Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 27, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 | ||
Entity Registrant Name | EVANS BANCORP INC | ||
Entity Central Index Key | 842518 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $64.70 | ||
Entity Common Stock, Shares Outstanding | 4,212,608 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks | $8,784 | $14,698 |
Interest-bearing deposits at banks | 2,114 | 27,256 |
Securities: | ||
Available for sale, at fair value (amortized cost: $94,048 at December 31, 2014; $99,353 at December 31, 2013 | 95,533 | 99,665 |
Held to maturity, at amortized cost (fair value: $1,574 at December 31, 2014; $2,319 at December 31 2013 | 1,599 | 2,384 |
Federal Home Loan Bank common stock, at amortized cost | 1,439 | 1,364 |
Federal Reserve Bank common stock, at amortized cost | 1,486 | 1,467 |
Loans and leases, net of allowance for loan and lease losses of $12,533 at December 31, 2014 and $11,503 at December 31, 2013 | 683,131 | 635,493 |
Properties and equipment, net of accumulated depreciation of $15,129 at December 31, 2014 and $14,226 at December 31, 2013 | 10,224 | 11,163 |
Goodwill | 8,101 | 8,101 |
Intangible assets | 108 | |
Bank-owned life insurance | 20,415 | 19,840 |
Other assets | 13,983 | 11,959 |
TOTAL ASSETS | 846,809 | 833,498 |
LIABILITIES | ||
Demand deposits | 158,631 | 139,973 |
NOW deposits | 72,670 | 65,927 |
Regular savings deposits | 363,542 | 390,575 |
Time deposits | 112,792 | 110,137 |
Total deposits | 707,635 | 706,612 |
Securities sold under agreement to repurchase | 13,778 | 13,351 |
Other short term borrowings | 13,700 | 9,000 |
Other liabilities | 14,578 | 12,493 |
Junior subordinated debentures | 11,330 | 11,330 |
Total liabilities | 761,021 | 752,786 |
STOCKHOLDERS' EQUITY: | ||
Common stock, $.50 par value, 10,000,000 shares authorized;4,241,797 and 4,208,459 shares issued at December 31, 2014 and December 31, 2013, respectively, and 4,203,684 and 4,201,362 outstanding at December 31, 2014 and December 31, 2013, respectively | 2,123 | 2,106 |
Capital surplus | 43,102 | 42,619 |
Treasury stock, at cost, 38,113 shares and 4,906 at December 31, 2014 and December 31, 2013, respectively | -751 | -120 |
Retained earnings | 42,822 | 37,370 |
Accumulated other comprehensive loss, net of tax | -1,508 | -1,263 |
Total stockholders' equity | 85,788 | 80,712 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $846,809 | $833,498 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ||
Available for sale, cost | $94,048 | $99,353 |
Held to maturity, fair value | 1,574 | 2,319 |
Allowance for loan and lease losses | 12,533 | 11,503 |
Properties and equipment, accumulated depreciation | $15,129 | $14,226 |
Common stock, par value | $0.50 | $0.50 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 4,241,797 | 4,208,459 |
Common stock, shares outstanding | 4,203,684 | 4,201,362 |
Treasury stock shares | 38,113 | 4,906 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
INTEREST INCOME | |||
Loans and leases | $31,899 | $29,546 | $30,300 |
Interest bearing deposits at banks | 33 | 132 | 53 |
Securities: | |||
Taxable | 1,816 | 1,666 | 1,871 |
Non-taxable | 967 | 1,060 | 1,153 |
Total interest income | 34,715 | 32,404 | 33,377 |
INTEREST EXPENSE | |||
Deposits | 3,058 | 3,296 | 4,546 |
Other borrowings | 237 | 436 | 703 |
Junior subordinated debentures | 321 | 325 | 348 |
Total interest expense | 3,616 | 4,057 | 5,597 |
NET INTEREST INCOME | 31,099 | 28,347 | 27,780 |
PROVISION (CREDIT) FOR LOAN AND LEASE LOSSES | 1,229 | 1,540 | -68 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES | 29,870 | 26,807 | 27,848 |
NON-INTEREST INCOME | |||
Bank charges | 1,839 | 2,039 | 1,858 |
Insurance service and fees | 7,131 | 7,211 | 6,966 |
Data center income | 348 | 464 | 456 |
Gain on loans sold | 203 | 25 | 464 |
Bank-owned life insurance | 574 | 508 | 489 |
Loss on tax credit investment | -2,596 | -1,555 | |
Interchange fee income | 1,142 | 1,059 | 944 |
Gain on termination of loss sharing agreement | 716 | ||
Other | 1,632 | 1,694 | 1,646 |
Total non-interest income | 10,273 | 12,161 | 12,823 |
NON-INTEREST EXPENSE | |||
Salaries and employee benefits | 18,844 | 17,755 | 17,304 |
Occupancy | 2,868 | 3,010 | 2,785 |
Repairs and maintenance | 732 | 723 | 769 |
Advertising and public relations | 867 | 786 | 814 |
Professional services | 1,819 | 1,892 | 1,925 |
Technology and communications | 1,130 | 1,283 | 1,197 |
Litigation expense | 1,000 | ||
Amortization of intangibles | 108 | 221 | 349 |
FDIC insurance | 553 | 576 | 521 |
Other | 3,331 | 3,134 | 3,128 |
Total non-interest expense | 31,252 | 29,380 | 28,792 |
INCOME BEFORE INCOME TAXES | 8,891 | 9,588 | 11,879 |
INCOME TAX PROVISION | 704 | 1,731 | 3,747 |
NET INCOME | $8,187 | $7,857 | $8,132 |
Net income per common share-basic | $1.96 | $1.88 | $1.96 |
Net income per common share-diluted | $1.92 | $1.85 | $1.95 |
Cash dividends per common share | $0.65 | $0.26 | $0.68 |
Weighted average number of common shares outstanding | 4,186,786 | 4,189,769 | 4,144,322 |
Weighted average number of diluted shares outstanding | 4,264,406 | 4,239,037 | 4,159,690 |
Statements_Of_Consolidated_Com
Statements Of Consolidated Comprehensive Income (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Statements Of Consolidated Comprehensive Income [Abstract] | ||||||
Net Income | $8,187 | $7,857 | $8,132 | |||
Unrealized gain (loss) on available-for-sale securities, Net-of-Tax | 720 | -2,266 | -77 | |||
Net change, Net-of-Tax Amount | 720 | -2,266 | -77 | |||
Defined benefit pension plans: | ||||||
Amortization of prior service cost | 19 | [1] | 42 | [1] | 53 | [1] |
Amortization of actuarial assumptions | 64 | [1] | 108 | [1] | 105 | [1] |
Actuarial gains (losses) | -1,048 | 752 | -326 | |||
Total | -965 | 902 | -168 | |||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | -245 | -1,364 | -245 | |||
COMPREHENSIVE INCOME | $7,942 | $6,493 | $7,887 | |||
[1] | Included in net periodic pension cost, as described in Note 11 - bEmployee Benefits and Deferred Compensation Plansb |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Stockholdersb Equity (USD $) | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Total |
In Thousands | ||||||
Balance at Dec. 31, 2011 | $2,063 | $41,275 | $25,304 | $346 | $68,988 | |
Net Income | 8,132 | 8,132 | ||||
Other comprehensive income (loss) | -245 | -245 | ||||
Cash dividends | -2,825 | -2,825 | ||||
Stock options and restricted stock expense | 305 | 305 | ||||
Excess tax benefit from stock compensation | 6 | 6 | ||||
Issued shares under dividend reinvestment plan | 9 | 268 | 277 | |||
Issued restricted shares | 6 | -6 | ||||
Issued shares under Employee Stock Purchase Plan | 8 | 182 | 190 | |||
Issued shares through stock option exercise | 1 | -1 | ||||
Balance at Dec. 31, 2012 | 2,087 | 42,029 | 30,611 | 101 | 74,828 | |
Net Income | 7,857 | 7,857 | ||||
Other comprehensive income (loss) | -1,364 | -1,364 | ||||
Cash dividends | -1,098 | -1,098 | ||||
Stock options and restricted stock expense | 352 | 352 | ||||
Excess tax benefit from stock compensation | -9 | -9 | ||||
Issued restricted shares | 9 | -9 | ||||
Issued shares under Employee Stock Purchase Plan | 7 | 184 | 191 | |||
Issued shares through stock option exercise | 2 | 55 | 57 | |||
Repurchased shares in Treasury stock | -250 | -250 | ||||
Reissued shares under dividend reinvestment plan | 3 | 99 | 102 | |||
Reissued shares through stock option exercise | 1 | 14 | 31 | 46 | ||
Balance at Dec. 31, 2013 | 2,106 | 42,619 | 37,370 | -1,263 | -120 | 80,712 |
Net Income | 8,187 | 8,187 | ||||
Other comprehensive income (loss) | -245 | -245 | ||||
Cash dividends | -2,735 | -2,735 | ||||
Stock options and restricted stock expense | 465 | 465 | ||||
Excess tax benefit from stock compensation | 87 | 87 | ||||
Issued restricted shares | 11 | -11 | ||||
Issued shares under Employee Stock Purchase Plan | 6 | 232 | 238 | |||
Repurchased shares in Treasury stock | -1,436 | -1,436 | ||||
Reissued restricted shares | -4 | 4 | ||||
Reissued shares under dividend reinvestment plan | 3 | 255 | 258 | |||
Reissued shares through stock option exercise | -289 | 546 | 257 | |||
Balance at Dec. 31, 2014 | $2,123 | $43,102 | $42,822 | ($1,508) | ($751) | $85,788 |
Consolidated_Statements_Of_Cha1
Consolidated Statements Of Changes In Stockholdersb Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Consolidated Statements Of Changes In Stockholdersb Equity [Abstract] | |||
Cash dividends per common share | $0.65 | $0.26 | $0.68 |
Shares issued through stock options exercise | 4,100 | 1,439 | |
Shares issued under dividend reinvestment plan | 17,785 | ||
Shares reissued under dividend reinvestment plan | 11,265 | 5,126 | 380 |
Reissued Restricted Shares | 186 | ||
Restricted shares issued | 20,517 | 19,431 | 10,145 |
Restricted shares forfeited | 5,998 | 2,191 | 1,348 |
Shares issued under Employee Stock Purchase Plan | 12,821 | 13,455 | 16,831 |
Shares repurchased into Treasury Stock | 59,800 | 13,032 | |
Shares reissued through stock options exercise | 23,331 | 3,000 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES: | |||
Interest received | $34,707 | $32,176 | $33,281 |
Fees received | 12,505 | 14,786 | 12,004 |
Interest paid | -3,607 | -4,070 | -5,630 |
Cash paid to employees and vendors | -29,418 | -28,667 | -26,603 |
Cash contributed to pension plan | -110 | -185 | -370 |
Income taxes paid | -2,858 | -1,902 | -3,200 |
Proceeds from sale of loans held for resale | 15,471 | 776 | 24,035 |
Originations of loans held for resale | -15,669 | 187 | -20,915 |
Net cash provided by operating activities | 11,021 | 13,101 | 12,602 |
INVESTING ACTIVITIES: | |||
Purchases of available for sale securities | -15,379 | -27,055 | -32,767 |
Proceeds from maturities, calls, and payments of available for sale securities | 20,217 | 15,750 | 40,349 |
Purchases of held to maturity securities | -618 | -941 | -3,118 |
Proceeds from maturities, calls, and payments of held to maturity securities | 1,403 | 2,302 | 3,176 |
Cash paid for bank owned life insurance | -4,000 | ||
Additions to properties and equipment | -580 | -1,448 | -2,002 |
Proceeds for sales of fixed assets | 365 | ||
Purchase of tax credit investment | -1,912 | -225 | |
Net (increase) decrease in loans | -47,941 | -64,280 | -2,974 |
Net cash (used in) provided by investing activities | -44,810 | -79,532 | 2,664 |
FINANCING ACTIVITIES: | |||
Proceeds from (repayments of) borrowings | 5,128 | -8,760 | 101 |
Net increase in deposits | 1,023 | 27,620 | 62,790 |
Dividends paid | -2,735 | -1,098 | -2,825 |
Repurchase of treasury stock | -1,436 | -124 | |
Issuance of common stock | 238 | 270 | 467 |
Reissuance of treasury stock | 515 | ||
Net cash provided by financing activities | 2,733 | 17,908 | 60,533 |
Net (decrease) increase in cash and equivalents | -31,056 | -48,523 | 75,799 |
CASH AND CASH EQUIVALENTS: | |||
Beginning of period | 41,954 | 90,477 | 14,678 |
End of period | 10,898 | 41,954 | 90,477 |
RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES: | |||
Net income | 8,187 | 7,857 | 8,132 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 1,573 | 1,996 | 2,125 |
Deferred tax expense (benefit) | -1,460 | -372 | 539 |
Provision for loan and lease losses | 1,229 | 1,540 | -68 |
Loss on tax credit investment | 2,596 | 1,555 | |
Gain on loans sold | -203 | -25 | -464 |
Stock options and restricted stock expense | 465 | 352 | 305 |
Proceeds from sale of loans held for resale | 15,471 | 776 | 24,035 |
Originations of loans held for resale | -15,669 | 187 | -20,915 |
Changes in assets and liabilities affecting cash flow: | |||
Other assets | -2,919 | -2,119 | -1,062 |
Other liabilities | 1,751 | 1,354 | -25 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | $11,021 | $13,101 | $12,602 |
Organization_And_Summary_Of_Si
Organization And Summary Of Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Organization And Summary Of Significant Accounting Policies [Abstract] | ||||
Organization And Summary Of Significant Accounting Policies | 1 | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Organization and General | ||||
Evans Bancorp, Inc. (the “Company”) was organized as a New York business corporation and incorporated under the laws of the State of New York on October 28, 1988 for the purpose of becoming a bank holding company. Through August 2004, the Company was registered with the Federal Reserve Board (“FRB”) as a bank holding company under the Bank Holding Company Act of 1956, as amended. In August 2004, the Company filed for, and was approved as, a Financial Holding Company under the Bank Holding Company Act. The Company currently conducts its business through its two subsidiaries: Evans Bank, N.A. (the “Bank”), a nationally chartered bank, and its subsidiaries, Suchak Data Systems, LLC (“SDS”), Evans National Leasing, Inc. (“ENL”) and Evans National Holding Corp. (“ENHC”); and Evans National Financial Services, LLC (“ENFS”) and its subsidiary, The Evans Agency LLC (“TEA”). Unless the context otherwise requires, the term “Company” refers collectively to Evans Bancorp, Inc. and its subsidiaries. The Company conducts its business through its subsidiaries. It does not engage in any other substantial business. | ||||
During the twelve-month period ended December 31, 2014, the Company revised the Consolidated Statement of Cash Flows | ||||
for the twelve-month period ended December 31, 2013 to correct errors of $1.7 million within the “Cash paid to employees and vendors”, “Net cash provided by operating activities”, “Net (increase)decrease in loans” and “Net cash (used in) provided by investing activities, $147 thousand in “Depreciation and amortization”, $1.8 million in “Change in other assets affecting cash flow” and $34 thousand in “Change in liabilities effecting cash flow” line items. In addition, the Company revised the Consolidated Statement of Cash Flows for the twelve-month period ended December 31, 2012 to correct errors of $1.5 million within the “Cash paid to employees and vendors”, “Net cash provided by operating activities”, “Net (increase) decrease in loans” and “Net cash (used in) provided by investing activities, $110 thousand in “Depreciation and amortization”, $2.2 million in “Change in other assets affecting cash flow” and $579 thousand in “Change in liabilities effecting cash flow” line items. The Company has assessed the materiality of this correction and concluded, based on qualitative and quantitative considerations, in accordance with Staff Accounting Bulletin No. 99, that the adjustments were not material to our previously reported financial statements. | ||||
Regulatory Requirements | ||||
The Company is subject to the rules, regulations, and reporting requirements of various regulatory bodies, including the FRB, the Federal Deposit Insurance Corporation (“FDIC”), the Office of the Comptroller of the Currency (“OCC”), and the SEC. | ||||
Principles of Consolidation | ||||
The consolidated financial statements include the accounts of the Company, the Bank, ENFS and their subsidiaries. All material inter-company accounts and transactions are eliminated in consolidation. | ||||
Accounting Estimates | ||||
Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities and disclosure of contingent assets and liabilities in order to prepare these consolidated financial statements in conformity with U.S. generally accepted accounting principles. The estimates and assumptions that management deems to be critical involve our accounting policies relating to the determination of our allowance for loan and lease losses and the valuation of goodwill. These estimates and assumptions are based on management’s best estimates and judgment and management evaluates them on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. We adjust our estimates and assumptions when facts and circumstances dictate. The current economic recession increases the uncertainty inherent in our estimates and assumptions. As future events cannot be determined with precision, actual results could differ significantly from our estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in periods as they occur. | ||||
Cash and Cash Equivalents | ||||
For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks and interest-bearing deposits at banks. | ||||
Securities | ||||
Securities which the Bank has the positive intent and ability to hold to maturity are classified as held to maturity and are stated at cost, adjusted for discounts and premiums that are recognized in interest income over the period to the earlier of the call date or maturity using the level yield method. These securities represent debt issuances of local municipalities in the Bank’s market area for which market prices are not readily available. Management periodically evaluates the financial condition of the municipalities to see if there is any cause for impairment in their bonds. | ||||
Securities classified as available for sale are stated at fair value with unrealized gains and losses excluded from earnings and reported, net of deferred income taxes, in accumulated other comprehensive income or loss, a component of stockholders’ equity. Gains and losses on sales of securities are computed using the specific identification method. | ||||
Securities which experience an other-than-temporary decline in fair value are written down to a new cost basis with the amount of the write-down, due to credit problems, included in earnings as a realized loss. The new cost basis is not changed for subsequent recoveries in fair value. Factors which management considers in determining whether an impairment in value of an investment is other than temporary include the period of time the securities were in a loss position, management’s intent and ability to hold securities until fair values recover to amortized cost or if it is considered more likely than not that the Company will have to sell the security, the extent to which fair value is less than amortized cost, the issuer’s financial performance and near term prospects, the financial condition and prospects for the issuer’s geographic region and industry, and recoveries or declines in fair value subsequent to the balance sheet date. There were no charges associated with other-than-temporary impairment declines in fair value of securities in 2014 or 2013. | ||||
The Bank does not engage in securities trading activities. | ||||
Loans | ||||
Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or pay-off, generally are reported at their outstanding unpaid principal balances adjusted for unamortized deferred fees or costs. Interest income is accrued on the unpaid principal balance and is recognized using the interest method. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the effective yield method of accounting. | ||||
Loans become past due when the payment date has been missed. If payment has not been received within 30 days, then the loan is delinquent. Delinquent loans are placed into three categories; 30-59 days past due, 60-89 days past due, or 90+ days past due. Loans 90 or more days past due are considered non-performing. | ||||
The accrual of interest on loans is discontinued at the time the loan is 90 days delinquent, unless the credit is well secured and in process of collection. If the credit is not well secured and in the process of collection, the loan is placed on non-accrual status and is subject to charge-off if collection of principal or interest is considered doubtful. A loan can also be placed on nonaccrual before it is 90 days delinquent if management determines that it is probable that the Bank will be unable to collect principal or interest due according to the contractual terms of the loan. | ||||
All interest due but not collected for loans that are placed on non-accrual status or charged off is reversed against interest income. The interest on these loans is accounted for on the cost-recovery method, until it again qualifies for an accrual basis. Any cash receipts on non-accrual loans reduce the carrying value of the loans. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current, the adverse circumstances which resulted in the delinquent payment status are resolved, and payments are made in a timely manner for a period of time sufficient to reasonably assure their future dependability. | ||||
The Bank considers a loan impaired when, based on current information and events, it is probable that it will be unable to collect principal or interest due according to the contractual terms of the loan. These loans are individually assessed for any impairment. Loan impairment is measured based on the present value of expected cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral, less costs to sell, if the loan is collateral dependent. Appraised and reported values may be discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, estimated costs to sell, and/or management’s expertise and knowledge of the client and the client’s business. The Company has an appraisal policy in which appraisals are obtained upon a loan being downgraded on the Company’s internal loan rating scale to a 5 (special mention) or a 6 (substandard) depending on the amount of the loan, the type of loan and the type of collateral. All impaired loans are either graded a 6 or 7 on the internal loan rating scale. Subsequent to the downgrade, if the loan remains outstanding and impaired for at least one year more, management may require another follow-up appraisal. Between receipts of updated appraisals, if necessary, management may perform an internal valuation based on any known changing conditions in the marketplace such as sales of similar properties, a change in the condition of the collateral, or feedback from local appraisers. Consumer installment loans and direct financing leases are collectively evaluated for impairment. Since these loans and leases are not individually identified and evaluated, they are not considered impaired loans. The one exception is for consumer loans and direct financing leases that are considered troubled debt restructurings (“TDR”) since all TDR loans and leases are considered impaired. | ||||
The Bank monitors the credit risk in its loan portfolio by reviewing certain credit quality indicators (“CQI”). The primary CQI for its commercial mortgage and commercial and industrial (“C&I”) portfolios is the individual loan’s credit risk rating. The following list provides a description of the credit risk ratings that are used internally by the Bank when assessing the adequacy of its allowance for loan and lease losses: | ||||
· | 1-3-Pass: Risk Rated 1-3 loans are loans with a slight risk of loss. The loan is secured by collateral of sufficient value to cover the loan by an acceptable margin. The financial statements of the company demonstrate sufficient net worth and repayment ability. The company has established an acceptable credit history with the bank and typically has a proven track record of performance. Management is experienced, and has an at least average ability to manage the company. The industry has an average or less than average susceptibility to wide fluctuations in business cycles. | |||
· | 4-Watch: Although generally acceptable, a higher degree of risk is evident in these watch credits. Obligor assessment factors may have elements which reflect marginally acceptable conditions warranting more careful review and analysis and monitoring. | |||
The obligor’s balance sheet reflects generally acceptable asset quality with some elements weak or marginally acceptable. Liquidity may be somewhat strained, but is at an acceptable level to support operations. Obligor may be fully leveraged with ratios higher than industry averages. High leverage is negatively impacting the company, leaving it vulnerable to adverse change. Inconsistent or declining capability to service existing debt requirements evidenced by debt service coverage temporarily below or near acceptable level. The margin of collateral may be adequate, but declining or fluctuating in value. Company management may be unproven, but capable. Rapid expansion or acquisition may increase leverage or reduce cash flow. | ||||
Negative industry conditions or weaker management could also be characteristic. Proper consideration should be given to companies in a high growth phase or in development business segments that may not have achieved sustainable earnings. | ||||
Obligors demonstrate sufficient financial flexibility to react to and positively address the root cause of the adverse financial trends without significant deviations from their current business strategy. The rating is also used for borrowers that have made significant progress in resolving their financial weaknesses. | ||||
· | 5-O.A.E.M. (Other Assets Especially Mentioned): Special Mention (“SM”) – A special mention asset has potential weaknesses that warrant management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. SM assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. | |||
SM assets have potential weaknesses that may, if not checked or corrected, weaken the asset or inadequately protect the institution’s position at some future date. These assets pose elevated risk, but their weakness does not yet justify a substandard classification. Borrowers may be experiencing adverse operating trends (declining revenues or margins) or an ill proportioned balance sheet (e.g. increasing inventory without an increase in sales, high leverage, tight liquidity). | ||||
Adverse economic or market conditions, such as interest rate increases or the entry of a new competitor, may also support a special mention rating. | ||||
Nonfinancial reasons for rating a credit exposure special mention include management problems, pending litigation, an ineffective loan agreement or other material structural weakness, and any other significant deviation from prudent lending practices. | ||||
The SM rating is designed to identify a specific level of risk and concern about asset quality. Although an SM asset has a higher profitability of default than a pass asset, its default is not imminent. | ||||
· | 6-Substandard: A substandard asset is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. | |||
Substandard assets have a high probability of payment default, or they have other well-defined weaknesses. They require more intensive supervision by Bank management. | ||||
Substandard assets are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or marginal capitalization. Repayment may depend on collateral or other credit risk subsidies. For some substandard assets, the likelihood of full collection of interest and principal may be in doubt; such assets should be placed on non-accrual. Although substandard assets in the aggregate will have distinct potential for loss, an individual asset’s loss potential does not have to be distinct for the asset to be rated substandard. These loans are periodically reviewed and tested for impairment. | ||||
· | 7-Doubtful: An asset classified doubtful has all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. | |||
A doubtful asset has a high probability of total or substantial loss, but because of specific pending events that may strengthen the asset, its classification of loss is deferred. | ||||
Doubtful borrowers are usually in default, lack adequate liquidity or capital, and lack the resources necessary to remain an operating entity. Pending events can include mergers, acquisitions, liquidations, capital injections, the perfection of liens on additional collateral, the valuation of collateral, and refinancing. | ||||
Generally, pending events should be resolved within a relatively short period and the ratings will be adjusted based on the new information. Because of high probability of loss, non-accrual accounting treatment is required for doubtful assets. | ||||
· | 8-Loss: Assets classified loss are considered uncollectable and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the assets have absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. | |||
With loss assets, the underlying borrowers are often in bankruptcy, have formally suspended debt repayments, or have otherwise ceased normal business operations. Once an asset is classified loss, there is little prospect of collecting either its principal or interest. When access to collateral, rather than the value of the collateral, is a problem, a less severe classification may be appropriate. Losses are to be recorded in the period an obligation becomes uncollectible. | ||||
The Company’s consumer loans, including residential mortgages and home equities, are not individually risk rated or reviewed in the Company’s loan review process. Consumers are not required to provide the Company with updated financial information as is a commercial customer. Consumer loans also carry smaller balances. Given the lack of updated information since the initial underwriting of the loan and small size of individual loans, the Company does not have credit risk ratings for consumer loans and instead uses delinquency status as the credit quality indicator for consumer loans. However, once a consumer loan is identified as impaired, it is individually evaluated for impairment. | ||||
Allowance for Loan and Lease Losses | ||||
The provision for loan and lease losses represents the amount charged against the Bank’s earnings to maintain an allowance for probable loan and lease losses inherent in the portfolio based on management’s evaluation of the loan and lease portfolio at the balance sheet date. Factors considered by the Bank’s management in establishing the allowance include: the collectability of individual loans, current loan concentrations, charge-off history, delinquent loan percentages, the fair value of the collateral, input from regulatory agencies, and general economic conditions. | ||||
On a quarterly basis, management of the Bank meets to review and determine the adequacy of the allowance for loan and lease losses. In making this determination, the Bank’s management analyzes the ultimate collectability of the loans in its portfolio by incorporating feedback provided by the Bank’s internal loan staff, an independent internal loan review function and information provided by examinations performed by regulatory agencies. | ||||
The analysis of the allowance for loan and lease losses is composed of two components: specific credit allocation and general portfolio allocation. The specific credit allocation includes a detailed review of each impaired loan and allocation is made based on this analysis. Factors may include the appraisal value of the collateral, the age of the appraisal, the type of collateral, the performance of the loan to date, the performance of the borrower’s business based on financial statements, and legal judgments involving the borrower. The general portfolio allocation consists of an assigned reserve percentage based on the historical loss experience, the loss emergence period, and other quantitative and qualitative factors of the loan category. | ||||
The general portfolio allocation is segmented into pools of loans with similar characteristics. Separate pools of loans include loans pooled by loan grade and by portfolio segment. Loans graded a 5 or worse (“criticized loans”) that exceed an exposure threshold are evaluated by the Company’s credit department to determine if the collateral for the loan is worth less than the loan. All of these “shortfalls” are added together and divided by the respective loan pool to calculate a current quantitative factor applied to the respective pool, as this represents a potential loss exposure. The current quantitative factor is then included within an analysis of historical quantitative factors, and a weighted average and loss emergence period multiplier is applied against these loan pools. These loans are not considered individually impaired because the cash flow of the customer and the payment history of the loan suggest that it is not probable that the Company will be unable to collect the full amount of principal and interest as contracted and are thus still accruing interest. | ||||
Loans that are graded 4 or better (“non-criticized loans”) are reserved in separate loan pools in the general portfolio allocation. A weighted average 5-year historical charge-off ratio and a loss emergence period by portfolio segment is calculated and applied against these loan pools. | ||||
For both the criticized and non-criticized loan pools in the general portfolio allocation, additional qualitative factors are applied. The qualitative factors applied to the general portfolio allocation reflect management’s evaluation of various conditions. The conditions evaluated include the following: industry and regional conditions; seasoning of the loan portfolio and changes in the composition of and growth in the loan portfolio; the strength and duration of the business cycle; existing general economic and business conditions in the lending areas; credit quality trends in non-accruing loans; timing of the identification of downgrades; historical loan charge-off experience; and the results of bank regulatory examinations. Due to the nature of the loans, the criticized loan pools carry significantly higher qualitative factors than the non-criticized pools. | ||||
Foreclosed Real Estate | ||||
Foreclosed real estate is initially recorded at the lower of carrying or fair value (net of costs of disposal) at the date of foreclosure. Costs relating to development and improvement of property are capitalized, whereas costs relating to the holding of property are expensed. Assessments are periodically performed by management, and an allowance for losses is established through a charge to operations if the carrying value of a property exceeds fair value. The Company held no foreclosed real estate at December 31, 2014 or December 31, 2013. | ||||
Insurance Commissions and Fees | ||||
Commission revenue is recognized as of the effective date of the insurance policy or the date the customer is billed, whichever is later. The Company also receives contingent commissions from insurance companies which are based on the overall profitability of their relationship based primarily on the loss experience of the insurance placed by the Company. Contingent commissions from insurance companies are recognized when determinable. | ||||
Goodwill and Other Intangible Assets | ||||
The Company accounts for goodwill and other intangible assets in accordance with ASC Topic 350, "Intangibles – Goodwill and Other." The Company records the excess of the cost of acquired entities over the fair value of identifiable tangible and intangible assets acquired, less liabilities assumed, as goodwill. The Company amortizes acquired intangible assets with definite useful economic lives over their useful economic lives utilizing the straight-line method. On a periodic basis, management assesses whether events or changes in circumstances indicate that the carrying amounts of the intangible assets may be impaired. The Company does not amortize goodwill and any acquired intangible asset with an indefinite useful economic life, but reviews them for impairment at a reporting unit level on an annual basis, or when events or changes in circumstances indicate that the carrying amounts may be impaired. A reporting unit is defined as any distinct, separately identifiable component of one of our operating segments for which complete, discrete financial information is available and reviewed regularly by the segment’s management. The only reporting unit with goodwill as of December 31, 2014 was the insurance agency activities reporting unit. | ||||
The fair value of the insurance agency activities reporting unit is measured annually as of December 31st utilizing the average of a discounted cash flow model and a market value based on a multiple to earnings before interest, taxes, depreciation, and amortization (“EBITDA”) for similar companies. The calculated value of the insurance agency reporting unit was substantially in excess of the carrying amount at December 31, 2014. A review of the period subsequent to the measurement date is performed to determine if there were any significant adverse changes in operations or events that would alter our determination as of the measurement date. The Company has performed the required goodwill impairment tests and has determined that goodwill was not impaired as of December 31, 2014. | ||||
Bank-Owned Life Insurance | ||||
The Bank has purchased insurance on the lives of Company directors and certain members of the Bank's and TEA's management. The policies accumulate asset values to meet future liabilities, including the payment of employee benefits, such as retirement benefits. Increases in the cash surrender value are recorded as other income in the Company’s Consolidated Statements of Income. | ||||
Properties and Equipment | ||||
Properties and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from 3 to 39 years. Impairment losses on properties and equipment are realized if the carrying amount is not recoverable from its undiscounted cash flows and exceeds its fair value in accordance with ASC Topic 360, “Property, Plant, and Equipment.” | ||||
Income Taxes | ||||
Income taxes are accounted for under the asset and liability method under ASC Topic 740, “Income Taxes.” Deferred tax assets and liabilities are reflected at currently enacted income tax rates applicable to the periods in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through income tax expense. | ||||
Net Income Per Share | ||||
Net income per common share is determined by dividing net income by the weighted average number of shares outstanding during the period. Diluted earnings per common share is based on increasing the weighted-average number of shares of common stock by the number of shares of common stock that would be issued assuming the exercise of stock options and immediate vesting of restricted shares. Such adjustments to weighted-average number of shares of common stock outstanding are made only when such adjustments are expected to dilute earnings per common share. There were 77,620, 49,268, and 15,368 potentially dilutive shares of common stock included in calculating diluted earnings per share for the years ended December 31, 2014, 2013, and 2012, respectively. Potential common shares that would have the effect of increasing diluted earnings per share are considered to be anti-dilutive. In accordance with ASC Topic 260, "Earnings Per Share," these shares were not included in calculating diluted earnings per share. As of December 31, 2014, 2013, and 2012, there were 9 thousand, 42 thousand, and 157 thousand shares, respectively, that are not included in calculating diluted earnings per share because their effect was anti-dilutive. | ||||
Treasury Stock | ||||
Repurchases of shares of Evans Bancorp, Inc. stock are recorded at cost as a reduction of shareholders’ equity. Reissuances of shares of treasury stock are recorded at market value. | ||||
Comprehensive Income | ||||
Comprehensive income includes both net income and other comprehensive income, including the change in unrealized gains and losses on securities available for sale, and the change in the liability related to pension costs, net of tax. | ||||
Employee Benefits | ||||
The Bank maintains a non-contributory, qualified, defined benefit pension plan (the “Pension Plan”) that covered substantially all employees before it was frozen on January 31, 2008. All benefits eligible participants had accrued in the Pension Plan until the freeze date have been retained. Employees have not accrued additional benefits in the Pension Plan from that date. The actuarially determined pension benefit in the form of a life annuity is based on the employee’s combined years of service, age and compensation. The Bank’s policy is to fund the minimum amount required by government regulations. Employees are eligible to receive these benefits at normal retirement age. | ||||
The Bank maintains a defined contribution 401(k) plan and accrues contributions due under this plan as earned by employees. In addition, the Bank maintains a non-qualified Supplemental Executive Retirement Plan for certain members of senior management, a non-qualified Deferred Compensation Plan for directors and certain members of management, and a non-qualified Executive Incentive Retirement Plan for certain members of management, as described more fully in Note 11 to these Consolidated Financial Statements, “Employee Benefits and Deferred Compensation Plans.” | ||||
Stock-based Compensation | ||||
Stock-based compensation expense is recognized over the vesting period of the stock-based grant based on the estimated grant date value of the stock-based compensation that is expected to vest. Information on the determination of the estimated value of stock-based awards used to calculate stock-based compensation expense is included in Note 12 to these Consolidated Financial Statements, “Stock-Based Compensation.” | ||||
Loss Contingencies | ||||
Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. | ||||
Financial Instruments with Off-Balance Sheet Risk | ||||
In the ordinary course of business, the Bank has entered into off-balance sheet financial arrangements consisting of commitments to extend credit and standby letters of credit. The Bank has not incurred any losses on its commitments during the past three years and has not recorded a reserve for its commitments. | ||||
Advertising costs | ||||
Advertising costs are expensed as incurred. | ||||
New Accounting Standards | ||||
The following significant accounting pronouncements effective for the Company in 2014: | ||||
Accounting Standards Update (“ASU”) 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The objective of this ASU is to eliminate diversity in practice for presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The main provision states that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. This ASU is effective for fiscal years and interim periods within those years, beginning after December 15, 2013 and did not have a material impact on the Company’s financial statements. | ||||
Securities
Securities | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Securities [Abstract] | |||||||||||||||||||
Securities | 2.SECURITIES | ||||||||||||||||||
The amortized cost of securities and their approximate fair value at December 31 were as follows: | |||||||||||||||||||
2014 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||
Amortized | Unrealized | Fair | |||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||
Available for Sale: | |||||||||||||||||||
Debt securities: | |||||||||||||||||||
U.S. government agencies | $ | 26,687 | $ | 305 | $ | -275 | $ | 26,717 | |||||||||||
States and political subdivisions | 30,182 | 927 | -49 | 31,060 | |||||||||||||||
Total debt securities | $ | 56,869 | $ | 1,232 | $ | -324 | $ | 57,777 | |||||||||||
Mortgage-backed securities: | |||||||||||||||||||
FNMA | $ | 14,653 | $ | 516 | $ | -15 | $ | 15,154 | |||||||||||
FHLMC | 5,901 | 121 | -64 | 5,958 | |||||||||||||||
GNMA | 6,014 | 143 | -27 | 6,130 | |||||||||||||||
CMO | 10,611 | 42 | -139 | 10,514 | |||||||||||||||
Total mortgage-backed securities | $ | 37,179 | $ | 822 | $ | -245 | $ | 37,756 | |||||||||||
Total securities designated as available for sale | $ | 94,048 | $ | 2,054 | $ | -569 | $ | 95,533 | |||||||||||
Held to Maturity: | |||||||||||||||||||
Debt securities | |||||||||||||||||||
States and political subdivisions | $ | 1,599 | $ | 7 | $ | -32 | $ | 1,574 | |||||||||||
Total securities designated as held to maturity | $ | 1,599 | $ | 7 | $ | -32 | $ | 1,574 | |||||||||||
2013 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||
Amortized | Unrealized | Fair | |||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||
Available for Sale: | |||||||||||||||||||
Debt securities: | |||||||||||||||||||
U.S. government agencies | $ | 32,176 | $ | 439 | $ | -623 | $ | 31,992 | |||||||||||
States and political subdivisions | 31,266 | 802 | -188 | 31,880 | |||||||||||||||
Total debt securities | $ | 63,442 | $ | 1,241 | $ | -811 | $ | 63,872 | |||||||||||
Mortgage-backed securities: | |||||||||||||||||||
