11,087,000) | $ 71,391,000 | $ 110,677,000 | $ 6,894,000 | $ 190,530,000 |
Shares issued for dividend reinvestment plan (in shares) | (36,771) |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Retained Earnings [Member] | ||
Common stock, dividends, per share (in dollars per share) | $ 0.52 | $ 0.52 |
Note 1 - Basis of Interim Prese
Note 1 - Basis of Interim Presentation | 6 Months Ended |
Jun. 30, 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 and six-month periods ended June 30, 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 | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, 2016 Earnings per share – basic $ 7,444,000 12,108,743 $ 0.61 Dilutive effect of potential common stock arising from stock options: Exercise of outstanding stock options 197,817 Hypothetical share repurchase at $20.11 (176,659 ) Earnings per share – diluted $ 7,444,000 12,129,901 $ 0.61 Six Months Ended June 30, 2015 Earnings per share – basic $ 8,172,000 12,233,964 $ 0.67 Dilutive effect of potential common stock arising from stock options: Exercise of outstanding stock options 218,115 Hypothetical share repurchase at $19.97 (196,407 ) Earnings per share – diluted $ 8,172,000 12,255,672 $ 0.67 CITIZENS & NORTHERN CORPORATION – FORM 10-Q Weighted- Average Earnings Net Common Per Income Shares Share Three Months Ended June 30, 2016 Earnings per share – basic $ 3,871,000 12,062,376 $ 0.32 Dilutive effect of potential common stock arising from stock options: Exercise of outstanding stock options 196,646 Hypothetical share repurchase at $20.17 (175,106 ) Earnings per share – diluted $ 3,871,000 12,083,916 $ 0.32 Three Months Ended June 30, 2015 Earnings per share – basic $ 4,357,000 12,199,996 $ 0.36 Dilutive effect of potential common stock arising from stock options: Exercise of outstanding stock options 205,024 Hypothetical share repurchase at $20.15 (182,494 ) Earnings per share – diluted $ 4,357,000 12,222,526 $ 0.36 Stock options that were anti-dilutive were excluded from net income per share calculations. Weighted-average common shares available from anti-dilutive instruments totaled 47,224 shares in the six-month period ended June 30, 2016, 75,539 shares in the six-month period ended June 30, 2015, 47,139 shares in the second quarter 2016 and 47,974 shares in the second quarter 2015. |
Note 3 - Comprehensive Income
Note 3 - Comprehensive Income | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, 2016 Unrealized gains on available-for-sale securities: Unrealized holding gains on available-for-sale securities $ 7,205 $ (2,521 ) $ 4,684 Reclassification adjustment for (gains) realized in income (505 ) 177 (328 ) Other comprehensive income on available-for-sale securities 6,700 (2,344 ) 4,356 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 (10 ) 3 (7 ) Other comprehensive income on unfunded retirement obligations 16 (6 ) 10 Total other comprehensive income $ 6,716 $ (2,350 ) $ 4,366 CITIZENS & NORTHERN CORPORATION – FORM 10-Q (In Thousands) Before-Tax Income Tax Net-of-Tax Amount Effect Amount Six Months Ended June 30, 2015 Unrealized losses on available-for-sale securities: Unrealized holding losses on available-for-sale securities $ (847 ) $ 297 $ (550 ) Reclassification adjustment for (gains) realized in income (1,006 ) 352 (654 ) Other comprehensive loss on available-for-sale securities (1,853 ) 649 (1,204 ) 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 (8 ) 3 (5 ) Other comprehensive loss on unfunded retirement obligations (108 ) 38 (70 ) Total other comprehensive loss $ (1,961 ) $ 687 $ (1,274 ) (In Thousands) Before-Tax Income Tax Net-of-Tax Amount Effect Amount Three Months Ended June 30, 2016 Unrealized gains on available-for-sale securities: Unrealized holding gains on available-for-sale securities $ 2,431 $ (850 ) $ 1,581 Reclassification adjustment for (gains) realized in income (122 ) 43 (79 ) Other comprehensive income on available-for-sale securities 2,309 (807 ) 1,502 Unfunded pension and postretirement obligations: Changes from plan amendments and actuarial gains and losses included in other comprehensive income 0 0 0 Amortization of net transition obligation, prior service cost and net actuarial loss included in net periodic benefit cost (5 ) 1 (4 ) Other comprehensive loss on unfunded retirement obligations (5 ) 1 (4 ) Total other comprehensive income $ 2,304 $ (806 ) $ 1,498 (In Thousands) Before-Tax Income Tax Net-of-Tax Amount Effect Amount Three Months Ended June 30, 2015 Unrealized losses on available-for-sale securities: Unrealized holding losses on available-for-sale securities $ (4,572 ) $ 1,601 $ (2,971 ) Reclassification adjustment for (gains) realized in income (932 ) 326 (606 ) Other comprehensive loss on available-for-sale securities (5,504 ) 1,927 (3,577 ) Unfunded pension and postretirement obligations: Changes from plan amendments and actuarial gains and losses included in other comprehensive income 0 0 0 Amortization of net transition obligation, prior service cost and net actuarial loss included in net periodic benefit cost (5 ) 2 (3 ) Other comprehensive loss on unfunded retirement obligations (5 ) 2 (3 ) Total other comprehensive loss $ (5,509 ) $ 1,929 $ (3,580 ) CITIZENS & NORTHERN CORPORATION – FORM 10-Q Changes in the components of accumulated other comprehensive income are as follows and are presented net of tax: (In Thousands) Unfunded Accumulated Unrealized Pension and Other Holding Gains Postretirement Comprehensive on Securities Obligations Income Six Months Ended June 30, 2016 Balance, beginning of period $ 2,493 $ 35 $ 2,528 Other comprehensive income before reclassifications 4,684 17 4,701 Amounts reclassified from accumulated other comprehensive income (328 ) (7 ) (335 ) Other comprehensive income 4,356 10 4,366 Balance, end of period $ 6,849 $ 45 $ 6,894 Six Months Ended June 30, 2015 Balance, beginning of period $ 5,281 $ 79 $ 5,360 Other comprehensive loss before reclassifications (550 ) (65 ) (615 ) Amounts reclassified from accumulated other comprehensive income (654 ) (5 ) (659 ) Other comprehensive loss (1,204 ) (70 ) (1,274 ) Balance, end of period $ 4,077 $ 9 $ 4,086 Three Months Ended June 30, 2016 Balance, beginning of period $ 5,347 $ 49 $ 5,396 Other comprehensive income before reclassifications 1,581 0 1,581 Amounts reclassified from accumulated other comprehensive income (79 ) (4 ) (83 ) Other comprehensive income 1,502 (4 ) 1,498 Balance, end of period $ 6,849 $ 45 $ 6,894 Three Months Ended June 30, 2015 Balance, beginning of period $ 7,654 $ 12 $ 7,666 Other comprehensive loss before reclassifications (2,971 ) 0 (2,971 ) Amounts reclassified from accumulated other comprehensive income (606 ) (3 ) (609 ) Other comprehensive loss (3,577 ) (3 ) (3,580 ) Balance, end of period $ 4,077 $ 9 $ 4,086 Items reclassified out of each component of other comprehensive income are as follows: For the Six Months Ended June 30, 2016 (In Thousands) Details about Accumulated Other Reclassified from Affected Line Item in the Consolidated Comprehensive Income Components Comprehensive Income Statements of Income Unrealized gains and losses on available-for-sale securities $ (505 ) Realized gains on available-for-sale securities, net 177 Income tax provision (328 ) Net of tax Amortization of defined benefit pension and postretirement items: Prior service cost (15 ) Pensions and other employee benefits Actuarial loss 5 Pensions and other employee benefits (10 ) Total before tax 3 Income tax provision (7 ) Net of tax Total reclassifications for the period $ (335 ) CITIZENS & NORTHERN CORPORATION – FORM 10-Q For the Six Months Ended June 30, 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 $ (1,006 ) Realized gains on available-for-sale securities, net 352 Income tax provision (654 ) Net of tax Amortization of defined benefit pension and postretirement items: Prior service cost (15 ) Pensions and other employee benefits Actuarial loss 7 Pensions and other employee benefits (8 ) Total before tax 3 Income tax provision (5 ) Net of tax Total reclassifications for the period $ (659 ) For the Three Months Ended June 30, 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 $ (122 ) Realized gains on available-for-sale securities, net 43 Income tax provision (79 ) Net of tax Amortization of defined benefit pension and postretirement items: Prior service cost (7 ) Pensions and other employee benefits Actuarial loss 2 Pensions and other employee benefits (5 ) Total before tax 1 Income tax provision (4 ) Net of tax Total reclassifications for the period $ (83 ) For the Three Months Ended June 30, 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 $ (932 ) Realized gains on available-for-sale securities, net 326 Income tax provision (606 ) 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 $ (609 ) |
Note 4 - Cash and Due from Bank
Note 4 - Cash and Due from Banks | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 4. CASH AND DUE FROM BANKS Cash and due from banks at June 30, 2016 and December 31, 2015 include the following: (In thousands) June 30, Dec. 31, 2016 2015 Cash and cash equivalents $ 23,968 $ 33,313 Certificates of deposit 3,468 2,748 Total cash and due from banks $ 27,436 $ 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 $12,532,000 at June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2016 and December 31, 2015, assets measured at fair value and the valuation methods used are as follows: June 30, 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 $ 9,781 $ 0 $ 9,781 Obligations of states and political subdivisions: Tax-exempt 0 116,056 0 116,056 Taxable 0 35,132 0 35,132 Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored agencies: Residential pass-through securities 0 65,407 0 65,407 Residential collateralized mortgage obligations 0 177,980 0 177,980 Commercial mortgage-backed securities 0 11,239 0 11,239 Collateralized debt obligations 0 1 0 1 Total debt securities 0 415,596 0 415,596 Marketable equity securities 1,609 0 0 1,609 Total available-for-sale securities 1,609 415,596 0 417,205 Servicing rights 0 0 1,224 1,224 Total recurring fair value measurements $ 1,609 $ 415,596 $ 1,224 $ 418,429 Nonrecurring fair value measurements Impaired loans with a valuation allowance $ 0 $ 0 $ 1,275 $ 1,275 Valuation allowance 0 0 (253 ) (253 ) Impaired loans, net 0 0 1,022 1,022 Foreclosed assets held for sale 0 0 2,052 2,052 Total nonrecurring fair value measurements $ 0 $ 0 $ 3,074 $ 3,074 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 June 30, 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 6/30/16 Valuation Unobservable Method or Value As of Asset (In Thousands) Technique Input(s) 6/30/16 Servicing rights $ 1,224 Discounted cash flow Discount rate 10.00 % Rate used through modeling period Loan prepayment speeds 181.00 % 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) Three Months Ended Six Months Ended June 30, 201 6 June 30, 201 5 June 30, 201 6 June 30, 201 5 Servicing rights balance, beginning of period $ 1,261 $ 1,195 $ 1,296 $ 1,281 Issuances of servicing rights 71 47 107 78 Unrealized losses included in earnings (108 ) (33 ) (179 ) (150 ) Servicing rights balance, end of period $ 1,224 $ 1,209 $ 1,224 $ 1,209 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. At June 30, 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 6/30/16 Balance at Allowance at Fair Value at Valuation Unobservable (Weighted Asset 6/30/16 6/30/16 6/30/16 Technique Inputs Average) Impaired loans: Commercial: Commercial loans secured by real estate $ 413 $ 125 $ 288 Sales comparison Discount to appraised value 44 % Commercial and industrial 354 77 277 Sales comparison Discount to appraised value 54 % Loans secured by farmland 508 51 457 Sales comparison Discount to appraised value 55 % Total impaired loans $ 1,275 $ 253 $ 1,022 Foreclosed assets held for sale - real estate: Residential (1-4 family) $ 1,005 $ 0 $ 1,005 Sales comparison Discount to appraised value 34 % Land 1,047 0 1,047 Sales comparison Discount to appraised value 39 % Total foreclosed assets held for sale $ 2,052 $ 0 $ 2,052 CITIZENS & NORTHERN CORPORATION – FORM 10-Q (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. 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 - CITIZENS & NORTHERN CORPORATION – FORM 10-Q DEPOSITS - for deposits of similar remaining maturities. The fair value estimates of deposits do not include the benefit that results from the low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market, commonly referred to as the core deposit intangible. BORROWED FUNDS - ACCRUED INTEREST - OFF-BALANCE SHEET COMMITMENTS - The estimated fair values, and related carrying amounts, of the Corporation’s financial instruments are as follows: (In Thousands) Valuation June 30, 2016 December 31, 2015 Method(s) Carrying Fair Carrying Fair Used Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 23,968 $ 23,968 $ 33,313 $ 33,313 Certificates of deposit Level 2 3,468 3,500 2,748 2,752 Available-for-sale securities See Above 417,205 417,205 420,290 420,290 Restricted equity securities (included in Other Assets) Level 2 3,615 3,615 4,657 4,657 Loans held for sale Level 2 381 381 280 280 Loans, net Level 3 719,913 720,987 696,991 685,552 Accrued interest receivable Level 2 3,837 3,837 3,768 3,768 Servicing rights Level 3 1,224 1,224 1,296 1,296 Financial liabilities: Deposits with no stated maturity Level 2 737,817 737,817 713,931 713,931 Time deposits Level 2 230,134 230,555 221,684 221,891 Short-term borrowings Level 2 25,702 25,615 53,496 53,398 Long-term borrowings Level 2 38,615 40,017 38,767 40,166 Accrued interest payable Level 2 73 73 70 70 |
Note 6 - Securities
Note 6 - Securities | 6 Months Ended |
Jun. 30, 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 June 30, 2016 and December 31, 2015 are summarized as follows: June 30, 2016 Gross Gross Unrealized Unrealized Amortized Holding Holding Fair (In Thousands) Cost Gains Losses Value Obligations of U.S. Government agencies $ 9,664 $ 117 $ 0 $ 9,781 Obligations of states and political subdivisions: Tax-exempt 110,702 5,374 (20 ) 116,056 Taxable 34,015 1,117 0 35,132 Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored agencies: Residential pass-through securities 64,108 1,299 0 65,407 Residential collateralized mortgage obligations 175,889 2,354 (263 ) 177,980 Commercial mortgage-backed securities 11,120 119 0 11,239 Collateralized debt obligations 1 0 0 1 Total debt securities 405,499 10,380 (283 ) 415,596 Marketable equity securities 1,171 438 0 1,609 Total $ 406,670 $ 10,818 $ (283 ) $ 417,205 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 issued or guaranteed by U.S. Government agencies or sponsored agencies: Residential pass-through securities 73,227 486 (370 ) 73,343 Residential collateralized mortgage obligations 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 June 30, 2016 and December 31, 2015: June 30, 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 $ 2,875 $ (6 ) $ 1,002 $ (14 ) $ 3,877 $ (20 ) Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored agencies, Residential collateralized mortgage obligations 2,773 (73 ) 25,995 (190 ) 28,768 (263 ) Total temporarily impaired available-for-sale securities $ 5,648 $ (79 ) $ 26,997 $ (204 ) $ 32,645 $ (283 ) 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 issued or guaranteed by U.S. Government agencies or sponsored Agencies: Residential pass-through securities 38,764 (295 ) 3,503 (75 ) 42,267 (370 ) Residential collateralized mortgage obligations 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 ) Gross realized gains and losses from available-for-sale securities were as follows: (In Thousands) 3 Months Ended 6 Months Ended June 30, June 30, June 30, June 30, 201 6 201 5 2016 201 5 Gross realized gains from sales $ 123 $ 932 $ 506 $ 1,006 Gross realized losses from sales (1 ) 0 (1 ) 0 Net realized gains $ 122 $ 932 $ 505 $ 1,006 The amortized cost and fair value of available-for-sale debt securities by contractual maturity are shown in the following table as of June 30, 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 $ 11,792 $ 11,899 Due from one year through five years 73,657 76,144 Due from five years through ten years 44,270 46,349 Due after ten years 24,663 26,578 Sub-total 154,382 160,970 Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored agencies: Residential pass-through securities 64,108 65,407 Residential collateralized mortgage obligations 175,889 177,980 Commercial mortgage-backed securities 11,120 11,239 Total $ 405,499 $ 415,596 The Corporation’s mortgage-backed securities 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 $203,791,000 at June 30, 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 June 30, 2016 is provided below. Debt Securities At June 30, 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 June 30, 2016 to be temporary. Equity Securities The Corporation’s marketable equity securities at June 30, 2016 and December 31, 2015 consisted exclusively of stocks of banking companies. At June 30, 2016, the Corporation held no stocks with an unrealized loss. The Corporation realized gains from sales of bank stocks totaling $28,000 in the three-month period ended June 30, 2016 and $277,000 during the first six months of 2016. Realized gains from sales of bank stocks totaled $476,000 in the three-month and six-month periods ended June 30, 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 $3,485,000 at June 30, 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 June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2016 and December 31, 2015 are summarized by segment, and by classes within each segment, as follows: Summary of Loans by Type (In Thousands) June 30, Dec. 31, 2016 2015 Residential mortgage: Residential mortgage loans - first liens $ 315,191 $ 304,783 Residential mortgage loans - junior liens 22,159 21,146 Home equity lines of credit 39,054 39,040 1-4 Family residential construction 22,241 21,121 Total residential mortgage 398,645 386,090 Commercial: Commercial loans secured by real estate 153,070 154,779 Commercial and industrial 82,390 75,196 Political subdivisions 41,026 40,007 Commercial construction and land 9,193 5,122 Loans secured by farmland 6,615 7,019 Multi-family (5 or more) residential 8,173 9,188 Agricultural loans 4,692 4,671 Other commercial loans 11,904 12,152 Total commercial 317,063 308,134 Consumer 12,134 10,656 Total 727,842 704,880 Less: allowance for loan losses (7,929 ) (7,889 ) Loans, net $ 719,913 $ 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 June 30, 2016 or December 31, 2015. 