Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 31, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | UWHARRIE CAPITAL CORP | |
Entity Central Index Key | 0000898171 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 6,970,141 | |
Entity File Number | 000-22062 | |
Entity Tax Identification Number | 56-1814206 | |
Entity Address, Address Line One | 132 NORTH FIRST STREET | |
Entity Address, City or Town | ALBEMARLE | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28001 | |
City Area Code | 704 | |
Local Phone Number | 983-6181 | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | NC |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 5,922 | $ 7,520 |
Interest-earning deposits with banks | 106,010 | 147,678 |
Cash and cash equivalents | 111,932 | 155,198 |
Securities available for sale, at fair value | 110,593 | 88,524 |
Securities held to maturity, at amortized cost (fair value $28,357 and $13,499, respectively) | 27,344 | 13,428 |
Equity security, at fair value | 1,234 | |
Loans held for sale | 4,369 | 2,946 |
Loans: | ||
Loans held for investment | 454,856 | 357,950 |
Less allowance for loan losses | (3,426) | (1,981) |
Net loans held for investment | 451,430 | 355,969 |
Premises and equipment, net | 16,728 | 17,062 |
Interest receivable | 2,284 | 1,666 |
Restricted stock | 1,166 | 1,144 |
Bank-owned life insurance | 8,866 | 8,796 |
Other real estate owned | 359 | 494 |
Prepaid assets | 1,208 | 714 |
Other assets | 10,733 | 10,852 |
Total assets | 748,246 | 656,793 |
Deposits: | ||
Demand noninterest-bearing | 205,643 | 150,283 |
Interest checking and money market accounts | 338,508 | 263,136 |
Savings deposits | 66,221 | 57,136 |
Time deposits, $250,000 and over | 9,678 | 55,682 |
Other time deposits | 54,048 | 59,641 |
Total deposits | 674,098 | 585,878 |
Short-term borrowed funds | 499 | 626 |
Long-term debt | 10,992 | 9,992 |
Interest payable | 29 | 55 |
Other liabilities | 9,973 | 11,384 |
Total liabilities | 695,591 | 607,935 |
Off balance sheet items, commitments and contingencies (Note 10) | ||
SHAREHOLDERS’ EQUITY | ||
Common stock, $1.25 par value: 20,000,000 shares authorized; shares issued and outstanding 6,970,141 and 7,095,920, respectively | 8,713 | 8,870 |
Preferred stock, 10,000,000 shares authorized; none issued and outstanding | ||
Additional paid-in capital | 12,250 | 12,784 |
Undivided profits | 17,874 | 16,226 |
Accumulated other comprehensive income | 3,163 | 323 |
Total Uwharrie Capital shareholders’ equity | 42,000 | 38,203 |
Noncontrolling interest | 10,655 | 10,655 |
Total shareholders’ equity | 52,655 | 48,858 |
Total liabilities and shareholders’ equity | $ 748,246 | $ 656,793 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Securities held for sale, at amortized cost, fair value | $ 28,357 | $ 13,499 |
Common stock, par value | $ 1.25 | $ 1.25 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 6,970,141 | 7,095,920 |
Common stock, shares outstanding | 6,970,141 | 7,095,920 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest Income | ||||
Loans, including fees | $ 5,031 | $ 4,735 | $ 9,584 | $ 9,402 |
Investment securities | ||||
U.S. Treasury | 33 | 32 | 66 | 65 |
U.S. Government agencies and corporations | 357 | 345 | 726 | 693 |
State and political subdivisions. non-taxable | 195 | 88 | 294 | 194 |
State and political subdivisions, taxable | 179 | 25 | 269 | 34 |
Interest-earning deposits with banks and federal funds sold | 38 | 687 | 590 | 1,480 |
Total interest income | 5,833 | 5,912 | 11,529 | 11,868 |
Interest Expense | ||||
Interest checking and money market accounts | 180 | 343 | 478 | 768 |
Savings deposits | 14 | 26 | 35 | 53 |
Time deposits, $250,000 and over | 44 | 237 | 300 | 302 |
Other time deposits | 134 | 156 | 287 | 236 |
Short-term borrowed funds | 1 | 5 | 2 | 11 |
Long-term debt | 144 | 141 | 275 | 282 |
Total interest expense | 517 | 908 | 1,377 | 1,652 |
Net interest income | 5,316 | 5,004 | 10,152 | 10,216 |
Provision for (recovery of) loan losses | 767 | (315) | 1,399 | (428) |
Net interest income after provision for (recovery of) loan losses | 4,549 | 5,319 | 8,753 | 10,644 |
Noninterest Income | ||||
Service charges on deposit accounts | 209 | 341 | 522 | 668 |
Gain on sale of securities (includes reclassification of $0, $0, $58 and $0 from accumulated other comprehensive income) | 58 | |||
Unrealized gain on equity security | 102 | 333 | ||
Income from mortgage loan sales | 3,701 | 1,087 | 4,766 | 1,579 |
Other income (expense) | (324) | 2 | 58 | (19) |
Total noninterest income | 4,428 | 2,207 | 7,434 | 3,955 |
Noninterest Expense | ||||
Salaries and employee benefits | 5,030 | 4,252 | 9,454 | 8,385 |
Net occupancy expense | 416 | 418 | 831 | 823 |
Equipment expense | 179 | 183 | 362 | 359 |
Data processing costs | 162 | 172 | 320 | 394 |
Loan costs | 167 | 56 | 254 | 145 |
Foreclosed real estate expense (income) | (14) | 4 | (21) | 60 |
Professional fees and services | 209 | 199 | 403 | 352 |
Marketing and donations | 192 | 173 | 411 | 377 |
Electronic banking expense | 121 | 102 | 226 | 201 |
Software amortization and maintenance | 300 | 225 | 564 | 444 |
FDIC insurance | 91 | 52 | 108 | 132 |
Other noninterest expense | 93 | 462 | 831 | 826 |
Total noninterest expense | 6,946 | 6,298 | 13,743 | 12,498 |
Income before income taxes | 2,031 | 1,228 | 2,444 | 2,101 |
Income taxes (includes reclassification of $0, $0, ($11) and $0 from accumulated other comprehensive income) | 429 | 277 | 514 | 460 |
Net income | 1,602 | 951 | 1,930 | 1,641 |
Less: net income attributable to noncontrolling interest | (141) | (140) | (282) | (280) |
Net income attributable to Uwharrie Capital Corp and common shareholders | $ 1,461 | $ 811 | $ 1,648 | $ 1,361 |
Net income per common share | ||||
Basic | $ 0.21 | $ 0.11 | $ 0.23 | $ 0.19 |
Diluted | $ 0.21 | $ 0.11 | $ 0.23 | $ 0.19 |
Weighted average shares outstanding | ||||
Basic | 6,983,493 | 7,237,290 | 7,025,622 | 7,252,598 |
Diluted | 6,983,493 | 7,237,290 | 7,025,622 | 7,252,598 |
Interchange and Card Transaction Fees, Net [Member] | ||||
Noninterest Income | ||||
Noninterest income fees | $ 182 | $ 204 | $ 374 | $ 398 |
Other Services and Commissions [Member] | ||||
Noninterest Income | ||||
Noninterest income fees | $ 558 | $ 573 | $ 1,323 | $ 1,329 |
Consolidated Statements of In_2
Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Reclassification from accumulated other comprehensive income | $ 0 | $ 0 | $ 58 | $ 0 |
Tax effect on amount reclassified from accumulated other comprehensive income | $ 0 | $ 0 | $ (11) | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 1,602 | $ 951 | $ 1,930 | $ 1,641 |
Unrealized gain on available for sale securities | 1,606 | 1,367 | 3,747 | 2,320 |
Related tax effect | (370) | (314) | (860) | (533) |
Reclassification of gain recognized in net income | 0 | 0 | (58) | 0 |
Related tax effect | 0 | 0 | 11 | 0 |
Total other comprehensive income | 1,236 | 1,053 | 2,840 | 1,787 |
Comprehensive income | 2,838 | 2,004 | 4,770 | 3,428 |
Less: Comprehensive income attributable to noncontrolling interest | (141) | (140) | (282) | (280) |
Comprehensive income attributable to Uwharrie Capital | $ 2,697 | $ 1,864 | $ 4,488 | $ 3,148 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Number of Common Shares Issued [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Undivided Profits [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Beginning balance at Dec. 31, 2018 | $ 45,175 | $ 8,908 | $ 12,885 | $ 14,421 | $ (1,694) | $ 10,655 | |
Beginning balance, shares at Dec. 31, 2018 | 7,126,541 | ||||||
Net Income | 1,641 | 1,361 | 280 | ||||
Repurchase and retirement of common stock | (270) | (68) | (202) | ||||
Repurchase and retirement of common stock, shares | (54,479) | ||||||
Other comprehensive income | 1,787 | 1,787 | |||||
Record preferred stock dividend Series B (noncontrolling interest) | (206) | (206) | |||||
Record preferred stock dividend Series C (noncontrolling interest) | (74) | (74) | |||||
Ending balance at Jun. 30, 2019 | 48,053 | 8,840 | 12,683 | 15,782 | 93 | 10,655 | |
Ending balance, shares at Jun. 30, 2019 | 7,072,062 | ||||||
Beginning balance at Mar. 31, 2019 | 46,313 | 8,871 | 12,776 | 14,971 | (960) | 10,655 | |
Beginning balance, shares at Mar. 31, 2019 | 7,097,227 | ||||||
Net Income | 951 | 811 | 140 | ||||
Repurchase and retirement of common stock | (124) | (31) | (93) | ||||
Repurchase and retirement of common stock, shares | (25,165) | ||||||
Other comprehensive income | 1,053 | 1,053 | |||||
Record preferred stock dividend Series B (noncontrolling interest) | (103) | (103) | |||||
Record preferred stock dividend Series C (noncontrolling interest) | (37) | (37) | |||||
Ending balance at Jun. 30, 2019 | 48,053 | 8,840 | 12,683 | 15,782 | 93 | 10,655 | |
Ending balance, shares at Jun. 30, 2019 | 7,072,062 | ||||||
