Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 01, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | CSB BANCORP INC /OH | |
Trading Symbol | CSBB | |
Entity Central Index Key | 0000880417 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Shares, $6.25 par value | |
Security Exchange Name | NONE | |
Entity Common Stock, Shares Outstanding | 2,742,350 | |
Entity File Number | 0-21714 | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 34-1687530 | |
Entity Address, Address Line One | 91 North Clay Street | |
Entity Address, Address Line Two | P.O. Box 232 | |
Entity Address, City or Town | Millersburg | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44654 | |
City Area Code | 330 | |
Local Phone Number | 674-9015 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | ||
Cash and due from banks | $ 17,259 | $ 17,648 |
Interest-earning deposits in other banks | 156,566 | 84,369 |
Total cash and cash equivalents | 173,825 | 102,017 |
Securities | ||
Available-for-sale, at fair value | 103,202 | 112,146 |
Held-to-maturity (fair value 2020-$11,120; 2019-13,950) | 10,871 | 13,869 |
Equity securities | 83 | 92 |
Restricted stock, at cost | 4,614 | 4,614 |
Total securities | 118,770 | 130,721 |
Loans held for sale | 1,678 | 622 |
Loans | 636,799 | 551,633 |
Less allowance for loan losses | 7,835 | 7,017 |
Net loans | 628,964 | 544,616 |
Premises and equipment, net | 12,593 | 12,040 |
Core deposit intangible | 74 | 104 |
Goodwill | 4,728 | 4,728 |
Bank-owned life insurance | 19,153 | 18,894 |
Accrued interest receivable and other assets | 5,394 | 4,941 |
TOTAL ASSETS | 965,179 | 818,683 |
Deposits | ||
Noninterest-bearing | 254,868 | 197,780 |
Interest-bearing | 561,093 | 485,766 |
Total deposits | 815,961 | 683,546 |
Short-term borrowings | 43,865 | 38,889 |
Other borrowings | 9,865 | 6,330 |
Accrued interest payable and other liabilities | 5,521 | 4,442 |
Total liabilities | 875,212 | 733,207 |
SHAREHOLDERS' EQUITY | ||
Common stock, $6.25 par value. Authorized 9,000,000 shares; issued 2,980,602 shares; outstanding 2,742,350 shares 2020 and 2019 | 18,629 | 18,629 |
Additional paid-in capital | 9,815 | 9,815 |
Retained earnings | 65,293 | 61,740 |
Treasury stock at cost: 238,252 shares 2020 and 2019 | (4,780) | (4,780) |
Accumulated other comprehensive income | 1,010 | 72 |
Total shareholders' equity | 89,967 | 85,476 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 965,179 | $ 818,683 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Held-to-maturity, fair value | $ 11,120 | $ 13,950 |
Common stock, par value | $ 6.25 | $ 6.25 |
Common stock, authorized shares | 9,000,000 | 9,000,000 |
Common stock, shares issued | 2,980,602 | 2,980,602 |
Common stock, shares outstanding | 2,742,350 | 2,742,350 |
Treasury stock, at cost | 238,252 | 238,252 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
INTEREST AND DIVIDEND INCOME | ||||
Loans, including fees | $ 7,105 | $ 7,185 | $ 13,955 | $ 14,257 |
Taxable securities | 470 | 584 | 1,090 | 1,171 |
Nontaxable securities | 125 | 134 | 233 | 268 |
Other | 31 | 218 | 270 | 393 |
Total interest and dividend income | 7,731 | 8,121 | 15,548 | 16,089 |
INTEREST EXPENSE | ||||
Deposits | 673 | 921 | 1,504 | 1,746 |
Short-term borrowings | 16 | 93 | 60 | 186 |
Other borrowings | 30 | 36 | 56 | 75 |
Total interest expense | 719 | 1,050 | 1,620 | 2,007 |
NET INTEREST INCOME | 7,012 | 7,071 | 13,928 | 14,082 |
Provision for loan losses | 717 | 285 | 895 | 570 |
Net interest income, after provision for loan losses | 6,295 | 6,786 | 13,033 | 13,512 |
NON INTEREST INCOME | ||||
Gain on sale of loans, net | 508 | 76 | 622 | 155 |
Earnings on bank owned life insurance | 131 | 122 | 259 | 205 |
Unrealized gain or (loss) on equity securities, net | 4 | (2) | (9) | 4 |
Other income | 191 | 223 | 408 | 416 |
Total noninterest income | 1,641 | 1,313 | 2,984 | 2,537 |
NON INTEREST EXPENSES | ||||
Salaries and employee benefits | 2,676 | 2,915 | 5,644 | 5,757 |
Occupancy expense | 244 | 205 | 464 | 409 |
Equipment expense | 198 | 143 | 333 | 280 |
Professional and director fees | 282 | 308 | 611 | 647 |
Financial institutions and franchise tax expense | 171 | 153 | 342 | 306 |
Marketing and public relations | 65 | 139 | 193 | 256 |
Software expense | 259 | 232 | 485 | 450 |
Debit card expense | 146 | 132 | 286 | 259 |
Amortization of intangible assets | 15 | 16 | 30 | 32 |
FDIC insurance expense | 12 | 48 | 12 | 98 |
Other expenses | 641 | 609 | 1,316 | 1,197 |
Total noninterest expenses | 4,709 | 4,900 | 9,716 | 9,691 |
Income before income taxes | 3,227 | 3,199 | 6,301 | 6,358 |
FEDERAL INCOME TAX PROVISION | 621 | 613 | 1,212 | 1,232 |
NET INCOME | $ 2,606 | $ 2,586 | $ 5,089 | $ 5,126 |
Basic and diluted net earnings per share | $ 0.95 | $ 0.94 | $ 1.86 | $ 1.87 |
Deposit Account [Member] | ||||
NON INTEREST INCOME | ||||
Noninterest income | $ 211 | $ 313 | $ 501 | $ 605 |
Fiduciary and Trust [Member] | ||||
NON INTEREST INCOME | ||||
Noninterest income | 196 | 212 | 427 | 436 |
Debit Card [Member] | ||||
NON INTEREST INCOME | ||||
Noninterest income | $ 400 | $ 369 | $ 776 | $ 716 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 2,606 | $ 2,586 | $ 5,089 | $ 5,126 |
Other comprehensive income | ||||
Unrealized gains arising during the period | 617 | 762 | 1,157 | 1,511 |
Amortization of discount on securities transferred to held-to-maturity | 16 | 15 | 30 | 30 |
Income tax effect | (133) | (163) | (249) | (323) |
Other comprehensive income | 500 | 614 | 938 | 1,218 |
Total comprehensive income | $ 3,106 | $ 3,200 | $ 6,027 | $ 6,344 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance, beginning of period at Dec. 31, 2018 | $ 76,536 | $ 18,629 | $ 9,815 | $ 54,288 | $ (4,784) | $ (1,412) |
Net income | 5,126 | 5,126 | ||||
Other comprehensive income | 1,218 | 1,218 | ||||
Issuance of 108 treasury shares | 4 | 4 | ||||
Cash dividends declared | (1,426) | (1,426) | ||||
Balance, end of period at Jun. 30, 2019 | 81,458 | 18,629 | 9,815 | 57,988 | (4,780) | (194) |
Balance, beginning of period at Mar. 31, 2019 | 78,967 | 18,629 | 9,815 | 56,115 | (4,784) | (808) |
Net income | 2,586 | 2,586 | ||||
Other comprehensive income | 614 | 614 | ||||
Issuance of 108 treasury shares | 4 | 4 | ||||
Cash dividends declared | (713) | (713) | ||||
Balance, end of period at Jun. 30, 2019 | 81,458 | 18,629 | 9,815 | 57,988 | (4,780) | (194) |
Balance, beginning of period at Dec. 31, 2019 | 85,476 | 18,629 | 9,815 | 61,740 | (4,780) | 72 |
Net income | 5,089 | 5,089 | ||||
Other comprehensive income | 938 | 938 | ||||
Cash dividends declared | (1,536) | (1,536) | ||||
Balance, end of period at Jun. 30, 2020 | 89,967 | 18,629 | 9,815 | 65,293 | (4,780) | 1,010 |
Balance, beginning of period at Mar. 31, 2020 | 87,629 | 18,629 | 9,815 | 63,455 | (4,780) | 510 |
Net income | 2,606 | 2,606 | ||||
Other comprehensive income | 500 | 500 | ||||
Cash dividends declared | (768) | (768) | ||||
Balance, end of period at Jun. 30, 2020 | $ 89,967 | $ 18,629 | $ 9,815 | $ 65,293 | $ (4,780) | $ 1,010 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Stockholders Equity [Abstract] | ||||
Cash dividends declared per share | $ 0.28 | $ 0.26 | $ 0.56 | $ 0.52 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Cash Flows [Abstract] | ||
NET CASH FROM OPERATING ACTIVITIES | $ 7,635 | $ 4,500 |
Securities: | ||
Proceeds from repayments, available-for-sale | 25,028 | 6,268 |
Proceeds from repayments, held-to-maturity | 6,437 | 1,045 |
Purchases, available-for-sale | (15,272) | (5,705) |
Purchases, held-to-maturity | (3,425) | |
Loan originations, net of repayments | (87,808) | (1,587) |
Proceeds from sale of equipment | 24 | |
Property, equipment, and software acquisitions | (969) | (2,039) |
Purchase of bank-owned life insurance | (3,000) | |
Net cash used in investing activities | (75,985) | (5,018) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net change in deposits | 132,415 | 16,830 |
Net change in short-term borrowings | 4,976 | (1,941) |
Proceeds from other borrowings | 5,000 | |
Repayment of other borrowings | (1,465) | (1,949) |
Cash dividends paid | (768) | (713) |
Issuance of treasury stock | 4 | |
Net cash provided by financing activities | 140,158 | 12,231 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 71,808 | 11,713 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 102,017 | 45,564 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 173,825 | 57,277 |
Cash paid during the year for: | ||
Interest | 1,645 | 1,969 |
Income taxes | 1,475 | |
Noncash financing activities: | ||
Dividends declared | $ 768 | 713 |
Lease adoption: | ||
Right of use lease asset | 450 | |
Lease liability | $ 424 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying condensed consolidated financial statements include the accounts of CSB Bancorp, Inc. and its wholly-owned subsidiaries, The Commercial and Savings Bank (the “Bank”) and CSB Investment Services, LLC (together referred to as the “Company” or “CSB”). All significant intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements have been prepared without audit. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present fairly the Company’s financial position at June 30, 2020, and the results of operations and changes in cash flows for the periods presented have been made. Certain information and footnote disclosures typically included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been omitted. The Annual Report for CSB for the year ended December 31, 2019, contains Consolidated Financial Statements and related footnote disclosures, which should be read in conjunction with the accompanying condensed Consolidated Financial Statements. The results of operations for the periods ended June 30, 2020 are not necessarily indicative of the operating results for the full year or any future interim period. Certain items in the prior-year financial statements were reclassified to conform to the current-year presentation. Such reclassifications had no effect on net income or shareholders’ equity. USE OF ESTIMATES IN PREPARING FINANCIAL STATEMENTS In preparing the Consolidated Financial Statements, in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Consolidated Balance Sheets and reported amounts of revenues and expenses during each reporting period. Actual results could differ from those estimates. The most significant estimates susceptible to change in the near term relate to management’s determination of the allowance for loan losses and the fair value of financial instruments. REVENUE RECOGNITION Management has determined the primary sources of revenue emanating from interest and dividend income on loans and securities along with noninterest revenue resulting from investment security gains, loan servicing, gains on the sale of loans, commitment fees, fees from financial guarantees, certain credit cards fees, and income on bank-owned life insurance are not within the scope of ASC 606. These sources of revenue comprise 89% of the total revenue of the Company. Services within the scope of ASC 606 include income from fiduciary activities, brokerage fees, service charges on deposit accounts, other fee income, ATM fees, interchange fees, and gain on sale of OREO, net. For these accounts, fees are related to specific customer transactions, or attributable to specific performance obligations of the Bank where revenue is recognized at a defined point in time upon completion of the requested service/transaction. C SB BANCORP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS ASU 2016-13 - Financial Instruments - Credit Losses . The Update and all subsequent ASU’s that modified Topic 326, requires that financial assets be presented at the net amount expected to be collected (i.e. net of expected credit losses), eliminating the probable recognition threshold for credit losses on financial assets measured at amortized cost. The measurement of expected credit losses should be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. We expect the Update will result in an increase in the allowance for credit losses for the estimated life of the financial asset, including an estimate for debt securities. The amount of any increase will be impacted by the portfolio composition and quality at the adoption date, as well as economic conditions and forecasts at that time. A cumulative-effect adjustment to retained earnings is required as of the beginning of the year of adoption. The Company expects to recognize a one-time cumulative effect adjustment to the allowance for loan losses, but cannot yet determine the magnitude of any such one-time adjustment or the overall impact of the new guidance on the consolidated financial statements. In November 2019, the FASB deferred the effective date for ASC 326, Financial Instruments – Credit Losses, for smaller reporting companies to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company qualifies as a smaller reporting company and does not expect to early adopt these ASU’s. ASU 2017-04 - Simplifying the Test for Goodwill Impairment. The Update, and all subsequent ASU’s, simplifies the goodwill impairment test. Under the new guidance, Step 2 of the goodwill impairment process that requires an entity to determine the implied fair value of its goodwill by assigning fair value to all its assets and liabilities is eliminated. Instead, the entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The new guidance is effective for annual and interim goodwill tests performed in fiscal years beginning after December 15, 2019. Early adoption is permitted. In November 2019, the FASB deferred the effective date for ASC 350, Intangibles – Goodwill and Other, for smaller reporting companies to fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. This Update is not expected to have a material impact on the Company’s financial statements. C SB BANCORP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) A SU 2018-15 - Intangibles – Goodwill and Other – Internal-Use Software. Intangibles – Goodwill and Other, ASU 2019-12 - Income Taxes. This update simplifies the accounting for income taxes, changes the accounting for certain tax transactions, and makes minor improvements to the codification. This Update provides a policy election to not allocate consolidated income taxes when a member of a consolidated tax return is not subject to income tax and provides guidance to evaluate whether a step-up in tax basis of goodwill relates to a business combination in which book goodwill was recognized as a separate transaction. The Update also changes current guidance for making an intra-period allocation, if there is a loss in continuing operations and gains outside of continuing operations; determining when a deferred tax liability is recognized after an investor in a foreign entity transitions to or from the equity method of accounting; accounting for tax law changes and year-to-date losses in interim periods; and determining how to apply the income tax guidance to franchise taxes that are partially based on income. For public business entities, the amendments in this Update are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2020. This update is not expected to have a significant impact on the Company’s financial statements. ASU 2020-4 – Reference Rate Reform (Topic 848). This update provides temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as Secured Overnight Financing Rate. Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Also, entities can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met, and can make a one-time election to sell and/or reclassify held-to-maturity debt securities that reference an interest rate affected by reference rate reform. The amendments in this ASU are effective for all entities upon issuance through December 31, 2022. This Update is not expected to have a significant impact on the Company’s financial statements. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | Note 2 – SECURITIES Securities consist of the following at June 30, 2020 and December 31, 2019: (Dollars in thousands) Amortized cost Gross unrealized gains Gross unrealized (losses) Fair value June 30, 2020 Available-for-sale U.S. Treasury security $ 999 $ 19 $ — $ 1,018 Mortgage-backed securities of government agencies 74,063 1,362 (211 ) 75,214 Asset-backed securities of government agencies 895 — (64 ) 831 State and political subdivisions 18,828 549 — 19,377 Corporate bonds 6,988 56 (282 ) 6,762 Total available-for-sale 101,773 1,986 (557 ) 103,202 Held-to-maturity Mortgage-backed securities of government agencies 7,446 264 (15 ) 7,695 State and political subdivisions 3,425 — — 3,425 Total held-to-maturity 10,871 264 (15 ) 11,120 Equity securities 53 30 — 83 Restricted stock 4,614 — — 4,614 Total securities $ 117,311 $ 2,280 $ (572 ) $ 119,019 December 31, 2019 Available-for-sale U.S. Treasury security $ 998 $ 1 $ — $ 999 U.S. Government agencies 5,500 — (4 ) 5,496 Mortgage-backed securities of government agencies 75,676 326 (145 ) 75,857 Asset-backed securities of government agencies 934 — (17 ) 917 State and political subdivisions 21,161 351 (1 ) 21,511 Corporate bonds 7,605 23 (262 ) 7,366 Total available-for-sale 111,874 701 (429 ) 112,146 Held-to-maturity U.S. Government agencies 4,999 — (6 ) 4,993 Mortgage-backed securities of government agencies 8,870 143 (56 ) 8,957 Total held-to-maturity 13,869 143 (62 ) 13,950 Equity securities 53 39 — 92 Restricted stock 4,614 — — 4,614 Total securities $ 130,410 $ 883 $ (491 ) $ 130,802 The amortized cost and fair value of debt securities at June 30, 2020, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. (Dollars in thousands) Amortized cost Fair value Available-for-sale Due in one year or less $ 3,679 $ 3,722 Due after one through five years 10,258 10,394 Due after five through ten years 16,003 16,293 Due after ten years 71,833 72,793 Total debt securities available-for-sale $ 101,773 $ 103,202 Held-to-maturity Due in one year or less $ 3,425 $ 3,425 Due after ten years 7,446 7,695 Total debt securities held-to-maturity $ 10,871 $ 11,120 Securities with a fair value of approximately $89.6 million and $80.3 million were pledged at June 30, 2020 and December 31, 2019, respectively, to secure public deposits, as well as other deposits and borrowings as required or permitted by law. Restricted stock primarily consists of investments in Federal Home Loan Bank of Cincinnati (FHLB) and Federal Reserve Bank stock. The Bank’s investment in FHLB stock amounted to approximately $4.1 million at June 30, 2020 and December 31, 2019. Federal Reserve Bank stock was $471 thousand at June 30, 2020 and December 31, 2019. There were no proceeds from sales of securities for the six month periods ending June 30, 2020 and 2019. All gains and losses recognized on equity securities during the six month periods were unrealized. The following table presents gross unrealized losses and fair value of securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2020 and December 31, 2019: Securities in a continuous unrealized loss position Less than 12 months 12 months or more Total (Dollars in thousands) Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value June 30, 2020 Available-for-sale Mortgage-backed securities of government agencies $ (197 ) $ 21,770 $ (14 ) $ 1,672 $ (211 ) $ 23,442 Asset-backed securities of government agencies — — (64 ) 831 (64 ) 831 Corporate bonds — — (282 ) 3,695 (282 ) 3,695 Held-to-maturity Mortgage-backed securities of government agencies (15 ) 2,076 — — (15 ) 2,076 Total temporarily impaired securities $ (212 ) $ 23,846 $ (360 ) $ 6,198 $ (572 ) $ 30,044 December 31, 2019 Available-for-sale U.S. Government agencies $ — $ — $ (4 ) $ 3,496 $ (4 ) $ 3,496 Mortgage-backed securities of government agencies (74 ) 22,702 (71 ) 8,924 (145 ) 31,626 Asset-backed securities of government agencies — — (17 ) 917 (17 ) 917 State and political subdivisions — — (1 ) 653 (1 ) 653 Corporate bonds — — (262 ) 3,712 (262 ) 3,712 Held-to-maturity U.S. Government agencies — — (6 ) 4,993 (6 ) 4,993 Mortgage-backed securities of government agencies — — (56 ) 3,009 (56 ) 3,009 Total temporarily impaired securities $ (74 ) $ 22,702 $ (417 ) $ 25,704 $ (491 ) $ 48,406 There were twenty-three securities in an unrealized loss position at June 30, 2020, nine of which were in a continuous loss position for twelve months or more. At least quarterly, the Company conducts a comprehensive security-level impairment assessment. The assessments are based on the nature of the securities, the extent and duration of the securities in an unrealized loss position, the extent and duration of the loss and management’s intent to sell or if it is more likely than not that management will be required to sell a security before recovery of its amortized cost basis, which may be maturity. Management believes the Company will fully recover the cost of these securities. It does not intend to sell these securities and likely will not be required to sell them before the anticipated recovery of the remaining amortized cost basis, which may be maturity. As a result, management concluded that these securities were not other-than-temporarily impaired at June 30, 2020. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Loans | NOTE 3 – LOANS Loans consist of the following: (Dollars in thousands) June 30, 2020 December 31, 2019 Commercial $ 215,139 $ 137,114 Commercial real estate 198,948 196,748 Residential real estate 177,799 174,259 Construction & land development 28,123 23,960 Consumer 18,851 19,052 Total loans before deferred costs 638,860 551,133 Deferred loan (fees) costs (2,061 ) 500 Total Loans $ 636,799 $ 551,633 Loan Origination/Risk Management The Company has certain lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. Management reviews and approves these policies and procedures on a regular basis. A reporting system supplements the review process by providing management with frequent reports related to loan production, loan quality, concentrations of credit, loan delinquencies and non-performing and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions. Commercial loans are underwritten after evaluating and understanding the borrower’s ability to operate profitably and prudently expand its business. Underwriting standards are designed to promote relationship banking rather than transactional banking. The Company’s management examines current and occasionally projected cash flows to determine the ability of the borrower to repay their obligations as agreed. Commercial loans are primarily made based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers; however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee; however, some short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers. Commercial real estate loans are subject to underwriting standards and processes similar to commercial loans, in addition to those of real estate loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be adversely affected by conditions in the real estate markets or in the general economy. The properties securing the Company’s commercial real estate portfolio are diverse in terms of type. This diversity helps reduce the Company’s exposure to adverse economic events that affect any single industry. Management monitors and evaluates commercial real estate loans based on collateral, geography, and risk grade criteria. In addition, management tracks the level of owner-occupied commercial real estate loans versus non-owner occupied loan With respect to loans to developers and builders that are secured by non-owner occupied properties, the Company generally requires the borrower to have had an existing relationship with the Company and have a proven record of success. Construction and land development loans are underwritten utilizing independent appraisal reviews, sensitivity analysis of absorption and lease rates, and financial analysis of the developers and property owners. Construction and land development loans are generally based upon estimates of costs and value associated with the completed project. These estimates may be inaccurate. Construction and land development loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project. Sources o f repayment for these types of loans may be pre-committed permanent loans from approved long-term lenders, sales of d eveloped property , or an interim loan commitment from the Company until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risk than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, general economic conditions , and the availability of long-term financing. The Company originates consumer loans utilizing a judgmental underwriting process. To monitor and manage consumer loan risk, policies and procedures are developed and modified, as needed, jointly by line and staff personnel. This activity, coupled with relatively small loan amounts that are spread across many individual borrowers, mitigates risk. The Company maintains an independent loan review department that reviews and validates the credit risk program on a periodic basis. Results of these reviews are presented to management. The loan review process complements and reinforces the risk identification and assessment decisions made by lenders and credit personnel, as well as the Company’s policies and procedures. Loans serviced for others approximated $96.7 million and $95.7 million at June 30, 2020 and December 31, 2019, respectively. Paycheck Protection Program The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, was signed into law on March 27, 2020 and provides over $2 trillion in economic relief to individuals and businesses impacted by the COVID-19 pandemic. The CARES Act authorized the Small Business Administration (“SBA”) to temporarily guarantee loans under a new 7(a) loan program called the Paycheck Protection Program (“PPP”). As a qualified SBA lender, the Company was automatically authorized to originate PPP loans. The PPP provides loans to small businesses who were affected by economic conditions as a result of COVID-19 to provide cash flow assistance to employers who maintain their payroll (including healthcare and certain related expenses), mortgage interest, rent, leases, utilities and interest on existing debt during the COVID-19 emergency. As of June 30, 2020, the Company had 752 PPP loans with outstanding principal balances of $91.1 million. The PPP loans are 100% guaranteed by the SBA and may be eligible for forgiveness by the SBA to the extent that the proceeds are used to cover eligible payroll costs, interest costs, rent, and utility costs over a period of up to 24 weeks after the loan is made as long as certain conditions are met regarding employee retention and compensation levels. PPP loans deemed eligible for forgiveness by the SBA will be repaid by the In accordance with the SBA terms and conditions on these PPP loans, the Company received approximately $3.2 million in fees associated with the processing of these loans. Concentrations of Credit Nearly all of the Company’s lending activity occurs within the state of Ohio, including the four counties of Holmes, Stark, Tuscarawas and Wayne, as well as other markets. The majority of the Company’s loan portfolio consists of commercial and commercial real estate loans. As of June 30, 2020 and December 31, 2019, there were no concentrations of loans related to any single industry. The Company has identified industries that could be at a higher risk due to the COVID-19 pandemic. As of June 30, 2020 the total balance of loans to COVID-19 affected businesses was $36.2 million, with $31.6 million in loans to businesses in the hotel industry. Allowance for Loan Losses The following tables detail activity in the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2020 and 2019. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. For the three and six month periods ended June 30, 2020 the decrease in the provision for loan losses for commercial loans and the increase for commercial real estate loans was due to the reallocation of allowance related to loans affected by the COVID-19 pandemic. The increase in all other categories is primarily related to the slowing economy and the continuing elevated unemployment rates associated with the pandemic. The decrease in the provision for loan losses for the six months ended June 30, 2019 for commercial loans was primarily due to a recovery related to one loan relationship which contributed to declining historical losses of loans in this category. The decrease in the provision related to construction and land development loans and the increase for commercial real estate loans was primarily due to the change in loan balances as construction projects were completed and transferred to permanent financing. The increase in the provision for consumer loans was related to increasing charge-offs as well as an increase in historical losses partially offset by lower delinquencies. S ummary of Allowance for Loan Losses (Dollars in thousands) Commercial Commercial Real Estate Residential Real Estate Construction & Land Development Consumer Unallocated Total Three months ended June 30, 2020 Beginning balance $ 2,609 $ 2,300 $ 1,347 $ 255 $ 518 $ 91 $ 7,120 Provision for loan losses (343 ) 480 237 82 2 259 717 Charge-offs (4 ) — — — (12 ) (16 ) Recoveries 4 1 1 — 8 14 Net charge-offs — 1 1 — (4 ) (2 ) Ending balance $ 2,266 $ 2,781 $ 1,585 $ 337 $ 516 $ 350 $ 7,835 Six months ended June 30, 2020 Beginning balance $ 2,408 $ 2,153 $ 1,152 $ 203 $ 481 $ 620 $ 7,017 Provision for loan losses (131 ) 627 446 134 89 (270 ) 895 Charge-offs (19 ) — (15 ) — (69 ) (103 ) Recoveries 8 1 2 — 15 26 Net recoveries (11 ) 1 (13 ) — (54 ) (77 ) Ending balance $ 2,266 $ 2,781 $ 1,585 $ 337 $ 516 $ $ 350 $ 7,835 Three months ended June 30, 2019 Beginning balance $ 1,997 $ 1,808 $ 1,222 $ 170 $ 325 $ 765 $ 6,287 Provision for loan losses 277 138 5 (66 ) 46 (115 ) 285 Charge-offs (11 ) — — — (43 ) (54 ) Recoveries 4 — 2 — 13 19 Net (charge-offs) recoveries (7 ) — 2 — (30 ) (35 ) Ending balance $ 2,267 $ 1,946 $ 1,229 $ 104 $ 341 $ 650 $ 6,537 Six months ended June 30, 2019 Beginning balance $ 2,178 $ 1,791 $ 1,245 $ 258 $ 306 $ 129 $ 5,907 Provision for loan losses (62 ) 155 (19 ) (154 ) 129 521 570 Charge-offs (16 ) — — — (108 ) (124 ) Recoveries 167 — 3 — 14 184 Net charge-offs 151 — 3 — (94 ) 60 Ending balance $ 2,267 $ 1,946 $ 1,229 $ 104 $ 341 $ 650 $ 6,537 The following table presents the balance in the allowance for loan losses and the ending loan balances by portfolio class, based on the impairment method as of June 30, 2020 and December 31, 2019: (Dollars in thousands) Commercial Commercial Real Estate Residential Real Estate Construction Consumer Unallocated Total June 30, 2020 Allowance for loan losses: Individually evaluated for impairment $ 6 $ 19 $ 1 $ — $ 7 $ — $ 33 Collectively evaluated for impairment 2,260 2,762 1,584 337 509 350 7,802 Total ending allowance balance $ 2,266 $ 2,781 $ 1,585 $ 337 $ 516 $ 350 $ 7,835 Loans: Loans individually evaluated for impairment $ 2,465 $ 2,596 $ 728 $ — $ 146 $ 5,935 Loans collectively evaluated for impairment 212,674 196,352 177,071 28,123 18,705 632,925 Total ending loans balance $ 215,139 $ 198,948 $ 177,799 $ 28,123 $ 18,851 $ 638,860 December 31, 2019 Allowance for loan losses: Individually evaluated for impairment $ 16 $ 17 $ 1 $ — $ — $ — $ 34 Collectively evaluated for impairment 2,392 2,136 1,151 203 481 620 6,983 Total ending allowance balance $ 2,408 $ 2,153 $ 1,152 $ 203 $ 481 $ 620 $ 7,017 Loans: Loans individually evaluated for impairment $ 2,555 $ 2,637 $ 853 $ — $ 14 $ 6,059 Loans collectively evaluated for impairment 134,559 194,111 173,406 23,960 19,038 545,074 Total ending loans balance $ 137,114 $ 196,748 $ 174,259 $ 23,960 $ 19,052 $ 551,133 The following table presents loans individually evaluated for impairment by class of loans as of June 30, 2020 and December 31, 2019: (Dollars in thousands) Unpaid Principal Balance Recorded Investment with no Allowance Recorded Investment with Allowance Total recorded investment 1 Related Allowance June 30, 2020 Commercial $ 2,899 $ 2,281 $ 183 $ 2,464 $ 6 Commercial real estate 2,968 2,363 241 2,604 19 Residential real estate 920 549 180 729 1 Consumer 148 — 151 151 7 Total impaired loans $ 6,935 $ 5,193 $ 755 $ 5,948 $ 33 December 31, 2019 Commercial $ 2,982 $ 2,541 $ 16 $ 2,557 $ 16 Commercial real estate 2,952 2,471 176 2,647 17 Residential real estate 1,024 457 396 853 1 Consumer 14 14 — 14 — Total impaired loans $ 6,972 $ 5,483 $ 588 $ 6,071 $ 34 1 includes principal, accrued interest, unearned fees, and origination costs The following table presents the average recorded investment in impaired loans and related interest income recognized for the periods indicated. Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Average recorded investment: Commercial $ 2,523 $ 1,582 $ 2,488 $ 1,228 Commercial real estate 2,550 2,152 2,553 2,233 Residential real estate 820 943 833 986 Consumer 95 15 52 9 Average recorded investment in impaired loans $ 5,988 $ 4,692 $ 5,926 $ 4,456 Interest income recognized: Commercial $ 19 $ 28 $ 37 $ 37 Commercial real estate 4 3 6 6 Residential real estate 9 12 19 23 Consumer 1 — 1 — Interest income recognized on a cash basis on impaired loans $ 33 $ 43 $ 63 $ 66 The following table presents the aging of past due loans and nonaccrual loans as of June 30, 2020 and December 31, 2019 by class of loans: Accruing Loans (Dollars in thousands) Current 30-59 Days Past Due 60-89 Days Past Due 90 Days + Past Due Non- Accrual Total Past Due and Non- Accrual Total Loans June 30, 2020 Commercial $ 213,726 $ 4 $ 3 $ 25 $ 1,381 $ 1,413 $ 215,139 Commercial real estate 196,634 11 — — 2,303 2,314 198,948 Residential real estate 176,946 202 10 — 641 853 177,799 Construction & land development 28,123 — — — — — 28,123 Consumer 18,795 23 1 — 32 56 18,851 Total Loans $ 634,224 $ 240 $ 14 $ 25 $ 4,357 $ 4,636 $ 638,860 December 31, 2019 Commercial $ 135,707 $ 15 $ — $ 67 $ 1,325 $ 1,407 $ 137,114 Commercial real estate 194,157 186 — — 2,405 2,591 196,748 Residential real estate 173,023 264 277 174 521 1,236 174,259 Construction & land development 23,960 — — — — — 23,960 Consumer 18,640 365 — — 47 412 19,052 Total Loans $ 545,487 $ 830 $ 277 $ 241 $ 4,298 $ 5,646 $ 551,133 CARES Act Loan Modifications The table below summarizes the Company’s deferral activity at June 30, 2020 under the COVID-19 related loan modification program to customers. Loan modifications consist of three to four months deferral of principal and interest payments, and extension of maturity date. All loans provided modifications were performing in accordance with their terms at the time of modification. In a ccordance with the CARES Act, these loans are not required to be evaluated as TDR’s. June 30, 2020 Deferred Outstanding (Dollars in thousands) # of loans Portfolio Deferred % Commercial: Commercial 72 $ 215,139 $ 10,450 5 Commercial real estate 77 198,948 51,645 26 Construction 3 28,123 535 2 Total Commercial 152 442,210 62,630 14 Consumer: Residential real estate 33 177,799 3,663 2 RV 12 9,271 254 3 Other consumer 15 9,580 211 2 Total Consumer 60 196,650 4,128 2 Total Loans 212 $ 638,860 $ 66,758 10 Troubled Debt Restructurings All troubled debt restructurings (“TDR’s) are individually evaluated for impairment and a related allowance is recorded, as needed. Loans whose terms have been modified as TDR’s totaled $2.4 million as of June 30, 2020, and $2.5 million as of December 31, 2019, with $31 thousand (Dollars in thousands) Number of loans restructured Pre- Modification Recorded Investment Post- Modification Recorded Investment For the Three months ended June 30, 2020 Commercial 4 $ 112 $ 112 Commercial Real Estate 1 80 80 Residential 1 66 66 Consumer 6 146 146 Total Restructured Loans 12 $ 404 $ 404 For the Six months ended June 30, 2019 Commercial 5 $ 181 $ 181 Commercial Real Estate 1 80 80 Residential 1 66 66 Consumer 6 146 146 Total Restructured Loans 13 $ 473 $ 473 The loans restructured were modified by changing the monthly payment to interest only and extending the maturity dates. None of the loans Other real estate owned amounted to one property at $98 thousand at June 30, 2020 and $99 thousand at December 31, 2019, respectively. There were $61 thousand in mortgage loans in the process of foreclosure at June 30, 2020 and $50 thousand at December 31, 2019. There were no other repossessed assets at June 30, 2020 and December 31, 2019. Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes commercial loans individually by classifying the loans as to credit risk. This analysis includes commercial loans with an outstanding balance greater than $500 thousand. This analysis is performed on an annual basis. The Company uses the following definitions for risk ratings: Pass . Loans classified as pass (Cash Secured, Exceptional, Acceptable, Monitor, or Pass Watch) may exhibit a wide array of characteristics but at a minimum represent an acceptable risk to the Bank. Borrowers in this rating may have leveraged but acceptable balance sheet positions, satisfactory asset quality, stable to favorable sales and earnings trends, acceptable liquidity and adequate cash flow. Loans are considered fully collectible and require an average amount of administration. While generally adhering to credit policy, these loans may exhibit occasional exceptions that do not result in undue risk to the Bank. Borrowers are generally capable of absorbing setbacks, financial and otherwise, without the threat of failure. Special Mention . Assets assigned a Special Mention grade are not considered classified assets but are considered criticized. These assets exhibit potential weaknesses that, deserve management’s close attention. If left uncorrected, those potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Bank’s credit position at some future date. Loans in this rating warrant special attention but have not yet reached the point of concern for loss. These assets have deteriorated sufficiently to the point they would have difficulty refinancing elsewhere. Similarly, purchasers of the business would not be eligible for bank financing unless they represent a significantly stronger credit risk. Substandard . Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful . Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. Loans listed as not rated are either less than $500 thousand or are included in groups of homogeneous loans. Based on the most recent analysis performed, the risk category of loans by class is as follows as of June 30, 2020 and December 31, 2019: (Dollars in thousands) Pass Special Mention Substandard Doubtful Not Rated Total June 30, 2020 Commercial $ 192,349 $ 4,601 $ 15,408 $ — $ 2,781 $ 215,139 Commercial real estate 171,443 9,930 15,547 — 2,028 198,948 Residential real estate 180 — 21 — 177,598 177,799 Construction & land development 22,513 93 478 — 5,039 28,123 Consumer — — 71 — 18,780 18,851 Total $ 386,485 $ 14,624 $ 31,525 $ — $ 206,226 $ 638,860 December 31, 2019 Commercial $ 110,731 $ 15,040 $ 10,295 $ — $ 1,048 $ 137,114 Commercial real estate 174,045 11,546 9,994 — 1,163 196,748 Residential real estate 183 — 237 — 173,839 174,259 Construction & land development 19,423 104 — — 4,433 23,960 Consumer — — 73 — 18,979 19,052 Total $ 304,382 $ 26,690 $ 20,599 $ — $ 199,462 $ 551,133 The following table presents loans that are not rated by class of loans as of June 30, 2020 and December 31, 2019. Nonperforming loans include loans past due 90 days or more and loans on nonaccrual of interest status. (Dollars in thousands) Performing Non- Performing Total June 30, 2020 Commercial $ 2,781 $ — $ 2,781 Commercial real estate 2,028 — 2,028 Residential real estate 177,016 582 177,598 Construction & land development 5,039 — 5,039 Consumer 18,766 14 18,780 Total $ 205,630 $ 596 $ 206,226 December 31, 2019 Commercial $ 1,048 $ — $ 1,048 Commercial real estate 1,163 — 1,163 Residential real estate 173,407 432 173,839 Construction & land development 4,433 — 4,433 Consumer 18,979 — 18,979 Total $ 199,030 $ 432 $ 199,462 |
Short-Term Borrowings
Short-Term Borrowings | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | NOTE 4 – SHORT-TERM BORROWINGS The following table provides additional detail regarding repurchase agreements and the related collateral accounted for as secured borrowings. Remaining Contractual Maturity Overnight and Continuous June 30, December 31, (Dollars in thousands) 2020 2019 Securities of U.S. Government Agencies and mortgage-backed securities of government agencies pledged, fair value $ 44,040 $ 39,058 Repurchase agreements 43,865 38,889 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 5 – FAIR VALUE MEASUREMENTS The Company provides disclosures about assets and liabilities carried at fair value. The framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and lowest priority to unobservable inputs. The three broad levels of the fair value hierarchy are described below: Level I: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Level II: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by corroborated or other means. If the asset or liability has a specified (contractual) term, the Level II input must be observable for substantially the full term of the asset or liability. Level III: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. NOTE 5 – FAIR VALUE MEASUREMENTS – (CONTINUED) The following table presents the assets reported on the Consolidated Balance Sheets at their fair value on a recurring basis as of June 30, 2020 and December 31, 2019 by level within the fair value hierarchy. No liabilities are carried at fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Equity securities with readily determinable values and U.S. Treasury Notes are valued at the closing price reported on the active market on which the individual securities are traded. Obligations of U.S. government agencies, mortgage-backed securities, asset-backed securities, obligations of states and political subdivisions and corporate bonds are valued at observable market data for similar assets. Equity securities without readily determinable values are carried at amortized cost adjusted for impairment and observable price changes. (Dollars in thousands) Level I Level II Level III Total June 30, 2020 Assets: Securities available-for-sale U.S. Treasury security $ 1,018 $ — $ — $ 1,018 Mortgage-backed securities of government agencies — 75,214 — 75,214 Asset-backed securities of government agencies — 831 — 831 State and political subdivisions — 19,377 — 19,377 Corporate bonds — 6,762 — 6,762 Total available-for-sale securities $ 1,018 $ 102,184 $ — $ 103,202 Equity securities $ 37 $ — $ — $ 37 December 31, 2019 Assets: Securities available-for-sale U.S. Treasury security $ 999 $ — $ — $ 999 U.S. Government agencies — 5,496 — 5,496 Mortgage-backed