Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 02, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PREMIER FINANCIAL BANCORP INC | |
Entity Central Index Key | 0000887919 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 14,643,230 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Address, State or Province | WV | |
Entity Address, Country | US |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 26,376 | $ 22,992 |
Interest bearing bank balances | 36,842 | 39,911 |
Federal funds sold | 32,183 | 17,872 |
Cash and cash equivalents | 95,401 | 80,775 |
Time deposits with other banks | 1,094 | 1,094 |
Securities available for sale | 360,715 | 365,731 |
Loans | 1,148,253 | 1,149,301 |
Allowance for loan losses | (13,773) | (13,738) |
Net loans | 1,134,480 | 1,135,563 |
Federal Home Loan Bank stock, at cost | 3,538 | 3,628 |
Premises and equipment, net | 36,669 | 29,385 |
Real estate acquired through foreclosure | 14,248 | 14,024 |
Interest receivable | 4,675 | 4,295 |
Goodwill | 47,640 | 47,640 |
Other intangible assets | 4,818 | 5,268 |
Other assets | 853 | 2,712 |
Total assets | 1,704,131 | 1,690,115 |
Deposits | ||
Non-interest bearing | 374,011 | 391,763 |
Time deposits, $250,000 and over | 91,286 | 74,161 |
Other interest bearing | 962,127 | 964,203 |
Total deposits | 1,427,424 | 1,430,127 |
Securities sold under agreements to repurchase | 20,834 | 22,062 |
Other borrowed funds | 0 | 2,500 |
FHLB advances | 6,349 | 8,819 |
Subordinated debt | 5,420 | 5,406 |
Interest payable | 885 | 733 |
Other liabilities | 10,917 | 3,739 |
Total liabilities | 1,471,829 | 1,473,386 |
Stockholders' equity | ||
Common stock, no par value; 30,000,000 shares authorized; 14,643,230 shares issued and outstanding at June 30, 2019, and 14,624,193 shares issued and outstanding at December 31, 2018 | 133,597 | 133,248 |
Retained earnings | 94,978 | 87,333 |
Accumulated other comprehensive income (loss) | 3,727 | (3,852) |
Total stockholders' equity | 232,302 | 216,729 |
Total liabilities and stockholders' equity | $ 1,704,131 | $ 1,690,115 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Stockholders' equity | ||
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 30,000,000 | |
Common stock, shares issued (in shares) | 14,643,230 | 14,624,193 |
Common stock, shares outstanding (in shares) | 14,643,230 | 14,624,193 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest income | ||||
Loans, including fees | $ 16,227 | $ 13,684 | $ 32,516 | $ 27,718 |
Securities available for sale | ||||
Taxable | 2,313 | 1,634 | 4,651 | 3,042 |
Tax-exempt | 88 | 55 | 180 | 114 |
Federal funds sold and other | 478 | 380 | 823 | 678 |
Total interest income | 19,106 | 15,753 | 38,170 | 31,552 |
Interest expense | ||||
Deposits | 2,285 | 1,197 | 4,335 | 2,228 |
Repurchase agreements and other | 12 | 7 | 21 | 15 |
Other borrowings | 10 | 41 | 31 | 88 |
FHLB advances | 48 | 0 | 103 | 0 |
Subordinated debt | 96 | 89 | 190 | 167 |
Total interest expense | 2,451 | 1,334 | 4,680 | 2,498 |
Net interest income | 16,655 | 14,419 | 33,490 | 29,054 |
Provision for loan losses | 330 | 500 | 890 | 1,615 |
Net interest income after provision for loan losses | 16,325 | 13,919 | 32,600 | 27,439 |
Non-interest income | ||||
Service charges on deposit accounts | 1,122 | 1,066 | 2,216 | 2,160 |
Electronic banking income | 927 | 892 | 1,749 | 1,709 |
Secondary market mortgage income | 33 | 81 | 57 | 113 |
Other | 265 | 192 | 501 | 315 |
Total non-interest income | 2,347 | 2,231 | 4,523 | 4,297 |
Non-interest expenses | ||||
Salaries and employee benefits | 5,427 | 5,043 | 10,626 | 9,821 |
Occupancy and equipment expenses | 1,877 | 1,480 | 3,541 | 3,090 |
Outside data processing | 1,426 | 1,277 | 2,810 | 2,526 |
Professional fees | 306 | 399 | 671 | 735 |
Taxes, other than payroll, property and income | 261 | 212 | 499 | 452 |
Write-downs, expenses, sales of other real estate owned, net | 228 | 525 | 477 | (361) |
Amortization of intangibles | 223 | 190 | 450 | 385 |
FDIC insurance | 119 | 124 | 243 | 272 |
Other expenses | 1,174 | 1,208 | 2,317 | 2,527 |
Total non-interest expenses | 11,041 | 10,458 | 21,634 | 19,447 |
Income before income taxes | 7,631 | 5,692 | 15,489 | 12,289 |
Provision for income taxes | 1,772 | 1,317 | 3,454 | 2,781 |
Net income | $ 5,859 | $ 4,375 | $ 12,035 | $ 9,508 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.40 | $ 0.33 | $ 0.82 | $ 0.71 |
Diluted (in dollars per share) | $ 0.40 | $ 0.32 | $ 0.82 | $ 0.71 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) [Abstract] | ||||
Net income | $ 5,859 | $ 4,375 | $ 12,035 | $ 9,508 |
Other comprehensive income (loss): | ||||
Unrealized gains (losses) arising during the period | 3,989 | (1,101) | 9,593 | (4,963) |
Reclassification of realized amount | 0 | 0 | 0 | 0 |
Net change in unrealized gain (loss) on securities | 3,989 | (1,101) | 9,593 | (4,963) |
Less tax impact | (837) | 231 | (2,014) | 1,042 |
Other comprehensive income (loss) | 3,152 | (870) | 7,579 | (3,921) |
Comprehensive income | $ 9,011 | $ 3,505 | $ 19,614 | $ 5,587 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balances at Dec. 31, 2017 | $ 110,445 | $ 74,983 | $ (2,073) | $ 183,355 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 0 | 9,508 | 0 | 9,508 |
Other comprehensive income (loss) | 0 | 0 | (3,921) | (3,921) |
Cash dividends paid | 0 | (3,606) | 0 | (3,606) |
Cash in lieu of fractional share for 5 for 4 stock split | 0 | (13) | 0 | (13) |
Stock options exercised | 101 | 0 | 0 | 101 |
Stock based compensation expense | 181 | 0 | 0 | 181 |
Balances at Jun. 30, 2018 | 110,727 | 80,872 | (5,994) | 185,605 |
Balances at Mar. 31, 2018 | 110,485 | 78,515 | (5,124) | 183,876 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 0 | 4,375 | 0 | 4,375 |
Other comprehensive income (loss) | 0 | 0 | (870) | (870) |
Cash dividends paid | 0 | (2,005) | 0 | (2,005) |
Cash in lieu of fractional share for 5 for 4 stock split | 0 | (13) | 0 | (13) |
Stock options exercised | 88 | 0 | 0 | 88 |
Stock based compensation expense | 154 | 0 | 0 | 154 |
Balances at Jun. 30, 2018 | 110,727 | 80,872 | (5,994) | 185,605 |
Balances at Dec. 31, 2018 | 133,248 | 87,333 | (3,852) | 216,729 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 0 | 12,035 | 0 | 12,035 |
Other comprehensive income (loss) | 0 | 0 | 7,579 | 7,579 |
Cash dividends paid | 0 | (4,390) | 0 | (4,390) |
Stock options exercised | 140 | 0 | 0 | 140 |
Stock based compensation expense | 209 | 0 | 0 | 209 |
Balances at Jun. 30, 2019 | 133,597 | 94,978 | 3,727 | 232,302 |
Balances at Mar. 31, 2019 | 133,338 | 91,314 | 575 | 225,227 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 0 | 5,859 | 0 | 5,859 |
Other comprehensive income (loss) | 0 | 0 | 3,152 | 3,152 |
Cash dividends paid | 0 | (2,195) | 0 | (2,195) |
Stock options exercised | 89 | 0 | 0 | 89 |
Stock based compensation expense | 170 | 0 | 0 | 170 |
Balances at Jun. 30, 2019 | $ 133,597 | $ 94,978 | $ 3,727 | $ 232,302 |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019$ / shares | Jun. 30, 2018$ / shares | Jun. 30, 2019$ / shares | Jun. 30, 2018$ / shares | |
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) [Abstract] | ||||
Cash dividends paid (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.30 | $ 0.27 |
Stock split ratio | 1.25 | 1.25 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities | ||
Net income | $ 12,035 | $ 9,508 |
Adjustments to reconcile net income to net cash from operating activities | ||
Depreciation and real property impairment | 1,150 | 831 |
Provision for loan losses | 890 | 1,615 |
Amortization (accretion), net | 80 | 668 |
Writedowns (gains on the sale) of other real estate owned, net | 100 | (920) |
Stock compensation expense | 209 | 181 |
Changes in: | ||
Interest receivable | (380) | 279 |
Other assets | (155) | 1,011 |
Interest payable | 152 | 69 |
Other liabilities | (380) | (294) |
Net cash from operating activities | 13,701 | 12,948 |
Cash flows from investing activities | ||
Purchases of securities available for sale | (21,020) | (57,530) |
Proceeds from maturities and calls of securities available for sale | 35,107 | 32,574 |
Purchase of FHLB stock | (10) | 0 |
Redemption of FHLB stock | 100 | 12 |
Net change in loans | 273 | 20,599 |
Purchases of premises and equipment, net | (876) | (2,310) |
Proceeds from sales of other real estate acquired through foreclosure | 633 | 7,266 |
Net cash from (used in) investing activities | 14,207 | 611 |
Cash flows from financing activities | ||
Net change in deposits | (2,804) | 21,469 |
Net change in agreements to repurchase securities | (1,228) | (1,445) |
Repayment of other borrowed funds | (2,500) | (1,200) |
Repayment of FHLB advances | (2,500) | 0 |
Proceeds from stock option exercises | 140 | 101 |
Common stock dividends paid | (4,390) | (3,619) |
Net cash from financing activities | (13,282) | 15,306 |
Net change in cash and cash equivalents | 14,626 | 28,865 |
Cash and cash equivalents at beginning of period | 80,775 | 82,663 |
Cash and cash equivalents at end of period | 95,401 | 111,528 |
Supplemental disclosures of cash flow information: | ||
Cash paid during period for interest | 4,528 | 2,429 |
Cash paid during period for income taxes | 3,500 | 1,545 |
Loans transferred to real estate acquired through foreclosure | 957 | 574 |
Operating right-of-use asset resulting from lease liability | $ 7,558 | $ 0 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2019 | |
BASIS OF PRESENTATION [Abstract] | |
BASIS OF PRESENTATION | NOTE 1 - BASIS OF PRESENTATION The consolidated financial statements include the accounts of Premier Financial Bancorp, Inc. (the Company) and its wholly owned subsidiaries (the “Banks”): June 30, 2019 Year Total Net Income Subsidiary Location Acquired Assets Qtr YTD Citizens Deposit Bank & Trust Vanceburg, Kentucky 1991 $ 469,673 $ 1,564 $ 2,943 Premier Bank, Inc. Huntington, West Virginia 1998 1,226,835 4,875 10,249 Parent and Intercompany Eliminations 7,623 (580 ) (1,157 ) Consolidated Total $ 1,704,131 $ 5,859 $ 12,035 All significant intercompany transactions and balances have been eliminated. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments |
SECURITIES
SECURITIES | 6 Months Ended |
Jun. 30, 2019 | |
SECURITIES [Abstract] | |
SECURITIES | NOTE 2 - SECURITIES Amortized cost and fair value of investment securities, by category, at June 30, 2019 are summarized as follows: 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Available for sale Mortgage-backed securities U. S. sponsored agency MBS - residential $ 246,578 $ 3,119 $ (242 ) $ 249,455 U. S. sponsored agency CMO’s - residential 72,220 967 (98 ) 73,089 Total mortgage-backed securities of government sponsored agencies 318,798 4,086 (340 ) 322,544 U. S. government sponsored agency securities 21,351 488 (27 ) 21,812 Obligations of states and political subdivisions 12,651 405 (2 ) 13,054 Other securities 3,198 107 - 3,305 Total available for sale $ 355,998 $ 5,086 $ (369 ) $ 360,715 Amortized cost and fair value of investment securities, by category, at December 31, 2018 are summarized as follows: 2018 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Available for sale Mortgage-backed securities U. S. sponsored agency MBS - residential $ 259,575 $ 513 $ (4,846 ) $ 255,242 U. S. sponsored agency CMO’s - residential 69,231 94 (782 ) 68,543 Total mortgage-backed securities of government sponsored agencies 328,806 607 (5,628 ) 323,785 U. S. government sponsored agency securities 24,154 196 (180 ) 24,170 Obligations of states and political subdivisions 14,194 176 (43 ) 14,327 Other securities 3,453 6 (10 ) 3,449 Total available for sale $ 370,607 $ 985 $ (5,861 ) $ 365,731 The amortized cost and fair value of securities at June 30, 2019 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Fair Value Available for sale Due in one year or less $ 8,293 $ 8,299 Due after one year through five years 15,818 16,165 Due after five years through ten years 8,172 8,501 Due after ten years 4,417 4,706 Corporate preferred securities 500 500 Mortgage-backed securities of government sponsored agencies 318,798 322,544 Total available for sale $ 355,998 $ 360,715 There were no sales of securities during the first six months of 2019 and 2018. Securities with unrealized losses at June 30, 2019 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows: Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S government sponsored nagency securities $ - $ - $ 7,701 $ (27 ) $ 7,701 $ (27 ) U.S government sponsored agency MBS – residential - - 35,474 (242 ) 35,474 (242 ) U.S government sponsored agency CMO – residential - - 14,763 (98 ) 14,763 (98 ) Obligations of states and political subdivisions - - 328 (2 ) 328 (2 ) Total temporarily impaired $ - $ - $ 58,266 $ (369 ) $ 58,266 $ (369 ) Securities with unrealized losses at December 31, 2018 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows: Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S government sponsored agency securities $ 999 $ - $ 11,057 $ (180 ) $ 12,056 $ (180 ) U.S government sponsored agency MBS – residential 50,923 (243 ) 158,791 (4,603 ) 209,714 (4,846 ) U.S government sponsored agency CMO’s – residential 16,359 (41 ) 26,386 (741 ) 42,745 (782 ) Obligations of states and political subdivisions 679 (6 ) 3,454 (37 ) 4,133 (43 ) Other securities 1,712 (10 ) - - 1,712 (10 ) Total temporarily impaired $ 70,672 $ (300 ) $ 199,688 $ (5,561 ) $ 270,360 $ (5,861 ) The investment portfolio is predominately high credit quality interest-bearing bonds with defined maturity dates backed by the U.S. Government or Government sponsored entities. The unrealized losses at June 30, 2019 and December 31, 2018 are price changes resulting from changes in the interest rate environment and are considered to be temporary declines in the value of the securities. Management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery. Their fair value is expected to recover as the bonds approach their maturity date and/or market conditions improve. |
LOANS
LOANS | 6 Months Ended |
Jun. 30, 2019 | |
LOANS [Abstract] | |
LOANS | NOTE 3 - LOANS Major classifications of loans at June 30, 2019 and December 31, 2018 are summarized as follows: 2019 2018 Residential real estate $ 381,525 $ 381,027 Multifamily real estate 39,298 54,016 Commercial real estate: Owner occupied 134,423 138,209 Non-owner occupied 296,780 282,608 Commercial and industrial 104,437 103,624 Consumer 25,848 27,688 Construction and land 132,814 128,926 All other 33,128 33,203 $ 1,148,253 $ 1,149,301 Activity in the allowance for loan losses by portfolio segment for the six months ended June 30, 2019 was as follows: Loan Class Balance Dec 31, 2018 Provision (credit) for loan losses Loans charged-off Recoveries Balance June 30, 2019 Residential real estate $ 1,808 $ 104 $ (59 ) $ 27 $ 1,880 Multifamily real estate 1,649 65 - 2 1,716 Commercial real estate: Owner occupied 2,120 200 (533 ) 3 1,790 Non-owner occupied 3,058 277 (57 ) 2 3,280 Commercial and industrial 1,897 178 (113 ) 38 2,000 Consumer 351 129 (140 ) 28 368 Construction and land 2,255 (102 ) (13 ) - 2,140 All other 600 39 (97 ) 57 599 Total $ 13,738 $ 890 $ (1,012 ) $ 157 $ 13,773 Activity in the allowance for loan losses by portfolio segment for the six months ended June 30, 2018 was as follows: Loan Class Balance Dec 31, 2017 Provision (credit) for loan losses Loans charged-off Recoveries Balance June 30, 2018 Residential real estate $ 2,986 $ (609 ) $ (148 ) $ 25 $ 2,254 Multifamily real estate 978 (410 ) (11 ) - 557 Commercial real estate: Owner occupied 1,653 266 (3 ) 1 1,917 Non-owner occupied 2,313 140 (16 ) - 2,437 Commercial and industrial 1,101 976 (504 ) 26 1,599 Consumer 328 51 (63 ) 38 354 Construction and land 2,408 864 (19 ) - 3,253 All other 337 337 (130 ) 67 611 Total $ 12,104 $ 1,615 $ (894 ) $ 157 $ 12,982 Activity in the allowance for loan losses by portfolio segment for the three months ended June 30, 2019 was as follows: Loan Class Balance March 31, 2019 Provision (credit) for loan losses Loans charged-off Recoveries Balance Residential real estate $ 1,823 $ 62 $ (27 ) $ 22 $ 1,880 Multifamily real estate 1,590 126 - - 1,716 Commercial real estate: Owner occupied 1,824 (36 ) - 2 1,790 Non-owner occupied 3,401 (123 ) - 2 3,280 Commercial and industrial 1,721 275 (3 ) 7 2,000 Consumer 365 19 (33 ) 17 368 Construction and land 2,149 (9 ) - - 2,140 All other 606 16 (46 ) 23 599 Total $ 13,479 $ 330 $ (109 ) $ 73 $ 13,773 Activity in the allowance for loan losses by portfolio segment for the three months ended June 30, 2018 was as follows: Loan Class Balance March 31, 2018 Provision (credit) for loan losses Loans charged-off Recoveries Balance Residential real estate $ 2,262 $ 82 $ (99 ) $ 9 $ 2,254 Multifamily real estate 647 (90 ) - - 557 Commercial real estate: Owner occupied 1,816 102 (1 ) - 1,917 Non-owner occupied 2,187 250 - - 2,437 Commercial and industrial 1,651 163 (237 ) 22 1,599 Consumer 369 2 (30 ) 13 354 Construction and land 3,302 (49 ) - - 3,253 All other 606 40 (63 ) 28 611 Total $ 12,840 $ 500 $ (430 ) $ 72 $ 12,982 Purchased Impaired Loans The Company holds purchased loans for which there was, at their acquisition date, evidence of deterioration of credit quality since their origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans is as follows at June 30, 2019 and December 31, 2018. 2019 2018 Residential real estate $ 2,355 $ 2,665 Commercial real estate Owner occupied 1,754 2,040 Non-owner occupied 3,062 3,434 Commercial and industrial 350 1,720 Construction and land 587 1,212 All other 231 225 Total carrying amount $ 8,339 $ 11,296 Contractual principal balance $ 11,922 $ 15,436 Carrying amount, net of allowance $ 8,339 $ 11,296 For those purchased loans disclosed above, the Company did not increase the allowance for loan losses during the six-months ended June 30, 2019 and June 30, 2018. For those purchased loans disclosed above, where the Company can reasonably estimate the cash flows expected to be collected on the loans, a portion of the purchase discount is allocated to an accretable yield adjustment based upon the present value of the future estimated cash flows versus the current carrying value of the loan and the accretable yield portion is being recognized as interest income over the remaining life of the loan. Where the Company cannot reasonably estimate the cash flows expected to be collected on the loans, it has continued to account for those loans using the cost recovery method of income recognition. As such, no portion of a purchase discount adjustment has been determined to meet the definition of an accretable yield adjustment on those loans accounted for using the cost recovery method. If, in the future, cash flows from the borrower(s) can be reasonably estimated, a portion of the purchase discount would be allocated to an accretable yield adjustment based upon the present value of the future estimated cash flows versus the current carrying value of the loan and the accretable yield portion would be recognized as interest income over the remaining life of the loan. Until such accretable yield can be calculated, under the cost recovery method of income recognition, all payments will be used to reduce the carrying value of the loan and no income will be recognized on the loan until the carrying value is reduced to zero. Any loan accounted for under the cost recovery method is also still included as a non-accrual loan in the amounts presented in the tables below. The accretable yield, or income expected to be collected, on the purchased loans above is as follows at June 30, 2019 and June 30, 2018. 