FNMA | $ | 13,204 | $ | 354 | $ | -57 | $ | 13,501 | |||||||||||
FHLMC | 7,156 | 109 | -147 | 7,118 | |||||||||||||||
GNMA | 7,570 | 99 | -96 | 7,573 | |||||||||||||||
CMO | 7,981 | 9 | -389 | 7,601 | |||||||||||||||
Total mortgage-backed securities | $ | 35,911 | $ | 571 | $ | -689 | $ | 35,793 | |||||||||||
Total securities designated as available for sale | $ | 99,353 | $ | 1,812 | $ | -1,500 | $ | 99,665 | |||||||||||
Held to Maturity: | |||||||||||||||||||
Debt securities | |||||||||||||||||||
States and political subdivisions | $ | 2,384 | $ | 6 | $ | -71 | $ | 2,319 | |||||||||||
Total securities designated as held to maturity | $ | 2,384 | $ | 6 | $ | -71 | $ | 2,319 | |||||||||||
Available for sale securities with a total fair value of $68.8 million and $71.1 million were pledged as collateral to secure public deposits and for other purposes required or permitted by law at December 31, 2014 and 2013, respectively. | |||||||||||||||||||
The scheduled maturity of debt and mortgage-backed securities at December 31st of the respective years is summarized below. All maturity amounts are contractual maturities. Actual maturities may differ from contractual maturities because certain issuers have the right to call or prepay obligations with or without call premiums. | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||
cost | fair value | cost | fair value | ||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||
Due in one year or less | $ | 8,172 | $ | 8,256 | $ | 447 | $ | 454 | |||||||||||
Due after one year through five years | 22,118 | 22,597 | 23,732 | 24,419 | |||||||||||||||
Due after five years through ten years | 20,517 | 20,589 | 31,450 | 30,946 | |||||||||||||||
Due after ten years | 6,062 | 6,335 | 7,813 | 8,053 | |||||||||||||||
56,869 | 57,777 | 63,442 | 63,872 | ||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||
available for sale | 37,179 | 37,756 | 35,911 | 35,793 | |||||||||||||||
Total available for sale securities | $ | 94,048 | $ | 95,533 | $ | 99,353 | $ | 99,665 | |||||||||||
Debt securities held to maturity: | |||||||||||||||||||
Due in one year or less | $ | 478 | $ | 477 | $ | 1,023 | $ | 1,020 | |||||||||||
Due after one year through five years | 77 | 78 | 178 | 179 | |||||||||||||||
Due after five years through ten years | 932 | 914 | 1,064 | 1,015 | |||||||||||||||
Due after ten years | 112 | 105 | 119 | 105 | |||||||||||||||
1,599 | 1,574 | 2,384 | 2,319 | ||||||||||||||||
Total held to maturity securities | $ | 1,599 | $ | 1,574 | $ | 2,384 | $ | 2,319 | |||||||||||
Contractual maturities of the Company’s mortgage-backed securities generally exceed ten years, however, the effective lives may be significantly shorter due to prepayments of the underlying loans and due to the nature of these securities. | |||||||||||||||||||
There were no realized gains and losses from gross sales of securities in 2014, 2013 or 2012. | |||||||||||||||||||
Information regarding unrealized losses within the Company’s available for sale securities at December 31st of the respective years is summarized below. The securities are primarily U.S. government-guaranteed agency securities or municipal securities. All unrealized losses are considered temporary and related to market interest rate fluctuations. | |||||||||||||||||||
2014 | |||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
(in thousands) | |||||||||||||||||||
Available for Sale: | |||||||||||||||||||
Debt securities: | |||||||||||||||||||
U.S. government agencies | $ | 3,906 | $ | -26 | $ | 7,751 | $ | -249 | $ | 11,657 | $ | -275 | |||||||
States and political subdivisions | 4,752 | -9 | 1,902 | -40 | 6,654 | -49 | |||||||||||||
Total debt securities | $ | 8,658 | $ | -35 | $ | 9,653 | $ | -289 | $ | 18,311 | $ | -324 | |||||||
Mortgage-backed securities: | |||||||||||||||||||
FNMA | $ | 1,498 | $ | -10 | $ | 1,731 | $ | -5 | $ | 3,229 | $ | -15 | |||||||
FHLMC | - | - | 1,482 | -64 | 1,482 | -64 | |||||||||||||
GNMA | - | - | 2,079 | -27 | 2,079 | -27 | |||||||||||||
CMO'S | 1,722 | -11 | 4,290 | -128 | 6,012 | -139 | |||||||||||||
Total mortgage-backed securities | $ | 3,220 | $ | -21 | $ | 9,582 | $ | -224 | $ | 12,802 | $ | -245 | |||||||
Held To Maturity: | |||||||||||||||||||
Debt securities: | |||||||||||||||||||
States and political subdivisions | $ | 371 | $ | -1 | $ | 556 | $ | -31 | $ | 927 | $ | -32 | |||||||
Total temporarily impaired | |||||||||||||||||||
securities | $ | 12,249 | $ | -57 | $ | 19,791 | $ | -544 | $ | 32,040 | $ | -601 | |||||||
2013 | |||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
(in thousands) | |||||||||||||||||||
Available for Sale: | |||||||||||||||||||
Debt securities: | |||||||||||||||||||
U.S. government agencies | $ | 10,553 | $ | -486 | $ | 1,863 | $ | -137 | $ | 12,416 | $ | -623 | |||||||
States and political subdivisions | 7,953 | -150 | 590 | -38 | 8,543 | -188 | |||||||||||||
Total debt securities | $ | 18,506 | $ | -636 | $ | 2,453 | $ | -175 | $ | 20,959 | $ | -811 | |||||||
Mortgage-backed securities: | |||||||||||||||||||
FNMA | $ | 4,819 | $ | -57 | $ | 21 | $ | - | $ | 4,840 | $ | -57 | |||||||
FHLMC | 2,677 | -46 | 1,700 | -101 | 4,377 | -147 | |||||||||||||
GNMA | 2,751 | -96 | - | - | 2,751 | -96 | |||||||||||||
CMO'S | 6,466 | -389 | - | - | 6,466 | -389 | |||||||||||||
Total mortgage-backed securities | $ | 16,713 | $ | -588 | $ | 1,721 | $ | -101 | $ | 18,434 | $ | -689 | |||||||
Held To Maturity: | |||||||||||||||||||
Debt securities: | |||||||||||||||||||
States and political subdivisions | $ | 1,210 | $ | -24 | $ | 504 | $ | -47 | $ | 1,714 | $ | -71 | |||||||
Total temporarily impaired | |||||||||||||||||||
securities | $ | 36,429 | $ | -1,248 | $ | 4,678 | $ | -323 | $ | 41,107 | $ | -1,571 | |||||||
Management has assessed the securities available for sale in an unrealized loss position at December 31, 2014 and 2013 and determined the decline in fair value below amortized cost to be temporary. In making this determination, management considered the period of time the securities were in a loss position, the percentage decline in comparison to the securities’ amortized cost, and the financial condition of the issuer (primarily government or government-sponsored enterprises). In addition, management does not intend to sell these securities and it is not more likely than not that we will be required to sell these securities before recovery of their amortized cost. Management believes the decline in fair value is primarily related to market interest rate fluctuations and not to the credit deterioration of the individual issuers. The Company holds no securities backed by sub-prime or Alt-A residential mortgages or commercial mortgages and also does not hold any trust-preferred securities. | |||||||||||||||||||
The Company did not record any other-than-temporary impairment charges in 2014 or 2013, and gross unrealized losses amounted to only $0.6 million at December 31, 2014. The credit worthiness of the Company’s portfolio is largely reliant on the ability of U.S. government agencies such as the Federal Home Loan Bank (“FHLB”), Federal National Mortgage Association (“FNMA”), and the Federal Home Loan Mortgage Corporation (“FHLMC”), and municipalities throughout New York State to meet their obligations. In addition, dysfunctional markets could materially alter the liquidity, interest rate, and pricing risk of the portfolio. The stable past performance is not a guarantee for similar performance going forward. | |||||||||||||||||||
The Company uses the Federal Home Loan Bank of New York (“FHLBNY”) as its primary source of overnight funds and also has several long-term advances with FHLBNY. At December 31, 2014, the Company had a total of $13.7 million in borrowed funds with FHLBNY. The Company has sufficient collateral in the form of residential real estate loans at FHLBNY. As a member of the Federal Home Loan Bank System, the Bank is required to hold stock in FHLBNY. The Bank held FHLBNY stock with a carrying value of $1.4 million as of December 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||||
Loans_And_Leases_Net
Loans And Leases, Net | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Loans And Leases, Net [Abstract] | |||||||||||||||||||||||||
Loans And Leases, Net | 3.LOANS AND LEASES, NET | ||||||||||||||||||||||||
Major categories of loans and leases at December 31, 2014 and 2013 are summarized as follows: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Mortgage loans on real estate: | (in thousands) | ||||||||||||||||||||||||
Residential Mortgages | $ | 98,374 | $ | 94,027 | |||||||||||||||||||||
Commercial and multi-family | 363,252 | 361,247 | |||||||||||||||||||||||
Construction-Residential | 721 | 1,509 | |||||||||||||||||||||||
Construction-Commercial | 40,986 | 23,902 | |||||||||||||||||||||||
Home equities | 59,948 | 57,228 | |||||||||||||||||||||||
Total real estate loans | 563,281 | 537,913 | |||||||||||||||||||||||
Commercial and industrial loans | 129,456 | 106,952 | |||||||||||||||||||||||
Consumer loans | 1,764 | 938 | |||||||||||||||||||||||
Other | 404 | 323 | |||||||||||||||||||||||
Net deferred loan origination costs | 759 | 870 | |||||||||||||||||||||||
Total gross loans | 695,664 | 646,996 | |||||||||||||||||||||||
Allowance for loan losses | -12,533 | -11,503 | |||||||||||||||||||||||
Loans, net | $ | 683,131 | $ | 635,493 | |||||||||||||||||||||
Residential Mortgages: The Company originates adjustable-rate and fixed-rate, one-to-four-family residential real estate loans for the construction, purchase or refinancing of a mortgage. These loans are collateralized by owner-occupied properties located in the Company’s market area. They are amortized over 10 to 30 years. Loans on one-to-four-family residential real estate are mostly originated in amounts of no more than 80% of appraised value or have private mortgage insurance. Mortgage title insurance and hazard insurance are normally required. Construction loans have a unique risk, because they are secured by an incomplete dwelling. | |||||||||||||||||||||||||
The Bank, in its normal course of business, sells certain residential mortgages which it originates to FNMA. The Company maintains servicing rights on the loans that it sells to FNMA and earns a fee thereon. The Bank determines with each origination of residential real estate loans which desired maturities, within the context of overall maturities in the loan portfolio, provide the appropriate mix to optimize the Bank’s ability to absorb the corresponding interest rate risk within the Company’s tolerance ranges. This practice allows the Company to manage interest rate risk, liquidity risk, and credit risk. At December 31, 2014 and 2013, the Company had approximately $71.6 million and $63.5 million, respectively, in unpaid principal balances of loans that it services for FNMA. For the years ended December 31, 2014 and 2013, the Company sold $15.3 million and $0.8 million, respectively, in loans to FNMA and realized gains on those sales of $203 thousand and $25 thousand, respectively. Gains or losses recognized upon the sale of loans are determined on a specific identification basis. The Company had a related asset of approximately $0.5 million for the servicing portfolio rights as of December 31, 2014 and 2013. There were $0.4 million in loans held for sale at December 31, 2014 compared with no loans held for sale at December 31, 2013. Loans held for sale are typically in the portfolio for less than a month. As a result, the carrying value approximates fair value. The Company has never been contacted by FNMA to repurchase any loans due to improper documentation or fraud. | |||||||||||||||||||||||||
Due to the lack of foreclosure activity and absence of any ongoing litigation at December 31, 2014 and 2013, the Company had no accrual for loss contingencies or potential costs associated with foreclosure-related activities at those dates. | |||||||||||||||||||||||||
Commercial and Multi-Family Mortgages and Commercial Construction Loans: Commercial real estate loans are made to finance the purchases of real estate with completed structures or in the midst of being constructed. These commercial real estate loans are secured by first liens on the real estate, which may include apartments, hotels, retail stores or plazas, healthcare facilities, and other non-owner-occupied facilities. These loans are generally less risky than commercial and industrial loans, since they are secured by real estate and buildings. The Company offers commercial mortgage loans with up to an 80% LTV ratio for up to 20 years on a variable and fixed rate basis. Many of these mortgage loans either mature or are subject to a rate call after three to five years. The Company’s underwriting analysis includes credit verification, independent appraisals, a review of the borrower's financial condition, and the underlying cash flows. These loans are typically originated in amounts of no more than 80% of the appraised value of the property. Construction loans have a unique risk, because they are secured by an incomplete dwelling. | |||||||||||||||||||||||||
As of December 31, 2014, there were $179.1 million in residential and commercial mortgage loans pledged to FHLBNY to serve as collateral for borrowings. | |||||||||||||||||||||||||
Home Equities: The Company originates home equity lines of credit and second mortgage loans (loans secured by a second lien position on one-to-four-family residential real estate). These loans carry a higher risk than first mortgage residential loans as they are in a second position relating to collateral. Risk is reduced through underwriting criteria, which include credit verification, appraisals, a review of the borrower's financial condition, and personal cash flows. A security interest, with title insurance when necessary, is taken in the underlying real estate. | |||||||||||||||||||||||||
Commercial and Industrial Loans: These loans generally include term loans and lines of credit. Such loans are made available to businesses for working capital (including inventory and receivables), business expansion (including acquisition of real estate, expansion and improvements) and equipment purchases. As a general practice, a collateral lien is placed on equipment or other assets owned by the borrower. These loans generally carry a higher risk than commercial real estate loans based on the nature of the underlying collateral, which can be business assets such as equipment and accounts receivable. To reduce the risk, management also attempts to secure real estate as collateral and obtain personal guarantees of the borrowers. To further reduce risk and enhance liquidity, these loans generally carry variable rates of interest, re-pricing in three- to five-year periods, and have a maturity of five years or less. Lines of credit generally carry floating rates of interest (e.g., prime plus a margin). | |||||||||||||||||||||||||
Consumer Loans: The Company funds a variety of consumer loans, including direct automobile loans, recreational vehicle loans, boat loans, aircraft loans, home improvement loans, and personal loans (collateralized and uncollateralized). Most of these loans carry a fixed rate of interest with principal repayment terms typically ranging up to five years, based upon the nature of the collateral and the size of the loan. The majority of consumer loans are underwritten on a secured basis using the underlying collateral being financed. A minimal amount of loans are unsecured, which carry a higher risk of loss. | |||||||||||||||||||||||||
Other Loans: These loans included $0.1 million at December 31, 2014 and $0.2 million at December 31, 2013 of overdrawn deposit accounts classified as loans. | |||||||||||||||||||||||||
Net loan commitment fees are deferred and amortized into fee income or other expense on a straight-line basis over the commitment period. | |||||||||||||||||||||||||
The Company maintains an allowance for loan and lease losses in order to capture the probable losses inherent in its loan and lease portfolio. There is a risk that the Company may experience significant loan and lease losses in 2015 and beyond which could exceed the allowance for loan and lease losses. This risk is heightened by the current uncertain and adverse economic conditions. If the Company's assumptions and judgments prove to be incorrect or bank regulators require the Company to increase its provision for loan and lease losses or recognize further loan and lease charge-offs, the Company may have to increase its allowance for loan and lease losses or loan and lease charge-offs which could have a material adverse effect on the Company's operating results and financial condition. There can be no assurance that the Company's allowance for loan and lease losses will be adequate to protect the Company against loan and lease losses that it may incur. | |||||||||||||||||||||||||
Changes in the allowance for loan and lease losses for the years ended December 31, 2014, 2013 and 2012 follow: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Balance, beginning of year | $ | 11,503 | $ | 9,732 | $ | 11,495 | |||||||||||||||||||
Provisions for loan and lease losses | 1,229 | 1,540 | -68 | ||||||||||||||||||||||
Recoveries | 863 | 942 | 225 | ||||||||||||||||||||||
Loans and leases charged off | -1,062 | -711 | -1,920 | ||||||||||||||||||||||
Balance, end of year | $ | 12,533 | $ | 11,503 | $ | 9,732 | |||||||||||||||||||
The following tables summarize the allowance for loan and lease losses, as of December 31, 2014 and 2013, respectively, by portfolio segments. The segments presented are at the level management uses to assess and monitor the risk and performance of the portfolio. The Company does not currently consider other factors such as industry and geography in assessing the loan portfolio. | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
(in thousands) | Commercial and Industrial | Commercial Real Estate Mortgages* | Consumer ** | Residential Mortgages* | HELOC | Direct Financing Leases | Unallocated | Total | |||||||||||||||||
Allowance for loan | |||||||||||||||||||||||||
and lease losses: | |||||||||||||||||||||||||
Beginning balance | $ | 4,489 | $ | 4,912 | $ | 37 | $ | 1,038 | $ | 878 | $ | - | $ | 149 | $ | 11,503 | |||||||||
Charge-offs | -957 | -57 | -46 | - | -2 | - | - | -1,062 | |||||||||||||||||
Recoveries | 574 | 58 | 40 | 18 | - | 173 | - | 863 | |||||||||||||||||
Provision | 790 | 737 | 47 | -115 | -57 | -173 | - | 1,229 | |||||||||||||||||
Ending balance | $ | 4,896 | $ | 5,650 | $ | 78 | $ | 941 | $ | 819 | $ | - | $ | 149 | $ | 12,533 | |||||||||
Allowance for loan | |||||||||||||||||||||||||
and lease losses: | |||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||
Individually evaluated | |||||||||||||||||||||||||
for impairment | $ | 988 | $ | 274 | $ | 48 | $ | 3 | $ | - | $ | - | $ | - | $ | 1,313 | |||||||||
Collectively evaluated | |||||||||||||||||||||||||
for impairment | 3,908 | 5,376 | 30 | 938 | 819 | - | 149 | 11,220 | |||||||||||||||||
Total | $ | 4,896 | $ | 5,650 | $ | 78 | $ | 941 | $ | 819 | $ | - | $ | 149 | $ | 12,533 | |||||||||
Loans and leases: | |||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||
Individually evaluated | |||||||||||||||||||||||||
for impairment | $ | 5,718 | $ | 5,817 | $ | 48 | $ | 2,535 | $ | 911 | $ | - | $ | - | $ | 15,029 | |||||||||
Collectively evaluated | |||||||||||||||||||||||||
for impairment | 123,738 | 398,421 | 2,120 | 96,560 | 59,037 | - | - | 679,876 | |||||||||||||||||
Total | $ | 129,456 | $ | 404,238 | $ | 2,168 | $ | 99,095 | $ | 59,948 | $ | - | $ | - | $ | 694,905 | |||||||||
Note: Loan and lease balances do not include $759 thousand in net deferred loan and lease originations as of December 31, 2014. | |||||||||||||||||||||||||
* includes construction loans | |||||||||||||||||||||||||
** includes other loans | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
(in thousands) | Commercial and Industrial | Commercial Real Estate Mortgages* | Consumer ** | Residential Mortgages* | HELOC | Direct Financing Leases | Unallocated | Total | |||||||||||||||||
Allowance for loan | |||||||||||||||||||||||||
and lease losses: | |||||||||||||||||||||||||
Beginning balance | $ | 3,617 | $ | 4,493 | $ | 18 | $ | 662 | $ | 746 | $ | 47 | $ | 149 | $ | 9,732 | |||||||||
Charge-offs | -20 | -460 | -64 | -39 | -128 | - | - | -711 | |||||||||||||||||
Recoveries | 240 | 444 | 13 | 2 | 1 | 242 | - | 942 | |||||||||||||||||
Provision | 652 | 435 | 70 | 413 | 259 | -289 | - | 1,540 | |||||||||||||||||
Ending balance | $ | 4,489 | $ | 4,912 | $ | 37 | $ | 1,038 | $ | 878 | $ | - | $ | 149 | $ | 11,503 | |||||||||
Allowance for loan | |||||||||||||||||||||||||
and lease losses: | |||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||
Individually evaluated | |||||||||||||||||||||||||
for impairment | $ | 1,187 | $ | 216 | $ | 20 | $ | 47 | $ | 39 | $ | - | $ | - | $ | 1,509 | |||||||||
Collectively evaluated | |||||||||||||||||||||||||
for impairment | 3,302 | 4,696 | 17 | 991 | 839 | - | 149 | 9,994 | |||||||||||||||||
Total | $ | 4,489 | $ | 4,912 | $ | 37 | $ | 1,038 | $ | 878 | $ | - | $ | 149 | $ | 11,503 | |||||||||
Loans and leases: | |||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||
Individually evaluated | |||||||||||||||||||||||||
for impairment | $ | 4,388 | $ | 12,054 | $ | 20 | $ | 1,952 | $ | 447 | $ | - | $ | - | $ | 18,861 | |||||||||
Collectively evaluated | |||||||||||||||||||||||||
for impairment | 102,564 | 373,095 | 1,241 | 93,584 | 56,781 | - | - | 627,265 | |||||||||||||||||
Total | $ | 106,952 | $ | 385,149 | $ | 1,261 | $ | 95,536 | $ | 57,228 | $ | - | $ | - | $ | 646,126 | |||||||||
Note: Loan and lease balances do not include $870 thousand in net deferred loan and lease originations as of December 31, 2013. | |||||||||||||||||||||||||
* includes construction loans | |||||||||||||||||||||||||
** includes other loans | |||||||||||||||||||||||||
The national economy continued to slowly shows signs of improvement in 2014, with national and state unemployment improving from 6.7% and 7.1%, respectively, as of December 31, 2013 to 5.6% and 5.8%, respectively, as of December 31, 2014. However, the unemployment rate remains above historical standards and other economic indicators such as GDP growth continue to reflect gradual improvement in the economy. Although the economy has yielded signs of improvement, management did not significantly impact the provision for loan losses specifically related to the current economic environment. The current year provision for loans was primarily driven by loan growth and an increase in criticized commercial real estate loans in 2014. | |||||||||||||||||||||||||
The following table provides data, at the class level, of credit quality indicators of certain loans and leases, as of December 31, 2014 and 2013, respectively: | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Corporate Credit Exposure – By Credit Rating | Commercial Real Estate Construction | Commercial and Multi-Family Mortgages | Total Commercial Real Estate | Commercial and Industrial | |||||||||||||||||||||
3 | $ | 29,421 | $ | 299,798 | $ | 329,219 | $ | 83,789 | |||||||||||||||||
4 | 10,492 | 50,691 | 61,183 | 30,223 | |||||||||||||||||||||
5 | 1,073 | 7,853 | 8,926 | 8,662 | |||||||||||||||||||||
6 | - | 4,757 | 4,757 | 6,613 | |||||||||||||||||||||
7 | - | 153 | 153 | 169 | |||||||||||||||||||||
Total | $ | 40,986 | $ | 363,252 | $ | 404,238 | $ | 129,456 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Corporate Credit Exposure – By Credit Rating | Commercial Real Estate Construction | Commercial and Multi-Family Mortgages | Total Commercial Real Estate | Commercial and Industrial | |||||||||||||||||||||
3 | $ | 19,086 | $ | 297,819 | $ | 316,905 | $ | 78,294 | |||||||||||||||||
4 | 3,283 | 47,584 | 50,867 | 15,194 | |||||||||||||||||||||
5 | - | 4,028 | 4,028 | 9,468 | |||||||||||||||||||||
6 | 1,533 | 11,479 | 13,012 | 3,744 | |||||||||||||||||||||
7 | - | 337 | 337 | 252 | |||||||||||||||||||||
Total | $ | 23,902 | $ | 361,247 | $ | 385,149 | $ | 106,952 | |||||||||||||||||
The Company’s risk ratings are monitored by the individual relationship managers and changed as deemed appropriate after receiving updated financial information from the borrowers or deterioration or improvement in the performance of a loan is evident in the customer’s payment history. Each commercial relationship is individually assigned a risk rating. The Company also maintains a loan review process that monitors the management of the Company’s commercial loan portfolio by the relationship managers. The Company’s loan review function reviews at least 40% of the commercial and commercial mortgage portfolio annually. | |||||||||||||||||||||||||
The Company’s consumer loans, including residential mortgages and home equities, are not individually risk rated or reviewed in the Company’s loan review process. Consumers are not required to provide the Company with updated financial information as differentiated from the requirements for the Company’s commercial customers. Consumer loans are also smaller in balances. Given the lack of updated information since the initial underwriting of the loan and small size of individual loans, the Company uses the delinquency status as the credit quality indicator for consumer loans. The delinquency table is shown below. The Company does not lend to sub-prime borrowers. Unless the loan is well secured and in the process of collection, all consumer loans that are more than 90 days past due are placed in non-accrual status. | |||||||||||||||||||||||||
Once a consumer loan reaches 60 days past due, management orders an appraisal and runs a credit report on the borrower. If the loan is placed in nonaccrual status, an impairment test is performed. The book value of the loan is compared to the collateral value as determined by an independent appraisal, discounted for potential selling costs, appraisal age, or other factors particular to the property or borrower. In order to perform the impairment test, management determines the amount of the senior liens held by other lenders in the cases in which the Company holds a junior lien. When the Company is not in the first lien position, the collateral value is more heavily discounted to account for the increased risk. | |||||||||||||||||||||||||
The following table provides an analysis of the age of the recorded investment in loans and leases that were past due as of December 31, 2014 and 2013, respectively: | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Non-accruing | |||||||||||||||||||||||||
Total Past | Current | Total | 90+ Days | Loans and | |||||||||||||||||||||
30-59 days | 60-89 days | 90+ days | Due | Balance | Balance | Accruing | Leases | ||||||||||||||||||
Commercial and | |||||||||||||||||||||||||
industrial | $ | 153 | $ | 60 | $ | 274 | $ | 487 | $ | 128,969 | $ | 129,456 | $ | - | $ | 5,500 | |||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 848 | 158 | 682 | 1,688 | 96,686 | 98,374 | - | 1,296 | |||||||||||||||||
Construction | - | - | - | - | 721 | 721 | - | - | |||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 4,201 | 3,115 | 513 | 7,829 | 355,423 | 363,252 | - | 3,162 | |||||||||||||||||
Construction | 8 | - | 201 | 209 | 40,777 | 40,986 | 201 | - | |||||||||||||||||
Home equities | 594 | 120 | 192 | 906 | 59,042 | 59,948 | - | 415 | |||||||||||||||||
Direct financing leases | - | - | - | - | - | - | - | - | |||||||||||||||||
Consumer | 13 | 1 | - | 14 | 1,750 | 1,764 | - | 17 | |||||||||||||||||
Other | - | - | - | - | 404 | 404 | - | - | |||||||||||||||||
Total Loans | $ | 5,817 | $ | 3,454 | $ | 1,862 | $ | 11,133 | $ | 683,772 | $ | 694,905 | $ | 201 | $ | 10,390 | |||||||||
31-Dec-13 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Non-accruing | |||||||||||||||||||||||||
Total Past | Current | Total | 90+ Days | Loans and | |||||||||||||||||||||
30-59 days | 60-89 days | 90+ days | Due | Balance | Balance | Accruing | Leases | ||||||||||||||||||
Commercial and | |||||||||||||||||||||||||
industrial | $ | 197 | $ | 447 | $ | 358 | $ | 1,002 | $ | 105,950 | $ | 106,952 | $ | - | $ | 2,970 | |||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 392 | 72 | 915 | 1,379 | 92,648 | 94,027 | - | 1,376 | |||||||||||||||||
Construction | - | - | - | - | 1,509 | 1,509 | - | - | |||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 6,976 | 1,050 | 75 | 8,101 | 353,146 | 361,247 | - | 8,873 | |||||||||||||||||
Construction | - | - | - | - | 23,902 | 23,902 | - | - | |||||||||||||||||
Home equities | 100 | 267 | 76 | 443 | 56,785 | 57,228 | - | 447 | |||||||||||||||||
Direct financing leases | 1 | 2 | 47 | 50 | - | - | - | 47 | |||||||||||||||||
Consumer | 1 | 21 | - | 22 | 916 | 938 | - | 20 | |||||||||||||||||
Other | - | - | - | - | 323 | 323 | - | - | |||||||||||||||||
Total Loans | $ | 7,667 | $ | 1,859 | $ | 1,471 | $ | 10,997 | $ | 635,179 | $ | 646,126 | $ | - | $ | 13,733 | |||||||||
The following table provides data, at the class level, of impaired loans and leases: | |||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Foregone | Interest Income Recognized | ||||||||||||||||||||
With no related allowance recorded: | (in thousands) | ||||||||||||||||||||||||
Commercial and industrial | $ | 1,017 | $ | 1,022 | $ | - | $ | 1,096 | $ | 9 | $ | 66 | |||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 2,264 | 2,435 | - | 2,271 | 37 | 68 | |||||||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 2,103 | 2,208 | - | 2,139 | 33 | 91 | |||||||||||||||||||
Construction | 1,074 | 1,074 | - | 1,169 | - | 44 | |||||||||||||||||||
Home equities | 911 | 950 | - | 917 | 17 | 22 | |||||||||||||||||||
Direct financing leases | - | - | - | - | - | - | |||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||
Other | - | - | - | - | - | - | |||||||||||||||||||
Total impaired loans and leases | $ | 7,369 | $ | 7,689 | $ | - | $ | 7,592 | $ | 96 | $ | 291 | |||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Foregone | Interest Income Recognized | ||||||||||||||||||||
With a related allowance recorded: | (in thousands) | ||||||||||||||||||||||||
Commercial and industrial | $ | 4,701 | $ | 4,734 | $ | 988 | $ | 4,701 | $ | 64 | $ | 234 | |||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 271 | 285 | 3 | 271 | 20 | - | |||||||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 2,640 | 2,785 | 274 | 2,708 | 96 | 50 | |||||||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||||||
Home equities | - | - | - | - | - | - | |||||||||||||||||||
Direct financing leases | - | - | - | - | - | - | |||||||||||||||||||
Consumer | 48 | 60 | 48 | 49 | 5 | 6 | |||||||||||||||||||
Other | - | - | - | - | - | - | |||||||||||||||||||
Total impaired loans and leases | $ | 7,660 | $ | 7,864 | $ | 1,313 | $ | 7,729 | $ | 185 | $ | 290 | |||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Foregone | Interest Income Recognized | ||||||||||||||||||||
Total: | (in thousands) | ||||||||||||||||||||||||
Commercial and industrial | $ | 5,718 | $ | 5,756 | $ | 988 | $ | 5,797 | $ | 73 | $ | 300 | |||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 2,535 | 2,720 | 3 | 2,542 | 57 | 68 | |||||||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 4,743 | 4,993 | 274 | 4,847 | 129 | 141 | |||||||||||||||||||
Construction | 1,074 | 1,074 | - | 1,169 | - | 44 | |||||||||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||
Home equities | 911 | 950 | - | 917 | 17 | 22 | |||||||||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||
Direct financing leases | - | - | - | - | - | - | |||||||||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||
Consumer | 48 | 60 | 48 | 49 | 5 | 6 | |||||||||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||
Other | - | - | - | - | - | - | |||||||||||||||||||
Total impaired loans and leases | $ | 15,029 | $ | 15,553 | $ | 1,313 | $ | 15,321 | $ | 281 | $ | 581 | |||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Foregone | Interest Income Recognized | ||||||||||||||||||||
With no related allowance recorded: | (in thousands) | ||||||||||||||||||||||||
Commercial and industrial | $ | 1,247 | $ | 1,352 | $ | - | $ | 1,405 | $ | 100 | $ | 59 | |||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 1,331 | 1,460 | - | 1,388 | 61 | 9 | |||||||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 9,937 | 10,288 | - | 9,832 | 302 | 109 | |||||||||||||||||||
Construction | 599 | 599 | - | 707 | - | 26 | |||||||||||||||||||
Home equities | 408 | 438 | - | 402 | 19 | 4 | |||||||||||||||||||
Direct financing leases | 26 | 27 | - | 29 | - | - | |||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||
Other | - | - | - | - | - | - | |||||||||||||||||||
Total impaired loans and leases | $ | 13,548 | $ | 14,164 | $ | - | $ | 13,763 | $ | 482 | $ | 207 | |||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Foregone | Interest Income Recognized | ||||||||||||||||||||
With a related allowance recorded: | (in thousands) | ||||||||||||||||||||||||
Commercial and industrial | $ | 3,141 | $ | 3,191 | $ | 1,187 | $ | 3,577 | $ | 60 | $ | 108 | |||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 621 | 624 | 47 | 622 | 10 | 27 | |||||||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 584 | 650 | 70 | 604 | 6 | 26 | |||||||||||||||||||
Construction | 934 | 934 | 146 | 934 | - | 33 | |||||||||||||||||||
Home equities | 39 | 39 | 39 | 39 | - | 2 | |||||||||||||||||||
Direct financing leases | - | - | - | - | - | - | |||||||||||||||||||
Consumer | 20 | 29 | 20 | 11 | 3 | 2 | |||||||||||||||||||
Other | - | - | - | - | - | - | |||||||||||||||||||
Total impaired loans and leases | $ | 5,339 | $ | 5,467 | $ | 1,509 | $ | 5,787 | $ | 79 | $ | 198 | |||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Foregone | Interest Income Recognized | ||||||||||||||||||||
Total: | (in thousands) | ||||||||||||||||||||||||
Commercial and industrial | $ | 4,388 | $ | 4,543 | $ | 1,187 | $ | 4,982 | $ | 160 | $ | 167 | |||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 1,952 | 2,084 | 47 | 2,010 | 71 | 36 | |||||||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 10,521 | 10,938 | 70 | 10,436 | 308 | 135 | |||||||||||||||||||
Construction | 1,533 | 1,533 | 146 | 1,641 | - | 59 | |||||||||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||
Home equities | 447 | 477 | 39 | 441 | 19 | 6 | |||||||||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||
Direct financing leases | 26 | 27 | - | 29 | - | - | |||||||||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||
Consumer | 20 | 29 | 20 | 11 | 3 | 2 | |||||||||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||
Other | - | - | - | - | - | - | |||||||||||||||||||
Total impaired loans and leases | $ | 18,887 | $ | 19,631 | $ | 1,509 | $ | 19,550 | $ | 561 | $ | 405 | |||||||||||||
There were $7.4 million in impaired loans with no related allowance at December 31, 2014, and $13.5 million in impaired loans with no related allowance at December 31, 2013. As management identifies impaired loans that are collateral dependent, new appraisals are ordered to determine the fair value of the collateral. It should also be noted that when estimating the fair value of collateral for the purpose of performing an impairment test, management further reduces the appraised value of the collateral to account for estimated selling or carrying costs, age of the appraisal if applicable, or any other perceived market or borrower-specific risks to the value of the collateral. | |||||||||||||||||||||||||
The majority of the interest income in the preceding table was interest income recognized prior to these loans and leases being identified as impaired and placed on non-accrual. The interest income foregone in the preceding table represents interest income that the Company did not recognize on those loans and leases while they were on non-accrual and impaired. | |||||||||||||||||||||||||
The following table summarizes the Bank’s non-accrual loans and leases and loans and leases 90 days or more past due and still accruing: | |||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Non-accruing loans and leases: | |||||||||||||||||||||||||
Commercial and industrial loans | $ | 5,500 | $ | 2,970 | |||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 1,296 | 1,376 | |||||||||||||||||||||||
Construction | - | - | |||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial and multi-family | 3,162 | 8,873 | |||||||||||||||||||||||
Construction | - | - | |||||||||||||||||||||||
Home equities | 415 | 447 | |||||||||||||||||||||||
Direct financing leases | - | 47 | |||||||||||||||||||||||
Consumer loans | 17 | 20 | |||||||||||||||||||||||
Other | - | - | |||||||||||||||||||||||
Total non-accruing loans and leases | $ | 10,390 | $ | 13,733 | |||||||||||||||||||||
Accruing loans 90+ days past due | 201 | - | |||||||||||||||||||||||
Total non-performing loans and leases | $ | 10,591 | $ | 13,733 | |||||||||||||||||||||
Total non-performing loans and leases | |||||||||||||||||||||||||
to total assets | 1.25 | % | 1.65 | % | |||||||||||||||||||||
Total non-performing loans and leases | |||||||||||||||||||||||||
to total loans and leases | 1.52 | % | 2.12 | % | |||||||||||||||||||||
The Bank had no loan commitments to borrowers in non-accrual status at December 31, 2014 and 2013. | |||||||||||||||||||||||||
Troubled debt restructurings (“TDRs”) | |||||||||||||||||||||||||
The Company had $6.6 million in loans and leases that were restructured and deemed to be TDR’s at December 31, 2014 with $1.9 million of those balances in non-accrual status. Any TDR that is placed on non-accrual is not returned to accruing status until the borrower makes timely payments as contracted for at least six months and future collection under the revised terms is probable. All of the restructurings were allowed in an effort to maximize the Company’s ability to collect on loans and leases where borrowers were experiencing financial difficulty. The reserve for a TDR is based upon the present value of the future expected cash flows discounted at the loan’s original effective rate or upon the fair value of the collateral less costs to sell, if the loan is deemed collateral dependent. This reserve methodology is used because all TDR loans are considered impaired. | |||||||||||||||||||||||||
The following table presents the Company’s TDR loans and leases as of December 31, 2014, and 2013, respectively: | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||
Total | Nonaccruing | Accruing | Related Allowance | ||||||||||||||||||||||
Commercial and industrial | $ | 492 | $ | 274 | $ | 218 | $ | 173 | |||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 1,833 | 594 | 1,239 | - | |||||||||||||||||||||
Construction | - | - | - | - | |||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial and multi family | 2,428 | 847 | 1,581 | 33 | |||||||||||||||||||||
Construction | 1,074 | - | 1,074 | - | |||||||||||||||||||||
Home equities | 728 | 233 | 495 | - | |||||||||||||||||||||
Direct financing leases | - | - | - | - | |||||||||||||||||||||
Consumer loans | 31 | - | 31 | 31 | |||||||||||||||||||||
Other | - | - | - | - | |||||||||||||||||||||
Total troubled restructured loans and leases | $ | 6,586 | $ | 1,948 | $ | 4,638 | $ | 237 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||
Total | Nonaccruing | Accruing | Related Allowance | ||||||||||||||||||||||
Commercial and industrial | $ | 4,262 | $ | 2,903 | $ | 1,359 | $ | 983 | |||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 1,031 | 454 | 577 | - | |||||||||||||||||||||
Construction | - | - | - | - | |||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial and multi family | 10,211 | 8,563 | 1,648 | 33 | |||||||||||||||||||||
Construction | 1,533 | - | 1,533 | - | |||||||||||||||||||||
- | |||||||||||||||||||||||||
Home equities | 56 | 56 | - | - | |||||||||||||||||||||
Direct financing leases | 26 | 12 | 14 | - | |||||||||||||||||||||
Consumer loans | - | - | - | - | |||||||||||||||||||||
Other | - | - | - | - | |||||||||||||||||||||
Total troubled restructured loans and leases | $ | 17,119 | $ | 11,988 | $ | 5,131 | $ | 1,016 | |||||||||||||||||
The Company’s TDRs have various agreements that involve deferral of principal payments, or interest-only payments, for a period (usually 12 months or less) to allow the customer time to improve cash flow or sell the property. Other common types of concessions leading to the designation of a TDR are lines of credit that are termed out and extensions of maturities at rates that are less than market given the risk profile of the borrower. | |||||||||||||||||||||||||
The following tables show the data for TDR activity by type of concession granted to the borrower during 2014 and 2013: | |||||||||||||||||||||||||
Year ended December 31, 2014 | Year ended December 31, 2013 | ||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | ||||||||||||||||||||||||
Troubled Debt Restructurings by Type of Concession | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||
Commercial and Industrial: | |||||||||||||||||||||||||
Deferral of principal | 1 | $ | 16 | $ | 16 | 6 | $ | 2,400 | $ | 2,400 | |||||||||||||||
Interest rate reduction | - | - | - | 2 | 330 | 330 | |||||||||||||||||||
Extension of maturity and | |||||||||||||||||||||||||
interest rate reduction | - | - | - | 5 | 361 | 361 | |||||||||||||||||||
Combination of concessions | - | - | - | 1 | 250 | 250 | |||||||||||||||||||
Residential Real Estate & Construction: | |||||||||||||||||||||||||
Extension of maturity | 2 | 615 | 615 | 4 | 583 | 583 | |||||||||||||||||||
Extension of maturity and | |||||||||||||||||||||||||
interest rate reduction | 1 | 208 | 208 | - | - | - | |||||||||||||||||||
Commercial Real Estate & Construction: | |||||||||||||||||||||||||
Deferral of principal | - | - | - | 2 | 6,438 | 7,963 | |||||||||||||||||||
Extension of maturity | - | - | - | 2 | 739 | 739 | |||||||||||||||||||
Extension of maturity and | |||||||||||||||||||||||||
interest rate reduction | 1 | 250 | 250 | - | - | - | |||||||||||||||||||
Home Equities: | |||||||||||||||||||||||||
Extension of maturity | 9 | 592 | 592 | - | - | - | |||||||||||||||||||
Extension of maturity and | |||||||||||||||||||||||||
interest rate reduction | 2 | 84 | 84 | 1 | 136 | 136 | |||||||||||||||||||
Term out line of credit | - | - | - | 1 | 57 | 57 | |||||||||||||||||||
Consumer loans | |||||||||||||||||||||||||
Rate reduction | 1 | 31 | 31 | - | - | - | |||||||||||||||||||
Other | - | - | - | - | - | - | |||||||||||||||||||
Modifications made to loans in a troubled debt restructuring did not have a material impact on the Company’s net income for the years ended December 31, 2014 and 2013. All of the C&I and commercial real estate TDR’s were already considered impaired and sufficiently reserved for before being identified as a TDR. | |||||||||||||||||||||||||
The reserve for a TDR loan is based upon the present value of the future expected cash flows discounted at the loan’s original effective rate or upon the fair value of the collateral less costs to sell, if the loan is deemed collateral dependent. At December 31, 2014, there were no commitments to lend additional funds to debtors owing loans or leases whose terms have been modified in TDRs. | |||||||||||||||||||||||||
The general practice of the Bank is to work with borrowers so that they are able to pay back their loan or lease in full. If a borrower continues to be delinquent or cannot meet the terms of a TDR and the loan or lease is determined to be uncollectible, the loan or lease will be charged off to its collateral value. A loan or lease is considered in default when the loan or lease is 90 days past due or is charged off. The following table presents loans and leases which were classified as TDR’s during the previous twelve months which have subsequently defaulted during the twelve month periods ended December 31: | |||||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | ||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | ||||||||||||||||||||||||
Troubled Debt Restructurings | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||
That Subsequently Defaulted | Contracts | Investment | Contracts | Investment | |||||||||||||||||||||
