Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 09, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 | ||
Entity Registrant Name | EAGLE FINANCIAL SERVICES INC | ||
Entity Central Index Key | 880641 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 3,481,774 | ||
Entity Public Float | $63,481,957 | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and due from banks | $9,075 | $9,295 |
Interest-bearing deposits with other institutions | 25,489 | 4,948 |
Total cash and cash equivalents | 34,564 | 14,243 |
Securities available for sale, at fair value | 94,165 | 102,598 |
Restricted investments | 2,808 | 2,192 |
Loans | 469,820 | 444,273 |
Allowance for loan losses | -5,080 | -5,488 |
Net Loans | 464,740 | 438,785 |
Bank premises and equipment, net | 19,015 | 17,214 |
Other real estate owned, net of allowance | 2,102 | 1,646 |
Other assets | 9,436 | 9,766 |
Total assets | 626,830 | 586,444 |
Liabilities and Shareholders’ Equity | ||
Noninterest bearing demand deposits | 159,352 | 147,698 |
Savings and interest bearing demand deposits | 249,305 | 240,749 |
Time deposits | 95,159 | 99,140 |
Total deposits | 503,816 | 487,587 |
Federal Home Loan Bank advances | 40,000 | 22,250 |
Trust preferred capital notes | 7,217 | 7,217 |
Other liabilities | 2,665 | 2,984 |
Total liabilities | 553,698 | 520,038 |
Shareholders’ Equity | ||
Preferred stock, $10 par value; 500,000 shares authorized and unissued | 0 | 0 |
Common stock, $2.50 par value; authorized 10,000,000 shares; issued and outstanding 2014, 3,463,665 including 15,151 unvested restricted stock; issued and outstanding 2013, 3,409,830 including 17,050 unvested restricted stock | 8,621 | 8,482 |
Surplus | 12,618 | 11,537 |
Retained earnings | 50,578 | 46,082 |
Accumulated other comprehensive income | 1,315 | 305 |
Total shareholders’ equity | 73,132 | 66,406 |
Total liabilities and shareholders’ equity | $626,830 | $586,444 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in USD per share) | $10 | $10 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in USD per share) | $2.50 | $2.50 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 3,463,665 | 3,409,830 |
Shares, Nonvested, end of period | 15,151 | 17,050 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest and Dividend Income | |||
Interest and fees on loans | $21,695 | $21,530 | $22,589 |
Interest and dividends on securities available for sale: | |||
Taxable interest income | 1,825 | 2,055 | 2,187 |
Interest income exempt from federal income taxes | 1,096 | 1,241 | 1,383 |
Dividends | 222 | 187 | 384 |
Interest on deposits in banks | 12 | 23 | 23 |
Total interest and dividend income | 24,850 | 25,036 | 26,566 |
Interest Expense | |||
Interest on deposits | 924 | 1,142 | 1,586 |
Interest on federal funds purchased and securities sold under agreements to repurchase | 20 | 31 | 360 |
Interest on Federal Home Loan Bank advances | 650 | 1,094 | 1,120 |
Interest on trust preferred capital notes | 132 | 135 | 148 |
Interest on interest rate swap | 186 | 183 | 170 |
Total interest expense | 1,912 | 2,585 | 3,384 |
Net interest income | 22,938 | 22,451 | 23,182 |
Provision For Loan Losses | 350 | 0 | 1,660 |
Net interest income after provision for loan losses | 22,588 | 22,451 | 21,522 |
Noninterest Income | |||
Income from fiduciary activities | 1,162 | 1,186 | 963 |
Service charges on deposit accounts | 1,323 | 1,453 | 1,509 |
Other service charges and fees | 2,995 | 3,864 | 3,404 |
(Loss) gain on sale of bank premises and equipment | -14 | -1 | 0 |
Gain on sale of securities | 990 | 465 | 45 |
Other operating income | 150 | 495 | 206 |
Total noninterest income | 6,606 | 7,462 | 6,127 |
Noninterest Expenses | |||
Salaries and employee benefits | 11,427 | 11,451 | 10,634 |
Occupancy expenses | 1,280 | 1,291 | 1,147 |
Equipment expenses | 720 | 666 | 665 |
Advertising and marketing expenses | 571 | 548 | 470 |
Stationery and supplies | 307 | 274 | 289 |
ATM network fees | 712 | 616 | 528 |
Other real estate owned expense | 27 | 40 | 362 |
Loss (gain) on the sale of other real estate owned | -82 | 140 | -13 |
FDIC assessment | 357 | 375 | 292 |
Computer software expense | 872 | 664 | 463 |
Bank franchise tax | 466 | 407 | 383 |
Professional fees | 988 | 1,013 | 1,072 |
Other bank service charges | 73 | 695 | 79 |
Other operating expenses | 2,268 | 2,187 | 2,169 |
Total noninterest expenses | 19,986 | 20,367 | 18,540 |
Income before income taxes | 9,208 | 9,546 | 9,109 |
Income Tax Expense | 2,068 | 2,388 | 2,559 |
Net income | $7,140 | $7,158 | $6,550 |
Earnings Per Share | |||
Net income per common share, basic (in US dollars per share) | $2.08 | $2.11 | $1.97 |
Net income per common share, diluted (in US dollars per share) | $2.07 | $2.10 | $1.96 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $7,140 | $7,158 | $6,550 |
Other comprehensive income (loss): | |||
Changes in benefit obligations and plan assets for defined benefit and post retirement benefit plans, net of deferred income taxes (benefit) of ($3), $0, and ($4) for the years ended December 31, 2014, 2013, and 2012, respectively | -5 | 0 | -7 |
Unrealized gain (loss) on available for sale securities, net of deferred income taxes (benefit) of $473, ($1,687), and $289 for the years ended December 31, 2014, 2013, and 2012, respectively | 919 | -3,275 | 560 |
Change in fair value of interest rate swap, net of deferred income taxes (benefit) of $49, $69, and ($19) for the years ended December 31, 2014, 2013 and 2012, respectively | 96 | 132 | -36 |
Total other comprehensive income (loss) | 1,010 | -3,143 | 517 |
Total comprehensive income | $8,150 | $4,015 | $7,067 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Changes in benefit obligations and plan assets for defined benefit and postretirement benefit plans, deferred income taxes | ($3) | $0 | ($4) |
Unrealized gain (loss) on available for sale securities, deferred income taxes | 473 | -1,687 | 289 |
Change in fair value of interest rate swap, deferred income taxes | $49 | $69 | ($19) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
In Thousands, unless otherwise specified | |||||
Beginning Balance at Dec. 31, 2011 | $58,090 | $8,217 | $9,568 | $37,374 | $2,931 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 6,550 | 6,550 | |||
Other comprehensive income (loss) | 517 | 517 | |||
Restricted stock awards, stock incentive plan | 28 | 28 | |||
Income tax benefit on vesting restricted stock | 4 | 4 | |||
Stock-based compensation expense | 242 | 242 | |||
Issuance of common stock, dividend investment plan | 626 | 80 | 546 | ||
Issuance of common stock, employee benefit plan | 107 | 15 | 92 | ||
Dividends declared | -2,430 | -2,430 | |||
Ending Balance at Dec. 31, 2012 | 63,706 | 8,340 | 10,424 | 41,494 | 3,448 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 7,158 | 7,158 | |||
Other comprehensive income (loss) | -3,143 | -3,143 | |||
Restricted stock awards, stock incentive plan | 34 | 34 | |||
Income tax benefit on vesting restricted stock | 35 | 35 | |||
Income tax benefit on disqualifying disposition of stock options exercised | 5 | 5 | |||
Stock options exercised | 69 | 10 | 59 | ||
Stock-based compensation expense | 305 | 305 | |||
Issuance of common stock, dividend investment plan | 662 | 77 | 585 | ||
Issuance of common stock, employee benefit plan | 179 | 21 | 158 | ||
Dividends declared | -2,570 | -2,570 | |||
Ending Balance at Dec. 31, 2013 | 66,406 | 8,482 | 11,537 | 46,082 | 305 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 7,140 | 7,140 | |||
Other comprehensive income (loss) | 1,010 | 1,010 | |||
Restricted stock awards, stock incentive plan | 35 | 35 | |||
Income tax benefit on vesting restricted stock | 21 | 21 | |||
Income tax benefit on disqualifying disposition of stock options exercised | 7 | 7 | |||
Stock options exercised | 0 | 2 | -2 | ||
Stock-based compensation expense | 290 | 290 | |||
Issuance of common stock, dividend investment plan | 700 | 80 | 620 | ||
Issuance of common stock, employee benefit plan | 202 | 22 | 180 | ||
Dividends declared | -2,644 | -2,644 | |||
Ending Balance at Dec. 31, 2014 | $73,132 | $8,621 | $12,618 | $50,578 | $1,315 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||
Issuance of restricted stock, stock incentive plan, shares | 14,009 | 13,699 | 10,963 |
Stock options exercised, shares | 927 | 3,872 | 0 |
Issuance of common stock, dividend investment plan, shares | 31,904 | 30,627 | 31,887 |
Issuance of common stock, employee benefit plan, shares | 8,893 | 8,560 | 6,180 |
Dividends declared, per share (in USD per share) | $0.77 | $0.76 | $0.73 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows from Operating Activities | |||
Net income | $7,140 | $7,158 | $6,550 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 772 | 803 | 821 |
Amortization of intangible and other assets | 152 | 150 | 136 |
Provision for loan losses | 350 | 0 | 1,660 |
(Gain) loss on the sale of other real estate owned | -82 | 140 | -13 |
Loss on the sale and disposal of assets | 18 | 1 | 2 |
(Gain) on the sale of securities | -990 | -465 | -45 |
Stock-based compensation expense | 290 | 305 | 242 |
Premium amortization on securities, net | 124 | 146 | 191 |
Deferred tax benefit | 142 | 1,190 | 350 |
Changes in assets and liabilities: | |||
(Increase) decrease in other assets | -451 | -1,392 | 602 |
(Decrease) increase in other liabilities | -179 | 183 | 937 |
Net cash provided by operating activities | 7,286 | 8,219 | 11,433 |
Cash Flows from Investing Activities | |||
Proceeds from maturities and principal payments of securities available for sale | 10,837 | 18,389 | 20,997 |
Proceeds from the sale of securities available for sale | 8,546 | 3,987 | 3,357 |
Purchases of securities available for sale | -8,693 | -26,863 | -12,271 |
Proceeds from the sale of restricted securities | 284 | 585 | 743 |
Purchases of restricted securities | -900 | ||
Purchases of bank premises and equipment | -2,966 | -1,492 | -2,201 |
Proceeds from the sale of other real estate owned | 745 | 1,167 | 895 |
Proceeds from the sale of repossessed assets | 29 | 26 | 71 |
Net (increase) in loans | -27,085 | -27,290 | -13,213 |
Net cash (used in) investing activities | -19,203 | -31,491 | -1,622 |
Cash Flows from Financing Activities | |||
Net increase in demand deposits, money market and savings accounts | 20,210 | 22,327 | 48,725 |
Net (decrease) in certificates of deposit | -3,980 | -11,841 | -20,089 |
Net increase in federal funds purchased and securities sold under agreements to repurchase | 0 | 10,000 | 0 |
Net increase (decrease) in Federal Home Loan Bank advances | 17,750 | -10,000 | -10,000 |
Issuance of common stock, employee benefit plan | 202 | 179 | 107 |
Stock options exercised | 0 | 69 | 0 |
Cash dividends paid | -1,944 | -1,909 | -1,805 |
Net cash provided by (used in) financing activities | 32,238 | -11,175 | 16,938 |
Increase (decrease) in cash and cash equivalents | 20,321 | -34,447 | 26,749 |
Cash and Cash Equivalents | |||
Beginning | 14,243 | 48,690 | 21,941 |
Ending | 34,564 | 14,243 | 48,690 |
Supplemental Disclosures of Cash Flow Information | |||
Interest | 1,916 | 2,704 | 3,436 |
Income taxes | 1,985 | 2,097 | 2,210 |
Supplemental Schedule of Noncash Investing and Financing Activities: | |||
Unrealized gain (loss) on securities available for sale | 1,392 | -4,962 | 849 |
Change in fair value of interest rate swap | 145 | 201 | -55 |
Other real estate acquired in settlement of loans | 781 | 25 | 1,715 |
Issuance of common stock, dividend investment plan | $700 | $662 | $626 |
Nature_of_Banking_Activities_a
Nature of Banking Activities and Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||
Nature of Banking Activities and Significant Accounting Policies | Nature of Banking Activities and Significant Accounting Policies | ||||||||||||||||
Eagle Financial Services, Inc. (the “Company” or “Corporation”) and Subsidiaries grant commercial, financial, agricultural, residential and consumer loans to customers in Virginia and the Eastern Panhandle of West Virginia. The loan portfolio is well diversified and generally is collateralized by assets of the customers. The loans are expected to be repaid from cash flows or proceeds from the sale of selected assets of the borrowers. | |||||||||||||||||
The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America and to accepted practices within the banking industry. | |||||||||||||||||
Principles of Consolidation | |||||||||||||||||
The Company owns 100% of Bank of Clarke County (the “Bank”) and Eagle Financial Statutory Trust II. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions between the Company and the Bank have been eliminated. Eagle Financial Statutory Trust II is accounted for under the provisions of GAAP. The subordinated debt of Eagle Financial Statutory Trust II is reflected as a liability of the Company. | |||||||||||||||||
Trust Assets | |||||||||||||||||
Securities and other property held by the Eagle Investment Group in a fiduciary or agency capacity are not assets of the Company and are not included in the accompanying consolidated financial statements. | |||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, federal funds sold, and interest bearing deposits. Generally, federal funds are purchased and sold for one-day periods. | |||||||||||||||||
Securities | |||||||||||||||||
Debt securities that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and recorded at amortized cost. Securities not classified as held to maturity, including equity securities with readily determinable fair values, are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. | |||||||||||||||||
Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Declines in the fair value of held to maturity and available for sale securities below their cost that are deemed to be “other than temporary” are reflected in earnings as realized losses. In estimating “other than temporary” impairment losses, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery of fair value. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. | |||||||||||||||||
The Bank is required to maintain an investment in the capital stock of certain correspondent banks. No readily available market exists for this stock and it has no quoted market value. The investment in these securities is recorded at cost and they are reported on the Company’s consolidated balance sheet as restricted investments. | |||||||||||||||||
Loans | |||||||||||||||||
The Company grants mortgage, commercial and consumer loans to customers. A substantial portion of the loan portfolio is represented by mortgage loans throughout the Counties of Clarke, Frederick, and Loudoun, Virginia and the City of Winchester, Virginia. The ability of the Company’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in this area. | |||||||||||||||||
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for the allowance for loan losses. Interest income is accrued on the unpaid principal balance. Loan fees collected and certain costs incurred related to loan originations are deferred and amortized as an adjustment to interest income over the life of the related loans. Deferred fees and costs are recorded as an adjustment to loans outstanding using a method that approximates a constant yield. | |||||||||||||||||
The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the credit is well-secured and in process of collection. Credit card loans and other personal loans are typically charged off no later than 180 days past due. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal and interest is considered doubtful. | |||||||||||||||||
All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |||||||||||||||||
Risks by Loan Portfolio Segments | |||||||||||||||||
One-to-Four-Family Residential Real Estate Lending | |||||||||||||||||
Residential mortgage loans generally are made on the basis of the borrower’s ability to make repayment from employment and other income and are secured by real estate whose value tends to be readily ascertainable. As part of the application process, information is gathered concerning income, employment and credit history of the applicant. The valuation of residential collateral is provided by independent fee appraisers who have been approved by the Bank’s Directors Loan Committee. | |||||||||||||||||
Commercial Real Estate Lending | |||||||||||||||||
Commercial real estate lending entails significant additional risk as compared with residential mortgage lending. Commercial real estate loans typically involve larger loan balances concentrated with single borrowers or groups of related borrowers. Additionally, the repayment of loans secured by income producing properties is typically dependent on the successful operation of a business or a real estate project and thus may be subject, to a greater extent, to adverse conditions in the real estate market or the economy, in general. | |||||||||||||||||
Construction and Land Development Lending | |||||||||||||||||
There are two characteristics of construction lending which impact its overall risk as compared to residential mortgage lending. First, there is more concentration risk due to the extension of a large loan balance through several lines of credit to a single developer or contractor. Second, there is more collateral risk due to the fact that loan funds are provided to the borrower based upon the estimated value of the collateral after completion. This could cause an inaccurate estimate of the amount needed to complete construction or an excessive loan-to-value ratio. To mitigate the risks associated with construction lending, the Bank generally limits loan amounts to 80% of the estimated appraised value of the finished home. | |||||||||||||||||
Commercial and Industrial Lending | |||||||||||||||||
Commercial business loans generally have more risk than residential mortgage loans, but have higher yields. To manage these risks, the Bank generally obtains appropriate collateral and personal guarantees from the borrower’s principal owners and monitors the financial condition of the borrower. Commercial business loans typically are made on the basis of the borrower’s ability to make repayment from cash flow from its business and are secured by business assets, such as commercial real estate, accounts receivable, equipment and inventory. As a result, the availability of funds for the repayment of commercial business loans is substantially dependent on the success of the business itself. Furthermore, the collateral for commercial business loans may depreciate over time and generally cannot be appraised with as much precision as residential real estate. | |||||||||||||||||
Consumer Lending | |||||||||||||||||
Consumer loans generally entail greater risk than residential mortgage loans, particularly in the case of consumer loans which are unsecured or secured by rapidly depreciable assets such as automobiles. In such cases, any repossessed collateral on a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance as a result of the greater likelihood of damage, loss or depreciation. | |||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | |||||||||||||||||
The allowance consists of specific, general and unallocated components. The specific component relates to loans that are impaired. An allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-impaired loans and is based on historical loss experience and other qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. | |||||||||||||||||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair market value less estimated liquidation costs of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer and residential loans for impairment disclosures, unless such loans are the subject of a restructuring agreement. | |||||||||||||||||
Bank Premises and Equipment | |||||||||||||||||
Land is carried at cost. Buildings and equipment are carried at cost, less accumulated depreciation computed on the straight-line method over the estimated useful lives of the assets. Estimated useful lives range from 10 to 39 years for buildings and 3 to 10 years for furniture and equipment. | |||||||||||||||||
Other Real Estate Owned | |||||||||||||||||
Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at the fair value of the property, less estimated selling costs at the date of foreclosure. Any write-downs based on the asset’s fair value at the date of acquisition are charged to the allowance for loan losses. After foreclosure, valuations are periodically performed by management and property held for sale is carried at the lower of the new cost basis or fair value less estimated cost to sell. Impairment losses on property to be held and used are measured as the amount by which the carrying amount of a property exceeds its fair value. Costs of significant property improvements are capitalized, whereas costs relating to holding property are expensed. The portion of interest costs relating to development of real estate is capitalized. During 2014, there were no other real estate owned properties that were in the process of being developed by the Bank. Valuations are periodically performed by management, and any subsequent write-downs are recorded as a charge to operations, if necessary, to reduce the carrying value of a property to the lower of its cost or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in the net expenses from foreclosed assets. | |||||||||||||||||
Retirement Plans | |||||||||||||||||
The Company had a non-contributory defined benefit pension plan that covers eligible employees. Effective December 31, 2006, the pension plan was amended so that no further benefits would accrue under the plan and no additional employees could become participants. The plan was terminated during 2012 after receiving final IRS approval. Refer to Note 10 for a description of the termination of the Company’s pension plan. The Company also sponsors a 401(k) savings plan under which eligible employees may defer a portion of their compensation on a pretax basis. The Company also provides a match to participants in this plan, as described more fully in Note 12. | |||||||||||||||||
Stock-Based Compensation Plan | |||||||||||||||||
During 2003, the Company’s shareholders approved a stock incentive plan which allows key employees and directors to increase their personal financial interest in the Company. This plan permits the issuance of incentive stock options and non-qualified stock options and the award of stock appreciation rights, common stock, restricted stock, and phantom stock. The plan, as adopted, authorized the issuance of up to 300,000 shares of common stock. This plan is discussed more fully in Note 11. | |||||||||||||||||
Income Taxes | |||||||||||||||||
Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various assets and liabilities and gives current recognition to changes in tax rates and laws. | |||||||||||||||||
When tax returns are filed, it is likely that some positions taken would be sustained upon examination by the applicable taxing authority, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, the Company believes it is “more likely than not” that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the “more likely than not” recognition threshold are measured as the largest amount of tax benefit that is more than fifty percent (50%) likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the balance sheet along with any associated interest and penalties that would be payable to the applicable taxing authority upon examination. Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the statement of income. The Company has no uncertain tax positions. | |||||||||||||||||
Advertising | |||||||||||||||||
The Company follows the policy of charging the costs of advertising to expense as incurred. | |||||||||||||||||
Reclassifications | |||||||||||||||||
Certain reclassifications have been made to the 2013 financial statements to conform to reporting for 2014. The results of the reclassification are not considered material and have no effect on reported amounts for prior years. | |||||||||||||||||
Earnings Per Common Share | |||||||||||||||||
Basic earnings per share represents income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. The number of potential common shares is determined using the treasury method and relates to outstanding stock options and nonvested restricted stock grants. | |||||||||||||||||
The following table shows the weighted average number of shares used in computing earnings per share and the effect on the weighted average number of shares of dilutive potential common stock. Potential dilutive common stock had no effect on income available to common shareholders. | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Average number of common shares outstanding | 3,438,348 | 3,386,467 | 3,333,235 | ||||||||||||||
Effect of dilutive common stock | 8,470 | 11,275 | 10,037 | ||||||||||||||
Average number of common shares outstanding used to calculate diluted earnings per share | 3,446,818 | 3,397,742 | 3,343,272 | ||||||||||||||
Comprehensive Income | |||||||||||||||||
Accounting principles generally accepted in the United States of America require that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, net of income taxes, are reported within the balance sheet as a separate component of shareholders’ equity. These changes, along with net income, are components of comprehensive income and are reported in the statement of comprehensive income. In addition to net income, the Company’s comprehensive income includes changes in the benefit obligations and plan assets for defined benefit and postretirement benefit plans, unrealized gains or losses on interest rate swaps, and unrealized gains or losses on available for sale securities. | |||||||||||||||||
The components of the change in unrealized gains (losses) on securities during 2014, 2013, and 2012 were as follows: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Gross unrealized gain (loss) | $ | 2,382 | $ | (4,497 | ) | $ | 894 | ||||||||||
Reclassification adjustment for realized (gain) | (990 | ) | (465 | ) | (45 | ) | |||||||||||
Net unrealized gain (loss) before taxes | 1,392 | (4,962 | ) | 849 | |||||||||||||
Tax effect | (473 | ) | 1,687 | (289 | ) | ||||||||||||
$ | 919 | $ | (3,275 | ) | $ | 560 | |||||||||||
The components of accumulated other comprehensive income, net of deferred taxes, were as follows: | |||||||||||||||||
Unrealized Gain (Loss) on Securities | Change in Fair Value of Interest Rate Swap | Post Retirement Benefit Plan | Total | ||||||||||||||
31-Dec-12 | $ | 3,822 | $ | (418 | ) | $ | 44 | $ | 3,448 | ||||||||
2013 Change | (3,275 | ) | 132 | — | (3,143 | ) | |||||||||||
31-Dec-13 | 547 | (286 | ) | 44 | 305 | ||||||||||||
2014 Change | 919 | 96 | (5 | ) | 1,010 | ||||||||||||
31-Dec-14 | $ | 1,466 | $ | (190 | ) | $ | 39 | $ | 1,315 | ||||||||
Derivative Financial Instruments | |||||||||||||||||
The Company follows GAAP to account for derivative and hedging activities. Accordingly, a derivative is recognized in the balance sheet at its fair value. The fair value of a derivative is determined by quoted market prices and mathematical models using current and historical data. If certain hedging criteria are met, including testing for hedge effectiveness, special hedge accounting may be applied. The Company assesses each hedge, both at inception and on an ongoing basis, to determine whether the derivative used in a hedging transaction is effective in offsetting changes in the fair value or cash flows of the hedged item and whether the derivative is expected to remain effective during subsequent periods. The Company discontinues hedge accounting when (a) it determines that a derivative is no longer effective in offsetting changes in fair value or cash flows of a hedged item; (b) the derivative expires or is sold, terminated or exercised; (c) probability exists that the forecasted transaction will no longer occur or (d) management determines that designating the derivative as a hedging instrument is no longer appropriate. When hedge accounting is discontinued and a derivative remains outstanding, the Company recognizes the derivative in the balance sheet at its fair value and changes in the fair value are recognized in net income. | |||||||||||||||||
At inception, the Company designates a derivative as (a) a fair value hedge of recognized assets or liabilities or of unrecognized firm commitments (fair-value hedge) or (b) a hedge of forecasted transactions or variable cash flows to be received or paid in conjunction with recognized assets or liabilities (cash-flow hedge). For a derivative treated as a fair-value hedge, a change in fair value is recorded as an adjustment to the hedged item and recognized in net income. For a derivative treated as a cash flow hedge, the effective portion of a change in fair value is recorded as an adjustment to the hedged item and recognized as a component of accumulated other comprehensive income (loss) within shareholders’ equity. For a derivative treated as a cash flow hedge, the ineffective portion of a change in fair value is recorded as an adjustment to the hedged item and recognized in net income. For more information on derivative financial instruments see Note 14 to the Consolidated Financial Statements. | |||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses and the valuation of deferred tax assets. | |||||||||||||||||
Stock Repurchase Program | |||||||||||||||||
On June 11, 2014, the Corporation renewed the stock repurchase program to repurchase up to 150,000 shares of its common stock prior to June 30, 2015. There was no repurchase activity during 2014, 2013 and 2012. The maximum number of shares that may yet be purchased under the plan as of December 31, 2014 are 134,337. | |||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||
In January 2014, the FASB issued ASU 2014-01, “Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force).” The amendments in this ASU permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendments in this ASU should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. The amendments in this ASU are effective for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The Company is currently assessing the impact that ASU 2014-01 will have on its consolidated financial statements. | |||||||||||||||||
In January 2014, the FASB issued ASU 2014-04, “Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force).” The amendments in this ASU clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this ASU are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company is currently assessing the impact that ASU 2014-04 will have on its consolidated financial statements. | |||||||||||||||||
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in this ASU change the criteria for reporting discontinued operations while enhancing disclosures in this area. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results and include disposals of a major geographic area, a major line of business, or a major equity method investment. The new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. Additionally, the new guidance requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. The amendments in the ASU are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The Company does not expect the adoption of ASU 2014-08 to have a material impact on its consolidated financial statements. | |||||||||||||||||
In June 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers: Topic 606”. This ASU applies to any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The guidance supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition”, most industry-specific guidance, and some cost guidance included in Subtopic 605-35, “Revenue Recognition-Construction-Type and Production-Type Contracts”. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To be in alignment with the core principle, an entity must apply a five step process including: identification of the contract(s) with a customer, identification of performance obligations in the contract(s), determination of the transaction price, allocation of the transaction price to the performance obligations, and recognition of revenue when (or as) the entity satisfies a performance obligation. Additionally, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer have also been amended to be consistent with the guidance on recognition and measurement. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company is currently assessing the impact that ASU 2014-09 will have on its consolidated financial statements. | |||||||||||||||||
In June 2014, the FASB issued ASU 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation”. The amendments in this ASU remove all incremental financial reporting requirements from U.S. GAAP for development stage entities, including the removal of Topic 915, “Development Stage Entities”, from the FASB Accounting Standards Codification. In addition, this ASU adds an example disclosure and removes an exception provided to development stage entities in Topic 810, “Consolidation”, for determining whether an entity is a variable interest entity. The presentation and disclosure requirements in Topic 915 will no longer be required for the first annual period beginning after December 15, 2014. The revised consolidation standards are effective for annual periods beginning after December 15, 2015. Early adoption is permitted. The Company does not expect the adoption of ASU 2014-10 to have a material impact on its consolidated financial statements. | |||||||||||||||||
In June 2014, the FASB issued ASU No. 2014-11, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”. This ASU aligns the accounting for repurchase-to-maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. The new guidance eliminates sale accounting for repurchase-to-maturity transactions and supersedes the guidance under which a transfer of a financial asset and a contemporaneous repurchase financing could be accounted for on a combined basis as a forward agreement. The amendments in the ASU also require a new disclosure for transactions economically similar to repurchase agreements in which the transferor retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. Additional disclosures will be required for the nature of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The amendments in this ASU are effective for the first interim or annual period beginning after December 15, 2014; however, the disclosure for transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Early adoption is not permitted. The Company is currently assessing the impact that ASU 2014-11 will have on its consolidated financial statements. | |||||||||||||||||
In June 2014, the FASB issued ASU No. 2014-12, “Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period”. The new guidance applies to reporting entities that grant employees share-based payments in which the terms of the award allow a performance target to be achieved after the requisite service period. The amendments in the ASU require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Existing guidance in “Compensation - Stock Compensation (Topic 718)”, should be applied to account for these types of awards. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted and reporting entities may choose to apply the amendments in the ASU either on a prospective or retrospective basis. The Company is currently assessing the impact that ASU 2014-12 will have on its consolidated financial statements. | |||||||||||||||||
In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. This update is intended to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Management is required under the new guidance to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued when preparing financial statements for each interim and annual reporting period. If conditions or events are identified, the ASU specifies the process that must be followed by management and also clarifies the timing and content of going concern footnote disclosures in order to reduce diversity in practice. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. Early adoption is permitted. The Company does not expect the adoption of ASU 2014-15 to have a material impact on its consolidated financial statements. | |||||||||||||||||
In November 2014, the FASB issued ASU No. 2014-16, “Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity.” The amendments in ASU do not change the current criteria in U.S. GAAP for determining when separation of certain embedded derivative features in a hybrid financial instrument is required. The amendments clarify how current U.S. GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. Specifically, the amendments clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated for bifurcation, in evaluating the nature of the host contract. Furthermore, the amendments clarify that no single term or feature would necessarily determine the economic characteristics and risks of the host contract. Rather, the nature of the host contract depends upon the economic characteristics and risks of the entire hybrid financial instrument. The amendments in this ASU also clarify that, in evaluating the nature of a host contract, an entity should assess the substance of the relevant terms and features (i.e., the relative strength of the debt-like or equity-like terms and features given the facts and circumstances) when considering how to weight those terms and features. The amendments in this ASU are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption, including adoption in an interim period, is permitted. The Company does not expect the adoption of ASU 2014-16 to have a material impact on its consolidated financial statements. | |||||||||||||||||