securities of government agencies — 75,857 — 75,857 Asset-backed securities of government agencies — 917 — 917 State and political subdivisions — 21,511 — 21,511 Corporate bonds — 7,366 — 7,366 Total available-for-sale securities $ 999 $ 111,147 $ — $ 112,146 Equity securities $ 46 $ — $ — $ 46 NOTE 5 – FAIR VALUE MEASUREMENTS – (CONTINUED) The following table presents the assets measured on a nonrecurring basis on the Consolidated Balance Sheets at their fair value as of June 30, 2020 and December 31, 2019, by level within the fair value hierarchy. An impaired loan is written down to fair value through the establishment of specific reserves or a charge down is taken to reduce the loan to fair value of the collateral (less estimated selling costs) and the loan is included in the following table as a Level III measurement. Techniques used to value the collateral that secure the impaired loans include quoted market prices for identical assets classified as Level I inputs, and observable inputs, employed by certified appraisers, for similar assets classified as Level II inputs. In cases where valuation techniques included inputs that are unobservable and are based on estimates and assumptions developed by management based on the best information available under each circumstance, the asset valuation is classified as Level III inputs. (Dollars in thousands) Level I Level II Level III Total June 30, 2020 Assets measured on a nonrecurring basis: Impaired loans $ — $ — $ 10 $ 10 Other real estate owned — — 98 98 December 31, 2019 Assets measured on a nonrecurring basis: Impaired loans $ — $ — $ 553 $ 553 Other real estate owned — — 99 99 The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level III inputs to determine fair value. Quantitative Information about Level III Fair Value Measurements (Dollars in thousands) Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) June 30, 2020 Impaired loans $ 10 Apprasial of collateral 1 Appraisal adjustments 2 -20% Liquidation expense 2 -10% Other real estate owned 98 Appraisal of collateral 1 Appraisal adjustments 2 -33% Liquidation expense 2 -10% December 31, 2019 Impaired loans $ 553 Discounted cash flow Remaining term 3.9 yrs to 26.9 yrs / (16 yrs) Discount rate 3.5% to 6.0% / (5.3%) Other real estate owned 99 Appraisal of collateral 1 Appraisal adjustments 2 -0.33 Liquidation expense 2 -0.1 1 2 |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Investments All Other Investments [Abstract] | |
Fair Values of Financial Instruments | NOTE 6 – FAIR VALUES OF FINANCIAL INSTRUMENTS The fair values of recognized financial instruments as of June 30, 2020 and December 31, 2019 are as follows: (Dollars in thousands) Carrying Value Level I Level II Level III Fair Value June 30, 2020 Financial assets Cash and cash equivalents $ 173,825 $ 173,825 $ — $ — $ 173,825 Securities available-for-sale 103,202 1,018 102,184 — 103,202 Securities held-to-maturity 10,871 — 11,120 — 11,120 Equity securities 83 37 — 46 83 Restricted stock 4,614 N/A N/A N/A N/A Loans held for sale 1,678 1,678 — — 1,678 Net loans 628,964 — — 630,125 630,125 Bank-owned life insurance 19,153 19,153 — — 19,153 Accrued interest receivable 1,581 1,581 — — 1,581 Mortgage servicing rights 381 — — 381 381 Financial liabilities Deposits $ 815,961 $ 690,584 $ — $ 126,988 $ 817,572 Short-term borrowings 43,865 43,865 — — 43,865 Other borrowings 9,865 — — 9,993 9,993 Accrued interest payable 102 102 — — 102 December 31, 2019 Financial assets Cash and cash equivalents $ 102,017 $ 102,017 $ — $ — $ 102,017 Securities available-for-sale 112,146 999 111,147 — 112,146 Securities held-to-maturity 13,869 — 13,950 — 13,950 Equity securities 92 46 — 46 92 Restricted stock 4,614 N/A N/A N/A N/A Loans held for sale 622 622 — — 622 Net loans 544,616 — — 542,981 542,981 Bank-owned life insurance 18,894 18,894 — — 18,894 Accrued interest receivable 1,641 1,641 — — 1,641 Mortgage servicing rights 328 — — 328 328 Financial liabilities Deposits $ 683,546 $ 555,985 $ — $ 127,440 $ 683,425 Short-term borrowings 38,889 38,889 — — 38,889 Other borrowings 6,330 — — 6,273 6,273 Accrued interest payable 127 127 — — 127 The Company also has unrecognized financial instruments at June 30, 2020 and December 31, 2019. These financial instruments relate to commitments to extend credit and letters of credit. The aggregated contract amount of such financial instruments was approximately $207.1 million at June 30, 2020 and $211.3 million at December 31, 2019. Such amounts are also considered to be the fair values. The fair value estimates of financial instruments are made at a specific point in time based on relevant market information. Since no ready market exists for a significant portion of the financial instruments, fair value estimates are largely based on judgments after considering such factors as future expected credit losses, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore, cannot be determined with precision. Changes in assumptions could significantly affect these estimates. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 7- ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the changes in accumulated other comprehensive income (loss) by component net of tax for the three and six month periods ended June 30, 2020 and 2019: (Dollars in thousands) Pretax Tax Effect After-tax Three months ended June 30, 2020 Balance as of March 31, 2020 $ 646 $ (136 ) $ 510 Unrealized holding gain on available-for-sale securities arising during the period 617 (130 ) 487 Amortization of held-to-maturity discount resulting from transfer 16 (3 ) 13 Total other comprehensive income 633 (133 ) 500 Balance as of June 30, 2020 $ 1,279 $ (269 ) $ 1,010 Six months ended June 30, 2020 Balance as of December 31, 2019 $ 92 $ (20 ) $ 72 Unrealized holding gain on available-for-sale securities arising during the period 1,157 (243 ) 914 Amortization of held-to-maturity discount resulting from transfer 30 (6 ) 24 Total other comprehensive income 1,187 (249 ) 938 Balance as of June 30, 2020 $ 1,279 $ (269 ) $ 1,010 Three months ended June 30,2019 Balance as of March 31, 2019 (1,022 ) 214 $ (808 ) Unrealized holding gain on available-for-sale securities arising during the period 762 (160 ) 602 Amortization of held-to-maturity discount resulting from transfer 15 (3 ) 12 Total other comprehensive income 777 (163 ) 614 Balance as of June 30, 2019 $ (245 ) $ 51 $ (194 ) Six months ended June 30, 2019 Balance as of December 31, 2018 $ (1,786 ) $ 374 $ (1,412 ) Unrealized holding loss on available-for-sale securities arising during the period 1,511 (317 ) 1,194 Amortization of held-to-maturity discount resulting from transfer 30 (6 ) 24 Total other comprehensive loss 1,541 (323 ) 1,218 Balance as of June 30, 2019 $ (245 ) $ 51 $ (194 ) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Use of Estimates in Preparing Financial Statements | USE OF ESTIMATES IN PREPARING FINANCIAL STATEMENTS In preparing the Consolidated Financial Statements, in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Consolidated Balance Sheets and reported amounts of revenues and expenses during each reporting period. Actual results could differ from those estimates. The most significant estimates susceptible to change in the near term relate to management’s determination of the allowance for loan losses and the fair value of financial instruments. |
Revenue Recognition | REVENUE RECOGNITION Management has determined the primary sources of revenue emanating from interest and dividend income on loans and securities along with noninterest revenue resulting from investment security gains, loan servicing, gains on the sale of loans, commitment fees, fees from financial guarantees, certain credit cards fees, and income on bank-owned life insurance are not within the scope of ASC 606. These sources of revenue comprise 89% of the total revenue of the Company. Services within the scope of ASC 606 include income from fiduciary activities, brokerage fees, service charges on deposit accounts, other fee income, ATM fees, interchange fees, and gain on sale of OREO, net. For these accounts, fees are related to specific customer transactions, or attributable to specific performance obligations of the Bank where revenue is recognized at a defined point in time upon completion of the requested service/transaction. |
Credit Losses | ASU 2016-13 - Financial Instruments - Credit Losses . The Update and all subsequent ASU’s that modified Topic 326, requires that financial assets be presented at the net amount expected to be collected (i.e. net of expected credit losses), eliminating the probable recognition threshold for credit losses on financial assets measured at amortized cost. The measurement of expected credit losses should be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. We expect the Update will result in an increase in the allowance for credit losses for the estimated life of the financial asset, including an estimate for debt securities. The amount of any increase will be impacted by the portfolio composition and quality at the adoption date, as well as economic conditions and forecasts at that time. A cumulative-effect adjustment to retained earnings is required as of the beginning of the year of adoption. The Company expects to recognize a one-time cumulative effect adjustment to the allowance for loan losses, but cannot yet determine the magnitude of any such one-time adjustment or the overall impact of the new guidance on the consolidated financial statements. In November 2019, the FASB deferred the effective date for ASC 326, Financial Instruments – Credit Losses, for smaller reporting companies to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company qualifies as a smaller reporting company and does not expect to early adopt these ASU’s. |
Goodwill Impairment | ASU 2017-04 - Simplifying the Test for Goodwill Impairment. The Update, and all subsequent ASU’s, simplifies the goodwill impairment test. Under the new guidance, Step 2 of the goodwill impairment process that requires an entity to determine the implied fair value of its goodwill by assigning fair value to all its assets and liabilities is eliminated. Instead, the entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The new guidance is effective for annual and interim goodwill tests performed in fiscal years beginning after December 15, 2019. Early adoption is permitted. In November 2019, the FASB deferred the effective date for ASC 350, Intangibles – Goodwill and Other, for smaller reporting companies to fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. This Update is not expected to have a material impact on the Company’s financial statements. |
Accounting Standards Update 2018-15 [Member] | |
Intangibles – Goodwill and Other | A SU 2018-15 - Intangibles – Goodwill and Other – Internal-Use Software. Intangibles – Goodwill and Other, |
Accounting Standards Update 2019-12 [Member] | |
Income Taxes | ASU 2019-12 - Income Taxes. This update simplifies the accounting for income taxes, changes the accounting for certain tax transactions, and makes minor improvements to the codification. This Update provides a policy election to not allocate consolidated income taxes when a member of a consolidated tax return is not subject to income tax and provides guidance to evaluate whether a step-up in tax basis of goodwill relates to a business combination in which book goodwill was recognized as a separate transaction. The Update also changes current guidance for making an intra-period allocation, if there is a loss in continuing operations and gains outside of continuing operations; determining when a deferred tax liability is recognized after an investor in a foreign entity transitions to or from the equity method of accounting; accounting for tax law changes and year-to-date losses in interim periods; and determining how to apply the income tax guidance to franchise taxes that are partially based on income. For public business entities, the amendments in this Update are effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2020. This update is not expected to have a significant impact on the Company’s financial statements. |
Accounting Standards Update 2020-04 [Member] | |
Reference Rate Reform | ASU 2020-4 – Reference Rate Reform (Topic 848). This update provides temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as Secured Overnight Financing Rate. Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Also, entities can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met, and can make a one-time election to sell and/or reclassify held-to-maturity debt securities that reference an interest rate affected by reference rate reform. The amendments in this ASU are effective for all entities upon issuance through December 31, 2022. This Update is not expected to have a significant impact on the Company’s financial statements. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Securities Available-for-Sale and Restricted Stock | Securities consist of the following at June 30, 2020 and December 31, 2019: (Dollars in thousands) Amortized cost Gross unrealized gains Gross unrealized (losses) Fair value June 30, 2020 Available-for-sale U.S. Treasury security $ 999 $ 19 $ — $ 1,018 Mortgage-backed securities of government agencies 74,063 1,362 (211 ) 75,214 Asset-backed securities of government agencies 895 — (64 ) 831 State and political subdivisions 18,828 549 — 19,377 Corporate bonds 6,988 56 (282 ) 6,762 Total available-for-sale 101,773 1,986 (557 ) 103,202 Held-to-maturity Mortgage-backed securities of government agencies 7,446 264 (15 ) 7,695 State and political subdivisions 3,425 — — 3,425 Total held-to-maturity 10,871 264 (15 ) 11,120 Equity securities 53 30 — 83 Restricted stock 4,614 — — 4,614 Total securities $ 117,311 $ 2,280 $ (572 ) $ 119,019 December 31, 2019 Available-for-sale U.S. Treasury security $ 998 $ 1 $ — $ 999 U.S. Government agencies 5,500 — (4 ) 5,496 Mortgage-backed securities of government agencies 75,676 326 (145 ) 75,857 Asset-backed securities of government agencies 934 — (17 ) 917 State and political subdivisions 21,161 351 (1 ) 21,511 Corporate bonds 7,605 23 (262 ) 7,366 Total available-for-sale 111,874 701 (429 ) 112,146 Held-to-maturity U.S. Government agencies 4,999 — (6 ) 4,993 Mortgage-backed securities of government agencies 8,870 143 (56 ) 8,957 Total held-to-maturity 13,869 143 (62 ) 13,950 Equity securities 53 39 — 92 Restricted stock 4,614 — — 4,614 Total securities $ 130,410 $ 883 $ (491 ) $ 130,802 |