2019 2018 Balance at January 1 $ 642 $ 754 New loans purchased - - Accretion of income (94 ) (80 ) Loans placed on non-accrual - (41 ) Income recognized upon full repayment (73 ) (38 ) Reclassifications from non-accretable difference - - Disposals - - Balance at June 30 $ 475 $ 595 Past Due and Non-performing Loans The following tables present the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of June 30, 2019 and December 31, 2018. The recorded investment in non-accrual loans is less than the principal owed on non-accrual loans due to discounts applied to the carrying value of the loan at time of their acquisition and interest payments made by the borrower, which have been used to reduce the recorded investment in the loan rather than recognized as interest income. June 30, 2019 Principal Owed on Non-accrual Loans Recorded Investment in Non-accrual Loans Loans Past Due Over 90 Days, still accruing Residential real estate $ 4,248 $ 3,190 $ 1,066 Multifamily real estate 4,112 3,810 - Commercial real estate Owner occupied 4,124 3,864 72 Non-owner occupied 5,891 4,705 88 Commercial and industrial 1,131 500 7 Consumer 212 172 - Construction and land 539 525 13 All other 75 73 38 Total $ 20,332 $ 16,839 $ 1,284 December 31, 2018 Principal Owed on Non-accrual Loans Recorded Investment in Non-accrual Loans Loans Past Due Over 90 Days, still accruing Residential real estate $ 4,966 $ 3,708 $ 954 Multifamily real estate 4,127 3,905 - Commercial real estate Owner occupied 3,692 3,436 56 Non-owner occupied 5,761 4,592 76 Commercial and industrial 1,303 625 - Consumer 292 253 - Construction and land 857 856 - All other 75 73 - Total $ 21,073 $ 17,448 $ 1,086 Nonaccrual loans and impaired loans are defined differently. Some loans may be included in both categories, and some may only be included in one category. Nonaccrual loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. The following table presents the aging of the recorded investment in past due loans as of June 30, 2019 by class of loans: Loan Class Total Loans 30-89 Days Past Due Greater than 90 days past due Total Past Due Loans Not Past Due Residential real estate $ 381,525 $ 8,441 $ 1,894 $ 10,335 $ 371,190 Multifamily real estate 39,298 4,171 89 4,260 35,038 Commercial real estate: Owner occupied 134,423 1,220 2,855 4,075 130,348 Non-owner occupied 296,780 788 3,455 4,243 292,537 Commercial and industrial 104,437 557 335 892 103,545 Consumer 25,848 250 45 295 25,553 Construction and land 132,814 350 55 405 132,409 All other 33,128 60 111 171 32,957 Total $ 1,148,253 $ 15,837 $ 8,839 $ 24,676 $ 1,123,577 The following table presents the aging of the recorded investment in past due loans as of December 31, 2018 by class of loans: Loan Class Total Loans 30-89 Days Past Due Greater than 90 days past due Total Past Due Loans Not Past Due Residential real estate $ 381,027 $ 7,078 $ 2,594 $ 9,672 $ 371,355 Multifamily real estate 54,016 - 110 110 53,906 Commercial real estate: Owner occupied 138,209 124 2,601 2,725 135,484 Non-owner occupied 282,608 172 3,301 3,473 279,135 Commercial and industrial 103,624 2,235 262 2,497 101,127 Consumer 27,688 247 112 359 27,329 Construction and land 128,926 388 810 1,198 127,728 All other 33,203 546 73 619 32,584 Total $ 1,149,301 $ 10,790 $ 9,863 $ 20,653 $ 1,128,648 The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of June 30, 2019: Allowance for Loan Losses Loan Balances Loan Class Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Residential real estate $ 19 $ 1,861 $ - $ 1,880 $ 113 $ 379,057 $ 2,355 $ 381,525 Multifamily real estate 1,483 233 - 1,716 3,810 35,488 - 39,298 Commercial real estate: Owner occupied 113 1,677 - 1,790 3,223 129,446 1,754 134,423 Non-owner occupied 233 3,047 - 3,280 10,047 283,671 3,062 296,780 Commercial and industrial 447 1,553 - 2,000 684 103,403 350 104,437 Consumer - 368 - 368 - 25,848 - 25,848 Construction and land 99 2,041 2,140 513 131,714 587 132,814 All other - 599 - 599 - 32,897 231 33,128 Total $ 2,394 $ 11,379 $ - $ 13,773 $ 18,390 $ 1,121,524 $ 8,339 $ 1,148,253 The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2018: Allowance for Loan Losses Loan Balances Loan Class Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Residential real estate $ - $ 1,808 $ - $ 1,808 $ 298 $ 378,064 $ 2,665 $ 381,027 Multifamily real estate 1,281 368 - 1,649 3,905 50,111 - 54,016 Commercial real estate: Owner occupied 692 1,428 - 2,120 2,820 133,349 2,040 138,209 Non-owner occupied 267 2,791 - 3,058 10,111 269,063 3,434 282,608 Commercial and industrial 414 1,483 - 1,897 558 101,346 1,720 103,624 Consumer - 351 - 351 - 27,688 - 27,688 Construction and land 142 2,113 - 2,255 1,351 126,363 1,212 128,926 All other - 600 - 600 - 32,978 225 33,203 Total $ 2,796 $ 10,942 $ - $ 13,738 $ 19,043 $ 1,118,962 $ 11,296 $ 1,149,301 In the tables below, total individually evaluated impaired loans include certain purchased loans that were acquired with deteriorated credit quality that are still individually evaluated for impairment. The following table presents loans individually evaluated for impairment by class of loans as of June 30, 2019. The table includes $1,346,000 of loans acquired with deteriorated credit quality that the Company cannot reasonably estimate cash flows such that they are accounted for on the cost recovery method and are still individually evaluated for impairment. Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Residential real estate $ 438 $ 228 $ - Multifamily real estate 97 89 - Commercial real estate Owner occupied 2,652 2,419 - Non-owner occupied 8,536 7,808 - Commercial and industrial 552 43 - Construction and Land 35 35 - 12,310 10,622 - With an allowance recorded: Residential real estate 47 47 19 Multifamily real estate 4,016 3,721 1,483 Commercial real estate Owner occupied 1,553 1,525 113 Non-owner occupied 2,793 2,701 233 Commercial and industrial 650 641 447 Construction and land 491 479 99 9,550 9,114 2,394 Total $ 21,860 $ 19,736 $ 2,394 The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2018. The table includes $1,160,000 of loans acquired with deteriorated credit quality for which the Company cannot reasonably estimate cash flows such that they are accounted for on the cost recovery method and are still individually evaluated for impairment. Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Residential real estate $ 426 $ 298 $ - Multifamily real estate 110 110 - Commercial real estate Owner occupied 1,305 1,092 - Non-owner occupied 8,458 7,740 - Commercial and industrial 531 - - Construction and land 786 786 - 11,616 10,026 - With an allowance recorded: Multifamily real estate $ 4,016 $ 3,795 $ 1,281 Commercial real estate Owner occupied 2,523 2,478 692 Non-owner occupied 2,852 2,781 267 Commercial and industrial 562 558 414 Construction and land 565 565 142 10,518 10,177 2,796 Total $ 22,134 $ 20,203 $ 2,796 The following table presents the average balance of loans individually evaluated for impairment and interest income recognized on these loans for the six months ended June 30, 2019 and June 30, 2018. The table includes loans acquired with deteriorated credit quality that are still individually evaluated for impairment. Six months ended June 30, 2019 Six months ended June 30, 2018 Loan Class Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized Residential real estate $ 267 $ - $ - $ 302 $ - $ - Multifamily real estate 3,855 - - 2,287 11 11 Commercial real estate: Owner occupied 3,898 6 6 3,208 51 51 Non-owner occupied 10,556 186 186 9,535 241 241 Commercial and industrial 478 2 2 1,145 16 16 Construction and land 1,065 121 121 4,703 3 3 All other - - - 288 4 4 Total $ 20,119 $ 315 $ 315 $ 21,468 $ 326 $ 326 The following table presents the average balance of loans individually evaluated for impairment and interest income recognized on these loans for the three months ended June 30, 2019 and June 30, 2018. The table includes loans acquired with deteriorated credit quality that are still individually evaluated for impairment. Three months ended June 30, 2019 Three months ended June 30, 2018 Loan Class Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized Residential real estate $ 253 $ - $ - $ 299 $ - $ - Multifamily real estate 3,830 - - 2,199 1 1 Commercial real estate: Owner occupied 4,062 3 3 3,154 26 26 Non-owner occupied 10,573 92 92 8,514 105 105 Commercial and industrial 437 1 1 966 8 8 Construction and land 922 113 113 4,218 3 3 All other - - - 286 - - Total $ 20,077 $ 209 $ 209 $ 19,636 $ 143 $ 143 Troubled Debt Restructurings A loan is classified as a troubled debt restructuring ("TDR") when loan terms are modified due to a borrower's financial difficulties and a concession is granted to a borrower that would not have otherwise been considered. Most of the Company’s loan modifications involve a restructuring of loan terms prior to maturity to temporarily reduce the payment amount and/or to require only interest for a temporary period, usually up to six months. These modifications generally do not meet the definition of a TDR because the modifications are considered to be an insignificant delay in payment. The determination of an insignificant delay in payment is evaluated based on the facts and circumstances of the individual borrower(s). The following table presents TDR’s as of June 30, 2019 and December 31, 2018: June 30, 2019 TDR’s on Non-accrual Other TDR’s Total TDR’s Residential real estate $ 43 $ 165 $ 208 Multifamily real estate 3,721 - 3,721 Commercial real estate Owner occupied 1,526 214 1,740 Non-owner occupied - 5,893 5,893 Commercial and industrial 191 - 191 Total $ 5,481 $ 6,272 $ 11,753 December 31, 2018 TDR’s on Non-accrual Other TDR’s Total TDR’s Residential real estate $ 347 $ 97 $ 444 Multifamily real estate 3,795 - 3,795 Commercial real estate Owner occupied 1,647 222 1,869 Non-owner occupied - 5,964 5,964 Commercial and industrial 191 - 191 Total $ 5,980 $ 6,283 $ 12,263 At June 30, 2019, $1,692,000 in specific reserves was allocated to loans that had restructured terms resulting in a provision for loan losses $150,000 for the six months ended and a provision of $216,000 for the three months ended June 30, 2019. This compares to $163,000 of provision for loan losses on restructured loans for the six ended June 30, 2018 and a negative provision of $217,000 for the three months ended June 30, 2018. At December 31, 2018, $1,630,000 in specific reserves was allocated to loans that had restructured terms. There were no commitments to lend additional amounts to these borrowers. There were no TDR’s that occurred during the three and six months ended June 30, 2019. During the three and six months ended June 30, 2019 and the three and six months ended June 30, 2018, there were no TDR’s for which there was a payment default within twelve months following the modification. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. Credit Quality Indicators: The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes non-homogeneous loans, such as commercial, commercial real estate, multifamily residential and commercial purpose loans secured by residential real estate, on a monthly basis. For consumer loans, including consumer loans secured by residential real estate, and smaller balance non-homogeneous loans, the analysis involves monitoring the performing status of the loan. At the time such loans become past due by 90 days or more, the Company evaluates the loan to determine if a change in risk category is warranted. The Company uses the following definitions for risk ratings: Special Mention. Loans classified as special mention have a potential weakness that deserves management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution's credit position at some future date. Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. As of June 30, 2019, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Loan Class Pass Special Mention Substandard Doubtful Total Loans Residential real estate $ 369,315 $ 2,745 $ 9,256 $ 209 $ 381,525 Multifamily real estate 33,698 1,790 3,810 - 39,298 Commercial real estate: Owner occupied 122,600 4,746 7,077 - 134,423 Non-owner occupied 280,181 3,821 12,778 - 296,780 Commercial and industrial 100,151 2,989 1,004 293 104,437 Consumer 25,588 - 260 - 25,848 Construction and land 119,870 11,893 1,016 35 132,814 All other 32,807 248 73 - 33,128 Total $ 1,084,210 $ 28,232 $ 35,274 $ 537 $ 1,148,253 As of December 31, 2018, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Loan Class Pass Special Mention Substandard Doubtful Total Loans Residential real estate $ 369,808 $ 1,376 $ 9,681 $ 162 $ 381,027 Multifamily real estate 45,187 4,924 3,905 - 54,016 Commercial real estate: Owner occupied 126,422 4,840 6,947 - 138,209 Non-owner occupied 262,149 7,647 12,812 - 282,608 Commercial and industrial 96,066 5,280 2,278 - 103,624 Consumer 27,344 31 313 - 27,688 Construction and land 107,196 19,728 2,002 128,926 All other 32,749 381 73 - 33,203 Total $ 1,066,921 $ 44,207 $ 38,011 $ 162 $ 1,149,301 |
STOCKHOLDERS' EQUITY AND REGULA
STOCKHOLDERS' EQUITY AND REGULATORY MATTERS | 6 Months Ended |
Jun. 30, 2019 | |
STOCKHOLDERS' EQUITY AND REGULATORY MATTERS [Abstract] | |
STOCKHOLDERS' EQUITY AND REGULATORY MATTERS | NOTE 4 - STOCKHOLDERS’ EQUITY AND REGULATORY MATTERS The Company’s principal source of funds for dividend payments to shareholders is dividends received from the subsidiary Banks. Banking regulations limit the amount of dividends that may be paid without prior approval of regulatory agencies. Under these regulations, the amount of dividends that may be paid in any calendar year is limited to the current year’s net profits, as defined, combined with the retained net profits of the preceding two years, subject to the capital requirements and additional restrictions as discussed below. During 2019 the Banks could, without prior approval, declare dividends to the Company of approximately $8.4 million plus any 2019 net profits retained to the date of the dividend declaration. The Company and the subsidiary Banks 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 financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Banks must meet specific guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. These quantitative measures established by regulation to ensure capital adequacy require the Company and Banks to maintain minimum amounts and ratios (set forth in the following tables). The final rules implementing the Basel Committee on Banking Supervision’s capital guidelines for U.S. Banks (Basel III rules) became effective for the Company and Banks on January 1, 2015 with full compliance with all of the requirements being phased in over a multi-year schedule by January 1, 2019. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. Management believes, as of June 30, 2019, that the Company and the Banks meet all quantitative capital adequacy requirements to which they are subject. Shown below is a summary of regulatory capital ratios, exclusive of the capital conservation buffer, for the Company: June 30, 2019 December 31, 2018 Regulatory Minimum Requirements To Be Considered Well Capitalized Common Equity Tier 1 Capital (to Risk-Weighted Assets) 14.8 % 14.2 % 4.5 % 6.5 % Tier 1 Capital (to Risk-Weighted Assets) 15.3 % 14.7 % 6.0 % 8.0 % Total Capital (to Risk-Weighted Assets) 16.4 % 15.9 % 8.0 % 10.0 % Tier 1 Capital (to Average Assets) 11.1 % 10.7 % 4.0 % 5.0 % Beginning on January 1, 2016 an additional capital conservation buffer has been added to the minimum regulatory capital ratios under the regulatory framework for prompt corrective action. The capital conservation buffer is measured as a percentage of risk weighted assets and was phased-in over a four year period from 2016 thru 2019. As of January 1, 2019, the capital conservation buffer is 2.50% of risk weighted assets over and above the regulatory minimum capital ratios for Common Equity Tier 1 Capital (CET1) to risk weighted assets, Tier 1 Capital to risk weighted assets, and Total Capital to risk weighted assets. The consequences of not meeting the capital conservation buffer thresholds include restrictions on the payment of dividends, restrictions on the payment of discretionary bonuses, and restrictions on the repurchasing of common shares by the Company. The capital ratios of the Affiliate Banks and the Company exceed the new minimum capital ratios plus the fully phased-in 2.50% capital buffer requiring a CET1 Capital to risk weighted assets ratio of at least 7.00%, a Tier 1 Capital to risk weighted assets ratio of at least 8.50%, and a Total Capital to risk weighted assets ratio of at least 10.50%. The Company’s capital conservation buffer was 8.45% at June 30, 2019 and 7.88% at December 31, 2018, well in excess of the fully phased-in 2.50% required by January 1, 2019. |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2019 | |
PREMISES AND EQUIPMENT [Abstract] | |
PREMISES AND EQUIPMENT | NOTE 5 – PREMISES AND EQUIPMENT The Company leases certain banking facilities and equipment under various agreements with original terms provide for fixed monthly payments over periods generally ranging from two to sixteen years, including renewal options. Certain leases contain renewal options and rent escalation clauses calling for rent increases during the term of the lease. Short-term leases of equipment are recognized on a straight-line basis over the lease term. As of June 30, 2019, the weighted average remaining lease term for operating leases was 9.75 years and the weighted average discount rate used in the measurement of operating lease liabilities was 2.40%. Total lease expense for the six months ended June 30, 2019, which is included in net occupancy and equipment expense, was $622,000, consisting of $48,000 short-term lease expense and $574,000 of operating lease expense. For the three months ended June 30, 2019, lease expense was $310,000, consisting of $20,000 short-term lease expense and $290,000 of operating lease expense. The following table summarizes the future minimum rental commitments under operating leases: 2019 $ 535 2020 1,059 2021 1,013 2022 995 2023 799 2024 and thereafter 4,172 Total undiscounted cash flows 8,573 Discounted cash flows (1,015 ) Total lease liability $ 7,558 |