In November 2014, the FASB issued ASU No. 2014-17, “Business Combinations (Topic 805): Pushdown Accounting.” The amendments in ASU provide an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs. An acquired entity should determine whether to elect to apply pushdown accounting for each individual change-in-control event in which an acquirer obtains control of the acquired entity. If pushdown accounting is not applied in the reporting period in which the change-in-control event occurs, an acquired entity will have the option to elect to apply pushdown accounting in a subsequent reporting period to the acquired entity’s most recent change-in-control event. An election to apply pushdown accounting in a reporting period after the reporting period in which the change-in-control event occurred should be considered a change in accounting principle in accordance with Topic 250, Accounting Changes and Error Corrections. If pushdown accounting is applied to an individual change-in-control event, that election is irrevocable. The amendments in this ASU are effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. However, if the financial statements for the period in which the most recent change-in-control event occurred already have been issued or made available to be issued, the application of this guidance would be a change in accounting principle. The Company does not expect the adoption of ASU 2014-17 to have a material impact on its consolidated financial statements. | |||||||||||||||||
In January 2015, the FASB issued ASU No. 2015-01, “Income Statement-Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” The amendments in this ASU eliminate from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The entity also is required to disclose applicable income taxes and either present or disclose earnings-per-share data applicable to the extraordinary item. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect the adoption of ASU 2015-01 to have a material impact on its consolidated financial statements. |
Securities
Securities | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Available-for-sale Securities [Abstract] | ||||||||||||||||||||||||
Securities | Securities | |||||||||||||||||||||||
Amortized costs and fair values of securities available for sale at December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||
Gains | (Losses) | |||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | $ | 36,911 | $ | 599 | $ | (299 | ) | $ | 37,211 | |||||||||||||||
Mortgage-backed securities | 15,245 | 545 | (11 | ) | 15,779 | |||||||||||||||||||
Obligations of states and political subdivisions | 39,025 | 1,432 | (47 | ) | 40,410 | |||||||||||||||||||
Corporate securities | 761 | 4 | — | 765 | ||||||||||||||||||||
Equity securities | — | — | — | — | ||||||||||||||||||||
$ | 91,942 | $ | 2,580 | $ | (357 | ) | $ | 94,165 | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | $ | 35,890 | $ | 439 | $ | (1,585 | ) | $ | 34,744 | |||||||||||||||
Mortgage-backed securities | 14,896 | 422 | (121 | ) | 15,197 | |||||||||||||||||||
Obligations of states and political subdivisions | 42,442 | 969 | (295 | ) | 43,116 | |||||||||||||||||||
Corporate securities | 7,495 | 928 | — | 8,423 | ||||||||||||||||||||
Equity securities | 1,044 | 74 | — | 1,118 | ||||||||||||||||||||
$ | 101,767 | $ | 2,832 | $ | (2,001 | ) | $ | 102,598 | ||||||||||||||||
Carrying amounts of restricted securities at December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Federal Reserve Bank Stock | $ | 344 | $ | 344 | ||||||||||||||||||||
Federal Home Loan Bank Stock | 2,324 | 1,708 | ||||||||||||||||||||||
Community Bankers’ Bank Stock | 140 | 140 | ||||||||||||||||||||||
$ | 2,808 | $ | 2,192 | |||||||||||||||||||||
The amortized cost and fair value of securities available for sale at December 31, 2014, by contractual maturity, are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the securities may be called or repaid without any penalties. | ||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | 3,680 | $ | 3,712 | ||||||||||||||||||||
Due after one year through five years | 27,507 | 28,046 | ||||||||||||||||||||||
Due after five years through ten years | 42,414 | 43,394 | ||||||||||||||||||||||
Due after ten years | 18,341 | 19,013 | ||||||||||||||||||||||
Equity securities | — | — | ||||||||||||||||||||||
$ | 91,942 | $ | 94,165 | |||||||||||||||||||||
During the twelve months ended December 31, 2014, the Company sold $8.5 million in available for sale securities for a net gain of $990 thousand. During the twelve months ended December 31, 2013, the Company sold $4.0 million in available for sale securities for a net gain of $465 thousand. During the twelve months ended December 31, 2012, the Company sold $3.4 million in available for sale securities for a net gain of $45 thousand. | ||||||||||||||||||||||||
The fair value and gross unrealized losses for securities available for sale, totaled by the length of time that individual securities have been in a continuous gross unrealized loss position, at December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair Value | Gross | Fair Value | Gross | Fair Value | Gross | |||||||||||||||||||
Unrealized | Unrealized | Unrealized | ||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | $ | 1,997 | $ | 1 | $ | 21,615 | $ | 298 | $ | 23,612 | $ | 299 | ||||||||||||
Mortgage-backed securities | — | — | 1,444 | 11 | 1,444 | 11 | ||||||||||||||||||
Obligations of states and political subdivisions | 2,998 | 12 | 2,414 | 35 | 5,412 | 47 | ||||||||||||||||||
Corporate securities | — | — | — | — | — | — | ||||||||||||||||||
Equity securities | — | — | — | — | — | — | ||||||||||||||||||
$ | 4,995 | $ | 13 | $ | 25,473 | $ | 344 | $ | 30,468 | $ | 357 | |||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | $ | 23,235 | $ | 1,551 | $ | 1,967 | $ | 34 | $ | 25,202 | $ | 1,585 | ||||||||||||
Mortgage-backed securities | 2,828 | 121 | — | — | 2,828 | 121 | ||||||||||||||||||
Obligations of states and political subdivisions | 8,439 | 252 | 466 | 43 | 8,905 | 295 | ||||||||||||||||||
Corporate securities | — | — | — | — | — | — | ||||||||||||||||||
Equity securities | — | — | — | — | — | — | ||||||||||||||||||
$ | 34,502 | $ | 1,924 | $ | 2,433 | $ | 77 | $ | 36,935 | $ | 2,001 | |||||||||||||
Gross unrealized losses on available for sale securities included thirty-eight (38) and fifty-one (51) debt securities at December 31, 2014 and December 31, 2013, respectively. The Company evaluates securities for other-than-temporary impairment on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. The Company’s mortgage-backed securities are issued by U.S. government agencies, which guarantee payments to investors regardless of the status of the underlying mortgages. Consideration is given to the length of time and the amount of an unrealized loss, the financial condition of the issuer, and the intent and ability of the Company to retain its investment in the issuer long enough to allow for an anticipated recovery in fair value. The fair value of a security reflects its liquidity as compared to similar instruments, current market rates on similar instruments, and the creditworthiness of the issuer. Absent any change in the liquidity of a security or the creditworthiness of the issuer, prices will decline as market rates rise and vice-versa. The primary cause of the unrealized losses at December 31, 2014 and December 31, 2013 was changes in market interest rates. Since the losses can be primarily attributed to changes in market interest rates and not expected cash flows or an issuer’s financial condition, the unrealized losses are deemed to be temporary. The continuing economic recession involving housing, liquidity and credit were also contributing factors to the unrealized losses on these securities at December 31, 2014 and December 31, 2013. The Company monitors the financial condition of these issuers continuously and will record other-than-temporary impairment if the recovery of value is unlikely. | ||||||||||||||||||||||||
The Company’s securities are exposed to various risks, such as interest rate, market, currency and credit risks. Due to the level of risk associated with certain securities and the level of uncertainty related to changes in the value of securities, it is at least reasonably possible that changes in risks in the near term would materially affect securities reported in the financial statements. In addition, recent economic uncertainty and market events have led to unprecedented volatility in currency, commodity, credit and equity markets culminating in failures of some banking and financial services firms and government intervention to solidify others. These events underscore the level of investment risk associated with the current economic environment, and accordingly the level of risk in the Company’s securities. | ||||||||||||||||||||||||
Securities having a carrying value of $3.4 million at December 31, 2014 were pledged to secure securities sold under agreements to repurchase and for other purposes required by law. |
Loans
Loans | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Loans and Leases Receivable Disclosure [Abstract] | |||||||||
Loans | Loans | ||||||||
The composition of loans at December 31, 2014 and 2013 was as follows: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Mortgage loans on real estate: | |||||||||
Construction and land development | $ | 25,887 | $ | 27,047 | |||||
Secured by farmland | 10,602 | 9,886 | |||||||
Secured by 1-4 family residential properties | 224,694 | 218,633 | |||||||
Multifamily | 3,016 | 2,850 | |||||||
Commercial | 161,299 | 148,166 | |||||||
Loans to farmers | 957 | 1,321 | |||||||
Commercial and industrial loans | 28,132 | 20,865 | |||||||
Consumer installment loans | 13,874 | 13,785 | |||||||
All other loans | 1,359 | 1,720 | |||||||
$ | 469,820 | $ | 444,273 | ||||||
Less: Allowance for loan losses | 5,080 | 5,488 | |||||||
$ | 464,740 | $ | 438,785 | ||||||
Allowance_for_Loan_Losses
Allowance for Loan Losses | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses, Adjustments, Net [Abstract] | ||||||||||||||||||||||||||||||||
Allowance for Loan Losses | Allowance for Loan Losses | |||||||||||||||||||||||||||||||
Changes in the allowance for loan losses for the years December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Balance, beginning | $ | 5,488 | $ | 6,577 | $ | 8,743 | ||||||||||||||||||||||||||
Provision charged to operating expense | 350 | — | 1,660 | |||||||||||||||||||||||||||||
Recoveries added to the allowance | 725 | 233 | 337 | |||||||||||||||||||||||||||||
Loan losses charged to the allowance | (1,483 | ) | (1,322 | ) | (4,163 | ) | ||||||||||||||||||||||||||
Balance, ending | $ | 5,080 | $ | 5,488 | $ | 6,577 | ||||||||||||||||||||||||||
Nonaccrual and past due loans by class at December 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
30 - 59 | 60 - 89 | 90 or More | Total Past | Current | Total Loans | 90 or More | Nonaccrual | |||||||||||||||||||||||||
Days | Days | Days | Due | Days Past | Loans | |||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Due Still Accruing | |||||||||||||||||||||||||||||
Commercial - Non Real Estate: | ||||||||||||||||||||||||||||||||
Commercial & Industrial | $ | 28 | $ | — | $ | — | $ | 28 | $ | 28,104 | $ | 28,132 | $ | — | $ | 2,106 | ||||||||||||||||
Commercial Real Estate: | ||||||||||||||||||||||||||||||||
Owner Occupied | 2,191 | — | — | 2,191 | 97,516 | 99,707 | — | 2,591 | ||||||||||||||||||||||||
Non-owner occupied | 56 | 210 | 808 | 1,074 | 60,518 | 61,592 | — | 1,231 | ||||||||||||||||||||||||
Construction and Farmland: | ||||||||||||||||||||||||||||||||
Residential | — | 52 | — | 52 | 5,149 | 5,201 | — | — | ||||||||||||||||||||||||
Commercial | — | — | 57 | 57 | 31,231 | 31,288 | — | 787 | ||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||
Installment | 50 | 15 | 6 | 71 | 13,803 | 13,874 | 6 | — | ||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||
Equity Lines | 132 | 41 | 185 | 358 | 30,763 | 31,121 | — | 331 | ||||||||||||||||||||||||
Single family | 1,243 | 440 | 644 | 2,327 | 191,246 | 193,573 | — | 3,660 | ||||||||||||||||||||||||
Multifamily | — | — | — | — | 3,016 | 3,016 | — | — | ||||||||||||||||||||||||
All Other Loans | — | — | — | — | 2,316 | 2,316 | — | — | ||||||||||||||||||||||||
Total | $ | 3,700 | $ | 758 | $ | 1,700 | $ | 6,158 | $ | 463,662 | $ | 469,820 | $ | 6 | $ | 10,706 | ||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
30 - 59 | 60 - 89 | 90 or More | Total Past | Current | Total Loans | 90 or More | Nonaccrual | |||||||||||||||||||||||||
Days | Days | Days | Due | Past Due | Loans | |||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Still | |||||||||||||||||||||||||||||
Accruing | ||||||||||||||||||||||||||||||||
Commercial - Non Real Estate: | ||||||||||||||||||||||||||||||||
Commercial & Industrial | $ | 143 | $ | — | $ | 1,162 | $ | 1,305 | $ | 19,560 | $ | 20,865 | $ | — | $ | 1,288 | ||||||||||||||||
Commercial Real Estate: | ||||||||||||||||||||||||||||||||
Owner Occupied | 364 | — | 1,270 | 1,634 | 90,811 | 92,445 | — | 1,269 | ||||||||||||||||||||||||
Non-owner occupied | 99 | 185 | — | 284 | 55,437 | 55,721 | — | 185 | ||||||||||||||||||||||||
Construction and Farmland: | ||||||||||||||||||||||||||||||||
Residential | — | — | — | — | 7,860 | 7,860 | — | — | ||||||||||||||||||||||||
Commercial | — | — | — | — | 29,073 | 29,073 | — | 157 | ||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||
Installment | 95 | 9 | 11 | 115 | 13,670 | 13,785 | 11 | 6 | ||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||
Equity Lines | 202 | 25 | — | 227 | 31,997 | 32,224 | — | 179 | ||||||||||||||||||||||||
Single family | 1,995 | 180 | 693 | 2,868 | 183,541 | 186,409 | — | 1,328 | ||||||||||||||||||||||||
Multifamily | — | — | — | — | 2,850 | 2,850 | — | — | ||||||||||||||||||||||||
All Other Loans | — | — | — | — | 3,041 | 3,041 | — | — | ||||||||||||||||||||||||
Total | $ | 2,898 | $ | 399 | $ | 3,136 | $ | 6,433 | $ | 437,840 | $ | 444,273 | $ | 11 | $ | 4,412 | ||||||||||||||||
Allowance for loan losses by segment at December 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||||||||||||
As of and for the Twelve Months Ended | ||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Construction | Residential | Commercial | Commercial | Consumer | All Other | Unallocated | Total | |||||||||||||||||||||||||
and Farmland | Real Estate | Real Estate | Loans | |||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||
Beginning Balance | $ | 1,032 | $ | 2,225 | $ | 1,337 | $ | 555 | $ | 102 | $ | 82 | $ | 155 | $ | 5,488 | ||||||||||||||||
Charge-Offs | (482 | ) | (808 | ) | (83 | ) | — | (86 | ) | (24 | ) | — | (1,483 | ) | ||||||||||||||||||
Recoveries | 26 | 63 | 381 | 164 | 87 | 4 | — | 725 | ||||||||||||||||||||||||
Provision | 375 | 497 | (288 | ) | (255 | ) | — | (20 | ) | 41 | 350 | |||||||||||||||||||||
Ending balance | $ | 951 | $ | 1,977 | $ | 1,347 | $ | 464 | $ | 103 | $ | 42 | $ | 196 | $ | 5,080 | ||||||||||||||||
Ending balance: Individually evaluated for impairment | $ | 93 | $ | 303 | $ | 203 | $ | 44 | $ | — | $ | — | $ | — | $ | 643 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 858 | $ | 1,674 | $ | 1,144 | $ | 420 | $ | 103 | $ | 42 | $ | 196 | $ | 4,437 | ||||||||||||||||
Financing receivables: | ||||||||||||||||||||||||||||||||
Ending balance | $ | 36,489 | $ | 227,710 | $ | 161,299 | $ | 28,132 | $ | 13,874 | $ | 2,316 | $ | — | $ | 469,820 | ||||||||||||||||
Ending balance individually evaluated for impairment | $ | 2,669 | $ | 6,557 | $ | 5,722 | $ | 2,107 | $ | — | $ | — | $ | — | $ | 17,055 | ||||||||||||||||
Ending balance collectively evaluated for impairment | $ | 33,820 | $ | 221,153 | $ | 155,577 | $ | 26,025 | $ | 13,874 | $ | 2,316 | $ | — | $ | 452,765 | ||||||||||||||||
As of and for the Twelve Months Ended | ||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Construction | Residential | Commercial | Commercial | Consumer | All Other | Unallocated | Total | |||||||||||||||||||||||||
and Farmland | Real Estate | Real Estate | Loans | |||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||
Beginning Balance | $ | 1,280 | $ | 2,820 | $ | 1,182 | $ | 880 | $ | 107 | $ | 122 | $ | 186 | $ | 6,577 | ||||||||||||||||
Charge-Offs | (20 | ) | (507 | ) | (289 | ) | (403 | ) | (85 | ) | (18 | ) | — | (1,322 | ) | |||||||||||||||||
Recoveries | 5 | 109 | 7 | 47 | 54 | 11 | — | 233 | ||||||||||||||||||||||||
Provision | (233 | ) | (197 | ) | 437 | 31 | 26 | (33 | ) | (31 | ) | — | ||||||||||||||||||||
Ending balance | $ | 1,032 | $ | 2,225 | $ | 1,337 | $ | 555 | $ | 102 | $ | 82 | $ | 155 | $ | 5,488 | ||||||||||||||||
Ending balance: Individually evaluated for impairment | $ | 218 | $ | 627 | $ | 299 | $ | 334 | $ | — | $ | — | $ | — | $ | 1,478 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 814 | $ | 1,598 | $ | 1,038 | $ | 221 | $ | 102 | $ | 82 | $ | 155 | $ | 4,010 | ||||||||||||||||
Financing receivables: | ||||||||||||||||||||||||||||||||
Ending balance | $ | 36,933 | $ | 221,483 | $ | 148,166 | $ | 20,865 | $ | 13,785 | $ | 3,041 | $ | — | $ | 444,273 | ||||||||||||||||
Ending balance individually evaluated for impairment | $ | 2,674 | $ | 4,922 | $ | 4,750 | $ | 1,347 | $ | — | $ | 6 | $ | — | $ | 13,699 | ||||||||||||||||
Ending balance collectively evaluated for impairment | $ | 34,259 | $ | 216,561 | $ | 143,416 | $ | 19,518 | $ | 13,785 | $ | 3,035 | $ | — | $ | 430,574 | ||||||||||||||||
Impaired loans by class at December 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||||||||||||
As of and for the Year Ended | ||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Unpaid | Recorded | Related | Average | Interest | ||||||||||||||||||||||||||||
Principal | Investment | Allowance | Recorded | Income | ||||||||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||||||||
With no related allowance: | ||||||||||||||||||||||||||||||||
Commercial - Non Real Estate: | ||||||||||||||||||||||||||||||||
Commercial & Industrial | $ | 2,159 | $ | 2,013 | $ | — | $ | 2,256 | $ | 19 | ||||||||||||||||||||||
Commercial Real Estate: | ||||||||||||||||||||||||||||||||
Owner Occupied | 2,824 | 2,473 | — | 2,857 | 48 | |||||||||||||||||||||||||||
Non-owner occupied | 2,675 | 2,560 | — | 2,796 | 86 | |||||||||||||||||||||||||||
Construction and Farmland: | ||||||||||||||||||||||||||||||||
Residential | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial | 2,319 | 2,319 | — | 2,362 | 68 | |||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||
Equity lines | 252 | 78 | — | 252 | — | |||||||||||||||||||||||||||
Single family | 5,634 | 5,218 | — | 5,719 | 149 | |||||||||||||||||||||||||||
Multifamily | — | — | — | — | — | |||||||||||||||||||||||||||
Other Loans | — | — | — | — | — | |||||||||||||||||||||||||||
$ | 15,863 | $ | 14,661 | $ | — | $ | 16,242 | $ | 370 | |||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial - Non Real Estate: | ||||||||||||||||||||||||||||||||
Commercial & Industrial | $ | 289 | $ | 94 | $ | 44 | $ | 289 | $ | — | ||||||||||||||||||||||
Commercial Real Estate: | ||||||||||||||||||||||||||||||||
Owner Occupied | 689 | 689 | 203 | 704 | 33 | |||||||||||||||||||||||||||
Non-owner occupied | — | — | — | — | — | |||||||||||||||||||||||||||
Construction and Farmland: | ||||||||||||||||||||||||||||||||
Residential | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial | 385 | 350 | 93 | 393 | 5 | |||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||
Equity lines | 403 | 253 | 95 | 403 | 5 | |||||||||||||||||||||||||||
Single family | 1,007 | 1,008 | 208 | 1,020 | 41 | |||||||||||||||||||||||||||
Multifamily | — | — | — | — | — | |||||||||||||||||||||||||||
Other Loans | — | — | — | — | — | |||||||||||||||||||||||||||
$ | 2,773 | $ | 2,394 | $ | 643 | $ | 2,809 | $ | 84 | |||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||
Commercial | $ | 2,448 | $ | 2,107 | $ | 44 | $ | 2,545 | $ | 19 | ||||||||||||||||||||||
Commercial Real Estate | 6,188 | 5,722 | 203 | 6,357 | 167 | |||||||||||||||||||||||||||
Construction and Farmland | 2,704 | 2,669 | 93 | 2,755 | 73 | |||||||||||||||||||||||||||
Residential | 7,296 | 6,557 | 303 | 7,394 | 195 | |||||||||||||||||||||||||||
Other | — | — | — | — | — | |||||||||||||||||||||||||||
Total | $ | 18,636 | $ | 17,055 | $ | 643 | $ | 19,051 | $ | 454 | ||||||||||||||||||||||
As of and for the Year Ended | ||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Unpaid | Recorded | Related | Average | Interest | ||||||||||||||||||||||||||||
Principal | Investment | Allowance | Recorded | Income | ||||||||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||||||||
With no related allowance: | ||||||||||||||||||||||||||||||||
Commercial - Non Real Estate: | ||||||||||||||||||||||||||||||||
Commercial & Industrial | $ | 289 | $ | 145 | $ | — | $ | 329 | $ | 8 | ||||||||||||||||||||||
Commercial Real Estate: | ||||||||||||||||||||||||||||||||
Owner Occupied | 2,474 | 2,273 | — | 2,512 | 118 | |||||||||||||||||||||||||||
Non-owner occupied | 1,470 | 1,398 | — | 1,498 | 91 | |||||||||||||||||||||||||||
Construction and Farmland: | ||||||||||||||||||||||||||||||||
Residential | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial | 2,391 | 2,401 | — | 2,420 | 97 | |||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||
Equity lines | 455 | 290 | — | 460 | 16 | |||||||||||||||||||||||||||
Single family | 3,390 | 3,100 | — | 3,531 | 146 | |||||||||||||||||||||||||||
Multifamily | — | — | — | — | — | |||||||||||||||||||||||||||
Other Loans | 6 | 6 | — | 7 | 1 | |||||||||||||||||||||||||||
$ | 10,475 | $ | 9,613 | $ | — | $ | 10,757 | $ | 477 | |||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial - Non Real Estate: | ||||||||||||||||||||||||||||||||
Commercial & Industrial | $ | 1,243 | $ | 1,221 | $ | 334 | $ | 1,271 | $ | 59 | ||||||||||||||||||||||
Commercial Real Estate: | ||||||||||||||||||||||||||||||||
Owner Occupied | — | — | — | — | — | |||||||||||||||||||||||||||
Non-owner occupied | 1,108 | 1,111 | 299 | 1,126 | 49 | |||||||||||||||||||||||||||
Construction and Farmland: | ||||||||||||||||||||||||||||||||
Residential | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial | 301 | 283 | 218 | 308 | 18 | |||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||
Equity lines | 75 | 74 | 74 | 217 | 7 | |||||||||||||||||||||||||||
Single family | 1,505 | 1,508 | 553 | 1,530 | 71 | |||||||||||||||||||||||||||
Multifamily | — | — | — | — | — | |||||||||||||||||||||||||||
Other Loans | — | — | — | — | — | |||||||||||||||||||||||||||
$ | 4,232 | $ | 4,197 | $ | 1,478 | $ | 4,452 | $ | 204 | |||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||
Commercial | $ | 1,532 | $ | 1,366 | $ | 334 | $ | 1,600 | $ | 67 | ||||||||||||||||||||||
Commercial Real Estate | 5,052 | 4,782 | 299 | 5,136 | 258 | |||||||||||||||||||||||||||
Construction and Farmland | 2,692 | 2,684 | 218 | 2,728 | 115 | |||||||||||||||||||||||||||
Residential | 5,425 | 4,972 | 627 | 5,738 | 240 | |||||||||||||||||||||||||||
Other | 6 | 6 | — | 7 | 1 | |||||||||||||||||||||||||||
Total | $ | 14,707 | $ | 13,810 | $ | 1,478 | $ | 15,209 | $ | 681 | ||||||||||||||||||||||
Recorded investment is defined as the summation of the principal balance, accrued interest, and net deferred loan fees or costs. For the year ended December 31, 2012, the average recorded investment of impaired loans was $17.7 million. The interest income recognized on impaired loans was $743 thousand in 2012. | ||||||||||||||||||||||||||||||||
When the ultimate collectability of the total principal of an impaired loan is in doubt and the loan is in nonaccrual status, all payments are applied to principal under the cost-recovery method. For financial statement purposes, the recorded investment in nonaccrual loans is the actual principal balance reduced by payments that would otherwise have been applied to interest. When reporting information on these loans to the applicable customers, the unpaid principal balance is reported as if payments were applied to principal and interest under the original terms of the loan agreements. Therefore, the unpaid principal balance reported to the customer would be higher than the recorded investment in the loan for financial statement purposes. When the ultimate collectability of the total principal of the impaired loan is not in doubt and the loan is in nonaccrual status, contractual interest is credited to interest income when received under the cash-basis method. | ||||||||||||||||||||||||||||||||
The Company uses a rating system for evaluating the risks associated with non-consumer loans. Consumer loans are not evaluated for risk unless the characteristics of the loan fall within classified categories. Descriptions of these ratings are as follows: | ||||||||||||||||||||||||||||||||
Pass | Pass loans exhibit acceptable history of profits, cash flow ability and liquidity. Sufficient cash flow exists to service the loan. All obligations have been paid by the borrower in an as agreed manner. | |||||||||||||||||||||||||||||||
Pass Monitored | Pass monitored loans may be experiencing income and cash volatility, inconsistent operating trends, nominal liquidity and/or a leveraged balance sheet. A higher level of supervision is required for these loans as the potential for a negative event could impact the borrower’s ability to repay the loan. | |||||||||||||||||||||||||||||||
Special mention | Special mention loans exhibit negative trends and potential weakness that, if left uncorrected, may negatively affect the borrower’s ability to repay its obligations. The risk of default is not imminent and the borrower still demonstrates sufficient financial strength to service debt. | |||||||||||||||||||||||||||||||
Substandard | Substandard loans exhibit well defined weaknesses resulting in a higher probability of default. The borrowers exhibit adverse financial trends and a diminishing ability or willingness to service debt. | |||||||||||||||||||||||||||||||
Doubtful | Doubtful loans exhibit all of the characteristics inherent in substandard loans; however given the severity of weaknesses, the collection of 100% of the principal is unlikely under current conditions. | |||||||||||||||||||||||||||||||
Loss | Loss loans are considered uncollectible over a reasonable period of time and of such little value that its continuance as a bankable asset is not warranted. | |||||||||||||||||||||||||||||||
Credit quality information by class at December 31, 2014 and December 31, 2013 was as follows: | ||||||||||||||||||||||||||||||||
As of | ||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
INTERNAL RISK RATING GRADES | Pass | Pass Monitored | Special | Substandard | Doubtful | Loss | Total | |||||||||||||||||||||||||
Mention | ||||||||||||||||||||||||||||||||
Commercial - Non Real Estate: | ||||||||||||||||||||||||||||||||
Commercial & Industrial | $ | 24,579 | $ | 1,775 | $ | 21 | $ | 701 | $ | 1,056 | $ | — | $ | 28,132 | ||||||||||||||||||
Commercial Real Estate: | ||||||||||||||||||||||||||||||||
Owner Occupied | 77,979 | 17,401 | — | 3,189 | 1,138 | — | 99,707 | |||||||||||||||||||||||||
Non-owner occupied | 42,630 | 14,779 | 1,402 | 2,733 | 48 | — | 61,592 | |||||||||||||||||||||||||
Construction and Farmland: | ||||||||||||||||||||||||||||||||
Residential | 5,112 | 89 | — | — | — | — | 5,201 | |||||||||||||||||||||||||
Commercial | 23,192 | 5,184 | 2,083 | 750 | 79 | — | 31,288 | |||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||
Equity Lines | 29,440 | 1,429 | — | 185 | 67 | — | 31,121 | |||||||||||||||||||||||||
Single family | 165,932 | 21,011 | — | 6,062 | 568 | — | 193,573 | |||||||||||||||||||||||||
Multifamily | 2,144 | 872 | — | — | — | — | 3,016 | |||||||||||||||||||||||||
All other loans | 2,316 | — | — | — | — | — | 2,316 | |||||||||||||||||||||||||
Total | $ | 373,324 | $ | 62,540 | $ | 3,506 | $ | 13,620 | $ | 2,956 | $ | — | $ | 455,946 | ||||||||||||||||||
Performing | Nonperforming | |||||||||||||||||||||||||||||||
Consumer Credit Exposure by Payment Activity | $ | 13,803 | $ | 71 | ||||||||||||||||||||||||||||
As of | ||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
INTERNAL RISK RATING GRADES | Pass | Pass Monitored | Special | Substandard | Doubtful | Loss | Total | |||||||||||||||||||||||||
Mention | ||||||||||||||||||||||||||||||||
Commercial - Non Real Estate: | ||||||||||||||||||||||||||||||||
Commercial & Industrial | $ | 16,565 | $ | 2,820 | $ | 86 | $ | 106 | $ | 1,288 | $ | — | $ | 20,865 | ||||||||||||||||||
Commercial Real Estate: | ||||||||||||||||||||||||||||||||
Owner Occupied | 73,998 | 12,036 | 3,322 | 1,820 | 1,269 | — | 92,445 | |||||||||||||||||||||||||
Non-owner occupied | 31,484 | 14,922 | 5,557 | 3,758 | — | — | 55,721 | |||||||||||||||||||||||||
Construction and Farm land: | ||||||||||||||||||||||||||||||||
Residential | 7,738 | 122 | — | — | — | — | 7,860 | |||||||||||||||||||||||||
Commercial | 24,252 | 1,353 | 1,196 | 2,186 | 86 | — | 29,073 | |||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||
Equity Lines | 30,458 | 708 | 415 | 480 | 163 | — | 32,224 | |||||||||||||||||||||||||
Single family | 157,273 | 11,505 | 11,046 | 5,775 | 810 | — | 186,409 | |||||||||||||||||||||||||
Multifamily | 1,946 | 904 | — | — | — | — | 2,850 | |||||||||||||||||||||||||
All other loans | 3,041 | — | — | — | — | — | 3,041 | |||||||||||||||||||||||||
Total | $ | 346,755 | $ | 44,370 | $ | 21,622 | $ | 14,125 | $ | 3,616 | $ | — | $ | 430,488 | ||||||||||||||||||
Performing | Nonperforming | |||||||||||||||||||||||||||||||
Consumer Credit Exposure by Payment Activity | $ | 13,670 | $ | 115 | ||||||||||||||||||||||||||||
No consumer loans were rated below Pass at December 31, 2014. One consumer loan was rated as special mention for $3 thousand and one consumer loan was rated as doubtful for $6 thousand at December 31, 2013. |
Troubled_Debt_Restructurings
Troubled Debt Restructurings | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Troubled Debt Restructuring Note, Debtor [Abstract] | |||||||||||
Troubled Debt Restructurings | Troubled Debt Restructurings | ||||||||||
All loans deemed a troubled debt restructuring, or “TDR”, are considered impaired, and are evaluated for collateral and cash-flow sufficiency. A loan is considered a TDR when the Company, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that the Company would not otherwise consider. All of the following factors are indicators that the Bank has granted a concession (one or multiple items may be present): | |||||||||||
• | The borrower receives a reduction of the stated interest rate to a rate less than the institution is willing to accept at the time of the restructure for a new loan with comparable risk. | ||||||||||
• | The borrower receives an extension of the maturity date or dates at a stated interest rate lower than the current market interest rate for new debt with similar risk characteristics. | ||||||||||
• | The borrower receives a reduction of the face amount or maturity amount of the debt as stated in the instrument or other agreement. | ||||||||||
• | The borrower receives a deferral of required payments (principal and/or interest). | ||||||||||
• | The borrower receives a reduction of the accrued interest. | ||||||||||
There were twenty-five (25) troubled debt restructured loans totaling $7.8 million at December 31, 2014. At December 31, 2013, there were twenty (20) troubled debt restructured loans totaling $6.4 million. Eight loans, totaling $1.4 million, were in nonaccrual status at December 31, 2014. Five loans, totaling $1.7 million, were in nonaccrual status at December 31, 2013. There were no outstanding commitments to lend additional amounts to troubled debt restructured borrowers at December 31, 2014. | |||||||||||
The following tables set forth information on the Company’s troubled debt restructurings by class of financing receivable occurring during the years ended December 31, 2014 and 2013: | |||||||||||
For the Year Ended | |||||||||||
31-Dec-14 | |||||||||||
(in thousands) | |||||||||||
Number of | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||
Contracts | |||||||||||
Commercial - Non Real Estate: | |||||||||||
Commercial & Industrial | 2 | $ | 941 | $ | 639 | ||||||
Construction and Farmland: | |||||||||||
Commercial | 1 | 1,520 | 1,050 | ||||||||
Residential: | |||||||||||
Equity | 1 | 69 | 69 | ||||||||
Single family | 1 | 216 | 216 | ||||||||
Total | 5 | $ | 2,746 | $ | 1,974 | ||||||
For the Year Ended | |||||||||||
31-Dec-13 | |||||||||||
(in thousands) | |||||||||||
Number of | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||
Contracts | |||||||||||
Construction and Farmland: | |||||||||||
Commercial | 2 | $ | 1,608 | $ | 1,608 | ||||||
Residential: | |||||||||||
Equity | 1 | 184 | 184 | ||||||||
Single family | 2 | 338 | 338 | ||||||||
Total | 5 | $ | 2,130 | $ | 2,130 | ||||||
During the twelve months ended December 31, 2014, the Company restructured five loans by granting concessions to borrowers experiencing financial difficulties. Two commercial and industrial loans were modified by reducing the payment amount. One commercial construction and farmland loan was modified by forgiving a portion of the loan balance and changing the terms of the loan. One single family residential loan was modified by reducing the payment amount. One residential equity loan was modified by changing to interest-only in order to reduce the monthly payment for a period of time. | |||||||||||
During the twelve months ended December 31, 2013, the Company restructured five loans by granting concessions to borrowers experiencing financial difficulties. One commercial construction and farmland loan was modified by extending the term of the loan and keeping the loan on interest only payments. One commercial construction and farmland loan was modified by granting a lower interest rate. One single family residential loan was modified by changing the amortization period and granting a lower interest rate. One single family residential loan was modified by forgiving a portion of the loan balance and extending the term of the loan. One residential equity loan was modified by changing payments to interest-only in order to reduce the monthly payment for a period of time. | |||||||||||
Loans by class of financing receivable modified as TDRs within the previous 12 months and for which there was a payment default during the stated periods were: | |||||||||||
For the Year Ended | |||||||||||
31-Dec-14 | |||||||||||
(in thousands) | |||||||||||
Number of | Recorded | ||||||||||
Contracts | Investment | ||||||||||
Construction and Farmland: | |||||||||||
Commercial | 1 | $ | 79 | ||||||||
Total | 1 | $ | 79 | ||||||||
For the Year Ended | |||||||||||
31-Dec-13 | |||||||||||
(in thousands) | |||||||||||
Number of | Recorded | ||||||||||
Contracts | Investment | ||||||||||
Construction and Farmland: | |||||||||||
Commercial | 2 | 1,614 | |||||||||
Total | 2 | $ | 1,614 | ||||||||
A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. |
Bank_Premises_and_Equipment_Ne
Bank Premises and Equipment, Net | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Bank Premises and Equipment, Net | Bank Premises and Equipment, Net | ||||||||
The major classes of bank premises and equipment and the total accumulated depreciation at December 31, 2014 and 2013 were as follows: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Land | $ | 6,406 | $ | 4,865 | |||||
Buildings and improvements | 17,290 | 16,795 | |||||||
Furniture and equipment | 7,972 | 7,654 | |||||||
$ | 31,668 | $ | 29,314 | ||||||
Less accumulated depreciation | 12,653 | 12,100 | |||||||
Bank premises and equipment, net | $ | 19,015 | $ | 17,214 | |||||
Depreciation expense on buildings and improvements was $446 thousand, $434 thousand, and $432 thousand for the years ended 2014, 2013, and 2012, respectively. Depreciation expense on furniture and equipment was $326 thousand, $368 thousand, and $389 thousand for the years ended 2014, 2013, and 2012, respectively. | |||||||||
The Bank leases certain facilities under operating leases, which expire at various dates through 2032. These leases require payment of certain operating expenses and contain renewal options. The total minimum rental commitment at December 31, 2014 under these leases was due as follows: | |||||||||
31-Dec-14 | |||||||||
(in thousands) | |||||||||
2015 | $ | 185 | |||||||
2016 | 252 | ||||||||