Beginning balance at Dec. 31, 2019 | 48,858 | 8,870 | 12,784 | 16,226 | 323 | 10,655 | |
Beginning balance, shares at Dec. 31, 2019 | 7,095,920 | ||||||
Net Income | 1,930 | 1,648 | 282 | ||||
Repurchase and retirement of common stock | (691) | (157) | (534) | ||||
Repurchase and retirement of common stock, shares | (125,779) | ||||||
Other comprehensive income | 2,840 | 2,840 | |||||
Record preferred stock dividend Series B (noncontrolling interest) | (208) | (208) | |||||
Record preferred stock dividend Series C (noncontrolling interest) | (74) | (74) | |||||
Ending balance at Jun. 30, 2020 | 52,655 | 8,713 | 12,250 | 17,874 | 3,163 | 10,655 | |
Ending balance, shares at Jun. 30, 2020 | 6,970,141 | ||||||
Beginning balance at Mar. 31, 2020 | 50,037 | 8,731 | 12,311 | 16,413 | 1,927 | 10,655 | |
Beginning balance, shares at Mar. 31, 2020 | 6,984,582 | ||||||
Net Income | 1,602 | 1,461 | 141 | ||||
Repurchase and retirement of common stock | (79) | (18) | (61) | ||||
Repurchase and retirement of common stock, shares | (14,441) | ||||||
Other comprehensive income | 1,236 | 1,236 | |||||
Record preferred stock dividend Series B (noncontrolling interest) | (104) | (104) | |||||
Record preferred stock dividend Series C (noncontrolling interest) | (37) | (37) | |||||
Ending balance at Jun. 30, 2020 | $ 52,655 | $ 8,713 | $ 12,250 | $ 17,874 | $ 3,163 | $ 10,655 | |
Ending balance, shares at Jun. 30, 2020 | 6,970,141 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities | ||
Net income | $ 1,930 | $ 1,641 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ||
Depreciation and amortization | 574 | 536 |
Provision for (recovery of) loan losses | 1,399 | (428) |
Gain on sale of securities available for sale | (58) | |
Gain on sale of premises and equipment | (4) | |
(Gain) loss on sale of OREO | (53) | 38 |
OREO write-downs | 21 | |
Unrealized gain on equity securities | (333) | |
Net amortization of premium on investment securities AFS | 241 | 341 |
Net amortization of premium on investment securities HTM | 71 | 70 |
Net amortization of mortgage servicing rights | 35 | 332 |
Originations and purchases of mortgage loans for sale | (126,653) | (54,120) |
Proceeds from sales of mortgage loans for sale | 125,200 | 56,076 |
Accrued interest receivable | (618) | 30 |
Prepaid assets | (494) | (551) |
Cash surrender value of life insurance | (70) | (55) |
Miscellaneous other assets | 365 | 367 |
Accrued interest payable | (26) | 31 |
Miscellaneous other liabilities | (1,411) | 2,486 |
Net cash provided by operating activities | 120 | 6,790 |
Cash flows from investing activities | ||
Proceeds from sales of investment securities available for sale | 7,586 | |
Proceeds from maturities, calls & paydowns of investment securities held to maturity | 2,593 | 128 |
Proceeds from maturities, calls & paydowns of investment securities available for sale | 3,425 | 15,975 |
Purchase of investment securities held to maturity | (16,580) | |
Purchase of investment securities available for sale | (29,574) | (10,438) |
Purchase of equity securities | (901) | |
Purchase of investments in other assets | (1,100) | |
Net change in restricted stock | (22) | (50) |
Net increase in loans | (96,860) | (4,363) |
Purchase of premises and equipment | (240) | (2,721) |
Proceeds from sale of OREO | 167 | 323 |
Proceeds from sales of premises, equipment and other assets | 166 | |
Net cash used by investing activities | (131,506) | (980) |
Cash flows from financing activities | ||
Net increase (decrease) in deposit accounts | 88,220 | (9,985) |
Net decrease in federal funds purchased and securities sold under agreements to repurchase and other short-term borrowings | (127) | (351) |
Proceeds from long-term borrowings | 1,000 | |
Common stock repurchased | (691) | (270) |
Dividends paid on preferred stock (noncontrolling interest) | (282) | (280) |
Net cash provided (used) by financing activities | 88,120 | (10,886) |
Decrease in cash and cash equivalents | (43,266) | (5,076) |
Cash and cash equivalents, beginning of period | 155,198 | 117,934 |
Cash and cash equivalents, end of period | 111,932 | 112,858 |
Supplemental Disclosures of Cash Flow Information | ||
Interest paid | 1,293 | 1,662 |
Income taxes paid | 615 | 508 |
Supplemental Schedule of Non-Cash Activities | ||
Net change in fair value securities available for sale, net of tax | 2,840 | 1,787 |
Mortgage servicing rights capitalized | 1,367 | 243 |
Company financed OREO | $ 90 | $ 70 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation The financial statements and accompanying notes are presented on a consolidated basis including Uwharrie Capital Corp (the “Company”) and its subsidiaries, Uwharrie Bank (the “Bank”), Uwharrie Investment Advisors, Inc. (“UIA”), and Uwharrie Mortgage, Inc. The Bank consolidates its subsidiaries, the Strategic Alliance Corporation, BOS Agency, Inc. and Gateway Mortgage, Inc., each of which is wholly owned by the Bank. The information contained in the consolidated financial statements is unaudited. In the opinion of management, the consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”) and material adjustments necessary for a fair presentation of results of interim periods, all of which are of a normal recurring nature, have been made. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for an entire year. Management continues to evaluate the impact of COVID-19, the disease caused by the novel Coronavirus, beyond the current impacts as of June 30, 2020, which are discussed throughout the accompanying notes of this report. Management is not aware of additional economic events, outside influences or changes in concentrations of business that would require additional clarification or disclosure in the consolidated financial statements. The organization and business of the Company, accounting policies followed by the Company and other information are contained in the notes to consolidated financial statements filed as part of the Company’s 2019 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 4, 2020. This Quarterly Report should be read in conjunction with such Annual Report. Risks and Uncertainties Congress, the President, the Federal Reserve, and other federal agencies have taken several actions designed to mitigate the economic fallout of the COVID-19 pandemic. Most notably, the Coronavirus Aid, Relief and Economic Security (“CARES”) Act was signed into law at the end of March 2020 as a $2 trillion legislative package. The goal of the CARES Act is to prevent or mitigate a severe economic downturn through various measures, including direct financial aid to American families and economic stimulus to significantly impacted industry sectors. In addition to the general impact of COVID-19, certain provisions of the CARES Act as well as other recent legislative and regulatory relief efforts are expected to have a material impact on the Company’s operations. While it is not possible to know the full extent of the damage to the U.S. and local economies that have been created by the impact of COVID-19, the following are certain areas that could be adversely impacted: Financial position and results of operations The Company’s interest income could be reduced due to COVID-19. The Company is actively working with customers affected by the pandemic to defer payments, interest and fees. The interest and fees will continue to accrue, based on GAAP guidelines; however, should credit losses on the deferred payments occur, the accrued interest and fees would be reversed. As such, interest income in future periods could be negatively impacted. At this time, the Company is unable to project the materiality of such an impact, but recognizes the breadth of the economic impact may affect its borrowers’ ability to repay in future periods. Lending operations and accommodations to borrowers As outlined in the CARES Act, the Company is providing a payment deferral option for commercial and consumer loans adversely affected by the pandemic. In accordance with the CARES Act, these modifications are not required to be reported as troubled debt restructurings. The Company is initially providing up to a three-month deferral period or conversion to interest only repayment for up to three months to allow for re-evaluation in a timely manner based on the economic impact at that time. Additional extensions may be considered. Loans are reviewed on a case-by-case basis and the Company will work with borrowers that express an interest in the assistance program. As of June 30, 2020, 179 outstanding loans were modified with a recorded investment of $55.3 million. Six modified loans with original deferred balances totaling $634,000 have come out of deferment during the period, four of which were paid-off and two of which were out of accommodation