Commercial and Industrial | 3 | $ | 191 | 7 | $ | 224 | |||||||||||||||||||
Residential Real Estate: | |||||||||||||||||||||||||
Residential | - | - | - | - | |||||||||||||||||||||
Construction | - | - | - | - | |||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||
Commercial and Multi-Family | 1 | 250 | 1 | 160 | |||||||||||||||||||||
Construction | - | - | - | - | |||||||||||||||||||||
Home Equities | 1 | 54 | - | - | |||||||||||||||||||||
Direct financing leases | - | - | - | - | |||||||||||||||||||||
Consumer loans | - | - | - | - | |||||||||||||||||||||
Other | - | - | - | - | |||||||||||||||||||||
Properties_And_Equipment
Properties And Equipment | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Properties And Equipment [Abstract] | |||||||
Properties And Equipment | 4.PROPERTIES AND EQUIPMENT | ||||||
Properties and equipment at December 31 were as follows: | |||||||
2014 | 2013 | ||||||
(in thousands) | |||||||
Land | $ | 268 | $ | 268 | |||
Buildings and improvements | 12,090 | 12,695 | |||||
Furniture, fixtures, and equipment | 12,995 | 12,426 | |||||
25,353 | 25,389 | ||||||
Less accumulated depreciation | -15,129 | -14,226 | |||||
Properties and equipment, net | $ | 10,224 | $ | 11,163 | |||
Depreciation expense totaled $1.1 million in 2014, 2013, and 2012. | |||||||
Other_Assets
Other Assets | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Other Assets [Abstract] | |||||||
Other Assets | 5.OTHER ASSETS | ||||||
Other assets at December 31 were as follows: | |||||||
2014 | 2013 | ||||||
(in thousands) | |||||||
Net deferred tax asset | $ | 7,661 | $ | 6,064 | |||
Accrued interest receivable | 2,417 | 2,458 | |||||
Prepaid expenses | 713 | 749 | |||||
Mortgage servicing rights | 518 | 509 | |||||
Other | 2,674 | 2,179 | |||||
Total other assets | $ | 13,983 | $ | 11,959 | |||
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets [Abstract] | |||||||||||||
Goodwill And Intangible Assets | |||||||||||||
6.GOODWILL AND INTANGIBLE ASSETS | |||||||||||||
The Company had $8.1 million in goodwill as of December 31, 2014 and 2013. The entire amount of goodwill is within the insurance agency activities segment. The Company measures the fair value of the insurance agency reporting unit annually, as of December 31, utilizing the market value and income methods. When using the income method, management considered historical information, the operating budget, and strategic goals in projecting net income and cash flows for the next five years. No impairment was recognized as a result of the goodwill impairment test as of December 31, 2014 and 2013, respectively. Further discussion of the Company’s goodwill impairment testing is included in Note 1. | |||||||||||||
Information regarding the Company’s other intangible assets at December 31 follows: | |||||||||||||
2014 | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||
(in thousands) | |||||||||||||
Non-compete agreements | $ | 738 | $ | -738 | $ | - | |||||||
Insurance expirations | 4,585 | -4,585 | - | ||||||||||
Total | $ | 5,323 | $ | -5,323 | $ | - | |||||||
2013 | Gross Carrying Amount | Accumulated Amortization | Net | Weighted Avg Amortization Period | |||||||||
(in thousands) | |||||||||||||
Non-compete agreements | $ | 738 | $ | -738 | $ | - | |||||||
Insurance expirations | 4,585 | -4,477 | 108 | 8 years | |||||||||
Total | $ | 5,323 | $ | -5,215 | $ | 108 | 8 years | ||||||
Amortization expense related to intangibles for the years ended December 31, 2014, 2013, and 2012 was $108 thousand, $221 thousand, and $349 thousand, respectively. | |||||||||||||
Deposits
Deposits | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Banking and Thrift [Abstract] | ||||
Deposits | ||||
7.DEPOSITS | ||||
Time deposits, with minimum denominations of $100 thousand each, totaled $47.7 million and $45.2 million at December 31, 2014 and 2013, respectively. There were $0.1 million and $0.2 million of overdraft accounts in deposits that were reclassified to loans as of December 31, 2014 and 2013, respectively. | ||||
At December 31, 2014, the scheduled maturities of all time deposits were as follows: | ||||
(in thousands) | ||||
2015 | $ | 60,671 | ||
2016 | 21,297 | |||
2017 | 11,218 | |||
2018 | 6,304 | |||
2019 and later | 13,302 | |||
$ | 112,792 | |||
Some of the Company’s time deposits were obtained through brokered transactions. Brokered time deposits totaled $1.2 million at December 31, 2014 and 2013, respectively. | ||||
Borrowed_Funds_And_Junior_Subo
Borrowed Funds And Junior Subordinated Debentures | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Borrowed Funds And Junior Subordinated Debentures [Abstract] | ||||||||||||
Borrowed Funds And Junior Subordinated Debentures | ||||||||||||
8.BORROWED FUNDS AND JUNIOR SUBORDINATED DEBENTURES | ||||||||||||
Other borrowed funds would consist primarily of various advances from the FHLB with fixed interest rate terms. The Bank had no short term borrowings outstanding from the FHLB at December 31, 2014. | ||||||||||||
The Bank has the ability to borrow additional funds from the FHLB based on the available securities or real estate loans that can be used as collateral, and to purchase additional federal funds through one of the Bank’s correspondent banks. Given the current collateral available, advances of up to $185.8 million can be drawn on the FHLB via the Bank’s Overnight Line of Credit Agreement. The Bank also has the ability to purchase up to $14.0 million in federal funds from its correspondent banks. | ||||||||||||
The amounts and interest rates of other short-term borrowings were as follows: | ||||||||||||
Federal Funds Purchased | Other Short-Term Borrowings | Total | ||||||||||
(in thousands) | ||||||||||||
At December 31, 2014 | ||||||||||||
Amount outstanding | $ | 13,700 | $ | - | $ | 13,700 | ||||||
Weighted-average interest rate | 0.32 | % | - | % | 0.32 | % | ||||||
For the year ended December 31, 2014 | ||||||||||||
Highest amount at a monthend | $ | 13,700 | $ | 9,000 | ||||||||
Daily average amount outstanding | $ | 3,938 | $ | 5,000 | $ | 8,938 | ||||||
Weighted-average interest rate | 0.25 | % | 3.54 | % | 2.09 | % | ||||||
At December 31, 2013 | ||||||||||||
Amount outstanding | $ | - | $ | 9,000 | $ | 9,000 | ||||||
Weighted-average interest rate | - | % | 3.41 | % | 3.41 | % | ||||||
For the year ended December 31, 2013 | ||||||||||||
Highest amount at a monthend | $ | - | $ | 10,000 | ||||||||
Daily average amount outstanding | $ | - | $ | 6,167 | $ | 6,167 | ||||||
Weighted-average interest rate | - | % | 3.41 | % | 3.41 | % | ||||||
At December 31, 2012 | ||||||||||||
Amount outstanding | $ | - | $ | 10,000 | $ | 10,000 | ||||||
Weighted-average interest rate | - | % | 3.21 | % | 3.21 | % | ||||||
For the year ended December 31, 2012 | ||||||||||||
Highest amount at a monthend | $ | - | $ | 10,000 | ||||||||
Daily average amount outstanding | $ | - | $ | 8,833 | $ | 8,833 | ||||||
Weighted-average interest rate | - | % | 3.21 | % | 3.21 | % | ||||||
On October 1, 2004, Evans Capital Trust I, a statutory business trust wholly-owned by the Company (the “Trust”), issued $11.0 million in aggregate principal amount of floating rate preferred capital securities due November 23, 2034 (the “Capital Securities”) classified on the Company’s consolidated balance sheets as Junior Subordinated Debentures. The distribution rate on the Capital Securities of the Trust adjusts quarterly based on changes in the three-month London Interbank Offered Rate (“LIBOR”) and was 2.88% at December 31, 2014. | ||||||||||||
The Capital Securities have a distribution rate of 3 month LIBOR plus 2.65%, and the distribution dates are February 23, May 23, August 23 and November 23. | ||||||||||||
The common securities of the Trust (the “Common Securities”) are wholly-owned by the Company and are the only class of the Trust’s securities possessing general voting powers. The Capital Securities represent preferred undivided interests in the assets of the Trust. Under the Federal Reserve Board’s current risk-based capital guidelines, the Capital Securities are includable in the Company’s Tier 1 (Core) capital. | ||||||||||||
The proceeds from the issuances of the Capital Securities and Common Securities were used by the Trust to purchase $11.3 million aggregate liquidation amount of floating rate junior subordinated deferrable interest debentures (“Junior Subordinated Debentures”) of the Company, due October 1, 2037, comprised of $11.0 million of Capital Securities and $330 thousand of Common Securities. The $330 thousand of Common Securities represent the initial capital contribution of the Company to the Trust, which, in accordance with the provisions of ASC Topic 810 "Consolidation," have not been consolidated and are included in “Other Assets” on the consolidated balance sheet. | ||||||||||||
The Junior Subordinated Debentures represent the sole assets of the Trust, and payments under the Junior Subordinated Debentures are the sole source of cash flow for the Trust. The interest rate payable on the Junior Subordinated Debentures was 2.88% at December 31, 2014. | ||||||||||||
Holders of the Capital Securities receive preferential cumulative cash distributions on each distribution date at the stated distribution rate, unless the Company exercises its right to extend the payment of interest on the Junior Subordinated Debentures for up to twenty quarterly periods, in which case payment of distributions on the respective Capital Securities will be deferred for comparable periods. During an extended interest period, in accordance with terms as defined in the indenture relating to the Capital Securities, the Company may not pay dividends or distributions on, or repurchase, redeem or acquire any shares of its capital stock. The agreements governing the Capital Securities, in the aggregate, provide a full, irrevocable and unconditional guarantee by the Company of the payment of distributions on, the redemption of, and any liquidation distribution with respect to the Capital Securities. The obligations under such guarantee and the Capital Securities are subordinate and junior in right of payment to all senior indebtedness of the Company. | ||||||||||||
The Capital Securities will remain outstanding until the Junior Subordinated Debentures are repaid at maturity, are redeemed prior to maturity or are distributed in liquidation to the Trust. The Capital Securities are mandatorily redeemable in whole, but not in part, upon repayment at the stated maturity dates of the Junior Subordinated Debentures or the earlier redemption of the Junior Subordinated Debentures in whole upon the occurrence of one or more events (“Events”) set forth in the indentures relating to the Capital Securities, and in whole or in part at any time after the stated optional redemption date of November 23, 2009, contemporaneously with the optional redemption of the related Junior Subordinated Debentures in whole or in part. The Junior Subordinated Debentures are redeemable prior to their stated maturity dates at the Company’s option: (i) on or after the stated optional redemption dates, in whole at any time or in part from time to time; or (ii) in whole, but not in part, at any time within 90 days following the occurrence and during the continuation of one or more of the Events, in each case subject to possible regulatory approval. The redemption price of the Capital Securities and the related Junior Subordinated Debentures upon early redemption would be at the liquidation amount plus accumulated but unpaid distributions. | ||||||||||||
Securities_Sold_Under_Agreemen
Securities Sold Under Agreements To Repurchase | 12 Months Ended |
Dec. 31, 2014 | |
Securities Sold Under Agreements To Repurchase [Abstract] | |
Securities Sold Under Agreements To Repurchase | 9.SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE |
The Bank enters into agreements with customers to sell securities owned by the Bank to the customers and repurchase the identical security, generally within one day. No physical movement of the securities is involved. The customer is informed the securities are held in safekeeping by the Bank on behalf of the customer. The Bank had $13.8 million and $13.4 million in securities sold under agreement to repurchase at December 31, 2014 and 2013, respectively. | |
Comprehensive_Income_Loss
Comprehensive Income (Loss) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Comprehensive Income (Loss) [Abstract] | ||||||||||
Comprehensive Income (Loss) | ||||||||||
10.COMPREHENSIVE INCOME (LOSS) | ||||||||||
The following tables display the components of other comprehensive income (loss), net of tax: | ||||||||||
Balance at December 31, 2013 | Net Change | Balance at December 31, 2014 | ||||||||
(in thousands) | ||||||||||
Net unrealized gain (loss) on investment securities | $ | 191 | $ | 720 | $ | 911 | ||||
Net defined benefit pension plans adjustments | -1,454 | -965 | -2,419 | |||||||
Total | $ | -1,263 | $ | -245 | $ | -1,508 | ||||
Balance at December 31, 2012 | Net Change | Balance at December 31, 2013 | ||||||||
(in thousands) | ||||||||||
Net unrealized gain (loss) on investment securities | $ | 2,457 | $ | -2,266 | $ | 191 | ||||
Net defined benefit pension plans adjustments | -2,356 | 902 | -1,454 | |||||||
Total | $ | 101 | $ | -1,364 | $ | -1,263 | ||||
Balance at December 31, 2011 | Net Change | Balance at December 31, 2012 | ||||||||
(in thousands) | ||||||||||
Net unrealized gain (loss) on investment securities | $ | 2,534 | $ | -77 | $ | 2,457 | ||||
Net defined benefit pension plans adjustments | -2,188 | -168 | -2,356 | |||||||
Total | $ | 346 | $ | -245 | $ | 101 | ||||
31-Dec-14 | ||||||||||
(in thousands) | ||||||||||
Before-Tax Amount | Income Tax (Provision) Benefit | Net-of-Tax Amount | ||||||||
Unrealized loss on investment securities: | ||||||||||
Unrealized gain (loss) on investment securities | $ | 1,173 | $ | -453 | $ | 720 | ||||
Reclassification from accumulated other | ||||||||||
comprehensive income for gains (losses) | - | - | - | |||||||
Net change | 1,173 | -453 | 720 | |||||||
Defined benefit pension plans adjustments: | ||||||||||
Net actuarial (loss) gain | $ | - | $ | - | $ | - | ||||
Reclassifications from accumulated other | ||||||||||
comprehensive income for gains (losses) | ||||||||||
Amortization of prior service cost (a) | 31 | -12 | 19 | |||||||
Amortization of actuarial loss (a) | 105 | -41 | 64 | |||||||
Actuarial (losses) gains | -1,710 | 662 | -1,048 | |||||||
Net change | -1,574 | 609 | -965 | |||||||
Other Comprehensive Income (Loss) | $ | -401 | $ | 156 | $ | -245 | ||||
(a) | Included in net periodic pension cost, as described in Note 11 – “Employee Benefits and Deferred Compensation Plans” | |||||||||
31-Dec-13 | ||||||||||
(in thousands) | ||||||||||
Before-Tax Amount | Income Tax (Provision) Benefit | Net-of-Tax Amount | ||||||||
Unrealized loss on investment securities: | ||||||||||
Unrealized gain (loss) on investment securities | $ | -3,697 | $ | 1,431 | $ | -2,266 | ||||
Reclassification from accumulated other | ||||||||||
comprehensive income for gains (losses) | - | - | - | |||||||
Net change | -3,697 | 1,431 | -2,266 | |||||||
Defined benefit pension plans adjustments: | ||||||||||
Net actuarial (loss) gain | $ | - | $ | - | $ | - | ||||
Reclassifications from accumulated other | ||||||||||
comprehensive income for gains (losses) | ||||||||||
Amortization of prior service cost (a) | 69 | -27 | 42 | |||||||
Amortization of actuarial loss (a) | 177 | -69 | 108 | |||||||
Actuarial gains (losses) | 1,226 | -474 | 752 | |||||||
Net change | 1,472 | -570 | 902 | |||||||
Other Comprehensive Income (Loss) | $ | -2,225 | $ | 861 | $ | -1,364 | ||||
(a)Included in net periodic pension cost, as described in Note 11 – “Employee Benefits and Deferred Compensation Plans” | ||||||||||
31-Dec-12 | ||||||||||
(in thousands) | ||||||||||
Before-Tax Amount | Income Tax (Provision) Benefit | Net-of-Tax Amount | ||||||||
Unrealized loss on investment securities: | ||||||||||
Unrealized gain (loss) on investment securities | $ | -124 | $ | 47 | $ | -77 | ||||
Reclassification from accumulated other | ||||||||||
comprehensive income for gains (losses) | - | - | - | |||||||
Net change | -124 | 47 | -77 | |||||||
Defined benefit pension plans adjustments: | ||||||||||
Net actuarial (loss) gain | $ | - | $ | - | $ | - | ||||
Reclassifications from accumulated other | ||||||||||
comprehensive income for gains (losses) | ||||||||||
Amortization of prior service cost (a) | 87 | -34 | 53 | |||||||
Amortization of actuarial loss (a) | 172 | -67 | 105 | |||||||
Actuarial (losses) gains | -532 | 206 | -326 | |||||||
Net change | -273 | 105 | -168 | |||||||
Other Comprehensive Income (Loss) | $ | -397 | $ | 152 | $ | -245 | ||||
(a)Included in net periodic pension cost, as described in Note 11 – “Employee Benefits and Deferred Compensation Plans” | ||||||||||
Employee_Benefits_And_Deferred
Employee Benefits And Deferred Compensation Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Employee Benefits And Deferred Compensation Plans [Abstract] | |||||||||||||
Employee Benefits And Deferred Compensation Plans | |||||||||||||
11.EMPLOYEE BENEFITS AND DEFERRED COMPENSATION PLANS | |||||||||||||
Employees’ Pension Plan | |||||||||||||
The Bank has a defined benefit pension plan that covered substantially all employees of the Company and its subsidiaries. The Pension Plan provides benefits that are based on the employees’ compensation and years of service. The Bank uses an actuarial method of amortizing prior service cost and unrecognized net gains or losses which result from actual experience and assumptions being different than those that are projected. The amortization method the Bank uses recognizes the prior service cost and net gains or losses over the average remaining service period of active employees which exceeds the required amortization. The Pension Plan was frozen effective January 31, 2008. Under the freeze, eligible employees will receive the benefits already earned through January 31, 2008 at retirement, but will not be able to accrue any additional benefits. As a result, service cost will no longer be incurred. | |||||||||||||
Selected Financial Information for the Pension Plan is as follows: | |||||||||||||
12/31/14 | 12/31/13 | ||||||||||||
Change in benefit obligation: | (in thousands) | ||||||||||||
Benefit obligation at the beginning of the year | $ | 4,395 | $ | 4,851 | |||||||||
Service cost | - | - | |||||||||||
Interest cost | 206 | 192 | |||||||||||
Assumption change | 976 | -595 | |||||||||||
Actuarial loss | 24 | 153 | |||||||||||
Benefits paid | -164 | -206 | |||||||||||
Benefit obligation at the end of the year | 5,437 | 4,395 | |||||||||||
Change in plan assets: | |||||||||||||
Fair value of plan assets at the beginning of year | 4,162 | 3,533 | |||||||||||
Actual return on plan assets | 93 | 650 | |||||||||||
Employer contributions | 110 | 185 | |||||||||||
Benefits paid | -164 | -206 | |||||||||||
Fair value of plan assets at the end of year | 4,201 | 4,162 | |||||||||||
Funded status | $ | -1,236 | $ | -233 | |||||||||
Amount recognized in the Consolidated Balance Sheets consist of: | |||||||||||||
Accrued benefit liabilities | $ | -1,236 | $ | -233 | |||||||||
Amount recognized in the Accumulated Other Comprehensive Loss consists of: | |||||||||||||
Net actuarial loss | $ | 2,112 | $ | 920 | |||||||||
Prior service cost | - | - | |||||||||||
Net amount recognized in equity - pre-tax | $ | 2,112 | $ | 920 | |||||||||
Net amount recognized on Consolidated Balance Sheets in Other Liabilities | $ | 876 | $ | 687 | |||||||||
Accumulated benefit obligation at year end | $ | 5,437 | $ | 4,395 | |||||||||
Valuations of the Pension Plan as shown above were conducted as of December 31, 2014 and 2013 (the measurement date). Assumptions used by the Bank in the determination of Pension Plan information consisted of the following: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Discount rate for projected benefit obligation | 3.83 | % | 4.78 | % | 3.88 | % | |||||||
Discount rate for net periodic pension cost | 4.78 | % | 3.88 | % | 4.46 | % | |||||||
Rate of increase in compensation levels | - | % | - | % | - | % | |||||||
Expected long-term rate of return of plan assets | 7.50 | % | 7.50 | % | 7.50 | % | |||||||
The components of net periodic benefit cost consisted of the following: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Service cost | $ | - | $ | - | $ | - | |||||||
Interest cost | 206 | 192 | 213 | ||||||||||
Expected return on plan assets | -307 | -260 | -227 | ||||||||||
Net amortization and deferral | 22 | 65 | 63 | ||||||||||
Net periodic benefit cost | $ | -79 | $ | -3 | $ | 49 | |||||||
The estimated amounts to be amortized from accumulated other comprehensive loss into net periodic cost in 2015 for amortization of actuarial loss will be $71 thousand. | |||||||||||||
The expected long-term rate of return on Pension Plan assets assumption was determined based on historical returns earned by equity and fixed income securities, adjusted to reflect future return expectations based on plan targeted asset allocation. Equity and fixed income securities were assumed to earn returns in the ranges of 9% to 10% and 5% to 6%, respectively. When these overall return expectations are applied to the Pension Plan’s targeted allocation, the expected rate of return is determined to be 7.50%, which is approximately the mid-point of the range of expected return. The Company’s management will continue to evaluate its actuarial assumptions, including the expected rate of return, at least annually, and will adjust as necessary. | |||||||||||||
The weighted average asset allocation of the Pension Plan at December 31, 2014 and 2013, the Pension Plan measurement date, was as follows: | |||||||||||||
Asset Category: | 2014 | 2013 | |||||||||||
Equity mutual funds | 77.80 | % | 75.98 | % | |||||||||
Fixed income mutual funds | 19.30 | % | 20.87 | % | |||||||||
Cash/Short-term investments | 2.90 | % | 3.15 | % | |||||||||
100.00 | % | 100.00 | % | ||||||||||
The investment objective of the fixed-income portfolio is current income consistent with preserving investment principal. The investment objective of the equity portfolio is long-term capital appreciation. Equity holdings are diversified among various industries, countries and market capitalizations. The Plan’s targeted long-term asset allocation under normal market conditions will be approximate 60%-70% in equities and 30%-40% in fixed income securities. This allocation is consistent with the Company’s goal of diversifying the Pension Plan assets in order to preserve capital while achieving investment results that will contribute to the proper funding of pension obligations and cash flow requirements. | |||||||||||||
Interest rates remained historically low during 2013 and 2014 while equity prices continued their rise to record highs. Taking advantage of the substantial gains in the equity markets the Pension Plan shifted some assets from equities to fixed income during the second half of 2013. Given the continued historically low interest rates and an expected bias upward, fixed income assets were allocated to low duration investments with limited correlation to traditional fixed income including bank loan, unconstrained bond and multi-sector bond strategies. In addition, the Pension Plan added a currency position with a low correlation to both equities and fixed income. The Company’s investment manager regularly reviews the Pension Plan’s asset allocation and periodically rebalances its investments to the targeted allocation when considered appropriate. | |||||||||||||
The Company contributed $110 thousand to the Pension Plan in 2014 and estimates that it will contribute another $110 thousand to the Pension Plan in 2015. | |||||||||||||
The major categories of assets in the Bank’s Pension Plan as of year-end are presented in the following table. Assets are segregated according to their investment objective by the level of the valuation inputs within the fair value hierarchy established by ASC Topic 820 utilized to measure fair value (see Note 19 – Fair Value of Financial Instruments). | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Level 1: | |||||||||||||
Cash | $ | - | $ | 34 | |||||||||
Mutual funds: | |||||||||||||
Short-term investments: | |||||||||||||
Money market | 121 | 97 | |||||||||||
Equities: | |||||||||||||
Small cap | 402 | 416 | |||||||||||
Real estate | 241 | 188 | |||||||||||
International large cap | 818 | 890 | |||||||||||
Emerging markets | 480 | 512 | |||||||||||
Currency | 195 | 198 | |||||||||||
Commodity | 51 | 63 | |||||||||||
Bonds | 413 | 403 | |||||||||||
Bank loans | 202 | 203 | |||||||||||
Exchange -traded funds (ETFs): | |||||||||||||
Large cap | 890 | 799 | |||||||||||
Mid cap | 388 | 359 | |||||||||||
$ | 4,201 | $ | 4,162 | ||||||||||
The mutual funds and ETFs are actively traded with market quotes available on at least a daily basis. Therefore, they are Level 1 assets. | |||||||||||||
The discount rate utilized by the Company for determining future pension obligations is based on a review of long-term bonds that receive one of the two highest ratings given by a recognized rating agency. The discount rate determined on this basis decreased from 4.78% at December 31, 2013 to 3.83% at December 31, 2014 for the Company's Pension Plan. | |||||||||||||
Expected benefit payments under the Pension Plan over the next ten years at December 31, 2014 are as follows: | |||||||||||||
(in thousands) | |||||||||||||
2015 | $ | 189,000 | |||||||||||
2016 | 196,000 | ||||||||||||
2017 | 192,000 | ||||||||||||
2018 | 201,000 | ||||||||||||
2019 | 201,000 | ||||||||||||
Year 2020 - 2024 | 1,226,000 | ||||||||||||
Supplemental Executive Retirement Plans | |||||||||||||
The Bank also maintains a non-qualified supplemental executive retirement plan (the “SERP”) covering certain members of the Company’s senior management. The SERP was amended during 2003 to provide a benefit based on a percentage of final average earnings, as opposed to the fixed benefit that was provided for in the superseded plan. | |||||||||||||
On April 8, 2010, the Compensation Committee of the Board of Directors of the Company approved the adoption of the Evans Bank, N.A. Supplemental Executive Retirement Plan for Senior Executives (“the Senior Executive SERP”). The “old” SERP plan will keep its participants at the time of the creation of the Senior Executive SERP, but any future executives identified by the Board of Directors as eligible for SERP benefits will participate in the Senior Executive SERP. A participant is generally entitled to receive a benefit under the Senior Executive SERP upon a termination of employment, other than for “cause”, after the participant has completed 10 full calendar years of service with the Bank. No benefit is payable under the Senior Executive SERP if the participant’s employment is terminated for “cause” or if the participant voluntarily terminates before completing 10 full calendar years of service with the Bank. In addition, the payment of benefits under the Senior Executive SERP is conditioned upon certain agreements of the participant related to confidentiality, cooperation, non-competition, and non-solicitation. A participant will be entitled to a retirement benefit under the Senior Executive SERP if his or her employment with the Bank terminates other than for “cause”. The “accrued benefit” is based on a percentage of the participant’s final average earnings, which is determined based upon the participant’s total annual compensation over the highest consecutive five calendar years of the participant’s employment with the Bank, accrued over the participant’s “required benefit service”. The percentages and years of service requirements are set forth in each participant’s Participation Agreement, and range from 25% to 35% and from 15 to 20 years. | |||||||||||||
The obligations related to the two SERP plans are indirectly funded by various life insurance contracts naming the Bank as beneficiary. The Bank has also indirectly funded the SERPs, as well as other benefits provided to other employees through bank-owned life insurance. The Bank uses an actuarial method of amortizing unrecognized net gains or losses which result from actual experience and assumptions being different than those that are projected. The amortization method the Bank is using recognizes the net gains or losses over the average remaining service period of active employees, which exceeds the required amortization. | |||||||||||||
Selected financial information for the two SERP plans is as follows: | |||||||||||||
12/31/14 | 12/31/13 | ||||||||||||
Change in benefit obligation: | (in thousands) | ||||||||||||
Benefit obligation at the beginning of the year | $ | 3,923 | $ | 5,272 | |||||||||
Service cost | 168 | 165 | |||||||||||
Interest cost | 159 | 125 | |||||||||||
Plan amendments | - | - | |||||||||||
Plan settlement | - | 105 | |||||||||||
Actuarial loss (gain) | 497 | -395 | |||||||||||
Benefits paid | -192 | -1,349 | |||||||||||
Benefit obligation at the end of the year | 4,555 | 3,923 | |||||||||||
Change in plan assets: | |||||||||||||
Fair value of plan assets at the beginning of year | - | - | |||||||||||
Actual return on plan assets | - | - | |||||||||||
Employer contributions | 192 | 1,349 | |||||||||||
Benefits paid | -192 | -1,349 | |||||||||||
Fair value of plan assets at the end of year | - | - | |||||||||||
Funded status | $ | -4,555 | $ | -3,923 | |||||||||
Amount recognized in the Consolidated Balance Sheets consist of: | |||||||||||||
Accrued benefit liabilities | $ | -4,555 | $ | -3,923 | |||||||||
Amount recognized in the Accumulated Other Comprehensive Loss consists of: | |||||||||||||
Net actuarial loss | $ | 1,601 | $ | 1,188 | |||||||||
Prior service cost | 249 | 280 | |||||||||||
Net amount recognized in equity - pre-tax | $ | 1,850 | $ | 1,468 | |||||||||
Net amount recognized on Consolidated Balance Sheets in Other Liabilities | $ | -2,705 | $ | -2,455 | |||||||||
Accumulated benefit obligation at year end | $ | 3,944 | $ | 3,385 | |||||||||
Valuations of the SERP liability, as shown above, were conducted as of December 31, 2014 and 2013. Assumptions used by the Bank in both years in the determination of SERP information consisted of the following: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Discount rate for projected benefit obligation | 3.30 | % | 4.15 | % | 3.17 | % | |||||||
Discount rate for net periodic pension cost | 4.15 | % | 3.17 | % | 4.34 | % | |||||||
Salary scale | 3.50 | % | 3.50 | % | 3.50 | % | |||||||
The discount rate utilized by the Company for determining future pension obligations is based on a review of long-term bonds that receive one of the two highest ratings given by a recognized rating agency. The discount rate determined on this basis decreased from 4.15% at December 31, 2013 to 3.30% at December 31, 2014 (the measurement date) for the SERP. | |||||||||||||
The components of net periodic benefit cost consisted of the following: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Service cost | $ | 168 | $ | 165 | $ | 180 | |||||||
Interest cost | 159 | 125 | 153 | ||||||||||
Net amortization and deferral | 115 | 180 | 195 | ||||||||||
Settlement charge | - | 105 | - | ||||||||||
Net periodic benefit cost | $ | 442 | $ | 575 | $ | 528 | |||||||
The settlement charge in 2013 reflects the impact of a lump-sum payout on current net periodic benefit cost, which required immediate recognition of actuarial losses associated with that portion of the obligation in earnings. | |||||||||||||
The estimated amounts to be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2015 for prior service costs and actuarial loss will be $31 thousand and $130 thousand, respectively. | |||||||||||||
Expected benefit payments under the SERP over the next ten years at December 31, 2014 are as follows: | |||||||||||||
(in thousands) | |||||||||||||
2015 | $ | 192,672 | |||||||||||
2016 | 192,672 | ||||||||||||
2017 | 192,672 | ||||||||||||
2018 | 192,672 | ||||||||||||
2019 | 1,865,999 | ||||||||||||
Year 2020 - 2024 | 1,609,213 | ||||||||||||
Other Compensation Plans | |||||||||||||
The Company also maintains a non-qualified deferred compensation plan for non-employee directors. Expenses under this plan were approximately $9 thousand in 2014, $12 thousand in 2013, and $19 thousand in 2012. The estimated present value of the benefit obligation included in other liabilities was $0.1 million at December 31, 2014 and $0.2 million at December 31, 2013. This obligation is indirectly funded by life insurance contracts naming the Bank as beneficiary. The increase in cash surrender value is included in other non-interest income on the Consolidated Statements of Income. | |||||||||||||
The Company has a non-qualified deferred compensation plan whereby directors and certain officers may defer a portion of their base pre-tax compensation. Additionally, the Company has a non-qualified executive incentive retirement plan, whereby the Company defers on behalf of certain officers a portion of their base compensation until retirement or termination of service, subject to certain vesting arrangements. Expense under these plans was approximately $210 thousand in 2014, $248 thousand in 2013, and $203 thousand in 2012. The benefit obligation, included in other liabilities in the Company’s consolidated balance sheets, was $2.0 million and $2.4 million at December 31, 2014 and 2013, respectively. | |||||||||||||
These benefit plans are indirectly funded by bank-owned life insurance contracts with a total aggregate cash surrender value of approximately $20.4 million and $19.8 million at December 31, 2014 and 2013, respectively. Increases in cash surrender value are included in other non-interest income on the Company’s Consolidated Statements of Income. Endorsement split-dollar life insurance benefits have also been provided to directors and certain officers of the Bank and its subsidiaries during employment. | |||||||||||||
The Bank also has a defined contribution retirement and thrift 401(k) Plan (the “401(k) Plan”) for its employees who meet certain length of service and age requirements. The provisions of the 401(k) Plan allow eligible employees to contribute a portion of their annual salary, up to the IRS statutory limit. Effective January 1, 2011, the 401(k) plan implemented a Qualified Automatic Contribution Arrangement (“QACA”). This arrangement features automatic deferred contributions with annual escalation, a QACA matching contribution, and an additional matching contribution. In addition, employees are no longer required to complete one year of service prior to receiving matching contributions. Employees vest in employer contributions over six years. The Company’s expense under the 401(k) Plan was approximately $719 thousand, $629 thousand, and $496 thousand for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Stock-Based Compensation [Abstract] | |||||||||||||||||
Stock-Based Compensation | 12.STOCK-BASED COMPENSATION | ||||||||||||||||
At December 31, 2014, the Company had two stock-based compensation plans, which are described below. The Company accounts for the fair value of its grants under those plans in accordance with ASC Topic 718, “Compensation – Stock Compensation.” The compensation cost charged against income for those plans was $293 thousand, $280 thousand, and $249 thousand for 2014, 2013, and 2012, respectively, included in “Salaries and Employee Benefits” in the Company’s Consolidated Statements of Income. All stock option and restricted stock expense is recorded on a straight-line basis over the expected vesting term. In addition, expense for director options and restricted stock was recognized to reflect $83 thousand, $72 thousand, and $56 thousand in 2014, 2013, and 2012, respectively, as part of “Other” expense in the Company’s Consolidated Statements of Income. | |||||||||||||||||
2009 Long-Term Equity Incentive Plan | |||||||||||||||||
Under the Company’s 2009 Long-Term Equity Incentive Plan (the “2009 Plan”) and, prior to the adoption of the 2009 Plan by shareholders in April 2009, under the Company’s 1999 Employee Stock Option and Long-Term Incentive Plan (the “1999 Plan” and together with the 2009 Plan, the “Equity Plans”), the Company has granted options or restricted stock to officers, directors and key employees of the Company and its subsidiaries. Under the Equity Plans, the Company was authorized to issue up to 629,796 shares of common stock. Under the Equity Plans, the exercise price of each option is not to be less than 100% of the market price of the Company’s stock on the date of grant and an option’s maximum term is ten years. If available, the Company normally issues shares out of its treasury for any options exercised or restricted shares issued. The options have vesting schedules from 12 months through 5 years. At December 31, 2014, there were a total of 210,353 shares available for grant under the 2009 Plan. The Company may no longer make grants under the 1999 Plan. | |||||||||||||||||
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Dividend Yield | 2.70 | % | 2.72 | % | 2.84 | % | |||||||||||
Expected Life (years) | 6.36 | 6.36 | 7.00 | ||||||||||||||
Expected Volatility | 20.76 | % | 20.58 | % | 20.19 | % | |||||||||||
Risk-free Interest Rate | 2.11 | % | 1.16 | % | 1.28 | % | |||||||||||
Weighted Average Fair Value | $ | 3.64 | $ | 2.48 | $ | 1.95 | |||||||||||
The Company used historical volatility calculated using daily closing prices for its common stock over periods that match the expected term of the option granted to estimate the expected volatility. The risk-free interest rate assumption was based upon U.S. Treasury yields appropriate for the expected term of the Company's stock options based upon the date of grant. The expected dividend yield was based upon the Company's recent history of paying dividends. The expected life was based upon the options’ expected vesting schedule and historical exercise patterns. | |||||||||||||||||
Stock options activity for 2014 was as follows: | |||||||||||||||||
Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value | ||||||||||||||
($ in thousands) | |||||||||||||||||
Balance, December 31, 2013 | 263,976 | $ | 15.64 | ||||||||||||||
Granted | 31,300 | 22.93 | |||||||||||||||
Exercised | -42,151 | 16.46 | |||||||||||||||
Expired | -3,947 | 22.04 | |||||||||||||||
Forfeited | -12,486 | 19.06 | |||||||||||||||
Balance, December 31, 2014 | 236,692 | $ | 16.17 | 5.71 | $ | 2,093 | |||||||||||
Exercisable, December 31, 2014 | 161,127 | $ | 15.12 | 4.59 | $ | 1,594 | |||||||||||
Future compensation cost expected to be expensed over the weighted average remaining contractual term for remaining outstanding options is $235 thousand. The unrecognized compensation cost is scheduled to be recognized as follows: | |||||||||||||||||
(in thousands) | |||||||||||||||||
2015 | $ | 96 | |||||||||||||||
2016 | 78 | ||||||||||||||||
2017 | 48 | ||||||||||||||||
2018 | 13 | ||||||||||||||||
Restricted stock award activity for 2014 was as follows: | |||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||
Balance, December 31, 2013 | 25,524 | $ | 16.82 | ||||||||||||||
Granted | 21,383 | 21.34 | |||||||||||||||
Vested | -11,721 | 17.00 | |||||||||||||||
Forfeited | -6,678 | 21.38 | |||||||||||||||
Balance, December 31, 2014 | 28,508 | $ | 19.07 | ||||||||||||||
As of December 31, 2014, there was $391 thousand in unrecognized compensation cost related to restricted share-based compensation arrangements granted under the Equity Plans. The unrecognized compensation cost is scheduled to be recognized as follows: | |||||||||||||||||
(in thousands) | |||||||||||||||||
2015 | $ | 155 | |||||||||||||||
2016 | 130 | ||||||||||||||||
2017 | 83 | ||||||||||||||||
2018 | 23 | ||||||||||||||||
During fiscal years 2014, 2013, and 2012, the following activity occurred under the Company’s plans: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
Total intrinsic value of stock options exercised | $ | 287 | $ | 30 | $ | 23 | |||||||||||
Total fair value of restricted stock awards vested | $ | 273 | $ | 136 | $ | 137 | |||||||||||
Employee Stock Purchase Plan | |||||||||||||||||
The Company also maintains the Evans Bancorp, Inc. Employee Stock Purchase Plan (the “Purchase Plan”). As of December 31, 2014, there were 155,129 shares of common stock available to issue to full-time employees of the Company and its subsidiaries, nearly all of whom are eligible to participate. Under the terms of the Purchase Plan, employees can choose each year to have up to 15% of their annual base earnings withheld to purchase the Company’s common stock. The Company grants options on January 1 and July 1 of each year during the term of the Purchase Plan. The purchase price of the stock is 85% of the lower of its price on the grant date or the exercise date. During fiscal 2014, approximately 42% of eligible employees participated in the Purchase Plan. Under the Purchase Plan, the Company issued 12,821, 13,455, and 16,831 shares to employees in 2014, 2013, and 2012, respectively. Compensation cost is recognized for the fair value of the employees’ purchase rights, which was estimated using the Black-Scholes model with the following assumptions: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Dividend Yield | 2.95 | % | 3.00 | % | 3.20 | % | |||||||||||
Expected Life (years) | 0.50 | 0.50 | 0.50 | ||||||||||||||
Expected Volatility | 22.41 | % | 14.21 | % | 21.66 | % | |||||||||||
Risk-free Interest Rate | 0.08 | % | 0.11 | % | 0.10 | % | |||||||||||
Weighted Average Fair Value | $ | 6.56 | $ | 4.80 | $ | 4.26 | |||||||||||
The compensation cost that has been charged against income for the Purchase Plan was $89 thousand, $67 thousand, and $71 thousand for 2014, 2013, and 2012, respectively. | |||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Income Taxes [Abstract] | |||||||||||||||||||
Income Taxes | 13.INCOME TAXES | ||||||||||||||||||
The components of the provision for income taxes were as follows: | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
(in thousands) | |||||||||||||||||||
Current federal tax expense | $ | 2,282 | $ | 2,184 | $ | 2,667 | |||||||||||||
Current state tax expense (benefit) | -118 | -81 | 541 | ||||||||||||||||
Total current tax expense | 2,164 | 2,103 | 3,208 | ||||||||||||||||
Deferred federal tax expense (benefit) | $ | -215 | $ | 316 | $ | 487 | |||||||||||||
Deferred state tax expense (benefit) | -1,245 | -688 | 52 | ||||||||||||||||
Total deferred tax expense (benefit) | -1,460 | -372 | 539 | ||||||||||||||||
Total income tax provision (benefit) | $ | 704 | $ | 1,731 | $ | 3,747 | |||||||||||||
The Company’s provision for income taxes differs from the amounts computed by applying the federal income tax statutory rates to income before income taxes. A reconciliation of the differences is as follows: | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||
($ in thousands) | |||||||||||||||||||
Tax provision at statutory rate | $ | 3,023 | 34 | % | $ | 3,257 | 34 | % | $ | 4,039 | 34 | % | |||||||
Decrease in taxes resulting from: | |||||||||||||||||||
Tax-exempt interest income | -558 | -6 | -564 | -6 | -425 | -3 | |||||||||||||
Historic tax credit | -996 | -11 | -559 | -6 | - | - | |||||||||||||
State taxes, net of federal benefit | -899 | -10 | -508 | -5 | - | - | |||||||||||||
Increase in taxes resulting from: | |||||||||||||||||||
State taxes, net of federal benefit | - | - | - | - | 391 | 3 | |||||||||||||
Other items, net | 134 | 1 | 105 | 1 | -258 | -2 | |||||||||||||
Income tax provision | $ | 704 | 8 | % | $ | 1,731 | 18 | % | $ | 3,747 | 32 | % | |||||||
At December 31, 2014 and 2013 the components of the net deferred tax asset were as follows: | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||
Pension premiums | $ | 2,213 | $ | 1,604 | |||||||||||||||
Allowance for loan and lease losses | 4,690 | 4,372 | |||||||||||||||||
Non accrued interest | 239 | 515 | |||||||||||||||||
Deferred compensation | 1,040 | 1,083 | |||||||||||||||||
Litigation accrual | 374 | - | |||||||||||||||||
Loss on investment in tax credit | 513 | - | |||||||||||||||||