Summary of Amortized Cost and Fair Value of Debt Securities | The amortized cost and fair value of debt securities at June 30, 2020, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. (Dollars in thousands) Amortized cost Fair value Available-for-sale Due in one year or less $ 3,679 $ 3,722 Due after one through five years 10,258 10,394 Due after five through ten years 16,003 16,293 Due after ten years 71,833 72,793 Total debt securities available-for-sale $ 101,773 $ 103,202 Held-to-maturity Due in one year or less $ 3,425 $ 3,425 Due after ten years 7,446 7,695 Total debt securities held-to-maturity $ 10,871 $ 11,120 |
Summary of Gross Unrealized Losses and Fair Value of Available for Sale Securities | The following table presents gross unrealized losses and fair value of securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2020 and December 31, 2019: Securities in a continuous unrealized loss position Less than 12 months 12 months or more Total (Dollars in thousands) Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value June 30, 2020 Available-for-sale Mortgage-backed securities of government agencies $ (197 ) $ 21,770 $ (14 ) $ 1,672 $ (211 ) $ 23,442 Asset-backed securities of government agencies — — (64 ) 831 (64 ) 831 Corporate bonds — — (282 ) 3,695 (282 ) 3,695 Held-to-maturity Mortgage-backed securities of government agencies (15 ) 2,076 — — (15 ) 2,076 Total temporarily impaired securities $ (212 ) $ 23,846 $ (360 ) $ 6,198 $ (572 ) $ 30,044 December 31, 2019 Available-for-sale U.S. Government agencies $ — $ — $ (4 ) $ 3,496 $ (4 ) $ 3,496 Mortgage-backed securities of government agencies (74 ) 22,702 (71 ) 8,924 (145 ) 31,626 Asset-backed securities of government agencies — — (17 ) 917 (17 ) 917 State and political subdivisions — — (1 ) 653 (1 ) 653 Corporate bonds — — (262 ) 3,712 (262 ) 3,712 Held-to-maturity U.S. Government agencies — — (6 ) 4,993 (6 ) 4,993 Mortgage-backed securities of government agencies — — (56 ) 3,009 (56 ) 3,009 Total temporarily impaired securities $ (74 ) $ 22,702 $ (417 ) $ 25,704 $ (491 ) $ 48,406 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Summary of Loans | Loans consist of the following: (Dollars in thousands) June 30, 2020 December 31, 2019 Commercial $ 215,139 $ 137,114 Commercial real estate 198,948 196,748 Residential real estate 177,799 174,259 Construction & land development 28,123 23,960 Consumer 18,851 19,052 Total loans before deferred costs 638,860 551,133 Deferred loan (fees) costs (2,061 ) 500 Total Loans $ 636,799 $ 551,633 |
Summary of Allowance for Loan Losses | S ummary of Allowance for Loan Losses (Dollars in thousands) Commercial Commercial Real Estate Residential Real Estate Construction & Land Development Consumer Unallocated Total Three months ended June 30, 2020 Beginning balance $ 2,609 $ 2,300 $ 1,347 $ 255 $ 518 $ 91 $ 7,120 Provision for loan losses (343 ) 480 237 82 2 259 717 Charge-offs (4 ) — — — (12 ) (16 ) Recoveries 4 1 1 — 8 14 Net charge-offs — 1 1 — (4 ) (2 ) Ending balance $ 2,266 $ 2,781 $ 1,585 $ 337 $ 516 $ 350 $ 7,835 Six months ended June 30, 2020 Beginning balance $ 2,408 $ 2,153 $ 1,152 $ 203 $ 481 $ 620 $ 7,017 Provision for loan losses (131 ) 627 446 134 89 (270 ) 895 Charge-offs (19 ) — (15 ) — (69 ) (103 ) Recoveries 8 1 2 — 15 26 Net recoveries (11 ) 1 (13 ) — (54 ) (77 ) Ending balance $ 2,266 $ 2,781 $ 1,585 $ 337 $ 516 $ $ 350 $ 7,835 Three months ended June 30, 2019 Beginning balance $ 1,997 $ 1,808 $ 1,222 $ 170 $ 325 $ 765 $ 6,287 Provision for loan losses 277 138 5 (66 ) 46 (115 ) 285 Charge-offs (11 ) — — — (43 ) (54 ) Recoveries 4 — 2 — 13 19 Net (charge-offs) recoveries (7 ) — 2 — (30 ) (35 ) Ending balance $ 2,267 $ 1,946 $ 1,229 $ 104 $ 341 $ 650 $ 6,537 Six months ended June 30, 2019 Beginning balance $ 2,178 $ 1,791 $ 1,245 $ 258 $ 306 $ 129 $ 5,907 Provision for loan losses (62 ) 155 (19 ) (154 ) 129 521 570 Charge-offs (16 ) — — — (108 ) (124 ) Recoveries 167 — 3 — 14 184 Net charge-offs 151 — 3 — (94 ) 60 Ending balance $ 2,267 $ 1,946 $ 1,229 $ 104 $ 341 $ 650 $ 6,537 |
Allowances for Loan Losses and Ending Balances by Portfolio Class and Based on Impairment Method | The following table presents the balance in the allowance for loan losses and the ending loan balances by portfolio class, based on the impairment method as of June 30, 2020 and December 31, 2019: (Dollars in thousands) Commercial Commercial Real Estate Residential Real Estate Construction Consumer Unallocated Total June 30, 2020 Allowance for loan losses: Individually evaluated for impairment $ 6 $ 19 $ 1 $ — $ 7 $ — $ 33 Collectively evaluated for impairment 2,260 2,762 1,584 337 509 350 7,802 Total ending allowance balance $ 2,266 $ 2,781 $ 1,585 $ 337 $ 516 $ 350 $ 7,835 Loans: Loans individually evaluated for impairment $ 2,465 $ 2,596 $ 728 $ — $ 146 $ 5,935 Loans collectively evaluated for impairment 212,674 196,352 177,071 28,123 18,705 632,925 Total ending loans balance $ 215,139 $ 198,948 $ 177,799 $ 28,123 $ 18,851 $ 638,860 December 31, 2019 Allowance for loan losses: Individually evaluated for impairment $ 16 $ 17 $ 1 $ — $ — $ — $ 34 Collectively evaluated for impairment 2,392 2,136 1,151 203 481 620 6,983 Total ending allowance balance $ 2,408 $ 2,153 $ 1,152 $ 203 $ 481 $ 620 $ 7,017 Loans: Loans individually evaluated for impairment $ 2,555 $ 2,637 $ 853 $ — $ 14 $ 6,059 Loans collectively evaluated for impairment 134,559 194,111 173,406 23,960 19,038 545,074 Total ending loans balance $ 137,114 $ 196,748 $ 174,259 $ 23,960 $ 19,052 $ 551,133 |
Schedule of Impairment by Class of Loans | The following table presents loans individually evaluated for impairment by class of loans as of June 30, 2020 and December 31, 2019: (Dollars in thousands) Unpaid Principal Balance Recorded Investment with no Allowance Recorded Investment with Allowance Total recorded investment 1 Related Allowance June 30, 2020 Commercial $ 2,899 $ 2,281 $ 183 $ 2,464 $ 6 Commercial real estate 2,968 2,363 241 2,604 19 Residential real estate 920 549 180 729 1 Consumer 148 — 151 151 7 Total impaired loans $ 6,935 $ 5,193 $ 755 $ 5,948 $ 33 December 31, 2019 Commercial $ 2,982 $ 2,541 $ 16 $ 2,557 $ 16 Commercial real estate 2,952 2,471 176 2,647 17 Residential real estate 1,024 457 396 853 1 Consumer 14 14 — 14 — Total impaired loans $ 6,972 $ 5,483 $ 588 $ 6,071 $ 34 1 includes principal, accrued interest, unearned fees, and origination costs |
Schedule of Average Recorded Investment in Impaired Loans and Related Interest Income Recognized | The following table presents the average recorded investment in impaired loans and related interest income recognized for the periods indicated. Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2020 2019 2020 2019 Average recorded investment: Commercial $ 2,523 $ 1,582 $ 2,488 $ 1,228 Commercial real estate 2,550 2,152 2,553 2,233 Residential real estate 820 943 833 986 Consumer 95 15 52 9 Average recorded investment in impaired loans $ 5,988 $ 4,692 $ 5,926 $ 4,456 Interest income recognized: Commercial $ 19 $ 28 $ 37 $ 37 Commercial real estate 4 3 6 6 Residential real estate 9 12 19 23 Consumer 1 — 1 — Interest income recognized on a cash basis on impaired loans $ 33 $ 43 $ 63 $ 66 |
Schedule of Aging of Past Due and Nonaccrual Loans | The following table presents the aging of past due loans and nonaccrual loans as of June 30, 2020 and December 31, 2019 by class of loans: Accruing Loans (Dollars in thousands) Current 30-59 Days Past Due 60-89 Days Past Due 90 Days + Past Due Non- Accrual Total Past Due and Non- Accrual Total Loans June 30, 2020 Commercial $ 213,726 $ 4 $ 3 $ 25 $ 1,381 $ 1,413 $ 215,139 Commercial real estate 196,634 11 — — 2,303 2,314 198,948 Residential real estate 176,946 202 10 — 641 853 177,799 Construction & land development 28,123 — — — — — 28,123 Consumer 18,795 23 1 — 32 56 18,851 Total Loans $ 634,224 $ 240 $ 14 $ 25 $ 4,357 $ 4,636 $ 638,860 December 31, 2019 Commercial $ 135,707 $ 15 $ — $ 67 $ 1,325 $ 1,407 $ 137,114 Commercial real estate 194,157 186 — — 2,405 2,591 196,748 Residential real estate 173,023 264 277 174 521 1,236 174,259 Construction & land development 23,960 — — — — — 23,960 Consumer 18,640 365 — — 47 412 19,052 Total Loans $ 545,487 $ 830 $ 277 $ 241 $ 4,298 $ 5,646 $ 551,133 |
Summary of Deferral Activity Related to Loan Modification Programs to Customers | The table below summarizes the Company’s deferral activity at June 30, 2020 under the COVID-19 related loan modification program to customers. Loan modifications consist of three to four months deferral of principal and interest payments, and extension of maturity date. All loans provided modifications were performing in accordance with their terms at the time of modification. In a ccordance with the CARES Act, these loans are not required to be evaluated as TDR’s. June 30, 2020 Deferred Outstanding (Dollars in thousands) # of loans Portfolio Deferred % Commercial: Commercial 72 $ 215,139 $ 10,450 5 Commercial real estate 77 198,948 51,645 26 Construction 3 28,123 535 2 Total Commercial 152 442,210 62,630 14 Consumer: Residential real estate 33 177,799 3,663 2 RV 12 9,271 254 3 Other consumer 15 9,580 211 2 Total Consumer 60 196,650 4,128 2 Total Loans 212 $ 638,860 $ 66,758 10 |
Summary of Troubled Debt Restructurings | (Dollars in thousands) Number of loans restructured Pre- Modification Recorded Investment Post- Modification Recorded Investment For the Three months ended June 30, 2020 Commercial 4 $ 112 $ 112 Commercial Real Estate 1 80 80 Residential 1 66 66 Consumer 6 146 146 Total Restructured Loans 12 $ 404 $ 404 For the Six months ended June 30, 2019 Commercial 5 $ 181 $ 181 Commercial Real Estate 1 80 80 Residential 1 66 66 Consumer 6 146 146 Total Restructured Loans 13 $ 473 $ 473 |
Summary of Loans by Credit Quality Indicator | Based on the most recent analysis performed, the risk category of loans by class is as follows as of June 30, 2020 and December 31, 2019: (Dollars in thousands) Pass Special Mention Substandard Doubtful Not Rated Total June 30, 2020 Commercial $ 192,349 $ 4,601 $ 15,408 $ — $ 2,781 $ 215,139 Commercial real estate 171,443 9,930 15,547 — 2,028 198,948 Residential real estate 180 — 21 — 177,598 177,799 Construction & land development 22,513 93 478 — 5,039 28,123 Consumer — — 71 — 18,780 18,851 Total $ 386,485 $ 14,624 $ 31,525 $ — $ 206,226 $ 638,860 December 31, 2019 Commercial $ 110,731 $ 15,040 $ 10,295 $ — $ 1,048 $ 137,114 Commercial real estate 174,045 11,546 9,994 — 1,163 196,748 Residential real estate 183 — 237 — 173,839 174,259 Construction & land development 19,423 104 — — 4,433 23,960 Consumer — — 73 — 18,979 19,052 Total $ 304,382 $ 26,690 $ 20,599 $ — $ 199,462 $ 551,133 |
Schedule of Loans Not Rated by Class of Loans | The following table presents loans that are not rated by class of loans as of June 30, 2020 and December 31, 2019. Nonperforming loans include loans past due 90 days or more and loans on nonaccrual of interest status. (Dollars in thousands) Performing Non- Performing Total June 30, 2020 Commercial $ 2,781 $ — $ 2,781 Commercial real estate 2,028 — 2,028 Residential real estate 177,016 582 177,598 Construction & land development 5,039 — 5,039 Consumer 18,766 14 18,780 Total $ 205,630 $ 596 $ 206,226 December 31, 2019 Commercial $ 1,048 $ — $ 1,048 Commercial real estate 1,163 — 1,163 Residential real estate 173,407 432 173,839 Construction & land development 4,433 — 4,433 Consumer 18,979 — 18,979 Total $ 199,030 $ 432 $ 199,462 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Repurchase Agreements and Related Collateral Accounted for as Secured Borrowings | The following table provides additional detail regarding repurchase agreements and the related collateral accounted for as secured borrowings. Remaining Contractual Maturity Overnight and Continuous June 30, December 31, (Dollars in thousands) 2020 2019 Securities of U.S. Government Agencies and mortgage-backed securities of government agencies pledged, fair value $ 44,040 $ 39,058 Repurchase agreements 43,865 38,889 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets Measured on Recurring Basis | The following table presents the assets reported on the Consolidated Balance Sheets at their fair value on a recurring basis as of June 30, 2020 and December 31, 2019 by level within the fair value hierarchy. No liabilities are carried at fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Equity securities with readily determinable values and U.S. Treasury Notes are valued at the closing price reported on the active market on which the individual securities are traded. Obligations of U.S. government agencies, mortgage-backed securities, asset-backed securities, obligations of states and political subdivisions and corporate bonds are valued at observable market data for similar assets. Equity securities without readily determinable values are carried at amortized cost adjusted for impairment and observable price changes. (Dollars in thousands) Level I Level II Level III Total June 30, 2020 Assets: Securities available-for-sale U.S. Treasury security $ 1,018 $ — $ — $ 1,018 Mortgage-backed securities of government agencies — 75,214 — 75,214 Asset-backed securities of government agencies — 831 — 831 State and political subdivisions — 19,377 — 19,377 Corporate bonds — 6,762 — 6,762 Total available-for-sale securities $ 1,018 $ 102,184 $ — $ 103,202 Equity securities $ 37 $ — $ — $ 37 December 31, 2019 Assets: Securities available-for-sale U.S. Treasury security $ 999 $ — $ — $ 999 U.S. Government agencies — 5,496 — 5,496 Mortgage-backed securities of government agencies — 75,857 — 75,857 Asset-backed securities of government agencies — 917 — 917 State and political subdivisions — 21,511 — 21,511 Corporate bonds — 7,366 — 7,366 Total available-for-sale securities $ 999 $ 111,147 $ — $ 112,146 Equity securities $ 46 $ — $ — $ 46 |
