Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 14, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | EMCLAIRE FINANCIAL CORP | |
Entity Central Index Key | 858,800 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | EMCF | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 2,205,944 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 2,455 | $ 2,758 |
Interest earning deposits with banks | 32,260 | 14,810 |
Cash and cash equivalents | 34,715 | 17,568 |
Securities available for sale | 99,828 | 101,560 |
Loans held for sale | 0 | 68 |
Loans receivable, net of allowance for loan losses of $5,767 and $5,545 | 545,766 | 515,435 |
Federal bank stocks, at cost | 4,862 | 4,861 |
Bank-owned life insurance | 11,555 | 11,390 |
Accrued interest receivable | 1,827 | 1,815 |
Premises and equipment, net | 17,908 | 18,282 |
Goodwill | 10,288 | 10,288 |
Core deposit intangible, net | 441 | 560 |
Prepaid expenses and other assets | 9,675 | 10,308 |
Total Assets | 736,865 | 692,135 |
Deposits: | ||
Non-interest bearing | 129,230 | 123,717 |
Interest bearing | 499,944 | 461,223 |
Total deposits | 629,174 | 584,940 |
Short-term borrowed funds | 2,500 | 9,500 |
Long-term borrowed funds | 39,000 | 34,500 |
Accrued interest payable | 359 | 239 |
Accrued expenses and other liabilities | 9,185 | 8,883 |
Total Liabilities | 680,218 | 638,062 |
Commitments and Contingent Liabilities | 0 | 0 |
Stockholders' Equity: | ||
Common stock, $1.25 par value, 12,000,000 shares authorized; 2,302,961 and 2,254,375 shares issued; 2,200,944 and 2,152,358 shares outstanding, respectively | 2,879 | 2,818 |
Additional paid-in capital | 29,211 | 27,900 |
Treasury stock, at cost; 102,017 shares | (2,114) | (2,114) |
Retained earnings | 30,790 | 29,960 |
Accumulated other comprehensive loss | (4,119) | (4,491) |
Total Stockholders' Equity | 56,647 | 54,073 |
Total Liabilities and Stockholders' Equity | $ 736,865 | $ 692,135 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for loan losses | $ 5,767 | $ 5,545 |
Common stock, par value (in dollars per share) | $ 1.25 | $ 1.25 |
Common stock authorized (in shares) | 12,000,000 | 12,000,000 |
Common stock issued (in shares) | 2,302,961 | 2,254,375 |
Common stock outstanding (in shares) | 2,200,944 | 2,152,358 |
Treasury stock (in shares) | 102,017 | 102,017 |
Consolidated Statements of Net
Consolidated Statements of Net Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest and dividend income: | ||||
Loans receivable, including fees | $ 5,801 | $ 5,185 | $ 11,367 | $ 9,887 |
Securities: | ||||
Taxable | 392 | 441 | 787 | 874 |
Exempt from federal income tax | 140 | 156 | 283 | 316 |
Federal bank stocks | 61 | 52 | 115 | 87 |
Interest earning deposits with banks | 38 | 43 | 53 | 62 |
Total interest and dividend income | 6,432 | 5,877 | 12,605 | 11,226 |
Interest expense: | ||||
Deposits | 749 | 721 | 1,452 | 1,309 |
Borrowed funds | 318 | 296 | 632 | 540 |
Total interest expense | 1,067 | 1,017 | 2,084 | 1,849 |
Net interest income | 5,365 | 4,860 | 10,521 | 9,377 |
Provision for loan losses | 201 | 121 | 363 | 302 |
Net interest income after provision for loan losses | 5,164 | 4,739 | 10,158 | 9,075 |
Noninterest income: | ||||
Fees and service charges | 435 | 386 | 842 | 731 |
Net gain on sales of available for sale securities | 350 | 81 | 350 | 83 |
Net gain on sales of loans | 124 | 0 | 130 | 0 |
Other-than-temporary impairment loss | (508) | 0 | (508) | 0 |
Earnings on bank-owned life insurance | 101 | 100 | 202 | 198 |
Other | 366 | 375 | 707 | 710 |
Total noninterest income | 868 | 942 | 1,723 | 1,722 |
Noninterest expense: | ||||
Compensation and employee benefits | 2,347 | 2,177 | 4,670 | 4,225 |
Premises and equipment | 726 | 692 | 1,484 | 1,378 |
Intangible asset amortization | 59 | 56 | 119 | 105 |
Professional fees | 216 | 190 | 417 | 373 |
Federal deposit insurance | 102 | 89 | 210 | 182 |
Acquisition costs | 106 | 92 | 107 | 401 |
Other | 1,121 | 1,168 | 2,291 | 1,818 |
Total noninterest expense | 4,677 | 4,464 | 9,298 | 8,482 |
Income before provision for income taxes | 1,355 | 1,217 | 2,583 | 2,315 |
Provision for income taxes | 314 | 287 | 586 | 583 |
Net income | $ 1,041 | $ 930 | $ 1,997 | $ 1,732 |
Basic earnings per common share (in dollars per share) | $ 0.48 | $ 0.43 | $ 0.93 | $ 0.81 |
Diluted earnings per common share (in dollars per share) | $ 0.48 | $ 0.43 | $ 0.92 | $ 0.80 |
Average common shares outstanding - basic (in shares) | 2,164,747 | 2,146,160 | 2,158,587 | 2,145,484 |
Average common shares outstanding - diluted (in shares) | 2,182,761 | 2,156,378 | 2,175,523 | 2,154,708 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,041 | $ 930 | $ 1,997 | $ 1,732 |
Unrealized gains on securities: | ||||
Unrealized holding gain arising during the period | 15 | 699 | 406 | 2,030 |
Reclassification adjustment for gains included in net income | (350) | (81) | (350) | (83) |
Reclassification adjustment for other than temporary impairment losses included in net income | 508 | 0 | 508 | 0 |
Other comprehensive income total | 173 | 618 | 564 | 1,947 |
Tax effect | (59) | (210) | (192) | (662) |
Net of tax | 114 | 408 | 372 | 1,285 |
Comprehensive income | $ 1,155 | $ 1,338 | $ 2,369 | $ 3,017 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities | ||
Net income | $ 1,997 | $ 1,732 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 578 | 550 |
Provision for loan losses | 363 | 302 |
Amortization of premiums, net | 174 | 176 |
Amortization of intangible assets and mortgage servicing rights | 143 | 115 |
Impairment loss on security recognized in earnings | 508 | 0 |
Realized gains on sales of available for sale securities, net | (350) | (83) |
Net gains on sales of loans | (130) | 0 |
Net gains on foreclosed real estate | 0 | (10) |
Loans originated for sale | (3,265) | 0 |
Proceeds from the sale of loans originated for sale | 3,371 | 0 |
Stock compensation expense | 110 | 111 |
Increase in bank-owned life insurance, net | (165) | (165) |
Increase in accrued interest receivable | (12) | (102) |
Decrease in prepaid expenses and other assets | 332 | 75 |
Increase in accrued interest payable | 120 | 46 |
Increase (decrease) in accrued expenses and other liabilities | 302 | (702) |
Net cash provided by operating activities | 4,076 | 2,045 |
Cash flows from investing activities | ||
Loan originations and principal collections, net | (32,600) | 3,604 |
Purchase of residential mortgage loans | 0 | (6,911) |
Proceeds from sales of loans held for sale previously classified as portfolio loans | 1,817 | 0 |
Available for sale securities: | ||
Sales | 18,195 | 6,118 |
Maturities, repayments and calls | 5,850 | 11,060 |
Purchases | (21,939) | (8,258) |
Net cash paid for acquisition | 0 | (3,309) |
Redemption (purchase) of federal bank stocks | (1) | 1,454 |
Proceeds from the sale of foreclosed real estate | 124 | 171 |
Purchases of premises and equipment | (204) | (392) |
Net cash provided by (used in) investing activities | (28,758) | 3,537 |
Cash flows from financing activities | ||
Net increase in deposits | 44,234 | 34,299 |
Repayments on long-term debt | (500) | (5,000) |
Proceeds from other long-term debt | 5,000 | 5,000 |
Net change in short-term borrowings | (7,000) | (11,750) |
Proceeds from exercise of stock options | 1,263 | 0 |
Dividends paid | (1,168) | (1,116) |
Net cash provided by financing activities | 41,829 | 21,433 |
Increase in cash and cash equivalents | 17,147 | 27,015 |
Cash and cash equivalents at beginning of period | 17,568 | 11,546 |
Cash and cash equivalents at end of period | 34,715 | 38,561 |
Supplemental information: | ||
Interest paid | 1,964 | 942 |
Income taxes paid | 575 | 0 |
Supplemental noncash disclosure: | ||
Transfers from loans to foreclosed real estate | 39 | 147 |
Transfers from portfolio loans to loans held for sale | $ 1,725 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) $ in Thousands | USD ($)$ / shares |
Balance at beginning of period at Dec. 31, 2015 | $ 52,839 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Net income | 1,732 |
Other comprehensive income | 1,285 |
Stock compensation expense | 111 |
Dividends declared on common stock | (1,116) |
Exercise of stock options (48,586 shares) | 0 |
Balance at end of period at Jun. 30, 2016 | $ 54,851 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Cash dividend per common share (in dollars per share) | $ / shares | $ 0.52 |
Balance at beginning of period at Mar. 31, 2016 | $ 54,007 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Net income | 930 |
Other comprehensive income | 408 |
Stock compensation expense | 64 |
Dividends declared on common stock | (558) |
Exercise of stock options (48,586 shares) | 0 |
Balance at end of period at Jun. 30, 2016 | $ 54,851 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Cash dividend per common share (in dollars per share) | $ / shares | $ 0.26 |
Balance at beginning of period at Dec. 31, 2016 | $ 54,073 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Net income | 1,997 |
Other comprehensive income | 372 |
Stock compensation expense | 110 |
Dividends declared on common stock | (1,168) |
Exercise of stock options (48,586 shares) | 1,263 |
Balance at end of period at Jun. 30, 2017 | $ 56,647 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Cash dividend per common share (in dollars per share) | $ / shares | $ 0.54 |
Balance at beginning of period at Mar. 31, 2017 | $ 54,761 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Net income | 1,041 |
Other comprehensive income | 114 |
Stock compensation expense | 55 |
Dividends declared on common stock | (587) |
Exercise of stock options (48,586 shares) | 1,263 |
Balance at end of period at Jun. 30, 2017 | $ 56,647 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Cash dividend per common share (in dollars per share) | $ / shares | $ 0.27 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) (Parenthetical) - shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||
Options exercised in period (in shares) | 48,586 | 48,586 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | Nature of Operations and Basis of Presentation Emclaire Financial Corp (the Corporation) is a Pennsylvania corporation and the holding company of The Farmers National Bank of Emlenton (the Bank) and Emclaire Settlement Services, LLC (the Title Company). The Corporation provides a variety of financial services to individuals and businesses through its offices in Western Pennsylvania. Its primary deposit products are checking, savings and term certificate accounts and its primary lending products are residential and commercial mortgages, commercial business loans and consumer loans. The consolidated financial statements include the accounts of the Corporation and its wholly owned subsidiaries, the Bank and the Title Company. All significant intercompany transactions and balances have been eliminated in preparing the consolidated financial statements. The accompanying unaudited consolidated financial statements for the interim periods include all adjustments, consisting of normal recurring accruals, which are necessary, in the opinion of management, to fairly reflect the Corporation’s consolidated financial position and results of operations. Additionally, these consolidated financial statements for the interim periods have been prepared in accordance with instructions for the Securities and Exchange Commission’s (SEC’s) Form 10-Q and Article 10 of Regulation S-X and therefore do not include all information or footnotes necessary for a complete presentation of financial condition, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America (GAAP). For further information, refer to the audited consolidated financial statements and footnotes thereto for the year ended December 31, 2016 , as contained in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC. The balance sheet at December 31, 2016 has been derived from the audited financial statements at that date but does not include all the information and footnotes required by GAAP for complete financial statements. The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The results of operations for interim quarterly or year-to-date periods are not necessarily indicative of the results that may be expected for the entire year or any other period. Certain amounts previously reported may have been reclassified to conform to the current year’s financial statement presentation. |
Mergers and Acquisitions
Mergers and Acquisitions | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | Mergers and Acquisitions On May 4, 2017, the Corporation and Northern Hancock Bank & Trust Co. (Northern Hancock) announced that they have entered into an Agreement and Plan of Merger providing for the acquisition of Northern Hancock by the Corporation. Northern Hancock is a West Virginia bank headquartered in Newall, West Virginia and operates two offices located in Hancock County, West Virginia. Under the terms of the merger agreement, Northern Hancock will merge into the Bank and shareholders of Northern Hancock will receive 0.9793 of a share of the Corporation's common stock and $3.35 in cash for each share of common stock of Northern Hancock upon completion of the merger or approximately $1.7 million of stock and $200,000 in cash in the aggregate. The merger is expected to be completed in the third quarter of 2017, subject to the satisfaction of customary closing conditions, including regulatory approval and the approval of the shareholders of Northern Hancock. |
Earnings per Common Share
Earnings per Common Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Common Share Basic earnings per common share (EPS) excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS includes the dilutive effect of additional potential common shares for assumed issuance of restricted stock and shares issued under stock options. The factors used in the Corporation’s earnings per common share computation follow: (Dollar amounts in thousands, except for per share amounts) For the three months ended June 30, For the six months ended June 30, 2017 2016 2017 2016 Earnings per common share - basic Net income $ 1,041 $ 930 $ 1,997 $ 1,732 Average common shares outstanding 2,164,747 2,146,160 2,158,587 2,145,484 Basic earnings per common share $ 0.48 $ 0.43 $ 0.93 $ 0.81 Earnings per common share - diluted Net income $ 1,041 $ 930 $ 1,997 $ 1,732 Average common shares outstanding 2,164,747 2,146,160 2,158,587 2,145,484 Add: Dilutive effects of assumed issuance of restricted stock and exercise of stock options 18,014 10,218 16,936 9,224 Average shares and dilutive potential common shares 2,182,761 2,156,378 2,175,523 2,154,708 Diluted earnings per common share $ 0.48 $ 0.43 $ 0.92 $ 0.80 Stock options not considered in computing earnings per share because they were antidilutive — 67,000 — 67,000 |
Securities
Securities | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The following table summarizes the Corporation’s securities as of June 30, 2017 and December 31, 2016 : (Dollar amounts in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale: June 30, 2017: U.S. Treasury and federal agency $ 4,545 $ — $ (27 ) $ 4,518 U.S. government sponsored entities and agencies 12,151 3 (111 ) 12,043 U.S. agency mortgage-backed securities: residential 22,303 33 (94 ) 22,242 U.S. agency collateralized mortgage obligations: residential 24,538 28 (564 ) 24,002 State and political subdivisions 25,662 150 (31 ) 25,781 Corporate debt securities 9,512 28 (20 ) 9,520 Equity securities 1,580 160 (18 ) 1,722 $ 100,291 $ 402 $ (865 ) $ 99,828 December 31, 2016: U.S. Treasury and federal agency 4,550 — (50 ) 4,500 U.S. government sponsored entities and agencies 9,186 — (188 ) 8,998 U.S. agency mortgage-backed securities: residential 25,790 32 (196 ) 25,626 U.S. agency collateralized mortgage obligations: residential 25,367 23 (684 ) 24,706 State and political subdivisions 27,853 17 (262 ) 27,608 Corporate debt securities 8,012 5 (85 ) 7,932 Equity securities 1,829 373 (12 ) 2,190 $ 102,587 $ 450 $ (1,477 ) $ 101,560 The following table summarizes scheduled maturities of the Corporation’s debt securities as of June 30, 2017 . Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities and collateralized mortgage obligations are not due at a single maturity and are shown separately. (Dollar amounts in thousands) Available for sale Amortized Cost Fair Value Due in one year or less $ 3,158 $ 3,155 Due after one year through five years 27,945 27,873 Due after five through ten years 19,756 19,835 Due after ten years 1,011 999 Mortgage-backed securities: residential 22,303 22,242 Collateralized mortgage obligations: residential 24,538 24,002 $ 98,711 $ 98,106 4. Securities (continued) Information pertaining to securities with gross unrealized losses at June 30, 2017 and December 31, 2016 , aggregated by investment category and length of time that individual securities have been in a continuous loss position are included in the table below: (Dollar amounts in thousands) Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss June 30, 2017: U.S. Treasury and federal agency $ 4,518 $ (27 ) $ — $ — $ 4,518 $ (27 ) U.S. government sponsored entities and agencies 9,054 (111 ) — — 9,054 (111 ) U.S. agency mortgage-backed securities: residential 11,446 (94 ) — — 11,446 (94 ) U.S. agency collateralized mortgage obligations: residential 9,481 (184 ) 12,694 (380 ) 22,175 (564 ) State and political subdivisions 3,863 (28 ) 347 (3 ) 4,210 (31 ) Corporate debt securities 4,995 (20 ) — — 4,995 (20 ) Equity securities — — 231 (18 ) 231 (18 ) $ 43,357 $ (464 ) $ 13,272 $ (401 ) $ 56,629 $ (865 ) December 31, 2016: U.S. Treasury and federal agency $ 4,500 $ (50 ) $ — $ — $ 4,500 $ (50 ) U.S. government sponsored entities and agencies 8,998 (188 ) — — 8,998 (188 ) U.S. agency mortgage-backed securities: residential 23,279 (196 ) — — 23,279 (196 ) U.S. agency collateralized mortgage obligations: residential 13,568 (438 ) 9,317 (246 ) 22,885 (684 ) State and political subdivisions 21,924 (262 ) — — 21,924 (262 ) Corporate debt securities 3,927 (85 ) — — 3,927 (85 ) Equity securities — — 237 (12 ) 237 (12 ) $ 76,196 $ (1,219 ) $ 9,554 $ (258 ) $ 85,750 $ (1,477 ) Gains on sales of available for sale securities for the three and six months ended June 30 were as follows: (Dollar amounts in thousands) For the three months For the six months ended June 30, 2017 2016 2017 2016 Proceeds $ 18,195 $ 2,439 $ 18,195 $ 6,118 Gains 350 81 350 83 Tax provision related to gains 119 28 119 28 Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic, market or other conditions warrant such evaluation. Consideration is given to: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions and (4) whether the Corporation has the intent to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis. If the Corporation intends to sell an impaired security, or if it is more likely than not the Corporation will be required to sell the security before its anticipated recovery, the Corporation records an other-than-temporary loss in an amount equal to the entire difference between fair value and amortized cost. Otherwise, only the credit portion of the estimated loss on debt securities is recognized in earnings, with the other portion of the loss recognized in other comprehensive income. For equity securities determined to be other-than-temporarily impaired, the entire amount of impairment is recognized through earnings. 