Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 13, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 | |
Entity Registrant Name | MID PENN BANCORP INC | |
Entity Central Index Key | 879,635 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 4,225,720 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 17,153 | $ 8,869 |
Interest-bearing balances with other financial institutions | 2,081 | 1,013 |
Total cash and cash equivalents | 19,234 | 9,882 |
Interest-bearing time deposits with other financial institutions | 5,313 | 5,772 |
Available for sale investment securities | 133,696 | 141,634 |
Loans and leases, net of unearned interest | 719,085 | 571,533 |
Less: Allowance for loan and lease losses | (6,984) | (6,716) |
Net loans and leases | 712,101 | 564,817 |
Bank premises and equipment, net | 14,196 | 12,225 |
Restricted investment in bank stocks | 3,919 | 3,181 |
Foreclosed assets held for sale | 990 | 565 |
Accrued interest receivable | 3,415 | 3,058 |
Deferred income taxes | 2,976 | 2,125 |
Goodwill | 3,918 | 1,016 |
Core deposit and other intangibles, net | 699 | 187 |
Cash surrender value of life insurance | 12,446 | 8,575 |
Other assets | 2,362 | 2,620 |
Total Assets | 915,265 | 755,657 |
LIABILITIES & SHAREHOLDERS' EQUITY | ||
Deposits: Noninterest-bearing demand | 96,916 | 60,613 |
Deposits: Interest-bearing demand | 255,672 | 222,712 |
Deposits: Money Market | 204,928 | 197,418 |
Deposits: Savings | 56,032 | 32,394 |
Deposits: Time | 161,602 | 124,785 |
Total Deposits | 775,150 | 637,922 |
Short-term borrowings | 5,712 | 578 |
Long-term debt | 51,363 | 52,961 |
Accrued interest payable | 605 | 349 |
Other liabilities | 6,915 | 4,717 |
Total Liabilities | 839,745 | 696,527 |
Shareholders' Equity: | ||
Common stock, par value $1.00; authorized 10,000,000 shares; 4,225,720 shares issued and outstanding at September 30, 2015 and 3,497,829 at December 31, 2014 | 4,226 | 3,498 |
Additional paid-in capital | 40,535 | 29,902 |
Retained earnings | 22,569 | 19,217 |
Accumulated other comprehensive income | 1,440 | 1,513 |
Total Shareholders' Equity | 75,520 | 59,130 |
Total Liabilities and Shareholders' Equity | 915,265 | 755,657 |
Series B Preferred Stock [Member] | ||
Shareholders' Equity: | ||
Preferred stock | 5,000 | $ 5,000 |
Series C Preferred Stock [Member] | ||
Shareholders' Equity: | ||
Preferred stock | $ 1,750 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Common Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Common Stock, Shares, Issued | 4,225,720 | 3,497,829 |
Common Stock, Shares, Outstanding | 4,225,720 | 3,497,829 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value | $ 1 | $ 1 |
Preferred Stock, Shares Authorized | 5,000 | 5,000 |
Preferred Stock, Dividend Rate, Percentage | 7.00% | 7.00% |
Preferred Stock, Shares Issued | 5,000 | 5,000 |
Preferred Stock, Shares Outstanding | 5,000 | 5,000 |
Preferred Stock, Redemption Amount | $ 5,100,000 | $ 5,100,000 |
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 |
Series C Preferred Stock [Member] | ||
Preferred stock, par value | $ 1 | |
Preferred Stock, Shares Authorized | 1,750 | |
Preferred Stock, Dividend Rate, Percentage | 1.00% | |
Preferred Stock, Shares Issued | 1,750 | 0 |
Preferred Stock, Shares Outstanding | 1,750 | 0 |
Preferred Stock, Redemption Amount | $ 1,750,000,000 | |
Preferred Stock, Liquidation Preference Per Share | $ 1,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
INTEREST INCOME | ||||
Interest & fees on loans and leases | $ 8,448 | $ 6,657 | $ 24,345 | $ 20,122 |
Interest on interest-bearing balances | 12 | 11 | 34 | 31 |
Interest and dividends on investment securities: | ||||
U.S. Treasury and government agencies | 293 | 359 | 928 | 994 |
State and political subdivision obligations, tax-exempt | 484 | 563 | 1,532 | 1,618 |
Other securities | 102 | 43 | 301 | 118 |
Interest on federal funds sold and securities purchased under agreements to resell | 1 | |||
Total Interest Income | 9,339 | 7,633 | 27,141 | 22,883 |
INTEREST EXPENSE | ||||
Interest on deposits | 987 | 953 | 2,881 | 2,921 |
Interest on short-term borrowings | 14 | 5 | 36 | 26 |
Interest on long-term debt | 149 | 131 | 511 | 369 |
Total Interest Expense | 1,150 | 1,089 | 3,428 | 3,316 |
Net Interest Income | 8,189 | 6,544 | 23,713 | 19,567 |
PROVISION FOR LOAN AND LEASE LOSSES | 265 | 395 | 865 | 1,217 |
Net Interest Income After Provision for Loan and Lease Losses | 7,924 | 6,149 | 22,848 | 18,350 |
NONINTEREST INCOME | ||||
Income from fiduciary activities | 120 | 120 | 367 | 445 |
Service charges on deposits | 186 | 154 | 503 | 417 |
Net gain on sales of investment securities | 138 | 315 | 150 | |
Earnings from cash surrender value of life insurance | 71 | 50 | 198 | 152 |
Mortgage banking income | 106 | 95 | 326 | 208 |
ATM debit card interchange income | 189 | 138 | 540 | 403 |
Merchant services income | 64 | 65 | 175 | 198 |
Net gain on sales of SBA loans | 73 | 19 | 216 | 97 |
Other income | 138 | 100 | 487 | 339 |
Total Noninterest Income | 1,085 | 741 | 3,127 | 2,409 |
NONINTEREST EXPENSE | ||||
Salaries and employee benefits | 3,471 | 2,635 | 10,231 | 8,026 |
Occupancy expense, net | 498 | 282 | 1,448 | 986 |
Equipment expense | 346 | 297 | 1,081 | 908 |
Pennsylvania Bank Shares tax expense | 106 | 64 | 337 | 272 |
FDIC Assessment | 166 | 134 | 470 | 405 |
Legal and professional fees | 151 | 101 | 455 | 366 |
Director fees and benefits expense | 92 | 83 | 267 | 238 |
Marketing and advertising expense | 137 | 95 | 372 | 227 |
Software licensing | 380 | 238 | 1,103 | 687 |
Telephone expense | 169 | 108 | 432 | 304 |
Loss on sale/write-down of foreclosed assets | 47 | 52 | 64 | 109 |
Intangible amortization | 26 | 8 | 61 | 22 |
Loan collection costs | 67 | 76 | 235 | 229 |
Merger and acquisition expense | 11 | 784 | 11 | |
Other expenses | 913 | 745 | 2,511 | 1,945 |
Total Noninterest Expense | 6,569 | 4,929 | 19,851 | 14,735 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 2,440 | 1,961 | 6,124 | 6,024 |
Provision for income taxes | 546 | 366 | 1,223 | 1,211 |
NET INCOME | 1,894 | 1,595 | 4,901 | 4,813 |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ 1,802 | $ 1,507 | $ 4,630 | $ 4,550 |
PER COMMON SHARE DATA: | ||||
Basic Earnings Per Common Share | $ 0.43 | $ 0.43 | $ 1.14 | $ 1.30 |
Cash Dividends | $ 0.12 | $ 0.10 | $ 0.32 | $ 0.25 |
Series B Preferred Stock [Member] | ||||
NONINTEREST EXPENSE | ||||
Preferred stock dividends | $ 88 | $ 88 | $ 263 | $ 263 |
Series C Preferred Stock [Member] | ||||
NONINTEREST EXPENSE | ||||
Preferred stock dividends | $ 4 | $ 8 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Consolidated Statements of Comprehensive Income [Abstract] | |||||
Net income | $ 1,894 | $ 1,595 | $ 4,901 | $ 4,813 | |
Other comprehensive income (loss): | |||||
Unrealized (losses) gains arising during the period on available for sale securities, net of income taxes | 898 | 77 | 128 | 2,270 | |
Reclassification adjustment for net gain on sales of available for sale securitiesincluded in net income, net of income taxes of ($60) and ($51), respectively | [1],[2] | (91) | (208) | (99) | |
Change in defined benefit plans, net of income taxes of $2 and $3, respectively | [2],[3] | 2 | 4 | 7 | 10 |
Total other comprehensive (loss) income | 809 | 81 | (73) | 2,181 | |
Total comprehensive income | $ 2,703 | $ 1,676 | $ 4,828 | $ 6,994 | |
[1] | Amounts are included in net gain on sales of investment securities on the Consolidated Statements of Income as a separate element within total noninterest income | ||||
[2] | Income tax amounts are included in the provision for income taxes in the Consolidated Statements of Income | ||||
[3] | Amounts are included in the computation of net periodic benefit cost and are included in salaries and employee benefits on the Consolidated Statements of Income as a separate element within total noninterest expense |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Consolidated Statements of Comprehensive Income (Parenthetical) [Abstract] | |||||
Unrealized (losses) gains arising during the period on available for sale securities, tax | $ 464 | $ 40 | $ 66 | $ 1,171 | |
Reclassification adjustment for net gain on sales of available for sale securities included in net income, tax | (47) | 0 | (107) | (51) | |
Change in defined benefit plans, tax | [1],[2] | $ 2 | $ 3 | $ 4 | $ 6 |
[1] | Amounts are included in the computation of net periodic benefit cost and are included in salaries and employee benefits on the Consolidated Statements of Income as a separate element within total noninterest expense | ||||
[2] | Income tax amounts are included in the provision for income taxes in the Consolidated Statements of Income |
Consolidated Statements of Chan
Consolidated Statements of Changes In Shareholders' Equity - USD ($) $ in Thousands | Series B Preferred Stock [Member]Retained Earnings [Member] | Series B Preferred Stock [Member] | Series C Preferred Stock [Member]Retained Earnings [Member] | Series C Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at Dec. 31, 2013 | $ 5,000 | $ 3,494 | $ 29,853 | $ 15,441 | $ (872) | $ 52,916 | ||||
Net income | 4,813 | 4,813 | ||||||||
Total other comprehensive income (loss), net of taxes | 2,181 | 2,181 | ||||||||
Employee Stock Purchase Plan (3,166 shares) | 3 | 35 | 38 | |||||||
Common stock dividends | (874) | (874) | ||||||||
Preferred stock dividends | $ (263) | $ (263) | ||||||||
Balance at Sep. 30, 2014 | 5,000 | 3,497 | 29,888 | 19,117 | 1,309 | 58,811 | ||||
Balance at Dec. 31, 2014 | 5,000 | 3,498 | 29,902 | 19,217 | 1,513 | 59,130 | ||||
Net income | 4,901 | 4,901 | ||||||||
Total other comprehensive income (loss), net of taxes | (73) | (73) | ||||||||
Employee Stock Purchase Plan (3,166 shares) | 3 | 47 | 50 | |||||||
Common stock dividends | (1,278) | (1,278) | ||||||||
Preferred stock dividends | $ (263) | $ (263) | $ (8) | $ (8) | ||||||
SBLF preferred stock in connections with Phoenix acquisition | 1,750 | 1,750 | ||||||||
Common stock issued to acquirees' shareholders, value | 724 | 10,568 | 11,292 | |||||||
Restricted stock purchase (875 shares) | 1 | 1 | ||||||||
Restricted stock compensation expense | 18 | 18 | ||||||||
Balance at Sep. 30, 2015 | $ 6,750 | $ 4,226 | $ 40,535 | $ 22,569 | $ 1,440 | $ 75,520 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Consolidated Statements of Changes in Shareholder's Equity [Abstract] | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 3,166 | 2,519 |
Stock isued during period, shares, restricted stock award, net of forfeitures | 875 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Activities: | ||
Net Income | $ 4,901 | $ 4,813 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan and lease losses | 865 | 1,217 |
Depreciation | 1,082 | 934 |
Amortization of intangibles | 66 | 46 |
Net amortization of security premiums | 1,867 | 925 |
Gain on sales of investment securities | (315) | (150) |
Earnings on cash surrender value of life insurance | (198) | (152) |
SBA loans originated for sale | (2,915) | (943) |
Proceeds from sales of SBA loans originated for sale | 3,131 | 1,040 |
Gain on sale of loans | (216) | (97) |
Loss on disposal of property, plant, and equipment | 8 | |
Loss on sale / write-down of foreclosed assets | 64 | 109 |
Restricted stock compensation expense | 19 | |
Deferred income tax (benefit) expense | (300) | 71 |
(Decreae) increase in accrued interest receivable | 31 | (296) |
(Decrease) increase in other assets | 882 | (94) |
Increase in accrued interest payable | 224 | 253 |
Increase (decrease) in other liabilities | 1,322 | (621) |
Net Cash Provided by Operating Activities | 10,510 | 7,063 |
Investing Activities: | ||
Net decrease in interest-bearing time deposits with other financial institutions | 459 | 1,741 |
Proceeds from the maturity of investment securities | 8,080 | 10,497 |
Proceeds from the sale of investment securities | 33,962 | 7,199 |
Purchases of investment securities | (24,446) | (40,511) |
Net cash received from acquisition | 8,095 | |
Purchases of restricted investment in bank stock | (229) | (426) |
Net increase in loans and leases | (38,671) | (23,613) |
Purchases of bank premises and equipment | (1,261) | (776) |
Proceeds from sale of foreclosed assets | 396 | 798 |
Net Cash Provided By Investing Activities | (13,615) | (45,091) |
Financing Activities: | ||
Net increase in deposits | 13,990 | 37,867 |
Net increase (decrease) in short-term borrowings | 5,134 | (1,979) |
Common stock dividend paid | (1,278) | (874) |
Employee Stock Purchase Plan | 50 | 38 |
Proceeds from long-term debt borrowings | 10,000 | |
Long-term debt repayment | (5,168) | (137) |
Net Cash Provided By Financing Activities | 12,457 | 44,652 |
Net increase in cash and cash equivalents | 9,352 | 6,624 |
Cash and cash equivalents, beginning of year | 9,882 | 8,623 |
Cash and cash equivalents, end of period | 19,234 | 15,247 |
Supplemental Disclosures of Cash Flow Information: | ||
Interest paid | 3,173 | 3,063 |
Income taxes paid | 930 | 870 |
Supplemental Noncash Disclosures: | ||
Loan transfers to foreclosed assets held for sale | 885 | 791 |
Series B Preferred Stock [Member] | ||
Financing Activities: | ||
Preferred stock dividend paid | (263) | $ (263) |
Series C Preferred Stock [Member] | ||
Financing Activities: | ||
Preferred stock dividend paid | $ (8) |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | (1) Basis of Presentation The accompanying consolidated financial statements include the accounts of Mid Penn Bancorp, Inc. (the “Company”) and its wholly-owned subsidiaries, Mid Penn Bank (the “Bank”), and the Bank’s wholly-owned subsidiary Mid Penn Insurance Services, LLC (collectively, “Mid Penn”). All material intercompany accounts and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Mid Penn believes the information presented is not misleading and the disclosures are adequate. For comparative purposes, the September 30, 2014 and December 31, 2014 balances have been reclassified, when, and if necessary, to conform to the 2015 presentation. Such reclassifications had no impact on net income. The results of operations for interim periods are not necessarily indicative of operating results expected for the full year. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Mid Penn has evaluated events and transactions occurring subsequent to the balance sheet date of September 30, 2015, for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued. |
Merger
Merger | 9 Months Ended |
Sep. 30, 2015 | |
Merger [Abstract] | |
Merger | (2) Merger On March 1, 2015, Phoenix Bancorp, Inc. (“Phoenix”) merged with, and into, the Company, with the Company continuing as the surviving entity. Simultaneously with the consummation of the foregoing merger, Miners Bank (“Miners”), a Pennsylvania-state chartered bank and wholly-owned subsidiary of Phoenix, merged with and into the Bank. As part of this transaction, Phoenix shareholders received either 3.167 shares of the Company’s common stock or $51.60 in cash in exchange for each share of Phoenix common stock. Holders of contingent rights issued by Phoenix received approximately 0.414 shares of the Company’s common stock as settlement of such rights. As a result, the Company issued 723,851 shares of common stock with an acquisition date fair value of approximately $11,292,000 , based on the closing stock price of the Company’s common stock on February 27, 2015 of $ 15.60 , and cash of $2,949,000 . Including an insignificant amount of cash paid in lieu of fractional shares, the fair value of total consideration paid was $14,241,000 . Additionally, as part of this transaction, on March 1, 2015, the Company assumed all of the liabilities and obligations of Phoenix with respect to 1,750 shares of Phoenix’s preferred stock issued to the United States Treasury (“Treasury”) in connection with the Small Business Lending Fund and issued 1,750 shares of the Company’s Senior Non-Cumulative Perpetual Preferred Stock, Series C, having a $1,000 liquidation preference per share (the “SBLF Preferred Shares”), to the Treasury. The SBLF Preferred Shares qualify as Tier 1 capital and have terms and conditions identical to those shares of preferred stock issued by Phoenix to the Treasury. The assets and liabilities of Miners and Phoenix were recorded on the consolidated balance sheet at their estimated fair value as of March 1, 2015, and their results of operations have been included in the consolidated income statement since such date. Included in the purchase price was goodwill and a core deposit intangible of $2,902,000 and $578,000 , respectively. The core deposit intangible will be amortized over a ten -year period using a sum of the year’s digits basis. The goodwill will not be amortized, but will be measured annually for impairment or more frequently if circumstances require. Core deposit intangible amortization expense projected for the succeeding five years beginning 2015 is estimated to be $88,000 , $96,000 , $86,000 , $75,000 , and $65,000 per year, respectively, and $168,000 in total for years after 2019. The allocation of the purchase price is as follows: (Dollars in thousands) Purchase price assigned to Phoenix common shares exchanged for 723,851 Mid Penn common shares $ Purchase price assigned to Phoenix common shares exchanged for cash Total purchase price Phoenix net assets acquired: Tangible Common Equity Estimated adjustments to reflect assets acquired and liabilities assumed at fair value: Total fair value adjustments Associated deferred income taxes Fair value adjustment to net assets acquired, net of tax Total Phoenix net assets acquired Goodwill resulting from the merger $ While Mid Penn believes that the accounting for the merger is complete, Accounting Standards Codification (“ASC”) Topic 805, Business Combinations , allows for adjustments to goodwill for a period of up to one year after the merger date for information that becomes available that reflects circumstances at the merger date. Adjustments to certain amounts associated with the merger were made during the current quarter and were not considered significant. The following table summarizes the estimated fair value of the assets acquired and liabilities and equity assumed. (Dollars in thousands) Total purchase price $ Net assets acquired: Cash and cash equivalents Investment securities Restricted stock Loans Bank owned life insurance Premises and equipment Accrued interest receivable Core deposit and other intangibles Other assets Deposits FHLB borrowings Accrued interest payable Other liabilities Preferred stock Goodwill $ The fair value of the financial assets acquired included loans receivable with a gross amortized cost basis of $112,816,000 . The table below illustrates the fair value adjustments made to the amortized cost basis in order to present a fair value of the loans acquired. (Dollars in thousands) Gross amortized cost basis at March 1, 2015 $ Market rate adjustment Credit fair value adjustment on pools of homogeneous loans Credit fair value adjustment on impaired loans Fair value of purchased loans at March 1, 2015 $ The market rate adjustment represents the movement in market interest rates, irrespective of credit adjustments, compared to the stated rates of the acquired loans. The credit adjustment made on pools of homogeneous loans represents the changes in credit quality of the underlying borrowers from the loan inception to the acquisition date. The credit adjustment on impaired loans is derived in accordance with ASC 310-30-30 and represents the portion of the loan balance that has been deemed uncollectible based on our expectations of future cash flows for each respective loan. The information about the acquired Phoenix impaired loan portfolio as of March 1, 2015 is as follows: (Dollars in thousands) Contractually required principal and interest at acquisition $ Contractual cash flows not expected to be collected (nonaccretable discount) Expected cash flows at acquisition Interest component of expected cash flows (accretable discount) Fair value of acquired loans $ The following table presents pro forma information as if the merger between Mid Penn and Phoenix had been completed on January 1, 2014. The pro forma information does not necessarily reflect the results of operations that would have occurred had Mid Penn merged with Phoenix at the beginning of 2014. Supplemental pro forma earnings for 2015 were adjusted to exclude $784,000 of merger related costs incurred for the three and nine months ended September 30, 2015; the results for the first three and nine months of 2014 were adjusted to include these charges. The pro forma financial information does not include the impact of possible business model changes, nor does it consider any potential impacts of current market conditions or revenues, expense efficiencies, or other factors. (Dollars in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net interest income after loan loss provision $ $ $ $ Noninterest income Noninterest expense Net income available to common shareholders Net income per common share The amount of total revenue, consisting of interest income plus noninterest income specifically related to Phoenix for the period beginning March 1, 2015, included in the consolidated statements of income of Mid Penn for the three and nine months ended September 30, 2015, was $1,329,000 and $3,157,000 , respectively. T he net income specifically related to Phoenix for the period beginning March 1, 2015, included in the consolidated statements of income of Mid Penn for the three and nine months ended September 30, 2015, was $243,000 and $540,000 , respectively. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investment Securities [Abstract] | |