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 June 30, 2016 and December 31, 2015, management determined that no allowance for credit losses related to unfunded loan commitments was required. CITIZENS & NORTHERN CORPORATION – FORM 10-Q Transactions within the allowance for loan losses, summarized by segment and class, for the three-month and six-month periods ended June 30, 2016 and 2015 were as follows: Three Months Ended June 30, 2016 March 31, June 30, (In Thousands) 2016 Balance Charge-offs Recoveries Provision (Credit) 2016 Balance Allowance for Loan Losses: Residential mortgage: Residential mortgage loans - first liens $ 2,722 $ (42 ) $ 0 $ 150 $ 2,830 Residential mortgage loans - junior liens 228 0 0 11 239 Home equity lines of credit 351 0 0 8 359 1-4 Family residential construction 200 0 0 22 222 Total residential mortgage 3,501 (42 ) 0 191 3,650 Commercial: Commercial loans secured by real estate 2,027 0 1 55 2,083 Commercial and industrial 976 0 0 62 1,038 Commercial construction and land 84 0 0 21 105 Loans secured by farmland 108 0 0 (5 ) 103 Multi-family (5 or more) residential 256 0 0 (8 ) 248 Agricultural loans 44 0 0 3 47 Other commercial loans 112 0 0 7 119 Total commercial 3,607 0 1 135 3,743 Consumer 126 (21 ) 12 21 138 Unallocated 427 0 0 (29 ) 398 Total Allowance for Loan Losses $ 7,661 $ (63 ) $ 13 $ 318 $ 7,929 Three Months Ended June 30, 2015 March 31, June 30, (In Thousands) 2015 Balance Charge-offs Recoveries Provision (Credit) 2015 Balance Allowance for Loan Losses: Residential mortgage: Residential mortgage loans - first liens $ 2,774 $ (58 ) $ 0 $ 59 $ 2,775 Residential mortgage loans - junior liens 200 0 0 10 210 Home equity lines of credit 322 0 0 22 344 1-4 Family residential construction 207 0 0 50 257 Total residential mortgage 3,503 (58 ) 0 141 3,586 Commercial: Commercial loans secured by real estate 1,736 0 0 (44 ) 1,692 Commercial and industrial 684 0 3 113 800 Commercial construction and land 286 0 0 10 296 Loans secured by farmland 159 0 0 (4 ) 155 Multi-family (5 or more) residential 81 0 0 (1 ) 80 Agricultural loans 29 0 0 11 40 Other commercial loans 123 0 0 (3 ) 120 Total commercial 3,098 0 3 82 3,183 Consumer 139 (19 ) 19 (4 ) 135 Unallocated 394 0 0 2 396 Total Allowance for Loan Losses $ 7,134 $ (77 ) $ 22 $ 221 $ 7,300 CITIZENS & NORTHERN CORPORATION – FORM 10-Q Six Months Ended June 30, 2016 Dec. 31, June 30, (In Thousands) 2015 Balance Charge-offs Recoveries Provision (Credit) 2016 Balance Allowance for Loan Losses: Residential mortgage: Residential mortgage loans - first liens $ 2,645 $ (42 ) $ 0 $ 227 $ 2,830 Residential mortgage loans - junior liens 219 0 0 20 239 Home equity lines of credit 347 0 0 12 359 1-4 Family residential construction 207 0 0 15 222 Total residential mortgage 3,418 (42 ) 0 274 3,650 Commercial: Commercial loans secured by real estate 1,939 0 2 142 2,083 Commercial and industrial 981 0 1 56 1,038 Commercial construction and land 58 0 0 47 105 Loans secured by farmland 106 0 0 (3 ) 103 Multi-family (5 or more) residential 675 (595 ) 0 168 248 Agricultural loans 45 0 0 2 47 Other commercial loans 118 0 0 1 119 Total commercial 3,922 (595 ) 3 413 3,743 Consumer 122 (39 ) 27 28 138 Unallocated 427 0 0 (29 ) 398 Total Allowance for Loan Losses $ 7,889 $ (676 ) $ 30 $ 686 $ 7,929 Six Months Ended June 30, 2015 Dec. 31, June 30, (In Thousands) 2014 Balance Charge-offs Recoveries Provision (Credit) 2015 Balance Allowance for Loan Losses: Residential mortgage: Residential mortgage loans - first liens $ 2,941 $ (137 ) $ 1 $ (30 ) $ 2,775 Residential mortgage loans - junior liens 176 0 0 34 210 Home equity lines of credit 322 0 0 22 344 1-4 Family residential construction 214 0 0 43 257 Total residential mortgage 3,653 (137 ) 1 69 3,586 Commercial: Commercial loans secured by real estate 1,758 (115 ) 0 49 1,692 Commercial and industrial 688 (10 ) 4 118 800 Commercial construction and land 283 0 0 13 296 Loans secured by farmland 165 0 0 (10 ) 155 Multi-family (5 or more) residential 87 0 0 (7 ) 80 Agricultural loans 31 0 0 9 40 Other commercial loans 131 0 0 (11 ) 120 Total commercial 3,143 (125 ) 4 161 3,183 Consumer 145 (37 ) 34 (7 ) 135 Unallocated 395 0 0 1 396 Total Allowance for Loan Losses $ 7,336 $ (299 ) $ 39 $ 224 $ 7,300 CITIZENS & NORTHERN CORPORATION – FORM 10-Q 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. The following tables summarize the aggregate credit quality classification of outstanding loans by risk rating as of June 30, 2016 and December 31, 2015: June 30, 2016 (In Thousands) Special Pass Mention Substandard Doubtful Total Residential Mortgage: Residential mortgage loans - first liens $ 304,713 $ 562 $ 9,852 $ 64 $ 315,191 Residential mortgage loans - junior liens 21,591 154 414 0 22,159 Home equity lines of credit 38,030 423 601 0 39,054 1-4 Family residential construction 22,225 16 0 0 22,241 Total residential mortgage 386,559 1,155 10,867 64 398,645 Commercial: Commercial loans secured by real estate 135,738 5,941 11,391 0 153,070 Commercial and Industrial 77,197 3,509 1,558 126 82,390 Political subdivisions 41,026 0 0 0 41,026 Commercial construction and land 9,096 60 37 0 9,193 Loans secured by farmland 4,911 169 1,517 18 6,615 Multi-family (5 or more) residential 7,538 0 635 0 8,173 Agricultural loans 3,862 817 13 0 4,692 Other commercial loans 11,828 0 76 0 11,904 Total commercial 291,196 10,496 15,227 144 317,063 Consumer 11,922 1 211 0 12,134 Totals $ 689,677 $ 11,652 $ 26,305 $ 208 $ 727,842 CITIZENS & NORTHERN CORPORATION – FORM 10-Q 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 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 56% at June 30, 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. CITIZENS & NORTHERN CORPORATION – FORM 10-Q 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 June 30, 2016 and December 31, 2015. 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 June 30, 2016 and December 31, 2015: June 30, 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 $ 824 $ 314,367 $ 315,191 $ 0 $ 2,830 $ 2,830 Residential mortgage loans - junior liens 71 22,088 22,159 0 239 239 Home equity lines of credit 0 39,054 39,054 0 359 359 1-4 Family residential construction 0 22,241 22,241 0 222 222 Total residential mortgage 895 397,750 398,645 0 3,650 3,650 Commercial: Commercial loans secured by real estate 5,856 147,214 153,070 125 1,958 2,083 Commercial and industrial 766 81,624 82,390 77 961 1,038 Political subdivisions 0 41,026 41,026 0 0 0 Commercial construction and land 0 9,193 9,193 0 105 105 Loans secured by farmland 1,408 5,207 6,615 51 52 103 Multi-family (5 or more) residential 392 7,781 8,173 0 248 248 Agricultural loans 13 4,679 4,692 0 47 47 Other commercial loans 0 11,904 11,904 0 119 119 Total commercial 8,435 308,628 317,063 253 3,490 3,743 Consumer 0 12,134 12,134 0 138 138 Unallocated 398 Total $ 9,330 $ 718,512 $ 727,842 $ 253 $ 7,278 $ 7,929 CITIZENS & NORTHERN CORPORATION – FORM 10-Q 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 Summary information related to impaired loans at June 30, 2016 and December 31, 2015 is as follows: (In Thousands) June 30, 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 $ 824 $ 824 $ 0 $ 842 $ 842 $ 0 Residential mortgage loans - junior liens 71 71 0 74 74 0 Commercial loans secured by real estate 7,127 5,443 0 7,580 5,945 0 Commercial and industrial 412 412 0 249 249 0 Loans secured by farmland 900 900 0 915 915 0 Multi-family (5 or more) residential 987 392 0 0 0 0 Agricultural loans 13 13 0 16 16 0 Total with no related allowance recorded 10,334 8,055 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 413 413 125 317 317 97 Commercial and industrial 354 354 77 75 75 75 Loans secured by farmland 508 508 51 512 512 52 Multi-family (5 or more) residential 0 0 0 987 987 595 Total with a related allowance recorded 1,275 1,275 253 1,933 1,933 820 Total $ 11,609 $ 9,330 $ 253 $ 11,609 $ 9,974 $ 820 CITIZENS & NORTHERN CORPORATION – FORM 10-Q 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 6 Months Ended 3 Months Ended 6 Months Ended June 30, June 30, June 30, June 30, 2016 2015 2016 2015 2016 2015 2016 2015 Residential mortgage: Residential mortgage loans - first lien $ 833 $ 3,701 $ 847 $ 3,819 $ 12 $ 20 $ 22 $ 58 Residential mortgage loans - junior lien 71 66 72 57 1 1 2 2 Total residential mortgage 904 3,767 919 3,876 13 21 24 60 Commercial: Commercial loans secured by real estate 5,892 6,286 6,026 6,437 81 90 191 203 Commercial and industrial 754 423 661 513 7 5 10 12 Commercial construction and land 0 41 0 58 0 0 0 0 Loans secured by farmland 1,413 1,447 1,418 1,468 17 26 38 52 Multi-family (5 or more) residential 490 0 590 0 0 0 0 0 Agricultural loans 15 46 15 23 0 2 1 2 Total commercial 8,564 8,243 8,710 8,499 105 123 240 269 Consumer 18 0 15 0 0 0 0 0 Total $ 9,486 $ 12,010 $ 9,644 $ 12,375 $ 118 $ 144 $ 264 $ 329 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) June 30, 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 $ 3,663 $ 2,739 $ 2,381 $ 3,044 Residential mortgage loans - junior liens 44 0 79 0 Home equity lines of credit 285 12 130 0 Total residential mortgage 3,992 2,751 2,590 3,044 Commercial: Commercial loans secured by real estate 135 5,592 503 5,730 Commercial and industrial 313 310 65 313 Loans secured by farmland 102 1,408 0 1,427 Multi-family (5 or more) residential 0 392 0 987 Agricultural loans 76 13 0 16 Total commercial 626 7,715 568 8,473 Consumer 36 38 71 0 Totals $ 4,654 $ 10,504 $ 3,229 $ 11,517 CITIZENS & NORTHERN CORPORATION – FORM 10-Q 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. The table below presents a summary of the contractual aging of loans as of June 30, 2016 and December 31, 2015: As of June 30, 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 $ 306,697 $ 3,852 $ 4,642 $ 315,191 $ 294,703 $ 6,156 $ 3,924 $ 304,783 Residential mortgage loans - junior liens 21,826 289 44 22,159 20,816 251 79 21,146 Home equity lines of credit 38,527 242 285 39,054 38,581 329 130 39,040 1-4 Family residential construction 22,241 0 0 22,241 21,121 0 0 21,121 Total residential mortgage 389,291 4,383 4,971 398,645 375,221 6,736 4,133 386,090 Commercial: Commercial loans secured by real estate 149,599 2,762 709 153,070 153,427 108 1,244 154,779 Commercial and industrial 81,927 139 324 82,390 75,002 118 76 75,196 Political subdivisions 41,026 0 0 41,026 40,007 0 0 40,007 Commercial construction and land 9,193 0 0 9,193 5,018 104 0 5,122 Loans secured by farmland 5,413 284 918 6,615 5,970 223 826 7,019 Multi-family (5 or more) residential 7,713 68 392 8,173 8,201 0 987 9,188 Agricultural loans 4,560 43 89 4,692 4,642 13 16 4,671 Other commercial loans 11,904 0 0 11,904 12,152 0 0 12,152 Total commercial 311,335 3,296 2,432 317,063 304,419 566 3,149 308,134 Consumer 11,979 81 74 12,134 10,537 48 71 10,656 Totals $ 712,605 $ 7,760 $ 7,477 $ 727,842 $ 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 June 30, 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 June 30, 2016 Nonaccrual Totals $ 6,866 $ 815 $ 2,823 $ 10,504 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 June 30, 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 June 30, 2016 Totals $ 989 $ 58 $ 81 $ 5,021 $ 6,149 December 31, 2015 Totals $ 1,186 $ 0 $ 81 $ 5,097 $ 6,364 CITIZENS & NORTHERN CORPORATION – FORM 10-Q The TDR that occurred during the three-month period ended June 30, 2016 is as follows: Three Months Ended June 30, 2016 Pre- Post- (Balances in Thousands) Modification Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment Commercial, Commercial and industrial 1 $ 102 $ 102 There were no TDRs that occurred during the three-month period ended June 30, 2015. The TDR in the three-month period ended June 30, 2016 resulted from an extension of a final maturity date and a lowered interest rate. There was a $30,000 allowance for loan losses on this loan at June 30, 2016 as compared to no allowance for loan losses on the loan prior to the second quarter 2016. TDRs that occurred during the six-month periods ended June 30, 2016 and 2015 were as follows: Six Months Ended June 30, 2016 Pre- Post- (Balances in Thousands) Modification Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment Commercial, Commercial and industrial 2 $ 107 $ 107 Six Months Ended June 30, 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 TDRs in the six-month period ended June 30, 2016 included an extension of a final maturity date and a lowered interest rate on one contract and an extension of a final maturity date on one contract. There was a $30,000 allowance for loan losses on the commercial and industrial loan that included an extension of a final maturity date and a lowered interest rate at June 30, 2016 as compared to no allowance for loan losses on the loan at December 31, 2015. There was no allowance for loan losses at June 30, 2016 on the other commercial and industrial loan (TDR), and no change in the allowance for loan losses resulting from that TDR in the six-month period ended June 30, 2016. The TDRs in the six-month period ended June 30, 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 June 30, 2015, and no change in the allowance for loan losses resulting from these TDRs. In the three-month period ended June 30, 2016, 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 June 30, 2016 (Balances in Thousands) Residential mortgage: Residential mortgage loans - first liens 1 $ 242 Residential mortgage loans - junior liens 1 30 Consumer 1 28 CITIZENS & NORTHERN CORPORATION – FORM 10-Q There were no defaults on loans for which modification considered to be TDRs were entered into within the previous 12 months in the three-month period ended June 30, 2015. In the six-month period ended June 30, 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 on the Residential mortgage – first lien and a borrower’s failure to pay in a timely manner after lowered interest rates and reduced payment amounts on the Residential mortgage – junior lien and on the Consumer loan. There was no allowance for loan losses recorded on these loans at June 30, 2016. In the six-month periods ended June 30, 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 Six Months Ended June 30, 2016 (Balances in Thousands) Residential mortgage: Residential mortgage loans - first liens 2 $ 273 Residential mortgage loans - junior liens 1 30 Commercial, Commercial and industrial 1 5 Consumer 1 28 Number of Recorded Contracts Investment Six Months Ended June 30, 2015 (Balances in Thousands) Residential mortgage, 2 $ 115 Commercial: Commercial loans secured by real estate 1 407 Commercial construction and land 1 25 In the six-month period ended June 30, 2016, 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, timely payment was missed after payment amounts were reduced for six months; (2) for the other customer relationship in the Residential first lien mortgage class, payment was missed after the monthly payment amount was reduced for six months; (3) for the customer relationships in the Residential junior lien mortgage class and the consumer class, timely payments were missed after interest rates and payment amounts were reduced on both loans; and (4) for the Commercial and industrial loan, the borrower failed to pay off the loan at the extended maturity date. In the six-month period ended June 30, 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 June 30, 2015. CITIZENS & NORTHERN CORPORATION – FORM 10-Q 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) June 30, Dec. 31, 2016 2015 Foreclosed residential real estate $ 1,005 $ 556 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) June 30, Dec. 31, 2016 2015 Residential real estate in process of foreclosure $ 1,598 $ 1,173 |
Note 8 - Borrowed Funds
Note 8 - Borrowed Funds | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. BORROWED FUNDS Short-term borrowings include the following: (In Thousands) June 30, Dec. 31, 2016 2015 FHLB-Pittsburgh borrowings $ 20,041 $ 48,581 Customer repurchase agreements 5,661 4,915 Total short-term borrowings $ 25,702 $ 53,496 Short-term borrowings from FHLB-Pittsburgh are as follows: (In Thousands) June 30, Dec. 31 2016 2015 Overnight borrowing $ 7,500 $ 23,500 Other short-term advances 12,541 25,081 Total short-term FHLB-Pittsburgh borrowings $ 20,041 $ 48,581 The FHLB-Pittsburgh loan facilities are collateralized by qualifying loans secured by real estate with a book value totaling $454,935,000 at June 30, 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 $3,485,000 at June 30, 2016 and $4,527,000 at December 31, 2015. At June 30, 2016, short-term borrowings from the FHLB-Pittsburgh include 6 advances of approximately $2,090,000 each, maturing monthly throughout the remainder of the year ending December 31, 2016, with a weighted average interest rate of 0.99% and rates ranging from 0.92% to 1.052%. In the first six months 2016, the Corporation repaid six advances of approximately $2,090,000 each, with a weighted average rate of 0.72%. 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 interest rate paid by the Corporation on customer repurchase agreements was 0.10% at June 30, 2016 and December 31, 2015. The carrying value of the underlying securities was $17,218,000 at June 30, 2016 and $12,613,000 at December 31, 2015. CITIZENS & NORTHERN CORPORATION – FORM 10-Q Long-term borrowings are as follows: (In Thousands) June 30, Dec. 31, 2016 2015 FHLB-Pittsburgh borrowings $ 11,615 $ 11,767 Repurchase agreement 27,000 27,000 Total long-term borrowings $ 38,615 $ 38,767 Long-term borrowings from FHLB-Pittsburgh are as follows: (In Thousands) June 30, Dec. 31, 2016 2015 Loan maturing in 2016 with a rate of 6.86% $ 32 $ 57 Loan maturing in 2017 with a rate of 6.83% 7 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% 734 821 Loan maturing in 2025 with a rate of 4.91% 842 879 Total long-term FHLB-Pittsburgh borrowings $ 11,615 $ 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 $36,117,000 at June 30, 2016 and $33,780,000 at December 31, 2015, detailed in the following table: (In Thousands) June 30, Dec. 31, 2016 2015 Mortgage-backed securities $ 20,116 $ 15,772 Collateralized mortgage obligations, Issued by U.S. Government agencies 16,001 18,008 Total $ 36,117 $ 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 $294,373,000 at June 30, 2016. |
Note 9 - Defined Benefit Plans
Note 9 - Defined Benefit Plans | 6 Months Ended |
Jun. 30, 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 June 30, 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 Six Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Service cost $ 0 $ 0 $ 18 $ 19 Interest cost 13 18 31 28 Expected return on plan assets (13 ) (23 ) 0 0 Amortization of prior service cost 0 0 (15 ) (15 ) Recognized net actuarial loss 5 7 0 0 Net periodic benefit cost $ 5 $ 2 $ 34 $ 32 (In Thousands) Pension Postretirement Three Months Ended Three Months Ended June 30, June 30, 2016 2015 2016 2015 Service cost $ 0 $ 0 $ 9 $ 9 Interest cost 6 9 15 15 Expected return on plan assets (6 ) (12 ) 0 0 Amortization of prior service cost 0 0 (7 ) (8 ) Recognized net actuarial loss 2 3 0 0 Net periodic benefit cost $ 2 $ 0 $ 17 $ 16 In the first six months of 2016, the Corporation funded postretirement contributions totaling $31,000, 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 | 6 Months Ended |