and current at June 30, 2020. With the passage of the Paycheck Protection Program (“PPP”) as part of the CARES Act, administered by the Small Business Administration (“SBA”), the Company is actively participating in assisting its customers with applications for resources through the program. PPP loans have a two-year term or, if approved after June 5, 2020, a five-year term and earn interest at 1%. The Company believes that the majority of these loans will ultimately be forgiven by the SBA in accordance with the terms of the program. As of June 30, 2020, the Company has funded 1,004 PPP loans representing $77.3 million. The Company projects to fund an additional 120 loans for approximately $2 million as of the date of this report. It is the Company’s understanding that loans funded through the PPP are fully guaranteed by the U.S. government. Should those circumstances change, the Company could be required to establish additional allowance for loan loss through additional provision expense charged to earnings. Allowance for loan losses As a result of job losses, business closures, and the impending termination of certain fiscal stimulus programs enacted under the CARES Act, the Company could incur additional provision expense to increase the allowance for loan losses. It is possible that the Company’s asset quality measures could worsen at future measurement periods if the effects of COVID-19 are prolonged. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses. Accounting Changes, Reclassifications and Restatements Certain amounts in the 2019 financial statements have been reclassified to conform to the 2020 presentation. These reclassifications did not have an impact on net income or shareholders’ equity. |
Comprehensive Income
Comprehensive Income | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Comprehensive Income | Note 2 – Comprehensive Income The Company reports as comprehensive income all changes in shareholders’ equity during the year from sources other than shareholders. Other comprehensive income refers to all components (revenues, expenses, gains, and losses) of comprehensive income that are excluded from net income. The Company’s only component of other comprehensive income is unrealized gains and losses, net of income tax, on investment securities available for sale. The following table presents the changes in accumulated other comprehensive income (loss) for the three and six months ended June 30, 2020 and 2019: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 (dollars in thousands) Beginning balance $ 1,927 $ (960 ) $ 323 $ (1,694 ) Other comprehensive income before reclassifications, net of ($370), ($314), ($860) and ($533) tax effect, respectively 1,236 1,053 2,887 1,787 Amounts reclassified from accumulated other comprehensive income, net of $0, $0, $11 and $0 tax effect, respectively — — (47 ) — Net current-period other comprehensive income 1,236 1,053 2,840 1,787 Ending balance $ 3,163 $ 93 $ 3,163 $ 93 |
Noncontrolling Interest
Noncontrolling Interest | 6 Months Ended |
Jun. 30, 2020 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | Note 3 – Noncontrolling Interest In 2013, the Company’s subsidiary bank issued a total of $10.7 million of Fixed Rate Noncumulative Perpetual Preferred Stock, Series B and Series C. The preferred stock qualified as Tier 1 capital at the bank and pays dividends at an annual rate of 5.30%. The preferred stock has no voting rights. This capital is presented as noncontrolling interest in the consolidated balance sheets. Dividends declared on this preferred stock are presented as earnings allocated to the noncontrolling interest in the consolidated statements of income. |
Per Share Data
Per Share Data | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Per Share Data | Note 4 – Per Share Data Basic and diluted net income per common share is computed based on the weighted average number of shares outstanding during each period after retroactively adjusting for stock dividends. Diluted net income per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the net income of the Company. The Company had no stock options outstanding at June 30, 2020 or December 31, 2019. Basic and diluted net income per common share have been computed based upon net income available to common shareholders as presented in the accompanying consolidated statements of income divided by the weighted average number of common shares outstanding or assumed to be outstanding. The weighted average number of common shares outstanding was 6,983,493 for the three-month period ended June 30, 2020 compared to 7,237,290 for the three-month period ended June 30, 2019. For the six-month period ended June 30, 2020, the weighted average common shares outstanding was 7,025,622 compared to 7,252,598 for the six-month period ended June 30, 2019. The number of shares and earnings per share for the 2019 periods have been adjusted for the 2% stock dividend declared on November 12, 2019. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | Note 5 – Investment Securities Carrying amounts and fair values of securities available for sale and held to maturity are summarized below: June 30, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Securities available for sale U.S. Treasury $ 4,992 $ 32 $ — $ 5,024 U.S. Government agencies 28,836 667 19 29,484 GSE - Mortgage-backed securities and CMO’s 32,983 1,964 24 34,923 State and political subdivisions 30,775 1,270 40 32,005 Corporate bonds 8,900 314 57 9,157 Total securities available for sale $ 106,486 $ 4,247 $ 140 $ 110,593 June 30, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Securities held to maturity U.S. Government agencies $ 523 $ 13 $ — $ 536 State and political subdivisions 19,321 998 — 20,319 Corporate bonds 7,500 2 — 7,502 Total securities held to maturity $ 27,344 $ 1,013 $ — $ 28,357 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Securities available for sale U.S. Treasury $ 4,976 $ 36 $ — $ 5,012 U.S. Government agencies 25,869 18 201 25,686 GSE - Mortgage-backed securities and CMO’s 38,305 413 142 38,576 State and political subdivisions 13,937 329 45 14,221 Corporate bonds 5,018 11 — 5,029 Total securities available for sale $ 88,105 $ 807 $ 388 $ 88,524 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Securities held to maturity U.S. Government agencies $ 578 $ 5 $ — $ 583 State and political subdivisions 6,826 62 — 6,888 Corporate bonds 6,024 5 1 6,028 Total securities held to maturity $ 13,428 $ 72 $ 1 $ 13,499 At June 30, 2020 and December 31, 2019, the Company owned Federal Reserve Bank (FRB) stock reported at cost of $509,000 for both periods, and Federal Home Loan Bank (FHLB) stock of $657,000 and $635,000, respectively. The investments in FRB stock and FHLB stock are required investments related to the Company’s membership in, and borrowings with, these banks and is classified as restricted stock on the consolidated balance sheet. These investments are carried at cost since there is no ready market and redemption has historically been made at par value. The Company estimated that the fair value approximated cost and that these investments were not impaired at June 30, 2020. Results from sales of securities available for sale for the three and six month periods ended June 30, 2020 and June 30, 2019 are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (dollars in thousands) Gross proceeds from sales $ — $ — $ 7,586 $ — Realized gains from sales $ — $ — $ 58 $ — Realized losses from sales — — — — Net realized gains (losses) $ — $ — $ 58 $ — At June 30, 2020 and December 31, 2019, securities available for sale with a carrying amount of $66.3 million and $65.3 million, respectively, were pledged as collateral on public deposits and for other purposes as required or permitted by law. The following tables show the gross unrealized losses and fair value of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2020 and December 31, 2019. These unrealized losses on investment securities are a result of temporary fluctuations in market prices and are in no way a reflection of the credit quality of the investments. At June 30, 2020, the unrealized losses on available for sale securities less than twelve months related to three government-sponsored enterprise (“GSE”) mortgage backed securities, two state and political subdivision bonds, two government agency bonds, and one corporate bond. At December 31, 2019, the unrealized losses on available for sale securities less than twelve months related to three government agency bonds, six GSE mortgage backed securities, and one state and political subdivision bond. At December 31, 2019, the Company had four government agency bonds and nine GSE mortgage backed securities that had been in a loss position for twelve months or more. Less than 12 Months 