Investment Securities | (3) Investment Securities Securities to be held for indefinite periods, but not intended to be held to maturity, are classified as available for sale and carried at fair value. Securities held for indefinite periods include securities that management intends to use as part of its asset and liability management strategy and that may be sold in response to liquidity needs, changes in interest rates, resultant prepayment risk, and other factors related to interest rate and resultant prepayment risk changes. Realized gains and losses on dispositions are based on the net proceeds and the amortized cost of the securities sold, using the specific identification method. Unrealized gains and losses on investment securities available for sale are based on the difference between amortized cost and fair value of each security. These gains and losses are credited or charged to other comprehensive income, whereas realized gains and losses flow through Mid Penn’s consolidated statements of income. ASC Topic 320, Investments – Debt and Equity Securities , clarifies the interaction of the factors that should be considered when determining whether a debt security is other-than-temporarily impaired. For debt securities, management must assess whether (a) it has the intent to sell the security and (b) it is more likely than not that it will be required to sell the security prior to its anticipated recovery. These steps are done before assessing whether the entity will recover the cost basis of the investment. In instances when a determination is made that other-than-temporary impairment exists but the investor does not intend to sell the debt security and it is not more likely than not that it will be required to sell the debt security prior to its anticipated recovery, this guidance changes the presentation and amount of the other-than-temporary impairment recognized in the income statement. The other-than-temporary impairment is separated into (a) the amount of the total other-than-temporary impairment related to a decrease in cash flows expected to be collected from the debt security (the credit loss) and (b) the amount of the total other-than-temporary impairment related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to all other factors is recognized in other comprehensive income. In assessing potential other-than-temporary impairment for equity securities, consideration is given to management’s intent and ability to hold the securities until recovery of unrealized losses. At September 30, 2015 and December 31, 2014, amortized cost, fair value, and unrealized gains and losses on investment securities are as follows: (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value September 30, 2015 Available for sale securities: U.S. Treasury and U.S. government agencies $ $ $ $ Mortgage-backed U.S. government agencies State and political subdivision obligations Equity securities $ $ $ $ (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2014 Available for sale securities: U.S. Treasury and U.S. government agencies $ $ $ $ Mortgage-backed U.S. government agencies State and political subdivision obligations Equity securities $ $ $ $ Estimated fair values of debt securities are based on quoted market prices, where applicable. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments, adjusted for differences between the quoted instruments and the instruments being valued. Investment securities having a fair value of $ 127,025,000 at September 30, 2015 and $ 134,740,000 at December 31, 2014, were pledged to secure public deposits and other borrowings. Mid Penn realized gross gains of $138,000 and $0 on sales of securities available for sale during the three months ended September 30, 2015 and September 30, 2014. For the nine months ended September 30, 2015 and September 30, 2014, Mid Penn realized $ 315,000 and $ 150,000 , respectively, on sales of securities available for sale. Mid Penn realized gross losses on the sale of securities available for sale of $ 0 during the three and nine months ended September 30, 2015 and September 30, 2014. The following table presents gross unrealized losses and fair value of investments aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2015 and December 31, 2014. (Dollars in thousands) Less Than 12 Months 12 Months or More Total September 30, 2015 Number of Fair Unrealized Number of Fair Unrealized Number of Fair Unrealized Securities Value Losses Securities Value Losses Securities Value Losses Available for sale securities: U.S. Treasury and U.S. government agencies 3 $ $ 2 $ $ 5 $ $ Mortgage-backed U.S. government agencies 8 7 15 State and political subdivision obligations 31 4 35 Equity securities 1 3 4 Total temporarily impaired available for sale securities 43 $ $ 16 $ $ 59 $ $ (Dollars in thousands) Less Than 12 Months 12 Months or More Total December 31, 2014 Number of Fair Unrealized Number of Fair Unrealized Number of Fair Unrealized Securities Value Losses Securities Value Losses Securities Value Losses Available for sale securities: U.S. Treasury and U.S. government agencies 5 $ $ - $ - $ - 5 $ $ Mortgage-backed U.S. government agencies 15 5 20 State and political subdivision obligations 9 28 37 Equity securities - - - 2 2 Total temporarily impaired available for sale securities 29 $ $ 35 $ $ 64 $ $ Management evaluates securities for other-than-temporary impairment at least on a quarterly basis; and more frequently when economic or market concerns warrant such evaluation. Consideration is given to the length of time and the extent to which the fair value has been less than cost, and the financial condition and near term prospects of the issuer. In addition, for debt securities, the Corporation considers (a) whether management has the intent to sell the security, (b) it is more likely than not that management will be required to sell the security prior to its anticipated recovery, and (c) whether management expects to recover the entire amortized cost basis. For equity securities, management considers the intent and ability to hold securities until recovery of unrealized losses. The majority of the investment portfolio is comprised of mortgage-backed U.S. government agencies and state and political subdivision obligations with school districts and municipal authorities throughout the U.S. For the investment securities with an unrealized loss, Mid Penn has concluded, based on its analysis, that the unrealized losses in the investments are primarily caused by the movement of interest rates, and the contractual terms of these investments do not permit the issuer to settle the securities at a price less than the par value of the investment. At September 30, 2015, 55 debt securities and 4 equity securities with unrealized losses totaling $461,000 depreciated 1 .26% from their amortized cost basis. At September 30, 2015, 13 debt securities and 3 equity securities had unrealized losses for twelve months or longer totaling $266 ,000 , of which the largest loss was attributed to state and political subdivision obligations with $110,000 in unrealized losses. At December 31, 2014, 62 debt securities and 2 equity securities with unrealized losses totaling $547,000 depreciated 1.40 % from their amortized cost basis. At December 31, 2014, 33 debt securities and 2 equity securities had unrealized losses for twelve months or longer totaling $423 ,000, of which the majority was attributed to mortgage-backed U.S. government agencies and state and political subdivision obligations with $115,000 and $285,000 in unrealized losses, respectively. Because Mid Penn does not intend to sell these investments and it is not likely it will be required to sell these investments before a recovery of fair value, which may be maturity, Mid Penn does not consider the securities with unrealized losses to be other-than-temporarily impaired as losses relate to changes in interest rates and not erosion of credit quality. The table below is the maturity distribution of investment securities at amortized cost and fair value. (Dollars in thousands) September 30, 2015 Amortized Fair Cost Value Due in 1 year or less $ $ Due after 1 year but within 5 years Due after 5 years but within 10 years Due after 10 years Mortgage-backed securities Equity securities $ $ |
Loans and Allowance for Loan an
Loans and Allowance for Loan and Lease Losses | 9 Months Ended |
Sep. 30, 2015 | |
Loans and Allowance for Loan and Lease Losses [Abstract] | |
Loans and Allowance for Loan and Lease Losses | (4) Loans and Allowance for Loan and Lease Losses Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield (interest income) of the related loans. These amounts are generally being amortized over the contractual life of the loan. Premiums and discounts on purchased loans are amortized as adjustments to interest income using the effective yield method. The loan portfolio is segmented into commercial and consumer loans. Commercial loans consist of the following classes: commercial and industrial, commercial real estate, commercial real estate-construction and lease financing. Consumer loans consist of the following classes: residential mortgage loans, home equity loans and other consumer loans. For all classes of loans, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days or more past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan and lease losses. Interest received on nonaccrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past due status of all classes of loans receivable is determined based on contractual due dates for loan payments. Commercial and industrial Mid Penn originates commercial and industrial loans. Most of the Bank’s commercial and industrial loans have been extended to finance local and regional businesses and include short-term loans to finance machinery and equipment purchases, inventory, and accounts receivable. Commercial loans also involve the extension of revolving credit for a combination of equipment acquisitions and working capital in expanding companies. The maximum term for loans extended on machinery and equipment is based on the projected useful life of such machinery and equipment. Generally, the maximum term on non-mortgage lines of credit is one year. The loan-to-value ratio on such loans and lines of credit generally may not exceed 80 % of the value of the collateral securing the loan. The Bank’s commercial business lending policy includes credit file documentation and analysis of the borrower’s character, capacity to repay the loan, the adequacy of the borrower’s capital and collateral as well as an evaluation of conditions affecting the borrower. Analysis of the borrower’s past, present, and future cash flows is also an important aspect of the Bank’s current credit analysis. Nonetheless, such loans are believed to carry higher credit risk than more traditional investments. Commercial and industrial loans typically are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business. As a result, the availability of funds for the repayment of commercial business loans may be substantially dependent on the success of the business itself, which, in turn, is likely to be dependent upon the general economic environment. Mid Penn’s commercial and industrial loans are usually, but not always, secured by business assets and personal guarantees. However, the collateral securing the loans may depreciate over time, may be difficult to appraise, and may fluctuate in value based on the success of the business. Commercial real estate and commercial real estate - construction Commercial real estate and commercial real estate construction loans generally present a higher level of risk than loans secured by one to four family residences. This greater risk is due to several factors, including the concentration of principal in a limited number of loans and borrowers, the effect of general economic conditions on income producing properties, and the increased difficulty of evaluating and monitoring these types of loans. In addition, the repayment of loans secured by commercial real estate is typically dependent upon the successful operation of the related real estate project. If the cash flow from the project is reduced, the borrower’s ability to repay the loan may be impaired. Residential mortgage Mid Penn offers a wide array of residential mortgage loans for both permanent structures and those under construction. The Bank’s residential mortgage originations are secured primarily by properties located in its primary market and surrounding areas. Residential mortgage loans have terms up to a maximum of 30 years and with loan to value ratios up to 100 % of the lesser of the appraised value of the security property or the contract price. Private mortgage insurance is generally required in an amount sufficient to reduce the Bank’s exposure to at or below the 85 % loan to value level. Residential mortgage loans generally do not include prepayment penalties. In underwriting residential mortgage loans, the Bank evaluates both the borrower’s ability to make monthly payments and the value of the property securing the loan. Most properties securing real estate loans made by Mid Penn are appraised by independent fee appraisers. The Bank generally requires borrowers to obtain an attorney’s title opinion or title insurance and fire and property insurance (including flood insurance, if necessary) in an amount not less than the amount of the loan. Real estate loans originated by the Bank generally contain a “due on sale” clause allowing the Bank to declare the unpaid principal balance due and payable upon the sale of the security property. The Bank underwrites residential mortgage loans to the standards established by the secondary mortgage market, i.e., Fannie Mae, Ginnie Mae, Freddie Mac, or Pennsylvania Housing Finance Agency standards, with the intention of selling the majority of residential mortgages originated into the secondary market. In the event that the facts and circumstances surrounding a residential mortgage application do not meet all underwriting conditions of the secondary mortgage market, the Bank will evaluate the failed conditions and the potential risk of holding the residential mortgage in the Bank’s portfolio rather than rejecting the loan request. In the event that the loan is held in the Bank’s portfolio, the interest rate on the residential mortgage would be increased to compensate for the added portfolio risk. Consumer, including home equity Mid Penn offers a variety of secured consumer loans, including home equity, automobile, and deposit secured loans. In addition, the Bank offers other secured and unsecured consumer loans. Most consumer loans are originated in Mid Penn’s primary market and surrounding areas. The largest component of Mid Penn’s consumer loan portfolio consists of fixed rate home equity loans and variable rate home equity lines of credit. Substantially all home equity loans and lines of credit are secured by second mortgages on principal residences. The Bank will lend amounts, which, together with all prior liens, typically may be up to 85 % of the appraised value of the property securing the loan. Home equity term loans may have maximum terms up to 20 years while home equity lines of credit generally have maximum terms of five years. Consumer loan terms vary according to the type and value of collateral, length of contract and creditworthiness of the borrower. The underwriting standards employed by the Bank for consumer loans include an application, a determination of the applicant’s payment history on other debts and an assessment of ability to meet existing obligations and payments on the proposed loan. Although creditworthiness of the applicant is a primary consideration, the underwriting process also includes a comparison of the value of the collateral, if any, in relation to the proposed loan amount. Consumer loans may entail greater credit risk than do residential mortgage loans, particularly in the case of consumer loans which are unsecured or are secured by rapidly depreciable assets, such as automobiles or recreational equipment. In such cases, any repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance. In addition, consumer loan collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be affected by adverse personal circumstances. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. Junior liens inherently have more credit risk by virtue of the fact that another financial institution may have a higher security position in the case of foreclosure liquidation of collateral to extinguish the debt. Generally, foreclosure actions could become more prevalent if the real estate market continues to be weak and property values deteriorate. Allowance for Loan and Lease Losses The allowance for credit losses consists of the allowance for loan and lease losses and the reserve for unfunded lending commitments. The allowance for loan and lease losses (“allowance”) represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The reserve for unfunded lending commitments represents management’s estimate of losses inherent in its unfunded loan commitments and is recorded in other liabilities on the consolidated balance sheet. The allowance is increased by the provision for loan and lease losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Non-residential consumer loans are generally charged off no later than 120 days past due on a contractual basis, or earlier in the event of bankruptcy, or if there is an amount deemed uncollectible . Because all identified losses are immediately charged off, no portion of the allowance is restricted to any individual loan or groups of loans, and the entire allowance is available to absorb any and all loan losses. The allowance for credit losses is maintained at a level that management considered adequate to provide for losses that can be reasonably anticipated. Management performs a monthly evaluation of the adequacy of the allowance. The allowance is based on Mid Penn’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. The allowance consists of specific, general and unallocated components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, including loans classified as troubled debt restructurings, an allowance is established when the discounted cash flows, collateral value, or observable market price of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class, including commercial loans, not considered impaired, as well as smaller balance homogeneous loans, such as residential real estate, home equity and other consumer loans. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These qualitative risk factors include changes in economic conditions, fluctuations in loan quality measures, changes in the experience of the lending staff and loan review systems, growth or changes in the mix of loans originated, and shifting industry or portfolio concentrations. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. Mid Penn considers a commercial loan (consisting of commercial and industrial, commercial real estate, commercial real estate-construction, and lease financing loan classes) to be impaired when it becomes 90 days or more past due and not in the process of collection. This methodology assumes the borrower cannot or will not continue to make additional payments. At that time the loan would be considered collateral dependent as the discounted cash flow (“DCF”) method indicates no operating income is available for evaluating the collateral position; therefore, all impaired loans are deemed to be collateral dependent. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors, and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful, and loss. Loans criticized as special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Any loans not classified as noted above are rated pass. In addition, Mid Penn’s rating system assumes any loans classified as substandard non-accrual to be impaired, and all of these loans are considered collateral dependent; therefore, all of Mid Penn’s impaired loans, whether reporting a specific allocation or not, are considered collateral dependent. Mid Penn evaluates loans for charge-off on a monthly basis. Policies that govern the recommendation for charge-off are unique to the type of loan being considered. Commercial loans rated as nonaccrual or lower will first have a collateral evaluation completed in accordance with the guidance on impaired loans. Once the collateral evaluation has been completed, a specific allocation of allowance is made based upon the results of the evaluation. In the event the loan is unsecured, the loan would have been charged-off at the recognition of impairment. If the loan is secured, it will undergo a 90 day waiting period to ensure the collateral shortfall identified in the evaluation is accurate and then charged down by the specific allocation. Once the charge down is taken, the remaining balance remains an impaired loan with the original terms and interest rate intact (not restructured). Commercial loans secured by real estate rated as impaired will also have an initial collateral evaluation completed in accordance with the guidance on impaired loans. An updated real estate valuation is ordered and the collateral evaluation is modified to reflect any variations in value. A specific allocation of allowance is made for any anticipated collateral shortfall and a 90 day waiting period begins to ensure the accuracy of the collateral shortfall. The loan is then charged down by the specific allocation. Once the charge down is taken, the remaining balance remains an impaired loan with the original terms and interest rate intact (not restructured). The process of charge-off for residential mortgage loans begins upon a loan becoming delinquent for 90 days and not in the process of collection. The existing appraisal is reviewed and a lien search is obtained to determine lien position and any instances of intervening liens. A new appraisal of the property will be ordered if deemed necessary by management and a collateral evaluation is completed. The loan will then be charged down to the value indicated in the evaluation. Consumer loans (including home equity loans and other consumer loans) are recommended for charge-off after reaching delinquency of 90 days and the loan is not in the process of collection. The entire balance of the consumer loan is recommended for charge-off at this point. As noted above, Mid Penn assesses a specific allocation for commercial loans prior to charging down or charging off the loan. Once the charge down is taken, the remaining balance remains a nonperforming loan with the original terms and interest rate intact (not restructured). In addition, Mid Penn takes a preemptive step when any commercial loan becomes classified under its internal classification system. A preliminary collateral evaluation in accordance with the guidance on impaired loans is prepared using the existing collateral information in the loan file. This process allows Mid Penn to review both the credit and documentation files to determine the status of the information needed to make a collateral evaluation. This collateral evaluation is preliminary but allows Mid Penn to determine if any potential collateral shortfalls exist. It is Mid Penn’s policy to obtain updated third party valuations on all impaired loans collateralized by real estate within 30 days of the credit being classified as impaired. Prior to receipt of the updated real estate valuation Mid Penn will use any existing real estate valuation to determine any potential allowance issues; however no allowance recommendation will be made until which time Mid Penn is in receipt of the updated valuation. The credit department employs an electronic tracking system to monitor the receipt of and need for updated appraisals. To date, there have been no significant time lapses noted with the above processes. In some instances Mid Penn is not holding real estate as collateral and is relying on business assets (personal property) for repayment. In these circumstances a collateral inspection is performed by Mid Penn personnel to determine an estimated value. The value is based on net book value, as provided by the financial statements, and discounted accordingly based on determinations made by management. Occasionally, Mid Penn will employ an outside service to provide a fair estimate of value based on auction sales or private sales. Management reviews the estimates of these third parties and discounts them accordingly based on management’s judgment, if deemed necessary. For impaired loans with no valuation allowance required, Mid Penn’s practice of obtaining independent third party market valuations on the subject property within 30 days of being placed on non-accrual status sometimes indicates that the loan to value ratio is sufficient to obviate the need for a specific allocation in spite of significant deterioration in real estate values in Mid Penn’s primary market area. These circumstances are determined on a case by case analysis of the impaired loans. Mid Penn actively monitors the values of collateral on impaired loans. This monitoring may require the modification of collateral values over time or changing circumstances by some factor, either positive or negative, from the original values. All collateral values will be assessed by management at least every 18 months for possible revaluation by an independent third party. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, Mid Penn does not separately identify individual residential mortgage loans, home equity loans and other consumer loans for impairment disclosures, unless such loans are the subject of a troubled debt restructuring agreement. Loans whose terms are modified are classified as troubled debt restructurings if the borrowers have been granted concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date. Non-accrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. Loans classified as troubled debt restructurings are designated as impaired. In addition, Federal and State regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan and lease losses and may require the Bank to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. Acquired Loans Loans that Mid Penn acquires in connection with acquisitions are recorded at fair value with no carryover of the existing related allowance for loan losses. Fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable discount and is recognized into interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable discount. The nonaccretable discount includes estimated future credit losses expected to be incurred over the life of the loan. Subsequent decreases to the expected cash flows will require Mid Penn to evaluate the need for an additional allowance for credit losses. Subsequent improvement in expected cash flows will result in the reversal of a corresponding amount of the nonaccretable discount which Mid Penn will then reclassify as accretable discount that will be recognized into interest income over the remaining life of the loan. Acquired loans that met the criteria for impaired or nonaccrual of interest prior to the acquisition may be considered performing upon acquisition, regardless of whether the customer is contractually delinquent if Mid Penn expects to fully collect the new carrying value (i.e. fair value) of the loans. As such, Mid Penn may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable discount. In addition, charge-offs on such loans would be first applied to the nonaccretable difference portion of the fair value adjustment. Loans acquired through business combinations that do not meet the specific criteria of ASC 310-30, but for which a discount is attributable at least in part to credit quality, are also accounted for in accordance with this guidance. As a result, related discounts are recognized subsequently through accretion based on the contractual cash flows of the acquired loans. The classes of the loan portfolio, summarized by the aggregate pass rating and the classified ratings of special mention, substandard, and doubtful within Mid Penn’s internal risk rating system as of September 30, 2015 and December 31, 2014 are as follows: (Dollars in thousands) Special September 30, 2015 Pass Mention Substandard Doubtful Total Commercial and industrial $ $ $ $ - $ Commercial real estate - Commercial real estate - construction - - Lease financing - - - Residential mortgage - Home equity - Consumer - - - $ $ $ $ - $ (Dollars in thousands) Special December 31, 2014 Pass Mention Substandard Doubtful Total Commercial and industrial $ $ $ $ - $ Commercial real estate - Commercial real estate - construction - - Lease financing - - - Residential mortgage - Home equity - Consumer - - - $ $ $ $ - $ Impaired loans by loan portfolio class as of September 30, 2015 and December 31, 2014 are summarized as follows: September 30, 2015 December 31, 2014 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Commercial and industrial: Commercial and industrial $ $ $ - $ $ $ - Commercial real estate: Commercial real estate - - Acquired with credit deterioration* - - - - Residential mortgage: Residential mortgage - - Acquired with credit deterioration* - - - - Home equity: Home equity - - With an allowance recorded: Commercial and industrial $ $ $ $ $ $ Commercial real estate Residential mortgage - - - Home equity Total: Commercial and industrial $ $ $ $ $ $ Commercial real estate Residential mortgage - Home equity * Loans acquired with credit deterioration are presented net of credit fair value adjustment. Average recorded investment of impaired loans and related interest income recognized for the three and nine months ended September 30, 2015 and September 30, 2014 are summarized as follows: Three Months Ended September 30, 2015 September 30, 2014 (Dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial and industrial: Commercial and industrial $ $ - $ $ - Acquired with credit deterioration - - - Commercial real estate: Commercial real estate - Acquired with credit deterioration - - - Residential mortgage: Residential mortgage - Acquired with credit deterioration - - - Home equity: Home equity - - Acquired with credit deterioration - - - With an allowance recorded: Commercial and industrial $ $ - $ $ - Commercial real estate - - Residential mortgage - - - Home equity - - Total: Commercial and industrial $ $ $ $ - Commercial real estate - Residential mortgage - Home equity - Nine Months Ended September 30, 2015 September 30, 2014 (Dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial and industrial: Commercial and industrial $ $ - $ $ - Acquired with credit deterioration - - - Commercial real estate: Commercial real estate Acquired with credit deterioration - - Residential mortgage: Residential mortgage - Acquired with credit deterioration - - - Home equity: Home equity - - Acquired with credit deterioration - - - With an allowance recorded: Commercial and industrial $ $ - $ $ - Commercial real estate - - Residential mortgage - - - Home equity - - Total: Commercial and industrial $ $ $ $ - Commercial real estate Residential mortgage - Home equity - Non-accrual loans by loan portfolio class as of September 30, 2015 and December 31, 2014 are summarized as follows: (Dollars in thousands) September 30, 2015 December 31, 2014 Commercial and industrial $ $ Commercial real estate Residential mortgage Home equity $ $ The performance and credit quality of the loan portfolio is also monitored by the analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The classes of the loan portfolio summarized by the past due status as of September 30, 2015 and December 31, 2014 are summarized as follows: (Dollars in thousands) September 30, 2015 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Loans Receivable > 90 Days and Accruing Commercial and industrial: Commercial and industrial $ - $ $ $ $ $ $ - Commercial real estate: Commercial real estate - Acquired with credit deterioration - - Commercial real estate - construction: Commercial real estate - construction - - - - - Lease financing: Lease financing - - - - - Residential mortgage: Residential mortgage - Acquired with credit deterioration - - Home equity: Home equity - - Consumer: Consumer - - - Total $ $ $ $ $ $ $ (Dollars in thousands) December 31, 2014 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Loans Receivable > 90 Days and Accruing Commercial and industrial $ $ $ $ $ $ $ - Commercial real estate - Commercial real estate - construction - - - - - Lease financing - - - - - Residential mortgage - Home equity - Consumer - - - Total $ $ $ $ $ $ $ - The following tables summarize the allowance for loan and lease losses and recorded investments in loans receivable. (Dollars in thousands) As of, and for the periods ended, September 30, 2015 Commercial and industrial Commercial real estate Commercial real estate - construction Lease financing Residential mortgage Home equity Consumer Unallocated Total Allowance for loan and lease losses: Beginning balance, July 1, 2015 $ $ $ $ $ $ $ $ $ Charge-offs - - - - Recoveries - - - - Provisions Ending balance, September 30, 2015 $ $ $ $ $ $ $ $ - $ Commercial and industrial Commercial real estate Commercial real estate - construction Lease financing Residential mortgage Home equity Consumer Unallocated Total Allowance for loan and lease losses: Beginning balance, January 1, 2015 $ $ $ $ $ $ $ $ $ Charge-offs - - - Recoveries - - - Provisions - Ending balance, September 30, 2015 $ $ $ $ $ $ $ $ - $ Ending balance: individually evaluated for impairment $ $ $ - $ - $ $ $ - $ - $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ $ - $ Loans receivables: Ending balance $ $ $ $ $ $ $ $ - $ Ending balance: individually evaluated for impairment $ $ $ - $ - $ $ $ - $ - $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ $ - $ Ending balance: acquired with credit deterioration $ - $ $ - $ - $ $ - $ - $ - $ (Dollars in thousands) As of, and for the periods ended, September 30, 2014 Commercial and industrial Commercial real estate Commercial real estate - construction Lease financing Residential mortgage Home equity Consumer Unallocated Total Allowance for loan and lease losses: Beginning balance, July 1, 2014 $ $ $ $ $ $ $ $ $ Charge-offs - - - - Recoveries - - - - Provisions - - Ending balance, September 30, 2014 $ $ $ $ $ $ $ $ $ Commercial and industrial Commercial real estate Commercial real estate - construction Lease financing Residential mortgage Home equity Consumer Unallocated Total Allowance for loan and lease losses: Beginning balance, January 1, 2014 $ $ $ $ - $ $ $ $ $ Charge-offs - - - Recoveries - - - - Provisions Ending balance, September 30, 2014 $ $ $ $ $ $ $ $ $ Ending balance: individually evaluated for impairment $ $ $ - $ - $ - $ $ - $ - $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ $ $ Loans receivables: Ending balance $ $ $ $ $ $ $ $ - $ Ending balance: individually evaluated for impairment $ $ $ - $ - $ $ $ - $ - $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ $ - $ (Dollars in thou |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | (5) Fair Value Measurement Fair value measurement and disclosure guidance defines fair value as the price that would be received to sell the asset or transfer the liability in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. This guidance provides additional information on determining when the volume and level of activity for the asset or liability has significantly decreased. The guidance also includes information on identifying circumstances when a transaction may not be considered orderly. Fair value measurement and disclosure guidance provides a list of factors that a reporting entity should evaluate to determine whether there has been a significant decrease in the volume and level of activity for the asset or liability in relation to normal market activity for the asset or liability. When the reporting entity concludes there has been a significant decrease in the volume and level of activity for the asset or liability, further analysis of the information from that market is needed and significant adjustments to the related prices may be necessary to estimate fair value in accordance with the fair value measurement and disclosure guidance. This guidance clarifies that when there has been a significant decrease in the volume and level of activity for the asset or liability, some transactions may not be orderly. In those situations, the entity must evaluate the weight of the evidence to determine whether the transaction is orderly. The guidance provides a list of circumstances that may indicate that a transaction is not orderly. A transaction price that is not associated with an orderly transaction is given little, if any, weight when estimating fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own belief about the assumptions market participants would use in pricing the asset or liability based upon the best information available in the circumstances. Fair value measurement and disclosure guidance establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. An asset’s or liability’s placement in the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement or disclosure. The fair value hierarchy is as follows: Level 1 Inputs - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Inputs - Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability; Level 3 Inputs - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. There were no transfers of assets between fair value Level 1 and Level 2 for the three and nine months ended September 30, 2015. The following tables illustrate the assets measured at fair value on a recurring basis segregated by hierarchy fair value levels. Fair value measurements at September 30, 2015 using: (Dollars in thousands) Total carrying value at Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Assets: September 30, 2015 (Level 1) (Level 2) (Level 3) U.S. Treasury and U.S. government agencies $ $ - $ $ - Mortgage-backed U.S. government agencies - - State and political subdivision obligations - - Equity securities - $ $ $ $ - Fair value measurements at December 31, 2014 using: (Dollars in thousands) Total carrying value at Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Assets: December 31, 2014 (Level 1) (Level 2) (Level 3) U.S. Treasury and U.S. government agencies $ $ - $ $ - Mortgage-backed U.S. government agencies - - State and political subdivision obligations - - Equity securities - $ $ $ $ - Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The following tables illustrate the assets measured at fair value on a nonrecurring basis segregated by hierarchy fair value levels. Fair value measurements at September 30, 2015 using: (Dollars in thousands) Total carrying value at Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Assets: September 30, 2015 (Level 1) (Level 2) (Level 3) Impaired Loans $ $ - $ - $ Foreclosed Assets Held for Sale - - Mortgage Servicing Rights - - Fair value measurements at December 31, 2014 using: (Dollars in thousands) Total carrying value at Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Assets: December 31, 2014 (Level 1) (Level 2) (Level 3) Impaired Loans $ $ - $ - $ Foreclosed Assets Held for Sale - - Mortgage Servicing Rights - - The following tables present additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Mid Penn has utilized Level 3 inputs to determine the fair value as of September 30, 2015 and December 31, 2014. (Dollars in thousands) Quantitative Information about Level 3 Fair Value Measurements September 30, 2015 Fair Value Estimate Valuation Technique Unobservable Input Range Weighted Average Impaired Loans $ Appraisal of collateral (1) Appraisal adjustments (2) 10% - 50% 29% Foreclosed Assets Held for Sale Appraisal of collateral (1), (3) Appraisal adjustments (2) 27% - 59% 33% Mortgage Servicing Rights Multiple of annual service fee Estimated prepayment speed based on rate and term 240% - 400% 352% (Dollars in thousands) Quantitative Information about Level 3 Fair Value Measurements December 31, 2014 Fair Value Estimate Valuation Technique Unobservable Input Range Weighted Average Impaired Loans $ Appraisal of collateral (1) Appraisal adjustments (2) 10% - 95% 32% Foreclosed Assets Held for Sale Appraisal of collateral (1), (3) Appraisal adjustments (2) 15% - 40% 27% Mortgage Servicing Rights Multiple of annual service fee Estimated prepayment speed based on rate and term 210% - 400% 353% (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally includes various level 3 inputs which are not observable. (2) Appraisals may be adjusted downward by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. Higher downward adjustments are caused by negative changes to the collateral or conditions in the real estate market, actual offers or sales contracts received, or age of the appraisal. (3) Includes qualitative adjustments by management and estimated liquidation expenses. The following methodologies and assumptions were used to estimate the fair value of Mid Penn’s financial instruments: Cash and Cash Equivalents: The carrying value of cash and cash equivalents is considered to be a reasonable estimate of fair value. Interest-bearing Balances with other Financial Institutions: The estimate of fair value was determined by comparing the present value of quoted interest rates on like deposits with the weighted average yield and weighted average maturity of the balances. Securities Available for Sale: The fair value of securities classified as available for sale is determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1), or matrix pricing (level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather relying on the securities’ relationship to other benchmark quoted prices. Impaired Loans: Mid Penn’s rating system assumes any loans classified as substandard and non-accrual to be impaired, and all of these loans are considered collateral dependent; therefore, all of Mid Penn’s impaired loans, whether reporting a specific allocation or not, are considered collateral dependent. It is Mid Penn’s policy to obtain updated third party valuations on all impaired loans collateralized by real estate within 30 days of the credit being classified as substandard non-accrual. Prior to receipt of the updated real estate valuation Mid Penn will use any existing real estate valuation to determine any potential allowance issues; however no allowance recommendation will be made until which time Mid Penn is in receipt of the updated valuation. In some instances Mid Penn is not holding real estate as collateral and is relying on business assets (personal property) for repayment. In these circumstances a collateral inspection is performed by Mid Penn personnel to determine an estimated value. The value is based on net book value, as provided by the financial statements, and discounted accordingly based on determinations made by management. Occasionally, Mid Penn will employ an outside service to provide a fair estimate of value based on auction sales or private sales. Management reviews the estimates of these third parties and discounts them accordingly based on management’s judgment, if deemed necessary. Mid Penn considers the estimates used in its impairment analysis to be Level 3 inputs. Mid Penn actively monitors the values of collateral on impaired loans. This monitoring may require the modification of collateral values over time or changing circumstances by some factor, either positive or negative, from the original values. All collateral values will be assessed by management at least every 18 months for possible revaluation by an independent third party. Loans: For variable rate loans that reprice frequently and which entail no significant changes in credit risk, carrying values approximated fair value. The fair value of other loans are estimated by calculating