Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 28, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Entity Registrant Name | OHIO VALLEY BANC CORP | ||
Entity Central Index Key | 894,671 | ||
Trading Symbol | ovbc | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 4,719,783 | ||
Entity Public Float | $ 144,879,867 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Cond
Consolidated Statements of Condition - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and noninterest-bearing deposits with banks | $ 12,664 | $ 12,512 |
Interest-bearing deposits with banks | 61,909 | 27,654 |
Total cash and cash equivalents | 74,573 | 40,166 |
Certificates of deposit in financial institutions | 1,820 | 1,670 |
Securities available for sale | 101,125 | 96,490 |
Securities held to maturity (estimated fair value: 2017 - $18,079; 2016 - $19,171) | 17,581 | 18,665 |
Restricted investments in bank stocks | 7,506 | 7,506 |
Total loans | 769,319 | 734,901 |
Less: Allowance for loan losses | (7,499) | (7,699) |
Net loans | 761,820 | 727,202 |
Premises and equipment, net | 13,281 | 12,783 |
Other real estate owned | 1,574 | 2,129 |
Accrued interest receivable | 2,503 | 2,315 |
Goodwill | 7,371 | 7,801 |
Other intangible assets, net | 514 | 670 |
Bank owned life insurance and annuity assets | 28,675 | 29,349 |
Other assets | 7,947 | 7,894 |
Total assets | 1,026,290 | 954,640 |
Liabilities | ||
Noninterest-bearing deposits | 253,655 | 209,576 |
Interest-bearing deposits | 603,069 | 580,876 |
Total deposits | 856,724 | 790,452 |
Other borrowed funds | 35,949 | 37,085 |
Subordinated debentures | 8,500 | 8,500 |
Accrued liabilities | 15,756 | 14,075 |
Total liabilities | 916,929 | 850,112 |
Commitments and Contingent Liabilities (See Note L) | ||
Shareholders’ Equity | ||
Common stock ($1.00 stated value per share, 10,000,000 shares authorized; 2017 – 5,362,005 shares issued; 2016 - 5,325,504 shares issued) | 5,362 | 5,326 |
Additional paid-in capital | 47,895 | 46,788 |
Retained earnings | 72,694 | 69,117 |
Accumulated other comprehensive loss | (878) | (991) |
Treasury stock, at cost (659,739 shares) | (15,712) | (15,712) |
Total shareholders’ equity | 109,361 | 104,528 |
Total liabilities and shareholders’ equity | $ 1,026,290 | $ 954,640 |
Consolidated Statements of Con3
Consolidated Statements of Condition (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Securities held to maturity, fair value | $ 18,079 | $ 19,171 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 5,362,005 | 5,325,504 |
Treasury stock, shares (in shares) | 659,739 | 659,739 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest and dividend income: | |||
Loans, including fees | $ 42,182 | $ 36,266 | $ 33,481 |
Securities: | |||
Taxable | 2,116 | 1,961 | 1,849 |
Tax exempt | 411 | 445 | 526 |
Dividends | 392 | 302 | 293 |
Other interest | 607 | 374 | 185 |
45,708 | 39,348 | 36,334 | |
Expenses: | |||
Deposits | 2,843 | 2,154 | 2,191 |
Other borrowed funds | 884 | 664 | 478 |
Subordinated debentures | 248 | 204 | 170 |
3,975 | 3,022 | 2,839 | |
Net interest income | 41,733 | 36,326 | 33,495 |
Provision for loan losses | 2,564 | 2,826 | 1,090 |
Net interest income after provision for loan losses | 39,169 | 33,500 | 32,405 |
Noninterest income: | |||
Service charges on deposit accounts | 2,137 | 1,977 | 1,573 |
Trust fees | 240 | 227 | 221 |
Income from bank owned life insurance and annuity assets | 1,226 | 725 | 681 |
Mortgage banking income | 265 | 227 | 242 |
Electronic refund check / deposit fees | 1,692 | 2,048 | 2,371 |
Debit / credit card interchange income | 3,376 | 2,594 | 2,399 |
Gain (loss) on other real estate owned | (189) | (467) | 99 |
Gain on sale of securities | 163 | ||
Other | 688 | 908 | 848 |
9,435 | 8,239 | 8,597 | |
Noninterest expense: | |||
Salaries and employee benefits | 20,809 | 18,874 | 17,498 |
Occupancy | 1,770 | 1,846 | 1,599 |
Furniture and equipment | 1,049 | 922 | 801 |
Professional fees | 1,792 | 1,362 | 1,375 |
Marketing expense | 1,034 | 915 | 860 |
FDIC insurance | 465 | 455 | 583 |
Data processing | 2,081 | 1,455 | 1,259 |
Software | 1,486 | 1,316 | 1,123 |
Foreclosed assets | 499 | 357 | 347 |
Amortization of intangibles | 156 | 68 | |
Merger related expenses | 39 | 930 | |
Other | 5,429 | 4,399 | 4,174 |
36,609 | 32,899 | 29,619 | |
Income before income taxes | 11,995 | 8,840 | 11,383 |
Income tax benefit | 4,486 | 1,920 | 2,809 |
NET INCOME | $ 7,509 | $ 6,920 | $ 8,574 |
Earnings per share (in dollars per share) | $ 1.60 | $ 1.59 | $ 2.08 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income | $ 7,509 | $ 6,920 | $ 8,574 |
Other comprehensive income (loss): | |||
Change in unrealized gain (loss) on available for sale securities | 171 | (1,963) | (830) |
Reclassification adjustment for realized (gains) | (163) | ||
171 | (1,963) | (993) | |
Related tax (expense) benefit | (58) | 667 | 338 |
Total other comprehensive income (loss), net of tax | 113 | (1,296) | (655) |
Total comprehensive income | $ 7,622 | $ 5,624 | $ 7,919 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2014 | $ 4,777 | $ 35,318 | $ 60,873 | $ 960 | $ (15,712) | $ 86,216 |
Net income | 8,574 | 8,574 | ||||
Other comprehensive income (loss), net | (655) | (655) | ||||
Cash dividends | (3,665) | (3,665) | ||||
Common stock issued to ESOP | ||||||
Balance at Dec. 31, 2015 | 4,777 | 35,318 | 65,782 | 305 | (15,712) | 90,470 |
Net income | 6,920 | 6,920 | ||||
Other comprehensive income (loss), net | (1,296) | (1,296) | ||||
Cash dividends | (3,585) | (3,585) | ||||
Common stock issued to ESOP | 25 | 550 | 575 | |||
Acquisition – Milton Bancorp, Inc. 523,518 shares | 524 | 10,920 | 11,444 | |||
Balance at Dec. 31, 2016 | 5,326 | 46,788 | 69,117 | (991) | (15,712) | 104,528 |
Net income | 7,509 | 7,509 | ||||
Other comprehensive income (loss), net | 113 | 113 | ||||
Cash dividends | (3,932) | (3,932) | ||||
Common stock issued to ESOP | 15 | 413 | 428 | |||
Common stock issued through dividend reinvestment, 21,383 shares | 21 | 694 | 715 | |||
Balance at Dec. 31, 2017 | $ 5,362 | $ 47,895 | $ 72,694 | $ (878) | $ (15,712) | $ 109,361 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Retained Earnings [Member] | |||
Cash dividends, per share (in dollars per share) | $ 0.84 | $ 0.82 | $ 0.89 |
Additional Paid-in Capital [Member] | |||
Common stock issued to ESOP, shares (in shares) | 15,118 | 24,572 | |
Acquisition – Milton Bancorp, Inc., shares (in shares) | 523,518 | ||
Common stock issued through dividend reinvestment, shares (in shares) | 21,383 | ||
Common stock issued to ESOP, shares (in shares) | 15,118 | 24,572 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 7,509 | $ 6,920 | $ 8,574 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation of premises and equipment | 1,277 | 1,126 | 872 |
Net (accretion) of purchase accounting adjustments | (526) | (255) | |
Net amortization of securities | 378 | 407 | 432 |
Net realized (gain) on sale of securities | (163) | ||
Proceeds from sale of loans in secondary market | 7,857 | 6,455 | 6,746 |
Loans disbursed for sale in secondary market | (7,592) | (6,228) | (6,504) |
Amortization of mortgage servicing rights | 71 | 79 | 93 |
Gain on sale of loans | (336) | (306) | (335) |
Amortization of intangible assets | 156 | 68 | |
Deferred tax (benefit) expense | 1,907 | (725) | 591 |
Provision for loan losses | 2,564 | 2,826 | 1,090 |
Common stock issued to ESOP | 428 | 575 | |
Earnings on bank owned life insurance and annuity assets | (1,226) | (725) | (681) |
(Gain) loss on sale of other real estate owned | 134 | (22) | (99) |
Net write-down of other real estate owned | 55 | 489 | |
Change in accrued interest receivable | (188) | (496) | (13) |
Change in accrued liabilities | 1,681 | 1,461 | 473 |
Change in other assets | 347 | 1,717 | (678) |
Net cash provided by operating activities | 14,496 | 13,366 | 10,398 |
Cash flows from investing activities: | |||
Net cash acquired from Milton Bancorp, Inc. acquisition | 1,770 | ||
Proceeds from sales of securities available for sale | 10,550 | ||
Proceeds from maturities of securities available for sale | 20,389 | 18,591 | 15,085 |
Purchases of securities available for sale | (25,177) | (20,256) | (33,251) |
Proceeds from maturities of securities held to maturity | 1,419 | 3,089 | 3,482 |
Purchases of securities held to maturity | (389) | (1,528) | (626) |
Proceeds from maturities of certificates of deposit in financial institutions | 245 | 490 | 245 |
Purchases of certificates of deposit in financial institutions | (395) | (445) | (980) |
Purchases of restricted investments in bank stocks | (566) | ||
Net change in loans | (37,918) | (38,299) | 5,049 |
Proceeds from sale of other real estate owned | 1,466 | 403 | 458 |
Purchases of premises and equipment | (1,727) | (1,683) | (1,950) |
Proceeds from bank owned life insurance and annuity assets | 2,107 | ||
Purchases of bank owned life insurance and annuity assets | (2,200) | (3,000) | |
Net cash (used in) investing activities | (42,180) | (38,434) | (4,938) |
Cash flows from financing activities: | |||
Change in deposits | 66,444 | 10,150 | 13,916 |
Proceeds from common stock through dividend reinvestment | 715 | ||
Cash dividends | (3,932) | (3,585) | (3,665) |
Proceeds from Federal Home Loan Bank borrowings | 4,785 | 11,102 | 400 |
Repayment of Federal Home Loan Bank borrowings | (5,318) | (1,883) | (1,671) |
Change in other long-term borrowings | (459) | 3,899 | |
Change in other short-term borrowings | (144) | 21 | 113 |
Net cash provided by financing activities | 62,091 | 19,704 | 9,093 |
Cash and cash equivalents: | |||
Change in cash and cash equivalents | 34,407 | (5,364) | 14,553 |
Cash and cash equivalents at beginning of year | 40,166 | 45,530 | 30,977 |
Cash and cash equivalents at end of year | 74,573 | 40,166 | 45,530 |
Supplemental disclosure: | |||
Cash paid for interest | 3,724 | 2,930 | 2,784 |
Cash paid for income taxes | 2,236 | 1,725 | 2,450 |
Proceeds from bank owned life insurance and annuity assets not settled | 1,993 | ||
Transfers from loans to other real estate owned | 1,337 | 957 | 1,381 |
Other real estate owned sales financed by The Ohio Valley Bank Company | 237 | 316 | 189 |
Net assets acquired from Milton Bancorp, Inc. acquisition, excluding cash and cash equivalents. | 3,140 | ||
Milton Bancorp, Inc [Member] | |||
Supplemental disclosure: | |||
Issuance of common stock for Milton Bancorp, Inc. acquisition | $ 11,444 |
Note A - Summary of Significant
Note A - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note A - Summary of Significant Accounting Policies Description of Business: Ohio Valley Banc Corp. (”Ohio Valley”) is a financial holding company registered under the Bank Holding Company Act of 1956. one one The Company provides a full range of commercial and retail banking services from 25 The Bank ’s trust department provides a wide variety of fiduciary services for trusts, estates and benefit plans and also provides investment and security services as an agent for its customers. Principles of Consolidation: The consolidated financial statements include the accounts of Ohio Valley and its wholly-owned subsidiaries, the Bank, Loan Central, Inc., Ohio Valley Financial Services Agency, LLC, and OVBC Captive, Inc. All material intercompany accounts and transactions have been eliminated. Industry Segment Information: Internal financial information is primarily reported and aggregated in two Use of Estimates: To prepare financial statements in conformity with accounting principles generally accepted in the U.S., management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. Cash and Cash Equivalents: Cash and cash equivalents include cash on hand, noninterest-bearing deposits with banks, federal funds sold and interest-bearing deposits with banks with maturity terms of less than 90 one Certificates of deposit in financial institutions : 90 September 30, 2019. Securities: The Company classifies securities into held to maturity and available for sale categories. Held to maturity securities are those which the Company has the positive intent and ability to hold to maturity and are reported at amortized cost. Securities classified as available for sale include securities that could be sold for liquidity, investment management or similar reasons even if there is not Premium amortization is deducted from, and discount accretion is added to, interest income on securities using the level yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses are recognized upon the sale of specific identified securities on the completed trade date. Other-Than-Temporary Impairments of Securities: 1 2 3 4 not When an OTTI occurs, the amount of the OTTI recognized in earnings depends on whether an entity intends to sell the security or it is more likely than not not ’s amortized cost basis and its fair value at the balance sheet date. If an entity does not not not Restricted Investments in Bank Stocks : may not Loans: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of unearned interest, deferred loan fees and costs, and an allowance for loan losses. Interest income is reported on an accrual basis using the interest method and includes amortization of net deferred loan fees and costs over the loan term using the level yield method without anticipating prepayments. The amount of the Company’s recorded investment is not Interest income is discontinued and the loan moved to non-accrual status when full loan repayment is in doubt, typically when the loan is impaired or payments are past due 90 In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 90 All interest accrued but not Interest received on such loans is accounted for on the cash-basis method until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Allowance for Loan Losses: The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified and for which the borrower is experiencing financial difficulties are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not Commercial and commercial real estate loans are individually evaluated for impairment. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Smaller balance homogeneous loans, such as consumer and most residential real estate, are collectively evaluated for impairment, and accordingly, they are not The general component covers non-impaired loans and impaired loans that are not . The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the most recent 3 5 Commercial and industrial loans consist of borrowings for commercial purposes to individuals, corporations, partnerships, sole proprietorships, and other business enterprises. Commercial and industrial loans are generally secured by business assets such as equipment, accounts receivable, inventory, or any other asset excluding real estate and generally made to finance capital expenditures or operations. The Company’s risk exposure is related to deterioration in the value of collateral securing the loan should foreclosure become necessary. Generally, business assets used or produced in operations do not may Commercial real estate consists of nonfarm, nonresidential loans secured by owner-occupied and nonowner-occupied commercial real estate as well as commercial construction loans. An owner-occupied loan relates to a borrower purchased building or space for which the repayment of principal is dependent upon cash flows from the ongoing business operations conducted by the party, or an affiliate of the party, who owns the property. Owner-occupied loans that are dependent on cash flows from operations can be adversely affected by current market conditions for their product or service. A nonowner-occupied loan is a property loan for which the repayment of principal is dependent upon rental income associated with the property or the subsequent sale of the property. Nonowner-occupied loans that are dependent upon rental income are primarily impacted by local economic conditions which dictate occupancy rates and the amount of rent charged. Commercial construction loans consist of borrowings to purchase and develop raw land into 1 4 third may may Residential real estate loans consist of loans to individuals for the purchase of 1 4 The Company’s loss exposure to these loans is dependent on local market conditions for residential properties as loan amounts are determined, in part, by the fair value of the property at origination. Consumer loans are comprised of loans to individuals secured by automobiles, open-end home equity loans and other loans to individuals for household, family, and other personal expenditures, both secured and unsecured . These loans typically have maturities of 6 may At December 31, 201 7, no Concentrations of Credit Risk: The Company grants residential, consumer and commercial loans to customers located primarily in the southeastern Ohio and western West Virginia areas. The following represents the composition of the Company ’s loan portfolio as of December 31: % of Total Loans 201 7 201 6 Residential real estate loans 40.19 % 38.92 % Commercial real estate loans 27.74 % 29.12 % Consumer loans 18.15 % 18.27 % Commercial and industrial loans 13.92 % 13.69 % 100.00 % 100.00 % Approximately 4.86% December 31, 2017, 5.61% December 31, 2016. The Bank, in the normal course of its operations, conducts business with correspondent financial institutions. Balances in correspondent accounts, investments in federal funds, certificates of deposit and other short-term securities are closely monitored to ensure that prudent levels of credit and liquidity risks are maintained. At December 31, 2017, $60,872 Premises and Equipment: Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation, which is computed using the straight-line method over the estimated useful life of the owned asset and, for leasehold improvement, over the remaining term of the leased facility, whichever is shorter. The useful lives range from 3 8 7 39 Foreclosed assets: Assets acquired through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. Physical possession of residential real estate property collateralizing a consumer mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Operating costs after acquisition are expensed. Foreclosed assets totaled $1,574 $2,129 December 31, 2017 2016. Goodwill: Goodwill resulting from business combinations prior to January 1, 2009 January 1, 2009, not impairment at least annually. Goodwill is the only intangible asset with an indefinite life on our balance sheet. The Company has selected December 31 not no Long-term Assets: Premises and equipment and other long-term assets are reviewed for impairment when events indicate their carrying amount may not Mortgage Servicing Rights: A mortgage servicing right (“MSR”) is a contractual agreement where the right to service a mortgage loan is sold by the original lender to another party. When the Company sells mortgage loans to the secondary market, it retains the servicing rights to these loans. The Company’s MSR is recognized separately when acquired through sales of loans and is initially recorded at fair value with the income statement effect recorded in mortgage banking income. Subsequently, the MSR is then amortized in proportion to and over the period of estimated future servicing income of the underlying loan. The MSR is then evaluated for impairment periodically based upon the fair value of the rights as compared to the carrying amount, with any impairment being recognized through a valuation allowance. Fair value of the MSR is based on market prices for comparable mortgage servicing contracts. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as interest rate, loan type and investor type. If the Company later determines that all or a portion of the impairment no may December 31, 2017 2016, $360 $387, Earnings Per Share: 4,685,067 2017; 4,351,748 2016; 4,117,675 2015. no Income Taxes: Income tax expense is the sum of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized at the time of enactment of such change in tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. On December 22, 2017, “ TCJA ” ) was enacted, which among other things, reduced the federal income tax rate from 34% 21% January 1, 2018. s deferred tax assets and liabilities to be revalued using the 21% fourth A tax position is recognized as a benefit only if it is “more likely than not” be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% not not” no Comprehensive Income: Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale which are also recognized as separate components of equity, net of tax. Loss Contingencies: Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not Bank Owned Life Insurance and Annuity Assets : The Company has purchased life insurance policies on certain key executives. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. The Company also purchased an annuity investment for a certain key executive that earns interest. Employee Stock Ownership Plan: Compensation expense is based on the market price of shares as they are committed to be allocated to participant accounts. Dividend Reinvestment Plan: The Company maintains a Dividend Reinvestment Plan. The plan enables shareholders to elect to have their cash dividends on all or a portion of shares held automatically reinvested in additional shares of the Company’s common stock. The stock is issued out of the Company’s authorized shares and credited to participant accounts at fair market value. Dividends are reinvested on a quarterly basis. Loan Commitments and Related Financial Instruments: Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. These financial instruments are recorded when they are funded. See Note L for more specific disclosure related to loan commitments. Dividend Restrictions: Banking regulations require maintaining certain capital levels and may Restrictions on Cash : third $61,915 $28,102 2017 2016. third not Derivatives: At the inception of a derivative contract, the Company designates the derivative as one three three 1 2 3 no Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not At December 31, 201 7 2016, Fair Value of Financial Instruments: Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note O. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. Reclassifications: The consolidated financial statements for 2016 2015 2017. no Adoption of New Accounting Standards: May 2014, 2014 09, 606 606, December 15, 2017, January 1, 2017. 2014 09 not not 2014 09. In January 2016, No. 2016 01, 1 2 3 4 December 15, 2017, not The adoption of ASU 2016 01 not I n February 2016, 2016 02, December 15, 2018, In June 2016, No. 2016 13, 2016 13 other commitments to extend credit rather than the current "incurred loss" model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity's portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. This ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. December 15, 2018. In August 2016, 2016 15, eight The amendments in this Update apply to all entities, including business entities and not December 15, 2017, 2016 15 not In January 2017, 2017 04, – Goodwill and Other) which is intended to simplify the measurement of goodwill in periods following the date on which the goodwill is initially recorded. Under the amendments in this update, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. However, the loss recognized should not December 15, 2019. not In February 2018, 2018 02, December 15, 2018, Early adoption is permitted, including adoption in an interim period. The adoption of ASU 2018 02 not |
Note B - Business Combinations