4. Securities (continued) There was one equity security in an unrealized loss position for more than 12 months as of June 30, 2017 . Equity securities owned by the Corporation consist of common stock of various financial service providers. This investment security is in an unrealized loss position as a result of the illiquid nature of the stock. The Corporation does not invest in these securities with the intent to sell them for a profit in the near term. For investments in equity securities, in addition to the general factors mentioned above for determining whether the decline in market value is other-than-temporary, the analysis of whether an equity security is other-than-temporarily impaired includes a review of the profitability, capital adequacy and other relevant information available to determine the financial position and near term prospects of each issuer. The results of analyzing the aforementioned metrics and financial fundamentals suggest recovery of amortized cost in the near future. Based on that evaluation, and given that the Corporation’s current intention is not to sell any impaired security and it is more likely than not it will not be required to sell this security before the recovery of its amortized cost basis, the Corporation does not consider the equity security with an unrealized loss as of June 30, 2017 to be other-than-temporarily impaired. During the three months ended June 30, 2017, management determined that an other-than-temporary impairment existed on a corporate debt security due to deterioration in the credit quality of the issuer that would likely result in the non-collection of contractual principal and interest. This security was written down to its fair market value and the resulting impairment loss of $508,000 was recognized in earnings during the quarter ended June 30, 2017. After recognizing the aforementioned impairment, there were 69 debt securities in an unrealized loss position as of June 30, 2017 , of which 14 were in an unrealized loss position for more than 12 months. Of these 69 securities, 25 were government-backed collateralized mortgage obligations, 12 were state and political subdivision securities, 10 were corporate securities, 9 were mortgage-backed securities, 8 were U.S. government sponsored entity and agency securities and 5 were U.S. Treasury securities. The unrealized losses associated with these securities were not due to the deterioration in the credit quality of the issuer that would likely result in the non-collection of contractual principal and interest, but rather have been caused by a rise in interest rates from the time the securities were purchased. Based on that evaluation and other general considerations, and given that the Corporation’s current intention is not to sell any impaired securities and it is more likely than not it will not be required to sell these securities before the recovery of its amortized cost basis, the Corporation does not consider these debt securities with unrealized losses as of June 30, 2017 to be other-than-temporarily impaired. |
Loans Receivable and Related Al
Loans Receivable and Related Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Loans Receivable and Related Allowance for Loan Losses | Loans Receivable and Related Allowance for Loan Losses The Corporation’s loans receivable as of the respective dates are summarized as follows: (Dollar amounts in thousands) June 30, December 31, Mortgage loans on real estate: Residential first mortgages $ 214,905 $ 198,167 Home equity loans and lines of credit 90,736 91,359 Commercial real estate 179,891 166,994 485,532 456,520 Other loans: Commercial business 58,797 57,788 Consumer 7,204 6,672 66,001 64,460 Total loans, gross 551,533 520,980 Less allowance for loan losses 5,767 5,545 Total loans, net $ 545,766 $ 515,435 During the quarter ended June 30, 2017, the Corporation sold $1.1 million of residential mortgage loans that were previously classified as held for investment. Included in total loans above are net deferred costs of $1.4 million and $1.3 million at June 30, 2017 and December 31, 2016 , respectively. An allowance for loan losses (ALL) is maintained to absorb probable incurred losses from the loan portfolio. The ALL is based on management’s continuing evaluation of the risk characteristics and credit quality of the loan portfolio, assessment of current economic conditions, diversification and size of the portfolio, adequacy of collateral, past and anticipated loss experience and the amount of nonperforming loans. Management reviews the loan portfolio on a quarterly basis using a defined, consistently applied process in order to make appropriate and timely adjustments to the ALL. When information confirms all or part of specific loans to be uncollectible, these amounts are promptly charged off against the ALL. The allowance for loan losses is based on estimates and actual losses may vary from current estimates. Management believes that the granularity of the homogeneous pools and the related historical loss ratios and other qualitative factors, as well as the consistency in the application of assumptions, result in an ALL that is representative of the risk found in the components of the portfolio at any given date. At June 30, 2017 , there was no allowance for loan losses allocated to loans acquired in the April 2016 merger with United American Savings Bank. 5. Loans Receivable and Related Allowance for Loan Losses (continued) The following table details activity in the ALL and the recorded investment by portfolio segment based on impairment method: (Dollar amounts in thousands) Residential Home Commercial Commercial Consumer Total Three months ended June 30, 2017: Allowance for loan losses: Beginning Balance $ 1,956 $ 648 $ 2,449 $ 583 $ 52 $ 5,688 Charge-offs (10 ) (10 ) (90 ) (10 ) (8 ) (128 ) Recoveries — 1 2 — 3 6 Provision 48 — 99 48 6 201 Ending Balance $ 1,994 $ 639 $ 2,460 $ 621 $ 53 $ 5,767 Six months ended June 30, 2017: Allowance for loan losses: Beginning Balance $ 1,846 $ 633 $ 2,314 $ 700 $ 52 $ 5,545 Charge-offs (36 ) (11 ) (90 ) (10 ) (27 ) (174 ) Recoveries — 20 4 — 9 33 Provision 184 (3 ) 232 (69 ) 19 363 Ending Balance $ 1,994 $ 639 $ 2,460 $ 621 $ 53 $ 5,767 At June 30, 2017: Ending ALL balance attributable to loans: Individually evaluated for impairment $ 8 $ — $ — $ — $ — $ 8 Acquired loans collectively evaluated for impairment — — — — — — Originated loans collectively evaluated for impairment 1,986 639 2,460 621 53 5,759 Total $ 1,994 $ 639 $ 2,460 $ 621 $ 53 $ 5,767 Total loans: Individually evaluated for impairment $ 442 $ — $ 975 $ 600 $ — $ 2,017 Acquired loans collectively evaluated for impairment 21,849 4,324 24,486 1,038 — 51,697 Originated loans collectively evaluated for impairment 192,614 86,412 154,430 57,159 7,204 497,819 Total $ 214,905 $ 90,736 $ 179,891 $ 58,797 $ 7,204 $ 551,533 At December 31, 2016: Ending ALL balance attributable to loans: Individually evaluated for impairment $ 19 $ — $ 95 $ 6 $ — $ 120 Acquired loans collectively evaluated for impairment — — — — — — Originated loans collectively evaluated for impairment 1,827 633 2,219 694 52 5,425 Total $ 1,846 $ 633 $ 2,314 $ 700 $ 52 $ 5,545 Total loans: Individually evaluated for impairment $ 135 $ — $ 1,014 $ 684 $ — $ 1,833 Acquired loans collectively evaluated for impairment 25,024 5,225 27,492 1,182 13 58,936 Originated loans collectively evaluated for impairment 173,008 86,134 138,488 55,922 6,659 460,211 Total $ 198,167 $ 91,359 $ 166,994 $ 57,788 $ 6,672 $ 520,980 Three months ended June 30, 2016: Allowance for loan losses: Beginning Balance $ 1,577 $ 636 $ 1,926 $ 1,162 $ 51 $ 5,352 Charge-offs (8 ) (33 ) — — (6 ) (47 ) Recoveries — 1 3 — 1 5 Provision 127 41 189 (242 ) 6 121 Ending Balance $ 1,696 $ 645 $ 2,118 $ 920 $ 52 $ 5,431 Six months ended June 30, 2016: Allowance for loan losses: Beginning Balance $ 1,429 $ 586 $ 2,185 $ 960 $ 45 $ 5,205 Charge-offs (40 ) (33 ) — — (15 ) (88 ) Recoveries — 1 7 — 4 12 Provision 307 91 (74 ) (40 ) 18 302 Ending Balance $ 1,696 $ 645 $ 2,118 $ 920 $ 52 $ 5,431 5. Loans Receivable and Related Allowance for Loan Losses (continued) The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of June 30, 2017 : (Dollar amounts in thousands) Impaired Loans with Specific Allowance As of June 30, 2017 For the three months ended June 30, 2017 Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized in Period Cash Basis Interest Recognized in Period Residential first mortgages $ 76 $ 76 $ 8 $ 76 $ 1 $ 1 Home equity and lines of credit — — — — — — Commercial real estate — — — — — — Commercial business — — — — — — Consumer — — — — — — Total $ 76 $ 76 $ 8 $ 76 $ 1 $ 1 For the six months ended June 30, 2017 Average Recorded Investment Interest Income Recognized in Period Cash Basis Interest Recognized in Period Residential first mortgages $ 96 $ 2 $ 2 Home equity and lines of credit — — — Commercial real estate 186 — — Commercial business 196 — — Consumer — — — Total $ 478 $ 2 $ 2 Impaired Loans with No Specific Allowance As of June 30, 2017 For the three months ended June 30, 2017 Unpaid Principal Balance Recorded Investment Average Recorded Investment Interest Income Recognized in Period Cash Basis Interest Recognized in Period Residential first mortgages $ 478 $ 366 $ 369 $ 3 $ 3 Home equity and lines of credit — — — — — Commercial real estate 1,149 975 983 — — Commercial business 600 600 620 — — Consumer — — — — — Total $ 2,227 $ 1,941 $ 1,972 $ 3 $ 3 For the six months ended June 30, 2017 Average Interest Income Cash Basis Residential first mortgages $ 246 $ 4 $ 4 Home equity and lines of credit — — — Commercial real estate 807 1 1 Commercial business 446 1 1 Consumer — — — Total $ 1,499 $ 6 $ 6 5. Loans Receivable and Related Allowance for Loan Losses (continued) The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of December 31, 2016 : (Dollar amounts in thousands) Impaired Loans with Specific Allowance As of December 31, 2016 For the year ended Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized in Period Cash Basis Interest Recognized in Period Residential first mortgages $ 168 $ 135 $ 19 $ 119 $ 6 $ 6 Home equity and lines of credit — — — — — — Commercial real estate 557 557 95 130 23 — Commercial business 588 588 6 428 — — Consumer — — — — — — Total $ 1,313 $ 1,280 $ 120 $ 677 $ 29 $ 6 Impaired Loans with No Specific Allowance As of December 31, For the year ended Unpaid Principal Balance Recorded Investment Average Recorded Investment Interest Income Recognized in Period Cash Basis Interest Recognized in Period Residential first mortgages — — 23 — — Home equity and lines of credit — — — — — Commercial real estate 631 457 735 3 3 Commercial business 96 96 322 2 2 Consumer — — — — — Total 727 553 1,080 5 5 5. Loans Receivable and Related Allowance for Loan Losses (continued) The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of June 30, 2016 : (Dollar amounts in thousands) Impaired Loans with Specific Allowance As of June 30, 2016 For the three months Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized in Period Cash Basis Interest Recognized in Period Residential first mortgages $ 78 $ 78 $ 19 $ 78 $ 1 $ 1 Home equity and lines of credit — — — — — — Commercial real estate — — — — — — Commercial business — — — 315 — — Consumer — — — — — — Total $ 78 $ 78 $ 19 $ 393 $ 1 $ 1 For the six months ended June 30, 2016 Average Recorded Investment Interest Income Recognized in Period Cash Basis Interest Recognized in Period Residential first mortgages $ 109 $ 2 $ 2 Home equity and lines of credit — — — Commercial real estate 31 — — Commercial business 517 — — Consumer — — — Total $ 657 $ 2 $ 2 Impaired Loans with No Specific Allowance As of June 30, 2016 For the three months Unpaid Principal Balance Recorded Investment Average Recorded Investment Interest Income Recognized in Period Cash Basis Interest Recognized in Period Residential first mortgages $ 91 $ 58 $ 58 $ — $ — Home equity and lines of credit — — — — — Commercial real estate 1,222 823 840 — — Commercial business 690 690 382 1 1 Consumer — — — — — Total $ 2,003 $ 1,571 $ 1,280 $ 1 $ 1 For the six months ended June 30, 2016 Average Interest Income Cash Basis Residential first mortgages $ 38 $ 2 $ 2 Home equity and lines of credit — — — Commercial real estate 809 1 1 Commercial business 280 1 1 Consumer — — — Total $ 1,127 $ 4 $ 4 5. Loans Receivable and Related Allowance for Loan Losses (continued) Unpaid principal balance includes any loans that have been partially charged off but not forgiven. Accrued interest is not included in the recorded investment in loans presented above or in the tables that follow based on the amounts not being material. Troubled debt restructurings (TDR). The Corporation has certain loans that have been modified in order to maximize collection of loan balances. If, for economic or legal reasons related to the customer’s financial difficulties, management grants a concession compared to the original terms and conditions of the loan that it would not have otherwise considered, the modified loan is classified as a TDR. Concessions related to TDRs generally do not include forgiveness of principal balances. The Corporation generally does not extend additional credit to borrowers with loans classified as TDRs. At June 30, 2017 and December 31, 2016 , the Corporation had $537,000 and $239,000 , respectively, of loans classified as TDRs, which are included in impaired loans above. The Corporation had allocated $8,000 and $19,000 of specific allowance for these loans at June 30, 2017 and December 31, 2016 , respectively. The Corporation did no t modify any loans as TDRs during the three month period ended June 30, 2017. During the six month period ended June 30, 2017 , the Corporation modified one residential mortgage loan with a recorded investment of $323,000 due to a bankruptcy order. At June 30, 2017 , the Corporation did no t have any allowance for loan losses allocated to this specific loan. The modification did not have a material impact on the Corporation’s income statement during the periods. During the three and six month period ended June 30, 2016 , the Corporation modified one home equity loan with a recorded investment of $10,000 due to a bankruptcy order. At June 30, 2016 , the Corporation did no t have any specific allowance for loan losses allocated to this specific loan. A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. During the three and six month periods ended June 30, 2017 and 2016, the Corporation did no t have any loans which were modified as TDRs for which there was a payment default within twelve months following the modification. Credit Quality Indicators. Management categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. Commercial real estate and commercial business loans not identified as impaired are evaluated as risk rated pools of loans utilizing a risk rating practice that is supported by a quarterly special asset review. In this review process, strengths and weaknesses are identified, evaluated and documented for each criticized and classified loan and borrower, strategic action plans are developed, risk ratings are confirmed and the loan’s performance status is reviewed. Management has determined certain portions of the loan portfolio to be homogeneous in nature and assigns like reserve factors for the following loan pool types: residential real estate, home equity loans and lines of credit, and consumer installment and personal lines of credit. The reserve allocation for risk rated loan pools is developed by applying the following factors: Historic : Management utilizes a computer model to develop the historical net charge-off experience which is used to formulate the assumptions employed in the migration analysis applied to estimate losses in the portfolio. Outstanding balance and charge-off information are input into the model and historical loss migration rate assumptions are developed to apply to pass, special mention, substandard and doubtful risk rated loans. A twelve-quarter rolling weighted-average is utilized to estimate probable incurred losses in the portfolios. Qualitative : Qualitative adjustment factors for pass, special mention, substandard and doubtful ratings are developed and applied to risk rated loans to allow for: quality of lending policies and procedures; national and local economic and business conditions; changes in the nature and volume of the portfolio; experiences, ability and depth of lending management; changes in trends, volume and severity of past due, nonaccrual and classified loans and loss and recovery trends; quality of loan review systems; concentrations of credit and other external factors. 