2017 | 252 | ||||||||
2018 | 252 | ||||||||
2019 | 252 | ||||||||
Thereafter | 3,052 | ||||||||
$ | 4,245 | ||||||||
The total building and equipment rental expense was $135 thousand, $138 thousand, and $144 thousand in 2014, 2013, and 2012, respectively. |
Deposits
Deposits | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deposits [Abstract] | ||||||||
Deposits | Deposits | |||||||
The composition of deposits at December 31, 2014 and December 31, 2013 was as follows: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Noninterest bearing demand deposits | $ | 159,352 | $ | 147,698 | ||||
Savings and interest bearing demand deposits: | ||||||||
NOW accounts | $ | 81,441 | $ | 85,459 | ||||
Money market accounts | 98,314 | 92,125 | ||||||
Regular savings accounts | 69,550 | 63,165 | ||||||
$ | 249,305 | $ | 240,749 | |||||
Time deposits: | ||||||||
Balances of less than $250,000 | $ | 85,899 | $ | 91,076 | ||||
Balances of $250,000 and more | 9,260 | 8,064 | ||||||
$ | 95,159 | $ | 99,140 | |||||
$ | 503,816 | $ | 487,587 | |||||
Time deposits with balances of less than $250,000 include $12.9 million and $12.0 million in brokered certificates of deposit at December 31, 2014 and 2013, respectively. There were no time deposits with balances of $250,000 and more in brokered certificates of deposit at December 31, 2014 and 2013, respectively. | ||||||||
The outstanding balance of time deposits at December 31, 2014 was due as follows: | ||||||||
31-Dec-14 | ||||||||
(in thousands) | ||||||||
2015 | $ | 66,667 | ||||||
2016 | 8,999 | |||||||
2017 | 15,029 | |||||||
2018 | 1,600 | |||||||
2019 | 2,647 | |||||||
Thereafter | 217 | |||||||
$ | 95,159 | |||||||
Deposit overdrafts reclassified as loans totaled $121 thousand and $169 thousand at December 31, 2014 and 2013, respectively. |
Borrowings
Borrowings | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Advances from Federal Home Loan Banks [Abstract] | |||||||||
Borrowings | Borrowings | ||||||||
The Company, through its subsidiary bank, borrows funds in the form of federal funds purchased, securities sold under agreements to repurchase and Federal Home Loan Bank advances. | |||||||||
Federal fund lines of credit are extended to the Bank by nonaffiliated banks with which a correspondent banking relationship exists. The line of credit amount is determined by the creditworthiness of the Bank and, in particular, its regulatory capital ratios, which are discussed in Note 16. Federal funds purchased generally mature each business day. The following table summarizes information related to federal funds purchased for the years ended December 31, 2014 and 2013: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(dollars in thousands) | |||||||||
Balance at year-end | $ | — | $ | — | |||||
Average balance during the year | 1,865 | 270 | |||||||
Average interest rate during the year | 1.08 | % | 0.88 | % | |||||
Maximum month-end balance during the year | $ | 10,245 | $ | 5,616 | |||||
Gross lines of credit at year-end | 36,000 | 36,000 | |||||||
Unused lines of credit at year-end | 36,000 | 36,000 | |||||||
As of December 31, 2014, the Company also had a $5.0 million gross and unused line of credit, in addition to the $36.0 million in federal funds lines of credit listed in the table above. | |||||||||
Securities sold under agreements to repurchase are borrowings in which the Bank obtains funds by selling securities and simultaneously agreeing to repurchase the securities for an agreed upon term at a given price which includes interest. The Company had no funds from customers through retail repurchase agreements at December 31, 2014. Generally, the term for retail repurchase agreements is the next business day. The Company had no funds from a larger financial institution through a wholesale repurchase agreement at December 31, 2014. The amount of borrowings through securities sold under agreements to repurchase is restricted by the amount of securities which are designated for these transactions. | |||||||||
The following table summarizes information related to securities sold under agreement to repurchase for the years ended December 31, 2014 and 2013: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(dollars in thousands) | |||||||||
Balance at year-end | $ | — | $ | — | |||||
Average balance during the year | — | 795 | |||||||
Average interest rate during the year | — | % | 3.58 | % | |||||
Maximum month-end balance during the year | $ | — | $ | — | |||||
Securities underlying the agreements at year-end: | |||||||||
Carrying value | — | — | |||||||
Fair value | — | — | |||||||
As of December 31, 2014, Company had remaining credit availability in the amount of $65.4 million at the Federal Home Loan Bank of Atlanta. This line may be utilized for short and/or long-term borrowing. Advances on the line are secured by all of the Company’s eligible first lien residential real estate loans on one-to-four-unit, single-family dwellings; multi-family dwellings; home equity lines of credit; and commercial real estate loans. The amount of the available credit is limited to a percentage of the estimated market value of the loans as determined periodically by the FHLB of Atlanta. The amount of the available credit is also limited to 20% of total Bank assets. | |||||||||
The Company had $40.0 million in borrowings with the FHLB at December 31, 2014, which matures as follows: $20.0 million in 2015 and $20.0 million in 2017. The Company had $20.0 million in long-term borrowings with the FHLB at December 31, 2014. The interest rate on the outstanding long-term advance at December 31, 2014 was 1.30%. The Company had $20.0 million short-term borrowings with the FHLB at December 31, 2014. The interest rates on the outstanding short-term advances at December 31, 2014 ranged from 3.0175% to 3.025%. The weighted average interest rate on outstanding short-term advances at December 31, 2014 was 3.021%. The Company also had a $15.0 million irrevocable letter of credit at December 31, 2014 with the FHLB to secure public deposits. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Income Taxes | ||||||||||||
The Company files income tax returns with the United States of America and the Commonwealth of Virginia. With few exceptions, the Company is no longer subject to federal, state, or local income tax examinations for years prior to 2011. | |||||||||||||
The net deferred tax asset at December 31, 2014 and 2013 consisted of the following components: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 1,727 | $ | 1,866 | |||||||||
Deferred compensation | 120 | 125 | |||||||||||
Accrued postretirement benefits | 47 | 51 | |||||||||||
Home equity origination costs | 51 | 41 | |||||||||||
Other than temporary impairment | — | 30 | |||||||||||
Interest rate swap | 98 | 148 | |||||||||||
Other real estate owned valuation allowance | — | 116 | |||||||||||
Other | 391 | 381 | |||||||||||
$ | 2,434 | $ | 2,758 | ||||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | $ | 405 | $ | 533 | |||||||||
Securities available for sale | 756 | 283 | |||||||||||
$ | 1,161 | $ | 816 | ||||||||||
Net deferred tax asset | $ | 1,273 | $ | 1,942 | |||||||||
The Company has not recorded a valuation allowance for deferred tax assets because management believes that it is more likely than not that they will be ultimately realized. | |||||||||||||
Income tax expense for the years ended December 31, 2014, 2013 and 2012 consisted of the following components: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Current tax expense | $ | 1,926 | $ | 1,198 | $ | 2,209 | |||||||
Deferred tax expense (benefit) | 142 | 1,190 | 350 | ||||||||||
$ | 2,068 | $ | 2,388 | $ | 2,559 | ||||||||
The following table reconciles income tax expense to the statutory federal corporate income tax amount, which was calculated by applying the federal corporate income tax rate to pre-tax income for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Statutory federal corporate tax amount | $ | 3,131 | $ | 3,246 | $ | 3,097 | |||||||
Tax-exempt interest (income) | (454 | ) | (495 | ) | (563 | ) | |||||||
Officer insurance loss (income) | 9 | (82 | ) | 7 | |||||||||
Net tax credits | (593 | ) | (312 | ) | — | ||||||||
Other | (25 | ) | 31 | 18 | |||||||||
$ | 2,068 | $ | 2,388 | $ | 2,559 | ||||||||
The effective tax rates were 22.46%, 25.02%, and 28.09%, for years ended December 31, 2014, 2013, and 2012, respectively. |
Pension_and_Postretirement_Ben
Pension and Postretirement Benefit Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||
Pension and Postretirement Benefit Plans | Postretirement Benefit Plans | ||||||||||||
The Company provides certain health care and life insurance benefits for nine retired employees who have met certain eligibility requirements. All other employees retiring after reaching age 65 and having at least 15 years of service with the Company will be allowed to stay on the Company’s group life and health insurance policies, but will be required to pay premiums. The Company’s share of the estimated costs that will be paid after retirement is generally being accrued by charges to expense over the employees’ active service periods to the dates they are fully eligible for benefits, except that the Company’s unfunded cost that existed at January 1, 1993 is being accrued primarily in a straight-line manner that resulted in its full accrual by December 31, 2013. | |||||||||||||
Generally Accepted Accounting Principles (“GAAP”) requires the Company to recognize the funded status (i.e. the difference between the fair value of plan assets and the projected benefit obligations) of its postretirement benefit plans in the consolidated balance sheet, with a corresponding adjustment to accumulated other comprehensive income, net of taxes. | |||||||||||||
The following amounts that have not been recognized in the net periodic benefit cost of the postretirement benefit plan for the year ended December 31, 2014 but are included in other comprehensive income: unrecognized net actuarial gain of $38 thousand. The transition obligation included in other comprehensive income and expected to be recognized in the net periodic benefit cost of the postretirement benefit plan during 2015 is $2 thousand. | |||||||||||||
The following tables provide a reconciliation of the changes in the benefit obligations and fair value of assets for 2014, 2013, and 2012 and a statement of the funded status at December 31, 2014, 2013 and 2012 for the postretirement benefit plans of the Company. The Company uses a December 31st measurement date for its plans. | |||||||||||||
Postretirement Benefits Plan | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Change in Benefit Obligation: | |||||||||||||
Benefit obligation, beginning | $ | 138 | $ | 150 | $ | 150 | |||||||
Service cost | — | — | — | ||||||||||
Interest cost | 5 | 4 | 5 | ||||||||||
Actuarial loss (gain) | 1 | (9 | ) | 2 | |||||||||
Benefits paid | (7 | ) | (7 | ) | (7 | ) | |||||||
Settlement loss | — | — | — | ||||||||||
Benefit obligation, ending | $ | 137 | $ | 138 | $ | 150 | |||||||
Change in Plan Assets: | |||||||||||||
Fair value of plan assets, beginning | $ | — | $ | — | $ | — | |||||||
Actual return on plan assets | — | — | — | ||||||||||
Employer contributions | 7 | 7 | 7 | ||||||||||
Benefits paid | (7 | ) | (7 | ) | (7 | ) | |||||||
Fair value of plan assets, ending | $ | — | $ | — | $ | — | |||||||
Postretirement Benefits Plan | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Funded Status: | |||||||||||||
Funded status | $ | (137 | ) | $ | (138 | ) | $ | (150 | ) | ||||
Unrecognized net actuarial loss | — | — | — | ||||||||||
Unrecognized net transition obligation | — | — | — | ||||||||||
Unrecognized prior service cost | — | — | — | ||||||||||
Accrued benefits | $ | (137 | ) | $ | (138 | ) | $ | (150 | ) | ||||
Amounts Recognized in Consolidated Balance Sheets: | |||||||||||||
Prepaid benefit cost | $ | — | $ | — | $ | — | |||||||
Accrued liability | (137 | ) | (138 | ) | (150 | ) | |||||||
$ | (137 | ) | $ | (138 | ) | $ | (150 | ) | |||||
Amounts Recognized in Accumulated Other Comprehensive Income: | |||||||||||||
Net actuarial loss (gain) | $ | (57 | ) | $ | (65 | ) | $ | (65 | ) | ||||
Net transition obligation | — | — | — | ||||||||||
Deferred tax (benefit)/liability | 19 | 21 | 21 | ||||||||||
$ | (38 | ) | $ | (44 | ) | $ | (44 | ) | |||||
The following tables provide the components of net periodic benefit cost of the postretirement benefit plan for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||
Postretirement Benefits Plan | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Components of Net Periodic Benefit Cost: | |||||||||||||
Service cost | $ | — | $ | — | $ | — | |||||||
Interest cost | 5 | 4 | 5 | ||||||||||
Expected return on plan assets | — | — | — | ||||||||||
Amortization of prior service costs | — | — | — | ||||||||||
Amortization of transition obligation | — | — | — | ||||||||||
Recognized net loss due to settlement | — | — | — | ||||||||||
Amortization of net actuarial loss | (9 | ) | (7 | ) | (8 | ) | |||||||
Net periodic benefit cost | $ | (4 | ) | $ | (3 | ) | $ | (3 | ) | ||||
The benefit obligation for the postretirement benefit plan was calculated using a weighted average discount rate of 3.50% for 2014, 2.75% for 2013, and 3.50% for 2012. For measurement purposes, a 10.00% annual rate of increase in the per capita cost of covered health care benefits was assumed for 2015 and 2016, 8.00% for 2017 and 2018, and 6.00% for 2019 and thereafter. If these rates were increased by 1.00% in each year, the benefit obligation at December 31, 2014 would have increased by $6 thousand and the net periodic benefit cost for 2014 would have increased by less than $1 thousand. If these rates were decreased by 1.00% in each year, the benefit obligation at December 31, 2014 would have decreased by $5 thousand and the net periodic benefit cost for 2014 would have decreased by less than $1 thousand. | |||||||||||||
Estimated future benefit payments at December 31, 2014, which reflect expected future service, as appropriate, were as follows: | |||||||||||||
Postretirement | |||||||||||||
Benefits | |||||||||||||
(in thousands) | |||||||||||||
2015 | $ | 13 | |||||||||||
2016 | 13 | ||||||||||||
2017 | 13 | ||||||||||||
2018 | 13 | ||||||||||||
2019 | 13 | ||||||||||||
2020 - 2024 | 54 | ||||||||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | |||||||||||||||||||||||||
The exercise price of stock options granted under this plan, both incentive and non-qualified, cannot be less than the fair market value of the common stock on the date that the option is granted. The maximum term for an option granted under this plan is ten years and options granted may be subject to a vesting schedule. All of the non-qualified stock options granted under the plan had a ten year term and were subject to a vesting period. The following table summarizes options outstanding at December 31, 2014, 2013, and 2012: | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
Shares | Weighted | Aggregate | Shares | Weighted | Shares | Weighted | ||||||||||||||||||||
Average | Intrinsic | Average | Average | |||||||||||||||||||||||
Exercise | Value | Exercise | Exercise | |||||||||||||||||||||||
Price | Price | Price | ||||||||||||||||||||||||
Outstanding, beginning of year | 10,000 | $ | 21.55 | 20,000 | $ | 21.59 | 22,000 | $ | 21.59 | |||||||||||||||||
Granted | — | — | — | — | — | — | ||||||||||||||||||||
Exercised | (927 | ) | 21.55 | (3,872 | ) | 21.63 | — | — | ||||||||||||||||||
Forfeited | (9,073 | ) | 21.55 | (6,128 | ) | 21.63 | (2,000 | ) | 21.59 | |||||||||||||||||
Outstanding, end of year | — | $ | — | 10,000 | $ | 21.55 | 20,000 | $ | 21.59 | |||||||||||||||||
Exercisable, end of year | — | $ | — | $ | — | 10,000 | $ | 21.55 | 20,000 | $ | 21.59 | |||||||||||||||
Weighted average fair value of options granted during the year | $ | — | $ | — | $ | — | ||||||||||||||||||||
The aggregate intrinsic value in the table is equal to the amount that would have been received by the option holders had all options been exercised on December 31, 2014. It is derived from the amount by which the current market value of the underlying stock exceeds the exercise price of the option. This amount fluctuates in relation to the market value of the Company’s stock. | ||||||||||||||||||||||||||
Restricted Stock provides grantees with rights to shares of common stock upon completion of a service period or achievement of Company performance measures. During the restriction period, all shares are considered outstanding and dividends are paid to the grantee. Outside directors are periodically granted restricted shares which vest over a period of less than six months. During 2014, executive officers were granted restricted shares which vest over a three year service period and restricted shares which vest based on meeting performance measures over a three year period. The following table presents the activity for Restricted Stock for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||||
Twelve Months Ended | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||||
Average | Average | |||||||||||||||||||||||||
Grant Date | Grant Date | |||||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||
Nonvested, beginning of period | 17,050 | $ | 19.92 | 16,500 | $ | 16.53 | 13,700 | $ | 16.11 | |||||||||||||||||
Granted | 14,900 | 23.5 | 14,900 | 22.06 | 14,500 | 17.87 | ||||||||||||||||||||
Vested | (14,009 | ) | 20.75 | (13,699 | ) | 18.3 | (10,963 | ) | 17.79 | |||||||||||||||||
Forfeited | (2,790 | ) | 22.11 | (651 | ) | 16.75 | (737 | ) | 16.25 | |||||||||||||||||
Nonvested, end of period | 15,151 | $ | 22.27 | 17,050 | $ | 19.92 | 16,500 | $ | 16.53 | |||||||||||||||||
The Company recognizes compensation expense over the restricted period. Compensation expense was $290 thousand, $305 thousand, and $242 thousand during December 31, 2014, 2013, and 2012, respectively. The total grant date fair value of Restricted Stock which vested was $291 thousand and $251 thousand for the years ended December 31, 2014 and 2013, respectively. Unrecognized compensation cost related to unvested Restricted Stock was $64 thousand at December 31, 2014. This amount is expected to be recognized over a weighted average period of one year. |
Employee_Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2014 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |
Employee Benefits | Employee Benefits |
The Company has established an Employee Stock Ownership Plan (ESOP) to provide additional retirement benefits to substantially all employees. Contributions can be made to the Bank of Clarke County Employee Retirement Trust to be used to purchase the Company’s common stock. There were no contributions in 2014, 2013, and 2012. | |
The Company sponsors a 401(k) savings plan under which eligible employees may defer a portion of salary on a pretax basis, subject to certain IRS limits. Prior to January 1, 2007, the Company matched 50 percent of employee contributions, on a maximum of six percent of salary deferred, with Company common stock or cash, as elected by each employee. The shares for this purpose are provided principally by the Company’s employee stock ownership plan (ESOP), supplemented, as needed, by newly issued shares. In conjunction with amending the pension plan, the 401(k) plan was amended, effective January 1, 2007, to include a non-elective safe-harbor employer contribution and an age-weighted employer contribution. Each December 31st, qualifying employees will receive a non-elective safe-harbor contribution equal to three percent of their salary for that year. Also, each December 31st, qualifying employees will receive an additional contribution based on their age and years of service. The percentage of salary for the age-weighted contribution increases on both factors, age and years of service, with a minimum of one percent of salary and a maximum of ten percent of salary. Contributions under the plan amounted to $927 thousand in 2014, $888 thousand in 2013, and $867 thousand in 2012. | |
The Company has established an Executive Supplemental Income Plan for certain key employees. Benefits are to be paid in monthly installments following retirement or death. The agreement provides that if employment is terminated for reasons other than death or disability prior to age 65, the amount of benefits could be reduced or forfeited. The executive supplemental income benefit liability was $78 thousand and $93 thousand at December 31, 2014 and 2013, respectively. The executive supplemental income benefit expense, based on the present value of the retirement benefits, was $21 thousand in 2014, $8 thousand in 2013, and $16 thousand in 2012. The plan is unfunded; however, life insurance has been acquired on the lives of these employees in amounts sufficient to discharge the plan’s obligations. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
In the normal course of business, the Company makes various commitments and incurs certain contingent liabilities, which are not reflected in the accompanying financial statements. These commitments and contingent liabilities include various guarantees, commitments to extend credit and standby letters of credit. The Company does not anticipate any material losses as a result of these commitments. | |
During the normal course of business, various legal claims arise from time to time which, in the opinion of management, will have no material effect on the Company’s consolidated financial statements. | |
As a member of the Federal Reserve System, the Bank is required to maintain certain average reserve balances. These reserve balances include usable vault cash and amounts on deposit with the Federal Reserve Bank. For the final weekly reporting period in the years ended December 31, 2014 and 2013, the amount of daily average required balances were approximately $1.1 million and $960 thousand, respectively. In addition, the Bank was required to maintain a compensating balance on deposit with a correspondent bank in the amount of $250 thousand at December 31, 2014 and 2013. | |
See Note 19 with respect to financial instruments with off-balance-sheet risk. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities | ||||||||||||||||||||
Interest Rate Swaps | |||||||||||||||||||||
The Company uses interest rate swaps to reduce interest rate risk and to manage interest expense. By entering into these agreements, the Company converts floating rate debt into fixed rate debt, or alternatively, converts fixed rate debt into floating rate debt. Interest differentials paid or received under the swap agreements are reflected as adjustments to interest expense. These interest rate swap agreements are derivative instruments that qualify for hedge accounting as discussed in Note 1. The notional amounts of the interest rate swaps are not exchanged and do not represent exposure to credit loss. In the event of default by a counterparty, the risk in these transactions is the cost of replacing the agreements at current market rates. | |||||||||||||||||||||
On December 4, 2008, the Company entered into an interest rate swap agreement related to the outstanding trust preferred capital notes. The swap agreement became effective on December 1, 2008. The notional amount of the interest rate swap was $7.0 million and has an expiration date of December 1, 2016. Under the terms of the agreement, the Company pays interest quarterly at a fixed rate of 2.85% and receives interest quarterly at a variable rate of three month LIBOR. The variable rate resets on each interest payment date. | |||||||||||||||||||||
The following table summarizes the fair value of derivative instruments at December 31, 2014 and December 31, 2013: | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||||
Location | Value | Location | Value | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Derivatives designated as hedging instruments under GAAP | |||||||||||||||||||||
Interest rate swap contracts | Other Liabilities | $ | 289 | Other Liabilities | $ | 434 | |||||||||||||||
The following tables present the effect of the derivative instrument on the Consolidated Balance Sheets at December 31, 2014 and 2013 and the Consolidated Statements of Income for December 31, 2014, 2013, and 2012: | |||||||||||||||||||||
Year Ended | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
Derivatives in GAAP | Amount of Gain (Loss) | Location of Gain (Loss) | Amount of Gain (Loss) | ||||||||||||||||||
Cash Flow Hedging | Recognized in OCI | Recognized in Income | Recognized in Income | ||||||||||||||||||
Relationships | on Derivative | (Ineffective Portion) | (Ineffective Portion) | ||||||||||||||||||
(Effective Portion) | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | |||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||
Interest rate swap contracts, net of tax | $ | 96 | $ | 132 | Not applicable | $ | — | $ | — | — | |||||||||||
Transactions_with_Directors_an
Transactions with Directors and Officers | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Transactions with Directors and Officers | Transactions with Directors and Officers |
The Bank grants loans to and accepts deposits from its directors, principal officers and related parties of such persons during the ordinary course of business. The aggregate balance of loans to directors, principal officers and their related parties was $10.9 million and $11.2 million at December 31, 2014 and 2013, respectively. These balances reflect total principal additions of $6.7 million and total principal payments of $7.0 million. The aggregate balance of deposits from directors, principal officers and their related parties was $9.3 million and $10.2 million at December 31, 2014 and 2013, respectively. |
Capital_Requirements
Capital Requirements | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||||||||||
Capital Requirements | Capital Requirements | |||||||||||||||||||||
The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Prompt corrective action provisions are not applicable to bank holding companies. | ||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital to average assets (as defined). Management believes that the Company and the Bank met all capital adequacy requirements to which they are subject at December 31, 2014 and 2013. | ||||||||||||||||||||||
At December 31, 2014, the most recent notification from the Federal Reserve Bank categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, an institution must maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the tables. There are no conditions or events since the notification that management believes have changed the Bank’s category. | ||||||||||||||||||||||
The following table presents the Company’s and the Bank’s actual capital amounts and ratios at December 31, 2014 and 2013: | ||||||||||||||||||||||
Minimum | ||||||||||||||||||||||
To Be Well | ||||||||||||||||||||||
Minimum | Capitalized Under | |||||||||||||||||||||
Capital | Prompt Corrective | |||||||||||||||||||||
Actual | Requirement | Action Provisions | ||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
December 31, 2014: | ||||||||||||||||||||||
Total Capital to Risk Weighted Assets | ||||||||||||||||||||||
Consolidated | $ | 83,923 | 19.06 | % | $ | 35,222 | 8 | % | N/A | |||||||||||||
Bank of Clarke County | $ | 80,035 | 18.24 | % | $ | 35,107 | 8 | % | $ | 43,883 | 10 | % | ||||||||||
Tier 1 Capital to Risk Weighted Assets | ||||||||||||||||||||||
Consolidated | $ | 78,817 | 17.9 | % | $ | 17,611 | 4 | % | N/A | |||||||||||||
Bank of Clarke County | $ | 74,929 | 17.07 | % | $ | 17,553 | 4 | % | $ | 26,330 | 6 | % | ||||||||||
Tier 1 Capital to Average Assets | ||||||||||||||||||||||
Consolidated | $ | 78,817 | 12.86 | % | $ | 24,515 | 4 | % | N/A | |||||||||||||
Bank of Clarke County | $ | 74,929 | 12.28 | % | $ | 24,416 | 4 | % | $ | 30,520 | 5 | % | ||||||||||
December 31, 2013: | ||||||||||||||||||||||
Total Capital to Risk Weighted Assets | ||||||||||||||||||||||
Consolidated | $ | 78,426 | 18.42 | % | $ | 34,062 | 8 | % | N/A | |||||||||||||
Bank of Clarke County | $ | 74,595 | 17.61 | % | $ | 33,879 | 8 | % | $ | 42,349 | 10 | % | ||||||||||
Tier 1 Capital to Risk Weighted Assets | ||||||||||||||||||||||
Consolidated | $ | 73,101 | 17.17 | % | $ | 17,031 | 4 | % | N/A | |||||||||||||
Bank of Clarke County | $ | 69,299 | 16.36 | % | $ | 16,940 | 4 | % | $ | 25,409 | 6 | % | ||||||||||
Tier 1 Capital to Average Assets | ||||||||||||||||||||||
Consolidated | $ | 73,101 | 12.48 | % | $ | 23,435 | 4 | % | N/A | |||||||||||||
Bank of Clarke County | $ | 69,299 | 11.89 | % | $ | 23,313 | 4 | % | $ | 29,141 | 5 | % | ||||||||||
Restrictions_On_Dividends_Loan
Restrictions On Dividends, Loans, and Advances | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Restrictions On Dividends, Loans and Advances | Restrictions On Dividends, Loans and Advances |
Federal and state banking regulations place certain restrictions on dividends paid and loans or advances made by the Bank to the Company. The total amount of dividends which may be paid at any date is generally limited to the lesser of the Bank’s retained earnings or the three preceding years’ undistributed net income of the Bank. Loans or advances are limited to 10% of the Bank’s capital stock and surplus on a secured basis. In addition, dividends paid by the Bank to the Company would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below applicable minimum capital requirements. | |
At December 31, 2014, the Bank’s retained earnings available for the payment of dividends to the Company was $18.3 million. Accordingly, $58.1 million of the Company’s equity in the net assets of the Bank was restricted at December 31, 2014. Funds available for loans or advances by the Bank to the Company amounted to $1.1 million at December 31, 2014. |
Dividend_Investment_Plan
Dividend Investment Plan | 12 Months Ended |
Dec. 31, 2014 | |
Dividend Investment Plan [Abstract] | |
Dividend Investment Plan | Dividend Investment Plan |
The Company has a Dividend Investment Plan, which allows participants’ dividends to purchase additional shares of common stock at 95% of its fair market value on each dividend record date. |
Financial_Instruments_with_Off
Financial Instruments with Off-Balance-Sheet Risk | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||
Financial Instruments with Off-Balance-Sheet Risk | Financial Instruments with Off-Balance-Sheet Risk | ||||||||
The Company, through its subsidiary bank, is a party to credit related financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, unfunded commitments under lines of credit, and commercial and standby letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. | |||||||||
The Company’s exposure to credit loss is represented by the contractual amount of these instruments. The Company uses the same credit policies in making commitments as it does for on-balance-sheet instruments. | |||||||||
At December 31, 2014 and 2013, the following financial instruments were outstanding whose contract amounts represent credit risk: | |||||||||
2014 | 2013 | ||||||||
(dollar in thousands) | |||||||||
Commitments to extend credit | $ | 7,001 | $ | 17,574 | |||||
Unfunded commitments under lines of credit | 86,588 | 81,049 | |||||||
Commercial and standby letters of credit | 4,067 | 4,358 | |||||||
Commitments to extend credit are agreements to lend to a customer as long as the terms offered are acceptable and certain other conditions are met. Commitments generally have fixed expiration dates or other termination clauses. Since these commitments may expire or terminate, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, with regards to these commitments, is based on management’s credit evaluation of the customer. | |||||||||
Unfunded commitments under lines of credit are contracts for possible future extensions of credit to existing customers. Unfunded commitments under lines of credit include, but are not limited to, home equity lines of credit, overdraft protection lines of credit, credit cards, and unsecured and secured commercial lines of credit. The terms and conditions of these commitments vary depending on the line of credit’s purpose, collateral, and maturity. The amount disclosed above represents total unused lines of credit for which a contract with the Bank has been established. | |||||||||
Commercial and standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. These letters of credit are primarily issued to support public and private borrowing arrangements. Essentially all letters of credit issued have expiration dates within one year. The credit risk involved in issuing letters of credit is essentially the same as that involved in granting loans to customers. The Bank holds collateral supporting these commitments if it is deemed necessary. At December 31, 2014, none of the outstanding letters of credit were collateralized. | |||||||||
The Bank has cash accounts in other commercial banks. The amount on deposit in these banks at December 31, 2014 exceeded the insurance limits of the Federal Deposit Insurance Corporation by $1.2 million. |
Trust_Preferred_Capital_Notes
Trust Preferred Capital Notes | 12 Months Ended |
Dec. 31, 2014 | |
Regulatory Capital Requirements [Abstract] | |
Trust Preferred Capital Notes | Trust Preferred Capital Notes |
In September 2007, Eagle Financial Statutory Trust II (the “Trust II”), a wholly-owned subsidiary of the Company, was formed for the purpose of issuing redeemable capital securities. On September 20, 2007, Trust II issued $7.0 million of trust preferred securities and $217 thousand in common equity. The principal asset of Trust II is $7.2 million of the Company’s junior subordinated debt securities with the same maturity and interest rate structures as the capital securities. The securities have a LIBOR-indexed floating rate of interest and the interest rate at December 31, 2014 was 1.86%. The securities have a mandatory redemption date of September 1, 2037, and were subject to varying call provisions beginning September 1, 2012. | |
The trust preferred securities are included in Tier 1 capital for regulatory capital adequacy purposes as long as their amount does not exceed 25% of Tier 1 capital, including total trust preferred securities. The portion of the trust preferred securities not considered as Tier 1 capital, if any, may be included in Tier 2 capital. At December 31, 2014, the total amount ($7.0 million) of trust preferred securities issued by Trust II is included in the Company’s Tier 1 capital. | |
The obligations of the Company with respect to the issuance of the capital securities constitute a full and unconditional guarantee by the Company of the Trust’s obligations with respect to the capital securities. | |
Subject to certain exceptions and limitations, the Company may elect from time to time to defer interest payments on the junior subordinated debt securities, which would result in a deferral of distribution payments on the related capital securities. |
Quarterly_Condensed_Statements
Quarterly Condensed Statements of Income | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Condensed Statements of Income | Quarterly Condensed Statements of Income - Unaudited | ||||||||||||||||
The Company’s quarterly net income, net income per common share and dividends per common share during 2014 and 2013 are summarized as follows: | |||||||||||||||||
2014 Quarter Ended | |||||||||||||||||
March 31 | 30-Jun | September 30 | December 31 | ||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Total interest and dividend income | $ | 6,150 | $ | 6,396 | $ | 6,253 | $ | 6,051 | |||||||||
Net interest income after provision for loan losses | 5,372 | 6,191 | 5,773 | 5,252 | |||||||||||||
Noninterest income | 1,351 | 1,560 | 1,473 | 2,222 | |||||||||||||
Noninterest expenses | 4,843 | 4,966 | 5,333 | 4,844 | |||||||||||||
Income before income taxes | 1,880 | 2,785 | 1,913 | 2,630 | |||||||||||||
Net income | 1,363 | 1,958 | 1,385 | 2,434 | |||||||||||||
Net income per common share, basic | 0.4 | 0.57 | 0.4 | 0.71 | |||||||||||||
Net income per common share, diluted | 0.4 | 0.57 | 0.4 | 0.7 | |||||||||||||
Dividends per common share | 0.19 | 0.19 | 0.19 | 0.2 | |||||||||||||
2013 Quarter Ended | |||||||||||||||||
31-Mar | 30-Jun | September 30 | 31-Dec | ||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Total interest and dividend income | $ | 6,278 | $ | 6,223 | $ | 6,294 | $ | 6,241 | |||||||||
Net interest income after provision for loan losses | 5,192 | 5,199 | 5,667 | 6,393 | |||||||||||||
Noninterest income | 1,932 | 2,469 | 1,581 | 1,480 | |||||||||||||
Noninterest expenses | 4,583 | 4,952 | 5,172 | 5,660 | |||||||||||||
Income before income taxes | 2,541 | 2,716 | 2,076 | 2,213 | |||||||||||||
Net income | 1,803 | 2,001 | 1,505 | 1,849 | |||||||||||||
Net income per common share, basic | 0.54 | 0.59 | 0.44 | 0.54 | |||||||||||||
Net income per common share, diluted | 0.53 | 0.59 | 0.44 | 0.54 | |||||||||||||
Dividends per common share | 0.19 | 0.19 | 0.19 | 0.19 | |||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||