Note B - Business Combinations | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Note B – Business Combinations As of the close of business on August 5, 2016, , Inc. (“Milton Bancorp”) pursuant to the terms of the Agreement and Plan of Merger dated as of January 7, 2016, 1,636 no $37,219, 80% 400 20% 1,237 $3,600 $18,875, $11,444 $7,431 $5,000 August 6, 2016. $930 December 31, 2016. $950 25 Goodwill of $6,534 As the acquisition was treated as a nontaxable stock acquisition transaction, the goodwill was not Consideration: Cash $ 7,431 Equity instruments 11,444 Fair value of total consideration transferred $ 18,875 Recognized amounts of identifiable assets acquired and liabilities assumed : Cash and cash equivalents $ 9,201 Securities 5,868 Restricted investments in bank stock 364 Loans 112,479 Premises and equipment 1,826 Other real estate owned 641 Bank owned life insurance 272 Core deposit intangible asset 738 Other assets 612 Total assets acquired 132,001 Deposits 119,669 Other liabilities (9 ) Total liabilities assumed 119,660 Total identifiable net assets 12,341 Goodwill 6,534 $ 18,875 The fair value of net assets acquired include d fair value adjustments to certain receivables that were not $111,558 $112,249 not |
Note C - Securities
Note C - Securities | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note C - Securities The following table summarizes the amortized cost and fair value of securities available for sale and securities held to maturity at December 31, 2017 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities Available for Sale December 31, 201 7 U.S. Government sponsored entity securities $ 13,622 $ ---- $ (149 ) $ 13,473 Agency mortgage-backed securities, residential 88,833 300 (1,481 ) 87,652 Total securities $ 102,455 $ 300 $ (1,630 ) $ 101,125 December 31, 201 6 U.S. Government sponsored entity securities $ 10,624 $ ---- $ (80 ) $ 10,544 Agency mortgage-backed securities, residential 87,367 495 (1,916 ) 85,946 Total securities $ 97,991 $ 495 $ (1,996 ) $ 96,490 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value Securities Held to Maturity December 31, 201 7 Obligations of states and political subdivisions $ 1 7,577 $ 533 $ ( 35 ) $ 1 8,075 Agency mortgage-backed securities, residential 4 ---- ---- 4 Total securities $ 1 7,581 $ 533 $ ( 35 ) $ 1 8,079 December 31, 201 6 Obligations of states and political subdivisions $ 18,661 $ 654 $ (148 ) $ 19,167 Agency mortgage-backed securities, residential 4 ---- ---- 4 Total securities $ 18,66 5 $ 654 $ (148 ) $ 19,17 1 At year-end 201 7 2016, no one 10% There were no 2017 2016. 2015, $10,550 $163 Securities with a carrying value of approximately $70,078 December 31, 2017 $72,397 December 31, 2016 Unrealized losses on the Company ’s debt securities have not December 31, 2017, not not not December 31, 2017 2016 The amortized cost and estimated fair value of debt securities at December 31, 2017, may may not Available for Sale Held to Maturity Debt Securities: Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 4,601 $ 4,593 $ 809 $ 819 Due in one to five years 9,021 8,880 7,356 7,559 Due in five to ten years ---- ---- 9,204 9,497 Due after ten years ---- ---- 208 200 Agency mortgage-backed securities, residential 88,833 87,652 4 4 Total debt securities $ 102,455 $ 101,125 $ 17,581 $ 18,079 The following table summarizes securities with unrealized losses at December 31, 201 7 December 31, 2016, December 31, 201 7 Less than 12 Months 12 Months or More Total Securities Available for Sale Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government sponsored entity securities $ 6,910 $ (97 ) $ 6,563 $ (52 ) $ 13,473 $ (149 ) Agency mortgage-backed securities, residential 37,421 (434 ) 31,763 (1,047 ) 69,184 (1,481 ) Total available for sale $ 44,331 $ (531 ) $ 38,326 $ (1,099 ) $ 82,657 $ (1,630 ) Less than 12 Months 12 Months or More Total Securities Held to Maturity Fair Value Unrecognized Loss Fair Value Unrecognized Loss Fair Value Unrecognized Loss Obligations of states and political subdivisions $ 362 $ (2 ) $ 1,502 $ (33 ) $ 1,864 $ (35 ) Total held to maturity $ 362 $ (2 ) $ 1,502 $ (33 ) $ 1,864 $ (35 ) December 31, 201 6 Less than 12 Months 12 Months or More Total Securities Available for Sale Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government sponsored entity securities $ 10,544 $ (80 ) $ ---- $ ---- $ 10,544 $ (80 ) Agency mortgage-backed securities, residential 64,043 (1,916 ) ---- ---- 64,043 (1,916 ) Total available for sale $ 74,587 $ (1,996 ) $ ---- $ ---- $ 74,587 $ (1,996 ) Less than 12 Months 12 Months or More Total Securities Held to Maturity Fair Value Unrecognized Loss Fair Value Unrecognized Loss Fair Value Unrecognized Loss Obligations of states and political subdivisions $ 3,813 $ (148 ) $ ---- $ ---- $ 3,813 $ (148 ) Total held to maturity $ 3,813 $ (148 ) $ ---- $ ---- $ 3,813 $ (148 ) |
Note D - Loans and Allowance fo
Note D - Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note D - Loans and Allowance for Loan Losses Loans are comprised of the following at December 31: 201 7 201 6 Residential real estate $ 309,163 $ 286,022 Commercial real estate: Owner-occupied 73,573 77,605 Nonowner-occupied 101,571 90,532 Construction 38,302 45,870 Commercial and industrial 107,089 100,589 Consumer: Automobile 68,626 59,772 Home equity 21,431 20,861 Other 49,564 53,650 769,319 734,901 Less: Allowance for loan losses (7,499 ) (7,699 ) Loans, net $ 761,820 $ 727,202 The following table presents the activity in the allowance for loan losses by portfolio segment for the year s ended December 31, 2017, 2016 2015: December 31, 201 7 Residential Real Estate Commercial Real Estate Commercial & Industrial Consumer Total Allowance for loan losses: Beginning balance $ 939 $ 4,315 $ 907 $ 1,538 $ 7,699 Provision for loan losses 1,016 (632 ) 658 1,522 2,564 Loans charged off (745 ) (1,067 ) (627 ) (1,642 ) (4,081 ) Recoveries 260 362 86 609 1,317 Total ending allowance balance $ 1,470 $ 2,978 $ 1,024 $ 2,027 $ 7,499 December 31, 201 6 Residential Real Estate Commercial Real Estate Commercial & Industrial Consumer Total Allowance for loan losses: Beginning balance $ 1,087 $ 1,959 $ 2,589 $ 1,013 $ 6,648 Provision for loan losses (63 ) 2,287 (1,112 ) 1,714 2,826 Loans charged off (384 ) (63 ) (586 ) (2,170 ) (3,203 ) Recoveries 299 132 16 981 1,428 Total ending allowance balance $ 939 $ 4,315 $ 907 $ 1,538 $ 7,699 December 31, 201 5 Residential Real Estate Commercial Real Estate Commercial & Industrial Consumer Total Allowance for loan losses: Beginning balance $ 1, 426 $ 4 ,195 $ 1, 602 $ 1,111 $ 8 ,334 Provision for loan losses 103 (469 ) 777 679 1 ,090 Loans charged off ( 828 ) ( 1,971 ) ( 24 ) (1, 428 ) ( 4,251 ) Recoveries 38 6 204 234 651 1, 475 Total ending allowance balance $ 1, 087 $ 1 ,959 $ 2 ,589 $ 1, 013 $ 6 ,648 The following table presents the balance in the allowance for loan losses and the recorded investment of loans by portfolio segment and based on impairment method as of December 31, 2017 2016: December 31, 201 7 Residential Real Estate Commercial Real Estate Commercial & Industrial Consumer Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ ---- $ 94 $ ---- $ ---- $ 94 Collectively evaluated for impairment 1,470 2,884 1,024 2,027 7,405 Total ending allowance balance $ 1,470 $ 2,978 $ 1,024 $ 2,027 $ 7,499 Loans: Loans individually evaluated for impairment $ 1,420 $ 7,333 $ 9,154 $ 201 $ 18,108 Loans collectively evaluated for impairment 307,743 206,113 97,935 139,420 751,211 Total ending loans balance $ 309,163 $ 213,446 $ 107,089 $ 139,621 $ 769,319 December 31, 201 6 Residential Real Estate Commercial Real Estate Commercial & Industrial Consumer Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ ---- $ 2,535 $ 241 $ 205 $ 2,981 Collectively evaluated for impairment 939 1,780 666 1,333 4,718 Total ending allowance balance $ 939 $ 4,315 $ 907 $ 1,538 $ 7,699 Loans: Loans individually evaluated for impairment $ 717 $ 13,111 $ 8,465 $ 416 $ 22,709 Loans collectively evaluated for impairment 285,305 200,896 92,124 133,867 712,192 Total ending loans balance $ 286,022 $ 214,007 $ 100,589 $ 134,283 $ 734,901 The following table presents information related to loans individually evaluated for impairment by class of loans as of the year s ended December 31, 2017, 2016 2015: December 31, 201 7 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Impaired Loans Interest Income Recognized Cash Basis Interest Recognized With an allowance recorded: Commercial real estate: Nonowner-occupied $ 372 $ 372 $ 94 $ 378 $ 17 $ 17 With no related allowance recorded: Residential real estate 1,420 1,420 ---- 851 66 66 Commercial real estate: Owner-occupied 3,427 3,427 ---- 2,456 184 184 Nonowner-occupied 4,989 3,534 ---- 3,521 81 81 Construction 352 ---- ---- ---- 19 19 Commercial and industrial 9,154 9,154 ---- 8,544 481 481 Consumer: Home equity 203 201 ---- 208 7 7 Total $ 19,917 $ 18,108 $ 94 $ 15,958 $ 855 $ 855 December 31, 201 6 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Impaired Loans Interest Income Recognized Cash Basis Interest Recognized With an allowance recorded: Commercial real estate: Owner-occupied $ 5,477 $ 5,477 $ 2,435 $ 3,185 $ 300 $ 300 Nonowner-occupied 384 384 100 390 19 19 Commercial and industrial 392 392 241 391 ---- ---- Consumer: Home equity 416 416 205 421 21 21 With no related allowance recorded: Residential real estate 717 717 ---- 726 31 31 Commercial real estate: Owner-occupied 3,638 3,091 ---- 3,005 178 178 Nonowner-occupied 5,078 3,632 ---- 3,572 79 79 Construction 1,001 527 ---- 522 136 136 Commercial and industrial 8,073 8,073 ---- 7,681 381 381 Total $ 25,176 $ 22,709 $ 2,981 $ 19,893 $ 1,145 $ 1,145 December 31, 201 5 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Impaired Loans Interest Income Recognized Cash Basis Interest Recognized With an allowance recorded: Commercial real estate: Owner-occupied $ 204 $ 204 $ 204 $ 204 $ 13 $ 13 Nonowner-occupied 396 396 107 402 75 75 Commercial and industrial 4,355 4,355 1,850 3,545 149 149 Consumer: Home equity 218 218 3 219 8 8 With no related allowance recorded: Residential real estate 1,001 1,001 ---- 809 45 45 Commercial real estate: Owner-occupied 3,812 3,265 ---- 2,747 181 181 Nonowner-occupied 5,178 2,773 ---- 3,439 49 49 Construction 680 680 ---- 544 ---- ---- Commercial and industrial 4,336 4,336 ---- 3,985 180 180 Total $ 20,180 $ 17,228 $ 2,164 $ 15,894 $ 700 $ 700 The recorded investment of a loan is its carrying value excluding accrued interest and deferred loan fees. Nonaccrual loans and loans past due 90 The Company transfers loans to other real estate owned, at fair value less cost to sell, in the period the Company obtains physical possession of the property (through legal title or through a deed in lieu). As of December 31, 2017 December 31, 2016, $262 $938, $2,410 $1,492 December 31, 2017 December 31, 2016, The following table presents the recorded investment of nonaccrual loans and loans past due 90 December 31, 2017 2016: Loans Past Due 90 Days And Still Accruing Nonaccrual December 31, 201 7 Residential real e state $ 131 $ 5,906 Commercial real estate: Owner-occupied ---- 476 Nonowner-occupied ---- 2,454 Construction ---- 444 Commercial and industrial ---- 337 Consumer: Automobile 127 86 Home equity ---- 283 Other 76 126 Total $ 334 $ 10,112 Loans Past Due 90 Days And Still Accruing Nonaccrual December 31, 201 6 Residential real e state $ 132 $ 3,445 Commercial real estate: Owner-occupied 28 1,571 Nonowner-occupied ---- 2,506 Construction ---- 527 Commercial and industrial ---- 867 Consumer: Automobile 121 5 Home equity ---- 34 Other 46 6 Total $ 327 $ 8,961 The following table presents the aging of the recorded investment of past due loans by class of loans as of December 31, 2017 2016: December 31, 201 7 30-59 Days Past Due 60-89 Days Past Due 90 Days Or More Past Due Total Past Due Loans Not Past Due Total Residential real estate $ 5,383 $ 671 $ 1,673 $ 7,727 $ 301,436 $ 309,163 Commercial real estate: Owner-occupied 194 161 160 515 73,058 73,573 Nonowner-occupied 140 ---- 2,238 2,378 99,193 101,571 Construction ---- ---- 169 169 38,133 38,302 Commercial and industrial 303 243 191 737 106,352 107,089 Consumer: Automobile 1,257 346 151 1,754 66,872 68,626 Home equity 90 272 27 389 21,042 21,431 Other 865 218 76 1,159 48,405 49,564 Total $ 8,232 $ 1,911 $ 4,685 $ 14,828 $ 754,491 $ 769,319 December 31, 201 6 30-59 Days Past Due 60-89 Days Past Due 90 Days Or More Past Due Total Past Due Loans Not Past Due Total Residential real estate $ 3,728 $ 953 $ 2,201 $ 6,882 $ 279,140 $ 286,022 Commercial real estate: Owner-occupied 134 366 1,325 1,825 75,780 77,605 Nonowner-occupied 261 18 2,506 2,785 87,747 90,532 Construction 66 52 182 300 45,570 45,870 Commercial and industrial 1,283 483 800 2,566 98,023 100,589 Consumer: Automobile 1,091 221 126 1,438 58,334 59,772 Home equity 349 45 ---- 394 20,467 20,861 Other 685 155 46 886 52,764 53,650 Total $ 7,597 $ 2,293 $ 7,186 $ 17,076 $ 717,825 $ 734,901 Troubled Debt Restructurings: A troubled debt restructuring (“TDR”) occurs when the Company has agreed to a loan modification in the form of a concession for a borrower who is experiencing financial difficulty. All TDR’s are considered to be impaired. The modification of the terms of such loans included one The Company has allocated reserves for a portion of its TDR’s to reflect the fair values of the underlying collateral or the present value of the concessionary terms granted to the customer. The following table presents the types of TDR loan modifications by class of loans as of December 31, 2017 December 31, 2016: TDR ’s Performing to Modified Terms TDR’s Not Performing to Modified Terms Total TDR ’s December 31, 201 7 Residential real estate : Interest only payments $ 697 $ ---- $ 697 Commercial real estate: Owner-occupied Interest only payments 997 ---- 997 Reduction of principal and interest payments 554 ---- 554 Maturity extension at lower stated rate than market rate 1,466 ---- 1,466 Credit extension at lower stated rate than market rate 410 410 Nonowner-occupied Interest only payments 560 1,961 2,521 Rate reduction 372 ---- 372 Credit extension at lower stated rate than market rate 570 ---- 570 Commercial and industrial Interest only payments 9,154 ---- 9,154 Consumer: Home equity Maturity extension at lower stated rate than market rate ---- 201 201 Total TDR ’s $ 14,780 $ 2,162 $ 16,942 TDR ’s Performing to Modified Terms TDR’s Not Performing to Modified Terms Total TDR ’s December 31, 201 6 Residential real estate : Interest only payments $ 717 $ ---- $ 717 Commercial real estate: Owner-occupied Interest only payments 284 ---- 284 Rate reduction ---- 232 232 Reduction of principal and interest payments 579 ---- 579 Maturity extension at lower stated rate than market rate 1,582 ---- 1,582 Nonowner-occupied Interest only payments 600 2,210 2,810 Rate reduction 384 ---- 384 Credit extension at lower stated rate than market rate 574 ---- 574 Commercial and industrial Interest only payments 8,074 ---- 8,074 Credit extension at lower stated rate than market rate ---- 391 391 Consumer: Home equity Maturity extension at lower stated rate than market rate 213 ---- 213 Credit extension at lower stated rate than market rate 203 ---- 203 Total TDR ’s $ 13,210 $ 2,833 $ 16,043 At December 31, 201 7, $899, 5.6%, 2016. $94 December 31, 2017, $546 December 31, 2016. December 31, 2017, $846 $2,427 December 31, 2016. The following table presents the pre- and post-modification balances of TDR loan modifications by class of loans that occurred during the years ended December 31, 2017 2016: TDR ’s Performing to Modified Terms TDR ’s Not Performing to Modified Terms Number of Loans Pre-Modification Recorded Investment Post-Modification Recorded Investment Pre-Modification Recorded Investment Post-Modification Recorded Investment December 31, 201 7 Commercial real estate: O wner-occupied Interest only payments 1 $ 997 $ 997 $ ---- $ ---- Credit extension at lower stated rate than market rate 1 412 412 ---- ---- Total TDR ’s 2 $ 1,409 $ 1,409 $ ---- $ ---- The troubled debt restructurings described above had no no December 31, 2017. TDR ’s Performing to Modified Terms TDR ’s Not Performing to Modified Terms Number of Loans Pre-Modification Recorded Investment Post-Modification Recorded Investment Pre-Modification Recorded Investment Post-Modification Recorded Investment December 31, 201 6 Commercial real estate: Nono wner-occupied Interest only payments 1 $ ---- $ ---- $ 226 $ 226 Credit extension at lower stated rate than market rate 1 574 574 ---- ---- Total TDR ’s 2 $ 574 $ 574 $ 226 $ 226 The troubled debt restructurings described above increased the allowance for loan losses by $ 11 $11 December 31, 2016. The Company had no December 31, 2017 2015 twelve twelve December 31, 2016, one $226 $226 no December 31, 2016 twelve 90 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. These risk categories are represented by a loan grading scale from 1 11. 8 9 11. $500. The Company uses the following definitions for its criticized Special Mention. Loans classified as special mention indicate considerable risk due to deterioration of repayment (in the earliest stages) due to potential weak primary repayment source, or payment delinquency. These loans will be under constant supervision, are not not may no no one The Company uses the following definitions for its classified Substandard. Loans classified as substandard represent very high risk, serious delinquency, nonaccrual, or unacceptable credit. Repayment through the primary source of repayment is in jeopardy due to the existence of one may not 8 Doubtful . may may Loss . not not no not may Criticized and classified loans will mostly consist of commercial and industrial and commercial real estate loans. The Company considers its loans that do not 1 7 As of December 31, 201 7 December 31, 2016, December 31, 201 7 Pass Criticized Classified Total Commercial real estate: Owner-occupied $ 64,993 $ 934 $ 7,646 $ 73,573 Nonowner-occupied 93,197 3,776 4,598 101,571 Construction 37,735 156 411 38,302 Commercial and industrial 91,097 6,058 9,934 107,089 Total $ 287,022 $ 10,924 $ 22,589 $ 320,535 December 31, 201 6 Pass Criticized Classified Total Commercial real estate: Owner-occupied $ 66,495 $ 428 $ 10,682 $ 77,605 Nonowner-occupied 83,103 2,364 5,065 90,532 Construction 45,325 ---- 545 45,870 Commercial and industrial 94,091 188 6,310 100,589 Total $ 289,014 $ 2,980 $ 22,602 $ 314,596 The Company also obtains the credit scores of its borrowers upon origination (if available by the credit bureau) but not thereafter. The Company focuses mostly on the performance and repayment ability of the borrower as an indicator of credit risk and does not For residential and consumer loan classes, the Company evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment of residential and consumer loans by class of loans based on payment activity as of December 31, 2017 December 31, 2016: Consumer December 31, 201 7 Automobile Home Equity Other Residential Real Estate Total Performing $ 68,413 $ 21,148 $ 49,362 $ 303,126 $ 442,049 Nonperforming 213 283 202 6,037 6,735 Total $ 68,626 $ 21,431 $ 49,564 $ 309,163 $ 448,784 Consumer December 31, 201 6 Automobile Home Equity Other Residential Real Estate Total Performing $ 59,646 $ 20,827 $ 53,598 $ 282,445 $ 416,516 Nonperforming 126 34 52 3,577 3,789 Total $ 59,772 $ 20,861 $ 53,650 $ 286,022 $ 420,305 The Company, through its subsidiaries, grants residential, consumer, and commercial loans to customers located primarily in the southeastern area of Ohio as well as the western counties of West Virginia. Approximately 4.86% December 31, 2017, 5.61% December 31, 2016. |
Note E - Premises and Equipment
Note E - Premises and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note E - Premises and Equipment Following is a summary of premises and equipment at December 31: 201 7 201 6 Land $ 2,641 $ 2,348 Buildings 13,913 13,247 Leasehold improvements 1,267 1,238 Furniture and equipment 5,675 5,085 23,496 21,918 Less accumulated depreciation 10,215 9,135 Total premises and equipment $ 13,281 $ 12,783 The following is a summary of the future minimum operating lease payments for facilities leased by the Company. Operating lease expense was $344 2017, $464 2016, $464 2015. 201 8 $ 253 201 9 68 20 20 64 20 21 40 202 2 7 Thereafter ---- $ 432 |
Note F - Goodwill and Intangibl
Note F - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note F – Goodwill and Intangible Assets Goodwill: The change in goodwill during the year is as follows: 201 7 2016 Beginning of year $ 7,801 $ 1,267 Acquired goodwill ---- 6,534 Impairment ---- ---- Finalization of Milton acquisition accounting (430 ) ---- End of year $ 7,371 $ 7,801 Impairment exists when a reporting unit ’s carrying value of goodwill exceeds its fair value. At December 31, 2017 2016, not not no not one Acquired intangible assets: Acquired intangible assets were as follows at year-end: 2017 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit intangibles $ 738 $ 224 $ 738 $ 68 Aggregate amortization expense was $156 2017 $68 2016. Estimated amortization expense for each of the next five 201 8 $ 135 201 9 114 20 20 94 202 1 74 202 2 53 Thereafter 44 Total $ 514 |
Note G - Deposits
Note G - Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note G - Deposits Following is a summary of interest-bearing deposits at December 31: 201 7 201 6 NOW accounts $ 158,650 $ 155,051 Savings and Money Market 241,018 237,761 Time: In denominations of $250,000 or less 181,690 168,546 In denominations of more than $250,000 21,711 19,518 T otal time deposits 203,401 188,064 Total interest-bearing deposits $ 603,069 $ 580,876 Following is a summary of total time deposits by remaining maturity at December 31, 2017: 201 8 $ 109,278 201 9 43,077 20 20 22,696 20 21 14,413 20 22 13,578 Thereafter 359 Total $ 203,401 Brokered deposits, included in time deposits, were $34,363 $22,463 December 31, 2017 2016, |
Note H - Interest Rate Swaps
Note H - Interest Rate Swaps | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note H - Interest Rate Swaps The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. The Company utilizes interest rate swap agreements as part of its asset/liability management strategy to help manage its interest rate risk position. As part of this strategy, the Company provides its customer with a fixed-rate loan while creating a variable-rate asset for the Company by the customer entering into an interest rate swap with the Company on terms that match the loan. The Company offsets its risk exposure by entering into an offsetting interest rate swap with an unaffiliated institution. These interest rate swaps do not December 31, 2017, $7,234 $57. $9,725 $22 December 31, 2016. not third $350 December 31, 2017 December 31, 2016. |
Note I - Other Borrowed Funds
Note I - Other Borrowed Funds | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | Note I - Other Borrowed Funds Other borrowed funds at December 31, 201 7 2016 December 31, 2017 2016, $29 $73 FHLB Borrowings Promissory Notes Totals 201 7 $ 28,625 $ 7,324 $ 35,949 201 6 $ 29,203 $ 7,882 $ 37,085 Pursuant to collateral agreements with the FHLB, advances are secured by $ 299,673 $80,036 $5,365 December 31, 2017. $28,596 2042 1.53% 3.31% 2.15% 2.08% December 31, 2017 2016, no December 31, 2017. At December 31, 201 7, $80,000 90 $80,000 December 31, 2017. Based on the Company ’s current FHLB stock ownership, total assets and pledgeable loans, the Company had the ability to obtain borrowings from the FHLB up to a maximum of $232,588 December 31, 2017. $232,588, $143,992 $80,000 Promissory notes, issued primarily by Ohio Valley, are due at various dates through a f inal maturity date of August 1, 2026, 1.25% 4.09% 2.77% December 31, 2017, 2.34% December 31, 2016. December 31, 2017, one $360 $3,440 December 31, 2017. Letters of credit issued on the Bank ’s behalf by the FHLB to collateralize certain public unit deposits as required by law totaled $60,000 December 31, 2017 $45,000 December 31, 2016. Scheduled principal payments over the next five FHLB Borrowings Promissory Notes Totals 201 8 $ 3,255 $ 2,261 $ 5,516 201 9 2,724 2,599 5,323 20 20 2,541 519 3,060 20 21 2,239 541 2,780 202 2 2,153 564 2,717 Thereafter 15,713 840 16,553 $ 28,625 $ 7,324 $ 35,949 |