5. Loans Receivable and Related Allowance for Loan Losses (continued) Management uses the following definitions for risk ratings: Pass : Loans classified as pass typically exhibit good payment performance and have underlying borrowers with acceptable financial trends where repayment capacity is evident. These borrowers typically would have a sufficient cash flow that would allow them to weather an economic downturn and the value of any underlying collateral could withstand a moderate degree of depreciation due to economic conditions. Special Mention : Loans classified as special mention are characterized by potential weaknesses that could jeopardize repayment as contractually agreed. These loans may exhibit adverse trends such as increasing leverage, shrinking profit margins and/or deteriorating cash flows. These borrowers would inherently be more vulnerable to the application of economic pressures. Substandard : Loans classified as substandard exhibit weaknesses that are well-defined to the point that repayment is jeopardized. Typically, the Corporation is no longer adequately protected by both the apparent net worth and repayment capacity of the borrower. Doubtful : Loans classified as doubtful have advanced to the point that collection or liquidation in full, on the basis of currently ascertainable facts, conditions and value, is highly questionable or improbable. The following table presents the classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the Corporation’s internal risk rating system as of June 30, 2017 and December 31, 2016 : (Dollar amounts in thousands) Not Rated Pass Special Mention Substandard Doubtful Total June 30, 2017: Residential first mortgages $ 213,966 $ — $ — $ 939 $ — $ 214,905 Home equity and lines of credit 90,231 — — 505 — 90,736 Commercial real estate — 173,291 1,199 5,401 — 179,891 Commercial business — 57,130 537 1,130 — 58,797 Consumer 7,204 — — — — 7,204 Total $ 311,401 $ 230,421 $ 1,736 $ 7,975 $ — $ 551,533 December 31, 2016: Residential first mortgages $ 197,041 $ — $ — $ 1,126 $ — $ 198,167 Home equity and lines of credit 91,017 — — 342 — 91,359 Commercial real estate — 161,312 1,077 4,605 — 166,994 Commercial business — 52,125 4,926 737 — 57,788 Consumer 6,659 — — 13 — 6,672 Total $ 294,717 $ 213,437 $ 6,003 $ 6,823 $ — $ 520,980 5. Loans Receivable and Related Allowance for Loan Losses (continued) Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and nonperforming loans as of June 30, 2017 and December 31, 2016 : (Dollar amounts in thousands) Performing Nonperforming Accruing Loans Not Past Due Accruing 30-59 Days Past Due Accruing 60-89 Days Past Due Accruing 90+ Days Past Due Nonaccrual Total June 30, 2017: Residential first mortgages $ 211,336 $ 1,814 $ 816 $ 180 $ 759 $ 214,905 Home equity and lines of credit 89,865 353 13 54 451 90,736 Commercial real estate 178,089 790 11 — 1,001 179,891 Commercial business 57,837 323 37 — 600 58,797 Consumer 7,167 28 9 — — 7,204 Total loans $ 544,294 $ 3,308 $ 886 $ 234 $ 2,811 $ 551,533 December 31, 2016: Residential first mortgages $ 194,830 $ 1,916 $ 295 $ — $ 1,126 $ 198,167 Home equity and lines of credit 90,557 460 — 2 340 91,359 Commercial real estate 165,318 561 — 42 1,073 166,994 Commercial business 56,972 56 34 — 726 57,788 Consumer 6,602 28 29 — 13 6,672 Total loans $ 514,279 $ 3,021 $ 358 $ 44 $ 3,278 $ 520,980 5. Loans Receivable and Related Allowance for Loan Losses (continued) The following table presents the Corporation’s nonaccrual loans by aging category as of June 30, 2017 and December 31, 2016 : (Dollar amounts in thousands) Not Past Due 30-59 Days Past Due 60-89 Days Past Due 90 Days + Past Due Total June 30, 2017: Residential first mortgages $ 71 $ 388 $ — $ 300 $ 759 Home equity and lines of credit — — 17 434 451 Commercial real estate 369 — — 632 1,001 Commercial business 600 — — — 600 Consumer — — — — — Total loans $ 1,040 $ 388 $ 17 $ 1,366 $ 2,811 December 31, 2016: Residential first mortgages 72 77 — 977 1,126 Home equity and lines of credit — — — 340 340 Commercial real estate 397 — 557 119 1,073 Commercial business 631 — — 95 726 Consumer — — — 13 13 Total loans $ 1,100 $ 77 $ 557 $ 1,544 $ 3,278 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The following table summarizes the Corporation’s acquired goodwill and intangible assets as of June 30, 2017 and December 31, 2016 : (Dollar amounts in thousands) June 30, 2017 December 31, 2016 Gross Carrying Accumulated Gross Carrying Accumulated Goodwill $ 10,288 $ — $ 10,288 $ — Core deposit intangibles 4,259 3,818 4,259 3,699 Total $ 14,547 $ 3,818 $ 14,547 $ 3,699 Goodwill resulted from four acquisitions. During 2016, the Corporation recorded $6.6 million of goodwill related to the acquisition of United American Savings Bank. Goodwill represents the excess of the total purchase price paid for the acquisitions over the fair value of the identifiable assets acquired, net of the fair value of the liabilities assumed. Goodwill is not amortized but is evaluated for impairment on an annual basis or whenever events or changes in circumstances indicate the carrying value may not be recoverable. Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. The Corporation has selected November 30 as the date to perform the annual impairment test. No goodwill impairment charges were recorded during 2016 or in the first six months of 2017 . The core deposit intangible asset, resulting from two acquisitions, is amortized using the double declining balance method over a weighted average estimated life of the related deposits and is not estimated to have a significant residual value. During the three and six month periods ending June 30, 2017 , the Corporation recorded intangible amortization expense totaling $59,000 and $119,000 , respectively, compared to $56,000 and $105,000 , respectively for the same periods in 2016 . |
Stock Compensation Plan
Stock Compensation Plan | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Compensation Plan | Stock Compensation Plan In April 2014, the Corporation adopted the 2014 Stock Incentive Plan (the 2014 Plan), which is shareholder approved and permits the grant of restricted stock awards and options to its directors, officers and employees for up to 176,866 shares of common stock. As of June 30, 2017 , 65,783 shares of restricted stock and 88,433 stock options remain available for issuance under the plan. In addition, the Corporation’s 2007 Stock Incentive Plan and Trust (the 2007 Plan), which is shareholder approved, permitted the grant of restricted stock awards and options to its directors, officers and employees for up to 177,496 shares of common stock. As of June 30, 2017 , no additional shares of stock may be issued as the plan expired on June 20, 2017. Incentive stock options, non-incentive or compensatory stock options and share awards may be granted under the Plans. The exercise price of each option shall at least equal the market price of a share of common stock on the date of grant and have a contractual term of ten years . Options shall vest and become exercisable at the rate, to the extent and subject to such limitations as may be specified by the Corporation. Compensation cost related to share-based payment transactions must be recognized in the financial statements with measurement based upon the fair value of the equity instruments issued. A summary of option activity under the Plans as of June 30, 2017 , and changes during the period then ended is presented below: Options Weighted-Average Exercise Price Aggregate Intrinsic Value (in thousands) Weighted-Average Remaining Term (in years) Outstanding as of January 1, 2017 62,000 $ 25.71 $ 219 0.6 Granted — — — — Exercised (48,586 ) 25.99 80 — Forfeited — — — — Expired (8,414 ) 26.00 — — Outstanding as of June 30, 2017 5,000 $ 22.50 $ 27 1.4 Exercisable as of June 30, 2017 5,000 $ 22.50 $ 27 1.4 A summary of the status of the Corporation’s nonvested restricted stock awards as of June 30, 2017 , and changes during the period then ended is presented below: Shares Weighted-Average Grant-date Fair Value Nonvested at January 1, 2017 26,900 $ 25.09 Granted — — Vested — — Forfeited — — Nonvested as of June 30, 2017 26,900 $ 25.09 For the three and six month periods ended June 30, 2017 , the Corporation recognized stock compensation expense of $55,000 and $110,000 , respectively, compared to $64,000 and $111,000 , respectively, for the same periods in 2016 . As of June 30, 2017 , there was $370,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plans. That cost is expected to be recognized over a weighted-average period of 1.6 years. It is the Corporation’s policy to issue shares on the vesting date for restricted stock awards. Unvested restricted stock awards do not receive dividends declared by the Corporation. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Management uses its best judgment in estimating the fair value of the Corporation’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Corporation could have realized in a sale transaction or exit price on the date indicated. The estimated fair value amounts have been measured as of their respective dates and have not been re-evaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair value. Level 1 : Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Corporation has the ability to access at the measurement date. Level 2 : Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 : Significant unobservable inputs that reflect the Corporation’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. An asset or liability’s level is based on the lowest level of input that is significant to the fair value measurement. The Corporation used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: Cash and cash equivalents – The carrying value of cash, due from banks and interest bearing deposits approximates fair value and are classified as Level 1. Securities available for sale – The fair value of all investment securities are based upon the assumptions market participants would use in pricing the security. If available, investment securities are determined by quoted market prices (Level 1). Level 1 includes U.S. Treasury, federal agency securities and certain equity securities. For investment securities where quoted market prices are not available, fair values are calculated based on market prices on similar securities (Level 2). Level 2 includes U.S. Government sponsored entities and agencies, mortgage-backed securities, collateralized mortgage obligations, state and political subdivision securities and corporate debt securities. For investment securities where quoted prices or market prices of similar securities are not available, fair values are calculated by using unobservable inputs (Level 3) and may include certain equity securities held by the Corporation. The Level 3 equity security valuations were supported by an analysis prepared by the Corporation which relies on inputs such as the security issuer’s publicly attainable financial information, multiples derived from prices in observed transactions involving comparable businesses and other market, financial and nonfinancial factors. Loans – The fair value of loans receivable was estimated based on the discounted value of the future cash flows using the current rates being offered for loans with similar terms to borrowers of similar credit quality resulting in a Level 3 classification. 8. Fair Value (continued) Impaired loans – At the time a loan is considered impaired, it is valued at the lower of cost or fair value. Impaired loans carried at fair value generally receive a specific allowance for loan losses. For collateral dependent loans, fair value is commonly based on real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. As of June 30, 2017 , the Corporation did no t have any impaired loans carried at fair value measured using the fair value of collateral, compared to loan balances of $1.2 million , net of a valuation allowance of $120,000 , at December 31, 2016 . There was no additional provision for loan losses recorded for impaired loans during the three and six month periods ended June 30, 2017 and 2016. Other real estate owned (OREO) – Assets acquired through or instead of foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals. Management’s ongoing review of appraisal information may result in additional discounts or adjustments to the valuation based upon more recent market sales activity or more current appraisal information derived from properties of similar type and/or locale. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. As of June 30, 2017 and December 31, 2016, the Corporation had no OREO measured at fair value. There was no expense recorded during the three and six month periods ended June 30, 2017 and 2016 associated with the write-down of OREO. Appraisals for both collateral-dependent impaired loans and OREO are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed by the Corporation. Once received, management reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. On an annual basis, the Corporation compares the actual selling price of OREO that has been sold to the most recent appraisal to determine what additional adjustment should be made to the appraisal value to arrive at fair value. The most recent analysis performed indicated that a discount of 10% should be applied. Federal bank stock – It is not practical to determine the fair value of federal bank stocks due to restrictions placed on its transferability. Deposits – The fair value of deposits with no stated maturity, such as non-interest bearing demand deposits, checking with interest, savings and money market accounts, is equal to the amount payable on demand resulting in either a Level 1 or Level 2 classification. The fair values of time deposits are based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar maturities resulting in a Level 2 classification. Borrowings – The fair value of borrowings with the FHLB is estimated using discounted cash flows based on current incremental borrowing rates for similar types of borrowing arrangements resulting in a Level 2 classification. Accrued interest receivable and payable – The carrying value of accrued interest receivable and payable approximates fair value. The fair value classification is consistent with the related financial instrument. 8. Fair Value (continued) For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy are as follows: (Dollar amounts in thousands) (Level 1) (Level 2) (Level 3) Description Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs June 30, 2017: U.S. Treasury and federal agency $ 4,518 $ 4,518 $ — $ — U.S. government sponsored entities and agencies 12,043 — 12,043 — U.S. agency mortgage-backed securities: residential 22,242 — 22,242 — U.S. agency collateralized mortgage obligations: residential 24,002 — 24,002 — State and political subdivision 25,781 — 25,781 — Corporate debt securities 9,520 — 9,520 — Equity securities 1,722 1,587 — 135 $ 99,828 $ 6,105 $ 93,588 $ 135 December 31, 2016: U.S. Treasury and federal agency 4,500 4,500 — — U.S. government sponsored entities and agencies 8,998 — 8,998 — U.S. agency mortgage-backed securities: residential 25,626 — 25,626 — U.S. agency collateralized mortgage obligations: residential 24,706 — 24,706 — State and political subdivisions 27,608 — 27,608 — Corporate debt securities 7,932 — 7,932 — Equity securities 2,190 2,054 — 136 $ 101,560 $ 6,554 $ 94,870 $ 136 The Corporation’s policy is to transfer assets or liabilities from one level to another when the methodology to obtain the fair value changes such that there are more or fewer unobservable inputs as of the end of the reporting period. During the three and six month periods ended June 30, 2017 and 2016 , the Corporation had no transfers between levels. The following table presents changes in Level 3 assets measured on a recurring basis for the three and six month periods ended June 30, 2017 and 2016 : (Dollar amounts in thousands) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Balance at the beginning of the period $ 136 $ 74 $ 136 $ 74 Total gains or losses (realized/unrealized): Included in earnings — — — — Included in other comprehensive income (1 ) 1 (1 ) 1 Acquired — 60 — 60 Transfers in and/or out of Level 3 — — — — Balance at the end of the period $ 135 $ 135 $ 135 $ 135 8. Fair Value (continued) The Corporation had no assets measured at fair value on a non-recurring basis at June 30, 2017 . For assets measured at fair value on a non-recurring basis at December 31, 2016, the fair value measurements by level within the fair value hierarchy are as follows: (Dollar amounts in thousands) (Level 1) (Level 2) (Level 3) Description Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2016: Impaired residential mortgage loan $ 58 $ — $ — $ 58 Impaired commercial real estate loan 463 463 Impaired commercial business loan 582 — — 582 $ 1,103 $ — $ — $ 1,103 The following table presents quantitative information about Level 3 fair value measurements for assets measured at fair value on a non-recurring basis: (Dollar amounts in thousands) Valuation Technique(s) Unobservable Input(s) Weighted Average December 31, 2016: Impaired residential mortgage loan $ 58 Sales comparison approach Adjustment for differences between comparable sales 10 % Impaired commercial real estate loan 463 Sales comparison approach Adjustment for differences between comparable sales 37 % Impaired commercial business loan 582 Liquidation value of business assets Adjustment for differences between comparable business assets 64 % Excluded from the tables above at December 31, 2016 was an impaired residential mortgage loan totaling $58,000 classified as a TDR which was measured using a discounted cash flow methodology. 8. Fair Value (continued) The following table sets forth the carrying amount and estimated fair values of the Corporation’s financial instruments included in the consolidated balance sheet as of June 30, 2017 and December 31, 2016 : (Dollar amounts in thousands) Carrying Fair Value Measurements using: Description Amount Total Level 1 Level 2 Level 3 June 30, 2017: Financial Assets: Cash and cash equivalents $ 34,715 $ 34,715 $ 34,715 $ — $ — Securities available for sale 99,828 99,828 6,105 93,588 135 Loans held for sale — — — — — Loans, net 545,766 547,265 — — 547,265 Federal bank stock 4,862 — N/A N/A N/A Accrued interest receivable 1,827 1,827 53 335 1,439 $ 686,998 $ 683,635 $ 40,873 $ 93,923 $ 548,839 Financial Liabilities: Deposits 629,174 631,082 461,889 169,193 — Borrowed funds 41,500 41,377 — 41,377 — Accrued interest payable 359 359 8 351 — $ 671,033 $ 672,818 $ 461,897 $ 210,921 $ — Carrying Fair Value Measurements using: Amount Total Level 1 Level 2 Level 3 December 31, 2016: Financial Assets: Cash and cash equivalents $ 17,568 $ 17,568 $ 17,568 $ — $ — Securities available for sale 101,560 101,560 6,554 94,870 136 Loans held for sale 68 68 — 68 — Loans, net 515,435 519,573 — — 519,573 Federal bank stock 4,861 — N/A N/A N/A Accrued interest receivable 1,815 1,815 37 365 1,413 $ 641,307 $ 640,584 $ 24,159 $ 95,303 $ 521,122 Financial Liabilities: Deposits 584,940 582,458 423,693 158,765 — Borrowed funds 44,000 44,027 — 44,027 — Accrued interest payable 239 239 7 232 — $ 629,179 $ 626,724 $ 423,700 $ 203,024 $ — |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | Regulatory Matters Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. 9. Regulatory Matters (continued) In 2015, the Board of Governors of the Federal Reserve System amended its Small Bank Holding Company Policy Statement by increasing the policy’s consolidated assets threshold from $500 million to $1 billion. The primary benefit of being deemed a "small bank holding company" is the exemption from the requirement to maintain consolidated regulatory capital ratios; instead, regulatory capital ratios only apply at the subsidiary bank level. The final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (BASEL III rules) became effective for the Bank on January 1, 2015 with full compliance with all of the requirements being phased in over a multi-year schedule, and fully phased in by January 1, 2019. Under the BASEL III rules, the Bank must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios. The capital conservation buffer is being phased in from 0.0% for 2015 to 2.50% by 2019. The capital conservation buffer for 2017 is 1.25% and was 0.625% for 2016. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. Management believes as of June 30, 2017 , the Bank meets all capital adequacy requirements to which they are subject. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At June 30, 2017 , the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution's category. The following table sets forth certain information concerning the Bank’s regulatory capital as of the dates presented. The capital adequacy ratios disclosed below are exclusive of the capital conservation buffer. (Dollar amounts in thousands) June 30, 2017 December 31, 2016 Amount Ratio Amount Ratio Total capital to risk-weighted assets: Actual $ 60,628 12.47 % $ 58,605 12.69 % For capital adequacy purposes 38,880 8.00 % 36,945 8.00 % To be well capitalized 48,600 10.00 % 46,181 10.00 % Tier 1 capital to risk-weighted assets: Actual $ 54,855 11.29 % $ 53,050 11.49 % For capital adequacy purposes 29,160 6.00 % 27,709 6.00 % To be well capitalized 38,880 8.00 % 36,945 8.00 % Common Equity Tier 1 capital to risk-weighted assets: Actual $ 54,855 11.29 % $ 53,050 11.49 % For capital adequacy purposes 21,870 4.50 % 20,781 4.50 % To be well capitalized 31,590 6.50 % 30,018 6.50 % Tier 1 capital to average assets: Actual $ 54,855 7.78 % $ 53,050 7.84 % For capital adequacy purposes 28,215 4.00 % 27,081 4.00 % To be well capitalized 35,269 5.00 % 33,852 5.00 % |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following tables summarize the changes within each classification of accumulated other comprehensive income (loss), net of tax, for the three months ended June 30, 2017 and 2016 and summarizes the significant amounts reclassified out of each component of accumulated other comprehensive income: (Dollar amounts in thousands) Unrealized Gains and Losses on Available-for-Sale Securities Defined Benefit Pension Items Totals Accumulated Other Comprehensive Income (Loss) at April 1, 2017 $ (421 ) $ (3,812 ) $ (4,233 ) Other comprehensive income before reclassification 10 — 10 Amounts reclassified from accumulated other comprehensive income (loss) 104 — 104 Net current period other comprehensive income 114 — 114 Accumulated Other Comprehensive Income (Loss) at June 30, 2017 $ (307 ) $ (3,812 ) $ (4,119 ) (Dollar amounts in thousands) Details about Accumulated Other Comprehensive Loss Components Amount Reclassified Affected Line Item in the Statement Where Net Income is Presented Unrealized gains and losses on available-for-sale securities $ 350 Net gain on sale of available-for-sale securities Unrealized gains and losses on available-for-sale securities (508 ) Other than temporary impairment losses 54 Provision for income taxes Total reclassifications for the period $ (104 ) Net of tax (Dollar amounts in thousands) Unrealized Gains and Losses on Available-for-Sale Securities Defined Benefit Pension Items Totals Accumulated Other Comprehensive Income (Loss) at April 1, 2016 $ 630 $ (3,514 ) $ (2,884 ) Other comprehensive income before reclassification 461 — 461 Amounts reclassified from accumulated other comprehensive income (loss) (53 ) — (53 ) Net current period other comprehensive income 408 — 408 Accumulated Other Comprehensive Income (Loss) at June 30, 2016 $ 1,038 $ (3,514 ) $ (2,476 ) 10. Accumulated Other Comprehensive Income (Loss) (continued) (Dollar amounts in thousands) Details about Accumulated Other Comprehensive Loss Components Amount Reclassified Affected Line Item in the Statement Where Net Income is Presented Unrealized gains and losses on available-for-sale securities $ 81 Net gain on sale of available-for-sale securities (28 ) Provision for income taxes Total reclassifications for the period $ 53 Net of tax The following tables summarize the changes within each classification of accumulated other comprehensive income (loss), net of tax, for the six months ended June 30, 2017 and 2016 and summarizes the significant amounts reclassified out of each component of accumulated other comprehensive income: (Dollar amounts in thousands) Unrealized Gains and Losses on Available-for-Sale Securities Defined Benefit Pension Items Totals Accumulated Other Comprehensive Income (Loss) at January 1, 2017 $ (679 ) $ (3,812 ) $ (4,491 ) Other comprehensive income before reclassification 268 — 268 Amounts reclassified from accumulated other comprehensive income (loss) 104 — 104 Net current period other comprehensive income 372 — 372 Accumulated Other Comprehensive Income (Loss) at June 30, 2017 $ (307 ) $ (3,812 ) $ (4,119 ) (Dollar amounts in thousands) Details about Accumulated Other Comprehensive Loss Components Amount Reclassified Affected Line Item in the Statement Where Net Income is Presented Unrealized gains and losses on available-for-sale securities $ 350 Net gain on sale of available-for-sale securities Unrealized gains and losses on available-for-sale securities (508 ) Other than temporary impairment losses 54 Provision for income taxes Total reclassifications for the period $ (104 ) Net of tax 10. Accumulated Other Comprehensive Income (Loss) (continued) (Dollar amounts in thousands) Unrealized Gains and Losses on Available-for-Sale Securities Defined Benefit Pension Items Totals Accumulated Other Comprehensive Income (Loss) at January 1, 2016 $ (247 ) $ (3,514 ) $ (3,761 ) Other comprehensive income before reclassification 1,340 — 1,340 Amounts reclassified from accumulated other comprehensive income (loss) (55 ) — (55 ) Net current period other comprehensive income 1,285 — 1,285 Accumulated Other Comprehensive Income (Loss) at June 30, 2016 $ 1,038 $ (3,514 ) $ (2,476 ) (Dollar amounts in thousands) Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Income For the six months ended June 30, 2016 Affected Line Item in the Statement Where Net Income is Presented Unrealized gains and losses on available-for-sale securities $ 83 Net gain on sale of available-for-sale securities (28 ) Provision for income taxes Total reclassifications for the period $ 55 Net of tax |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Newly Issued Not Yet Effective Accounting Standards In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-9 “Revenue from Contracts with Customers”. ASU 2014-9 provides guidance that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of this standard to annual and interim periods beginning after December 15, 2017; however, early adoption is permitted for annual and interim reporting periods beginning after December 15, 2016. ASU 2014-9 is not expected to have a significant impact on the Corporation's interest income, as our financial instruments are not within the scope of this standard, or fee-based income. We will continue to evaluate the impact of this standard. In January 2016, the FASB issued ASU 2016-1 “Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-1 revises the accounting for the classification and measurement of investments in equity securities and revises the presentation of certain fair value changes for financial liabilities measured at fair value. For equity securities, the guidance in ASU 2016-1 requires equity investments to be measured at fair value with changes in fair value recognized in net income. For financial liabilities that are measured at fair value in accordance with the fair value option, the guidance requires presenting in other comprehensive income the change in fair value that relates to a change in instrument-specific credit risk. ASU 2016-1 also eliminates the disclosure assumptions used to estimate fair value for financial instruments measured at amortized cost and requires disclosure of an exit price notion in determining the fair value of financial instruments measured at amortized cost. ASU 2016-1 is effective for interim and annual periods beginning after December 15, 2017. ASU 2016-1 is not expected to have a significant impact on the Corporation's financial statements. 11. Recent Accounting Pronouncements (continued) In February 2016, the FASB issued ASU 2016-02 "Leases". This ASU requires lessees to record most leases on their balance sheet but recognize expenses in the income statement in a manner similar to current accounting treatment. This ASU changes the guidance on sale-leaseback transactions, initial direct costs and lease execution costs, and, for lessors, modifies the classification criteria and the accounting for sales-type and direct financing leases. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, and interim periods therein. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. The Corporation is currently evaluating the impact of ASU 2016-02 on its financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. ASU 2016-13 significantly changes the way impairment of financial instruments is recognized by requiring immediate recognition of estimated credit losses expected to occur over the remaining life of the financial instruments. The main provisions of the guidance include (1) replacing the “incurred loss” approach under current GAAP with an “expected loss” model for instruments measured at amortized cost, (2) requiring entities to record an allowance for available-for-sale debt securities rather than reduce the carrying amount of the investments, as is required by the other-than-temporary impairment model under current GAAP, and (3) a simplified accounting model for purchased credit-impaired debt securities and loans. The ASU is effective for interim and annual reporting periods beginning after December 15, 2019, although early adoption is permitted. Management is currently in the developmental stages of collecting available historical information in order to assess the expected credit losses and determine the impact of the adoption of ASU 2016-13 on the Corporation's financial statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the FASB Emerging Issues Task Force” . ASU 2016-15 clarifies the presentation of specific types of cash flow receipts and payments, including the payment of debt prepayment or debt extinguishment costs, contingent consideration cash payments paid subsequent to the acquisition date and proceeds from settlement of BOLI policies. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and is to be applied under a retrospective approach, if practicable. The Corporation is evaluating the impact of ASU 2016-15 on its financial statements and disclosures. In January 2017, FASB ASU 2017-04, "Simplifying the Test for Goodwill Impairment". This ASU simplifies the measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Instead, under this amendment, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss should not exceed the total amount of goodwill allocated to that reporting unit. The amendments are effective for public business entities for the first interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Corporation has goodwill from prior business combinations and performs an annual impairment test or more frequently if changes or circumstances occur that would more likely than not reduce the fair value of the reporting unit below its carrying value. The Corporation's most recent annual impairment assessment determined that the Corporation's goodwill was not impaired. Although the Corporation cannot anticipate future goodwill impairment assessments, based on the most recent assessment it is unlikely that an impairment amount would need to be calculated and, therefore, does not anticipate a material impact from these amendments to the Corporation's financial position and results of operations. The current accounting policies and processes are not anticipated to change, except for the elimination of the Step 2 analysis. In March 2017, the FASB issued ASU 2017-07, "Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." The amendments in this update require that an employer disaggregate the service cost component from the other components of net benefit cost. The amendments also provide explicit guidance on how to present the service cost component and the other components of net benefit cost in the income statement and allow only the service cost component of net benefit cost to be eligible for capitalization. The amendments in this update improve the consistency, transparency, and usefulness of financial information to users that have communicated that the service cost component generally is analyzed differently from the other components of net benefit cost. The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2017. The Corporation is currently evaluating the impact of adopting the new guidance on the consolidated financial statements, but it is not expected to have a material impact. 11. Recent Accounting Pronouncements (continued) In March 2017, the FASB issued ASU 2017-08, “Receivable - Nonrefundable Fees and Other Costs (Subtopic 310-20) Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 amends guidance on the amortization period of premiums on certain purchased callable debt securities to shorten the amortization period of premiums on certain purchased callable debt securities to the earliest call date. The amendments are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, including adoption in an interim period. The Corporation is currently evaluating the potential impact of ASU 2016-02 on its financial statements and disclosures. Adoption of New Accounting Policies In the first quarter of 2017, the Corporation adopted ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting". ASU 2016-09 simplifies certain aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classifications of awards either as equity or liabilities, and classifications on the statement of cash flows. This ASU did not have a material impact on the Corporation's financial statements and disclosures. |
Recent Accounting Pronounceme20
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Newly Issued Not Yet Effective Accounting Standards In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-9 “Revenue from Contracts with Customers”. ASU 2014-9 provides guidance that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of this standard to annual and interim periods beginning after December 15, 2017; however, early adoption is permitted for annual and interim reporting periods beginning after December 15, 2016. ASU 2014-9 is not expected to have a significant impact on the Corporation's interest income, as our financial instruments are not within the scope of this standard, or fee-based income. We will continue to evaluate the impact of this standard. In January 2016, the FASB issued ASU 2016-1 “Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-1 revises the accounting for the classification and measurement of investments in equity securities and revises the presentation of certain fair value changes for financial liabilities measured at fair value. For equity securities, the guidance in ASU 2016-1 requires equity investments to be measured at fair value with changes in fair value recognized in net income. For financial liabilities that are measured at fair value in accordance with the fair value option, the guidance requires presenting in other comprehensive income the change in fair value that relates to a change in instrument-specific credit risk. ASU 2016-1 also eliminates the disclosure assumptions used to estimate fair value for financial instruments measured at amortized cost and requires disclosure of an exit price notion in determining the fair value of financial instruments measured at amortized cost. ASU 2016-1 is effective for interim and annual periods beginning after December 15, 2017. ASU 2016-1 is not expected to have a significant impact on the Corporation's financial statements. 11. Recent Accounting Pronouncements (continued) In February 2016, the FASB issued ASU 2016-02 "Leases". This ASU requires lessees to record most leases on their balance sheet but recognize expenses in the income statement in a manner similar to current accounting treatment. This ASU changes the guidance on sale-leaseback transactions, initial direct costs and lease execution costs, and, for lessors, modifies the classification criteria and the accounting for sales-type and direct financing leases. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, and interim periods therein. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. The Corporation is currently evaluating the impact of ASU 2016-02 on its financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. ASU 2016-13 significantly changes the way impairment of financial instruments is recognized by requiring immediate recognition of estimated credit losses expected to occur over the remaining life of the financial instruments. The main provisions of the guidance include (1) replacing the “incurred loss” approach under current GAAP with an “expected loss” model for instruments measured at amortized cost, (2) requiring entities to record an allowance for available-for-sale debt securities rather than reduce the carrying amount of the investments, as is required by the other-than-temporary impairment model under current GAAP, and (3) a simplified accounting model for purchased credit-impaired debt securities and loans. The ASU is effective for interim and annual reporting periods beginning after December 15, 2019, although early adoption is permitted. Management is currently in the developmental stages of collecting available historical information in order to assess the expected credit losses and determine the impact of the adoption of ASU 2016-13 on the Corporation's financial statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the FASB Emerging Issues Task Force” . ASU 2016-15 clarifies the presentation of specific types of cash flow receipts and payments, including the payment of debt prepayment or debt extinguishment costs, contingent consideration cash payments paid subsequent to the acquisition date and proceeds from settlement of BOLI policies. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and is to be applied under a retrospective approach, if practicable. The Corporation is evaluating the impact of ASU 2016-15 on its financial statements and disclosures. In January 2017, FASB ASU 2017-04, "Simplifying the Test for Goodwill Impairment". This ASU simplifies the measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Instead, under this amendment, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss should not exceed the total amount of goodwill allocated to that reporting unit. The amendments are effective for public business entities for the first interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Corporation has goodwill from prior business combinations and performs an annual impairment test or more frequently if changes or circumstances occur that would more likely than not reduce the fair value of the reporting unit below its carrying value. The Corporation's most recent annual impairment assessment determined that the Corporation's goodwill was not impaired. Although the Corporation cannot anticipate future goodwill impairment assessments, based on the most recent assessment it is unlikely that an impairment amount would need to be calculated and, therefore, does not anticipate a material impact from these amendments to the Corporation's financial position and results of operations. The current accounting policies and processes are not anticipated to change, except for the elimination of the Step 2 analysis. In March 2017, the FASB issued ASU 2017-07, "Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." The amendments in this update require that an employer disaggregate the service cost component from the other components of net benefit cost. The amendments also provide explicit guidance on how to present the service cost component and the other components of net benefit cost in the income statement and allow only the service cost component of net benefit cost to be eligible for capitalization. The amendments in this update improve the consistency, transparency, and usefulness of financial information to users that have communicated that the service cost component generally is analyzed differently from the other components of net benefit cost. The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2017. The Corporation is currently evaluating the impact of adopting the new guidance on the consolidated financial statements, but it is not expected to have a material impact. 