the present value of the cash flow difference between the current rate and the market rate, for the average maturity, discounted quarterly at the market rate. Foreclosed Assets Held for Sale: Certain assets included in foreclosed assets held for sale are carried at fair value and accordingly is presented as measured on a non-recurring basis. Values are estimated using Level 3 inputs, based on appraisals that consider the sales prices of property in the proximate vicinity. Accrued Interest Receivable and Payable: The carrying amount of accrued interest receivable and payable approximates their fair values. Restricted Investment in Bank Stocks: The carrying amount of required and restricted investment in correspondent bank stock approximates fair value, and considers the limited marketability of such securities. Mortgage Servicing Rights: The fair value of servicing rights is based on the present value of estimated future cash flows on pools of mortgages stratified by rate and maturity date. Deposits: The fair value for demand deposits (e.g., interest and noninterest checking, savings, and money market deposit accounts) is by definition, equal to the amount payable on demand at the reporting date (i.e. their carrying amounts). Fair value for fixed-rate certificates of deposit was estimated using a discounted cash flow calculation by combining all fixed-rate certificates into a pool with a weighted average yield and a weighted average maturity for the pool and comparing the pool with interest rates currently being offered on a similar maturity. Short-term Borrowings: Because of time to maturity, the estimated fair value of short-term borrowings approximates the book value. Long-term Debt: The estimated fair values of long-term debt were determined using discounted cash flow analysis, based on currently available borrowing rates for similar types of borrowing arrangements. Commitments to Extend Credit and Letters of Credit: The fair value of commitments to extend credit is estimated using the fees currently charged to enter into similar agreements, taking into account market interest rates, the remaining terms and present credit worthiness of the counterparties. The fair value of guarantees and letters of credit is based on fees currently charged for similar agreements. The following table summarizes the carrying value and fair value of financial instruments at September 30, 2015 and December 31, 2014. (Dollars in thousands) September 30, 2015 December 31, 2014 Carrying Fair Carrying Fair Value Value Value Value Financial assets: Cash and cash equivalents $ $ $ $ Interest-bearing time balances with other financial institutions Investment securities Net loans and leases Restricted investment in bank stocks Accrued interest receivable Mortgage servicing rights Financial liabilities: Deposits $ $ $ $ Short-term borrowings Long-term debt Accrued interest payable Off-balance sheet financial instruments: Commitments to extend credit $ - $ - $ - $ - Financial standby letters of credit - - - - The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of Mid Penn’s financial instruments as of September 30, 2015 and December 31, 2014. Carrying values approximate fair values for cash and cash equivalents, interest-bearing time balances with other financial institutions, restricted investment in bank stocks, mortgage servicing rights, accrued interest receivable and payable, and short-term borrowings. Other than cash and cash equivalents, which are considered Level 1 Inputs and mortgage servicing rights, which are Level 3 inputs, these instruments are Level 2 Inputs. These tables exclude financial instruments for which the carrying amount approximates fair value. Fair Value Measurements Quoted Prices in Active Markets Significant (Dollars in thousands) for Identical Assets Significant Other Unobservable Carrying or Liabilities Observable Inputs Inputs September 30, 2015 Amount Fair Value (Level 1) (Level 2) (Level 3) Financial instruments - assets Net loans and leases $ $ $ - $ - $ Financial instruments - liabilities Deposits $ $ $ - $ $ - Long-term debt - - Fair Value Measurements Quoted Prices in Active Markets Significant (Dollars in thousands) for Identical Assets Significant Other Unobservable Carrying or Liabilities Observable Inputs Inputs December 31, 2014 Amount Fair Value (Level 1) (Level 2) (Level 3) Financial instruments - assets Net loans and leases $ $ $ - $ - $ Financial instruments - liabilities Deposits $ $ $ - $ $ - Long-term debt - - |
Guarantees
Guarantees | 9 Months Ended |
Sep. 30, 2015 | |
Guarantees [Abstract] | |
Guarantees | (6) Guarantees In the normal course of business, Mid Penn makes various commitments and incurs certain contingent liabilities, which are not reflected in the accompanying consolidated financial statements. The commitments include various guarantees and commitments to extend credit. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Mid Penn evaluates each customer’s credit-worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary upon extension of credit, is based on management’s credit evaluation of the customer. Standby letters of credit and financial guarantees written are conditional commitments to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. Mid Penn had $ 14,604,000 and $ 9,837,000 standby letters of credit outstanding as of September 30, 2015 and December 31, 2014, respectively. Mid Penn does not anticipate any losses because of these transactions. The current amount of the liability as of September 30, 2015 for payment under standby letters of credit issued was not material. |
Defined Benefit Plans
Defined Benefit Plans | 9 Months Ended |
Sep. 30, 2015 | |
Defined Benefit Plans [Abstract] | |
Defined Benefit Plans | (7) Defined Benefit Plans Mid Penn has an unfunded noncontributory defined benefit retirement plan for directors. The plan provides defined benefits based on years of service. In addition, Mid Penn sponsors a defined benefit health care plan that provides post-retirement medical benefits and life insurance to qualifying full-time employees. These health care and life insurance plans are noncontributory. A December 31 measurement date for the plans is used. The components of net periodic benefit costs from these benefit plans are as follows: Three Months Ended September 30, (Dollars in thousands) Pension Benefits Other Benefits 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Amortization of prior service cost - Net periodic benefit cost $ $ $ $ Nine Months Ended September 30, (Dollars in thousands) Pension Benefits Other Benefits 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Amortization of prior service cost - Net periodic benefit cost $ $ $ $ |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | (8) Accumulated Other Comprehensive Income The components of accumulated other comprehensive income, net of taxes, are as follows: (Dollars in thousands) Unrealized Gain on Securities Defined Benefit Plans Liabilities Accumulated Other Comprehensive Income Balance - September 30, 2015 $ $ $ Balance - December 31, 2014 $ $ $ |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2015 | |
Common Stock [Abstract] | |
Common Stock | (9) Common Stock On May 6, 2014, the Mid Penn Bancorp, Inc. 2014 Restricted Stock Plan (the “Plan”) was approved by shareholders. The Plan provides that awards shall not exceed, in the aggregate 100,000 shares of common stock. Awards under the Plan are limited to employees and directors of the Company and the Bank selected by the Compensation Committee of the Board of Directors. Current outstanding awards under the Plan require recipients to acquire specified ownership interest levels in Mid Penn in order for such award to vest. and thereby encouraging them to contribute to the success of the company. As of September 30, 2015, 8,975 shares have been granted under the plan, which resulted in $19,000 of compensation expense, while there was no compensation expense in 2014. On August 27, 2015, 875 of the granted shares vested. |
Preferred Stock
Preferred Stock | 9 Months Ended |
Sep. 30, 2015 | |
Preferred Class A [Member] | |
Preferred Stock | (10) Preferred Stock Small Business Lending Fund On March 1, 2015, the Company assumed all of the issued and outstanding shares of Phoenix with respect to 1,750 shares of Phoenix’s preferred stock issued to the Treasury in connection with the Small Business Lending Fund and issued 1,750 shares of SBLF Preferred Shares, having a $1,000 liquidation preference per share, to the Treasury. The SBLF Preferred Shares qualify as Tier 1 capital and have terms and conditions identical to those shares of preferred stock issued by Phoenix to the Treasury. Mid Penn will pay noncumulative dividends payable quarterly on January 1, April 1, July 1, and October 1 of each year. The current dividend rate is 1.00% per annum for payment dates up to January 19, 2016. From and after this date, the dividend rate will increase to 9% per annum thereafter. The SBLF Preferred Shares may be redeemed at any time at the option of Mid Penn, subject to the approval of the appropriate federal banking agency. All redemptions must be made at a per share redemption price equal to 100% of the liquidation preference, plus accrued and unpaid dividends as of the date of the redemption (“Redemption Date”) for the quarter that includes the Redemption Date, and a pro rata portion of any lending incentive fee. All redemptions must be in amounts equal to at least 25% of the number of originally issued shares, or 100% of the then outstanding shares, if less than 25% of the number of originally issued shares. Stock Issued Under Private Placement Offering Between September 26, 2012 and December 31, 2012, the Company sold 4,880 shares of its 7% Non-Cumulative Non-Voting Non-Convertible Perpetual Preferred Stock, Series B (“Series B Preferred Stock”) pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, for total gross proceeds of $ 4,880,000 , which offset issuance costs of $ 50,000 . On January 3, 2013, 120 additional shares were sold resulting in total gross proceeds of $ 5,000,000 for the offering. No additional shares of Series B Preferred Stock have been sold by the Company since January 3, 2013. The following table summarizes the Series B Preferred Stock shares sold and the gross proceeds received through the private placement offering as of September 30, 2015: (Dollars in thousands) Period Shares Gross Proceeds September 26, 2012 - September 30, 2012 $ October 1, 2012 - December 31, 2012 January 1, 2013 - December 31, 2013 January 1, 2014 - December 31, 2014 - - January 1, 2015 - September 30, 2015 - - Total $ The annual dividend rate for the Series B Preferred Stock is 7 % per annum of the liquidation preference of the Series B Preferred Stock, or $ 70.00 per annum for each share of Series B Preferred Stock. The Board of Directors must approve each dividend payment from legally available funds. Dividends are payable to holders of record of the Series B Preferred Stock as they appear on our books on the record dates fixed by our Board of Directors . Dividends on any of Series B Preferred Stock are non-cumulative. If and when dividends are declared, they will be paid on February 15, May 15, August 15, and November 15 of each year . If a dividend payment date is not a business day, the dividend will be paid on the immediately preceding business day but no additional dividend payment will be prorated from the date of purchase to the first dividend payment date over a quarterly dividend period of 90 days. Mid Penn may redeem shares of its Series B Preferred Stock at its option, in whole or in part, at any time subject to prior approval of the Federal Reserve Board, if then required, at a redemption price of $ 1,020 per share of Series B Preferred Stock plus an amount equal to any declared but unpaid dividends and in accordance with the terms and conditions set forth in a Certificate of Designations for the Series B Preferred Stock as filed with the Pennsylvania Department of State. |
Earnings per Common Share
Earnings per Common Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings per Common Share [Abstract] | |
Earnings per Common Share | (11) Earnings per Common Share Earnings per share are computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during each of the years presented. The following data show the amounts used in computing basic and diluted earnings per share. The computations of basic earnings per common share follow: (Dollars in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net Income $ $ $ $ Less: Dividends on Series B preferred stock Dividends on Series C preferred stock - - Net income available to common shareholders $ $ $ $ Weighted average common shares outstanding Basic earnings per common share $ $ $ $ Mid Penn did not have dilutive securities outstanding as of September 30, 2015 and 2014. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | (12) Recent Accounting Pronouncements ASU 2014-09: The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). The amendments in this Update establish a comprehensive revenue recognition standard for virtually all industries under U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate, construction and software industries. The revenue standard’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this objective, the standard requires five basic steps: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The ASU is effective for annual periods beginning after December 15, 2016, including interim periods therein. Three basic transition methods are available – full retrospective, retrospective with certain practical expedients, and a cumulative effect approach. Under the this alternative, an entity would apply the new revenue standard only to contracts that are incomplete under legacy U.S. GAAP at the date of initial application (e.g. January 1, 2017) and recognize the cumulative effect of the new standard as an adjustment to the opening balance of retained earnings. That is, prior years would not be restated and additional disclosures would be required to enable users of the financial statements to understand the impact of adopting the new standard in the current year compared to prior years that are presented under legacy U.S. GAAP. Early adoption is prohibited. In July 2015, the FASB approved a one-year delay of the effective date of the revenue recognition standard. The deferral would require public entities to apply the new revenue standard for annual reporting periods beginning after December 15, 2017, including interim reporting periods therein. Public entities would be permitted to elect to early adopt for annual reporting periods beginning after December 15, 2016. ASU 2014-17: The FASB issued ASU 2014-17, Business Combinations (Topic 805): Pushdown Accounting (a consensus of the FASB Emerging Issues Task Force). The ASU amends Topic 805 so that a reporting entity that is a business or nonprofit activity (an “acquiree”) has the option to apply pushdown accounting to its separate financial statements when an acquirer obtains control of the acquiree. The option is available for each individual change-in-control event. Control has the same meaning as a “controlling financial interest” under Topic 810, such that pushdown accounting may be applied if an acquirer obtains control through a simple majority of the outstanding voting shares of the acquiree (e.g., 51%). Similarly, a Variable Interest Entity is considered an “acquiree” of its primary beneficiary and may also elect pushdown accounting. If the acquiree elects to apply pushdown accounting, it must do so as of the acquisition date of the change-in-control event. Further, any subsidiary of the acquiree may elect to apply pushdown accounting to its separate financial statements, regardless of whether the acquiree elects to apply pushdown accounting. Upon election, the acquiree would adjust its standalone financial statements to reflect the acquirer’s new basis in the acquired entity’s assets and liabilities, and would provide relevant disclosures under Topic 805 to enable users to evaluate the effect of pushdown accounting. The ASU became effective upon issuance on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. ASU 2015-03: The FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The ASU requires that debt issuance costs be reported in the balance sheet as a direct deduction from the face amount of the related liability, consistent with the presentation of debt discounts. Prior to the amendments, debt issuance costs were presented as a deferred charge (i.e., an asset) on the balance sheet. The ASU provides examples illustrating the balance sheet presentation of notes net of their related discounts and debt issuance costs. Further, the amendments require the amortization of debt issuance costs to be reported as interest expense. Similarly, debt issuance costs and any discount or premium are considered in the aggregate when determining the effective interest rate on the debt. The amendments are effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendments are effective for all other entities for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. The amendments must be applied retrospectively. All entities have the option of adopting the new requirements as of an earlier date for financial statements that have not been previously issued. ASU 2015-08: The FASB issued ASU 2015-08, Business Combinations (Topic 805): Pushdown Accounting—Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115 (SEC Update). This ASU amends the FASB ASC pursuant to SEC Staff Accounting Bulletin (SAB) 115, which rescinds certain SEC guidance in order to conform with ASU 2014-17, Pushdown Accounting . ASU 2014-17 was issued in November 2014 and provides a reporting entity that is a business or nonprofit activity (an “acquiree”) the option to apply pushdown accounting to its separate financial statements when an acquirer obtains control of the acquiree. SAB 115 became effective November 21, 2014 upon issuance. The amendments are effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendments are effective for all other entities for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. The amendments must be applied retrospectively. All entities have the option of adopting the new requirements as of an earlier date for financial statements that have not been previously issued. ASU 2015-14: The FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. The ASU defers the effective date of the new revenue recognition standard by one year. As such, it now takes effect for public entities in fiscal years beginning after December 15, 2017. All other entities have an additional year. However, early adoption is permitted for any entity that chooses to adopt the new standard as of the original effective date. Public business entities will adopt the standard for annual reporting periods beginning after December 15, 2017, including interim periods within that year. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that year. All other entities will adopt the standard for annual reporting periods beginning after December 15, 2018, and interim periods within annual reporting periods beginning after December 15, 2019. Early adoption is permitted as of either an annual reporting period beginning after December 15, 2016, including interim periods within that year, or an annual reporting period beginning after December 15, 2016 and interim periods within annual reporting periods beginning one year after the annual period in which an entity first applies the new standard. ASU 2015-16: The FASB issued ASU 2015-16, Business Combination (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments). The ASU requires adjustments to provisional amounts that are identified during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. This includes any effect on earnings of changes in depreciation, amortization, or other income effects as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. In addition, the amendments in the proposed Update would require an entity to disclose (either on the face of the income statement or in the notes) the nature and amount of measurement-period adjustments recognized in the current period, including separately the amounts in current-period income statement line items that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The amendments are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2016, and for interim periods within fiscal years beginning after December 15, 2017. Early adoption is permitted. The amendments in this Update should be applied prospectively to measurement-period adjustments that occur after the effective date of this Update. Mid Penn is currently evaluating the effects these Updates will have on its consolidated financial statements. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | (13) Subsequent Event On November 9 , 2015, Mid Penn entered into agreements with investors to purchase $7 ,500,000 aggregate principal amount of its Subordinated Notes due 2025 (the “Notes”). The Notes, when issued, will be treated as Tier 2 capital for regulatory capital purposes. Closing of the offering is expected to occur on December 9 , 2015. The Notes will bear interest at a rate of 5.15% per year for the first five years and then float at the Wall Street Journal’s Prime Rate plus 0.50% , provided that the interest rate applicable to the outstanding principal balance will at no times be less than 4.00% . Interest will be payable quarterly in arrears on January 1, April 1, July 1 and October 1 of each year, beginning on January 1, 2016. The Notes will mature on December 9, 2025 and are redeemable in whole or in part, without premium or penalty, at any time on or after December 9, 2020 , and prior to December 9, 2025 . Additionally, Mid Penn may redeem the Notes in whole at any time, or in part from time to time, upon at least 30 days notice if: (i) a change or prospective change in law occurs that could prevent Mid Penn from deducting interest payable on the Notes for U.S. federal income tax purposes; (ii) an event occurs that precludes the Notes from being recognized as Tier 2 capital for regulatory capital purposes; or (iii) Mid Penn becomes required to register as an investment company under the Investment Company Act of 1940, as amended, in each case at 100% of the principal amount of the subordinated notes, plus accrued and unpaid interest thereon to but excluding the date of redemption. Holders of the Notes may not accelerate the maturity of the Notes, except upon Mid Penn’s or the Bank’s bankruptcy, insolvency, liquidation, receivership or similar event. Also on November 9 , 2015, Mid Penn called for redemption all of its issued and outstanding shares of its Series B Preferred Stock on December 9 , 2015, at a price equal to $ 1,024.67 per sh are, which is equal to $1,020.00 per share plus an amount equal to declared but unpaid dividends, if any, to the date fixed for redemption. Mid Penn intends to use the proceeds from the offering of the Notes to redeem the Series B Preferred Stock with the balance available for general corporate purposes, including the redemption, if approved by the appropriate federal banking regulators, of all of its issued and outstanding SBLF Preferred Shares, which are held by the U.S. Department of Treasury and issued pursuant to its Small Business Lending Fund program . |