12 Months or More Total June 30, 2020 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Securities available for sale temporary impairment U.S. Government agencies $ 3,156 $ 19 $ — $ — $ 3,156 $ 19 GSE-Mortgage-backed securities and CMO’s 4,574 24 — — 4,574 24 State and political subdivisions 1,442 40 — — 1,442 40 Corporate bonds 2,151 57 — — 2,151 57 Total securities available for sale $ 11,323 $ 140 $ — $ — $ 11,323 $ 140 Less than 12 Months 12 Months or More Total June 30, 2020 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Securities held to maturity temporary impairment State and political subdivisions $ — $ — $ — $ — $ — $ — Corporate bonds — — — — — — Total securities held to maturity $ — $ — $ — $ — $ — $ — Less than 12 Months 12 Months or More Total December 31, 2019 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Securities available for sale temporary impairment U.S. Government agencies $ 11,956 $ 55 $ 9,704 $ 146 $ 21,660 $ 201 GSE-Mortgage-backed securities and CMO’s 17,613 61 7,431 81 25,044 142 State and political subdivisions 1,694 45 — — 1,694 45 Total securities available for sale $ 31,263 $ 161 $ 17,135 $ 227 $ 48,398 $ 388 Less than 12 Months 12 Months or More Total December 31, 2019 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Securities held to maturity temporary impairment Corporate bonds $ 1,502 $ 1 $ — $ — $ 1,502 $ 1 Total securities held to maturity $ 1,502 $ 1 $ — $ — $ 1,502 $ 1 Declines in the fair value of the investment portfolio are believed by management to be temporary in nature. When evaluating an investment for other-than-temporary impairment, management considers, among other things, the length of time and the extent to which the fair value has been in a loss position, the financial condition of the issuer and the intent and the ability of the Company to hold the investment until the loss position is recovered. Any unrealized losses were largely due to increases in market interest rates over the yields available at the time of purchase. The fair value is expected to recover as the bonds approach their maturity date or market yields for such investments decline. Management does not believe any of the securities are impaired due to reasons of quality but that the losses are temporary in nature. At June 30, 2020, the Company does not intend to sell and is not likely to be required to sell the available for sale securities that were in a loss position prior to full recovery. The aggregate amortized cost and fair value of the available for sale securities portfolio at June 30, 2020 by remaining contractual maturity are as follows: June 30, 2020 Amortized Cost Estimated Fair Value Book Yield (dollars in thousands) Securities available for sale U.S. Treasury Due within twelve months 4,992 5,024 2.66 % 4,992 5,024 2.66 % U.S. Government agencies Due after one but within five years 18,971 19,346 1.55 % Due after five but within ten years 9,865 10,138 1.90 % 28,836 29,484 1.67 % Mortgage-backed securities Due within twelve months 203 205 3.17 % Due after one but within five years 890 900 1.24 % Due after five but within ten years 17,595 19,209 2.41 % Due after ten years 14,295 14,609 1.55 % 32,983 34,923 2.01 % State and political subdivisions Due after one but within five years 1,437 1,445 3.79 % Due after five but within ten years 2,773 2,815 2.14 % Due after ten years 26,565 27,745 2.90 % 30,775 32,005 2.88 % Corporate bonds Due within twelve months 2,803 2,819 2.06 % Due after one but within five years 6,097 6,338 2.47 % 8,900 9,157 2.34 % Total securities available for sale Due within twelve months 7,998 8,048 2.46 % Due after one but within five years 27,395 28,029 1.86 % Due after five but within ten years 30,233 32,162 2.22 % Due after ten years 40,860 42,354 2.43 % $ 106,486 $ 110,593 2.23 % June 30, 2020 Amortized Cost Estimated Fair Value Book Yield (dollars in thousands) Held to maturity U. S. Government agencies Due after one but within five years $ 523 $ 536 2.89 % 523 536 2.89 % State and political subdivisions Due within twelve months 1,500 1,502 2.53 % Due after one but within five years 4,268 4,385 2.50 % Due after ten years 13,553 14,432 3.45 % 19,321 20,319 3.17 % Corporate Bonds Due within twelve months 1,500 1,502 2.79 % Due after five but within ten years 6,000 6,000 5.33 % 7,500 7,502 4.83 % Total securities held for maturity Due within twelve months 3,000 3,004 2.66 % Due after one but within five years 4,791 4,921 2.54 % Due after five but within ten years 6,000 6,000 5.33 % Due after ten years 13,553 14,432 3.45 % $ 27,344 $ 28,357 3.62 % |
Loans Held for Investment
Loans Held for Investment | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Loans Held for Investment | Note 6 – Loans Held for Investment The composition of net loans held for investment by class as of June 30, 2020 and December 31, 2019 are as follows: June 30, 2020 December 31, 2019 (dollars in thousands) Commercial Commercial $ 60,477 $ 59,075 SBA Paycheck Protection Program (PPP) 77,298 — Real estate - commercial 137,426 130,998 Other real estate construction loans 33,474 23,043 Other loans 2,757 1,939 Noncommercial Real estate 1-4 family construction 8,040 7,600 Real estate - residential 74,762 71,370 Home equity 51,347 51,216 Consumer loans 11,853 12,957 457,434 358,198 Less: Allowance for loan losses (3,426 ) (1,981 ) Deferred loan fees net (2,578 ) (248 ) Loans held for investment, net $ 451,430 $ 355,969 |
Allowance for Loan Losses
Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Note 7 – Allowance for Loan Losses During the second quarter of 2020, management made adjustments to the allowance for loan losses methodology. The qualitative factors were expanded to include additional reserves for niche lending portfolios of hotel, retained interest in the unguaranteed portion of Small Business Administration (SBA) Loans (not including PPP loans), and SBA PPP loans. The risk in these portfolios is measurable in addition to the standard probable loss calculation performed on all non-impaired loans. With the impact of COVID-19 on all industries, the hotel and SBA (non-PPP) loan categories on the Company’s balance sheet have been identified as having elevated credit risk. The SBA (non-PPP) reflects the unguaranteed portion of SBA guaranteed loans originated by the Company. SBA PPP loans, while 100% guaranteed by SBA, could result in some loss if fraud occurs or there are reporting issues or duplicate funding of loans. These additional reserves allocated $172,000 to the reserve that was not present prior to June 30, 2020. In addition, management eliminated its qualitative factor based on a 21-day weighted average of the VIX index, a real-time index that measures the expectation of the market’s 30-day forward-looking volatility, and replaced it with a multi-factor linear regression encompassing the following economic data: Case Shiller for North Carolina (NC) home price index, NC unemployment rate, 2-year 10-year US Treasury spread, customer sentiment, and a VIX quarterly average factor. This qualitative factor update increased provisions by approximately $379,000 from March 31, 2020 to June 30, 2020. The following table shows the change in the allowance for loss losses by loan segment for the three and six months ended June 30, 2020 and 2019, respectively: Commercial Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (dollars in thousands) Balance, beginning of period 1,512 $ 1,281 $ 1,087 $ 1,334 Provision for (recovery of) loan losses 580 (350 ) 1,002 (414 ) Charge-offs (35 ) — (38 ) (5 ) Recoveries 54 341 60 357 Net (charge-offs) / Recoveries 19 341 22 352 Reclassification of reserve for off balance sheet commitments — (32 ) — (32 ) Balance at end of period $ 2,111 $ 1,240 $ 2,111 $ 1,240 Non-Commercial Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (dollars in thousands) Balance, beginning of period $ 1,115 $ 952 $ 894 $ 1,040 Provision for (recovery of) loan losses 187 35 397 (14 ) Charge-offs (17 ) (12 ) (24 ) (65 ) Recoveries 30 18 48 32 Net (charge-offs) / Recoveries 13 6 24 (33 ) Reclassification of reserve for off balance sheet commitments — (54 ) — (54 ) Balance at end of period $ 1,315 $ 939 $ 1,315 $ 939 Total Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (dollars in thousands) Balance, beginning of period $ 2,627 $ 2,233 $ 1,981 $ 2,374 Provision for (recovery of) loan losses 767 (315 ) 1,399 (428 ) Charge-offs (52 ) (12 ) (62 ) (70 ) Recoveries 84 359 108 389 Net (charge-offs) / Recoveries 32 347 46 319 Reclassification of reserve for off balance sheet commitments — (86 ) — (86 ) Balance at end of period $ 3,426 $ 2,179 $ 3,426 $ 2,179 The following table shows period-end loans and reserve balances by loan segment both individually and collectively evaluated for impairment at June 30, 2020 and December 31, 