GAAP requires the Company to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The fair value of certain assets and liabilities is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. | ||||||||||||||||||||
“Fair Value Measurements” defines fair value, establishes a framework for measuring fair value, establishes a three-level valuation hierarchy for disclosure of fair value measurement and enhances disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: | ||||||||||||||||||||
• | Level 1 | Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. | ||||||||||||||||||
• | Level 2 | Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | ||||||||||||||||||
• | Level 3 | Inputs to the valuation methodology are unobservable and significant to the fair value measurement. | ||||||||||||||||||
The following sections provide a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy: | ||||||||||||||||||||
Securities Available for Sale: Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities would include highly liquid government bonds, mortgage products and exchange traded equities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flow. Level 2 securities would include U.S. agency securities, mortgage-backed agency securities, obligations of states and political subdivisions and certain corporate, asset backed and other securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. | ||||||||||||||||||||
Interest Rate Swap: The fair value is estimated by a third party using inputs that are observable or that can be corroborated by observable market data, and therefore, is classified within Level 2 of the valuation hierarchy. | ||||||||||||||||||||
The following table presents balances of financial assets and liabilities measured at fair value on a recurring basis at December 31, 2014 and December 31, 2013: | ||||||||||||||||||||
Fair Value Measurements at | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Using | ||||||||||||||||||||
Balance as of | Quoted Prices | Significant | Significant | |||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||
Identical | Inputs | |||||||||||||||||||
Assets | ||||||||||||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||
Obligations of U.S. government corporations and agencies | $ | 37,211 | $ | — | $ | 37,211 | $ | — | ||||||||||||
Mortgage-backed securities | 15,779 | — | 15,779 | — | ||||||||||||||||
Obligations of states and political subdivisions | 40,410 | — | 40,410 | — | ||||||||||||||||
Corporate securities | 765 | — | 765 | — | ||||||||||||||||
Equity securities: | ||||||||||||||||||||
Bank preferred stock | — | — | — | — | ||||||||||||||||
Total assets at fair value | $ | 94,165 | $ | — | $ | 94,165 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||
Interest rate swap | 289 | — | 289 | — | ||||||||||||||||
Total liabilities at fair value | $ | 289 | $ | — | $ | 289 | $ | — | ||||||||||||
Fair Value Measurements at | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Using | ||||||||||||||||||||
Balance as of | Quoted Prices | Significant | Significant | |||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||
Identical | Inputs | |||||||||||||||||||
Assets | ||||||||||||||||||||
December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||
Obligations of U.S. government corporations and agencies | $ | 34,744 | $ | — | $ | 34,744 | $ | — | ||||||||||||
Mortgage-backed securities | 15,197 | — | 15,197 | — | ||||||||||||||||
Obligations of states and political subdivisions | 43,116 | — | 43,116 | — | ||||||||||||||||
Corporate securities | 8,423 | — | 8,423 | — | ||||||||||||||||
Equity securities: | ||||||||||||||||||||
Bank preferred stock | 1,118 | 1,118 | — | — | ||||||||||||||||
Total assets at fair value | $ | 102,598 | $ | 1,118 | $ | 101,480 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||
Interest rate swap | 434 | — | 434 | — | ||||||||||||||||
Total liabilities at fair value | $ | 434 | $ | — | $ | 434 | $ | — | ||||||||||||
Certain financial assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower of cost or market accounting or write downs of individual assets. | ||||||||||||||||||||
The following describes the valuation techniques used by the Company to measure certain financial and nonfinancial assets recorded at fair value on a nonrecurring basis in the financial statements: | ||||||||||||||||||||
Impaired Loans: Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected. The measurement of loss associated with impaired loans can be based on either the observable market price of the loan or the fair value of the collateral securing the loans. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the collateral is real estate. Level 2 impaired loan value is determined by utilizing an income or market valuation approach based on an appraisal conducted by an independent, licensed appraiser outside of the Company using observable market data. The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable business’ financial statements if not considered significant using observable market data. Level 3 impaired loan values are determined using inventory and accounts receivables collateral and are based on financial statement balances or aging reports. If the collateral is a house or building in the process of construction or if an appraisal of the real estate property is over two years old or has been discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, and/or management’s expertise and knowledge of the client and client’s business, then the fair value is considered Level 3. Impaired loans allocated to the Allowance for Loan Losses are measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for loan losses on the Consolidated Statements of Income. | ||||||||||||||||||||
Other Real Estate Owned: Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at the lesser of the fair value of the property, less estimated selling costs or the loan balance outstanding at the date of foreclosure. Any write-downs based on the asset’s fair value at the date of acquisition are charged to the allowance for loan losses. If there is a contract for the sale of a property, and management reasonably believes the contract will be executed, fair value is based on the sale price in that contract (Level 1). Lacking such a contract, the value of real estate collateral is determined utilizing an income or market valuation approach based on an appraisal conducted by an independent, licensed appraiser outside of the Company using observable market data (Level 2). However, if the collateral is a house or building in the process of construction or if an appraisal of the real estate property is over two years old, then the fair value is considered Level 3. After foreclosure, valuations are periodically performed by management and property held for sale is carried at the lower of the new cost basis or fair value less cost to sell. Any subsequent valuation adjustments are applied to earnings in the consolidated statements of income. Impairment losses on property to be held and used are measured as the amount by which the carrying amount of a property exceeds its fair value. Costs of significant property improvements are capitalized, whereas costs relating to holding property are expensed. The portion of interest costs relating to development of real estate is capitalized. Valuations are periodically performed by management, and any subsequent write-downs are recorded as a charge to operations, if necessary, to reduce the carrying value of a property to the lower of its cost or fair value less cost to sell. We believe that the fair value component in its valuation follows the provisions of GAAP. | ||||||||||||||||||||
The following table displays quantitative information about Level 3 Fair Value Measurements for certain financial assets measured at fair value on a nonrecurring basis for December 31, 2014: | ||||||||||||||||||||
Quantitative information about Level 3 Fair Value Measurements for | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Valuation Technique(s) | Unobservable Input | Range | Weighted Average | |||||||||||||||||
Assets: | ||||||||||||||||||||
Impaired loans | Discounted appraised value | Selling cost | 11% - 60% | 16% | ||||||||||||||||
Other real estate owned | Discounted appraised value | Selling cost | 5% - 13% | 9% | ||||||||||||||||
The following table summarizes the Company’s financial and nonfinancial assets that were measured at fair value on a nonrecurring basis at December 31, 2014 and December 31, 2013: | ||||||||||||||||||||
Carrying value at | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Balance as of | Identical | Observable | Unobservable | |||||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Impaired loans | $ | 1,751 | $ | — | $ | 1,494 | $ | 257 | ||||||||||||
Nonfinancial Assets: | ||||||||||||||||||||
Other real estate owned | 2,102 | — | 2,102 | — | ||||||||||||||||
Carrying value at | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Balance as of | Quoted Prices | Significant | Significant | |||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||
Identical | Inputs | |||||||||||||||||||
Assets | ||||||||||||||||||||
December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Impaired loans | $ | 2,719 | $ | — | $ | 1,312 | $ | 1,407 | ||||||||||||
Nonfinancial Assets: | ||||||||||||||||||||
Other real estate owned | 1,646 | 638 | 1,008 | — | ||||||||||||||||
The changes in Level 3 financial assets measured at estimated fair value on a nonrecurring basis during the twelve months ended December 31, 2014 were as follows: | ||||||||||||||||||||
Fair Value Measurements at | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Impaired | Other Real | |||||||||||||||||||
Loans | Estate Owned | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Balance - January 1, 2013 | $ | 1,407 | $ | — | ||||||||||||||||
Sales proceeds | — | — | ||||||||||||||||||
Valuation allowance | — | — | ||||||||||||||||||
(Loss) on disposition | — | — | ||||||||||||||||||
Transfers into Level 3 | 1,740 | 488 | ||||||||||||||||||
Transfers out of Level 3 | (2,890 | ) | (488 | ) | ||||||||||||||||
Total assets at fair value | $ | 257 | $ | — | ||||||||||||||||
The fair value of a financial instrument is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. The aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The following methods and assumptions were used to estimate the fair value of the Company’s financial instruments: | ||||||||||||||||||||
Cash and short-term investments/restricted investments/accrued interest: The fair value was equal to the carrying amount. | ||||||||||||||||||||
Securities: The fair value, excluding restricted securities, was based on quoted market prices. The fair value of restricted securities approximated the carrying amount based on the redemption provisions of the issuers. | ||||||||||||||||||||
Loans: The fair value of variable rate loans, which reprice frequently and with no significant change in credit risk, was equal to the carrying amount. The fair value of all other loans was determined using discounted cash flow analysis. The discount rate was equal to the current interest rate on similar products. | ||||||||||||||||||||
Deposits and borrowings: The fair value of demand deposits, savings accounts, and certain money market deposits was equal to the carrying amount. The fair value of all other deposits and borrowings was determined using discounted cash flow analysis. The discount rate was equal to the current interest rate on similar products. | ||||||||||||||||||||
Off-balance-sheet financial instruments: The fair value of commitments to extend credit was estimated using the fees currently charged to enter similar agreements, taking into account the remaining terms of the agreements and the credit worthiness of the counterparties. The fair value of fixed rate loan commitments also considered the difference between current interest rates and the committed interest rates. The fair value of standby letters of credit was estimated using the fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties. | ||||||||||||||||||||
The carrying amount and fair value of the Company’s financial instruments at December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||
Fair Value Measurements at | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Using | ||||||||||||||||||||
Carrying Value as of | Quoted Prices | Significant | Significant | Fair Value as of | ||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||
Identical | Inputs | |||||||||||||||||||
Assets | ||||||||||||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | December 31, 2014 | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Cash and short-term investments | $ | 34,564 | $ | 34,564 | $ | — | $ | — | $ | 34,564 | ||||||||||
Securities | 94,165 | — | 94,165 | — | 94,165 | |||||||||||||||
Restricted Investments | 2,808 | — | 2,808 | — | 2,808 | |||||||||||||||
Loans, net | 464,740 | — | 470,524 | 257 | 470,781 | |||||||||||||||
Accrued interest receivable | 1,703 | — | 1,703 | — | 1,703 | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Deposits | $ | 503,816 | $ | — | $ | 503,917 | $ | — | $ | 503,917 | ||||||||||
Federal funds purchased and securities sold under agreements to repurchase | — | — | — | — | — | |||||||||||||||
Federal Home Loan Bank advances | 40,000 | — | 40,152 | — | 40,152 | |||||||||||||||
Trust preferred capital notes | 7,217 | — | 7,217 | — | 7,217 | |||||||||||||||
Accrued interest payable | 160 | — | 160 | — | 160 | |||||||||||||||
Interest rate swap contract | 289 | — | 289 | — | 289 | |||||||||||||||
Fair Value Measurements at | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Using | ||||||||||||||||||||
Carrying Value | Quoted Prices | Significant | Significant | Fair Value as of | ||||||||||||||||
as of | in Active | Other | Unobservable | |||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||
Identical | Inputs | |||||||||||||||||||
Assets | ||||||||||||||||||||
December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | 31-Dec-13 | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and short-term investments | $ | 14,243 | $ | 14,243 | $ | — | $ | — | $ | 14,243 | ||||||||||
Securities | 102,598 | 1,118 | 101,480 | — | 102,598 | |||||||||||||||
Restricted Investments | 2,192 | — | 2,192 | — | 2,192 | |||||||||||||||
Loans, net | 438,785 | — | 446,329 | 1,407 | 447,736 | |||||||||||||||
Accrued interest receivable | 1,797 | — | 1,797 | — | 1,797 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits | $ | 487,587 | $ | — | $ | 488,074 | $ | — | $ | 488,074 | ||||||||||
Federal funds purchased and securities sold under agreements to repurchase | — | — | — | — | — | |||||||||||||||
Federal Home Loan Bank advances | 22,250 | — | 22,214 | — | 22,214 | |||||||||||||||
Trust preferred capital notes | 7,217 | — | 7,217 | — | 7,217 | |||||||||||||||
Accrued interest payable | 165 | — | 165 | — | 165 | |||||||||||||||
Interest rate swap contract | 434 | — | 434 | — | 434 | |||||||||||||||
The Company assumes interest rate risk (the risk that general interest rate levels will change) during its normal operations. As a result, the fair value of the Company’s financial instruments will change when interest rate levels change and that change may be either favorable or unfavorable to the Company. Management attempts to match maturities of assets and liabilities in order to minimize interest rate risk. However, borrowers with fixed rate obligations are less likely to prepay their principal balance in a rising rate environment and more likely to do so in a falling rate environment. Conversely, depositors who are receiving fixed rate interest payments are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk by adjusting the terms of new loans and deposits and by investing in securities with terms that mitigate the Company’s overall interest rate risk. |
Change_in_Accumulated_Other_Co
Change in Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||
Change in Accumulated Other Comprehensive Income | Change in Accumulated Other Comprehensive Income | ||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income includes unrealized gains and losses on available for sale securities, change in fair value of interest rate swaps and changes in benefit obligations and plan assets for the post retirement benefit plan. Changes to other comprehensive income are presented net of tax effect as a component of equity. Reclassifications out of accumulated other comprehensive income are recorded in the Consolidated Statements of Income either as a gain or loss. | |||||||||||||||||||||||||||||||||||||
Changes to accumulated other comprehensive income by components are shown in the following tables for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||||||||||||||||||||||
Twelve Months Ended | |||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Unrealized Gains and Losses on Available for Sale Securities | Change in Fair Value of Interest Rate Swap | Change in Benefit Obligations and Plan Assets for the Post Retirement Benefit Plan | Total | Unrealized Gains and Losses on Available for Sale Securities | Change in Fair Value of Interest Rate Swap | Change in Benefit Obligations and Plan Assets for the Post Retirement Benefit Plan | Total | Unrealized Gains and Losses on Available for Sale Securities | Change in Fair Value of Interest Rate Swap | Change in Benefit Obligations and Plan Assets for the Post Retirement Benefit Plan | Total | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
1-Jan | $ | 547 | $ | (286 | ) | $ | 44 | $ | 305 | $ | 3,822 | $ | (418 | ) | $ | 44 | $ | 3,448 | $ | 3,262 | $ | (382 | ) | $ | 51 | $ | 2,931 | ||||||||||
Other comprehensive income (loss) before reclassifications | 2,382 | 145 | (8 | ) | 2,519 | (4,497 | ) | 201 | — | (4,296 | ) | 894 | (55 | ) | (11 | ) | 828 | ||||||||||||||||||||
Reclassifications from other comprehensive income (loss) | (990 | ) | — | — | (990 | ) | (465 | ) | — | — | (465 | ) | (45 | ) | — | — | (45 | ) | |||||||||||||||||||
Tax effect of current period changes | (473 | ) | (49 | ) | 3 | (519 | ) | 1,687 | (69 | ) | — | 1,618 | (289 | ) | 19 | 4 | (266 | ) | |||||||||||||||||||
Current period changes net of taxes | 919 | 96 | (5 | ) | 1,010 | (3,275 | ) | 132 | — | (3,143 | ) | 560 | (36 | ) | (7 | ) | 517 | ||||||||||||||||||||
December 31 | $ | 1,466 | $ | (190 | ) | $ | 39 | $ | 1,315 | $ | 547 | $ | (286 | ) | $ | 44 | $ | 305 | $ | 3,822 | $ | (418 | ) | $ | 44 | $ | 3,448 | ||||||||||
For the years ended December 31, 2014, 2013, and 2012, $990 thousand , $465 thousand, and $45 thousand respectively, was reclassified out of comprehensive income and appeared as Gain on Sale of Securities in the Consolidated Statement of Income. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
The Company has evaluated events and transactions subsequent to December 31, 2014 through the date these financial statements were issued. Based on definitions and requirements of Generally Accepted Accounting Principles for “Subsequent Events”, the Company has identified one event that requires disclosure in the financial statements. | |
On February 25, 2015, the Company entered into a 15 year, $3.3 million contract to lease its fourteenth retail branch, located in Leesburg, Virginia. This branch is expected to open in the Spring of 2015. Refer to Note 6 for the total minimum rental commitment of this lease and all other operating leases commitments. |
Condensed_Financial_Informatio
Condensed Financial Information - Parent Company Only | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Financial Information - Parent Company Only | Condensed Financial Information – Parent Company Only | ||||||||||||
EAGLE FINANCIAL SERVICES , INC. | |||||||||||||
(Parent Company Only) | |||||||||||||
Balance Sheets | |||||||||||||
December 31, 2014 and 2013 | |||||||||||||
(dollars in thousands) | |||||||||||||
2014 | 2013 | ||||||||||||
Assets | |||||||||||||
Cash held in subsidiary bank | $ | 1,694 | $ | 419 | |||||||||
Due from banks | 504 | 504 | |||||||||||
Securities available for sale | 1,383 | 2,893 | |||||||||||
Investment in subsidiaries, at cost, plus undistributed net income | 76,423 | 69,692 | |||||||||||
Other assets | 661 | 575 | |||||||||||
Total assets | $ | 80,665 | $ | 74,083 | |||||||||
Liabilities and Shareholders’ Equity | |||||||||||||
Trust preferred capital notes | $ | 7,217 | $ | 7,217 | |||||||||
Other liabilities | 316 | 460 | |||||||||||
Total liabilities | $ | 7,533 | $ | 7,677 | |||||||||
Shareholders’ Equity | |||||||||||||
Preferred stock | $ | — | $ | — | |||||||||
Common stock | 8,621 | 8,482 | |||||||||||
Surplus | 12,618 | 11,537 | |||||||||||
Retained earnings | 50,578 | 46,082 | |||||||||||
Accumulated other comprehensive income | 1,315 | 305 | |||||||||||
Total shareholders’ equity | $ | 73,132 | $ | 66,406 | |||||||||
Total liabilities and shareholders’ equity | $ | 80,665 | $ | 74,083 | |||||||||
EAGLE FINANCIAL SERVICES , INC. | |||||||||||||
(Parent Company Only) | |||||||||||||
Statements of Income | |||||||||||||
Years Ended December 31, 2014, 2013, and 2012 | |||||||||||||
(dollars in thousands) | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income | |||||||||||||
Dividends from subsidiary bank | $ | 1,550 | $ | — | $ | 800 | |||||||
Interest and dividends on securities available for sale | 183 | 98 | 257 | ||||||||||
Other income (loss) | 283 | 40 | 38 | ||||||||||
Total income | $ | 2,016 | $ | 138 | $ | 1,095 | |||||||
Expenses | |||||||||||||
Interest expense on borrowings | $ | 317 | $ | 317 | $ | 318 | |||||||
Other operating expenses | 226 | 221 | 192 | ||||||||||
Total expenses | $ | 543 | $ | 538 | $ | 510 | |||||||
Income (loss) before income tax (benefit) and equity in undistributed net income of subsidiary bank | $ | 1,473 | $ | (400 | ) | $ | 585 | ||||||
Income Tax (Benefit) | (37 | ) | (135 | ) | (75 | ) | |||||||
Income (loss) before equity in undistributed net income of subsidiary bank | $ | 1,510 | $ | (265 | ) | $ | 660 | ||||||
Equity in Undistributed Net Income of Subsidiary Bank | 5,630 | 7,423 | 5,890 | ||||||||||
Net income | $ | 7,140 | $ | 7,158 | $ | 6,550 | |||||||
Comprehensive income | $ | 8,150 | $ | 4,015 | $ | 7,067 | |||||||
EAGLE FINANCIAL SERVICES , INC. | |||||||||||||
(Parent Company Only) | |||||||||||||
Statements of Cash Flows | |||||||||||||
Years Ended December 31, 2014, 2013, and 2012 | |||||||||||||
(dollars in thousands) | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cash Flows from Operating Activities | |||||||||||||
Net Income | $ | 7,140 | $ | 7,158 | $ | 6,550 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||
(Gain) on the sale of securities | (283 | ) | — | — | |||||||||
Stock-based compensation expense | 290 | 305 | 242 | ||||||||||
(Discount accretion) premium amortization on securities | — | (1 | ) | (1 | ) | ||||||||
Undistributed earnings of subsidiary bank | (5,630 | ) | (7,423 | ) | (5,890 | ) | |||||||
Changes in assets and liabilities: | |||||||||||||
(Increase) decrease in other assets | (10 | ) | 138 | 30 | |||||||||
Increase (decrease) in other liabilities | 1 | 1 | (2 | ) | |||||||||
Net cash provided by operating activities | $ | 1,508 | $ | 178 | $ | 929 | |||||||
Cash Flows from Investing Activities | |||||||||||||
Purchases of securities available for sale | $ | (761 | ) | $ | (1,044 | ) | $ | — | |||||
Proceeds from the sale of securities available for sale | 1,865 | — | — | ||||||||||
Proceeds from maturities of securities available for sale | 405 | 1,458 | 1,945 | ||||||||||
Net cash provided by investing activities | $ | 1,509 | $ | 414 | $ | 1,945 | |||||||
Cash Flows from Financing Activities | |||||||||||||
Cash dividends paid | $ | (1,944 | ) | $ | (1,909 | ) | $ | (1,805 | ) | ||||
Issuance of common stock, employee benefit plan | 202 | 179 | 107 | ||||||||||
Stock options exercised | — | 69 | — | ||||||||||
Net cash (used in) financing activities | $ | (1,742 | ) | $ | (1,661 | ) | $ | (1,698 | ) | ||||
Increase (decrease) in cash | $ | 1,275 | $ | (1,069 | ) | $ | 1,176 | ||||||
Cash | |||||||||||||
Beginning | $ | 923 | $ | 1,992 | $ | 816 | |||||||
Ending | $ | 2,198 | $ | 923 | $ | 1,992 | |||||||
Nature_of_Banking_Activities_a1
Nature of Banking Activities and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
The Company owns 100% of Bank of Clarke County (the “Bank”) and Eagle Financial Statutory Trust II. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions between the Company and the Bank have been eliminated. Eagle Financial Statutory Trust II is accounted for under the provisions of GAAP. The subordinated debt of Eagle Financial Statutory Trust II is reflected as a liability of the Company. | |
Trust Assets | Trust Assets |
Securities and other property held by the Eagle Investment Group in a fiduciary or agency capacity are not assets of the Company and are not included in the accompanying consolidated financial statements. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, federal funds sold, and interest bearing deposits. Generally, federal funds are purchased and sold for one-day periods. | |
Securities | Securities |
Debt securities that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and recorded at amortized cost. Securities not classified as held to maturity, including equity securities with readily determinable fair values, are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. | |
Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Declines in the fair value of held to maturity and available for sale securities below their cost that are deemed to be “other than temporary” are reflected in earnings as realized losses. In estimating “other than temporary” impairment losses, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery of fair value. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. | |
The Bank is required to maintain an investment in the capital stock of certain correspondent banks. No readily available market exists for this stock and it has no quoted market value. The investment in these securities is recorded at cost and they are reported on the Company’s consolidated balance sheet as restricted investments. | |
Loans | Loans |
The Company grants mortgage, commercial and consumer loans to customers. A substantial portion of the loan portfolio is represented by mortgage loans throughout the Counties of Clarke, Frederick, and Loudoun, Virginia and the City of Winchester, Virginia. The ability of the Company’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in this area. | |
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for the allowance for loan losses. Interest income is accrued on the unpaid principal balance. Loan fees collected and certain costs incurred related to loan originations are deferred and amortized as an adjustment to interest income over the life of the related loans. Deferred fees and costs are recorded as an adjustment to loans outstanding using a method that approximates a constant yield. | |
The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the credit is well-secured and in process of collection. Credit card loans and other personal loans are typically charged off no later than 180 days past due. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal and interest is considered doubtful. | |
All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |
Risks by Loan Portfolio Segments | Risks by Loan Portfolio Segments |
One-to-Four-Family Residential Real Estate Lending | |
Residential mortgage loans generally are made on the basis of the borrower’s ability to make repayment from employment and other income and are secured by real estate whose value tends to be readily ascertainable. As part of the application process, information is gathered concerning income, employment and credit history of the applicant. The valuation of residential collateral is provided by independent fee appraisers who have been approved by the Bank’s Directors Loan Committee. | |
Commercial Real Estate Lending | |
Commercial real estate lending entails significant additional risk as compared with residential mortgage lending. Commercial real estate loans typically involve larger loan balances concentrated with single borrowers or groups of related borrowers. Additionally, the repayment of loans secured by income producing properties is typically dependent on the successful operation of a business or a real estate project and thus may be subject, to a greater extent, to adverse conditions in the real estate market or the economy, in general. | |
Construction and Land Development Lending | |
There are two characteristics of construction lending which impact its overall risk as compared to residential mortgage lending. First, there is more concentration risk due to the extension of a large loan balance through several lines of credit to a single developer or contractor. Second, there is more collateral risk due to the fact that loan funds are provided to the borrower based upon the estimated value of the collateral after completion. This could cause an inaccurate estimate of the amount needed to complete construction or an excessive loan-to-value ratio. To mitigate the risks associated with construction lending, the Bank generally limits loan amounts to 80% of the estimated appraised value of the finished home. | |
Commercial and Industrial Lending | |
Commercial business loans generally have more risk than residential mortgage loans, but have higher yields. To manage these risks, the Bank generally obtains appropriate collateral and personal guarantees from the borrower’s principal owners and monitors the financial condition of the borrower. Commercial business loans typically are made on the basis of the borrower’s ability to make repayment from cash flow from its business and are secured by business assets, such as commercial real estate, accounts receivable, equipment and inventory. As a result, the availability of funds for the repayment of commercial business loans is substantially dependent on the success of the business itself. Furthermore, the collateral for commercial business loans may depreciate over time and generally cannot be appraised with as much precision as residential real estate. | |
Consumer Lending | |
Consumer loans generally entail greater risk than residential mortgage loans, particularly in the case of consumer loans which are unsecured or secured by rapidly depreciable assets such as automobiles. In such cases, any repossessed collateral on a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance as a result of the greater likelihood of damage, loss or depreciation. | |
Allowance For Loan Losses | Allowance for Loan Losses |
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | |
The allowance consists of specific, general and unallocated components. The specific component relates to loans that are impaired. An allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-impaired loans and is based on historical loss experience and other qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. | |
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair market value less estimated liquidation costs of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer and residential loans for impairment disclosures, unless such loans are the subject of a restructuring agreement. | |
Bank Premises and Equipment | Bank Premises and Equipment |
Land is carried at cost. Buildings and equipment are carried at cost, less accumulated depreciation computed on the straight-line method over the estimated useful lives of the assets. Estimated useful lives range from 10 to 39 years for buildings and 3 to 10 years for furniture and equipment. | |
Other Real Estate Owned | Other Real Estate Owned |
Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at the fair value of the property, less estimated selling costs at the date of foreclosure. Any write-downs based on the asset’s fair value at the date of acquisition are charged to the allowance for loan losses. After foreclosure, valuations are periodically performed by management and property held for sale is carried at the lower of the new cost basis or fair value less estimated cost to sell. Impairment losses on property to be held and used are measured as the amount by which the carrying amount of a property exceeds its fair value. Costs of significant property improvements are capitalized, whereas costs relating to holding property are expensed. The portion of interest costs relating to development of real estate is capitalized. During 2014, there were no other real estate owned properties that were in the process of being developed by the Bank. Valuations are periodically performed by management, and any subsequent write-downs are recorded as a charge to operations, if necessary, to reduce the carrying value of a property to the lower of its cost or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in the net expenses from foreclosed assets. | |
Retirement Plans | Retirement Plans |
The Company had a non-contributory defined benefit pension plan that covers eligible employees. Effective December 31, 2006, the pension plan was amended so that no further benefits would accrue under the plan and no additional employees could become participants. The plan was terminated during 2012 after receiving final IRS approval. Refer to Note 10 for a description of the termination of the Company’s pension plan. The Company also sponsors a 401(k) savings plan under which eligible employees may defer a portion of their compensation on a pretax basis. The Company also provides a match to participants in this plan, as described more fully in Note 12. | |
Stock-Based Compensation Plan | Stock-Based Compensation Plan |
During 2003, the Company’s shareholders approved a stock incentive plan which allows key employees and directors to increase their personal financial interest in the Company. This plan permits the issuance of incentive stock options and non-qualified stock options and the award of stock appreciation rights, common stock, restricted stock, and phantom stock. The plan, as adopted, authorized the issuance of up to 300,000 shares of common stock. This plan is discussed more fully in Note 11. | |
Income Taxes | Income Taxes |
Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various assets and liabilities and gives current recognition to changes in tax rates and laws. | |
When tax returns are filed, it is likely that some positions taken would be sustained upon examination by the applicable taxing authority, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, the Company believes it is “more likely than not” that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the “more likely than not” recognition threshold are measured as the largest amount of tax benefit that is more than fifty percent (50%) likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the balance sheet along with any associated interest and penalties that would be payable to the applicable taxing authority upon examination. Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the statement of income. The Company has no uncertain tax positions. | |
Advertising | Advertising |
The Company follows the policy of charging the costs of advertising to expense as incurred. | |
Reclassifications | Reclassifications |
Certain reclassifications have been made to the 2013 financial statements to conform to reporting for 2014. | |
Earnings Per Common Share | Earnings Per Common Share |
Basic earnings per share represents income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. The number of potential common shares is determined using the treasury method and relates to outstanding stock options and nonvested restricted stock grants. | |
Comprehensive Income | Comprehensive Income |
Accounting principles generally accepted in the United States of America require that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, net of income taxes, are reported within the balance sheet as a separate component of shareholders’ equity. These changes, along with net income, are components of comprehensive income and are reported in the statement of comprehensive income. In addition to net income, the Company’s comprehensive income includes changes in the benefit obligations and plan assets for defined benefit and postretirement benefit plans, unrealized gains or losses on interest rate swaps, and unrealized gains or losses on available for sale securities. | |
Derivative Financial Instruments | Derivative Financial Instruments |