Jun. 30, 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. CITIZENS & NORTHERN CORPORATION – FORM 10-Q 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. In the second quarter 2016, the Corporation awarded a total of 1,228 shares of restricted stock under the Independent Directors Stock Incentive Plan. The restricted stock was awarded to two new directors, with each award vesting over a term of one year. 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 six months of 2016 based on an assumption that the ROAE target for 2016 will be met. Total stock-based compensation expense is as follows: (In Thousands) 3 Months Ended 6 Months Ended June 30, June 30, June 30, June 30, 2016 2015 2016 2015 Restricted stock $ 163 $ 157 $ 325 $ 307 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. INCOME TAXES The net deferred tax asset at June 30, 2016 and December 31, 2015 represents the following temporary difference components: June 30, December 31, (In Thousands) 2016 2015 Deferred tax assets: Net realized losses on securities $ 36 $ 69 Allowance for loan losses 2,775 2,761 Other deferred tax assets 2,359 2,634 Total deferred tax assets 5,170 5,464 Deferred tax liabilities: Unrealized holding gains on securities 3,686 1,342 Defined benefit plans - ASC 835 25 19 Bank premises and equipment 916 869 Core deposit intangibles 8 11 Other deferred tax liabilities 110 108 Total deferred tax liabilities 4,745 2,349 Deferred tax asset, net $ 425 $ 3,115 CITIZENS & NORTHERN CORPORATION – FORM 10-Q The provision for income tax for the three-month and six month periods ended June 30, 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 Six Months Ended (In thousands) June 30, June 30, 2016 2015 2016 2015 Income before income tax provision $ 5,174 $ 5,809 $ 9,840 $ 10,853 Income tax provision 1,303 1,452 2,396 2,681 Effective tax rate 25.18 % 25.00 % 24.35 % 24.70 % 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 $762,000 at June 30, 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 second quarter 2016, and $38,000 for the six months ended June 30, 2016, and $20,000 in the second quarter 2015, and $41,000 for the six months ended June 30, 2015. 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 | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Accounting Changes and Error Corrections [Text Block] | 13. RECENT 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 April 2016, the FASB issued ASU 2016-10, which provides clarifying information related to identifying performance obligations and licensing. In May 2016, the FASB issued ASU 2016-12, which provides clarifying guidance in a few narrow areas and adds some practical expedients to the guidance. 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. CITIZENS & NORTHERN CORPORATION – FORM 10-Q 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. 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 to add the cost of acquiring an 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. CITIZENS & NORTHERN CORPORATION – FORM 10-Q In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326). This ASU will result in significant changes in the Corporation’s accounting for credit losses related to loans receivable and investment securities. A summary of significant provisions of this ASU is as follows: ● The ASU requires that a financial asset (or a group of financial assets) measured at amortized cost basis be presented, net of a valuation allowance for credit losses, at an amount expected to be collected on the financial asset(s), and that the income statement include the measurement of credit losses for newly recognized financial assets as well as changes in expected losses on previously recognized financial assets. The provisions of this ASU require measurement of expected credit losses based on relevant information including past events, historical experience, current conditions, and reasonable and supportive forecasts that affect the collectability of the asset. The provisions of this ASU differ from current U.S. GAAP in that current U.S. GAAP generally delays recognition of the full amount of credit losses until the loss is probable of occurring. ● The amendments in the Update retain many of the disclosure requirements related to credit quality in current U.S. GAAP, updated to reflect the change from an incurred loss methodology to an expected credit loss methodology. In addition, the Update requires that disclosure of credit quality indicators in relation to the amortized cost of financing receivables, a current requirement, be further disaggregated by year of origination. ● This ASU requires that credit losses on available-for-sale debt securities be presented as an allowance rather than as a write-down, and limits the amount of the allowance for credit losses to the amount by which the fair value is below amortized cost. For purchased available-for-sale securities with a more-than-insignificant amount of credit deterioration since origination, the ASU requires an allowance be determined in a manner similar to other available-for-sale debt securities; however, the initial allowance would be added to the purchase price, with only subsequent changes in the allowance recorded in credit loss expense, and interest income recognized at the effective rate excluding the discount embedded in the purchase price related to estimated credit losses at acquisition. ● This ASU will be effective for the Corporation for interim and annual periods beginning in the first quarter of 2020. Earlier adoption is permitted beginning in the first quarter of 2019. The entity will record the effect of implementing this ASU through a cumulative-effect adjustment through retained earnings as of the beginning of the reporting period in which Topic 326 is effective. The Corporation is in the early stages of evaluating the potential impact of adopting this amendment. |
Note 2 - Per Share Data (Tables
Note 2 - Per Share Data (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Weighted- Average Earnings Net Common Per Income Shares Share Six Months Ended June 30, 2016 Earnings per share – basic $ 7,444,000 12,108,743 $ 0.61 Dilutive effect of potential common stock arising from stock options: Exercise of outstanding stock options 197,817 Hypothetical share repurchase at $20.11 (176,659 ) Earnings per share – diluted $ 7,444,000 12,129,901 $ 0.61 Six Months Ended June 30, 2015 Earnings per share – basic $ 8,172,000 12,233,964 $ 0.67 Dilutive effect of potential common stock arising from stock options: Exercise of outstanding stock options 218,115 Hypothetical share repurchase at $19.97 (196,407 ) Earnings per share – diluted $ 8,172,000 12,255,672 $ 0.67 Weighted- Average Earnings Net Common Per Income Shares Share Three Months Ended June 30, 2016 Earnings per share – basic $ 3,871,000 12,062,376 $ 0.32 Dilutive effect of potential common stock arising from stock options: Exercise of outstanding stock options 196,646 Hypothetical share repurchase at $20.17 (175,106 ) Earnings per share – diluted $ 3,871,000 12,083,916 $ 0.32 Three Months Ended June 30, 2015 Earnings per share – basic $ 4,357,000 12,199,996 $ 0.36 Dilutive effect of potential common stock arising from stock options: Exercise of outstanding stock options 205,024 Hypothetical share repurchase at $20.15 (182,494 ) Earnings per share – diluted $ 4,357,000 12,222,526 $ 0.36 |
Note 3 - Comprehensive Income (
Note 3 - Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | (In Thousands) Before-Tax Income Tax Net-of-Tax Amount Effect Amount Six Months Ended June 30, 2016 Unrealized gains on available-for-sale securities: Unrealized holding gains on available-for-sale securities $ 7,205 $ (2,521 ) $ 4,684 Reclassification adjustment for (gains) realized in income (505 ) 177 (328 ) Other comprehensive income on available-for-sale securities 6,700 (2,344 ) 4,356 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 (10 ) 3 (7 ) Other comprehensive income on unfunded retirement obligations 16 (6 ) 10 Total other comprehensive income $ 6,716 $ (2,350 ) $ 4,366 (In Thousands) Before-Tax Income Tax Net-of-Tax Amount Effect Amount Six Months Ended June 30, 2015 Unrealized losses on available-for-sale securities: Unrealized holding losses on available-for-sale securities $ (847 ) $ 297 $ (550 ) Reclassification adjustment for (gains) realized in income (1,006 ) 352 (654 ) Other comprehensive loss on available-for-sale securities (1,853 ) 649 (1,204 ) 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 (8 ) 3 (5 ) Other comprehensive loss on unfunded retirement obligations (108 ) 38 (70 ) Total other comprehensive loss $ (1,961 ) $ 687 $ (1,274 ) (In Thousands) Before-Tax Income Tax Net-of-Tax Amount Effect Amount Three Months Ended June 30, 2016 Unrealized gains on available-for-sale securities: Unrealized holding gains on available-for-sale securities $ 2,431 $ (850 ) $ 1,581 Reclassification adjustment for (gains) realized in income (122 ) 43 (79 ) Other comprehensive income on available-for-sale securities 2,309 (807 ) 1,502 Unfunded pension and postretirement obligations: Changes from plan amendments and actuarial gains and losses included in other comprehensive income 0 0 0 Amortization of net transition obligation, prior service cost and net actuarial loss included in net periodic benefit cost (5 ) 1 (4 ) Other comprehensive loss on unfunded retirement obligations (5 ) 1 (4 ) Total other comprehensive income $ 2,304 $ (806 ) $ 1,498 (In Thousands) Before-Tax Income Tax Net-of-Tax Amount Effect Amount Three Months Ended June 30, 2015 Unrealized losses on available-for-sale securities: Unrealized holding losses on available-for-sale securities $ (4,572 ) $ 1,601 $ (2,971 ) Reclassification adjustment for (gains) realized in income (932 ) 326 (606 ) Other comprehensive loss on available-for-sale securities (5,504 ) 1,927 (3,577 ) Unfunded pension and postretirement obligations: Changes from plan amendments and actuarial gains and losses included in other comprehensive income 0 0 0 Amortization of net transition obligation, prior service cost and net actuarial loss included in net periodic benefit cost (5 ) 2 (3 ) Other comprehensive loss on unfunded retirement obligations (5 ) 2 (3 ) Total other comprehensive loss $ (5,509 ) $ 1,929 $ (3,580 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (In Thousands) Unfunded Accumulated Unrealized Pension and Other Holding Gains Postretirement Comprehensive on Securities Obligations Income Six Months Ended June 30, 2016 Balance, beginning of period $ 2,493 $ 35 $ 2,528 Other comprehensive income before reclassifications 4,684 17 4,701 Amounts reclassified from accumulated other comprehensive income (328 ) (7 ) (335 ) Other comprehensive income 4,356 10 4,366 Balance, end of period $ 6,849 $ 45 $ 6,894 Six Months Ended June 30, 2015 Balance, beginning of period $ 5,281 $ 79 $ 5,360 Other comprehensive loss before reclassifications (550 ) (65 ) (615 ) Amounts reclassified from accumulated other comprehensive income (654 ) (5 ) (659 ) Other comprehensive loss (1,204 ) (70 ) (1,274 ) Balance, end of period $ 4,077 $ 9 $ 4,086 Three Months Ended June 30, 2016 Balance, beginning of period $ 5,347 $ 49 $ 5,396 Other comprehensive income before reclassifications 1,581 0 1,581 Amounts reclassified from accumulated other comprehensive income (79 ) (4 ) (83 ) Other comprehensive income 1,502 (4 ) 1,498 Balance, end of period $ 6,849 $ 45 $ 6,894 Three Months Ended June 30, 2015 Balance, beginning of period $ 7,654 $ 12 $ 7,666 Other comprehensive loss before reclassifications (2,971 ) 0 (2,971 ) Amounts reclassified from accumulated other comprehensive income (606 ) (3 ) (609 ) Other comprehensive loss (3,577 ) (3 ) (3,580 ) Balance, end of period $ 4,077 $ 9 $ 4,086 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | For the Six Months Ended June 30, 2016 (In Thousands) Details about Accumulated Other Reclassified from Affected Line Item in the Consolidated Comprehensive Income Components Comprehensive Income Statements of Income Unrealized gains and losses on available-for-sale securities $ (505 ) Realized gains on available-for-sale securities, net 177 Income tax provision (328 ) Net of tax Amortization of defined benefit pension and postretirement items: Prior service cost (15 ) Pensions and other employee benefits Actuarial loss 5 Pensions and other employee benefits (10 ) Total before tax 3 Income tax provision (7 ) Net of tax Total reclassifications for the period $ (335 ) For the Six Months Ended June 30, 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 $ (1,006 ) Realized gains on available-for-sale securities, net 352 Income tax provision (654 ) Net of tax Amortization of defined benefit pension and postretirement items: Prior service cost (15 ) Pensions and other employee benefits Actuarial loss 7 Pensions and other employee benefits (8 ) Total before tax 3 Income tax provision (5 ) Net of tax Total reclassifications for the period $ (659 ) For the Three Months Ended June 30, 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 $ (122 ) Realized gains on available-for-sale securities, net 43 Income tax provision (79 ) Net of tax Amortization of defined benefit pension and postretirement items: Prior service cost (7 ) Pensions and other employee benefits Actuarial loss 2 Pensions and other employee benefits (5 ) Total before tax 1 Income tax provision (4 ) Net of tax Total reclassifications for the period $ (83 ) For the Three Months Ended June 30, 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 $ (932 ) Realized gains on available-for-sale securities, net 326 Income tax provision (606 ) 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 $ (609 ) |
Note 4 - Cash and Due from Ba24
Note 4 - Cash and Due from Banks (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | (In thousands) June 30, Dec. 31, 2016 2015 Cash and cash equivalents $ 23,968 $ 33,313 Certificates of deposit 3,468 2,748 Total cash and due from banks $ 27,436 $ 36,061 |
Note 5 - Fair Value Measureme25
Note 5 - Fair Value Measurements and Fair Values of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value, Measurements, Nonrecurring [Member] | |
Notes Tables | |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | (In Thousands, Except Value at Percentages) Valuation 6/30/16 Balance at Allowance at Fair Value at Valuation Unobservable (Weighted Asset 6/30/16 6/30/16 6/30/16 Technique Inputs Average) Impaired loans: Commercial: Commercial loans secured by real estate $ 413 $ 125 $ 288 Sales comparison Discount to appraised value 44 % Commercial and industrial 354 77 277 Sales comparison Discount to appraised value 54 % Loans secured by farmland 508 51 457 Sales comparison Discount to appraised value 55 % Total impaired loans $ 1,275 $ 253 $ 1,022 Foreclosed assets held for sale - real estate: Residential (1-4 family) $ 1,005 $ 0 $ 1,005 Sales comparison Discount to appraised value 34 % Land 1,047 0 1,047 Sales comparison Discount to appraised value 39 % Total foreclosed assets held for sale $ 2,052 $ 0 $ 2,052 (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 6/30/16 Valuation Unobservable Method or Value As of Asset (In Thousands) Technique Input(s) 6/30/16 Servicing rights $ 1,224 Discounted cash flow Discount rate 10.00 % Rate used through modeling period Loan prepayment speeds 181.00 % 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] | June 30, 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 $ 9,781 $ 0 $ 9,781 Obligations of states and political subdivisions: Tax-exempt 0 116,056 0 116,056 Taxable 0 35,132 0 35,132 Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored agencies: Residential pass-through securities 0 65,407 0 65,407 Residential collateralized mortgage obligations 0 177,980 0 177,980 Commercial mortgage-backed securities 0 11,239 0 11,239 Collateralized debt obligations 0 1 0 1 Total debt securities 0 415,596 0 415,596 Marketable equity securities 1,609 0 0 1,609 Total available-for-sale securities 1,609 415,596 0 417,205 Servicing rights 0 0 1,224 1,224 Total recurring fair value measurements $ 1,609 $ 415,596 $ 1,224 $ 418,429 Nonrecurring fair value measurements Impaired loans with a valuation allowance $ 0 $ 0 $ 1,275 $ 1,275 Valuation allowance 0 0 (253 ) (253 ) Impaired loans, net 0 0 1,022 1,022 Foreclosed assets held for sale 0 0 2,052 2,052 Total nonrecurring fair value measurements $ 0 $ 0 $ 3,074 $ 3,074 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) Three Months Ended Six Months Ended June 30, 201 6 June 30, 201 5 June 30, 201 6 June 30, 201 5 Servicing rights balance, beginning of period $ 1,261 $ 1,195 $ 1,296 $ 1,281 Issuances of servicing rights 71 47 107 78 Unrealized losses included in earnings (108 ) (33 ) (179 ) (150 ) Servicing rights balance, end of period $ 1,224 $ 1,209 $ 1,224 $ 1,209 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | (In Thousands) Valuation June 30, 2016 December 31, 2015 Method(s) Carrying Fair Carrying Fair Used Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 23,968 $ 23,968 $ 33,313 $ 33,313 Certificates of deposit Level 2 3,468 3,500 2,748 2,752 Available-for-sale securities See Above 417,205 417,205 420,290 420,290 Restricted equity securities (included in Other Assets) Level 2 3,615 3,615 4,657 4,657 Loans held for sale Level 2 381 381 280 280 Loans, net Level 3 719,913 720,987 696,991 685,552 Accrued interest receivable Level 2 3,837 3,837 3,768 3,768 Servicing rights Level 3 1,224 1,224 1,296 1,296 Financial liabilities: Deposits with no stated maturity Level 2 737,817 737,817 713,931 713,931 Time deposits Level 2 230,134 230,555 221,684 221,891 Short-term borrowings Level 2 25,702 25,615 53,496 53,398 Long-term borrowings Level 2 38,615 40,017 38,767 40,166 Accrued interest payable Level 2 73 73 70 70 |
Note 6 - Securities (Tables)
Note 6 - Securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | June 30, 2016 Gross Gross Unrealized Unrealized Amortized Holding Holding Fair (In Thousands) Cost Gains Losses Value Obligations of U.S. Government agencies $ 9,664 $ 117 $ 0 $ 9,781 Obligations of states and political subdivisions: Tax-exempt 110,702 5,374 (20 ) 116,056 Taxable 34,015 1,117 0 35,132 Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored agencies: Residential pass-through securities 64,108 1,299 0 65,407 Residential collateralized mortgage obligations 175,889 2,354 (263 ) 177,980 Commercial mortgage-backed securities 11,120 119 0 11,239 Collateralized debt obligations 1 0 0 1 Total debt securities 405,499 10,380 (283 ) 415,596 Marketable equity securities 1,171 438 0 1,609 Total $ 406,670 $ 10,818 $ (283 ) $ 417,205 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 issued or guaranteed by U.S. Government agencies or sponsored agencies: Residential pass-through securities 73,227 486 (370 ) 73,343 Residential collateralized mortgage obligations 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] | June 30, 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 $ 2,875 $ (6 ) $ 1,002 $ (14 ) $ 3,877 $ (20 ) Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored agencies, Residential collateralized mortgage obligations 2,773 (73 ) 25,995 (190 ) 28,768 (263 ) Total temporarily impaired available-for-sale securities $ 5,648 $ (79 ) $ 26,997 $ (204 ) $ 32,645 $ (283 ) 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 issued or guaranteed by U.S. Government agencies or sponsored Agencies: Residential pass-through securities 38,764 (295 ) 3,503 (75 ) 42,267 (370 ) Residential collateralized mortgage obligations 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 6 Months Ended June 30, June 30, June 30, June 30, 201 6 201 5 2016 201 5 Gross realized gains from sales $ 123 $ 932 $ 506 $ 1,006 Gross realized losses from sales (1 ) 0 (1 ) 0 Net realized gains $ 122 $ 932 $ 505 $ 1,006 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Fair (In Thousands) Cost Value Due in one year or less $ 11,792 $ 11,899 Due from one year through five years 73,657 76,144 Due from five years through ten years 44,270 46,349 Due after ten years 24,663 26,578 Sub-total 154,382 160,970 Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored agencies: Residential pass-through securities 64,108 65,407 Residential collateralized mortgage obligations 175,889 177,980 Commercial mortgage-backed securities 11,120 11,239 Total $ 405,499 $ 415,596 |