2019: June 30, 2020 Individually Evaluated Collectively Evaluated Total Reserve Loans Reserve Loans Reserve Loans (dollars in thousands) Commercial $ 53 $ 5,400 $ 2,058 $ 303,740 $ 2,111 $ 309,140 Non-Commercial 79 3,226 1,236 142,490 1,315 145,716 Total $ 132 $ 8,626 $ 3,294 $ 446,230 $ 3,426 $ 454,856 December 31, 2019 Individually Evaluated Collectively Evaluated Total Reserve Loans Reserve Loans Reserve Loans (dollars in thousands) Commercial $ 32 $ 3,660 $ 1,055 $ 209,456 $ 1,087 $ 213,116 Non-Commercial 109 3,175 785 141,659 894 144,834 Total $ 141 $ 6,835 $ 1,840 $ 351,115 $ 1,981 $ 357,950 Past due loan information is used by management when assessing the adequacy of the allowance for loan losses. The following tables summarize the past due information of the loan portfolio by class as of the dates indicated: June 30, 2020 Loans 30-89 Days Past Due Loans 90 Days or More Past due and Non - Accrual Total Past Due Loans Current Loans Total Loans Accruing Loans 90 or More Days Past Due (dollars in thousands) Commercial $ — $ — $ — $ 60,477 $ 60,477 $ — SBA Paycheck Protection Program (PPP) — — — 75,006 75,006 — Real estate - commercial — 2,083 2,083 135,343 137,426 — Other real estate construction 55 1,080 1,135 32,339 33,474 — Real estate 1-4 family construction — — — 8,040 8,040 — Real estate - residential 70 711 781 73,695 74,476 — Home equity 58 65 123 51,224 51,347 — Consumer loans 24 — 24 11,829 11,853 — Other loans — — — 2,757 2,757 — Total $ 207 $ 3,939 $ 4,146 $ 450,710 $ 454,856 $ — December 31, 2019 Loans 30-89 Days Past Due Loans 90 Days or More Past due and Non - Accrual Total Past Due Loans Current Loans Total Loans Accruing Loans 90 or More Days Past Due (dollars in thousands) Commercial $ 190 $ — $ 190 $ 58,885 $ 59,075 $ — Real estate - commercial — 2,088 $ 2,088 128,910 130,998 — Other real estate construction 14 — $ 14 23,029 23,043 — Real estate 1-4 family construction — — — 7,600 7,600 — Real estate - residential 326 752 1,078 70,044 71,122 — Home equity 57 82 139 51,077 51,216 — Consumer loan 27 — 27 12,930 12,957 — Other loans — — — 1,939 1,939 — Total $ 614 $ 2,922 $ 3,536 $ 354,414 $ 357,950 $ — Once a loan becomes 90 days past due, the loan is automatically transferred to a non-accrual status. The exception to this policy is credit card loans that remain in accruing status 90 days or more until they are paid current or charged off. The Company had $0 in foreclosed residential real estate and $272,000 of residential real estate in process of foreclosure at June 30, 2020. At December 31, 2019, the Company had $130,000 in foreclosed residential real estate and $387,000 of residential real estate in process of foreclosure. The composition of non-accrual loans by class as of June 30, 2020 and December 31, 2019 was as follows: June 30, 2020 December 31, 2019 (dollars in thousands) Commercial $ — $ — SBA Paycheck Protection Program (PPP) — — Real estate - commercial 2,083 2,088 Other real estate construction 1,080 — Real estate 1 – 4 family construction — — Real estate – residential 711 752 Home equity 65 82 Consumer loans — — Other loans — — $ 3,939 $ 2,922 Management uses a risk-grading program to facilitate the evaluation of probable inherent loan losses and to measure the adequacy of the allowance for loan losses. In this program, risk grades are initially assigned by the loan officers and reviewed and monitored by the lenders and credit administration. The program has eight risk grades summarized in five categories as follows: Pass : Loans that are pass grade credits include loans that are fundamentally sound, with risk factors that are reasonable and acceptable. They generally conform to policy with only minor exceptions; any major exceptions are clearly mitigated by other economic factors. Watch : Loans that are watch credits include loans on management’s watch list where a risk concern may be anticipated in the near future. Substandard : Loans that are considered substandard are loans that are inadequately protected by current sound net worth and paying capacity of the obligor or the value of the collateral pledged. All non-accrual loans are graded as substandard. Doubtful: Loans that are considered to be doubtful have all weaknesses inherent in loans classified substandard, plus the added characteristic that the weaknesses make the collection or liquidation in full on the basis of current existing facts, conditions and values highly questionable and improbable. Loss: Loans that are considered to be a loss are considered to be uncollectible and of such little value that their continuance as bankable assets is not warranted. The tables below summarize risk grades of the loan portfolio by class at June 30, 2020 and December 31, 2019: June 30, 2020 Pass Watch Sub- standard Doubtful Total (dollars in thousands) Commercial $ 57,902 $ 2,575 $ — $ — $ 60,477 SBA Paycheck Protection Program (PPP) 75,006 — — — 75,006 Real estate - commercial 133,358 1,156 2,912 — 137,426 Other real estate construction 31,728 392 1,354 — 33,474 Real estate 1 - 4 family construction 8,040 — — — 8,040 Real estate - residential 71,175 2,336 965 — 74,476 Home equity 50,307 975 65 — 51,347 Consumer loans 11,759 82 12 — 11,853 Other loans 2,757 — — — 2,757 Total $ 442,032 $ 7,516 $ 5,308 $ — $ 454,856 December 31, 2019 Pass Watch Sub- standard Doubtful Total (dollars in thousands) Commercial $ 56,151 $ 2,921 $ 3 $ — $ 59,075 Real estate - commercial 126,498 1,194 3,306 — 130,998 Other real estate construction 21,253 1,477 313 — 23,043 Real estate 1 - 4 family construction 7,600 — — — 7,600 Real estate - residential 67,647 2,464 1,011 — 71,122 Home equity 50,255 879 82 — 51,216 Consumer loans 12,877 79 1 — 12,957 Other loans 1,939 — — — 1,939 Total $ 344,220 $ 9,014 $ 4,716 $ — $ 357,950 Loans that are in non-accrual status or 90 days past due and still accruing are considered to be nonperforming. At both June 30, 2020 and December 31, 2019 there were no loans 90 days past due and still accruing. The following tables show the breakdown between performing and nonperforming loans by class at June 30, 2020 and December 31, 2019: June 30, 2020 Performing Non- Performing Total (dollars in thousands) Commercial $ 60,477 $ — $ 60,477 SBA Paycheck Protection Program (PPP) 75,006 — 75,006 Real estate - commercial 135,343 2,083 137,426 Other real estate construction 32,394 1,080 33,474 Real estate 1 – 4 family construction 8,040 — 8,040 Real estate – residential 73,765 711 74,476 Home equity 51,282 65 51,347 Consumer loans 11,853 — 11,853 Other loans 2,757 — 2,757 Total $ 450,917 $ 3,939 $ 454,856 December 31, 2019 Performing Non- Performing Total (dollars in thousands) Commercial $ 59,075 $ — $ 59,075 Real estate - commercial 128,910 2,088 130,998 Other real estate construction 23,043 — 23,043 Real estate 1 – 4 family construction 7,600 — 7,600 Real estate – residential 70,370 752 71,122 Home equity 51,134 82 51,216 Consumer loans 12,957 — 12,957 Other loans 1,939 — 1,939 Total $ 355,028 $ 2,922 $ 357,950 Loans are considered impaired when, based on current information and events, it is probable the Company will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement. If a loan is deemed impaired, a specific calculation is performed and a specific reserve is allocated, if necessary. The tables below summarize the loans deemed impaired and the amount of specific reserves allocated by class at June 30, 2020 and December 31, 2019. June 30, 2020 Unpaid Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Related Allowance (dollars in thousands) Commercial $ 693 $ 41 $ 652 $ 20 SBA Paycheck Protection Program (PPP) — — — — Real estate - commercial 3,584 2,084 1,500 30 Other real estate construction 1,123 1,080 43 3 Real estate 1 - 4 family construction — — — — Real estate - residential 3,143 1,698 1,445 72 Home equity 65 19 46 7 Consumer loans 18 — 18 — Other loans — — — — Total $ 8,626 $ 4,922 $ 3,704 $ 132 December 31, 2019 Unpaid Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Related Allowance (dollars in thousands) Commercial $ 4 $ — $ 4 $ — Real estate - commercial 3,612 1,923 1,689 29 Other real estate construction 44 — 44 3 Real estate 1 - 4 family construction — — — — Real estate - residential 3,070 987 2,083 99 Home equity 82 13 69 10 Consumer loans 23 — 23 — Total $ 6,835 $ 2,923 $ 3,912 $ 141 Three Months ended June 30, 2020 Three Months ended June 30, 2019 Average Recorded Investment Interest Income Average Recorded Investment Interest Income (dollars in thousands) Commercial $ 388 $ 17 $ 6 $ — SBA Paycheck Protection Program (PPP) — — — — Real estate - commercial 3,591 13 1,434 15 Other real estate construction 1,123 — 69 — Real estate 1- 4 family construction — — — — Real estate - residential 3,223 29 2,975 33 Home equity 73 — 124 3 Consumer loans 19 1 28 — Other loans — — — — Total $ 8,417 $ 60 $ 4,636 $ 51 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Average Recorded Investment Interest Income Average Recorded Investment Interest Income (dollars in thousands) Commercial $ 260 $ 17 $ 6 $ — SBA Paycheck Protection Program (PPP) — — — — Real estate - commercial 3,598 42 1,375 35 Other real estate construction 763 1 77 1 Real estate 1- 4 family construction — — — — Real estate - residential 3,172 69 2,985 72 Home equity 76 1 110 4 Consumer loans 20 1 29 1 Other loans — — — — Total $ 7,889 $ 131 $ 4,582 $ 113 |