Note J - Subordinated Debenture
Note J - Subordinated Debentures and Trust Preferred Securities | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | Note J - Subordinated Debentures and Trust Preferred Securities On March 22, 2007, $8,500 The rate on these trust preferred securities was fixed at 6.58% five March 15, 2012, 3 1.68%. 3.27% December 31, 2017 2.64% December 31, 2016. no no June 15, 2037. Under the provisions of the related indenture agreements, the interest payable on the trust preferred securities is deferrable for up to five not ’s common stock. Under generally accepted accounting principles, the trusts are not not may 1 |
Note K - Income Taxes
Note K - Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note K - Income Taxes On December 22, 2017, , which included several provisions that will affect the Company’s federal income tax expense, including reducing the federal income tax rate to 21% January 1, 2018. 2017 $1.8 The provision for income taxes consists of the following components: 201 7 201 6 201 5 Current tax expense $ 2,579 $ 2,645 $ 2,218 Deferred tax (benefit) expense 1,907 (725 ) 591 Total income taxes $ 4,486 $ 1,920 $ 2,809 The source of deferred tax assets and deferred tax liabilities at December 31: 2017 2016 Items giving rise to deferred tax assets: Allowance for loan losses $ 1,631 $ 2,538 Unrealized loss on securities available for sale 279 510 Deferred compensation 1,466 2,194 Deferred loan fees/costs 130 248 Other real estate owned 377 719 Accrued bonus 234 240 Purchase accounting adjustments 56 305 Net operating loss 148 258 Other 212 275 Items giving rise to deferred tax liabilities: Mortgage servicing rights (78 ) (134 ) FHLB stock dividends (676 ) (1,078 ) Prepaid expenses (149 ) (283 ) Depreciation and amortization (627 ) (823 ) Other (3 ) (4 ) Net deferred tax asset $ 3,000 $ 4,965 The Company determined that it was not At December 31, 201 7, 382 $705, 2026. The difference between the financial statement tax provision and amounts computed by applying the statutory federal income tax rate of 34% 201 7 201 6 201 5 Statutory tax $ 4,078 $ 3,006 $ 3,870 Effect of nontaxable interest (514 ) (433 ) (437 ) Effect of nontaxable insurance premiums (303 ) (340 ) (336 ) Income from bank owned insurance, net (230 ) (239 ) (210 ) Effect of postretirement benefits (78 ) (19 ) 71 Effect of nontaxable life insurance death proceeds (175 ) ---- (11 ) Impact from TCJA 1,783 ---- ---- Effect of state income tax 70 64 66 Tax credits (191 ) (211 ) (221 ) Milton Merger Costs 4 73 ---- Other items 42 19 17 Total income taxes $ 4,486 $ 1,920 $ 2,809 At December 31, 201 7 December 31, 2016, no not twelve $1.2 may not may not The Company is subject to U.S. federal income tax as well as West Virginia state income tax. The Company is no 2014. 2014 2016 |
Note L - Commitments and Contin
Note L - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note L - Commitments and Contingent Liabilities The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit and financial guarantees. The Bank ’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit, and financial guarantees written, is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for instruments recorded on the balance sheet. Following is a summary of such commitments at December 31: 201 7 20 16 Fixed rate $ 96 $ 271 Variable rate 64,624 61,786 Standby letters of credit 4,139 5,134 The interest rate on fixed-rate commitments ranged from 3.75% 6.25% December 31, 2017. Commitments to extend credit are agreements to lend to a customer as long as there is no may third not The Bank evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies but may The Company participates as a facilitator of tax refunds pursuant to a clearing agreement with a third December 31, 2019 3 ’s”) and electronic refund deposits (“ERD’s”) presented for payment on behalf of taxpayers containing taxpayer refunds. The Bank receives a fee paid by the third There are various contingent liabilities that are not not |
Note M - Related Party Transact
Note M - Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note M - Related Party Transactions Certain directors, executive officers and companies with which they are affiliated were loan customers during 201 7. $120 Total loans at January 1, 201 7 $ 5,945 New loans 25 Repayments (221 ) Other changes 2,678 Total loans at December 31, 201 7 $ 8,427 Other changes include adjustments for loans applicable to one ’ affiliates. Deposits from principal officers, directors, and their affiliates at year-end 2017 2016 $44,877 $38,867. one 2017 2016 $360 three December 8, 2016 1.75%. |
Note N - Employee Benefits
Note N - Employee Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note N - Employee Benefits Th e Bank has a profit-sharing plan for the benefit of its employees and their beneficiaries. Contributions to the plan are determined by the Board of Directors of Ohio Valley. Contributions charged to expense were $340, $290, $288 2017, 2016 2015. Ohio Valley maintains an Employee Stock Ownership Plan (ESOP) covering substantially all employees of the Company. Ohio Valley issues shares to the ESOP, purchased by the ESOP with subsidiary cash contributions, which are allocated to ESOP participants based on relative compensation. The total number of shares held by the ESOP, all of which have been allocated to participant accounts, were 361,584 350,170 December 31, 2017 2016. Years ended December 31 201 7 201 6 201 5 Number of shares issued 15,118 24,572 ---- Fair value of stock contributed $ 428 $ 575 $ ---- Cash contributed 250 ---- 674 Total expense $ 678 $ 575 $ 674 Life insurance contracts with a cash surrender value of $2 6,633 $2,042 December 31, 2017 $6,740 $6,328 December 31, 2017 2016. three $490, $399, $338. $2,776 December 31, 2017 $3,007 December 31, 2016. During 2017, $2,107 two recorded $1,993 two $3,586 $514 $1,993 not 2017 December 31, 2017. |
Note O - Fair Value of Financia
Note O - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note O - Fair Value of Financial Instruments Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three may 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 not 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. Note O - Fair Value of Financial Instruments (continued) The following is a description of the Company ’s valuation methodologies used to measure and disclose the fair values of its financial assets and liabilities on a recurring or nonrecurring basis: Securities: The fair values for securities are determined by quoted market prices, if available (Level 1 not 2 not 3 Impaired Loans: At the time a loan is considered impaired, it is valued at the lower of cost or fair value. Impaired loans carried at fair value generally receive specific allocations of the allowance for loan losses. For collateral dependent loans, fair value is commonly based on recent real estate appraisals. These appraisals may 3 may 3 Other Real Estate Owned: Assets acquired through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals. These appraisals may 3 Appraisals for both collateral-dependent impaired loans and other real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, a member of management reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with management’s own assumptions of fair value based on factors that include recent market data or industry-wide statistics. On an as-needed basis, the Company reviews the fair value of collateral, taking into consideration current market data, as well as all selling costs that typically approximate 10%. Note O - Fair Value of Financial Instruments (continued) 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 December 31, 201 7, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: U.S. Government sponsored entity securities ---- $ 13,473 ---- Agency mortgage-backed securities, residential ---- 87,652 ---- Fair Value Measurements at December 31, 201 6, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: U.S. Government sponsored entity securities ---- $ 10,544 ---- Agency mortgage-backed securities, residential ---- 85,946 ---- There were no 1 2 2017 2016. Assets and Liabilities Measured on a Nonrecurring Basis Assets and liabilities measured at fair value on a nonrecurring basis are summarized below: Fair Value Measurements at December 31, 201 7, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Impaired loans: Commercial real estate: Nono wner-occupied ---- ---- $ 216 Construction ---- ---- 756 Other real estate owned: Commercial real estate: Construction ---- ---- 822 Note O - Fair Value of Financial Instruments (continued) Fair Value Measurements at December 31, 201 6, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Impaired loans: Commercial real estate: O wner-occupied ---- ---- $ 3,536 Nonowner-occupied ---- ---- 1,985 Commercial and industrial ---- ---- 298 Other real estate owned: Commercial real estate: Construction ---- ---- 754 At December 31, 201 7, $972, no no no December 31, 2017. December 31, 2016, $8,732, $2,913, $2,509 December 31, 2016, no Other real estate owned that was measured at fair value less costs to sell at December 31, 201 7 $822, $2,217, $1,395 December 31, 2017. $68 2017. December 31, 2016 $754, $2,217, $1,463 December 31, 2016. $393 2016. The following table presents quantitative information about Level 3 December 31, 201 7 December 31, 2016: December 31, 2017 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired loans: Commercial real estate: Nono wner-occupied $ 216 Sales approach Adjustment to comparables 1.6% to 50% 26.7% Construction 756 Sales approach Adjustment to comparables 1.3% to 55.9% 32.9% Other real estate owned: Commercial real estate: Construction 822 Sales approach Adjustment to comparables 5% to 40% 18.1% December 31, 2016 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired loans: Commercial real estate: O wner-occupied $ 3,536 Sales approach Adjustment to comparables 0% to 65% 13.7% Cost approach Adjustment to comparables 0% to 29.5% 14.8% Nonowner-occupied 1,985 Sales approach Adjustment to comparables 0% to 250% 58.6% Commercial and industrial 298 Sales approach Adjustment to comparables 0.9% to 9.7% 5.2% Other real estate owned: Commercial real estate: Construction 754 Sales approach Adjustment to comparables 0% to 30% 11.7% Note O - Fair Value of Financial Instruments (continued) The carrying amounts and estimated fair values of financial instruments at December 31, 2017 December 31, 2016 Fair Value Measurements at December 31, 201 7 Using: Carrying Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 74 ,573 $ 74 ,573 $ ---- $ ---- $ 74 ,573 Certificates of deposit in financial institutions 1, 820 ---- 1, 820 ---- 1, 820 Securities available for sale 101,125 ---- 101 ,125 ---- 101 ,125 Securities held to maturity 1 7,581 ---- 9, 020 9 ,059 1 8,079 Restricted investments in bank stocks 7 ,506 N/A N/A N/A N/A Loans, net 7 61,820 ---- ---- 7 60,746 7 60,746 Accrued interest receivable 2 ,503 ---- 268 2 ,235 2 ,503 Financial Liabilities: Deposits 856 ,724 2 53,655 602 ,268 ---- 855 ,923 Other borrowed funds 3 5,949 ---- 3 4,810 ---- 3 4,810 Subordinated debentures 8,500 ---- 6 ,678 ---- 6 ,678 Accrued interest payable 792 4 788 ---- 792 Fair Value Measurements at December 31, 201 6 Using: Carrying Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 40,166 $ 4 0,166 $ ---- $ ---- $ 4 0,166 Certificates of deposit in financial institutions 1,670 ---- 1, 670 ---- 1, 670 Securities available for sale 96,490 ---- 9 6,490 ---- 9 6,490 Securities held to maturity 18,665 ---- 9, 541 9 ,630 19 ,171 Restricted investments in bank stocks 7,506 N/A N/A N/A N/A Loans, net 727,202 ---- ---- 727,079 727,079 Accrued interest receivable 2,315 ---- 224 2,091 2,315 Financial Liabilities: Deposits 790,452 209,576 581,340 ---- 790,916 Other borrowed funds 37,085 ---- 35,948 ---- 35,948 Subordinated debentures 8,500 ---- 5,821 ---- 5,821 Accrued interest payable 513 4 509 ---- 513 Note O - Fair Value of Financial Instruments (continued) The methods and assumptions, not Cash and Cash Equivalents : The carrying amounts of cash and short-term instruments approximate fair values and are classified as Level 1. Certificates of deposit in financial institutions : The carrying amounts of certificates of deposit in financial institutions approximate fair values and are classified as Level 2. Securities Held to Maturity : The fair values for securities held to maturity are determined in the same manner as securities held for sale and discussed earlier in this note. Level 3 Restricted Investments in B ank S tock s not Loans : Fair values of loans are estimated as follows: The fair value of fixed rate loans is estimated by discounting future cash flows using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality resulting in a Level 3 no 3 not Deposit Liabilities : The fair values disclosed for noninterest-bearing deposits are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amount) resulting in a Level 1 2 2 Other Borrowed Funds : The carrying values of the Company’s short-term borrowings, generally maturing within ninety 2 2 Subordinated Debentures : The fair values of the Company’s Subordinated Debentures are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 2 Accrued Interest Receivable and Payable : The carrying amount of accrued interest approximates fair value resulting in a classification that is consistent with the earning assets and interest-bearing liabilities with which it is associated. Off-balance Sheet Instruments : Fair values for off-balance sheet, credit-related financial instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The fair value of commitments is not Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not one ’s entire holdings of a particular financial instrument. Because no |
Note P - Regulatory Matters
Note P - Regulatory Matters | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note P - Regulatory Matters Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. The final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (Basel III rules) became effective for the Company and the Bank on January 1, 2015 January 1, 2019. 1 4.5% 2.5% January 1, 2016 0.625%, January 1, 2017, 1.25%. four January 1, January 1, 2019. 1 4.0% 6.0% 4.0% 1 Effective May 15, 2015, $500 $1 December 31, 2016, not As the Company has assets in excess of $1 Prompt corrective action regulations applicable to insured depository institutions provide five not 2017 2016, the Bank met the capital requirements to be deemed well capitalized under the regulatory framework for prompt corrective action. The Company's capital also met the requirements for the Company to be deemed well capitalized. There have been no 2017 2016 At year-end, consolidated actual capital levels and minimum required capital adequacy (excluding the capital conservation buffer) and well capitalized levels for the Company and the Bank were: Actual Minimum Regulatory Minimum To Be Well 201 7 Amount Ratio Capital Ratio Capitalized ( 1) Total capital (to risk weighted assets) Consolidated $ 118,456 16.6 % 8.0% N/A Bank 107,929 15.3 8.0 10.0% Common equity Tier 1 capital (to risk weighted assets) Consolidated 102,457 14.3 4.5 N/A Bank 100,759 14.3 4.5 6.5 Tier 1 capital (to risk weighted assets) Consolidated 110,957 15.5 6.0 N/A Bank 100,759 14.3 6.0 8.0 Tier 1 capital (to average assets) Consolidated 110,957 11.0 4.0 N/A Bank 100,759 10.1 4.0 5.0 ( 1 For the Company, these amounts are required to engage in activities permissible only for a bank holding company that meets the financial holding company requirements. For the Bank, these are the amounts required for the Bank to be deemed well capitalized under the prompt corrective action regulations. Actual Minimum Regulatory Minimum To Be Well Capitalized Under Prompt Corrective Action Regulations Amount Ratio Capital Amount Ratio 2016 Total capital (to risk weighted assets) Consolidated $ 113,515 16.4 % N/A N/A N/A Bank 104,317 15.3 8.0 % $ 68,289 10.0 % Common equity Tier 1 capital (to risk weighted assets) Consolidated 97,316 14.0 N/A N/A N/A Bank 96,946 14.2 4.5 44,388 6.5 Tier 1 capital (to risk weighted assets) Consolidated 105,816 15.3 N/A N/A N/A Bank 96,946 14.2 6.0 54,631 8.0 Tier 1 capital (to average assets) Consolidated 105,816 11.2 N/A N/A N/A Bank 96,946 10.4 4.0 46,461 5.0 Dividends paid by the subsidiaries are the primary source of funds available to Ohio Valley for payment of dividends to shareholders and for other working capital needs. The payment of dividends by the subsidiaries to Ohio Valley is subject to restrictions by regulatory authorities and state law. These restrictions generally limit dividends to the current and prior two 90% January 1, 2018 $5,162 not may |
Note Q - Parent Company Only Co
Note Q - Parent Company Only Condensed Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note Q - Parent Company Only Condensed Financial Information Below is condensed financial information of Ohio Valley. In this information, Ohio Valley ’s investment in its subsidiaries is stated at cost plus equity in undistributed earnings of the subsidiaries since acquisition. This information should be read in conjunction with the consolidated financial statements of the Company. CONDENSED STATEMENTS OF CONDITION Years ended December 31: Assets 20 17 201 6 Cash and cash equivalents $ 3,292 $ 2,747 Investment in subsidiaries 118,775 115,057 Notes receivable – subsidiaries 3,320 3,420 Other assets 67 52 Total assets $ 125,454 $ 121,276 Liabilities Notes payable $ 7,324 $ 7,882 Subordinated debentures 8,500 8,500 Other liabilities 269 366 Total liabilities 16,093 16,748 Shareholders ’ Equity Total shareholders ’ equity 109,361 104,528 Total liabilities and shareholders ’ equity $ 125,454 $ 121,276 CONDENSED STATEMENTS OF INCOME Years ended December 31: Income: 201 7 201 6 201 5 Interest on notes $ 51 $ 52 $ 53 Dividends from subsidiaries 4,400 6,900 3,500 Expenses: Interest on notes 211 136 53 Interest on subordinated debentures 248 204 170 Operating expenses 332 667 345 Income before income taxes and equity in undistributed earnings of subsidiaries 3,660 5,945 2,985 Income tax benefit 244 256 167 Equity in undistributed earnings of subsidiaries 3,605 719 5,422 Net Income $ 7,509 $ 6,920 $ 8,574 Comprehensive Income $ 7,622 $ 5,624 $ 7,919 CONDENSED STATEMENTS OF CASH FLOWS Years ended December 31: Cash flows from operating activities: 20 17 201 6 201 5 Net Income $ 7,509 $ 6,920 $ 8,574 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (3,605 ) (719 ) (5,422 ) Common stock issued to ESOP 428 575 ---- Change in other assets (15 ) 11 (16 ) Change in other liabilities (97 ) 318 (141 ) Net cash provided by operating activities 4,220 7,105 2,995 Cash flows from investing activities: Cash paid for Milton Bancorp, Inc. acquisition ---- (7,431 ) ---- Change in notes receivable 100 461 (100 ) Net cash provided by (used in) investing activities 100 (6,970 ) (100 ) Cash flows from financing activities: Change in notes payable (558 ) 3,964 128 Proceeds from common stock through dividend reinvestment 715 ---- ---- Cash dividends paid (3,932 ) (3,585 ) (3,665 ) Net cash provided by (used in) financing activities (3,775 ) 379 (3,537 ) Cash and cash equivalents: Change in cash and cash equivalents 545 514 (642 ) Cash and cash equivalents at beginning of year 2,747 2,233 2,875 Cash and cash equivalents at end of year $ 3,292 $ 2,747 $ 2,233 |
Note R - Segment Information
Note R - Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note R - Segment Information The reportable segments are determined by the products and services offered, primarily distinguished between banking and consumer finance. They are also distinguished by the level of information provided to the chief operating decision maker, who uses such information to review performance of various components of the business which are then aggregated if operating performance, products/services, and customers are similar. Loans, investments, and deposits provide the majority of the net revenues from the banking operation, while loans provide the majority of the net revenues for the consumer finance segment. All Company segments are domestic. Total revenues from the banking segment, which accounted for the majority of the Company ’s total revenues, totaled 92.7%, 91.6%, 90.9% December 31, 2017, 2016 2015, The accounting policies used for the Company ’s reportable segments are the same as those described in Note A - Summary of Significant Accounting Policies. Income taxes are allocated based on income before tax expense. All goodwill is in the Banking segment. Segment information is as follows: Year Ended December 31, 201 7 Banking Consumer Finance Total Company Net interest income $ 38,366 $ 3,367 $ 41,733 Provision expense 2,415 149 2,564 Noninterest income 8,834 601 9,435 Noninterest expense 34,079 2,530 36,609 Tax expense 3,973 513 4,486 Net income 6,733 776 7,509 Assets 1,013,386 12,904 1,026,290 Year Ended December 31, 201 6 Banking Consumer Finance Total Company Net interest income $ 33,019 $ 3,307 $ 36,326 Provision expense 2,665 161 2,826 Noninterest income 7,589 650 8,239 Noninterest expense 30,257 2,642 32,899 Tax expense 1,530 390 1,920 Net income 6,156 764 6,920 Assets 941,907 12,733 954,640 Year Ended December 31, 201 5 Banking Consumer Finance Total Company Net interest income $ 30,175 $ 3,320 $ 33,495 Provision expense 1,055 35 1,090 Noninterest income 7,880 717 8,597 Noninterest expense 26,983 2,636 29,619 Tax expense 2,347 462 2,809 Net income 7,670 904 8,574 Assets 782,715 13,570 796,285 |
Note S - Consolidated Quarterly
Note S - Consolidated Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | Note S - Consolidated Quarterly Financial Information (unaudited) Quarters Ended Mar. 31 Jun. 30 Sept. 30 Dec. 31 201 7 Total interest income $ 11,738 $ 10,989 $ 11,317 $ 11,664 Total interest expense 873 918 1,049 1,135 Net interest income 10,865 10,071 10,268 10,529 Provision for loan losses ( 1 ) 145 175 1,601 643 Noninterest income ( 3 ) 3,113 2,112 2,282 1,928 Noninterest expense 9,375 9,876 9,222 8,136 Net income 3,217 1,741 1,653 898 Earnings per share $ 0.69 $ 0.37 $ 0.35 $ 0.19 201 6 Total interest income $ 9,770 $ 8,913 $ 9,824 $ 10,841 Total interest expense 670 707 839 806 Net interest income 9,100 8,206 8,985 10,035 Provision for loan losses ( 2 ) 479 141 1,708 498 Noninterest income ( 3 ) 3,235 1,861 1,693 1,450 Noninterest expense 7,969 7,773 8,828 8,329 Net income 2,832 1,706 358 2,024 Earnings per share $ 0.69 $ 0.41 $ 0.08 $ 0.43 201 5 Total interest income $ 9,627 $ 8,866 $ 9,016 $ 8,825 Total interest expense 697 717 731 694 Net interest income 8,930 8,149 8,285 8,131 Provision for loan losses ( 4 ) (78 ) 799 (11 ) 380 Noninterest income ( 3 ) 3,489 1,917 1,584 1,607 Noninterest expense 7,427 7,554 7,727 6,911 Net income 3,624 1,410 1,642 1,898 Earnings per share $ 0.88 $ 0.34 $ 0.40 $ 0.46 ( 1 third 201 7, ( 2 third 2016, two $2,435 ( 3 third first ( 4 first third 2015, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Description of Business: Ohio Valley Banc Corp. (”Ohio Valley”) is a financial holding company registered under the Bank Holding Company Act of 1956. one one The Company provides a full range of commercial and retail banking services from 25 The Bank ’s trust department provides a wide variety of fiduciary services for trusts, estates and benefit plans and also provides investment and security services as an agent for its customers. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation: The consolidated financial statements include the accounts of Ohio Valley and its wholly-owned subsidiaries, the Bank, Loan Central, Inc., Ohio Valley Financial Services Agency, LLC, and OVBC Captive, Inc. All material intercompany accounts and transactions have been eliminated. |