STOCK COMPENSATION EXPENSE
STOCK COMPENSATION EXPENSE | 6 Months Ended |
Jun. 30, 2019 | |
STOCK COMPENSATION EXPENSE [Abstract] | |
STOCK COMPENSATION EXPENSE | NOTE 6 - STOCK COMPENSATION EXPENSE From time to time the Company grants stock options to its employees. The Company estimates the fair value of the options at the time they are granted to employees and expenses that fair value over the vesting period of the option grant. On March 20, 2019, 72,075 incentive stock options were granted under the 2012 Long Term Incentive Plan at an exercise price of $15.57, the closing market price of Premier’s common stock on the grant date. These options vest in three equal annual installments ending on March 20, 2022. On March 21, 2018, 67,875 incentive stock options were granted under the 2012 Long Term Incentive Plan at an exercise price of $15.12, the closing market price of Premier’s common stock on the grant date adjusted for the 5 for 4 stock split issued by the Company on June 8, 2018. These options vest in three equal annual installments ending on March 21, 2021. On April 17, 2019, 7,500 shares of Premier’s common stock were granted to President and CEO, Robert W. Walker as stock-based bonus compensation under the 2012 Long-term Incentive Plan. The fair value of the stock at the time of the grant was $16.78 per share based upon the closing price of Premier’s stock on the date of grant and $126,000 of stock-based compensation was recorded as a result. On April 25, 2018, 7,500 shares of Premier’s common stock were granted to President and CEO, Robert W. Walker as stock-based bonus compensation under the 2012 Long-term Incentive Plan. The fair value of the stock at the time of the grant was $15.82 per share based upon the closing price of Premier’s stock on the date of grant and $119,000 of stock-based compensation was recorded as a result. Compensation expense of $209,000 was recorded for the first six months of 2019 while $181,000 was recorded for the first six months of 2018. Stock-based compensation expense related to incentive stock option grants is recognized ratably over the requisite vesting period for all awards. Unrecognized stock-based compensation expense related to stock options totaled $222,000 at June 30, 2019. This unrecognized expense is expected to be recognized over the next 32 months based on the vesting periods of the options. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2019 | |
EARNINGS PER SHARE [Abstract] | |
EARNINGS PER SHARE | NOTE 7 - EARNINGS PER SHARE A reconciliation of the numerators and denominators of the earnings per common share and earnings per common share assuming dilution computations for the three and six months ended June 30, 2019 and 2018 is presented below: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Basic earnings per share Income available to common stockholders $ 5,859 $ 4,375 $ 12,035 $ 9,508 Weighted average common shares outstanding 14,636,569 13,355,564 14,631,430 13,350,995 Earnings per share $ 0.40 $ 0.33 $ 0.82 $ 0.71 Diluted earnings per share Income available to common stockholders $ 5,859 $ 4,375 $ 12,035 $ 9,508 Weighted average common shares outstanding 14,636,569 13,355,564 14,631,430 13,350,995 Add dilutive effects of potential additional common stock 81,850 106,593 76,947 91,381 Weighted average common and dilutive potential common shares outstanding 14,718,419 13,462,157 14,708,377 13,442,376 Earnings per share assuming dilution $ 0.40 $ 0.32 $ 0.82 $ 0.71 There were no stock options considered antidilutive for the six months ended June 30, 2019 and 2018. There were no stock options considered antidilutive for the three months ended June 30, 2019 and 2018. |
FAIR VALUE
FAIR VALUE | 6 Months Ended |
Jun. 30, 2019 | |
FAIR VALUE [Abstract] | |
FAIR VALUE | NOTE 8 - FAIR VALUE Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to observable market data for similar assets and liabilities. However, certain assets and liabilities are not traded in observable markets and the Company must use other valuation methods to develop a fair value. Carrying amount is the estimated fair value for cash and due from banks, Federal funds sold, accrued interest receivable and payable, demand deposits, short-term debt, and deposits that reprice frequently and fully. Fair values of time deposits with other banks are based on current rates for similar time deposits using the remaining time to maturity. It was not practicable to determine the fair value of Federal Home Loan Bank stock due to the restrictions placed on its transferability. For deposits and variable rate deposits with infrequent repricing, fair value is based on discounted cash flows using current market rates applied to the estimated life. Fair values for loans is measured at the exit price notion by using the discounted cash flow or collateral value but also incorporates additional factors such as using economic factors, credit risk, and market rates and conditions. Fair values for impaired loans are estimated using discounted cash flow analysis or underlying collateral values. Fair value of debt is based on current rates for similar financing. The fair value of commitments to extend credit and standby letters of credit is not material. The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument measured on a recurring basis: Investment Securities: The fair values for investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). The carrying amounts and estimated fair values of financial instruments at June 30, 2019 were as follows: Fair Value Measurements at June 30, 2019 Using Carrying Amount Level 1 Level 2 Level 3 Total Financial assets Cash and due from banks $ 63,218 $ 63,218 $ - $ - $ 63,218 Time deposits with other banks 1,094 - 1,093 - 1,093 Federal funds sold 32,183 32,183 - - 32,183 Securities available for sale 360,715 - 360,215 500 360,715 Loans, net 1,134,480 - - 1,120,657 1,120,657 Federal Home Loan Bank stock 3,538 n/a n/a n/a n/a Interest receivable 4,675 - 1,013 3,662 4,675 Financial liabilities Deposits $ (1,427,424 ) $ (1,018,529 ) $ (407,548 ) $ - $ (1,426,077 ) Securities sold under agreements to repurchase (20,834 ) - (20,834 ) - (20,834 ) FHLB advance (6,349 ) - (6,329 ) - (6,329 ) Subordinated debt (5,420 ) - (5,459 ) - (5,459 ) Interest payable (885 ) (21 ) (864 ) - (885 ) The carrying amounts and estimated fair values of financial instruments at December 31, 2018 were as follows: Fair Value Measurements at December 31, 2018 Using Carrying Amount Level 1 Level 2 Level 3 Total Financial assets Cash and due from banks $ 62,903 $ 62,903 $ - $ - $ 62,903 Time deposits with other banks 1,094 - 1,085 - 1,085 Federal funds sold 17,872 17,872 - - 17,872 Securities available for sale 365,731 - 365,231 500 365,731 Loans, net 1,135,563 - - 1,121,517 1,121,517 Federal Home Loan Bank stock 3,628 n/a n/a n/a n/a Interest receivable 4,295 - 1,032 3,263 4,295 Financial liabilities Deposits $ (1,430,127 ) $ (1,039,430 ) $ (384,496 ) $ - $ (1,423,926 ) Securities sold under agreements to repurchase (22,062 ) - (22,062 ) - (22,062 ) FHLB advance (8,819 ) - (8,688 ) - (8,688 ) Other borrowed funds (2,500 ) - (2,478 ) - (2,478 ) Subordinated debt (5,406 ) - (5,509 ) - (5,509 ) Interest payable (733 ) (22 ) (711 ) - (733 ) Assets and Liabilities Measured on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurements at June 30, 2019 Using: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available for sale Mortgage-backed securities U. S. agency MBS - residential $ 249,455 $ - $ 249,455 $ - U. S. agency CMO’s - residential 73,089 - 73,089 - Total mortgage-backed securities of government sponsored agencies 322,544 - 322,544 - U. S. government sponsored agency securities 21,812 - 21,812 - Obligations of states and political subdivisions 13,054 - 13,054 - Other securities 3,305 - 2,805 500 Total securities available for sale $ 360,715 $ - $ 360,215 $ 500 Fair Value Measurements at December 31, 2018 Using: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available for sale Mortgage-backed securities U. S. agency MBS - residential $ 255,242 $ - $ 255,242 $ - U. S. agency CMO’s 68,543 - 68,543 - Total mortgage-backed securities of government sponsored agencies 323,785 - 323,785 - U. S. government sponsored agency securities 24,170 - 24,170 - Obligations of states and political subdivisions 14,327 - 14,327 - Other securities 3,449 - 2,949 500 Total securities available for sale $ 365,731 $ - $ 365,231 $ 500 There were no transfers between Level 1 and Level 2 during 2019 or 2018. The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2019: Securities Available-for-sale Six Months Ended June 30, 2019 Balance of recurring Level 3 assets at beginning of period $ 500 Total gains or losses (realized/unrealized): Included in earnings – realized - Included in earnings – unrealized - Included in other comprehensive income - Purchases, sales, issuances and settlements, net - Transfers in and/or out of Level 3 - Balance of recurring Level 3 assets at period-end $ 500 Assets and Liabilities Measured on a Non-Recurring Basis The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument measured on a non-recurring basis: Impaired loans: Other real estate owned (OREO): Assets and liabilities measured at fair value on a non-recurring basis at June 30, 2019 are summarized below: Fair Value Measurements at June 30, 2019 Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Impaired loans: Residential real estate $ 28 $ - $ - $ 28 Multifamily real estate 2,238 - - 2,238 Commercial real estate Owner occupied 1,412 - - 1,412 Non-owner occupied 2,468 - - 2,468 Commercial and industrial 194 - - 194 Construction and land 380 - - 380 Total impaired loans $ 6,720 $ - $ - $ 6,720 Other real estate owned: Residential real estate $ 1,149 $ - $ - $ 1,149 Multifamily real estate 10,307 - - 10,307 Commercial real estate Owner occupied 103 - - 103 Non-owner occupied 200 - - 200 Construction and land 229 - - 229 Total OREO $ 11,988 $ - $ - $ 11,988 Impaired loans, which are measured for impairment using the fair value of the collateral for collateral dependent loans, had a carrying amount of $9,114,000 at June 30, 2019 with a valuation allowance of $2,394,000 and a carrying amount of $10,177,000 at December 31, 2018 with a valuation allowance of $2,796,000. The change resulted in a provision for loan losses of $226,000 for the six-months ended June 30, 2019, compared to a $520,000 provision for loan losses for the six-months ended June 30, 2018 and a $416,000 in provision for loan losses for the three months ended June 30, 2019, compared to a $187,000 provision for loan losses for the three months ended June 30, 2018. The detail of impaired loans by loan class is contained in Note 3 above. Other real estate owned measured at fair value less costs to sell had a net carrying amount of $11,988,000 which is made up of the outstanding balance of $12,945,000 net of a valuation allowance of $957,000 at June 30, 2019. There were $131,000 of write downs during the six months ended June 30, 2019, compared to $120,000 of write downs during the six months ended June 30, 2018. For the three months ended June 30, 2019 there were $131,000 of additional write downs compared to $120,000 of additional write downs during the three months ended June 30, 2018. At December 31, 2018, other real estate owned had a net carrying amount of $11,766,000, made up of the outstanding balance of $12,769,000, net of a valuation allowance of $1,003,000. The significant unobservable inputs related to assets and liabilities measured at fair value on a non-recurring basis at June 30, 2019 are summarized below: June 30, 2019 Valuation Techniques Unobservable Inputs Range (Weighted Avg) Impaired loans: Residential real estate $ 28 sales comparison adjustment for estimated realizable value 70.3%-70.3% (70.3%) Multifamily real estate 2,238 sales comparison adjustment for estimated realizable value 51.4%-51.4% (51.4%) Commercial real estate Owner occupied 1,412 sales comparison adjustment for estimated realizable value 30.9%-30.9% (30.9%) Non-owner occupied 2,468 income approach adjustment for differences in net operating income expectations 16.1%-67.4% (54.0%) Commercial and industrial 194 sales comparison adjustment for estimated realizable value 0.0%-0.0% (0.0%) Construction and land 380 sales comparison adjustment for estimated realizable value 56.5%-56.5% (56.5%) Total impaired loans $ 6,720 Other real estate owned: Residential real estate $ 1,149 sales comparison adjustment for estimated realizable value 0.2%-59.8% (20.3%) Multifamily real estate 10,307 income approach adjustment for differences in net operating income expectations 20.0%-20.0% (20.0%) Commercial real estate Owner occupied 103 sales comparison adjustment for estimated realizable value 83.2%-83.2% (83.2%) Non-owner occupied 200 sales comparison adjustment for estimated realizable value 57.9%-57.9% (57.9%) Construction and land 229 sales comparison adjustment for estimated realizable value 37.5%-55.1% (48.9%) Total OREO $ 11,988 Assets and liabilities measured at fair value on a non-recurring basis at December 31, 2018 are summarized below: Fair Value Measurements at December 31, 2018 Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Impaired loans: Multifamily real estate $ 2,514 $ - $ - $ 2,514 Commercial real estate Owner occupied 1,786 - - 1,786 Non-owner occupied 2,514 - - 2,514 Commercial and industrial 144 - - 144 Construction and land 423 - - 423 Total impaired loans $ 7,381 $ - $ - $ 7,381 Other real estate owned: Residential real estate $ 984 $ - $ - $ 984 Multifamily real estate 10,307 - - 10,307 Commercial real estate Owner occupied 125 - - 125 Non-owner occupied 200 - - 200 Construction and land 150 - - 150 Total OREO $ 11,766 $ - $ - $ 11,766 The significant unobservable inputs related to assets and liabilities measured at fair value on a non-recurring basis at December 31, 2018 are summarized below: December 31, 2018 Valuation Techniques Unobservable Inputs Range (Weighted Avg) Impaired loans: Multifamily real estate $ 2,514 sales comparison adjustment for estimated realizable value 45.3%-45.3% (45.3%) Commercial real estate Owner occupied 1,786 sales comparison adjustment for estimated realizable value 31.5%-50.6% (35.5%) Non-owner occupied 2,514 income approach adjustment for differences in net operating income expectations 16.1%-67.2% (54.1%) Commercial and industrial 144 sales comparison adjustment for estimated realizable value 0.0%-0.0% (0.0%) Construction and land 423 sales comparison adjustment for estimated realizable value 53.2%-83.6% (54.5%) Total impaired loans $ 7,381 Other real estate owned: Residential real estate $ 984 sales comparison adjustment for estimated realizable value 19.2%-59.8% (21.9%) Multifamily real estate 10,307 income approach adjustment for differences in net operating income expectations 20.0%-20.0% (20.0%) Commercial real estate Owner occupied 125 sales comparison adjustment for estimated realizable value 42.4%-42.4% (42.4%) Non-owner occupied 200 sales comparison adjustment for estimated realizable value 57.9%-57.9% (57.9%) Construction and land 150 sales comparison adjustment for estimated realizable value 50.3%-50.3% (50.3%) Total OREO $ 11,766 |
PENDING ACQUISITION
PENDING ACQUISITION | 6 Months Ended |
Jun. 30, 2019 | |
PENDING ACQUISITION [Abstract] | |
PENDING ACQUISITION | NOTE 9 - PENDING ACQUISITION On July 8, 2019, Premier Financial Bancorp, Inc. (“Premier”) and its wholly owned subsidiary Citizens Deposit Bank and Trust, Inc. (“Citizens”) entered into a material definitive merger agreement (the “Merger Agreement”) with The First National Holding Company of Jackson (“FNHC”) and its wholly owned subsidiary The First National Bank of Jackson (“Jackson”), a $103.6 million national bank headquartered in Jackson, Kentucky whereby Citizens will purchase Jackson for approximately $14,784,000 in cash. Under terms of the Merger Agreement, Citizens will purchase all the shares of Jackson common stock for an amount equal to Jackson’s total shareholder equity at the effective time, subject to certain adjustments, and will subsequently merge Jackson with and into Citizens. The total transaction value is currently estimated to be $14,784,000. The transaction, which is subject to satisfaction of various contractual conditions, requires approval by bank regulatory agencies and the shareholders of FNHC and Jackson, is anticipated to close sometime in the fourth quarter of 2019 with a systems conversion anticipated to be completed soon thereafter. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
BASIS OF PRESENTATION [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments |
BASIS OF PRESENTATION (Tables)
BASIS OF PRESENTATION (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
BASIS OF PRESENTATION [Abstract] | |
Accounts of the Company and its Wholly Owned Subsidiaries | The consolidated financial statements include the accounts of Premier Financial Bancorp, Inc. (the Company) and its wholly owned subsidiaries (the “Banks”): June 30, 2019 Year Total Net Income Subsidiary Location Acquired Assets Qtr YTD Citizens Deposit Bank & Trust Vanceburg, Kentucky 1991 $ 469,673 $ 1,564 $ 2,943 Premier Bank, Inc. Huntington, West Virginia 1998 1,226,835 4,875 10,249 Parent and Intercompany Eliminations 7,623 (580 ) (1,157 ) Consolidated Total $ 1,704,131 $ 5,859 $ 12,035 |
SECURITIES (Tables)
SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
SECURITIES [Abstract] | |