Troubled Debt Restructures
Troubled Debt Restructures | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Troubled Debt Restructures | Note 8 – Troubled Debt Restructures A modification of a loan constitutes a troubled debt restructuring (“TDR”) when a borrower is experiencing financial difficulty and the modification involves providing a concession to the existing loan contract. The Company offers various types of concessions when modifying loans to troubled borrowers, however, forgiveness of principal is rarely granted. Concessions offered are term extensions, capitalizing accrued interest, reducing interest rates to below current market rates or a combination of any of these. Combinations from time to time may include allowing a customer to be placed on interest-only payments. The presentations below in the “other” category are TDRs with a combination of concessions. At the time of a TDR, additional collateral or a guarantor may be requested. Loans modified as TDRs are typically already on non-accrual status and in some cases, partial charge-offs may have already been taken against the outstanding loan balance. The Company classifies TDR loans as impaired loans and evaluates the need for an allowance for loan loss on a loan-by-loan basis. An allowance is based on either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the estimated fair value of the underlying collateral less any selling costs, if the loan is deemed to be collateral dependent. At June 30, 2020, the Company had $4.8 million in TDRs outstanding, of which two with balances totaling $69,000 were on a non-accruing basis. Comparatively, the Company had $3.9 million of outstanding TDRs, of which one with a balance of $26,000 was non-accruing, at December 31, 2019. For the three and six months ended June 30, 2020 and 2019, the following table presents a breakdown of the types of concessions made by loan class: For the three months ended June 30, 2020 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (dollars in thousands) Commercial 1 $ 650 $ 650 SBA Paycheck Protection Program (PPP) — — — Real estate - commercial 1 829 829 Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential 1 114 114 Home equity — — — Consumer loans — — — Other loans — — — Total 3 $ 1,593 $ 1,593 For the three months ended June 30, 2019 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (dollars in thousands) Commercial — $ — $ — Real estate - commercial 1 1,629 857 Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential — — — Home equity — — — Consumer loans — — — Other loans — — — Total 1 $ 1,629 $ 857 For the six months ended June 30, 2020 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (dollars in thousands) Commercial 2 $ 691 $ 691 SBA Paycheck Protection Program (PPP) — — — Real estate - commercial 1 829 829 Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential 2 335 335 Home equity — — — Consumer loans — — — Other loans — — — Total 5 $ 1,855 $ 1,855 For the six months ended June 30, 2019 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (dollars in thousands) Commercial — $ — $ — Real estate - commercial 1 1,629 857 Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential 3 217 198 Home equity — — — Consumer loans — — — Other loans — — — Total 4 $ 1,846 $ 1,055 During the twelve months ended June 30, 2020, there were two TDRs for which there was a payment default. During the twelve months ended June 30, 2019, there was two TDR for which there was a payment default. A default on a TDR is defined as being past due 90 days or being out of compliance with the modification agreement. As previously mentioned, the Company considers TDRs to be impaired loans and has $133,000 in the allowance for loan losses as of June 30, 2020, as a direct result of these TDRs. At June 30, 2019, there was $117,000 in the allowance for loan losses related to TDRs. The following table presents the status of the types of loans modified as TDRs within the previous twelve months as of June 30, 2020 and 2019: Paid In Full Paying as restructured Converted to non-accrual Foreclosure/ Default Number of Loans Recorded Investments Number of Loans Recorded Investments Number of Loans Recorded Investments Number of Loans Recorded Investments (dollars in thousands) June 30, 2020 Below market interest rate — $ — 1 $ 219 — $ — — $ — Extended payment Terms — — — — — — — — Forgiveness of Principal/Other 1 37 10 2,434 1 46 — — Total 1 $ 37 11 $ 2,653 1 $ 46 — $ — June 30, 2019 Below market interest rate — $ — — $ — — $ — — $ — Extended payment Terms — — — — — — — — Forgiveness of Principal/Other 5 895 4 1,847 — — 2 282 Total 5 $ 895 4 $ 1,847 — $ — 2 $ 282 Effective March 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which was signed into law on March 27, 2020, allows the Company to suspend the TDR classifications described above in an effort to provide relief to borrowers impacted by COVID-19. The Company has elected to adopt this suspension until December 31, 2020 or sixty days after the national emergency terminates, per the CARES Act. Modifications of loans for COVID-19 reasons, and that were current as of December 31, 2019, are not considered TDRs and are tracked internally as “COVID-19 Modifications”. The Company is initially providing up to a three-month deferral period or conversion to interest only repayment for up to three months. Additional extensions may be considered. Loans are reviewed on a case-by-case basis and the Company will work with borrowers that express an interest in the assistance program. As of June 30, 2020, the Company had modified 179 current outstanding loans with a recorded investment of $55.3 million. As of June 30, 2020, the Company’s modifications of loans for COVID-19 related reasons are disclosed in the table below: Interest only Payment deferral Other Total COVID-19 modifications Number of Loans Recorded Investments Number of Loans Recorded Investments Number of Loans Recorded Investments Number of Loans Recorded Investments (dollars in thousands) June 30, 2020 Commercial 2 $ 232 25 $ 2,520 — $ — 27 $ 2,752 Real estate - commercial 14 15,626 50 25,443 — — 64 41,069 Other real estate construction 1 350 7 4,493 — — 8 4,843 Other loans — — 1 10 — — 1 10 Real estate – residential 1 149 38 5,818 — — 39 5,967 Home equity — — 7 349 — — 7 349 Consumer loans 8 84 24 238 1 20 33 342 Total 26 16,441 152 38,871 1 20 179 55,332 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Lessee Disclosure [Abstract] | |
Leases | Note 9 - Leases Operating leases in which we are the lessee are recorded as operating lease right of use (“ROU”) assets and operating lease liabilities, included in premises and equipment and other liabilities, respectively, on our consolidated balance sheets. We do not currently have any significant finance leases in which we are the lessee. Operating lease ROU assets represent our right to use an underlying asset during the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at lease commencement based on the present value of the remaining lease payments using a discount rate that represents our incremental collateralized borrowing rate at the lease commencement date. ROU assets are further adjusted for the lease incentives. Operating lease expense, which is comprised of amortization of the ROU asset and the implicit interest accreted on the operating lease liability, is recognized on a straight-line basis over the lease term and is recorded in the net occupancy expense in the consolidated statements of income. Our leases relate to three office locations, two of which are branch locations, with remaining terms of two to ten years. Certain lease arrangements contain extension options which range from five to ten years at the then fair market rental rates. As these extension options are not generally considered reasonably certain of exercise and they are not included in the lease term. As of June 30, 2020, operating lease ROU assets were $1.8 million and the lease liability was $1.9 million, compared to ROU assets and a lease liability of $2.1 million for both at June 30, 2019. Lease costs associated with all leases is $96,000 and $192,000 for the three and six months ended June 30, 2020 respectively. The table below summarizes other information related to our operating