Note 7 - Loans (Tables)
Note 7 - Loans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Troubled Debt Restructuring [Member] | |
Notes Tables | |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Three Months Ended June 30, 2016 Pre- Post- (Balances in Thousands) Modification Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment Commercial, Commercial and industrial 1 $ 102 $ 102 Six Months Ended June 30, 2016 Pre- Post- (Balances in Thousands) Modification Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment Commercial, Commercial and industrial 2 $ 107 $ 107 Six Months Ended June 30, 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) June 30, Dec. 31, 2016 2015 Residential mortgage: Residential mortgage loans - first liens $ 315,191 $ 304,783 Residential mortgage loans - junior liens 22,159 21,146 Home equity lines of credit 39,054 39,040 1-4 Family residential construction 22,241 21,121 Total residential mortgage 398,645 386,090 Commercial: Commercial loans secured by real estate 153,070 154,779 Commercial and industrial 82,390 75,196 Political subdivisions 41,026 40,007 Commercial construction and land 9,193 5,122 Loans secured by farmland 6,615 7,019 Multi-family (5 or more) residential 8,173 9,188 Agricultural loans 4,692 4,671 Other commercial loans 11,904 12,152 Total commercial 317,063 308,134 Consumer 12,134 10,656 Total 727,842 704,880 Less: allowance for loan losses (7,929 ) (7,889 ) Loans, net $ 719,913 $ 696,991 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Three Months Ended June 30, 2016 March 31, June 30, (In Thousands) 2016 Balance Charge-offs Recoveries Provision (Credit) 2016 Balance Allowance for Loan Losses: Residential mortgage: Residential mortgage loans - first liens $ 2,722 $ (42 ) $ 0 $ 150 $ 2,830 Residential mortgage loans - junior liens 228 0 0 11 239 Home equity lines of credit 351 0 0 8 359 1-4 Family residential construction 200 0 0 22 222 Total residential mortgage 3,501 (42 ) 0 191 3,650 Commercial: Commercial loans secured by real estate 2,027 0 1 55 2,083 Commercial and industrial 976 0 0 62 1,038 Commercial construction and land 84 0 0 21 105 Loans secured by farmland 108 0 0 (5 ) 103 Multi-family (5 or more) residential 256 0 0 (8 ) 248 Agricultural loans 44 0 0 3 47 Other commercial loans 112 0 0 7 119 Total commercial 3,607 0 1 135 3,743 Consumer 126 (21 ) 12 21 138 Unallocated 427 0 0 (29 ) 398 Total Allowance for Loan Losses $ 7,661 $ (63 ) $ 13 $ 318 $ 7,929 Three Months Ended June 30, 2015 March 31, June 30, (In Thousands) 2015 Balance Charge-offs Recoveries Provision (Credit) 2015 Balance Allowance for Loan Losses: Residential mortgage: Residential mortgage loans - first liens $ 2,774 $ (58 ) $ 0 $ 59 $ 2,775 Residential mortgage loans - junior liens 200 0 0 10 210 Home equity lines of credit 322 0 0 22 344 1-4 Family residential construction 207 0 0 50 257 Total residential mortgage 3,503 (58 ) 0 141 3,586 Commercial: Commercial loans secured by real estate 1,736 0 0 (44 ) 1,692 Commercial and industrial 684 0 3 113 800 Commercial construction and land 286 0 0 10 296 Loans secured by farmland 159 0 0 (4 ) 155 Multi-family (5 or more) residential 81 0 0 (1 ) 80 Agricultural loans 29 0 0 11 40 Other commercial loans 123 0 0 (3 ) 120 Total commercial 3,098 0 3 82 3,183 Consumer 139 (19 ) 19 (4 ) 135 Unallocated 394 0 0 2 396 Total Allowance for Loan Losses $ 7,134 $ (77 ) $ 22 $ 221 $ 7,300 Six Months Ended June 30, 2016 Dec. 31, June 30, (In Thousands) 2015 Balance Charge-offs Recoveries Provision (Credit) 2016 Balance Allowance for Loan Losses: Residential mortgage: Residential mortgage loans - first liens $ 2,645 $ (42 ) $ 0 $ 227 $ 2,830 Residential mortgage loans - junior liens 219 0 0 20 239 Home equity lines of credit 347 0 0 12 359 1-4 Family residential construction 207 0 0 15 222 Total residential mortgage 3,418 (42 ) 0 274 3,650 Commercial: Commercial loans secured by real estate 1,939 0 2 142 2,083 Commercial and industrial 981 0 1 56 1,038 Commercial construction and land 58 0 0 47 105 Loans secured by farmland 106 0 0 (3 ) 103 Multi-family (5 or more) residential 675 (595 ) 0 168 248 Agricultural loans 45 0 0 2 47 Other commercial loans 118 0 0 1 119 Total commercial 3,922 (595 ) 3 413 3,743 Consumer 122 (39 ) 27 28 138 Unallocated 427 0 0 (29 ) 398 Total Allowance for Loan Losses $ 7,889 $ (676 ) $ 30 $ 686 $ 7,929 Six Months Ended June 30, 2015 Dec. 31, June 30, (In Thousands) 2014 Balance Charge-offs Recoveries Provision (Credit) 2015 Balance Allowance for Loan Losses: Residential mortgage: Residential mortgage loans - first liens $ 2,941 $ (137 ) $ 1 $ (30 ) $ 2,775 Residential mortgage loans - junior liens 176 0 0 34 210 Home equity lines of credit 322 0 0 22 344 1-4 Family residential construction 214 0 0 43 257 Total residential mortgage 3,653 (137 ) 1 69 3,586 Commercial: Commercial loans secured by real estate 1,758 (115 ) 0 49 1,692 Commercial and industrial 688 (10 ) 4 118 800 Commercial construction and land 283 0 0 13 296 Loans secured by farmland 165 0 0 (10 ) 155 Multi-family (5 or more) residential 87 0 0 (7 ) 80 Agricultural loans 31 0 0 9 40 Other commercial loans 131 0 0 (11 ) 120 Total commercial 3,143 (125 ) 4 161 3,183 Consumer 145 (37 ) 34 (7 ) 135 Unallocated 395 0 0 1 396 Total Allowance for Loan Losses $ 7,336 $ (299 ) $ 39 $ 224 $ 7,300 |
Financing Receivable Credit Quality Indicators [Table Text Block] | June 30, 2016 (In Thousands) Special Pass Mention Substandard Doubtful Total Residential Mortgage: Residential mortgage loans - first liens $ 304,713 $ 562 $ 9,852 $ 64 $ 315,191 Residential mortgage loans - junior liens 21,591 154 414 0 22,159 Home equity lines of credit 38,030 423 601 0 39,054 1-4 Family residential construction 22,225 16 0 0 22,241 Total residential mortgage 386,559 1,155 10,867 64 398,645 Commercial: Commercial loans secured by real estate 135,738 5,941 11,391 0 153,070 Commercial and Industrial 77,197 3,509 1,558 126 82,390 Political subdivisions 41,026 0 0 0 41,026 Commercial construction and land 9,096 60 37 0 9,193 Loans secured by farmland 4,911 169 1,517 18 6,615 Multi-family (5 or more) residential 7,538 0 635 0 8,173 Agricultural loans 3,862 817 13 0 4,692 Other commercial loans 11,828 0 76 0 11,904 Total commercial 291,196 10,496 15,227 144 317,063 Consumer 11,922 1 211 0 12,134 Totals $ 689,677 $ 11,652 $ 26,305 $ 208 $ 727,842 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] | June 30, 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 $ 824 $ 314,367 $ 315,191 $ 0 $ 2,830 $ 2,830 Residential mortgage loans - junior liens 71 22,088 22,159 0 239 239 Home equity lines of credit 0 39,054 39,054 0 359 359 1-4 Family residential construction 0 22,241 22,241 0 222 222 Total residential mortgage 895 397,750 398,645 0 3,650 3,650 Commercial: Commercial loans secured by real estate 5,856 147,214 153,070 125 1,958 2,083 Commercial and industrial 766 81,624 82,390 77 961 1,038 Political subdivisions 0 41,026 41,026 0 0 0 Commercial construction and land 0 9,193 9,193 0 105 105 Loans secured by farmland 1,408 5,207 6,615 51 52 103 Multi-family (5 or more) residential 392 7,781 8,173 0 248 248 Agricultural loans 13 4,679 4,692 0 47 47 Other commercial loans 0 11,904 11,904 0 119 119 Total commercial 8,435 308,628 317,063 253 3,490 3,743 Consumer 0 12,134 12,134 0 138 138 Unallocated 398 Total $ 9,330 $ 718,512 $ 727,842 $ 253 $ 7,278 $ 7,929 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) June 30, 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 $ 824 $ 824 $ 0 $ 842 $ 842 $ 0 Residential mortgage loans - junior liens 71 71 0 74 74 0 Commercial loans secured by real estate 7,127 5,443 0 7,580 5,945 0 Commercial and industrial 412 412 0 249 249 0 Loans secured by farmland 900 900 0 915 915 0 Multi-family (5 or more) residential 987 392 0 0 0 0 Agricultural loans 13 13 0 16 16 0 Total with no related allowance recorded 10,334 8,055 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 413 413 125 317 317 97 Commercial and industrial 354 354 77 75 75 75 Loans secured by farmland 508 508 51 512 512 52 Multi-family (5 or more) residential 0 0 0 987 987 595 Total with a related allowance recorded 1,275 1,275 253 1,933 1,933 820 Total $ 11,609 $ 9,330 $ 253 $ 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 6 Months Ended 3 Months Ended 6 Months Ended June 30, June 30, June 30, June 30, 2016 2015 2016 2015 2016 2015 2016 2015 Residential mortgage: Residential mortgage loans - first lien $ 833 $ 3,701 $ 847 $ 3,819 $ 12 $ 20 $ 22 $ 58 Residential mortgage loans - junior lien 71 66 72 57 1 1 2 2 Total residential mortgage 904 3,767 919 3,876 13 21 24 60 Commercial: Commercial loans secured by real estate 5,892 6,286 6,026 6,437 81 90 191 203 Commercial and industrial 754 423 661 513 7 5 10 12 Commercial construction and land 0 41 0 58 0 0 0 0 Loans secured by farmland 1,413 1,447 1,418 1,468 17 26 38 52 Multi-family (5 or more) residential 490 0 590 0 0 0 0 0 Agricultural loans 15 46 15 23 0 2 1 2 Total commercial 8,564 8,243 8,710 8,499 105 123 240 269 Consumer 18 0 15 0 0 0 0 0 Total $ 9,486 $ 12,010 $ 9,644 $ 12,375 $ 118 $ 144 $ 264 $ 329 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | (In Thousands) June 30, 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 $ 3,663 $ 2,739 $ 2,381 $ 3,044 Residential mortgage loans - junior liens 44 0 79 0 Home equity lines of credit 285 12 130 0 Total residential mortgage 3,992 2,751 2,590 3,044 Commercial: Commercial loans secured by real estate 135 5,592 503 5,730 Commercial and industrial 313 310 65 313 Loans secured by farmland 102 1,408 0 1,427 Multi-family (5 or more) residential 0 392 0 987 Agricultural loans 76 13 0 16 Total commercial 626 7,715 568 8,473 Consumer 36 38 71 0 Totals $ 4,654 $ 10,504 $ 3,229 $ 11,517 |
Past Due Financing Receivables [Table Text Block] | As of June 30, 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 $ 306,697 $ 3,852 $ 4,642 $ 315,191 $ 294,703 $ 6,156 $ 3,924 $ 304,783 Residential mortgage loans - junior liens 21,826 289 44 22,159 20,816 251 79 21,146 Home equity lines of credit 38,527 242 285 39,054 38,581 329 130 39,040 1-4 Family residential construction 22,241 0 0 22,241 21,121 0 0 21,121 Total residential mortgage 389,291 4,383 4,971 398,645 375,221 6,736 4,133 386,090 Commercial: Commercial loans secured by real estate 149,599 2,762 709 153,070 153,427 108 1,244 154,779 Commercial and industrial 81,927 139 324 82,390 75,002 118 76 75,196 Political subdivisions 41,026 0 0 41,026 40,007 0 0 40,007 Commercial construction and land 9,193 0 0 9,193 5,018 104 0 5,122 Loans secured by farmland 5,413 284 918 6,615 5,970 223 826 7,019 Multi-family (5 or more) residential 7,713 68 392 8,173 8,201 0 987 9,188 Agricultural loans 4,560 43 89 4,692 4,642 13 16 4,671 Other commercial loans 11,904 0 0 11,904 12,152 0 0 12,152 Total commercial 311,335 3,296 2,432 317,063 304,419 566 3,149 308,134 Consumer 11,979 81 74 12,134 10,537 48 71 10,656 Totals $ 712,605 $ 7,760 $ 7,477 $ 727,842 $ 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 June 30, 2016 Nonaccrual Totals $ 6,866 $ 815 $ 2,823 $ 10,504 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 June 30, 2016 Totals $ 989 $ 58 $ 81 $ 5,021 $ 6,149 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 June 30, 2016 (Balances in Thousands) Residential mortgage: Residential mortgage loans - first liens 1 $ 242 Residential mortgage loans - junior liens 1 30 Consumer 1 28 Number of Recorded Contracts Investment Six Months Ended June 30, 2016 (Balances in Thousands) Residential mortgage: Residential mortgage loans - first liens 2 $ 273 Residential mortgage loans - junior liens 1 30 Commercial, Commercial and industrial 1 5 Consumer 1 28 Number of Recorded Contracts Investment Six Months Ended June 30, 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) June 30, Dec. 31, 2016 2015 Foreclosed residential real estate $ 1,005 $ 556 |
Schedule of Mortgage Loans in Process of Foreclosure [Table Text Block] | (In Thousands) June 30, Dec. 31, 2016 2015 Residential real estate in process of foreclosure $ 1,598 $ 1,173 |
Note 8 - Borrowed Funds (Tables
Note 8 - Borrowed Funds (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Short-term Debt [Table Text Block] | (In Thousands) June 30, Dec. 31, 2016 2015 FHLB-Pittsburgh borrowings $ 20,041 $ 48,581 Customer repurchase agreements 5,661 4,915 Total short-term borrowings $ 25,702 $ 53,496 (In Thousands) June 30, Dec. 31 2016 2015 Overnight borrowing $ 7,500 $ 23,500 Other short-term advances 12,541 25,081 Total short-term FHLB-Pittsburgh borrowings $ 20,041 $ 48,581 |
Schedule of Long-term Debt Instruments [Table Text Block] | (In Thousands) June 30, Dec. 31, 2016 2015 FHLB-Pittsburgh borrowings $ 11,615 $ 11,767 Repurchase agreement 27,000 27,000 Total long-term borrowings $ 38,615 $ 38,767 |
Schedule of Maturities of Long-term Debt [Table Text Block] | (In Thousands) June 30, Dec. 31, 2016 2015 Loan maturing in 2016 with a rate of 6.86% $ 32 $ 57 Loan maturing in 2017 with a rate of 6.83% 7 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% 734 821 Loan maturing in 2025 with a rate of 4.91% 842 879 Total long-term FHLB-Pittsburgh borrowings $ 11,615 $ 11,767 |
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block] | (In Thousands) June 30, Dec. 31, 2016 2015 Mortgage-backed securities $ 20,116 $ 15,772 Collateralized mortgage obligations, Issued by U.S. Government agencies 16,001 18,008 Total $ 36,117 $ 33,780 |
Note 9 - Defined Benefit Plans
Note 9 - Defined Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Defined Benefit Plans (In Thousands) Pension Postretirement Six Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Service cost $ 0 $ 0 $ 18 $ 19 Interest cost 13 18 31 28 Expected return on plan assets (13 ) (23 ) 0 0 Amortization of prior service cost 0 0 (15 ) (15 ) Recognized net actuarial loss 5 7 0 0 Net periodic benefit cost $ 5 $ 2 $ 34 $ 32 (In Thousands) Pension Postretirement Three Months Ended Three Months Ended June 30, June 30, 2016 2015 2016 2015 Service cost $ 0 $ 0 $ 9 $ 9 Interest cost 6 9 15 15 Expected return on plan assets (6 ) (12 ) 0 0 Amortization of prior service cost 0 0 (7 ) (8 ) Recognized net actuarial loss 2 3 0 0 Net periodic benefit cost $ 2 $ 0 $ 17 $ 16 |
Note 10 - Stock-based Compens30
Note 10 - Stock-based Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | (In Thousands) 3 Months Ended 6 Months Ended June 30, June 30, June 30, June 30, 2016 2015 2016 2015 Restricted stock $ 163 $ 157 $ 325 $ 307 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | June 30, December 31, (In Thousands) 2016 2015 Deferred tax assets: Net realized losses on securities $ 36 $ 69 Allowance for loan losses 2,775 2,761 Other deferred tax assets 2,359 2,634 Total deferred tax assets 5,170 5,464 Deferred tax liabilities: Unrealized holding gains on securities 3,686 1,342 Defined benefit plans - ASC 835 25 19 Bank premises and equipment 916 869 Core deposit intangibles 8 11 Other deferred tax liabilities 110 108 Total deferred tax liabilities 4,745 2,349 Deferred tax asset, net $ 425 $ 3,115 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended Six Months Ended (In thousands) June 30, June 30, 2016 2015 2016 2015 Income before income tax provision $ 5,174 $ 5,809 $ 9,840 $ 10,853 Income tax provision 1,303 1,452 2,396 2,681 Effective tax rate 25.18 % 25.00 % 24.35 % 24.70 % |
Note 2 - Per Share Data (Detail
Note 2 - Per Share Data (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 47,139 | 47,974 | 47,224 | 75,539 |
Note 2 - Per Share Data - Net I
Note 2 - Per Share Data - Net Income Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net income | $ 3,871,000 | $ 4,357,000 | $ 7,444,000 | $ 8,172,000 |
Earnings per share – basic (in shares) | 12,062,376 | 12,199,996 | 12,108,743 | 12,233,964 |
Earnings per share – basic (in dollars per share) | $ 0.32 | $ 0.36 | $ 0.61 | $ 0.67 |
Exercise of outstanding stock options (in shares) | 196,646 | 205,024 | 197,817 | 218,115 |
Hypothetical share repurchase (in shares) | (175,106) | (182,494) | (176,659) | (196,407) |
Earnings per share – diluted (in shares) | 12,083,916 | 12,222,526 | 12,255,672 | |
Earnings per share – diluted (in dollars per share) | $ 0.32 | $ 0.36 | $ 0.61 | $ 0.67 |
Note 2 - Per Share Data - Net34
Note 2 - Per Share Data - Net Income Per Share (Details) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Hypothetical share repurchase price (in dollars per share) | $ 20.17 | $ 20.15 | $ 20.11 | $ 19.97 |
Note 3 - Comprehensive Income -
Note 3 - Comprehensive Income - Components of Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Unrealized holding gains (losses) on available-for-sale securities, before tax amount | $ 2,431,000 | $ (4,572,000) | $ 7,205,000 | $ (847,000) |
Unrealized holding gains (losses) on available-for-sale securities, income tax effect | (850,000) | 1,601,000 | (2,521,000) | 297,000 |
Unrealized holding gains (losses) on available-for-sale securities, net of tax amount | 1,581,000 | (2,971,000) | 4,684,000 | (550,000) |
Reclassification adjustment for (gains) realized in income, before tax amount | (122,000) | (932,000) | (505,000) | (1,006,000) |
Reclassification adjustment for (gains) realized in income, income tax effect | 43,000 | 326,000 | 177,000 | 352,000 |
Reclassification adjustment for (gains) realized in income, net of tax amount | (79,000) | (606,000) | (328,000) | (654,000) |
Other comprehensive gain on available-for-sale securities, before tax amount | 2,309,000 | (5,504,000) | 6,700,000 | (1,853,000) |
Other comprehensive gain on available-for-sale securities, income tax effect | (807,000) | 1,927,000 | (2,344,000) | 649,000 |
Other comprehensive gain on available-for-sale securities, net of tax amount | 1,502,000 | (3,577,000) | 4,356,000 | (1,204,000) |
Changes from plan amendments and actuarial gains and losses included in other comprehensive income, before tax amount | 0 | 0 | 26,000 | (100,000) |
Changes from plan amendments and actuarial gains and losses included in other comprehensive income, income tax effect | 0 | 0 | (9,000) | 35,000 |
Changes from plan amendments and actuarial gains and losses included in other comprehensive income, net of tax amount | 0 | 0 | 17,000 | (65,000) |
Amortization of net transition obligation, prior service cost and net actuarial loss included in net periodic benefit cost, before tax amount | (5,000) | (5,000) | (10,000) | (8,000) |