Schedule of Fair Value of Assets Measured on Nonrecurring Basis | The following table presents the assets measured on a nonrecurring basis on the Consolidated Balance Sheets at their fair value as of June 30, 2020 and December 31, 2019, by level within the fair value hierarchy. An impaired loan is written down to fair value through the establishment of specific reserves or a charge down is taken to reduce the loan to fair value of the collateral (less estimated selling costs) and the loan is included in the following table as a Level III measurement. Techniques used to value the collateral that secure the impaired loans include quoted market prices for identical assets classified as Level I inputs, and observable inputs, employed by certified appraisers, for similar assets classified as Level II inputs. In cases where valuation techniques included inputs that are unobservable and are based on estimates and assumptions developed by management based on the best information available under each circumstance, the asset valuation is classified as Level III inputs. (Dollars in thousands) Level I Level II Level III Total June 30, 2020 Assets measured on a nonrecurring basis: Impaired loans $ — $ — $ 10 $ 10 Other real estate owned — — 98 98 December 31, 2019 Assets measured on a nonrecurring basis: Impaired loans $ — $ — $ 553 $ 553 Other real estate owned — — 99 99 |
Schedule of Quantitative Information of Assets Measured at Fair Value on Nonrecurring Basis | The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level III inputs to determine fair value. Quantitative Information about Level III Fair Value Measurements (Dollars in thousands) Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) June 30, 2020 Impaired loans $ 10 Apprasial of collateral 1 Appraisal adjustments 2 -20% Liquidation expense 2 -10% Other real estate owned 98 Appraisal of collateral 1 Appraisal adjustments 2 -33% Liquidation expense 2 -10% December 31, 2019 Impaired loans $ 553 Discounted cash flow Remaining term 3.9 yrs to 26.9 yrs / (16 yrs) Discount rate 3.5% to 6.0% / (5.3%) Other real estate owned 99 Appraisal of collateral 1 Appraisal adjustments 2 -0.33 Liquidation expense 2 -0.1 1 2 |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments All Other Investments [Abstract] | |
Schedule of Estimated Fair Values of Recognized Financial Instruments | The fair values of recognized financial instruments as of June 30, 2020 and December 31, 2019 are as follows: (Dollars in thousands) Carrying Value Level I Level II Level III Fair Value June 30, 2020 Financial assets Cash and cash equivalents $ 173,825 $ 173,825 $ — $ — $ 173,825 Securities available-for-sale 103,202 1,018 102,184 — 103,202 Securities held-to-maturity 10,871 — 11,120 — 11,120 Equity securities 83 37 — 46 83 Restricted stock 4,614 N/A N/A N/A N/A Loans held for sale 1,678 1,678 — — 1,678 Net loans 628,964 — — 630,125 630,125 Bank-owned life insurance 19,153 19,153 — — 19,153 Accrued interest receivable 1,581 1,581 — — 1,581 Mortgage servicing rights 381 — — 381 381 Financial liabilities Deposits $ 815,961 $ 690,584 $ — $ 126,988 $ 817,572 Short-term borrowings 43,865 43,865 — — 43,865 Other borrowings 9,865 — — 9,993 9,993 Accrued interest payable 102 102 — — 102 December 31, 2019 Financial assets Cash and cash equivalents $ 102,017 $ 102,017 $ — $ — $ 102,017 Securities available-for-sale 112,146 999 111,147 — 112,146 Securities held-to-maturity 13,869 — 13,950 — 13,950 Equity securities 92 46 — 46 92 Restricted stock 4,614 N/A N/A N/A N/A Loans held for sale 622 622 — — 622 Net loans 544,616 — — 542,981 542,981 Bank-owned life insurance 18,894 18,894 — — 18,894 Accrued interest receivable 1,641 1,641 — — 1,641 Mortgage servicing rights 328 — — 328 328 Financial liabilities Deposits $ 683,546 $ 555,985 $ — $ 127,440 $ 683,425 Short-term borrowings 38,889 38,889 — — 38,889 Other borrowings 6,330 — — 6,273 6,273 Accrued interest payable 127 127 — — 127 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive (Loss) Income by Component Net of Tax | The following table presents the changes in accumulated other comprehensive income (loss) by component net of tax for the three and six month periods ended June 30, 2020 and 2019: (Dollars in thousands) Pretax Tax Effect After-tax Three months ended June 30, 2020 Balance as of March 31, 2020 $ 646 $ (136 ) $ 510 Unrealized holding gain on available-for-sale securities arising during the period 617 (130 ) 487 Amortization of held-to-maturity discount resulting from transfer 16 (3 ) 13 Total other comprehensive income 633 (133 ) 500 Balance as of June 30, 2020 $ 1,279 $ (269 ) $ 1,010 Six months ended June 30, 2020 Balance as of December 31, 2019 $ 92 $ (20 ) $ 72 Unrealized holding gain on available-for-sale securities arising during the period 1,157 (243 ) 914 Amortization of held-to-maturity discount resulting from transfer 30 (6 ) 24 Total other comprehensive income 1,187 (249 ) 938 Balance as of June 30, 2020 $ 1,279 $ (269 ) $ 1,010 Three months ended June 30,2019 Balance as of March 31, 2019 (1,022 ) 214 $ (808 ) Unrealized holding gain on available-for-sale securities arising during the period 762 (160 ) 602 Amortization of held-to-maturity discount resulting from transfer 15 (3 ) 12 Total other comprehensive income 777 (163 ) 614 Balance as of June 30, 2019 $ (245 ) $ 51 $ (194 ) Six months ended June 30, 2019 Balance as of December 31, 2018 $ (1,786 ) $ 374 $ (1,412 ) Unrealized holding loss on available-for-sale securities arising during the period 1,511 (317 ) 1,194 Amortization of held-to-maturity discount resulting from transfer 30 (6 ) 24 Total other comprehensive loss 1,541 (323 ) 1,218 Balance as of June 30, 2019 $ (245 ) $ 51 $ (194 ) |
Securities - Summary of Securit
Securities - Summary of Securities Available-for-Sale and Restricted Stock (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost, Available-for-sale | $ 101,773 | $ 111,874 |
Gross Unrealized Gains, Available-for-sale | 1,986 | 701 |
Gross Unrealized (Losses), Available-for-sale | (557) | (429) |
Available-for-sale, at fair value | 103,202 | 112,146 |
Amortized Cost, Held to maturity | 10,871 | 13,869 |
Gross Unrealized Gains, Held to maturity | 264 | 143 |
Gross Unrealized (Losses), Held to maturity | (15) | (62) |
Fair Value, Held to maturity | 11,120 | 13,950 |
Amortized Cost | 117,311 | 130,410 |
Gross Unrealized Gains | 2,280 | 883 |
Gross Unrealized (Losses) | (572) | (491) |
Fair Value | 119,019 | 130,802 |
U.S. Treasury Security [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost, Available-for-sale | 999 | 998 |
Gross Unrealized Gains, Available-for-sale | 19 | 1 |
Available-for-sale, at fair value | 1,018 | 999 |
U.S. Government Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost, Available-for-sale | 5,500 | |
Gross Unrealized (Losses), Available-for-sale | (4) | |
Available-for-sale, at fair value | 5,496 | |
Amortized Cost, Held to maturity | 4,999 | |
Gross Unrealized (Losses), Held to maturity | (6) | |
Fair Value, Held to maturity | 4,993 | |
Mortgage-Backed Securities of Government Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost, Available-for-sale | 74,063 | 75,676 |
Gross Unrealized Gains, Available-for-sale | 1,362 | 326 |
Gross Unrealized (Losses), Available-for-sale | (211) | (145) |
Available-for-sale, at fair value | 75,214 | 75,857 |
Amortized Cost, Held to maturity | 7,446 | 8,870 |
Gross Unrealized Gains, Held to maturity | 264 | 143 |
Gross Unrealized (Losses), Held to maturity | (15) | (56) |
Fair Value, Held to maturity | 7,695 | 8,957 |
Asset-Backed Securities of Government Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost, Available-for-sale | 895 | 934 |
Gross Unrealized (Losses), Available-for-sale | (64) | (17) |
Available-for-sale, at fair value | 831 | 917 |
State and Political Subdivisions [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost, Available-for-sale | 18,828 | 21,161 |
Gross Unrealized Gains, Available-for-sale | 549 | 351 |
Gross Unrealized (Losses), Available-for-sale | (1) | |
Available-for-sale, at fair value | 19,377 | 21,511 |
Amortized Cost, Held to maturity | 3,425 | |
Fair Value, Held to maturity | 3,425 | |
Corporate Bonds [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost, Available-for-sale | 6,988 | 7,605 |
Gross Unrealized Gains, Available-for-sale | 56 | 23 |
Gross Unrealized (Losses), Available-for-sale | (282) | (262) |
Available-for-sale, at fair value | 6,762 | 7,366 |
Equity Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost, Equity securities | 53 | 53 |
Gross Unrealized Gains, Equity securities | 30 | 39 |
Fair Value, Equity securities | 83 | 92 |
Restricted Stock [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost | 4,614 | 4,614 |
Fair Value | $ 4,614 | $ 4,614 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Fair Value of Debt Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Available-for-sale | ||
Due in one year or less, Amortized Cost | $ 3,679 | |
Due after one through five years, Amortized Cost | 10,258 | |
Due after five through ten years, Amortized Cost | 16,003 | |
Due after ten years, Amortized Cost | 71,833 | |
Amortized Cost, Available-for-sale | 101,773 | $ 111,874 |
Due in one year or less, Fair Value | 3,722 | |
Due after one through five years, Fair Value | 10,394 | |
Due after five through ten years, Fair Value | 16,293 | |
Due after ten years, Fair Value | 72,793 | |
Total debt securities available-for-sale, Fair Value | 103,202 | 112,146 |
Held-to-maturity | ||
Due in one year or less, Amortized Cost | 3,425 | |
Due after ten years, Amortized Cost | 7,446 | |
Amortized Cost, Held to maturity | 10,871 | 13,869 |
Due in one year or less, Fair Value | 3,425 | |
Due after ten years, Fair Value | 7,695 | |
Total debt securities held-to-maturity, Fair Value | $ 11,120 | $ 13,950 |
Securities - Additional Informa
Securities - Additional Information (Detail) | 6 Months Ended | ||
Jun. 30, 2020USD ($)Security | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Investments Debt And Equity Securities [Abstract] | |||
Fair value of pledged securities | $ 89,600,000 | $ 80,300,000 | |
Restricted stock investment in FHLB stock | 4,100,000 | 4,100,000 | |
Federal Reserve Bank stock | 471,000 | $ 471,000 | |
Proceeds from sale of available-for-sale securities | $ 0 | $ 0 | |
Number of securities in an unrealized loss position, Total | Security | 23 | ||
Number of securities in continuous unrealized loss position, 12 months or more | Security | 9 |
Securities - Summary of Gross U
Securities - Summary of Gross Unrealized Losses and Fair Value of Available for Sale Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Held-to-maturity, Gross Unrealized Losses, Total | $ (15) | $ (62) |
Gross Unrealized Losses, Less Than 12 Months | (212) | (74) |
Fair Value, Less Than 12 Months | 23,846 | 22,702 |
Gross Unrealized Losses, 12 Months Or More | (360) | (417) |
Fair Value, 12 Months Or More | 6,198 | 25,704 |
Gross Unrealized Losses, Total | (572) | (491) |
Fair Value, Total | 30,044 | 48,406 |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Held-to-maturity, Gross Unrealized Losses, 12 Months Or More | (6) | |
Held-to-maturity, Fair Value, 12 Months Or More | 4,993 | |
Held-to-maturity, Gross Unrealized Losses, Total | (6) | |
Held-to-maturity, Fair Value, Total | 4,993 | |
Gross Unrealized Losses, 12 Months Or More | (4) | |
Fair Value, 12 Months Or More | 3,496 | |
Gross Unrealized Losses, Total | (4) | |
Fair Value, Total | 3,496 | |
Asset-Backed Securities of Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses, 12 Months Or More | (64) | (17) |
Fair Value, 12 Months Or More | 831 | 917 |
Gross Unrealized Losses, Total | (64) | (17) |
Fair Value, Total | 831 | 917 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses, 12 Months Or More | (1) | |
Fair Value, 12 Months Or More | 653 | |
Gross Unrealized Losses, Total | (1) | |
Fair Value, Total | 653 | |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses, 12 Months Or More | (282) | (262) |
Fair Value, 12 Months Or More | 3,695 | 3,712 |
Gross Unrealized Losses, Total | (282) | (262) |
Fair Value, Total | 3,695 | 3,712 |
Mortgage-Backed Securities of Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Held-to-maturity, Gross Unrealized Losses, Less Than 12 Months | (15) | |
Held-to-maturity, Fair Value, Less Than 12 Months | 2,076 | |
Held-to-maturity, Gross Unrealized Losses, 12 Months Or More | (56) | |
Held-to-maturity, Fair Value, 12 Months Or More | 3,009 | |
Held-to-maturity, Gross Unrealized Losses, Total | (15) | (56) |
Held-to-maturity, Fair Value, Total | 2,076 | 3,009 |
Gross Unrealized Losses, Less Than 12 Months | (197) | (74) |
Fair Value, Less Than 12 Months | 21,770 | 22,702 |
Gross Unrealized Losses, 12 Months Or More | (14) | (71) |
Fair Value, 12 Months Or More | 1,672 | 8,924 |
Gross Unrealized Losses, Total | (211) | (145) |
Fair Value, Total | $ 23,442 | $ 31,626 |
Loans - Summary of Loans (Detai
Loans - Summary of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans before deferred costs | $ 638,860 | $ 551,133 |
Deferred loan (fees) costs | (2,061) | 500 |
Total Loans | 636,799 | 551,633 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans before deferred costs | 215,139 | 137,114 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans before deferred costs | 198,948 | 196,748 |
Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans before deferred costs | 177,799 | 174,259 |
Construction & Land Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans before deferred costs | 28,123 | 23,960 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans before deferred costs | $ 18,851 | $ 19,052 |
Loans - Additional Information
Loans - Additional Information (Detail) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020USD ($)LoanContractProperty | Jun. 30, 2019USD ($)Contract | Dec. 31, 2019USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans serviced for others | $ 96,700,000 | $ 95,700,000 | |
Concentrations of loans related to a single industry | 0 | 0 | |
Loans classified as troubled debt restructurings | 2,400,000 | 2,500,000 | |
Reserves allocated to customers whose loan terms are modified in troubled debt restructurings | 31,000 | 18,000 | |
Loans payable in nonaccrual of interest status | $ 327,000 | ||
Loans restructured, subsequently defaulted | Contract | 0 | 1 | |
Loans restructured, subsequently defaulted | $ 200,000 | ||