Segment Reporting, Policy [Policy Text Block] | Industry Segment Information: Internal financial information is primarily reported and aggregated in two |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: To prepare financial statements in conformity with accounting principles generally accepted in the U.S., management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: Cash and cash equivalents include cash on hand, noninterest-bearing deposits with banks, federal funds sold and interest-bearing deposits with banks with maturity terms of less than 90 one |
Certificates of Deposit in Financial Institutions [Policy Text Block] | Certificates of deposit in financial institutions : 90 September 30, 2019. |
Marketable Securities, Policy [Policy Text Block] | Securities: The Company classifies securities into held to maturity and available for sale categories. Held to maturity securities are those which the Company has the positive intent and ability to hold to maturity and are reported at amortized cost. Securities classified as available for sale include securities that could be sold for liquidity, investment management or similar reasons even if there is not Premium amortization is deducted from, and discount accretion is added to, interest income on securities using the level yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses are recognized upon the sale of specific identified securities on the completed trade date. |
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | Other-Than-Temporary Impairments of Securities: 1 2 3 4 not When an OTTI occurs, the amount of the OTTI recognized in earnings depends on whether an entity intends to sell the security or it is more likely than not not ’s amortized cost basis and its fair value at the balance sheet date. If an entity does not not not |
Investment, Policy [Policy Text Block] | Restricted Investments in Bank Stocks : may not |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of unearned interest, deferred loan fees and costs, and an allowance for loan losses. Interest income is reported on an accrual basis using the interest method and includes amortization of net deferred loan fees and costs over the loan term using the level yield method without anticipating prepayments. The amount of the Company’s recorded investment is not Interest income is discontinued and the loan moved to non-accrual status when full loan repayment is in doubt, typically when the loan is impaired or payments are past due 90 In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 90 All interest accrued but not Interest received on such loans is accounted for on the cash-basis method until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses: The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified and for which the borrower is experiencing financial difficulties are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not Commercial and commercial real estate loans are individually evaluated for impairment. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Smaller balance homogeneous loans, such as consumer and most residential real estate, are collectively evaluated for impairment, and accordingly, they are not The general component covers non-impaired loans and impaired loans that are not . The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the most recent 3 5 Commercial and industrial loans consist of borrowings for commercial purposes to individuals, corporations, partnerships, sole proprietorships, and other business enterprises. Commercial and industrial loans are generally secured by business assets such as equipment, accounts receivable, inventory, or any other asset excluding real estate and generally made to finance capital expenditures or operations. The Company’s risk exposure is related to deterioration in the value of collateral securing the loan should foreclosure become necessary. Generally, business assets used or produced in operations do not may Commercial real estate consists of nonfarm, nonresidential loans secured by owner-occupied and nonowner-occupied commercial real estate as well as commercial construction loans. An owner-occupied loan relates to a borrower purchased building or space for which the repayment of principal is dependent upon cash flows from the ongoing business operations conducted by the party, or an affiliate of the party, who owns the property. Owner-occupied loans that are dependent on cash flows from operations can be adversely affected by current market conditions for their product or service. A nonowner-occupied loan is a property loan for which the repayment of principal is dependent upon rental income associated with the property or the subsequent sale of the property. Nonowner-occupied loans that are dependent upon rental income are primarily impacted by local economic conditions which dictate occupancy rates and the amount of rent charged. Commercial construction loans consist of borrowings to purchase and develop raw land into 1 4 third may may Residential real estate loans consist of loans to individuals for the purchase of 1 4 The Company’s loss exposure to these loans is dependent on local market conditions for residential properties as loan amounts are determined, in part, by the fair value of the property at origination. Consumer loans are comprised of loans to individuals secured by automobiles, open-end home equity loans and other loans to individuals for household, family, and other personal expenditures, both secured and unsecured . These loans typically have maturities of 6 may At December 31, 201 7, no |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk: The Company grants residential, consumer and commercial loans to customers located primarily in the southeastern Ohio and western West Virginia areas. The following represents the composition of the Company ’s loan portfolio as of December 31: % of Total Loans 201 7 201 6 Residential real estate loans 40.19 % 38.92 % Commercial real estate loans 27.74 % 29.12 % Consumer loans 18.15 % 18.27 % Commercial and industrial loans 13.92 % 13.69 % 100.00 % 100.00 % Approximately 4.86% December 31, 2017, 5.61% December 31, 2016. The Bank, in the normal course of its operations, conducts business with correspondent financial institutions. Balances in correspondent accounts, investments in federal funds, certificates of deposit and other short-term securities are closely monitored to ensure that prudent levels of credit and liquidity risks are maintained. At December 31, 2017, $60,872 |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment: Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation, which is computed using the straight-line method over the estimated useful life of the owned asset and, for leasehold improvement, over the remaining term of the leased facility, whichever is shorter. The useful lives range from 3 8 7 39 |
Real Estate, Policy [Policy Text Block] | Foreclosed assets: Assets acquired through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. Physical possession of residential real estate property collateralizing a consumer mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Operating costs after acquisition are expensed. Foreclosed assets totaled $1,574 $2,129 December 31, 2017 2016. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill: Goodwill resulting from business combinations prior to January 1, 2009 January 1, 2009, not impairment at least annually. Goodwill is the only intangible asset with an indefinite life on our balance sheet. The Company has selected December 31 not no |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-term Assets: Premises and equipment and other long-term assets are reviewed for impairment when events indicate their carrying amount may not |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Mortgage Servicing Rights: A mortgage servicing right (“MSR”) is a contractual agreement where the right to service a mortgage loan is sold by the original lender to another party. When the Company sells mortgage loans to the secondary market, it retains the servicing rights to these loans. The Company’s MSR is recognized separately when acquired through sales of loans and is initially recorded at fair value with the income statement effect recorded in mortgage banking income. Subsequently, the MSR is then amortized in proportion to and over the period of estimated future servicing income of the underlying loan. The MSR is then evaluated for impairment periodically based upon the fair value of the rights as compared to the carrying amount, with any impairment being recognized through a valuation allowance. Fair value of the MSR is based on market prices for comparable mortgage servicing contracts. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as interest rate, loan type and investor type. If the Company later determines that all or a portion of the impairment no may December 31, 2017 2016, $360 $387, |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share: 4,685,067 2017; 4,351,748 2016; 4,117,675 2015. no |
Income Tax, Policy [Policy Text Block] | Income Taxes: Income tax expense is the sum of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized at the time of enactment of such change in tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. On December 22, 2017, “ TCJA ” ) was enacted, which among other things, reduced the federal income tax rate from 34% 21% January 1, 2018. s deferred tax assets and liabilities to be revalued using the 21% fourth A tax position is recognized as a benefit only if it is “more likely than not” be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% not not” no |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income: Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale which are also recognized as separate components of equity, net of tax. |
Commitments and Contingencies, Policy [Policy Text Block] | Loss Contingencies: Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not |
Bank Owned Life Insurance and Annuity Assets [Policy Text Block] | Bank Owned Life Insurance and Annuity Assets : The Company has purchased life insurance policies on certain key executives. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. The Company also purchased an annuity investment for a certain key executive that earns interest. |
Employee Stock Ownership Plan (ESOP), Policy [Policy Text Block] | Employee Stock Ownership Plan: Compensation expense is based on the market price of shares as they are committed to be allocated to participant accounts. |
Dividend Reinvestment Plan, Policy [Policy Text Block] | Dividend Reinvestment Plan: The Company maintains a Dividend Reinvestment Plan. The plan enables shareholders to elect to have their cash dividends on all or a portion of shares held automatically reinvested in additional shares of the Company’s common stock. The stock is issued out of the Company’s authorized shares and credited to participant accounts at fair market value. Dividends are reinvested on a quarterly basis. |
Loan Commitments, Policy [Policy Text Block] | Loan Commitments and Related Financial Instruments: Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. These financial instruments are recorded when they are funded. See Note L for more specific disclosure related to loan commitments. |
Dividend Restrictions [Policy Text Block] | Dividend Restrictions: Banking regulations require maintaining certain capital levels and may |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restrictions on Cash : third $61,915 $28,102 2017 2016. third not |
Derivatives, Policy [Policy Text Block] | Derivatives: At the inception of a derivative contract, the Company designates the derivative as one three three 1 2 3 no Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not At December 31, 201 7 2016, |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments: Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note O. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. |
Reclassification, Policy [Policy Text Block] | Reclassifications: The consolidated financial statements for 2016 2015 2017. no |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Accounting Standards: May 2014, 2014 09, 606 606, December 15, 2017, January 1, 2017. 2014 09 not not 2014 09. In January 2016, No. 2016 01, 1 2 3 4 December 15, 2017, not The adoption of ASU 2016 01 not I n February 2016, 2016 02, December 15, 2018, In June 2016, No. 2016 13, 2016 13 other commitments to extend credit rather than the current "incurred loss" model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity's portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. This ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. December 15, 2018. In August 2016, 2016 15, eight The amendments in this Update apply to all entities, including business entities and not December 15, 2017, 2016 15 not In January 2017, 2017 04, – Goodwill and Other) which is intended to simplify the measurement of goodwill in periods following the date on which the goodwill is initially recorded. Under the amendments in this update, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. However, the loss recognized should not December 15, 2019. not In February 2018, 2018 02, December 15, 2018, Early adoption is permitted, including adoption in an interim period. The adoption of ASU 2018 02 not |
Note A - Summary of Significa29
Note A - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Composition of Loan Portfolio [Table Text Block ] | % of Total Loans 201 7 201 6 Residential real estate loans 40.19 % 38.92 % Commercial real estate loans 27.74 % 29.12 % Consumer loans 18.15 % 18.27 % Commercial and industrial loans 13.92 % 13.69 % 100.00 % 100.00 % |
Note B - Business Combinations
Note B - Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Consideration: Cash $ 7,431 Equity instruments 11,444 Fair value of total consideration transferred $ 18,875 Recognized amounts of identifiable assets acquired and liabilities assumed : Cash and cash equivalents $ 9,201 Securities 5,868 Restricted investments in bank stock 364 Loans 112,479 Premises and equipment 1,826 Other real estate owned 641 Bank owned life insurance 272 Core deposit intangible asset 738 Other assets 612 Total assets acquired 132,001 Deposits 119,669 Other liabilities (9 ) Total liabilities assumed 119,660 Total identifiable net assets 12,341 Goodwill 6,534 $ 18,875 |
Note C - Securities (Tables)
Note C - Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities Available for Sale December 31, 201 7 U.S. Government sponsored entity securities $ 13,622 $ ---- $ (149 ) $ 13,473 Agency mortgage-backed securities, residential 88,833 300 (1,481 ) 87,652 Total securities $ 102,455 $ 300 $ (1,630 ) $ 101,125 December 31, 201 6 U.S. Government sponsored entity securities $ 10,624 $ ---- $ (80 ) $ 10,544 Agency mortgage-backed securities, residential 87,367 495 (1,916 ) 85,946 Total securities $ 97,991 $ 495 $ (1,996 ) $ 96,490 |
Held-to-maturity Securities [Table Text Block] | Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value Securities Held to Maturity December 31, 201 7 Obligations of states and political subdivisions $ 1 7,577 $ 533 $ ( 35 ) $ 1 8,075 Agency mortgage-backed securities, residential 4 ---- ---- 4 Total securities $ 1 7,581 $ 533 $ ( 35 ) $ 1 8,079 December 31, 201 6 Obligations of states and political subdivisions $ 18,661 $ 654 $ (148 ) $ 19,167 Agency mortgage-backed securities, residential 4 ---- ---- 4 Total securities $ 18,66 5 $ 654 $ (148 ) $ 19,17 1 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Held to Maturity Debt Securities: Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 4,601 $ 4,593 $ 809 $ 819 Due in one to five years 9,021 8,880 7,356 7,559 Due in five to ten years ---- ---- 9,204 9,497 Due after ten years ---- ---- 208 200 Agency mortgage-backed securities, residential 88,833 87,652 4 4 Total debt securities $ 102,455 $ 101,125 $ 17,581 $ 18,079 |
Schedule of Unrealized Loss on Investments [Table Text Block] | December 31, 201 7 Less than 12 Months 12 Months or More Total Securities Available for Sale Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government sponsored entity securities $ 6,910 $ (97 ) $ 6,563 $ (52 ) $ 13,473 $ (149 ) Agency mortgage-backed securities, residential 37,421 (434 ) 31,763 (1,047 ) 69,184 (1,481 ) Total available for sale $ 44,331 $ (531 ) $ 38,326 $ (1,099 ) $ 82,657 $ (1,630 ) December 31, 201 6 Less than 12 Months 12 Months or More Total Securities Available for Sale Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government sponsored entity securities $ 10,544 $ (80 ) $ ---- $ ---- $ 10,544 $ (80 ) Agency mortgage-backed securities, residential 64,043 (1,916 ) ---- ---- 64,043 (1,916 ) Total available for sale $ 74,587 $ (1,996 ) $ ---- $ ---- $ 74,587 $ (1,996 ) |
Held-to-maturity Securities [Member] | |
Notes Tables | |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less than 12 Months 12 Months or More Total Securities Held to Maturity Fair Value Unrecognized Loss Fair Value Unrecognized Loss Fair Value Unrecognized Loss Obligations of states and political subdivisions $ 362 $ (2 ) $ 1,502 $ (33 ) $ 1,864 $ (35 ) Total held to maturity $ 362 $ (2 ) $ 1,502 $ (33 ) $ 1,864 $ (35 ) Less than 12 Months 12 Months or More Total Securities Held to Maturity Fair Value Unrecognized Loss Fair Value Unrecognized Loss Fair Value Unrecognized Loss Obligations of states and political subdivisions $ 3,813 $ (148 ) $ ---- $ ---- $ 3,813 $ (148 ) Total held to maturity $ 3,813 $ (148 ) $ ---- $ ---- $ 3,813 $ (148 ) |
Note D - Loans and Allowance 32
Note D - Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 201 7 201 6 Residential real estate $ 309,163 $ 286,022 Commercial real estate: Owner-occupied 73,573 77,605 Nonowner-occupied 101,571 90,532 Construction 38,302 45,870 Commercial and industrial 107,089 100,589 Consumer: Automobile 68,626 59,772 Home equity 21,431 20,861 Other 49,564 53,650 769,319 734,901 Less: Allowance for loan losses (7,499 ) (7,699 ) Loans, net $ 761,820 $ 727,202 |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | December 31, 201 7 Residential Real Estate Commercial Real Estate Commercial & Industrial Consumer Total Allowance for loan losses: Beginning balance $ 939 $ 4,315 $ 907 $ 1,538 $ 7,699 Provision for loan losses 1,016 (632 ) 658 1,522 2,564 Loans charged off (745 ) (1,067 ) (627 ) (1,642 ) (4,081 ) Recoveries 260 362 86 609 1,317 Total ending allowance balance $ 1,470 $ 2,978 $ 1,024 $ 2,027 $ 7,499 December 31, 201 6 Residential Real Estate Commercial Real Estate Commercial & Industrial Consumer Total Allowance for loan losses: Beginning balance $ 1,087 $ 1,959 $ 2,589 $ 1,013 $ 6,648 Provision for loan losses (63 ) 2,287 (1,112 ) 1,714 2,826 Loans charged off (384 ) (63 ) (586 ) (2,170 ) (3,203 ) Recoveries 299 132 16 981 1,428 Total ending allowance balance $ 939 $ 4,315 $ 907 $ 1,538 $ 7,699 December 31, 201 5 Residential Real Estate Commercial Real Estate Commercial & Industrial Consumer Total Allowance for loan losses: Beginning balance $ 1, 426 $ 4 ,195 $ 1, 602 $ 1,111 $ 8 ,334 Provision for loan losses 103 (469 ) 777 679 1 ,090 Loans charged off ( 828 ) ( 1,971 ) ( 24 ) (1, 428 ) ( 4,251 ) Recoveries 38 6 204 234 651 1, 475 Total ending allowance balance $ 1, 087 $ 1 ,959 $ 2 ,589 $ 1, 013 $ 6 ,648 |
Allowance For Loan Losses And The Recorded Investment Of Loans [Table Text Block] | December 31, 201 7 Residential Real Estate Commercial Real Estate Commercial & Industrial Consumer Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ ---- $ 94 $ ---- $ ---- $ 94 Collectively evaluated for impairment 1,470 2,884 1,024 2,027 7,405 Total ending allowance balance $ 1,470 $ 2,978 $ 1,024 $ 2,027 $ 7,499 Loans: Loans individually evaluated for impairment $ 1,420 $ 7,333 $ 9,154 $ 201 $ 18,108 Loans collectively evaluated for impairment 307,743 206,113 97,935 139,420 751,211 Total ending loans balance $ 309,163 $ 213,446 $ 107,089 $ 139,621 $ 769,319 December 31, 201 6 Residential Real Estate Commercial Real Estate Commercial & Industrial Consumer Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ ---- $ 2,535 $ 241 $ 205 $ 2,981 Collectively evaluated for impairment 939 1,780 666 1,333 4,718 Total ending allowance balance $ 939 $ 4,315 $ 907 $ 1,538 $ 7,699 Loans: Loans individually evaluated for impairment $ 717 $ 13,111 $ 8,465 $ 416 $ 22,709 Loans collectively evaluated for impairment 285,305 200,896 92,124 133,867 712,192 Total ending loans balance $ 286,022 $ 214,007 $ 100,589 $ 134,283 $ 734,901 |
Schedule of Loans Individually Evaluated for Impairment [Table Text Block] | December 31, 201 7 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Impaired Loans Interest Income Recognized Cash Basis Interest Recognized With an allowance recorded: Commercial real estate: Nonowner-occupied $ 372 $ 372 $ 94 $ 378 $ 17 $ 17 With no related allowance recorded: Residential real estate 1,420 1,420 ---- 851 66 66 Commercial real estate: Owner-occupied 3,427 3,427 ---- 2,456 184 184 Nonowner-occupied 4,989 3,534 ---- 3,521 81 81 Construction 352 ---- ---- ---- 19 19 Commercial and industrial 9,154 9,154 ---- 8,544 481 481 Consumer: Home equity 203 201 ---- 208 7 7 Total $ 19,917 $ 18,108 $ 94 $ 15,958 $ 855 $ 855 December 31, 201 6 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Impaired Loans Interest Income Recognized Cash Basis Interest Recognized With an allowance recorded: Commercial real estate: Owner-occupied $ 5,477 $ 5,477 $ 2,435 $ 3,185 $ 300 $ 300 Nonowner-occupied 384 384 100 390 19 19 Commercial and industrial 392 392 241 391 ---- ---- Consumer: Home equity 416 416 205 421 21 21 With no related allowance recorded: Residential real estate 717 717 ---- 726 31 31 Commercial real estate: Owner-occupied 3,638 3,091 ---- 3,005 178 178 Nonowner-occupied 5,078 3,632 ---- 3,572 79 79 Construction 1,001 527 ---- 522 136 136 Commercial and industrial 8,073 8,073 ---- 7,681 381 381 Total $ 25,176 $ 22,709 $ 2,981 $ 19,893 $ 1,145 $ 1,145 December 31, 201 5 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Impaired Loans Interest Income Recognized Cash Basis Interest Recognized With an allowance recorded: Commercial real estate: Owner-occupied $ 204 $ 204 $ 204 $ 204 $ 13 $ 13 Nonowner-occupied 396 396 107 402 75 75 Commercial and industrial 4,355 4,355 1,850 3,545 149 149 Consumer: Home equity 218 218 3 219 8 8 With no related allowance recorded: Residential real estate 1,001 1,001 ---- 809 45 45 Commercial real estate: Owner-occupied 3,812 3,265 ---- 2,747 181 181 Nonowner-occupied 5,178 2,773 ---- 3,439 49 49 Construction 680 680 ---- 544 ---- ---- Commercial and industrial 4,336 4,336 ---- 3,985 180 180 Total $ 20,180 $ 17,228 $ 2,164 $ 15,894 $ 700 $ 700 |