Amortization of net transition obligation, prior service cost and net actuarial loss included in net periodic benefit cost, income tax effect | 1,000 | 2,000 | 3,000 | 3,000 |
Amortization of net transition obligation, prior service cost and net actuarial loss included in net periodic benefit cost, net of tax amount | (4,000) | (3,000) | (7,000) | (5,000) |
Other comprehensive (income) loss on unfunded retirement obligations | (5,000) | (5,000) | 16,000 | (108,000) |
Other comprehensive income on unfunded retirement obligations | 1,000 | 2,000 | (6,000) | 38,000 |
Other comprehensive income on unfunded retirement obligations | (4,000) | (3,000) | 10,000 | (70,000) |
Total other comprehensive gain, before tax amount | 2,304,000 | 5,509,000 | 6,716,000 | (1,961,000) |
Total other comprehensive gain, income tax effect | (806,000) | 1,929,000 | (2,350,000) | 687,000 |
Net other comprehensive income (loss) | 1,498,000 | (3,580,000) | 4,366,000 | (1,274,000) |
Other comprehensive loss on unfunded retirement obligations | 1,000 | 2,000 | (6,000) | 38,000 |
Total other comprehensive loss | (2,304,000) | (5,509,000) | (6,716,000) | 1,961,000 |
Total other comprehensive loss | $ (806,000) | $ 1,929,000 | $ (2,350,000) | $ 687,000 |
Note 3 - Comprehensive Income36
Note 3 - Comprehensive Income - Changes in the Components of Accumulated Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Balance, beginning of period | $ 5,347,000 | $ 7,654,000 | $ 2,493,000 | $ 5,281,000 |
Other comprehensive income before reclassifications | 1,581,000 | (2,971,000) | 4,684,000 | (550,000) |
Amounts reclassified from accumulated other comprehensive income | (79,000) | (606,000) | (328,000) | (654,000) |
Net other comprehensive income (loss) | 1,502,000 | (3,577,000) | 4,356,000 | (1,204,000) |
Balance, end of period | 6,849,000 | 4,077,000 | 6,849,000 | 4,077,000 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Balance, beginning of period | 49,000 | 12,000 | 35,000 | 79,000 |
Other comprehensive income before reclassifications | 0 | 0 | 17,000 | (65,000) |
Amounts reclassified from accumulated other comprehensive income | (4,000) | (3,000) | (7,000) | (5,000) |
Net other comprehensive income (loss) | (4,000) | (3,000) | 10,000 | (70,000) |
Balance, end of period | 45,000 | 9,000 | 45,000 | 9,000 |
AOCI Attributable to Parent [Member] | ||||
Balance, beginning of period | 5,396,000 | 7,666,000 | 2,528,000 | 5,360,000 |
Other comprehensive income before reclassifications | 1,581,000 | (2,971,000) | 4,701,000 | (615,000) |
Amounts reclassified from accumulated other comprehensive income | (83,000) | (609,000) | (335,000) | (659,000) |
Net other comprehensive income (loss) | 1,498,000 | (3,580,000) | 4,366,000 | (1,274,000) |
Balance, end of period | 6,894,000 | 4,086,000 | 6,894,000 | 4,086,000 |
Balance, beginning of period | 2,528,000 | |||
Net other comprehensive income (loss) | 1,498,000 | $ (3,580,000) | 4,366,000 | $ (1,274,000) |
Balance, end of period | $ 6,894,000 | $ 6,894,000 |
Note 3 - Comprehensive Income37
Note 3 - Comprehensive Income - Amounts Reclassified Out of Each Component of OCI (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 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 | $ (122,000) | $ (932,000) | $ (505,000) | $ (1,006,000) |
Income tax provision | 43,000 | 326,000 | 177,000 | 352,000 |
Net income | (79,000) | (606,000) | (328,000) | (654,000) |
Total before tax | (10,000) | |||
Income tax position | (43,000) | (326,000) | (177,000) | (352,000) |
Net income | 79,000 | 606,000 | 328,000 | 654,000 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Income tax provision | 1,000 | 2,000 | (3,000) | 3,000 |
Net income | (4,000) | (3,000) | 7,000 | (5,000) |
Prior service cost | (7,000) | (8,000) | (15,000) | (15,000) |
Actuarial loss | 2,000 | 3,000 | 5,000 | 7,000 |
Total before tax | (5,000) | (5,000) | (8,000) | |
Income tax position | (1,000) | (2,000) | 3,000 | (3,000) |
Net income | 4,000 | 3,000 | (7,000) | 5,000 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Net income | (83,000) | (609,000) | (335,000) | (659,000) |
Net income | 83,000 | 609,000 | 335,000 | 659,000 |
Unrealized gains and losses on available-for-sale securities | (122,000) | (932,000) | (505,000) | (1,006,000) |
Income tax provision | 1,303,000 | 1,452,000 | 2,396,000 | 2,681,000 |
Net income | (3,871,000) | (4,357,000) | (7,444,000) | (8,172,000) |
Total before tax | (5,174,000) | (5,809,000) | (9,840,000) | (10,853,000) |
Income tax position | (1,303,000) | (1,452,000) | (2,396,000) | (2,681,000) |
Net income | $ 3,871,000 | $ 4,357,000 | $ 7,444,000 | $ 8,172,000 |
Note 4 - Cash and Due from Ba38
Note 4 - Cash and Due from Banks (Details Textual) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Restricted Cash and Cash Equivalents, Current | $ 12,532,000 | $ 15,327,000 |
Note 4 - Cash and Due from Ba39
Note 4 - Cash and Due from Banks - Cash and Due From Banks (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Cash and cash equivalents | $ 23,968,000 | $ 33,313,000 |
Certificates of deposit | 3,468,000 | 2,748,000 |
Total cash and due from banks | $ 27,436,000 | $ 36,061,000 |
Note 5 - Fair Value Measureme40
Note 5 - Fair Value Measurements and Fair Values of Financial Instruments - Assets Measured at Fair Value (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | $ 0 | $ 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions Tax Exempt [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions Taxable [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Residential Pass-Through Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Residential Collateralized Mortgage Obligations [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Collateralized Debt Obligations [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-backed Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 1,609,000 | 2,386,000 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 1,609,000 | 2,386,000 |
Servicing rights | 0 | 0 |
Total recurring fair value measurements | 1,609,000 | 2,386,000 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [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, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 9,781,000 | 10,483,000 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions Tax Exempt [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 116,056,000 | 107,757,000 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions Taxable [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 35,132,000 | 34,597,000 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 73,343,000 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Residential Pass-Through Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 65,407,000 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 191,715,000 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Residential Collateralized Mortgage Obligations [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 177,980,000 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Collateralized Debt Obligations [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 1,000 | 9,000 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-backed Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 11,239,000 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 415,596,000 | 417,904,000 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 415,596,000 | 417,904,000 |
Servicing rights | 0 | 0 |
Total recurring fair value measurements | 415,596,000 | 417,904,000 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [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, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions Tax Exempt [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions Taxable [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Residential Pass-Through Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Residential Collateralized Mortgage Obligations [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Collateralized Debt Obligations [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-backed Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 0 | 0 |
Servicing rights | 1,224,000 | 1,296,000 |
Total recurring fair value measurements | 1,224,000 | 1,296,000 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Nonrecurring fair value measurements | ||
Impaired loans with a valuation allowance | 1,275,000 | 1,933,000 |
Valuation allowance | (253,000) | (820,000) |
Impaired loans, net | 1,022,000 | 1,113,000 |
Foreclosed assets held for sale | 2,052,000 | 1,260,000 |
Total nonrecurring fair value measurements | 3,074,000 | 2,373,000 |
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 | 9,781,000 | 10,483,000 |
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 | 116,056,000 | 107,757,000 |
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 | 35,132,000 | 34,597,000 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Estimate of Fair Value Measurement [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 73,343,000 | |
Fair Value, Measurements, Recurring [Member] | Residential Pass-Through Securities [Member] | Estimate of Fair Value Measurement [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 65,407,000 | |
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 | 191,715,000 | |
Fair Value, Measurements, Recurring [Member] | Residential Collateralized Mortgage Obligations [Member] | Estimate of Fair Value Measurement [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 177,980,000 | |
Fair Value, Measurements, Recurring [Member] | Collateralized Debt Obligations [Member] | Estimate of Fair Value Measurement [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 1,000 | 9,000 |
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-backed Securities [Member] | Estimate of Fair Value Measurement [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 11,239,000 | |
Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | Estimate of Fair Value Measurement [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 415,596,000 | 417,904,000 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Estimate of Fair Value Measurement [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 1,609,000 | 2,386,000 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 417,205,000 | 420,290,000 |
Servicing rights | 1,224,000 | 1,296,000 |
Total recurring fair value measurements | 418,429,000 | 421,586,000 |
Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Nonrecurring fair value measurements | ||
Impaired loans with a valuation allowance | 1,275,000 | 1,933,000 |
Valuation allowance | (253,000) | (820,000) |
Impaired loans, net | 1,022,000 | 1,113,000 |
Foreclosed assets held for sale | 2,052,000 | 1,260,000 |
Total nonrecurring fair value measurements | 3,074,000 | 2,373,000 |
US Government Agencies Debt Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 9,781,000 | 10,483,000 |
Obligations of States and Political Subdivisions Tax Exempt [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 116,056,000 | 107,757,000 |
Obligations of States and Political Subdivisions Taxable [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 35,132,000 | 34,597,000 |
Residential Pass-Through Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 65,407,000 | 73,343,000 |
Residential Collateralized Mortgage Obligations [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 177,980,000 | 191,715 |
Collateralized Debt Obligations [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 1,000 | 9,000 |
Commercial Mortgage-backed Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 11,239,000 | |
Debt Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 415,596,000 | 417,904,000 |
Equity Securities [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 1,609,000 | 2,386,000 |
Estimate of Fair Value Measurement [Member] | ||
AVAILABLE-FOR-SALE SECURITIES: | ||
Available-for-sale securities | 417,205,000 | 420,290,000 |
Available-for-sale securities | 417,205,000 | 420,290,000 |
Nonrecurring fair value measurements | ||
Impaired loans with a valuation allowance | 1,275,000 | 1,933,000 |
Valuation allowance | (253,000) | (820,000) |
Impaired loans, net | $ 1,275,000 | $ 1,933,000 |
Note 5 - Fair Value Measureme41
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 ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Fair value | $ 1,224,000 | $ 1,296,000 |
Discount rate | 10.00% | 10.00% |
Weighted-average PSA | 181.00% | 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 Measureme42
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 | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Servicing rights balance, beginning of period | $ 1,261 | $ 1,195 | $ 1,296 | $ 1,281 |
Issuances of servicing rights | 71 | 47 | 107 | 78 |
Unrealized losses included in earnings | (108) | (33) | (179) | (150) |
Servicing rights balance, end of period | $ 1,224 | $ 1,209 | $ 1,224 | $ 1,209 |
Note 5 - Fair Value Measureme43
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 ($) | Jun. 30, 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 | 44.00% | 46.00% |
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Market Approach Valuation Technique [Member] | ||
Impaired loans | $ 413,000 | $ 317,000 |
Valuation allowance | 125,000 | 97,000 |
Fair value | 288,000 | 220,000 |
Impaired loans | 413,000 | 317,000 |
Valuation allowance | $ 125,000 | $ 97,000 |
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Discount rate | 54.00% | 31.00% |
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Market Approach Valuation Technique [Member] | ||
Impaired loans | $ 354,000 | $ 75,000 |
Valuation allowance | 77,000 | 75,000 |
Fair value | 277,000 | 0 |
Impaired loans | 354,000 | 75,000 |
Valuation allowance | $ 77,000 | $ 75,000 |
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Discount rate | 55.00% | 49.00% |
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | Market Approach Valuation Technique [Member] | ||
Impaired loans | $ 508,000 | $ 512,000 |
Valuation allowance | 51,000 | 52,000 |
Fair value | 457,000 | 460,000 |
Impaired loans | 508,000 | 512,000 |
Valuation allowance | 51,000 | $ 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 | 1,275,000 | 1,933,000 |
Valuation allowance | 253,000 | 820,000 |
Fair value | 1,022,000 | 1,113,000 |
Impaired loans | 1,275,000 | 1,933,000 |
Valuation allowance | $ 253,000 | $ 820,000 |
Foreclosed Assets Held For Sale [Member] | Residential Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Discount rate | 34.00% | 32.00% |
Foreclosed Assets Held For Sale [Member] | Residential Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | ||
Fair value | $ 1,005,000 | $ 556,000 |
Foreclosed assets held for sale | 1,005,000 | 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 | 39.00% | 29.00% |
Foreclosed Assets Held For Sale [Member] | Land Receivable [Member] | Market Approach Valuation Technique [Member] | ||
Fair value | $ 1,047,000 | $ 704,000 |
Foreclosed assets held for sale | 1,047,000 | 704,000 |
Valuation allowance | 0 | 0 |
Foreclosed Assets Held For Sale [Member] | ||
Fair value | 2,052,000 | 1,260,000 |
Foreclosed assets held for sale | 2,052,000 | 1,260,000 |
Valuation allowance | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Foreclosed assets held for sale | 1,005,000 | 556,000 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Impaired loans | 413,000 | 317,000 |
Valuation allowance | 125,000 | 97,000 |
Impaired loans | 413,000 | 317,000 |
Valuation allowance | 125,000 | 97,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Impaired loans | 354,000 | 75,000 |
Valuation allowance | 77,000 | 75,000 |
Impaired loans | 354,000 | 75,000 |
Valuation allowance | 77,000 | 75,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | ||
Impaired loans | 508,000 | 512,000 |
Valuation allowance | 51,000 | 52,000 |
Impaired loans | 508,000 | 512,000 |
Valuation allowance | 51,000 | 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 | 1,275,000 | 1,933,000 |
Valuation allowance | 253,000 | 820,000 |
Impaired loans | 1,275,000 | 1,933,000 |
Valuation allowance | $ 253,000 | $ 820,000 |
Note 5 - Fair Value Measureme44
Note 5 - Fair Value Measurements and Fair Values of Financial Instruments - Estimated Fair Values, and Related Carrying Amounts, of the Financial Instruments (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | $ 23,968,000 | $ 33,313,000 | ||
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Financial assets: | ||||
Certificates of deposit | 3,468,000 | 2,748,000 | ||
Restricted equity securities (included in Other Assets) | 3,615,000 | 4,657,000 | ||
Loans held for sale | 381,000 | 280,000 | ||
Accrued interest receivable | 3,837,000 | 3,768,000 | ||
Financial liabilities: | ||||
Deposits with no stated maturity | 737,817,000 | 713,931,000 | ||
Time deposits | 230,134,000 | 221,684,000 | ||
Short-term borrowings | 25,702,000 | 53,496,000 | ||
Long-term borrowings | 38,615,000 | 38,767,000 | ||
Accrued interest payable | 73,000 | 70,000 | ||
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Financial assets: | ||||
Loans, net | 719,913,000 | 696,991,000 | ||
Servicing rights | 1,224,000 | 1,296,000 | ||
Reported Value Measurement [Member] | ||||
Financial assets: | ||||
Available-for-sale securities | 417,205,000 | 420,290,000 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 23,968,000 | 33,313,000 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Financial assets: | ||||
Certificates of deposit | 3,500,000 | 2,752,000 | ||
Restricted equity securities (included in Other Assets) | 3,615,000 | 4,657,000 | ||
Loans held for sale | 381,000 | 280,000 | ||
Accrued interest receivable | 3,837,000 | 3,768,000 | ||
Financial liabilities: | ||||
Deposits with no stated maturity | 737,817,000 | 713,931,000 | ||
Time deposits | 230,555,000 | 221,891,000 | ||
Short-term borrowings | 25,615,000 | 53,398,000 | ||
Long-term borrowings | 40,017,000 | 40,166,000 | ||
Accrued interest payable | 73,000 | 70,000 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Financial assets: | ||||
Loans, net | 720,987,000 | 685,552,000 | ||
Servicing rights | 1,224,000 | 1,296,000 | ||
Estimate of Fair Value Measurement [Member] | ||||
Financial assets: | ||||
Available-for-sale securities | 417,205,000 | 420,290,000 | ||
Cash and cash equivalents | 23,968,000 | 33,313,000 | $ 30,977,000 | $ 31,619,000 |
Certificates of deposit | 3,468,000 | 2,748,000 | ||
Available-for-sale securities | 417,205,000 | 420,290,000 | ||
Loans held for sale | 381,000 | 280,000 | ||
Loans, net | 719,913,000 | 696,991,000 | ||
Accrued interest receivable | 3,837,000 | 3,768,000 | ||
Financial liabilities: | ||||
Short-term borrowings | 25,702,000 | 53,496,000 | ||
Long-term borrowings | $ 38,615,000 | $ 38,767,000 |
Note 6 - Securities (Details Te
Note 6 - Securities (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Bank Stocks [Member] | |||||
Available-for-sale Securities, Gross Realized Gains | $ 28,000 | $ 476,000 | $ 277,000 | $ 476,000 | |
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 | 3,485,000 | 3,485,000 | 4,527,000 | ||