Number of properties acquired | Property | 1 | ||
Other real estate real estate acquired through foreclosure | $ 98,000 | 99,000 | |
Mortgage loans in process of foreclosure amount | 61,000 | 50,000 | |
Other repossessed assets | 0 | $ 0 | |
Outstanding balance of commercial loans classified under credit risk, minimum amount | 500,000 | ||
Loans listed as not rated under risk category, maximum amount | 500,000 | ||
Performing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans classified as troubled debt restructurings | 2,100,000 | ||
Covid-19 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | 36,200,000 | ||
Business loans | $ 31,600,000 | ||
Covid-19 [Member] | Minimum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term of principal and interest payments deferred | 3 months | ||
Covid-19 [Member] | Maximum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Term of principal and interest payments deferred | 4 months | ||
Paycheck Protection Program [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of PPP loans | Loan | 752 | ||
Principal amount outstanding on PPP loans | $ 91,100,000 | ||
PPP loans guaranteed percentage | 100.00% | ||
Loan processing fee received | $ 3,200,000 |
Loans - Schedule of Allowances
Loans - Schedule of Allowances for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 7,120 | $ 6,287 | $ 7,017 | $ 5,907 |
Provision for loan losses | 717 | 285 | 895 | 570 |
Charge-offs | (16) | (54) | (103) | (124) |
Recoveries | 14 | 19 | 26 | 184 |
Net (charge-offs) recoveries | (2) | (35) | (77) | 60 |
Ending balance | 7,835 | 6,537 | 7,835 | 6,537 |
Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 2,609 | 1,997 | 2,408 | 2,178 |
Provision for loan losses | (343) | 277 | (131) | (62) |
Charge-offs | (4) | (11) | (19) | (16) |
Recoveries | 4 | 4 | 8 | 167 |
Net (charge-offs) recoveries | (7) | (11) | 151 | |
Ending balance | 2,266 | 2,267 | 2,266 | 2,267 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 2,300 | 1,808 | 2,153 | 1,791 |
Provision for loan losses | 480 | 138 | 627 | 155 |
Recoveries | 1 | 1 | ||
Net (charge-offs) recoveries | 1 | 1 | ||
Ending balance | 2,781 | 1,946 | 2,781 | 1,946 |
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 1,347 | 1,222 | 1,152 | 1,245 |
Provision for loan losses | 237 | 5 | 446 | (19) |
Charge-offs | (15) | |||
Recoveries | 1 | 2 | 2 | 3 |
Net (charge-offs) recoveries | 1 | 2 | (13) | 3 |
Ending balance | 1,585 | 1,229 | 1,585 | 1,229 |
Construction & Land Development [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 255 | 170 | 203 | 258 |
Provision for loan losses | 82 | (66) | 134 | (154) |
Ending balance | 337 | 104 | 337 | 104 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 518 | 325 | 481 | 306 |
Provision for loan losses | 2 | 46 | 89 | 129 |
Charge-offs | (12) | (43) | (69) | (108) |
Recoveries | 8 | 13 | 15 | 14 |
Net (charge-offs) recoveries | (4) | (30) | (54) | (94) |
Ending balance | 516 | 341 | 516 | 341 |
Unallocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 91 | 765 | 620 | 129 |
Provision for loan losses | 259 | (115) | (270) | 521 |
Ending balance | $ 350 | $ 650 | $ 350 | $ 650 |
Loans - Allowances for Loan Los
Loans - Allowances for Loan Losses and Ending Balances by Portfolio Class and Based on Impairment Method (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses individually evaluated for impairment | $ 33 | $ 34 | ||||
Allowance for loan losses collectively evaluated for impairment | 7,802 | 6,983 | ||||
Total ending allowance balance | 7,835 | $ 7,120 | 7,017 | $ 6,537 | $ 6,287 | $ 5,907 |
Loans individually evaluated for impairment | 5,935 | 6,059 | ||||
Loans collectively evaluated for impairment | 632,925 | 545,074 | ||||
Total ending loans balance | 638,860 | 551,133 | ||||
Commercial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses individually evaluated for impairment | 6 | 16 | ||||
Allowance for loan losses collectively evaluated for impairment | 2,260 | 2,392 | ||||
Total ending allowance balance | 2,266 | 2,609 | 2,408 | 2,267 | 1,997 | 2,178 |
Loans individually evaluated for impairment | 2,465 | 2,555 | ||||
Loans collectively evaluated for impairment | 212,674 | 134,559 | ||||
Total ending loans balance | 215,139 | 137,114 | ||||
Commercial Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses individually evaluated for impairment | 19 | 17 | ||||
Allowance for loan losses collectively evaluated for impairment | 2,762 | 2,136 | ||||
Total ending allowance balance | 2,781 | 2,300 | 2,153 | 1,946 | 1,808 | 1,791 |
Loans individually evaluated for impairment | 2,596 | 2,637 | ||||
Loans collectively evaluated for impairment | 196,352 | 194,111 | ||||
Total ending loans balance | 198,948 | 196,748 | ||||
Residential Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses individually evaluated for impairment | 1 | 1 | ||||
Allowance for loan losses collectively evaluated for impairment | 1,584 | 1,151 | ||||
Total ending allowance balance | 1,585 | 1,347 | 1,152 | 1,229 | 1,222 | 1,245 |
Loans individually evaluated for impairment | 728 | 853 | ||||
Loans collectively evaluated for impairment | 177,071 | 173,406 | ||||
Total ending loans balance | 177,799 | 174,259 | ||||
Construction & Land Development [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses collectively evaluated for impairment | 337 | 203 | ||||
Total ending allowance balance | 337 | 255 | 203 | 104 | 170 | 258 |
Loans collectively evaluated for impairment | 28,123 | 23,960 | ||||
Total ending loans balance | 28,123 | 23,960 | ||||
Consumer [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses individually evaluated for impairment | 7 | |||||
Allowance for loan losses collectively evaluated for impairment | 509 | 481 | ||||
Total ending allowance balance | 516 | 518 | 481 | 341 | 325 | 306 |
Loans individually evaluated for impairment | 146 | 14 | ||||
Loans collectively evaluated for impairment | 18,705 | 19,038 | ||||
Total ending loans balance | 18,851 | 19,052 | ||||
Unallocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses collectively evaluated for impairment | 350 | 620 | ||||
Total ending allowance balance | $ 350 | $ 91 | $ 620 | $ 650 | $ 765 | $ 129 |
Loans - Schedule of Impairment
Loans - Schedule of Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 6,935 | $ 6,972 |
Recorded Investment with no Allowance | 5,193 | 5,483 |
Recorded Investment with Allowance | 755 | 588 |
Total recorded investment | 5,948 | 6,071 |
Related Allowance | 33 | 34 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,899 | 2,982 |
Recorded Investment with no Allowance | 2,281 | 2,541 |
Recorded Investment with Allowance | 183 | 16 |
Total recorded investment | 2,464 | 2,557 |
Related Allowance | 6 | 16 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,968 | 2,952 |
Recorded Investment with no Allowance | 2,363 | 2,471 |
Recorded Investment with Allowance | 241 | 176 |
Total recorded investment | 2,604 | 2,647 |
Related Allowance | 19 | 17 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 920 | 1,024 |
Recorded Investment with no Allowance | 549 | 457 |
Recorded Investment with Allowance | 180 | 396 |
Total recorded investment | 729 | 853 |
Related Allowance | 1 | 1 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 148 | 14 |
Recorded Investment with no Allowance | 14 | |
Recorded Investment with Allowance | 151 | |
Total recorded investment | 151 | $ 14 |
Related Allowance | $ 7 |
Loans - Schedule of Average Rec
Loans - Schedule of Average Recorded Investment in Impaired Loans and Related Interest Income Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Average recorded investment: | ||||
Average recorded investment in impaired loans | $ 5,988 | $ 4,692 | $ 5,926 | $ 4,456 |
Interest income recognized: | ||||
Interest income recognized on a cash basis on impaired loans | 33 | 43 | 63 | 66 |
Commercial [Member] | ||||
Average recorded investment: | ||||
Average recorded investment in impaired loans | 2,523 | 1,582 | 2,488 | 1,228 |
Interest income recognized: | ||||
Interest income recognized on a cash basis on impaired loans | 19 | 28 | 37 | 37 |
Commercial Real Estate [Member] | ||||
Average recorded investment: | ||||
Average recorded investment in impaired loans | 2,550 | 2,152 | 2,553 | 2,233 |
Interest income recognized: | ||||
Interest income recognized on a cash basis on impaired loans | 4 | 3 | 6 | 6 |
Residential Real Estate [Member] | ||||
Average recorded investment: | ||||
Average recorded investment in impaired loans | 820 | 943 | 833 | 986 |
Interest income recognized: | ||||
Interest income recognized on a cash basis on impaired loans | 9 | 12 | 19 | 23 |
Consumer [Member] | ||||
Average recorded investment: | ||||
Average recorded investment in impaired loans | 95 | $ 15 | 52 | $ 9 |
Interest income recognized: | ||||
Interest income recognized on a cash basis on impaired loans | $ 1 | $ 1 |
Loans - Schedule of Aging of Pa
Loans - Schedule of Aging of Past Due and Nonaccrual Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 634,224 | $ 545,487 |
Non-accrual | 4,357 | 4,298 |
Total past due and non-accrual | 4,636 | 5,646 |
Total ending loans balance | 638,860 | 551,133 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Total Past Due | 240 | 830 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Total Past Due | 14 | 277 |
90 Days Plus Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Total Past Due | 25 | 241 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 213,726 | 135,707 |
Non-accrual | 1,381 | 1,325 |
Total past due and non-accrual | 1,413 | 1,407 |
Total ending loans balance | 215,139 | 137,114 |
Commercial [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Total Past Due | 4 | 15 |
Commercial [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Total Past Due | 3 | |
Commercial [Member] | 90 Days Plus Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Total Past Due | 25 | 67 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 196,634 | 194,157 |
Non-accrual | 2,303 | 2,405 |
Total past due and non-accrual | 2,314 | 2,591 |
Total ending loans balance | 198,948 | 196,748 |
Commercial Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Total Past Due | 11 | 186 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 176,946 | 173,023 |
Non-accrual | 641 | 521 |
Total past due and non-accrual | 853 | 1,236 |
Total ending loans balance | 177,799 | 174,259 |
Residential Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Total Past Due | 202 | 264 |
Residential Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Total Past Due | 10 | 277 |
Residential Real Estate [Member] | 90 Days Plus Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Total Past Due | 174 | |
Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 28,123 | 23,960 |
Total ending loans balance | 28,123 | 23,960 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 18,795 | 18,640 |
Non-accrual | 32 | 47 |
Total past due and non-accrual | 56 | 412 |
Total ending loans balance | 18,851 | 19,052 |
Consumer [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Total Past Due | 23 | $ 365 |
Consumer [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Accruing Loans Total Past Due | $ 1 |
Loans - Summary of Deferral Act
Loans - Summary of Deferral Activity Related to Loan Modification Programs to Customers (Detail) - Covid-19 [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($)Loan | |
Loan Modification Programs to Customer [Line Items] | |
Deferred of loans | Loan | 212 |
Outstanding, portfolio | $ 638,860 |
Outstanding, deferred | $ 66,758 |
Outstanding, percentage | 10.00% |
Commercial [Member] | |
Loan Modification Programs to Customer [Line Items] | |
Deferred of loans | Loan | 72 |
Outstanding, portfolio | $ 215,139 |
Outstanding, deferred | $ 10,450 |
Outstanding, percentage | 5.00% |
Commercial Real Estate [Member] | |
Loan Modification Programs to Customer [Line Items] | |
Deferred of loans | Loan | 77 |
Outstanding, portfolio | $ 198,948 |
Outstanding, deferred | $ 51,645 |
Outstanding, percentage | 26.00% |
Construction [Member] | |
Loan Modification Programs to Customer [Line Items] | |
Deferred of loans | Loan | 3 |
Outstanding, portfolio | $ 28,123 |
Outstanding, deferred | $ 535 |
Outstanding, percentage | 2.00% |
Total Commercial [Member] | |
Loan Modification Programs to Customer [Line Items] | |
Deferred of loans | Loan | 152 |
Outstanding, portfolio | $ 442,210 |
Outstanding, deferred | $ 62,630 |
Outstanding, percentage | 14.00% |
Residential Real Estate [Member] | |
Loan Modification Programs to Customer [Line Items] | |
Deferred of loans | Loan | 33 |
Outstanding, portfolio | $ 177,799 |
Outstanding, deferred | $ 3,663 |
Outstanding, percentage | 2.00% |
RV [Member] | |
Loan Modification Programs to Customer [Line Items] | |
Deferred of loans | Loan | 12 |
Outstanding, portfolio | $ 9,271 |
Outstanding, deferred | $ 254 |
Outstanding, percentage | 3.00% |
Other consumer [Member] | |
Loan Modification Programs to Customer [Line Items] | |
Deferred of loans | Loan | 15 |
Outstanding, portfolio | $ 9,580 |
Outstanding, deferred | $ 211 |
Outstanding, percentage | 2.00% |
Total Consumer [Member] | |
Loan Modification Programs to Customer [Line Items] | |
Deferred of loans | Loan | 60 |
Outstanding, portfolio | $ 196,650 |
Outstanding, deferred | $ 4,128 |
Outstanding, percentage | 2.00% |
Loans - Summary of Troubled Deb
Loans - Summary of Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020USD ($)Contract | Jun. 30, 2019USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of loans restructured | Contract | 12 | 13 |
Pre-Modification Recorded Investment | $ 404 | $ 473 |
Post-Modification Recorded Investment | $ 404 | $ 473 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans restructured | Contract | 4 | 5 |
Pre-Modification Recorded Investment | $ 112 | $ 181 |
Post-Modification Recorded Investment | $ 112 | $ 181 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans restructured | Contract | 1 | 1 |
Pre-Modification Recorded Investment | $ 80 | $ 80 |
Post-Modification Recorded Investment | $ 80 | $ 80 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans restructured | Contract | 1 | 1 |
Pre-Modification Recorded Investment | $ 66 | $ 66 |
Post-Modification Recorded Investment | $ 66 | $ 66 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans restructured | Contract | 6 | 6 |