Stock options granted | 129 | 90 | |||||||||||||||||
Net operating loss carryforward | 88 | 240 | |||||||||||||||||
Historic tax credit carryforward | 1,196 | 495 | |||||||||||||||||
Leases | 156 | 154 | |||||||||||||||||
Other | - | 5 | |||||||||||||||||
Gross deferred tax assets | $ | 10,638 | $ | 8,558 | |||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||
Depreciation and amortization | $ | 1,398 | $ | 1,387 | |||||||||||||||
Prepaid expenses | 438 | 483 | |||||||||||||||||
Net unrealized gains on securities | 569 | 121 | |||||||||||||||||
Acquisition-related adjustments | 24 | 66 | |||||||||||||||||
Mortgage servicing asset | 198 | 197 | |||||||||||||||||
Other | 29 | - | |||||||||||||||||
Gross deferred tax liabilities | $ | 2,656 | $ | 2,254 | |||||||||||||||
Valuation allowance | -321 | -240 | |||||||||||||||||
Net deferred tax asset | $ | 7,661 | $ | 6,064 | |||||||||||||||
The net deferred tax asset at December 31, 2014 and 2013 is included in “other assets” in the Company’s consolidated balance sheets. | |||||||||||||||||||
In assessing the ability of the Company to realize the benefit of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, availability of operating loss carrybacks, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income, the opportunity for net operating loss carrybacks, and projections for future taxable income over the periods which deferred tax assets are deductible, management believes it is more likely than not the Company will generate sufficient taxable income to realize the benefits of these deductible differences at December 31, 2014, except for a valuation allowance of $321 thousand on the net deferred tax asset for an investment in a historic tax credit of $513 thousand. In assessing the need for a valuation allowance for the deferred tax assets for the investments in the historic tax credit investments, the Bank considered all positive and negative evidence in assessing whether the weight of available evidence supports the recognition of some or all of the deferred tax assets related to these investments. | |||||||||||||||||||
Because of the tax nature of the loss to be recognized when the investment is ultimately sold (which for tax purposes will give rise to a capital loss for both historic tax credit investments), the Bank does not have any known capital gains in the future to be able to utilize the capital losses from these investments. Therefore, the Bank’s assessment of the deferred tax asset warrants the need for a valuation allowance to be recognized on the deferred tax asset that it determined is more-likely-than-not to not be realized. The amount of remaining capital loss includes the projected capital basis after taking tax credit, expected losses, and cash distributions. | |||||||||||||||||||
As of December 31, 2014, Evans Bancorp will now be regulated for state tax purposes under Article 9A of the New York State tax law. Therefore, the Company will be able to flow through losses from subsidiaries into a combined return utilizing previous net operating losses (“NOL’s”). After applying a NOL conversion pool, the Company will be able to utilize a net deferred asset related to the NOL’s generated at its leasing subsidiary. No valuation allowance is needed at December 31, 2014 based on the ample future taxable income on a consolidated basis, as compared to a valuation allowance required at December 31, 2013 based under previous tax law. A net deferred tax benefit of $0.1 million was recognized in 2014, relating to the realization of the NOL. | |||||||||||||||||||
The state historic tax credit carryforward has an indefinite life with no expiration date in which to utilize the credit. | |||||||||||||||||||
A reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2014, 2013, and 2012 is as follows: | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
(in thousands) | |||||||||||||||||||
Balance at beginning of year | $ | - | $ | 21 | $ | 206 | |||||||||||||
Reclassification from deferred taxes for tax position taken | |||||||||||||||||||
during a period | - | - | - | ||||||||||||||||
Increases related to tax positions taken during a prior period | - | - | - | ||||||||||||||||
Decrease due to the resolution of a prior year tax matter | - | -21 | -150 | ||||||||||||||||
Decreases related to settlements with taxing authorities | - | - | -35 | ||||||||||||||||
Balance at end of year | $ | - | $ | - | $ | 21 | |||||||||||||
The entire balance of unrecognized tax benefits was accrued in Other Liabilities on the Company’s Consolidated Balance Sheet. There were no accrued penalties and interest at December 31, 2014, 2013 and 2012. | |||||||||||||||||||
We are subject to routine audits of our tax returns by the Internal Revenue Service (“IRS”) and various state taxing authorities. During 2012, ENL concluded a New York State (“NYS”) audit covering 2008-2010. During 2010, the Company concluded a NYS audit covering 2005-2007 and an IRS audit covering 2006-2008. There were no material adverse findings in the audits. The tax years 2011-2013 for NYS and 2011-2013 for the IRS remain subject to examination. In addition, ENL is no longer subject to state income tax examinations by the majority of state tax authorities for all years before 2010. | |||||||||||||||||||
Other_Liabilities
Other Liabilities | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Other Liabilities [Abstract] | |||||||
Other Liabilities | |||||||
14. OTHER LIABILITIES | |||||||
Other liabilities at December 31 were as follows: | |||||||
2014 | 2013 | ||||||
(in thousands) | |||||||
Retirement compensation liabilities | $ | 8,258 | $ | 6,707 | |||
Accounts payable | 5,009 | 4,475 | |||||
Security deposits on direct financing leases | - | 31 | |||||
Interest payable | 232 | 222 | |||||
Other | 1,079 | 1,058 | |||||
Total other liabilities | $ | 14,578 | $ | 12,493 | |||
Included in Accounts Payable as of December 31, 2014 is a $2.0 million accrual for a historic tax credit investment, and included within Other as of December 31, 2014 is a $1.0 million accrual for litigation, as described Note 16 “Contingent Liabilities and Commitments” to these Consolidated Financial Statements. | |||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 15.RELATED PARTY TRANSACTIONS |
The Bank has entered into loan transactions with certain directors, significant shareholders and their affiliates (related parties) in the ordinary course of its business. The aggregate outstanding principal balance of loans to such related parties on December 31, 2014 and 2013 was $3.8 million and $2.6 million, respectively. During 2014, there were $5.5 million of advances and new loans to such related parties, and repayments amounted to $4.3 million. Terms of these loans have prevailing market pricing that would be offered to a similar customer base. Deposits from related parties were $1.9 million and $1.7 million as of December 31, 2014 and 2013. | |
Contingent_Liabilities_And_Com
Contingent Liabilities And Commitments | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Contingent Liabilities And Commitments [Abstract] | |||||||
Contingent Liabilities And Commitments | 16.CONTINGENT LIABILITIES AND COMMITMENTS | ||||||
The Company’s consolidated financial statements do not reflect various commitments and contingent liabilities which arise in the normal course of business and which involve elements of credit risk, interest rate risk and liquidity risk. These commitments and contingent liabilities are commitments to extend credit and standby letters of credit. A summary of the Bank’s commitments and contingent liabilities at December 31, 2014 and 2013 is as follows: | |||||||
December 31, | December 31, | ||||||
2014 | 2013 | ||||||
(in thousands) | |||||||
Commitments to extend credit | $ | 212,193 | $ | 176,964 | |||
Standby letters of credit | 2,430 | 2,664 | |||||
Total | $ | 214,623 | $ | 179,628 | |||
Commitments to extend credit and standby letters of credit all include exposure to some credit loss in the event of non-performance of the customer. The Bank’s credit policies and procedures for credit commitments and financial guarantees are the same as those for extensions of credit that are recorded on the Consolidated Balance Sheets. Because these instruments have fixed maturity dates, and because they may expire without being drawn upon, they do not necessarily represent cash requirements to the Bank. The Bank has not incurred any losses on its commitments during the past three years and has not recorded a reserve for its commitments. | |||||||
The Company has entered into contracts with third parties, some of which include indemnification clauses. Examples of such contracts include contracts with third party service providers, brokers and dealers, correspondent banks, and purchasers of residential mortgages. Additionally, the Company has bylaws, policies and agreements under which it agrees to indemnify its officers and directors from liability for certain events or occurrences while the directors or officers are, or were, serving at the Company’s request in such capacities. The Company indemnifies its officers and directors to the fullest extent allowed by law. The maximum potential amount of future payments that the Company could be required to make under these indemnification provisions is unlimited, but would be affected by all relevant defenses to such claims, as well as directors’ and officers’ liability insurance maintained by the Company. Due to the nature of these indemnification provisions, it is not possible to quantify the aggregate exposure to the Company resulting from them. | |||||||
The Company is subject to possible litigation proceedings in the normal course of business. As noted in Item 3 of Part I of the Annual Report on Form 10-K of which these Consolidated Financial Statements form a part, on September 2, 2014 the Office of the Attorney General for the State of New York (“NYAG”) filed a formal complaint against the Company and the Bank regarding residential lending practices. The Company accrued an estimated liability relating to the NYAG investigation totaling $1.0 million during 2014. At December 31, 2014, a range of loss could not be determined, and management believes the $1.0 million accrual is the best estimate of probable loss. | |||||||
The Company leases certain offices, land and equipment under long-term operating leases. The aggregate minimum annual rental commitments under these leases total approximately $519 thousand in 2015; $523 thousand in 2016; $435 thousand in 2017; $453 thousand in 2018; $465 thousand in 2019, and $3.8 million thereafter. The rental expense under operating leases contained in the Company’s Consolidated Statements of Income included $644 thousand, $684 thousand, and $632 thousand, in 2014, 2013, and 2012, respectively. | |||||||
Concentrations_Of_Credit
Concentrations Of Credit | 12 Months Ended |
Dec. 31, 2014 | |
Concentrations Of Credit [Abstract] | |
Concentrations Of Credit | 17.CONCENTRATIONS OF CREDIT |
All of the Bank’s loans (except leases), commitments and standby letters of credit have been granted to customers in the Bank’s primary market area, which is Western New York. Investments in state and municipal securities also involve governmental entities within the Bank’s primary market area. The concentrations of credit by type of loan are set forth in Note 3 to these Consolidated Financial Statements, "Loans and Leases, Net." The distribution of commitments to extend credit approximates the distribution of loans outstanding. Standby letters of credit were granted primarily to commercial borrowers. The Bank, as a matter of policy, does not extend credit to any single borrower or group in excess of 15% of capital. | |
Segment_Information
Segment Information | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Segment Information [Abstract] | ||||||||||
Segment Information | 18.SEGMENT INFORMATION | |||||||||
The Company is comprised of two primary business segments: banking activities and insurance agency activities. The operating segments are separately managed and their performance is evaluated based on net income. The banking business segment includes both commercial and consumer banking services, including a wide array of lending and depository services. The banking business segment also includes direct financing leasing of commercial small-ticket general business equipment. Origination of these leases has been discontinued, but the Company will continue to service the portfolio until maturity. The insurance agency segment includes the activities of selling various premium-based insurance policies on a commission basis, including business and personal insurance, surety bonds, risk management, life, disability and long-term care coverage, as well as providing claims adjusting services to various insurance companies and offering non-deposit investment products, such as annuities and mutual funds. All sources of segment specific revenues and expenses attributed to management’s definition of net income. Revenues from transactions between the two segments are not significant. The accounting policies of the segments are the same as those described in Note 1 of these “Notes to Consolidated Financial Statements.” | ||||||||||
The following tables set forth information regarding these segments for the years ended December 31, 2014, 2013 and 2012. | ||||||||||
2014 | ||||||||||
Banking | Insurance Agency | |||||||||
Activities | Activities | Total | ||||||||
(in thousands) | ||||||||||
Net interest income (expense) | $ | 31,214 | $ | -115 | $ | 31,099 | ||||
Provision for loan and lease losses | 1,229 | - | 1,229 | |||||||
Net interest income (expense) after | ||||||||||
provision for loan and lease losses | 29,985 | -115 | 29,870 | |||||||
Non-interest income | 3,142 | - | 3,142 | |||||||
Insurance service and fees | 591 | 6,540 | 7,131 | |||||||
Amortization expense | - | 108 | 108 | |||||||
Non-interest expense | 26,875 | 4,269 | 31,144 | |||||||
Income before income taxes | 6,843 | 2,048 | 8,891 | |||||||
Income tax provision (benefit) | -85 | 789 | 704 | |||||||
Net income | $ | 6,928 | $ | 1,259 | $ | 8,187 | ||||
2013 | ||||||||||
Banking | Insurance Agency | |||||||||
Activities | Activities | Total | ||||||||
(in thousands) | ||||||||||
Net interest income (expense) | $ | 28,463 | $ | -116 | $ | 28,347 | ||||
Provision for loan and lease losses | 1,540 | - | 1,540 | |||||||
Net interest income (expense) after | ||||||||||
provision for loan and lease losses | 26,923 | -116 | 26,807 | |||||||
Non-interest income | 4,950 | - | 4,950 | |||||||
Insurance service and fees | 518 | 6,693 | 7,211 | |||||||
Amortization expense | - | 221 | 221 | |||||||
Non-interest expense | 24,792 | 4,367 | 29,159 | |||||||
Income before income taxes | 7,599 | 1,989 | 9,588 | |||||||
Income tax provision | 1,022 | 709 | 1,731 | |||||||
Net income | $ | 6,577 | $ | 1,280 | $ | 7,857 | ||||
2012 | ||||||||||
Banking | Insurance Agency | |||||||||
Activities | Activities | Total | ||||||||
(in thousands) | ||||||||||
Net interest income (expense) | $ | 27,904 | $ | -124 | $ | 27,780 | ||||
Provision (benefit) for loan and lease losses | -68 | - | -68 | |||||||
Net interest income (expense) after | ||||||||||
provision for loan and lease losses | 27,972 | -124 | 27,848 | |||||||
Non-interest income | 5,857 | - | 5,857 | |||||||
Insurance service and fees | - | 6,966 | 6,966 | |||||||
Amortization expense | - | 349 | 349 | |||||||
Non-interest expense | 23,861 | 4,582 | 28,443 | |||||||
Income before income taxes | 9,968 | 1,911 | 11,879 | |||||||
Income tax provision | 3,007 | 740 | 3,747 | |||||||
Net income | $ | 6,961 | $ | 1,171 | $ | 8,132 | ||||
December 31, | December 31, | |||||||||
2014 | 2013 | |||||||||
(in thousands) | ||||||||||
Identifiable Assets, Net | ||||||||||
Banking activities | $ | 837,928 | $ | 824,028 | ||||||
Insurance agency activities | 8,881 | 9,470 | ||||||||
Consolidated Total Assets | $ | 846,809 | $ | 833,498 | ||||||
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Fair Value Of Financial Instruments [Abstract] | |||||||||||||
Fair Value Of Financial Instruments | 19.FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||
Fair value is defined in ASC Topic 820 “Fair Value Measurements and Disclosures” as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. | |||||||||||||
There are three levels of inputs to fair value measurements: | |||||||||||||
· | Level 1 inputs are quoted prices for identical instruments in active markets; | ||||||||||||
· | Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and | ||||||||||||
· | Level 3 inputs are unobservable inputs. | ||||||||||||
Observable market data should be used when available. | |||||||||||||
FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE ON A RECURRING BASIS | |||||||||||||
The following table presents for each of the fair-value hierarchy levels as defined in this footnote, those financial instruments which are measured at fair value on a recurring basis at December 31, 2014 and 2013: | |||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||
31-Dec-14 | |||||||||||||
Securities available-for-sale: | |||||||||||||
U.S. government agencies | $ | - | $ | 26,717 | $ | - | $ | 26,717 | |||||
States and political subdivisions | - | 31,060 | - | 31,060 | |||||||||
Mortgage-backed securities | - | 37,756 | - | 37,756 | |||||||||
Mortgage servicing rights | - | - | 518 | 518 | |||||||||
31-Dec-13 | |||||||||||||
Securities available-for-sale: | |||||||||||||
U.S. government agencies | $ | - | $ | 31,992 | $ | - | $ | 31,992 | |||||
States and political subdivisions | - | 31,880 | - | 31,880 | |||||||||
Mortgage-backed securities | - | 35,793 | - | 35,793 | |||||||||
Mortgage servicing rights | - | - | 509 | 509 | |||||||||
Securities available for sale | |||||||||||||
Fair values for available for sale securities are determined using independent pricing services and market-participating brokers. The Company utilizes a third-party for these pricing services. The third-party utilizes evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information for structured securities, cash flow and, when available, loan performance data. Because many fixed income securities do not trade on a daily basis, the third-party service provider’s evaluated pricing applications apply information as applicable through processes, such as benchmarking of like securities, sector groupings, and matrix pricing, to prepare evaluations. In addition, our third-party pricing service provider uses model processes, such as the Option Adjusted Spread model, to assess interest rate impact and develop prepayment scenarios. The models and the process take into account market convention. For each asset class, a team of evaluators gathers information from market sources and integrates relevant credit information, perceived market movements and sector news into the evaluated pricing applications and models. The third party, at times, may determine that it does not have sufficient verifiable information to value a particular security. In these cases the Company will utilize valuations from another pricing service. | |||||||||||||
Management believes that it has a sufficient understanding of the third party service’s valuation models, assumptions and inputs used in determining the fair value of securities to enable management to maintain an appropriate system of internal control. On a quarterly basis the Company reviews changes, as submitted by our third-party pricing service provider, in the market value of its securities portfolio. Individual changes in valuations are reviewed for consistency with general interest rate movements and any known credit concerns for specific securities. Additionally, on an annual basis the Company has its entire securities portfolio priced by a second pricing service to determine consistency with another market evaluator. If, on the Company’s review or in comparing with another servicer, a material difference between pricing evaluations were to exist, the Company may submit an inquiry to our third party pricing service provider regarding the data used to value a particular security. If the Company determines it has market information that would support a different valuation than our third-party service provider’s evaluation it can submit a challenge for a change to that security’s valuation. There were no material differences in valuations noted in 2014 or 2013. | |||||||||||||
Securities available for sale are classified as Level 2 in the fair value hierarchy as the valuation provided by the third-party provider uses observable market data. | |||||||||||||
Mortgage servicing rights | |||||||||||||
Mortgage servicing rights (“MSRs”) do not trade in an active, open market with readily observable prices. Accordingly, the Company obtains the fair value of the MSRs using a third-party pricing provider. The provider determines the fair value by discounting projected net servicing cash flows of the remaining servicing portfolio. The valuation model used by the provider considers market loan prepayment predictions and other economic factors. The fair value of MSRs is mostly affected by changes in mortgage interest rates since rate changes cause the loan prepayment acceleration factors to increase or decrease. All assumptions are market driven. Management has a sufficient understanding of the third party service’s valuation models, assumptions and inputs used in determining the fair value of MSRs to enable management to maintain an appropriate system of internal control. Mortgage servicing rights are classified within Level 3 of the fair value hierarchy as the valuation is model driven and primarily based on unobservable inputs. | |||||||||||||
The following table summarizes the changes in fair value for items measured at fair value (Level 3) on a recurring basis using significant unobservable inputs during the year ended December 31, 2014: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Mortgage servicing rights - January 1 | $ | 509 | $ | 467 | $ | 407 | |||||||
Gains (losses) included in earnings | -134 | 34 | -144 | ||||||||||
Additions from loan sales | 143 | 8 | 204 | ||||||||||
Mortgage servicing rights -December 31 | $ | 518 | $ | 509 | $ | 467 | |||||||
Quantitative information about the significant unobservable inputs used in the fair value measurement of MSRs at the respective dates is as follows: | |||||||||||||
12/31/14 | 12/31/13 | ||||||||||||
Servicing fees | 0.25 | % | 0.25 | % | |||||||||
Discount rate | 9.52 | % | 10.04 | % | |||||||||
Prepayment rate (CPR) | 9.28 | % | 9.31 | % | |||||||||
FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE ON A NONRECURRING BASIS | |||||||||||||
The Company is required, on a nonrecurring basis, to adjust the carrying value of certain assets or provide valuation allowances related to certain assets using fair value measurements. The following table presents for each of the fair-value hierarchy levels as defined in this footnote, those financial instruments which are measured at fair value on a nonrecurring basis at December 31, 2014 and 2013: | |||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||
31-Dec-14 | |||||||||||||
Impaired loans | $ | - | - | 13,716 | $ | 13,716 | |||||||
31-Dec-13 | |||||||||||||
Impaired loans | $ | - | - | 17,378 | $ | 17,378 | |||||||
Impaired loans | |||||||||||||
The Company evaluates and values impaired loans at the time the loan is identified as impaired, and the fair values of such loans are estimated using Level 3 inputs in the fair value hierarchy. Each loan’s collateral value has a unique appraisal and management’s discount of the value is based on factors unique to each impaired loan. The significant unobservable input in determining the fair value is management’s subjective discount on appraisals of the collateral securing the loan, which ranges from 10%-50%. Fair value is estimated based on the value of the collateral securing these loans. Collateral may consist of real estate and/or business assets including equipment, inventory and/or accounts receivable and the value of these assets is determined based on appraisals by qualified licensed appraisers hired by the Company. Appraised and reported values may be discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, estimated costs to sell, and/or management’s expertise and knowledge of the client and the client’s business. | |||||||||||||
The Company has an appraisal policy in which appraisals are obtained upon a commercial loan being downgraded on the Company internal loan rating scale to a 5 (special mention) or a 6 (substandard) depending on the amount of the loan, the type of loan and the type of collateral. All impaired commercial loans are either graded a 6 or 7 on the internal loan rating scale, unless the commercial loan is impaired due to a troubled debt restructure and is now performing. For consumer loans, the Company obtains appraisals when a loan becomes 60 days past due or is determined to be impaired, whichever occurs first. Subsequent to the downgrade or reaching 60 days past due, if the loan remains outstanding and impaired for at least one year more, management may require another follow-up appraisal. Between receipts of updated appraisals, if necessary, management may perform an internal valuation based on any known changing conditions in the marketplace such as sales of similar properties, a change in the condition of the collateral, or feedback from local appraisers. Impaired loans had a gross value of $15.0 million, with a valuation allowance of $1.3 million, at December 31, 2014, compared to a gross value for impaired loans and leases of $18.9 million, with a valuation allowance of $1.5 million, at December 31, 2013. | |||||||||||||
At December 31, 2014 and 2013, the estimated fair values of the Company’s financial instruments, including those that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||
Amount | Value | Amount | Value | ||||||||||
(in thousands) | (in thousands) | ||||||||||||
Financial assets: | |||||||||||||
Level 1: | |||||||||||||
Cash and cash equivalents | $ | 10,898 | $ | 10,898 | $ | 41,954 | $ | 41,954 | |||||
Level 2: | |||||||||||||
Available for sale securities | 95,533 | 95,533 | 99,665 | 99,665 | |||||||||
FHLB and FRB stock | 2,925 | 2,925 | 2,831 | 2,831 | |||||||||
Level 3: | |||||||||||||
Held to maturity securities | 1,599 | 1,574 | 2,384 | 2,319 | |||||||||
Loans and leases, net | 683,131 | 685,148 | 635,493 | 640,770 | |||||||||
Mortgage servicing rights | 518 | 518 | 509 | 509 | |||||||||
Financial liabilities: | |||||||||||||
Level 1: | |||||||||||||
Demand deposits | $ | 158,631 | $ | 158,631 | $ | 139,973 | $ | 139,973 | |||||
NOW deposits | 72,670 | 72,670 | 65,927 | 65,927 | |||||||||
Regular savings deposits | 363,542 | 363,542 | 390,575 | 390,575 | |||||||||
Commitments to extend credit | 245 | 245 | 401 | 401 | |||||||||
Securities sold under agreement to | |||||||||||||
repurchase | 13,778 | 13,778 | 13,351 | 13,351 | |||||||||
Level 2: | |||||||||||||
Other borrowed funds | 13,700 | 13,700 | 9,000 | 9,171 | |||||||||
Junior subordinated debentures | 11,330 | 11,330 | 11,330 | 11,330 | |||||||||
Level 3: | |||||||||||||
Time deposits | 112,792 | 113,854 | 110,137 | 112,270 | |||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
For these short-term instruments, the carrying amount is a reasonable estimate of fair value. “Cash and Cash Equivalents” includes cash and due from banks and interest-bearing deposits at other banks. | |||||||||||||
Securities Held to Maturity | |||||||||||||
The Company holds certain municipal bonds as held-to-maturity. These bonds are generally small in dollar amount and are issued only by certain local municipalities within the Company’s market area. The original terms are negotiated directly and on an individual basis consistent with our loan and credit guidelines. These bonds are not traded on the open market and management intends to hold the bonds to maturity. The fair value of held-to-maturity securities is estimated by discounting the future cash flows using the current rates at which similar agreements would be made with municipalities with similar credit ratings and for the same remaining maturities. | |||||||||||||
FHLB and FRB stock | |||||||||||||
The carrying value of FHLB and FRB stock approximate fair value. | |||||||||||||
Loans Receivable | |||||||||||||
The fair value of fixed rate loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities, net of the appropriate portion of the allowance for loan losses. For variable rate loans, the carrying amount is a reasonable estimate of fair value. This fair value calculation is not necessarily indicative of the exit price, as defined in ASC Topic 820. | |||||||||||||
Deposits | |||||||||||||
The fair value of demand deposits, NOW accounts, muni-vest accounts and regular savings accounts is the amount payable on demand at the reporting date. The fair value of time deposits is estimated using the rates currently offered for deposits of similar remaining maturities. | |||||||||||||
Borrowed Funds and Securities Sold Under Agreement to Repurchase | |||||||||||||
The fair value of the short-term portion of other borrowed funds approximates its carrying value. The Company does not currently hold long-term borrowed funds, however, in prior periods, the fair value of the long-term portion of other borrowed funds was estimated using a discounted cash flow analysis based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. | |||||||||||||
Junior Subordinated Debentures | |||||||||||||
There is no active market for the Company’s debentures. The fair value of the junior subordinated debentures is determined using an expected present value technique. The fair value of adjustable-rate debentures approximates their face amount. | |||||||||||||
Commitments to extend credit and standby letters of credit | |||||||||||||
As described in Note 16 - “Contingent Liabilities and Commitments” to these Consolidated Financial Statements, the Company was a party to financial instruments with off-balance sheet risk at December 31, 2014 and December 31, 2013. Such financial instruments consist of commitments to extend permanent financing and letters of credit. If the options are exercised by the prospective borrowers, these financial instruments will become interest-earning assets of the Company. If the options expire, the Company retains any fees paid by the counterparty in order to obtain the commitment or guarantee. The fees collected for these commitments are recorded as “unearned commitment fees” in Other Liabilities. The carrying value approximates the fair value. | |||||||||||||
Pension Plan Assets | |||||||||||||
Refer to Note 11 to these Consolidated Financial Statements, “Employee Benefits and Deferred Compensation Plans” for the fair value analysis of the Pension Plan assets. | |||||||||||||
Regulatory_Matters
Regulatory Matters | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||
Regulatory Matters | 20.REGULATORY MATTERS | ||||||||||||||||||||||||
The Company is subject to the dividend restrictions imposed by the FRB and the OCC. Under such restrictions, the Company may not, without the prior approval of the FRB and the OCC, declare dividends in excess of the sum of the current year’s earnings (as defined in FRB regulations) plus the retained earnings (as defined in FRB regulations) from the prior two years. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios (set forth in the table that follows) of total and Tier I capital (as defined in FRB regulations) to risk-weighted assets (as defined in FRB regulations), and of Tier I capital (as defined in FRB regulations) to average assets (as defined in FRB regulations). Management believes that as of December 31, 2014 and 2013, the Company and the Bank met all capital adequacy requirements to which they are subject. | |||||||||||||||||||||||||
The most recent notification from their regulators categorized the Company and the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Company and the Bank must maintain minimum total risk-based, Tier I risk-based and Tier I leverage ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the Company’s or Bank’s category rating. | |||||||||||||||||||||||||
The Company’s and the Bank’s actual capital amounts and ratios were as follows: | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Company | Bank | Minimum for Capital Adequacy Purposes | Minimum to be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
Total Risk-Based Capital | |||||||||||||||||||||||||
(to Risk Weighted Assets) | $ | 98,782 | 14.9 | % | $ | 98,317 | 14.9 | % | $ | 53,227 | 8.0 | % | $ | 66,533 | 10.0 | % | |||||||||
Tier I Capital | |||||||||||||||||||||||||
(to Risk Weighted Assets) | $ | 90,473 | 13.6 | % | $ | 90,021 | 13.7 | % | $ | 26,613 | 4.0 | % | $ | 39,920 | 6.0 | % | |||||||||
Tier I Capital | |||||||||||||||||||||||||
(to Average Assets) | $ | 90,473 | 10.8 | % | $ | 90,021 | 10.8 | % | $ | 33,726 | 4.0 | % | $ | 42,157 | 5.0 | % | |||||||||
31-Dec-13 | |||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Company | Bank | Minimum for Capital Adequacy Purposes | Minimum to be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
Total Risk-Based Capital | |||||||||||||||||||||||||
(to Risk Weighted Assets) | $ | 92,879 | 14.9 | % | $ | 86,757 | 13.9 | % | $ | 49,864 | 8.0 | % | $ | 62,330 | 10.0 | % | |||||||||
Tier I Capital | |||||||||||||||||||||||||
(to Risk Weighted Assets) | $ | 85,044 | 13.6 | % | $ | 78,932 | 12.7 | % | $ | 24,932 | 4.0 | % | $ | 37,398 | 6.0 | % | |||||||||
Tier I Capital | |||||||||||||||||||||||||
(to Average Assets) | $ | 85,044 | 10.4 | % | $ | 78,932 | 9.6 | % | $ | 32,823 | 4.0 | % | $ | 41,029 | 5.0 | % | |||||||||
Additionally, new minimum capital ratios became effective for us on January 1, 2015 and will be fully phased-in on January 1, 2019. Management believes that, as of December 31, 2014, the Company and the Bank would have met all applicable capital adequacy requirements under the Basel III Capital Rules on a fully phased-in basis as if such requirements had been in effect on that date. | |||||||||||||||||||||||||
Dividends are paid as declared by the Board of Directors. The Company may pay dividends only if it is solvent and would not be rendered insolvent by the dividend payment and only from unrestricted and unreserved earned surplus and under some circumstances capital surplus. The Bank’s dividend restrictions apply indirectly to the Company since cash available for dividend distribution will initially come from dividends paid to the Company by the Bank. | |||||||||||||||||||||||||
Dividends may be paid by the Bank only if it would not impair the Bank’s capital structure, if the Bank’s surplus is at least equal to its common capital and if the dividends declared in any year do not exceed the total of net profits in that year combined with undivided profits of the preceding two years less any required transfers to surplus, and if no losses have been sustained equal to or exceeding its undivided profits. | |||||||||||||||||||||||||
In addition, federal regulators have the ability to restrict dividend payments. If the Bank or the Company approaches well-capitalized or minimum capital adequacy levels, regulators could restrict or forbid dividend payments. | |||||||||||||||||||||||||
Parent_Company_Only_Financial_
Parent Company Only Financial Information | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Parent Company Only Financial Information [Abstract] | |||||||||
Parent Company Only Financial Information | |||||||||
21.PARENT COMPANY ONLY FINANCIAL INFORMATION | |||||||||
Parent company (Evans Bancorp, Inc.) only condensed financial information is as follows: | |||||||||
CONDENSED BALANCE SHEETS | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
ASSETS | |||||||||
Cash | $ | 3,258 | $ | 54 | |||||
Other assets | 1,144 | 1,054 | |||||||
Investment in subsidiaries | 95,689 | 92,413 | |||||||
Total assets | $ | 100,091 | $ | 93,521 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||
LIABILITIES: | |||||||||
Junior subordinated debentures | $ | 11,330 | $ | 11,330 | |||||
Other liabilities | 2,973 | 1,479 | |||||||
Total liabilities | 14,303 | 12,809 | |||||||
STOCKHOLDERS’ EQUITY | |||||||||
Total Stockholders’ Equity | $ | 85,788 | $ | 80,712 | |||||
Total liabilities and stockholders’ equity | $ | 100,091 | $ | 93,521 | |||||
CONDENSED STATEMENTS OF INCOME | |||||||||
December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
(in thousands) | |||||||||
Dividends from subsidiaries | $ | 7,000 | $ | 2,614 | $ | 2,000 | |||
Expenses | -1,363 | -1,364 | -1,308 | ||||||
Income before equity in undistributed | |||||||||
earnings of subsidiaries | 5,637 | 1,250 | 692 | ||||||
Equity in undistributed earnings of subsidiaries | 2,550 | 6,607 | 7,440 | ||||||
Net income | 8,187 | 7,857 | 8,132 | ||||||
Other comprehensive income | - | - | - | ||||||
Comprehensive income | $ | 8,187 | $ | 7,857 | $ | 8,132 | |||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||
Year Ended | |||||||||
2014 | 2013 | 2012 | |||||||
(in thousands) | |||||||||
Operating Activities: | |||||||||
Net income | $ | 8,187 | $ | 7,857 | $ | 8,132 | |||
Adjustments to reconcile net income to | |||||||||
net cash provided by operating activities: | |||||||||
Undistributed earnings of subsidiaries | -2,550 | -6,607 | -7,440 | ||||||
Changes in assets and liabilities affecting cash flow: | |||||||||
Other assets | -89 | -187 | -137 | ||||||
Other liabilities | 1,563 | -23 | 53 | ||||||
Net cash provided by operating activities | 7,111 | 1,040 | 608 | ||||||
Investing Activities: | |||||||||
Investment in subsidiaries | - | - | - | ||||||
Net cash used in investing activities | - | - | - | ||||||
Financing Activities: | |||||||||
Proceeds from issuance of common stock | - | - | - | ||||||
Cash dividends paid | -2,471 | -1,077 | -2,543 | ||||||
Purchase of Treasury stock | -1,436 | - | - | ||||||
Net cash used in financing activities | -3,907 | -1,077 | -2,543 | ||||||
Net increase (decrease) in cash | 3,204 | -37 | -1,935 | ||||||
Cash beginning of year | 54 | 91 | 2,026 | ||||||
Cash ending of year | $ | 3,258 | $ | 54 | $ | 91 | |||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Selected Quarterly Financial Data [Abstract] | |||||||||||||
Selected Quarterly Financial Data | |||||||||||||
22.SELECTED QUARTERLY FINANCIAL DATA - UNAUDITED | |||||||||||||
4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | ||||||||||
(in thousands, except for per share data) | |||||||||||||
2014 | |||||||||||||
Interest Income | $ | 9,327 | $ | 8,576 | $ | 8,592 | $ | 8,219 | |||||
Interest Expense | 887 | 899 | 910 | 921 | |||||||||
Net Interest Income | $ | 8,440 | $ | 7,677 | $ | 7,682 | $ | 7,298 | |||||
Net Income | $ | 2,306 | $ | 2,290 | $ | 1,579 | $ | 2,013 | |||||
Earnings per share basic | 0.55 | 0.55 | 0.38 | 0.48 | |||||||||
Earnings per share diluted | 0.54 | 0.54 | 0.37 | 0.47 | |||||||||
2013 | |||||||||||||
Interest Income | $ | 8,305 | $ | 8,149 | $ | 7,993 | $ | 7,956 | |||||
Interest Expense | 961 | 975 | 991 | 1,130 | |||||||||
Net Interest Income | $ | 7,344 | $ | 7,174 | $ | 7,002 | $ | 6,826 | |||||
Net Income | $ | 1,667 | $ | 2,451 | $ | 1,923 | $ | 1,816 | |||||
Earnings per share basic | 0.40 | 0.58 | 0.46 | 0.44 | |||||||||
Earnings per share diluted | 0.39 | 0.57 | 0.46 | 0.43 | |||||||||
Organization_And_Summary_Of_Si1
Organization And Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Organization And Summary Of Significant Accounting Policies [Abstract] | ||||
Organization And General | Organization and General | |||
Evans Bancorp, Inc. (the “Company”) was organized as a New York business corporation and incorporated under the laws of the State of New York on October 28, 1988 for the purpose of becoming a bank holding company. Through August 2004, the Company was registered with the Federal Reserve Board (“FRB”) as a bank holding company under the Bank Holding Company Act of 1956, as amended. In August 2004, the Company filed for, and was approved as, a Financial Holding Company under the Bank Holding Company Act. The Company currently conducts its business through its two subsidiaries: Evans Bank, N.A. (the “Bank”), a nationally chartered bank, and its subsidiaries, Suchak Data Systems, LLC (“SDS”), Evans National Leasing, Inc. (“ENL”) and Evans National Holding Corp. (“ENHC”); and Evans National Financial Services, LLC (“ENFS”) and its subsidiary, The Evans Agency LLC (“TEA”). Unless the context otherwise requires, the term “Company” refers collectively to Evans Bancorp, Inc. and its subsidiaries. The Company conducts its business through its subsidiaries. It does not engage in any other substantial business. | ||||
During the twelve-month period ended December 31, 2014, the Company revised the Consolidated Statement of Cash Flows | ||||
for the twelve-month period ended December 31, 2013 to correct errors of $1.7 million within the “Cash paid to employees and vendors”, “Net cash provided by operating activities”, “Net (increase)decrease in loans” and “Net cash (used in) provided by investing activities, $147 thousand in “Depreciation and amortization”, $1.8 million in “Change in other assets affecting cash flow” and $34 thousand in “Change in liabilities effecting cash flow” line items. In addition, the Company revised the Consolidated Statement of Cash Flows for the twelve-month period ended December 31, 2012 to correct errors of $1.5 million within the “Cash paid to employees and vendors”, “Net cash provided by operating activities”, “Net (increase) decrease in loans” and “Net cash (used in) provided by investing activities, $110 thousand in “Depreciation and amortization”, $2.2 million in “Change in other assets affecting cash flow” and $579 thousand in “Change in liabilities effecting cash flow” line items. The Company has assessed the materiality of this correction and concluded, based on qualitative and quantitative considerations, in accordance with Staff Accounting Bulletin No. 99, that the adjustments were not material to our previously reported financial statements. | ||||
Regulatory Requirements | ||||
Regulatory Requirements | ||||
The Company is subject to the rules, regulations, and reporting requirements of various regulatory bodies, including the FRB, the Federal Deposit Insurance Corporation (“FDIC”), the Office of the Comptroller of the Currency (“OCC”), and the SEC. | ||||
Principles Of Consolidation | Principles of Consolidation | |||
The consolidated financial statements include the accounts of the Company, the Bank, ENFS and their subsidiaries. All material inter-company accounts and transactions are eliminated in consolidation. | ||||
Accounting Estimates | Accounting Estimates | |||
Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities and disclosure of contingent assets and liabilities in order to prepare these consolidated financial statements in conformity with U.S. generally accepted accounting principles. The estimates and assumptions that management deems to be critical involve our accounting policies relating to the determination of our allowance for loan and lease losses and the valuation of goodwill. These estimates and assumptions are based on management’s best estimates and judgment and management evaluates them on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. We adjust our estimates and assumptions when facts and circumstances dictate. The current economic recession increases the uncertainty inherent in our estimates and assumptions. As future events cannot be determined with precision, actual results could differ significantly from our estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in periods as they occur. | ||||
Cash And Cash Equivalents | Cash and Cash Equivalents | |||
For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks and interest-bearing deposits at banks. | ||||
Securities | Securities | |||