The Company follows GAAP to account for derivative and hedging activities. Accordingly, a derivative is recognized in the balance sheet at its fair value. The fair value of a derivative is determined by quoted market prices and mathematical models using current and historical data. If certain hedging criteria are met, including testing for hedge effectiveness, special hedge accounting may be applied. The Company assesses each hedge, both at inception and on an ongoing basis, to determine whether the derivative used in a hedging transaction is effective in offsetting changes in the fair value or cash flows of the hedged item and whether the derivative is expected to remain effective during subsequent periods. The Company discontinues hedge accounting when (a) it determines that a derivative is no longer effective in offsetting changes in fair value or cash flows of a hedged item; (b) the derivative expires or is sold, terminated or exercised; (c) probability exists that the forecasted transaction will no longer occur or (d) management determines that designating the derivative as a hedging instrument is no longer appropriate. When hedge accounting is discontinued and a derivative remains outstanding, the Company recognizes the derivative in the balance sheet at its fair value and changes in the fair value are recognized in net income. | |
At inception, the Company designates a derivative as (a) a fair value hedge of recognized assets or liabilities or of unrecognized firm commitments (fair-value hedge) or (b) a hedge of forecasted transactions or variable cash flows to be received or paid in conjunction with recognized assets or liabilities (cash-flow hedge). For a derivative treated as a fair-value hedge, a change in fair value is recorded as an adjustment to the hedged item and recognized in net income. For a derivative treated as a cash flow hedge, the effective portion of a change in fair value is recorded as an adjustment to the hedged item and recognized as a component of accumulated other comprehensive income (loss) within shareholders’ equity. For a derivative treated as a cash flow hedge, the ineffective portion of a change in fair value is recorded as an adjustment to the hedged item and recognized in net income. For more information on derivative financial instruments see Note 14 to the Consolidated Financial Statements. | |
Use of Estimates | Use of Estimates |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses and the valuation of deferred tax assets. | |
Stock Repurchase Program | Stock Repurchase Program |
On June 11, 2014, the Corporation renewed the stock repurchase program to repurchase up to 150,000 shares of its common stock prior to June 30, 2015. There was no repurchase activity during 2014, 2013 and 2012. The maximum number of shares that may yet be purchased under the plan as of December 31, 2014 are 134,337. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In January 2014, the FASB issued ASU 2014-01, “Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force).” The amendments in this ASU permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendments in this ASU should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. The amendments in this ASU are effective for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The Company is currently assessing the impact that ASU 2014-01 will have on its consolidated financial statements. | |
In January 2014, the FASB issued ASU 2014-04, “Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force).” The amendments in this ASU clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this ASU are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company is currently assessing the impact that ASU 2014-04 will have on its consolidated financial statements. | |
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The amendments in this ASU change the criteria for reporting discontinued operations while enhancing disclosures in this area. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results and include disposals of a major geographic area, a major line of business, or a major equity method investment. The new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. Additionally, the new guidance requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. The amendments in the ASU are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The Company does not expect the adoption of ASU 2014-08 to have a material impact on its consolidated financial statements. | |
In June 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers: Topic 606”. This ASU applies to any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The guidance supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition”, most industry-specific guidance, and some cost guidance included in Subtopic 605-35, “Revenue Recognition-Construction-Type and Production-Type Contracts”. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To be in alignment with the core principle, an entity must apply a five step process including: identification of the contract(s) with a customer, identification of performance obligations in the contract(s), determination of the transaction price, allocation of the transaction price to the performance obligations, and recognition of revenue when (or as) the entity satisfies a performance obligation. Additionally, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer have also been amended to be consistent with the guidance on recognition and measurement. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company is currently assessing the impact that ASU 2014-09 will have on its consolidated financial statements. | |
In June 2014, the FASB issued ASU 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation”. The amendments in this ASU remove all incremental financial reporting requirements from U.S. GAAP for development stage entities, including the removal of Topic 915, “Development Stage Entities”, from the FASB Accounting Standards Codification. In addition, this ASU adds an example disclosure and removes an exception provided to development stage entities in Topic 810, “Consolidation”, for determining whether an entity is a variable interest entity. The presentation and disclosure requirements in Topic 915 will no longer be required for the first annual period beginning after December 15, 2014. The revised consolidation standards are effective for annual periods beginning after December 15, 2015. Early adoption is permitted. The Company does not expect the adoption of ASU 2014-10 to have a material impact on its consolidated financial statements. | |
In June 2014, the FASB issued ASU No. 2014-11, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”. This ASU aligns the accounting for repurchase-to-maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. The new guidance eliminates sale accounting for repurchase-to-maturity transactions and supersedes the guidance under which a transfer of a financial asset and a contemporaneous repurchase financing could be accounted for on a combined basis as a forward agreement. The amendments in the ASU also require a new disclosure for transactions economically similar to repurchase agreements in which the transferor retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. Additional disclosures will be required for the nature of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The amendments in this ASU are effective for the first interim or annual period beginning after December 15, 2014; however, the disclosure for transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Early adoption is not permitted. The Company is currently assessing the impact that ASU 2014-11 will have on its consolidated financial statements. | |
In June 2014, the FASB issued ASU No. 2014-12, “Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period”. The new guidance applies to reporting entities that grant employees share-based payments in which the terms of the award allow a performance target to be achieved after the requisite service period. The amendments in the ASU require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Existing guidance in “Compensation - Stock Compensation (Topic 718)”, should be applied to account for these types of awards. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted and reporting entities may choose to apply the amendments in the ASU either on a prospective or retrospective basis. The Company is currently assessing the impact that ASU 2014-12 will have on its consolidated financial statements. | |
In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. This update is intended to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Management is required under the new guidance to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued when preparing financial statements for each interim and annual reporting period. If conditions or events are identified, the ASU specifies the process that must be followed by management and also clarifies the timing and content of going concern footnote disclosures in order to reduce diversity in practice. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. Early adoption is permitted. The Company does not expect the adoption of ASU 2014-15 to have a material impact on its consolidated financial statements. | |
In November 2014, the FASB issued ASU No. 2014-16, “Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity.” The amendments in ASU do not change the current criteria in U.S. GAAP for determining when separation of certain embedded derivative features in a hybrid financial instrument is required. The amendments clarify how current U.S. GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. Specifically, the amendments clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated for bifurcation, in evaluating the nature of the host contract. Furthermore, the amendments clarify that no single term or feature would necessarily determine the economic characteristics and risks of the host contract. Rather, the nature of the host contract depends upon the economic characteristics and risks of the entire hybrid financial instrument. The amendments in this ASU also clarify that, in evaluating the nature of a host contract, an entity should assess the substance of the relevant terms and features (i.e., the relative strength of the debt-like or equity-like terms and features given the facts and circumstances) when considering how to weight those terms and features. The amendments in this ASU are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption, including adoption in an interim period, is permitted. The Company does not expect the adoption of ASU 2014-16 to have a material impact on its consolidated financial statements. | |
In November 2014, the FASB issued ASU No. 2014-17, “Business Combinations (Topic 805): Pushdown Accounting.” The amendments in ASU provide an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs. An acquired entity should determine whether to elect to apply pushdown accounting for each individual change-in-control event in which an acquirer obtains control of the acquired entity. If pushdown accounting is not applied in the reporting period in which the change-in-control event occurs, an acquired entity will have the option to elect to apply pushdown accounting in a subsequent reporting period to the acquired entity’s most recent change-in-control event. An election to apply pushdown accounting in a reporting period after the reporting period in which the change-in-control event occurred should be considered a change in accounting principle in accordance with Topic 250, Accounting Changes and Error Corrections. If pushdown accounting is applied to an individual change-in-control event, that election is irrevocable. The amendments in this ASU are effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. However, if the financial statements for the period in which the most recent change-in-control event occurred already have been issued or made available to be issued, the application of this guidance would be a change in accounting principle. The Company does not expect the adoption of ASU 2014-17 to have a material impact on its consolidated financial statements. | |
In January 2015, the FASB issued ASU No. 2015-01, “Income Statement-Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” The amendments in this ASU eliminate from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The entity also is required to disclose applicable income taxes and either present or disclose earnings-per-share data applicable to the extraordinary item. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect the adoption of ASU 2015-01 to have a material impact on its consolidated financial statements. |
Nature_of_Banking_Activities_a2
Nature of Banking Activities and Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||
Weighted Average Number Of Shares Used In Computing Earnings Per Share | The following table shows the weighted average number of shares used in computing earnings per share and the effect on the weighted average number of shares of dilutive potential common stock. Potential dilutive common stock had no effect on income available to common shareholders. | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Average number of common shares outstanding | 3,438,348 | 3,386,467 | 3,333,235 | ||||||||||||||||||||||||||||||||||
Effect of dilutive common stock | 8,470 | 11,275 | 10,037 | ||||||||||||||||||||||||||||||||||
Average number of common shares outstanding used to calculate diluted earnings per share | 3,446,818 | 3,397,742 | 3,343,272 | ||||||||||||||||||||||||||||||||||
Components Of Change In Unrealized Gains (Losses) On Securities | The components of the change in unrealized gains (losses) on securities during 2014, 2013, and 2012 were as follows: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Gross unrealized gain (loss) | $ | 2,382 | $ | (4,497 | ) | $ | 894 | ||||||||||||||||||||||||||||||
Reclassification adjustment for realized (gain) | (990 | ) | (465 | ) | (45 | ) | |||||||||||||||||||||||||||||||
Net unrealized gain (loss) before taxes | 1,392 | (4,962 | ) | 849 | |||||||||||||||||||||||||||||||||
Tax effect | (473 | ) | 1,687 | (289 | ) | ||||||||||||||||||||||||||||||||
$ | 919 | $ | (3,275 | ) | $ | 560 | |||||||||||||||||||||||||||||||
Components Of Accumulated Other Comprehensive Income, Net Of Deferred Taxes | The components of accumulated other comprehensive income, net of deferred taxes, were as follows: | ||||||||||||||||||||||||||||||||||||
Unrealized Gain (Loss) on Securities | Change in Fair Value of Interest Rate Swap | Post Retirement Benefit Plan | Total | ||||||||||||||||||||||||||||||||||
31-Dec-12 | $ | 3,822 | $ | (418 | ) | $ | 44 | $ | 3,448 | ||||||||||||||||||||||||||||
2013 Change | (3,275 | ) | 132 | — | (3,143 | ) | |||||||||||||||||||||||||||||||
31-Dec-13 | 547 | (286 | ) | 44 | 305 | ||||||||||||||||||||||||||||||||
2014 Change | 919 | 96 | (5 | ) | 1,010 | ||||||||||||||||||||||||||||||||
31-Dec-14 | $ | 1,466 | $ | (190 | ) | $ | 39 | $ | 1,315 | ||||||||||||||||||||||||||||
Changes to accumulated other comprehensive income by components are shown in the following tables for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||||||||||||||||||||||
Twelve Months Ended | |||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Unrealized Gains and Losses on Available for Sale Securities | Change in Fair Value of Interest Rate Swap | Change in Benefit Obligations and Plan Assets for the Post Retirement Benefit Plan | Total | Unrealized Gains and Losses on Available for Sale Securities | Change in Fair Value of Interest Rate Swap | Change in Benefit Obligations and Plan Assets for the Post Retirement Benefit Plan | Total | Unrealized Gains and Losses on Available for Sale Securities | Change in Fair Value of Interest Rate Swap | Change in Benefit Obligations and Plan Assets for the Post Retirement Benefit Plan | Total | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
1-Jan | $ | 547 | $ | (286 | ) | $ | 44 | $ | 305 | $ | 3,822 | $ | (418 | ) | $ | 44 | $ | 3,448 | $ | 3,262 | $ | (382 | ) | $ | 51 | $ | 2,931 | ||||||||||
Other comprehensive income (loss) before reclassifications | 2,382 | 145 | (8 | ) | 2,519 | (4,497 | ) | 201 | — | (4,296 | ) | 894 | (55 | ) | (11 | ) | 828 | ||||||||||||||||||||
Reclassifications from other comprehensive income (loss) | (990 | ) | — | — | (990 | ) | (465 | ) | — | — | (465 | ) | (45 | ) | — | — | (45 | ) | |||||||||||||||||||
Tax effect of current period changes | (473 | ) | (49 | ) | 3 | (519 | ) | 1,687 | (69 | ) | — | 1,618 | (289 | ) | 19 | 4 | (266 | ) | |||||||||||||||||||
Current period changes net of taxes | 919 | 96 | (5 | ) | 1,010 | (3,275 | ) | 132 | — | (3,143 | ) | 560 | (36 | ) | (7 | ) | 517 | ||||||||||||||||||||
December 31 | $ | 1,466 | $ | (190 | ) | $ | 39 | $ | 1,315 | $ | 547 | $ | (286 | ) | $ | 44 | $ | 305 | $ | 3,822 | $ | (418 | ) | $ | 44 | $ | 3,448 | ||||||||||
Securities_Tables
Securities (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Available-for-sale Securities [Abstract] | ||||||||||||||||||||||||
Amortized Costs And Fair Values Of Securities Available For Sale | Amortized costs and fair values of securities available for sale at December 31, 2014 and 2013 were as follows: | |||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||
Gains | (Losses) | |||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | $ | 36,911 | $ | 599 | $ | (299 | ) | $ | 37,211 | |||||||||||||||
Mortgage-backed securities | 15,245 | 545 | (11 | ) | 15,779 | |||||||||||||||||||
Obligations of states and political subdivisions | 39,025 | 1,432 | (47 | ) | 40,410 | |||||||||||||||||||
Corporate securities | 761 | 4 | — | 765 | ||||||||||||||||||||
Equity securities | — | — | — | — | ||||||||||||||||||||
$ | 91,942 | $ | 2,580 | $ | (357 | ) | $ | 94,165 | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | $ | 35,890 | $ | 439 | $ | (1,585 | ) | $ | 34,744 | |||||||||||||||
Mortgage-backed securities | 14,896 | 422 | (121 | ) | 15,197 | |||||||||||||||||||
Obligations of states and political subdivisions | 42,442 | 969 | (295 | ) | 43,116 | |||||||||||||||||||
Corporate securities | 7,495 | 928 | — | 8,423 | ||||||||||||||||||||
Equity securities | 1,044 | 74 | — | 1,118 | ||||||||||||||||||||
$ | 101,767 | $ | 2,832 | $ | (2,001 | ) | $ | 102,598 | ||||||||||||||||
Restricted Investments | Carrying amounts of restricted securities at December 31, 2014 and 2013 were as follows: | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Federal Reserve Bank Stock | $ | 344 | $ | 344 | ||||||||||||||||||||
Federal Home Loan Bank Stock | 2,324 | 1,708 | ||||||||||||||||||||||
Community Bankers’ Bank Stock | 140 | 140 | ||||||||||||||||||||||
$ | 2,808 | $ | 2,192 | |||||||||||||||||||||
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of securities available for sale at December 31, 2014, by contractual maturity, are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the securities may be called or repaid without any penalties. | |||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | 3,680 | $ | 3,712 | ||||||||||||||||||||
Due after one year through five years | 27,507 | 28,046 | ||||||||||||||||||||||
Due after five years through ten years | 42,414 | 43,394 | ||||||||||||||||||||||
Due after ten years | 18,341 | 19,013 | ||||||||||||||||||||||
Equity securities | — | — | ||||||||||||||||||||||
$ | 91,942 | $ | 94,165 | |||||||||||||||||||||
Fair Value And Gross Unrealized Losses For Securities Available For Sale | The fair value and gross unrealized losses for securities available for sale, totaled by the length of time that individual securities have been in a continuous gross unrealized loss position, at December 31, 2014 and 2013 were as follows: | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair Value | Gross | Fair Value | Gross | Fair Value | Gross | |||||||||||||||||||
Unrealized | Unrealized | Unrealized | ||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | $ | 1,997 | $ | 1 | $ | 21,615 | $ | 298 | $ | 23,612 | $ | 299 | ||||||||||||
Mortgage-backed securities | — | — | 1,444 | 11 | 1,444 | 11 | ||||||||||||||||||
Obligations of states and political subdivisions | 2,998 | 12 | 2,414 | 35 | 5,412 | 47 | ||||||||||||||||||
Corporate securities | — | — | — | — | — | — | ||||||||||||||||||
Equity securities | — | — | — | — | — | — | ||||||||||||||||||
$ | 4,995 | $ | 13 | $ | 25,473 | $ | 344 | $ | 30,468 | $ | 357 | |||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | $ | 23,235 | $ | 1,551 | $ | 1,967 | $ | 34 | $ | 25,202 | $ | 1,585 | ||||||||||||
Mortgage-backed securities | 2,828 | 121 | — | — | 2,828 | 121 | ||||||||||||||||||
Obligations of states and political subdivisions | 8,439 | 252 | 466 | 43 | 8,905 | 295 | ||||||||||||||||||
Corporate securities | — | — | — | — | — | — | ||||||||||||||||||
Equity securities | — | — | — | — | — | — | ||||||||||||||||||
$ | 34,502 | $ | 1,924 | $ | 2,433 | $ | 77 | $ | 36,935 | $ | 2,001 | |||||||||||||
Loans_Tables
Loans (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Loans and Leases Receivable Disclosure [Abstract] | |||||||||
Schedule Of Composition Of Loans | The composition of loans at December 31, 2014 and 2013 was as follows: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Mortgage loans on real estate: | |||||||||
Construction and land development | $ | 25,887 | $ | 27,047 | |||||
Secured by farmland | 10,602 | 9,886 | |||||||
Secured by 1-4 family residential properties | 224,694 | 218,633 | |||||||
Multifamily | 3,016 | 2,850 | |||||||
Commercial | 161,299 | 148,166 | |||||||
Loans to farmers | 957 | 1,321 | |||||||
Commercial and industrial loans | 28,132 | 20,865 | |||||||
Consumer installment loans | 13,874 | 13,785 | |||||||
All other loans | 1,359 | 1,720 | |||||||
$ | 469,820 | $ | 444,273 | ||||||
Less: Allowance for loan losses | 5,080 | 5,488 | |||||||
$ | 464,740 | $ | 438,785 | ||||||
Allowance_for_Loan_Losses_Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses, Adjustments, Net [Abstract] | ||||||||||||||||||||||||||||||||
Changes In Allowance For Loan Losses | Changes in the allowance for loan losses for the years December 31, 2014, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Balance, beginning | $ | 5,488 | $ | 6,577 | $ | 8,743 | ||||||||||||||||||||||||||
Provision charged to operating expense | 350 | — | 1,660 | |||||||||||||||||||||||||||||
Recoveries added to the allowance | 725 | 233 | 337 | |||||||||||||||||||||||||||||
Loan losses charged to the allowance | (1,483 | ) | (1,322 | ) | (4,163 | ) | ||||||||||||||||||||||||||
Balance, ending | $ | 5,080 | $ | 5,488 | $ | 6,577 | ||||||||||||||||||||||||||
Nonaccrual And Past Due Loans By Class | Nonaccrual and past due loans by class at December 31, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
30 - 59 | 60 - 89 | 90 or More | Total Past | Current | Total Loans | 90 or More | Nonaccrual | |||||||||||||||||||||||||
Days | Days | Days | Due | Days Past | Loans | |||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Due Still Accruing | |||||||||||||||||||||||||||||
Commercial - Non Real Estate: | ||||||||||||||||||||||||||||||||
Commercial & Industrial | $ | 28 | $ | — | $ | — | $ | 28 | $ | 28,104 | $ | 28,132 | $ | — | $ | 2,106 | ||||||||||||||||
Commercial Real Estate: | ||||||||||||||||||||||||||||||||
Owner Occupied | 2,191 | — | — | 2,191 | 97,516 | 99,707 | — | 2,591 | ||||||||||||||||||||||||
Non-owner occupied | 56 | 210 | 808 | 1,074 | 60,518 | 61,592 | — | 1,231 | ||||||||||||||||||||||||
Construction and Farmland: | ||||||||||||||||||||||||||||||||
Residential | — | 52 | — | 52 | 5,149 | 5,201 | — | — | ||||||||||||||||||||||||
Commercial | — | — | 57 | 57 | 31,231 | 31,288 | — | 787 | ||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||
Installment | 50 | 15 | 6 | 71 | 13,803 | 13,874 | 6 | — | ||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||
Equity Lines | 132 | 41 | 185 | 358 | 30,763 | 31,121 | — | 331 | ||||||||||||||||||||||||
Single family | 1,243 | 440 | 644 | 2,327 | 191,246 | 193,573 | — | 3,660 | ||||||||||||||||||||||||
Multifamily | — | — | — | — | 3,016 | 3,016 | — | — | ||||||||||||||||||||||||
All Other Loans | — | — | — | — | 2,316 | 2,316 | — | — | ||||||||||||||||||||||||
Total | $ | 3,700 | $ | 758 | $ | 1,700 | $ | 6,158 | $ | 463,662 | $ | 469,820 | $ | 6 | $ | 10,706 | ||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
30 - 59 | 60 - 89 | 90 or More | Total Past | Current | Total Loans | 90 or More | Nonaccrual | |||||||||||||||||||||||||
Days | Days | Days | Due | Past Due | Loans | |||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Still | |||||||||||||||||||||||||||||
Accruing | ||||||||||||||||||||||||||||||||
Commercial - Non Real Estate: | ||||||||||||||||||||||||||||||||
Commercial & Industrial | $ | 143 | $ | — | $ | 1,162 | $ | 1,305 | $ | 19,560 | $ | 20,865 | $ | — | $ | 1,288 | ||||||||||||||||
Commercial Real Estate: | ||||||||||||||||||||||||||||||||
Owner Occupied | 364 | — | 1,270 | 1,634 | 90,811 | 92,445 | — | 1,269 | ||||||||||||||||||||||||
Non-owner occupied | 99 | 185 | — | 284 | 55,437 | 55,721 | — | 185 | ||||||||||||||||||||||||
Construction and Farmland: | ||||||||||||||||||||||||||||||||
Residential | — | — | — | — | 7,860 | 7,860 | — | — | ||||||||||||||||||||||||
Commercial | — | — | — | — | 29,073 | 29,073 | — | 157 | ||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||
Installment | 95 | 9 | 11 | 115 | 13,670 | 13,785 | 11 | 6 | ||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||
Equity Lines | 202 | 25 | — | 227 | 31,997 | 32,224 | — | 179 | ||||||||||||||||||||||||
Single family | 1,995 | 180 | 693 | 2,868 | 183,541 | 186,409 | — | 1,328 | ||||||||||||||||||||||||
Multifamily | — | — | — | — | 2,850 | 2,850 | — | — | ||||||||||||||||||||||||
All Other Loans | — | — | — | — | 3,041 | 3,041 | — | — | ||||||||||||||||||||||||
Total | $ | 2,898 | $ | 399 | $ | 3,136 | $ | 6,433 | $ | 437,840 | $ | 444,273 | $ | 11 | $ | 4,412 | ||||||||||||||||
Allowance For Loan Losses By Segment | Allowance for loan losses by segment at December 31, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||||||||
As of and for the Twelve Months Ended | ||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Construction | Residential | Commercial | Commercial | Consumer | All Other | Unallocated | Total | |||||||||||||||||||||||||
and Farmland | Real Estate | Real Estate | Loans | |||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||
Beginning Balance | $ | 1,032 | $ | 2,225 | $ | 1,337 | $ | 555 | $ | 102 | $ | 82 | $ | 155 | $ | 5,488 | ||||||||||||||||
Charge-Offs | (482 | ) | (808 | ) | (83 | ) | — | (86 | ) | (24 | ) | — | (1,483 | ) | ||||||||||||||||||
Recoveries | 26 | 63 | 381 | 164 | 87 | 4 | — | 725 | ||||||||||||||||||||||||
Provision | 375 | 497 | (288 | ) | (255 | ) | — | (20 | ) | 41 | 350 | |||||||||||||||||||||
Ending balance | $ | 951 | $ | 1,977 | $ | 1,347 | $ | 464 | $ | 103 | $ | 42 | $ | 196 | $ | 5,080 | ||||||||||||||||
Ending balance: Individually evaluated for impairment | $ | 93 | $ | 303 | $ | 203 | $ | 44 | $ | — | $ | — | $ | — | $ | 643 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 858 | $ | 1,674 | $ | 1,144 | $ | 420 | $ | 103 | $ | 42 | $ | 196 | $ | 4,437 | ||||||||||||||||
Financing receivables: | ||||||||||||||||||||||||||||||||
Ending balance | $ | 36,489 | $ | 227,710 | $ | 161,299 | $ | 28,132 | $ | 13,874 | $ | 2,316 | $ | — | $ | 469,820 | ||||||||||||||||
Ending balance individually evaluated for impairment | $ | 2,669 | $ | 6,557 | $ | 5,722 | $ | 2,107 | $ | — | $ | — | $ | — | $ | 17,055 | ||||||||||||||||
Ending balance collectively evaluated for impairment | $ | 33,820 | $ | 221,153 | $ | 155,577 | $ | 26,025 | $ | 13,874 | $ | 2,316 | $ | — | $ | 452,765 | ||||||||||||||||
As of and for the Twelve Months Ended | ||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Construction | Residential | Commercial | Commercial | Consumer | All Other | Unallocated | Total | |||||||||||||||||||||||||
and Farmland | Real Estate | Real Estate | Loans | |||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||
Beginning Balance | $ | 1,280 | $ | 2,820 | $ | 1,182 | $ | 880 | $ | 107 | $ | 122 | $ | 186 | $ | 6,577 | ||||||||||||||||
Charge-Offs | (20 | ) | (507 | ) | (289 | ) | (403 | ) | (85 | ) | (18 | ) | — | (1,322 | ) | |||||||||||||||||
Recoveries | 5 | 109 | 7 | 47 | 54 | 11 | — | 233 | ||||||||||||||||||||||||
Provision | (233 | ) | (197 | ) | 437 | 31 | 26 | (33 | ) | (31 | ) | — | ||||||||||||||||||||
Ending balance | $ | 1,032 | $ | 2,225 | $ | 1,337 | $ | 555 | $ | 102 | $ | 82 | $ | 155 | $ | 5,488 | ||||||||||||||||
Ending balance: Individually evaluated for impairment | $ | 218 | $ | 627 | $ | 299 | $ | 334 | $ | — | $ | — | $ | — | $ | 1,478 | ||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 814 | $ | 1,598 | $ | 1,038 | $ | 221 | $ | 102 | $ | 82 | $ | 155 | $ | 4,010 | ||||||||||||||||
Financing receivables: | ||||||||||||||||||||||||||||||||
Ending balance | $ | 36,933 | $ | 221,483 | $ | 148,166 | $ | 20,865 | $ | 13,785 | $ | 3,041 | $ | — | $ | 444,273 | ||||||||||||||||
Ending balance individually evaluated for impairment | $ | 2,674 | $ | 4,922 | $ | 4,750 | $ | 1,347 | $ | — | $ | 6 | $ | — | $ | 13,699 | ||||||||||||||||
Ending balance collectively evaluated for impairment | $ | 34,259 | $ | 216,561 | $ | 143,416 | $ | 19,518 | $ | 13,785 | $ | 3,035 | $ | — | $ | 430,574 | ||||||||||||||||
Impaired Loans By Class | Impaired loans by class at December 31, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||||||||||
As of and for the Year Ended | ||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Unpaid | Recorded | Related | Average | Interest | ||||||||||||||||||||||||||||
Principal | Investment | Allowance | Recorded | Income | ||||||||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||||||||
With no related allowance: | ||||||||||||||||||||||||||||||||
Commercial - Non Real Estate: | ||||||||||||||||||||||||||||||||
Commercial & Industrial | $ | 2,159 | $ | 2,013 | $ | — | $ | 2,256 | $ | 19 | ||||||||||||||||||||||
Commercial Real Estate: | ||||||||||||||||||||||||||||||||
Owner Occupied | 2,824 | 2,473 | — | 2,857 | 48 | |||||||||||||||||||||||||||
Non-owner occupied | 2,675 | 2,560 | — | 2,796 | 86 | |||||||||||||||||||||||||||
Construction and Farmland: | ||||||||||||||||||||||||||||||||
Residential | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial | 2,319 | 2,319 | — | 2,362 | 68 | |||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||
Equity lines | 252 | 78 | — | 252 | — | |||||||||||||||||||||||||||
Single family | 5,634 | 5,218 | — | 5,719 | 149 | |||||||||||||||||||||||||||
Multifamily | — | — | — | — | — | |||||||||||||||||||||||||||
Other Loans | — | — | — | — | — | |||||||||||||||||||||||||||
$ | 15,863 | $ | 14,661 | $ | — | $ | 16,242 | $ | 370 | |||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial - Non Real Estate: | ||||||||||||||||||||||||||||||||
Commercial & Industrial | $ | 289 | $ | 94 | $ | 44 | $ | 289 | $ | — | ||||||||||||||||||||||
Commercial Real Estate: | ||||||||||||||||||||||||||||||||
Owner Occupied | 689 | 689 | 203 | 704 | 33 | |||||||||||||||||||||||||||
Non-owner occupied | — | — | — | — | — | |||||||||||||||||||||||||||
Construction and Farmland: | ||||||||||||||||||||||||||||||||
Residential | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial | 385 | 350 | 93 | 393 | 5 | |||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||
Equity lines | 403 | 253 | 95 | 403 | 5 | |||||||||||||||||||||||||||
Single family | 1,007 | 1,008 | 208 | 1,020 | 41 | |||||||||||||||||||||||||||
Multifamily | — | — | — | — | — | |||||||||||||||||||||||||||
Other Loans | — | — | — | — | — | |||||||||||||||||||||||||||
$ | 2,773 | $ | 2,394 | $ | 643 | $ | 2,809 | $ | 84 | |||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||
Commercial | $ | 2,448 | $ | 2,107 | $ | 44 | $ | 2,545 | $ | 19 | ||||||||||||||||||||||
Commercial Real Estate | 6,188 | 5,722 | 203 | 6,357 | 167 | |||||||||||||||||||||||||||
Construction and Farmland | 2,704 | 2,669 | 93 | 2,755 | 73 | |||||||||||||||||||||||||||
Residential | 7,296 | 6,557 | 303 | 7,394 | 195 | |||||||||||||||||||||||||||
Other | — | — | — | — | — | |||||||||||||||||||||||||||
Total | $ | 18,636 | $ | 17,055 | $ | 643 | $ | 19,051 | $ | 454 | ||||||||||||||||||||||
As of and for the Year Ended | ||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Unpaid | Recorded | Related | Average | Interest | ||||||||||||||||||||||||||||
Principal | Investment | Allowance | Recorded | Income | ||||||||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||||||||
With no related allowance: | ||||||||||||||||||||||||||||||||
Commercial - Non Real Estate: | ||||||||||||||||||||||||||||||||
Commercial & Industrial | $ | 289 | $ | 145 | $ | — | $ | 329 | $ | 8 | ||||||||||||||||||||||
Commercial Real Estate: | ||||||||||||||||||||||||||||||||
Owner Occupied | 2,474 | 2,273 | — | 2,512 | 118 | |||||||||||||||||||||||||||
Non-owner occupied | 1,470 | 1,398 | — | 1,498 | 91 | |||||||||||||||||||||||||||
Construction and Farmland: | ||||||||||||||||||||||||||||||||
Residential | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial | 2,391 | 2,401 | — | 2,420 | 97 | |||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||
Equity lines | 455 | 290 | — | 460 | 16 | |||||||||||||||||||||||||||
Single family | 3,390 | 3,100 | — | 3,531 | 146 | |||||||||||||||||||||||||||
Multifamily | — | — | — | — | — | |||||||||||||||||||||||||||
Other Loans | 6 | 6 | — | 7 | 1 | |||||||||||||||||||||||||||
$ | 10,475 | $ | 9,613 | $ | — | $ | 10,757 | $ | 477 | |||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial - Non Real Estate: | ||||||||||||||||||||||||||||||||
Commercial & Industrial | $ | 1,243 | $ | 1,221 | $ | 334 | $ | 1,271 | $ | 59 | ||||||||||||||||||||||
Commercial Real Estate: | ||||||||||||||||||||||||||||||||
Owner Occupied | — | — | — | — | — | |||||||||||||||||||||||||||
Non-owner occupied | 1,108 | 1,111 | 299 | 1,126 | 49 | |||||||||||||||||||||||||||
Construction and Farmland: | ||||||||||||||||||||||||||||||||
Residential | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial | 301 | 283 | 218 | 308 | 18 | |||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||
Equity lines | 75 | 74 | 74 | 217 | 7 | |||||||||||||||||||||||||||
Single family | 1,505 | 1,508 | 553 | 1,530 | 71 | |||||||||||||||||||||||||||
Multifamily | — | — | — | — | — | |||||||||||||||||||||||||||
Other Loans | — | — | — | — | — | |||||||||||||||||||||||||||
$ | 4,232 | $ | 4,197 | $ | 1,478 | $ | 4,452 | $ | 204 | |||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||
Commercial | $ | 1,532 | $ | 1,366 | $ | 334 | $ | 1,600 | $ | 67 | ||||||||||||||||||||||
Commercial Real Estate | 5,052 | 4,782 | 299 | 5,136 | 258 | |||||||||||||||||||||||||||
Construction and Farmland | 2,692 | 2,684 | 218 | 2,728 | 115 | |||||||||||||||||||||||||||
Residential | 5,425 | 4,972 | 627 | 5,738 | 240 | |||||||||||||||||||||||||||
Other | 6 | 6 | — | 7 | 1 | |||||||||||||||||||||||||||
Total | $ | 14,707 | $ | 13,810 | $ | 1,478 | $ | 15,209 | $ | 681 | ||||||||||||||||||||||
Credit Quality Information By Class | Credit quality information by class at December 31, 2014 and December 31, 2013 was as follows: | |||||||||||||||||||||||||||||||
As of | ||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
INTERNAL RISK RATING GRADES | Pass | Pass Monitored | Special | Substandard | Doubtful | Loss | Total | |||||||||||||||||||||||||
Mention | ||||||||||||||||||||||||||||||||
Commercial - Non Real Estate: | ||||||||||||||||||||||||||||||||
Commercial & Industrial | $ | 24,579 | $ | 1,775 | $ | 21 | $ | 701 | $ | 1,056 | $ | — | $ | 28,132 | ||||||||||||||||||
Commercial Real Estate: | ||||||||||||||||||||||||||||||||
Owner Occupied | 77,979 | 17,401 | — | 3,189 | 1,138 | — | 99,707 | |||||||||||||||||||||||||
Non-owner occupied | 42,630 | 14,779 | 1,402 | 2,733 | 48 | — | 61,592 | |||||||||||||||||||||||||
Construction and Farmland: | ||||||||||||||||||||||||||||||||
Residential | 5,112 | 89 | — | — | — | — | 5,201 | |||||||||||||||||||||||||
Commercial | 23,192 | 5,184 | 2,083 | 750 | 79 | — | 31,288 | |||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||
Equity Lines | 29,440 | 1,429 | — | 185 | 67 | — | 31,121 | |||||||||||||||||||||||||
Single family | 165,932 | 21,011 | — | 6,062 | 568 | — | 193,573 | |||||||||||||||||||||||||
Multifamily | 2,144 | 872 | — | — | — | — | 3,016 | |||||||||||||||||||||||||
All other loans | 2,316 | — | — | — | — | — | 2,316 | |||||||||||||||||||||||||
Total | $ | 373,324 | $ | 62,540 | $ | 3,506 | $ | 13,620 | $ | 2,956 | $ | — | $ | 455,946 | ||||||||||||||||||
Performing | Nonperforming | |||||||||||||||||||||||||||||||
Consumer Credit Exposure by Payment Activity | $ | 13,803 | $ | 71 | ||||||||||||||||||||||||||||
As of | ||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
INTERNAL RISK RATING GRADES | Pass | Pass Monitored | Special | Substandard | Doubtful | Loss | Total | |||||||||||||||||||||||||
Mention | ||||||||||||||||||||||||||||||||
Commercial - Non Real Estate: | ||||||||||||||||||||||||||||||||
Commercial & Industrial | $ | 16,565 | $ | 2,820 | $ | 86 | $ | 106 | $ | 1,288 | $ | — | $ | 20,865 | ||||||||||||||||||
Commercial Real Estate: | ||||||||||||||||||||||||||||||||
Owner Occupied | 73,998 | 12,036 | 3,322 | 1,820 | 1,269 | — | 92,445 | |||||||||||||||||||||||||
Non-owner occupied | 31,484 | 14,922 | 5,557 | 3,758 | — | — | 55,721 | |||||||||||||||||||||||||