Amortized Cost and Fair Value of Investment Securities, by Category | Amortized cost and fair value of investment securities, by category, at June 30, 2019 are summarized as follows: 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Available for sale Mortgage-backed securities U. S. sponsored agency MBS - residential $ 246,578 $ 3,119 $ (242 ) $ 249,455 U. S. sponsored agency CMO’s - residential 72,220 967 (98 ) 73,089 Total mortgage-backed securities of government sponsored agencies 318,798 4,086 (340 ) 322,544 U. S. government sponsored agency securities 21,351 488 (27 ) 21,812 Obligations of states and political subdivisions 12,651 405 (2 ) 13,054 Other securities 3,198 107 - 3,305 Total available for sale $ 355,998 $ 5,086 $ (369 ) $ 360,715 Amortized cost and fair value of investment securities, by category, at December 31, 2018 are summarized as follows: 2018 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Available for sale Mortgage-backed securities U. S. sponsored agency MBS - residential $ 259,575 $ 513 $ (4,846 ) $ 255,242 U. S. sponsored agency CMO’s - residential 69,231 94 (782 ) 68,543 Total mortgage-backed securities of government sponsored agencies 328,806 607 (5,628 ) 323,785 U. S. government sponsored agency securities 24,154 196 (180 ) 24,170 Obligations of states and political subdivisions 14,194 176 (43 ) 14,327 Other securities 3,453 6 (10 ) 3,449 Total available for sale $ 370,607 $ 985 $ (5,861 ) $ 365,731 |
Amortized Cost and Fair Value of Securities by Contractual Maturity | Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Fair Value Available for sale Due in one year or less $ 8,293 $ 8,299 Due after one year through five years 15,818 16,165 Due after five years through ten years 8,172 8,501 Due after ten years 4,417 4,706 Corporate preferred securities 500 500 Mortgage-backed securities of government sponsored agencies 318,798 322,544 Total available for sale $ 355,998 $ 360,715 |
Securities with Unrealized Losses in Continuous Unrealized Loss Position | Securities with unrealized losses at June 30, 2019 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows: Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S government sponsored nagency securities $ - $ - $ 7,701 $ (27 ) $ 7,701 $ (27 ) U.S government sponsored agency MBS – residential - - 35,474 (242 ) 35,474 (242 ) U.S government sponsored agency CMO – residential - - 14,763 (98 ) 14,763 (98 ) Obligations of states and political subdivisions - - 328 (2 ) 328 (2 ) Total temporarily impaired $ - $ - $ 58,266 $ (369 ) $ 58,266 $ (369 ) Securities with unrealized losses at December 31, 2018 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows: Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S government sponsored agency securities $ 999 $ - $ 11,057 $ (180 ) $ 12,056 $ (180 ) U.S government sponsored agency MBS – residential 50,923 (243 ) 158,791 (4,603 ) 209,714 (4,846 ) U.S government sponsored agency CMO’s – residential 16,359 (41 ) 26,386 (741 ) 42,745 (782 ) Obligations of states and political subdivisions 679 (6 ) 3,454 (37 ) 4,133 (43 ) Other securities 1,712 (10 ) - - 1,712 (10 ) Total temporarily impaired $ 70,672 $ (300 ) $ 199,688 $ (5,561 ) $ 270,360 $ (5,861 ) |
LOANS (Tables)
LOANS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
LOANS [Abstract] | |
Major Classifications of Loans | Major classifications of loans at June 30, 2019 and December 31, 2018 are summarized as follows: 2019 2018 Residential real estate $ 381,525 $ 381,027 Multifamily real estate 39,298 54,016 Commercial real estate: Owner occupied 134,423 138,209 Non-owner occupied 296,780 282,608 Commercial and industrial 104,437 103,624 Consumer 25,848 27,688 Construction and land 132,814 128,926 All other 33,128 33,203 $ 1,148,253 $ 1,149,301 |
Activity in the Allowance for Loan Losses by Portfolio Segment | Activity in the allowance for loan losses by portfolio segment for the six months ended June 30, 2019 was as follows: Loan Class Balance Dec 31, 2018 Provision (credit) for loan losses Loans charged-off Recoveries Balance June 30, 2019 Residential real estate $ 1,808 $ 104 $ (59 ) $ 27 $ 1,880 Multifamily real estate 1,649 65 - 2 1,716 Commercial real estate: Owner occupied 2,120 200 (533 ) 3 1,790 Non-owner occupied 3,058 277 (57 ) 2 3,280 Commercial and industrial 1,897 178 (113 ) 38 2,000 Consumer 351 129 (140 ) 28 368 Construction and land 2,255 (102 ) (13 ) - 2,140 All other 600 39 (97 ) 57 599 Total $ 13,738 $ 890 $ (1,012 ) $ 157 $ 13,773 Activity in the allowance for loan losses by portfolio segment for the six months ended June 30, 2018 was as follows: Loan Class Balance Dec 31, 2017 Provision (credit) for loan losses Loans charged-off Recoveries Balance June 30, 2018 Residential real estate $ 2,986 $ (609 ) $ (148 ) $ 25 $ 2,254 Multifamily real estate 978 (410 ) (11 ) - 557 Commercial real estate: Owner occupied 1,653 266 (3 ) 1 1,917 Non-owner occupied 2,313 140 (16 ) - 2,437 Commercial and industrial 1,101 976 (504 ) 26 1,599 Consumer 328 51 (63 ) 38 354 Construction and land 2,408 864 (19 ) - 3,253 All other 337 337 (130 ) 67 611 Total $ 12,104 $ 1,615 $ (894 ) $ 157 $ 12,982 Activity in the allowance for loan losses by portfolio segment for the three months ended June 30, 2019 was as follows: Loan Class Balance March 31, 2019 Provision (credit) for loan losses Loans charged-off Recoveries Balance Residential real estate $ 1,823 $ 62 $ (27 ) $ 22 $ 1,880 Multifamily real estate 1,590 126 - - 1,716 Commercial real estate: Owner occupied 1,824 (36 ) - 2 1,790 Non-owner occupied 3,401 (123 ) - 2 3,280 Commercial and industrial 1,721 275 (3 ) 7 2,000 Consumer 365 19 (33 ) 17 368 Construction and land 2,149 (9 ) - - 2,140 All other 606 16 (46 ) 23 599 Total $ 13,479 $ 330 $ (109 ) $ 73 $ 13,773 Activity in the allowance for loan losses by portfolio segment for the three months ended June 30, 2018 was as follows: Loan Class Balance March 31, 2018 Provision (credit) for loan losses Loans charged-off Recoveries Balance Residential real estate $ 2,262 $ 82 $ (99 ) $ 9 $ 2,254 Multifamily real estate 647 (90 ) - - 557 Commercial real estate: Owner occupied 1,816 102 (1 ) - 1,917 Non-owner occupied 2,187 250 - - 2,437 Commercial and industrial 1,651 163 (237 ) 22 1,599 Consumer 369 2 (30 ) 13 354 Construction and land 3,302 (49 ) - - 3,253 All other 606 40 (63 ) 28 611 Total $ 12,840 $ 500 $ (430 ) $ 72 $ 12,982 |
Purchased Impaired Loans | The carrying amount of those loans is as follows at June 30, 2019 and December 31, 2018. 2019 2018 Residential real estate $ 2,355 $ 2,665 Commercial real estate Owner occupied 1,754 2,040 Non-owner occupied 3,062 3,434 Commercial and industrial 350 1,720 Construction and land 587 1,212 All other 231 225 Total carrying amount $ 8,339 $ 11,296 Contractual principal balance $ 11,922 $ 15,436 Carrying amount, net of allowance $ 8,339 $ 11,296 |
Purchase Loans Accretable Yield, or Income Expected to be Collected | The accretable yield, or income expected to be collected, on the purchased loans above is as follows at June 30, 2019 and June 30, 2018. 2019 2018 Balance at January 1 $ 642 $ 754 New loans purchased - - Accretion of income (94 ) (80 ) Loans placed on non-accrual - (41 ) Income recognized upon full repayment (73 ) (38 ) Reclassifications from non-accretable difference - - Disposals - - Balance at June 30 $ 475 $ 595 |
Past Due and Non-performing Loans | The recorded investment in non-accrual loans is less than the principal owed on non-accrual loans due to discounts applied to the carrying value of the loan at time of their acquisition and interest payments made by the borrower, which have been used to reduce the recorded investment in the loan rather than recognized as interest income. June 30, 2019 Principal Owed on Non-accrual Loans Recorded Investment in Non-accrual Loans Loans Past Due Over 90 Days, still accruing Residential real estate $ 4,248 $ 3,190 $ 1,066 Multifamily real estate 4,112 3,810 - Commercial real estate Owner occupied 4,124 3,864 72 Non-owner occupied 5,891 4,705 88 Commercial and industrial 1,131 500 7 Consumer 212 172 - Construction and land 539 525 13 All other 75 73 38 Total $ 20,332 $ 16,839 $ 1,284 December 31, 2018 Principal Owed on Non-accrual Loans Recorded Investment in Non-accrual Loans Loans Past Due Over 90 Days, still accruing Residential real estate $ 4,966 $ 3,708 $ 954 Multifamily real estate 4,127 3,905 - Commercial real estate Owner occupied 3,692 3,436 56 Non-owner occupied 5,761 4,592 76 Commercial and industrial 1,303 625 - Consumer 292 253 - Construction and land 857 856 - All other 75 73 - Total $ 21,073 $ 17,448 $ 1,086 |
Aging of Recorded Investment in Past Due Loans by Loan Class | The following table presents the aging of the recorded investment in past due loans as of June 30, 2019 by class of loans: Loan Class Total Loans 30-89 Days Past Due Greater than 90 days past due Total Past Due Loans Not Past Due Residential real estate $ 381,525 $ 8,441 $ 1,894 $ 10,335 $ 371,190 Multifamily real estate 39,298 4,171 89 4,260 35,038 Commercial real estate: Owner occupied 134,423 1,220 2,855 4,075 130,348 Non-owner occupied 296,780 788 3,455 4,243 292,537 Commercial and industrial 104,437 557 335 892 103,545 Consumer 25,848 250 45 295 25,553 Construction and land 132,814 350 55 405 132,409 All other 33,128 60 111 171 32,957 Total $ 1,148,253 $ 15,837 $ 8,839 $ 24,676 $ 1,123,577 The following table presents the aging of the recorded investment in past due loans as of December 31, 2018 by class of loans: Loan Class Total Loans 30-89 Days Past Due Greater than 90 days past due Total Past Due Loans Not Past Due Residential real estate $ 381,027 $ 7,078 $ 2,594 $ 9,672 $ 371,355 Multifamily real estate 54,016 - 110 110 53,906 Commercial real estate: Owner occupied 138,209 124 2,601 2,725 135,484 Non-owner occupied 282,608 172 3,301 3,473 279,135 Commercial and industrial 103,624 2,235 262 2,497 101,127 Consumer 27,688 247 112 359 27,329 Construction and land 128,926 388 810 1,198 127,728 All other 33,203 546 73 619 32,584 Total $ 1,149,301 $ 10,790 $ 9,863 $ 20,653 $ 1,128,648 |
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment Based on Impairment Method | The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of June 30, 2019: Allowance for Loan Losses Loan Balances Loan Class Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Residential real estate $ 19 $ 1,861 $ - $ 1,880 $ 113 $ 379,057 $ 2,355 $ 381,525 Multifamily real estate 1,483 233 - 1,716 3,810 35,488 - 39,298 Commercial real estate: Owner occupied 113 1,677 - 1,790 3,223 129,446 1,754 134,423 Non-owner occupied 233 3,047 - 3,280 10,047 283,671 3,062 296,780 Commercial and industrial 447 1,553 - 2,000 684 103,403 350 104,437 Consumer - 368 - 368 - 25,848 - 25,848 Construction and land 99 2,041 2,140 513 131,714 587 132,814 All other - 599 - 599 - 32,897 231 33,128 Total $ 2,394 $ 11,379 $ - $ 13,773 $ 18,390 $ 1,121,524 $ 8,339 $ 1,148,253 The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2018: Allowance for Loan Losses Loan Balances Loan Class Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deteriorated Credit Quality Total Residential real estate $ - $ 1,808 $ - $ 1,808 $ 298 $ 378,064 $ 2,665 $ 381,027 Multifamily real estate 1,281 368 - 1,649 3,905 50,111 - 54,016 Commercial real estate: Owner occupied 692 1,428 - 2,120 2,820 133,349 2,040 138,209 Non-owner occupied 267 2,791 - 3,058 10,111 269,063 3,434 282,608 Commercial and industrial 414 1,483 - 1,897 558 101,346 1,720 103,624 Consumer - 351 - 351 - 27,688 - 27,688 Construction and land 142 2,113 - 2,255 1,351 126,363 1,212 128,926 All other - 600 - 600 - 32,978 225 33,203 Total $ 2,796 $ 10,942 $ - $ 13,738 $ 19,043 $ 1,118,962 $ 11,296 $ 1,149,301 |
Loans Individually Evaluated for Impairment by Class of Loans | The following table presents loans individually evaluated for impairment by class of loans as of June 30, 2019. The table includes $1,346,000 of loans acquired with deteriorated credit quality that the Company cannot reasonably estimate cash flows such that they are accounted for on the cost recovery method and are still individually evaluated for impairment. Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Residential real estate $ 438 $ 228 $ - Multifamily real estate 97 89 - Commercial real estate Owner occupied 2,652 2,419 - Non-owner occupied 8,536 7,808 - Commercial and industrial 552 43 - Construction and Land 35 35 - 12,310 10,622 - With an allowance recorded: Residential real estate 47 47 19 Multifamily real estate 4,016 3,721 1,483 Commercial real estate Owner occupied 1,553 1,525 113 Non-owner occupied 2,793 2,701 233 Commercial and industrial 650 641 447 Construction and land 491 479 99 9,550 9,114 2,394 Total $ 21,860 $ 19,736 $ 2,394 The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2018. The table includes $1,160,000 of loans acquired with deteriorated credit quality for which the Company cannot reasonably estimate cash flows such that they are accounted for on the cost recovery method and are still individually evaluated for impairment. Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Residential real estate $ 426 $ 298 $ - Multifamily real estate 110 110 - Commercial real estate Owner occupied 1,305 1,092 - Non-owner occupied 8,458 7,740 - Commercial and industrial 531 - - Construction and land 786 786 - 11,616 10,026 - With an allowance recorded: Multifamily real estate $ 4,016 $ 3,795 $ 1,281 Commercial real estate Owner occupied 2,523 2,478 692 Non-owner occupied 2,852 2,781 267 Commercial and industrial 562 558 414 Construction and land 565 565 142 10,518 10,177 2,796 Total $ 22,134 $ 20,203 $ 2,796 |
Average Balance of Loans Individually Evaluated for Impairment and Interest Income Recognized | The following table presents the average balance of loans individually evaluated for impairment and interest income recognized on these loans for the six months ended June 30, 2019 and June 30, 2018. The table includes loans acquired with deteriorated credit quality that are still individually evaluated for impairment. Six months ended June 30, 2019 Six months ended June 30, 2018 Loan Class Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized Residential real estate $ 267 $ - $ - $ 302 $ - $ - Multifamily real estate 3,855 - - 2,287 11 11 Commercial real estate: Owner occupied 3,898 6 6 3,208 51 51 Non-owner occupied 10,556 186 186 9,535 241 241 Commercial and industrial 478 2 2 1,145 16 16 Construction and land 1,065 121 121 4,703 3 3 All other - - - 288 4 4 Total $ 20,119 $ 315 $ 315 $ 21,468 $ 326 $ 326 The following table presents the average balance of loans individually evaluated for impairment and interest income recognized on these loans for the three months ended June 30, 2019 and June 30, 2018. The table includes loans acquired with deteriorated credit quality that are still individually evaluated for impairment. Three months ended June 30, 2019 Three months ended June 30, 2018 Loan Class Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized Average Recorded Investment Interest Income Recognized Cash Basis Interest Recognized Residential real estate $ 253 $ - $ - $ 299 $ - $ - Multifamily real estate 3,830 - - 2,199 1 1 Commercial real estate: Owner occupied 4,062 3 3 3,154 26 26 Non-owner occupied 10,573 92 92 8,514 105 105 Commercial and industrial 437 1 1 966 8 8 Construction and land 922 113 113 4,218 3 3 All other - - - 286 - - Total $ 20,077 $ 209 $ 209 $ 19,636 $ 143 $ 143 |
Troubled Debt Restructurings | The following table presents TDR’s as of June 30, 2019 and December 31, 2018: June 30, 2019 TDR’s on Non-accrual Other TDR’s Total TDR’s Residential real estate $ 43 $ 165 $ 208 Multifamily real estate 3,721 - 3,721 Commercial real estate Owner occupied 1,526 214 1,740 Non-owner occupied - 5,893 5,893 Commercial and industrial 191 - 191 Total $ 5,481 $ 6,272 $ 11,753 December 31, 2018 TDR’s on Non-accrual Other TDR’s Total TDR’s Residential real estate $ 347 $ 97 $ 444 Multifamily real estate 3,795 - 3,795 Commercial real estate Owner occupied 1,647 222 1,869 Non-owner occupied - 5,964 5,964 Commercial and industrial 191 - 191 Total $ 5,980 $ 6,283 $ 12,263 |
Risk Category of Loans by Class of Loans | As of June 30, 2019, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Loan Class Pass Special Mention Substandard Doubtful Total Loans Residential real estate $ 369,315 $ 2,745 $ 9,256 $ 209 $ 381,525 Multifamily real estate 33,698 1,790 3,810 - 39,298 Commercial real estate: Owner occupied 122,600 4,746 7,077 - 134,423 Non-owner occupied 280,181 3,821 12,778 - 296,780 Commercial and industrial 100,151 2,989 1,004 293 104,437 Consumer 25,588 - 260 - 25,848 Construction and land 119,870 11,893 1,016 35 132,814 All other 32,807 248 73 - 33,128 Total $ 1,084,210 $ 28,232 $ 35,274 $ 537 $ 1,148,253 As of December 31, 2018, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Loan Class Pass Special Mention Substandard Doubtful Total Loans Residential real estate $ 369,808 $ 1,376 $ 9,681 $ 162 $ 381,027 Multifamily real estate 45,187 4,924 3,905 - 54,016 Commercial real estate: Owner occupied 126,422 4,840 6,947 - 138,209 Non-owner occupied 262,149 7,647 12,812 - 282,608 Commercial and industrial 96,066 5,280 2,278 - 103,624 Consumer 27,344 31 313 - 27,688 Construction and land 107,196 19,728 2,002 128,926 All other 32,749 381 73 - 33,203 Total $ 1,066,921 $ 44,207 $ 38,011 $ 162 $ 1,149,301 |
STOCKHOLDERS' EQUITY AND REGU_2
STOCKHOLDERS' EQUITY AND REGULATORY MATTERS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
STOCKHOLDERS' EQUITY AND REGULATORY MATTERS [Abstract] | |
Regulatory Capital Ratios | Shown below is a summary of regulatory capital ratios, exclusive of the capital conservation buffer, for the Company: June 30, 2019 December 31, 2018 Regulatory Minimum Requirements To Be Considered Well Capitalized Common Equity Tier 1 Capital (to Risk-Weighted Assets) 14.8 % 14.2 % 4.5 % 6.5 % Tier 1 Capital (to Risk-Weighted Assets) 15.3 % 14.7 % 6.0 % 8.0 % Total Capital (to Risk-Weighted Assets) 16.4 % 15.9 % 8.0 % 10.0 % Tier 1 Capital (to Average Assets) 11.1 % 10.7 % 4.0 % 5.0 % |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
PREMISES AND EQUIPMENT [Abstract] | |
Future Minimum Rental Commitments under Operating Leases | The following table summarizes the future minimum rental commitments under operating leases: 2019 $ 535 2020 1,059 2021 1,013 2022 995 2023 799 2024 and thereafter 4,172 Total undiscounted cash flows 8,573 Discounted cash flows (1,015 ) Total lease liability $ 7,558 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
EARNINGS PER SHARE [Abstract] | |