11. Recent Accounting Pronouncements (continued) In March 2017, the FASB issued ASU 2017-08, “Receivable - Nonrefundable Fees and Other Costs (Subtopic 310-20) Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 amends guidance on the amortization period of premiums on certain purchased callable debt securities to shorten the amortization period of premiums on certain purchased callable debt securities to the earliest call date. The amendments are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, including adoption in an interim period. The Corporation is currently evaluating the potential impact of ASU 2016-02 on its financial statements and disclosures. Adoption of New Accounting Policies In the first quarter of 2017, the Corporation adopted ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting". ASU 2016-09 simplifies certain aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classifications of awards either as equity or liabilities, and classifications on the statement of cash flows. This ASU did not have a material impact on the Corporation's financial statements and disclosures. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The factors used in the Corporation’s earnings per common share computation follow: (Dollar amounts in thousands, except for per share amounts) For the three months ended June 30, For the six months ended June 30, 2017 2016 2017 2016 Earnings per common share - basic Net income $ 1,041 $ 930 $ 1,997 $ 1,732 Average common shares outstanding 2,164,747 2,146,160 2,158,587 2,145,484 Basic earnings per common share $ 0.48 $ 0.43 $ 0.93 $ 0.81 Earnings per common share - diluted Net income $ 1,041 $ 930 $ 1,997 $ 1,732 Average common shares outstanding 2,164,747 2,146,160 2,158,587 2,145,484 Add: Dilutive effects of assumed issuance of restricted stock and exercise of stock options 18,014 10,218 16,936 9,224 Average shares and dilutive potential common shares 2,182,761 2,156,378 2,175,523 2,154,708 Diluted earnings per common share $ 0.48 $ 0.43 $ 0.92 $ 0.80 Stock options not considered in computing earnings per share because they were antidilutive — 67,000 — 67,000 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Classification of Available for Sale Securities Investment | The following table summarizes the Corporation’s securities as of June 30, 2017 and December 31, 2016 : (Dollar amounts in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale: June 30, 2017: U.S. Treasury and federal agency $ 4,545 $ — $ (27 ) $ 4,518 U.S. government sponsored entities and agencies 12,151 3 (111 ) 12,043 U.S. agency mortgage-backed securities: residential 22,303 33 (94 ) 22,242 U.S. agency collateralized mortgage obligations: residential 24,538 28 (564 ) 24,002 State and political subdivisions 25,662 150 (31 ) 25,781 Corporate debt securities 9,512 28 (20 ) 9,520 Equity securities 1,580 160 (18 ) 1,722 $ 100,291 $ 402 $ (865 ) $ 99,828 December 31, 2016: U.S. Treasury and federal agency 4,550 — (50 ) 4,500 U.S. government sponsored entities and agencies 9,186 — (188 ) 8,998 U.S. agency mortgage-backed securities: residential 25,790 32 (196 ) 25,626 U.S. agency collateralized mortgage obligations: residential 25,367 23 (684 ) 24,706 State and political subdivisions 27,853 17 (262 ) 27,608 Corporate debt securities 8,012 5 (85 ) 7,932 Equity securities 1,829 373 (12 ) 2,190 $ 102,587 $ 450 $ (1,477 ) $ 101,560 |
Schedule of Contractual Maturities of Available for Sale Securities Debt Maturities | The following table summarizes scheduled maturities of the Corporation’s debt securities as of June 30, 2017 . Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities and collateralized mortgage obligations are not due at a single maturity and are shown separately. (Dollar amounts in thousands) Available for sale Amortized Cost Fair Value Due in one year or less $ 3,158 $ 3,155 Due after one year through five years 27,945 27,873 Due after five through ten years 19,756 19,835 Due after ten years 1,011 999 Mortgage-backed securities: residential 22,303 22,242 Collateralized mortgage obligations: residential 24,538 24,002 $ 98,711 $ 98,106 |
Schedule of Unrealized Loss on Investments | Information pertaining to securities with gross unrealized losses at June 30, 2017 and December 31, 2016 , aggregated by investment category and length of time that individual securities have been in a continuous loss position are included in the table below: (Dollar amounts in thousands) Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss June 30, 2017: U.S. Treasury and federal agency $ 4,518 $ (27 ) $ — $ — $ 4,518 $ (27 ) U.S. government sponsored entities and agencies 9,054 (111 ) — — 9,054 (111 ) U.S. agency mortgage-backed securities: residential 11,446 (94 ) — — 11,446 (94 ) U.S. agency collateralized mortgage obligations: residential 9,481 (184 ) 12,694 (380 ) 22,175 (564 ) State and political subdivisions 3,863 (28 ) 347 (3 ) 4,210 (31 ) Corporate debt securities 4,995 (20 ) — — 4,995 (20 ) Equity securities — — 231 (18 ) 231 (18 ) $ 43,357 $ (464 ) $ 13,272 $ (401 ) $ 56,629 $ (865 ) December 31, 2016: U.S. Treasury and federal agency $ 4,500 $ (50 ) $ — $ — $ 4,500 $ (50 ) U.S. government sponsored entities and agencies 8,998 (188 ) — — 8,998 (188 ) U.S. agency mortgage-backed securities: residential 23,279 (196 ) — — 23,279 (196 ) U.S. agency collateralized mortgage obligations: residential 13,568 (438 ) 9,317 (246 ) 22,885 (684 ) State and political subdivisions 21,924 (262 ) — — 21,924 (262 ) Corporate debt securities 3,927 (85 ) — — 3,927 (85 ) Equity securities — — 237 (12 ) 237 (12 ) $ 76,196 $ (1,219 ) $ 9,554 $ (258 ) $ 85,750 $ (1,477 ) |
Available-for-sale Securities | Gains on sales of available for sale securities for the three and six months ended June 30 were as follows: (Dollar amounts in thousands) For the three months For the six months ended June 30, 2017 2016 2017 2016 Proceeds $ 18,195 $ 2,439 $ 18,195 $ 6,118 Gains 350 81 350 83 Tax provision related to gains 119 28 119 28 |
Loans Receivable and Related 23
Loans Receivable and Related Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Schedule of Classification of Loans Receivable | The Corporation’s loans receivable as of the respective dates are summarized as follows: (Dollar amounts in thousands) June 30, December 31, Mortgage loans on real estate: Residential first mortgages $ 214,905 $ 198,167 Home equity loans and lines of credit 90,736 91,359 Commercial real estate 179,891 166,994 485,532 456,520 Other loans: Commercial business 58,797 57,788 Consumer 7,204 6,672 66,001 64,460 Total loans, gross 551,533 520,980 Less allowance for loan losses 5,767 5,545 Total loans, net $ 545,766 $ 515,435 |
Allowance for Credit Losses on Financing Receivables | The following table details activity in the ALL and the recorded investment by portfolio segment based on impairment method: (Dollar amounts in thousands) Residential Home Commercial Commercial Consumer Total Three months ended June 30, 2017: Allowance for loan losses: Beginning Balance $ 1,956 $ 648 $ 2,449 $ 583 $ 52 $ 5,688 Charge-offs (10 ) (10 ) (90 ) (10 ) (8 ) (128 ) Recoveries — 1 2 — 3 6 Provision 48 — 99 48 6 201 Ending Balance $ 1,994 $ 639 $ 2,460 $ 621 $ 53 $ 5,767 Six months ended June 30, 2017: Allowance for loan losses: Beginning Balance $ 1,846 $ 633 $ 2,314 $ 700 $ 52 $ 5,545 Charge-offs (36 ) (11 ) (90 ) (10 ) (27 ) (174 ) Recoveries — 20 4 — 9 33 Provision 184 (3 ) 232 (69 ) 19 363 Ending Balance $ 1,994 $ 639 $ 2,460 $ 621 $ 53 $ 5,767 At June 30, 2017: Ending ALL balance attributable to loans: Individually evaluated for impairment $ 8 $ — $ — $ — $ — $ 8 Acquired loans collectively evaluated for impairment — — — — — — Originated loans collectively evaluated for impairment 1,986 639 2,460 621 53 5,759 Total $ 1,994 $ 639 $ 2,460 $ 621 $ 53 $ 5,767 Total loans: Individually evaluated for impairment $ 442 $ — $ 975 $ 600 $ — $ 2,017 Acquired loans collectively evaluated for impairment 21,849 4,324 24,486 1,038 — 51,697 Originated loans collectively evaluated for impairment 192,614 86,412 154,430 57,159 7,204 497,819 Total $ 214,905 $ 90,736 $ 179,891 $ 58,797 $ 7,204 $ 551,533 At December 31, 2016: Ending ALL balance attributable to loans: Individually evaluated for impairment $ 19 $ — $ 95 $ 6 $ — $ 120 Acquired loans collectively evaluated for impairment — — — — — — Originated loans collectively evaluated for impairment 1,827 633 2,219 694 52 5,425 Total $ 1,846 $ 633 $ 2,314 $ 700 $ 52 $ 5,545 Total loans: Individually evaluated for impairment $ 135 $ — $ 1,014 $ 684 $ — $ 1,833 Acquired loans collectively evaluated for impairment 25,024 5,225 27,492 1,182 13 58,936 Originated loans collectively evaluated for impairment 173,008 86,134 138,488 55,922 6,659 460,211 Total $ 198,167 $ 91,359 $ 166,994 $ 57,788 $ 6,672 $ 520,980 Three months ended June 30, 2016: Allowance for loan losses: Beginning Balance $ 1,577 $ 636 $ 1,926 $ 1,162 $ 51 $ 5,352 Charge-offs (8 ) (33 ) — — (6 ) (47 ) Recoveries — 1 3 — 1 5 Provision 127 41 189 (242 ) 6 121 Ending Balance $ 1,696 $ 645 $ 2,118 $ 920 $ 52 $ 5,431 Six months ended June 30, 2016: Allowance for loan losses: Beginning Balance $ 1,429 $ 586 $ 2,185 $ 960 $ 45 $ 5,205 Charge-offs (40 ) (33 ) — — (15 ) (88 ) Recoveries — 1 7 — 4 12 Provision 307 91 (74 ) (40 ) 18 302 Ending Balance $ 1,696 $ 645 $ 2,118 $ 920 $ 52 $ 5,431 |
Schedule of Impaired Loans with and without a Specific Allowance | The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of June 30, 2017 : (Dollar amounts in thousands) Impaired Loans with Specific Allowance As of June 30, 2017 For the three months ended June 30, 2017 Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized in Period Cash Basis Interest Recognized in Period Residential first mortgages $ 76 $ 76 $ 8 $ 76 $ 1 $ 1 Home equity and lines of credit — — — — — — Commercial real estate — — — — — — Commercial business — — — — — — Consumer — — — — — — Total $ 76 $ 76 $ 8 $ 76 $ 1 $ 1 For the six months ended June 30, 2017 Average Recorded Investment Interest Income Recognized in Period Cash Basis Interest Recognized in Period Residential first mortgages $ 96 $ 2 $ 2 Home equity and lines of credit — — — Commercial real estate 186 — — Commercial business 196 — — Consumer — — — Total $ 478 $ 2 $ 2 Impaired Loans with No Specific Allowance As of June 30, 2017 For the three months ended June 30, 2017 Unpaid Principal Balance Recorded Investment Average Recorded Investment Interest Income Recognized in Period Cash Basis Interest Recognized in Period Residential first mortgages $ 478 $ 366 $ 369 $ 3 $ 3 Home equity and lines of credit — — — — — Commercial real estate 1,149 975 983 — — Commercial business 600 600 620 — — Consumer — — — — — Total $ 2,227 $ 1,941 $ 1,972 $ 3 $ 3 For the six months ended June 30, 2017 Average Interest Income Cash Basis Residential first mortgages $ 246 $ 4 $ 4 Home equity and lines of credit — — — Commercial real estate 807 1 1 Commercial business 446 1 1 Consumer — — — Total $ 1,499 $ 6 $ 6 5. Loans Receivable and Related Allowance for Loan Losses (continued) The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of December 31, 2016 : (Dollar amounts in thousands) Impaired Loans with Specific Allowance As of December 31, 2016 For the year ended Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized in Period Cash Basis Interest Recognized in Period Residential first mortgages $ 168 $ 135 $ 19 $ 119 $ 6 $ 6 Home equity and lines of credit — — — — — — Commercial real estate 557 557 95 130 23 — Commercial business 588 588 6 428 — — Consumer — — — — — — Total $ 1,313 $ 1,280 $ 120 $ 677 $ 29 $ 6 Impaired Loans with No Specific Allowance As of December 31, For the year ended Unpaid Principal Balance Recorded Investment Average Recorded Investment Interest Income Recognized in Period Cash Basis Interest Recognized in Period Residential first mortgages — — 23 — — Home equity and lines of credit — — — — — Commercial real estate 631 457 735 3 3 Commercial business 96 96 322 2 2 Consumer — — — — — Total 727 553 1,080 5 5 5. Loans Receivable and Related Allowance for Loan Losses (continued) The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of June 30, 2016 : (Dollar amounts in thousands) Impaired Loans with Specific Allowance As of June 30, 2016 For the three months Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized in Period Cash Basis Interest Recognized in Period Residential first mortgages $ 78 $ 78 $ 19 $ 78 $ 1 $ 1 Home equity and lines of credit — — — — — — Commercial real estate — — — — — — Commercial business — — — 315 — — Consumer — — — — — — Total $ 78 $ 78 $ 19 $ 393 $ 1 $ 1 For the six months ended June 30, 2016 Average Recorded Investment Interest Income Recognized in Period Cash Basis Interest Recognized in Period Residential first mortgages $ 109 $ 2 $ 2 Home equity and lines of credit — — — Commercial real estate 31 — — Commercial business 517 — — Consumer — — — Total $ 657 $ 2 $ 2 Impaired Loans with No Specific Allowance As of June 30, 2016 For the three months Unpaid Principal Balance Recorded Investment Average Recorded Investment Interest Income Recognized in Period Cash Basis Interest Recognized in Period Residential first mortgages $ 91 $ 58 $ 58 $ — $ — Home equity and lines of credit — — — — — Commercial real estate 1,222 823 840 — — Commercial business 690 690 382 1 1 Consumer — — — — — Total $ 2,003 $ 1,571 $ 1,280 $ 1 $ 1 For the six months ended June 30, 2016 Average Interest Income Cash Basis Residential first mortgages $ 38 $ 2 $ 2 Home equity and lines of credit — — — Commercial real estate 809 1 1 Commercial business 280 1 1 Consumer — — — Total $ 1,127 $ 4 $ 4 |
Financing Receivable Credit Quality Indicators | The following table presents the classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the Corporation’s internal risk rating system as of June 30, 2017 and December 31, 2016 : (Dollar amounts in thousands) Not Rated Pass Special Mention Substandard Doubtful Total June 30, 2017: Residential first mortgages $ 213,966 $ — $ — $ 939 $ — $ 214,905 Home equity and lines of credit 90,231 — — 505 — 90,736 Commercial real estate — 173,291 1,199 5,401 — 179,891 Commercial business — 57,130 537 1,130 — 58,797 Consumer 7,204 — — — — 7,204 Total $ 311,401 $ 230,421 $ 1,736 $ 7,975 $ — $ 551,533 December 31, 2016: Residential first mortgages $ 197,041 $ — $ — $ 1,126 $ — $ 198,167 Home equity and lines of credit 91,017 — — 342 — 91,359 Commercial real estate — 161,312 1,077 4,605 — 166,994 Commercial business — 52,125 4,926 737 — 57,788 Consumer 6,659 — — 13 — 6,672 Total $ 294,717 $ 213,437 $ 6,003 $ 6,823 $ — $ 520,980 |
Past Due Financing Receivables | The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and nonperforming loans as of June 30, 2017 and December 31, 2016 : (Dollar amounts in thousands) Performing Nonperforming Accruing Loans Not Past Due Accruing 30-59 Days Past Due Accruing 60-89 Days Past Due Accruing 90+ Days Past Due Nonaccrual Total June 30, 2017: Residential first mortgages $ 211,336 $ 1,814 $ 816 $ 180 $ 759 $ 214,905 Home equity and lines of credit 89,865 353 13 54 451 90,736 Commercial real estate 178,089 790 11 — 1,001 179,891 Commercial business 57,837 323 37 — 600 58,797 Consumer 7,167 28 9 — — 7,204 Total loans $ 544,294 $ 3,308 $ 886 $ 234 $ 2,811 $ 551,533 December 31, 2016: Residential first mortgages $ 194,830 $ 1,916 $ 295 $ — $ 1,126 $ 198,167 Home equity and lines of credit 90,557 460 — 2 340 91,359 Commercial real estate 165,318 561 — 42 1,073 166,994 Commercial business 56,972 56 34 — 726 57,788 Consumer 6,602 28 29 — 13 6,672 Total loans $ 514,279 $ 3,021 $ 358 $ 44 $ 3,278 $ 520,980 |
Schedule of Financing Receivables, Non Accrual Status | The following table presents the Corporation’s nonaccrual loans by aging category as of June 30, 2017 and December 31, 2016 : (Dollar amounts in thousands) Not Past Due 30-59 Days Past Due 60-89 Days Past Due 90 Days + Past Due Total June 30, 2017: Residential first mortgages $ 71 $ 388 $ — $ 300 $ 759 Home equity and lines of credit — — 17 434 451 Commercial real estate 369 — — 632 1,001 Commercial business 600 — — — 600 Consumer — — — — — Total loans $ 1,040 $ 388 $ 17 $ 1,366 $ 2,811 December 31, 2016: Residential first mortgages 72 77 — 977 1,126 Home equity and lines of credit — — — 340 340 Commercial real estate 397 — 557 119 1,073 Commercial business 631 — — 95 726 Consumer — — — 13 13 Total loans $ 1,100 $ 77 $ 557 $ 1,544 $ 3,278 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | The following table summarizes the Corporation’s acquired goodwill and intangible assets as of June 30, 2017 and December 31, 2016 : (Dollar amounts in thousands) June 30, 2017 December 31, 2016 Gross Carrying Accumulated Gross Carrying Accumulated Goodwill $ 10,288 $ — $ 10,288 $ — Core deposit intangibles 4,259 3,818 4,259 3,699 Total $ 14,547 $ 3,818 $ 14,547 $ 3,699 |
Stock Compensation Plan (Tables
Stock Compensation Plan (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of option activity under the Plans as of June 30, 2017 , and changes during the period then ended is presented below: Options Weighted-Average Exercise Price Aggregate Intrinsic Value (in thousands) Weighted-Average Remaining Term (in years) Outstanding as of January 1, 2017 62,000 $ 25.71 $ 219 0.6 Granted — — — — Exercised (48,586 ) 25.99 80 — Forfeited — — — — Expired (8,414 ) 26.00 — — Outstanding as of June 30, 2017 5,000 $ 22.50 $ 27 1.4 Exercisable as of June 30, 2017 5,000 $ 22.50 $ 27 1.4 |