leases: Six Months Ended June 30, 2020 2019 (in thousands except percent and period data) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 189 $ 169 Right-of-use assets obtained in exchange for new operating lease liabilities 1,782 2,107 Weighted-average remaining lease term - operating leases, in years 7.3 7.9 Weighted-average discount rate - operating leases 2.9 % 2.8 % The table below summarizes the maturity of remaining lease liabilities: June 30, 2020 (in thousands) 2020 $ 192 2021 347 2022 225 2023 229 2024 233 2025 and thereafter 846 Total lease payments 2,072 Less: Interest (222 ) Present value of lease liabilities 1,850 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10 - Commitments and Contingencies The Company’s subsidiary bank is 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, lines of credit and standby letters of credit. These instruments involve elements of credit risk in excess of amounts recognized in the accompanying financial statements. The Bank’s risk of loss with unfunded loans and lines of credit or standby letters of credit is represented by the contractual amount of these instruments. The Bank uses the same credit policies in making commitments under such instruments as it does for on-balance sheet instruments. The amount of collateral obtained, if any, is based on management’s credit evaluation of the borrower. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Credit card commitments are unsecured. At June 30, 2020, outstanding financial instruments whose contract amounts represent credit risk were approximately: June 30, 2020 December 31, 2019 (dollars in thousands) Commitments to extend credit $ 141,185 $ 134,241 Credit card commitments 13,042 11,650 Standby letters of credit 1,216 1,213 Total commitments $ 155,443 $ 147,104 |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Note 11 – Fair Value Disclosures Accounting Standards Codification (“ASC”) 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 does not require any new fair value measurements but clarifies and standardizes some divergent practices that have emerged since prior guidance was issued. ASC 820 creates a three-level hierarchy under which individual fair value estimates are to be ranked based on the relative ASC 820 defines fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, the Company considers the principal or most advantageous market in which those assets or liabilities are sold and considers assumptions that market participants would use when pricing those assets or liabilities. Fair values determined using Level 1 inputs rely on active and observable markets to price identical assets or liabilities. In situations where identical assets and liabilities are not traded in active markets, fair values may be determined based on Level 2 inputs, which exist when observable data exists for similar assets and liabilities. Fair values for assets and liabilities for which identical or similar assets and liabilities are not actively traded in observable markets are based on Level 3 inputs, which are considered to be unobservable. Among the Company’s assets and liabilities, investment securities available for sale are reported at their fair values on a recurring basis. Certain other assets are adjusted to their fair value on a nonrecurring basis, including other real estate owned, impaired loans, loans held for sale, which are carried at the lower of cost or market value; loan servicing rights, where fair value is determined using similar assets with similar characteristics, when available, or based upon discounted cash flows using market-based assumptions; and goodwill, which is periodically tested for impairment. Deposits, short-term borrowings and long-term obligations are not reported at fair value. Prices for U.S. Treasury securities are readily available in the active markets in which those securities are traded, and the resulting fair values are shown in the “Level 1 input” column. Prices for government agency securities, mortgage-backed securities and for state, county and municipal securities are obtained for similar securities, and the resulting fair values are shown in the “Level 2 input” column. Prices for all other non-marketable investments are determined based on various assumptions that are not observable. The fair values for these investment securities are shown in the “Level 3 input” column. Non-marketable investment securities, which are carried at their purchase price, include those that may only be redeemed by the issuer. The changes in securities between Level 1 and Level 2 were related to the purchase and sale of several securities and not the transfer of securities. The Company does not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and an allowance for loan losses is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures impairment by using one of several methods including collateral value, fair value of similar debt or discounted cash flows. Those impaired loans not requiring an allowance represent loans for which the present value of the expected repayments or fair value of collateral exceed the recorded investments in such loans. The Company typically bases the fair value of the collateral on appraised values, which the Company considers Level 3 valuations. Foreclosed assets are adjusted to fair value upon transfer of the loans to other real estate owned. Real estate acquired in settlement of loans is recorded initially at the estimated fair value of the property less estimated selling costs at the date of foreclosure. The initial recorded value may be subsequently reduced by additional allowances, which are charged to earnings if the estimated fair value of the property less estimated selling costs declines below the initial recorded value. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. The Company typically bases the fair value of the collateral on appraised values, which the Company considers Level 3 valuations. Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate, based on secondary market prices. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. These loans are recorded in Level 2. The following table provides fair value information for assets and liabilities measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019: June 30, 2020 (dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale: U.S. Treasury $ 5,024 $ 5,024 $ — $ — U.S. Government agencies 29,484 — 29,484 — GSE - Mortgage-backed securities and CMO’s 34,923 — 34,923 — State and political subdivisions 32,005 — 32,005 — Corporate bonds 9,157 — 9,157 — Equity securities 1,234 1,234 — — Total assets at fair value on a recurring basis $ 111,827 $ 6,258 $ 105,569 $ — December 31, 2019 (dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale: U.S. Treasury $ 5,012 $ 5,012 $ — $ — U.S. Government agencies 25,686 — 25,686 — GSE - Mortgage-backed securities and CMO’s 38,576 — 38,576 — State and political subdivisions 14,221 — 14,221 — Corporate bonds 5,029 — 5,029 — Total assets at fair value on a recurring basis $ 88,524 $ 5,012 $ 83,512 $ — The Company may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with U.S. GAAP. These include assets that are measured at the lower of cost or market value that were recognized at fair value less cost to sell at the end of the period. Assets measured at fair value on a nonrecurring basis are included in the table below as of June 30, 2020 and December 31, 2019: June 30, 2020 (dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans $ 6,289 $ — $ — $ 6,289 Other real estate owned 359 — — 359 Total assets at fair value on a nonrecurring basis $ 6,648 $ — $ — $ 6,648 December 31, 2019 (dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans $ 3,771 $ — $ — $ 3,771 Other real estate owned 364 — — 364 Total assets at fair value on a nonrecurring basis $ 4,135 $ — $ — $ 4,135 Quantitative Information about Level 3 Fair Value Measurements June 30, 2020 Valuation Technique Unobservable Input General Range Nonrecurring measurements: Impaired loans Discounted appraisals Collateral discounts and Estimated costs to sell 0 – 25% Discounted cash flows Discount rates 4%-8.75% OREO Discounted appraisals Collateral discounts and Estimated costs to sell 0 – 10% December 31, 2019 Valuation Technique Unobservable Input General Range Nonrecurring measurements: Impaired loans Discounted appraisals Collateral discounts and Estimated costs to sell 0 – 25% Discounted cash flows Discount rates 4%-8.75% OREO Discounted appraisals Collateral discounts and Estimated costs to sell 0 – 10% At June 30, 2020, impaired loans were being evaluated with discounted expected cash flows or discounted appraisals were being used on collateral dependent loans. |
Fair Values of Financial Instru
Fair Values of Financial Instruments and Interest Rate Risk | 6 Months Ended |