Reconciliation of Numerators and Denominators of the Earnings Per Share | A reconciliation of the numerators and denominators of the earnings per common share and earnings per common share assuming dilution computations for the three and six months ended June 30, 2019 and 2018 is presented below: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Basic earnings per share Income available to common stockholders $ 5,859 $ 4,375 $ 12,035 $ 9,508 Weighted average common shares outstanding 14,636,569 13,355,564 14,631,430 13,350,995 Earnings per share $ 0.40 $ 0.33 $ 0.82 $ 0.71 Diluted earnings per share Income available to common stockholders $ 5,859 $ 4,375 $ 12,035 $ 9,508 Weighted average common shares outstanding 14,636,569 13,355,564 14,631,430 13,350,995 Add dilutive effects of potential additional common stock 81,850 106,593 76,947 91,381 Weighted average common and dilutive potential common shares outstanding 14,718,419 13,462,157 14,708,377 13,442,376 Earnings per share assuming dilution $ 0.40 $ 0.32 $ 0.82 $ 0.71 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
FAIR VALUE [Abstract] | |
Carrying Amounts and Estimated Fair Values of Financial Instruments | The carrying amounts and estimated fair values of financial instruments at June 30, 2019 were as follows: Fair Value Measurements at June 30, 2019 Using Carrying Amount Level 1 Level 2 Level 3 Total Financial assets Cash and due from banks $ 63,218 $ 63,218 $ - $ - $ 63,218 Time deposits with other banks 1,094 - 1,093 - 1,093 Federal funds sold 32,183 32,183 - - 32,183 Securities available for sale 360,715 - 360,215 500 360,715 Loans, net 1,134,480 - - 1,120,657 1,120,657 Federal Home Loan Bank stock 3,538 n/a n/a n/a n/a Interest receivable 4,675 - 1,013 3,662 4,675 Financial liabilities Deposits $ (1,427,424 ) $ (1,018,529 ) $ (407,548 ) $ - $ (1,426,077 ) Securities sold under agreements to repurchase (20,834 ) - (20,834 ) - (20,834 ) FHLB advance (6,349 ) - (6,329 ) - (6,329 ) Subordinated debt (5,420 ) - (5,459 ) - (5,459 ) Interest payable (885 ) (21 ) (864 ) - (885 ) The carrying amounts and estimated fair values of financial instruments at December 31, 2018 were as follows: Fair Value Measurements at December 31, 2018 Using Carrying Amount Level 1 Level 2 Level 3 Total Financial assets Cash and due from banks $ 62,903 $ 62,903 $ - $ - $ 62,903 Time deposits with other banks 1,094 - 1,085 - 1,085 Federal funds sold 17,872 17,872 - - 17,872 Securities available for sale 365,731 - 365,231 500 365,731 Loans, net 1,135,563 - - 1,121,517 1,121,517 Federal Home Loan Bank stock 3,628 n/a n/a n/a n/a Interest receivable 4,295 - 1,032 3,263 4,295 Financial liabilities Deposits $ (1,430,127 ) $ (1,039,430 ) $ (384,496 ) $ - $ (1,423,926 ) Securities sold under agreements to repurchase (22,062 ) - (22,062 ) - (22,062 ) FHLB advance (8,819 ) - (8,688 ) - (8,688 ) Other borrowed funds (2,500 ) - (2,478 ) - (2,478 ) Subordinated debt (5,406 ) - (5,509 ) - (5,509 ) Interest payable (733 ) (22 ) (711 ) - (733 ) |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurements at June 30, 2019 Using: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available for sale Mortgage-backed securities U. S. agency MBS - residential $ 249,455 $ - $ 249,455 $ - U. S. agency CMO’s - residential 73,089 - 73,089 - Total mortgage-backed securities of government sponsored agencies 322,544 - 322,544 - U. S. government sponsored agency securities 21,812 - 21,812 - Obligations of states and political subdivisions 13,054 - 13,054 - Other securities 3,305 - 2,805 500 Total securities available for sale $ 360,715 $ - $ 360,215 $ 500 Fair Value Measurements at December 31, 2018 Using: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Available for sale Mortgage-backed securities U. S. agency MBS - residential $ 255,242 $ - $ 255,242 $ - U. S. agency CMO’s 68,543 - 68,543 - Total mortgage-backed securities of government sponsored agencies 323,785 - 323,785 - U. S. government sponsored agency securities 24,170 - 24,170 - Obligations of states and political subdivisions 14,327 - 14,327 - Other securities 3,449 - 2,949 500 Total securities available for sale $ 365,731 $ - $ 365,231 $ 500 |
Reconciliation of All Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs | The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2019: Securities Available-for-sale Six Months Ended June 30, 2019 Balance of recurring Level 3 assets at beginning of period $ 500 Total gains or losses (realized/unrealized): Included in earnings – realized - Included in earnings – unrealized - Included in other comprehensive income - Purchases, sales, issuances and settlements, net - Transfers in and/or out of Level 3 - Balance of recurring Level 3 assets at period-end $ 500 |
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | Assets and liabilities measured at fair value on a non-recurring basis at June 30, 2019 are summarized below: Fair Value Measurements at June 30, 2019 Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Impaired loans: Residential real estate $ 28 $ - $ - $ 28 Multifamily real estate 2,238 - - 2,238 Commercial real estate Owner occupied 1,412 - - 1,412 Non-owner occupied 2,468 - - 2,468 Commercial and industrial 194 - - 194 Construction and land 380 - - 380 Total impaired loans $ 6,720 $ - $ - $ 6,720 Other real estate owned: Residential real estate $ 1,149 $ - $ - $ 1,149 Multifamily real estate 10,307 - - 10,307 Commercial real estate Owner occupied 103 - - 103 Non-owner occupied 200 - - 200 Construction and land 229 - - 229 Total OREO $ 11,988 $ - $ - $ 11,988 Assets and liabilities measured at fair value on a non-recurring basis at December 31, 2018 are summarized below: Fair Value Measurements at December 31, 2018 Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Impaired loans: Multifamily real estate $ 2,514 $ - $ - $ 2,514 Commercial real estate Owner occupied 1,786 - - 1,786 Non-owner occupied 2,514 - - 2,514 Commercial and industrial 144 - - 144 Construction and land 423 - - 423 Total impaired loans $ 7,381 $ - $ - $ 7,381 Other real estate owned: Residential real estate $ 984 $ - $ - $ 984 Multifamily real estate 10,307 - - 10,307 Commercial real estate Owner occupied 125 - - 125 Non-owner occupied 200 - - 200 Construction and land 150 - - 150 Total OREO $ 11,766 $ - $ - $ 11,766 |
Fair Value Inputs, Assets, Quantitative Information | The significant unobservable inputs related to assets and liabilities measured at fair value on a non-recurring basis at June 30, 2019 are summarized below: June 30, 2019 Valuation Techniques Unobservable Inputs Range (Weighted Avg) Impaired loans: Residential real estate $ 28 sales comparison adjustment for estimated realizable value 70.3%-70.3% (70.3%) Multifamily real estate 2,238 sales comparison adjustment for estimated realizable value 51.4%-51.4% (51.4%) Commercial real estate Owner occupied 1,412 sales comparison adjustment for estimated realizable value 30.9%-30.9% (30.9%) Non-owner occupied 2,468 income approach adjustment for differences in net operating income expectations 16.1%-67.4% (54.0%) Commercial and industrial 194 sales comparison adjustment for estimated realizable value 0.0%-0.0% (0.0%) Construction and land 380 sales comparison adjustment for estimated realizable value 56.5%-56.5% (56.5%) Total impaired loans $ 6,720 Other real estate owned: Residential real estate $ 1,149 sales comparison adjustment for estimated realizable value 0.2%-59.8% (20.3%) Multifamily real estate 10,307 income approach adjustment for differences in net operating income expectations 20.0%-20.0% (20.0%) Commercial real estate Owner occupied 103 sales comparison adjustment for estimated realizable value 83.2%-83.2% (83.2%) Non-owner occupied 200 sales comparison adjustment for estimated realizable value 57.9%-57.9% (57.9%) Construction and land 229 sales comparison adjustment for estimated realizable value 37.5%-55.1% (48.9%) Total OREO $ 11,988 The significant unobservable inputs related to assets and liabilities measured at fair value on a non-recurring basis at December 31, 2018 are summarized below: December 31, 2018 Valuation Techniques Unobservable Inputs Range (Weighted Avg) Impaired loans: Multifamily real estate $ 2,514 sales comparison adjustment for estimated realizable value 45.3%-45.3% (45.3%) Commercial real estate Owner occupied 1,786 sales comparison adjustment for estimated realizable value 31.5%-50.6% (35.5%) Non-owner occupied 2,514 income approach adjustment for differences in net operating income expectations 16.1%-67.2% (54.1%) Commercial and industrial 144 sales comparison adjustment for estimated realizable value 0.0%-0.0% (0.0%) Construction and land 423 sales comparison adjustment for estimated realizable value 53.2%-83.6% (54.5%) Total impaired loans $ 7,381 Other real estate owned: Residential real estate $ 984 sales comparison adjustment for estimated realizable value 19.2%-59.8% (21.9%) Multifamily real estate 10,307 income approach adjustment for differences in net operating income expectations 20.0%-20.0% (20.0%) Commercial real estate Owner occupied 125 sales comparison adjustment for estimated realizable value 42.4%-42.4% (42.4%) Non-owner occupied 200 sales comparison adjustment for estimated realizable value 57.9%-57.9% (57.9%) Construction and land 150 sales comparison adjustment for estimated realizable value 50.3%-50.3% (50.3%) Total OREO $ 11,766 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Accounts of the Company and its Wholly Owned Subsidiaries [Abstract] | |||||
Total Assets | $ 1,704,131 | $ 1,704,131 | $ 1,690,115 | ||
Net Income | 5,859 | $ 4,375 | 12,035 | $ 9,508 | |
ASU 2016-02 [Member] | |||||
Recently Issued Accounting Pronouncements [Abstract] | |||||
Right of use asset | 7,600 | 7,600 | |||
Finance lease liability | 7,600 | $ 7,600 | |||
Citizens Deposit Bank & Trust [Member] | Vanceburg, Kentucky [Member] | |||||
Accounts of the Company and its Wholly Owned Subsidiaries [Abstract] | |||||
Year Acquired | 1991 | ||||
Total Assets | 469,673 | $ 469,673 | |||
Net Income | 1,564 | $ 2,943 | |||
Premier Bank, Inc. [Member] | Huntington, West Virginia [Member] | |||||
Accounts of the Company and its Wholly Owned Subsidiaries [Abstract] | |||||
Year Acquired | 1998 | ||||
Total Assets | 1,226,835 | $ 1,226,835 | |||
Net Income | 4,875 | 10,249 | |||
Parent and Intercompany Eliminations [Member] | |||||
Accounts of the Company and its Wholly Owned Subsidiaries [Abstract] | |||||
Total Assets | 7,623 | 7,623 | |||
Net Income | $ (580) | $ (1,157) |
SECURITIES (Details)
SECURITIES (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Available-for-sale Investment securities [Abstract] | ||
Amortized cost | $ 355,998 | $ 370,607 |
Unrealized gains | 5,086 | 985 |
Unrealized losses | (369) | (5,861) |
Fair value | 360,715 | 365,731 |
U.S. Government Sponsored Agency MBS - Residential [Member] | ||
Available-for-sale Investment securities [Abstract] | ||
Amortized cost | 246,578 | 259,575 |
Unrealized gains | 3,119 | 513 |
Unrealized losses | (242) | (4,846) |
Fair value | 249,455 | 255,242 |
U.S. Government Sponsored Agency CMO's - Residential [Member] | ||
Available-for-sale Investment securities [Abstract] | ||
Amortized cost | 72,220 | 69,231 |
Unrealized gains | 967 | 94 |
Unrealized losses | (98) | (782) |
Fair value | 73,089 | 68,543 |
Total Mortgage-Backed Securities of Government Sponsored Agencies [Member] | ||
Available-for-sale Investment securities [Abstract] | ||
Amortized cost | 318,798 | 328,806 |
Unrealized gains | 4,086 | 607 |
Unrealized losses | (340) | (5,628) |
Fair value | 322,544 | 323,785 |
U.S. Government Sponsored Agency Securities [Member] | ||
Available-for-sale Investment securities [Abstract] | ||
Amortized cost | 21,351 | 24,154 |
Unrealized gains | 488 | 196 |
Unrealized losses | (27) | (180) |
Fair value | 21,812 | 24,170 |
Obligations of States and Political Subdivisions [Member] | ||
Available-for-sale Investment securities [Abstract] | ||
Amortized cost | 12,651 | 14,194 |
Unrealized gains | 405 | 176 |
Unrealized losses | (2) | (43) |
Fair value | 13,054 | 14,327 |
Other Securities [Member] | ||
Available-for-sale Investment securities [Abstract] | ||
Amortized cost | 3,198 | 3,453 |
Unrealized gains | 107 | 6 |
Unrealized losses | 0 | (10) |
Fair value | $ 3,305 | $ 3,449 |
SECURITIES, By Contractual Matu
SECURITIES, By Contractual Maturity (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Amortized cost of available-for-sale securities by contractual maturity [Abstract] | |||
Due in one year or less | $ 8,293 | ||
Due after one year through five years | 15,818 | ||
Due after five years through ten years | 8,172 | ||
Due after ten years | 4,417 | ||
Amortized cost | 355,998 | $ 370,607 | |
Fair value of available-for-sale securities by contractual maturity [Abstract] | |||
Due in one year or less | 8,299 | ||
Due after one year through five years | 16,165 | ||
Due after five years through ten years | 8,501 | ||
Due after ten years | 4,706 | ||
Fair value | 360,715 | 365,731 | |
Sales of securities | 0 | $ 0 | |
Corporate Preferred Securities [Member] | |||
Amortized cost of available-for-sale securities by contractual maturity [Abstract] | |||
Without single maturity date | 500 | ||
Fair value of available-for-sale securities by contractual maturity [Abstract] | |||
Without single maturity date | 500 | ||
Mortgage-backed Securities of Government Sponsored Enterprises [Member] | |||
Amortized cost of available-for-sale securities by contractual maturity [Abstract] | |||
Without single maturity date | 318,798 | ||
Amortized cost | 318,798 | 328,806 | |
Fair value of available-for-sale securities by contractual maturity [Abstract] | |||
Without single maturity date | 322,544 | ||
Fair value | $ 322,544 | $ 323,785 |
SECURITIES, Securities with Unr
SECURITIES, Securities with Unrealized Losses in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Continuous unrealized loss position, fair value [Abstract] | ||
Less than 12 months | $ 0 | $ 70,672 |
12 months or more | 58,266 | 199,688 |
Total | 58,266 | 270,360 |
Continuous unrealized loss position, unrealized loss [Abstract] | ||
Less than 12 months | 0 | (300) |
12 months or more | (369) | (5,561) |
Total | (369) | (5,861) |
U.S. Government Sponsored Agency Securities [Member] | ||
Continuous unrealized loss position, fair value [Abstract] | ||
Less than 12 months | 0 | 999 |
12 months or more | 7,701 | 11,057 |
Total | 7,701 | 12,056 |
Continuous unrealized loss position, unrealized loss [Abstract] | ||
Less than 12 months | 0 | 0 |
12 months or more | (27) | (180) |
Total | (27) | (180) |
U.S. Government Sponsored Agency MBS - Residential [Member] | ||
Continuous unrealized loss position, fair value [Abstract] | ||
Less than 12 months | 0 | 50,923 |
12 months or more | 35,474 | 158,791 |
Total | 35,474 | 209,714 |
Continuous unrealized loss position, unrealized loss [Abstract] | ||
Less than 12 months | 0 | (243) |
12 months or more | (242) | (4,603) |
Total | (242) | (4,846) |
U.S. Government Sponsored Agency CMO's - Residential [Member] | ||
Continuous unrealized loss position, fair value [Abstract] | ||
Less than 12 months | 0 | 16,359 |
12 months or more | 14,763 | 26,386 |
Total | 14,763 | 42,745 |
Continuous unrealized loss position, unrealized loss [Abstract] | ||
Less than 12 months | 0 | (41) |
12 months or more | (98) | (741) |
Total | (98) | (782) |
Obligations of States and Political Subdivisions [Member] | ||
Continuous unrealized loss position, fair value [Abstract] | ||
Less than 12 months | 0 | 679 |
12 months or more | 328 | 3,454 |
Total | 328 | 4,133 |
Continuous unrealized loss position, unrealized loss [Abstract] | ||
Less than 12 months | 0 | (6) |
12 months or more | (2) | (37) |
Total | $ (2) | (43) |
Other Securities [Member] | ||
Continuous unrealized loss position, fair value [Abstract] | ||
Less than 12 months | 1,712 | |
12 months or more | 0 | |
Total | 1,712 | |
Continuous unrealized loss position, unrealized loss [Abstract] | ||
Less than 12 months | (10) | |
12 months or more | 0 | |
Total | $ (10) |
LOANS, Major Classifications of
LOANS, Major Classifications of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Major Classifications of Loans [Abstract] | ||
Loans | $ 1,148,253 | $ 1,149,301 |
Residential Real Estate [Member] | ||
Major Classifications of Loans [Abstract] | ||
Loans | 381,525 | 381,027 |
Multifamily Real Estate [Member] | ||
Major Classifications of Loans [Abstract] | ||
Loans | 39,298 | 54,016 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Major Classifications of Loans [Abstract] | ||
Loans | 134,423 | 138,209 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Major Classifications of Loans [Abstract] | ||
Loans | 296,780 | 282,608 |
Commercial and Industrial [Member] | ||
Major Classifications of Loans [Abstract] | ||
Loans | 104,437 | 103,624 |
Consumer [Member] | ||
Major Classifications of Loans [Abstract] | ||
Loans | 25,848 | 27,688 |
Construction and Land [Member] | ||
Major Classifications of Loans [Abstract] | ||
Loans | 132,814 | 128,926 |
All Other [Member] | ||
Major Classifications of Loans [Abstract] | ||
Loans | $ 33,128 | $ 33,203 |
LOANS, Activity in Allowance Fo
LOANS, Activity in Allowance For Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||||
Balance, beginning of period | $ 13,479 | $ 12,840 | $ 13,738 | $ 12,104 |
Provision (credit) for loan losses | 330 | 500 | 890 | 1,615 |
Loans charged-off | (109) | (430) | (1,012) | (894) |
Recoveries | 73 | 72 | 157 | 157 |
Balance, end of period | 13,773 | 12,982 | 13,773 | 12,982 |
Residential Real Estate [Member] | ||||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||||
Balance, beginning of period | 1,823 | 2,262 | 1,808 | 2,986 |
Provision (credit) for loan losses | 62 | 82 | 104 | (609) |
Loans charged-off | (27) | (99) | (59) | (148) |
Recoveries | 22 | 9 | 27 | 25 |
Balance, end of period | 1,880 | 2,254 | 1,880 | 2,254 |
Multifamily Real Estate [Member] | ||||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||||
Balance, beginning of period | 1,590 | 647 | 1,649 | 978 |
Provision (credit) for loan losses | 126 | (90) | 65 | (410) |
Loans charged-off | 0 | 0 | 0 | (11) |
Recoveries | 0 | 0 | 2 | 0 |
Balance, end of period | 1,716 | 557 | 1,716 | 557 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||||
Balance, beginning of period | 1,824 | 1,816 | 2,120 | 1,653 |
Provision (credit) for loan losses | (36) | 102 | 200 | 266 |
Loans charged-off | 0 | (1) | (533) | (3) |
Recoveries | 2 | 0 | 3 | 1 |
Balance, end of period | 1,790 | 1,917 | 1,790 | 1,917 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||||
Balance, beginning of period | 3,401 | 2,187 | 3,058 | 2,313 |
Provision (credit) for loan losses | (123) | 250 | 277 | 140 |
Loans charged-off | 0 | 0 | (57) | (16) |
Recoveries | 2 | 0 | 2 | 0 |
Balance, end of period | 3,280 | 2,437 | 3,280 | 2,437 |
Commercial and Industrial [Member] | ||||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||||
Balance, beginning of period | 1,721 | 1,651 | 1,897 | 1,101 |