Available-for-sale Securities Pledged as Collateral | 203,791,000 | 203,791,000 | $ 228,616,000 | ||
Available-for-sale Securities, Gross Realized Gains | 123,000 | $ 932,000 | 506,000 | $ 1,006,000 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | $ 0 | $ 0 |
Note 6 - Securities - Available
Note 6 - Securities - Available-for-sale Securities (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | $ 9,664,000 | $ 10,663,000 |
Available-for-sale securities, gross unrealized holding gains | 117,000 | 12,000 |
Available-for-sale securities, gross unrealized holding losses | 0 | (192,000) |
Available-for-sale securities | 9,781,000 | 10,483,000 |
Obligations of States and Political Subdivisions Tax Exempt [Member] | ||
Available-for-sale securities, amortized cost | 110,702,000 | 103,414,000 |
Available-for-sale securities, gross unrealized holding gains | 5,374,000 | 4,365,000 |
Available-for-sale securities, gross unrealized holding losses | (20,000) | (22,000) |
Available-for-sale securities | 116,056,000 | 107,757,000 |
Obligations of States and Political Subdivisions Taxable [Member] | ||
Available-for-sale securities, amortized cost | 34,015,000 | 34,317,000 |
Available-for-sale securities, gross unrealized holding gains | 1,117,000 | 381,000 |
Available-for-sale securities, gross unrealized holding losses | 0 | (101,000) |
Available-for-sale securities | 35,132,000 | 34,597,000 |
Residential Pass-Through Securities [Member] | ||
Available-for-sale securities, amortized cost | 64,108,000 | 73,227,000 |
Available-for-sale securities, gross unrealized holding gains | 1,299,000 | 486,000 |
Available-for-sale securities, gross unrealized holding losses | 0 | (370,000) |
Available-for-sale securities | 65,407,000 | 73,343,000 |
Residential Collateralized Mortgage Obligations [Member] | ||
Available-for-sale securities, amortized cost | 175,889,000 | 193,145 |
Available-for-sale securities, gross unrealized holding gains | 2,354,000 | 623 |
Available-for-sale securities, gross unrealized holding losses | (263,000) | (2,053) |
Available-for-sale securities | 177,980,000 | 191,715 |
Commercial Mortgage-backed Securities [Member] | ||
Available-for-sale securities, amortized cost | 11,120,000 | |
Available-for-sale securities, gross unrealized holding gains | 119,000 | |
Available-for-sale securities, gross unrealized holding losses | 0 | |
Available-for-sale securities | 11,239,000 | |
Collateralized Debt Obligations [Member] | ||
Available-for-sale securities, amortized cost | 1,000 | 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 | 1,000 | 9,000 |
Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 405,499,000 | 414,775,000 |
Available-for-sale securities, gross unrealized holding gains | 10,380,000 | 5,867,000 |
Available-for-sale securities, gross unrealized holding losses | (283,000) | (2,738,000) |
Available-for-sale securities | 415,596,000 | 417,904,000 |
Equity Securities [Member] | ||
Available-for-sale securities, amortized cost | 1,171,000 | 1,680,000 |
Available-for-sale securities, gross unrealized holding gains | 438,000 | 706,000 |
Available-for-sale securities, gross unrealized holding losses | 0 | 0 |
Available-for-sale securities | 1,609,000 | 2,386,000 |
Available-for-sale securities, amortized cost | 406,670,000 | 416,455,000 |
Available-for-sale securities, gross unrealized holding gains | 10,818,000 | 6,573,000 |
Available-for-sale securities, gross unrealized holding losses | (283,000) | (2,738,000) |
Available-for-sale securities | $ 417,205,000 | $ 420,290,000 |
Note 6 - Securities - Availab47
Note 6 - Securities - Available-for-sale Securities With Unrealized Loss Positions (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
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 | |
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) | |
Obligations of States and Political Subdivisions Tax Exempt [Member] | ||
Available-for-sale securities with unrealized loss positions, less than 12 months, fair value | $ 2,875,000 | 5,200,000 |
Available-for-sale securities with unrealized loss positions, less than 12 months, unrealized losses | (6,000) | (19,000) |
Available-for-sale securities with unrealized loss positions, 12 months or more, fair value | 1,002,000 | 216,000 |
Available-for-sale securities with unrealized loss positions, 12 months or more, unrealized losses | (14,000) | (3,000) |
Available-for-sale securities with unrealized loss positions, fair value | 3,877,000 | 5,416,000 |
Available-for-sale securities, with unrealized loss positions, unrealized losses | (20,000) | (22,000) |
Residential Collateralized Mortgage Obligations [Member] | ||
Available-for-sale securities with unrealized loss positions, less than 12 months, fair value | 2,773,000 | 88,355,000 |
Available-for-sale securities with unrealized loss positions, less than 12 months, unrealized losses | (73,000) | (648,000) |
Available-for-sale securities with unrealized loss positions, 12 months or more, fair value | 25,995,000 | 49,273,000 |
Available-for-sale securities with unrealized loss positions, 12 months or more, unrealized losses | (190,000) | (1,405,000) |
Available-for-sale securities with unrealized loss positions, fair value | 28,768,000 | 137,628,000 |
Available-for-sale securities, with unrealized loss positions, unrealized losses | (263,000) | (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 | |
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) | |
Residential Pass-Through Securities [Member] | ||
Available-for-sale securities with unrealized loss positions, less than 12 months, fair value | 38,764,000 | |
Available-for-sale securities with unrealized loss positions, less than 12 months, unrealized losses | (295,000) | |
Available-for-sale securities with unrealized loss positions, 12 months or more, fair value | 3,503,000 | |
Available-for-sale securities with unrealized loss positions, 12 months or more, unrealized losses | (75,000) | |
Available-for-sale securities with unrealized loss positions, fair value | 42,267,000 | |
Available-for-sale securities, with unrealized loss positions, unrealized losses | (370,000) | |
Available-for-sale securities with unrealized loss positions, less than 12 months, fair value | 5,648,000 | 142,924,000 |
Available-for-sale securities with unrealized loss positions, less than 12 months, unrealized losses | (79,000) | (1,022,000) |
Available-for-sale securities with unrealized loss positions, 12 months or more, fair value | 26,997,000 | 63,752,000 |
Available-for-sale securities with unrealized loss positions, 12 months or more, unrealized losses | (204,000) | (1,716,000) |
Available-for-sale securities with unrealized loss positions, fair value | 32,645,000 | 206,676,000 |
Available-for-sale securities, with unrealized loss positions, unrealized losses | $ (283,000) | $ (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 | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Available-for-sale Securities, Gross Realized Gains | $ 123,000 | $ 932,000 | $ 506,000 | $ 1,006,000 |
Gross realized losses from sales | (1,000) | 0 | (1,000) | 0 |
Net realized gains | $ 122,000 | $ 932,000 | $ 505,000 | $ 1,006,000 |
Note 6 - Securities - Availab49
Note 6 - Securities - Available-for-sale Debt Securities by Contractual Maturity (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Residential Pass-Through Securities [Member] | |
Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored agencies, amortized cost | $ 64,108 |
Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored agencies, fair value | 65,407 |
Residential Collateralized Mortgage Obligations [Member] | |
Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored agencies, amortized cost | 175,889 |
Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored agencies, fair value | 177,980 |
Commercial Mortgage-backed Securities [Member] | |
Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored agencies, amortized cost | 11,120 |
Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored agencies, fair value | 11,239 |
Due in one year or less | 11,792 |
Due in one year or less | 11,899 |
Due from one year through five years | 73,657 |
Due from one year through five years | 76,144 |
Due from five years through ten years | 44,270 |
Due from five years through ten years | 46,349 |
Due after ten years | 24,663 |
Due after ten years | 26,578 |
Sub-total | 154,382 |
Sub-total | 160,970 |
Total | 405,499 |
Total | $ 415,596 |
Note 7 - Loans (Details Textual
Note 7 - Loans (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
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 | $ 0 | |||||
Commercial and Industrial [Member] | Commercial Portfolio Segment [Member] | Extended Maturity [Member] | ||||||||
Allowance for Credit Losses, Change in Method of Calculating Impairment | 30,000 | 30,000 | ||||||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 0 | |||||||
Commercial and Industrial [Member] | Commercial Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||||||||
Allowance for Credit Losses, Change in Method of Calculating Impairment | 30,000 | 30,000 | 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 | $ 1,038,000 | $ 800,000 | $ 1,038,000 | $ 800,000 | 981,000 | $ 976,000 | $ 684,000 | $ 688,000 |
Financing Receivable, Modifications, Number of Contracts | 1 | 2 | ||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 1 | |||||||
Real Estate Loan [Member] | Commercial Portfolio Segment [Member] | ||||||||
Financing Receivable, Allowance for Credit Losses | $ 2,083,000 | 1,692,000 | $ 2,083,000 | $ 1,692,000 | 1,939,000 | 2,027,000 | 1,736,000 | 1,758,000 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 1 | |||||||
Real Estate Loan [Member] | Residential Portfolio Segment [Member] | Senior Lien [Member] | ||||||||
Financing Receivable, Allowance for Credit Losses | $ 2,830,000 | 2,775,000 | $ 2,830,000 | $ 2,775,000 | 2,645,000 | 2,722,000 | 2,774,000 | 2,941,000 |
Financing Receivable, Modifications, Number of Contracts | 1 | |||||||
Allowance for Credit Losses, Change in Method of Calculating Impairment | 0 | $ 0 | ||||||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | $ 0 | |||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 1 | 2 | 2 | |||||
Commercial Loan [Member] | ||||||||
Loans Receivable Secured by Real Estate Percentage | 56.00% | 56.00% | ||||||
Minimum [Member] | ||||||||
Financing Receivable Individually Evaluated for Impairment Threshold With Extension of Credit | $ 200,000 | $ 200,000 | ||||||
Financing Receivable Individually Evaluated for Impairment Estimated Loss Trigger | 100,000 | 100,000 | ||||||
Maximum [Member] | ||||||||
Financing Receivable Individually Evaluated for Impairment Threshold With Estimated Loss | 200,000 | 200,000 | ||||||
Commercial Portfolio Segment [Member] | ||||||||
Financing Receivable, Allowance for Credit Losses | 3,743,000 | 3,183,000 | 3,743,000 | $ 3,183,000 | 3,922,000 | 3,607,000 | 3,098,000 | 3,143,000 |
Residential Portfolio Segment [Member] | ||||||||
Financing Receivable, Allowance for Credit Losses | 3,650,000 | 3,586,000 | 3,650,000 | 3,586,000 | 3,418,000 | 3,501,000 | 3,503,000 | 3,653,000 |
Financing Receivable, Allowance for Credit Losses | $ 7,929,000 | $ 7,300,000 | $ 7,929,000 | $ 7,300,000 | $ 7,889,000 | 7,661,000 | 7,134,000 | $ 7,336,000 |
Financing Receivable, Modifications, Number of Contracts | 0 | |||||||
Allowance for Credit Losses, Change in Method of Calculating Impairment | $ 0 | $ 0 | ||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 |
Note 7 - Loans - Loans Receivab
Note 7 - Loans - Loans Receivable (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||
Loans receivable | $ 315,191,000 | $ 304,783,000 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | ||
Loans receivable | 22,159,000 | 21,146,000 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit 1 [Member] | ||
Loans receivable | 39,054,000 | 39,040,000 |
Residential Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 22,241,000 | 21,121,000 |
Residential Portfolio Segment [Member] | ||
Loans receivable | 398,645,000 | 386,090,000 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 153,070,000 | 154,779,000 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 9,193,000 | 5,122,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans receivable | 82,390,000 | 75,196,000 |
Commercial Portfolio Segment [Member] | Political Subdivisions [Member] | ||
Loans receivable | 41,026,000 | 40,007,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | ||
Loans receivable | 6,615,000 | 7,019,000 |
Commercial Portfolio Segment [Member] | Multifamily 5 or More Residential [Member] | ||
Loans receivable | 8,173,000 | 9,188,000 |
Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | ||
Loans receivable | 4,692,000 | 4,671,000 |
Commercial Portfolio Segment [Member] | Other Commercial Loans [Member] | ||
Loans receivable | 11,904,000 | 12,152,000 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 317,063,000 | 308,134,000 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 12,134,000 | 10,656,000 |
Loans receivable | 727,842,000 | 704,880,000 |
Less: allowance for loan losses | (7,929,000) | (7,889,000) |
Loans, net | $ 719,913,000 | $ 696,991,000 |
Note 7 - Loans - Allowance for
Note 7 - Loans - Allowance for Loan Losses (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||||
Allowance for loan losses | $ 2,722,000 | $ 2,774,000 | $ 2,645,000 | $ 2,941,000 |
Allowance for loan losses, charge-offs | (42,000) | (58,000) | (42,000) | (137,000) |
Allowance for loan losses, recoveries | 0 | 0 | 0 | 1,000 |
Allowance for loan losses, provision | 150,000 | 59,000 | 227,000 | (30,000) |
Allowance for loan losses | 2,830,000 | 2,775,000 | 2,830,000 | 2,775,000 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | ||||
Allowance for loan losses | 228,000 | 200,000 | 219,000 | 176,000 |
Allowance for loan losses, charge-offs | 0 | 0 | 0 | 0 |
Allowance for loan losses, recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, provision | 11,000 | 10,000 | 20,000 | 34,000 |
Allowance for loan losses | 239,000 | 210,000 | 239,000 | 210,000 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit 1 [Member] | ||||
Allowance for loan losses | 351,000 | 322,000 | 347,000 | 322,000 |
Allowance for loan losses, charge-offs | 0 | 0 | 0 | 0 |
Allowance for loan losses, recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, provision | 8,000 | 22,000 | 12,000 | 22,000 |
Allowance for loan losses | 359,000 | 344,000 | 359,000 | 344,000 |
Residential Portfolio Segment [Member] | Construction Loans [Member] | ||||
Allowance for loan losses | 200,000 | 207,000 | 207,000 | 214,000 |
Allowance for loan losses, charge-offs | 0 | 0 | 0 | 0 |
Allowance for loan losses, recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, provision | 22,000 | 50,000 | 15,000 | 43,000 |
Allowance for loan losses | 222,000 | 257,000 | 222,000 | 257,000 |
Residential Portfolio Segment [Member] | ||||
Allowance for loan losses | 3,501,000 | 3,503,000 | 3,418,000 | 3,653,000 |
Allowance for loan losses, charge-offs | (42,000) | (58,000) | (42,000) | (137,000) |
Allowance for loan losses, recoveries | 0 | 0 | 0 | 1,000 |
Allowance for loan losses, provision | 191,000 | 141,000 | 274,000 | 69,000 |
Allowance for loan losses | 3,650,000 | 3,586,000 | 3,650,000 | 3,586,000 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||||
Allowance for loan losses | 2,027,000 | 1,736,000 | 1,939,000 | 1,758,000 |
Allowance for loan losses, charge-offs | 0 | 0 | 0 | (115,000) |
Allowance for loan losses, recoveries | 1,000 | 0 | 2,000 | 0 |
Allowance for loan losses, provision | 55,000 | (44,000) | 142,000 | 49,000 |
Allowance for loan losses | 2,083,000 | 1,692,000 | 2,083,000 | 1,692,000 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||||
Allowance for loan losses | 84,000 | 286,000 | 58,000 | 283,000 |
Allowance for loan losses, charge-offs | 0 | 0 | 0 | 0 |
Allowance for loan losses, recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, provision | 21,000 | 10,000 | 47,000 | 13,000 |
Allowance for loan losses | 105,000 | 296,000 | 105,000 | 296,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
Allowance for loan losses | 976,000 | 684,000 | 981,000 | 688,000 |
Allowance for loan losses, charge-offs | 0 | 0 | 0 | (10,000) |
Allowance for loan losses, recoveries | 0 | 3,000 | 1,000 | 4,000 |
Allowance for loan losses, provision | 62,000 | 113,000 | 56,000 | 118,000 |
Allowance for loan losses | 1,038,000 | 800,000 | 1,038,000 | 800,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | ||||
Allowance for loan losses | 108,000 | 159,000 | 106,000 | 165,000 |
Allowance for loan losses, charge-offs | 0 | 0 | 0 | 0 |
Allowance for loan losses, recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, provision | (5,000) | (4,000) | (3,000) | (10,000) |
Allowance for loan losses | 103,000 | 155,000 | 103,000 | 155,000 |
Commercial Portfolio Segment [Member] | Multifamily 5 or More Residential [Member] | ||||
Allowance for loan losses | 256,000 | 81,000 | 675,000 | 87,000 |
Allowance for loan losses, charge-offs | 0 | 0 | (595,000) | 0 |
Allowance for loan losses, recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, provision | (8,000) | (1,000) | 168,000 | (7,000) |
Allowance for loan losses | 248,000 | 80,000 | 248,000 | 80,000 |
Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | ||||
Allowance for loan losses | 44,000 | 29,000 | 45,000 | 31,000 |
Allowance for loan losses, charge-offs | 0 | 0 | 0 | 0 |
Allowance for loan losses, recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, provision | 3,000 | 11,000 | 2,000 | 9,000 |
Allowance for loan losses | 47,000 | 40,000 | 47,000 | 40,000 |
Commercial Portfolio Segment [Member] | Other Commercial Loans [Member] | ||||
Allowance for loan losses | 112,000 | 123,000 | 118,000 | 131,000 |
Allowance for loan losses, charge-offs | 0 | 0 | 0 | 0 |
Allowance for loan losses, recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, provision | 7,000 | (3,000) | 1,000 | (11,000) |
Allowance for loan losses | 119,000 | 120,000 | 119,000 | 120,000 |
Commercial Portfolio Segment [Member] | ||||
Allowance for loan losses | 3,607,000 | 3,098,000 | 3,922,000 | 3,143,000 |
Allowance for loan losses, charge-offs | 0 | 0 | (595,000) | (125,000) |
Allowance for loan losses, recoveries | 1,000 | 3,000 | 3,000 | 4,000 |
Allowance for loan losses, provision | 135,000 | 82,000 | 413,000 | 161,000 |
Allowance for loan losses | 3,743,000 | 3,183,000 | 3,743,000 | 3,183,000 |
Consumer Portfolio Segment [Member] | ||||
Allowance for loan losses | 126,000 | 139,000 | 122,000 | 145,000 |
Allowance for loan losses, charge-offs | (21,000) | (19,000) | (39,000) | (37,000) |
Allowance for loan losses, recoveries | 12,000 | 19,000 | 27,000 | 34,000 |
Allowance for loan losses, provision | 21,000 | (4,000) | 28,000 | (7,000) |
Allowance for loan losses | 138,000 | 135,000 | 138,000 | 135,000 |
Unallocated Financing Receivables [Member] | ||||
Allowance for loan losses | 427,000 | 394,000 | 427,000 | 395,000 |
Allowance for loan losses, charge-offs | 0 | 0 | 0 | 0 |
Allowance for loan losses, recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, provision | (29,000) | 2,000 | (29,000) | 1,000 |