Schedule of Recorded Investment In Nonaccrual Loans [Table Text Block] | Loans Past Due 90 Days And Still Accruing Nonaccrual December 31, 201 7 Residential real e state $ 131 $ 5,906 Commercial real estate: Owner-occupied ---- 476 Nonowner-occupied ---- 2,454 Construction ---- 444 Commercial and industrial ---- 337 Consumer: Automobile 127 86 Home equity ---- 283 Other 76 126 Total $ 334 $ 10,112 Loans Past Due 90 Days And Still Accruing Nonaccrual December 31, 201 6 Residential real e state $ 132 $ 3,445 Commercial real estate: Owner-occupied 28 1,571 Nonowner-occupied ---- 2,506 Construction ---- 527 Commercial and industrial ---- 867 Consumer: Automobile 121 5 Home equity ---- 34 Other 46 6 Total $ 327 $ 8,961 |
Past Due Financing Receivables [Table Text Block] | December 31, 201 7 30-59 Days Past Due 60-89 Days Past Due 90 Days Or More Past Due Total Past Due Loans Not Past Due Total Residential real estate $ 5,383 $ 671 $ 1,673 $ 7,727 $ 301,436 $ 309,163 Commercial real estate: Owner-occupied 194 161 160 515 73,058 73,573 Nonowner-occupied 140 ---- 2,238 2,378 99,193 101,571 Construction ---- ---- 169 169 38,133 38,302 Commercial and industrial 303 243 191 737 106,352 107,089 Consumer: Automobile 1,257 346 151 1,754 66,872 68,626 Home equity 90 272 27 389 21,042 21,431 Other 865 218 76 1,159 48,405 49,564 Total $ 8,232 $ 1,911 $ 4,685 $ 14,828 $ 754,491 $ 769,319 December 31, 201 6 30-59 Days Past Due 60-89 Days Past Due 90 Days Or More Past Due Total Past Due Loans Not Past Due Total Residential real estate $ 3,728 $ 953 $ 2,201 $ 6,882 $ 279,140 $ 286,022 Commercial real estate: Owner-occupied 134 366 1,325 1,825 75,780 77,605 Nonowner-occupied 261 18 2,506 2,785 87,747 90,532 Construction 66 52 182 300 45,570 45,870 Commercial and industrial 1,283 483 800 2,566 98,023 100,589 Consumer: Automobile 1,091 221 126 1,438 58,334 59,772 Home equity 349 45 ---- 394 20,467 20,861 Other 685 155 46 886 52,764 53,650 Total $ 7,597 $ 2,293 $ 7,186 $ 17,076 $ 717,825 $ 734,901 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | TDR ’s Performing to Modified Terms TDR’s Not Performing to Modified Terms Total TDR ’s December 31, 201 7 Residential real estate : Interest only payments $ 697 $ ---- $ 697 Commercial real estate: Owner-occupied Interest only payments 997 ---- 997 Reduction of principal and interest payments 554 ---- 554 Maturity extension at lower stated rate than market rate 1,466 ---- 1,466 Credit extension at lower stated rate than market rate 410 410 Nonowner-occupied Interest only payments 560 1,961 2,521 Rate reduction 372 ---- 372 Credit extension at lower stated rate than market rate 570 ---- 570 Commercial and industrial Interest only payments 9,154 ---- 9,154 Consumer: Home equity Maturity extension at lower stated rate than market rate ---- 201 201 Total TDR ’s $ 14,780 $ 2,162 $ 16,942 TDR ’s Performing to Modified Terms TDR’s Not Performing to Modified Terms Total TDR ’s December 31, 201 6 Residential real estate : Interest only payments $ 717 $ ---- $ 717 Commercial real estate: Owner-occupied Interest only payments 284 ---- 284 Rate reduction ---- 232 232 Reduction of principal and interest payments 579 ---- 579 Maturity extension at lower stated rate than market rate 1,582 ---- 1,582 Nonowner-occupied Interest only payments 600 2,210 2,810 Rate reduction 384 ---- 384 Credit extension at lower stated rate than market rate 574 ---- 574 Commercial and industrial Interest only payments 8,074 ---- 8,074 Credit extension at lower stated rate than market rate ---- 391 391 Consumer: Home equity Maturity extension at lower stated rate than market rate 213 ---- 213 Credit extension at lower stated rate than market rate 203 ---- 203 Total TDR ’s $ 13,210 $ 2,833 $ 16,043 |
Troubled Debt Restructurings on Financing Receivables Pre And Post Modification [Table Text Block] | TDR ’s Performing to Modified Terms TDR ’s Not Performing to Modified Terms Number of Loans Pre-Modification Recorded Investment Post-Modification Recorded Investment Pre-Modification Recorded Investment Post-Modification Recorded Investment December 31, 201 7 Commercial real estate: O wner-occupied Interest only payments 1 $ 997 $ 997 $ ---- $ ---- Credit extension at lower stated rate than market rate 1 412 412 ---- ---- Total TDR ’s 2 $ 1,409 $ 1,409 $ ---- $ ---- TDR ’s Performing to Modified Terms TDR ’s Not Performing to Modified Terms Number of Loans Pre-Modification Recorded Investment Post-Modification Recorded Investment Pre-Modification Recorded Investment Post-Modification Recorded Investment December 31, 201 6 Commercial real estate: Nono wner-occupied Interest only payments 1 $ ---- $ ---- $ 226 $ 226 Credit extension at lower stated rate than market rate 1 574 574 ---- ---- Total TDR ’s 2 $ 574 $ 574 $ 226 $ 226 |
Financing Receivable Credit Quality Indicators [Table Text Block] | December 31, 201 7 Pass Criticized Classified Total Commercial real estate: Owner-occupied $ 64,993 $ 934 $ 7,646 $ 73,573 Nonowner-occupied 93,197 3,776 4,598 101,571 Construction 37,735 156 411 38,302 Commercial and industrial 91,097 6,058 9,934 107,089 Total $ 287,022 $ 10,924 $ 22,589 $ 320,535 December 31, 201 6 Pass Criticized Classified Total Commercial real estate: Owner-occupied $ 66,495 $ 428 $ 10,682 $ 77,605 Nonowner-occupied 83,103 2,364 5,065 90,532 Construction 45,325 ---- 545 45,870 Commercial and industrial 94,091 188 6,310 100,589 Total $ 289,014 $ 2,980 $ 22,602 $ 314,596 |
Performing and Nonperforming Loans [Table Text Block] | Consumer December 31, 201 7 Automobile Home Equity Other Residential Real Estate Total Performing $ 68,413 $ 21,148 $ 49,362 $ 303,126 $ 442,049 Nonperforming 213 283 202 6,037 6,735 Total $ 68,626 $ 21,431 $ 49,564 $ 309,163 $ 448,784 Consumer December 31, 201 6 Automobile Home Equity Other Residential Real Estate Total Performing $ 59,646 $ 20,827 $ 53,598 $ 282,445 $ 416,516 Nonperforming 126 34 52 3,577 3,789 Total $ 59,772 $ 20,861 $ 53,650 $ 286,022 $ 420,305 |
Note E - Premises and Equipme33
Note E - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 201 7 201 6 Land $ 2,641 $ 2,348 Buildings 13,913 13,247 Leasehold improvements 1,267 1,238 Furniture and equipment 5,675 5,085 23,496 21,918 Less accumulated depreciation 10,215 9,135 Total premises and equipment $ 13,281 $ 12,783 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 201 8 $ 253 201 9 68 20 20 64 20 21 40 202 2 7 Thereafter ---- $ 432 |
Note F - Goodwill and Intangi34
Note F - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | 201 7 2016 Beginning of year $ 7,801 $ 1,267 Acquired goodwill ---- 6,534 Impairment ---- ---- Finalization of Milton acquisition accounting (430 ) ---- End of year $ 7,371 $ 7,801 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 2017 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit intangibles $ 738 $ 224 $ 738 $ 68 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 201 8 $ 135 201 9 114 20 20 94 202 1 74 202 2 53 Thereafter 44 Total $ 514 |
Note G - Deposits (Tables)
Note G - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Interest Bearing Deposits [Table Text Block ] | 201 7 201 6 NOW accounts $ 158,650 $ 155,051 Savings and Money Market 241,018 237,761 Time: In denominations of $250,000 or less 181,690 168,546 In denominations of more than $250,000 21,711 19,518 T otal time deposits 203,401 188,064 Total interest-bearing deposits $ 603,069 $ 580,876 |
Maturities of Time Deposits [Table Text Block] | 201 8 $ 109,278 201 9 43,077 20 20 22,696 20 21 14,413 20 22 13,578 Thereafter 359 Total $ 203,401 |
Note I - Other Borrowed Funds (
Note I - Other Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | FHLB Borrowings Promissory Notes Totals 201 7 $ 28,625 $ 7,324 $ 35,949 201 6 $ 29,203 $ 7,882 $ 37,085 |
Schedule of Maturities of Long-term Debt [Table Text Block] | FHLB Borrowings Promissory Notes Totals 201 8 $ 3,255 $ 2,261 $ 5,516 201 9 2,724 2,599 5,323 20 20 2,541 519 3,060 20 21 2,239 541 2,780 202 2 2,153 564 2,717 Thereafter 15,713 840 16,553 $ 28,625 $ 7,324 $ 35,949 |
Note K - Income Taxes (Tables)
Note K - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 201 7 201 6 201 5 Current tax expense $ 2,579 $ 2,645 $ 2,218 Deferred tax (benefit) expense 1,907 (725 ) 591 Total income taxes $ 4,486 $ 1,920 $ 2,809 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2017 2016 Items giving rise to deferred tax assets: Allowance for loan losses $ 1,631 $ 2,538 Unrealized loss on securities available for sale 279 510 Deferred compensation 1,466 2,194 Deferred loan fees/costs 130 248 Other real estate owned 377 719 Accrued bonus 234 240 Purchase accounting adjustments 56 305 Net operating loss 148 258 Other 212 275 Items giving rise to deferred tax liabilities: Mortgage servicing rights (78 ) (134 ) FHLB stock dividends (676 ) (1,078 ) Prepaid expenses (149 ) (283 ) Depreciation and amortization (627 ) (823 ) Other (3 ) (4 ) Net deferred tax asset $ 3,000 $ 4,965 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 201 7 201 6 201 5 Statutory tax $ 4,078 $ 3,006 $ 3,870 Effect of nontaxable interest (514 ) (433 ) (437 ) Effect of nontaxable insurance premiums (303 ) (340 ) (336 ) Income from bank owned insurance, net (230 ) (239 ) (210 ) Effect of postretirement benefits (78 ) (19 ) 71 Effect of nontaxable life insurance death proceeds (175 ) ---- (11 ) Impact from TCJA 1,783 ---- ---- Effect of state income tax 70 64 66 Tax credits (191 ) (211 ) (221 ) Milton Merger Costs 4 73 ---- Other items 42 19 17 Total income taxes $ 4,486 $ 1,920 $ 2,809 |
Note L - Commitments and Cont38
Note L - Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Other Commitments [Table Text Block] | 201 7 20 16 Fixed rate $ 96 $ 271 Variable rate 64,624 61,786 Standby letters of credit 4,139 5,134 |
Note M - Related Party Transa39
Note M - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Total loans at January 1, 201 7 $ 5,945 New loans 25 Repayments (221 ) Other changes 2,678 Total loans at December 31, 201 7 $ 8,427 |
Note N - Employee Benefits (Tab
Note N - Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | Years ended December 31 201 7 201 6 201 5 Number of shares issued 15,118 24,572 ---- Fair value of stock contributed $ 428 $ 575 $ ---- Cash contributed 250 ---- 674 Total expense $ 678 $ 575 $ 674 |
Note O - Fair Value of Financ41
Note O - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | Fair Value Measurements at December 31, 201 7, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: U.S. Government sponsored entity securities ---- $ 13,473 ---- Agency mortgage-backed securities, residential ---- 87,652 ---- Fair Value Measurements at December 31, 201 6, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: U.S. Government sponsored entity securities ---- $ 10,544 ---- Agency mortgage-backed securities, residential ---- 85,946 ---- Fair Value Measurements at December 31, 201 7, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Impaired loans: Commercial real estate: Nono wner-occupied ---- ---- $ 216 Construction ---- ---- 756 Other real estate owned: Commercial real estate: Construction ---- ---- 822 Fair Value Measurements at December 31, 201 6, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Impaired loans: Commercial real estate: O wner-occupied ---- ---- $ 3,536 Nonowner-occupied ---- ---- 1,985 Commercial and industrial ---- ---- 298 Other real estate owned: Commercial real estate: Construction ---- ---- 754 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | December 31, 2017 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired loans: Commercial real estate: Nono wner-occupied $ 216 Sales approach Adjustment to comparables 1.6% to 50% 26.7% Construction 756 Sales approach Adjustment to comparables 1.3% to 55.9% 32.9% Other real estate owned: Commercial real estate: Construction 822 Sales approach Adjustment to comparables 5% to 40% 18.1% December 31, 2016 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired loans: Commercial real estate: O wner-occupied $ 3,536 Sales approach Adjustment to comparables 0% to 65% 13.7% Cost approach Adjustment to comparables 0% to 29.5% 14.8% Nonowner-occupied 1,985 Sales approach Adjustment to comparables 0% to 250% 58.6% Commercial and industrial 298 Sales approach Adjustment to comparables 0.9% to 9.7% 5.2% Other real estate owned: Commercial real estate: Construction 754 Sales approach Adjustment to comparables 0% to 30% 11.7% |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at December 31, 201 7 Using: Carrying Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 74 ,573 $ 74 ,573 $ ---- $ ---- $ 74 ,573 Certificates of deposit in financial institutions 1, 820 ---- 1, 820 ---- 1, 820 Securities available for sale 101,125 ---- 101 ,125 ---- 101 ,125 Securities held to maturity 1 7,581 ---- 9, 020 9 ,059 1 8,079 Restricted investments in bank stocks 7 ,506 N/A N/A N/A N/A Loans, net 7 61,820 ---- ---- 7 60,746 7 60,746 Accrued interest receivable 2 ,503 ---- 268 2 ,235 2 ,503 Financial Liabilities: Deposits 856 ,724 2 53,655 602 ,268 ---- 855 ,923 Other borrowed funds 3 5,949 ---- 3 4,810 ---- 3 4,810 Subordinated debentures 8,500 ---- 6 ,678 ---- 6 ,678 Accrued interest payable 792 4 788 ---- 792 Fair Value Measurements at December 31, 201 6 Using: Carrying Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 40,166 $ 4 0,166 $ ---- $ ---- $ 4 0,166 Certificates of deposit in financial institutions 1,670 ---- 1, 670 ---- 1, 670 Securities available for sale 96,490 ---- 9 6,490 ---- 9 6,490 Securities held to maturity 18,665 ---- 9, 541 9 ,630 19 ,171 Restricted investments in bank stocks 7,506 N/A N/A N/A N/A Loans, net 727,202 ---- ---- 727,079 727,079 Accrued interest receivable 2,315 ---- 224 2,091 2,315 Financial Liabilities: Deposits 790,452 209,576 581,340 ---- 790,916 Other borrowed funds 37,085 ---- 35,948 ---- 35,948 Subordinated debentures 8,500 ---- 5,821 ---- 5,821 Accrued interest payable 513 4 509 ---- 513 |
Note P - Regulatory Matters (Ta
Note P - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual Minimum Regulatory Minimum To Be Well 201 7 Amount Ratio Capital Ratio Capitalized ( 1) Total capital (to risk weighted assets) Consolidated $ 118,456 16.6 % 8.0% N/A Bank 107,929 15.3 8.0 10.0% Common equity Tier 1 capital (to risk weighted assets) Consolidated 102,457 14.3 4.5 N/A Bank 100,759 14.3 4.5 6.5 Tier 1 capital (to risk weighted assets) Consolidated 110,957 15.5 6.0 N/A Bank 100,759 14.3 6.0 8.0 Tier 1 capital (to average assets) Consolidated 110,957 11.0 4.0 N/A Bank 100,759 10.1 4.0 5.0 Actual Minimum Regulatory Minimum To Be Well Capitalized Under Prompt Corrective Action Regulations Amount Ratio Capital Amount Ratio 2016 Total capital (to risk weighted assets) Consolidated $ 113,515 16.4 % N/A N/A N/A Bank 104,317 15.3 8.0 % $ 68,289 10.0 % Common equity Tier 1 capital (to risk weighted assets) Consolidated 97,316 14.0 N/A N/A N/A Bank 96,946 14.2 4.5 44,388 6.5 Tier 1 capital (to risk weighted assets) Consolidated 105,816 15.3 N/A N/A N/A Bank 96,946 14.2 6.0 54,631 8.0 Tier 1 capital (to average assets) Consolidated 105,816 11.2 N/A N/A N/A Bank 96,946 10.4 4.0 46,461 5.0 |
Note Q - Parent Company Only 43
Note Q - Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | Years ended December 31: Assets 20 17 201 6 Cash and cash equivalents $ 3,292 $ 2,747 Investment in subsidiaries 118,775 115,057 Notes receivable – subsidiaries 3,320 3,420 Other assets 67 52 Total assets $ 125,454 $ 121,276 Liabilities Notes payable $ 7,324 $ 7,882 Subordinated debentures 8,500 8,500 Other liabilities 269 366 Total liabilities 16,093 16,748 Shareholders ’ Equity Total shareholders ’ equity 109,361 104,528 Total liabilities and shareholders ’ equity $ 125,454 $ 121,276 |
Condensed Income Statement [Table Text Block] | Years ended December 31: Income: 201 7 201 6 201 5 Interest on notes $ 51 $ 52 $ 53 Dividends from subsidiaries 4,400 6,900 3,500 Expenses: Interest on notes 211 136 53 Interest on subordinated debentures 248 204 170 Operating expenses 332 667 345 Income before income taxes and equity in undistributed earnings of subsidiaries 3,660 5,945 2,985 Income tax benefit 244 256 167 Equity in undistributed earnings of subsidiaries 3,605 719 5,422 Net Income $ 7,509 $ 6,920 $ 8,574 Comprehensive Income $ 7,622 $ 5,624 $ 7,919 |
Condensed Cash Flow Statement [Table Text Block] | Years ended December 31: Cash flows from operating activities: 20 17 201 6 201 5 Net Income $ 7,509 $ 6,920 $ 8,574 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (3,605 ) (719 ) (5,422 ) Common stock issued to ESOP 428 575 ---- Change in other assets (15 ) 11 (16 ) Change in other liabilities (97 ) 318 (141 ) Net cash provided by operating activities 4,220 7,105 2,995 Cash flows from investing activities: Cash paid for Milton Bancorp, Inc. acquisition ---- (7,431 ) ---- Change in notes receivable 100 461 (100 ) Net cash provided by (used in) investing activities 100 (6,970 ) (100 ) Cash flows from financing activities: Change in notes payable (558 ) 3,964 128 Proceeds from common stock through dividend reinvestment 715 ---- ---- Cash dividends paid (3,932 ) (3,585 ) (3,665 ) Net cash provided by (used in) financing activities (3,775 ) 379 (3,537 ) Cash and cash equivalents: Change in cash and cash equivalents 545 514 (642 ) Cash and cash equivalents at beginning of year 2,747 2,233 2,875 Cash and cash equivalents at end of year $ 3,292 $ 2,747 $ 2,233 |
Note R - Segment Information (T
Note R - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, 201 7 Banking Consumer Finance Total Company Net interest income $ 38,366 $ 3,367 $ 41,733 Provision expense 2,415 149 2,564 Noninterest income 8,834 601 9,435 Noninterest expense 34,079 2,530 36,609 Tax expense 3,973 513 4,486 Net income 6,733 776 7,509 Assets 1,013,386 12,904 1,026,290 Year Ended December 31, 201 6 Banking Consumer Finance Total Company Net interest income $ 33,019 $ 3,307 $ 36,326 Provision expense 2,665 161 2,826 Noninterest income 7,589 650 8,239 Noninterest expense 30,257 2,642 32,899 Tax expense 1,530 390 1,920 Net income 6,156 764 6,920 Assets 941,907 12,733 954,640 Year Ended December 31, 201 5 Banking Consumer Finance Total Company Net interest income $ 30,175 $ 3,320 $ 33,495 Provision expense 1,055 35 1,090 Noninterest income 7,880 717 8,597 Noninterest expense 26,983 2,636 29,619 Tax expense 2,347 462 2,809 Net income 7,670 904 8,574 Assets 782,715 13,570 796,285 |
Note S - Consolidated Quarter45
Note S - Consolidated Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarters Ended Mar. 31 Jun. 30 Sept. 30 Dec. 31 201 7 Total interest income $ 11,738 $ 10,989 $ 11,317 $ 11,664 Total interest expense 873 918 1,049 1,135 Net interest income 10,865 10,071 10,268 10,529 Provision for loan losses ( 1 ) 145 175 1,601 643 Noninterest income ( 3 ) 3,113 2,112 2,282 1,928 Noninterest expense 9,375 9,876 9,222 8,136 Net income 3,217 1,741 1,653 898 Earnings per share $ 0.69 $ 0.37 $ 0.35 $ 0.19 201 6 Total interest income $ 9,770 $ 8,913 $ 9,824 $ 10,841 Total interest expense 670 707 839 806 Net interest income 9,100 8,206 8,985 10,035 Provision for loan losses ( 2 ) 479 141 1,708 498 Noninterest income ( 3 ) 3,235 1,861 1,693 1,450 Noninterest expense 7,969 7,773 8,828 8,329 Net income 2,832 1,706 358 2,024 Earnings per share $ 0.69 $ 0.41 $ 0.08 $ 0.43 201 5 Total interest income $ 9,627 $ 8,866 $ 9,016 $ 8,825 Total interest expense 697 717 731 694 Net interest income 8,930 8,149 8,285 8,131 Provision for loan losses ( 4 ) (78 ) 799 (11 ) 380 Noninterest income ( 3 ) 3,489 1,917 1,584 1,607 Noninterest expense 7,427 7,554 7,727 6,911 Net income 3,624 1,410 1,642 1,898 Earnings per share $ 0.88 $ 0.34 $ 0.40 $ 0.46 |
Note A - Summary of Significa46
Note A - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Reportable Segments | 2 | |||
Percentage of Loan Portfolio | 100.00% | 100.00% | ||
Due from Banks | $ 60,872 | |||
Repossessed Assets | 1,574 | $ 2,129 | ||
Servicing Asset | $ 360 | $ 387 | ||
Weighted Average Number of Shares Outstanding, Basic | 4,685,067 | 4,351,748 | 4,117,675 | |
Weighted Average Number of Shares Outstanding, Diluted | 0 | 0 | 0 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | |||
Restricted Cash and Cash Equivalents | $ 61,915 | $ 28,102 | ||
Goodwill, Impairment Loss | $ 0 | $ 0 | ||
Scenario, Forecast [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Equipment Furniture and Fixtures [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Equipment Furniture and Fixtures [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 8 years | |||
Building and Building Improvements [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
Building and Building Improvements [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 39 years | |||
Unsecured [Member] | ||||
Percentage of Loan Portfolio | 4.86% | 5.61% | ||
Consumer Portfolio Segment [Member] | ||||
Period of Actual Loss History Experienced | 3 years | |||
Percentage of Loan Portfolio | 18.15% | 18.27% | ||
Commercial Portfolio Segment [Member] | ||||
Period of Actual Loss History Experienced | 5 years | |||
Percentage of Loan Portfolio | 13.92% | 13.69% |
Note A - Summary of Significa47
Note A - Summary of Significant Accounting Policies - Composition of Loan Portfolio (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
% Total Loans | 100.00% | 100.00% |
Residential Portfolio Segment [Member] | ||
% Total Loans | 40.19% | 38.92% |
Commercial Real Estate Portfolio Segment [Member] | ||
% Total Loans | 27.74% | 29.12% |
Consumer Portfolio Segment [Member] | ||
% Total Loans | 18.15% | 18.27% |
Commercial Portfolio Segment [Member] | ||
% Total Loans | 13.92% | 13.69% |
Note B - Business Combination48
Note B - Business Combinations (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Aug. 05, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Combination, Acquisition Related Costs | $ 39 | $ 930 | ||
Assets | $ 950,000 | 1,026,290 | 954,640 | 796,285 |
Number of Branches | 25 | |||
Goodwill | $ 7,371 | 7,801 | $ 1,267 | |
Milton Bancorp, Inc [Member] | ||||
Business Combination, Number of Common Shares of the Acquiring Entity into Which Common Shares of the Acquired Entity May Be Converted | 1,636 | |||
Business Combination, Number of Common Shares of the Acquiring Entity into Which Common Shares of the Acquired Entity May Be Converted, Par Value | 0 | |||
Business Acquisition, Cash Which May Be Paid for the Stock of Acquired Entity | $ 37,219 | |||
Business Combination, Exchange of Acquired Entity's Common Shares for Cash or Common Shares of Acquiring Entity, Common Shares Reallocation Percentage | 80.00% | |||
Business Acquisition, Number of Issued and Outstanding Common Shares of Acquired Entity | 400 | |||
Business Combination, Exchange of Acquired Entity's Common Shares for Cash or Common Shares of Acquiring Entity, Cash Reallocation Percentage | 20.00% | |||
Business Combination, Number of Acquired Entity Preferred Shares Converted to Receive Cash Payment | 1,237 | |||
Business Combination, Cash Payment from Conversion of Acquired Preferred Shares | $ 3,600 | |||
Business Combination, Consideration Transferred | $ 18,875 | |||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 11,444 | |||
Payments to Acquire Businesses, Gross | 7,431 | |||
Payments to Acquire Businesses, Portion Financed in Borrowed Funds | 5,000 | |||
Business Combination, Acquisition Related Costs | $ 930 | |||
Goodwill | 6,534 | |||
Business Combination, Acquired Receivable, Fair Value | 111,558 | |||
Business Combination, Acquired Receivables, Gross Contractual Amount | $ 112,249 |
Note B - Business Combination49