Provision (credit) for loan losses | 275 | 163 | 178 | 976 |
Loans charged-off | (3) | (237) | (113) | (504) |
Recoveries | 7 | 22 | 38 | 26 |
Balance, end of period | 2,000 | 1,599 | 2,000 | 1,599 |
Consumer [Member] | ||||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||||
Balance, beginning of period | 365 | 369 | 351 | 328 |
Provision (credit) for loan losses | 19 | 2 | 129 | 51 |
Loans charged-off | (33) | (30) | (140) | (63) |
Recoveries | 17 | 13 | 28 | 38 |
Balance, end of period | 368 | 354 | 368 | 354 |
Construction and Land [Member] | ||||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||||
Balance, beginning of period | 2,149 | 3,302 | 2,255 | 2,408 |
Provision (credit) for loan losses | (9) | (49) | (102) | 864 |
Loans charged-off | 0 | 0 | (13) | (19) |
Recoveries | 0 | 0 | 0 | 0 |
Balance, end of period | 2,140 | 3,253 | 2,140 | 3,253 |
All Other [Member] | ||||
Activity in the allowance for loan losses by portfolio segment [Roll Forward] | ||||
Balance, beginning of period | 606 | 606 | 600 | 337 |
Provision (credit) for loan losses | 16 | 40 | 39 | 337 |
Loans charged-off | (46) | (63) | (97) | (130) |
Recoveries | 23 | 28 | 57 | 67 |
Balance, end of period | $ 599 | $ 611 | $ 599 | $ 611 |
LOANS, Purchased Impaired Loans
LOANS, Purchased Impaired Loans (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Purchased loans [Abstract] | |||
Total carrying amount | $ 8,339 | $ 11,296 | |
Contractual principal balance | 11,922 | 15,436 | |
Carrying amount, net of allowance | 8,339 | 11,296 | |
Increase in loan allowance related to acquisitions | 0 | $ 0 | |
Accretable Yield [Roll Forward] | |||
Beginning Balance | 642 | 754 | |
New loans purchased | 0 | 0 | |
Accretion of income | (94) | (80) | |
Loans placed on non-accrual | 0 | (41) | |
Income recognized upon full repayment | (73) | (38) | |
Reclassifications from non-accretable difference | 0 | 0 | |
Disposals | 0 | 0 | |
Ending Balance | 475 | $ 595 | |
Residential Real Estate [Member] | |||
Purchased loans [Abstract] | |||
Total carrying amount | 2,355 | 2,665 | |
Commercial Real Estate [Member] | Owner Occupied [Member] | |||
Purchased loans [Abstract] | |||
Total carrying amount | 1,754 | 2,040 | |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | |||
Purchased loans [Abstract] | |||
Total carrying amount | 3,062 | 3,434 | |
Commercial and Industrial [Member] | |||
Purchased loans [Abstract] | |||
Total carrying amount | 350 | 1,720 | |
Construction and Land [Member] | |||
Purchased loans [Abstract] | |||
Total carrying amount | 587 | 1,212 | |
All Other [Member] | |||
Purchased loans [Abstract] | |||
Total carrying amount | $ 231 | $ 225 |
LOANS, Past Due and Non-perform
LOANS, Past Due and Non-performing Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Past due and non-performing loans [Abstract] | ||
Principal owed on non-accrual loans | $ 20,332 | $ 21,073 |
Recorded investment in non-accrual loans | 16,839 | 17,448 |
Loans past due over 90 days, still accruing | 1,284 | 1,086 |
Residential Real Estate [Member] | ||
Past due and non-performing loans [Abstract] | ||
Principal owed on non-accrual loans | 4,248 | 4,966 |
Recorded investment in non-accrual loans | 3,190 | 3,708 |
Loans past due over 90 days, still accruing | 1,066 | 954 |
Multifamily Real Estate [Member] | ||
Past due and non-performing loans [Abstract] | ||
Principal owed on non-accrual loans | 4,112 | 4,127 |
Recorded investment in non-accrual loans | 3,810 | 3,905 |
Loans past due over 90 days, still accruing | 0 | 0 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Past due and non-performing loans [Abstract] | ||
Principal owed on non-accrual loans | 4,124 | 3,692 |
Recorded investment in non-accrual loans | 3,864 | 3,436 |
Loans past due over 90 days, still accruing | 72 | 56 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Past due and non-performing loans [Abstract] | ||
Principal owed on non-accrual loans | 5,891 | 5,761 |
Recorded investment in non-accrual loans | 4,705 | 4,592 |
Loans past due over 90 days, still accruing | 88 | 76 |
Commercial and Industrial [Member] | ||
Past due and non-performing loans [Abstract] | ||
Principal owed on non-accrual loans | 1,131 | 1,303 |
Recorded investment in non-accrual loans | 500 | 625 |
Loans past due over 90 days, still accruing | 7 | 0 |
Consumer [Member] | ||
Past due and non-performing loans [Abstract] | ||
Principal owed on non-accrual loans | 212 | 292 |
Recorded investment in non-accrual loans | 172 | 253 |
Loans past due over 90 days, still accruing | 0 | 0 |
Construction and Land [Member] | ||
Past due and non-performing loans [Abstract] | ||
Principal owed on non-accrual loans | 539 | 857 |
Recorded investment in non-accrual loans | 525 | 856 |
Loans past due over 90 days, still accruing | 13 | 0 |
All Other [Member] | ||
Past due and non-performing loans [Abstract] | ||
Principal owed on non-accrual loans | 75 | 75 |
Recorded investment in non-accrual loans | 73 | 73 |
Loans past due over 90 days, still accruing | $ 38 | $ 0 |
LOANS, Past Due Aging Analysis
LOANS, Past Due Aging Analysis (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Aging of recorded investment in past due loans [Abstract] | ||
Total loans | $ 1,148,253 | $ 1,149,301 |
Total past due | 24,676 | 20,653 |
Loans not past due | 1,123,577 | 1,128,648 |
30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 15,837 | 10,790 |
Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 8,839 | 9,863 |
Residential Real Estate [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total loans | 381,525 | 381,027 |
Total past due | 10,335 | 9,672 |
Loans not past due | 371,190 | 371,355 |
Residential Real Estate [Member] | 30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 8,441 | 7,078 |
Residential Real Estate [Member] | Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 1,894 | 2,594 |
Multifamily Real Estate [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total loans | 39,298 | 54,016 |
Total past due | 4,260 | 110 |
Loans not past due | 35,038 | 53,906 |
Multifamily Real Estate [Member] | 30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 4,171 | 0 |
Multifamily Real Estate [Member] | Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 89 | 110 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total loans | 134,423 | 138,209 |
Total past due | 4,075 | 2,725 |
Loans not past due | 130,348 | 135,484 |
Commercial Real Estate [Member] | Owner Occupied [Member] | 30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 1,220 | 124 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 2,855 | 2,601 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total loans | 296,780 | 282,608 |
Total past due | 4,243 | 3,473 |
Loans not past due | 292,537 | 279,135 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | 30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 788 | 172 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 3,455 | 3,301 |
Commercial and Industrial [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total loans | 104,437 | 103,624 |
Total past due | 892 | 2,497 |
Loans not past due | 103,545 | 101,127 |
Commercial and Industrial [Member] | 30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 557 | 2,235 |
Commercial and Industrial [Member] | Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 335 | 262 |
Consumer [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total loans | 25,848 | 27,688 |
Total past due | 295 | 359 |
Loans not past due | 25,553 | 27,329 |
Consumer [Member] | 30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 250 | 247 |
Consumer [Member] | Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 45 | 112 |
Construction and Land [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total loans | 132,814 | 128,926 |
Total past due | 405 | 1,198 |
Loans not past due | 132,409 | 127,728 |
Construction and Land [Member] | 30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 350 | 388 |
Construction and Land [Member] | Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 55 | 810 |
All Other [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total loans | 33,128 | 33,203 |
Total past due | 171 | 619 |
Loans not past due | 32,957 | 32,584 |
All Other [Member] | 30-89 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | 60 | 546 |
All Other [Member] | Greater Than 90 Days Past Due [Member] | ||
Aging of recorded investment in past due loans [Abstract] | ||
Total past due | $ 111 | $ 73 |
LOANS, Allowance for Loan Losse
LOANS, Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment Based on Impairment Method (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Allowance for Loan Losses [Abstract] | ||||||
Individually evaluated for impairment, allowance for loan losses | $ 2,394 | $ 2,796 | ||||
Collectively evaluated for impairment, allowance for loan losses | 11,379 | 10,942 | ||||
Total allowance for loan losses | 13,773 | $ 13,479 | 13,738 | $ 12,982 | $ 12,840 | $ 12,104 |
Loans Balances [Abstract] | ||||||
Individually evaluated for impairment, loan balances | 18,390 | 19,043 | ||||
Collectively evaluated for impairment, loan balances | 1,121,524 | 1,118,962 | ||||
Total loans | 1,148,253 | 1,149,301 | ||||
Acquired with Deteriorated Credit Quality [Member] | ||||||
Allowance for Loan Losses [Abstract] | ||||||
Total allowance for loan losses | 0 | 0 | ||||
Loans Balances [Abstract] | ||||||
Individually evaluated for impairment, loan balances | 1,346 | 1,160 | ||||
Total loans | 8,339 | 11,296 | ||||
Residential Real Estate [Member] | ||||||
Allowance for Loan Losses [Abstract] | ||||||
Individually evaluated for impairment, allowance for loan losses | 19 | 0 | ||||
Collectively evaluated for impairment, allowance for loan losses | 1,861 | 1,808 | ||||
Total allowance for loan losses | 1,880 | 1,823 | 1,808 | 2,254 | 2,262 | 2,986 |
Loans Balances [Abstract] | ||||||
Individually evaluated for impairment, loan balances | 113 | 298 | ||||
Collectively evaluated for impairment, loan balances | 379,057 | 378,064 | ||||
Total loans | 381,525 | 381,027 | ||||
Residential Real Estate [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||||
Allowance for Loan Losses [Abstract] | ||||||
Total allowance for loan losses | 0 | 0 | ||||
Loans Balances [Abstract] | ||||||
Total loans | 2,355 | 2,665 | ||||
Multifamily Real Estate [Member] | ||||||
Allowance for Loan Losses [Abstract] | ||||||
Individually evaluated for impairment, allowance for loan losses | 1,483 | 1,281 | ||||
Collectively evaluated for impairment, allowance for loan losses | 233 | 368 | ||||
Total allowance for loan losses | 1,716 | 1,590 | 1,649 | 557 | 647 | 978 |
Loans Balances [Abstract] | ||||||
Individually evaluated for impairment, loan balances | 3,810 | 3,905 | ||||
Collectively evaluated for impairment, loan balances | 35,488 | 50,111 | ||||
Total loans | 39,298 | 54,016 | ||||
Multifamily Real Estate [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||||
Allowance for Loan Losses [Abstract] | ||||||
Total allowance for loan losses | 0 | 0 | ||||
Loans Balances [Abstract] | ||||||
Total loans | 0 | 0 | ||||
Commercial Real Estate [Member] | Owner Occupied [Member] | ||||||
Allowance for Loan Losses [Abstract] | ||||||
Individually evaluated for impairment, allowance for loan losses | 113 | 692 | ||||
Collectively evaluated for impairment, allowance for loan losses | 1,677 | 1,428 | ||||
Total allowance for loan losses | 1,790 | 1,824 | 2,120 | 1,917 | 1,816 | 1,653 |
Loans Balances [Abstract] | ||||||
Individually evaluated for impairment, loan balances | 3,223 | 2,820 | ||||
Collectively evaluated for impairment, loan balances | 129,446 | 133,349 | ||||
Total loans | 134,423 | 138,209 | ||||
Commercial Real Estate [Member] | Owner Occupied [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||||
Allowance for Loan Losses [Abstract] | ||||||
Total allowance for loan losses | 0 | 0 | ||||
Loans Balances [Abstract] | ||||||
Total loans | 1,754 | 2,040 | ||||
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||||||
Allowance for Loan Losses [Abstract] | ||||||
Individually evaluated for impairment, allowance for loan losses | 233 | 267 | ||||
Collectively evaluated for impairment, allowance for loan losses | 3,047 | 2,791 | ||||
Total allowance for loan losses | 3,280 | 3,401 | 3,058 | 2,437 | 2,187 | 2,313 |
Loans Balances [Abstract] | ||||||
Individually evaluated for impairment, loan balances | 10,047 | 10,111 | ||||
Collectively evaluated for impairment, loan balances | 283,671 | 269,063 | ||||
Total loans | 296,780 | 282,608 | ||||
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||||
Allowance for Loan Losses [Abstract] | ||||||
Total allowance for loan losses | 0 | 0 | ||||
Loans Balances [Abstract] | ||||||
Total loans | 3,062 | 3,434 | ||||
Commercial and Industrial [Member] | ||||||
Allowance for Loan Losses [Abstract] | ||||||
Individually evaluated for impairment, allowance for loan losses | 447 | 414 | ||||
Collectively evaluated for impairment, allowance for loan losses | 1,553 | 1,483 | ||||
Total allowance for loan losses | 2,000 | 1,721 | 1,897 | 1,599 | 1,651 | 1,101 |
Loans Balances [Abstract] | ||||||
Individually evaluated for impairment, loan balances | 684 | 558 | ||||
Collectively evaluated for impairment, loan balances | 103,403 | 101,346 | ||||
Total loans | 104,437 | 103,624 | ||||
Commercial and Industrial [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||||
Allowance for Loan Losses [Abstract] | ||||||
Total allowance for loan losses | 0 | 0 | ||||
Loans Balances [Abstract] | ||||||
Total loans | 350 | 1,720 | ||||
Consumer [Member] | ||||||
Allowance for Loan Losses [Abstract] | ||||||
Individually evaluated for impairment, allowance for loan losses | 0 | 0 | ||||
Collectively evaluated for impairment, allowance for loan losses | 368 | 351 | ||||
Total allowance for loan losses | 368 | 365 | 351 | 354 | 369 | 328 |
Loans Balances [Abstract] | ||||||
Individually evaluated for impairment, loan balances | 0 | 0 | ||||
Collectively evaluated for impairment, loan balances | 25,848 | 27,688 | ||||
Total loans | 25,848 | 27,688 | ||||
Consumer [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||||
Allowance for Loan Losses [Abstract] | ||||||
Total allowance for loan losses | 0 | 0 | ||||
Loans Balances [Abstract] | ||||||
Total loans | 0 | 0 | ||||
Construction and Land [Member] | ||||||
Allowance for Loan Losses [Abstract] | ||||||
Individually evaluated for impairment, allowance for loan losses | 99 | 142 | ||||
Collectively evaluated for impairment, allowance for loan losses | 2,041 | 2,113 | ||||
Total allowance for loan losses | 2,140 | 2,149 | 2,255 | 3,253 | 3,302 | 2,408 |
Loans Balances [Abstract] | ||||||
Individually evaluated for impairment, loan balances | 513 | 1,351 | ||||
Collectively evaluated for impairment, loan balances | 131,714 | 126,363 | ||||
Total loans | 132,814 | 128,926 | ||||
Construction and Land [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||||
Allowance for Loan Losses [Abstract] | ||||||
Total allowance for loan losses | 0 | 0 | ||||
Loans Balances [Abstract] | ||||||
Total loans | 587 | 1,212 | ||||
All Other [Member] | ||||||
Allowance for Loan Losses [Abstract] | ||||||
Individually evaluated for impairment, allowance for loan losses | 0 | 0 | ||||
Collectively evaluated for impairment, allowance for loan losses | 599 | 600 | ||||
Total allowance for loan losses | 599 | $ 606 | 600 | $ 611 | $ 606 | $ 337 |
Loans Balances [Abstract] | ||||||
Individually evaluated for impairment, loan balances | 0 | 0 | ||||
Collectively evaluated for impairment, loan balances | 32,897 | 32,978 | ||||
Total loans | 33,128 | 33,203 | ||||
All Other [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||||
Allowance for Loan Losses [Abstract] | ||||||
Total allowance for loan losses | 0 | 0 | ||||
Loans Balances [Abstract] | ||||||
Total loans | $ 231 | $ 225 |
LOANS, Individually Evaluated F
LOANS, Individually Evaluated For Impairment (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Loans individually evaluated for impairment [Abstract] | ||
Unpaid principal balance with no related allowance recorded | $ 12,310 | $ 11,616 |
Unpaid principal balance with an allowance recorded | 9,550 | 10,518 |
Unpaid principal balance, total | 21,860 | 22,134 |
Recorded investment with no related allowance recorded | 10,622 | 10,026 |
Recorded investment with an allowance recorded | 9,114 | 10,177 |
Recorded investment, total | 19,736 | 20,203 |
Allowance for loan losses allocated | 2,394 | 2,796 |
Purchased financing receivable individually evaluated for impairment | 18,390 | 19,043 |
Acquired with Deteriorated Credit Quality [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Purchased financing receivable individually evaluated for impairment | 1,346 | 1,160 |
Residential Real Estate [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Unpaid principal balance with no related allowance recorded | 438 | 426 |
Unpaid principal balance with an allowance recorded | 47 | |
Recorded investment with no related allowance recorded | 228 | 298 |
Recorded investment with an allowance recorded | 47 | |
Allowance for loan losses allocated | 19 | |
Purchased financing receivable individually evaluated for impairment | 113 | 298 |
Multifamily Real Estate [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Unpaid principal balance with no related allowance recorded | 97 | 110 |
Unpaid principal balance with an allowance recorded | 4,016 | 4,016 |
Recorded investment with no related allowance recorded | 89 | 110 |
Recorded investment with an allowance recorded | 3,721 | 3,795 |
Allowance for loan losses allocated | 1,483 | 1,281 |
Purchased financing receivable individually evaluated for impairment | 3,810 | 3,905 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Unpaid principal balance with no related allowance recorded | 2,652 | 1,305 |
Unpaid principal balance with an allowance recorded | 1,553 | 2,523 |
Recorded investment with no related allowance recorded | 2,419 | 1,092 |
Recorded investment with an allowance recorded | 1,525 | 2,478 |
Allowance for loan losses allocated | 113 | 692 |
Purchased financing receivable individually evaluated for impairment | 3,223 | 2,820 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Unpaid principal balance with no related allowance recorded | 8,536 | 8,458 |
Unpaid principal balance with an allowance recorded | 2,793 | 2,852 |
Recorded investment with no related allowance recorded | 7,808 | 7,740 |
Recorded investment with an allowance recorded | 2,701 | 2,781 |