Pre-Modification Recorded Investment | $ 146 | $ 146 |
Post-Modification Recorded Investment | $ 146 | $ 146 |
Loans - Summary of Loans by Cre
Loans - Summary of Loans by Credit Quality Indicator (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 638,860 | $ 551,133 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 386,485 | 304,382 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 14,624 | 26,690 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 31,525 | 20,599 |
Not Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 206,226 | 199,462 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 215,139 | 137,114 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 192,349 | 110,731 |
Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 4,601 | 15,040 |
Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 15,408 | 10,295 |
Commercial [Member] | Not Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,781 | 1,048 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 198,948 | 196,748 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 171,443 | 174,045 |
Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 9,930 | 11,546 |
Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 15,547 | 9,994 |
Commercial Real Estate [Member] | Not Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,028 | 1,163 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 177,799 | 174,259 |
Residential Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 180 | 183 |
Residential Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 21 | 237 |
Residential Real Estate [Member] | Not Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 177,598 | 173,839 |
Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 28,123 | 23,960 |
Construction & Land Development [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 22,513 | 19,423 |
Construction & Land Development [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 93 | 104 |
Construction & Land Development [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 478 | |
Construction & Land Development [Member] | Not Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 5,039 | 4,433 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 18,851 | 19,052 |
Consumer [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 71 | 73 |
Consumer [Member] | Not Rated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 18,780 | $ 18,979 |
Loans - Schedule of Loans Not R
Loans - Schedule of Loans Not Rated by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | $ 206,226 | $ 199,462 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 2,781 | 1,048 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 2,028 | 1,163 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 177,598 | 173,839 |
Construction & Land Development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 5,039 | 4,433 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 18,780 | 18,979 |
Performing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 205,630 | 199,030 |
Performing [Member] | Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 2,781 | 1,048 |
Performing [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 2,028 | 1,163 |
Performing [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 177,016 | 173,407 |
Performing [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 5,039 | 4,433 |
Performing [Member] | Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 18,766 | 18,979 |
Nonperforming [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 596 | 432 |
Nonperforming [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | 582 | $ 432 |
Nonperforming [Member] | Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans not rated by class of loans | $ 14 |
Short-Term Borrowings - Summary
Short-Term Borrowings - Summary of Repurchase Agreements and Related Collateral Accounted for as Secured Borrowings (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Short Term Borrowings [Abstract] | ||
Securities of U.S. Government Agencies and mortgage-backed securities of government agencies pledged, fair value | $ 44,040 | $ 39,058 |
Repurchase agreements | $ 43,865 | $ 38,889 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Liabilities carried at fair value | $ 0 | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | $ 103,202 | $ 112,146 |
Equity securities | 83 | 92 |
U.S. Treasury Security [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 1,018 | 999 |
Mortgage-Backed Securities of Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 75,214 | 75,857 |
Asset-Backed Securities of Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 831 | 917 |
State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 19,377 | 21,511 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 6,762 | 7,366 |
U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 5,496 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 103,202 | 112,146 |
Equity securities | 37 | 46 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Security [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 1,018 | 999 |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities of Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 75,214 | |
Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities of Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 831 | 917 |
Fair Value, Measurements, Recurring [Member] | State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 19,377 | 21,511 |
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 6,762 | 7,366 |
Fair Value, Measurements, Recurring [Member] | U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 5,496 | |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities of Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 75,857 | |
Fair Value, Measurements, Recurring [Member] | Level I [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 1,018 | 999 |
Equity securities | 37 | 46 |
Fair Value, Measurements, Recurring [Member] | Level I [Member] | U.S. Treasury Security [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 1,018 | 999 |
Fair Value, Measurements, Recurring [Member] | Level II [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 102,184 | 111,147 |
Fair Value, Measurements, Recurring [Member] | Level II [Member] | Mortgage-Backed Securities of Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 75,214 | |
Fair Value, Measurements, Recurring [Member] | Level II [Member] | Asset-Backed Securities of Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 831 | 917 |
Fair Value, Measurements, Recurring [Member] | Level II [Member] | State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 19,377 | 21,511 |
Fair Value, Measurements, Recurring [Member] | Level II [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | $ 6,762 | 7,366 |
Fair Value, Measurements, Recurring [Member] | Level II [Member] | U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 5,496 | |
Fair Value, Measurements, Recurring [Member] | Level II [Member] | Mortgage-Backed Securities of Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | $ 75,857 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Fair Value of Assets Measured on Nonrecurring Basis (Detail) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | $ 10 | $ 553 |
Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | 98 | 99 |
Level III [Member] | Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | 10 | 553 |
Level III [Member] | Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | $ 98 | $ 99 |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of Quantitative Information of Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Level III [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | Jun. 30, 2020USD ($) | |
Impaired Loans [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Estimate | $ 553 | |
Impaired Loans [Member] | Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | Measurement Input, Expected Term [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loan, measurement input | 3 years 10 months 24 days | |
Impaired Loans [Member] | Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loan, measurement input | 0.035 | |
Impaired Loans [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | Measurement Input, Expected Term [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loan, measurement input | 26 years 10 months 24 days | |
Impaired Loans [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loan, measurement input | 0.060 | |
Impaired Loans [Member] | Valuation Technique, Discounted Cash Flow [Member] | Weighted Average [Member] | Measurement Input, Expected Term [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loan, measurement input | 16 years | |
Impaired Loans [Member] | Valuation Technique, Discounted Cash Flow [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loan, measurement input | 0.053 | |
Impaired Loans [Member] | Appraisal of Collateral [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Estimate | $ 10 | |
Impaired loan, measurement input | (0.10) | |
Impaired Loans [Member] | Appraisal of Collateral [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loan, measurement input | (0.20) | |
Other Real Estate Owned [Member] | Appraisal of Collateral [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value Estimate | $ 99 | $ 98 |
Impaired loan, measurement input | (0.001) | (0.10) |
Other Real Estate Owned [Member] | Appraisal of Collateral [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loan, measurement input | (0.0033) | (0.33) |
Fair Values of Financial Inst_3
Fair Values of Financial Instruments - Schedule of Estimated Fair Values of Recognized Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financial assets | ||
Securities available-for-sale | $ 103,202 | $ 112,146 |
Securities held-to-maturity | 11,120 | 13,950 |
Equity securities | 83 | 92 |
Loans held for sale | 1,678 | 622 |
Bank-owned life insurance | 19,153 | 18,894 |
Carrying Value [Member] | ||
Financial assets | ||
Cash and cash equivalents | 173,825 | 102,017 |
Securities available-for-sale | 103,202 | 112,146 |
Securities held-to-maturity | 10,871 | 13,869 |
Equity securities | 83 | 92 |
Restricted stock | 4,614 | 4,614 |
Loans held for sale | 1,678 | 622 |
Net loans | 628,964 | 544,616 |
Bank-owned life insurance | 19,153 | 18,894 |
Accrued interest receivable | 1,581 | 1,641 |
Financial liabilities | ||
Deposits | 815,961 | 683,546 |
Short-term borrowings | 43,865 | 38,889 |
Other borrowings | 9,865 | 6,330 |
Accrued interest payable | 102 | 127 |
Carrying Value [Member] | Mortgage Servicing Rights [Member] | ||
Financial assets | ||
Mortgage servicing rights | 381 | 328 |
Fair Value [Member] | ||
Financial assets | ||
Cash and cash equivalents | 173,825 | 102,017 |
Securities available-for-sale | 103,202 | 112,146 |
Securities held-to-maturity | 11,120 | 13,950 |
Equity securities | 83 | 92 |
Loans held for sale | 1,678 | 622 |
Net loans | 630,125 | 542,981 |
Bank-owned life insurance | 19,153 | 18,894 |
Accrued interest receivable | 1,581 | 1,641 |
Financial liabilities | ||
Deposits | 817,572 | 683,425 |
Short-term borrowings | 43,865 | 38,889 |
Other borrowings | 9,993 | 6,273 |
Accrued interest payable | 102 | 127 |
Fair Value [Member] | Mortgage Servicing Rights [Member] | ||
Financial assets | ||
Mortgage servicing rights | 381 | 328 |
Fair Value [Member] | Level I [Member] | ||
Financial assets | ||
Cash and cash equivalents | 173,825 | 102,017 |
Securities available-for-sale | 1,018 | 999 |
Equity securities | 37 | 46 |
Loans held for sale | 1,678 | 622 |
Bank-owned life insurance | 19,153 | 18,894 |
Accrued interest receivable | 1,581 | 1,641 |
Financial liabilities | ||
Deposits | 690,584 | 555,985 |
Short-term borrowings | 43,865 | 38,889 |
Accrued interest payable | 102 | 127 |
Fair Value [Member] | Level II [Member] | ||
Financial assets | ||
Securities available-for-sale | 102,184 | 111,147 |
Securities held-to-maturity | 11,120 | 13,950 |
Fair Value [Member] | Level III [Member] | ||
Financial assets | ||
Equity securities | 46 | 46 |
Net loans | 630,125 | 542,981 |
Financial liabilities | ||
Deposits | 126,988 | 127,440 |
Other borrowings | 9,993 | 6,273 |
Fair Value [Member] | Level III [Member] | Mortgage Servicing Rights [Member] | ||
Financial assets | ||
Mortgage servicing rights | $ 381 | $ 328 |
Fair Values of Financial Inst_4
Fair Values of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Commitments to extend credit and letters of credit | $ 207.1 | $ 211.3 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in Accumulated Other Comprehensive (Loss) Income by Component Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Unrealized holding gain (loss) on available-for-sale securities arising during the period, Pretax | $ 617 | $ 762 | $ 1,157 | $ 1,511 |
Beginning balance, After-tax | 72 | |||
Other comprehensive income | 500 | 614 | 938 | 1,218 |
Ending Balance, After-tax | 1,010 | 1,010 | ||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance, Pretax | 646 | (1,022) | 92 | (1,786) |
Unrealized holding gain (loss) on available-for-sale securities arising during the period, Pretax | 617 | 762 | 1,157 | 1,511 |
Amortization of held-to-maturity discount resulting from transfer, Pretax | 16 | 15 | 30 | 30 |
Total other comprehensive income (loss), Pretax | 633 | 777 | 1,187 | 1,541 |
Ending balance, Pretax | 1,279 | (245) | 1,279 | (245) |
Beginning balance, Tax Effect | (136) | 214 | (20) | 374 |
Unrealized holding gain (loss) on available-for-sale securities arising during the period, Tax Effect | (130) | (160) | (243) | (317) |
Amortization of held-to-maturity discount resulting from transfer, Tax Effect | (3) | (3) | (6) | (6) |
Total other comprehensive income (loss), Tax Effect | (133) | (163) | (249) | (323) |
Ending Balance, Tax Effect | (269) | 51 | (269) | 51 |
Beginning balance, After-tax | 510 | (808) | 72 | (1,412) |
Unrealized holding gain (loss) on available-for-sale securities arising during the period, After-Tax | 487 | 602 | 914 | 1,194 |
Amortization of held-to-maturity discount resulting from transfer, After-tax | 13 | 12 | 24 | 24 |
Other comprehensive income | 500 | 614 | 938 | 1,218 |
Ending Balance, After-tax | $ 1,010 | $ (194) | $ 1,010 | $ (194) |