Note B - Business Combinations - Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands | Aug. 05, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill | $ 7,371 | $ 7,801 | $ 1,267 | |
Milton Bancorp, Inc [Member] | ||||
Cash | $ 7,431 | |||
Equity instruments | 11,444 | |||
Fair value of total consideration transferred | 18,875 | |||
Cash and cash equivalents | 9,201 | |||
Securities | 5,868 | |||
Restricted investments in bank stock | 364 | |||
Loans | 112,479 | |||
Premises and equipment | 1,826 | |||
Other real estate owned | 641 | |||
Bank owned life insurance | 272 | |||
Other assets | 612 | |||
Total assets acquired | 132,001 | |||
Deposits | 119,669 | |||
Other liabilities | (9) | |||
Total liabilities assumed | 119,660 | |||
Total identifiable net assets | 12,341 | |||
Goodwill | 6,534 | |||
18,875 | ||||
Milton Bancorp, Inc [Member] | Core Deposits [Member] | ||||
Core deposit intangible asset | $ 738 |
Note C - Securities (Details Te
Note C - Securities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Proceeds from Sale of Available-for-sale Securities | $ 10,550 | ||
Available-for-sale Securities Pledged as Collateral | 70,078 | 72,397 | |
Other than Temporary Impairment Losses, Investments | 0 | 0 | |
Debt Securities [Member] | |||
Proceeds from Sale of Available-for-sale Securities | $ 0 | $ 0 | 10,550 |
Available-for-sale Securities, Gross Realized Gains | $ 163 |
Note C - Securities - Securitie
Note C - Securities - Securities Available-for-sale (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Securities available for sale, amortized cost | $ 102,455 | $ 97,991 |
Securities available for sale, gross unrealized gains | 300 | 495 |
Securities available for sale, gross unrealized losses | (1,630) | (1,996) |
Securities available for sale | 101,125 | 96,490 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available for sale, amortized cost | 13,622 | 10,624 |
Securities available for sale, gross unrealized gains | ||
Securities available for sale, gross unrealized losses | (149) | (80) |
Securities available for sale | 13,473 | 10,544 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available for sale, amortized cost | 88,833 | 87,367 |
Securities available for sale, gross unrealized gains | 300 | 495 |
Securities available for sale, gross unrealized losses | (1,481) | (1,916) |
Securities available for sale | $ 87,652 | $ 85,946 |
Note C - Securities - Securit52
Note C - Securities - Securities Held-to-maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Securities held to maturity, amortized cost | $ 17,581 | $ 18,665 |
Securities held to maturity, gross unrecognized gains | 533 | 654 |
Securities held to maturity, gross unrecognized losses | (35) | (148) |
Total debt securities, held to maturity, fair value | 18,079 | 19,171 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities held to maturity, amortized cost | 17,577 | 18,661 |
Securities held to maturity, gross unrecognized gains | 533 | 654 |
Securities held to maturity, gross unrecognized losses | (35) | (148) |
Total debt securities, held to maturity, fair value | 18,075 | 19,167 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities held to maturity, amortized cost | 4 | 4 |
Securities held to maturity, gross unrecognized gains | ||
Securities held to maturity, gross unrecognized losses | ||
Total debt securities, held to maturity, fair value | $ 4 | $ 4 |
Note C - Securities - Securit53
Note C - Securities - Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Due in one year or less, available for sale, amortized cost | $ 4,601 | |
Due in one year or less, available for sale, fair value | 4,593 | |
Due in one year or less, held to maturity, amortized cost | 809 | |
Due in one year or less, held to maturity, fair value | 819 | |
Due in one to five years, available for sale, amortized cost | 9,021 | |
Due in one to five years, available for sale, fair value | 8,880 | |
Due in one to five years, held to maturity, amortized cost | 7,356 | |
Due in one to five years, held to maturity, fair value | 7,559 | |
Due in five to ten years, available for sale, amortized cost | ||
Due in five to ten years, available for sale, fair value | ||
Due in five to ten years, held to maturity, amortized cost | 9,204 | |
Due in five to ten years, held to maturity, fair value | 9,497 | |
Due after ten years, available for sale, amortized cost | ||
Due after ten years, available for sale, fair value | ||
Due after ten years, held to maturity, amortized cost | 208 | |
Due after ten years, held to maturity, fair value | 200 | |
Agency mortgage-backed securities, residential, available for sale, amortized cost | 88,833 | |
Agency mortgage-backed securities, residential, available for sale, fair value | 87,652 | |
Agency mortgage-backed securities, residential, held to maturity, amortized cost | 4 | |
Agency mortgage-backed securities, residential, held to maturity, fair value | 4 | |
Total debt securities, available for sale, amortized cost | 102,455 | |
Total debt securities, available for sale, fair value | 101,125 | |
Total debt securities, held to maturity, amortized cost | 17,581 | $ 18,665 |
Total debt securities, held to maturity, fair value | $ 18,079 | $ 19,171 |
Note C - Securities - Securit54
Note C - Securities - Securities Available-for-sale With Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Less than 12 Months - Fair Value | $ 44,331 | $ 74,587 |
Less than 12 Months - Unrealized Loss | (531) | (1,996) |
12 Months or More - Fair Value | 38,326 | |
12 Months or More - Unrealized Loss | (1,099) | |
Fair Value | 82,657 | 74,587 |
Unrealized Loss | (1,630) | (1,996) |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Less than 12 Months - Fair Value | 6,910 | 10,544 |
Less than 12 Months - Unrealized Loss | (97) | (80) |
12 Months or More - Fair Value | 6,563 | |
12 Months or More - Unrealized Loss | (52) | |
Fair Value | 13,473 | 10,544 |
Unrealized Loss | (149) | (80) |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Less than 12 Months - Fair Value | 37,421 | 64,043 |
Less than 12 Months - Unrealized Loss | (434) | (1,916) |
12 Months or More - Fair Value | 31,763 | |
12 Months or More - Unrealized Loss | (1,047) | |
Fair Value | 69,184 | 64,043 |
Unrealized Loss | $ (1,481) | $ (1,916) |
Note C - Securities - Securit55
Note C - Securities - Securities Held to Maturity With Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Less Than 12 Months - Fair Value | $ 362 | $ 3,813 |
Less Than 12 Months - Unrecognized Loss | (2) | (148) |
12 Months or More - Fair Value | 1,502 | |
12 Months or More - Unrecognized Loss | (33) | |
Fair Value | 1,864 | 3,813 |
Unrecognized Loss | (35) | (148) |
US States and Political Subdivisions Debt Securities [Member] | ||
Less Than 12 Months - Fair Value | 362 | 3,813 |
Less Than 12 Months - Unrecognized Loss | (2) | (148) |
12 Months or More - Fair Value | 1,502 | |
12 Months or More - Unrecognized Loss | (33) | |
Fair Value | 1,864 | 3,813 |
Unrecognized Loss | $ (35) | $ (148) |
Note D - Loans and Allowance 56
Note D - Loans and Allowance for Loan Losses (Details Textual) | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Increase (Decrease) in Other Loans | $ 899,000 | ||
Change In Troubled Debt Restructurings | 5.60% | ||
Impaired Financing Receivable, Related Allowance | $ 94,000 | $ 2,981,000 | $ 2,164,000 |
Loans and Leases Receivable, Impaired, Commitment to Lend | 846,000 | 2,427,000 | |
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 0 | 11 | |
Allowance for Loan and Lease Losses, Write-offs | $ 0 | 11,000 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | |
Troubled Debt Restrucuturings Placed on Nonaccrual Status, Amount | $ 226,000 | ||
Minimum Loan Balance For Loans Evaluated by Risk Categories | $ 500,000 | ||
Percentage of Loan Portfolio | 100.00% | 100.00% | |
Troubled Debt Restructurings [Member] | |||
Impaired Financing Receivable, Related Allowance | $ 94,000 | $ 546,000 | |
Unsecured [Member] | |||
Percentage of Loan Portfolio | 4.86% | 5.61% | |
Residential Portfolio Segment [Member] | |||
Real Estate Acquired Through Foreclosure | $ 262,000 | $ 938,000 | |
Mortgage Loans in Process of Foreclosure, Amount | $ 2,410,000 | $ 1,492,000 | |
Percentage of Loan Portfolio | 40.19% | 38.92% |
Note D - Loans and Allowance 57
Note D - Loans and Allowance for Loan Losses - Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loans | $ 769,319 | $ 734,901 |
Less: Allowance for loan losses | (7,499) | (7,699) |
Loans, net | 761,820 | 727,202 |
Residential Portfolio Segment [Member] | ||
Loans | 309,163 | 286,022 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 213,446 | 214,007 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Loans | 73,573 | 77,605 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Loans | 101,571 | 90,532 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 38,302 | 45,870 |
Commercial and Industrial Portfolio Segment [Member] | ||
Loans | 107,089 | 100,589 |
Consumer Portfolio Segment [Member] | ||
Loans | 139,621 | 134,283 |
Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||
Loans | 68,626 | 59,772 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans | 21,431 | 20,861 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Loans | $ 49,564 | $ 53,650 |
Note D - Loans and Allowance 58
Note D - Loans and Allowance for Loan Losses - Allowance for Loan Losses Activity by Portfolio Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance | $ 7,699 | $ 6,648 | $ 8,334 |
Provision for loan losses | 2,564 | 2,826 | 1,090 |
Loans charged off | (4,081) | (3,203) | (4,251) |
Recoveries | 1,317 | 1,428 | 1,475 |
Balance | 7,499 | 7,699 | 6,648 |
Residential Portfolio Segment [Member] | |||
Balance | 939 | 1,087 | 1,426 |
Provision for loan losses | 1,016 | (63) | 103 |
Loans charged off | (745) | (384) | (828) |
Recoveries | 260 | 299 | 386 |
Balance | 1,470 | 939 | 1,087 |
Commercial Real Estate Portfolio Segment [Member] | |||
Balance | 4,315 | 1,959 | 4,195 |
Provision for loan losses | (632) | 2,287 | (469) |
Loans charged off | (1,067) | (63) | (1,971) |
Recoveries | 362 | 132 | 204 |
Balance | 2,978 | 4,315 | 1,959 |
Commercial and Industrial Portfolio Segment [Member] | |||
Balance | 907 | 2,589 | 1,602 |
Provision for loan losses | 658 | (1,112) | 777 |
Loans charged off | (627) | (586) | (24) |
Recoveries | 86 | 16 | 234 |
Balance | 1,024 | 907 | 2,589 |
Consumer Portfolio Segment [Member] | |||
Balance | 1,538 | 1,013 | 1,111 |
Provision for loan losses | 1,522 | 1,714 | 679 |
Loans charged off | (1,642) | (2,170) | (1,428) |
Recoveries | 609 | 981 | 651 |
Balance | $ 2,027 | $ 1,538 | $ 1,013 |
Note D - Loans and Allowance 59
Note D - Loans and Allowance for Loan Losses - Allowance for Loan Losses and the Recorded Investment of Loans Based on Impairment Method (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Individually evaluated for impairment | $ 94 | $ 2,981 | ||
Collectively evaluated for impairment | 7,405 | 4,718 | ||
Total ending allowance balance | 7,499 | 7,699 | $ 6,648 | $ 8,334 |
Loans individually evaluated for impairment | 18,108 | 22,709 | ||
Loans collectively evaluated for impairment | 751,211 | 712,192 | ||
Total ending loans balance | 769,319 | 734,901 | ||
Residential Portfolio Segment [Member] | ||||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 1,470 | 939 | ||
Total ending allowance balance | 1,470 | 939 | 1,087 | 1,426 |
Loans individually evaluated for impairment | 1,420 | 717 | ||
Loans collectively evaluated for impairment | 307,743 | 285,305 | ||
Total ending loans balance | 309,163 | 286,022 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Individually evaluated for impairment | 94 | 2,535 | ||
Collectively evaluated for impairment | 2,884 | 1,780 | ||
Total ending allowance balance | 2,978 | 4,315 | 1,959 | 4,195 |
Loans individually evaluated for impairment | 7,333 | 13,111 | ||
Loans collectively evaluated for impairment | 206,113 | 200,896 | ||
Total ending loans balance | 213,446 | 214,007 | ||
Commercial and Industrial Portfolio Segment [Member] | ||||
Individually evaluated for impairment | 241 | |||
Collectively evaluated for impairment | 1,024 | 666 | ||
Total ending allowance balance | 1,024 | 907 | 2,589 | 1,602 |
Loans individually evaluated for impairment | 9,154 | 8,465 | ||
Loans collectively evaluated for impairment | 97,935 | 92,124 | ||
Total ending loans balance | 107,089 | 100,589 | ||
Consumer Portfolio Segment [Member] | ||||
Individually evaluated for impairment | 205 | |||
Collectively evaluated for impairment | 2,027 | 1,333 | ||
Total ending allowance balance | 2,027 | 1,538 | $ 1,013 | $ 1,111 |
Loans individually evaluated for impairment | 201 | 416 | ||
Loans collectively evaluated for impairment | 139,420 | 133,867 | ||
Total ending loans balance | $ 139,621 | $ 134,283 |
Note D - Loans and Allowance 60
Note D - Loans and Allowance for Loan Losses - Loans Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Loan Losses Allocated | $ 94 | $ 2,981 | $ 2,164 |
Unpaid principal balance | 19,917 | 25,176 | 20,180 |
Recorded investment | 18,108 | 22,709 | 17,228 |
Average impaired loans | 15,958 | 19,893 | 15,894 |
Interest income recognized | 855 | 1,145 | 700 |
Cash basis interest recognized | 855 | 1,145 | 700 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | |||
Unpaid principal balance - with allowance recorded | 372 | 384 | 396 |
Recorded investment - with allowance recorded | 372 | 384 | 396 |
Allowance for Loan Losses Allocated | 94 | 100 | 107 |
Average impaired loans - with allowance recorded | 378 | 390 | 402 |
Interest income recognized - with allowance recorded | 17 | 19 | 75 |
Cash basis interest recognized - with allowance recorded | 17 | 19 | 75 |
Unpaid principal balance - with no allowance recorded | 4,989 | 5,078 | 5,178 |
Recorded investment - with no allowance recorded | 3,534 | 3,632 | 2,773 |
Average impaired loans - with no allowance recorded | 3,521 | 3,572 | 3,439 |
Interest income recognized - with no allowance recorded | 81 | 79 | 49 |
Cash basis interest recognized - with no allowance recorded | 81 | 79 | 49 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | |||
Unpaid principal balance - with allowance recorded | 3,427 | 5,477 | 204 |
Recorded investment - with allowance recorded | 3,427 | 5,477 | 204 |
Allowance for Loan Losses Allocated | 2,435 | 204 | |
Average impaired loans - with allowance recorded | 2,456 | 3,185 | 204 |
Interest income recognized - with allowance recorded | 184 | 300 | 13 |
Cash basis interest recognized - with allowance recorded | 184 | 300 | 13 |
Unpaid principal balance - with no allowance recorded | 3,638 | 3,812 | |
Recorded investment - with no allowance recorded | 3,091 | 3,265 | |
Average impaired loans - with no allowance recorded | 3,005 | 2,747 | |
Interest income recognized - with no allowance recorded | 178 | 181 | |
Cash basis interest recognized - with no allowance recorded | 178 | 181 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Unpaid principal balance - with no allowance recorded | 352 | 1,001 | 680 |
Recorded investment - with no allowance recorded | 527 | 680 | |
Average impaired loans - with no allowance recorded | 522 | 544 | |
Interest income recognized - with no allowance recorded | 19 | 136 | |
Cash basis interest recognized - with no allowance recorded | 19 | 136 | |
Residential Portfolio Segment [Member] | |||
Unpaid principal balance - with no allowance recorded | 1,420 | 717 | 1,001 |
Recorded investment - with no allowance recorded | 1,420 | 717 | 1,001 |
Average impaired loans - with no allowance recorded | 851 | 726 | 809 |
Interest income recognized - with no allowance recorded | 66 | 31 | 45 |
Cash basis interest recognized - with no allowance recorded | 66 | 31 | 45 |
Commercial and Industrial Portfolio Segment [Member] | |||
Unpaid principal balance - with allowance recorded | 9,154 | 392 | 4,355 |
Recorded investment - with allowance recorded | 9,154 | 392 | 4,355 |
Allowance for Loan Losses Allocated | 241 | 1,850 | |
Average impaired loans - with allowance recorded | 8,544 | 391 | 3,545 |
Interest income recognized - with allowance recorded | 481 | 149 | |
Cash basis interest recognized - with allowance recorded | 481 | 149 | |
Unpaid principal balance - with no allowance recorded | 8,073 | 4,336 | |
Recorded investment - with no allowance recorded | 8,073 | 4,336 | |
Average impaired loans - with no allowance recorded | 7,681 | 3,985 | |
Interest income recognized - with no allowance recorded | 381 | 180 | |
Cash basis interest recognized - with no allowance recorded | 381 | 180 | |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Unpaid principal balance - with allowance recorded | 203 | 416 | 218 |
Recorded investment - with allowance recorded | 201 | 416 | 218 |
Allowance for Loan Losses Allocated | 205 | 3 | |
Average impaired loans - with allowance recorded | 208 | 421 | 219 |
Interest income recognized - with allowance recorded | 7 | 21 | 8 |
Cash basis interest recognized - with allowance recorded | $ 7 | $ 21 | $ 8 |
Note D - Loans and Allowance 61
Note D - Loans and Allowance for Loan Losses - Nonaccrual Loans and Loans Past Due 90 Days or More and Still Accruing (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loans past due 90 days and still accruing | $ 334 | $ 327 |
Nonaccrual | 10,112 | 8,961 |
Residential Portfolio Segment [Member] | ||
Loans past due 90 days and still accruing | 131 | 132 |
Nonaccrual | 5,906 | 3,445 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Loans past due 90 days and still accruing | 28 | |
Nonaccrual | 476 | 1,571 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Loans past due 90 days and still accruing | ||
Nonaccrual | 2,454 | 2,506 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans past due 90 days and still accruing | ||
Nonaccrual | 444 | 527 |
Commercial and Industrial Portfolio Segment [Member] | ||
Loans past due 90 days and still accruing | ||
Nonaccrual | 337 | 867 |
Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||
Loans past due 90 days and still accruing | 127 | 121 |
Nonaccrual | 86 | 5 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans past due 90 days and still accruing | ||
Nonaccrual | 283 | 34 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Loans past due 90 days and still accruing | 76 | 46 |
Nonaccrual | $ 126 | $ 6 |
Note D - Loans and Allowance 62
Note D - Loans and Allowance for Loan Losses - Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loans past due | $ 14,828 | $ 17,076 |
Loans, current | 754,491 | 717,825 |
Loans | 769,319 | 734,901 |
Residential Portfolio Segment [Member] | ||
Loans past due | 7,727 | 6,882 |
Loans, current | 301,436 | 279,140 |
Loans | 309,163 | 286,022 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 213,446 | 214,007 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Loans past due | 515 | 1,825 |
Loans, current | 73,058 | 75,780 |
Loans | 73,573 | 77,605 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Loans past due | 2,378 | 2,785 |
Loans, current | 99,193 | 87,747 |
Loans | 101,571 | 90,532 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans past due | 169 | 300 |
Loans, current | 38,133 | 45,570 |
Loans | 38,302 | 45,870 |
Commercial and Industrial Portfolio Segment [Member] | ||
Loans past due | 737 | 2,566 |
Loans, current | 106,352 | 98,023 |
Loans | 107,089 | 100,589 |
Consumer Portfolio Segment [Member] | ||
Loans | 139,621 | 134,283 |
Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||
Loans past due | 1,754 | 1,438 |
Loans, current | 66,872 | 58,334 |
Loans | 68,626 | 59,772 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans past due | 389 | 394 |
Loans, current | 21,042 | 20,467 |
Loans | 21,431 | 20,861 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Loans past due | 1,159 | 886 |
Loans, current | 48,405 | 52,764 |
Loans | 49,564 | 53,650 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 8,232 | 7,597 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Loans past due | 5,383 | 3,728 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Loans past due | 194 | 134 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Loans past due | 140 | 261 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans past due | 66 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial and Industrial Portfolio Segment [Member] | ||
Loans past due | 303 | 1,283 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||
Loans past due | 1,257 | 1,091 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans past due | 90 | 349 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Loans past due | 865 | 685 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 1,911 | 2,293 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Loans past due | 671 | 953 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Loans past due | 161 | 366 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Loans past due | 18 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans past due | 52 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial and Industrial Portfolio Segment [Member] | ||
Loans past due | 243 | 483 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||
Loans past due | 346 | 221 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans past due | 272 | 45 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Loans past due | 218 | 155 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 4,685 | 7,186 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Loans past due | 1,673 | 2,201 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Loans past due | 160 | 1,325 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Loans past due | 2,238 | 2,506 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans past due | 169 | 182 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial and Industrial Portfolio Segment [Member] | ||
Loans past due | 191 | 800 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||
Loans past due | 151 | 126 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans past due | 27 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Loans past due | $ 76 | $ 46 |
Note D - Loans and Allowance 63
Note D - Loans and Allowance for Loan Losses - TDR Loan Modifications (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Troubled Debt Restructuring | $ 16,942 | $ 16,043 |
Residential Portfolio Segment [Member] | Interest Only Payments [Member] | ||
Troubled Debt Restructuring | 697 | 717 |
Residential Portfolio Segment [Member] | Extended Maturity [Member] | ||
Troubled Debt Restructuring | 1,466 | |
Residential Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | ||
Troubled Debt Restructuring | 410 | |
Commercial Real Estate Portfolio Segment [Member] | Interest Only Payments [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Troubled Debt Restructuring | 997 | 284 |
Commercial Real Estate Portfolio Segment [Member] | Interest Only Payments [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Troubled Debt Restructuring | 2,521 | 2,810 |
Commercial Real Estate Portfolio Segment [Member] | Reduction of Principal and Interest Payments [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Troubled Debt Restructuring | 554 | 579 |
Commercial Real Estate Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Troubled Debt Restructuring | 232 | |
Commercial Real Estate Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Troubled Debt Restructuring | 372 | 384 |
Commercial Real Estate Portfolio Segment [Member] | Extended Maturity [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Troubled Debt Restructuring | 201 | 1,582 |