Schedule of Nonvested Restricted Stock Units Activity | A summary of the status of the Corporation’s nonvested restricted stock awards as of June 30, 2017 , and changes during the period then ended is presented below: Shares Weighted-Average Grant-date Fair Value Nonvested at January 1, 2017 26,900 $ 25.09 Granted — — Vested — — Forfeited — — Nonvested as of June 30, 2017 26,900 $ 25.09 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy are as follows: (Dollar amounts in thousands) (Level 1) (Level 2) (Level 3) Description Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs June 30, 2017: U.S. Treasury and federal agency $ 4,518 $ 4,518 $ — $ — U.S. government sponsored entities and agencies 12,043 — 12,043 — U.S. agency mortgage-backed securities: residential 22,242 — 22,242 — U.S. agency collateralized mortgage obligations: residential 24,002 — 24,002 — State and political subdivision 25,781 — 25,781 — Corporate debt securities 9,520 — 9,520 — Equity securities 1,722 1,587 — 135 $ 99,828 $ 6,105 $ 93,588 $ 135 December 31, 2016: U.S. Treasury and federal agency 4,500 4,500 — — U.S. government sponsored entities and agencies 8,998 — 8,998 — U.S. agency mortgage-backed securities: residential 25,626 — 25,626 — U.S. agency collateralized mortgage obligations: residential 24,706 — 24,706 — State and political subdivisions 27,608 — 27,608 — Corporate debt securities 7,932 — 7,932 — Equity securities 2,190 2,054 — 136 $ 101,560 $ 6,554 $ 94,870 $ 136 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents changes in Level 3 assets measured on a recurring basis for the three and six month periods ended June 30, 2017 and 2016 : (Dollar amounts in thousands) Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Balance at the beginning of the period $ 136 $ 74 $ 136 $ 74 Total gains or losses (realized/unrealized): Included in earnings — — — — Included in other comprehensive income (1 ) 1 (1 ) 1 Acquired — 60 — 60 Transfers in and/or out of Level 3 — — — — Balance at the end of the period $ 135 $ 135 $ 135 $ 135 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | For assets measured at fair value on a non-recurring basis at December 31, 2016, the fair value measurements by level within the fair value hierarchy are as follows: (Dollar amounts in thousands) (Level 1) (Level 2) (Level 3) Description Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2016: Impaired residential mortgage loan $ 58 $ — $ — $ 58 Impaired commercial real estate loan 463 463 Impaired commercial business loan 582 — — 582 $ 1,103 $ — $ — $ 1,103 |
Fair Value Inputs, Assets, Quantitative Information | The following table presents quantitative information about Level 3 fair value measurements for assets measured at fair value on a non-recurring basis: (Dollar amounts in thousands) Valuation Technique(s) Unobservable Input(s) Weighted Average December 31, 2016: Impaired residential mortgage loan $ 58 Sales comparison approach Adjustment for differences between comparable sales 10 % Impaired commercial real estate loan 463 Sales comparison approach Adjustment for differences between comparable sales 37 % Impaired commercial business loan 582 Liquidation value of business assets Adjustment for differences between comparable business assets 64 % |
Schedule of Carrying Amount and Fair Values of Financial Instruments | The following table sets forth the carrying amount and estimated fair values of the Corporation’s financial instruments included in the consolidated balance sheet as of June 30, 2017 and December 31, 2016 : (Dollar amounts in thousands) Carrying Fair Value Measurements using: Description Amount Total Level 1 Level 2 Level 3 June 30, 2017: Financial Assets: Cash and cash equivalents $ 34,715 $ 34,715 $ 34,715 $ — $ — Securities available for sale 99,828 99,828 6,105 93,588 135 Loans held for sale — — — — — Loans, net 545,766 547,265 — — 547,265 Federal bank stock 4,862 — N/A N/A N/A Accrued interest receivable 1,827 1,827 53 335 1,439 $ 686,998 $ 683,635 $ 40,873 $ 93,923 $ 548,839 Financial Liabilities: Deposits 629,174 631,082 461,889 169,193 — Borrowed funds 41,500 41,377 — 41,377 — Accrued interest payable 359 359 8 351 — $ 671,033 $ 672,818 $ 461,897 $ 210,921 $ — Carrying Fair Value Measurements using: Amount Total Level 1 Level 2 Level 3 December 31, 2016: Financial Assets: Cash and cash equivalents $ 17,568 $ 17,568 $ 17,568 $ — $ — Securities available for sale 101,560 101,560 6,554 94,870 136 Loans held for sale 68 68 — 68 — Loans, net 515,435 519,573 — — 519,573 Federal bank stock 4,861 — N/A N/A N/A Accrued interest receivable 1,815 1,815 37 365 1,413 $ 641,307 $ 640,584 $ 24,159 $ 95,303 $ 521,122 Financial Liabilities: Deposits 584,940 582,458 423,693 158,765 — Borrowed funds 44,000 44,027 — 44,027 — Accrued interest payable 239 239 7 232 — $ 629,179 $ 626,724 $ 423,700 $ 203,024 $ — |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The following table sets forth certain information concerning the Bank’s regulatory capital as of the dates presented. The capital adequacy ratios disclosed below are exclusive of the capital conservation buffer. (Dollar amounts in thousands) June 30, 2017 December 31, 2016 Amount Ratio Amount Ratio Total capital to risk-weighted assets: Actual $ 60,628 12.47 % $ 58,605 12.69 % For capital adequacy purposes 38,880 8.00 % 36,945 8.00 % To be well capitalized 48,600 10.00 % 46,181 10.00 % Tier 1 capital to risk-weighted assets: Actual $ 54,855 11.29 % $ 53,050 11.49 % For capital adequacy purposes 29,160 6.00 % 27,709 6.00 % To be well capitalized 38,880 8.00 % 36,945 8.00 % Common Equity Tier 1 capital to risk-weighted assets: Actual $ 54,855 11.29 % $ 53,050 11.49 % For capital adequacy purposes 21,870 4.50 % 20,781 4.50 % To be well capitalized 31,590 6.50 % 30,018 6.50 % Tier 1 capital to average assets: Actual $ 54,855 7.78 % $ 53,050 7.84 % For capital adequacy purposes 28,215 4.00 % 27,081 4.00 % To be well capitalized 35,269 5.00 % 33,852 5.00 % |
Accumulated Other Comprehensi28
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables summarize the changes within each classification of accumulated other comprehensive income (loss), net of tax, for the three months ended June 30, 2017 and 2016 and summarizes the significant amounts reclassified out of each component of accumulated other comprehensive income: (Dollar amounts in thousands) Unrealized Gains and Losses on Available-for-Sale Securities Defined Benefit Pension Items Totals Accumulated Other Comprehensive Income (Loss) at April 1, 2017 $ (421 ) $ (3,812 ) $ (4,233 ) Other comprehensive income before reclassification 10 — 10 Amounts reclassified from accumulated other comprehensive income (loss) 104 — 104 Net current period other comprehensive income 114 — 114 Accumulated Other Comprehensive Income (Loss) at June 30, 2017 $ (307 ) $ (3,812 ) $ (4,119 ) (Dollar amounts in thousands) Unrealized Gains and Losses on Available-for-Sale Securities Defined Benefit Pension Items Totals Accumulated Other Comprehensive Income (Loss) at April 1, 2016 $ 630 $ (3,514 ) $ (2,884 ) Other comprehensive income before reclassification 461 — 461 Amounts reclassified from accumulated other comprehensive income (loss) (53 ) — (53 ) Net current period other comprehensive income 408 — 408 Accumulated Other Comprehensive Income (Loss) at June 30, 2016 $ 1,038 $ (3,514 ) $ (2,476 ) The following tables summarize the changes within each classification of accumulated other comprehensive income (loss), net of tax, for the six months ended June 30, 2017 and 2016 and summarizes the significant amounts reclassified out of each component of accumulated other comprehensive income: (Dollar amounts in thousands) Unrealized Gains and Losses on Available-for-Sale Securities Defined Benefit Pension Items Totals Accumulated Other Comprehensive Income (Loss) at January 1, 2017 $ (679 ) $ (3,812 ) $ (4,491 ) Other comprehensive income before reclassification 268 — 268 Amounts reclassified from accumulated other comprehensive income (loss) 104 — 104 Net current period other comprehensive income 372 — 372 Accumulated Other Comprehensive Income (Loss) at June 30, 2017 $ (307 ) $ (3,812 ) $ (4,119 ) (Dollar amounts in thousands) Unrealized Gains and Losses on Available-for-Sale Securities Defined Benefit Pension Items Totals Accumulated Other Comprehensive Income (Loss) at January 1, 2016 $ (247 ) $ (3,514 ) $ (3,761 ) Other comprehensive income before reclassification 1,340 — 1,340 Amounts reclassified from accumulated other comprehensive income (loss) (55 ) — (55 ) Net current period other comprehensive income 1,285 — 1,285 Accumulated Other Comprehensive Income (Loss) at June 30, 2016 $ 1,038 $ (3,514 ) $ (2,476 ) |
Reclassification out of Accumulated Other Comprehensive Income | (Dollar amounts in thousands) Details about Accumulated Other Comprehensive Loss Components Amount Reclassified Affected Line Item in the Statement Where Net Income is Presented Unrealized gains and losses on available-for-sale securities $ 81 Net gain on sale of available-for-sale securities (28 ) Provision for income taxes Total reclassifications for the period $ 53 Net of tax (Dollar amounts in thousands) Details about Accumulated Other Comprehensive Loss Components Amount Reclassified Affected Line Item in the Statement Where Net Income is Presented Unrealized gains and losses on available-for-sale securities $ 350 Net gain on sale of available-for-sale securities Unrealized gains and losses on available-for-sale securities (508 ) Other than temporary impairment losses 54 Provision for income taxes Total reclassifications for the period $ (104 ) Net of tax (Dollar amounts in thousands) Details about Accumulated Other Comprehensive Loss Components Amount Reclassified Affected Line Item in the Statement Where Net Income is Presented Unrealized gains and losses on available-for-sale securities $ 350 Net gain on sale of available-for-sale securities Unrealized gains and losses on available-for-sale securities (508 ) Other than temporary impairment losses 54 Provision for income taxes Total reclassifications for the period $ (104 ) Net of tax (Dollar amounts in thousands) Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Income For the six months ended June 30, 2016 Affected Line Item in the Statement Where Net Income is Presented Unrealized gains and losses on available-for-sale securities $ 83 Net gain on sale of available-for-sale securities (28 ) Provision for income taxes Total reclassifications for the period $ 55 Net of tax |
Mergers and Acquisitions (Detai
Mergers and Acquisitions (Details) $ / shares in Units, $ in Thousands | May 04, 2017office | Sep. 30, 2017USD ($)$ / sharesshares |
Northern Hancock | Forecast | ||
Business Acquisition [Line Items] | ||
Number of shares issuable (in shares) | shares | 0.9793 | |
Acquisition share price (in dollars per share) | $ / shares | $ 3.35 | |
Value of stock issuable for merger | $ 1,700 | |
Payments to acquire businesses, gross | $ 200 | |
Northern Hancock | ||
Business Acquisition [Line Items] | ||
Number of offices | office | 2 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings per common share - basic | ||||
Net income | $ 1,041 | $ 930 | $ 1,997 | $ 1,732 |
Average common shares outstanding (in shares) | 2,164,747 | 2,146,160 | 2,158,587 | 2,145,484 |
Basic earnings per common share (in dollars per share) | $ 0.48 | $ 0.43 | $ 0.93 | $ 0.81 |
Earnings per common share - diluted | ||||
Net income | $ 1,041 | $ 930 | $ 1,997 | $ 1,732 |
Average common shares outstanding (in shares) | 2,164,747 | 2,146,160 | 2,158,587 | 2,145,484 |
Add: Dilutive effects of assumed issuance of restricted stock and exercise of stock options (in shares) | 18,014 | 10,218 | 16,936 | 9,224 |
Average shares and dilutive potential common shares (in shares) | 2,182,761 | 2,156,378 | 2,175,523 | 2,154,708 |
Diluted earnings per common share (in dollars per share) | $ 0.48 | $ 0.43 | $ 0.92 | $ 0.80 |
Stock options not considered in computing earnings per share because they were antidilutive (in shares) | 0 | 67,000 | 0 | 67,000 |
Securities - Summary of Securit
Securities - Summary of Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 100,291 | $ 102,587 |
Gross Unrealized Gains | 402 | 450 |
Gross Unrealized Losses | (865) | (1,477) |
Fair Value | 99,828 | 101,560 |
U.S. Treasury and federal agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,545 | 4,550 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (27) | (50) |
Fair Value | 4,518 | 4,500 |
U.S. government sponsored entities and agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 12,151 | 9,186 |
Gross Unrealized Gains | 3 | 0 |
Gross Unrealized Losses | (111) | (188) |
Fair Value | 12,043 | 8,998 |
U.S. agency mortgage-backed securities: residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 22,303 | 25,790 |
Gross Unrealized Gains | 33 | 32 |
Gross Unrealized Losses | (94) | (196) |
Fair Value | 22,242 | 25,626 |
U.S. agency collateralized mortgage obligations: residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 24,538 | 25,367 |
Gross Unrealized Gains | 28 | 23 |
Gross Unrealized Losses | (564) | (684) |
Fair Value | 24,002 | 24,706 |
State and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 25,662 | 27,853 |
Gross Unrealized Gains | 150 | 17 |
Gross Unrealized Losses | (31) | (262) |
Fair Value | 25,781 | 27,608 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 9,512 | 8,012 |
Gross Unrealized Gains | 28 | 5 |
Gross Unrealized Losses | (20) | (85) |
Fair Value | 9,520 | 7,932 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,580 | 1,829 |
Gross Unrealized Gains | 160 | 373 |
Gross Unrealized Losses | (18) | (12) |
Fair Value | $ 1,722 | $ 2,190 |
Securities - Summary of Schedul
Securities - Summary of Scheduled Maturities (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Amortized Cost | |
Due in one year or less | $ 3,158 |
Due after one year through five years | 27,945 |
Due after five through ten years | 19,756 |
Due after ten years | 1,011 |
Amortized Cost | 98,711 |
Fair Value | |
Due in one year or less | 3,155 |
Due after one year through five years | 27,873 |
Due after five through ten years | 19,835 |
Due after ten years | 999 |
Fair Value | 98,106 |
U.S. agency mortgage-backed securities: residential | |
Amortized Cost | |
Amortized Cost | 22,303 |
Fair Value | |
Fair Value | 22,242 |
U.S. agency collateralized mortgage obligations: residential | |
Amortized Cost | |
Amortized Cost | 24,538 |
Fair Value | |
Fair Value | $ 24,002 |
Securities - Schedule of Securi
Securities - Schedule of Securities with Gross Unrealized Loses (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Fair Value | ||
Less than 12 Months | $ 43,357 | $ 76,196 |
12 Months or More | 13,272 | 9,554 |
Total | 56,629 | 85,750 |
Unrealized Loss | ||
Less than 12 Months | (464) | (1,219) |
12 Months or More | (401) | (258) |
Total | (865) | (1,477) |
U.S. Treasury and federal agency | ||
Fair Value | ||
Less than 12 Months | 4,518 | 4,500 |
12 Months or More | 0 | 0 |
Total | 4,518 | 4,500 |
Unrealized Loss | ||
Less than 12 Months | (27) | (50) |
12 Months or More | 0 | 0 |
Total | (27) | (50) |
U.S. government sponsored entities and agencies | ||
Fair Value | ||
Less than 12 Months | 9,054 | 8,998 |
12 Months or More | 0 | 0 |
Total | 9,054 | 8,998 |
Unrealized Loss | ||
Less than 12 Months | (111) | (188) |
12 Months or More | 0 | 0 |
Total | (111) | (188) |
U.S. agency mortgage-backed securities: residential | ||
Fair Value | ||
Less than 12 Months | 11,446 | 23,279 |
12 Months or More | 0 | 0 |
Total | 11,446 | 23,279 |
Unrealized Loss | ||
Less than 12 Months | (94) | (196) |
12 Months or More | 0 | 0 |
Total | (94) | (196) |
U.S. agency collateralized mortgage obligations: residential | ||
Fair Value | ||
Less than 12 Months | 9,481 | 13,568 |
12 Months or More | 12,694 | 9,317 |
Total | 22,175 | 22,885 |
Unrealized Loss | ||
Less than 12 Months | (184) | (438) |
12 Months or More | (380) | (246) |
Total | (564) | (684) |
State and political subdivisions | ||
Fair Value | ||
Less than 12 Months | 3,863 | 21,924 |
12 Months or More | 347 | 0 |
Total | 4,210 | 21,924 |
Unrealized Loss | ||
Less than 12 Months | (28) | (262) |
12 Months or More | (3) | 0 |
Total | (31) | (262) |
Corporate debt securities | ||
Fair Value | ||
Less than 12 Months | 4,995 | 3,927 |
12 Months or More | 0 | 0 |
Total | 4,995 | 3,927 |
Unrealized Loss | ||
Less than 12 Months | (20) | (85) |
12 Months or More | 0 | 0 |
Total | (20) | (85) |
Equity securities | ||
Fair Value | ||
Less than 12 Months | 0 | 0 |
12 Months or More | 231 | 237 |
Total | 231 | 237 |
Unrealized Loss | ||
Less than 12 Months | 0 | 0 |
12 Months or More | (18) | (12) |
Total | $ (18) | $ (12) |
Securities - Gains on Sales of
Securities - Gains on Sales of Available for Sale Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds | $ 18,195 | $ 2,439 | $ 18,195 | $ 6,118 |
Gains | 350 | 81 | 350 | 83 |
Tax provision related to gains | $ 119 | $ 28 | $ 119 | $ 28 |
Securities - Additional Informa
Securities - Additional Information (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2017USD ($)security | |
Equity securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Securities in unrealized loss positions greater than or equal to one year | 1 |
Corporate debt securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Securities impairment loss | $ | $ 508 |
Number of securities in unrealized loss position | 10 |
Debt securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Securities in unrealized loss positions greater than or equal to one year | 14 |
Number of securities in unrealized loss position | 69 |
U.S. agency collateralized mortgage obligations | |
Schedule of Available-for-sale Securities [Line Items] | |
Number of securities in unrealized loss position | 25 |
State and political subdivisions | |
Schedule of Available-for-sale Securities [Line Items] | |
Number of securities in unrealized loss position | 12 |
U.S. agency mortgage-backed securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Number of securities in unrealized loss position | 9 |
U.S. government sponsored entities and agencies | |
Schedule of Available-for-sale Securities [Line Items] | |
Number of securities in unrealized loss position | 8 |
U.S. Treasury and federal agency | |
Schedule of Available-for-sale Securities [Line Items] | |
Number of securities in unrealized loss position | 5 |
Loans Receivable and Related 36
Loans Receivable and Related Allowance for Loan Losses - Summary of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total | $ 551,533 | $ 520,980 | ||||
Less allowance for loan losses | 5,767 | $ 5,688 | 5,545 | $ 5,431 | $ 5,352 | $ 5,205 |
Total loans, net | 545,766 | 515,435 | ||||
Residential first mortgages | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total | 214,905 | 198,167 | ||||
Less allowance for loan losses | 1,994 | 1,956 | 1,846 | 1,696 | 1,577 | 1,429 |
Home equity loans and lines of credit | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total | 90,736 | 91,359 | ||||
Less allowance for loan losses | 639 | 648 | 633 | 645 | 636 | 586 |
Commercial real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total | 179,891 | 166,994 | ||||
Less allowance for loan losses | 2,460 | 2,449 | 2,314 | 2,118 | 1,926 | 2,185 |
Commercial business | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total | 58,797 | 57,788 | ||||
Less allowance for loan losses | 621 | 583 | 700 | 920 | 1,162 | 960 |
Consumer | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total | 7,204 | 6,672 | ||||
Less allowance for loan losses | 53 | $ 52 | 52 | $ 52 | $ 51 | $ 45 |
Mortgage loans on real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total | 485,532 | 456,520 | ||||
Mortgage loans on real estate | Residential first mortgages | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total | 214,905 | 198,167 | ||||
Mortgage loans on real estate | Home equity loans and lines of credit | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total | 90,736 | 91,359 | ||||
Mortgage loans on real estate | Commercial real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total | 179,891 | 166,994 | ||||
Other loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total | 66,001 | 64,460 | ||||