Fair Value Measurement (Policy)
Fair Value Measurement (Policy) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | The following methodologies and assumptions were used to estimate the fair value of Mid Penn’s financial instruments: Cash and Cash Equivalents: The carrying value of cash and cash equivalents is considered to be a reasonable estimate of fair value. Interest-bearing Balances with other Financial Institutions: The estimate of fair value was determined by comparing the present value of quoted interest rates on like deposits with the weighted average yield and weighted average maturity of the balances. Securities Available for Sale: The fair value of securities classified as available for sale is determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1), or matrix pricing (level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather relying on the securities’ relationship to other benchmark quoted prices. Impaired Loans: Mid Penn’s rating system assumes any loans classified as substandard and non-accrual to be impaired, and all of these loans are considered collateral dependent; therefore, all of Mid Penn’s impaired loans, whether reporting a specific allocation or not, are considered collateral dependent. It is Mid Penn’s policy to obtain updated third party valuations on all impaired loans collateralized by real estate within 30 days of the credit being classified as substandard non-accrual. Prior to receipt of the updated real estate valuation Mid Penn will use any existing real estate valuation to determine any potential allowance issues; however no allowance recommendation will be made until which time Mid Penn is in receipt of the updated valuation. In some instances Mid Penn is not holding real estate as collateral and is relying on business assets (personal property) for repayment. In these circumstances a collateral inspection is performed by Mid Penn personnel to determine an estimated value. The value is based on net book value, as provided by the financial statements, and discounted accordingly based on determinations made by management. Occasionally, Mid Penn will employ an outside service to provide a fair estimate of value based on auction sales or private sales. Management reviews the estimates of these third parties and discounts them accordingly based on management’s judgment, if deemed necessary. Mid Penn considers the estimates used in its impairment analysis to be Level 3 inputs. Mid Penn actively monitors the values of collateral on impaired loans. This monitoring may require the modification of collateral values over time or changing circumstances by some factor, either positive or negative, from the original values. All collateral values will be assessed by management at least every 18 months for possible revaluation by an independent third party. Loans: For variable rate loans that reprice frequently and which entail no significant changes in credit risk, carrying values approximated fair value. The fair value of other loans are estimated by calculating the present value of the cash flow difference between the current rate and the market rate, for the average maturity, discounted quarterly at the market rate. Foreclosed Assets Held for Sale: Certain assets included in foreclosed assets held for sale are carried at fair value and accordingly is presented as measured on a non-recurring basis. Values are estimated using Level 3 inputs, based on appraisals that consider the sales prices of property in the proximate vicinity. Accrued Interest Receivable and Payable: The carrying amount of accrued interest receivable and payable approximates their fair values. Restricted Investment in Bank Stocks: The carrying amount of required and restricted investment in correspondent bank stock approximates fair value, and considers the limited marketability of such securities. Mortgage Servicing Rights: The fair value of servicing rights is based on the present value of estimated future cash flows on pools of mortgages stratified by rate and maturity date. Deposits: The fair value for demand deposits (e.g., interest and noninterest checking, savings, and money market deposit accounts) is by definition, equal to the amount payable on demand at the reporting date (i.e. their carrying amounts). Fair value for fixed-rate certificates of deposit was estimated using a discounted cash flow calculation by combining all fixed-rate certificates into a pool with a weighted average yield and a weighted average maturity for the pool and comparing the pool with interest rates currently being offered on a similar maturity. Short-term Borrowings: Because of time to maturity, the estimated fair value of short-term borrowings approximates the book value. Long-term Debt: The estimated fair values of long-term debt were determined using discounted cash flow analysis, based on currently available borrowing rates for similar types of borrowing arrangements. Commitments to Extend Credit and Letters of Credit: The fair value of commitments to extend credit is estimated using the fees currently charged to enter into similar agreements, taking into account market interest rates, the remaining terms and present credit worthiness of the counterparties. The fair value of guarantees and letters of credit is based on fees currently charged for similar agreements. |
Merger (Tables)
Merger (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Merger [Abstract] | |
Allocation of the Purchase Price | The allocation of the purchase price is as follows: (Dollars in thousands) Purchase price assigned to Phoenix common shares exchanged for 723,851 Mid Penn common shares $ Purchase price assigned to Phoenix common shares exchanged for cash Total purchase price Phoenix net assets acquired: Tangible Common Equity Estimated adjustments to reflect assets acquired and liabilities assumed at fair value: Total fair value adjustments Associated deferred income taxes Fair value adjustment to net assets acquired, net of tax Total Phoenix net assets acquired Goodwill resulting from the merger $ |
Summary of the Estimated Fair Value of the Assets Acquired and Liabilities and Equity Assumed | Adjustments to certain amounts associated with the merger were made during the current quarter and were not considered significant. The following table summarizes the estimated fair value of the assets acquired and liabilities and equity assumed. (Dollars in thousands) Total purchase price $ Net assets acquired: Cash and cash equivalents Investment securities Restricted stock Loans Bank owned life insurance Premises and equipment Accrued interest receivable Core deposit and other intangibles Other assets Deposits FHLB borrowings Accrued interest payable Other liabilities Preferred stock Goodwill $ |
Fair Value Adjustments Made to the Amortized Cost Basis, Presented at the Fair Value of Loans Acquired | The table below illustrates the fair value adjustments made to the amortized cost basis in order to present a fair value of the loans acquired. (Dollars in thousands) Gross amortized cost basis at March 1, 2015 $ Market rate adjustment Credit fair value adjustment on pools of homogeneous loans Credit fair value adjustment on impaired loans Fair value of purchased loans at March 1, 2015 $ |
Fair Value of the Loans Acquired | The information about the acquired Phoenix impaired loan portfolio as of March 1, 2015 is as follows: (Dollars in thousands) Contractually required principal and interest at acquisition $ Contractual cash flows not expected to be collected (nonaccretable discount) Expected cash flows at acquisition Interest component of expected cash flows (accretable discount) Fair value of acquired loans $ |
Pro Forma Information | (Dollars in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net interest income after loan loss provision $ $ $ $ Noninterest income Noninterest expense Net income available to common shareholders Net income per common share |
Schedule of Balance Sheet relate to Business Combination | Assets, Liabilities, and Equity in Connection with Merger: (Dollars in thousands) Assets Acquired: Securities $ $ - Loans - Restricted stock - Property and equipment - Accrued interest receivable - Core deposit and other intangible assets - Bank-owned life insurance - Other assets - $ $ - Liabilities Assumed: Deposits $ $ - Accrued interest payable - Long-term debt - Other liabilities - $ $ - Equity Acquired: Preferred stock $ $ - |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investment Securities [Abstract] | |
Unrealized Gain (Loss) on Investments | At September 30, 2015 and December 31, 2014, amortized cost, fair value, and unrealized gains and losses on investment securities are as follows: (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value September 30, 2015 Available for sale securities: U.S. Treasury and U.S. government agencies $ $ $ $ Mortgage-backed U.S. government agencies State and political subdivision obligations Equity securities $ $ $ $ (Dollars in thousands) Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2014 Available for sale securities: U.S. Treasury and U.S. government agencies $ $ $ $ Mortgage-backed U.S. government agencies State and political subdivision obligations Equity securities $ $ $ $ |
Schedule of Fair Value and Unrealized Loss on Investments in a Continuous Unrealized Loss Position | The following table presents gross unrealized losses and fair value of investments aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2015 and December 31, 2014. (Dollars in thousands) Less Than 12 Months 12 Months or More Total September 30, 2015 Number of Fair Unrealized Number of Fair Unrealized Number of Fair Unrealized Securities Value Losses Securities Value Losses Securities Value Losses Available for sale securities: U.S. Treasury and U.S. government agencies 3 $ $ 2 $ $ 5 $ $ Mortgage-backed U.S. government agencies 8 7 15 State and political subdivision obligations 31 4 35 Equity securities 1 3 4 Total temporarily impaired available for sale securities 43 $ $ 16 $ $ 59 $ $ (Dollars in thousands) Less Than 12 Months 12 Months or More Total December 31, 2014 Number of Fair Unrealized Number of Fair Unrealized Number of Fair Unrealized Securities Value Losses Securities Value Losses Securities Value Losses Available for sale securities: U.S. Treasury and U.S. government agencies 5 $ $ - $ - $ - 5 $ $ Mortgage-backed U.S. government agencies 15 5 20 State and political subdivision obligations 9 28 37 Equity securities - - - 2 2 Total temporarily impaired available for sale securities 29 $ $ 35 $ $ 64 $ $ |
Investments Classified by Contractual Maturity Date | (Dollars in thousands) September 30, 2015 Amortized Fair Cost Value Due in 1 year or less $ $ Due after 1 year but within 5 years Due after 5 years but within 10 years Due after 10 years Mortgage-backed securities Equity securities $ $ |
Loans and Allowance for Loan 26
Loans and Allowance for Loan and Lease Losses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Loans and Allowance for Loan and Lease Losses [Abstract] | |
Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating | The classes of the loan portfolio, summarized by the aggregate pass rating and the classified ratings of special mention, substandard, and doubtful within Mid Penn’s internal risk rating system as of September 30, 2015 and December 31, 2014 are as follows: (Dollars in thousands) Special September 30, 2015 Pass Mention Substandard Doubtful Total Commercial and industrial $ $ $ $ - $ Commercial real estate - Commercial real estate - construction - - Lease financing - - - Residential mortgage - Home equity - Consumer - - - $ $ $ $ - $ (Dollars in thousands) Special December 31, 2014 Pass Mention Substandard Doubtful Total Commercial and industrial $ $ $ $ - $ Commercial real estate - Commercial real estate - construction - - Lease financing - - - Residential mortgage - Home equity - Consumer - - - $ $ $ $ - $ |
Impaired Loans by Loan Portfolio Class | Impaired loans by loan portfolio class as of September 30, 2015 and December 31, 2014 are summarized as follows: September 30, 2015 December 31, 2014 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Commercial and industrial: Commercial and industrial $ $ $ - $ $ $ - Commercial real estate: Commercial real estate - - Acquired with credit deterioration* - - - - Residential mortgage: Residential mortgage - - Acquired with credit deterioration* - - - - Home equity: Home equity - - With an allowance recorded: Commercial and industrial $ $ $ $ $ $ Commercial real estate Residential mortgage - - - Home equity Total: Commercial and industrial $ $ $ $ $ $ Commercial real estate Residential mortgage - Home equity * Loans acquired with credit deterioration are presented net of credit fair value adjustment. |
Average Recorded Investment Of Impaired Loans And Related Interest Income By Loan Portfolio Class | Average recorded investment of impaired loans and related interest income recognized for the three and nine months ended September 30, 2015 and September 30, 2014 are summarized as follows: Three Months Ended September 30, 2015 September 30, 2014 (Dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial and industrial: Commercial and industrial $ $ - $ $ - Acquired with credit deterioration - - - Commercial real estate: Commercial real estate - Acquired with credit deterioration - - - Residential mortgage: Residential mortgage - Acquired with credit deterioration - - - Home equity: Home equity - - Acquired with credit deterioration - - - With an allowance recorded: Commercial and industrial $ $ - $ $ - Commercial real estate - - Residential mortgage - - - Home equity - - Total: Commercial and industrial $ $ $ $ - Commercial real estate - Residential mortgage - Home equity - Nine Months Ended September 30, 2015 September 30, 2014 (Dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial and industrial: Commercial and industrial $ $ - $ $ - Acquired with credit deterioration - - - Commercial real estate: Commercial real estate Acquired with credit deterioration - - Residential mortgage: Residential mortgage - Acquired with credit deterioration - - - Home equity: Home equity - - Acquired with credit deterioration - - - With an allowance recorded: Commercial and industrial $ $ - $ $ - Commercial real estate - - Residential mortgage - - - Home equity - - Total: Commercial and industrial $ $ $ $ - Commercial real estate Residential mortgage - Home equity - |
Non-accrual Loans by Classes of the Loan Portfolio | Non-accrual loans by loan portfolio class as of September 30, 2015 and December 31, 2014 are summarized as follows: (Dollars in thousands) September 30, 2015 December 31, 2014 Commercial and industrial $ $ Commercial real estate Residential mortgage Home equity $ $ |
Loan Portfolio Summarized by the Past Due Status | The classes of the loan portfolio summarized by the past due status as of September 30, 2015 and December 31, 2014 are summarized as follows: (Dollars in thousands) September 30, 2015 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Loans Receivable > 90 Days and Accruing Commercial and industrial: Commercial and industrial $ - $ $ $ $ $ $ - Commercial real estate: Commercial real estate - Acquired with credit deterioration - - Commercial real estate - construction: Commercial real estate - construction - - - - - Lease financing: Lease financing - - - - - Residential mortgage: Residential mortgage - Acquired with credit deterioration - - Home equity: Home equity - - Consumer: Consumer - - - Total $ $ $ $ $ $ $ (Dollars in thousands) December 31, 2014 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Loans Receivable > 90 Days and Accruing Commercial and industrial $ $ $ $ $ $ $ - Commercial real estate - Commercial real estate - construction - - - - - Lease financing - - - - - Residential mortgage - Home equity - Consumer - - - Total $ $ $ $ $ $ $ - |
Allowance for Loan Losses and Recorded Investment in Financing Receivables | The following tables summarize the allowance for loan and lease losses and recorded investments in loans receivable. (Dollars in thousands) As of, and for the periods ended, September 30, 2015 Commercial and industrial Commercial real estate Commercial real estate - construction Lease financing Residential mortgage Home equity Consumer Unallocated Total Allowance for loan and lease losses: Beginning balance, July 1, 2015 $ $ $ $ $ $ $ $ $ Charge-offs - - - - Recoveries - - - - Provisions Ending balance, September 30, 2015 $ $ $ $ $ $ $ $ - $ Commercial and industrial Commercial real estate Commercial real estate - construction Lease financing Residential mortgage Home equity Consumer Unallocated Total Allowance for loan and lease losses: Beginning balance, January 1, 2015 $ $ $ $ $ $ $ $ $ Charge-offs - - - Recoveries - - - Provisions - Ending balance, September 30, 2015 $ $ $ $ $ $ $ $ - $ Ending balance: individually evaluated for impairment $ $ $ - $ - $ $ $ - $ - $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ $ - $ Loans receivables: Ending balance $ $ $ $ $ $ $ $ - $ Ending balance: individually evaluated for impairment $ $ $ - $ - $ $ $ - $ - $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ $ - $ Ending balance: acquired with credit deterioration $ - $ $ - $ - $ $ - $ - $ - $ (Dollars in thousands) As of, and for the periods ended, September 30, 2014 Commercial and industrial Commercial real estate Commercial real estate - construction Lease financing Residential mortgage Home equity Consumer Unallocated Total Allowance for loan and lease losses: Beginning balance, July 1, 2014 $ $ $ $ $ $ $ $ $ Charge-offs - - - - Recoveries - - - - Provisions - - Ending balance, September 30, 2014 $ $ $ $ $ $ $ $ $ Commercial and industrial Commercial real estate Commercial real estate - construction Lease financing Residential mortgage Home equity Consumer Unallocated Total Allowance for loan and lease losses: Beginning balance, January 1, 2014 $ $ $ $ - $ $ $ $ $ Charge-offs - - - Recoveries - - - - Provisions Ending balance, September 30, 2014 $ $ $ $ $ $ $ $ $ Ending balance: individually evaluated for impairment $ $ $ - $ - $ - $ $ - $ - $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ $ $ Loans receivables: Ending balance $ $ $ $ $ $ $ $ - $ Ending balance: individually evaluated for impairment $ $ $ - $ - $ $ $ - $ - $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ $ - $ (Dollars in thousands) December 31, 2014 Commercial and industrial Commercial real estate Commercial real estate - construction Lease financing Residential mortgage Home equity Consumer Unallocated Total Allowance for loan and lease losses: Ending balance $ $ $ $ $ $ $ $ $ Ending balance: individually evaluated for impairment $ $ $ - $ - $ - $ $ - $ - $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ $ $ Loans receivables: Ending balance $ $ $ $ $ $ $ $ - $ Ending balance: individually evaluated for impairment $ $ $ - $ - $ $ - $ - $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ $ - $ |
Troubled Debt Restructurings | The recorded investments in troubled debt restructured loans at September 30, 2015 and December 31, 2014 are as follows: (Dollars in thousands) Pre-Modification Post-Modification September 30, 2015 Outstanding Recorded Investment Outstanding Recorded Investment Recorded Investment Commercial and industrial $ $ $ Commercial real estate Residential mortgage $ $ $ (Dollars in thousands) Pre-Modification Post-Modification December 31, 2014 Outstanding Recorded Investment Outstanding Recorded Investment Recorded Investment Commercial and industrial $ $ $ Commercial real estate Residential mortgage Home equity $ $ $ |
Schedule of Accretion of Purchase Impaired Loan | The following table provides activity for the accretable yield of purchased impaired loans for the three and nine months ended September 30, 2015. (Dollars in thousands) Accretable yield, July 1, 2015 $ Acquisition of impaired loans - Accretable yield amortized to interest income Reclassification from nonaccretable difference (1) - Accretable yield, September 30, 2015 $ (Dollars in thousands) Accretable yield, January 1, 2015 $ - Acquisition of impaired loans Accretable yield amortized to interest income Reclassification from nonaccretable difference (1) - Accretable yield, September 30, 2015 $ (1) Reclassification from non-accretable difference represents an increase to the estimated cash flows to be collected on the underlying portfolio |