Allowance for loan losses | 398,000 | 396,000 | 398,000 | 396,000 |
Allowance for loan losses | 7,661,000 | 7,134,000 | 7,889,000 | 7,336,000 |
Allowance for loan losses, charge-offs | (63,000) | (77,000) | (676,000) | (299,000) |
Allowance for loan losses, recoveries | 13,000 | 22,000 | 30,000 | 39,000 |
Allowance for loan losses, provision | 318,000 | 221,000 | 686,000 | 224,000 |
Allowance for loan losses | $ 7,929,000 | $ 7,300,000 | $ 7,929,000 | $ 7,300,000 |
Note 7 - Loans - Outstanding Lo
Note 7 - Loans - Outstanding Loans by Risk Rating (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Pass [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||
Loans receivable | $ 304,713,000 | $ 295,302,000 |
Pass [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | ||
Loans receivable | 21,591,000 | 20,558,000 |
Pass [Member] | Residential Portfolio Segment [Member] | Home Equity Line of Credit 1 [Member] | ||
Loans receivable | 38,030,000 | 38,071,000 |
Pass [Member] | Residential Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 22,225,000 | 21,104,000 |
Pass [Member] | Residential Portfolio Segment [Member] | ||
Loans receivable | 386,559,000 | 375,035,000 |
Pass [Member] | Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 135,738,000 | 140,381,000 |
Pass [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 9,096,000 | 4,957,000 |
Pass [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans receivable | 77,197,000 | 71,225,000 |
Pass [Member] | Commercial Portfolio Segment [Member] | Political Subdivisions [Member] | ||
Loans receivable | 41,026,000 | 40,007,000 |
Pass [Member] | Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | ||
Loans receivable | 4,911,000 | 5,084,000 |
Pass [Member] | Commercial Portfolio Segment [Member] | Multifamily 5 or More Residential [Member] | ||
Loans receivable | 7,538,000 | 7,943,000 |
Pass [Member] | Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | ||
Loans receivable | 3,862,000 | 4,655,000 |
Pass [Member] | Commercial Portfolio Segment [Member] | Other Commercial Loans [Member] | ||
Loans receivable | 11,828,000 | 12,073,000 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 291,196,000 | 286,325,000 |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 11,922,000 | 10,490,000 |
Pass [Member] | ||
Loans receivable | 689,677,000 | 671,850,000 |
Special Mention [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||
Loans receivable | 562,000 | 407,000 |
Special Mention [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | ||
Loans receivable | 154,000 | 185,000 |
Special Mention [Member] | Residential Portfolio Segment [Member] | Home Equity Line of Credit 1 [Member] | ||
Loans receivable | 423,000 | 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 | 1,155,000 | 1,152,000 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 5,941,000 | 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 | 3,509,000 | 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 | 169,000 | 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 | 817,000 | 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 | 10,496,000 | 8,511,000 |
Special Mention [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 1,000 | 21,000 |
Special Mention [Member] | ||
Loans receivable | 11,652,000 | 9,684,000 |
Substandard [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||
Loans receivable | 9,852,000 | 9,007,000 |
Substandard [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | ||
Loans receivable | 414,000 | 403,000 |
Substandard [Member] | Residential Portfolio Segment [Member] | Home Equity Line of Credit 1 [Member] | ||
Loans receivable | 601,000 | 426,000 |
Substandard [Member] | Residential Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 0 | 0 |
Substandard [Member] | Residential Portfolio Segment [Member] | ||
Loans receivable | 10,867,000 | 9,836,000 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 11,391,000 | 8,536,000 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 37,000 | 105,000 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans receivable | 1,558,000 | 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 | 1,517,000 | 1,432,000 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Multifamily 5 or More Residential [Member] | ||
Loans receivable | 635,000 | 1,245,000 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | ||
Loans receivable | 13,000 | 16,000 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Other Commercial Loans [Member] | ||
Loans receivable | 76,000 | 79,000 |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 15,227,000 | 13,150,000 |
Substandard [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 211,000 | 145,000 |
Substandard [Member] | ||
Loans receivable | 26,305,000 | 23,131,000 |
Doubtful [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||
Loans receivable | 64,000 | 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 | 64,000 | 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 | 126,000 | 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 | 18,000 | 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 | 144,000 | 148,000 |
Doubtful [Member] | Consumer Portfolio Segment [Member] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | ||
Loans receivable | 208,000 | 215,000 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||
Loans receivable | 315,191,000 | 304,783,000 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | ||
Loans receivable | 22,159,000 | 21,146,000 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit 1 [Member] | ||
Loans receivable | 39,054,000 | 39,040,000 |
Residential Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 22,241,000 | 21,121,000 |
Residential Portfolio Segment [Member] | ||
Loans receivable | 398,645,000 | 386,090,000 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 153,070,000 | 154,779,000 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 9,193,000 | 5,122,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans receivable | 82,390,000 | 75,196,000 |
Commercial Portfolio Segment [Member] | Political Subdivisions [Member] | ||
Loans receivable | 41,026,000 | 40,007,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | ||
Loans receivable | 6,615,000 | 7,019,000 |
Commercial Portfolio Segment [Member] | Multifamily 5 or More Residential [Member] | ||
Loans receivable | 8,173,000 | 9,188,000 |
Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | ||
Loans receivable | 4,692,000 | 4,671,000 |
Commercial Portfolio Segment [Member] | Other Commercial Loans [Member] | ||
Loans receivable | 11,904,000 | 12,152,000 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 317,063,000 | 308,134,000 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 12,134,000 | 10,656,000 |
Loans receivable | $ 727,842,000 | $ 704,880,000 |
Note 7 - Loans - Loan Balances
Note 7 - Loans - Loan Balances and Allowance for Loan Losses for Each Impairment Method (Details) - USD ($) | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||||||
Loans receivable: individually evaluated | $ 824,000 | $ 884,000 | ||||
Loans receivable: collectively evaluated | 314,367,000 | 303,899,000 | ||||
Loans receivable | 315,191,000 | 304,783,000 | ||||
Allowance for loan losses: individually evaluated | 0 | 1,000 | ||||
Allowance for loan losses: collectively evaluated | 2,830,000 | 2,644,000 | ||||
Financing Receivable, Allowance for Credit Losses | 2,830,000 | $ 2,722,000 | 2,645,000 | $ 2,775,000 | $ 2,774,000 | $ 2,941,000 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | ||||||
Loans receivable: individually evaluated | 71,000 | 74,000 | ||||
Loans receivable: collectively evaluated | 22,088,000 | 21,072,000 | ||||
Loans receivable | 22,159,000 | 21,146,000 | ||||
Allowance for loan losses: individually evaluated | 0 | 0 | ||||
Allowance for loan losses: collectively evaluated | 239,000 | 219,000 | ||||
Financing Receivable, Allowance for Credit Losses | 239,000 | 228,000 | 219,000 | 210,000 | 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 | 39,054,000 | 39,040,000 | ||||
Loans receivable | 39,054,000 | 39,040,000 | ||||
Allowance for loan losses: individually evaluated | 0 | 0 | ||||
Allowance for loan losses: collectively evaluated | 359,000 | 347,000 | ||||
Financing Receivable, Allowance for Credit Losses | 359,000 | 351,000 | 347,000 | 344,000 | 322,000 | 322,000 |
Residential Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Loans receivable: individually evaluated | 0 | 0 | ||||
Loans receivable: collectively evaluated | 22,241,000 | 21,121,000 | ||||
Loans receivable | 22,241,000 | 21,121,000 | ||||
Allowance for loan losses: individually evaluated | 0 | 0 | ||||
Allowance for loan losses: collectively evaluated | 222,000 | 207,000 | ||||
Financing Receivable, Allowance for Credit Losses | 222,000 | 200,000 | 207,000 | 257,000 | 207,000 | 214,000 |
Residential Portfolio Segment [Member] | ||||||
Loans receivable: individually evaluated | 895,000 | 958,000 | ||||
Loans receivable: collectively evaluated | 397,750,000 | 385,132,000 | ||||
Loans receivable | 398,645,000 | 386,090,000 | ||||
Allowance for loan losses: individually evaluated | 0 | 1,000 | ||||
Allowance for loan losses: collectively evaluated | 3,650,000 | 3,417,000 | ||||
Financing Receivable, Allowance for Credit Losses | 3,650,000 | 3,501,000 | 3,418,000 | 3,586,000 | 3,503,000 | 3,653,000 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||||||
Loans receivable: individually evaluated | 5,856,000 | 6,262,000 | ||||
Loans receivable: collectively evaluated | 147,214,000 | 148,517,000 | ||||
Loans receivable | 153,070,000 | 154,779,000 | ||||
Allowance for loan losses: individually evaluated | 125,000 | 97,000 | ||||
Allowance for loan losses: collectively evaluated | 1,958,000 | 1,842,000 | ||||
Financing Receivable, Allowance for Credit Losses | 2,083,000 | 2,027,000 | 1,939,000 | 1,692,000 | 1,736,000 | 1,758,000 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Loans receivable: individually evaluated | 0 | 0 | ||||
Loans receivable: collectively evaluated | 9,193,000 | 5,122,000 | ||||
Loans receivable | 9,193,000 | 5,122,000 | ||||
Allowance for loan losses: individually evaluated | 0 | 0 | ||||
Allowance for loan losses: collectively evaluated | 105,000 | 58,000 | ||||
Financing Receivable, Allowance for Credit Losses | 105,000 | 84,000 | 58,000 | 296,000 | 286,000 | 283,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||||
Loans receivable: individually evaluated | 766,000 | 324,000 | ||||
Loans receivable: collectively evaluated | 81,624,000 | 74,872,000 | ||||
Loans receivable | 82,390,000 | 75,196,000 | ||||
Allowance for loan losses: individually evaluated | 77,000 | 75,000 | ||||
Allowance for loan losses: collectively evaluated | 961,000 | 906,000 | ||||
Financing Receivable, Allowance for Credit Losses | 1,038,000 | 976,000 | 981,000 | 800,000 | 684,000 | 688,000 |
Commercial Portfolio Segment [Member] | Political Subdivisions [Member] | ||||||
Loans receivable: individually evaluated | 0 | 0 | ||||
Loans receivable: collectively evaluated | 41,026,000 | 40,007,000 | ||||
Loans receivable | 41,026,000 | 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 | 1,408,000 | 1,427,000 | ||||
Loans receivable: collectively evaluated | 5,207,000 | 5,592,000 | ||||
Loans receivable | 6,615,000 | 7,019,000 | ||||
Allowance for loan losses: individually evaluated | 51,000 | 52,000 | ||||
Allowance for loan losses: collectively evaluated | 52,000 | 54,000 | ||||
Financing Receivable, Allowance for Credit Losses | 103,000 | 108,000 | 106,000 | 155,000 | 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 | 7,781,000 | 8,201,000 | ||||
Loans receivable | 8,173,000 | 9,188,000 | ||||
Allowance for loan losses: individually evaluated | 0 | 595,000 | ||||
Allowance for loan losses: collectively evaluated | 248,000 | 80,000 | ||||
Financing Receivable, Allowance for Credit Losses | 248,000 | 256,000 | 675,000 | 80,000 | 81,000 | 87,000 |
Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | ||||||
Loans receivable: individually evaluated | 13,000 | 16,000 | ||||
Loans receivable: collectively evaluated | 4,679,000 | 4,655,000 | ||||
Loans receivable | 4,692,000 | 4,671,000 | ||||
Allowance for loan losses: individually evaluated | 0 | 0 | ||||
Allowance for loan losses: collectively evaluated | 47,000 | 45,000 | ||||
Financing Receivable, Allowance for Credit Losses | 47,000 | 44,000 | 45,000 | 40,000 | 29,000 | 31,000 |
Commercial Portfolio Segment [Member] | Other Commercial Loans [Member] | ||||||
Loans receivable: individually evaluated | 0 | 0 | ||||
Loans receivable: collectively evaluated | 11,904,000 | 12,152,000 | ||||
Loans receivable | 11,904,000 | 12,152,000 | ||||
Allowance for loan losses: individually evaluated | 0 | 0 | ||||
Allowance for loan losses: collectively evaluated | 119,000 | 118,000 | ||||
Financing Receivable, Allowance for Credit Losses | 119,000 | 112,000 | 118,000 | 120,000 | 123,000 | 131,000 |
Commercial Portfolio Segment [Member] | ||||||
Loans receivable: individually evaluated | 8,435,000 | 9,016,000 | ||||
Loans receivable: collectively evaluated | 308,628,000 | 299,118,000 | ||||
Loans receivable | 317,063,000 | 308,134,000 | ||||
Allowance for loan losses: individually evaluated | 253,000 | 819,000 | ||||
Allowance for loan losses: collectively evaluated | 3,490,000 | 3,103,000 | ||||
Financing Receivable, Allowance for Credit Losses | 3,743,000 | 3,607,000 | 3,922,000 | 3,183,000 | 3,098,000 | 3,143,000 |
Consumer Portfolio Segment [Member] | ||||||
Loans receivable: individually evaluated | 0 | 0 | ||||
Loans receivable: collectively evaluated | 12,134,000 | 10,656,000 | ||||
Loans receivable | 12,134,000 | 10,656,000 | ||||
Allowance for loan losses: individually evaluated | 0 | 0 | ||||
Allowance for loan losses: collectively evaluated | 138,000 | 122,000 | ||||
Financing Receivable, Allowance for Credit Losses | 138,000 | 126,000 | 122,000 | 135,000 | 139,000 | 145,000 |
Unallocated Financing Receivables [Member] | ||||||
Financing Receivable, Allowance for Credit Losses | 398,000 | 427,000 | 427,000 | 396,000 | 394,000 | 395,000 |
Loans receivable: individually evaluated | 9,330,000 | 9,974,000 | ||||
Loans receivable: collectively evaluated | 718,512,000 | 694,906,000 | ||||
Loans receivable | 727,842,000 | 704,880,000 | ||||
Allowance for loan losses: individually evaluated | 253,000 | 820,000 | ||||
Allowance for loan losses: collectively evaluated | 7,278,000 | 6,642,000 | ||||
Financing Receivable, Allowance for Credit Losses | $ 7,929,000 | $ 7,661,000 | $ 7,889,000 | $ 7,300,000 | $ 7,134,000 | $ 7,336,000 |
Note 7 - Loans - Impaired Loans
Note 7 - Loans - Impaired Loans (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||
Unpaid principal - with no allowance | $ 824,000 | $ 842,000 |
Recorded investment - with no allowance | 824,000 | 842,000 |
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] | ||
Unpaid principal - with no allowance | 71,000 | 74,000 |
Recorded investment - with no allowance | 71,000 | 74,000 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Unpaid principal - with no allowance | 7,127,000 | 7,580,000 |
Recorded investment - with no allowance | 5,443,000 | 5,945,000 |
Unpaid principal - with allowance | 413,000 | 317,000 |
Recorded investment - with allowance | 413,000 | 317,000 |
Related allowance - with allowance | 125,000 | 97,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Unpaid principal - with no allowance | 412,000 | 249,000 |
Recorded investment - with no allowance | 412,000 | 249,000 |
Unpaid principal - with allowance | 354,000 | 75,000 |
Recorded investment - with allowance | 354,000 | 75,000 |
Related allowance - with allowance | 77,000 | 75,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | ||
Unpaid principal - with no allowance | 900,000 | 915,000 |
Recorded investment - with no allowance | 900,000 | 915,000 |
Unpaid principal - with allowance | 508,000 | 512,000 |
Recorded investment - with allowance | 508,000 | 512,000 |
Related allowance - with allowance | 51,000 | 52,000 |
Commercial Portfolio Segment [Member] | Multifamily 5 or More Residential [Member] | ||
Unpaid principal - with no allowance | 987,000 | 0 |
Recorded investment - with no allowance | 392,000 | 0 |
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] | ||
Unpaid principal - with no allowance | 13,000 | 16,000 |
Recorded investment - with no allowance | 13,000 | 16,000 |
Unpaid principal - with no allowance | 10,334,000 | 9,676,000 |
Recorded investment - with no allowance | 8,055,000 | 8,041,000 |
Unpaid principal - with allowance | 1,275,000 | 1,933,000 |
Recorded investment - with allowance | 1,275,000 | 1,933,000 |
Related allowance - with allowance | 253,000 | 820,000 |
Total | 11,609,000 | 11,609,000 |
Total | $ 9,330,000 | $ 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 | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||||
Average investment in impaired loans | $ 833,000 | $ 3,701,000 | $ 847,000 | $ 3,819,000 |
Interest income recognized on impaired loans on a cash basis | 12,000 | 20,000 | 22,000 | 58,000 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | ||||
Average investment in impaired loans | 71,000 | 66,000 | 72,000 | 57,000 |
Interest income recognized on impaired loans on a cash basis | 1,000 | 1,000 | 2,000 | 2,000 |
Residential Portfolio Segment [Member] | ||||
Average investment in impaired loans | 904,000 | 3,767,000 | 919,000 | 3,876,000 |
Interest income recognized on impaired loans on a cash basis | 13,000 | 21,000 | 24,000 | 60,000 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||||
Average investment in impaired loans | 5,892,000 | 6,286,000 | 6,026,000 | 6,437,000 |
Interest income recognized on impaired loans on a cash basis | 81,000 | 90,000 | 191,000 | 203,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
Average investment in impaired loans | 754,000 | 423,000 | 661,000 | 513,000 |
Interest income recognized on impaired loans on a cash basis | 7,000 | 5,000 | 10,000 | 12,000 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||||
Average investment in impaired loans | 0 | 41,000 | 0 | 58,000 |
Interest income recognized on impaired loans on a cash basis | 0 | 0 | 0 | 0 |
Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | ||||
Average investment in impaired loans | 1,413,000 | 1,447,000 | 1,418,000 | 1,468,000 |
Interest income recognized on impaired loans on a cash basis | 17,000 | 26,000 | 38,000 | 52,000 |
Commercial Portfolio Segment [Member] | Multifamily 5 or More Residential [Member] | ||||
Average investment in impaired loans | 490,000 | 0 | 590,000 | 0 |
Interest income recognized on impaired loans on a cash basis | 0 | 0 | 0 | 0 |
Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | ||||
Average investment in impaired loans | 15,000 | 46,000 | 15,000 | 23,000 |
Interest income recognized on impaired loans on a cash basis | 0 | 2,000 | 1,000 | 2,000 |
Commercial Portfolio Segment [Member] | ||||
Average investment in impaired loans | 8,564,000 | 8,243,000 | 8,710,000 | 8,499,000 |
Interest income recognized on impaired loans on a cash basis | 105,000 | 123,000 | 240,000 | 269,000 |