Construction and Farm land: | ||||||||||||||||||||||||||||||||
Residential | 7,738 | 122 | — | — | — | — | 7,860 | |||||||||||||||||||||||||
Commercial | 24,252 | 1,353 | 1,196 | 2,186 | 86 | — | 29,073 | |||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||
Equity Lines | 30,458 | 708 | 415 | 480 | 163 | — | 32,224 | |||||||||||||||||||||||||
Single family | 157,273 | 11,505 | 11,046 | 5,775 | 810 | — | 186,409 | |||||||||||||||||||||||||
Multifamily | 1,946 | 904 | — | — | — | — | 2,850 | |||||||||||||||||||||||||
All other loans | 3,041 | — | — | — | — | — | 3,041 | |||||||||||||||||||||||||
Total | $ | 346,755 | $ | 44,370 | $ | 21,622 | $ | 14,125 | $ | 3,616 | $ | — | $ | 430,488 | ||||||||||||||||||
Performing | Nonperforming | |||||||||||||||||||||||||||||||
Consumer Credit Exposure by Payment Activity | $ | 13,670 | $ | 115 | ||||||||||||||||||||||||||||
Troubled_Debt_Restructurings_T
Troubled Debt Restructurings (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Troubled Debt Restructuring Note, Debtor [Abstract] | |||||||||||
Schedule Of Troubled Debt Restructurings On Financing Receivables | The following tables set forth information on the Company’s troubled debt restructurings by class of financing receivable occurring during the years ended December 31, 2014 and 2013: | ||||||||||
For the Year Ended | |||||||||||
31-Dec-14 | |||||||||||
(in thousands) | |||||||||||
Number of | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||
Contracts | |||||||||||
Commercial - Non Real Estate: | |||||||||||
Commercial & Industrial | 2 | $ | 941 | $ | 639 | ||||||
Construction and Farmland: | |||||||||||
Commercial | 1 | 1,520 | 1,050 | ||||||||
Residential: | |||||||||||
Equity | 1 | 69 | 69 | ||||||||
Single family | 1 | 216 | 216 | ||||||||
Total | 5 | $ | 2,746 | $ | 1,974 | ||||||
For the Year Ended | |||||||||||
31-Dec-13 | |||||||||||
(in thousands) | |||||||||||
Number of | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||
Contracts | |||||||||||
Construction and Farmland: | |||||||||||
Commercial | 2 | $ | 1,608 | $ | 1,608 | ||||||
Residential: | |||||||||||
Equity | 1 | 184 | 184 | ||||||||
Single family | 2 | 338 | 338 | ||||||||
Total | 5 | $ | 2,130 | $ | 2,130 | ||||||
Loans By Class Of Financing Receivable Modified As TDRs | Loans by class of financing receivable modified as TDRs within the previous 12 months and for which there was a payment default during the stated periods were: | ||||||||||
For the Year Ended | |||||||||||
31-Dec-14 | |||||||||||
(in thousands) | |||||||||||
Number of | Recorded | ||||||||||
Contracts | Investment | ||||||||||
Construction and Farmland: | |||||||||||
Commercial | 1 | $ | 79 | ||||||||
Total | 1 | $ | 79 | ||||||||
For the Year Ended | |||||||||||
31-Dec-13 | |||||||||||
(in thousands) | |||||||||||
Number of | Recorded | ||||||||||
Contracts | Investment | ||||||||||
Construction and Farmland: | |||||||||||
Commercial | 2 | 1,614 | |||||||||
Total | 2 | $ | 1,614 | ||||||||
Bank_Premises_and_Equipment_Ne1
Bank Premises and Equipment, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Major Classes Of Bank Premises And Equipment And Total Accumulated Depreciation | The major classes of bank premises and equipment and the total accumulated depreciation at December 31, 2014 and 2013 were as follows: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Land | $ | 6,406 | $ | 4,865 | |||||
Buildings and improvements | 17,290 | 16,795 | |||||||
Furniture and equipment | 7,972 | 7,654 | |||||||
$ | 31,668 | $ | 29,314 | ||||||
Less accumulated depreciation | 12,653 | 12,100 | |||||||
Bank premises and equipment, net | $ | 19,015 | $ | 17,214 | |||||
Schedule Of Total Minimum Rental Commitment On Leased Facilities | The total minimum rental commitment at December 31, 2014 under these leases was due as follows: | ||||||||
31-Dec-14 | |||||||||
(in thousands) | |||||||||
2015 | $ | 185 | |||||||
2016 | 252 | ||||||||
2017 | 252 | ||||||||
2018 | 252 | ||||||||
2019 | 252 | ||||||||
Thereafter | 3,052 | ||||||||
$ | 4,245 | ||||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deposits [Abstract] | ||||||||
Composition Of Deposits | The composition of deposits at December 31, 2014 and December 31, 2013 was as follows: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Noninterest bearing demand deposits | $ | 159,352 | $ | 147,698 | ||||
Savings and interest bearing demand deposits: | ||||||||
NOW accounts | $ | 81,441 | $ | 85,459 | ||||
Money market accounts | 98,314 | 92,125 | ||||||
Regular savings accounts | 69,550 | 63,165 | ||||||
$ | 249,305 | $ | 240,749 | |||||
Time deposits: | ||||||||
Balances of less than $250,000 | $ | 85,899 | $ | 91,076 | ||||
Balances of $250,000 and more | 9,260 | 8,064 | ||||||
$ | 95,159 | $ | 99,140 | |||||
$ | 503,816 | $ | 487,587 | |||||
Maturities Of Time Deposits | The outstanding balance of time deposits at December 31, 2014 was due as follows: | |||||||
31-Dec-14 | ||||||||
(in thousands) | ||||||||
2015 | $ | 66,667 | ||||||
2016 | 8,999 | |||||||
2017 | 15,029 | |||||||
2018 | 1,600 | |||||||
2019 | 2,647 | |||||||
Thereafter | 217 | |||||||
$ | 95,159 | |||||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Advances from Federal Home Loan Banks [Abstract] | |||||||||
Summary Of Information Related To Federal Funds Purchased | The following table summarizes information related to federal funds purchased for the years ended December 31, 2014 and 2013: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(dollars in thousands) | |||||||||
Balance at year-end | $ | — | $ | — | |||||
Average balance during the year | 1,865 | 270 | |||||||
Average interest rate during the year | 1.08 | % | 0.88 | % | |||||
Maximum month-end balance during the year | $ | 10,245 | $ | 5,616 | |||||
Gross lines of credit at year-end | 36,000 | 36,000 | |||||||
Unused lines of credit at year-end | 36,000 | 36,000 | |||||||
Summary Of Information Related To Securities Sold Under Agreement To Repurchase | The following table summarizes information related to securities sold under agreement to repurchase for the years ended December 31, 2014 and 2013: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(dollars in thousands) | |||||||||
Balance at year-end | $ | — | $ | — | |||||
Average balance during the year | — | 795 | |||||||
Average interest rate during the year | — | % | 3.58 | % | |||||
Maximum month-end balance during the year | $ | — | $ | — | |||||
Securities underlying the agreements at year-end: | |||||||||
Carrying value | — | — | |||||||
Fair value | — | — | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule Of Net Deferred Tax Assets | The net deferred tax asset at December 31, 2014 and 2013 consisted of the following components: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 1,727 | $ | 1,866 | |||||||||
Deferred compensation | 120 | 125 | |||||||||||
Accrued postretirement benefits | 47 | 51 | |||||||||||
Home equity origination costs | 51 | 41 | |||||||||||
Other than temporary impairment | — | 30 | |||||||||||
Interest rate swap | 98 | 148 | |||||||||||
Other real estate owned valuation allowance | — | 116 | |||||||||||
Other | 391 | 381 | |||||||||||
$ | 2,434 | $ | 2,758 | ||||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | $ | 405 | $ | 533 | |||||||||
Securities available for sale | 756 | 283 | |||||||||||
$ | 1,161 | $ | 816 | ||||||||||
Net deferred tax asset | $ | 1,273 | $ | 1,942 | |||||||||
Schedule Of Components Of Income Tax Expense | Income tax expense for the years ended December 31, 2014, 2013 and 2012 consisted of the following components: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Current tax expense | $ | 1,926 | $ | 1,198 | $ | 2,209 | |||||||
Deferred tax expense (benefit) | 142 | 1,190 | 350 | ||||||||||
$ | 2,068 | $ | 2,388 | $ | 2,559 | ||||||||
Schedule Of Income Tax Reconciliation | The following table reconciles income tax expense to the statutory federal corporate income tax amount, which was calculated by applying the federal corporate income tax rate to pre-tax income for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Statutory federal corporate tax amount | $ | 3,131 | $ | 3,246 | $ | 3,097 | |||||||
Tax-exempt interest (income) | (454 | ) | (495 | ) | (563 | ) | |||||||
Officer insurance loss (income) | 9 | (82 | ) | 7 | |||||||||
Net tax credits | (593 | ) | (312 | ) | — | ||||||||
Other | (25 | ) | 31 | 18 | |||||||||
$ | 2,068 | $ | 2,388 | $ | 2,559 | ||||||||
Pension_and_Postretirement_Ben1
Pension and Postretirement Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||
Reconciliation Of The Changes In The Benefit Obligations | The following tables provide a reconciliation of the changes in the benefit obligations and fair value of assets for 2014, 2013, and 2012 and a statement of the funded status at December 31, 2014, 2013 and 2012 for the postretirement benefit plans of the Company. The Company uses a December 31st measurement date for its plans. | ||||||||||||
Postretirement Benefits Plan | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Change in Benefit Obligation: | |||||||||||||
Benefit obligation, beginning | $ | 138 | $ | 150 | $ | 150 | |||||||
Service cost | — | — | — | ||||||||||
Interest cost | 5 | 4 | 5 | ||||||||||
Actuarial loss (gain) | 1 | (9 | ) | 2 | |||||||||
Benefits paid | (7 | ) | (7 | ) | (7 | ) | |||||||
Settlement loss | — | — | — | ||||||||||
Benefit obligation, ending | $ | 137 | $ | 138 | $ | 150 | |||||||
Change in Plan Assets: | |||||||||||||
Fair value of plan assets, beginning | $ | — | $ | — | $ | — | |||||||
Actual return on plan assets | — | — | — | ||||||||||
Employer contributions | 7 | 7 | 7 | ||||||||||
Benefits paid | (7 | ) | (7 | ) | (7 | ) | |||||||
Fair value of plan assets, ending | $ | — | $ | — | $ | — | |||||||
Postretirement Benefits Plan | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Funded Status: | |||||||||||||
Funded status | $ | (137 | ) | $ | (138 | ) | $ | (150 | ) | ||||
Unrecognized net actuarial loss | — | — | — | ||||||||||
Unrecognized net transition obligation | — | — | — | ||||||||||
Unrecognized prior service cost | — | — | — | ||||||||||
Accrued benefits | $ | (137 | ) | $ | (138 | ) | $ | (150 | ) | ||||
Amounts Recognized in Consolidated Balance Sheets: | |||||||||||||
Prepaid benefit cost | $ | — | $ | — | $ | — | |||||||
Accrued liability | (137 | ) | (138 | ) | (150 | ) | |||||||
$ | (137 | ) | $ | (138 | ) | $ | (150 | ) | |||||
Amounts Recognized in Accumulated Other Comprehensive Income: | |||||||||||||
Net actuarial loss (gain) | $ | (57 | ) | $ | (65 | ) | $ | (65 | ) | ||||
Net transition obligation | — | — | — | ||||||||||
Deferred tax (benefit)/liability | 19 | 21 | 21 | ||||||||||
$ | (38 | ) | $ | (44 | ) | $ | (44 | ) | |||||
Net Periodic Benefit Cost Of The Pension Plan And Postretirement Benefit Plan | The following tables provide the components of net periodic benefit cost of the postretirement benefit plan for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||
Postretirement Benefits Plan | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Components of Net Periodic Benefit Cost: | |||||||||||||
Service cost | $ | — | $ | — | $ | — | |||||||
Interest cost | 5 | 4 | 5 | ||||||||||
Expected return on plan assets | — | — | — | ||||||||||
Amortization of prior service costs | — | — | — | ||||||||||
Amortization of transition obligation | — | — | — | ||||||||||
Recognized net loss due to settlement | — | — | — | ||||||||||
Amortization of net actuarial loss | (9 | ) | (7 | ) | (8 | ) | |||||||
Net periodic benefit cost | $ | (4 | ) | $ | (3 | ) | $ | (3 | ) | ||||
Schedule Of Estimated Future Benefit Payments | Estimated future benefit payments at December 31, 2014, which reflect expected future service, as appropriate, were as follows: | ||||||||||||
Postretirement | |||||||||||||
Benefits | |||||||||||||
(in thousands) | |||||||||||||
2015 | $ | 13 | |||||||||||
2016 | 13 | ||||||||||||
2017 | 13 | ||||||||||||
2018 | 13 | ||||||||||||
2019 | 13 | ||||||||||||
2020 - 2024 | 54 | ||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||||||||||||
Schedule of Options Outstanding | The following table summarizes options outstanding at December 31, 2014, 2013, and 2012: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
Shares | Weighted | Aggregate | Shares | Weighted | Shares | Weighted | ||||||||||||||||||||
Average | Intrinsic | Average | Average | |||||||||||||||||||||||
Exercise | Value | Exercise | Exercise | |||||||||||||||||||||||
Price | Price | Price | ||||||||||||||||||||||||
Outstanding, beginning of year | 10,000 | $ | 21.55 | 20,000 | $ | 21.59 | 22,000 | $ | 21.59 | |||||||||||||||||
Granted | — | — | — | — | — | — | ||||||||||||||||||||
Exercised | (927 | ) | 21.55 | (3,872 | ) | 21.63 | — | — | ||||||||||||||||||
Forfeited | (9,073 | ) | 21.55 | (6,128 | ) | 21.63 | (2,000 | ) | 21.59 | |||||||||||||||||
Outstanding, end of year | — | $ | — | 10,000 | $ | 21.55 | 20,000 | $ | 21.59 | |||||||||||||||||
Exercisable, end of year | — | $ | — | $ | — | 10,000 | $ | 21.55 | 20,000 | $ | 21.59 | |||||||||||||||
Weighted average fair value of options granted during the year | $ | — | $ | — | $ | — | ||||||||||||||||||||
Restricted Stock Activity | The following table presents the activity for Restricted Stock for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||||||
Twelve Months Ended | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||||
Average | Average | |||||||||||||||||||||||||
Grant Date | Grant Date | |||||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||
Nonvested, beginning of period | 17,050 | $ | 19.92 | 16,500 | $ | 16.53 | 13,700 | $ | 16.11 | |||||||||||||||||
Granted | 14,900 | 23.5 | 14,900 | 22.06 | 14,500 | 17.87 | ||||||||||||||||||||
Vested | (14,009 | ) | 20.75 | (13,699 | ) | 18.3 | (10,963 | ) | 17.79 | |||||||||||||||||
Forfeited | (2,790 | ) | 22.11 | (651 | ) | 16.75 | (737 | ) | 16.25 | |||||||||||||||||
Nonvested, end of period | 15,151 | $ | 22.27 | 17,050 | $ | 19.92 | 16,500 | $ | 16.53 | |||||||||||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |||||||||||||||||||||
Summary Of Fair Value Of Derivative Instruments | The following table summarizes the fair value of derivative instruments at December 31, 2014 and December 31, 2013: | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||||||||||
Location | Value | Location | Value | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Derivatives designated as hedging instruments under GAAP | |||||||||||||||||||||
Interest rate swap contracts | Other Liabilities | $ | 289 | Other Liabilities | $ | 434 | |||||||||||||||
Effect Of The Derivative Instrument On The Consolidated Balance Sheet, Consolidated Statements Of Income | The following tables present the effect of the derivative instrument on the Consolidated Balance Sheets at December 31, 2014 and 2013 and the Consolidated Statements of Income for December 31, 2014, 2013, and 2012: | ||||||||||||||||||||
Year Ended | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
Derivatives in GAAP | Amount of Gain (Loss) | Location of Gain (Loss) | Amount of Gain (Loss) | ||||||||||||||||||
Cash Flow Hedging | Recognized in OCI | Recognized in Income | Recognized in Income | ||||||||||||||||||
Relationships | on Derivative | (Ineffective Portion) | (Ineffective Portion) | ||||||||||||||||||
(Effective Portion) | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | |||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||
Interest rate swap contracts, net of tax | $ | 96 | $ | 132 | Not applicable | $ | — | $ | — | — | |||||||||||
Capital_Requirements_Tables
Capital Requirements (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||||||||||
Schedule Of Capital Requirements | The following table presents the Company’s and the Bank’s actual capital amounts and ratios at December 31, 2014 and 2013: | |||||||||||||||||||||
Minimum | ||||||||||||||||||||||
To Be Well | ||||||||||||||||||||||
Minimum | Capitalized Under | |||||||||||||||||||||
Capital | Prompt Corrective | |||||||||||||||||||||
Actual | Requirement | Action Provisions | ||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
December 31, 2014: | ||||||||||||||||||||||
Total Capital to Risk Weighted Assets | ||||||||||||||||||||||
Consolidated | $ | 83,923 | 19.06 | % | $ | 35,222 | 8 | % | N/A | |||||||||||||
Bank of Clarke County | $ | 80,035 | 18.24 | % | $ | 35,107 | 8 | % | $ | 43,883 | 10 | % | ||||||||||
Tier 1 Capital to Risk Weighted Assets | ||||||||||||||||||||||
Consolidated | $ | 78,817 | 17.9 | % | $ | 17,611 | 4 | % | N/A | |||||||||||||
Bank of Clarke County | $ | 74,929 | 17.07 | % | $ | 17,553 | 4 | % | $ | 26,330 | 6 | % | ||||||||||
Tier 1 Capital to Average Assets | ||||||||||||||||||||||
Consolidated | $ | 78,817 | 12.86 | % | $ | 24,515 | 4 | % | N/A | |||||||||||||
Bank of Clarke County | $ | 74,929 | 12.28 | % | $ | 24,416 | 4 | % | $ | 30,520 | 5 | % | ||||||||||
December 31, 2013: | ||||||||||||||||||||||
Total Capital to Risk Weighted Assets | ||||||||||||||||||||||
Consolidated | $ | 78,426 | 18.42 | % | $ | 34,062 | 8 | % | N/A | |||||||||||||
Bank of Clarke County | $ | 74,595 | 17.61 | % | $ | 33,879 | 8 | % | $ | 42,349 | 10 | % | ||||||||||
Tier 1 Capital to Risk Weighted Assets | ||||||||||||||||||||||
Consolidated | $ | 73,101 | 17.17 | % | $ | 17,031 | 4 | % | N/A | |||||||||||||
Bank of Clarke County | $ | 69,299 | 16.36 | % | $ | 16,940 | 4 | % | $ | 25,409 | 6 | % | ||||||||||
Tier 1 Capital to Average Assets | ||||||||||||||||||||||
Consolidated | $ | 73,101 | 12.48 | % | $ | 23,435 | 4 | % | N/A | |||||||||||||
Bank of Clarke County | $ | 69,299 | 11.89 | % | $ | 23,313 | 4 | % | $ | 29,141 | 5 | % | ||||||||||
Financial_Instruments_with_Off1
Financial Instruments with Off-Balance-Sheet Risk (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||
Schedule Of Financial Instruments | At December 31, 2014 and 2013, the following financial instruments were outstanding whose contract amounts represent credit risk: | ||||||||
2014 | 2013 | ||||||||
(dollar in thousands) | |||||||||
Commitments to extend credit | $ | 7,001 | $ | 17,574 | |||||
Unfunded commitments under lines of credit | 86,588 | 81,049 | |||||||
Commercial and standby letters of credit | 4,067 | 4,358 | |||||||
Quarterly_Condensed_Statements1
Quarterly Condensed Statements of Income (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule Of Quarterly Condensed Statements Of Income | The Company’s quarterly net income, net income per common share and dividends per common share during 2014 and 2013 are summarized as follows: | ||||||||||||||||
2014 Quarter Ended | |||||||||||||||||
March 31 | 30-Jun | September 30 | December 31 | ||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Total interest and dividend income | $ | 6,150 | $ | 6,396 | $ | 6,253 | $ | 6,051 | |||||||||
Net interest income after provision for loan losses | 5,372 | 6,191 | 5,773 | 5,252 | |||||||||||||
Noninterest income | 1,351 | 1,560 | 1,473 | 2,222 | |||||||||||||
Noninterest expenses | 4,843 | 4,966 | 5,333 | 4,844 | |||||||||||||
Income before income taxes | 1,880 | 2,785 | 1,913 | 2,630 | |||||||||||||
Net income | 1,363 | 1,958 | 1,385 | 2,434 | |||||||||||||
Net income per common share, basic | 0.4 | 0.57 | 0.4 | 0.71 | |||||||||||||
Net income per common share, diluted | 0.4 | 0.57 | 0.4 | 0.7 | |||||||||||||
Dividends per common share | 0.19 | 0.19 | 0.19 | 0.2 | |||||||||||||
2013 Quarter Ended | |||||||||||||||||
31-Mar | 30-Jun | September 30 | 31-Dec | ||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Total interest and dividend income | $ | 6,278 | $ | 6,223 | $ | 6,294 | $ | 6,241 | |||||||||
Net interest income after provision for loan losses | 5,192 | 5,199 | 5,667 | 6,393 | |||||||||||||
Noninterest income | 1,932 | 2,469 | 1,581 | 1,480 | |||||||||||||
Noninterest expenses | 4,583 | 4,952 | 5,172 | 5,660 | |||||||||||||
Income before income taxes | 2,541 | 2,716 | 2,076 | 2,213 | |||||||||||||
Net income | 1,803 | 2,001 | 1,505 | 1,849 | |||||||||||||
Net income per common share, basic | 0.54 | 0.59 | 0.44 | 0.54 | |||||||||||||
Net income per common share, diluted | 0.53 | 0.59 | 0.44 | 0.54 | |||||||||||||
Dividends per common share | 0.19 | 0.19 | 0.19 | 0.19 | |||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following table presents balances of financial assets and liabilities measured at fair value on a recurring basis at December 31, 2014 and December 31, 2013: | |||||||||||||||||||
Fair Value Measurements at | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Using | ||||||||||||||||||||
Balance as of | Quoted Prices | Significant | Significant | |||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||
Identical | Inputs | |||||||||||||||||||
Assets | ||||||||||||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||
Obligations of U.S. government corporations and agencies | $ | 37,211 | $ | — | $ | 37,211 | $ | — | ||||||||||||
Mortgage-backed securities | 15,779 | — | 15,779 | — | ||||||||||||||||
Obligations of states and political subdivisions | 40,410 | — | 40,410 | — | ||||||||||||||||
Corporate securities | 765 | — | 765 | — | ||||||||||||||||
Equity securities: | ||||||||||||||||||||
Bank preferred stock | — | — | — | — | ||||||||||||||||
Total assets at fair value | $ | 94,165 | $ | — | $ | 94,165 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||
Interest rate swap | 289 | — | 289 | — | ||||||||||||||||
Total liabilities at fair value | $ | 289 | $ | — | $ | 289 | $ | — | ||||||||||||
Fair Value Measurements at | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Using | ||||||||||||||||||||
Balance as of | Quoted Prices | Significant | Significant | |||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||
Identical | Inputs | |||||||||||||||||||
Assets | ||||||||||||||||||||
December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||
Obligations of U.S. government corporations and agencies | $ | 34,744 | $ | — | $ | 34,744 | $ | — | ||||||||||||
Mortgage-backed securities | 15,197 | — | 15,197 | — | ||||||||||||||||
Obligations of states and political subdivisions | 43,116 | — | 43,116 | — | ||||||||||||||||
Corporate securities | 8,423 | — | 8,423 | — | ||||||||||||||||
Equity securities: | ||||||||||||||||||||
Bank preferred stock | 1,118 | 1,118 | — | — | ||||||||||||||||
Total assets at fair value | $ | 102,598 | $ | 1,118 | $ | 101,480 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||
Interest rate swap | 434 | — | 434 | — | ||||||||||||||||
Total liabilities at fair value | $ | 434 | $ | — | $ | 434 | $ | — | ||||||||||||
Quantitative Information About Level 3 Fair Value Measurements For Certain Financial Assets | The following table displays quantitative information about Level 3 Fair Value Measurements for certain financial assets measured at fair value on a nonrecurring basis for December 31, 2014: | |||||||||||||||||||
Quantitative information about Level 3 Fair Value Measurements for | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Valuation Technique(s) | Unobservable Input | Range | Weighted Average | |||||||||||||||||
Assets: | ||||||||||||||||||||
Impaired loans | Discounted appraised value | Selling cost | 11% - 60% | 16% | ||||||||||||||||
Other real estate owned | Discounted appraised value | Selling cost | 5% - 13% | 9% | ||||||||||||||||
Financial And Nonfinancial Assets Measured At Fair Value On A Nonrecurring Basis | The following table summarizes the Company’s financial and nonfinancial assets that were measured at fair value on a nonrecurring basis at December 31, 2014 and December 31, 2013: | |||||||||||||||||||
Carrying value at | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Balance as of | Identical | Observable | Unobservable | |||||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Impaired loans | $ | 1,751 | $ | — | $ | 1,494 | $ | 257 | ||||||||||||
Nonfinancial Assets: | ||||||||||||||||||||
Other real estate owned | 2,102 | — | 2,102 | — | ||||||||||||||||
Carrying value at | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Balance as of | Quoted Prices | Significant | Significant | |||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||
Identical | Inputs | |||||||||||||||||||
Assets | ||||||||||||||||||||
December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Impaired loans | $ | 2,719 | $ | — | $ | 1,312 | $ | 1,407 | ||||||||||||
Nonfinancial Assets: | ||||||||||||||||||||
Other real estate owned | 1,646 | 638 | 1,008 | — | ||||||||||||||||
Level 3 Financial Assets Measured At Estimated Fair Value On Nonrecurring Basis | The changes in Level 3 financial assets measured at estimated fair value on a nonrecurring basis during the twelve months ended December 31, 2014 were as follows: | |||||||||||||||||||
Fair Value Measurements at | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Impaired | Other Real | |||||||||||||||||||
Loans | Estate Owned | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Balance - January 1, 2013 | $ | 1,407 | $ | — | ||||||||||||||||
Sales proceeds | — | — | ||||||||||||||||||
Valuation allowance | — | — | ||||||||||||||||||
(Loss) on disposition | — | — | ||||||||||||||||||
Transfers into Level 3 | 1,740 | 488 | ||||||||||||||||||
Transfers out of Level 3 | (2,890 | ) | (488 | ) | ||||||||||||||||
Total assets at fair value | $ | 257 | $ | — | ||||||||||||||||
Company's Financial Instruments | The carrying amount and fair value of the Company’s financial instruments at December 31, 2014 and 2013 were as follows: | |||||||||||||||||||
Fair Value Measurements at | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Using | ||||||||||||||||||||
Carrying Value as of | Quoted Prices | Significant | Significant | Fair Value as of | ||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||
Identical | Inputs | |||||||||||||||||||
Assets | ||||||||||||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | December 31, 2014 | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Cash and short-term investments | $ | 34,564 | $ | 34,564 | $ | — | $ | — | $ | 34,564 | ||||||||||
Securities | 94,165 | — | 94,165 | — | 94,165 | |||||||||||||||
Restricted Investments | 2,808 | — | 2,808 | — | 2,808 | |||||||||||||||
Loans, net | 464,740 | — | 470,524 | 257 | 470,781 | |||||||||||||||
Accrued interest receivable | 1,703 | — | 1,703 | — | 1,703 | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Deposits | $ | 503,816 | $ | — | $ | 503,917 | $ | — | $ | 503,917 | ||||||||||
Federal funds purchased and securities sold under agreements to repurchase | — | — | — | — | — | |||||||||||||||
Federal Home Loan Bank advances | 40,000 | — | 40,152 | — | 40,152 | |||||||||||||||
Trust preferred capital notes | 7,217 | — | 7,217 | — | 7,217 | |||||||||||||||
Accrued interest payable | 160 | — | 160 | — | 160 | |||||||||||||||
Interest rate swap contract | 289 | — | 289 | — | 289 | |||||||||||||||
Fair Value Measurements at | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Using | ||||||||||||||||||||
Carrying Value | Quoted Prices | Significant | Significant | Fair Value as of | ||||||||||||||||
as of | in Active | Other | Unobservable | |||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||
Identical | Inputs | |||||||||||||||||||
Assets | ||||||||||||||||||||
December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | 31-Dec-13 | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and short-term investments | $ | 14,243 | $ | 14,243 | $ | — | $ | — | $ | 14,243 | ||||||||||
Securities | 102,598 | 1,118 | 101,480 | — | 102,598 | |||||||||||||||
Restricted Investments | 2,192 | — | 2,192 | — | 2,192 | |||||||||||||||
Loans, net | 438,785 | — | 446,329 | 1,407 | 447,736 | |||||||||||||||
Accrued interest receivable | 1,797 | — | 1,797 | — | 1,797 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits | $ | 487,587 | $ | — | $ | 488,074 | $ | — | $ | 488,074 | ||||||||||
Federal funds purchased and securities sold under agreements to repurchase | — | — | — | — | — | |||||||||||||||
Federal Home Loan Bank advances | 22,250 | — | 22,214 | — | 22,214 | |||||||||||||||
Trust preferred capital notes | 7,217 | — | 7,217 | — | 7,217 | |||||||||||||||
Accrued interest payable | 165 | — | 165 | — | 165 | |||||||||||||||
Interest rate swap contract | 434 | — | 434 | — | 434 | |||||||||||||||
Change_in_Accumulated_Other_Co1
Change in Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||
Changes To Accumulated Other Comprehensive Income By Components | The components of accumulated other comprehensive income, net of deferred taxes, were as follows: | ||||||||||||||||||||||||||||||||||||
Unrealized Gain (Loss) on Securities | Change in Fair Value of Interest Rate Swap | Post Retirement Benefit Plan | Total | ||||||||||||||||||||||||||||||||||
31-Dec-12 | $ | 3,822 | $ | (418 | ) | $ | 44 | $ | 3,448 | ||||||||||||||||||||||||||||
2013 Change | (3,275 | ) | 132 | — | (3,143 | ) | |||||||||||||||||||||||||||||||
31-Dec-13 | 547 | (286 | ) | 44 | 305 | ||||||||||||||||||||||||||||||||
2014 Change | 919 | 96 | (5 | ) | 1,010 | ||||||||||||||||||||||||||||||||
31-Dec-14 | $ | 1,466 | $ | (190 | ) | $ | 39 | $ | 1,315 | ||||||||||||||||||||||||||||
Changes to accumulated other comprehensive income by components are shown in the following tables for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||||||||||||||||||||||
Twelve Months Ended | |||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Unrealized Gains and Losses on Available for Sale Securities | Change in Fair Value of Interest Rate Swap | Change in Benefit Obligations and Plan Assets for the Post Retirement Benefit Plan | Total | Unrealized Gains and Losses on Available for Sale Securities | Change in Fair Value of Interest Rate Swap | Change in Benefit Obligations and Plan Assets for the Post Retirement Benefit Plan | Total | Unrealized Gains and Losses on Available for Sale Securities | Change in Fair Value of Interest Rate Swap | Change in Benefit Obligations and Plan Assets for the Post Retirement Benefit Plan | Total | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
1-Jan | $ | 547 | $ | (286 | ) | $ | 44 | $ | 305 | $ | 3,822 | $ | (418 | ) | $ | 44 | $ | 3,448 | $ | 3,262 | $ | (382 | ) | $ | 51 | $ | 2,931 | ||||||||||
Other comprehensive income (loss) before reclassifications | 2,382 | 145 | (8 | ) | 2,519 | (4,497 | ) | 201 | — | (4,296 | ) | 894 | (55 | ) | (11 | ) | 828 | ||||||||||||||||||||
Reclassifications from other comprehensive income (loss) | (990 | ) | — | — | (990 | ) | (465 | ) | — | — | (465 | ) | (45 | ) | — | — | (45 | ) | |||||||||||||||||||
Tax effect of current period changes | (473 | ) | (49 | ) | 3 | (519 | ) | 1,687 | (69 | ) | — | 1,618 | (289 | ) | 19 | 4 | (266 | ) | |||||||||||||||||||
Current period changes net of taxes | 919 | 96 | (5 | ) | 1,010 | (3,275 | ) | 132 | — | (3,143 | ) | 560 | (36 | ) | (7 | ) | 517 | ||||||||||||||||||||
December 31 | $ | 1,466 | $ | (190 | ) | $ | 39 | $ | 1,315 | $ | 547 | $ | (286 | ) | $ | 44 | $ | 305 | $ | 3,822 | $ | (418 | ) | $ | 44 | $ | 3,448 | ||||||||||
Condensed_Financial_Informatio1
Condensed Financial Information - Parent Company Only (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Schedule Of Condensed Balance Sheets | EAGLE FINANCIAL SERVICES , INC. | ||||||||||||
(Parent Company Only) | |||||||||||||
Balance Sheets | |||||||||||||
December 31, 2014 and 2013 | |||||||||||||
(dollars in thousands) | |||||||||||||
2014 | 2013 | ||||||||||||
Assets | |||||||||||||
Cash held in subsidiary bank | $ | 1,694 | $ | 419 | |||||||||
Due from banks | 504 | 504 | |||||||||||
Securities available for sale | 1,383 | 2,893 | |||||||||||
Investment in subsidiaries, at cost, plus undistributed net income | 76,423 | 69,692 | |||||||||||
Other assets | 661 | 575 | |||||||||||
Total assets | $ | 80,665 | $ | 74,083 | |||||||||
Liabilities and Shareholders’ Equity | |||||||||||||
Trust preferred capital notes | $ | 7,217 | $ | 7,217 | |||||||||
Other liabilities | 316 | 460 | |||||||||||
Total liabilities | $ | 7,533 | $ | 7,677 | |||||||||
Shareholders’ Equity | |||||||||||||
Preferred stock | $ | — | $ | — | |||||||||
Common stock | 8,621 | 8,482 | |||||||||||
Surplus | 12,618 | 11,537 | |||||||||||
Retained earnings | 50,578 | 46,082 | |||||||||||
Accumulated other comprehensive income | 1,315 | 305 | |||||||||||
Total shareholders’ equity | $ | 73,132 | $ | 66,406 | |||||||||
Total liabilities and shareholders’ equity | $ | 80,665 | $ | 74,083 | |||||||||
Schedule Of Condensed Income Statement | EAGLE FINANCIAL SERVICES , INC. | ||||||||||||
(Parent Company Only) | |||||||||||||
Statements of Income | |||||||||||||
Years Ended December 31, 2014, 2013, and 2012 | |||||||||||||
(dollars in thousands) | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income | |||||||||||||
Dividends from subsidiary bank | $ | 1,550 | $ | — | $ | 800 | |||||||
Interest and dividends on securities available for sale | 183 | 98 | 257 | ||||||||||
Other income (loss) | 283 | 40 | 38 | ||||||||||
Total income | $ | 2,016 | $ | 138 | $ | 1,095 | |||||||
Expenses | |||||||||||||
Interest expense on borrowings | $ | 317 | $ | 317 | $ | 318 | |||||||
Other operating expenses | 226 | 221 | 192 | ||||||||||
Total expenses | $ | 543 | $ | 538 | $ | 510 | |||||||
Income (loss) before income tax (benefit) and equity in undistributed net income of subsidiary bank | $ | 1,473 | $ | (400 | ) | $ | 585 | ||||||
Income Tax (Benefit) | (37 | ) | (135 | ) | (75 | ) | |||||||
Income (loss) before equity in undistributed net income of subsidiary bank | $ | 1,510 | $ | (265 | ) | $ | 660 | ||||||
Equity in Undistributed Net Income of Subsidiary Bank | 5,630 | 7,423 | 5,890 | ||||||||||
Net income | $ | 7,140 | $ | 7,158 | $ | 6,550 | |||||||
Comprehensive income | $ | 8,150 | $ | 4,015 | $ | 7,067 | |||||||
Schedule Of Condensed Cash Flows Statement | EAGLE FINANCIAL SERVICES , INC. | ||||||||||||
(Parent Company Only) | |||||||||||||
Statements of Cash Flows | |||||||||||||
Years Ended December 31, 2014, 2013, and 2012 | |||||||||||||
(dollars in thousands) | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cash Flows from Operating Activities | |||||||||||||
Net Income | $ | 7,140 | $ | 7,158 | $ | 6,550 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||
(Gain) on the sale of securities | (283 | ) | — | — | |||||||||
Stock-based compensation expense | 290 | 305 | 242 | ||||||||||
(Discount accretion) premium amortization on securities | — | (1 | ) | (1 | ) | ||||||||
Undistributed earnings of subsidiary bank | (5,630 | ) | (7,423 | ) | (5,890 | ) | |||||||
Changes in assets and liabilities: | |||||||||||||
(Increase) decrease in other assets | (10 | ) | 138 | 30 | |||||||||
Increase (decrease) in other liabilities | 1 | 1 | (2 | ) | |||||||||
Net cash provided by operating activities | $ | 1,508 | $ | 178 | $ | 929 | |||||||
Cash Flows from Investing Activities | |||||||||||||
Purchases of securities available for sale | $ | (761 | ) | $ | (1,044 | ) | $ | — | |||||
Proceeds from the sale of securities available for sale | 1,865 | — | — | ||||||||||
Proceeds from maturities of securities available for sale | 405 | 1,458 | 1,945 | ||||||||||
Net cash provided by investing activities | $ | 1,509 | $ | 414 | $ | 1,945 | |||||||
Cash Flows from Financing Activities | |||||||||||||
Cash dividends paid | $ | (1,944 | ) | $ | (1,909 | ) | $ | (1,805 | ) | ||||
Issuance of common stock, employee benefit plan | 202 | 179 | 107 | ||||||||||
Stock options exercised | — | 69 | — | ||||||||||
Net cash (used in) financing activities | $ | (1,742 | ) | $ | (1,661 | ) | $ | (1,698 | ) | ||||
Increase (decrease) in cash | $ | 1,275 | $ | (1,069 | ) | $ | 1,176 | ||||||
Cash | |||||||||||||
Beginning | $ | 923 | $ | 1,992 | $ | 816 | |||||||
Ending | $ | 2,198 | $ | 923 | $ | 1,992 | |||||||
Nature_of_Banking_Activities_a3
Nature of Banking Activities and Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 19, 2013 | Dec. 31, 2003 | |
Property, Plant and Equipment [Line Items] | |||
Ownership percentage in subsidiaries | 100.00% | ||
Period interest on mortgage and commercial loans is discontinued | 90 days | ||
Credit card loans and other personal loans are charged off | 180 days | ||
Limit of the estimated appraised value of the furnished home | 80.00% | ||
Authorized issuance of shares of common stock | 300,000 | ||
"More likely than not" threshold | 50.00% | ||
Number of shares of common stock able to be repurchased | 150,000 | ||
Maximum numbers of shares that may yet be purchased under plan | 134,337 | ||
Building [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 39 years | ||
Building [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 10 years | ||
Furniture and equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 10 years | ||
Furniture and equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 3 years |
Nature_of_Banking_Activities_a4
Nature of Banking Activities and Significant Accounting Policies (Weighted Average Number of Shares Used In Computing Earnings Per Share) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Average number of common shares outstanding (in shares) | 3,438,348 | 3,386,467 | 3,333,235 |