Other loans | Commercial business | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total | 58,797 | 57,788 | ||||
Other loans | Consumer | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total | $ 7,204 | $ 6,672 |
Loans Receivable and Related 37
Loans Receivable and Related Allowance for Loan Losses - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2017USD ($)loan | Jun. 30, 2016USD ($)loan | Jun. 30, 2017USD ($)loan | Jun. 30, 2016USD ($)loan | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Deferred costs | $ 1,400,000 | $ 1,400,000 | $ 1,300,000 | |||||
Allowance for loan losses | 5,767,000 | $ 5,431,000 | 5,767,000 | $ 5,431,000 | $ 5,688,000 | 5,545,000 | $ 5,352,000 | $ 5,205,000 |
Loans classified as TDRs | 537,000 | 537,000 | 239,000 | |||||
Allowance loan losses allocated to TDRs | $ 8,000 | $ 8,000 | 19,000 | |||||
Threshold period past due for payment default consideration | 30 days | |||||||
Number of loans modified | loan | 0 | |||||||
Loans modified as TDRs with payment default after 12 months of modification | loan | 0 | 0 | 0 | 0 | ||||
IWeighted average period of loss estimate | 3 years | |||||||
Residential first mortgages | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Allowance for loan losses | $ 1,994,000 | $ 1,696,000 | $ 1,994,000 | $ 1,696,000 | 1,956,000 | 1,846,000 | 1,577,000 | 1,429,000 |
Loans classified as TDRs | 323,000 | 323,000 | ||||||
Allowance loan losses allocated to TDRs | 0 | $ 0 | ||||||
Number of loans modified | loan | 1 | |||||||
Home equity loans and lines of credit | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Allowance for loan losses | 639,000 | 645,000 | $ 639,000 | 645,000 | $ 648,000 | $ 633,000 | $ 636,000 | $ 586,000 |
Loans classified as TDRs | 10,000 | 10,000 | ||||||
Allowance loan losses allocated to TDRs | $ 0 | $ 0 | ||||||
Number of loans modified | loan | 1 | 1 | ||||||
United American Savings Bank | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Allowance for loan losses | 0 | $ 0 | ||||||
Mortgage loans on real estate | Residential first mortgages | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Sale of loans held-for-investment | $ 1,100,000 |
Loans Receivable and Related 38
Loans Receivable and Related Allowance for Loan Losses - Activity in Allowance for Loan Losses by Portfolio (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Allowance for loan losses: | |||||
Beginning Balance | $ 5,688 | $ 5,352 | $ 5,545 | $ 5,205 | $ 5,205 |
Charge-offs | (128) | (47) | (174) | (88) | |
Recoveries | 6 | 5 | 33 | 12 | |
Provision | 201 | 121 | 363 | 302 | |
Ending Balance | 5,767 | 5,431 | 5,767 | 5,431 | 5,545 |
Ending ALL balance attributable to loans: | |||||
Individually evaluated for impairment | 8 | 8 | 120 | ||
Acquired loans collectively evaluated for impairment | 0 | 0 | |||
Originated loans collectively evaluated for impairment | 5,759 | 5,759 | 5,425 | ||
Total loans: | |||||
Individually evaluated for impairment | 2,017 | 2,017 | 1,833 | ||
Acquired loans collectively evaluated for impairment | 51,697 | 58,936 | |||
Originated loans collectively evaluated for impairment | 497,819 | 497,819 | 460,211 | ||
Total | 551,533 | 551,533 | 520,980 | ||
Residential Mortgages | |||||
Allowance for loan losses: | |||||
Beginning Balance | 1,956 | 1,577 | 1,846 | 1,429 | 1,429 |
Charge-offs | (10) | (8) | (36) | (40) | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | 48 | 127 | 184 | 307 | |
Ending Balance | 1,994 | 1,696 | 1,994 | 1,696 | 1,846 |
Ending ALL balance attributable to loans: | |||||
Individually evaluated for impairment | 8 | 8 | 19 | ||
Acquired loans collectively evaluated for impairment | 0 | 0 | |||
Originated loans collectively evaluated for impairment | 1,986 | 1,986 | 1,827 | ||
Total loans: | |||||
Individually evaluated for impairment | 442 | 442 | 135 | ||
Acquired loans collectively evaluated for impairment | 21,849 | 25,024 | |||
Originated loans collectively evaluated for impairment | 192,614 | 192,614 | 173,008 | ||
Total | 214,905 | 214,905 | 198,167 | ||
Home Equity & Lines of Credit | |||||
Allowance for loan losses: | |||||
Beginning Balance | 648 | 636 | 633 | 586 | 586 |
Charge-offs | (10) | (33) | (11) | (33) | |
Recoveries | 1 | 1 | 20 | 1 | |
Provision | 0 | 41 | (3) | 91 | |
Ending Balance | 639 | 645 | 639 | 645 | 633 |
Ending ALL balance attributable to loans: | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Acquired loans collectively evaluated for impairment | 0 | 0 | |||
Originated loans collectively evaluated for impairment | 639 | 639 | 633 | ||
Total loans: | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Acquired loans collectively evaluated for impairment | 4,324 | 5,225 | |||
Originated loans collectively evaluated for impairment | 86,412 | 86,412 | 86,134 | ||
Total | 90,736 | 90,736 | 91,359 | ||
Commercial Real Estate | |||||
Allowance for loan losses: | |||||
Beginning Balance | 2,449 | 1,926 | 2,314 | 2,185 | 2,185 |
Charge-offs | (90) | 0 | (90) | 0 | |
Recoveries | 2 | 3 | 4 | 7 | |
Provision | 99 | 189 | 232 | (74) | |
Ending Balance | 2,460 | 2,118 | 2,460 | 2,118 | 2,314 |
Ending ALL balance attributable to loans: | |||||
Individually evaluated for impairment | 0 | 0 | 95 | ||
Acquired loans collectively evaluated for impairment | 0 | 0 | |||
Originated loans collectively evaluated for impairment | 2,460 | 2,460 | 2,219 | ||
Total loans: | |||||
Individually evaluated for impairment | 975 | 975 | 1,014 | ||
Acquired loans collectively evaluated for impairment | 24,486 | 27,492 | |||
Originated loans collectively evaluated for impairment | 154,430 | 154,430 | 138,488 | ||
Total | 179,891 | 179,891 | 166,994 | ||
Commercial Business | |||||
Allowance for loan losses: | |||||
Beginning Balance | 583 | 1,162 | 700 | 960 | 960 |
Charge-offs | (10) | 0 | (10) | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision | 48 | (242) | (69) | (40) | |
Ending Balance | 621 | 920 | 621 | 920 | 700 |
Ending ALL balance attributable to loans: | |||||
Individually evaluated for impairment | 0 | 0 | 6 | ||
Acquired loans collectively evaluated for impairment | 0 | 0 | |||
Originated loans collectively evaluated for impairment | 621 | 621 | 694 | ||
Total loans: | |||||
Individually evaluated for impairment | 600 | 600 | 684 | ||
Acquired loans collectively evaluated for impairment | 1,038 | 1,182 | |||
Originated loans collectively evaluated for impairment | 57,159 | 57,159 | 55,922 | ||
Total | 58,797 | 58,797 | 57,788 | ||
Consumer | |||||
Allowance for loan losses: | |||||
Beginning Balance | 52 | 51 | 52 | 45 | 45 |
Charge-offs | (8) | (6) | (27) | (15) | |
Recoveries | 3 | 1 | 9 | 4 | |
Provision | 6 | 6 | 19 | 18 | |
Ending Balance | 53 | $ 52 | 53 | $ 52 | 52 |
Ending ALL balance attributable to loans: | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Acquired loans collectively evaluated for impairment | 0 | 0 | |||
Originated loans collectively evaluated for impairment | 53 | 53 | 52 | ||
Total loans: | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Acquired loans collectively evaluated for impairment | 0 | 13 | |||
Originated loans collectively evaluated for impairment | 7,204 | 7,204 | 6,659 | ||
Total | $ 7,204 | $ 7,204 | $ 6,672 |
Loans Receivable and Related 39
Loans Receivable and Related Allowance for Loan Losses - Impaired Loans by Class (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Impaired Loans with Specific Allowance | |||||
Unpaid Principal Balance | $ 76 | $ 78 | $ 76 | $ 78 | $ 1,313 |
Recorded Investment | 76 | 78 | 76 | 78 | 1,280 |
Related Allowance | 8 | 19 | 8 | 19 | 120 |
Average Recorded Investment | 76 | 393 | 478 | 657 | 677 |
Interest Income Recognized in Period | 1 | 1 | 2 | 2 | 29 |
Cash Basis Interest Recognized in Period | 1 | 1 | 2 | 2 | 6 |
Impaired Loans with No Specific Allowance | |||||
Unpaid Principal Balance | 2,227 | 2,003 | 2,227 | 2,003 | 727 |
Recorded Investment | 1,941 | 1,571 | 1,941 | 1,571 | 553 |
Average Recorded Investment | 1,972 | 1,280 | 1,499 | 1,127 | 1,080 |
Interest Income Recognized in Period | 3 | 1 | 6 | 4 | 5 |
Cash Basis Interest Recognized in Period | 3 | 1 | 6 | 4 | 5 |
Residential first mortgages | |||||
Impaired Loans with Specific Allowance | |||||
Unpaid Principal Balance | 76 | 78 | 76 | 78 | 168 |
Recorded Investment | 76 | 78 | 76 | 78 | 135 |
Related Allowance | 8 | 19 | 8 | 19 | 19 |
Average Recorded Investment | 76 | 78 | 96 | 109 | 119 |
Interest Income Recognized in Period | 1 | 1 | 2 | 2 | 6 |
Cash Basis Interest Recognized in Period | 1 | 1 | 2 | 2 | 6 |
Impaired Loans with No Specific Allowance | |||||
Unpaid Principal Balance | 478 | 91 | 478 | 91 | 0 |
Recorded Investment | 366 | 58 | 366 | 58 | 0 |
Average Recorded Investment | 369 | 58 | 246 | 38 | 23 |
Interest Income Recognized in Period | 3 | 0 | 4 | 2 | 0 |
Cash Basis Interest Recognized in Period | 3 | 0 | 4 | 2 | 0 |
Home equity loans and lines of credit | |||||
Impaired Loans with Specific Allowance | |||||
Unpaid Principal Balance | 0 | 0 | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 | 0 | 0 |
Related Allowance | 0 | 0 | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 | 0 | 0 |
Interest Income Recognized in Period | 0 | 0 | 0 | 0 | 0 |
Cash Basis Interest Recognized in Period | 0 | 0 | 0 | 0 | 0 |
Impaired Loans with No Specific Allowance | |||||
Unpaid Principal Balance | 0 | 0 | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 | 0 | 0 |
Interest Income Recognized in Period | 0 | 0 | 0 | 0 | 0 |
Cash Basis Interest Recognized in Period | 0 | 0 | 0 | 0 | 0 |
Commercial real estate | |||||
Impaired Loans with Specific Allowance | |||||
Unpaid Principal Balance | 0 | 0 | 0 | 0 | 557 |
Recorded Investment | 0 | 0 | 0 | 0 | 557 |
Related Allowance | 0 | 0 | 0 | 0 | 95 |
Average Recorded Investment | 0 | 0 | 186 | 31 | 130 |
Interest Income Recognized in Period | 0 | 0 | 0 | 0 | 23 |
Cash Basis Interest Recognized in Period | 0 | 0 | 0 | 0 | 0 |
Impaired Loans with No Specific Allowance | |||||
Unpaid Principal Balance | 1,149 | 1,222 | 1,149 | 1,222 | 631 |
Recorded Investment | 975 | 823 | 975 | 823 | 457 |
Average Recorded Investment | 983 | 840 | 807 | 809 | 735 |
Interest Income Recognized in Period | 0 | 0 | 1 | 1 | 3 |
Cash Basis Interest Recognized in Period | 0 | 0 | 1 | 1 | 3 |
Commercial business | |||||
Impaired Loans with Specific Allowance | |||||
Unpaid Principal Balance | 0 | 0 | 0 | 0 | 588 |
Recorded Investment | 0 | 0 | 0 | 0 | 588 |
Related Allowance | 0 | 0 | 0 | 0 | 6 |
Average Recorded Investment | 0 | 315 | 196 | 517 | 428 |
Interest Income Recognized in Period | 0 | 0 | 0 | 0 | 0 |
Cash Basis Interest Recognized in Period | 0 | 0 | 0 | 0 | 0 |
Impaired Loans with No Specific Allowance | |||||
Unpaid Principal Balance | 600 | 690 | 600 | 690 | 96 |
Recorded Investment | 600 | 690 | 600 | 690 | 96 |
Average Recorded Investment | 620 | 382 | 446 | 280 | 322 |
Interest Income Recognized in Period | 0 | 1 | 1 | 1 | 2 |
Cash Basis Interest Recognized in Period | 0 | 1 | 1 | 1 | 2 |
Consumer | |||||
Impaired Loans with Specific Allowance | |||||
Unpaid Principal Balance | 0 | 0 | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 | 0 | 0 |
Related Allowance | 0 | 0 | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 | 0 | 0 |
Interest Income Recognized in Period | 0 | 0 | 0 | 0 | 0 |
Cash Basis Interest Recognized in Period | 0 | 0 | 0 | 0 | 0 |
Impaired Loans with No Specific Allowance | |||||
Unpaid Principal Balance | 0 | 0 | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 | 0 | 0 |
Interest Income Recognized in Period | 0 | 0 | 0 | 0 | 0 |
Cash Basis Interest Recognized in Period | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Loans Receivable and Related 40
Loans Receivable and Related Allowance for Loan Losses - Loan Portfolio by Internal Risk Rating System (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 551,533 | $ 520,980 |
Not Rated | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 311,401 | 294,717 |
Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 230,421 | 213,437 |
Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,736 | 6,003 |
Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 7,975 | 6,823 |
Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Residential first mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 214,905 | 198,167 |
Residential first mortgages | Not Rated | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 213,966 | 197,041 |
Residential first mortgages | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Residential first mortgages | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Residential first mortgages | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 939 | 1,126 |
Residential first mortgages | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Home equity loans and lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 90,736 | 91,359 |
Home equity loans and lines of credit | Not Rated | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 90,231 | 91,017 |
Home equity loans and lines of credit | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Home equity loans and lines of credit | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Home equity loans and lines of credit | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 505 | 342 |
Home equity loans and lines of credit | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 179,891 | 166,994 |
Commercial real estate | Not Rated | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Commercial real estate | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 173,291 | 161,312 |
Commercial real estate | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,199 | 1,077 |
Commercial real estate | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 5,401 | 4,605 |
Commercial real estate | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Commercial Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 58,797 | 57,788 |
Commercial Business | Not Rated | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Commercial Business | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 57,130 | 52,125 |
Commercial Business | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 537 | 4,926 |
Commercial Business | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,130 | 737 |
Commercial Business | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 7,204 | 6,672 |
Consumer | Not Rated | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 7,204 | 6,659 |
Consumer | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Consumer | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 0 |
Consumer | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 0 | 13 |
Consumer | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 0 | $ 0 |
Loans Receivable and Related 41
Loans Receivable and Related Allowance for Loan Losses - Classes of Loan Portfolio by Aging Categories (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Not Past Due | $ 544,294 | $ 514,279 |
Nonaccrual | 2,811 | 3,278 |
Total Loans | 551,533 | 520,980 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Past Due | 3,308 | 3,021 |
Nonaccrual | 388 | 77 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Past Due | 886 | 358 |
Nonaccrual | 17 | 557 |
90 Days and Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Past Due | 234 | 44 |
Nonaccrual | 1,366 | 1,544 |
Residential first mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Not Past Due | 211,336 | 194,830 |
Nonaccrual | 759 | 1,126 |
Total Loans | 214,905 | 198,167 |
Residential first mortgages | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Past Due | 1,814 | 1,916 |
Nonaccrual | 388 | 77 |
Residential first mortgages | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Past Due | 816 | 295 |
Nonaccrual | 0 | 0 |
Residential first mortgages | 90 Days and Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Past Due | 180 | 0 |
Nonaccrual | 300 | 977 |
Home equity loans and lines of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Not Past Due | 89,865 | 90,557 |
Nonaccrual | 451 | 340 |
Total Loans | 90,736 | 91,359 |
Home equity loans and lines of credit | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Past Due | 353 | 460 |
Nonaccrual | 0 | 0 |
Home equity loans and lines of credit | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Past Due | 13 | 0 |
Nonaccrual | 17 | 0 |
Home equity loans and lines of credit | 90 Days and Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Past Due | 54 | 2 |
Nonaccrual | 434 | 340 |
Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Not Past Due | 178,089 | 165,318 |
Nonaccrual | 1,001 | 1,073 |
Total Loans | 179,891 | 166,994 |
Commercial real estate | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Past Due | 790 | 561 |
Nonaccrual | 0 | 0 |
Commercial real estate | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Past Due | 11 | 0 |
Nonaccrual | 0 | 557 |
Commercial real estate | 90 Days and Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Past Due | 0 | 42 |
Nonaccrual | 632 | 119 |
Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Not Past Due | 57,837 | 56,972 |
Nonaccrual | 600 | 726 |
Total Loans | 58,797 | 57,788 |
Commercial business | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Past Due | 323 | 56 |
Nonaccrual | 0 | 0 |
Commercial business | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Past Due | 37 | 34 |
Nonaccrual | 0 | 0 |
Commercial business | 90 Days and Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Past Due | 0 | 0 |
Nonaccrual | 0 | 95 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Not Past Due | 7,167 | 6,602 |
Nonaccrual | 0 | 13 |
Total Loans | 7,204 | 6,672 |
Consumer | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Past Due | 28 | 28 |
Nonaccrual | 0 | 0 |
Consumer | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Past Due | 9 | 29 |
Nonaccrual | 0 | 0 |
Consumer | 90 Days and Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Past Due | 0 | 0 |
Nonaccrual | $ 0 | $ 13 |
Loans Receivable and Related 42
Loans Receivable and Related Allowance for Loan Losses - Nonaccrual Loans by Aging Category (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 2,811 | $ 3,278 |
Not Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,040 | 1,100 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 388 | 77 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 17 | 557 |
90 Days and Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,366 | 1,544 |
Residential first mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 759 | 1,126 |
Residential first mortgages | Not Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 71 | 72 |
Residential first mortgages | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 388 | 77 |
Residential first mortgages | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | 0 |
Residential first mortgages | 90 Days and Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 300 | 977 |
Home equity loans and lines of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 451 | 340 |
Home equity loans and lines of credit | Not Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | 0 |