Securities which the Bank has the positive intent and ability to hold to maturity are classified as held to maturity and are stated at cost, adjusted for discounts and premiums that are recognized in interest income over the period to the earlier of the call date or maturity using the level yield method. These securities represent debt issuances of local municipalities in the Bank’s market area for which market prices are not readily available. Management periodically evaluates the financial condition of the municipalities to see if there is any cause for impairment in their bonds. | ||||
Securities classified as available for sale are stated at fair value with unrealized gains and losses excluded from earnings and reported, net of deferred income taxes, in accumulated other comprehensive income or loss, a component of stockholders’ equity. Gains and losses on sales of securities are computed using the specific identification method. | ||||
Securities which experience an other-than-temporary decline in fair value are written down to a new cost basis with the amount of the write-down, due to credit problems, included in earnings as a realized loss. The new cost basis is not changed for subsequent recoveries in fair value. Factors which management considers in determining whether an impairment in value of an investment is other than temporary include the period of time the securities were in a loss position, management’s intent and ability to hold securities until fair values recover to amortized cost or if it is considered more likely than not that the Company will have to sell the security, the extent to which fair value is less than amortized cost, the issuer’s financial performance and near term prospects, the financial condition and prospects for the issuer’s geographic region and industry, and recoveries or declines in fair value subsequent to the balance sheet date. There were no charges associated with other-than-temporary impairment declines in fair value of securities in 2014 or 2013. | ||||
The Bank does not engage in securities trading activities. | ||||
Loans | Loans | |||
Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or pay-off, generally are reported at their outstanding unpaid principal balances adjusted for unamortized deferred fees or costs. Interest income is accrued on the unpaid principal balance and is recognized using the interest method. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the effective yield method of accounting. | ||||
Loans become past due when the payment date has been missed. If payment has not been received within 30 days, then the loan is delinquent. Delinquent loans are placed into three categories; 30-59 days past due, 60-89 days past due, or 90+ days past due. Loans 90 or more days past due are considered non-performing. | ||||
The accrual of interest on loans is discontinued at the time the loan is 90 days delinquent, unless the credit is well secured and in process of collection. If the credit is not well secured and in the process of collection, the loan is placed on non-accrual status and is subject to charge-off if collection of principal or interest is considered doubtful. A loan can also be placed on nonaccrual before it is 90 days delinquent if management determines that it is probable that the Bank will be unable to collect principal or interest due according to the contractual terms of the loan. | ||||
All interest due but not collected for loans that are placed on non-accrual status or charged off is reversed against interest income. The interest on these loans is accounted for on the cost-recovery method, until it again qualifies for an accrual basis. Any cash receipts on non-accrual loans reduce the carrying value of the loans. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current, the adverse circumstances which resulted in the delinquent payment status are resolved, and payments are made in a timely manner for a period of time sufficient to reasonably assure their future dependability. | ||||
The Bank considers a loan impaired when, based on current information and events, it is probable that it will be unable to collect principal or interest due according to the contractual terms of the loan. These loans are individually assessed for any impairment. Loan impairment is measured based on the present value of expected cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral, less costs to sell, if the loan is collateral dependent. Appraised and reported values may be discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, estimated costs to sell, and/or management’s expertise and knowledge of the client and the client’s business. The Company has an appraisal policy in which appraisals are obtained upon a loan being downgraded on the Company’s internal loan rating scale to a 5 (special mention) or a 6 (substandard) depending on the amount of the loan, the type of loan and the type of collateral. All impaired loans are either graded a 6 or 7 on the internal loan rating scale. Subsequent to the downgrade, if the loan remains outstanding and impaired for at least one year more, management may require another follow-up appraisal. Between receipts of updated appraisals, if necessary, management may perform an internal valuation based on any known changing conditions in the marketplace such as sales of similar properties, a change in the condition of the collateral, or feedback from local appraisers. Consumer installment loans and direct financing leases are collectively evaluated for impairment. Since these loans and leases are not individually identified and evaluated, they are not considered impaired loans. The one exception is for consumer loans and direct financing leases that are considered troubled debt restructurings (“TDR”) since all TDR loans and leases are considered impaired. | ||||
The Bank monitors the credit risk in its loan portfolio by reviewing certain credit quality indicators (“CQI”). The primary CQI for its commercial mortgage and commercial and industrial (“C&I”) portfolios is the individual loan’s credit risk rating. The following list provides a description of the credit risk ratings that are used internally by the Bank when assessing the adequacy of its allowance for loan and lease losses: | ||||
· | 1-3-Pass: Risk Rated 1-3 loans are loans with a slight risk of loss. The loan is secured by collateral of sufficient value to cover the loan by an acceptable margin. The financial statements of the company demonstrate sufficient net worth and repayment ability. The company has established an acceptable credit history with the bank and typically has a proven track record of performance. Management is experienced, and has an at least average ability to manage the company. The industry has an average or less than average susceptibility to wide fluctuations in business cycles. | |||
· | 4-Watch: Although generally acceptable, a higher degree of risk is evident in these watch credits. Obligor assessment factors may have elements which reflect marginally acceptable conditions warranting more careful review and analysis and monitoring. | |||
The obligor’s balance sheet reflects generally acceptable asset quality with some elements weak or marginally acceptable. Liquidity may be somewhat strained, but is at an acceptable level to support operations. Obligor may be fully leveraged with ratios higher than industry averages. High leverage is negatively impacting the company, leaving it vulnerable to adverse change. Inconsistent or declining capability to service existing debt requirements evidenced by debt service coverage temporarily below or near acceptable level. The margin of collateral may be adequate, but declining or fluctuating in value. Company management may be unproven, but capable. Rapid expansion or acquisition may increase leverage or reduce cash flow. | ||||
Negative industry conditions or weaker management could also be characteristic. Proper consideration should be given to companies in a high growth phase or in development business segments that may not have achieved sustainable earnings. | ||||
Obligors demonstrate sufficient financial flexibility to react to and positively address the root cause of the adverse financial trends without significant deviations from their current business strategy. The rating is also used for borrowers that have made significant progress in resolving their financial weaknesses. | ||||
· | 5-O.A.E.M. (Other Assets Especially Mentioned): Special Mention (“SM”) – A special mention asset has potential weaknesses that warrant management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. SM assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. | |||
SM assets have potential weaknesses that may, if not checked or corrected, weaken the asset or inadequately protect the institution’s position at some future date. These assets pose elevated risk, but their weakness does not yet justify a substandard classification. Borrowers may be experiencing adverse operating trends (declining revenues or margins) or an ill proportioned balance sheet (e.g. increasing inventory without an increase in sales, high leverage, tight liquidity). | ||||
Adverse economic or market conditions, such as interest rate increases or the entry of a new competitor, may also support a special mention rating. | ||||
Nonfinancial reasons for rating a credit exposure special mention include management problems, pending litigation, an ineffective loan agreement or other material structural weakness, and any other significant deviation from prudent lending practices. | ||||
The SM rating is designed to identify a specific level of risk and concern about asset quality. Although an SM asset has a higher profitability of default than a pass asset, its default is not imminent. | ||||
· | 6-Substandard: A substandard asset is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. | |||
Substandard assets have a high probability of payment default, or they have other well-defined weaknesses. They require more intensive supervision by Bank management. | ||||
Substandard assets are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or marginal capitalization. Repayment may depend on collateral or other credit risk subsidies. For some substandard assets, the likelihood of full collection of interest and principal may be in doubt; such assets should be placed on non-accrual. Although substandard assets in the aggregate will have distinct potential for loss, an individual asset’s loss potential does not have to be distinct for the asset to be rated substandard. These loans are periodically reviewed and tested for impairment. | ||||
· | 7-Doubtful: An asset classified doubtful has all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. | |||
A doubtful asset has a high probability of total or substantial loss, but because of specific pending events that may strengthen the asset, its classification of loss is deferred. | ||||
Doubtful borrowers are usually in default, lack adequate liquidity or capital, and lack the resources necessary to remain an operating entity. Pending events can include mergers, acquisitions, liquidations, capital injections, the perfection of liens on additional collateral, the valuation of collateral, and refinancing. | ||||
Generally, pending events should be resolved within a relatively short period and the ratings will be adjusted based on the new information. Because of high probability of loss, non-accrual accounting treatment is required for doubtful assets. | ||||
· | 8-Loss: Assets classified loss are considered uncollectable and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the assets have absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. | |||
With loss assets, the underlying borrowers are often in bankruptcy, have formally suspended debt repayments, or have otherwise ceased normal business operations. Once an asset is classified loss, there is little prospect of collecting either its principal or interest. When access to collateral, rather than the value of the collateral, is a problem, a less severe classification may be appropriate. Losses are to be recorded in the period an obligation becomes uncollectible. | ||||
The Company’s consumer loans, including residential mortgages and home equities, are not individually risk rated or reviewed in the Company’s loan review process. Consumers are not required to provide the Company with updated financial information as is a commercial customer. Consumer loans also carry smaller balances. Given the lack of updated information since the initial underwriting of the loan and small size of individual loans, the Company does not have credit risk ratings for consumer loans and instead uses delinquency status as the credit quality indicator for consumer loans. However, once a consumer loan is identified as impaired, it is individually evaluated for impairment. | ||||
Allowance For Loan And Lease Losses | Allowance for Loan and Lease Losses | |||
The provision for loan and lease losses represents the amount charged against the Bank’s earnings to maintain an allowance for probable loan and lease losses inherent in the portfolio based on management’s evaluation of the loan and lease portfolio at the balance sheet date. Factors considered by the Bank’s management in establishing the allowance include: the collectability of individual loans, current loan concentrations, charge-off history, delinquent loan percentages, the fair value of the collateral, input from regulatory agencies, and general economic conditions. | ||||
On a quarterly basis, management of the Bank meets to review and determine the adequacy of the allowance for loan and lease losses. In making this determination, the Bank’s management analyzes the ultimate collectability of the loans in its portfolio by incorporating feedback provided by the Bank’s internal loan staff, an independent internal loan review function and information provided by examinations performed by regulatory agencies. | ||||
The analysis of the allowance for loan and lease losses is composed of two components: specific credit allocation and general portfolio allocation. The specific credit allocation includes a detailed review of each impaired loan and allocation is made based on this analysis. Factors may include the appraisal value of the collateral, the age of the appraisal, the type of collateral, the performance of the loan to date, the performance of the borrower’s business based on financial statements, and legal judgments involving the borrower. The general portfolio allocation consists of an assigned reserve percentage based on the historical loss experience, the loss emergence period, and other quantitative and qualitative factors of the loan category. | ||||
The general portfolio allocation is segmented into pools of loans with similar characteristics. Separate pools of loans include loans pooled by loan grade and by portfolio segment. Loans graded a 5 or worse (“criticized loans”) that exceed an exposure threshold are evaluated by the Company’s credit department to determine if the collateral for the loan is worth less than the loan. All of these “shortfalls” are added together and divided by the respective loan pool to calculate a current quantitative factor applied to the respective pool, as this represents a potential loss exposure. The current quantitative factor is then included within an analysis of historical quantitative factors, and a weighted average and loss emergence period multiplier is applied against these loan pools. These loans are not considered individually impaired because the cash flow of the customer and the payment history of the loan suggest that it is not probable that the Company will be unable to collect the full amount of principal and interest as contracted and are thus still accruing interest. | ||||
Loans that are graded 4 or better (“non-criticized loans”) are reserved in separate loan pools in the general portfolio allocation. A weighted average 5-year historical charge-off ratio and a loss emergence period by portfolio segment is calculated and applied against these loan pools. | ||||
For both the criticized and non-criticized loan pools in the general portfolio allocation, additional qualitative factors are applied. The qualitative factors applied to the general portfolio allocation reflect management’s evaluation of various conditions. The conditions evaluated include the following: industry and regional conditions; seasoning of the loan portfolio and changes in the composition of and growth in the loan portfolio; the strength and duration of the business cycle; existing general economic and business conditions in the lending areas; credit quality trends in non-accruing loans; timing of the identification of downgrades; historical loan charge-off experience; and the results of bank regulatory examinations. Due to the nature of the loans, the criticized loan pools carry significantly higher qualitative factors than the non-criticized pools. | ||||
Foreclosed Real Estate | Foreclosed Real Estate | |||
Foreclosed real estate is initially recorded at the lower of carrying or fair value (net of costs of disposal) at the date of foreclosure. Costs relating to development and improvement of property are capitalized, whereas costs relating to the holding of property are expensed. Assessments are periodically performed by management, and an allowance for losses is established through a charge to operations if the carrying value of a property exceeds fair value. The Company held no foreclosed real estate at December 31, 2014 or December 31, 2013. | ||||
Insurance Commission And Fees | Insurance Commissions and Fees | |||
Commission revenue is recognized as of the effective date of the insurance policy or the date the customer is billed, whichever is later. The Company also receives contingent commissions from insurance companies which are based on the overall profitability of their relationship based primarily on the loss experience of the insurance placed by the Company. Contingent commissions from insurance companies are recognized when determinable. | ||||
Goodwill And Other Intangible Assets | ||||
Goodwill and Other Intangible Assets | ||||
The Company accounts for goodwill and other intangible assets in accordance with ASC Topic 350, "Intangibles – Goodwill and Other." The Company records the excess of the cost of acquired entities over the fair value of identifiable tangible and intangible assets acquired, less liabilities assumed, as goodwill. The Company amortizes acquired intangible assets with definite useful economic lives over their useful economic lives utilizing the straight-line method. On a periodic basis, management assesses whether events or changes in circumstances indicate that the carrying amounts of the intangible assets may be impaired. The Company does not amortize goodwill and any acquired intangible asset with an indefinite useful economic life, but reviews them for impairment at a reporting unit level on an annual basis, or when events or changes in circumstances indicate that the carrying amounts may be impaired. A reporting unit is defined as any distinct, separately identifiable component of one of our operating segments for which complete, discrete financial information is available and reviewed regularly by the segment’s management. The only reporting unit with goodwill as of December 31, 2014 was the insurance agency activities reporting unit. | ||||
The fair value of the insurance agency activities reporting unit is measured annually as of December 31st utilizing the average of a discounted cash flow model and a market value based on a multiple to earnings before interest, taxes, depreciation, and amortization (“EBITDA”) for similar companies. The calculated value of the insurance agency reporting unit was substantially in excess of the carrying amount at December 31, 2014. A review of the period subsequent to the measurement date is performed to determine if there were any significant adverse changes in operations or events that would alter our determination as of the measurement date. The Company has performed the required goodwill impairment tests and has determined that goodwill was not impaired as of December 31, 2014. | ||||
Bank-Owned Life Insurance | Bank-Owned Life Insurance | |||
The Bank has purchased insurance on the lives of Company directors and certain members of the Bank's and TEA's management. The policies accumulate asset values to meet future liabilities, including the payment of employee benefits, such as retirement benefits. Increases in the cash surrender value are recorded as other income in the Company’s Consolidated Statements of Income. | ||||
Properties And Equipment | ||||
Properties and Equipment | ||||
Properties and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from 3 to 39 years. Impairment losses on properties and equipment are realized if the carrying amount is not recoverable from its undiscounted cash flows and exceeds its fair value in accordance with ASC Topic 360, “Property, Plant, and Equipment.” | ||||
Inocme Taxes | Income Taxes | |||
Income taxes are accounted for under the asset and liability method under ASC Topic 740, “Income Taxes.” Deferred tax assets and liabilities are reflected at currently enacted income tax rates applicable to the periods in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through income tax expense. | ||||
Net Income Per Share | ||||
Net Income Per Share | ||||
Net income per common share is determined by dividing net income by the weighted average number of shares outstanding during the period. Diluted earnings per common share is based on increasing the weighted-average number of shares of common stock by the number of shares of common stock that would be issued assuming the exercise of stock options and immediate vesting of restricted shares. Such adjustments to weighted-average number of shares of common stock outstanding are made only when such adjustments are expected to dilute earnings per common share. There were 77,620, 49,268, and 15,368 potentially dilutive shares of common stock included in calculating diluted earnings per share for the years ended December 31, 2014, 2013, and 2012, respectively. Potential common shares that would have the effect of increasing diluted earnings per share are considered to be anti-dilutive. In accordance with ASC Topic 260, "Earnings Per Share," these shares were not included in calculating diluted earnings per share. As of December 31, 2014, 2013, and 2012, there were 9 thousand, 42 thousand, and 157 thousand shares, respectively, that are not included in calculating diluted earnings per share because their effect was anti-dilutive. | ||||
Treasury Stock | Treasury Stock | |||
Repurchases of shares of Evans Bancorp, Inc. stock are recorded at cost as a reduction of shareholders’ equity. Reissuances of shares of treasury stock are recorded at market value. | ||||
Comprehensive Income | Comprehensive Income | |||
Comprehensive income includes both net income and other comprehensive income, including the change in unrealized gains and losses on securities available for sale, and the change in the liability related to pension costs, net of tax. | ||||
Employee Benefits | Employee Benefits | |||
The Bank maintains a non-contributory, qualified, defined benefit pension plan (the “Pension Plan”) that covered substantially all employees before it was frozen on January 31, 2008. All benefits eligible participants had accrued in the Pension Plan until the freeze date have been retained. Employees have not accrued additional benefits in the Pension Plan from that date. The actuarially determined pension benefit in the form of a life annuity is based on the employee’s combined years of service, age and compensation. The Bank’s policy is to fund the minimum amount required by government regulations. Employees are eligible to receive these benefits at normal retirement age. | ||||
The Bank maintains a defined contribution 401(k) plan and accrues contributions due under this plan as earned by employees. In addition, the Bank maintains a non-qualified Supplemental Executive Retirement Plan for certain members of senior management, a non-qualified Deferred Compensation Plan for directors and certain members of management, and a non-qualified Executive Incentive Retirement Plan for certain members of management, as described more fully in Note 11 to these Consolidated Financial Statements, “Employee Benefits and Deferred Compensation Plans.” | ||||
Stock-based Compensation | ||||
Stock-based Compensation | ||||
Stock-based compensation expense is recognized over the vesting period of the stock-based grant based on the estimated grant date value of the stock-based compensation that is expected to vest. Information on the determination of the estimated value of stock-based awards used to calculate stock-based compensation expense is included in Note 12 to these Consolidated Financial Statements, “Stock-Based Compensation.” | ||||
Loss Contingencies | Loss Contingencies | |||
Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. | ||||
Financial Instruments With Off-Balance Sheet Risk | Financial Instruments with Off-Balance Sheet Risk | |||
In the ordinary course of business, the Bank has entered into off-balance sheet financial arrangements consisting of commitments to extend credit and standby letters of credit. The Bank has not incurred any losses on its commitments during the past three years and has not recorded a reserve for its commitments. | ||||
Advertising costs | Advertising costs | |||
Advertising costs are expensed as incurred. | ||||
New Accounting Standards | New Accounting Standards | |||
The following significant accounting pronouncements effective for the Company in 2014: | ||||
Accounting Standards Update (“ASU”) 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The objective of this ASU is to eliminate diversity in practice for presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The main provision states that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. This ASU is effective for fiscal years and interim periods within those years, beginning after December 15, 2013 and did not have a material impact on the Company’s financial statements. | ||||
Securities_Tables
Securities (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Securities [Abstract] | |||||||||||||||||||
Schedule Of Amortized Cost And Estimated Fair Value Of Investment Securities | |||||||||||||||||||
2014 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||
Amortized | Unrealized | Fair | |||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||
Available for Sale: | |||||||||||||||||||
Debt securities: | |||||||||||||||||||
U.S. government agencies | $ | 26,687 | $ | 305 | $ | -275 | $ | 26,717 | |||||||||||
States and political subdivisions | 30,182 | 927 | -49 | 31,060 | |||||||||||||||
Total debt securities | $ | 56,869 | $ | 1,232 | $ | -324 | $ | 57,777 | |||||||||||
Mortgage-backed securities: | |||||||||||||||||||
FNMA | $ | 14,653 | $ | 516 | $ | -15 | $ | 15,154 | |||||||||||
FHLMC | 5,901 | 121 | -64 | 5,958 | |||||||||||||||
GNMA | 6,014 | 143 | -27 | 6,130 | |||||||||||||||
CMO | 10,611 | 42 | -139 | 10,514 | |||||||||||||||
Total mortgage-backed securities | $ | 37,179 | $ | 822 | $ | -245 | $ | 37,756 | |||||||||||
Total securities designated as available for sale | $ | 94,048 | $ | 2,054 | $ | -569 | $ | 95,533 | |||||||||||
Held to Maturity: | |||||||||||||||||||
Debt securities | |||||||||||||||||||
States and political subdivisions | $ | 1,599 | $ | 7 | $ | -32 | $ | 1,574 | |||||||||||
Total securities designated as held to maturity | $ | 1,599 | $ | 7 | $ | -32 | $ | 1,574 | |||||||||||
2013 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||
Amortized | Unrealized | Fair | |||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||
Available for Sale: | |||||||||||||||||||
Debt securities: | |||||||||||||||||||
U.S. government agencies | $ | 32,176 | $ | 439 | $ | -623 | $ | 31,992 | |||||||||||
States and political subdivisions | 31,266 | 802 | -188 | 31,880 | |||||||||||||||
Total debt securities | $ | 63,442 | $ | 1,241 | $ | -811 | $ | 63,872 | |||||||||||
Mortgage-backed securities: | |||||||||||||||||||
FNMA | $ | 13,204 | $ | 354 | $ | -57 | $ | 13,501 | |||||||||||
FHLMC | 7,156 | 109 | -147 | 7,118 | |||||||||||||||
GNMA | 7,570 | 99 | -96 | 7,573 | |||||||||||||||
CMO | 7,981 | 9 | -389 | 7,601 | |||||||||||||||
Total mortgage-backed securities | $ | 35,911 | $ | 571 | $ | -689 | $ | 35,793 | |||||||||||
Total securities designated as available for sale | $ | 99,353 | $ | 1,812 | $ | -1,500 | $ | 99,665 | |||||||||||
Held to Maturity: | |||||||||||||||||||
Debt securities | |||||||||||||||||||
States and political subdivisions | $ | 2,384 | $ | 6 | $ | -71 | $ | 2,319 | |||||||||||
Total securities designated as held to maturity | $ | 2,384 | $ | 6 | $ | -71 | $ | 2,319 | |||||||||||
Scheduled Maturities Of Debt And Mortgage Backed Securities | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||
cost | fair value | cost | fair value | ||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||
Due in one year or less | $ | 8,172 | $ | 8,256 | $ | 447 | $ | 454 | |||||||||||
Due after one year through five years | 22,118 | 22,597 | 23,732 | 24,419 | |||||||||||||||
Due after five years through ten years | 20,517 | 20,589 | 31,450 | 30,946 | |||||||||||||||
Due after ten years | 6,062 | 6,335 | 7,813 | 8,053 | |||||||||||||||
56,869 | 57,777 | 63,442 | 63,872 | ||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||
available for sale | 37,179 | 37,756 | 35,911 | 35,793 | |||||||||||||||
Total available for sale securities | $ | 94,048 | $ | 95,533 | $ | 99,353 | $ | 99,665 | |||||||||||
Debt securities held to maturity: | |||||||||||||||||||
Due in one year or less | $ | 478 | $ | 477 | $ | 1,023 | $ | 1,020 | |||||||||||
Due after one year through five years | 77 | 78 | 178 | 179 | |||||||||||||||
Due after five years through ten years | 932 | 914 | 1,064 | 1,015 | |||||||||||||||
Due after ten years | 112 | 105 | 119 | 105 | |||||||||||||||
1,599 | 1,574 | 2,384 | 2,319 | ||||||||||||||||
Total held to maturity securities | $ | 1,599 | $ | 1,574 | $ | 2,384 | $ | 2,319 | |||||||||||
Unrealized Losses On Available For Sale Securities | |||||||||||||||||||
2014 | |||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
(in thousands) | |||||||||||||||||||
Available for Sale: | |||||||||||||||||||
Debt securities: | |||||||||||||||||||
U.S. government agencies | $ | 3,906 | $ | -26 | $ | 7,751 | $ | -249 | $ | 11,657 | $ | -275 | |||||||
States and political subdivisions | 4,752 | -9 | 1,902 | -40 | 6,654 | -49 | |||||||||||||
Total debt securities | $ | 8,658 | $ | -35 | $ | 9,653 | $ | -289 | $ | 18,311 | $ | -324 | |||||||
Mortgage-backed securities: | |||||||||||||||||||
FNMA | $ | 1,498 | $ | -10 | $ | 1,731 | $ | -5 | $ | 3,229 | $ | -15 | |||||||
FHLMC | - | - | 1,482 | -64 | 1,482 | -64 | |||||||||||||
GNMA | - | - | 2,079 | -27 | 2,079 | -27 | |||||||||||||
CMO'S | 1,722 | -11 | 4,290 | -128 | 6,012 | -139 | |||||||||||||
Total mortgage-backed securities | $ | 3,220 | $ | -21 | $ | 9,582 | $ | -224 | $ | 12,802 | $ | -245 | |||||||
Held To Maturity: | |||||||||||||||||||
Debt securities: | |||||||||||||||||||
States and political subdivisions | $ | 371 | $ | -1 | $ | 556 | $ | -31 | $ | 927 | $ | -32 | |||||||
Total temporarily impaired | |||||||||||||||||||
securities | $ | 12,249 | $ | -57 | $ | 19,791 | $ | -544 | $ | 32,040 | $ | -601 | |||||||
2013 | |||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||
(in thousands) | |||||||||||||||||||
Available for Sale: | |||||||||||||||||||
Debt securities: | |||||||||||||||||||
U.S. government agencies | $ | 10,553 | $ | -486 | $ | 1,863 | $ | -137 | $ | 12,416 | $ | -623 | |||||||
States and political subdivisions | 7,953 | -150 | 590 | -38 | 8,543 | -188 | |||||||||||||
Total debt securities | $ | 18,506 | $ | -636 | $ | 2,453 | $ | -175 | $ | 20,959 | $ | -811 | |||||||
Mortgage-backed securities: | |||||||||||||||||||
FNMA | $ | 4,819 | $ | -57 | $ | 21 | $ | - | $ | 4,840 | $ | -57 | |||||||
FHLMC | 2,677 | -46 | 1,700 | -101 | 4,377 | -147 | |||||||||||||
GNMA | 2,751 | -96 | - | - | 2,751 | -96 | |||||||||||||
CMO'S | 6,466 | -389 | - | - | 6,466 | -389 | |||||||||||||
Total mortgage-backed securities | $ | 16,713 | $ | -588 | $ | 1,721 | $ | -101 | $ | 18,434 | $ | -689 | |||||||
Held To Maturity: | |||||||||||||||||||
Debt securities: | |||||||||||||||||||
States and political subdivisions | $ | 1,210 | $ | -24 | $ | 504 | $ | -47 | $ | 1,714 | $ | -71 | |||||||
Total temporarily impaired | |||||||||||||||||||
securities | $ | 36,429 | $ | -1,248 | $ | 4,678 | $ | -323 | $ | 41,107 | $ | -1,571 | |||||||
Loans_And_Leases_Net_Tables
Loans And Leases, Net (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Loans And Leases, Net [Abstract] | |||||||||||||||||||||||||
Major Categories Of Loans And Leases | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Mortgage loans on real estate: | (in thousands) | ||||||||||||||||||||||||
Residential Mortgages | $ | 98,374 | $ | 94,027 | |||||||||||||||||||||
Commercial and multi-family | 363,252 | 361,247 | |||||||||||||||||||||||
Construction-Residential | 721 | 1,509 | |||||||||||||||||||||||
Construction-Commercial | 40,986 | 23,902 | |||||||||||||||||||||||
Home equities | 59,948 | 57,228 | |||||||||||||||||||||||
Total real estate loans | 563,281 | 537,913 | |||||||||||||||||||||||
Commercial and industrial loans | 129,456 | 106,952 | |||||||||||||||||||||||
Consumer loans | 1,764 | 938 | |||||||||||||||||||||||
Other | 404 | 323 | |||||||||||||||||||||||
Net deferred loan origination costs | 759 | 870 | |||||||||||||||||||||||
Total gross loans | 695,664 | 646,996 | |||||||||||||||||||||||
Allowance for loan losses | -12,533 | -11,503 | |||||||||||||||||||||||
Loans, net | $ | 683,131 | $ | 635,493 | |||||||||||||||||||||
Changes In The Allowance For Loan And Lease Losses | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Balance, beginning of year | $ | 11,503 | $ | 9,732 | $ | 11,495 | |||||||||||||||||||
Provisions for loan and lease losses | 1,229 | 1,540 | -68 | ||||||||||||||||||||||
Recoveries | 863 | 942 | 225 | ||||||||||||||||||||||
Loans and leases charged off | -1,062 | -711 | -1,920 | ||||||||||||||||||||||
Balance, end of year | $ | 12,533 | $ | 11,503 | $ | 9,732 | |||||||||||||||||||
Summary Of The Allowance For Loan And Lease Losses By Management Level Segments | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
(in thousands) | Commercial and Industrial | Commercial Real Estate Mortgages* | Consumer ** | Residential Mortgages* | HELOC | Direct Financing Leases | Unallocated | Total | |||||||||||||||||
Allowance for loan | |||||||||||||||||||||||||
and lease losses: | |||||||||||||||||||||||||
Beginning balance | $ | 4,489 | $ | 4,912 | $ | 37 | $ | 1,038 | $ | 878 | $ | - | $ | 149 | $ | 11,503 | |||||||||
Charge-offs | -957 | -57 | -46 | - | -2 | - | - | -1,062 | |||||||||||||||||
Recoveries | 574 | 58 | 40 | 18 | - | 173 | - | 863 | |||||||||||||||||
Provision | 790 | 737 | 47 | -115 | -57 | -173 | - | 1,229 | |||||||||||||||||
Ending balance | $ | 4,896 | $ | 5,650 | $ | 78 | $ | 941 | $ | 819 | $ | - | $ | 149 | $ | 12,533 | |||||||||
Allowance for loan | |||||||||||||||||||||||||
and lease losses: | |||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||
Individually evaluated | |||||||||||||||||||||||||
for impairment | $ | 988 | $ | 274 | $ | 48 | $ | 3 | $ | - | $ | - | $ | - | $ | 1,313 | |||||||||
Collectively evaluated | |||||||||||||||||||||||||
for impairment | 3,908 | 5,376 | 30 | 938 | 819 | - | 149 | 11,220 | |||||||||||||||||
Total | $ | 4,896 | $ | 5,650 | $ | 78 | $ | 941 | $ | 819 | $ | - | $ | 149 | $ | 12,533 | |||||||||
Loans and leases: | |||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||
Individually evaluated | |||||||||||||||||||||||||
for impairment | $ | 5,718 | $ | 5,817 | $ | 48 | $ | 2,535 | $ | 911 | $ | - | $ | - | $ | 15,029 | |||||||||
Collectively evaluated | |||||||||||||||||||||||||
for impairment | 123,738 | 398,421 | 2,120 | 96,560 | 59,037 | - | - | 679,876 | |||||||||||||||||
Total | $ | 129,456 | $ | 404,238 | $ | 2,168 | $ | 99,095 | $ | 59,948 | $ | - | $ | - | $ | 694,905 | |||||||||
Note: Loan and lease balances do not include $759 thousand in net deferred loan and lease originations as of December 31, 2014. | |||||||||||||||||||||||||
* includes construction loans | |||||||||||||||||||||||||
** includes other loans | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
(in thousands) | Commercial and Industrial | Commercial Real Estate Mortgages* | Consumer ** | Residential Mortgages* | HELOC | Direct Financing Leases | Unallocated | Total | |||||||||||||||||
Allowance for loan | |||||||||||||||||||||||||
and lease losses: | |||||||||||||||||||||||||
Beginning balance | $ | 3,617 | $ | 4,493 | $ | 18 | $ | 662 | $ | 746 | $ | 47 | $ | 149 | $ | 9,732 | |||||||||
Charge-offs | -20 | -460 | -64 | -39 | -128 | - | - | -711 | |||||||||||||||||
Recoveries | 240 | 444 | 13 | 2 | 1 | 242 | - | 942 | |||||||||||||||||
Provision | 652 | 435 | 70 | 413 | 259 | -289 | - | 1,540 | |||||||||||||||||
Ending balance | $ | 4,489 | $ | 4,912 | $ | 37 | $ | 1,038 | $ | 878 | $ | - | $ | 149 | $ | 11,503 | |||||||||
Allowance for loan | |||||||||||||||||||||||||
and lease losses: | |||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||
Individually evaluated | |||||||||||||||||||||||||
for impairment | $ | 1,187 | $ | 216 | $ | 20 | $ | 47 | $ | 39 | $ | - | $ | - | $ | 1,509 | |||||||||
Collectively evaluated | |||||||||||||||||||||||||
for impairment | 3,302 | 4,696 | 17 | 991 | 839 | - | 149 | 9,994 | |||||||||||||||||
Total | $ | 4,489 | $ | 4,912 | $ | 37 | $ | 1,038 | $ | 878 | $ | - | $ | 149 | $ | 11,503 | |||||||||
Loans and leases: | |||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||
Individually evaluated | |||||||||||||||||||||||||
for impairment | $ | 4,388 | $ | 12,054 | $ | 20 | $ | 1,952 | $ | 447 | $ | - | $ | - | $ | 18,861 | |||||||||
Collectively evaluated | |||||||||||||||||||||||||
for impairment | 102,564 | 373,095 | 1,241 | 93,584 | 56,781 | - | - | 627,265 | |||||||||||||||||
Total | $ | 106,952 | $ | 385,149 | $ | 1,261 | $ | 95,536 | $ | 57,228 | $ | - | $ | - | $ | 646,126 | |||||||||
Note: Loan and lease balances do not include $870 thousand in net deferred loan and lease originations as of December 31, 2013. | |||||||||||||||||||||||||
* includes construction loans | |||||||||||||||||||||||||
** includes other loans | |||||||||||||||||||||||||
Data, At The Class Level, Of Credit Quality Indicators Of Certain Loans And Leases | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Corporate Credit Exposure – By Credit Rating | Commercial Real Estate Construction | Commercial and Multi-Family Mortgages | Total Commercial Real Estate | Commercial and Industrial | |||||||||||||||||||||
3 | $ | 29,421 | $ | 299,798 | $ | 329,219 | $ | 83,789 | |||||||||||||||||
4 | 10,492 | 50,691 | 61,183 | 30,223 | |||||||||||||||||||||
5 | 1,073 | 7,853 | 8,926 | 8,662 | |||||||||||||||||||||
6 | - | 4,757 | 4,757 | 6,613 | |||||||||||||||||||||
7 | - | 153 | 153 | 169 | |||||||||||||||||||||
Total | $ | 40,986 | $ | 363,252 | $ | 404,238 | $ | 129,456 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Corporate Credit Exposure – By Credit Rating | Commercial Real Estate Construction | Commercial and Multi-Family Mortgages | Total Commercial Real Estate | Commercial and Industrial | |||||||||||||||||||||
3 | $ | 19,086 | $ | 297,819 | $ | 316,905 | $ | 78,294 | |||||||||||||||||
4 | 3,283 | 47,584 | 50,867 | 15,194 | |||||||||||||||||||||
5 | - | 4,028 | 4,028 | 9,468 | |||||||||||||||||||||
6 | 1,533 | 11,479 | 13,012 | 3,744 | |||||||||||||||||||||
7 | - | 337 | 337 | 252 | |||||||||||||||||||||
Total | $ | 23,902 | $ | 361,247 | $ | 385,149 | $ | 106,952 | |||||||||||||||||
Recorded Investment In Loans And Leases Past Due | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Non-accruing | |||||||||||||||||||||||||
Total Past | Current | Total | 90+ Days | Loans and | |||||||||||||||||||||
30-59 days | 60-89 days | 90+ days | Due | Balance | Balance | Accruing | Leases | ||||||||||||||||||
Commercial and | |||||||||||||||||||||||||
industrial | $ | 153 | $ | 60 | $ | 274 | $ | 487 | $ | 128,969 | $ | 129,456 | $ | - | $ | 5,500 | |||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 848 | 158 | 682 | 1,688 | 96,686 | 98,374 | - | 1,296 | |||||||||||||||||
Construction | - | - | - | - | 721 | 721 | - | - | |||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 4,201 | 3,115 | 513 | 7,829 | 355,423 | 363,252 | - | 3,162 | |||||||||||||||||
Construction | 8 | - | 201 | 209 | 40,777 | 40,986 | 201 | - | |||||||||||||||||
Home equities | 594 | 120 | 192 | 906 | 59,042 | 59,948 | - | 415 | |||||||||||||||||
Direct financing leases | - | - | - | - | - | - | - | - | |||||||||||||||||
Consumer | 13 | 1 | - | 14 | 1,750 | 1,764 | - | 17 | |||||||||||||||||
Other | - | - | - | - | 404 | 404 | - | - | |||||||||||||||||
Total Loans | $ | 5,817 | $ | 3,454 | $ | 1,862 | $ | 11,133 | $ | 683,772 | $ | 694,905 | $ | 201 | $ | 10,390 | |||||||||
31-Dec-13 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Non-accruing | |||||||||||||||||||||||||
Total Past | Current | Total | 90+ Days | Loans and | |||||||||||||||||||||
30-59 days | 60-89 days | 90+ days | Due | Balance | Balance | Accruing | Leases | ||||||||||||||||||
Commercial and | |||||||||||||||||||||||||
industrial | $ | 197 | $ | 447 | $ | 358 | $ | 1,002 | $ | 105,950 | $ | 106,952 | $ | - | $ | 2,970 | |||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 392 | 72 | 915 | 1,379 | 92,648 | 94,027 | - | 1,376 | |||||||||||||||||
Construction | - | - | - | - | 1,509 | 1,509 | - | - | |||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 6,976 | 1,050 | 75 | 8,101 | 353,146 | 361,247 | - | 8,873 | |||||||||||||||||
Construction | - | - | - | - | 23,902 | 23,902 | - | - | |||||||||||||||||
Home equities | 100 | 267 | 76 | 443 | 56,785 | 57,228 | - | 447 | |||||||||||||||||
Direct financing leases | 1 | 2 | 47 | 50 | - | - | - | 47 | |||||||||||||||||
Consumer | 1 | 21 | - | 22 | 916 | 938 | - | 20 | |||||||||||||||||
Other | - | - | - | - | 323 | 323 | - | - | |||||||||||||||||
Total Loans | $ | 7,667 | $ | 1,859 | $ | 1,471 | $ | 10,997 | $ | 635,179 | $ | 646,126 | $ | - | $ | 13,733 | |||||||||
Impaired Loans And Leases | |||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Foregone | Interest Income Recognized | ||||||||||||||||||||
With no related allowance recorded: | (in thousands) | ||||||||||||||||||||||||
Commercial and industrial | $ | 1,017 | $ | 1,022 | $ | - | $ | 1,096 | $ | 9 | $ | 66 | |||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 2,264 | 2,435 | - | 2,271 | 37 | 68 | |||||||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 2,103 | 2,208 | - | 2,139 | 33 | 91 | |||||||||||||||||||
Construction | 1,074 | 1,074 | - | 1,169 | - | 44 | |||||||||||||||||||
Home equities | 911 | 950 | - | 917 | 17 | 22 | |||||||||||||||||||
Direct financing leases | - | - | - | - | - | - | |||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||
Other | - | - | - | - | - | - | |||||||||||||||||||
Total impaired loans and leases | $ | 7,369 | $ | 7,689 | $ | - | $ | 7,592 | $ | 96 | $ | 291 | |||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Foregone | Interest Income Recognized | ||||||||||||||||||||
With a related allowance recorded: | (in thousands) | ||||||||||||||||||||||||
Commercial and industrial | $ | 4,701 | $ | 4,734 | $ | 988 | $ | 4,701 | $ | 64 | $ | 234 | |||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 271 | 285 | 3 | 271 | 20 | - | |||||||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 2,640 | 2,785 | 274 | 2,708 | 96 | 50 | |||||||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||||||
Home equities | - | - | - | - | - | - | |||||||||||||||||||
Direct financing leases | - | - | - | - | - | - | |||||||||||||||||||
Consumer | 48 | 60 | 48 | 49 | 5 | 6 | |||||||||||||||||||
Other | - | - | - | - | - | - | |||||||||||||||||||
Total impaired loans and leases | $ | 7,660 | $ | 7,864 | $ | 1,313 | $ | 7,729 | $ | 185 | $ | 290 | |||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Foregone | Interest Income Recognized | ||||||||||||||||||||