Commercial Real Estate Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Troubled Debt Restructuring | 574 | |
Commercial Real Estate Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Troubled Debt Restructuring | 570 | |
Commercial and Industrial Portfolio Segment [Member] | Interest Only Payments [Member] | ||
Troubled Debt Restructuring | 9,154 | 8,074 |
Commercial and Industrial Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | ||
Troubled Debt Restructuring | 391 | |
Consumer Portfolio Segment [Member] | Extended Maturity [Member] | Home Equity Loan [Member] | ||
Troubled Debt Restructuring | 213 | |
Consumer Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | Home Equity Loan [Member] | ||
Troubled Debt Restructuring | 203 | |
Performing Financial Instruments [Member] | ||
Troubled Debt Restructuring | 14,780 | 13,210 |
Performing Financial Instruments [Member] | Residential Portfolio Segment [Member] | Interest Only Payments [Member] | ||
Troubled Debt Restructuring | 697 | 717 |
Performing Financial Instruments [Member] | Residential Portfolio Segment [Member] | Extended Maturity [Member] | ||
Troubled Debt Restructuring | 1,466 | |
Performing Financial Instruments [Member] | Residential Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | ||
Troubled Debt Restructuring | 410 | |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Interest Only Payments [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Troubled Debt Restructuring | 997 | 284 |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Interest Only Payments [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Troubled Debt Restructuring | 560 | 600 |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Reduction of Principal and Interest Payments [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Troubled Debt Restructuring | 554 | 579 |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Troubled Debt Restructuring | 372 | 384 |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Extended Maturity [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Troubled Debt Restructuring | 1,582 | |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Troubled Debt Restructuring | 574 | |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Troubled Debt Restructuring | 570 | |
Performing Financial Instruments [Member] | Commercial and Industrial Portfolio Segment [Member] | Interest Only Payments [Member] | ||
Troubled Debt Restructuring | 9,154 | 8,074 |
Performing Financial Instruments [Member] | Consumer Portfolio Segment [Member] | Extended Maturity [Member] | Home Equity Loan [Member] | ||
Troubled Debt Restructuring | 213 | |
Performing Financial Instruments [Member] | Consumer Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | Home Equity Loan [Member] | ||
Troubled Debt Restructuring | 203 | |
Nonperforming Financial Instruments [Member] | ||
Troubled Debt Restructuring | 2,162 | 2,833 |
Nonperforming Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Interest Only Payments [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Troubled Debt Restructuring | 1,961 | 2,210 |
Nonperforming Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Troubled Debt Restructuring | 232 | |
Nonperforming Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Extended Maturity [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Troubled Debt Restructuring | $ 201 | |
Nonperforming Financial Instruments [Member] | Commercial and Industrial Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | ||
Troubled Debt Restructuring | $ 391 |
Note D - Loans and Allowance 64
Note D - Loans and Allowance for Loan Losses - TDRs Pre-modification and Post-modification (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Number of Loans | 2 | 2 |
Performing Financial Instruments [Member] | ||
Pre-modification recorded investment | $ 1,409 | $ 574 |
Post-modification recorded investment | 1,409 | 574 |
Nonperforming Financial Instruments [Member] | ||
Pre-modification recorded investment | 226 | |
Post-modification recorded investment | $ 226 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Interest Only Payments [Member] | ||
Number of Loans | 1 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Interest Only Payments [Member] | Performing Financial Instruments [Member] | ||
Pre-modification recorded investment | $ 997 | |
Post-modification recorded investment | 997 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Interest Only Payments [Member] | Nonperforming Financial Instruments [Member] | ||
Pre-modification recorded investment | ||
Post-modification recorded investment | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Interest Rate Below Market Reduction [Member] | ||
Number of Loans | 1 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Interest Rate Below Market Reduction [Member] | Performing Financial Instruments [Member] | ||
Pre-modification recorded investment | $ 412 | |
Post-modification recorded investment | 412 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Interest Rate Below Market Reduction [Member] | Nonperforming Financial Instruments [Member] | ||
Pre-modification recorded investment | ||
Post-modification recorded investment | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | Interest Only Payments [Member] | ||
Number of Loans | 1 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | Interest Only Payments [Member] | Performing Financial Instruments [Member] | ||
Pre-modification recorded investment | ||
Post-modification recorded investment | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | Interest Only Payments [Member] | Nonperforming Financial Instruments [Member] | ||
Pre-modification recorded investment | 226 | |
Post-modification recorded investment | $ 226 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | Interest Rate Below Market Reduction [Member] | ||
Number of Loans | 1 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | Interest Rate Below Market Reduction [Member] | Performing Financial Instruments [Member] | ||
Pre-modification recorded investment | $ 574 | |
Post-modification recorded investment | 574 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | Interest Rate Below Market Reduction [Member] | Nonperforming Financial Instruments [Member] | ||
Pre-modification recorded investment | ||
Post-modification recorded investment |
Note D - Loans and Allowance 65
Note D - Loans and Allowance for Loan Losses - Risk Category of Commercial Loans by Class of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loans receivable | $ 769,319 | $ 734,901 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 213,446 | 214,007 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Loans receivable | 73,573 | 77,605 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Loans receivable | 101,571 | 90,532 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 38,302 | 45,870 |
Commercial and Industrial Portfolio Segment [Member] | ||
Loans receivable | 107,089 | 100,589 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 320,535 | 314,596 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Loans receivable | 64,993 | 66,495 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Loans receivable | 93,197 | 83,103 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 37,735 | 45,325 |
Pass [Member] | Commercial and Industrial Portfolio Segment [Member] | ||
Loans receivable | 91,097 | 94,091 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 287,022 | 289,014 |
Criticized [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Loans receivable | 934 | 428 |
Criticized [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Loans receivable | 3,776 | 2,364 |
Criticized [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 156 | |
Criticized [Member] | Commercial and Industrial Portfolio Segment [Member] | ||
Loans receivable | 6,058 | 188 |
Criticized [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 10,924 | 2,980 |
Classified [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Loans receivable | 7,646 | 10,682 |
Classified [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Loans receivable | 4,598 | 5,065 |
Classified [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans receivable | 411 | 545 |
Classified [Member] | Commercial and Industrial Portfolio Segment [Member] | ||
Loans receivable | 9,934 | 6,310 |
Classified [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | $ 22,589 | $ 22,602 |
Note D - Loans and Allowance 66
Note D - Loans and Allowance for Loan Losses - Recorded Investment of Residential and Consumer Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loans receivable | $ 769,319 | $ 734,901 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 139,621 | 134,283 |
Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||
Loans receivable | 68,626 | 59,772 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans receivable | 21,431 | 20,861 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Loans receivable | 49,564 | 53,650 |
Residential Portfolio Segment [Member] | ||
Loans receivable | 309,163 | 286,022 |
Consumer and Residential Portfolio Segment [Member] | ||
Loans receivable | 448,784 | 420,305 |
Performing Financial Instruments [Member] | Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||
Loans receivable | 68,413 | 59,646 |
Performing Financial Instruments [Member] | Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans receivable | 21,148 | 20,827 |
Performing Financial Instruments [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Loans receivable | 49,362 | 53,598 |
Performing Financial Instruments [Member] | Residential Portfolio Segment [Member] | ||
Loans receivable | 303,126 | 282,445 |
Performing Financial Instruments [Member] | Consumer and Residential Portfolio Segment [Member] | ||
Loans receivable | 442,049 | 416,516 |
Nonperforming Financial Instruments [Member] | Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||
Loans receivable | 213 | 126 |
Nonperforming Financial Instruments [Member] | Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans receivable | 283 | 34 |
Nonperforming Financial Instruments [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Loans receivable | 202 | 52 |
Nonperforming Financial Instruments [Member] | Residential Portfolio Segment [Member] | ||
Loans receivable | 6,037 | 3,577 |
Nonperforming Financial Instruments [Member] | Consumer and Residential Portfolio Segment [Member] | ||
Loans receivable | $ 6,735 | $ 3,789 |
Note E - Premises and Equipme67
Note E - Premises and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leases, Rent Expense, Net | $ 344 | $ 464 | $ 464 |
Note E - Premises and Equipme68
Note E - Premises and Equipment - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Land | $ 2,641 | $ 2,348 |
Buildings | 13,913 | 13,247 |
Leasehold improvements | 1,267 | 1,238 |
Furniture and equipment | 5,675 | 5,085 |
23,496 | 21,918 | |
Less accumulated depreciation | 10,215 | 9,135 |
Total premises and equipment | $ 13,281 | $ 12,783 |
Note E - Premises and Equipme69
Note E - Premises and Equipment - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 253 |
2,019 | 68 |
2,020 | 64 |
2,021 | 40 |
2,022 | 7 |
Thereafter | |
$ 432 |
Note F - Goodwill and Intangi70
Note F - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill, Impairment Loss | $ 0 | $ 0 | |
Amortization of Intangible Assets | $ 156 | $ 68 |
Note F - Goodwill and Intangi71
Note F - Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Beginning of year | $ 7,801 | $ 1,267 |
Acquired goodwill | 6,534 | |
Impairment | 0 | 0 |
Finalization of Milton acquisition accounting | (430) | |
End of year | $ 7,371 | $ 7,801 |
Note F - Goodwill and Intangi72
Note F - Goodwill and Intangible Assets - Intangible Assets (Details) - Core Deposits [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Gross Carrying Amount | $ 738 | $ 738 |
Accumulated Amortization | $ 224 | $ 68 |
Note F - Goodwill and Intangi73
Note F - Goodwill and Intangible Assets - Future Estimated Amortization Expense (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 135 |
2,019 | 114 |
2,020 | 94 |
2,021 | 74 |
2,022 | 53 |
Thereafter | 44 |
Total | $ 514 |
Note G - Deposits (Details Text
Note G - Deposits (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Interest-bearing Domestic Deposit, Brokered | $ 34,363 | $ 22,463 |
Note G - Deposits - Interest-Be
Note G - Deposits - Interest-Bearing Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
NOW accounts | $ 158,650 | $ 155,051 |
Savings and Money Market | 241,018 | 237,761 |
In denominations of $250,000 or less | 181,690 | 168,546 |
In denominations of more than $250,000 | 21,711 | 19,518 |
Total | 203,401 | 188,064 |
Total interest-bearing deposits | $ 603,069 | $ 580,876 |
Note G - Deposits - Time Deposi
Note G - Deposits - Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
2,018 | $ 109,278 | |
2,019 | 43,077 | |
2,020 | 22,696 | |
2,021 | 14,413 | |
2,022 | 13,578 | |
Thereafter | 359 | |
Total | $ 203,401 | $ 188,064 |
Note H - Interest Rate Swaps (D
Note H - Interest Rate Swaps (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deposit Assets | $ 350 | $ 350 |
Interest Rate Swap [Member] | ||
Derivative Asset, Notional Amount | 7,234 | 9,725 |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | $ 57 | $ 22 |
Note I - Other Borrowed Funds78
Note I - Other Borrowed Funds (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 22, 2007 |
Federal Home Loan Bank, Advances, Maturities Summary, Fixed Rate | $ 28,596 | ||
Federal Home Loan Bank, Advances, Maturities Summary, Floating Rate | 0 | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | 232,588 | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | $ 143,992 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.27% | 2.64% | 6.58% |
Debt, Weighted Average Interest Rate | 2.77% | 2.34% | |
Notes Payable to Bank | $ 3,440 | ||
Director [Member] | |||
Notes Payable, Related Parties | 360 | $ 360 | |
FHLB Line of Credit [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | 80,000 | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 80,000 | ||
Letters of Credit Outstanding, Amount | $ 60,000 | $ 45,000 | |
Minimum [Member] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 1.53% | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | ||
Maximum [Member] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 3.31% | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.09% | ||
Weighted Average [Member] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 2.15% | 2.08% | |
Residential Mortgage [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 299,673 | ||
Commercial Loan [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 80,036 | ||
FHLB Stock [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 5,365 | ||
Federal Home Loan Bank Advances [Member] | |||
Capital Lease Obligations | $ 29 | $ 73 |
Note I - Other Borrowed Funds -
Note I - Other Borrowed Funds - Other Borrowed Funds (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other borrowed funds | $ 35,949 | $ 37,085 |
Federal Home Loan Bank Advances [Member] | ||
Other borrowed funds | 28,625 | 29,203 |
Promissory Notes [Member] | ||
Other borrowed funds | $ 7,324 | $ 7,882 |
Note I - Other Borrowed Funds80
Note I - Other Borrowed Funds - Scheduled Principal Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
2,018 | $ 5,516 | |
2,019 | 5,323 | |
2,020 | 3,060 | |
2,021 | 2,780 | |
2,022 | 2,717 | |
Thereafter | 16,553 | |
35,949 | $ 37,085 | |
Federal Home Loan Bank Advances [Member] | ||
2,018 | 3,255 | |
2,019 | 2,724 | |
2,020 | 2,541 | |
2,021 | 2,239 | |
2,022 | 2,153 | |
Thereafter | 15,713 | |
28,625 | 29,203 | |
Promissory Notes [Member] | ||
2,018 | 2,261 | |
2,019 | 2,599 | |
2,020 | 519 | |
2,021 | 541 | |
2,022 | 564 | |
Thereafter | 840 | |
$ 7,324 | $ 7,882 |
Note J - Subordinated Debentu81
Note J - Subordinated Debentures and Trust Preferred Securities (Details Textual) - USD ($) $ in Thousands | Mar. 15, 2012 | Mar. 22, 2007 | Dec. 31, 2017 | Dec. 31, 2016 |
Proceeds from Issuance of Trust Preferred Securities | $ 8,500 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.58% | 3.27% | 2.64% | |
Debt Instrument, Term | 5 years | |||
Debt Issuance Costs, Net | $ 0 | $ 0 | ||
London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.68% |
Note K - Income Taxes (Details
Note K - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 1,800 | ||
Operating Loss Carryforwards | $ 705 | ||
Effective Income Tax Rate Reconciliation, Percent | 34.00% | ||
Unrecognized Tax Benefits | $ 0 | $ 0 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 1,200 | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | |||
Open Tax Year | 2,014 | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | |||
Open Tax Year | 2,016 | ||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | |||
Open Tax Year | 2,014 | ||
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | |||
Open Tax Year | 2,016 | ||
Scenario, Forecast [Member] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note K - Income Taxes - Provisi
Note K - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current tax expense | $ 2,579 | $ 2,645 | $ 2,218 |
Deferred tax (benefit) expense | 1,907 | (725) | 591 |
Total income taxes | $ 4,486 | $ 1,920 | $ 2,809 |
Note K - Income Taxes - Deferre
Note K - Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance for loan losses | $ 1,631 | $ 2,538 |
Unrealized loss on securities available for sale | 279 | 510 |
Deferred compensation | 1,466 | 2,194 |
Deferred loan fees/costs | 130 | 248 |
Other real estate owned | 377 | 719 |
Accrued bonus | 234 | 240 |
Purchase accounting adjustments | 56 | 305 |
Net operating loss | 148 | 258 |
Other | 212 | 275 |
Mortgage servicing rights | (78) | (134) |
FHLB stock dividends | (676) | (1,078) |
Prepaid expenses | (149) | (283) |
Depreciation and amortization | (627) | (823) |
Other | (3) | (4) |
Net deferred tax asset | $ 3,000 | $ 4,965 |
Note K - Income Taxes - Income
Note K - Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statutory tax | $ 4,078 | $ 3,006 | $ 3,870 |
Effect of nontaxable insurance premiums | (303) | (340) | (336) |
Effect of postretirement benefits | (78) | (19) | 71 |
Effect of nontaxable life insurance death proceeds | (175) | (11) | |
Impact from TCJA | 1,783 | ||
Effect of state income tax | 70 | 64 | 66 |
Tax credits | (191) | (211) | (221) |
Milton Merger Costs | 4 | 73 | |
Other items | 42 | 19 | 17 |
Total income taxes | 4,486 | 1,920 | 2,809 |
Nontaxable Interest Income [Member] | |||
Effect of nontaxable income | (514) | (433) | (437) |
Bank Owned Insurance Income [Member] | |||
Effect of nontaxable income | $ (230) | $ (239) | $ (210) |
Note L - Commitments and Cont86
Note L - Commitments and Contingent Liabilities (Details Textual) | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 22, 2007 |
Debt Instrument, Interest Rate, Stated Percentage | 3.27% | 2.64% | 6.58% |
Minimum [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | ||
Maximum [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.09% | ||
Fixed Rate Commitments [Member] | Minimum [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||
Fixed Rate Commitments [Member] | Maximum [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% |
Note L - Commitments and Cont87
Note L - Commitments and Contingent Liabilities - Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Standby Letters of Credit [Member] | ||
Other commitment | $ 4,139 | $ 5,134 |
Fixed Rate Commitments [Member] | ||
Other commitment | 96 | 271 |
Variable Rate Commitments [Member] | ||
Other commitment | $ 64,624 | $ 61,786 |
Note M - Related Party Transa88
Note M - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | Mar. 22, 2007 | Dec. 31, 2017 | Dec. 31, 2016 |
Minimum Related Party Loan | $ 120 | ||
Related Party Deposit Liabilities | $ 44,877 | $ 38,867 | |
Debt Instrument, Term | 5 years | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.58% | 3.27% | 2.64% |
Promissory Note Payable to Director [Member] | |||
Debt Instrument, Term | 3 years | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | ||
Director [Member] | |||
Notes Payable, Related Parties | $ 360 | $ 360 |
Note M - Related Party Transa89
Note M - Related Party Transactions - Related Party Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Total loans at January 1, 2017 | $ 5,945 |
New loans | 25 |
Repayments | (221) |
Other changes | 2,678 |
Total loans at December 31, 2017 | $ 8,427 |
Note N - Employee Benefits (Det
Note N - Employee Benefits (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Contribution Plan, Cost | $ 340 | $ 290 | $ 288 |
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 361,584 | 350,170 | |
Cash Surrender Value of Life Insurance | $ 26,633 | ||
Deferred Compensation Plan Assets | 2,042 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 6,740 | $ 6,328 | |
Defined Benefit Plan, Benefit Obligation | 2,776 | 3,007 | |
Proceeds from Life Insurance Policy | 2,107 | ||
Insurance Settlements Receivable | 1,993 | ||
Life Insurance, Corporate or Bank Owned, Change in Value | 3,586 | ||
Gain on Bank Owned Life Insurance Policies | 514 | ||
Other Assets [Member] | |||
Insurance Settlements Receivable | 1,993 | ||
Supplemental Retirement Plans [Member] | |||
Defined Contribution Plan, Cost | $ 490 | $ 399 | $ 338 |
Note N - Employee Benefits - Em
Note N - Employee Benefits - Employee Stock Ownership Plan (ESOP) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of shares issued (in shares) | 15,118 | 24,572 | |
Fair value of stock contributed | $ 428 | $ 575 | |
Cash contributed | 250 | 674 | |
Total expense | $ 678 | $ 575 | $ 674 |
Note O - Fair Value of Financ92
Note O - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Selling Costs, Percentage | 10.00% | ||
Impaired Financing Receivable, Related Allowance | $ 94 | $ 2,981 | $ 2,164 |
Other Real Estate | 822 | 754 | |
Other Real Estate, Gross | 2,217 | 2,217 | |
Real Estate Owned, Valuation Allowance | 1,395 | 1,463 | |
SEC Schedule III, Real Estate, Write-down or Reserve, Amount | 68 | 393 | |
Collateral Dependent Loans [Member] | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 972 | 8,732 | |
Impaired Financing Receivable, Related Allowance | 0 | 2,913 | |
Provision for Loan Losses Expensed | 0 | 2,509 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 0 |
Note O - Fair Value of Financ93
Note O - Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Inputs, Level 1 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Assets measured on a recurring basis | ||
Fair Value, Inputs, Level 1 [Member] | Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Assets measured on a nonrecurring basis | ||
Fair Value, Inputs, Level 1 [Member] | Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Assets measured on a nonrecurring basis | ||
Fair Value, Inputs, Level 1 [Member] | Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Assets measured on a nonrecurring basis | ||
Fair Value, Inputs, Level 1 [Member] | Impaired Loans [Member] | Commercial Portfolio Segment [Member] | ||
Assets measured on a nonrecurring basis | ||
Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets measured on a recurring basis | ||
Fair Value, Inputs, Level 1 [Member] | Other Real Estate Owned [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Assets measured on a nonrecurring basis | ||
Fair Value, Inputs, Level 2 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Assets measured on a recurring basis | 13,473 | 10,544 |
Fair Value, Inputs, Level 2 [Member] | Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Assets measured on a nonrecurring basis | ||