Consumer Portfolio Segment [Member] | ||||
Average investment in impaired loans | 18,000 | 0 | 15,000 | 0 |
Interest income recognized on impaired loans on a cash basis | 0 | 0 | 0 | 0 |
Average investment in impaired loans | 9,486,000 | 12,010,000 | 9,644,000 | 12,375,000 |
Interest income recognized on impaired loans on a cash basis | $ 118,000 | $ 144,000 | $ 264,000 | $ 329,000 |
Note 7 - Loans - Nonaccrual Loa
Note 7 - Loans - Nonaccrual Loans and Loans Past Due Ninety Days or More and Still Accruing (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||
Loans past due 90+ days and accruing | $ 3,663,000 | $ 2,381,000 |
Nonaccrual loans | 2,739,000 | 3,044,000 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | ||
Loans past due 90+ days and accruing | 44,000 | 79,000 |
Nonaccrual loans | 0 | 0 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit 1 [Member] | ||
Loans past due 90+ days and accruing | 285,000 | 130,000 |
Nonaccrual loans | 12,000 | 0 |
Residential Portfolio Segment [Member] | ||
Loans past due 90+ days and accruing | 3,992,000 | 2,590,000 |
Nonaccrual loans | 2,751,000 | 3,044,000 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans past due 90+ days and accruing | 135,000 | 503,000 |
Nonaccrual loans | 5,592,000 | 5,730,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans past due 90+ days and accruing | 313,000 | 65,000 |
Nonaccrual loans | 310,000 | 313,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | ||
Loans past due 90+ days and accruing | 102,000 | 0 |
Nonaccrual loans | 1,408,000 | 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 | 76,000 | 0 |
Nonaccrual loans | 13,000 | 16,000 |
Commercial Portfolio Segment [Member] | ||
Loans past due 90+ days and accruing | 626,000 | 568,000 |
Nonaccrual loans | 7,715,000 | 8,473,000 |
Consumer Portfolio Segment [Member] | ||
Loans past due 90+ days and accruing | 36,000 | 71,000 |
Nonaccrual loans | 38,000 | 0 |
Loans past due 90+ days and accruing | 4,654,000 | 3,229,000 |
Nonaccrual loans | $ 10,504,000 | $ 11,517,000 |
Note 7 - Loans - Contractual Ag
Note 7 - Loans - Contractual Aging of Loans (Details) - USD ($) | Jun. 30, 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 | $ 306,697,000 | $ 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 | 3,852,000 | 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 | 4,642,000 | 3,924,000 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||
Loans receivable | 315,191,000 | 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 | 21,826,000 | 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 | 289,000 | 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 | 44,000 | 79,000 |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | ||
Loans receivable | 22,159,000 | 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 | 38,527,000 | 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 | 242,000 | 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 | 285,000 | 130,000 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit 1 [Member] | ||
Loans receivable | 39,054,000 | 39,040,000 |
Residential Portfolio Segment [Member] | Construction Loans [Member] | Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 22,241,000 | 21,121,000 |
Residential Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 0 | 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 | 22,241,000 | 21,121,000 |
Residential Portfolio Segment [Member] | Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 389,291,000 | 375,221,000 |
Residential Portfolio Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 4,383,000 | 6,736,000 |
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 4,971,000 | 4,133,000 |
Residential Portfolio Segment [Member] | ||
Loans receivable | 398,645,000 | 386,090,000 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 149,599,000 | 153,427,000 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 2,762,000 | 108,000 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 709,000 | 1,244,000 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Loans receivable | 153,070,000 | 154,779,000 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 9,193,000 | 5,018,000 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 0 | 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 | 9,193,000 | 5,122,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 81,927,000 | 75,002,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 139,000 | 118,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 324,000 | 76,000 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Loans receivable | 82,390,000 | 75,196,000 |
Commercial Portfolio Segment [Member] | Political Subdivisions [Member] | Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 41,026,000 | 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 | 41,026,000 | 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 | 5,413,000 | 5,970,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 284,000 | 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 | 918,000 | 826,000 |
Commercial Portfolio Segment [Member] | Loans Secured by Farmland [Member] | ||
Loans receivable | 6,615,000 | 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 | 7,713,000 | 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 | 68,000 | 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 | 8,173,000 | 9,188,000 |
Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 4,560,000 | 4,642,000 |
Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 43,000 | 13,000 |
Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 89,000 | 16,000 |
Commercial Portfolio Segment [Member] | Agricultural Loans [Member] | ||
Loans receivable | 4,692,000 | 4,671,000 |
Commercial Portfolio Segment [Member] | Other Commercial Loans [Member] | Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 11,904,000 | 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 | 11,904,000 | 12,152,000 |
Commercial Portfolio Segment [Member] | Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 311,335,000 | 304,419,000 |
Commercial Portfolio Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 3,296,000 | 566,000 |
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 2,432,000 | 3,149,000 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 317,063,000 | 308,134,000 |
Consumer Portfolio Segment [Member] | Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 11,979,000 | 10,537,000 |
Consumer Portfolio Segment [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 81,000 | 48,000 |
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 74,000 | 71,000 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 12,134,000 | 10,656,000 |
Current Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans past due | 712,605,000 | 690,177,000 |
Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans past due | 7,760,000 | 7,350,000 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 7,477,000 | 7,353,000 |
Loans receivable | $ 727,842,000 | $ 704,880,000 |
Note 7 - Loans - Contractual 59
Note 7 - Loans - Contractual Aging of Nonaccrual Loans (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Non accrual Loans [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Loans current and past due | $ 6,866,000 | $ 7,100,000 |
Non accrual Loans [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Loans current and past due | 815,000 | 293,000 |
Non accrual Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans current and past due | 2,823,000 | 4,124,000 |
Non accrual Loans [Member] | ||
Loans current and past due | 10,504,000 | 11,517,000 |
Loans current and past due | $ 10,504,000 | $ 11,517,000 |
Note 7 - Loans - Aging of Troub
Note 7 - Loans - Aging of Troubled Debt Restructings (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Troubled Debt Restructuring [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, current and past due | $ 989,000 | $ 1,186,000 |
Troubled Debt Restructuring [Member] | Financing Receivables 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, current and past due | 58,000 | 0 |
Troubled Debt Restructuring [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, current and past due | 81,000 | 81,000 |
Troubled Debt Restructuring [Member] | ||
Troubled debt restructurings, current and past due | 6,149,000 | 6,364,000 |
Troubled debt restructurings, nonaccrual | 5,021,000 | 5,097,000 |
Financing Receivables 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, current and past due | 7,760,000 | 7,350,000 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, current and past due | 7,477,000 | 7,353,000 |
Troubled debt restructurings, nonaccrual | $ 10,504,000 | $ 11,517,000 |
Note 7 - Loans - Troubled Debt
Note 7 - Loans - Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016USD ($) | Jun. 30, 2015 | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 1 | 2 | ||
Troubled debt restructurings, pre-modification outstanding recorded investment | $ 102 | $ 107 | ||
Troubled debt restructurings, post-modification outstanding recorded investment | $ 102 | $ 107 | ||
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | ||||
Financing Receivable, Modifications, 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] | ||||
Financing Receivable, Modifications, 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] | ||||
Financing Receivable, Modifications, Number of Contracts | 1 | |||
Troubled debt restructurings, pre-modification outstanding recorded investment | $ 30 | |||
Troubled debt restructurings, post-modification outstanding recorded investment | $ 30 | |||
Financing Receivable, Modifications, Number of Contracts | 0 |
Note 7 - Loans - Defaults on Lo
Note 7 - Loans - Defaults on Loans with Previous Modifications (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016USD ($) | Jun. 30, 2015 | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015 | |
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Senior Lien [Member] | |||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 1 | 2 | 2 | ||
Troubled debt restructuring defaults, recorded investment | $ 242 | $ 273 | $ 115 | ||
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | Junior Lien [Member] | |||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 1 | 1 | |||
Troubled debt restructuring defaults, recorded investment | $ 30 | $ 30 | |||
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | |||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 1 | ||||
Troubled debt restructuring defaults, recorded investment | $ 407 | ||||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 1 | ||||
Troubled debt restructuring defaults, recorded investment | $ 5 | ||||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 1 | ||||
Troubled debt restructuring defaults, recorded investment | $ 25 | ||||
Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 1 | 1 | |||
Troubled debt restructuring defaults, recorded investment | $ 28 | $ 28 | |||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 |
Note 7 - Loans - Foreclosed Res
Note 7 - Loans - Foreclosed Residential Real Estate (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Residential Portfolio Segment [Member] | ||
Foreclosed residential real estate | $ 1,005 | $ 556 |
Note 7 - Loans - Mortgage Loans
Note 7 - Loans - Mortgage Loans in Process of Foreclosure (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Residential Portfolio Segment [Member] | ||
Residential real estate in process of foreclosure | $ 1,598 | $ 1,173 |
Note 8 - Borrowed Funds (Detail
Note 8 - Borrowed Funds (Details Textual) | 6 Months Ended | |
Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | |
Federal Home Loan Bank of Pittsburgh [Member] | Other Assets [Member] | ||
Federal Home Loan Bank Stock | $ 3,485,000 | $ 4,527,000 |
Federal Home Loan Bank of Pittsburgh [Member] | Federal Home Loan Bank Advances [Member] | Minimum [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.92% | |
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 | 6 | |
Short-term Borrowing, Amount of Each Borrowing | $ 2,090,000 | |
Short-term Debt, Weighted Average Interest Rate | 0.99% | |
Repayment of Short-term Borrowing, Number of Advances | 6 | |
Repayments of Short-term Borrowing, Amount of Each Borrowing | $ 2,090,000 | |
Repayment of Short-term Debt, Weighted Average Interest Rate | 0.72% | |
Federal Home Loan Bank of Pittsburgh [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 454,935,000 | $ 450,883,000 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 294,373,000 | |
Securities Sold under Agreements to Repurchase [Member] | ||
Debt, Weighted Average Interest Rate | 0.10% | 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 | $ 17,218,000 | $ 12,613,000 |
Securities Sold under Agreements to Repurchase, Asset | $ 36,117,000 | $ 33,780,000 |
Note 8 - Borrowed Funds - Short
Note 8 - Borrowed Funds - Short-term Borrowings (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Federal Home Loan Bank of Pittsburgh [Member] | Federal Home Loan Bank Advances [Member] | ||
Short-term borrowings | $ 20,041,000 | $ 48,581,000 |
Federal Home Loan Bank of Pittsburgh [Member] | Overnight Borrowing [Member] | ||
Short-term borrowings | 7,500,000 | 23,500,000 |
Federal Home Loan Bank of Pittsburgh [Member] | Other Short-term Debt [Member] | ||
Short-term borrowings | 12,541,000 | 25,081,000 |
Federal Home Loan Bank of Pittsburgh [Member] | ||
Short-term borrowings | 20,041,000 | 48,581,000 |
Securities Sold under Agreements to Repurchase [Member] | ||
Short-term borrowings | 5,661,000 | 4,915,000 |
Short-term borrowings | $ 25,702,000 | $ 53,496,000 |
Note 8 - Borrowed Funds - Long-
Note 8 - Borrowed Funds - Long-term Borrowings (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Federal Home Loan Bank Advances [Member] | ||
Long-term borrowings | $ 11,615,000 | $ 11,767,000 |
Repurchase Agreements [Member] | ||
Long-term borrowings | 27,000,000 | 27,000,000 |
Long-term borrowings | $ 38,615,000 | $ 38,767,000 |
Note 8 - Borrowed Funds - Lon68
Note 8 - Borrowed Funds - Long-term Borrowing Maturities (Details) - Federal Home Loan Bank of Pittsburgh [Member] - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Federal Home Loan Bank Borrowings Loan Maturing in 2016 with Rate of 686 [Member] | ||
Long-term borrowings from FHLB- Pittsburgh | $ 32 | $ 57 |
Federal Home Loan Bank Borrowings Loan Maturing in 2017 With Rate of 683 [Member] | ||
Long-term borrowings from FHLB- Pittsburgh | 7 | 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 | 734 | 821 |
Federal Home Loan Bank Borrowings Loan Maturing in 2025 with Rate of 491 [Member] | ||
Long-term borrowings from FHLB- Pittsburgh | 842 | 879 |
Long-term borrowings from FHLB- Pittsburgh | $ 11,615 | $ 11,767 |
Note 8 - Borrowed Funds - Lon69
Note 8 - Borrowed Funds - Long-term Borrowing Maturities (Details) (Parentheticals) - Federal Home Loan Bank of Pittsburgh [Member] | Jun. 30, 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 ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities Sold under Agreements to Repurchase, Asset | $ 20,116,000 | $ 15,772,000 |
Collateralized Mortgage Obligations [Member] | ||
Securities Sold under Agreements to Repurchase, Asset | 16,001,000 | 18,008,000 |
Securities Sold under Agreements to Repurchase, Asset | $ 36,117,000 | $ 33,780,000 |
Note 9 - Defined Benefit Plan71
Note 9 - Defined Benefit Plans (Details Textual) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 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 | $ 31,000 |
Note 9 - Defined Benefit Plan72
Note 9 - Defined Benefit Plans - Net Periodic Benefit Costs (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Pension Plan [Member] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 6,000 | 9,000 | 13,000 | 18,000 |
Expected return on plan assets | (6,000) | (12,000) | (13,000) | (23,000) |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Recognized net actuarial loss | 2,000 | 3,000 | 5,000 | 7,000 |
Net periodic benefit cost | 2,000 | 0 | 5,000 | 2,000 |
Other Postretirement Benefit Plan [Member] | ||||
Service cost | 9,000 | 9,000 | 18,000 | 19,000 |
Interest cost | 15,000 | 15,000 | 31,000 | 28,000 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | (7,000) | (8,000) | (15,000) | (15,000) |
Recognized net actuarial loss | 0 | 0 | 0 | 0 |
Net periodic benefit cost | $ 17,000 | $ 16,000 | $ 34,000 | $ 32,000 |
Note 10 - Stock-based Compens73
Note 10 - Stock-based Compensation Plans (Details Textual) - Restricted Stock [Member] - shares | 3 Months Ended | ||
Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | |
Stock Incentive Plan and Independent Directors Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 34,199 | 34,800 | |
Stock Incentive Plan [Member] | Vesting Contingent upon Corporation Meeting ROAE Performance Ratio [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 17,289 | 20,298 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 4 years | |
Stock Incentive Plan [Member] | Vesting Dependent on Satisfactory Performance [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 | ||
Stock Incentive Plan [Member] | Vesting Dependent on Satisfactory Performance [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 | |
Independent Directors Stock Incentive Plan [Member] | Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,228 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
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 |
Note 10 - Stock-based Compens74
Note 10 - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Restricted Stock [Member] | ||||
Restricted stock | $ 163 | $ 157 | $ 325 | $ 307 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Assets [Member] | ||||||
Amortization Method Qualified Affordable Housing Project Investments | $ 762,000 | $ 762,000 | $ 812,000 | |||
Scenario, Forecast [Member] | ||||||
Income Tax Credits and Adjustments | $ 158,000 | |||||
Increase (Decrease) in Income Taxes | $ (76,000) | |||||
Unrecognized Tax Benefits | 0 | $ 0 | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||||
Income Tax Credits and Adjustments | 158,000 | |||||
Increase (Decrease) in Income Taxes | $ (19,000) | $ (20,000) | $ (38,000) | $ (41,000) | $ (80,000) |
Note 11 - Income Taxes - Net De
Note 11 - Income Taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Net realized losses on securities | $ 36 | $ 69 |
Allowance for loan losses | 2,775 | 2,761 |
Other deferred tax assets | 2,359 | 2,634 |
Total deferred tax assets | 5,170 | 5,464 |
Deferred tax liabilities: | ||
Unrealized holding gains on securities | 3,686 | 1,342 |
Defined benefit plans - ASC 835 | 25 | 19 |
Bank premises and equipment | 916 | 869 |
Core deposit intangibles | 8 | 11 |
Other deferred tax liabilities | 110 | 108 |
Total deferred tax liabilities | 4,745 | 2,349 |
Deferred tax asset, net | $ 425 | $ 3,115 |
Note 11 - Income Taxes - Reconc
Note 11 - Income Taxes - Reconciliation of Income Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income before income tax provision | $ 5,174 | $ 5,809 | $ 9,840 | $ 10,853 |
Income tax provision | $ 1,303 | $ 1,452 | $ 2,396 | $ 2,681 |
Effective tax rate | 25.18% | 25.00% | 24.35% | 24.70% |