Home equity loans and lines of credit | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | 0 |
Home equity loans and lines of credit | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 17 | 0 |
Home equity loans and lines of credit | 90 Days and Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 434 | 340 |
Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 1,001 | 1,073 |
Commercial real estate | Not Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 369 | 397 |
Commercial real estate | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | 0 |
Commercial real estate | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | 557 |
Commercial real estate | 90 Days and Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 632 | 119 |
Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 600 | 726 |
Commercial business | Not Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 600 | 631 |
Commercial business | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | 0 |
Commercial business | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | 0 |
Commercial business | 90 Days and Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | 95 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | 13 |
Consumer | Not Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | 0 |
Consumer | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | 0 |
Consumer | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 0 | 0 |
Consumer | 90 Days and Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 0 | $ 13 |
Goodwill and Intangible Asset43
Goodwill and Intangible Assets - Acquired Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Gross Carrying Amount | ||
Goodwill | $ 10,288 | $ 10,288 |
Core deposit intangibles | 4,259 | 4,259 |
Total | 14,547 | 14,547 |
Accumulated Amortization | ||
Goodwill | 0 | 0 |
Core deposit intangibles | 3,818 | 3,699 |
Total | $ 3,818 | $ 3,699 |
Goodwill and Intangible Asset44
Goodwill and Intangible Assets - Additional Information (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017USD ($)acquisition | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)acquisition | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Number of acquisitions resulting in goodwill | acquisition | 4 | 4 | |||
Business Acquisition [Line Items] | |||||
Goodwill impairment loss | $ 0 | $ 0 | |||
Number of acquisitions resulting in core deposit intangible assets | acquisition | 2 | 2 | |||
Intangible asset amortization | $ 59,000 | $ 56,000 | $ 119,000 | $ 105,000 | |
United American Savings Bank | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 6,600,000 |
Stock Compensation Plan - Addit
Stock Compensation Plan - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | $ 55 | $ 64 | $ 110 | $ 111 |
Unrecognized compensation expense related to nonvested share-based plans | $ 370 | $ 370 | ||
Period of recognition for unrecognized compensation expense | 1 year 7 months 6 days | |||
2014 Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized (in shares) | 176,866 | 176,866 | ||
2014 Stock Incentive Plan | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grants (in shares) | 65,783 | 65,783 | ||
2014 Stock Incentive Plan | Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grants (in shares) | 88,433 | 88,433 | ||
2007 Stock Incentive Plan and Trust | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized (in shares) | 177,496 | 177,496 | ||
Shares available for grants (in shares) | 0 | 0 | ||
2007 Stock Incentive Plan and Trust | Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term | 10 years |
Stock Compensation Plan - Summa
Stock Compensation Plan - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Options | |||
Outstanding as of beginning of period (in shares) | 62,000 | ||
Granted (in shares) | 0 | ||
Exercised (in shares) | (48,586) | (48,586) | |
Forfeited (in shares) | 0 | ||
Expired (in shares) | (8,414) | ||
Outstanding as of end of period (in shares) | 5,000 | 5,000 | 62,000 |
Exercisable (in shares) | 5,000 | 5,000 | |
Weighted-Average Exercise Price | |||
Outstanding as of beginning of period (in dollars per share) | $ 25.71 | ||
Granted (in dollars per share) | 0 | ||
Exercised (in dollars per share) | 25.99 | ||
Forfeited (in dollars per share) | 0 | ||
Expired (in dollars per share) | 26 | ||
Outstanding as of end of period (in dollars per share) | $ 22.50 | 22.50 | $ 25.71 |
Exercisable (in dollars per share) | $ 22.50 | $ 22.50 | |
Aggregate Intrinsic Value | |||
Outstanding as of beginning of period | $ 219 | ||
Exercised | 80 | ||
Outstanding as of end of period | $ 27 | 27 | $ 219 |
Exercisable as of end of period | $ 27 | $ 27 | |
Weighted-Average Remaining Term (in years) | |||
Outstanding | 1 year 4 months 24 days | 7 months 6 days | |
Exercisable as of the end of the period | 1 year 4 months 24 days |
Stock Compensation Plan - Sum47
Stock Compensation Plan - Summary of Nonvested Restricted Stock Awards (Details) - Restricted Stock | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Shares | |
Nonvested balance at beginning of period (in shares) | shares | 26,900 |
Granted (in shares) | shares | 0 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | 0 |
Nonvested balance at end of period (in shares) | shares | 26,900 |
Weighted-Average Grant-date Fair Value | |
Nonvested balance at beginning of period (in dollars per share) | $ / shares | $ 25.09 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 0 |
Nonvested balance at end of period (in dollars per share) | $ / shares | $ 25.09 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Related allowance | $ 8,000 | $ 19,000 | $ 8,000 | $ 19,000 | $ 120,000 |
Provision for loan losses | 201,000 | 121,000 | 363,000 | 302,000 | |
Write-downs | 0 | 0 | $ 0 | 0 | |
Discount rate | 10.00% | ||||
Loans classified as TDRs | 537,000 | $ 537,000 | 239,000 | ||
Residential Real Estate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans classified as TDRs | 58,000 | ||||
Market and Income Approach Valuation Technique | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impaired financing receivable, recorded investment | 0 | 0 | 1,200,000 | ||
Related allowance | $ 120,000 | ||||
Market and Income Approach Valuation Technique | Impaired Loans | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Provision for loan losses | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value - Assets Measured at
Fair Value - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | $ 99,828 | $ 101,560 |
U.S. Treasury and federal agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 4,518 | 4,500 |
U.S. government sponsored entities and agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 12,043 | 8,998 |
U.S. agency mortgage-backed securities: residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 22,242 | 25,626 |
U.S. agency collateralized mortgage obligations: residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 24,002 | 24,706 |
State and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 25,781 | 27,608 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 9,520 | 7,932 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 1,722 | 2,190 |
Level 1 | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 6,105 | 6,554 |
Level 1 | U.S. Treasury and federal agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 4,518 | 4,500 |
Level 1 | U.S. government sponsored entities and agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 1 | U.S. agency mortgage-backed securities: residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 1 | U.S. agency collateralized mortgage obligations: residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 1 | State and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 1 | Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 1 | Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 1,587 | 2,054 |
Level 2 | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 93,588 | 94,870 |
Level 2 | U.S. Treasury and federal agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 2 | U.S. government sponsored entities and agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 12,043 | 8,998 |
Level 2 | U.S. agency mortgage-backed securities: residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 22,242 | 25,626 |
Level 2 | U.S. agency collateralized mortgage obligations: residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 24,002 | 24,706 |
Level 2 | State and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 25,781 | 27,608 |
Level 2 | Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 9,520 | 7,932 |
Level 2 | Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 3 | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 135 | 136 |
Level 3 | U.S. Treasury and federal agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 3 | U.S. government sponsored entities and agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 3 | U.S. agency mortgage-backed securities: residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 3 | U.S. agency collateralized mortgage obligations: residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 3 | State and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 3 | Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 3 | Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale | $ 135 | $ 136 |
Fair Value - Changes in Level 3
Fair Value - Changes in Level 3 Assets Measured on a Recurring Basis (Details) - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at the beginning of the period | $ 136 | $ 74 | $ 136 | $ 74 |
Total gains or losses (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Included in other comprehensive income | (1) | 1 | (1) | 1 |
Acquired | 0 | 60 | 0 | 60 |
Transfers in and/or out of Level 3 | 0 | 0 | 0 | 0 |
Balance at the end of the period | $ 135 | $ 135 | $ 135 | $ 135 |
Fair Value - Assets Measured 51
Fair Value - Assets Measured at Fair Value on a Non-recurring Basis (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Impaired [Line Items] | ||
Total | $ 1,103,000 | |
Impaired residential mortgage loan | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 58,000 | |
Impaired commercial real estate loan | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 463,000 | |
Impaired commercial business loan | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 582,000 | |
Level 3 | Impaired residential mortgage loan | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 58,000 | |
Level 3 | Impaired commercial real estate loan | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 463,000 | |
Level 3 | Impaired commercial business loan | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 582,000 | |
Nonrecurring | ||
Financing Receivable, Impaired [Line Items] | ||
Total | $ 0 | |
Nonrecurring | Level 1 | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 0 | |
Nonrecurring | Level 1 | Impaired residential mortgage loan | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 0 | |
Nonrecurring | Level 1 | Impaired commercial business loan | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 0 | |
Nonrecurring | Level 2 | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 0 | |
Nonrecurring | Level 2 | Impaired residential mortgage loan | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 0 | |
Nonrecurring | Level 2 | Impaired commercial business loan | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 0 | |
Nonrecurring | Level 3 | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 1,103,000 | |
Nonrecurring | Level 3 | Impaired residential mortgage loan | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 58,000 | |
Nonrecurring | Level 3 | Impaired commercial real estate loan | ||
Financing Receivable, Impaired [Line Items] | ||
Total | 463,000 | |
Nonrecurring | Level 3 | Impaired commercial business loan | ||
Financing Receivable, Impaired [Line Items] | ||
Total | $ 582,000 |
Fair Value - Schedule of Quanti
Fair Value - Schedule of Quantitative Information About Level 3 Fair Value Measurements (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Financing Receivable, Impaired [Line Items] | |
Total | $ 1,103 |
Impaired residential mortgage loan | |
Financing Receivable, Impaired [Line Items] | |
Total | 58 |
Impaired residential mortgage loan | Level 3 | |
Financing Receivable, Impaired [Line Items] | |
Total | $ 58 |
Weighted Average | 10.00% |
Impaired commercial real estate loan | |
Financing Receivable, Impaired [Line Items] | |
Total | $ 463 |
Impaired commercial real estate loan | Level 3 | |
Financing Receivable, Impaired [Line Items] | |
Total | $ 463 |
Weighted Average | 37.00% |
Impaired commercial business loan | |
Financing Receivable, Impaired [Line Items] | |
Total | $ 582 |
Impaired commercial business loan | Level 3 | |
Financing Receivable, Impaired [Line Items] | |
Total | $ 582 |
Weighted Average | 64.00% |
Fair Value - Carrying Amount an
Fair Value - Carrying Amount and Fair Value of Financial Instruments Included in the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financial Assets: | ||
Securities available for sale | $ 99,828 | $ 101,560 |
Level 1 | ||
Financial Assets: | ||
Securities available for sale | 6,105 | 6,554 |
Level 2 | ||
Financial Assets: | ||
Securities available for sale | 93,588 | 94,870 |
Level 3 | ||
Financial Assets: | ||
Securities available for sale | 135 | 136 |
Carrying Amount | ||
Financial Assets: | ||
Cash and cash equivalents | 34,715 | 17,568 |
Securities available for sale | 99,828 | 101,560 |
Loans held for sale | 0 | 68 |
Loans, net | 545,766 | 515,435 |
Federal bank stock | 4,862 | 4,861 |
Accrued interest receivable | 1,827 | 1,815 |
Financial assets | 686,998 | 641,307 |
Financial Liabilities: | ||
Deposits | 629,174 | 584,940 |
FHLB advances | 41,500 | 44,000 |
Accrued interest payable | 359 | 239 |
Financial liabilities | 671,033 | 629,179 |
Estimate of Fair Value Measurement | ||
Financial Assets: | ||
Cash and cash equivalents | 34,715 | 17,568 |
Securities available for sale | 99,828 | 101,560 |
Loans held for sale | 0 | 68 |
Loans, net | 547,265 | 519,573 |
Federal bank stock | 0 | 0 |
Accrued interest receivable | 1,827 | 1,815 |
Financial assets | 683,635 | 640,584 |
Financial Liabilities: | ||
Deposits | 631,082 | 582,458 |
FHLB advances | 41,377 | 44,027 |
Accrued interest payable | 359 | 239 |
Financial liabilities | 672,818 | 626,724 |
Estimate of Fair Value Measurement | Level 1 | ||
Financial Assets: | ||
Cash and cash equivalents | 34,715 | 17,568 |
Securities available for sale | 6,105 | 6,554 |
Loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 53 | 37 |
Financial assets | 40,873 | 24,159 |
Financial Liabilities: | ||
Deposits | 461,889 | 423,693 |
FHLB advances | 0 | 0 |
Accrued interest payable | 8 | 7 |
Financial liabilities | 461,897 | 423,700 |
Estimate of Fair Value Measurement | Level 2 | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 93,588 | 94,870 |
Loans held for sale | 0 | 68 |
Loans, net | 0 | 0 |
Accrued interest receivable | 335 | 365 |
Financial assets | 93,923 | 95,303 |
Financial Liabilities: | ||
Deposits | 169,193 | 158,765 |
FHLB advances | 41,377 | 44,027 |
Accrued interest payable | 351 | 232 |
Financial liabilities | 210,921 | 203,024 |
Estimate of Fair Value Measurement | Level 3 | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 135 | 136 |
Loans held for sale | 0 | 0 |
Loans, net | 547,265 | 519,573 |
Accrued interest receivable | 1,439 | 1,413 |
Financial assets | 548,839 | 521,122 |
Financial Liabilities: | ||
Deposits | 0 | 0 |
FHLB advances | 0 | 0 |
Accrued interest payable | 0 | 0 |
Financial liabilities | $ 0 | $ 0 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Regulatory Capital (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Total capital to risk-weighted assets: Amount | ||
Actual | $ 60,628 | $ 58,605 |
For capital adequacy purposes | 38,880 | 36,945 |
To be well capitalized | 48,600 | 46,181 |
Tier 1 capital to risk-weighted assets: Amount | ||
Actual | 54,855 | 53,050 |
For capital adequacy purposes | 29,160 | 27,709 |
To be well capitalized | 38,880 | 36,945 |
Common Equity Tier 1 capital to risk-weighted assets: Amount | ||
Actual | 54,855 | 53,050 |
For capital adequacy purposes | 21,870 | 20,781 |
To be well capitalized | 31,590 | 30,018 |
Tier 1 capital to average assets: Amount | ||
Actual | 54,855 | 53,050 |
For capital adequacy purposes | 28,215 | 27,081 |
To be well capitalized | $ 35,269 | $ 33,852 |
Total capital to risk-weighted assets: Ratio | ||
Actual | 12.47% | 12.69% |
For capital adequacy purposes | 8.00% | 8.00% |
To be well capitalized | 10.00% | 10.00% |
Tier 1 capital to risk-weighted assets: Ratios | ||
Actual | 11.29% | 11.49% |
For capital adequacy purposes | 6.00% | 6.00% |
To be well capitalized | 8.00% | 8.00% |
Common Equity Tier 1 capital to risk-weighted assets: Ratio | ||
Actual | 11.29% | 11.49% |
For capital adequacy purposes | 4.50% | 4.50% |
To be well capitalized | 6.50% | 6.50% |
Tier 1 capital to average assets: Ratio | ||
Actual | 7.78% | 7.84% |
For capital adequacy purposes | 4.00% | 4.00% |
To be well capitalized | 5.00% | 5.00% |
Accumulated Other Comprehensi55
Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 54,761 | $ 54,007 | $ 54,073 | $ 52,839 |
Other comprehensive income before reclassification | 10 | 461 | 268 | 1,340 |
Amounts reclassified from accumulated other comprehensive income (loss) | 104 | (53) | 104 | (55) |
Net of tax | 114 | 408 | 372 | 1,285 |
Balance at end of period | 56,647 | 54,851 | 56,647 | 54,851 |
Unrealized Gains and Losses on Available-for-Sale Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (421) | 630 | (679) | (247) |
Other comprehensive income before reclassification | 10 | 461 | 268 | 1,340 |
Amounts reclassified from accumulated other comprehensive income (loss) | 104 | (53) | 104 | (55) |
Net of tax | 114 | 408 | 372 | 1,285 |
Balance at end of period | (307) | 1,038 | (307) | 1,038 |
Defined Benefit Pension Items | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (3,812) | (3,514) | (3,812) | (3,514) |
Other comprehensive income before reclassification | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Net of tax | 0 | 0 | 0 | 0 |
Balance at end of period | (3,812) | (3,514) | (3,812) | (3,514) |
Totals | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (4,233) | (2,884) | (4,491) | (3,761) |
Balance at end of period | $ (4,119) | $ (2,476) | $ (4,119) | $ (2,476) |
Accumulated Other Comprehensi56
Accumulated Other Comprehensive Income - Significant Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Net gain on sale of available-for-sale securities | $ 350 | $ 81 | $ 350 | $ 83 |
Provision for income taxes | (314) | (287) | (586) | (583) |
Net income | 1,041 | 930 | 1,997 | 1,732 |
Amount Reclassified From Accumulated Other Comprehensive Income | Unrealized gains and losses on available-for-sale securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Net gain on sale of available-for-sale securities | 350 | 81 | 350 | 83 |
Other than temporary impairment losses | (508) | (508) | ||
Provision for income taxes | 54 | (28) | 54 | (28) |
Net income | $ (104) | $ 53 | $ (104) | $ 55 |