Total: | (in thousands) | ||||||||||||||||||||||||
Commercial and industrial | $ | 5,718 | $ | 5,756 | $ | 988 | $ | 5,797 | $ | 73 | $ | 300 | |||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 2,535 | 2,720 | 3 | 2,542 | 57 | 68 | |||||||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 4,743 | 4,993 | 274 | 4,847 | 129 | 141 | |||||||||||||||||||
Construction | 1,074 | 1,074 | - | 1,169 | - | 44 | |||||||||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||
Home equities | 911 | 950 | - | 917 | 17 | 22 | |||||||||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||
Direct financing leases | - | - | - | - | - | - | |||||||||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||
Consumer | 48 | 60 | 48 | 49 | 5 | 6 | |||||||||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||
Other | - | - | - | - | - | - | |||||||||||||||||||
Total impaired loans and leases | $ | 15,029 | $ | 15,553 | $ | 1,313 | $ | 15,321 | $ | 281 | $ | 581 | |||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Foregone | Interest Income Recognized | ||||||||||||||||||||
With no related allowance recorded: | (in thousands) | ||||||||||||||||||||||||
Commercial and industrial | $ | 1,247 | $ | 1,352 | $ | - | $ | 1,405 | $ | 100 | $ | 59 | |||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 1,331 | 1,460 | - | 1,388 | 61 | 9 | |||||||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 9,937 | 10,288 | - | 9,832 | 302 | 109 | |||||||||||||||||||
Construction | 599 | 599 | - | 707 | - | 26 | |||||||||||||||||||
Home equities | 408 | 438 | - | 402 | 19 | 4 | |||||||||||||||||||
Direct financing leases | 26 | 27 | - | 29 | - | - | |||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||
Other | - | - | - | - | - | - | |||||||||||||||||||
Total impaired loans and leases | $ | 13,548 | $ | 14,164 | $ | - | $ | 13,763 | $ | 482 | $ | 207 | |||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Foregone | Interest Income Recognized | ||||||||||||||||||||
With a related allowance recorded: | (in thousands) | ||||||||||||||||||||||||
Commercial and industrial | $ | 3,141 | $ | 3,191 | $ | 1,187 | $ | 3,577 | $ | 60 | $ | 108 | |||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 621 | 624 | 47 | 622 | 10 | 27 | |||||||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 584 | 650 | 70 | 604 | 6 | 26 | |||||||||||||||||||
Construction | 934 | 934 | 146 | 934 | - | 33 | |||||||||||||||||||
Home equities | 39 | 39 | 39 | 39 | - | 2 | |||||||||||||||||||
Direct financing leases | - | - | - | - | - | - | |||||||||||||||||||
Consumer | 20 | 29 | 20 | 11 | 3 | 2 | |||||||||||||||||||
Other | - | - | - | - | - | - | |||||||||||||||||||
Total impaired loans and leases | $ | 5,339 | $ | 5,467 | $ | 1,509 | $ | 5,787 | $ | 79 | $ | 198 | |||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Foregone | Interest Income Recognized | ||||||||||||||||||||
Total: | (in thousands) | ||||||||||||||||||||||||
Commercial and industrial | $ | 4,388 | $ | 4,543 | $ | 1,187 | $ | 4,982 | $ | 160 | $ | 167 | |||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 1,952 | 2,084 | 47 | 2,010 | 71 | 36 | |||||||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial | 10,521 | 10,938 | 70 | 10,436 | 308 | 135 | |||||||||||||||||||
Construction | 1,533 | 1,533 | 146 | 1,641 | - | 59 | |||||||||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||
Home equities | 447 | 477 | 39 | 441 | 19 | 6 | |||||||||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||
Direct financing leases | 26 | 27 | - | 29 | - | - | |||||||||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||
Consumer | 20 | 29 | 20 | 11 | 3 | 2 | |||||||||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||
Other | - | - | - | - | - | - | |||||||||||||||||||
Total impaired loans and leases | $ | 18,887 | $ | 19,631 | $ | 1,509 | $ | 19,550 | $ | 561 | $ | 405 | |||||||||||||
Non-Accrual Loans And Leases And Loans And Leases 90 Days Or More Past Due | |||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Non-accruing loans and leases: | |||||||||||||||||||||||||
Commercial and industrial loans | $ | 5,500 | $ | 2,970 | |||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 1,296 | 1,376 | |||||||||||||||||||||||
Construction | - | - | |||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial and multi-family | 3,162 | 8,873 | |||||||||||||||||||||||
Construction | - | - | |||||||||||||||||||||||
Home equities | 415 | 447 | |||||||||||||||||||||||
Direct financing leases | - | 47 | |||||||||||||||||||||||
Consumer loans | 17 | 20 | |||||||||||||||||||||||
Other | - | - | |||||||||||||||||||||||
Total non-accruing loans and leases | $ | 10,390 | $ | 13,733 | |||||||||||||||||||||
Accruing loans 90+ days past due | 201 | - | |||||||||||||||||||||||
Total non-performing loans and leases | $ | 10,591 | $ | 13,733 | |||||||||||||||||||||
Total non-performing loans and leases | |||||||||||||||||||||||||
to total assets | 1.25 | % | 1.65 | % | |||||||||||||||||||||
Total non-performing loans and leases | |||||||||||||||||||||||||
to total loans and leases | 1.52 | % | 2.12 | % | |||||||||||||||||||||
Troubled Debt Restructured Loans And Leases | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||
Total | Nonaccruing | Accruing | Related Allowance | ||||||||||||||||||||||
Commercial and industrial | $ | 492 | $ | 274 | $ | 218 | $ | 173 | |||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 1,833 | 594 | 1,239 | - | |||||||||||||||||||||
Construction | - | - | - | - | |||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial and multi family | 2,428 | 847 | 1,581 | 33 | |||||||||||||||||||||
Construction | 1,074 | - | 1,074 | - | |||||||||||||||||||||
Home equities | 728 | 233 | 495 | - | |||||||||||||||||||||
Direct financing leases | - | - | - | - | |||||||||||||||||||||
Consumer loans | 31 | - | 31 | 31 | |||||||||||||||||||||
Other | - | - | - | - | |||||||||||||||||||||
Total troubled restructured loans and leases | $ | 6,586 | $ | 1,948 | $ | 4,638 | $ | 237 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||
Total | Nonaccruing | Accruing | Related Allowance | ||||||||||||||||||||||
Commercial and industrial | $ | 4,262 | $ | 2,903 | $ | 1,359 | $ | 983 | |||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 1,031 | 454 | 577 | - | |||||||||||||||||||||
Construction | - | - | - | - | |||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Commercial and multi family | 10,211 | 8,563 | 1,648 | 33 | |||||||||||||||||||||
Construction | 1,533 | - | 1,533 | - | |||||||||||||||||||||
- | |||||||||||||||||||||||||
Home equities | 56 | 56 | - | - | |||||||||||||||||||||
Direct financing leases | 26 | 12 | 14 | - | |||||||||||||||||||||
Consumer loans | - | - | - | - | |||||||||||||||||||||
Other | - | - | - | - | |||||||||||||||||||||
Total troubled restructured loans and leases | $ | 17,119 | $ | 11,988 | $ | 5,131 | $ | 1,016 | |||||||||||||||||
Troubled Debt Restructurings Activity | |||||||||||||||||||||||||
Year ended December 31, 2014 | Year ended December 31, 2013 | ||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | ||||||||||||||||||||||||
Troubled Debt Restructurings by Type of Concession | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||
Commercial and Industrial: | |||||||||||||||||||||||||
Deferral of principal | 1 | $ | 16 | $ | 16 | 6 | $ | 2,400 | $ | 2,400 | |||||||||||||||
Interest rate reduction | - | - | - | 2 | 330 | 330 | |||||||||||||||||||
Extension of maturity and | |||||||||||||||||||||||||
interest rate reduction | - | - | - | 5 | 361 | 361 | |||||||||||||||||||
Combination of concessions | - | - | - | 1 | 250 | 250 | |||||||||||||||||||
Residential Real Estate & Construction: | |||||||||||||||||||||||||
Extension of maturity | 2 | 615 | 615 | 4 | 583 | 583 | |||||||||||||||||||
Extension of maturity and | |||||||||||||||||||||||||
interest rate reduction | 1 | 208 | 208 | - | - | - | |||||||||||||||||||
Commercial Real Estate & Construction: | |||||||||||||||||||||||||
Deferral of principal | - | - | - | 2 | 6,438 | 7,963 | |||||||||||||||||||
Extension of maturity | - | - | - | 2 | 739 | 739 | |||||||||||||||||||
Extension of maturity and | |||||||||||||||||||||||||
interest rate reduction | 1 | 250 | 250 | - | - | - | |||||||||||||||||||
Home Equities: | |||||||||||||||||||||||||
Extension of maturity | 9 | 592 | 592 | - | - | - | |||||||||||||||||||
Extension of maturity and | |||||||||||||||||||||||||
interest rate reduction | 2 | 84 | 84 | 1 | 136 | 136 | |||||||||||||||||||
Term out line of credit | - | - | - | 1 | 57 | 57 | |||||||||||||||||||
Consumer loans | |||||||||||||||||||||||||
Rate reduction | 1 | 31 | 31 | - | - | - | |||||||||||||||||||
Other | - | - | - | - | - | - | |||||||||||||||||||
Troubled Debt Restructurings On Financing Receivables That Subsequently Defaulted | |||||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | ||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | ||||||||||||||||||||||||
Troubled Debt Restructurings | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||
That Subsequently Defaulted | Contracts | Investment | Contracts | Investment | |||||||||||||||||||||
Commercial and Industrial | 3 | $ | 191 | 7 | $ | 224 | |||||||||||||||||||
Residential Real Estate: | |||||||||||||||||||||||||
Residential | - | - | - | - | |||||||||||||||||||||
Construction | - | - | - | - | |||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||
Commercial and Multi-Family | 1 | 250 | 1 | 160 | |||||||||||||||||||||
Construction | - | - | - | - | |||||||||||||||||||||
Home Equities | 1 | 54 | - | - | |||||||||||||||||||||
Direct financing leases | - | - | - | - | |||||||||||||||||||||
Consumer loans | - | - | - | - | |||||||||||||||||||||
Other | - | - | - | - | |||||||||||||||||||||
Properties_And_Equipment_Table
Properties And Equipment (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Properties And Equipment [Abstract] | |||||||
Properties And Equipment | |||||||
2014 | 2013 | ||||||
(in thousands) | |||||||
Land | $ | 268 | $ | 268 | |||
Buildings and improvements | 12,090 | 12,695 | |||||
Furniture, fixtures, and equipment | 12,995 | 12,426 | |||||
25,353 | 25,389 | ||||||
Less accumulated depreciation | -15,129 | -14,226 | |||||
Properties and equipment, net | $ | 10,224 | $ | 11,163 | |||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Other Assets [Abstract] | |||||||
Schedule Of Other Assets | |||||||
2014 | 2013 | ||||||
(in thousands) | |||||||
Net deferred tax asset | $ | 7,661 | $ | 6,064 | |||
Accrued interest receivable | 2,417 | 2,458 | |||||
Prepaid expenses | 713 | 749 | |||||
Mortgage servicing rights | 518 | 509 | |||||
Other | 2,674 | 2,179 | |||||
Total other assets | $ | 13,983 | $ | 11,959 | |||
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets [Abstract] | |||||||||||||
Schedule Of Intangible Assets | |||||||||||||
2014 | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||
(in thousands) | |||||||||||||
Non-compete agreements | $ | 738 | $ | -738 | $ | - | |||||||
Insurance expirations | 4,585 | -4,585 | - | ||||||||||
Total | $ | 5,323 | $ | -5,323 | $ | - | |||||||
2013 | Gross Carrying Amount | Accumulated Amortization | Net | Weighted Avg Amortization Period | |||||||||
(in thousands) | |||||||||||||
Non-compete agreements | $ | 738 | $ | -738 | $ | - | |||||||
Insurance expirations | 4,585 | -4,477 | 108 | 8 years | |||||||||
Total | $ | 5,323 | $ | -5,215 | $ | 108 | 8 years | ||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Banking and Thrift [Abstract] | ||||
Schedule Of Maturities Of Time Deposits | ||||
At December 31, 2014, the scheduled maturities of all time deposits were as follows: | ||||
(in thousands) | ||||
2015 | $ | 60,671 | ||
2016 | 21,297 | |||
2017 | 11,218 | |||
2018 | 6,304 | |||
2019 and later | 13,302 | |||
$ | 112,792 | |||
Borrowed_Funds_And_Junior_Subo1
Borrowed Funds And Junior Subordinated Debentures (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Borrowed Funds And Junior Subordinated Debentures [Abstract] | ||||||||||||
Schedule Of Short-Term Debt | ||||||||||||
Federal Funds Purchased | Other Short-Term Borrowings | Total | ||||||||||
(in thousands) | ||||||||||||
At December 31, 2014 | ||||||||||||
Amount outstanding | $ | 13,700 | $ | - | $ | 13,700 | ||||||
Weighted-average interest rate | 0.32 | % | - | % | 0.32 | % | ||||||
For the year ended December 31, 2014 | ||||||||||||
Highest amount at a monthend | $ | 13,700 | $ | 9,000 | ||||||||
Daily average amount outstanding | $ | 3,938 | $ | 5,000 | $ | 8,938 | ||||||
Weighted-average interest rate | 0.25 | % | 3.54 | % | 2.09 | % | ||||||
At December 31, 2013 | ||||||||||||
Amount outstanding | $ | - | $ | 9,000 | $ | 9,000 | ||||||
Weighted-average interest rate | - | % | 3.41 | % | 3.41 | % | ||||||
For the year ended December 31, 2013 | ||||||||||||
Highest amount at a monthend | $ | - | $ | 10,000 | ||||||||
Daily average amount outstanding | $ | - | $ | 6,167 | $ | 6,167 | ||||||
Weighted-average interest rate | - | % | 3.41 | % | 3.41 | % | ||||||
At December 31, 2012 | ||||||||||||
Amount outstanding | $ | - | $ | 10,000 | $ | 10,000 | ||||||
Weighted-average interest rate | - | % | 3.21 | % | 3.21 | % | ||||||
For the year ended December 31, 2012 | ||||||||||||
Highest amount at a monthend | $ | - | $ | 10,000 | ||||||||
Daily average amount outstanding | $ | - | $ | 8,833 | $ | 8,833 | ||||||
Weighted-average interest rate | - | % | 3.21 | % | 3.21 | % | ||||||
Comprehensive_Income_Loss_Tabl
Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Comprehensive Income (Loss) [Abstract] | ||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance at December 31, 2013 | Net Change | Balance at December 31, 2014 | ||||||||
(in thousands) | ||||||||||
Net unrealized gain (loss) on investment securities | $ | 191 | $ | 720 | $ | 911 | ||||
Net defined benefit pension plans adjustments | -1,454 | -965 | -2,419 | |||||||
Total | $ | -1,263 | $ | -245 | $ | -1,508 | ||||
Balance at December 31, 2012 | Net Change | Balance at December 31, 2013 | ||||||||
(in thousands) | ||||||||||
Net unrealized gain (loss) on investment securities | $ | 2,457 | $ | -2,266 | $ | 191 | ||||
Net defined benefit pension plans adjustments | -2,356 | 902 | -1,454 | |||||||
Total | $ | 101 | $ | -1,364 | $ | -1,263 | ||||
Balance at December 31, 2011 | Net Change | Balance at December 31, 2012 | ||||||||
(in thousands) | ||||||||||
Net unrealized gain (loss) on investment securities | $ | 2,534 | $ | -77 | $ | 2,457 | ||||
Net defined benefit pension plans adjustments | -2,188 | -168 | -2,356 | |||||||
Total | $ | 346 | $ | -245 | $ | 101 | ||||
Components Of Other Comprehensive Income | ||||||||||
31-Dec-14 | ||||||||||
(in thousands) | ||||||||||
Before-Tax Amount | Income Tax (Provision) Benefit | Net-of-Tax Amount | ||||||||
Unrealized loss on investment securities: | ||||||||||
Unrealized gain (loss) on investment securities | $ | 1,173 | $ | -453 | $ | 720 | ||||
Reclassification from accumulated other | ||||||||||
comprehensive income for gains (losses) | - | - | - | |||||||
Net change | 1,173 | -453 | 720 | |||||||
Defined benefit pension plans adjustments: | ||||||||||
Net actuarial (loss) gain | $ | - | $ | - | $ | - | ||||
Reclassifications from accumulated other | ||||||||||
comprehensive income for gains (losses) | ||||||||||
Amortization of prior service cost (a) | 31 | -12 | 19 | |||||||
Amortization of actuarial loss (a) | 105 | -41 | 64 | |||||||
Actuarial (losses) gains | -1,710 | 662 | -1,048 | |||||||
Net change | -1,574 | 609 | -965 | |||||||
Other Comprehensive Income (Loss) | $ | -401 | $ | 156 | $ | -245 | ||||
(a) | Included in net periodic pension cost, as described in Note 11 – “Employee Benefits and Deferred Compensation Plans” | |||||||||
31-Dec-13 | ||||||||||
(in thousands) | ||||||||||
Before-Tax Amount | Income Tax (Provision) Benefit | Net-of-Tax Amount | ||||||||
Unrealized loss on investment securities: | ||||||||||
Unrealized gain (loss) on investment securities | $ | -3,697 | $ | 1,431 | $ | -2,266 | ||||
Reclassification from accumulated other | ||||||||||
comprehensive income for gains (losses) | - | - | - | |||||||
Net change | -3,697 | 1,431 | -2,266 | |||||||
Defined benefit pension plans adjustments: | ||||||||||
Net actuarial (loss) gain | $ | - | $ | - | $ | - | ||||
Reclassifications from accumulated other | ||||||||||
comprehensive income for gains (losses) | ||||||||||
Amortization of prior service cost (a) | 69 | -27 | 42 | |||||||
Amortization of actuarial loss (a) | 177 | -69 | 108 | |||||||
Actuarial gains (losses) | 1,226 | -474 | 752 | |||||||
Net change | 1,472 | -570 | 902 | |||||||
Other Comprehensive Income (Loss) | $ | -2,225 | $ | 861 | $ | -1,364 | ||||
(a)Included in net periodic pension cost, as described in Note 11 – “Employee Benefits and Deferred Compensation Plans” | ||||||||||
31-Dec-12 | ||||||||||
(in thousands) | ||||||||||
Before-Tax Amount | Income Tax (Provision) Benefit | Net-of-Tax Amount | ||||||||
Unrealized loss on investment securities: | ||||||||||
Unrealized gain (loss) on investment securities | $ | -124 | $ | 47 | $ | -77 | ||||
Reclassification from accumulated other | ||||||||||
comprehensive income for gains (losses) | - | - | - | |||||||
Net change | -124 | 47 | -77 | |||||||
Defined benefit pension plans adjustments: | ||||||||||
Net actuarial (loss) gain | $ | - | $ | - | $ | - | ||||
Reclassifications from accumulated other | ||||||||||
comprehensive income for gains (losses) | ||||||||||
Amortization of prior service cost (a) | 87 | -34 | 53 | |||||||
Amortization of actuarial loss (a) | 172 | -67 | 105 | |||||||
Actuarial (losses) gains | -532 | 206 | -326 | |||||||
Net change | -273 | 105 | -168 | |||||||
Other Comprehensive Income (Loss) | $ | -397 | $ | 152 | $ | -245 | ||||
(a)Included in net periodic pension cost, as described in Note 11 – “Employee Benefits and Deferred Compensation Plans” | ||||||||||
Employee_Benefits_And_Deferred1
Employee Benefits And Deferred Compensation Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||
Schedule Of Target Plan Asset Allocations | |||||||||||||
Asset Category: | 2014 | 2013 | |||||||||||
Equity mutual funds | 77.80 | % | 75.98 | % | |||||||||
Fixed income mutual funds | 19.30 | % | 20.87 | % | |||||||||
Cash/Short-term investments | 2.90 | % | 3.15 | % | |||||||||
100.00 | % | 100.00 | % | ||||||||||
Schedule of Allocation Of Plan Assets | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Level 1: | |||||||||||||
Cash | $ | - | $ | 34 | |||||||||
Mutual funds: | |||||||||||||
Short-term investments: | |||||||||||||
Money market | 121 | 97 | |||||||||||
Equities: | |||||||||||||
Small cap | 402 | 416 | |||||||||||
Real estate | 241 | 188 | |||||||||||
International large cap | 818 | 890 | |||||||||||
Emerging markets | 480 | 512 | |||||||||||
Currency | 195 | 198 | |||||||||||
Commodity | 51 | 63 | |||||||||||
Bonds | 413 | 403 | |||||||||||
Bank loans | 202 | 203 | |||||||||||
Exchange -traded funds (ETFs): | |||||||||||||
Large cap | 890 | 799 | |||||||||||
Mid cap | 388 | 359 | |||||||||||
$ | 4,201 | $ | 4,162 | ||||||||||
Pension [Member] | |||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||
Schedule Of Defined Benefit Plans Disclosures | |||||||||||||
12/31/14 | 12/31/13 | ||||||||||||
Change in benefit obligation: | (in thousands) | ||||||||||||
Benefit obligation at the beginning of the year | $ | 4,395 | $ | 4,851 | |||||||||
Service cost | - | - | |||||||||||
Interest cost | 206 | 192 | |||||||||||
Assumption change | 976 | -595 | |||||||||||
Actuarial loss | 24 | 153 | |||||||||||
Benefits paid | -164 | -206 | |||||||||||
Benefit obligation at the end of the year | 5,437 | 4,395 | |||||||||||
Change in plan assets: | |||||||||||||
Fair value of plan assets at the beginning of year | 4,162 | 3,533 | |||||||||||
Actual return on plan assets | 93 | 650 | |||||||||||
Employer contributions | 110 | 185 | |||||||||||
Benefits paid | -164 | -206 | |||||||||||
Fair value of plan assets at the end of year | 4,201 | 4,162 | |||||||||||
Funded status | $ | -1,236 | $ | -233 | |||||||||
Amount recognized in the Consolidated Balance Sheets consist of: | |||||||||||||
Accrued benefit liabilities | $ | -1,236 | $ | -233 | |||||||||
Amount recognized in the Accumulated Other Comprehensive Loss consists of: | |||||||||||||
Net actuarial loss | $ | 2,112 | $ | 920 | |||||||||
Prior service cost | - | - | |||||||||||
Net amount recognized in equity - pre-tax | $ | 2,112 | $ | 920 | |||||||||
Net amount recognized on Consolidated Balance Sheets in Other Liabilities | $ | 876 | $ | 687 | |||||||||
Accumulated benefit obligation at year end | $ | 5,437 | $ | 4,395 | |||||||||
Schedule Of Assumptions Used | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Discount rate for projected benefit obligation | 3.83 | % | 4.78 | % | 3.88 | % | |||||||
Discount rate for net periodic pension cost | 4.78 | % | 3.88 | % | 4.46 | % | |||||||
Rate of increase in compensation levels | - | % | - | % | - | % | |||||||
Expected long-term rate of return of plan assets | 7.50 | % | 7.50 | % | 7.50 | % | |||||||
Schedule Of Net Periodic Benefit Costs | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Service cost | $ | - | $ | - | $ | - | |||||||
Interest cost | 206 | 192 | 213 | ||||||||||
Expected return on plan assets | -307 | -260 | -227 | ||||||||||
Net amortization and deferral | 22 | 65 | 63 | ||||||||||
Net periodic benefit cost | $ | -79 | $ | -3 | $ | 49 | |||||||
Schedule Of Expected Benefit Payments | |||||||||||||
(in thousands) | |||||||||||||
2015 | $ | 189,000 | |||||||||||
2016 | 196,000 | ||||||||||||
2017 | 192,000 | ||||||||||||
2018 | 201,000 | ||||||||||||
2019 | 201,000 | ||||||||||||
Year 2020 - 2024 | 1,226,000 | ||||||||||||
Supplemental Executive Retirement Plans [Member] | |||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||
Schedule Of Defined Benefit Plans Disclosures | |||||||||||||
12/31/14 | 12/31/13 | ||||||||||||
Change in benefit obligation: | (in thousands) | ||||||||||||
Benefit obligation at the beginning of the year | $ | 3,923 | $ | 5,272 | |||||||||
Service cost | 168 | 165 | |||||||||||
Interest cost | 159 | 125 | |||||||||||
Plan amendments | - | - | |||||||||||
Plan settlement | - | 105 | |||||||||||
Actuarial loss (gain) | 497 | -395 | |||||||||||
Benefits paid | -192 | -1,349 | |||||||||||
Benefit obligation at the end of the year | 4,555 | 3,923 | |||||||||||
Change in plan assets: | |||||||||||||
Fair value of plan assets at the beginning of year | - | - | |||||||||||
Actual return on plan assets | - | - | |||||||||||
Employer contributions | 192 | 1,349 | |||||||||||
Benefits paid | -192 | -1,349 | |||||||||||
Fair value of plan assets at the end of year | - | - | |||||||||||
Funded status | $ | -4,555 | $ | -3,923 | |||||||||
Amount recognized in the Consolidated Balance Sheets consist of: | |||||||||||||
Accrued benefit liabilities | $ | -4,555 | $ | -3,923 | |||||||||
Amount recognized in the Accumulated Other Comprehensive Loss consists of: | |||||||||||||
Net actuarial loss | $ | 1,601 | $ | 1,188 | |||||||||
Prior service cost | 249 | 280 | |||||||||||
Net amount recognized in equity - pre-tax | $ | 1,850 | $ | 1,468 | |||||||||
Net amount recognized on Consolidated Balance Sheets in Other Liabilities | $ | -2,705 | $ | -2,455 | |||||||||
Accumulated benefit obligation at year end | $ | 3,944 | $ | 3,385 | |||||||||
Schedule Of Assumptions Used | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Discount rate for projected benefit obligation | 3.30 | % | 4.15 | % | 3.17 | % | |||||||
Discount rate for net periodic pension cost | 4.15 | % | 3.17 | % | 4.34 | % | |||||||
Salary scale | 3.50 | % | 3.50 | % | 3.50 | % | |||||||
Schedule Of Net Periodic Benefit Costs | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Service cost | $ | 168 | $ | 165 | $ | 180 | |||||||
Interest cost | 159 | 125 | 153 | ||||||||||
Net amortization and deferral | 115 | 180 | 195 | ||||||||||
Settlement charge | - | 105 | - | ||||||||||
Net periodic benefit cost | $ | 442 | $ | 575 | $ | 528 | |||||||
Schedule Of Expected Benefit Payments | |||||||||||||
(in thousands) | |||||||||||||
2015 | $ | 192,672 | |||||||||||
2016 | 192,672 | ||||||||||||
2017 | 192,672 | ||||||||||||
2018 | 192,672 | ||||||||||||
2019 | 1,865,999 | ||||||||||||
Year 2020 - 2024 | 1,609,213 | ||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Schedule Of Stock Options Valuation Assumptions | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Dividend Yield | 2.70 | % | 2.72 | % | 2.84 | % | |||||||||||
Expected Life (years) | 6.36 | 6.36 | 7.00 | ||||||||||||||
Expected Volatility | 20.76 | % | 20.58 | % | 20.19 | % | |||||||||||
Risk-free Interest Rate | 2.11 | % | 1.16 | % | 1.28 | % | |||||||||||
Weighted Average Fair Value | $ | 3.64 | $ | 2.48 | $ | 1.95 | |||||||||||
Schedule Of Stock Options Activity | |||||||||||||||||
Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value | ||||||||||||||
($ in thousands) | |||||||||||||||||
Balance, December 31, 2013 | 263,976 | $ | 15.64 | ||||||||||||||
Granted | 31,300 | 22.93 | |||||||||||||||
Exercised | -42,151 | 16.46 | |||||||||||||||
Expired | -3,947 | 22.04 | |||||||||||||||
Forfeited | -12,486 | 19.06 | |||||||||||||||
Balance, December 31, 2014 | 236,692 | $ | 16.17 | 5.71 | $ | 2,093 | |||||||||||
Exercisable, December 31, 2014 | 161,127 | $ | 15.12 | 4.59 | $ | 1,594 | |||||||||||
Schedule Of Restricted Stock Award Activity | |||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||
Balance, December 31, 2013 | 25,524 | $ | 16.82 | ||||||||||||||
Granted | 21,383 | 21.34 | |||||||||||||||
Vested | -11,721 | 17.00 | |||||||||||||||
Forfeited | -6,678 | 21.38 | |||||||||||||||
Balance, December 31, 2014 | 28,508 | $ | 19.07 | ||||||||||||||
Schedule Of Activity Under Share Based Compensation Plans | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
Total intrinsic value of stock options exercised | $ | 287 | $ | 30 | $ | 23 | |||||||||||
Total fair value of restricted stock awards vested | $ | 273 | $ | 136 | $ | 137 | |||||||||||
Schedule Of Employee Stock Purchase Plan Valuation Assumptions | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Dividend Yield | 2.95 | % | 3.00 | % | 3.20 | % | |||||||||||
Expected Life (years) | 0.50 | 0.50 | 0.50 | ||||||||||||||
Expected Volatility | 22.41 | % | 14.21 | % | 21.66 | % | |||||||||||
Risk-free Interest Rate | 0.08 | % | 0.11 | % | 0.10 | % | |||||||||||
Weighted Average Fair Value | $ | 6.56 | $ | 4.80 | $ | 4.26 | |||||||||||
Stock Options [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Schedule Of Unrecognized Compensation Cost | |||||||||||||||||
(in thousands) | |||||||||||||||||
2015 | $ | 96 | |||||||||||||||
2016 | 78 | ||||||||||||||||
2017 | 48 | ||||||||||||||||
2018 | 13 | ||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Schedule Of Unrecognized Compensation Cost | |||||||||||||||||
(in thousands) | |||||||||||||||||
2015 | $ | 155 | |||||||||||||||
2016 | 130 | ||||||||||||||||
2017 | 83 | ||||||||||||||||
2018 | 23 | ||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Income Taxes [Abstract] | |||||||||||||||||||
Schedule Of Components Of Income Tax Provision (Benefit) | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
(in thousands) | |||||||||||||||||||
Current federal tax expense | $ | 2,282 | $ | 2,184 | $ | 2,667 | |||||||||||||
Current state tax expense (benefit) | -118 | -81 | 541 | ||||||||||||||||
Total current tax expense | 2,164 | 2,103 | 3,208 | ||||||||||||||||
Deferred federal tax expense (benefit) | $ | -215 | $ | 316 | $ | 487 | |||||||||||||
Deferred state tax expense (benefit) | -1,245 | -688 | 52 | ||||||||||||||||
Total deferred tax expense (benefit) | -1,460 | -372 | 539 | ||||||||||||||||
Total income tax provision (benefit) | $ | 704 | $ | 1,731 | $ | 3,747 | |||||||||||||
Schedule Of Effective Income Tax Rate Reconciliation | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||
($ in thousands) | |||||||||||||||||||
Tax provision at statutory rate | $ | 3,023 | 34 | % | $ | 3,257 | 34 | % | $ | 4,039 | 34 | % | |||||||
Decrease in taxes resulting from: | |||||||||||||||||||
Tax-exempt interest income | -558 | -6 | -564 | -6 | -425 | -3 | |||||||||||||
Historic tax credit | -996 | -11 | -559 | -6 | - | - | |||||||||||||
State taxes, net of federal benefit | -899 | -10 | -508 | -5 | - | - | |||||||||||||
Increase in taxes resulting from: | |||||||||||||||||||
State taxes, net of federal benefit | - | - | - | - | 391 | 3 | |||||||||||||
Other items, net | 134 | 1 | 105 | 1 | -258 | -2 | |||||||||||||
Income tax provision | $ | 704 | 8 | % | $ | 1,731 | 18 | % | $ | 3,747 | 32 | % | |||||||
Schedule Of Deferred Tax Assets And Liabilities | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||
Pension premiums | $ | 2,213 | $ | 1,604 | |||||||||||||||
Allowance for loan and lease losses | 4,690 | 4,372 | |||||||||||||||||
Non accrued interest | 239 | 515 | |||||||||||||||||
Deferred compensation | 1,040 | 1,083 | |||||||||||||||||
Litigation accrual | 374 | - | |||||||||||||||||
Loss on investment in tax credit | 513 | - | |||||||||||||||||
Stock options granted | 129 | 90 | |||||||||||||||||
Net operating loss carryforward | 88 | 240 | |||||||||||||||||
Historic tax credit carryforward | 1,196 | 495 | |||||||||||||||||
Leases | 156 | 154 | |||||||||||||||||
Other | - | 5 | |||||||||||||||||
Gross deferred tax assets | $ | 10,638 | $ | 8,558 | |||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||
Depreciation and amortization | $ | 1,398 | $ | 1,387 | |||||||||||||||
Prepaid expenses | 438 | 483 | |||||||||||||||||
Net unrealized gains on securities | 569 | 121 | |||||||||||||||||
Acquisition-related adjustments | 24 | 66 | |||||||||||||||||
Mortgage servicing asset | 198 | 197 | |||||||||||||||||
Other | 29 | - | |||||||||||||||||
Gross deferred tax liabilities | $ | 2,656 | $ | 2,254 | |||||||||||||||
Valuation allowance | -321 | -240 | |||||||||||||||||
Net deferred tax asset | $ | 7,661 | $ | 6,064 | |||||||||||||||
Schedule Of Unrecognized Tax Benefits | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
(in thousands) | |||||||||||||||||||
Balance at beginning of year | $ | - | $ | 21 | $ | 206 | |||||||||||||
Reclassification from deferred taxes for tax position taken | |||||||||||||||||||
during a period | - | - | - | ||||||||||||||||
Increases related to tax positions taken during a prior period | - | - | - | ||||||||||||||||
Decrease due to the resolution of a prior year tax matter | - | -21 | -150 | ||||||||||||||||
Decreases related to settlements with taxing authorities | - | - | -35 | ||||||||||||||||
Balance at end of year | $ | - | $ | - | $ | 21 | |||||||||||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Other Liabilities [Abstract] | |||||||
Schedule Of Other Liabilities | |||||||
2014 | 2013 | ||||||
(in thousands) | |||||||
Retirement compensation liabilities | $ | 8,258 | $ | 6,707 | |||
Accounts payable | 5,009 | 4,475 | |||||
Security deposits on direct financing leases | - | 31 | |||||
Interest payable | 232 | 222 | |||||
Other | 1,079 | 1,058 | |||||
Total other liabilities | $ | 14,578 | $ | 12,493 | |||
Contingent_Liabilities_And_Com1
Contingent Liabilities And Commitments (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Contingent Liabilities And Commitments [Abstract] | |||||||
Summary Of Commitments And Contingent Liabilities | |||||||
December 31, | December 31, | ||||||
2014 | 2013 | ||||||
(in thousands) | |||||||
Commitments to extend credit | $ | 212,193 | $ | 176,964 | |||
Standby letters of credit | 2,430 | 2,664 | |||||
Total | $ | 214,623 | $ | 179,628 | |||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Segment Information [Abstract] | ||||||||||
Business Segment Information | ||||||||||
2014 | ||||||||||
Banking | Insurance Agency | |||||||||
Activities | Activities | Total | ||||||||
(in thousands) | ||||||||||
Net interest income (expense) | $ | 31,214 | $ | -115 | $ | 31,099 | ||||
Provision for loan and lease losses | 1,229 | - | 1,229 | |||||||
Net interest income (expense) after | ||||||||||
provision for loan and lease losses | 29,985 | -115 | 29,870 | |||||||
Non-interest income | 3,142 | - | 3,142 | |||||||
Insurance service and fees | 591 | 6,540 | 7,131 | |||||||
Amortization expense | - | 108 | 108 | |||||||
Non-interest expense | 26,875 | 4,269 | 31,144 | |||||||
Income before income taxes | 6,843 | 2,048 | 8,891 | |||||||
Income tax provision (benefit) | -85 | 789 | 704 | |||||||
Net income | $ | 6,928 | $ | 1,259 | $ | 8,187 | ||||
2013 | ||||||||||
Banking | Insurance Agency | |||||||||
Activities | Activities | Total | ||||||||
(in thousands) | ||||||||||
Net interest income (expense) | $ | 28,463 | $ | -116 | $ | 28,347 | ||||
Provision for loan and lease losses | 1,540 | - | 1,540 | |||||||
Net interest income (expense) after | ||||||||||
provision for loan and lease losses | 26,923 | -116 | 26,807 | |||||||
Non-interest income | 4,950 | - | 4,950 | |||||||
Insurance service and fees | 518 | 6,693 | 7,211 | |||||||
Amortization expense | - | 221 | 221 | |||||||
Non-interest expense | 24,792 | 4,367 | 29,159 | |||||||
Income before income taxes | 7,599 | 1,989 | 9,588 | |||||||
Income tax provision | 1,022 | 709 | 1,731 | |||||||
Net income | $ | 6,577 | $ | 1,280 | $ | 7,857 | ||||
2012 | ||||||||||
Banking | Insurance Agency | |||||||||
Activities | Activities | Total | ||||||||
(in thousands) | ||||||||||
Net interest income (expense) | $ | 27,904 | $ | -124 | $ | 27,780 | ||||
Provision (benefit) for loan and lease losses | -68 | - | -68 | |||||||
Net interest income (expense) after | ||||||||||
provision for loan and lease losses | 27,972 | -124 | 27,848 | |||||||
Non-interest income | 5,857 | - | 5,857 | |||||||
Insurance service and fees | - | 6,966 | 6,966 | |||||||
Amortization expense | - | 349 | 349 | |||||||
Non-interest expense | 23,861 | 4,582 | 28,443 | |||||||
Income before income taxes | 9,968 | 1,911 | 11,879 | |||||||
Income tax provision | 3,007 | 740 | 3,747 | |||||||
Net income | $ | 6,961 | $ | 1,171 | $ | 8,132 | ||||
December 31, | December 31, | |||||||||
2014 | 2013 | |||||||||
(in thousands) | ||||||||||
Identifiable Assets, Net | ||||||||||
Banking activities | $ | 837,928 | $ | 824,028 | ||||||
Insurance agency activities | 8,881 | 9,470 | ||||||||
Consolidated Total Assets | $ | 846,809 | $ | 833,498 | ||||||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Fair Value Of Financial Instruments [Abstract] | |||||||||||||
Financial Instruments Measured At Fair Value On Recurring Basis | |||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||
31-Dec-14 | |||||||||||||
Securities available-for-sale: | |||||||||||||
U.S. government agencies | $ | - | $ | 26,717 | $ | - | $ | 26,717 | |||||
States and political subdivisions | - | 31,060 | - | 31,060 | |||||||||
Mortgage-backed securities | - | 37,756 | - | 37,756 | |||||||||
Mortgage servicing rights | - | - | 518 | 518 | |||||||||
31-Dec-13 | |||||||||||||
Securities available-for-sale: | |||||||||||||
U.S. government agencies | $ | - | $ | 31,992 | $ | - | $ | 31,992 | |||||
States and political subdivisions | - | 31,880 | - | 31,880 | |||||||||
Mortgage-backed securities | - | 35,793 | - | 35,793 | |||||||||
Mortgage servicing rights | - | - | 509 | 509 | |||||||||
Changes In Fair Value For Mortgage Servicing Rights | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Mortgage servicing rights - January 1 | $ | 509 | $ | 467 | $ | 407 | |||||||
Gains (losses) included in earnings | -134 | 34 | -144 | ||||||||||
Additions from loan sales | 143 | 8 | 204 | ||||||||||
Mortgage servicing rights -December 31 | $ | 518 | $ | 509 | $ | 467 | |||||||
Quantitative Information About Significant Unobservable Inputs Used In The Fair Value Measurement Of MSRs | |||||||||||||
12/31/14 | 12/31/13 | ||||||||||||
Servicing fees | 0.25 | % | 0.25 | % | |||||||||
Discount rate | 9.52 | % | 10.04 | % | |||||||||
Prepayment rate (CPR) | 9.28 | % | 9.31 | % | |||||||||
Financial Instruments Measured At Fair Value On Nonrecurring Basis | |||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||
31-Dec-14 | |||||||||||||
Impaired loans | $ | - | - | 13,716 | $ | 13,716 | |||||||
31-Dec-13 | |||||||||||||
Impaired loans | $ | - | - | 17,378 | $ | 17,378 | |||||||
Estimated Fair Value Of The Company's Financial Instruments | |||||||||||||
2014 | 2013 | ||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||
Amount | Value | Amount | Value | ||||||||||
(in thousands) | (in thousands) | ||||||||||||
Financial assets: | |||||||||||||
Level 1: | |||||||||||||
Cash and cash equivalents | $ | 10,898 | $ | 10,898 | $ | 41,954 | $ | 41,954 | |||||
Level 2: | |||||||||||||
Available for sale securities | 95,533 | 95,533 | 99,665 | 99,665 | |||||||||
FHLB and FRB stock | 2,925 | 2,925 | 2,831 | 2,831 | |||||||||
Level 3: | |||||||||||||
Held to maturity securities | 1,599 | 1,574 | 2,384 | 2,319 | |||||||||
Loans and leases, net | 683,131 | 685,148 | 635,493 | 640,770 | |||||||||
Mortgage servicing rights | 518 | 518 | 509 | 509 | |||||||||
Financial liabilities: | |||||||||||||
Level 1: | |||||||||||||
Demand deposits | $ | 158,631 | $ | 158,631 | $ | 139,973 | $ | 139,973 | |||||
NOW deposits | 72,670 | 72,670 | 65,927 | 65,927 | |||||||||
Regular savings deposits | 363,542 | 363,542 | 390,575 | 390,575 | |||||||||
Commitments to extend credit | 245 | 245 | 401 | 401 | |||||||||
Securities sold under agreement to | |||||||||||||
repurchase | 13,778 | 13,778 | 13,351 | 13,351 | |||||||||
Level 2: | |||||||||||||
Other borrowed funds | 13,700 | 13,700 | 9,000 | 9,171 | |||||||||
Junior subordinated debentures | 11,330 | 11,330 | 11,330 | 11,330 | |||||||||
Level 3: | |||||||||||||
Time deposits | 112,792 | 113,854 | 110,137 | 112,270 | |||||||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||
Schedule Of Compliance With Regulatory Capital Requirements Under Banking Regulations | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Company | Bank | Minimum for Capital Adequacy Purposes | Minimum to be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
Total Risk-Based Capital | |||||||||||||||||||||||||
(to Risk Weighted Assets) | $ | 98,782 | 14.9 | % | $ | 98,317 | 14.9 | % | $ | 53,227 | 8.0 | % | $ | 66,533 | 10.0 | % | |||||||||
Tier I Capital | |||||||||||||||||||||||||
(to Risk Weighted Assets) | $ | 90,473 | 13.6 | % | $ | 90,021 | 13.7 | % | $ | 26,613 | 4.0 | % | $ | 39,920 | 6.0 | % | |||||||||
Tier I Capital | |||||||||||||||||||||||||
(to Average Assets) | $ | 90,473 | 10.8 | % | $ | 90,021 | 10.8 | % | $ | 33,726 | 4.0 | % | $ | 42,157 | 5.0 | % | |||||||||
31-Dec-13 | |||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Company | Bank | Minimum for Capital Adequacy Purposes | Minimum to be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
Total Risk-Based Capital | |||||||||||||||||||||||||
(to Risk Weighted Assets) | $ | 92,879 | 14.9 | % | $ | 86,757 | 13.9 | % | $ | 49,864 | 8.0 | % | $ | 62,330 | 10.0 | % | |||||||||
Tier I Capital | |||||||||||||||||||||||||
(to Risk Weighted Assets) | $ | 85,044 | 13.6 | % | $ | 78,932 | 12.7 | % | $ | 24,932 | 4.0 | % | $ | 37,398 | 6.0 | % | |||||||||
Tier I Capital | |||||||||||||||||||||||||
(to Average Assets) | $ | 85,044 | 10.4 | % | $ | 78,932 | 9.6 | % | $ | 32,823 | 4.0 | % | $ | 41,029 | 5.0 | % | |||||||||
Parent_Company_Only_Financial_1
Parent Company Only Financial Information (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Parent Company Only Financial Information [Abstract] | |||||||||
Condensed Balance Sheets | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
ASSETS | |||||||||
Cash | $ | 3,258 | $ | 54 | |||||
Other assets | 1,144 | 1,054 | |||||||
Investment in subsidiaries | 95,689 | 92,413 | |||||||
Total assets | $ | 100,091 | $ | 93,521 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||
LIABILITIES: | |||||||||
Junior subordinated debentures | $ | 11,330 | $ | 11,330 | |||||
Other liabilities | 2,973 | 1,479 | |||||||
Total liabilities | 14,303 | 12,809 | |||||||
STOCKHOLDERS’ EQUITY | |||||||||
Total Stockholders’ Equity | $ | 85,788 | $ | 80,712 | |||||
Total liabilities and stockholders’ equity | $ | 100,091 | $ | 93,521 | |||||
Condensed Statements Of Income | |||||||||
December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
(in thousands) | |||||||||
Dividends from subsidiaries | $ | 7,000 | $ | 2,614 | $ | 2,000 | |||
Expenses | -1,363 | -1,364 | -1,308 | ||||||
Income before equity in undistributed | |||||||||
earnings of subsidiaries | 5,637 | 1,250 | 692 | ||||||
Equity in undistributed earnings of subsidiaries | 2,550 | 6,607 | 7,440 | ||||||
Net income | 8,187 | 7,857 | 8,132 | ||||||
Other comprehensive income | - | - | - | ||||||
Comprehensive income | $ | 8,187 | $ | 7,857 | $ | 8,132 | |||
Condensed Statements Of Cash FLows | |||||||||
Year Ended | |||||||||
2014 | 2013 | 2012 | |||||||
(in thousands) | |||||||||
Operating Activities: | |||||||||
Net income | $ | 8,187 | $ | 7,857 | $ | 8,132 | |||
Adjustments to reconcile net income to | |||||||||
net cash provided by operating activities: | |||||||||
Undistributed earnings of subsidiaries | -2,550 | -6,607 | -7,440 | ||||||
Changes in assets and liabilities affecting cash flow: | |||||||||
Other assets | -89 | -187 | -137 | ||||||
Other liabilities | 1,563 | -23 | 53 | ||||||
Net cash provided by operating activities | 7,111 | 1,040 | 608 | ||||||
Investing Activities: | |||||||||
Investment in subsidiaries | - | - | - | ||||||
Net cash used in investing activities | - | - | - | ||||||
Financing Activities: | |||||||||
Proceeds from issuance of common stock | - | - | - | ||||||
Cash dividends paid | -2,471 | -1,077 | -2,543 | ||||||
Purchase of Treasury stock | -1,436 | - | - | ||||||
Net cash used in financing activities | -3,907 | -1,077 | -2,543 | ||||||
Net increase (decrease) in cash | 3,204 | -37 | -1,935 | ||||||
Cash beginning of year | 54 | 91 | 2,026 | ||||||
Cash ending of year | $ | 3,258 | $ | 54 | $ | 91 | |||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Selected Quarterly Financial Data [Abstract] | |||||||||||||
Schedule Of Selected Quarterly Financial Information | |||||||||||||
4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | ||||||||||
(in thousands, except for per share data) | |||||||||||||
2014 | |||||||||||||
Interest Income | $ | 9,327 | $ | 8,576 | $ | 8,592 | $ | 8,219 | |||||
Interest Expense | 887 | 899 | 910 | 921 | |||||||||
Net Interest Income | $ | 8,440 | $ | 7,677 | $ | 7,682 | $ | 7,298 | |||||
Net Income | $ | 2,306 | $ | 2,290 | $ | 1,579 | $ | 2,013 | |||||
Earnings per share basic | 0.55 | 0.55 | 0.38 | 0.48 | |||||||||
Earnings per share diluted | 0.54 | 0.54 | 0.37 | 0.47 | |||||||||
2013 | |||||||||||||
Interest Income | $ | 8,305 | $ | 8,149 | $ | 7,993 | $ | 7,956 | |||||
Interest Expense | 961 | 975 | 991 | 1,130 | |||||||||
Net Interest Income | $ | 7,344 | $ | 7,174 | $ | 7,002 | $ | 6,826 | |||||
Net Income | $ | 1,667 | $ | 2,451 | $ | 1,923 | $ | 1,816 | |||||
Earnings per share basic | 0.40 | 0.58 | 0.46 | 0.44 | |||||||||
Earnings per share diluted | 0.39 | 0.57 | 0.46 | 0.43 | |||||||||
Organization_And_Summary_Of_Si2
Organization And Summary Of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash paid to employees and suppliers | $29,418 | $28,667 | $26,603 |
Depreciation and amortization | 1,573 | 1,996 | 2,125 |
Change in other assets affecting cash flow | 2,919 | 2,119 | 1,062 |
Change in liabilities effecting cash flow | 1,751 | 1,354 | -25 |
Potentially dilutive shares of common stock included in calculating diluted earnings per share | 77,620 | 49,268 | 15,368 |
Shares excluded from calculation of diluted earnings per share | 9,000 | 42,000 | 157,000 |
Scenario, Adjustment [Member] | |||
Cash paid to employees and suppliers | 1,700 | 1,500 | |
Depreciation and amortization | 147 | 110 | |
Change in other assets affecting cash flow | 1,800 | 2,200 | |
Change in liabilities effecting cash flow | $34 | $579 | |
Minimum [Member] | |||
Properties and equipment estimated useful life | 3 years | ||
Maximum [Member] | |||
Properties and equipment estimated useful life | 39 years |
Securities_Narrative_Details