Schedule of Troubled Debt Restructurings Modified in the Current Period [Table Text Block] | The table below lists the new loans modified during the nine months ended September 30, 2014 that resulted in troubled debt restructurings. Nine Months Ended (Dollars in thousands) Pre-Modification Post-Modification September 30, 2014 Number of Contracts Outstanding Recorded Investment Outstanding Recorded Investment Recorded Investment Commercial real estate 2 $ $ $ Residential mortgage 2 Home equity 1 5 $ $ $ |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurement [Abstract] | |
Assets Measured at Fair Value on a Recurring Basis | Fair value measurements at September 30, 2015 using: (Dollars in thousands) Total carrying value at Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Assets: September 30, 2015 (Level 1) (Level 2) (Level 3) U.S. Treasury and U.S. government agencies $ $ - $ $ - Mortgage-backed U.S. government agencies - - State and political subdivision obligations - - Equity securities - $ $ $ $ - Fair value measurements at December 31, 2014 using: (Dollars in thousands) Total carrying value at Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Assets: December 31, 2014 (Level 1) (Level 2) (Level 3) U.S. Treasury and U.S. government agencies $ $ - $ $ - Mortgage-backed U.S. government agencies - - State and political subdivision obligations - - Equity securities - $ $ $ $ - |
Fair Value Measurements, Nonrecurring | Fair value measurements at September 30, 2015 using: (Dollars in thousands) Total carrying value at Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Assets: September 30, 2015 (Level 1) (Level 2) (Level 3) Impaired Loans $ $ - $ - $ Foreclosed Assets Held for Sale - - Mortgage Servicing Rights - - Fair value measurements at December 31, 2014 using: (Dollars in thousands) Total carrying value at Quoted prices in active markets Significant other observable inputs Significant unobservable inputs Assets: December 31, 2014 (Level 1) (Level 2) (Level 3) Impaired Loans $ $ - $ - $ Foreclosed Assets Held for Sale - - Mortgage Servicing Rights - - |
Fair Value Inputs, Assets, Quantitative Information | (Dollars in thousands) Quantitative Information about Level 3 Fair Value Measurements September 30, 2015 Fair Value Estimate Valuation Technique Unobservable Input Range Weighted Average Impaired Loans $ Appraisal of collateral (1) Appraisal adjustments (2) 10% - 50% 29% Foreclosed Assets Held for Sale Appraisal of collateral (1), (3) Appraisal adjustments (2) 27% - 59% 33% Mortgage Servicing Rights Multiple of annual service fee Estimated prepayment speed based on rate and term 240% - 400% 352% (Dollars in thousands) Quantitative Information about Level 3 Fair Value Measurements December 31, 2014 Fair Value Estimate Valuation Technique Unobservable Input Range Weighted Average Impaired Loans $ Appraisal of collateral (1) Appraisal adjustments (2) 10% - 95% 32% Foreclosed Assets Held for Sale Appraisal of collateral (1), (3) Appraisal adjustments (2) 15% - 40% 27% Mortgage Servicing Rights Multiple of annual service fee Estimated prepayment speed based on rate and term 210% - 400% 353% (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally includes various level 3 inputs which are not observable. (2) Appraisals may be adjusted downward by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. Higher downward adjustments are caused by negative changes to the collateral or conditions in the real estate market, actual offers or sales contracts received, or age of the appraisal. (3) Includes qualitative adjustments by management and estimated liquidation expenses. |
Fair Value, by Balance Sheet Grouping | (Dollars in thousands) September 30, 2015 December 31, 2014 Carrying Fair Carrying Fair Value Value Value Value Financial assets: Cash and cash equivalents $ $ $ $ Interest-bearing time balances with other financial institutions Investment securities Net loans and leases Restricted investment in bank stocks Accrued interest receivable Mortgage servicing rights Financial liabilities: Deposits $ $ $ $ Short-term borrowings Long-term debt Accrued interest payable Off-balance sheet financial instruments: Commitments to extend credit $ - $ - $ - $ - Financial standby letters of credit - - - - |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Fair Value Measurements Quoted Prices in Active Markets Significant (Dollars in thousands) for Identical Assets Significant Other Unobservable Carrying or Liabilities Observable Inputs Inputs September 30, 2015 Amount Fair Value (Level 1) (Level 2) (Level 3) Financial instruments - assets Net loans and leases $ $ $ - $ - $ Financial instruments - liabilities Deposits $ $ $ - $ $ - Long-term debt - - Fair Value Measurements Quoted Prices in Active Markets Significant (Dollars in thousands) for Identical Assets Significant Other Unobservable Carrying or Liabilities Observable Inputs Inputs December 31, 2014 Amount Fair Value (Level 1) (Level 2) (Level 3) Financial instruments - assets Net loans and leases $ $ $ - $ - $ Financial instruments - liabilities Deposits $ $ $ - $ $ - Long-term debt - - |
Defined Benefit Plans (Tables)
Defined Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Defined Benefit Plans [Abstract] | |
Schedule of Net Periodic Benefit Costs | The components of net periodic benefit costs from these benefit plans are as follows: Three Months Ended September 30, (Dollars in thousands) Pension Benefits Other Benefits 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Amortization of prior service cost - Net periodic benefit cost $ $ $ $ Nine Months Ended September 30, (Dollars in thousands) Pension Benefits Other Benefits 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Amortization of prior service cost - Net periodic benefit cost $ $ $ $ |
Accumulated Other Comprehensi29
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income, Net of Taxes | (Dollars in thousands) Unrealized Gain on Securities Defined Benefit Plans Liabilities Accumulated Other Comprehensive Income Balance - September 30, 2015 $ $ $ Balance - December 31, 2014 $ $ $ |
Preferred Stock (Tables)
Preferred Stock (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Preferred Class B [Member] | |
Proceeds from Private Placement | The following table summarizes the Series B Preferred Stock shares sold and the gross proceeds received through the private placement offering as of September 30, 2015: (Dollars in thousands) Period Shares Gross Proceeds September 26, 2012 - September 30, 2012 $ October 1, 2012 - December 31, 2012 January 1, 2013 - December 31, 2013 January 1, 2014 - December 31, 2014 - - January 1, 2015 - September 30, 2015 - - Total $ |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings per Common Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The computations of basic earnings per common share follow: (Dollars in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net Income $ $ $ $ Less: Dividends on Series B preferred stock Dividends on Series C preferred stock - - Net income available to common shareholders $ $ $ $ Weighted average common shares outstanding Basic earnings per common share $ $ $ $ |
Merger (Narrative) (Details)
Merger (Narrative) (Details) | Mar. 01, 2015USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($) | Feb. 27, 2015$ / shares | Dec. 31, 2014USD ($)shares |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 3,918,000 | $ 3,918,000 | $ 1,016,000 | ||||
Net Income (Loss) Attributable to Parent | $ 1,894,000 | $ 1,595,000 | $ 4,901,000 | $ 4,813,000 | |||
Series C Preferred Stock [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Preferred Stock, Shares Issued | shares | 1,750 | 1,750 | 1,750 | 0 | |||
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 1,000 | $ 1,000 | $ 1,000 | ||||
Phoenix Bancorp Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Ratio of conversion of acquiree's shares to entity's shares | 3.167 | ||||||
Per share price | $ / shares | $ 51.60 | $ 15.60 | |||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 11,292,000 | ||||||
Payments to Acquire Businesses, Gross | 2,949,000 | ||||||
Business Combination, Consideration Transferred | $ 14,241,000 | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 723,851 | ||||||
Shares Of Acquirer Ratio Of Common Stock | 0.414 | ||||||
Goodwill | $ 2,902,000 | ||||||
Business Combination, Acquired Receivables, Fair Value | 112,816,000 | ||||||
Business Acquisition, Transaction Costs | $ 784,000 | $ 784,000 | |||||
Revenues | 1,329,000 | 3,157,000 | |||||
Net Income (Loss) Attributable to Parent | $ 243,000 | $ 540,000 | |||||
Phoenix Bancorp Inc. [Member] | Core Deposits [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Finite-lived Intangible Assets Acquired | $ 578,000 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | $ 88,000 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 96,000 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 86,000 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 75,000 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 65,000 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 168,000 | ||||||
Phoenix Bancorp Inc. [Member] | Series C Preferred Stock [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Preferred Stock, Shares Issued | shares | 1,750 | ||||||
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 1,000 |
Merger (Allocation of the Purch
Merger (Allocation of the Purchase Price) (Details) - USD ($) $ in Thousands | Mar. 01, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Estimated adjustments to reflect assets acquired and liabilities assumed at fair value [Abstract] | |||
Goodwill resulting from the merger | $ 3,918 | $ 1,016 | |
Phoenix Bancorp Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price assigned to common shares exchanged for 723,851 Company common shares | $ 11,292 | ||
Purchase price assigned to common shares exchanged for cash | 2,949 | ||
Total purchase price | 14,241 | ||
Net assets acquired: | |||
Tagible Common Equity | 12,292 | ||
Estimated adjustments to reflect assets acquired and liabilities assumed at fair value [Abstract] | |||
Total fair value adjustments | (1,456) | ||
Associated deferred income taxes | 503 | ||
Fair value adjustment to net assets acquired, net of tax | (953) | ||
Total net assets acquired | 11,339 | ||
Goodwill resulting from the merger | $ 2,902 |
Merger (Estimated Fair Value of
Merger (Estimated Fair Value of Assets Acquired) (Details) - USD ($) $ in Thousands | Mar. 01, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Net assets acquired: | |||
Goodwill | $ 3,918 | $ 1,016 | |
Phoenix Bancorp Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Total purchase price | $ 14,241 | ||
Net assets acquired: | |||
Cash and cash equivalents | 11,044 | ||
Investment securities | 11,331 | ||
Restricted stock | 509 | ||
Loans | 110,363 | ||
Bank owned life insurance | 3,673 | ||
Premises and equipment | 1,792 | ||
Accrued interest receivable | 388 | ||
Core deposit and other intangibles | 578 | ||
Other assets | 1,127 | ||
Deposits | (123,238) | ||
FHLB borrowings | (3,570) | ||
Accrued interest payable | (32) | ||
Other liabilities | (876) | ||
Preferred stock | (1,750) | ||
Total net assets acquired | 11,339 | ||
Goodwill | $ 2,902 |
Merger (Fair Value Adjustments)
Merger (Fair Value Adjustments) (Details) - Phoenix Bancorp Inc. [Member] $ in Thousands | Mar. 01, 2015USD ($) |
Business Acquisition [Line Items] | |
Gross amortized cost basis | $ 112,816 |
Market rate adjustment | 270 |
Credit fair value adjustment on pools of homogeneous loans | (1,461) |
Credit fair value adjustment on impaired loans | (1,262) |
Fair value of purchased loans | $ 110,363 |
Merger (Fair Value of Loans Acq
Merger (Fair Value of Loans Acquired) (Details) - Phoenix Bancorp Inc. [Member] $ in Thousands | Mar. 01, 2015USD ($) |
Business Acquisition [Line Items] | |
Contractually required principal and interest at acquisition | $ 3,548 |
Contractual cash flows not expected to be collected (nonaccretable discount) | (804) |
Expected cash flows at acquisition | 2,744 |
Interest component of expected cash flows (accretable discount) | (458) |
Fair value of acquired loans | $ 2,286 |
Merger (Pro Forma Information)
Merger (Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Business Acquisition [Line Items] | ||||
Net interest income after loan loss provision | $ 7,924 | $ 6,149 | $ 22,848 | $ 18,350 |
Noninterest income | 1,085 | 741 | 3,127 | 2,409 |
Noninterest expense | 6,569 | 4,929 | 19,851 | 14,735 |
Phoenix Bancorp Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Net interest income after loan loss provision | 7,924 | 7,439 | 23,484 | 22,257 |
Noninterest income | 1,085 | 980 | 3,192 | 3,057 |
Noninterest expense | 7,353 | 7,318 | 20,934 | 18,982 |
Net income available to common shareholders | $ 1,251 | $ 1,568 | $ 4,403 | $ 4,812 |
Net income per common share | $ 0.30 | $ 0.37 | $ 1.04 | $ 1.14 |
Merger (Schedule of Balance She
Merger (Schedule of Balance Sheet related to Business Combination) (Details) - Phoenix Bancorp Inc. [Member] $ in Thousands | Mar. 01, 2015USD ($) |
Net assets acquired: | |
Investment securities | $ 11,331 |
Loans | 110,363 |
Restricted stock | 509 |
Premises and equipment | 1,792 |
Accrued interest receivable | 388 |
Core deposit and other intangibles | 578 |
Bank owned life insurance | 3,673 |
Other assets | 1,127 |
Total assets acquired | 129,761 |
Liabilities Assumed: | |
Deposits | 123,238 |
Accrued interest payable | 32 |
Long-term debt | 3,570 |
Other liabilities | 876 |
Total liabilities assumed | 127,716 |
Preferred stock | $ (1,750) |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015USD ($)security | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)security | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)security | |
Schedule of Investments [Line Items] | |||||
Available-for-sale Securities Pledged as Collateral | $ 127,025,000 | $ 127,025,000 | $ 134,740,000 | ||
Available-for-sale Securities, Gross Realized Gains | 138,000 | $ 0 | 315,000 | $ 150,000 | |
Available-for-sale Securities, Gross Realized Losses | $ 0 | $ 0 | $ 0 | $ 0 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 59 | 59 | 64 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Depreciation Percentage | 1.40% | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | $ 263,000 | $ 263,000 | $ 423,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 461,000 | 461,000 | 547,000 | ||
13 Debt and 3 Equity Securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | $ 266,000 | $ 266,000 | |||
55 Debt and 4 Equity Securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Depreciation Percentage | 1.26% | ||||
33 Debt and 2 Equity Securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | $ 423,000 | ||||
Debt Securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 55 | 55 | 62 | ||
Equity Securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 4 | 4 | 2 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | $ 70,000 | $ 70,000 | $ 23,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 73,000 | $ 73,000 | $ 23,000 | ||
State and municipal [Member] | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 35 | 35 | 37 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | $ 110,000 | $ 110,000 | $ 285,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 230,000 | $ 230,000 | $ 318,000 | ||
Mortgage-backed U.S. Government Agencies [Member] | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 15 | 15 | 20 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | $ 71,000 | $ 71,000 | $ 115,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 117,000 | $ 117,000 | $ 177,000 |
Investment Securities (Unrealiz
Investment Securities (Unrealized Gain (Loss) on Investments) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 131,355 | $ 139,172 |
Unrealized Gains | 2,802 | 3,009 |
Unrealized Losses | 461 | 547 |
Available for sale Securities, Fair Value | 133,696 | 141,634 |
U.S. Treasury and U.S. government agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 26,323 | 26,343 |
Unrealized Gains | 1,060 | 752 |
Unrealized Losses | 41 | 29 |
Available for sale Securities, Fair Value | 27,342 | 27,066 |
Mortgage-backed U.S. Government Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 36,136 | 33,763 |
Unrealized Gains | 170 | 190 |
Unrealized Losses | 117 | 177 |
Available for sale Securities, Fair Value | 36,189 | 33,776 |
State and municipal [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 65,630 | 77,482 |
Unrealized Gains | 1,482 | 2,007 |
Unrealized Losses | 230 | 318 |
Available for sale Securities, Fair Value | 66,882 | 79,171 |
Equity Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 3,266 | 1,584 |
Unrealized Gains | 90 | 60 |
Unrealized Losses | 73 | 23 |
Available for sale Securities, Fair Value | $ 3,283 | $ 1,621 |
Investment Securities (Schedule
Investment Securities (Schedule of Fair Value and Unrealized Loss on Investments in a Continuous Unrealized Loss Position) (Details) $ in Thousands | Sep. 30, 2015USD ($)security | Dec. 31, 2014USD ($)security |
Schedule of Investments [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security | 43 | 29 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security | 16 | 35 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 59 | 64 |
Less than 12 Months: Fair Value | $ 26,732 | $ 20,014 |
Less than 12 Months: Unrealized Losses | 198 | 124 |
12 Months or More: Fair Value | 9,716 | 18,946 |
12 Months or More: Unrealized Losses | 263 | 423 |
Total: Fair Value | 36,448 | 38,960 |
Total: Unrealized Losses | $ 461 | $ 547 |
U.S. Treasury and U.S. government agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security | 3 | 5 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security | 2 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 5 | 5 |
Less than 12 Months: Fair Value | $ 2,895 | $ 6,059 |
Less than 12 Months: Unrealized Losses | 29 | 29 |
12 Months or More: Fair Value | 1,456 | |
12 Months or More: Unrealized Losses | 12 | |
Total: Fair Value | 4,351 | 6,059 |
Total: Unrealized Losses | $ 41 | $ 29 |
Mortgage-backed U.S. Government Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security | 8 | 15 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security | 7 | 5 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 15 | 20 |
Less than 12 Months: Fair Value | $ 8,276 | $ 9,511 |
Less than 12 Months: Unrealized Losses | 46 | 62 |
12 Months or More: Fair Value | 4,128 | 4,416 |
12 Months or More: Unrealized Losses | 71 | 115 |
Total: Fair Value | 12,404 | 13,927 |
Total: Unrealized Losses | $ 117 | $ 177 |
State and municipal [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security | 31 | 9 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security | 4 | 28 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 35 | 37 |
Less than 12 Months: Fair Value | $ 14,564 | $ 4,444 |
Less than 12 Months: Unrealized Losses | 120 | 33 |
12 Months or More: Fair Value | 2,936 | 13,947 |
12 Months or More: Unrealized Losses | 110 | 285 |
Total: Fair Value | 17,500 | 18,391 |
Total: Unrealized Losses | $ 230 | $ 318 |
Equity Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security | 1 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security | 3 | 2 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 4 | 2 |
Less than 12 Months: Fair Value | $ 997 | |
Less than 12 Months: Unrealized Losses | 3 | |
12 Months or More: Fair Value | 1,196 | $ 583 |
12 Months or More: Unrealized Losses | 70 | 23 |
Total: Fair Value | 2,193 | 583 |
Total: Unrealized Losses | $ 73 | $ 23 |
Investment Securities (Investme
Investment Securities (Investments Classified by Contractual Maturity Date) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Available for sale Securities, Amortized Cost, Due in 1 year or less | $ 7,483 | |
Available for sale Securities, Amortized Cost, Due after 1 year but within 5 years | 26,240 | |
Available for sale Securities, Amortized Cost, Due after 5 years but within 10 years | 47,628 | |
Available for sale Securities, Amortized Cost, Due after 10 years | 10,602 | |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis, Total | 91,953 | |
Equity Securities, Amortized Cost | 3,266 | |
Available-for-sale Securities, Amortized Cost Basis | 131,355 | $ 139,172 |
Available for sale Securities, Fair Value, Due in 1 year or less | 7,600 | |
Available for sale Securities, Fair Value, Due after 1 year but within 5 years | 27,301 | |
Available for sale Securities, Fair Value, Due after 5 years but within 10 years | 48,882 | |
Available for sale Securities, Fair Value, Due after 10 years | 10,441 | |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Fair Value, Total | 94,224 | |
Equity Securities, Fair Value | 3,283 | |
Available for sale Securities, Fair Value | 133,696 | $ 141,634 |
Mortgage-backed securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Securities without a Single Maturity Date, Amortized Cost | 36,136 | |
Available for sale securities without a Single Maturity Date, Fair Value | $ 36,189 |
Loans and Allowance for Loan 43
Loans and Allowance for Loan and Lease Losses (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015USD ($)loan | Sep. 30, 2014USD ($)loan | Sep. 30, 2015USD ($)loan | Sep. 30, 2014USD ($)loan | Dec. 31, 2014USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | $ 6,311,000 | $ 6,311,000 | $ 8,746,000 | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 0 | |||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | loan | 0 | 0 | 2 | 0 | |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 3,404,000 | ||||
Foreclosure proceedings in process | $ 0 | 0 | 485,000 | ||
Three Unrelated Borrowers [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 2,035,000 | ||||