Effect of dilutive common stock (in shares) | 8,470 | 11,275 | 10,037 |
Average number of common shares outstanding used to calculate diluted earnings per share (in shares) | 3,446,818 | 3,397,742 | 3,343,272 |
Nature_of_Banking_Activities_a5
Nature of Banking Activities and Significant Accounting Policies (Components Of Change In Unrealized Gains (Losses) On Securities) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Gross unrealized gain (loss) | $2,382 | ($4,497) | $894 |
Reclassification adjustment for realized (gain) | -990 | -465 | -45 |
Net unrealized gain (loss) before taxes | 1,392 | -4,962 | 849 |
Tax effect | -473 | 1,687 | -289 |
Net unrealized gain (loss) after taxes | $919 | ($3,275) | $560 |
Nature_of_Banking_Activities_a6
Nature of Banking Activities and Significant Accounting Policies (Components of Accumulated Other Comprehensive Income, Net of Deferred Taxes) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Unrealized Gain (Loss) on Securities, Balance at end of year | $1,466 | $547 | $3,822 | |
Change in Fair Value of Interest Rate Swap, Balance at end of year | -190 | -286 | -418 | |
Post Retirement Benefit Plan, Balance at end of year | 39 | 44 | 44 | |
Total accumulated other comprehensive income | 1,315 | 305 | 3,448 | 2,931 |
Unrealized Gain (Loss) on Securities, Change | 919 | -3,275 | 560 | |
Change in Fair Value of Interest Rate Swap, Change | 96 | 132 | ||
Post Retirement Benefit Plan, Change | -5 | 0 | ||
Total other comprehensive income (loss) | $1,010 | ($3,143) | $517 |
Securities_Narrative_Details
Securities (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
security | security | ||
Available-for-sale Securities [Abstract] | |||
Sales and calls of securities available for sale | $8,546,000 | $3,987,000 | $3,357,000 |
Sales and calls of securities available for sale, net gain | 990,000 | 465,000 | 45,000 |
Debt securities included in gross unrealized losses on available for sale securities | 38 | 51 | |
Carrying value of securities pledged as collateral | $3,400,000 |
Securities_Amortized_Costs_and
Securities (Amortized Costs and Fair Values of Securities Available for Sale) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $91,942 | $101,767 |
Gross Unrealized Gains | 2,580 | 2,832 |
Gross Unrealized (Losses) | -357 | -2,001 |
Securities available for sale | 94,165 | 102,598 |
Obligations of U.S. government corporations and agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 36,911 | 35,890 |
Gross Unrealized Gains | 599 | 439 |
Gross Unrealized (Losses) | -299 | -1,585 |
Securities available for sale | 37,211 | 34,744 |
Mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 15,245 | 14,896 |
Gross Unrealized Gains | 545 | 422 |
Gross Unrealized (Losses) | -11 | -121 |
Securities available for sale | 15,779 | 15,197 |
Obligations of states and political subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 39,025 | 42,442 |
Gross Unrealized Gains | 1,432 | 969 |
Gross Unrealized (Losses) | -47 | -295 |
Securities available for sale | 40,410 | 43,116 |
Corporate securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 761 | 7,495 |
Gross Unrealized Gains | 4 | 928 |
Gross Unrealized (Losses) | 0 | 0 |
Securities available for sale | 765 | 8,423 |
Equity securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 0 | 1,044 |
Gross Unrealized Gains | 0 | 74 |
Gross Unrealized (Losses) | 0 | 0 |
Securities available for sale | $0 | $1,118 |
Securities_Restricted_Investme
Securities (Restricted Investments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Value Qualitative Disclosures Related To Election [Line Items] | ||
Restricted securities | $2,808 | $2,192 |
Federal Reserve Bank Stock [Member] | ||
Carrying Value Qualitative Disclosures Related To Election [Line Items] | ||
Restricted securities | 344 | 344 |
Federal Home Loan Bank Stock [Member] | ||
Carrying Value Qualitative Disclosures Related To Election [Line Items] | ||
Restricted securities | 2,324 | 1,708 |
Community Bankers' Bank Stock [Member] | ||
Carrying Value Qualitative Disclosures Related To Election [Line Items] | ||
Restricted securities | $140 | $140 |
Securities_Contractual_Maturit
Securities (Contractual Maturity of Securities Available for Sale) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis [Abstract] | ||
Due in one year or less, Amortized Cost | $3,680 | |
Due after one year through five years, Amortized Cost | 27,507 | |
Due after five years through ten years, Amortized Cost | 42,414 | |
Due after ten years, Amortized Cost | 18,341 | |
Equity securities, Amortized Cost | 0 | |
Amortized Cost | 91,942 | 101,767 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in one year or less, Fair Value | 3,712 | |
Due after one year through five years, Fair Value | 28,046 | |
Due after five years through ten years, Fair Value | 43,394 | |
Due after ten years, Fair Value | 19,013 | |
Equity securities, Fair Value | 0 | |
Fair Value | $94,165 | $102,598 |
Securities_Fair_Value_and_Gros
Securities (Fair Value and Gross Unrealized Losses for Securities Available for Sale) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Fair Value, Less than 12 months | $4,995 | $34,502 |
Fair Value, 12 months or more | 25,473 | 2,433 |
Fair Value, Total | 30,468 | 36,935 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Gross Unrealized Losses, Less than 12 months | 13 | 1,924 |
Gross Unrealized Losses, 12 months or more | 344 | 77 |
Gross Unrealized Losses, Total | 357 | 2,001 |
Obligations of U.S. government corporations and agencies [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Fair Value, Less than 12 months | 1,997 | 23,235 |
Fair Value, 12 months or more | 21,615 | 1,967 |
Fair Value, Total | 23,612 | 25,202 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Gross Unrealized Losses, Less than 12 months | 1 | 1,551 |
Gross Unrealized Losses, 12 months or more | 298 | 34 |
Gross Unrealized Losses, Total | 299 | 1,585 |
Mortgage-backed securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Fair Value, Less than 12 months | 0 | 2,828 |
Fair Value, 12 months or more | 1,444 | 0 |
Fair Value, Total | 1,444 | 2,828 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Gross Unrealized Losses, Less than 12 months | 0 | 121 |
Gross Unrealized Losses, 12 months or more | 11 | 0 |
Gross Unrealized Losses, Total | 11 | 121 |
Obligations of states and political subdivisions [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Fair Value, Less than 12 months | 2,998 | 8,439 |
Fair Value, 12 months or more | 2,414 | 466 |
Fair Value, Total | 5,412 | 8,905 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Gross Unrealized Losses, Less than 12 months | 12 | 252 |
Gross Unrealized Losses, 12 months or more | 35 | 43 |
Gross Unrealized Losses, Total | 47 | 295 |
Corporate securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Fair Value, Less than 12 months | 0 | 0 |
Fair Value, 12 months or more | 0 | |
Fair Value, Total | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Gross Unrealized Losses, Less than 12 months | 0 | 0 |
Gross Unrealized Losses, 12 months or more | 0 | 0 |
Gross Unrealized Losses, Total | 0 | 0 |
Equity securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Fair Value, Less than 12 months | 0 | 0 |
Fair Value, 12 months or more | 0 | |
Fair Value, Total | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss [Abstract] | ||
Gross Unrealized Losses, Less than 12 months | 0 | 0 |
Gross Unrealized Losses, 12 months or more | 0 | 0 |
Gross Unrealized Losses, Total | $0 | $0 |
Loans_Schedule_of_Composition_
Loans (Schedule of Composition of Loans) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans | $469,820 | $444,273 |
Less: Allowance for loan losses | 5,080 | 5,488 |
Net Loans | 464,740 | 438,785 |
Construction and land development [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans | 25,887 | 27,047 |
Secured by farmland [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans | 10,602 | 9,886 |
Secured by 1-4 family residential properties [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans | 224,694 | 218,633 |
Multifamily [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans | 3,016 | 2,850 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans | 161,299 | 148,166 |
Loans to farmers [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans | 957 | 1,321 |
Commercial and industrial loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans | 28,132 | 20,865 |
Consumer installment loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans | 13,874 | 13,785 |
All other loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans | $1,359 | $1,720 |
Allowance_for_Loan_Losses_Narr
Allowance for Loan Losses (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | $455,946 | $430,488 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 3,506 | 21,622 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 2,956 | 3,616 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 13,620 | 14,125 |
Consumer [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of loans | 1 | |
Financing receivables | 3 | |
Consumer [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of loans | 1 | |
Financing receivables | $6 |
Allowance_for_Loan_Losses_Chan
Allowance for Loan Losses (Changes in Allowance for Loan Losses) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | $5,488 | $6,577 | $8,743 |
Provision For Loan Losses | 350 | 0 | 1,660 |
Recoveries added to the allowance | 725 | 233 | 337 |
Loan losses charged to the allowance | -1,483 | -1,322 | -4,163 |
Ending Balance | $5,080 | $5,488 | $6,577 |
Allowance_for_Loan_Losses_Nona
Allowance for Loan Losses (Nonaccrual and Past Due Loans By Class) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
30 - 59 Days Past Due | $3,700 | $2,898 |
60 - 89 Days Past Due | 758 | 399 |
90 or More Days Past Due | 1,700 | 3,136 |
Total Past Due | 6,158 | 6,433 |
Current | 463,662 | 437,840 |
Total Loans | 469,820 | 444,273 |
90 or More Days Past Due Still Accruing | 6 | 11 |
Nonaccrual Loans | 10,706 | 4,412 |
Commercial - Non Real Estate Commercial And Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
30 - 59 Days Past Due | 28 | 143 |
60 - 89 Days Past Due | 0 | 0 |
90 or More Days Past Due | 0 | 1,162 |
Total Past Due | 28 | 1,305 |
Current | 28,104 | 19,560 |
Total Loans | 28,132 | 20,865 |
90 or More Days Past Due Still Accruing | 0 | 0 |
Nonaccrual Loans | 2,106 | 1,288 |
Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
30 - 59 Days Past Due | 2,191 | 364 |
60 - 89 Days Past Due | 0 | 0 |
90 or More Days Past Due | 0 | 1,270 |
Total Past Due | 2,191 | 1,634 |
Current | 97,516 | 90,811 |
Total Loans | 99,707 | 92,445 |
90 or More Days Past Due Still Accruing | 0 | 0 |
Nonaccrual Loans | 2,591 | 1,269 |
Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
30 - 59 Days Past Due | 56 | 99 |
60 - 89 Days Past Due | 210 | 185 |
90 or More Days Past Due | 808 | |
Total Past Due | 1,074 | 284 |
Current | 60,518 | 55,437 |
Total Loans | 61,592 | 55,721 |
90 or More Days Past Due Still Accruing | 0 | 0 |
Nonaccrual Loans | 1,231 | 185 |
Construction And Farmland Residential [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
30 - 59 Days Past Due | 0 | |
60 - 89 Days Past Due | 52 | |
90 or More Days Past Due | 0 | |
Total Past Due | 52 | |
Current | 5,149 | 7,860 |
Total Loans | 5,201 | 7,860 |
90 or More Days Past Due Still Accruing | 0 | 0 |
Construction And Farmland Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 0 | 0 |
90 or More Days Past Due | 57 | |
Total Past Due | 57 | 0 |
Current | 31,231 | 29,073 |
Total Loans | 31,288 | 29,073 |
90 or More Days Past Due Still Accruing | 0 | 0 |
Nonaccrual Loans | 787 | 157 |
Consumer Installment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
30 - 59 Days Past Due | 50 | 95 |
60 - 89 Days Past Due | 15 | 9 |
90 or More Days Past Due | 6 | 11 |
Total Past Due | 71 | 115 |
Current | 13,803 | 13,670 |
Total Loans | 13,874 | 13,785 |
90 or More Days Past Due Still Accruing | 6 | 11 |
Nonaccrual Loans | 0 | 6 |
Residential Equity Lines [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
30 - 59 Days Past Due | 132 | 202 |
60 - 89 Days Past Due | 41 | 25 |
90 or More Days Past Due | 185 | |
Total Past Due | 358 | 227 |
Current | 30,763 | 31,997 |
Total Loans | 31,121 | 32,224 |
90 or More Days Past Due Still Accruing | 0 | 0 |
Nonaccrual Loans | 331 | 179 |
Residential Single Family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
30 - 59 Days Past Due | 1,243 | 1,995 |
60 - 89 Days Past Due | 440 | 180 |
90 or More Days Past Due | 644 | 693 |
Total Past Due | 2,327 | 2,868 |
Current | 191,246 | 183,541 |
Total Loans | 193,573 | 186,409 |
90 or More Days Past Due Still Accruing | 0 | 0 |
Nonaccrual Loans | 3,660 | 1,328 |
Residential Multifamily [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Current | 3,016 | 2,850 |
Total Loans | 3,016 | 2,850 |
90 or More Days Past Due Still Accruing | 0 | 0 |
All Other Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Current | 2,316 | 3,041 |
Total Loans | 2,316 | 3,041 |
90 or More Days Past Due Still Accruing | $0 | $0 |
Allowance_for_Loan_Losses_Allo
Allowance for Loan Losses (Allowance for Loan Losses By Segment) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | $5,488 | $6,577 | $8,743 |
Charge-Offs | -1,483 | -1,322 | -4,163 |
Recoveries | 725 | 233 | 337 |
Provision for loan losses | 350 | 0 | 1,660 |
Ending Balance | 5,080 | 5,488 | 6,577 |
Ending balance: Individually evaluated for impairment | 643 | 1,478 | |
Ending balance: collectively evaluated for impairment | 4,437 | 4,010 | |
Financing receivables: Ending balance | 469,820 | 444,273 | |
Ending balance individually evaluated for impairment | 17,055 | 13,699 | |
Ending balance collectively evaluated for impairment | 452,765 | 430,574 | |
Construction And Farmland [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 1,032 | 1,280 | |
Charge-Offs | -482 | -20 | |
Recoveries | 26 | 5 | |
Provision for loan losses | 375 | -233 | |
Ending Balance | 951 | 1,032 | |
Ending balance: Individually evaluated for impairment | 93 | 218 | |
Ending balance: collectively evaluated for impairment | 858 | 814 | |
Financing receivables: Ending balance | 36,489 | 36,933 | |
Ending balance individually evaluated for impairment | 2,669 | 2,674 | |
Ending balance collectively evaluated for impairment | 33,820 | 34,259 | |
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 2,225 | 2,820 | |
Charge-Offs | -808 | -507 | |
Recoveries | 63 | 109 | |
Provision for loan losses | 497 | -197 | |
Ending Balance | 1,977 | 2,225 | |
Ending balance: Individually evaluated for impairment | 303 | 627 | |
Ending balance: collectively evaluated for impairment | 1,674 | 1,598 | |
Financing receivables: Ending balance | 227,710 | 221,483 | |
Ending balance individually evaluated for impairment | 6,557 | 4,922 | |
Ending balance collectively evaluated for impairment | 221,153 | 216,561 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 1,337 | 1,182 | |
Charge-Offs | -83 | -289 | |
Recoveries | 381 | 7 | |
Provision for loan losses | -288 | 437 | |
Ending Balance | 1,347 | 1,337 | |
Ending balance: Individually evaluated for impairment | 203 | 299 | |
Ending balance: collectively evaluated for impairment | 1,144 | 1,038 | |
Financing receivables: Ending balance | 161,299 | 148,166 | |
Ending balance individually evaluated for impairment | 5,722 | 4,750 | |
Ending balance collectively evaluated for impairment | 155,577 | 143,416 | |
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 555 | 880 | |
Charge-Offs | 0 | -403 | |
Recoveries | 164 | 47 | |
Provision for loan losses | -255 | 31 | |
Ending Balance | 464 | 555 | |
Ending balance: Individually evaluated for impairment | 44 | 334 | |
Ending balance: collectively evaluated for impairment | 420 | 221 | |
Financing receivables: Ending balance | 28,132 | 20,865 | |
Ending balance individually evaluated for impairment | 2,107 | 1,347 | |
Ending balance collectively evaluated for impairment | 26,025 | 19,518 | |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 102 | 107 | |
Charge-Offs | -86 | -85 | |
Recoveries | 87 | 54 | |
Provision for loan losses | 0 | 26 | |
Ending Balance | 103 | 102 | |
Ending balance: Individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 103 | 102 | |
Financing receivables: Ending balance | 13,874 | 13,785 | |
Ending balance individually evaluated for impairment | 0 | 0 | |
Ending balance collectively evaluated for impairment | 13,874 | 13,785 | |
All Other Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 82 | 122 | |
Charge-Offs | -24 | -18 | |
Recoveries | 4 | 11 | |
Provision for loan losses | -20 | -33 | |
Ending Balance | 42 | 82 | |
Ending balance: Individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 42 | 82 | |
Financing receivables: Ending balance | 2,316 | 3,041 | |
Ending balance individually evaluated for impairment | 0 | 6 | |
Ending balance collectively evaluated for impairment | 2,316 | 3,035 | |
Unallocated [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 155 | 186 | |
Charge-Offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision for loan losses | 41 | -31 | |
Ending Balance | 196 | 155 | |
Ending balance: Individually evaluated for impairment | 0 | ||
Ending balance: collectively evaluated for impairment | 196 | 155 | |
Financing receivables: Ending balance | 0 | 0 | |
Ending balance individually evaluated for impairment | 0 | ||
Ending balance collectively evaluated for impairment | $0 |
Allowance_for_Loan_Losses_Impa
Allowance for Loan Losses (Impaired Loans By Class) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | $18,636 | $14,707 | |
Recorded Investment | 17,055 | 13,810 | |
Related Allowance | 643 | 1,478 | |
Average Recorded Investment | 19,051 | 15,209 | 17,700 |
Interest Income Recognized | 454 | 681 | 743 |
Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 2,448 | 1,532 | |
Recorded Investment | 2,107 | 1,366 | |
Related Allowance | 44 | 334 | |
Average Recorded Investment | 2,545 | 1,600 | |
Interest Income Recognized | 19 | 67 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 6,188 | 5,052 | |
Recorded Investment | 5,722 | 4,782 | |
Related Allowance | 203 | 299 | |
Average Recorded Investment | 6,357 | 5,136 | |
Interest Income Recognized | 167 | 258 | |
Construction And Farmland [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 2,704 | 2,692 | |
Recorded Investment | 2,669 | 2,684 | |
Related Allowance | 93 | 218 | |
Average Recorded Investment | 2,755 | 2,728 | |
Interest Income Recognized | 73 | 115 | |
Residential [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 7,296 | 5,425 | |
Recorded Investment | 6,557 | 4,972 | |
Related Allowance | 303 | 627 | |
Average Recorded Investment | 7,394 | 5,738 | |
Interest Income Recognized | 195 | 240 | |
All Other Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 0 | 6 | |
Recorded Investment | 0 | 6 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 0 | 7 | |
Interest Income Recognized | 1 | ||
With No Related Allowance [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 15,863 | 10,475 | |
Recorded Investment | 14,661 | 9,613 | |
Average Recorded Investment | 16,242 | 10,757 | |
Interest Income Recognized | 370 | 477 | |
With No Related Allowance [Member] | Commercial - Non Real Estate Commercial And Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 2,159 | 289 | |
Recorded Investment | 2,013 | 145 | |
Average Recorded Investment | 2,256 | 329 | |
Interest Income Recognized | 19 | 8 | |
With No Related Allowance [Member] | Commercial Real Estate Owner Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 2,824 | 2,474 | |
Recorded Investment | 2,473 | 2,273 | |
Average Recorded Investment | 2,857 | 2,512 | |
Interest Income Recognized | 48 | 118 | |
With No Related Allowance [Member] | Commercial Real Estate Non-Owner Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 2,675 | 1,470 | |
Recorded Investment | 2,560 | 1,398 | |
Average Recorded Investment | 2,796 | 1,498 | |
Interest Income Recognized | 86 | 91 | |
With No Related Allowance [Member] | Construction And Farmland Residential [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 0 | 0 | |
Recorded Investment | 0 | ||
Average Recorded Investment | 0 | 0 | |
Interest Income Recognized | 0 | 0 | |
With No Related Allowance [Member] | Construction And Farmland Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 2,319 | 2,391 | |
Recorded Investment | 2,319 | 2,401 | |
Average Recorded Investment | 2,362 | 2,420 | |
Interest Income Recognized | 68 | 97 | |
With No Related Allowance [Member] | Residential Equity Lines [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 252 | 455 | |
Recorded Investment | 78 | 290 | |
Average Recorded Investment | 252 | 460 | |
Interest Income Recognized | 0 | 16 | |
With No Related Allowance [Member] | Residential Single Family [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 5,634 | 3,390 | |
Recorded Investment | 5,218 | 3,100 | |
Average Recorded Investment | 5,719 | 3,531 | |
Interest Income Recognized | 149 | 146 | |
With No Related Allowance [Member] | Residential Multifamily [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 0 | 0 | |
Recorded Investment | 0 | 0 | |
Average Recorded Investment | 0 | 0 | |
Interest Income Recognized | 0 | 0 | |
With No Related Allowance [Member] | All Other Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 6 | ||
Recorded Investment | 6 | ||
Average Recorded Investment | 7 | ||
Interest Income Recognized | 1 | ||
With An Allowance Recorded [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 2,773 | 4,232 | |
Recorded Investment | 2,394 | 4,197 | |
Related Allowance | 643 | 1,478 | |
Average Recorded Investment | 2,809 | 4,452 | |
Interest Income Recognized | 84 | 204 | |
With An Allowance Recorded [Member] | Commercial - Non Real Estate Commercial And Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 289 | 1,243 | |
Recorded Investment | 94 | 1,221 | |
Related Allowance | 44 | 334 | |
Average Recorded Investment | 289 | 1,271 | |
Interest Income Recognized | 0 | 59 | |
With An Allowance Recorded [Member] | Commercial Real Estate Owner Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 689 | 0 | |
Recorded Investment | 689 | 0 | |
Related Allowance | 203 | 0 | |
Average Recorded Investment | 704 | 0 | |
Interest Income Recognized | 33 | 0 | |
With An Allowance Recorded [Member] | Commercial Real Estate Non-Owner Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 0 | 1,108 | |
Recorded Investment | 0 | 1,111 | |
Related Allowance | 0 | 299 | |
Average Recorded Investment | 0 | 1,126 | |
Interest Income Recognized | 0 | 49 | |
With An Allowance Recorded [Member] | Construction And Farmland Residential [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 0 | 0 | |
Recorded Investment | 0 | 0 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 0 | 0 | |
Interest Income Recognized | 0 | 0 | |
With An Allowance Recorded [Member] | Construction And Farmland Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 385 | 301 | |
Recorded Investment | 350 | 283 | |
Related Allowance | 93 | 218 | |
Average Recorded Investment | 393 | 308 | |
Interest Income Recognized | 5 | 18 | |
With An Allowance Recorded [Member] | Residential Equity Lines [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 403 | 75 | |
Recorded Investment | 253 | 74 | |
Related Allowance | 95 | 74 | |
Average Recorded Investment | 403 | 217 | |
Interest Income Recognized | 5 | 7 | |
With An Allowance Recorded [Member] | Residential Single Family [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 1,007 | 1,505 | |
Recorded Investment | 1,008 | 1,508 | |
Related Allowance | 208 | 553 | |
Average Recorded Investment | 1,020 | 1,530 | |
Interest Income Recognized | 41 | 71 | |
With An Allowance Recorded [Member] | Residential Multifamily [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 0 | 0 | |
Recorded Investment | 0 | 0 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 0 | 0 | |
Interest Income Recognized | 0 | 0 | |
With An Allowance Recorded [Member] | All Other Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance | 0 | 0 | |
Recorded Investment | 0 | 0 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 0 | 0 | |
Interest Income Recognized | $0 | $0 |
Allowance_for_Loan_Losses_Cred
Allowance for Loan Losses (Credit Quality Information By Class) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | $455,946 | $430,488 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 373,324 | 346,755 |
Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 62,540 | 44,370 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 3,506 | 21,622 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 13,620 | 14,125 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 2,956 | 3,616 |
Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 0 | 0 |
Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 13,803 | 13,670 |
Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 71 | 115 |
Commercial - Non Real Estate Commercial And Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 28,132 | 20,865 |
Commercial - Non Real Estate Commercial And Industrial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 24,579 | 16,565 |
Commercial - Non Real Estate Commercial And Industrial [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 1,775 | 2,820 |
Commercial - Non Real Estate Commercial And Industrial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 21 | 86 |
Commercial - Non Real Estate Commercial And Industrial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 701 | 106 |
Commercial - Non Real Estate Commercial And Industrial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 1,056 | 1,288 |
Commercial - Non Real Estate Commercial And Industrial [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 0 | 0 |
Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 99,707 | 92,445 |
Commercial Real Estate Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 77,979 | 73,998 |
Commercial Real Estate Owner Occupied [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 17,401 | 12,036 |
Commercial Real Estate Owner Occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 0 | 3,322 |
Commercial Real Estate Owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 3,189 | 1,820 |
Commercial Real Estate Owner Occupied [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 1,138 | 1,269 |
Commercial Real Estate Owner Occupied [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 0 | 0 |
Commercial Real Estate Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 61,592 | 55,721 |
Commercial Real Estate Non-Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 42,630 | 31,484 |
Commercial Real Estate Non-Owner Occupied [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 14,779 | 14,922 |
Commercial Real Estate Non-Owner Occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 1,402 | 5,557 |
Commercial Real Estate Non-Owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 2,733 | 3,758 |
Commercial Real Estate Non-Owner Occupied [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 48 | 0 |
Commercial Real Estate Non-Owner Occupied [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 0 | 0 |
Construction And Farmland Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 5,201 | 7,860 |
Construction And Farmland Residential [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 5,112 | 7,738 |
Construction And Farmland Residential [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 89 | 122 |
Construction And Farmland Residential [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 0 | |
Construction And Farmland Residential [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 0 | |
Construction And Farmland Residential [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 0 | |
Construction And Farmland Residential [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 0 | 0 |
Construction And Farmland Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 31,288 | 29,073 |
Construction And Farmland Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 23,192 | 24,252 |
Construction And Farmland Commercial [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 5,184 | 1,353 |
Construction And Farmland Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 2,083 | 1,196 |
Construction And Farmland Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 750 | 2,186 |
Construction And Farmland Commercial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 79 | 86 |
Construction And Farmland Commercial [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 0 | 0 |
Residential Equity Lines [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 31,121 | 32,224 |
Residential Equity Lines [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 29,440 | 30,458 |
Residential Equity Lines [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 1,429 | 708 |
Residential Equity Lines [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 0 | 415 |
Residential Equity Lines [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 185 | 480 |
Residential Equity Lines [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 67 | 163 |
Residential Equity Lines [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 0 | 0 |
Residential Single Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 193,573 | 186,409 |
Residential Single Family [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 165,932 | 157,273 |
Residential Single Family [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 21,011 | 11,505 |
Residential Single Family [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 0 | 11,046 |
Residential Single Family [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 6,062 | 5,775 |
Residential Single Family [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 568 | 810 |
Residential Single Family [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 0 | 0 |
Residential Multifamily [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 3,016 | 2,850 |
Residential Multifamily [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 2,144 | 1,946 |
Residential Multifamily [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 872 | 904 |
Residential Multifamily [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 0 | |
Residential Multifamily [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 0 | |
Residential Multifamily [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 0 | |
Residential Multifamily [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 0 | 0 |
All Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 2,316 | 3,041 |
All Other Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 2,316 | 3,041 |
All Other Loans [Member] | Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 0 | |
All Other Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 0 | |
All Other Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 0 | |
All Other Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | 0 | |
All Other Loans [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables | $0 | $0 |
Troubled_Debt_Restructurings_N
Troubled Debt Restructurings (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
contract | contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of troubled debt restructured loans | 25 | 20 |
Total troubled debt restructured loans | $7.80 | $6.40 |
Number of contracts in nonaccrual status | 8 | 5 |
Total of loans in nonaccrual status | $1.40 | $1.70 |
Number of contracts | 5 | 5 |
Loan is considered payment default | 30 days | |
Commercial - Non Real Estate Commercial And Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 2 | |
Number of contracts modified by reducing the payment amount | 2 | |
Construction And Farmland Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 1 | 2 |
Number of contracts modified by extending the term loan and interest payments only | 1 | |
Number of contracts modified by granting a lower interest rate | 1 | |
Number of contracts modified by forgiving a portion of the loan | 1 | |
Residential Single Family Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 1 | 2 |
Number of contracts modified by reducing the payment amount | 1 | |
Number of contracts modified by changing the amortization period and lowering the interest rate | 1 | |
Number of contracts modified by forgiving a portion of the loan | 1 | |
Residential Equity Lines [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 1 | 1 |
Number of contracts modified by changing payments to interest only | 1 | 1 |
Troubled_Debt_Restructurings_S
Troubled Debt Restructurings (Schedule of Troubled Debt Restructurings on Financing Receivables) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
contract | contract | |
Troubled Debt Restructuring, Subsequent Periods [Line Items] | ||
Number of Contracts | 5 | 5 |
Pre-Modification Outstanding Recorded Investment | $2,746 | $2,130 |
Post-Modification Outstanding Recorded Investment | 1,974 | 2,130 |
Commercial - Non Real Estate Commercial And Industrial [Member] | ||
Troubled Debt Restructuring, Subsequent Periods [Line Items] | ||
Number of Contracts | 2 | |
Pre-Modification Outstanding Recorded Investment | 941 | |
Post-Modification Outstanding Recorded Investment | 639 | |
Construction And Farmland Commercial [Member] | ||
Troubled Debt Restructuring, Subsequent Periods [Line Items] | ||
Number of Contracts | 1 | 2 |
Pre-Modification Outstanding Recorded Investment | 1,520 | 1,608 |
Post-Modification Outstanding Recorded Investment | 1,050 | 1,608 |
Residential Equity Lines [Member] | ||
Troubled Debt Restructuring, Subsequent Periods [Line Items] | ||
Number of Contracts | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | 69 | 184 |
Post-Modification Outstanding Recorded Investment | 69 | 184 |
Residential Single Family Financing Receivable [Member] | ||
Troubled Debt Restructuring, Subsequent Periods [Line Items] | ||
Number of Contracts | 1 | 2 |
Pre-Modification Outstanding Recorded Investment | 216 | 338 |
Post-Modification Outstanding Recorded Investment | $216 | $338 |
Troubled_Debt_Restructurings_L
Troubled Debt Restructurings (Loans By Class of Financing Receivable Modified as TDRs) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
contract | contract | |
Troubled Debt Restructuring, Subsequent Periods [Line Items] | ||
Number of Contracts | 5 | 5 |
Troubled Debt Restructurings Within Previous Twelve Months [Member] | ||
Troubled Debt Restructuring, Subsequent Periods [Line Items] | ||
Number of Contracts | 1 | 2 |
Recorded Investment | 79 | 1,614 |
Construction And Farmland Commercial [Member] | ||
Troubled Debt Restructuring, Subsequent Periods [Line Items] | ||
Number of Contracts | 1 | 2 |
Construction And Farmland Commercial [Member] | Troubled Debt Restructurings Within Previous Twelve Months [Member] | ||
Troubled Debt Restructuring, Subsequent Periods [Line Items] | ||
Number of Contracts | 1 | 2 |
Recorded Investment | 79 | 1,614 |
Residential Single Family Financing Receivable [Member] | ||
Troubled Debt Restructuring, Subsequent Periods [Line Items] | ||
Number of Contracts | 1 | 2 |
Bank_Premises_and_Equipment_Ne2
Bank Premises and Equipment, Net (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $772 | $803 | $821 |
Total building and equipment rental expense | 135 | 138 | 144 |
Building and improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | 446 | 434 | 432 |
Furniture and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | $326 | $368 | $389 |
Bank_Premises_and_Equipment_Ne3
Bank Premises and Equipment, Net (Major Classes of Bank Premises and Equipment and Total Accumulated Depreciation) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | $31,668 | $29,314 |
Less accumulated depreciation | 12,653 | 12,100 |
Bank premises and equipment, net | 19,015 | 17,214 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | 6,406 | 4,865 |
Building and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | 17,290 | 16,795 |
Furniture and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | $7,972 | $7,654 |
Bank_Premises_and_Equipment_Ne4
Bank Premises and Equipment, Net (Schedule of Total Minimum Rental Commitment on Leased Facilities) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Property, Plant and Equipment [Abstract] | |
2015 | $185 |
2016 | 252 |
2017 | 252 |
2018 | 252 |
2019 | 252 |
Thereafter | 3,052 |
Total | $4,245 |
Deposits_Narrative_Details
Deposits (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deposits [Abstract] | ||
Brokered Time Deposits Less Than $250000 Domestic | $12,900,000 | $12,000,000 |
Deposit overdrafts reclassified as loans | $121,000 | $169,000 |
Deposits_Composition_of_Deposi
Deposits (Composition of Deposits) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ||
Noninterest bearing demand deposits | $159,352 | $147,698 |
Savings and interest bearing demand deposits: | ||
NOW accounts | 81,441 | 85,459 |
Money market accounts | 98,314 | 92,125 |
Regular savings accounts | 69,550 | 63,165 |
Savings and interest bearing demand deposits | 249,305 | 240,749 |