Securities (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale securities pledged as collateral | $68,800,000 | $71,100,000 | |
Realized gains (losses) on sales of securities | 0 | 0 | 0 |
Unrealized losses on securities | 600,000 | ||
Borrowed funds with FHLBNY | 13,700,000 | ||
FHLB stock | 1,439,000 | 1,364,000 | |
FHLBNY [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
FHLB stock | $1,400,000 | $1,400,000 |
Securities_Schedule_Of_Amortiz
Securities (Schedule Of Amortized Cost And Fair Value Of Securities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | $94,048 | $99,353 |
Available-for-sale Securities, Unrealized Gains | 2,054 | 1,812 |
Available-for-sale Securities, Unrealized Losses | -569 | -1,500 |
Available-for-sale securities, Fair value | 95,533 | 99,665 |
Held-to-maturity Securities, Amortized Cost | 1,599 | 2,384 |
Held-to-maturity Securities, Unrealized Gains | 7 | 6 |
Held-to-maturity Securities, Unrealized Losses | -32 | -71 |
Held-to-maturity securities, Fair value | 1,574 | 2,319 |
US Government Agencies Debt Securities [Member] | ||
Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 26,687 | 32,176 |
Available-for-sale Securities, Unrealized Gains | 305 | 439 |
Available-for-sale Securities, Unrealized Losses | -275 | -623 |
Available-for-sale securities, Fair value | 26,717 | 31,992 |
States and Political Subdivisions Debt Securities [Member] | ||
Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 30,182 | 31,266 |
Available-for-sale Securities, Unrealized Gains | 927 | 802 |
Available-for-sale Securities, Unrealized Losses | -49 | -188 |
Available-for-sale securities, Fair value | 31,060 | 31,880 |
Held-to-maturity Securities, Amortized Cost | 1,599 | 2,384 |
Held-to-maturity Securities, Unrealized Gains | 7 | 6 |
Held-to-maturity Securities, Unrealized Losses | -32 | -71 |
Held-to-maturity securities, Fair value | 1,574 | 2,319 |
Debt Securities [Member] | ||
Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 56,869 | 63,442 |
Available-for-sale Securities, Unrealized Gains | 1,232 | 1,241 |
Available-for-sale Securities, Unrealized Losses | -324 | -811 |
Available-for-sale securities, Fair value | 57,777 | 63,872 |
FNMA [Member] | ||
Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 14,653 | 13,204 |
Available-for-sale Securities, Unrealized Gains | 516 | 354 |
Available-for-sale Securities, Unrealized Losses | -15 | -57 |
Available-for-sale securities, Fair value | 15,154 | 13,501 |
FHLMC [Member] | ||
Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 5,901 | 7,156 |
Available-for-sale Securities, Unrealized Gains | 121 | 109 |
Available-for-sale Securities, Unrealized Losses | -64 | -147 |
Available-for-sale securities, Fair value | 5,958 | 7,118 |
GNMA [Member] | ||
Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 6,014 | 7,570 |
Available-for-sale Securities, Unrealized Gains | 143 | 99 |
Available-for-sale Securities, Unrealized Losses | -27 | -96 |
Available-for-sale securities, Fair value | 6,130 | 7,573 |
CMO [Member] | ||
Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 10,611 | 7,981 |
Available-for-sale Securities, Unrealized Gains | 42 | 9 |
Available-for-sale Securities, Unrealized Losses | -139 | -389 |
Available-for-sale securities, Fair value | 10,514 | 7,601 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 37,179 | 35,911 |
Available-for-sale Securities, Unrealized Gains | 822 | 571 |
Available-for-sale Securities, Unrealized Losses | -245 | -689 |
Available-for-sale securities, Fair value | $37,756 | $35,793 |
Securities_Scheduled_Maturitie
Securities (Scheduled Maturities Of Debt And Mortgage Backed Securities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Securities [Abstract] | ||
Debt securities available for sale, Due in one year or less, Amortized cost | $8,172 | $447 |
Debt securities available for sale, Due after one year through five years, Amortized cost | 22,118 | 23,732 |
Debt securities available for sale, Due after five years through ten years, Amortized cost | 20,517 | 31,450 |
Debt securities available for sale, Due after ten years, Amortized cost | 6,062 | 7,813 |
Debt securities available for sale, Amortized cost | 56,869 | 63,442 |
Mortgage-backed securities available for sale, Amortized cost | 37,179 | 35,911 |
Available-for-sale securities, Amortized cost | 94,048 | 99,353 |
Debt securities available for sale, Due in one year or less, Fair value | 8,256 | 454 |
Debt securities available for sale, Due after one year through five years, Fair value | 22,597 | 24,419 |
Debt securities available for sale, Due after five years through ten years, Fair value | 20,589 | 30,946 |
Debt securities available for sale, Due after ten years, Fair value | 6,335 | 8,053 |
Debt securities available for sale, Fair value | 57,777 | 63,872 |
Mortgage-backed securities available for sale, Fair value | 37,756 | 35,793 |
Available-for-sale securities, Fair value | 95,533 | 99,665 |
Debt securities held to maturity, Due in one year or less, Amortized cost | 478 | 1,023 |
Debt securities held to maturity, Due after one year through five years, Amortized cost | 77 | 178 |
Debt securities held to maturity, Due after five years through ten years, Amortized cost | 932 | 1,064 |
Debt securities held to maturity, Due after ten years, Amortized cost | 112 | 119 |
Held to maturity securities Amortized cost | 1,599 | 2,384 |
Debt securities held to maturity, Due in one year or less, Fair value | 477 | 1,020 |
Debt securites held to maturity, Due after one year through five years, Fair value | 78 | 179 |
Debt securites held to maturity, Due after five years through ten years, Fair Value | 914 | 1,015 |
Debt securities held to maturity, Due after ten years, Fair value | 105 | 105 |
Held-to-maturity securities, Fair value | $1,574 | $2,319 |
Securities_Unrealized_Losses_O
Securities (Unrealized Losses On Available For Sale Securities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ||
Total temporarily impaired securities, Less than 12 months, Fair Value | $12,249 | $36,429 |
Total temporarily impaired securities, Less than 12 months, Unrealized Losses | -57 | -1,248 |
Total temporarily impaired securities, 12 months or longer, Fair Value | 19,791 | 4,678 |
Total temporarily impaired securities, 12 months or longer, Unrealized Losses | -544 | -323 |
Total temporarily impaired securities, Total, Fair Value | 32,040 | 41,107 |
Total temporarily impaired securities, Total, Unrealized Losses | -601 | -1,571 |
States and Political Subdivisions Debt Securities [Member] | ||
Investment [Line Items] | ||
Held To Maturity, Less than 12 months, Fair Value | 371 | 1,210 |
Held To Maturity, Less than 12 months, Unrealized Losses | -1 | -24 |
Held To Maturity, 12 months or longer, Fair Value | 556 | 504 |
Held To Maturity, 12 months or longer, Unrealized Losses | -31 | -47 |
Held To Maturity, Total, Fair Value | 927 | 1,714 |
Held To Maturity, Total, Unrealized Losses | -32 | -71 |
US Government Agencies Debt Securities [Member] | ||
Investment [Line Items] | ||
Available for Sale, Less than 12 months, Fair Value | 3,906 | 10,553 |
Available for Sale, Less than 12 months, Unrealized Losses | -26 | -486 |
Available for Sale, 12 months or longer, Fair Value | 7,751 | 1,863 |
Available for Sale, 12 months or longer, Unrealized Losses | -249 | -137 |
Available for Sale, Total Fair Value | 11,657 | 12,416 |
Available for Sale, Total, Unrealized Losses | -275 | -623 |
States and Political Subdivisions Debt Securities [Member] | ||
Investment [Line Items] | ||
Available for Sale, Less than 12 months, Fair Value | 4,752 | 7,953 |
Available for Sale, Less than 12 months, Unrealized Losses | -9 | -150 |
Available for Sale, 12 months or longer, Fair Value | 1,902 | 590 |
Available for Sale, 12 months or longer, Unrealized Losses | -40 | -38 |
Available for Sale, Total Fair Value | 6,654 | 8,543 |
Available for Sale, Total, Unrealized Losses | -49 | -188 |
Debt Securities [Member] | ||
Investment [Line Items] | ||
Available for Sale, Less than 12 months, Fair Value | 8,658 | 18,506 |
Available for Sale, Less than 12 months, Unrealized Losses | -35 | -636 |
Available for Sale, 12 months or longer, Fair Value | 9,653 | 2,453 |
Available for Sale, 12 months or longer, Unrealized Losses | -289 | -175 |
Available for Sale, Total Fair Value | 18,311 | 20,959 |
Available for Sale, Total, Unrealized Losses | -324 | -811 |
FNMA [Member] | ||
Investment [Line Items] | ||
Available for Sale, Less than 12 months, Fair Value | 1,498 | 4,819 |
Available for Sale, Less than 12 months, Unrealized Losses | -10 | -57 |
Available for Sale, 12 months or longer, Fair Value | 1,731 | 21 |
Available for Sale, 12 months or longer, Unrealized Losses | -5 | |
Available for Sale, Total Fair Value | 3,229 | 4,840 |
Available for Sale, Total, Unrealized Losses | -15 | -57 |
FHLMC [Member] | ||
Investment [Line Items] | ||
Available for Sale, Less than 12 months, Fair Value | 2,677 | |
Available for Sale, Less than 12 months, Unrealized Losses | -46 | |
Available for Sale, 12 months or longer, Fair Value | 1,482 | 1,700 |
Available for Sale, 12 months or longer, Unrealized Losses | -64 | -101 |
Available for Sale, Total Fair Value | 1,482 | 4,377 |
Available for Sale, Total, Unrealized Losses | -64 | -147 |
GNMA [Member] | ||
Investment [Line Items] | ||
Available for Sale, Less than 12 months, Fair Value | 2,751 | |
Available for Sale, Less than 12 months, Unrealized Losses | -96 | |
Available for Sale, 12 months or longer, Fair Value | 2,079 | |
Available for Sale, 12 months or longer, Unrealized Losses | -27 | |
Available for Sale, Total Fair Value | 2,079 | 2,751 |
Available for Sale, Total, Unrealized Losses | -27 | -96 |
CMO [Member] | ||
Investment [Line Items] | ||
Available for Sale, Less than 12 months, Fair Value | 1,722 | 6,466 |
Available for Sale, Less than 12 months, Unrealized Losses | -11 | -389 |
Available for Sale, 12 months or longer, Fair Value | 4,290 | |
Available for Sale, 12 months or longer, Unrealized Losses | -128 | |
Available for Sale, Total Fair Value | 6,012 | 6,466 |
Available for Sale, Total, Unrealized Losses | -139 | -389 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Investment [Line Items] | ||
Available for Sale, Less than 12 months, Fair Value | 3,220 | 16,713 |
Available for Sale, Less than 12 months, Unrealized Losses | -21 | -588 |
Available for Sale, 12 months or longer, Fair Value | 9,582 | 1,721 |
Available for Sale, 12 months or longer, Unrealized Losses | -224 | -101 |
Available for Sale, Total Fair Value | 12,802 | 18,434 |
Available for Sale, Total, Unrealized Losses | ($245) | ($689) |
Loans_And_Leases_Net_Narrative
Loans And Leases, Net (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans pledged as collateral | $179,100,000 | ||
Overdrawn deposit accounts classified as loans | 100,000 | 200,000 | |
Gain on loans sold | 203,000 | 25,000 | 464,000 |
Minimum percentage of loans reviewed annually | 40.00% | ||
Loans and leases, restructured and deemed to be a TDR | 6,586,000 | 17,119,000 | |
Troubled restructured loans and leases, Nonaccruing | 1,948,000 | 11,988,000 | |
Period of timely payments before reversion to accruing status, months | 6 months | ||
Impaired loans with no related allowance recorded | 7,369,000 | 13,548,000 | |
Loan commitments to borrowers in non-accrual status | 0 | 0 | |
Commitments to TDR debtors | 0 | ||
Residential Real Estate Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Maximum amount of loan as percentage of appraised value | 80.00% | ||
Unpaid principal balance | 71,600,000 | 63,500,000 | |
Mortgages sold to FNMA | 15,300,000 | 800,000 | |
Mortgage servicing rights | 500,000 | 500,000 | |
Mortgage loans held-for-sale | 400,000 | ||
Gain on loans sold | $203,000 | $25,000 | |
Commercial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans mature or subject to a rate call, period | 5 years | ||
Commercial Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Maximum amount of loan as percentage of appraised value | 80.00% | ||
Minimum [Member] | Residential Real Estate Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan amortization period | 10 years | ||
Minimum [Member] | Commercial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Variable rate repricing, period | 3 years | ||
Minimum [Member] | Commercial Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans mature or subject to a rate call, period | 3 years | ||
Maximum [Member] | Residential Real Estate Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan amortization period | 30 years | ||
Maximum [Member] | Commercial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Variable rate repricing, period | 5 years | ||
Maximum [Member] | Commercial Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan amortization period | 20 years | ||
Mortgage loans mature or subject to a rate call, period | 5 years |
Loans_And_Leases_Net_Major_Cat
Loans And Leases, Net (Major Categories Of Loans And Leases) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net deferred loan origination costs | $759 | $870 |
Total gross loans | 695,664 | 646,996 |
Allowance for loan losses | -12,533 | -11,503 |
Loans, net | 683,131 | 635,493 |
Residential Real Estate Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total real estate loans | 98,374 | 94,027 |
Commercial And Multi-Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total real estate loans | 363,252 | 361,247 |
Construction-Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total real estate loans | 721 | 1,509 |
Construction-Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total real estate loans | 40,986 | 23,902 |
Home Equity Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total real estate loans | 59,948 | 57,228 |
Real Estate Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total real estate loans | 563,281 | 537,913 |
Commercial And Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial loans | 129,456 | 106,952 |
Consumer Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans | 1,764 | 938 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other | $404 | $323 |
Loans_And_Leases_Net_Changes_I
Loans And Leases, Net (Changes In Allowance For Loan And Lease Losses) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Loans And Leases, Net [Abstract] | |||
Beginning balance | $11,503 | $9,732 | $11,495 |
Provision for loan and lease losses | 1,229 | 1,540 | -68 |
Recoveries | 863 | 942 | 225 |
Charge-offs | -1,062 | -711 | -1,920 |
Ending balance | $12,533 | $11,503 | $9,732 |
Loans_And_Leases_Net_Summary_O
Loans And Leases, Net (Summary Of The Allowance For Loan And Lease Losses By Management Level Segments) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Allowance for loan and lease losses: | |||||
Beginning balance | $11,503 | $9,732 | $11,495 | ||
Charge-offs | -1,062 | -711 | -1,920 | ||
Recoveries | 863 | 942 | 225 | ||
Provision for loan and lease losses | 1,229 | 1,540 | -68 | ||
Ending balance | 12,533 | 11,503 | 9,732 | ||
Individually evaluated for impairment | 1,313 | 1,509 | |||
Collectively evaluated for impairment | 11,220 | 9,994 | |||
Allowance for loan and lease losses, Total | 12,533 | 11,503 | 9,732 | ||
Loans and leases: | |||||
Individually evaluated for impairment | 15,029 | 18,861 | |||
Collectively evaluated for impairment | 679,876 | 627,265 | |||
Loans and leases, Total | 694,905 | 646,126 | |||
Net deferred loan origination costs | 759 | 870 | |||
Commercial And Industrial [Member] | |||||
Allowance for loan and lease losses: | |||||
Beginning balance | 4,489 | 3,617 | |||
Charge-offs | -957 | -20 | |||
Recoveries | 574 | 240 | |||
Provision for loan and lease losses | 790 | 652 | |||
Ending balance | 4,896 | 4,489 | |||
Individually evaluated for impairment | 988 | 1,187 | |||
Collectively evaluated for impairment | 3,908 | 3,302 | |||
Allowance for loan and lease losses, Total | 4,896 | 4,489 | |||
Loans and leases: | |||||
Individually evaluated for impairment | 5,718 | 4,388 | |||
Collectively evaluated for impairment | 123,738 | 102,564 | |||
Loans and leases, Total | 129,456 | 106,952 | |||
Commercial Real Estate Mortgages [Member] | |||||
Allowance for loan and lease losses: | |||||
Beginning balance | 4,912 | [1] | 4,493 | [1] | |
Charge-offs | -57 | [1] | -460 | [1] | |
Recoveries | 58 | [1] | 444 | [1] | |
Provision for loan and lease losses | 737 | [1] | 435 | [1] | |
Ending balance | 5,650 | [1] | 4,912 | [1] | |
Individually evaluated for impairment | 274 | [1] | 216 | [1] | |
Collectively evaluated for impairment | 5,376 | [1] | 4,696 | [1] | |
Allowance for loan and lease losses, Total | 5,650 | [1] | 4,912 | [1] | |
Loans and leases: | |||||
Individually evaluated for impairment | 5,817 | [1] | 12,054 | [1] | |
Collectively evaluated for impairment | 398,421 | [1] | 373,095 | [1] | |
Loans and leases, Total | 404,238 | [1] | 385,149 | [1] | |
Consumer Loans [Member] | |||||
Allowance for loan and lease losses: | |||||
Beginning balance | 37 | [2] | 18 | [2] | |
Charge-offs | -46 | [2] | -64 | [2] | |
Recoveries | 40 | [2] | 13 | [2] | |
Provision for loan and lease losses | 47 | [2] | 70 | [2] | |
Ending balance | 78 | [2] | 37 | [2] | |
Individually evaluated for impairment | 48 | [2] | 20 | [2] | |
Collectively evaluated for impairment | 30 | [2] | 17 | [2] | |
Allowance for loan and lease losses, Total | 78 | [2] | 37 | [2] | |
Loans and leases: | |||||
Individually evaluated for impairment | 48 | [2] | 20 | [2] | |
Collectively evaluated for impairment | 2,120 | [2] | 1,241 | [2] | |
Loans and leases, Total | 2,168 | [2] | 1,261 | [2] | |
Residential Real Estate Mortgages [Member] | |||||
Allowance for loan and lease losses: | |||||
Beginning balance | 1,038 | [1] | 662 | [1] | |
Charge-offs | -39 | [1] | |||
Recoveries | 18 | [1] | 2 | [1] | |
Provision for loan and lease losses | -115 | [1] | 413 | [1] | |
Ending balance | 941 | [1] | 1,038 | [1] | |
Individually evaluated for impairment | 3 | [1] | 47 | [1] | |
Collectively evaluated for impairment | 938 | [1] | 991 | [1] | |
Allowance for loan and lease losses, Total | 941 | [1] | 1,038 | [1] | |
Loans and leases: | |||||
Individually evaluated for impairment | 2,535 | [1] | 1,952 | [1] | |
Collectively evaluated for impairment | 96,560 | [1] | 93,584 | [1] | |
Loans and leases, Total | 99,095 | [1] | 95,536 | [1] | |
Home Equity Loans [Member] | |||||
Allowance for loan and lease losses: | |||||
Beginning balance | 878 | 746 | |||
Charge-offs | -2 | -128 | |||
Recoveries | 1 | ||||
Provision for loan and lease losses | -57 | 259 | |||
Ending balance | 819 | 878 | |||
Individually evaluated for impairment | 39 | ||||
Collectively evaluated for impairment | 819 | 839 | |||
Allowance for loan and lease losses, Total | 819 | 878 | |||
Loans and leases: | |||||
Individually evaluated for impairment | 911 | 447 | |||
Collectively evaluated for impairment | 59,037 | 56,781 | |||
Loans and leases, Total | 59,948 | 57,228 | |||
Direct Financing Leases [Member] | |||||
Allowance for loan and lease losses: | |||||
Beginning balance | 47 | ||||
Recoveries | 173 | 242 | |||
Provision for loan and lease losses | -173 | -289 | |||
Unallocated [Member] | |||||
Allowance for loan and lease losses: | |||||
Ending balance | 149 | 149 | 149 | ||
Collectively evaluated for impairment | 149 | 149 | |||
Allowance for loan and lease losses, Total | $149 | $149 | $149 | ||
[1] | includes construction loans | ||||
[2] | includes other loans |
Loans_And_Leases_Net_Data_At_T
Loans And Leases, Net (Data, At The Class Level, Of Credit Quality Indicators Of Certain Loans And Leases) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | $694,905 | $646,126 |
Commercial Real Estate: Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 40,986 | 23,902 |
Commercial Real Estate: Construction [Member] | Corporate Credit ExposurebBy Credit Rating 3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 29,421 | 19,086 |
Commercial Real Estate: Construction [Member] | Corporate Credit ExposurebBy Credit Rating 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 10,492 | 3,283 |
Commercial Real Estate: Construction [Member] | Corporate Credit ExposurebBy Credit Rating 5 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,073 | |
Commercial Real Estate: Construction [Member] | Corporate Credit ExposurebBy Credit Rating 6 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,533 | |
Commercial Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 363,252 | 361,247 |
Commercial Real Estate Loans [Member] | Corporate Credit ExposurebBy Credit Rating 3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 299,798 | 297,819 |
Commercial Real Estate Loans [Member] | Corporate Credit ExposurebBy Credit Rating 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 50,691 | 47,584 |
Commercial Real Estate Loans [Member] | Corporate Credit ExposurebBy Credit Rating 5 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 7,853 | 4,028 |
Commercial Real Estate Loans [Member] | Corporate Credit ExposurebBy Credit Rating 6 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 4,757 | 11,479 |
Commercial Real Estate Loans [Member] | Corporate Credit ExposurebBy Credit Rating 7 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 153 | 337 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 404,238 | 385,149 |
Commercial Loans [Member] | Corporate Credit ExposurebBy Credit Rating 3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 329,219 | 316,905 |
Commercial Loans [Member] | Corporate Credit ExposurebBy Credit Rating 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 61,183 | 50,867 |
Commercial Loans [Member] | Corporate Credit ExposurebBy Credit Rating 5 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 8,926 | 4,028 |
Commercial Loans [Member] | Corporate Credit ExposurebBy Credit Rating 6 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 4,757 | 13,012 |
Commercial Loans [Member] | Corporate Credit ExposurebBy Credit Rating 7 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 153 | 337 |
Commercial And Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 129,456 | 106,952 |
Commercial And Industrial [Member] | Corporate Credit ExposurebBy Credit Rating 3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 83,789 | 78,294 |
Commercial And Industrial [Member] | Corporate Credit ExposurebBy Credit Rating 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 30,223 | 15,194 |
Commercial And Industrial [Member] | Corporate Credit ExposurebBy Credit Rating 5 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 8,662 | 9,468 |
Commercial And Industrial [Member] | Corporate Credit ExposurebBy Credit Rating 6 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 6,613 | 3,744 |
Commercial And Industrial [Member] | Corporate Credit ExposurebBy Credit Rating 7 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | $169 | $252 |
Loans_And_Leases_Net_Recorded_
Loans And Leases, Net (Recorded Investment In Loans And Leases Past Due) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 days | $5,817 | $7,667 |
60-89 days | 3,454 | 1,859 |
90+ days | 1,862 | 1,471 |
Total Past Due | 11,133 | 10,997 |
Current Balance | 683,772 | 635,179 |
Total gross loans | 694,905 | 646,126 |
90+ Days Accruing | 201 | |
Non-accruing Loans and Leases | 10,390 | 13,733 |
Commercial And Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 days | 153 | 197 |
60-89 days | 60 | 447 |
90+ days | 274 | 358 |
Total Past Due | 487 | 1,002 |
Current Balance | 128,969 | 105,950 |
Total gross loans | 129,456 | 106,952 |
Non-accruing Loans and Leases | 5,500 | 2,970 |
Residential Real Estate: Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 days | 848 | 392 |
60-89 days | 158 | 72 |
90+ days | 682 | 915 |
Total Past Due | 1,688 | 1,379 |
Current Balance | 96,686 | 92,648 |
Total gross loans | 98,374 | 94,027 |
Non-accruing Loans and Leases | 1,296 | 1,376 |
Residential Real Estate: Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Balance | 721 | 1,509 |
Total gross loans | 721 | 1,509 |
Non-accruing Loans and Leases | ||
Commercial Real Estate: Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 days | 4,201 | 6,976 |
60-89 days | 3,115 | 1,050 |
90+ days | 513 | 75 |
Total Past Due | 7,829 | 8,101 |
Current Balance | 355,423 | 353,146 |
Total gross loans | 363,252 | 361,247 |
Non-accruing Loans and Leases | 3,162 | 8,873 |
Commercial Real Estate: Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 days | 8 | |
90+ days | 201 | |
Total Past Due | 209 | |
Current Balance | 40,777 | 23,902 |
Total gross loans | 40,986 | 23,902 |
90+ Days Accruing | 201 | |
Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 days | 594 | 100 |
60-89 days | 120 | 267 |
90+ days | 192 | 76 |
Total Past Due | 906 | 443 |
Current Balance | 59,042 | 56,785 |
Total gross loans | 59,948 | 57,228 |
Non-accruing Loans and Leases | 415 | 447 |
Direct Financing Leases [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 days | 1 | |
60-89 days | 2 | |
90+ days | 47 | |
Total Past Due | 50 | |
Non-accruing Loans and Leases | 47 | |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 days | 13 | 1 |
60-89 days | 1 | 21 |
Total Past Due | 14 | 22 |
Current Balance | 1,750 | 916 |
Total gross loans | 1,764 | 938 |
Non-accruing Loans and Leases | 17 | 20 |
Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current Balance | 404 | 323 |
Total gross loans | 404 | 323 |
Non-accruing Loans and Leases |
Loans_And_Leases_Net_Impaired_
Loans And Leases, Net (Impaired Loans And Leases) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Impaired Financing Receivable, Recorded Investment | ||
Impaired loans, Recorded Investment, With no related allowance recorded | $7,369 | $13,548 |
Impaired loans, Recorded Investment, With a related allowance recorded | 7,660 | 5,339 |
Impaired loans, Recorded Investment, Total | 15,029 | 18,887 |
Impaired Financing Receivable, Unpaid Principal Balance | ||
Impaired loans, Unpaid Principal Balance, With no related allowance recorded | 7,689 | 14,164 |
Impaired loans, Unpaid Principal Balance, With a related allowance recorded | 7,864 | 5,467 |
Impaired loans, Unpaid Principal Balance, Total | 15,553 | 19,631 |
Impaired Financing Receivable Related Allowance | ||
Impaired loans, Related Allowance | 1,313 | 1,509 |
Impaired Financing Receivable, Average Recorded Investment | ||
Impaired loans, Average Recorded Investment, With no related allowance recorded | 7,592 | 13,763 |
Impaired loans, Average Recorded Investment, With a related allowance recorded | 7,729 | 5,787 |
Impaired loans, Average Recorded Investment, Total | 15,321 | 19,550 |
Impaired Financing Receivable, Interest Income Foregone | ||
Impaired Loans, Interest Income Foregone, With no related allowance recorded | 96 | 482 |
Impaired Loans, Interest Income Foregone, With a related allowance recorded | 185 | 79 |
Impaired Loans, Interest Income Foregone, Total | 281 | 561 |
Impaired Financing Receivable, Interest Income Recognized | ||
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 291 | 207 |
Impaired Loans, Interest Income Recognized, With a related allowance recorded | 290 | 198 |
Impaired Loans, Interest Income Recognized, Total | 581 | 405 |
Commercial And Industrial [Member] | ||
Impaired Financing Receivable, Recorded Investment | ||
Impaired loans, Recorded Investment, With no related allowance recorded | 1,017 | 1,247 |
Impaired loans, Recorded Investment, With a related allowance recorded | 4,701 | 3,141 |
Impaired loans, Recorded Investment, Total | 5,718 | 4,388 |
Impaired Financing Receivable, Unpaid Principal Balance | ||
Impaired loans, Unpaid Principal Balance, With no related allowance recorded | 1,022 | 1,352 |
Impaired loans, Unpaid Principal Balance, With a related allowance recorded | 4,734 | 3,191 |
Impaired loans, Unpaid Principal Balance, Total | 5,756 | 4,543 |
Impaired Financing Receivable Related Allowance | ||
Impaired loans, Related Allowance | 988 | 1,187 |
Impaired Financing Receivable, Average Recorded Investment | ||
Impaired loans, Average Recorded Investment, With no related allowance recorded | 1,096 | 1,405 |
Impaired loans, Average Recorded Investment, With a related allowance recorded | 4,701 | 3,577 |
Impaired loans, Average Recorded Investment, Total | 5,797 | 4,982 |
Impaired Financing Receivable, Interest Income Foregone | ||
Impaired Loans, Interest Income Foregone, With no related allowance recorded | 9 | 100 |
Impaired Loans, Interest Income Foregone, With a related allowance recorded | 64 | 60 |
Impaired Loans, Interest Income Foregone, Total | 73 | 160 |
Impaired Financing Receivable, Interest Income Recognized | ||
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 66 | 59 |
Impaired Loans, Interest Income Recognized, With a related allowance recorded | 234 | 108 |
Impaired Loans, Interest Income Recognized, Total | 300 | 167 |
Residential Real Estate: Residential [Member] | ||
Impaired Financing Receivable, Recorded Investment | ||
Impaired loans, Recorded Investment, With no related allowance recorded | 2,264 | 1,331 |
Impaired loans, Recorded Investment, With a related allowance recorded | 271 | 621 |
Impaired loans, Recorded Investment, Total | 2,535 | 1,952 |
Impaired Financing Receivable, Unpaid Principal Balance | ||
Impaired loans, Unpaid Principal Balance, With no related allowance recorded | 2,435 | 1,460 |
Impaired loans, Unpaid Principal Balance, With a related allowance recorded | 285 | 624 |
Impaired loans, Unpaid Principal Balance, Total | 2,720 | 2,084 |
Impaired Financing Receivable Related Allowance | ||
Impaired loans, Related Allowance | 3 | 47 |
Impaired Financing Receivable, Average Recorded Investment | ||
Impaired loans, Average Recorded Investment, With no related allowance recorded | 2,271 | 1,388 |
Impaired loans, Average Recorded Investment, With a related allowance recorded | 271 | 622 |
Impaired loans, Average Recorded Investment, Total | 2,542 | 2,010 |
Impaired Financing Receivable, Interest Income Foregone | ||
Impaired Loans, Interest Income Foregone, With no related allowance recorded | 37 | 61 |
Impaired Loans, Interest Income Foregone, With a related allowance recorded | 20 | 10 |
Impaired Loans, Interest Income Foregone, Total | 57 | 71 |
Impaired Financing Receivable, Interest Income Recognized | ||
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 68 | 9 |
Impaired Loans, Interest Income Recognized, With a related allowance recorded | 27 | |
Impaired Loans, Interest Income Recognized, Total | 68 | 36 |
Commercial Real Estate: Commercial [Member] | ||
Impaired Financing Receivable, Recorded Investment | ||
Impaired loans, Recorded Investment, With no related allowance recorded | 2,103 | 9,937 |
Impaired loans, Recorded Investment, With a related allowance recorded | 2,640 | 584 |
Impaired loans, Recorded Investment, Total | 4,743 | 10,521 |
Impaired Financing Receivable, Unpaid Principal Balance | ||
Impaired loans, Unpaid Principal Balance, With no related allowance recorded | 2,208 | 10,288 |
Impaired loans, Unpaid Principal Balance, With a related allowance recorded | 2,785 | 650 |
Impaired loans, Unpaid Principal Balance, Total | 4,993 | 10,938 |
Impaired Financing Receivable Related Allowance | ||
Impaired loans, Related Allowance | 274 | 70 |
Impaired Financing Receivable, Average Recorded Investment | ||
Impaired loans, Average Recorded Investment, With no related allowance recorded | 2,139 | 9,832 |
Impaired loans, Average Recorded Investment, With a related allowance recorded | 2,708 | 604 |
Impaired loans, Average Recorded Investment, Total | 4,847 | 10,436 |
Impaired Financing Receivable, Interest Income Foregone | ||
Impaired Loans, Interest Income Foregone, With no related allowance recorded | 33 | 302 |
Impaired Loans, Interest Income Foregone, With a related allowance recorded | 96 | 6 |
Impaired Loans, Interest Income Foregone, Total | 129 | 308 |
Impaired Financing Receivable, Interest Income Recognized | ||
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 91 | 109 |
Impaired Loans, Interest Income Recognized, With a related allowance recorded | 50 | 26 |
Impaired Loans, Interest Income Recognized, Total | 141 | 135 |
Commercial Real Estate: Construction [Member] | ||
Impaired Financing Receivable, Recorded Investment | ||
Impaired loans, Recorded Investment, With no related allowance recorded | 1,074 | 599 |
Impaired loans, Recorded Investment, With a related allowance recorded | 934 | |
Impaired loans, Recorded Investment, Total | 1,074 | 1,533 |
Impaired Financing Receivable, Unpaid Principal Balance | ||
Impaired loans, Unpaid Principal Balance, With no related allowance recorded | 1,074 | 599 |
Impaired loans, Unpaid Principal Balance, With a related allowance recorded | 934 | |
Impaired loans, Unpaid Principal Balance, Total | 1,074 | 1,533 |
Impaired Financing Receivable Related Allowance | ||
Impaired loans, Related Allowance | 146 | |
Impaired Financing Receivable, Average Recorded Investment | ||
Impaired loans, Average Recorded Investment, With no related allowance recorded | 1,169 | 707 |
Impaired loans, Average Recorded Investment, With a related allowance recorded | 934 | |
Impaired loans, Average Recorded Investment, Total | 1,169 | 1,641 |
Impaired Financing Receivable, Interest Income Recognized | ||
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 44 | 26 |
Impaired Loans, Interest Income Recognized, With a related allowance recorded | 33 | |
Impaired Loans, Interest Income Recognized, Total | 44 | 59 |
Home Equity Loans [Member] | ||
Impaired Financing Receivable, Recorded Investment | ||
Impaired loans, Recorded Investment, With no related allowance recorded | 911 | 408 |
Impaired loans, Recorded Investment, With a related allowance recorded | 39 | |
Impaired loans, Recorded Investment, Total | 911 | 447 |
Impaired Financing Receivable, Unpaid Principal Balance | ||
Impaired loans, Unpaid Principal Balance, With no related allowance recorded | 950 | 438 |
Impaired loans, Unpaid Principal Balance, With a related allowance recorded | 39 | |
Impaired loans, Unpaid Principal Balance, Total | 950 | 477 |
Impaired Financing Receivable Related Allowance | ||
Impaired loans, Related Allowance | 39 | |
Impaired Financing Receivable, Average Recorded Investment | ||
Impaired loans, Average Recorded Investment, With no related allowance recorded | 917 | 402 |
Impaired loans, Average Recorded Investment, With a related allowance recorded | 39 | |
Impaired loans, Average Recorded Investment, Total | 917 | 441 |
Impaired Financing Receivable, Interest Income Foregone | ||
Impaired Loans, Interest Income Foregone, With no related allowance recorded | 17 | 19 |
Impaired Loans, Interest Income Foregone, Total | 17 | 19 |
Impaired Financing Receivable, Interest Income Recognized | ||
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 22 | 4 |
Impaired Loans, Interest Income Recognized, With a related allowance recorded | 2 | |
Impaired Loans, Interest Income Recognized, Total | 22 | 6 |
Direct Financing Leases [Member] | ||
Impaired Financing Receivable, Recorded Investment | ||
Impaired loans, Recorded Investment, With no related allowance recorded | 26 | |
Impaired loans, Recorded Investment, Total | 26 | |
Impaired Financing Receivable, Unpaid Principal Balance | ||
Impaired loans, Unpaid Principal Balance, With no related allowance recorded | 27 | |
Impaired loans, Unpaid Principal Balance, Total | 27 | |
Impaired Financing Receivable, Average Recorded Investment | ||
Impaired loans, Average Recorded Investment, With no related allowance recorded | 29 | |
Impaired loans, Average Recorded Investment, Total | 29 | |
Consumer Loans [Member] | ||
Impaired Financing Receivable, Recorded Investment | ||
Impaired loans, Recorded Investment, With a related allowance recorded | 48 | 20 |
Impaired loans, Recorded Investment, Total | 48 | 20 |
Impaired Financing Receivable, Unpaid Principal Balance | ||
Impaired loans, Unpaid Principal Balance, With a related allowance recorded | 60 | 29 |
Impaired loans, Unpaid Principal Balance, Total | 60 | 29 |
Impaired Financing Receivable Related Allowance | ||
Impaired loans, Related Allowance | 48 | 20 |
Impaired Financing Receivable, Average Recorded Investment | ||
Impaired loans, Average Recorded Investment, With a related allowance recorded | 49 | 11 |
Impaired loans, Average Recorded Investment, Total | 49 | 11 |
Impaired Financing Receivable, Interest Income Foregone | ||
Impaired Loans, Interest Income Foregone, With a related allowance recorded | 5 | 3 |
Impaired Loans, Interest Income Foregone, Total | 5 | 3 |
Impaired Financing Receivable, Interest Income Recognized | ||
Impaired Loans, Interest Income Recognized, With a related allowance recorded | 6 | 2 |
Impaired Loans, Interest Income Recognized, Total | $6 | $2 |
Loans_And_Leases_Net_NonAccrua
Loans And Leases, Net (Non-Accrual Loans And Leases And Loans And Lease 90 Days Or More Past Due) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total non-accruing loans and leases | $10,390 | $13,733 |
Accruing loans 90+ days past due | 201 | |
Total non-performing loans and leases | 10,591 | 13,733 |
Total non-performing loans and leases to total assets | 1.25% | 1.65% |
Total non-performing loans and leases to total loans and leases | 1.52% | 2.12% |
Commercial And Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total non-accruing loans and leases | 5,500 | 2,970 |
Residential Real Estate: Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total non-accruing loans and leases | 1,296 | 1,376 |
Residential Real Estate: Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total non-accruing loans and leases | ||
Commercial Real Estate: Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total non-accruing loans and leases | 3,162 | 8,873 |
Commercial Real Estate: Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing loans 90+ days past due | 201 | |
Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total non-accruing loans and leases | 415 | 447 |
Direct Financing Leases [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total non-accruing loans and leases | 47 | |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total non-accruing loans and leases | 17 | 20 |
Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total non-accruing loans and leases |
Loans_And_Leases_Net_Troubled_
Loans And Leases, Net (Troubled Debt Restructured Loans And Leases) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ||
Troubled restructured loans and leases, Total | $6,586 | $17,119 |
Troubled restructured loans and leases, Nonaccruing | 1,948 | 11,988 |
Troubled restructured loans and leases, Accruing | 4,638 | 5,131 |
Troubled restructured loans and leases, Related Allowance | 237 | 1,016 |
Commercial And Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Troubled restructured loans and leases, Total | 492 | 4,262 |
Troubled restructured loans and leases, Nonaccruing | 274 | 2,903 |
Troubled restructured loans and leases, Accruing | 218 | 1,359 |
Troubled restructured loans and leases, Related Allowance | 173 | 983 |
Residential Real Estate: Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Troubled restructured loans and leases, Total | 1,031 | |
Troubled restructured loans and leases, Nonaccruing | 454 | |
Troubled restructured loans and leases, Accruing | 577 | |
Residential Real Estate: Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Troubled restructured loans and leases, Total | 1,833 | |
Troubled restructured loans and leases, Nonaccruing | 594 | |
Troubled restructured loans and leases, Accruing | 1,239 | |
Commercial Real Estate: Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Troubled restructured loans and leases, Total | 1,074 | 10,211 |
Troubled restructured loans and leases, Nonaccruing | 8,563 | |
Troubled restructured loans and leases, Accruing | 1,074 | 1,648 |
Troubled restructured loans and leases, Related Allowance | 33 | |
Commercial Real Estate: Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Troubled restructured loans and leases, Total | 2,428 | 1,533 |
Troubled restructured loans and leases, Nonaccruing | 847 | |
Troubled restructured loans and leases, Accruing | 1,581 | 1,533 |
Troubled restructured loans and leases, Related Allowance | 33 | |
Home Equity Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Troubled restructured loans and leases, Total | 728 | 56 |
Troubled restructured loans and leases, Nonaccruing | 233 | 56 |
Troubled restructured loans and leases, Accruing | 495 | |
Direct Financing Leases [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Troubled restructured loans and leases, Total | 26 | |
Troubled restructured loans and leases, Nonaccruing | 12 | |
Troubled restructured loans and leases, Accruing | 14 | |
Consumer Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Troubled restructured loans and leases, Total | 31 | |
Troubled restructured loans and leases, Accruing | 31 | |
Troubled restructured loans and leases, Related Allowance | $31 |
Loans_And_Leases_Net_Troubled_1
Loans And Leases, Net (Troubled Debt Restructurings Activity) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
contract | contract | |
Commercial And Industrial [Member] | Deferral Of Principal [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 1 | 6 |
Pre-Modification Outstanding Recorded Investment | $16 | $2,400 |
Post-Modification Outstanding Recorded Investment | 16 | 2,400 |
Commercial And Industrial [Member] | Interest Rate Reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 2 | |
Pre-Modification Outstanding Recorded Investment | 330 | |
Post-Modification Outstanding Recorded Investment | 330 | |
Commercial And Industrial [Member] | Extension Of Maturity And Interest Rate Reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 5 | |
Pre-Modification Outstanding Recorded Investment | 361 | |
Post-Modification Outstanding Recorded Investment | 361 | |
Commercial And Industrial [Member] | Combination Of Concessions [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 1 | |
Pre-Modification Outstanding Recorded Investment | 250 | |
Post-Modification Outstanding Recorded Investment | 250 | |
Residential Real Estate And Construction [Member] | Extension Of Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 2 | 4 |
Pre-Modification Outstanding Recorded Investment | 615 | 583 |
Post-Modification Outstanding Recorded Investment | 615 | 583 |
Residential Real Estate And Construction [Member] | Extension Of Maturity And Rate Reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 1 | |
Pre-Modification Outstanding Recorded Investment | 208 | |
Post-Modification Outstanding Recorded Investment | 208 | |
Commercial Real Estate And Construction [Member] | Deferral Of Principal [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 2 | |
Pre-Modification Outstanding Recorded Investment | 6,438 | |
Post-Modification Outstanding Recorded Investment | 7,963 | |
Commercial Real Estate And Construction [Member] | Extension Of Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 2 | |
Pre-Modification Outstanding Recorded Investment | 739 | |
Post-Modification Outstanding Recorded Investment | 739 | |
Commercial Real Estate And Construction [Member] | Extension Of Maturity And Rate Reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 1 | |
Pre-Modification Outstanding Recorded Investment | 250 | |
Post-Modification Outstanding Recorded Investment | 250 | |
Home Equity Loans [Member] | Term Out Line Of Credit [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 1 | |
Pre-Modification Outstanding Recorded Investment | 57 | |
Post-Modification Outstanding Recorded Investment | 57 | |
Home Equity Loans [Member] | Extension Of Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 9 | |
Pre-Modification Outstanding Recorded Investment | 592 | |
Post-Modification Outstanding Recorded Investment | 592 | |
Home Equity Loans [Member] | Extension Of Maturity And Rate Reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 2 | 1 |
Pre-Modification Outstanding Recorded Investment | 84 | 136 |
Post-Modification Outstanding Recorded Investment | 84 | 136 |
Consumer Loans [Member] | Rate Reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 1 | |
Pre-Modification Outstanding Recorded Investment | 31 | |
Post-Modification Outstanding Recorded Investment | $31 |
Loans_And_Leases_Net_Troubled_2