Allowance for loan losses allocated | 233 | 267 |
Purchased financing receivable individually evaluated for impairment | 10,047 | 10,111 |
Commercial and Industrial [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Unpaid principal balance with no related allowance recorded | 552 | 531 |
Unpaid principal balance with an allowance recorded | 650 | 562 |
Recorded investment with no related allowance recorded | 43 | 0 |
Recorded investment with an allowance recorded | 641 | 558 |
Allowance for loan losses allocated | 447 | 414 |
Purchased financing receivable individually evaluated for impairment | 684 | 558 |
Construction and Land [Member] | ||
Loans individually evaluated for impairment [Abstract] | ||
Unpaid principal balance with no related allowance recorded | 35 | 786 |
Unpaid principal balance with an allowance recorded | 491 | 565 |
Recorded investment with no related allowance recorded | 35 | 786 |
Recorded investment with an allowance recorded | 479 | 565 |
Allowance for loan losses allocated | 99 | 142 |
Purchased financing receivable individually evaluated for impairment | $ 513 | $ 1,351 |
LOANS, Average Balance of Loans
LOANS, Average Balance of Loans Individually Evaluated for Impairment and Interest Income Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Average Balance of Loans Individually Evaluated for Impairment and Interest Income Recognized [Abstract] | ||||
Average recorded investment | $ 20,077 | $ 19,636 | $ 20,119 | $ 21,468 |
Interest income recognized | 209 | 143 | 315 | 326 |
Cash basis interest recognized | 209 | 143 | 315 | 326 |
Residential Real Estate [Member] | ||||
Average Balance of Loans Individually Evaluated for Impairment and Interest Income Recognized [Abstract] | ||||
Average recorded investment | 253 | 299 | 267 | 302 |
Interest income recognized | 0 | 0 | 0 | 0 |
Cash basis interest recognized | 0 | 0 | 0 | 0 |
Multifamily Real Estate [Member] | ||||
Average Balance of Loans Individually Evaluated for Impairment and Interest Income Recognized [Abstract] | ||||
Average recorded investment | 3,830 | 2,199 | 3,855 | 2,287 |
Interest income recognized | 0 | 1 | 0 | 11 |
Cash basis interest recognized | 0 | 1 | 0 | 11 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||||
Average Balance of Loans Individually Evaluated for Impairment and Interest Income Recognized [Abstract] | ||||
Average recorded investment | 4,062 | 3,154 | 3,898 | 3,208 |
Interest income recognized | 3 | 26 | 6 | 51 |
Cash basis interest recognized | 3 | 26 | 6 | 51 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||||
Average Balance of Loans Individually Evaluated for Impairment and Interest Income Recognized [Abstract] | ||||
Average recorded investment | 10,573 | 8,514 | 10,556 | 9,535 |
Interest income recognized | 92 | 105 | 186 | 241 |
Cash basis interest recognized | 92 | 105 | 186 | 241 |
Commercial and Industrial [Member] | ||||
Average Balance of Loans Individually Evaluated for Impairment and Interest Income Recognized [Abstract] | ||||
Average recorded investment | 437 | 966 | 478 | 1,145 |
Interest income recognized | 1 | 8 | 2 | 16 |
Cash basis interest recognized | 1 | 8 | 2 | 16 |
Construction and Land [Member] | ||||
Average Balance of Loans Individually Evaluated for Impairment and Interest Income Recognized [Abstract] | ||||
Average recorded investment | 922 | 4,218 | 1,065 | 4,703 |
Interest income recognized | 113 | 3 | 121 | 3 |
Cash basis interest recognized | 113 | 3 | 121 | 3 |
All Other [Member] | ||||
Average Balance of Loans Individually Evaluated for Impairment and Interest Income Recognized [Abstract] | ||||
Average recorded investment | 0 | 286 | 0 | 288 |
Interest income recognized | 0 | 0 | 0 | 4 |
Cash basis interest recognized | $ 0 | $ 0 | $ 0 | $ 4 |
LOANS, Troubled Debt Restructur
LOANS, Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Troubled Debt Restructurings [Abstract] | |||||
TDR's on Non-accrual | $ 5,481 | $ 5,481 | $ 5,980 | ||
Other TDR's | 6,272 | 6,272 | 6,283 | ||
Total TDR's | 11,753 | 11,753 | 12,263 | ||
Specific reserves allocated to loans that have restructured terms | 1,692 | 1,692 | 1,630 | ||
Provision for loan losses on restructured loans | 216 | $ (217) | 150 | $ 163 | |
Commitments to lend additional amounts to borrowers | 0 | 0 | 0 | ||
Residential Real Estate [Member] | |||||
Troubled Debt Restructurings [Abstract] | |||||
TDR's on Non-accrual | 43 | 43 | 347 | ||
Other TDR's | 165 | 165 | 97 | ||
Total TDR's | 208 | 208 | 444 | ||
Multifamily Real Estate [Member] | |||||
Troubled Debt Restructurings [Abstract] | |||||
TDR's on Non-accrual | 3,721 | 3,721 | 3,795 | ||
Other TDR's | 0 | 0 | 0 | ||
Total TDR's | 3,721 | 3,721 | 3,795 | ||
Commercial Real Estate [Member] | Owner Occupied [Member] | |||||
Troubled Debt Restructurings [Abstract] | |||||
TDR's on Non-accrual | 1,526 | 1,526 | 1,647 | ||
Other TDR's | 214 | 214 | 222 | ||
Total TDR's | 1,740 | 1,740 | 1,869 | ||
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | |||||
Troubled Debt Restructurings [Abstract] | |||||
TDR's on Non-accrual | 0 | 0 | 0 | ||
Other TDR's | 5,893 | 5,893 | 5,964 | ||
Total TDR's | 5,893 | 5,893 | 5,964 | ||
Commercial and Industrial [Member] | |||||
Troubled Debt Restructurings [Abstract] | |||||
TDR's on Non-accrual | 191 | 191 | 191 | ||
Other TDR's | 0 | 0 | 0 | ||
Total TDR's | $ 191 | $ 191 | $ 191 |
LOANS, TDR's Modified During Pe
LOANS, TDR's Modified During Period (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)Loan | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)Loan | Jun. 30, 2018USD ($) | |
TDR's Modified During Period [Abstract] | ||||
Number of loans | Loan | 0 | 0 | ||
TDR's with payment defaults within 12 months after modification | $ | $ 0 | $ 0 | $ 0 | $ 0 |
LOANS, Risk Category of Loans b
LOANS, Risk Category of Loans by Class of Loans, Credit Quality Indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | $ 1,148,253 | $ 1,149,301 |
Residential Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 381,525 | 381,027 |
Multifamily Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 39,298 | 54,016 |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 134,423 | 138,209 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 296,780 | 282,608 |
Commercial and Industrial [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 104,437 | 103,624 |
Consumer [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 25,848 | 27,688 |
Construction and Land [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 132,814 | 128,926 |
All Other [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 33,128 | 33,203 |
Pass [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 1,084,210 | 1,066,921 |
Pass [Member] | Residential Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 369,315 | 369,808 |
Pass [Member] | Multifamily Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 33,698 | 45,187 |
Pass [Member] | Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 122,600 | 126,422 |
Pass [Member] | Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 280,181 | 262,149 |
Pass [Member] | Commercial and Industrial [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 100,151 | 96,066 |
Pass [Member] | Consumer [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 25,588 | 27,344 |
Pass [Member] | Construction and Land [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 119,870 | 107,196 |
Pass [Member] | All Other [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 32,807 | 32,749 |
Special Mention [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 28,232 | 44,207 |
Special Mention [Member] | Residential Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 2,745 | 1,376 |
Special Mention [Member] | Multifamily Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 1,790 | 4,924 |
Special Mention [Member] | Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 4,746 | 4,840 |
Special Mention [Member] | Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 3,821 | 7,647 |
Special Mention [Member] | Commercial and Industrial [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 2,989 | 5,280 |
Special Mention [Member] | Consumer [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 31 |
Special Mention [Member] | Construction and Land [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 11,893 | 19,728 |
Special Mention [Member] | All Other [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 248 | 381 |
Substandard [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 35,274 | 38,011 |
Substandard [Member] | Residential Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 9,256 | 9,681 |
Substandard [Member] | Multifamily Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 3,810 | 3,905 |
Substandard [Member] | Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 7,077 | 6,947 |
Substandard [Member] | Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 12,778 | 12,812 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 1,004 | 2,278 |
Substandard [Member] | Consumer [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 260 | 313 |
Substandard [Member] | Construction and Land [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 1,016 | 2,002 |
Substandard [Member] | All Other [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 73 | 73 |
Doubtful [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 537 | 162 |
Doubtful [Member] | Residential Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 209 | 162 |
Doubtful [Member] | Multifamily Real Estate [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | Commercial and Industrial [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 293 | 0 |
Doubtful [Member] | Consumer [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 0 | 0 |
Doubtful [Member] | Construction and Land [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | 35 | 0 |
Doubtful [Member] | All Other [Member] | ||
Risk Category of Loans by Class of Loans [Abstract] | ||
Loans | $ 0 | $ 0 |
STOCKHOLDERS' EQUITY AND REGU_3
STOCKHOLDERS' EQUITY AND REGULATORY MATTERS (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
STOCKHOLDERS' EQUITY AND REGULATORY MATTERS [Abstract] | ||
Number of previous years retained profit taken for dividend calculation | 2 years | |
Funds available for dividends without prior approval | $ 8.4 | |
Common Equity Tier 1 Capital (to Risk-Weighted Assets) | 14.80% | 14.20% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Regulatory Minimum Requirements | 4.50% | |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), To Be Considered Well Capitalized | 6.50% | |
Tier I Capital (to Risk-Weighted Assets) | 15.30% | 14.70% |
Tier I Capital (to Risk-Weighted Assets), Regulatory Minimum Requirements | 6.00% | |
Tier I Capital (to Risk-Weighted Assets), To Be Considered Well Capitalized | 8.00% | |
Total Capital (to Risk-Weighted Assets) | 16.40% | 15.90% |
Total Capital (to Risk-Weighted Assets), Regulatory Minimum Requirements | 8.00% | |
Total Capital (to Risk-Weighted Assets), To Be Considered Well Capitalized | 10.00% | |
Tier I Capital (to Average Assets) | 11.10% | 10.70% |
Tier I Capital (to Average Assets), Regulatory Minimum Requirements | 4.00% | |
Tier I Capital (to Average Assets), To Be Considered Well Capitalized | 5.00% | |
Capital conservation buffer | 8.45% | 7.88% |
PREMISES AND EQUIPMENT (Details
PREMISES AND EQUIPMENT (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Operating Leases [Abstract] | ||
Weighed average remaining lease term | 9 years 9 months | 9 years 9 months |
Weighted average discount rate used in measurement of operating lease liabilities | 2.40% | 2.40% |
Lease Expenses [Abstract] | ||
Short-term lease expense | $ 20 | $ 48 |
Operating lease expense | 290 | 574 |
Total lease expense | 310 | 622 |
Future Minimum Rental Commitments under Operating Leases [Abstract] | ||
2019 | 535 | 535 |
2020 | 1,059 | 1,059 |
2021 | 1,013 | 1,013 |
2022 | 995 | 995 |
2023 | 799 | 799 |
2024 and thereafter | 4,172 | 4,172 |
Total undiscounted cash flows | 8,573 | 8,573 |
Discounted cash flows | (1,015) | (1,015) |
Total lease liability | $ 7,558 | $ 7,558 |
Minimum [Member] | ||
Operating Leases [Abstract] | ||
Term of leases | 2 years | 2 years |
Maximum [Member] | ||
Operating Leases [Abstract] | ||
Term of leases | 16 years | 16 years |
STOCK COMPENSATION EXPENSE (Det
STOCK COMPENSATION EXPENSE (Details) $ / shares in Units, $ in Thousands | Apr. 17, 2019USD ($)$ / sharesshares | Mar. 20, 2019$ / sharesshares | Jun. 08, 2018 | Apr. 25, 2018USD ($)$ / sharesshares | Mar. 21, 2018$ / sharesshares | Jun. 30, 2018 | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) |
Stock Compensation Expense [Abstract] | ||||||||
Stock split ratio | 1.25 | 1.25 | 1.25 | |||||
Compensation expense | $ 209 | $ 181 | ||||||
Unrecognized stock-based compensation expense | $ 222 | |||||||
Unrecognized stock-based compensation, period of recognition | 32 months | |||||||
2012 Long Term Incentive Plan [Member] | Stock Options [Member] | ||||||||
Stock Compensation Expense [Abstract] | ||||||||
Grants (in shares) | shares | 72,075 | 67,875 | ||||||
Grants (in dollars per share) | $ / shares | $ 15.57 | $ 15.12 | ||||||
2012 Long Term Incentive Plan [Member] | Stock Options [Member] | Granted on March 20 2019 [Member] | ||||||||
Stock Compensation Expense [Abstract] | ||||||||
Stock option vesting periods | 3 years | |||||||
2012 Long Term Incentive Plan [Member] | Stock Options [Member] | Granted On March 21 2018 [Member] | ||||||||
Stock Compensation Expense [Abstract] | ||||||||
Stock option vesting periods | 3 years | |||||||
2012 Long Term Incentive Plan [Member] | President and CEO [Member] | Stock Options [Member] | ||||||||
Stock Compensation Expense [Abstract] | ||||||||
Grants (in shares) | shares | 7,500 | 7,500 | ||||||
Fair value of shares granted (in dollars per share) | $ / shares | $ 16.78 | $ 15.82 | ||||||
Compensation expense | $ 126 | $ 119 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Basic earnings per share [Abstract] | ||||
Income available to common stockholders | $ 5,859 | $ 4,375 | $ 12,035 | $ 9,508 |
Weighted average common shares outstanding (in shares) | 14,636,569 | 13,355,564 | 14,631,430 | 13,350,995 |
Earnings per share (in dollars per share) | $ 0.40 | $ 0.33 | $ 0.82 | $ 0.71 |
Diluted earnings per share [Abstract] | ||||
Income available to common stockholders | $ 5,859 | $ 4,375 | $ 12,035 | $ 9,508 |
Weighted average common shares outstanding (in shares) | 14,636,569 | 13,355,564 | 14,631,430 | 13,350,995 |
Add dilutive effects of potential additional common stock (in shares) | 81,850 | 106,593 | 76,947 | 91,381 |
Weighted average common and dilutive potential common shares outstanding (in shares) | 14,718,419 | 13,462,157 | 14,708,377 | 13,442,376 |
Earnings per share assuming dilution (in dollars per share) | $ 0.40 | $ 0.32 | $ 0.82 | $ 0.71 |
Stock Options [Member] | ||||
Earnings Per Share [Abstract] | ||||
Securities not considered in computing diluted earnings per share (in shares) | 0 | 0 | 0 | 0 |
FAIR VALUE, Carrying Amount and
FAIR VALUE, Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financial assets [Abstract] | ||
Securities available for sale | $ 360,715 | $ 365,731 |
Carrying Amount [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 63,218 | 62,903 |
Time deposits with other banks | 1,094 | 1,094 |
Federal funds sold | 32,183 | 17,872 |
Securities available for sale | 360,715 | 365,731 |
Loans, net | 1,134,480 | 1,135,563 |
Federal Home Loan Bank stock | 3,538 | 3,628 |
Interest receivable | 4,675 | 4,295 |
Financial liabilities [Abstract] | ||
Deposits | (1,427,424) | (1,430,127) |
Securities sold under agreements to repurchase | (20,834) | (22,062) |
FHLB advances | (6,349) | (8,819) |
Other borrowed funds | (2,500) | |
Subordinated debt | (5,420) | (5,406) |
Interest payable | (885) | (733) |
Fair Value [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 63,218 | 62,903 |
Time deposits with other banks | 1,093 | 1,085 |
Federal funds sold | 32,183 | 17,872 |
Securities available for sale | 360,715 | 365,731 |
Loans, net | 1,120,657 | 1,121,517 |
Interest receivable | 4,675 | 4,295 |
Financial liabilities [Abstract] | ||
Deposits | (1,426,077) | (1,423,926) |
Securities sold under agreements to repurchase | (20,834) | (22,062) |
FHLB advances | (6,329) | (8,688) |
Other borrowed funds | (2,478) | |
Subordinated debt | (5,459) | (5,509) |
Interest payable | (885) | (733) |
Fair Value [Member] | Level 1 [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 63,218 | 62,903 |
Time deposits with other banks | 0 | 0 |
Federal funds sold | 32,183 | 17,872 |
Securities available for sale | 0 | 0 |
Loans, net | 0 | 0 |
Interest receivable | 0 | 0 |
Financial liabilities [Abstract] | ||
Deposits | (1,018,529) | (1,039,430) |
Securities sold under agreements to repurchase | 0 | 0 |
FHLB advances | 0 | 0 |
Other borrowed funds | 0 | |
Subordinated debt | 0 | 0 |
Interest payable | (21) | (22) |
Fair Value [Member] | Level 2 [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 0 | 0 |
Time deposits with other banks | 1,093 | 1,085 |
Federal funds sold | 0 | 0 |
Securities available for sale | 360,215 | 365,231 |
Loans, net | 0 | 0 |
Interest receivable | 1,013 | 1,032 |
Financial liabilities [Abstract] | ||
Deposits | (407,548) | (384,496) |
Securities sold under agreements to repurchase | (20,834) | (22,062) |
FHLB advances | (6,329) | (8,688) |
Other borrowed funds | (2,478) | |
Subordinated debt | (5,459) | (5,509) |
Interest payable | (864) | (711) |
Fair Value [Member] | Level 3 [Member] | ||
Financial assets [Abstract] | ||
Cash and due from banks | 0 | 0 |
Time deposits with other banks | 0 | 0 |
Federal funds sold | 0 | 0 |
Securities available for sale | 500 | 500 |
Loans, net | 1,120,657 | 1,121,517 |
Interest receivable | 3,662 | 3,263 |
Financial liabilities [Abstract] | ||
Deposits | 0 | 0 |
Securities sold under agreements to repurchase | 0 | 0 |
FHLB advances | 0 | 0 |
Other borrowed funds | 0 | |
Subordinated debt | 0 | 0 |
Interest payable | $ 0 | $ 0 |
FAIR VALUE, Assets and Liabilit
FAIR VALUE, Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Available for sale [Abstract] | ||
Securities available for sale | $ 360,715 | $ 365,731 |
Carrying Value [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 360,715 | 365,731 |
Fair Value [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 360,715 | 365,731 |
Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 360,215 | 365,231 |
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 500 | 500 |
U.S. Agency MBS - Residential [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 249,455 | 255,242 |