Nonaccruing [Member] | Two Large Relationships [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 4,680,000 | ||||
Nonaccruing [Member] | 11 Loans with 6 Relationships [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 5,828,000 | 5,828,000 | |||
Nonaccruing [Member] | 2 Large Relationship [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 4,535,000 | 4,535,000 | |||
Nonaccruing [Member] | 14 Loans with 9 Relationships [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 6,711,000 | ||||
Accruing [Member] | 2 Relationship [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 1,964,000 | ||||
Accruing [Member] | Three Unrelated Borrowers [Member] | Residential Mortgage [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 71,000 | ||||
Accruing [Member] | Four Borrowers [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | $ 483,000 | $ 483,000 | |||
Commercial and industrial [Member] | Industrial Property [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loan Terms | 1 year | ||||
Loan To Value Ratio | 80.00% | 80.00% | |||
Impaired Financing Receivable, Interest Income, Cash Basis Method | $ 100,000 | $ 205,000 | |||
Commercial real estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 14,000 | 361,000 | $ 346,000 | ||
Commercial real estate [Member] | Accruing [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | $ 417,000 | $ 417,000 | |||
Residential Portfolio [Member] | Residential Mortgage [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loan Terms | 30 years | ||||
Loan To Value Ratio | 100.00% | 100.00% | |||
Loan To Value Ratio, Exposure After Private Mortgage Insurance | 85.00% | ||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | $ 8,000 | $ 8,000 | |||
Residential Portfolio [Member] | Accruing [Member] | Residential Mortgage [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | $ 66,000 | $ 66,000 | |||
Consumer [Member] | Home Equity Loan [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loan Terms | 5 years | ||||
Loan To Value Ratio | 85.00% | 85.00% | |||
Impaired Financing Receivable, Interest Income, Cash Basis Method | $ 3,000 | $ 3,000 | |||
Consumer [Member] | Maximum [Member] | Home Equity Loan [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loan Terms | 20 years |
Loans and Allowance for Loan 44
Loans and Allowance for Loan and Lease Losses (Classes Of The Loan Portfolio Summarized By The Aggregate Risk Rating) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | $ 719,085 | $ 571,533 | $ 568,161 |
Commercial real estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 350,747 | 297,357 | 294,803 |
Leasing Financing [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 804 | 1,121 | 1,215 |
Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 2,911 | 3,021 | 4,046 |
Residential Mortgage [Member] | Residential Portfolio [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 101,085 | 66,442 | 68,450 |
Construction Loans [Member] | Commercial real estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 68,952 | 56,076 | 55,189 |
Home Equity Loan [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 33,165 | 28,506 | 27,895 |
Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 698,558 | 551,026 | |
Pass [Member] | Commercial real estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 337,917 | 280,817 | |
Pass [Member] | Leasing Financing [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 804 | 1,121 | |
Pass [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 2,911 | 3,021 | |
Pass [Member] | Residential Mortgage [Member] | Residential Portfolio [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 99,335 | 64,900 | |
Pass [Member] | Construction Loans [Member] | Commercial real estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 65,785 | 55,834 | |
Pass [Member] | Home Equity Loan [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 32,587 | 28,167 | |
Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 7,676 | 6,145 | |
Special Mention [Member] | Commercial real estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 2,256 | 4,859 | |
Special Mention [Member] | Residential Mortgage [Member] | Residential Portfolio [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 478 | 252 | |
Special Mention [Member] | Construction Loans [Member] | Commercial real estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 3,167 | 242 | |
Special Mention [Member] | Home Equity Loan [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 278 | 138 | |
Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 12,851 | 14,362 | |
Substandard [Member] | Commercial real estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 10,574 | 11,681 | |
Substandard [Member] | Residential Mortgage [Member] | Residential Portfolio [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 1,272 | 1,290 | |
Substandard [Member] | Home Equity Loan [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 300 | 201 | |
Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 | |
Doubtful [Member] | Commercial real estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 | |
Doubtful [Member] | Leasing Financing [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 | |
Doubtful [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 | |
Doubtful [Member] | Residential Mortgage [Member] | Residential Portfolio [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 | |
Doubtful [Member] | Construction Loans [Member] | Commercial real estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 | |
Doubtful [Member] | Home Equity Loan [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 | |
Industrial Property [Member] | Commercial and industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 161,421 | 119,010 | $ 116,563 |
Industrial Property [Member] | Pass [Member] | Commercial and industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 159,219 | 117,166 | |
Industrial Property [Member] | Special Mention [Member] | Commercial and industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 1,497 | 654 | |
Industrial Property [Member] | Substandard [Member] | Commercial and industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | 705 | 1,190 | |
Industrial Property [Member] | Doubtful [Member] | Commercial and industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount | $ 0 | $ 0 |
Loans and Allowance for Loan 45
Loans and Allowance for Loan and Lease Losses (Impaired Loans by Loan Portfolio Class) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Commercial and industrial [Member] | Industrial Property [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans with No Allowance: Recorded Investment | $ 17 | $ 395 | |
Impaired Loans with No Allowance: Unpaid Principal Balance | 51 | 430 | |
Impaired Loans with Allowance: Recorded Investment | 123 | 223 | |
Impaired Loans with Allowance: Unpaid Principal Balance | 134 | 231 | |
Impaired Loans with Allowance: Related Allowance | 58 | 137 | |
Impaired Loans: Total Recorded Investment | 140 | 618 | |
Impaired Loans: Total Unpaid Principal Balance | 185 | 661 | |
Commercial real estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans with No Allowance: Recorded Investment | 969 | 1,971 | |
Impaired Loans with No Allowance: Unpaid Principal Balance | 1,948 | 4,481 | |
Impaired Loans with Allowance: Recorded Investment | 5,355 | 6,954 | |
Impaired Loans with Allowance: Unpaid Principal Balance | 6,402 | 7,255 | |
Impaired Loans with Allowance: Related Allowance | 1,531 | 1,382 | |
Impaired Loans: Total Recorded Investment | 7,251 | 8,925 | |
Impaired Loans: Total Unpaid Principal Balance | 9,277 | 11,736 | |
Commercial real estate [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans with No Allowance: Recorded Investment | [1] | 927 | |
Impaired Loans with No Allowance: Unpaid Principal Balance | [1] | 927 | |
Residential Portfolio [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans with No Allowance: Recorded Investment | 770 | 1,146 | |
Impaired Loans with No Allowance: Unpaid Principal Balance | 854 | 1,286 | |
Impaired Loans with Allowance: Recorded Investment | 31 | ||
Impaired Loans with Allowance: Unpaid Principal Balance | 31 | ||
Impaired Loans with Allowance: Related Allowance | 23 | ||
Impaired Loans: Total Recorded Investment | 1,220 | 1,146 | |
Impaired Loans: Total Unpaid Principal Balance | 1,304 | 1,286 | |
Residential Portfolio [Member] | Residential Mortgage [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans with No Allowance: Recorded Investment | 419 | ||
Impaired Loans with No Allowance: Unpaid Principal Balance | 419 | ||
Consumer [Member] | Home Equity Loan [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans with No Allowance: Recorded Investment | 20 | 29 | |
Impaired Loans with No Allowance: Unpaid Principal Balance | 37 | 88 | |
Impaired Loans with Allowance: Recorded Investment | 165 | 211 | |
Impaired Loans with Allowance: Unpaid Principal Balance | 168 | 213 | |
Impaired Loans with Allowance: Related Allowance | 129 | 115 | |
Impaired Loans: Total Recorded Investment | 185 | 240 | |
Impaired Loans: Total Unpaid Principal Balance | $ 205 | $ 301 | |
[1] | Loans acquired with credit deterioration are presented net of credit fair value adjustment. |
Loans and Allowance for Loan 46
Loans and Allowance for Loan and Lease Losses (Average Recorded Investment Of Impaired Loans And Related Interest Income By Loan Portfolio Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Commercial and industrial [Member] | Industrial Property [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Loans with No Allowance: Average Recorded Investment | $ 18 | $ 48 | $ 22 | $ 51 |
Impaired Loans with No Allowance: Interest Income Recognized | ||||
Impaired Loans with Allowance: Average Recorded Investment | $ 124 | $ 133 | 127 | 135 |
Impaired Loans with Allowance: Interest Income Recognized | ||||
Impaired Financing Receivable, Average Recorded Investment, Total | $ 142 | $ 181 | 149 | 186 |
Impaired Financing Receivable, Interest Income Recognized, Total | 100 | 205 | ||
Commercial real estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Loans with No Allowance: Average Recorded Investment | 991 | $ 2,057 | 1,072 | 2,127 |
Impaired Loans with No Allowance: Interest Income Recognized | 14 | 14 | 346 | |
Impaired Loans with Allowance: Average Recorded Investment | $ 5,167 | $ 6,930 | 5,077 | 7,008 |
Impaired Loans with Allowance: Interest Income Recognized | ||||
Impaired Financing Receivable, Average Recorded Investment, Total | $ 7,084 | $ 8,987 | 7,096 | 9,135 |
Impaired Financing Receivable, Interest Income Recognized, Total | 14 | 361 | 346 | |
Residential Portfolio [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Loans with No Allowance: Average Recorded Investment | 673 | 930 | ||
Impaired Loans with No Allowance: Interest Income Recognized | 8 | |||
Residential Portfolio [Member] | Residential Mortgage [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Loans with No Allowance: Average Recorded Investment | 735 | $ 908 | ||
Impaired Loans with No Allowance: Interest Income Recognized | 8 | |||
Impaired Loans with Allowance: Average Recorded Investment | $ 31 | 19 | ||
Impaired Loans with Allowance: Interest Income Recognized | ||||
Impaired Financing Receivable, Average Recorded Investment, Total | $ 1,192 | $ 908 | 1,119 | 930 |
Impaired Financing Receivable, Interest Income Recognized, Total | 8 | 8 | ||
Consumer [Member] | Home Equity Loan [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Loans with No Allowance: Average Recorded Investment | $ 21 | $ 31 | 22 | 54 |
Impaired Loans with No Allowance: Interest Income Recognized | ||||
Impaired Loans with Allowance: Average Recorded Investment | $ 182 | $ 112 | 178 | 115 |
Impaired Loans with Allowance: Interest Income Recognized | ||||
Impaired Financing Receivable, Average Recorded Investment, Total | $ 203 | $ 143 | 200 | $ 169 |
Impaired Financing Receivable, Interest Income Recognized, Total | 3 | 3 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial and industrial [Member] | Industrial Property [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Loans with No Allowance: Interest Income Recognized | 100 | 205 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial real estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Loans with No Allowance: Average Recorded Investment | $ 926 | 947 | ||
Impaired Loans with No Allowance: Interest Income Recognized | 347 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Portfolio [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Loans with No Allowance: Average Recorded Investment | 427 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Portfolio [Member] | Residential Mortgage [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Loans with No Allowance: Average Recorded Investment | $ 426 | |||
Impaired Loans with No Allowance: Interest Income Recognized | ||||
Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer [Member] | Home Equity Loan [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Loans with No Allowance: Interest Income Recognized | $ 3 | $ 3 |
Loans and Allowance for Loan 47
Loans and Allowance for Loan and Lease Losses (Nonaccrual Loans By Classes Of The Loan Portfolio) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 7,290 | $ 8,907 |
Commercial and industrial [Member] | Industrial Property [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 78 | 267 |
Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 5,938 | 7,249 |
Residential Portfolio [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,089 | 1,152 |
Consumer [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 185 | $ 239 |
Loans and Allowance for Loan 48
Loans and Allowance for Loan and Lease Losses (Loan Portfolio Summarized By The Past Due Status) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | $ 8,164 | $ 9,580 | |
Financing Receivable, Recorded Investment, Current | 710,921 | 561,953 | |
Total Loans | 719,085 | 571,533 | $ 568,161 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 53 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,345 | 1,002 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,564 | 632 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 5,255 | 7,946 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans | 1,346 | ||
Commercial and industrial [Member] | Industrial Property [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 549 | ||
Financing Receivable, Recorded Investment, Current | 118,461 | ||
Total Loans | 161,421 | 119,010 | 116,563 |
Commercial and industrial [Member] | Industrial Property [Member] | Excluded Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 297 | ||
Financing Receivable, Recorded Investment, Current | 161,124 | ||
Total Loans | 161,421 | ||
Commercial and industrial [Member] | Industrial Property [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 172 | ||
Commercial and industrial [Member] | Industrial Property [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 290 | ||
Commercial and industrial [Member] | Industrial Property [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Excluded Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 219 | ||
Commercial and industrial [Member] | Industrial Property [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 87 | ||
Commercial and industrial [Member] | Industrial Property [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Excluded Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 78 | ||
Commercial real estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 7,185 | ||
Financing Receivable, Recorded Investment, Current | 290,172 | ||
Total Loans | 350,747 | 297,357 | 294,803 |
Commercial real estate [Member] | Excluded Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 6,045 | ||
Financing Receivable, Recorded Investment, Current | 343,775 | ||
Total Loans | 349,820 | ||
Commercial real estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 403 | ||
Commercial real estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Excluded Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,128 | ||
Commercial real estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 197 | ||
Commercial real estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Excluded Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 865 | ||
Commercial real estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 6,585 | ||
Commercial real estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Excluded Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 4,052 | ||
Commercial real estate [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 68,952 | 56,076 | |
Total Loans | 68,952 | 56,076 | 55,189 |
Commercial real estate [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 53 | ||
Financing Receivable, Recorded Investment, Current | 874 | ||
Total Loans | 927 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 53 | ||
Commercial real estate [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 53 | ||
Leasing Financing [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 804 | 1,121 | |
Total Loans | 804 | 1,121 | 1,215 |
Residential Portfolio [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,527 | ||
Financing Receivable, Recorded Investment, Current | 64,915 | ||
Total Loans | 101,085 | 66,442 | 68,450 |
Residential Portfolio [Member] | Residential Mortgage [Member] | Excluded Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,270 | ||
Financing Receivable, Recorded Investment, Current | 99,396 | ||
Total Loans | 100,666 | ||
Residential Portfolio [Member] | Residential Mortgage [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 328 | ||
Residential Portfolio [Member] | Residential Mortgage [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Excluded Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 75 | ||
Residential Portfolio [Member] | Residential Mortgage [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 82 | ||
Residential Portfolio [Member] | Residential Mortgage [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Excluded Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 480 | ||
Residential Portfolio [Member] | Residential Mortgage [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 1,117 | ||
Residential Portfolio [Member] | Residential Mortgage [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Excluded Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 715 | ||
Residential Portfolio [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 335 | ||
Financing Receivable, Recorded Investment, Current | 84 | ||
Total Loans | 419 | ||
Residential Portfolio [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 117 | ||
Residential Portfolio [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 218 | ||
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 5 | 6 | |
Financing Receivable, Recorded Investment, Current | 2,906 | 3,015 | |
Total Loans | 2,911 | 3,021 | 4,046 |
Consumer [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 5 | 6 | |
Consumer [Member] | Home Equity Loan [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 159 | 313 | |
Financing Receivable, Recorded Investment, Current | 33,006 | 28,193 | |
Total Loans | 33,165 | 28,506 | $ 27,895 |
Consumer [Member] | Home Equity Loan [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 20 | 93 | |
Consumer [Member] | Home Equity Loan [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 63 | ||
Consumer [Member] | Home Equity Loan [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | $ 139 | $ 157 |
Loans and Allowance for Loan 49
Loans and Allowance for Loan and Lease Losses (Allowance For Loan Losses And Recorded Investment In Financing Receivables) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan and lease losses, Beginning Balance | $ 6,851 | $ 6,130 | $ 6,716 | $ 6,317 | |
Charge-offs | (173) | (145) | (719) | (1,203) | |
Recoveries | 41 | 31 | 122 | 80 | |
Provision for loan and lease losses | 265 | 395 | 865 | 1,217 | |
Allowance for Loan Losses, Ending Balance | 6,984 | 6,411 | 6,984 | 6,411 | |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 1,741 | 1,243 | 1,741 | 1,243 | $ 1,634 |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 5,243 | 5,168 | 5,243 | 5,168 | 5,082 |
Loans receivables, Ending Balance | 719,085 | 568,161 | 719,085 | 568,161 | 571,533 |
Loans receivables: Ending balance: individually evaluated for impairment | 7,450 | 10,110 | 7,450 | 10,110 | 10,929 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 710,289 | 558,051 | 710,289 | 558,051 | 560,604 |
Commercial and industrial [Member] | Industrial Property [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan and lease losses, Beginning Balance | 1,748 | 1,341 | 1,393 | 1,187 | |
Charge-offs | (130) | (21) | (130) | (62) | |
Recoveries | 10 | 7 | 10 | 13 | |
Provision for loan and lease losses | (67) | (9) | 288 | 180 | |
Allowance for Loan Losses, Ending Balance | 1,561 | 1,318 | 1,561 | 1,318 | |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 58 | 73 | 58 | 73 | 137 |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 1,503 | 1,245 | 1,503 | 1,245 | 1,256 |
Loans receivables, Ending Balance | 161,421 | 116,563 | 161,421 | 116,563 | 119,010 |
Loans receivables: Ending balance: individually evaluated for impairment | 140 | 171 | 140 | 171 | 618 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 161,281 | 116,392 | 161,281 | 116,392 | 118,392 |
Commercial real estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan and lease losses, Beginning Balance | 3,891 | 3,458 | 3,925 | 4,006 | |
Charge-offs | (72) | (505) | (934) | ||
Recoveries | 5 | 9 | 48 | 11 | |
Provision for loan and lease losses | 237 | 209 | 665 | 521 | |