Loans And Leases, Net (Troubled Debt Restructurings That Subsequently Defaulted) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
contract | contract | |
Commercial And Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 3 | 7 |
Recorded investment of restructured contracts that subsequently defaulted | $191 | $224 |
Commercial Real Estate: Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 1 | 1 |
Recorded investment of restructured contracts that subsequently defaulted | 250 | 160 |
Home Equity Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 1 | |
Recorded investment of restructured contracts that subsequently defaulted | $54 |
Property_And_Equipment_Details
Property And Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||
Properties and equipment, gross | $25,353,000 | $25,389,000 | |
Less accumulated depreciation | -15,129,000 | -14,226,000 | |
Properties and equipment, net | 10,224,000 | 11,163,000 | |
Depreciation expense | 1,100,000 | 1,100,000 | 1,100,000 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Properties and equipment, gross | 268,000 | 268,000 | |
Building And Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Properties and equipment, gross | 12,090,000 | 12,695,000 | |
Furniture, Fixtures and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Properties and equipment, gross | $12,995,000 | $12,426,000 |
Other_Assets_Details
Other Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Assets [Abstract] | ||
Net deferred tax asset | $7,661 | $6,064 |
Accrued interest receivable | 2,417 | 2,458 |
Prepaid expenses | 713 | 749 |
Mortgage servicing rights | 518 | 509 |
Other | 2,674 | 2,179 |
Total other assets | $13,983 | $11,959 |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill and Intangible Assets [Abstract] | |||
Goodwill | $8,101,000 | $8,101,000 | |
Goodwill impairment | 0 | 0 | |
Amortization of intangibles | $108,000 | $221,000 | $349,000 |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets (Schedule Of Intangible Assets) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $5,323 | $5,323 |
Accumulated Amortization | -5,215 | -5,323 |
Net | 108 | |
Weighted Average Amortization Period | 8 years | |
Non-compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 738 | 738 |
Accumulated Amortization | -738 | -738 |
Insurance Expirations [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,585 | 4,585 |
Accumulated Amortization | -4,477 | -4,585 |
Net | $108 | |
Weighted Average Amortization Period | 8 years |
Deposits_Details
Deposits (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Banking and Thrift [Abstract] | ||
Time Deposits, $100,000 or More | $47.70 | $45.20 |
Overdrawn deposit accounts classified as loans | 0.1 | 0.2 |
Brokered time deposits | $1.20 | $1.20 |
Deposits_Schedule_Of_Maturitie
Deposits (Schedule Of Maturities Of Time Deposits) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Banking and Thrift [Abstract] | |
2015 | $60,671 |
2016 | 21,297 |
2017 | 11,218 |
2018 | 6,304 |
2019 and later | 13,302 |
Time deposits maturities, Total | $112,792 |
Borrowed_Funds_And_Junior_Subo2
Borrowed Funds And Junior Subordinated Debentures (Details) (USD $) | 0 Months Ended | 12 Months Ended |
Oct. 02, 2004 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
FHLB short term borrwings | 0 | |
Availabe FHLB advances | 185,800,000 | |
Available federal funds purchase amount from FHLB correspondent banks | 14,000,000 | |
Junior subordinated debentures | 11,300,000 | |
Capital Securities [Member] | ||
Debt Instrument [Line Items] | ||
Junior subordinated debentures | 11,000,000 | |
Common Stock [Member] | ||
Debt Instrument [Line Items] | ||
Junior subordinated debentures | 330,000 | |
Evans Capital Trust I [Member] | ||
Debt Instrument [Line Items] | ||
Issuance of preferred capital securities | 11,000,000 | |
Initial capital contribution | 330,000 | |
Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.65% | |
Description of variable rate basis | 2.65% | |
Interest rate at period end | 2.88% |
Borrowed_Funds_And_Junior_Subo3
Borrowed Funds And Junior Subordinated Debentures (Schedule Of Short-Term Debt) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Short-term Debt [Line Items] | |||
Amount outstanding | $13,700 | $9,000 | $10,000 |
Weighted-average interest rate | 0.32% | 3.41% | 3.21% |
Daily average amount outstanding | 8,938 | 6,167 | 8,833 |
Weighted-average interest rate for the year ended | 2.09% | 3.41% | 3.21% |
Federal Funds Purchased [Member] | |||
Short-term Debt [Line Items] | |||
Amount outstanding | 13,700 | ||
Weighted-average interest rate | 0.32% | ||
Highest amount at a month-end | 13,700 | ||
Daily average amount outstanding | 3,938 | ||
Weighted-average interest rate for the year ended | 0.25% | ||
Other Short-Term Borrowings [Member] | |||
Short-term Debt [Line Items] | |||
Amount outstanding | 9,000 | 10,000 | |
Weighted-average interest rate | 3.41% | 3.21% | |
Highest amount at a month-end | 9,000 | 10,000 | 10,000 |
Daily average amount outstanding | $5,000 | $6,167 | $8,833 |
Weighted-average interest rate for the year ended | 3.54% | 3.41% | 3.21% |
Securities_Sold_Under_Agreemen1
Securities Sold Under Agreements To Repurchase (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Securities Sold Under Agreements To Repurchase [Abstract] | ||
Securities sold under agreement to repurchase | $13,778 | $13,351 |
Comprehensive_Income_Loss_Sche
Comprehensive Income (Loss) (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | ($1,263) | $101 | $346 |
Net Change | -245 | -1,364 | -245 |
Ending Balance | -1,508 | -1,263 | 101 |
Net Unrealized Gain (Loss) On Investment Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 191 | 2,457 | 2,534 |
Net Change | 720 | -2,266 | -77 |
Ending Balance | 911 | 191 | 2,457 |
Net Defined Benefit Pension Plans Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | -1,454 | -2,356 | -2,188 |
Net Change | -965 | 902 | -168 |
Ending Balance | ($2,419) | ($1,454) | ($2,356) |
Comprehensive_Income_Loss_Comp
Comprehensive Income (Loss) (Components Of Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Unrealized loss on investment securities, Before-Tax Amount: | ||||||
Unrealized gain (loss) on investment securities, Before-Tax Amount | $1,173 | ($3,697) | ($124) | |||
Net change, Before-Tax Amount | 1,173 | -3,697 | -124 | |||
Defined benefit pension plans adjustments, Before-Tax Amount: | ||||||
Amortization of prior service cost, Before-Tax Amount | 31 | [1] | 69 | [1] | 87 | [1] |
Amortization of actuarial loss, Before-Tax Amount | 105 | [1] | 177 | [1] | 172 | [1] |
Actuarial gains (losses), Before-Tax Amount | -1,710 | 1,226 | -532 | |||
Net change, Before-Tax Amount | -1,574 | 1,472 | -273 | |||
Other Comprehensive Loss, Before-Tax Amount | -401 | -2,225 | -397 | |||
Unrealized loss on investment securities, Income Tax (Provision) Benefit: | ||||||
Unrealized gain (loss) on investment securities, Income Tax (Provision) Benefit | -453 | 1,431 | 47 | |||
Net change, Income Tax (Provision) Benefit | -453 | 1,431 | 47 | |||
Defined benefit pension plans adjustments, Income Tax (Provision) Benefit: | ||||||
Amortization of prior service cost, Income Tax (Provision) Benefit | -12 | [1] | -27 | [1] | -34 | [1] |
Amortization of actuarial loss, Income Tax (Provision) Benefit | -41 | [1] | -69 | [1] | -67 | [1] |
Actuarial gains (losses), Income Tax (Provision) Benefit | 662 | -474 | 206 | |||
Net change, Income Tax (Provision) Benefit | 609 | -570 | 105 | |||
Other Comprehensive Loss, Income Tax (Provision) Benefit | 156 | 861 | 152 | |||
Unrealized loss on investment securities, Net-of-Tax Amount: | ||||||
Unrealized gain (loss) on investment securities, Net-of-Tax Amount | 720 | -2,266 | -77 | |||
Net change, Net-of-Tax Amount | 720 | -2,266 | -77 | |||
Defined benefit pension plans adjustments, Net-of-Tax Amount: | ||||||
Amortization of prior service cost, Net-of-Tax Amount | 19 | [1] | 42 | [1] | 53 | [1] |
Amortization of actuarial loss, Net-of-Tax Amount | 64 | [1] | 108 | [1] | 105 | [1] |
Actuarial gains (losses), Net-of-Tax Amount | -1,048 | 752 | -326 | |||
Net change, Net-of-Tax Amount | -965 | 902 | -168 | |||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | ($245) | ($1,364) | ($245) | |||
[1] | Included in net periodic pension cost, as described in Note 11 - bEmployee Benefits and Deferred Compensation Plansb |
Employee_Benefits_And_Deferred2
Employee Benefits And Deferred Compensation Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Cash contributed to pension plan | $110,000 | $185,000 | $370,000 |
Company contribution in the next fiscal year | 110,000 | ||
Compensation cost | 83,000 | 72,000 | 56,000 |
Cash surrender value of life insurance contracts | 20,400,000 | 19,800,000 | |
Number of highest consecutive years | 5 years | ||
Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amounts to be amortized from accumulated other comprehensive loss into net periodic cost for actuarial losses | 71,000 | ||
Expected long-term rate of return on plan assets | 7.50% | 7.50% | 7.50% |
Discount rate for projected benefit obligation | 3.83% | 4.78% | 3.88% |
Benefit obligation | 5,437,000 | 4,395,000 | 4,851,000 |
Supplemental Executive Retirement Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amounts to be amortized from accumulated other comprehensive loss into net periodic cost for prior service costs | 31,000 | ||
Amounts to be amortized from accumulated other comprehensive loss into net periodic cost for actuarial losses | 130,000 | ||
Discount rate for projected benefit obligation | 3.30% | 4.15% | 3.17% |
Required service period for a participant to become entitled to receive a benefit under a plan | 10 years | ||
Benefit obligation | 4,555,000 | 3,923,000 | 5,272,000 |
Supplemental Executive Retirement Plans [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Required benefit service period | 15 years | ||
Percentage of participants salary used to determine accrued benefit | 25.00% | ||
Supplemental Executive Retirement Plans [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Required benefit service period | 20 years | ||
Percentage of participants salary used to determine accrued benefit | 35.00% | ||
Non-Qualified Deferred Compensation Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Compensation cost | 9,000 | 12,000 | 19,000 |
Benefit obligation | 100,000 | 200,000 | |
Non-Qualified Executive Insentive Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Compensation cost | 210,000 | 248,000 | 203,000 |
Benefit obligation | 2,000,000 | 2,400,000 | |
401(k) Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Compensation cost | $719,000 | $629,000 | $496,000 |
Vesting period of employer contributions | 6 years | ||
Equity Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term rate of return on plan assets | 9.00% | ||
Equity Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term rate of return on plan assets | 10.00% | ||
Equity Securities [Member] | Normal Market Conditions [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term rate of return on plan assets | 60.00% | ||
Equity Securities [Member] | Normal Market Conditions [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term rate of return on plan assets | 70.00% | ||
Fixed Income Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term rate of return on plan assets | 5.00% | ||
Fixed Income Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term rate of return on plan assets | 6.00% | ||
Fixed Income Securities [Member] | Normal Market Conditions [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term rate of return on plan assets | 30.00% | ||
Fixed Income Securities [Member] | Normal Market Conditions [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term rate of return on plan assets | 40.00% |
Employee_Benefits_And_Deferred3
Employee Benefits And Deferred Compensation Plans (Schedule Of Defined Benefit Plans Disclosures, Employee Pension Plan) (Details) (Pension [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $4,395 | $4,851 | |
Service cost | |||
Interest cost | 206 | 192 | 213 |
Assumption change | 976 | -595 | |
Actuarial (gain) loss | 24 | 153 | |
Benefits paid | -164 | -206 | |
Benefit obligation at end of year | 5,437 | 4,395 | 4,851 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 4,162 | 3,533 | |
Actual return on plan assets | 93 | 650 | |
Employer contributions | 110 | 185 | |
Fair value of plan assets at end of year | 4,201 | 4,162 | 3,533 |
Funded status | -1,236 | -233 | |
Accrued benefit liabilities | -1,236 | -233 | |
Net actuarial loss | 2,112 | 920 | |
Net amount recognized in equity b pre-tax | 2,112 | 920 | |
Net amount recognized on Consolidated Balance Sheets in Other Liabilities | 876 | 687 | |
Accumulated benefit obligation at year end | $5,437 | $4,395 |
Employee_Benefits_And_Deferred4
Employee Benefits And Deferred Compensation Plans (Schedule Of Assumptions Used, Employee Pension Plan) (Details) (Pension [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate for projected benefit obligation | 3.83% | 4.78% | 3.88% |
Discounted rate for net periodic pension cost | 4.78% | 3.88% | 4.46% |
Rate of increase in compensation levels | |||
Expected long-term rate of return on plan assets | 7.50% | 7.50% | 7.50% |
Employee_Benefits_And_Deferred5
Employee Benefits And Deferred Compensation Plans (Schedule Of Net Periodic Benefit Costs, Employee Pension Plan) (Details) (Pension [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | |||
Interest cost | 206 | 192 | 213 |
Expected return on plan assets | -307 | -260 | -227 |
Net amortization and deferral | 22 | 65 | 63 |
Net periodic benefit cost | ($79) | ($3) | $49 |
Employee_Benefits_And_Deferred6
Employee Benefits And Deferred Compensation Plans (Schedule Of Target Plan Asset Allocations) (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average plan asset allocations | 100.00% | 100.00% |
Equity Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average plan asset allocations | 77.80% | 75.98% |
Fixed Income Security Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average plan asset allocations | 19.30% | 20.87% |
Cash/Short Term Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average plan asset allocations | 2.90% | 3.15% |
Employee_Benefits_And_Deferred7
Employee Benefits And Deferred Compensation Plans (Schedule of Allocation Of Plan Assets) (Details) (Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | $4,201 | $4,162 |
Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 34 | |
Money Market Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 121 | 97 |
Equity Securities, Small Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 402 | 416 |
Real Estate Investment [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 241 | 188 |
International Large Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 818 | 890 |
Emerging Markets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 480 | 512 |
Currency [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 195 | 198 |
Commodity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 51 | 63 |
Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 413 | 403 |
Bank Loans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 202 | 203 |
Exchange Traded Funds, Large Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | 890 | 799 |
Exchange Traded Funds, Mid Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets | $388 | $359 |
Employee_Benefits_And_Deferred8
Employee Benefits And Deferred Compensation Plans (Estimated Future Benefit Payments, Employee Pension Plan) (Details) (Pension [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $189,000 |
2016 | 196,000 |
2017 | 192,000 |
2018 | 201,000 |
2019 | 201,000 |
Year 2020-2024 | $1,226,000 |
Employee_Benefits_And_Deferred9
Employee Benefits And Deferred Compensation Plans (Schedule Of Defined Benefit Plans Disclosures, SERP) (Details) (Supplemental Executive Retirement Plans [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Executive Retirement Plans [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $3,923 | $5,272 | |
Service cost | 168 | 165 | 180 |
Interest cost | 159 | 125 | 153 |
Plan amendments | |||
Plan settlement | 105 | ||
Actuarial (gain) loss | 497 | -395 | |
Benefits paid | -192 | -1,349 | |
Benefit obligation at end of year | 4,555 | 3,923 | 5,272 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | |||
Actual return on plan assets | |||
Employer contributions | 192 | 1,349 | |
Fair value of plan assets at end of year | |||
Funded status | -4,555 | -3,923 | |
Accrued benefit liabilities | -4,555 | -3,923 | |
Net actuarial loss | 1,601 | 1,188 | |
Prior service cost | 249 | 280 | |
Net amount recognized in equity b pre-tax | 1,850 | 1,468 | |
Net amount recognized on Consolidated Balance Sheets in Other Liabilities | -2,705 | -2,455 | |
Accumulated benefit obligation at year end | $3,944 | $3,385 |
Recovered_Sheet1
Employee Benefits And Deferred Compensation Plans (Schedule Of Assumptions Used, SERP) (Details) (Supplemental Executive Retirement Plans [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Supplemental Executive Retirement Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate for projected benefit obligation | 3.30% | 4.15% | 3.17% |
Discounted rate for net periodic pension cost | 4.15% | 3.17% | 4.34% |
Salary scale | 3.50% | 3.50% | 3.50% |
Recovered_Sheet2
Employee Benefits And Deferred Compensation Plans (Schedule Of Net Periodic Benefit Costs, SERP) (Details) (Supplemental Executive Retirement Plans [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Executive Retirement Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $168 | $165 | $180 |
Interest cost | 159 | 125 | 153 |
Net amortization and deferral | 115 | 180 | 195 |
Settlement charge | 105 | ||
Net periodic benefit cost | $442 | $575 | $528 |
Recovered_Sheet3
Employee Benefits And Deferred Compensation Plans (Estimated Future Benefit Payments, SERP) (Details) (Supplemental Executive Retirement Plans [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Supplemental Executive Retirement Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $192,672 |
2016 | 192,672 |
2017 | 192,672 |
2018 | 192,672 |
2019 | 1,865,999 |
Year 2020-2024 | $1,609,213 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, cost recognized | $293 | $280 | $249 |
Compensation cost | 83 | 72 | 56 |
Unrecognized cost related to options | 235 | ||
Unrecognized cost related to restricted share-based compensation arrangements | 391 | ||
Shares issued under Employee Stock Purchase Plan | 12,821 | 13,455 | 16,831 |
2009 Long-Term Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 629,796 | ||
Expected term | 6 years 4 months 10 days | 6 years 4 months 10 days | 7 years |
Number of shares available for grant | 210,353 | ||
Purchase price of stock as a percentage of it's fair market value | 100.00% | ||
2009 Long-Term Equity Incentive Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term | 10 years | ||
Award vesting period | 5 years | ||
2009 Long-Term Equity Incentive Plan [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 12 months | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, cost recognized | $89 | $67 | $71 |
Expected term | 6 months | 6 months | 6 months |
Number of shares available for issuance | 155,129 | ||
Purchase price of stock as a percentage of lower grant date or exercise date price | 85.00% | ||
Percentage of eligible employees that participated in the plan | 42.00% | ||
Maximum employee subscription rate | 15.00% |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule Of Stock Options Valuation Assumptions) (Details) (2009 Long-Term Equity Incentive Plan [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
2009 Long-Term Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend Yield | 2.70% | 2.72% | 2.84% |
Expected Life (years) | 6 years 4 months 10 days | 6 years 4 months 10 days | 7 years |
Expected Volatility | 20.76% | 20.58% | 20.19% |
Risk-free Interest Rate | 2.11% | 1.16% | 1.28% |
Weighted Average Fair Value | $3.64 | $2.48 | $1.95 |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule Of Stock Options Activity) (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Stock-Based Compensation [Abstract] | |
Options Balance, December 31, 2013 | 263,976 |
Options Granted | 31,300 |
Options Exercised | -42,151 |
Options Expired | -3,947 |
Options Forfeited | -12,486 |
Options Balance, December 31, 2014 | 236,692 |
Options Exercisable, December 31, 2014 | 161,127 |
Weighted Average Exercise Price, Balance, December 31, 2013 | $15.64 |
Weighted Average Exercise Price, Granted | $22.93 |
Weighted Average Exercise Price, Exercised | $16.46 |
Weighted Average Exercise Price, Expired | $22.04 |
Weighted Average Exercise Price, Forfeited | $19.06 |
Weighted Average Exercise Price, Balance, December 31, 2014 | $16.17 |
Weighted Average Exercise Price, Exercisable, December 31, 2014 | $15.12 |
Weighted Average Remaining Contractual Term (years), Balance, December 31, 2014 | 5 years 8 months 16 days |
Weighted Average Remaining Contractual Term (years), Exercisable, December 31, 2014 | 4 years 7 months 2 days |
Aggregate Intrinsic Value, Balance, December 31, 2014 | $2,093 |
Aggregate Intrinsic Value, Balance, Exercisable, December 31, 2014 | $1,594 |
StockBased_Compensation_Schedu2
Stock-Based Compensation (Schedule Of Unrecognized Compensation Cost, Stock Options) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Stock-Based Compensation [Abstract] | |
2015 | $96 |
2016 | 78 |
2017 | 48 |
2018 | $13 |
StockBased_Compensation_Schedu3
Stock-Based Compensation (Schedule Of Restricted Stock Award Activity) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Stock-Based Compensation [Abstract] | |
Shares, Balance, December 31, 2013 | 25,524 |
Shares Granted | 21,383 |
Shares Vested | -11,721 |
Shares Forfeited | -6,678 |
Shares, Balance, December 31, 2014 | 28,508 |
Weighted Average Exercise Price, Balance, December 31, 2013 | $16.82 |
Weighted Average Grant Date Fair Value, Granted | $21.34 |
Weighted Average Grant Date Fair Value, Vested | $17 |
Weighted Average Grant Date Fair Value, Forfeited | $21.38 |
Weighted Average Exercise Price, Balance, December 31, 2014 | $19.07 |
StockBased_Compensation_Schedu4
Stock-Based Compensation (Schedule Of Unrecognized Compensation Cost) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Stock-Based Compensation [Abstract] | |
2015 | $155 |
2016 | 130 |
2017 | 83 |
2018 | $23 |
StockBased_Compensation_Schedu5
Stock-Based Compensation (Schedule Of Activity Under Share Based Compensation Plans) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock-Based Compensation [Abstract] | |||
Total intrinsic value of stock options exercised | $287 | $30 | $23 |
Total fair value of restricted stock awards vested | $273 | $136 | $137 |
StockBased_Compensation_Schedu6
Stock-Based Compensation (Schedule Of Employee Stock Purchase Plan Valuation Assumptions) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Fair Value | $19.07 | $16.82 | |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend Yield | 2.95% | 3.00% | 3.20% |
Expected Life (years) | 6 months | 6 months | 6 months |
Expected Volatility | 22.41% | 14.21% | 21.66% |
Risk-free Interest Rate | 0.08% | 0.11% | 0.10% |
Weighted Average Fair Value | $6.56 | $4.80 | $4.26 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Abstract] | |||
Valuation allowance | $321,000 | $240,000 | |
Deferred tax asset for ENL | 513,000 | ||
Deferred tax benefit | 100,000 | ||
Accrued income tax penalties and interest | $0 | $0 | $0 |
Income_Taxes_Schedule_Of_Compo
Income Taxes (Schedule Of Components Of Income Tax Provision (Benefit)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | |||
Current federal tax expense | $2,282 | $2,184 | $2,667 |
Current state tax expense (benefit) | -118 | -81 | 541 |
Total current tax expense | 2,164 | 2,103 | 3,208 |
Deferred federal tax expense (benefit) | -215 | 316 | 487 |
Deferred state tax expense (benefit) | -1,245 | -688 | 52 |
Total deferred tax expense (benefit) | -1,460 | -372 | 539 |
Total income tax provision (benefit) | $704 | $1,731 | $3,747 |
Income_Taxes_Schedule_Of_Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | |||
Tax provision at statutory rate, Amount | $3,023 | $3,257 | $4,039 |
Tax-exempt interest income, Amount | -558 | -564 | -425 |
Historic tax credit, Amount | -996 | -559 | |
State taxes, net of federal benefit, Amount, Decrease in taxes | -899 | -508 | |
State taxes, net of federal benefit, Amount, Increase in taxes | 391 | ||
Other items, net, Amount | 134 | 105 | -258 |
Total income tax provision (benefit) | $704 | $1,731 | $3,747 |
Tax provision at statutory rate, Percent | 34.00% | 34.00% | 34.00% |
Tax-exempt interest income, Percent | -6.00% | -6.00% | -3.00% |
Historic tax credit, Percent | -11.00% | -6.00% | |
State taxes, net of federal benefit, Percent, Decrease in taxes | -10.00% | -5.00% | |
State taxes, net of federal benefit, Percent, Increase in taxes | 3.00% | ||
Other items, net, Percent | 1.00% | 1.00% | -2.00% |
Income tax provision, Percent | 8.00% | 18.00% | 32.00% |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Pension premiums | $2,213 | $1,604 |
Allowance for loan and lease losses | 4,690 | 4,372 |
Non accrued interest | 239 | 515 |
Deferred compensation | 1,040 | 1,083 |
Litigation accrual | 374 | |
Loss on investment in tax credit | 513 | |
Stock options granted | 129 | 90 |
Net operating loss carryforward | 88 | 240 |
Historic tax credit carryforward | 1,196 | 495 |
Leases | 156 | 154 |
Other | 5 | |
Gross deferred tax assets | 10,638 | 8,558 |
Deferred tax liabilities: | ||
Depreciation and amortization | 1,398 | 1,387 |
Prepaid expenses | 438 | 483 |
Net unrealized gains on securities | 569 | 121 |
Acquisition-related adjustments | 24 | 66 |
Mortgage servicing asset | 198 | 197 |
Other | 29 | |
Gross deferred tax liabilities | 2,656 | 2,254 |
Valuation allowance | -321 | -240 |
Net deferred tax asset | $7,661 | $6,064 |
Income_Taxes_Schedule_Of_Unrec
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | |||
Balance at beginning of year | $21 | $206 | |
Reclassification from deferred taxes for tax positions taken during a period | |||
Increases related to tax positions taken during a prior period | |||
Decrease due to the resolution of a prior year tax matter | -21 | -150 | |
Decreases related to settlements with taxing authorities | -35 | ||
Balance at end of year | $21 |
Other_Liabilities_Details
Other Liabilities (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Other Liabilities [Abstract] | ||
Retirement compensation liabilities | $8,258,000 | $6,707,000 |
Accounts payable | 5,009,000 | 4,475,000 |
Security deposits on direct financing leases | 31,000 | |
Interest payable | 232,000 | 222,000 |
Other | 1,079,000 | 1,058,000 |
Total | 14,578,000 | 12,493,000 |
Accrued historic tax credit investment | 2,000,000 | |
Estimated accrual for litigation | $1,000,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Transactions [Abstract] | ||
Aggregate amount of loans to related party | $3.80 | $2.60 |
New advances to related party during period | 5.5 | |
Related party loans repaid | 4.3 | |
Related party deposits | $1.90 | $1.70 |
Contingent_Liabilities_And_Com2
Contingent Liabilities And Commitments (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Contingent Liabilities And Commitments [Abstract] | |||
Estimated accrued liability | $1,000,000 | ||
Estimated accrued liability range of loss | 0 | ||
Minimum annual rental commitment, 2015 | 519,000 | ||
Minimum annual rental commitment, 2016 | 523,000 | ||
Minimum annual rental commitment, 2017 | 435,000 | ||
Minimum annual rental commitment, 2018 | 453,000 | ||
Minimum annual rental commitment, 2019 | 465,000 | ||
Minimum annual rental commitment, thereafter | 3,800,000 | ||
Rental expense under operating leases | $644,000 | $684,000 | $632,000 |
Contingent_Liabilities_And_Com3
Contingent Liabilities And Commitments (Summary Of Commitments And Contingent Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Contingent Liabilities And Commitments [Abstract] | ||
Commitments to extend credit | $212,193 | $176,964 |
Standby letters of credit | 2,430 | 2,664 |
Commitments and contingent liabilities | $214,623 | $179,628 |
Concentrations_Of_Credit_Detai
Concentrations Of Credit (Details) (Capital [Member], Credit Concentration Risk [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Capital [Member] | Credit Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 15.00% |
Segment_Information_Business_S
Segment Information (Business Segment Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of segments | 2 | ||||||||||
Net interest income (expense) | $8,440 | $7,677 | $7,682 | $7,298 | $7,344 | $7,174 | $7,002 | $6,826 | $31,099 | $28,347 | $27,780 |
Provision for loan and lease losses | 1,229 | 1,540 | -68 | ||||||||
Net interest income (expense) after provision for loan and lease losses | 29,870 | 26,807 | 27,848 | ||||||||
Non-interest income | 3,142 | 4,950 | 5,857 | ||||||||
Insurance service and fees | 7,131 | 7,211 | 6,966 | ||||||||
Amortization expense | 108 | 221 | 349 | ||||||||
Non-interest expense | 31,144 | 29,159 | 28,443 | ||||||||
Income before income taxes | 8,891 | 9,588 | 11,879 | ||||||||
Income tax provision (benefit) | 704 | 1,731 | 3,747 | ||||||||
Net income | 8,187 | 7,857 | 8,132 | ||||||||
Banking Activities [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income (expense) | 31,214 | 28,463 | 27,904 | ||||||||
Provision for loan and lease losses | 1,229 | 1,540 | -68 | ||||||||
Net interest income (expense) after provision for loan and lease losses | 29,985 | 26,923 | 27,972 | ||||||||
Non-interest income | 3,142 | 4,950 | 5,857 | ||||||||
Insurance service and fees | 591 | 518 | |||||||||
Non-interest expense | 26,875 | 24,792 | 23,861 | ||||||||
Income before income taxes | 6,843 | 7,599 | 9,968 | ||||||||
Income tax provision (benefit) | -85 | 1,022 | 3,007 | ||||||||
Net income | 6,928 | 6,577 | 6,961 | ||||||||
Insurance Agency Activities [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income (expense) | -115 | -116 | -124 | ||||||||
Net interest income (expense) after provision for loan and lease losses | -115 | -116 | -124 | ||||||||
Insurance service and fees | 6,540 | 6,693 | 6,966 | ||||||||
Amortization expense | 108 | 221 | 349 | ||||||||
Non-interest expense | 4,269 | 4,367 | 4,582 | ||||||||
Income before income taxes | 2,048 | 1,989 | 1,911 | ||||||||
Income tax provision (benefit) | 789 | 709 | 740 | ||||||||
Net income | $1,259 | $1,280 | $1,171 |
Segment_Information_Identifiab
Segment Information (Identifiable Assets By Segment) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Assets | $846,809 | $833,498 |
Banking Activities [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 837,928 | 824,028 |
Insurance Agency Activities [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $8,881 | $9,470 |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Narrative) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Impaired loans | 15,029 | $18,887 |
Impaired loans, related allowance | 1,313 | $1,509 |
Minimum [Member] | ||
Discount on appraisals of the collateral securing the loan, range | 10.00% | |
Maximum [Member] | ||
Discount on appraisals of the collateral securing the loan, range | 50.00% |
Fair_Value_Of_Financial_Instru3
Fair Value Of Financial Instruments (Financial Instruments Measured At Fair Value On Recurring Basis) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | $95,533 | $99,665 | ||
Mortgage servicing rights | 518 | 509 | ||
Fair Value, Measurements, Recurring Basis [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage servicing rights | 518 | 509 | ||
Fair Value, Measurements, Recurring Basis [Member] | Fair Value, Significant unobservable inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage servicing rights | 518 | 509 | 467 | 407 |
US Government Agencies Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 26,717 | 31,992 | ||
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring Basis [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 26,717 | 31,992 | ||
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring Basis [Member] | Fair Value, Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 26,717 | 31,992 | ||
States and Political Subdivisions Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 31,060 | 31,880 | ||
States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring Basis [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 31,060 | 31,880 | ||
States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring Basis [Member] | Fair Value, Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 31,060 | 31,880 | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 37,756 | 35,793 | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Measurements, Recurring Basis [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 37,756 | 35,793 | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Measurements, Recurring Basis [Member] | Fair Value, Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | $37,756 | $35,793 |
Fair_Value_Of_Financial_Instru4
Fair Value Of Financial Instruments (Changes In Fair Value For Mortgage Servicing Rights) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights - December 31 | $518 | $509 | |
Fair Value, Measurements, Recurring Basis [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights - December 31 | 518 | 509 | |
Fair Value, Significant unobservable inputs (Level 3) [Member] | Fair Value, Measurements, Recurring Basis [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights - January 1 | 509 | 467 | 407 |
Gains (losses) included in earnings | -134 | 34 | -144 |
Additions from loan sales | 143 | 8 | 204 |
Mortgage servicing rights - December 31 | $518 | $509 | $467 |
Fair_Value_Of_Financial_Instru5
Fair Value Of Financial Instruments (Quantitative Information About Significant Unobservable Inputs Used In The Fair Value Measurement Of MSRs) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value Of Financial Instruments [Abstract] | ||
Servicing fees | 0.25% | 0.25% |
Discount rate | 9.52% | 10.04% |
Prepayment rate (CPR) | 9.28% | 9.31% |
Fair_Value_Of_Financial_Instru6
Fair Value Of Financial Instruments (Financial Instruments Measured At Fair Value On Nonrecurring Basis) (Details) (Fair Value, Measurements, Nonrecurring Basis [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $13,716 | $17,378 |
Fair Value, Significant unobservable inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $13,716 | $17,378 |
Fair_Value_Of_Financial_Instru7
Fair Value Of Financial Instruments (Estimated Fair Value Of The Company's Financial Instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial assets: | ||
Available-for-sale Securities | $95,533 | $99,665 |
Debt securities held to maturity, Total securities designated as held to maturity, Fair Value | 1,574 | 2,319 |
Loans and leases, net | 683,131 | 635,493 |
Mortgage servicing rights | 518 | 509 |
Financial liabilities: | ||
Demand deposits | 158,631 | 139,973 |
NOW deposits | 72,670 | 65,927 |
Regular savings deposits | 363,542 | 390,575 |
Securities sold under agreement to repurchase | 13,778 | 13,351 |
Time deposits | 112,792 | 110,137 |
Carrying Amount [Member] | Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 10,898 | 41,954 |
Financial liabilities: | ||
Demand deposits | 158,631 | 139,973 |
NOW deposits | 72,670 | 65,927 |
Regular savings deposits | 363,542 | 390,575 |
Commitments to extend credit | 245 | 401 |
Securities sold under agreement to repurchase | 13,778 | 13,351 |
Carrying Amount [Member] | Fair Value, Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets: | ||
Available-for-sale Securities | 95,533 | 99,665 |
FHLB and FRB stock | 2,925 | 2,831 |
Financial liabilities: | ||
Other borrowed funds | 13,700 | 9,000 |
Junior subordinated debentures | 11,330 | 11,330 |
Carrying Amount [Member] | Fair Value, Significant unobservable inputs (Level 3) [Member] | ||
Financial assets: | ||
Debt securities held to maturity, Total securities designated as held to maturity, Fair Value | 1,599 | 2,384 |
Loans and leases, net | 683,131 | 635,493 |
Mortgage servicing rights | 518 | 509 |
Financial liabilities: | ||
Time deposits | 112,792 | 110,137 |
Fair Value [Member] | Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 10,898 | 41,954 |
Financial liabilities: | ||
Demand deposits | 158,631 | 139,973 |
NOW deposits | 72,670 | 65,927 |
Regular savings deposits | 363,542 | 390,575 |
Commitments to extend credit | 245 | 401 |
Securities sold under agreement to repurchase | 13,778 | 13,351 |
Fair Value [Member] | Fair Value, Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets: | ||
Available-for-sale Securities | 95,533 | 99,665 |
FHLB and FRB stock | 2,925 | 2,831 |
Financial liabilities: | ||
Other borrowed funds | 13,700 | 9,171 |
Junior subordinated debentures | 11,330 | 11,330 |
Fair Value [Member] | Fair Value, Significant unobservable inputs (Level 3) [Member] | ||
Financial assets: | ||
Debt securities held to maturity, Total securities designated as held to maturity, Fair Value | 1,574 | 2,319 |
Loans and leases, net | 685,148 | 640,770 |
Mortgage servicing rights | 518 | 509 |
Financial liabilities: | ||
Time deposits | $113,854 | $112,270 |
Regulatory_Matters_Details
Regulatory Matters (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Minimum Amount for Capital Adequacy Purposes, Total Risk-Based Capital (to Risk Weighted Assets) | $53,227 | $49,864 |
Minimum Ratio for Capital Adequacy Purposes, Total Risk-Based Capital (to Risk Weighted Assets) | 8.00% | 8.00% |
Minimum Amount to be Well Capitalized Under Prompt Corrective Action Provisions Total Risk-Based Capital (to Risk Weighted Assets) | 66,533 | 62,330 |
Minimum Ratio to be Well Capitalized Under Prompt Corrective Action Provisions Total Risk-Based Capital (to Risk Weighted Assets) | 10.00% | 10.00% |
Minimum Amount for Capital Adequacy Purposes, Tier I Capital (to Risk Weighted Assets) | 26,613 | 24,932 |
Minimum Ratio for Capital Adequacy Purposes Ratio, Tier I Capital (to Risk Weighted Assets) | 4.00% | 4.00% |
Minimum Amount to be Well Capitalized Under Prompt Corrective Action Provisions Tier I Capital (to Risk Weighted Assets) | 39,920 | 37,398 |
Minimum Ratio to be Well Capitalized Under Prompt Corrective Action Provisions Tier I Capital (to Risk Weighted Assets) | 6.00% | 6.00% |
Minimum Amount for Capital Adequacy Purposes, Tier I Capital (to Average Assets) | 33,726 | 32,823 |
Minimum Ratio for Capital Adequacy Purposes, Tier I Capital (to Average Assets) | 4.00% | 4.00% |
Minimum Amount to be Well Capitalized Under Prompt Corrective Action Provisions Tier I Capital (to Average Assets) | 42,157 | 41,029 |
Minimum Ratio to be Well Capitalized Under Prompt Corrective Action Provisions Tier I Capital (to Average Assets) | 5.00% | 5.00% |
Parent Company [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Actual Amount Total Risk-Based Capital (to Risk Weighted Assets) | 98,782 | 92,879 |
Actual Ratio Total Risk-Based Capital (to Risk Weighted Assets) | 14.90% | 14.90% |
Actual Amount Tier I Capital (to Risk Weighted Assets) | 90,473 | 85,044 |
Actual Ratio Tier I Capital (to Risk Weighted Assets) | 13.60% | 13.60% |
Actual Amount Tier I Capital (to Average Assets) | 90,473 | 85,044 |
Actual Ratio Tier I Capital (to Average Assets) | 10.80% | 10.40% |
Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Actual Amount Total Risk-Based Capital (to Risk Weighted Assets) | 98,317 | 86,757 |
Actual Ratio Total Risk-Based Capital (to Risk Weighted Assets) | 14.90% | 13.90% |
Actual Amount Tier I Capital (to Risk Weighted Assets) | 90,021 | 78,932 |
Actual Ratio Tier I Capital (to Risk Weighted Assets) | 13.70% | 12.70% |
Actual Amount Tier I Capital (to Average Assets) | $90,021 | $78,932 |
Actual Ratio Tier I Capital (to Average Assets) | 10.80% | 9.60% |
Parent_Company_Only_Financial_2
Parent Company Only Financial Information (Condensed Balance Sheets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Other assets | $13,983 | $11,959 |
TOTAL ASSETS | 846,809 | 833,498 |
LIABILITIES | ||
Junior subordinated debentures | 11,330 | 11,330 |
Other liabilities | 14,578 | 12,493 |
Total liabilities | 761,021 | 752,786 |
STOCKHOLDERSb EQUITY | ||
Total Stockholdersb Equity | 85,788 | 80,712 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 846,809 | 833,498 |
Parent Company [Member] | ||
ASSETS | ||
Cash | 3,258 | 54 |
Other assets | 1,144 | 1,054 |
Investment in subsidiaries | 95,689 | 92,413 |
TOTAL ASSETS | 100,091 | 93,521 |
LIABILITIES | ||
Junior subordinated debentures | 11,330 | 11,330 |
Other liabilities | 2,973 | 1,479 |
Total liabilities | 14,303 | 12,809 |
STOCKHOLDERSb EQUITY | ||
Total Stockholdersb Equity | 85,788 | 80,712 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $100,091 | $93,521 |
Parent_Company_Only_Financial_3
Parent Company Only Financial Information (Condensed Statements Of Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income before equity in undistributed earnings of subsidiaries | $8,891 | $9,588 | $11,879 |
Net income | 8,187 | 7,857 | 8,132 |
COMPREHENSIVE INCOME | 7,942 | 6,493 | 7,887 |
Parent Company [Member] | |||
Dividends from subsidiaries | 7,000 | 2,614 | 2,000 |
Expenses | -1,363 | -1,364 | -1,308 |
Income before equity in undistributed earnings of subsidiaries | 5,637 | 1,250 | 692 |
Equity in undistributed earnings of subsidiaries | 2,550 | 6,607 | 7,440 |
Net income | 8,187 | 7,857 | 8,132 |
Other comprehensive income | |||
COMPREHENSIVE INCOME | $8,187 | $7,857 | $8,132 |
Parent_Company_Only_Financial_4
Parent Company Only Financial Information (Condensed Statements Of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities: | |||
Net income | $8,187 | $7,857 | $8,132 |
Changes in assets and liabilities affecting cash flow: | |||
Other assets | -2,919 | -2,119 | -1,062 |
Other liabilities | 1,751 | 1,354 | -25 |
Net cash provided by operating activities | 11,021 | 13,101 | 12,602 |
Investing Activities: | |||
Net cash (used in) provided by investing activities | -44,810 | -79,532 | 2,664 |
Financing Activities: | |||
Proceeds from issuance of common stock | 238 | 270 | 467 |
Cash dividends paid | -2,735 | -1,098 | -2,825 |
Purchase of Treasury stock | -1,436 | -124 | |
Net cash provided by financing activities | 2,733 | 17,908 | 60,533 |
Net increase (decrease) in cash | -31,056 | -48,523 | 75,799 |
Beginning of period | 41,954 | 90,477 | 14,678 |
End of period | 10,898 | 41,954 | 90,477 |
Parent Company [Member] | |||
Operating Activities: | |||
Net income | 8,187 | 7,857 | 8,132 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Undistributed earnings of subsidiaries | -2,550 | -6,607 | -7,440 |
Changes in assets and liabilities affecting cash flow: | |||
Other assets | -89 | -187 | -137 |
Other liabilities | 1,563 | -23 | 53 |
Net cash provided by operating activities | 7,111 | 1,040 | 608 |
Investing Activities: | |||
Investment in subsidiaries | |||
Net cash (used in) provided by investing activities | |||
Financing Activities: | |||
Proceeds from issuance of common stock | |||
Cash dividends paid | -2,471 | -1,077 | -2,543 |
Purchase of Treasury stock | -1,436 | ||
Net cash provided by financing activities | -3,907 | -1,077 | -2,543 |
Net increase (decrease) in cash | 3,204 | -37 | -1,935 |
Beginning of period | 54 | 91 | 2,026 |
End of period | $3,258 | $54 | $91 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Selected Quarterly Financial Data [Abstract] | |||||||||||
Interest Income | $9,327 | $8,576 | $8,592 | $8,219 | $8,305 | $8,149 | $7,993 | $7,956 | $34,715 | $32,404 | $33,377 |
Interest Expense | 887 | 899 | 910 | 921 | 961 | 975 | 991 | 1,130 | 3,616 | 4,057 | 5,597 |
NET INTEREST INCOME | 8,440 | 7,677 | 7,682 | 7,298 | 7,344 | 7,174 | 7,002 | 6,826 | 31,099 | 28,347 | 27,780 |
Net Income | $2,306 | $2,290 | $1,579 | $2,013 | $1,667 | $2,451 | $1,923 | $1,816 | |||
Earnings per share basic | $0.55 | $0.55 | $0.38 | $0.48 | $0.40 | $0.58 | $0.46 | $0.44 | $1.96 | $1.88 | $1.96 |
Earnings per share diluted | $0.54 | $0.54 | $0.37 | $0.47 | $0.39 | $0.57 | $0.46 | $0.43 | $1.92 | $1.85 | $1.95 |