U.S. Agency CMO's - Residential [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 73,089 | 68,543 |
Total Mortgage-Backed Securities of Government Sponsored Agencies [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 322,544 | 323,785 |
U.S. Government Sponsored Agency Securities [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 21,812 | 24,170 |
Obligations of States and Political Subdivisions [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 13,054 | 14,327 |
Other Securities [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 3,305 | 3,449 |
Recurring [Member] | Carrying Value [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 360,715 | 365,731 |
Recurring [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Recurring [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 360,215 | 365,231 |
Recurring [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 500 | 500 |
Recurring [Member] | U.S. Agency MBS - Residential [Member] | Carrying Value [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 249,455 | 255,242 |
Recurring [Member] | U.S. Agency MBS - Residential [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Recurring [Member] | U.S. Agency MBS - Residential [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 249,455 | 255,242 |
Recurring [Member] | U.S. Agency MBS - Residential [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Recurring [Member] | U.S. Agency CMO's - Residential [Member] | Carrying Value [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 73,089 | 68,543 |
Recurring [Member] | U.S. Agency CMO's - Residential [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Recurring [Member] | U.S. Agency CMO's - Residential [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 73,089 | 68,543 |
Recurring [Member] | U.S. Agency CMO's - Residential [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Recurring [Member] | Total Mortgage-Backed Securities of Government Sponsored Agencies [Member] | Carrying Value [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 322,544 | 323,785 |
Recurring [Member] | Total Mortgage-Backed Securities of Government Sponsored Agencies [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Recurring [Member] | Total Mortgage-Backed Securities of Government Sponsored Agencies [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 322,544 | 323,785 |
Recurring [Member] | Total Mortgage-Backed Securities of Government Sponsored Agencies [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Recurring [Member] | U.S. Government Sponsored Agency Securities [Member] | Carrying Value [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 21,812 | 24,170 |
Recurring [Member] | U.S. Government Sponsored Agency Securities [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Recurring [Member] | U.S. Government Sponsored Agency Securities [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 21,812 | 24,170 |
Recurring [Member] | U.S. Government Sponsored Agency Securities [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Recurring [Member] | Obligations of States and Political Subdivisions [Member] | Carrying Value [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 13,054 | 14,327 |
Recurring [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Recurring [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 13,054 | 14,327 |
Recurring [Member] | Obligations of States and Political Subdivisions [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Recurring [Member] | Other Securities [Member] | Carrying Value [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 3,305 | 3,449 |
Recurring [Member] | Other Securities [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 0 | 0 |
Recurring [Member] | Other Securities [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | 2,805 | 2,949 |
Recurring [Member] | Other Securities [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Available for sale [Abstract] | ||
Securities available for sale | $ 500 | $ 500 |
FAIR VALUE, Unobservable Input
FAIR VALUE, Unobservable Input Reconciliation (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance of recurring Level 3 assets at beginning of period | $ 500 |
Total gains or losses (realized/unrealized) [Abstract] | |
Included in earnings - realized | 0 |
Included in earnings - unrealized | 0 |
Included in other comprehensive income | 0 |
Purchases, sales, issuances and settlements, net | 0 |
Transfers in and/or out of Level 3 | 0 |
Balance of recurring Level 3 assets at period-end | $ 500 |
FAIR VALUE, Assets and Liabil_2
FAIR VALUE, Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Assets [Abstract] | |||||
Total impaired loans | $ 6,720 | $ 6,720 | $ 7,381 | ||
Total OREO | 11,988 | 11,988 | 11,766 | ||
Impaired Loans, Additional Disclosure [Abstract] | |||||
Recorded investment in impaired loans carried at fair value | 9,114 | 9,114 | 10,177 | ||
Valuation allowance for impaired loans | 2,394 | 2,394 | 2,796 | ||
Impaired collateral dependent loans, provision for loan losses | 416 | $ 187 | 226 | $ 520 | |
Other Real Estate Owned, Additional Disclosure [Abstract] | |||||
Recorded investment in other real estate owned carried at fair value - gross | 12,945 | 12,945 | 12,769 | ||
Valuation allowance for other real estate owned | 957 | 957 | 1,003 | ||
Write downs | 131 | $ 120 | 131 | $ 120 | |
Residential Real Estate [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 28 | 28 | |||
Total OREO | 1,149 | 1,149 | 984 | ||
Impaired Loans, Additional Disclosure [Abstract] | |||||
Valuation allowance for impaired loans | 19 | 19 | |||
Multifamily Real Estate [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 2,238 | 2,238 | 2,514 | ||
Total OREO | 10,307 | 10,307 | 10,307 | ||
Impaired Loans, Additional Disclosure [Abstract] | |||||
Valuation allowance for impaired loans | 1,483 | 1,483 | 1,281 | ||
Commercial Real Estate [Member] | Owner Occupied [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 1,412 | 1,412 | 1,786 | ||
Total OREO | 103 | 103 | 125 | ||
Impaired Loans, Additional Disclosure [Abstract] | |||||
Valuation allowance for impaired loans | 113 | 113 | 692 | ||
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 2,468 | 2,468 | 2,514 | ||
Total OREO | 200 | 200 | 200 | ||
Impaired Loans, Additional Disclosure [Abstract] | |||||
Valuation allowance for impaired loans | 233 | 233 | 267 | ||
Commercial and Industrial [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 194 | 194 | 144 | ||
Impaired Loans, Additional Disclosure [Abstract] | |||||
Valuation allowance for impaired loans | 447 | 447 | 414 | ||
Construction and Land [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 380 | 380 | 423 | ||
Total OREO | 229 | 229 | 150 | ||
Impaired Loans, Additional Disclosure [Abstract] | |||||
Valuation allowance for impaired loans | 99 | 99 | 142 | ||
Nonrecurring [Member] | Carrying Amount [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 6,720 | 6,720 | 7,381 | ||
Total OREO | 11,988 | 11,988 | 11,766 | ||
Nonrecurring [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 0 | 0 | 0 | ||
Total OREO | 0 | 0 | 0 | ||
Nonrecurring [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 0 | 0 | 0 | ||
Total OREO | 0 | 0 | 0 | ||
Nonrecurring [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 6,720 | 6,720 | 7,381 | ||
Total OREO | 11,988 | 11,988 | 11,766 | ||
Nonrecurring [Member] | Residential Real Estate [Member] | Carrying Amount [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 28 | 28 | |||
Total OREO | 1,149 | 1,149 | 984 | ||
Nonrecurring [Member] | Residential Real Estate [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 0 | 0 | |||
Total OREO | 0 | 0 | 0 | ||
Nonrecurring [Member] | Residential Real Estate [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 0 | 0 | |||
Total OREO | 0 | 0 | 0 | ||
Nonrecurring [Member] | Residential Real Estate [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 28 | 28 | |||
Total OREO | 1,149 | 1,149 | 984 | ||
Nonrecurring [Member] | Multifamily Real Estate [Member] | Carrying Amount [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 2,238 | 2,238 | 2,514 | ||
Total OREO | 10,307 | 10,307 | 10,307 | ||
Nonrecurring [Member] | Multifamily Real Estate [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 0 | 0 | 0 | ||
Total OREO | 0 | 0 | 0 | ||
Nonrecurring [Member] | Multifamily Real Estate [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 0 | 0 | 0 | ||
Total OREO | 0 | 0 | 0 | ||
Nonrecurring [Member] | Multifamily Real Estate [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 2,238 | 2,238 | 2,514 | ||
Total OREO | 10,307 | 10,307 | 10,307 | ||
Nonrecurring [Member] | Commercial Real Estate [Member] | Owner Occupied [Member] | Carrying Amount [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 1,412 | 1,412 | 1,786 | ||
Total OREO | 103 | 103 | 125 | ||
Nonrecurring [Member] | Commercial Real Estate [Member] | Owner Occupied [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 0 | 0 | 0 | ||
Total OREO | 0 | 0 | 0 | ||
Nonrecurring [Member] | Commercial Real Estate [Member] | Owner Occupied [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 0 | 0 | 0 | ||
Total OREO | 0 | 0 | 0 | ||
Nonrecurring [Member] | Commercial Real Estate [Member] | Owner Occupied [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 1,412 | 1,412 | 1,786 | ||
Total OREO | 103 | 103 | 125 | ||
Nonrecurring [Member] | Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Carrying Amount [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 2,468 | 2,468 | 2,514 | ||
Total OREO | 200 | 200 | 200 | ||
Nonrecurring [Member] | Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 0 | 0 | 0 | ||
Total OREO | 0 | 0 | 0 | ||
Nonrecurring [Member] | Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 0 | 0 | 0 | ||
Total OREO | 0 | 0 | 0 | ||
Nonrecurring [Member] | Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 2,468 | 2,468 | 2,514 | ||
Total OREO | 200 | 200 | 200 | ||
Nonrecurring [Member] | Commercial and Industrial [Member] | Carrying Amount [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 194 | 194 | 144 | ||
Nonrecurring [Member] | Commercial and Industrial [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 0 | 0 | 0 | ||
Nonrecurring [Member] | Commercial and Industrial [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 0 | 0 | 0 | ||
Nonrecurring [Member] | Commercial and Industrial [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 194 | 194 | 144 | ||
Nonrecurring [Member] | Construction and Land [Member] | Carrying Amount [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 380 | 380 | 423 | ||
Total OREO | 229 | 229 | 150 | ||
Nonrecurring [Member] | Construction and Land [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 0 | 0 | 0 | ||
Total OREO | 0 | 0 | 0 | ||
Nonrecurring [Member] | Construction and Land [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 0 | 0 | 0 | ||
Total OREO | 0 | 0 | 0 | ||
Nonrecurring [Member] | Construction and Land [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Assets [Abstract] | |||||
Total impaired loans | 380 | 380 | 423 | ||
Total OREO | $ 229 | $ 229 | $ 150 |
FAIR VALUE, Asset Quantitative
FAIR VALUE, Asset Quantitative Information (Details) $ in Thousands | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans | $ 6,720 | $ 7,381 |
Other real estate owned | 11,988 | 11,766 |
Multifamily Real Estate [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans | 2,238 | 2,514 |
Other real estate owned | $ 10,307 | $ 10,307 |
Other real estate owned, valuation technique [Extensible List] | us-gaap:MarketApproachValuationTechniqueMember | us-gaap:MarketApproachValuationTechniqueMember |
Multifamily Real Estate [Member] | Minimum [Member] | Adjustment for Differences in Net Operating Income Expectations [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.200 | 0.200 |
Multifamily Real Estate [Member] | Maximum [Member] | Adjustment for Differences in Net Operating Income Expectations [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.200 | 0.200 |
Multifamily Real Estate [Member] | Weighted Average [Member] | Adjustment for Differences in Net Operating Income Expectations [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.200 | 0.200 |
Multifamily Real Estate [Member] | Sales Comparison [Member] | Minimum [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.514 | 0.453 |
Multifamily Real Estate [Member] | Sales Comparison [Member] | Maximum [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.514 | 0.453 |
Multifamily Real Estate [Member] | Sales Comparison [Member] | Weighted Average [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.514 | 0.453 |
Residential Real Estate [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans | $ 28 | |
Other real estate owned | $ 1,149 | $ 984 |
Other real estate owned, valuation technique [Extensible List] | us-gaap:MarketApproachValuationTechniqueMember | us-gaap:MarketApproachValuationTechniqueMember |
Residential Real Estate [Member] | Minimum [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.002 | 0.192 |
Residential Real Estate [Member] | Maximum [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.598 | 0.598 |
Residential Real Estate [Member] | Weighted Average [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.203 | 0.219 |
Residential Real Estate [Member] | Sales Comparison [Member] | Minimum [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.703 | |
Residential Real Estate [Member] | Sales Comparison [Member] | Maximum [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.703 | |
Residential Real Estate [Member] | Sales Comparison [Member] | Weighted Average [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.703 | |
Commercial Real Estate [Member] | Owner Occupied [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans | $ 1,412 | $ 1,786 |
Other real estate owned | $ 103 | $ 125 |
Other real estate owned, valuation technique [Extensible List] | us-gaap:MarketApproachValuationTechniqueMember | us-gaap:MarketApproachValuationTechniqueMember |
Commercial Real Estate [Member] | Owner Occupied [Member] | Minimum [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.832 | 0.424 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Maximum [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.832 | 0.424 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Weighted Average [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.832 | 0.424 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Sales Comparison [Member] | Minimum [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.309 | 0.315 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Sales Comparison [Member] | Maximum [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.309 | 0.506 |
Commercial Real Estate [Member] | Owner Occupied [Member] | Sales Comparison [Member] | Weighted Average [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.309 | 0.355 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans | $ 2,468 | $ 2,514 |
Other real estate owned | $ 200 | $ 200 |
Other real estate owned, valuation technique [Extensible List] | us-gaap:MarketApproachValuationTechniqueMember | us-gaap:MarketApproachValuationTechniqueMember |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Minimum [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.579 | 0.579 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Maximum [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.579 | 0.579 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Weighted Average [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.579 | 0.579 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Income Approach [Member] | Minimum [Member] | Adjustment for Differences in Net Operating Income Expectations [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.161 | 0.161 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Income Approach [Member] | Maximum [Member] | Adjustment for Differences in Net Operating Income Expectations [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.674 | 0.672 |
Commercial Real Estate [Member] | Non-Owner Occupied [Member] | Income Approach [Member] | Weighted Average [Member] | Adjustment for Differences in Net Operating Income Expectations [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.540 | 0.541 |
Commercial and Industrial [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans | $ 194 | $ 144 |
Commercial and Industrial [Member] | Sales Comparison [Member] | Minimum [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0 | 0 |
Commercial and Industrial [Member] | Sales Comparison [Member] | Maximum [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0 | 0 |
Commercial and Industrial [Member] | Sales Comparison [Member] | Weighted Average [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0 | 0 |
Construction and Land [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans | $ 380 | $ 423 |
Other real estate owned | $ 229 | $ 150 |
Other real estate owned, valuation technique [Extensible List] | us-gaap:MarketApproachValuationTechniqueMember | us-gaap:MarketApproachValuationTechniqueMember |
Construction and Land [Member] | Minimum [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.375 | 0.503 |
Construction and Land [Member] | Maximum [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.551 | 0.503 |
Construction and Land [Member] | Weighted Average [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Other real estate owned, unobservable inputs | 0.489 | 0.503 |
Construction and Land [Member] | Sales Comparison [Member] | Minimum [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.565 | 0.532 |
Construction and Land [Member] | Sales Comparison [Member] | Maximum [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.565 | 0.836 |
Construction and Land [Member] | Sales Comparison [Member] | Weighted Average [Member] | Adjustment for Estimated Realizable Value [Member] | ||
Significant Unobservable Inputs Related to Assets and Liabilities Measured at Fair Value [Abstract] | ||
Impaired loans, unobservable inputs | 0.565 | 0.545 |
PENDING ACQUISITION (Details)
PENDING ACQUISITION (Details) - Forecast [Member] - First National Bank of Jackson [Member] - Citizens Deposit Bank & Trust [Member] $ in Thousands | Jul. 08, 2019USD ($) |
Business Acquisition [Abstract] | |
Business acquisition, net worth of acquiree | $ 103,600 |
Business acquisition, purchase price consideration, cash payment | 14,784 |
Total estimated transaction value | $ 14,784 |