Time deposits: | ||
Balances of less than $250,000 | 85,899 | 91,076 |
Balances of $250,000 and more | 9,260 | 8,064 |
Time deposits | 95,159 | 99,140 |
Total deposits | $503,816 | $487,587 |
Deposits_Schedule_of_Outstandi
Deposits (Schedule of Outstanding Balance of Time Deposits) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ||
2015 | $66,667 | |
2016 | 8,999 | |
2017 | 15,029 | |
2018 | 1,600 | |
2019 | 2,647 | |
Thereafter | 217 | |
Time deposits | $95,159 | $99,140 |
Borrowings_Narrative_Details
Borrowings (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Federal Home Loan Bank Advances [Line Items] | ||
Other unused lines of credit | $5,000,000 | |
Gross lines of credit at year-end | 36,000,000 | 36,000,000 |
Funds from customers through retail repurchase agreement | 0 | |
Funds from customers through wholesale repurchase agreement | 0 | |
FHLB advances due in the next twelve months | 20,000,000 | |
FHLB long-term borrowings due in year three | 20,000,000 | |
Federal Home Loan Bank advances | 40,000,000 | 22,250,000 |
Interest rate on outstanding long-term advances at period-end | 1.30% | |
FHLB advances short-term | 20,000,000 | |
Interest rates on outstanding short-term advances ranged from | 3.02% | |
Interest rates on outstanding short-term advances ranged to | 3.03% | |
Weighted average interest rate on outstanding short-term advances | 3.02% | |
FHLB irrevocable letter of credit | 15,000,000 | |
Federal Home Loan Bank of Atlanta [Member] | ||
Schedule of Federal Home Loan Bank Advances [Line Items] | ||
Unused line of credit total | $65,400,000 | |
Available credit to total Bank assets, maximum percentage | 20.00% |
Borrowings_Summary_of_Informat
Borrowings (Summary of Information Related to Federal Funds Purchased) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Advances from Federal Home Loan Banks [Abstract] | ||
Average balance during the year | $1,865 | $270 |
Average interest rate during the year | 1.08% | 0.88% |
Maximum month-end balance during the year | 10,245 | 5,616 |
Gross lines of credit at year-end | 36,000 | 36,000 |
Unused lines of credit at year-end | $36,000 | $36,000 |
Borrowings_Summary_of_Informat1
Borrowings (Summary of Information Related to Securities Sold Under Agreement to Repurchase) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Advances from Federal Home Loan Banks [Abstract] | ||
Balance at year-end | $0 | $0 |
Average balance during the year | 0 | 795 |
Average interest rate during the year | 0.00% | 3.58% |
Maximum month-end balance during the year | 0 | 0 |
Carrying value | 0 | 0 |
Fair value | $0 | $0 |
Income_Taxes_Schedule_of_Net_D
Income Taxes (Schedule of Net Deferred Tax Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Allowance for loan losses | $1,727 | $1,866 |
Deferred compensation | 120 | 125 |
Accrued postretirement benefits | 47 | 51 |
Home equity origination costs | 51 | 41 |
Other than temporary impairment | 0 | 30 |
Interest rate swap | 98 | 148 |
Other real estate owned valuation allowance | 0 | 116 |
Other | 391 | 381 |
Total deferred tax assets | 2,434 | 2,758 |
Deferred tax liabilities: | ||
Property and equipment | 405 | 533 |
Securities available for sale | 756 | 283 |
Total deferred tax liabilities | 1,161 | 816 |
Net deferred tax asset | $1,273 | $1,942 |
Income_Taxes_Schedule_of_Compo
Income Taxes (Schedule of Components of Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Current tax expense | $1,926 | $1,198 | $2,209 |
Deferred tax expense (benefit) | 142 | 1,190 | 350 |
Total income tax expense | $2,068 | $2,388 | $2,559 |
Income_Taxes_Schedule_of_Incom
Income Taxes (Schedule of Income Tax Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Statutory federal corporate tax amount | $3,131 | $3,246 | $3,097 |
Tax-exempt interest (income) | -454 | -495 | -563 |
Officer insurance loss (income) | 9 | -82 | 7 |
Net tax credits | -593 | -312 | 0 |
Other | -25 | 31 | 18 |
Total income tax expense | $2,068 | $2,388 | $2,559 |
Effective income tax rate | 22.46% | 25.02% | 28.09% |
Pension_and_Postretirement_Ben2
Pension and Postretirement Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Retired employees receiving health care and life insurance benefits | 9 | ||
Post retirement benefits, age eligibility requirement | 65 years | ||
Post retirement benefits, service eligibility requirement | 15 years | ||
Unrecognized net actuarial gain | $38 | ||
Recognized transition obligation | 2 | ||
Annual rate of increase in cost of covered health care benefits, next fiscal year | 10.00% | ||
Annual rate of increase in cost of covered health care benefits, two fiscal years | 10.00% | ||
Annual rate of increase in cost of covered health care benefits, three fiscal years | 8.00% | ||
Annual rate of increase in cost of covered health care benefits, four fiscal years | 8.00% | ||
Annual rate of increase in cost of covered health care benefits, five fiscal years and thereafter | 6.00% | ||
Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost | -4 | -3 | -3 |
Unrecognized net actuarial gain | -1 | 9 | -2 |
Benefit obligation weighted average discount rate | 3.50% | 2.75% | 3.50% |
Effect of 1% rate increase on benefit obligation | 6 | ||
Effect of 1% rate increase on net periodic benefit cost (less than one thousand) | 1 | ||
Effect of 1% rate decrease on benefit obligation | -5 | ||
Effect of 1% rate decrease on net periodic benefit cost (less than one thousand) | $1 |
Pension_and_Postretirement_Ben3
Pension and Postretirement Benefit Plans (Reconciliation of the Changes in the Benefit Obligations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Actuarial loss (gain) | ($38) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Employer contributions | 927 | 888 | 867 |
Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning | 138 | 150 | 150 |
Interest cost | 5 | 4 | 5 |
Actuarial loss (gain) | 1 | -9 | 2 |
Benefits paid | -7 | -7 | -7 |
Benefit obligation, ending | 137 | 138 | 150 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning | 0 | 0 | |
Employer contributions | 7 | 7 | 7 |
Fair value of plan assets, ending | $0 | $0 | $0 |
Pension_and_Postretirement_Ben4
Pension and Postretirement Benefit Plans (Schedule of Funded Status for the Pension and Postretirement Benefit Plans) (Details) (Postretirement Benefits Plan [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Funded status | ($137) | ($138) | ($150) |
Unrecognized net actuarial loss | 0 | 0 | 0 |
Unrecognized net transition obligation | 0 | 0 | 0 |
Unrecognized prior service cost | 0 | 0 | 0 |
Accrued benefits | -137 | -138 | -150 |
Accrued liability | -137 | -138 | -150 |
Amounts Recognized in Consolidated Balance Sheets | -137 | -138 | -150 |
Net actuarial loss (gain) | -57 | -65 | -65 |
Net transition obligation | 0 | 0 | 0 |
Deferred tax (benefit)/liability | 19 | 21 | 21 |
Amounts recognized in Accumulated Other Comprehensive Income | ($38) | ($44) | ($44) |
Pension_and_Postretirement_Ben5
Pension and Postretirement Benefit Plans (Net Periodic Benefit Cost of the Pension Plan and Postretirement Benefit Plan) (Details) (Postretirement Benefits Plan [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $0 | $0 | $0 |
Interest cost | 5 | 4 | 5 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service costs | 0 | 0 | 0 |
Amortization of transition obligation | 0 | 0 | 0 |
Recognized net loss due to settlement | 0 | 0 | 0 |
Amortization of net actuarial loss | -9 | -7 | -8 |
Net periodic benefit cost | ($4) | ($3) | ($3) |
Pension_and_Postretirement_Ben6
Pension and Postretirement Benefit Plans (Schedule of Estimated Future Benefit Payments) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
2015 | $13 |
2016 | 13 |
2017 | 13 |
2018 | 13 |
2019 | 13 |
2020-2024 | $54 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $290 | $305 | $242 |
Grant date fair value of vested Restricted Stock | 291 | 251 | |
Unrecognized compensation cost related to unvested Restricted Stock | $64 | ||
Weighted-average period for unrecognized compensation cost to be recognized | 1 year | ||
Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option expiration period | 10 years | ||
Non-qualified Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option expiration period | 10 years | ||
Restricted Stock [Member] | Outside Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting service period of grants | 6 months | ||
Restricted Stock [Member] | Executive Officers [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting service period of grants | 3 years |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary of Options Outstanding) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Shares, Outstanding, beginning of year | 10,000 | 20,000 | 22,000 |
Shares, Exercised | -927 | -3,872 | 0 |
Shares, Forfeited | -9,073 | -6,128 | -2,000 |
Shares, Outstanding, end of year | 0 | 10,000 | 20,000 |
Shares, Exercisable, end of year | 0 | 10,000 | 20,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Weighted Average Exercise Price, Outstanding, beginning of year (in USD per share) | $21.55 | $21.59 | $21.59 |
Weighted Average Exercise Price, Exercised (in USD per share) | $21.55 | $21.63 | |
Weighted Average Exercise Price, Forfeited (in USD per share) | $21.55 | $21.63 | $21.59 |
Weighted Average Exercise Price, Outstanding, end of year (in USD per share) | $0 | $21.55 | $21.59 |
Weighted Average Exercise Price, Exercisable, end of year (in USD per share) | $0 | $21.55 | $21.59 |
Aggregate Intrinsic Value, end of year | $0 |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary of Options Outstanding and Exercisable) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share Based Compensation Compensation [Abstract] | ||||
Options Outstanding, Number Outstanding | 0 | 10,000 | 20,000 | 22,000 |
Options Outstanding, Weighted Average Exercise Price (in USD per share) | $0 | $21.55 | $21.59 | $21.59 |
Options Exercisable, Number Exercisable | 0 | 10,000 | 20,000 | |
Options Exercisable, Weighted Average Exercise Price (in USD per share) | $0 | $21.55 | $21.59 |
StockBased_Compensation_Restri
Stock-Based Compensation (Restricted Stock Activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares, Nonvested, beginning of period | 17,050 | ||
Shares, Forfeited | -9,073 | -6,128 | -2,000 |
Shares, Nonvested, end of period | 15,151 | 17,050 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares, Nonvested, beginning of period | 17,050 | 16,500 | 13,700 |
Shares, Granted | 14,900 | 14,900 | 14,500 |
Shares, Vested | -14,009 | -13,699 | -10,963 |
Shares, Forfeited | -2,790 | -651 | -737 |
Shares, Nonvested, end of period | 15,151 | 17,050 | 16,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted Average Grant Date Fair Value, Nonvested, beginning of period (in USD per share) | 19.92 | 16.53 | 16.11 |
Weighted Average Grant Date Fair Value, Granted (in USD per share) | 23.5 | 22.06 | 17.87 |
Weighted Average Grant Date Fair Value, Vested (in USD per share) | 20.75 | 18.3 | 17.79 |
Weighted Average Grant Date Fair Value, Forfeited (in USD per share) | 22.11 | 16.75 | 16.25 |
Weighted Average Grant Date Fair Value, Nonvested, end of period (in USD per share) | 22.27 | 19.92 | 16.53 |
Employee_Benefits_Details
Employee Benefits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Contribution Plan [Line Items] | |||
Matched percentage by employer | 50.00% | ||
Maximum employee percentage of deferred salary matched by employer | 6.00% | ||
Non-elective safe-harbor contribution received each December 31st | 3.00% | ||
Employer contributions | $927 | $888 | $867 |
Maximum age benefit could be reduced or forfeited | 65 years | ||
Supplemental income benefit liability | 78 | 93 | |
Supplemental income benefit expense | $21 | $8 | $16 |
Minimum [Member] | |||
Defined Contribution Plan [Line Items] | |||
Non-elective safe-harbor contribution received each December 31st | 1.00% | ||
Maximum [Member] | |||
Defined Contribution Plan [Line Items] | |||
Non-elective safe-harbor contribution received each December 31st | 10.00% |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Daily average required reserve balance | $1,100 | $960 |
Required compensating balance on deposit | $250 | $250 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Narrative) (Details) (Interest Rate Swap [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Agreement related to the outstanding trust preferred capital notes, date | 4-Dec-08 |
Agreement effective, date | 1-Dec-08 |
Notional amount of derivatives | $7,000,000 |
Agreement expiration date | 1-Dec-16 |
Fixed interest rate of derivative | 2.85% |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Summary of Fair Value of Derivative Instruments) (Details) (Interest Rate Swap [Member], Other Liabilities [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Interest Rate Swap [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivatives designated as hedging instruments under GAAP, Fair Value | $289 | $434 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities (Effect of the Derivative Instrument on the Consolidated Balance Sheet, Consolidated Statements of Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion), net of tax | $96 | $132 | ($36) |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion), net of tax | 96 | 132 | |
Amount of Gain (Loss) Recognized in Income (Ineffective Portion), net of tax | $0 | $0 |
Transactions_with_Directors_an1
Transactions with Directors and Officers (Details) (Directors, Principal Officers, and Other Related Parties [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Directors, Principal Officers, and Other Related Parties [Member] | ||
Related Party Transaction [Line Items] | ||
Aggregate balance of loans to directors, principal officers, and their related parties | $10.90 | $11.20 |
Total principal additions | 6.7 | |
Total principal payments | 7 | |
Aggregate balance of deposits from directors, principal officers and their related parties | $9.30 | $10.20 |
Capital_Requirements_Schedule_
Capital Requirements (Schedule of Capital Requirements) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
The Company [Member] | ||
Capital [Abstract] | ||
Total Capital to Risk Weighted Assets, Actual, Amount | $83,923 | $78,426 |
Total Capital to Risk Weighted Assets, Minimum Capital Requirement, Amount | 35,222 | 34,062 |
Tier One Risk Based Capital [Abstract] | ||
Tier 1 Capital Risk Weighted Assets, Actual, Amount | 78,817 | 73,101 |
Tier 1 Capital Risk Weighted Assets, Minimum Capital Requirement, Amount | 17,611 | 17,031 |
Tier One Leverage Capital [Abstract] | ||
Tier 1 Capital to Average Assets, Actual, Amount | 78,817 | 73,101 |
Tier 1 Capital to Average Assets, Minimum Capital Requirement, Amount | 24,515 | 23,435 |
Risk Based Ratios [Abstract] | ||
Total Capital to Risk Weighted Assets, Actual, Ratio | 19.06% | 18.42% |
Total Capital to Risk Weighted Assets, Minimum Capital Requirement, Ratio | 8.00% | 8.00% |
Tier 1 Capital Risk Weighted Assets, Actual, Ratio | 17.90% | 17.17% |
Tier 1 Capital Risk Weighted Assets, Minimum Capital Requirement, Ratio | 4.00% | 4.00% |
Tier 1 Capital to Average Assets, Actual, Ratio | 12.86% | 12.48% |
Tier 1 Capital to Average Assets, Minimum Capital Requirement, Ratio | 4.00% | 4.00% |
The Bank [Member] | ||
Capital [Abstract] | ||
Total Capital to Risk Weighted Assets, Actual, Amount | 80,035 | 74,595 |
Total Capital to Risk Weighted Assets, Minimum Capital Requirement, Amount | 35,107 | 33,879 |
Total Capital to Risk Weighted Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 43,883 | 42,349 |
Tier One Risk Based Capital [Abstract] | ||
Tier 1 Capital Risk Weighted Assets, Actual, Amount | 74,929 | 69,299 |
Tier 1 Capital Risk Weighted Assets, Minimum Capital Requirement, Amount | 17,553 | 16,940 |
Tier 1 Capital Risk Weighted Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 26,330 | 25,409 |
Tier One Leverage Capital [Abstract] | ||
Tier 1 Capital to Average Assets, Actual, Amount | 74,929 | 69,299 |
Tier 1 Capital to Average Assets, Minimum Capital Requirement, Amount | 24,416 | 23,313 |
Tier 1 Capital to Average Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $30,520 | $29,141 |
Risk Based Ratios [Abstract] | ||
Total Capital to Risk Weighted Assets, Actual, Ratio | 18.24% | 17.61% |
Total Capital to Risk Weighted Assets, Minimum Capital Requirement, Ratio | 8.00% | 8.00% |
Total Capital to Risk Weighted Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 Capital Risk Weighted Assets, Actual, Ratio | 17.07% | 16.36% |
Tier 1 Capital Risk Weighted Assets, Minimum Capital Requirement, Ratio | 4.00% | 4.00% |
Tier 1 Capital Risk Weighted Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.00% | 6.00% |
Tier 1 Capital to Average Assets, Actual, Ratio | 12.28% | 11.89% |
Tier 1 Capital to Average Assets, Minimum Capital Requirement, Ratio | 4.00% | 4.00% |
Tier 1 Capital to Average Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Restrictions_On_Dividends_Loan1
Restrictions On Dividends, Loans, and Advances (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Number of years used for undistributed net income of the Bank | 3 years |
Retained earnings available for the payment of dividends | $18.30 |
Restricted net assets | 58.1 |
Funds available for loans or advances | $1.10 |
Dividend_Investment_Plan_Detai
Dividend Investment Plan (Details) | Dec. 31, 2014 |
Dividend Investment Plan [Abstract] | |
Percentage of fair market value | 95.00% |
Financial_Instruments_with_Off2
Financial Instruments with Off-Balance-Sheet Risk (Schedule of Financial Instruments) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Commitments to extend credit | $7,001,000 | $17,574,000 |
Unfunded commitments under lines of credit | 86,588,000 | 81,049,000 |
Commercial and standby letters of credit | 4,067,000 | 4,358,000 |
Excess of insurance limits held in cash accounts | $1,200,000 |
Trust_Preferred_Capital_Notes_
Trust Preferred Capital Notes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Sep. 20, 2007 | |
Trust Preferred Capital Notes [Line Items] | |||
Common stock issued | $8,621,000 | $8,482,000 | |
Trust preferred capital notes | 7,217,000 | 7,217,000 | |
Portion of trust preferred securities in Tier 1 capital, percentage (not to exceed 25%) | 25.00% | ||
Trust II [Member] | |||
Trust Preferred Capital Notes [Line Items] | |||
Trust preferred securities issued by subsidiary trust | 7,000,000 | 7,000,000 | |
Common stock issued | 217,000 | ||
Trust preferred capital notes | $7,200,000 | ||
Floating rate of interest | 1.86% |
Quarterly_Condensed_Statements2
Quarterly Condensed Statements of Income (Schedule of Quarterly Condensed Statements of Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total interest and dividend income | $6,051 | $6,253 | $6,396 | $6,150 | $6,241 | $6,294 | $6,223 | $6,278 | $24,850 | $25,036 | $26,566 |
Net interest income after provision for loan losses | 5,252 | 5,773 | 6,191 | 5,372 | 6,393 | 5,667 | 5,199 | 5,192 | 22,588 | 22,451 | 21,522 |
Noninterest income | 2,222 | 1,473 | 1,560 | 1,351 | 1,480 | 1,581 | 2,469 | 1,932 | 6,606 | 7,462 | 6,127 |
Noninterest expenses | 4,844 | 5,333 | 4,966 | 4,843 | 5,660 | 5,172 | 4,952 | 4,583 | 19,986 | 20,367 | 18,540 |
Income before income taxes | 2,630 | 1,913 | 2,785 | 1,880 | 2,213 | 2,076 | 2,716 | 2,541 | 9,208 | 9,546 | 9,109 |
Net income | $2,434 | $1,385 | $1,958 | $1,363 | $1,849 | $1,505 | $2,001 | $1,803 | $7,140 | $7,158 | $6,550 |
Net income per common share, basic (in US dollars per share) | $0.71 | $0.40 | $0.57 | $0.40 | $0.54 | $0.44 | $0.59 | $0.54 | $2.08 | $2.11 | $1.97 |
Net income per common share, diluted (in US dollars per share) | $0.70 | $0.40 | $0.57 | $0.40 | $0.54 | $0.44 | $0.59 | $0.53 | $2.07 | $2.10 | $1.96 |
Dividends per common share (in USD per share) | $0.20 | $0.19 | $0.19 | $0.19 | $0.19 | $0.19 | $0.19 | $0.19 | $0.77 | $0.76 | $0.73 |
Fair_Value_Measurements_Financ
Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $94,165 | $102,598 |
Total liabilities at fair value | 289 | 434 |
Duration of appraisal of real estate property to consider fair value is level 3 | 2 years | |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 1,118 |
Total liabilities at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 94,165 | 101,480 |
Total liabilities at fair value | 289 | 434 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Obligations of U.S. government corporations and agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 37,211 | 34,744 |
Obligations of U.S. government corporations and agencies [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Obligations of U.S. government corporations and agencies [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 37,211 | 34,744 |
Obligations of U.S. government corporations and agencies [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 15,779 | 15,197 |
Mortgage-backed securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Mortgage-backed securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 15,779 | 15,197 |
Mortgage-backed securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Obligations of states and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 40,410 | 43,116 |
Obligations of states and political subdivisions [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Obligations of states and political subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 40,410 | 43,116 |
Obligations of states and political subdivisions [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Corporate securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 765 | 8,423 |
Corporate securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Corporate securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 765 | 8,423 |
Corporate securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | |
Equity Securities Bank Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 1,118 |
Equity Securities Bank Preferred Stock [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 1,118 |
Equity Securities Bank Preferred Stock [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Equity Securities Bank Preferred Stock [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | 289 | 434 |
Interest Rate Swap [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | 0 | 0 |
Interest Rate Swap [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | 289 | 434 |
Interest Rate Swap [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | $0 | $0 |
Fair_Value_Measurements_Quanti
Fair Value Measurements (Quantitative Information About Level 3 Fair Value Measurements for Certain Financial Assets) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Impaired Loans [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Quantitative information about level 3 nonrecurring basis | 16.00% |
Other Real Estate Owned [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Quantitative information about level 3 nonrecurring basis | 9.00% |
Nonrecurring [Member] | Maximum [Member] | Impaired Loans [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Quantitative information about level 3 nonrecurring basis | 60.00% |
Nonrecurring [Member] | Maximum [Member] | Other Real Estate Owned [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Quantitative information about level 3 nonrecurring basis | 13.00% |
Nonrecurring [Member] | Minimum [Member] | Impaired Loans [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Quantitative information about level 3 nonrecurring basis | 11.00% |
Nonrecurring [Member] | Minimum [Member] | Other Real Estate Owned [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Quantitative information about level 3 nonrecurring basis | 5.00% |
Fair_Value_Measurements_Financ1
Fair Value Measurements (Financial and Nonfinancial Assets Measured at Fair Value on a Nonrecurring Basis) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $2,102 | $1,646 |
Nonrecurring [Member] | Financial Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,751 | 2,719 |
Nonrecurring [Member] | Financial Assets [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Nonrecurring [Member] | Financial Assets [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,494 | 1,312 |
Nonrecurring [Member] | Financial Assets [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 257 | 1,407 |
Nonrecurring [Member] | Nonfinancial Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 2,102 | 1,646 |
Nonrecurring [Member] | Nonfinancial Assets [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 0 | 638 |
Nonrecurring [Member] | Nonfinancial Assets [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 2,102 | 1,008 |
Nonrecurring [Member] | Nonfinancial Assets [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $0 | $0 |
Fair_Value_Measurements_Level_
Fair Value Measurements (Level 3 Financial Assets Measured at Estimated Fair Value on a Nonrecurring Basis) (Details) (Nonrecurring [Member], Significant Unobservable Inputs (Level 3) [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Impaired Loans [Member] | |
Fair Value, Assets Measured on Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance - beginning of period | $1,407 |
Sales proceeds | 0 |
Valuation allowance | 0 |
(Loss) on disposition | 0 |
Transfers into Level 3 | 1,740 |
Transfers out of Level 3 | -2,890 |
Balance - end of period | 257 |
Other Real Estate Owned [Member] | |
Fair Value, Assets Measured on Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance - beginning of period | 0 |
Sales proceeds | 0 |
Valuation allowance | 0 |
(Loss) on disposition | 0 |
Transfers into Level 3 | 488 |
Transfers out of Level 3 | -488 |
Balance - end of period | $0 |
Fair_Value_Measurements_Compan
Fair Value Measurements (Company's Financial Instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial Assets: | ||
Securities available for sale | $94,165 | $102,598 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Financial Assets: | ||
Cash and short-term investments | 34,564 | 14,243 |
Securities available for sale | 0 | 1,118 |
Restricted Investments | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial Liabilities: | ||
Deposits | 0 | |
Federal funds purchased and securities sold under agreements to repurchase | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Trust preferred capital notes | 0 | 0 |
Accrued interest payable | 0 | 0 |
Interest rate swap contract | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Financial Assets: | ||
Cash and short-term investments | 0 | 0 |
Securities available for sale | 94,165 | 101,480 |
Restricted Investments | 2,808 | 2,192 |
Loans, net | 470,524 | 446,329 |
Accrued interest receivable | 1,703 | 1,797 |
Financial Liabilities: | ||
Deposits | 503,917 | 488,074 |
Federal funds purchased and securities sold under agreements to repurchase | 0 | 0 |
Federal Home Loan Bank advances | 40,152 | 22,214 |
Trust preferred capital notes | 7,217 | 7,217 |
Accrued interest payable | 160 | 165 |
Interest rate swap contract | 289 | 434 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial Assets: | ||
Cash and short-term investments | 0 | 0 |
Securities available for sale | 0 | 0 |
Restricted Investments | 0 | 0 |
Loans, net | 257 | 1,407 |
Accrued interest receivable | 0 | 0 |
Financial Liabilities: | ||
Deposits | 0 | 0 |
Federal funds purchased and securities sold under agreements to repurchase | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Trust preferred capital notes | 0 | 0 |
Accrued interest payable | 0 | 0 |
Interest rate swap contract | 0 | 0 |
Carrying Amount [Member] | ||
Financial Assets: | ||
Cash and short-term investments | 34,564 | 14,243 |
Securities available for sale | 94,165 | 102,598 |
Restricted Investments | 2,808 | 2,192 |
Loans, net | 464,740 | 438,785 |
Accrued interest receivable | 1,703 | 1,797 |
Financial Liabilities: | ||
Deposits | 503,816 | 487,587 |
Federal funds purchased and securities sold under agreements to repurchase | 0 | 0 |
Federal Home Loan Bank advances | 40,000 | 22,250 |
Trust preferred capital notes | 7,217 | 7,217 |
Accrued interest payable | 160 | 165 |
Interest rate swap contract | 289 | 434 |
Fair Value [Member] | ||
Financial Assets: | ||
Cash and short-term investments | 34,564 | 14,243 |
Securities available for sale | 94,165 | 102,598 |
Restricted Investments | 2,808 | 2,192 |
Loans, net | 470,781 | 447,736 |
Accrued interest receivable | 1,703 | 1,797 |
Financial Liabilities: | ||
Deposits | 503,917 | 488,074 |
Federal funds purchased and securities sold under agreements to repurchase | 0 | 0 |
Federal Home Loan Bank advances | 40,152 | 22,214 |
Trust preferred capital notes | 7,217 | 7,217 |
Accrued interest payable | 160 | 165 |
Interest rate swap contract | $289 | $434 |
Change_in_Accumulated_Other_Co2
Change in Accumulated Other Comprehensive Income (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Reclassifications from other comprehensive (loss) income | $990 | $465 | $45 |
Change_in_Accumulated_Other_Co3
Change in Accumulated Other Comprehensive Income (Changes to Accumulated Other Comprehensive Income By Components) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] [Roll Forward] | |||
Beginning balance | $305 | $3,448 | $2,931 |
Other comprehensive income (loss) before reclassifications | 2,519 | -4,296 | 828 |
Reclassifications from other comprehensive income (loss) | -990 | -465 | -45 |
Tax effect of current period changes | -519 | 1,618 | -266 |
Total other comprehensive income (loss) | 1,010 | -3,143 | 517 |
Ending balance | 1,315 | 305 | 3,448 |
Unrealized Gains And Losses On Available For Sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] [Roll Forward] | |||
Beginning balance | 547 | 3,822 | 3,262 |
Other comprehensive income (loss) before reclassifications | 2,382 | -4,497 | 894 |
Reclassifications from other comprehensive income (loss) | -990 | -465 | -45 |
Tax effect of current period changes | -473 | 1,687 | -289 |
Total other comprehensive income (loss) | 919 | -3,275 | 560 |
Ending balance | 1,466 | 547 | 3,822 |
Change In Fair Value Of Interest Rate Swap [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] [Roll Forward] | |||
Beginning balance | -286 | -418 | -382 |
Other comprehensive income (loss) before reclassifications | 145 | 201 | -55 |
Tax effect of current period changes | -49 | -69 | 19 |
Total other comprehensive income (loss) | 96 | 132 | -36 |
Ending balance | -190 | -286 | -418 |
Change In Benefit Obligations And Plan Assets For The Post Retirement Benefit Plan [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] [Roll Forward] | |||
Beginning balance | 44 | 44 | 51 |
Other comprehensive income (loss) before reclassifications | -8 | 0 | -11 |
Tax effect of current period changes | 3 | 0 | 4 |
Total other comprehensive income (loss) | -5 | 0 | -7 |
Ending balance | $39 | $44 | $44 |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], USD $) | Feb. 25, 2015 |
In Millions, unless otherwise specified | |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Operating lease term | 15 |
Lease commitment | $3.30 |
Condensed_Financial_Informatio2
Condensed Financial Information - Parent Company Only (Schedule of Condensed Balance Sheets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets | ||||
Due from banks | $9,075 | $9,295 | ||
Securities available for sale | 94,165 | 102,598 | ||
Other assets | 9,436 | 9,766 | ||
Total assets | 626,830 | 586,444 | ||
Liabilities and Shareholders’ Equity | ||||
Trust preferred capital notes | 7,217 | 7,217 | ||
Other Liabilities | 2,665 | 2,984 | ||
Total liabilities | 553,698 | 520,038 | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||||
Preferred stock | 0 | 0 | ||
Common stock issued | 8,621 | 8,482 | ||
Additional Paid in Capital | 12,618 | 11,537 | ||
Retained earnings | 50,578 | 46,082 | ||
Accumulated other comprehensive income | 1,315 | 305 | 3,448 | 2,931 |
Total shareholders’ equity | 73,132 | 66,406 | 63,706 | 58,090 |
Total liabilities and shareholders’ equity | 626,830 | 586,444 | ||
Parent Company [Member] | ||||
Assets | ||||
Cash held in subsidiary bank | 1,694 | 419 | ||
Due from banks | 504 | 504 | ||
Securities available for sale | 1,383 | 2,893 | ||
Investment in subsidiaries, at cost, plus undistributed net income | 76,423 | 69,692 | ||
Other assets | 661 | 575 | ||
Total assets | 80,665 | 74,083 | ||
Liabilities and Shareholders’ Equity | ||||
Trust preferred capital notes | 7,217 | 7,217 | ||
Other Liabilities | 316 | 460 | ||
Total liabilities | 7,533 | 7,677 | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||||
Common stock issued | 8,621 | 8,482 | ||
Additional Paid in Capital | 12,618 | 11,537 | ||
Retained earnings | 50,578 | 46,082 | ||
Accumulated other comprehensive income | 1,315 | 305 | ||
Total shareholders’ equity | 73,132 | 66,406 | ||
Total liabilities and shareholders’ equity | $80,665 | $74,083 |
Condensed_Financial_Informatio3
Condensed Financial Information - Parent Company Only (Schedule of Condensed Income Statement) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Expense [Abstract] | |||||||||||
Interest expense on borrowings | $650 | $1,094 | $1,120 | ||||||||
Income Tax (Benefit) | 2,068 | 2,388 | 2,559 | ||||||||
Net income | 2,434 | 1,385 | 1,958 | 1,363 | 1,849 | 1,505 | 2,001 | 1,803 | 7,140 | 7,158 | 6,550 |
Comprehensive income | 8,150 | 4,015 | 7,067 | ||||||||
Parent Company [Member] | |||||||||||
Interest and Dividend Income, Operating [Abstract] | |||||||||||
Dividends from subsidiary bank | 1,550 | 0 | 800 | ||||||||
Investment and dividends on securities available for sale | 183 | 98 | 257 | ||||||||
Other income (loss) | 283 | 40 | 38 | ||||||||
Total income | 2,016 | 138 | 1,095 | ||||||||
Interest Expense [Abstract] | |||||||||||
Interest expense on borrowings | 317 | 317 | 318 | ||||||||
Other operating expenses | 226 | 221 | 192 | ||||||||
Total expenses | 543 | 538 | 510 | ||||||||
Income (loss) before income tax (benefit) and equity in undistributed net income of subsidiary bank | 1,473 | -400 | 585 | ||||||||
Income Tax (Benefit) | -37 | -135 | -75 | ||||||||
Income before equity in undistributed net income of subsidiary bank | 1,510 | -265 | 660 | ||||||||
Equity in Undistributed Net Income of Subsidiary Bank | 5,630 | 7,423 | 5,890 | ||||||||
Net income | 7,140 | 7,158 | 6,550 | ||||||||
Comprehensive income | $8,150 | $4,015 | $7,067 |
Condensed_Financial_Informatio4
Condensed Financial Information - Parent Company Only (Schedule of Condensed Cash Flows Statement) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows from Operating Activities | |||
Net income | $7,140 | $7,158 | $6,550 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
(Gain) on the sale of securities | -990 | -465 | -45 |
(Discount accretion) premium amortization on securities | 124 | 146 | 191 |
Changes in assets and liabilities: | |||
(Increase) decrease in other assets | -451 | -1,392 | 602 |
Increase (decrease) in other liabilities | -179 | 183 | 937 |
Net cash provided by operating activities | 7,286 | 8,219 | 11,433 |
Cash Flows from Investing Activities | |||
Purchases of securities available for sale | -8,693 | -26,863 | -12,271 |
Proceeds from the sale of securities available for sale | 8,546 | 3,987 | 3,357 |
Proceeds from maturities of securities available for sale | 10,837 | 18,389 | 20,997 |
Net cash (used in) investing activities | -19,203 | -31,491 | -1,622 |
Cash Flows from Financing Activities | |||
Cash dividends paid | -1,944 | -1,909 | -1,805 |
Issuance of common stock, employee benefit plan | 202 | 179 | 107 |
Stock options exercised | 0 | 69 | 0 |
Net cash provided by (used in) financing activities | 32,238 | -11,175 | 16,938 |
Increase in cash | 20,321 | -34,447 | 26,749 |
Cash and Cash Equivalents | |||
Beginning | 14,243 | 48,690 | 21,941 |
Ending | 34,564 | 14,243 | 48,690 |
Parent Company [Member] | |||
Cash Flows from Operating Activities | |||
Net income | 7,140 | 7,158 | 6,550 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
(Gain) on the sale of securities | -283 | 0 | 0 |
Stock-based compensation expense | 290 | 305 | 242 |
(Discount accretion) premium amortization on securities | 0 | -1 | -1 |
Undistributed earnings of subsidiary bank | -5,630 | -7,423 | -5,890 |
Changes in assets and liabilities: | |||
(Increase) decrease in other assets | -10 | 138 | 30 |
Increase (decrease) in other liabilities | 1 | 1 | -2 |
Net cash provided by operating activities | 1,508 | 178 | 929 |
Cash Flows from Investing Activities | |||
Purchases of securities available for sale | -761 | -1,044 | 0 |
Proceeds from the sale of securities available for sale | 1,865 | ||
Proceeds from maturities of securities available for sale | 405 | 1,458 | 1,945 |
Net cash (used in) investing activities | 1,509 | 414 | 1,945 |
Cash Flows from Financing Activities | |||
Cash dividends paid | -1,944 | -1,909 | -1,805 |
Issuance of common stock, employee benefit plan | 202 | 179 | 107 |
Stock options exercised | 0 | 69 | 0 |
Net cash provided by (used in) financing activities | -1,742 | -1,661 | -1,698 |
Increase in cash | 1,275 | -1,069 | 1,176 |
Cash and Cash Equivalents | |||
Beginning | 923 | 1,992 | 816 |
Ending | $2,198 | $923 | $1,992 |