Fair Value, Inputs, Level 2 [Member] | Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Assets measured on a nonrecurring basis | ||
Fair Value, Inputs, Level 2 [Member] | Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Assets measured on a nonrecurring basis | ||
Fair Value, Inputs, Level 2 [Member] | Impaired Loans [Member] | Commercial Portfolio Segment [Member] | ||
Assets measured on a nonrecurring basis | ||
Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets measured on a recurring basis | 87,652 | 85,946 |
Fair Value, Inputs, Level 2 [Member] | Other Real Estate Owned [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Assets measured on a nonrecurring basis | ||
Fair Value, Inputs, Level 3 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Assets measured on a recurring basis | ||
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Assets measured on a nonrecurring basis | 216 | 1,985 |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Assets measured on a nonrecurring basis | 3,536 | |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Assets measured on a nonrecurring basis | 756 | |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | Commercial Portfolio Segment [Member] | ||
Assets measured on a nonrecurring basis | 298 | |
Fair Value, Inputs, Level 3 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets measured on a recurring basis | ||
Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Assets measured on a nonrecurring basis | $ 822 | $ 754 |
Note O - Fair Value of Financ94
Note O - Fair Value of Financial Instruments - Level 3 Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value | $ 216 | $ 1,985 |
Valuation Technique | Sales approach | Sales approach |
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | Market Approach Valuation Technique [Member] | Minimum [Member] | ||
Range | 1.60% | 0.00% |
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | Market Approach Valuation Technique [Member] | Maximum [Member] | ||
Range | 50.00% | 250.00% |
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Range | 26.70% | 58.60% |
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value | $ 3,536 | |
Valuation Technique | Sales approach | |
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Market Approach Valuation Technique [Member] | Minimum [Member] | ||
Range | 0.00% | |
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Market Approach Valuation Technique [Member] | Maximum [Member] | ||
Range | 65.00% | |
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Range | 13.70% | |
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Cost Approach Valuation Technique [Member] | ||
Fair Value | ||
Valuation Technique | Cost approach | |
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Cost Approach Valuation Technique [Member] | Minimum [Member] | ||
Range | 0.00% | |
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Cost Approach Valuation Technique [Member] | Maximum [Member] | ||
Range | 29.50% | |
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Cost Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Range | 14.80% | |
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value | $ 756 | |
Valuation Technique | Sales approach | |
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Market Approach Valuation Technique [Member] | Minimum [Member] | ||
Range | 1.30% | |
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Market Approach Valuation Technique [Member] | Maximum [Member] | ||
Range | 55.90% | |
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Range | 32.90% | |
Impaired Loans [Member] | Commercial and Industrial Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value | $ 298 | |
Valuation Technique | Sales approach | |
Impaired Loans [Member] | Commercial and Industrial Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Minimum [Member] | ||
Range | 0.90% | |
Impaired Loans [Member] | Commercial and Industrial Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Maximum [Member] | ||
Range | 9.70% | |
Impaired Loans [Member] | Commercial and Industrial Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Range | 5.20% | |
Other Real Estate Owned [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value | $ 822 | $ 754 |
Valuation Technique | Sales approach | Sales approach |
Other Real Estate Owned [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Market Approach Valuation Technique [Member] | Minimum [Member] | ||
Range | 5.00% | 0.00% |
Other Real Estate Owned [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Market Approach Valuation Technique [Member] | Maximum [Member] | ||
Range | 40.00% | 30.00% |
Other Real Estate Owned [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Market Approach Valuation Technique [Member] | Weighted Average [Member] | ||
Range | 18.10% | 11.70% |
Note O - Fair Value of Financ95
Note O - Fair Value of Financial Instruments - Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Securities available for sale | $ 101,125 | $ 96,490 |
Total debt securities, held to maturity, fair value | 18,079 | 19,171 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 74,573 | 40,166 |
Certificates of deposit in financial institutions | 1,820 | 1,670 |
Securities available for sale | 101,125 | 96,490 |
Total debt securities, held to maturity, fair value | 17,581 | 18,665 |
Restricted investments in bank stocks | 7,506 | 7,506 |
Loans, net | 761,820 | 727,202 |
Accrued interest receivable | 2,503 | 2,315 |
Deposits | 856,724 | 790,452 |
Other borrowed funds | 35,949 | 37,085 |
Subordinated debentures | 8,500 | 8,500 |
Accrued interest payable | 792 | 513 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 74,573 | 40,166 |
Certificates of deposit in financial institutions | 1,820 | 1,670 |
Securities available for sale | 101,125 | 96,490 |
Total debt securities, held to maturity, fair value | 18,079 | 19,171 |
Restricted investments in bank stocks | ||
Loans, net | 760,746 | 727,079 |
Accrued interest receivable | 2,503 | 2,315 |
Deposits | 855,923 | 790,916 |
Other borrowed funds | 34,810 | 35,948 |
Subordinated debentures | 6,678 | 5,821 |
Accrued interest payable | 792 | 513 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 74,573 | 40,166 |
Certificates of deposit in financial institutions | ||
Securities available for sale | ||
Total debt securities, held to maturity, fair value | ||
Restricted investments in bank stocks | ||
Loans, net | ||
Accrued interest receivable | ||
Deposits | 253,655 | 209,576 |
Other borrowed funds | ||
Subordinated debentures | ||
Accrued interest payable | 4 | 4 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | ||
Certificates of deposit in financial institutions | 1,820 | 1,670 |
Securities available for sale | 101,125 | 96,490 |
Total debt securities, held to maturity, fair value | 9,020 | 9,541 |
Restricted investments in bank stocks | ||
Loans, net | ||
Accrued interest receivable | 268 | 224 |
Deposits | 602,268 | 581,340 |
Other borrowed funds | 34,810 | 35,948 |
Subordinated debentures | 6,678 | 5,821 |
Accrued interest payable | 788 | 509 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | ||
Certificates of deposit in financial institutions | ||
Securities available for sale | ||
Total debt securities, held to maturity, fair value | 9,059 | 9,630 |
Restricted investments in bank stocks | ||
Loans, net | 760,746 | 727,079 |
Accrued interest receivable | 2,235 | 2,091 |
Deposits | ||
Other borrowed funds | ||
Subordinated debentures | ||
Accrued interest payable |
Note P - Regulatory Matters (De
Note P - Regulatory Matters (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 31, 2017 | Jan. 01, 2017 | Jan. 01, 2016 | Dec. 31, 2014 |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted | 4.50% | ||||
Capital Conservation Buffer | 1.25% | ||||
Capital Conservation Buffer Phase In Amount | 0.625% | ||||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 4.00% | |||
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | ||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments | $ 5,162 | ||||
Scenario, Forecast [Member] | |||||
Capital Conservation Buffer | 2.50% |
Note P - Regulatory Matters - C
Note P - Regulatory Matters - Capital Requirements (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | |
Total capital | $ 118,456 | $ 113,515 | ||
Total capital to risk weighted assets | 16.60% | 16.40% | ||
Total capital for capital adequacy | 8.00% | |||
Common equity tier 1 | $ 102,457 | $ 97,316 | ||
Common equity tier 1 capital to risk weighted assets | 14.30% | 14.00% | ||
Common equity tier 1 capital for capital adequacy | 4.50% | |||
Tier 1 capital | $ 110,957 | $ 105,816 | ||
Tier 1 capital to risk weighted assets | 15.50% | 15.30% | ||
Teir 1 capital for capital adequacy | 6.00% | 4.00% | ||
Tier 1 capital average | $ 110,957 | $ 105,816 | ||
Tier 1 capital average to risk weighted assets | 11.00% | 11.20% | ||
Teir 1 capital average for capital adequacy | 4.00% | |||
Bank [Member] | ||||
Total capital | $ 107,929 | $ 104,317 | ||
Total capital to risk weighted assets | 15.30% | 15.30% | ||
Total capital for capital adequacy | 8.00% | 8.00% | ||
Total capital for well capitalized to risk weighted assets | 10.00% | [1] | 10.00% | |
Common equity tier 1 | $ 100,759 | $ 96,946 | ||
Common equity tier 1 capital to risk weighted assets | 14.30% | 14.20% | ||
Common equity tier 1 capital for capital adequacy | 4.50% | 4.50% | ||
Common equity Tier 1 capital for well capitalized to risk weighted assets | 6.50% | [1] | 6.50% | |
Tier 1 capital | $ 100,759 | $ 96,946 | ||
Tier 1 capital to risk weighted assets | 14.30% | 14.20% | ||
Teir 1 capital for capital adequacy | 6.00% | 6.00% | ||
Tier 1 capital for well capitalized to risk weighted assets | 8.00% | [1] | 8.00% | |
Tier 1 capital average | $ 100,759 | $ 96,946 | ||
Tier 1 capital average to risk weighted assets | 10.10% | 10.40% | ||
Teir 1 capital average for capital adequacy | 4.00% | 4.00% | ||
Tier 1 capital average for well capitalized to average assets | 5.00% | [1] | 5.00% | |
Total capital for capital adequacy to risk weighted assets | $ 68,289 | |||
Common equity Tier 1 capital for well capitalized | 44,388 | |||
Tier 1 capital for well capitalized | 54,631 | |||
Tier 1 capital average for well capitalized | $ 46,461 | |||
[1] | For the Company, these amounts are required to engage in activities permissible only for a bank holding company that meets the financial holding company requirements. For the Bank, these are the amounts required for the Bank to be deemed well capitalized under the prompt corrective action regulations. |
Note Q - Parent Company Only 98
Note Q - Parent Company Only Condensed Financial Information - Condensed Statements of Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 05, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and cash equivalents | $ 74,573 | $ 40,166 | $ 45,530 | $ 30,977 | |
Other assets | 7,947 | 7,894 | |||
Total assets | 1,026,290 | 954,640 | $ 950,000 | 796,285 | |
Liabilities | |||||
Subordinated debentures | 8,500 | 8,500 | |||
Total liabilities | 916,929 | 850,112 | |||
Shareholders’ Equity | |||||
Total shareholders’ equity | 109,361 | 104,528 | 90,470 | 86,216 | |
Total liabilities and shareholders’ equity | 1,026,290 | 954,640 | |||
Parent Company [Member] | |||||
Cash and cash equivalents | 3,292 | 2,747 | $ 2,233 | $ 2,875 | |
Investment in subsidiaries | 118,775 | 115,057 | |||
Notes receivable – subsidiaries | 3,320 | 3,420 | |||
Other assets | 67 | 52 | |||
Total assets | 125,454 | 121,276 | |||
Liabilities | |||||
Notes payable | 7,324 | 7,882 | |||
Subordinated debentures | 8,500 | 8,500 | |||
Other liabilities | 269 | 366 | |||
Total liabilities | 16,093 | 16,748 | |||
Shareholders’ Equity | |||||
Total shareholders’ equity | 109,361 | 104,528 | |||
Total liabilities and shareholders’ equity | $ 125,454 | $ 121,276 |
Note Q - Parent Company Only 99
Note Q - Parent Company Only Condensed Financial Information - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Expenses: | |||||||||||||||
Interest on subordinated debentures | $ 248 | $ 204 | $ 170 | ||||||||||||
Income before income taxes and equity in undistributed earnings of subsidiaries | 11,995 | 8,840 | 11,383 | ||||||||||||
Income tax benefit | 4,486 | 1,920 | 2,809 | ||||||||||||
Net income | $ 898 | $ 1,653 | $ 1,741 | $ 3,217 | $ 2,024 | $ 358 | $ 1,706 | $ 2,832 | $ 1,898 | $ 1,642 | $ 1,410 | $ 3,624 | 7,509 | 6,920 | 8,574 |
Comprehensive Income | 7,622 | 5,624 | 7,919 | ||||||||||||
Parent Company [Member] | |||||||||||||||
Interest on notes | 51 | 52 | 53 | ||||||||||||
Dividends from subsidiaries | 4,400 | 6,900 | 3,500 | ||||||||||||
Expenses: | |||||||||||||||
Interest on notes | 211 | 136 | 53 | ||||||||||||
Interest on subordinated debentures | 248 | 204 | 170 | ||||||||||||
Operating expenses | 332 | 667 | 345 | ||||||||||||
Income before income taxes and equity in undistributed earnings of subsidiaries | 3,660 | 5,945 | 2,985 | ||||||||||||
Income tax benefit | 244 | 256 | 167 | ||||||||||||
Equity in undistributed earnings of subsidiaries | 3,605 | 719 | 5,422 | ||||||||||||
Net income | 7,509 | 6,920 | 8,574 | ||||||||||||
Comprehensive Income | $ 7,622 | $ 5,624 | $ 7,919 |
Note Q - Parent Company Only100
Note Q - Parent Company Only Condensed Financial Information - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income | $ 898 | $ 1,653 | $ 1,741 | $ 3,217 | $ 2,024 | $ 358 | $ 1,706 | $ 2,832 | $ 1,898 | $ 1,642 | $ 1,410 | $ 3,624 | $ 7,509 | $ 6,920 | $ 8,574 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
Common stock issued to ESOP | (428) | (575) | |||||||||||||
Change in other assets | 347 | 1,717 | (678) | ||||||||||||
Net cash provided by operating activities | 14,496 | 13,366 | 10,398 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||
Net cash provided by (used in) investing activities | (42,180) | (38,434) | (4,938) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||
Proceeds from common stock through dividend reinvestment | 715 | ||||||||||||||
Cash dividends paid | (3,932) | (3,585) | (3,665) | ||||||||||||
Net cash provided by (used in) financing activities | 62,091 | 19,704 | 9,093 | ||||||||||||
Cash and cash equivalents: | |||||||||||||||
Cash and cash equivalents at beginning of year | 40,166 | 45,530 | 30,977 | 40,166 | 45,530 | 30,977 | |||||||||
Cash and cash equivalents at end of year | 74,573 | 40,166 | 45,530 | 74,573 | 40,166 | 45,530 | |||||||||
Parent Company [Member] | |||||||||||||||
Net income | 7,509 | 6,920 | 8,574 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
Equity in undistributed earnings of subsidiaries | (3,605) | (719) | (5,422) | ||||||||||||
Common stock issued to ESOP | 428 | 575 | |||||||||||||
Change in other assets | (15) | 11 | (16) | ||||||||||||
Change in other liabilities | (97) | 318 | (141) | ||||||||||||
Net cash provided by operating activities | 4,220 | 7,105 | 2,995 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||
Cash paid for Milton Bancorp, Inc. acquisition | (7,431) | ||||||||||||||
Change in notes receivable | 100 | 461 | (100) | ||||||||||||
Net cash provided by (used in) investing activities | 100 | (6,970) | (100) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||
Change in notes payable | (558) | 3,964 | 128 | ||||||||||||
Proceeds from common stock through dividend reinvestment | 715 | ||||||||||||||
Cash dividends paid | (3,932) | (3,585) | (3,665) | ||||||||||||
Net cash provided by (used in) financing activities | (3,775) | 379 | (3,537) | ||||||||||||
Cash and cash equivalents: | |||||||||||||||
Change in cash and cash equivalents | 545 | 514 | (642) | ||||||||||||
Cash and cash equivalents at beginning of year | $ 2,747 | $ 2,233 | $ 2,875 | 2,747 | 2,233 | 2,875 | |||||||||
Cash and cash equivalents at end of year | $ 3,292 | $ 2,747 | $ 2,233 | $ 3,292 | $ 2,747 | $ 2,233 |
Note R - Segment Information (D
Note R - Segment Information (Details Textual) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | Banking [Member] | |||
Concentration Risk, Percentage | 92.70% | 91.60% | 90.90% |
Note R - Segment Information -
Note R - Segment Information - Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 05, 2016 | |||||||||||||
Net interest income | $ 10,529 | $ 10,268 | $ 10,071 | $ 10,865 | $ 10,035 | $ 8,985 | $ 8,206 | $ 9,100 | $ 8,131 | $ 8,285 | $ 8,149 | $ 8,930 | $ 41,733 | $ 36,326 | $ 33,495 | |||||||||||||
Provision expense | 643 | [1] | 1,601 | [1] | 175 | [1] | 145 | [1] | 498 | [2] | 1,708 | [2] | 141 | [2] | 479 | [2] | 380 | [3] | (11) | [3] | 799 | [3] | (78) | [3] | 2,564 | 2,826 | 1,090 | |
Noninterest income | 1,928 | [4] | 2,282 | [4] | 2,112 | [4] | 3,113 | [4] | 1,450 | [4] | 1,693 | [4] | 1,861 | [4] | 3,235 | [4] | 1,607 | [4] | 1,584 | [4] | 1,917 | [4] | 3,489 | [4] | 9,435 | 8,239 | 8,597 | |
Noninterest expense | 8,136 | 9,222 | 9,876 | 9,375 | 8,329 | 8,828 | 7,773 | 7,969 | 6,911 | 7,727 | 7,554 | 7,427 | 36,609 | 32,899 | 29,619 | |||||||||||||
Tax expense | 4,486 | 1,920 | 2,809 | |||||||||||||||||||||||||
Net income | 898 | $ 1,653 | $ 1,741 | $ 3,217 | 2,024 | $ 358 | $ 1,706 | $ 2,832 | 1,898 | $ 1,642 | $ 1,410 | $ 3,624 | 7,509 | 6,920 | 8,574 | |||||||||||||
Assets | 1,026,290 | 954,640 | 796,285 | 1,026,290 | 954,640 | 796,285 | $ 950,000 | |||||||||||||||||||||
Banking [Member] | ||||||||||||||||||||||||||||
Net interest income | 38,366 | 33,019 | 30,175 | |||||||||||||||||||||||||
Provision expense | 2,415 | 2,665 | 1,055 | |||||||||||||||||||||||||
Noninterest income | 8,834 | 7,589 | 7,880 | |||||||||||||||||||||||||
Noninterest expense | 34,079 | 30,257 | 26,983 | |||||||||||||||||||||||||
Tax expense | 3,973 | 1,530 | 2,347 | |||||||||||||||||||||||||
Net income | 6,733 | 6,156 | 7,670 | |||||||||||||||||||||||||
Assets | 1,013,386 | 941,907 | 782,715 | 1,013,386 | 941,907 | 782,715 | ||||||||||||||||||||||
Consumer Finance [Member] | ||||||||||||||||||||||||||||
Net interest income | 3,367 | 3,307 | 3,320 | |||||||||||||||||||||||||
Provision expense | 149 | 161 | 35 | |||||||||||||||||||||||||
Noninterest income | 601 | 650 | 717 | |||||||||||||||||||||||||
Noninterest expense | 2,530 | 2,642 | 2,636 | |||||||||||||||||||||||||
Tax expense | 513 | 390 | 462 | |||||||||||||||||||||||||
Net income | 776 | 764 | 904 | |||||||||||||||||||||||||
Assets | $ 12,904 | $ 12,733 | $ 13,570 | $ 12,904 | $ 12,733 | $ 13,570 | ||||||||||||||||||||||
[1] | During the third quarter of 2017, the Company experienced higher provision expense that was primarily related to general increases in specific allocations and increases in charge-offs within the commercial and residential real estate portfolios. | |||||||||||||||||||||||||||
[2] | During the third quarter of 2016, the Company experienced higher provision expense that was primarily related to an increase in specific allocations impacted by the decline in collateral values of two impaired commercial real estate loan relationships. A re-appraisal of the commercial properties securing the loans identified further collateral depreciation, which resulted in a $2,435 increase to the specific allocations related to the loans. | |||||||||||||||||||||||||||
[3] | During the first and third quarters of 2015, the Company experienced negative provision expense as a result of lower general allocations of the allowance for loan losses. General allocations were impacted by improved economic trends that include: decreasing historical loan loss factor, lower delinquencies and lower classified/criticized assets. | |||||||||||||||||||||||||||
[4] | The Company's noninterest income was significantly impacted by seasonal tax refund processing fees. The Bank serves as a facilitator for the clearing of tax refunds for a single tax refund product provider. The Bank processes electronic refund checks/deposits associated with taxpayer refunds, and will, in turn, receive a fee paid by the third-party tax refund product provider for each transaction processed. Due to the seasonal nature of tax refund transactions, the majority of income was recorded during the first quarter. |
Note S - Consolidated Quarte103
Note S - Consolidated Quarterly Financial Information (Unaudited) (Details Textual) $ in Thousands | 3 Months Ended |
Sep. 30, 2016USD ($) | |
Allowance for Loan and Lease Losses, Adjustments, Other | $ 2,435 |
Note S - Consolidated Quarte104
Note S - Consolidated Quarterly Financial Information (Unaudited) - Consolidated Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||||||||||
Total interest income | $ 11,664 | $ 11,317 | $ 10,989 | $ 11,738 | $ 10,841 | $ 9,824 | $ 8,913 | $ 9,770 | $ 8,825 | $ 9,016 | $ 8,866 | $ 9,627 | $ 45,708 | $ 39,348 | $ 36,334 | ||||||||||||
Total interest expense | 1,135 | 1,049 | 918 | 873 | 806 | 839 | 707 | 670 | 694 | 731 | 717 | 697 | 3,975 | 3,022 | 2,839 | ||||||||||||
Net interest income | 10,529 | 10,268 | 10,071 | 10,865 | 10,035 | 8,985 | 8,206 | 9,100 | 8,131 | 8,285 | 8,149 | 8,930 | 41,733 | 36,326 | 33,495 | ||||||||||||
Provision for loan losses | 643 | [1] | 1,601 | [1] | 175 | [1] | 145 | [1] | 498 | [2] | 1,708 | [2] | 141 | [2] | 479 | [2] | 380 | [3] | (11) | [3] | 799 | [3] | (78) | [3] | 2,564 | 2,826 | 1,090 |
Noninterest income (3) | 1,928 | [4] | 2,282 | [4] | 2,112 | [4] | 3,113 | [4] | 1,450 | [4] | 1,693 | [4] | 1,861 | [4] | 3,235 | [4] | 1,607 | [4] | 1,584 | [4] | 1,917 | [4] | 3,489 | [4] | 9,435 | 8,239 | 8,597 |
Noninterest expense | 8,136 | 9,222 | 9,876 | 9,375 | 8,329 | 8,828 | 7,773 | 7,969 | 6,911 | 7,727 | 7,554 | 7,427 | 36,609 | 32,899 | 29,619 | ||||||||||||
Net income | $ 898 | $ 1,653 | $ 1,741 | $ 3,217 | $ 2,024 | $ 358 | $ 1,706 | $ 2,832 | $ 1,898 | $ 1,642 | $ 1,410 | $ 3,624 | $ 7,509 | $ 6,920 | $ 8,574 | ||||||||||||
Earnings per share (in dollars per share) | $ 0.19 | $ 0.35 | $ 0.37 | $ 0.69 | $ 0.43 | $ 0.08 | $ 0.41 | $ 0.69 | $ 0.46 | $ 0.40 | $ 0.34 | $ 0.88 | $ 1.60 | $ 1.59 | $ 2.08 | ||||||||||||
[1] | During the third quarter of 2017, the Company experienced higher provision expense that was primarily related to general increases in specific allocations and increases in charge-offs within the commercial and residential real estate portfolios. | ||||||||||||||||||||||||||
[2] | During the third quarter of 2016, the Company experienced higher provision expense that was primarily related to an increase in specific allocations impacted by the decline in collateral values of two impaired commercial real estate loan relationships. A re-appraisal of the commercial properties securing the loans identified further collateral depreciation, which resulted in a $2,435 increase to the specific allocations related to the loans. | ||||||||||||||||||||||||||
[3] | During the first and third quarters of 2015, the Company experienced negative provision expense as a result of lower general allocations of the allowance for loan losses. General allocations were impacted by improved economic trends that include: decreasing historical loan loss factor, lower delinquencies and lower classified/criticized assets. | ||||||||||||||||||||||||||
[4] | The Company's noninterest income was significantly impacted by seasonal tax refund processing fees. The Bank serves as a facilitator for the clearing of tax refunds for a single tax refund product provider. The Bank processes electronic refund checks/deposits associated with taxpayer refunds, and will, in turn, receive a fee paid by the third-party tax refund product provider for each transaction processed. Due to the seasonal nature of tax refund transactions, the majority of income was recorded during the first quarter. |