Allowance for Loan Losses, Ending Balance | 4,133 | 3,604 | 4,133 | 3,604 | |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 1,531 | 1,162 | 1,531 | 1,162 | 1,382 |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 2,602 | 2,442 | 2,602 | 2,442 | 2,543 |
Loans receivables, Ending Balance | 350,747 | 294,803 | 350,747 | 294,803 | 297,357 |
Loans receivables: Ending balance: individually evaluated for impairment | 6,324 | 8,921 | 6,324 | 8,921 | 8,925 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 343,496 | 285,882 | 343,496 | 285,882 | 288,432 |
Commercial real estate [Member] | Construction Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan and lease losses, Beginning Balance | 40 | $ 19 | 33 | 9 | |
Charge-offs | |||||
Recoveries | |||||
Provision for loan and lease losses | 86 | 93 | 10 | ||
Allowance for Loan Losses, Ending Balance | 126 | $ 19 | 126 | 19 | |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 126 | 19 | 126 | 19 | 33 |
Loans receivables, Ending Balance | 68,952 | 55,189 | 68,952 | 55,189 | 56,076 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 68,952 | 55,189 | 68,952 | 55,189 | 56,076 |
Leasing Financing [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan and lease losses, Beginning Balance | 2 | $ 1 | 2 | ||
Charge-offs | |||||
Recoveries | |||||
Provision for loan and lease losses | (1) | (1) | 1 | ||
Allowance for Loan Losses, Ending Balance | 1 | $ 1 | 1 | 1 | |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 1 | 1 | 1 | 1 | 2 |
Loans receivables, Ending Balance | 804 | 1,215 | 804 | 1,215 | 1,121 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 804 | 1,215 | 804 | 1,215 | 1,121 |
Residential Portfolio [Member] | Residential Mortgage [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan and lease losses, Beginning Balance | 481 | 592 | 450 | 581 | |
Charge-offs | (34) | (47) | (35) | (133) | |
Recoveries | 23 | 23 | |||
Provision for loan and lease losses | 33 | (39) | 65 | 58 | |
Allowance for Loan Losses, Ending Balance | 503 | 506 | 503 | 506 | |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 23 | 23 | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 480 | 506 | 480 | 506 | 450 |
Loans receivables, Ending Balance | 101,085 | 68,450 | 101,085 | 68,450 | 66,442 |
Loans receivables: Ending balance: individually evaluated for impairment | 801 | 877 | 801 | 877 | 1,146 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 99,865 | 67,573 | 99,865 | 67,573 | 65,296 |
Consumer [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan and lease losses, Beginning Balance | 40 | 63 | 35 | 72 | |
Charge-offs | (2) | (5) | (13) | (31) | |
Recoveries | 3 | 14 | 12 | 55 | |
Provision for loan and lease losses | (7) | (10) | (34) | ||
Allowance for Loan Losses, Ending Balance | 34 | 62 | 34 | 62 | |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 34 | 62 | 34 | 62 | 35 |
Loans receivables, Ending Balance | 2,911 | 4,046 | 2,911 | 4,046 | 3,021 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 2,911 | 4,046 | 2,911 | 4,046 | 3,021 |
Consumer [Member] | Home Equity Loan [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan and lease losses, Beginning Balance | 611 | 483 | 653 | 441 | |
Charge-offs | (7) | (36) | (43) | ||
Recoveries | 1 | 29 | 1 | ||
Provision for loan and lease losses | 22 | 189 | (20) | 274 | |
Allowance for Loan Losses, Ending Balance | 626 | 673 | 626 | 673 | |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 129 | 8 | 129 | 8 | 115 |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 497 | 665 | 497 | 665 | 538 |
Loans receivables, Ending Balance | 33,165 | 27,895 | 33,165 | 27,895 | 28,506 |
Loans receivables: Ending balance: individually evaluated for impairment | 185 | 141 | 185 | 141 | 240 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 32,980 | 27,754 | 32,980 | 27,754 | 28,266 |
Unallocated [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan and lease losses, Beginning Balance | 38 | 173 | 225 | 21 | |
Provision for loan and lease losses | (38) | 55 | (225) | 207 | |
Allowance for Loan Losses, Ending Balance | 228 | 228 | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | $ 228 | $ 228 | $ 225 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans receivables, Ending Balance | 1,346 | 1,346 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial real estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans receivables, Ending Balance | 927 | 927 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Portfolio [Member] | Residential Mortgage [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans receivables, Ending Balance | $ 419 | $ 419 |
Loans and Allowance for Loan 50
Loans and Allowance for Loan and Lease Losses (Troubled Debt Restructurings) (Details) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($)contract | Dec. 31, 2014USD ($) | |
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | $ 6,311,000 | $ 8,746,000 | |
Entity Loan Modification Program [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 8,301,000 | 12,182,000 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 7,320,000 | 10,382,000 | |
Financing Receivable, Modifications, Recorded Investment | 6,311,000 | 8,746,000 | |
New Loans Modified [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | contract | 5 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 1,825,000 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 1,447,000 | ||
Financing Receivable, Modifications, Recorded Investment | $ 1,417,000 | ||
Commercial and industrial [Member] | Industrial Property [Member] | Entity Loan Modification Program [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 40,000 | 40,000 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 35,000 | 35,000 | |
Financing Receivable, Modifications, Recorded Investment | 15,000 | 23,000 | |
Commercial real estate [Member] | Entity Loan Modification Program [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 7,528,000 | 11,189,000 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 6,558,000 | 9,443,000 | |
Financing Receivable, Modifications, Recorded Investment | 5,726,000 | 8,005,000 | |
Commercial real estate [Member] | New Loans Modified [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | contract | 2 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 1,057,000 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 757,000 | ||
Financing Receivable, Modifications, Recorded Investment | $ 742,000 | ||
Residential Portfolio [Member] | Residential Mortgage [Member] | Entity Loan Modification Program [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 733,000 | 903,000 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 727,000 | 897,000 | |
Financing Receivable, Modifications, Recorded Investment | $ 570,000 | 713,000 | |
Residential Portfolio [Member] | Residential Mortgage [Member] | New Loans Modified [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | contract | 2 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 718,000 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 683,000 | ||
Financing Receivable, Modifications, Recorded Investment | $ 669,000 | ||
Consumer [Member] | Home Equity Loan [Member] | Entity Loan Modification Program [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 50,000 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 7,000 | ||
Financing Receivable, Modifications, Recorded Investment | $ 5,000 | ||
Consumer [Member] | Home Equity Loan [Member] | New Loans Modified [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 50,000 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 7,000 | ||
Financing Receivable, Modifications, Recorded Investment | $ 6,000 |
Loans and Allowance for Loan 51
Loans and Allowance for Loan and Lease Losses (Schedule of Accretion of Purchase Impaired Loan) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Loans and Allowance for Loan and Lease Losses [Abstract] | ||
Accretable yield, beginning balance | $ 286 | |
Acquisition of impaired loans | $ 458 | |
Accretable yield amortized to interest income | (72) | (244) |
Accretable yield, ending balance | $ 214 | $ 214 |
Fair Value Measurement (Assets
Fair Value Measurement (Assets Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 133,696 | $ 141,634 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 1,195 | 561 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 132,501 | 141,073 |
U.S. Treasury and U.S. government agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 27,342 | 27,066 |
U.S. Treasury and U.S. government agencies [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 27,342 | 27,066 |
Mortgage-backed U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 36,189 | 33,776 |
Mortgage-backed U.S. Government Agencies [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 36,189 | 33,776 |
State and municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 66,882 | 79,171 |
State and municipal [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 66,882 | 79,171 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 3,283 | 1,621 |
Equity Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 1,195 | 561 |
Equity Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 2,088 | $ 1,060 |
Fair Value Measurement (Fair Va
Fair Value Measurement (Fair Value Measurements, Nonrecurring) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Impaired Loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 4,476 | $ 6,664 |
Foreclosed Assets Held for Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 205 | 142 |
Mortgage Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 182 | 187 |
Level 3 [Member] | Impaired Loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 4,476 | 6,664 |
Level 3 [Member] | Foreclosed Assets Held for Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 205 | 142 |
Level 3 [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 182 | $ 187 |
Fair Value Measurement (Fair 54
Fair Value Measurement (Fair Value Inputs, Assets, Quantitative Information) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | ||
Impaired Loan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | $ 4,476 | $ 6,664 | |
Fair Value Measurements, Valuation Techniques | [1] | Appraisal of collateral | |
Fair Value Disclosure, Unbservable Input Range | [2] | Appraisal adjustments | |
Impaired Loan [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | $ 4,476 | 6,664 | |
Foreclosed Assets Held for Sale [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | $ 205 | 142 | |
Fair Value Measurements, Valuation Techniques | [1],[3] | Appraisal of collateral | |
Fair Value Disclosure, Unbservable Input Range | [2] | Appraisal adjustments | |
Foreclosed Assets Held for Sale [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | $ 205 | 142 | |
Mortgage Servicing Rights [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | $ 182 | 187 | |
Fair Value Measurements, Valuation Techniques | Multiple of annual service fee | ||
Fair Value Disclosure, Unbservable Input Range | Estimated prepayment speed based on rate and term | ||
Mortgage Servicing Rights [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | $ 182 | $ 187 | |
Unobservable Input - Appraisal Adjustments [Member] | Minimum [Member] | Impaired Loan [Member] | Appraisal of Collateral [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Discount Rate | 10.00% | 10.00% | |
Unobservable Input - Appraisal Adjustments [Member] | Minimum [Member] | Foreclosed Assets Held for Sale [Member] | Appraisal of Collateral [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Discount Rate | 27.00% | 15.00% | |
Unobservable Input - Appraisal Adjustments [Member] | Maximum [Member] | Impaired Loan [Member] | Appraisal of Collateral [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Discount Rate | 50.00% | 95.00% | |
Unobservable Input - Appraisal Adjustments [Member] | Maximum [Member] | Foreclosed Assets Held for Sale [Member] | Appraisal of Collateral [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Discount Rate | 59.00% | 40.00% | |
Unobservable Input - Appraisal Adjustments [Member] | Weighted Average [Member] | Impaired Loan [Member] | Appraisal of Collateral [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Discount Rate | 29.00% | 32.00% | |
Unobservable Input - Appraisal Adjustments [Member] | Weighted Average [Member] | Foreclosed Assets Held for Sale [Member] | Appraisal of Collateral [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Discount Rate | 33.00% | 27.00% | |
Unobservable Input Estimated Prepayment Speed [Member] | Minimum [Member] | Mortgage Servicing Rights [Member] | Multiple of Annual Service [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Prepayment Rate | 240.00% | 210.00% | |
Unobservable Input Estimated Prepayment Speed [Member] | Maximum [Member] | Mortgage Servicing Rights [Member] | Multiple of Annual Service [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Prepayment Rate | 400.00% | 400.00% | |
Unobservable Input Estimated Prepayment Speed [Member] | Weighted Average [Member] | Mortgage Servicing Rights [Member] | Multiple of Annual Service [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Prepayment Rate | 352.00% | 353.00% | |
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally includes various level 3 inputs which are not observable. | ||
[2] | Appraisals may be adjusted downward by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. Higher downward adjustments are caused by negative changes to the collateral or conditions in the real estate market, actual offers or sales contracts received, or age of the appraisal. | ||
[3] | Includes qualitative adjustments by management and estimated liquidation expenses. |
Fair Value Measurement (Fair 55
Fair Value Measurement (Fair Value, by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets: Cash and cash equivalents | $ 19,234 | $ 9,882 |
Financial Assets: Interest-bearing time balances with other financial institutions | 5,313 | 5,772 |
Available-for-sale Securities | 133,696 | 141,634 |
Financial Assets: Net loans and leases | 720,133 | 572,487 |
Financial Assets: Restricted investment in bank stocks | 3,919 | 3,181 |
Financial Assets: Accrued interest receivable | 3,415 | 3,058 |
Financial Assets: Mortgage servicing rights | 171 | 187 |
Financial Liabilities: Deposits | 776,679 | 639,226 |
Financial Liabilities: Short-term borrowings | 5,712 | 578 |
Financial Liabilities: Long-term debt | 50,581 | 52,514 |
Financial Liabilities: Accrued interest payable | 605 | 349 |
Financial Assets: Cash and cash equivalents, Carrying Value | 19,234 | 9,882 |
Financial Assets: Interest bearing time balances with other financial institutions, Carrying Value | 5,313 | 5,772 |
Financial Assets: Net loans and leases, Carrying Value | 712,101 | 564,817 |
Financial Assets: Restricted investment in bank stocks, Carrying Value | 3,919 | 3,181 |
Financial Assets: Acrued interest receivable, Carrying Value | 3,415 | 3,058 |
Financial Assets: Mortgage Servicing Rights, Carrying Value | 171 | 187 |
Financial Liabilities: Deposits, Carrying Value | 775,150 | 637,922 |
Financial Liabilities: Short-term borrowings, Carrying Value | 5,712 | 578 |
Financial Liabilities: Long-term debt, Carrying Value | 51,363 | 52,961 |
Financial Liabilities: Accrued interest payable, Carrying Value | 605 | 349 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 1,195 | 561 |
Financial Assets: Net loans and leases | ||
Financial Liabilities: Deposits | ||
Financial Liabilities: Long-term debt | ||
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 132,501 | 141,073 |
Financial Assets: Net loans and leases | ||
Financial Liabilities: Deposits | $ 776,679 | 639,226 |
Financial Liabilities: Long-term debt | 50,581 | 52,514 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Assets: Net loans and leases | $ 720,133 | 572,487 |
Financial Liabilities: Deposits | ||
Financial Liabilities: Long-term debt | ||
Commitments to Extend Credit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Off-balance sheet financial instruments | $ 0 | 0 |
Off-balance sheet financial instruments, Carrying Value | 0 | 0 |
Standby Letters of Credit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Off-balance sheet financial instruments | 0 | 0 |
Off-balance sheet financial instruments, Carrying Value | $ 0 | $ 0 |
Guarantees (Narrative) (Details
Guarantees (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Standby Letters of Credit [Member] | ||
Guarantor Obligations [Line Items] | ||
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | $ 14,604 | $ 9,837 |
Defined Benefit Plans (Net Peri
Defined Benefit Plans (Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | $ 8 | $ 8 | $ 25 | $ 25 |
Interest Cost | 11 | 13 | 34 | 38 |
Amortization of prior service cost | 4 | 6 | 11 | 15 |
Net periodic postretirement benefit cost | 23 | 27 | 70 | 78 |
Other Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | 3 | 3 | 9 | 10 |
Interest Cost | 8 | 9 | 24 | 28 |
Amortization of prior service cost | 1 | 1 | ||
Net periodic postretirement benefit cost | $ 11 | $ 13 | $ 33 | $ 39 |
Accumulated Other Comprehensi58
Accumulated Other Comprehensive Income (Accumulated Other Comprehensive Income, Net of Taxes) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Accumulated Other Comprehensive Income [Abstract] | ||
Unrealized (Loss) Gains on Securities | $ 1,546 | $ 1,626 |
Defined Benefit Plan Liability | (106) | (113) |
Accumulated Other Comprehensive Income | $ 1,440 | $ 1,513 |
Common Stock (Details)
Common Stock (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | May. 06, 2014 | |
Class of Stock [Line Items] | |||
Stock isued during period, shares, restricted stock award, net of forfeitures | 875 | ||
2014 Restricted Stock Plan [Member] | |||
Class of Stock [Line Items] | |||
Shares authorized per plan | 100,000 | ||
Shares granted | 8,975 | ||
Allocated share-based compensation expense | $ 19,000 | $ 0 |
Preferred Stock (Small Business
Preferred Stock (Small Business Lending Fund) (Narrative) (Details) - $ / shares | 9 Months Ended | ||
Sep. 30, 2015 | Mar. 01, 2015 | Dec. 31, 2014 | |
Preferred Stock [Member] | Phoenix Bancorp Inc. [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Shares Issued | 1,750 | ||
Series C Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Shares Issued | 1,750 | 1,750 | 0 |
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 | |
Preferred Stock, Dividend Rate, Percentage | 1.00% | ||
Preferred stock percentage of liquidation preference. | 100.00% | ||
Preferred stock liquidation incremental percentage | 25.00% | ||
Preferred stock liquidation percentage of less than 25% of original issued shares | 100.00% | ||
Series C Preferred Stock [Member] | Scenario, Plan [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Dividend Rate, Percentage | 9.00% | ||
Series C Preferred Stock [Member] | Phoenix Bancorp Inc. [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Shares Issued | 1,750 | ||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 |
Preferred Stock (Stock Issued U
Preferred Stock (Stock Issued Under Private Placement Offering) (Narrative) (Details) - Preferred Class B [Member] - USD ($) | Jan. 03, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2015 | Dec. 31, 2013 | Sep. 30, 2015 |
Shares issued | 120 | 345 | 4,880 | 4,535 | 120 | 5,000 | |
Proceeds from issuance of private placement | $ 5,000,000 | $ 345,000 | $ 4,880,000 | $ 4,535,000 | $ 120,000 | $ 5,000,000 | |
Payments of Stock Issuance Costs | $ 50,000 | ||||||
Preferred Stock, Dividend Rate, Percentage | 7.00% | ||||||
Preferred Stock, Dividend Rate, Per Share Amount | $ 70 | ||||||
Preferred Stock, Dividend Payment Terms | Dividends on any of Series B Preferred Stock are non-cumulative. If and when dividends are declared, they will be paid on February 15, May 15, August 15, and November 15 of each year | ||||||
Preferred stock, redemption price per share | $ 1,020 | $ 1,020 |
Preferred Stock (Proceeds from
Preferred Stock (Proceeds from Private Placement) (Details) - Preferred Class B [Member] - USD ($) | Jan. 03, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2015 |
Shares issued | 120 | 345 | 4,880 | 4,535 | 120 | 5,000 |
Proceeds from issuance of private placement | $ 5,000,000 | $ 345,000 | $ 4,880,000 | $ 4,535,000 | $ 120,000 | $ 5,000,000 |
Earnings per Common Share (Basi
Earnings per Common Share (Basic and Diluted Earnings Per Share Computation) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income | $ 1,894 | $ 1,595 | $ 4,901 | $ 4,813 |
Net income available to common shareholders | $ 1,802 | $ 1,507 | $ 4,630 | $ 4,550 |
Weighted average common shares outstanding | 4,224,040 | 3,496,063 | 4,066,384 | 3,495,293 |
Basic earnings per common share | $ 0.43 | $ 0.43 | $ 1.14 | $ 1.30 |
Series B Preferred Stock [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Dividends on preferred stock | $ 88 | $ 88 | $ 263 | $ 263 |
Series C Preferred Stock [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Dividends on preferred stock | $ 4 | $ 8 |
Subsequent Event (Narrative) (D
Subsequent Event (Narrative) (Details) - USD ($) | Nov. 09, 2015 | Dec. 09, 2015 |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Preferred stock, per share amounts of preferred dividends in arrears | $ 1,020 | |
Subordinated Debt [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Debt instrument, face amount | $ 7,500,000 | |
Debt instrument, interest rate, effective percentage | 5.15% | |
Debt instrument interest to loan balance benchmark | 4.00% | |
Debt instrument, maturity date | Dec. 9, 2025 | |
Debt instrument, call date, earliest | Dec. 9, 2020 | |
Debt instrument, call date, latest | Dec. 9, 2025 | |
Subordinated Debt [Member] | Subsequent Event [Member] | WSJ Prime Rate [Member] | ||
Subsequent Event [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
Scenario, Plan [Member] | ||
Subsequent Event [Line Items] | ||
Preferred stock, redemption price per share | $ 1,024.67 |