Jun. 30, 2020 | |
Investments All Other Investments [Abstract] | |
Fair Values of Financial Instruments and Interest Rate Risk | Note 12 – ASC 825, “Disclosures about Fair Value of Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those that are not measured and reported at fair value on a recurring basis or non-recurring basis. The fair value estimates presented at June 30, 2020 and December 31, 2019 are based on relevant market information and information about the financial instruments. Fair value estimates are intended to represent the price an asset could be sold at or the price at which a liability could be settled. However, given there is no active market or observable market transactions for many of the Company’s financial instruments, the Company has made estimates of many of these fair values which are subjective in nature, involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimated values. The estimated fair values disclosed in the following table do not represent market values of all assets and liabilities of the Company and should not be interpreted to represent the underlying value of the Company. The valuations at June 30, 2020 are observed under the exit price notion as a result of adoption of ASU 2016-01. The following table reflects a comparison of carrying amounts and the estimated fair value of the financial instruments as of June 30, 2020 and December 31, 2019: June 30, 2020 Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 111,932 $ 111,948 $ 109,940 $ 2,008 $ — Securities available for sale 110,593 110,593 5,024 105,569 — Securities held to maturity 27,344 28,357 — 22,357 6,000 Equity securities 1,234 1,234 1,234 — — Loans held for investment, net 451,430 446,916 — — 446,916 Loans held for sale 4,369 4,369 — 4,369 — Restricted stock 1,166 1,166 1,166 — — Loan servicing rights 2,439 2,641 — 2,641 Accrued interest receivable 2,284 2,284 — — 2,284 FINANCIAL LIABILITIES Deposits $ 674,098 $ 674,436 — 674,436 — Short-term borrowings 499 499 — 499 — Long-term borrowings 10,992 11,172 — — 11,172 Accrued interest payable 29 29 — — 29 December 31, 2019 Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 155,198 $ 155,202 $ 152,957 $ 2,245 $ — Securities available for sale 88,524 88,524 5,012 83,512 — Securities held to maturity 13,428 13,499 — 10,499 3,000 Loans held for investment, net 355,969 354,269 — — 354,269 Loans held for sale 2,946 2,946 — 2,946 — Restricted stock 1,144 1,144 1,144 — — Loan servicing rights 1,723 3,228 — 3,228 Accrued interest receivable 1,666 1,666 — — 1,666 FINANCIAL LIABILITIES Deposits 585,878 567,130 — 567,130 — Short-term borrowings 626 626 — 626 — Long-term debt 9,992 10,180 — — 10,180 Accrued interest payable 55 55 — — 55 At June 30, 2020 the subsidiary bank had outstanding standby letters of credit and commitments to extend credit. These off-balance sheet financial instruments are generally exercisable at the market rate prevailing at the date the underlying transaction will be completed; therefore, the fair value is the fee the Bank is expected to receive. This amount is deemed immaterial by management. See Note 10. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 13 – Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. ASU 2016-13 requires an entity to utilize a new impairment model known as the current expected credit loss (“CECL”) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model is expected to result in earlier recognition of credit losses. ASU 2016-13 also requires new disclosures for financial assets measured at amortized cost, loans and available-for-sale debt securities. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. During 2019, the effective date was extended to fiscal years beginning on or after December 15, 2022 for public entities that qualify as smaller reporting companies, per the Securities and Exchange Commission definition, which currently includes the Company. Entities will apply the standard’s provisions as a cumulative effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. We have entered into a contract to outsource our current model with a CECL-ready vendor. We are currently evaluating the various methods of determining credit losses within the software. The impact of the adoption is dependent on loan portfolio composition and credit quality at adoption date, as well as economic conditions and forecasts at that time. From time to time, the FASB issues exposure drafts of proposed statements of financial accounting standards. Such exposure drafts are subject to comment from the public, to revisions by the FASB and to final issuance by the FASB as statements of financial accounting standards. Management considers the effect of the proposed statements on the consolidated financial statements of the Company and monitors the status of changes to and proposed effective dates of exposure drafts. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | The financial statements and accompanying notes are presented on a consolidated basis including Uwharrie Capital Corp (the “Company”) and its subsidiaries, Uwharrie Bank (the “Bank”), Uwharrie Investment Advisors, Inc. (“UIA”), and Uwharrie Mortgage, Inc. The Bank consolidates its subsidiaries, the Strategic Alliance Corporation, BOS Agency, Inc. and Gateway Mortgage, Inc., each of which is wholly owned by the Bank. The information contained in the consolidated financial statements is unaudited. In the opinion of management, the consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”) and material adjustments necessary for a fair presentation of results of interim periods, all of which are of a normal recurring nature, have been made. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for an entire year. Management continues to evaluate the impact of COVID-19, the disease caused by the novel Coronavirus, beyond the current impacts as of June 30, 2020, which are discussed throughout the accompanying notes of this report. Management is not aware of additional economic events, outside influences or changes in concentrations of business that would require additional clarification or disclosure in the consolidated financial statements. The organization and business of the Company, accounting policies followed by the Company and other information are contained in the notes to consolidated financial statements filed as part of the Company’s 2019 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 4, 2020. This Quarterly Report should be read in conjunction with such Annual Report. |
Risks And Uncertainties | Risks and Uncertainties Congress, the President, the Federal Reserve, and other federal agencies have taken several actions designed to mitigate the economic fallout of the COVID-19 pandemic. Most notably, the Coronavirus Aid, Relief and Economic Security (“CARES”) Act was signed into law at the end of March 2020 as a $2 trillion legislative package. The goal of the CARES Act is to prevent or mitigate a severe economic downturn through various measures, including direct financial aid to American families and economic stimulus to significantly impacted industry sectors. In addition to the general impact of COVID-19, certain provisions of the CARES Act as well as other recent legislative and regulatory relief efforts are expected to have a material impact on the Company’s operations. While it is not possible to know the full extent of the damage to the U.S. and local economies that have been created by the impact of COVID-19, the following are certain areas that could be adversely impacted: Financial position and results of operations The Company’s interest income could be reduced due to COVID-19. The Company is actively working with customers affected by the pandemic to defer payments, interest and fees. The interest and fees will continue to accrue, based on GAAP guidelines; however, should credit losses on the deferred payments occur, the accrued interest and fees would be reversed. As such, interest income in future periods could be negatively impacted. At this time, the Company is unable to project the materiality of such an impact, but recognizes the breadth of the economic impact may affect its borrowers’ ability to repay in future periods. Lending operations and accommodations to borrowers As outlined in the CARES Act, the Company is providing a payment deferral option for commercial and consumer loans adversely affected by the pandemic. In accordance with the CARES Act, these modifications are not required to be reported as troubled debt restructurings. The Company is initially providing up to a three-month deferral period or conversion to interest only repayment for up to three months to allow for re-evaluation in a timely manner based on the economic impact at that time. Additional extensions may be considered. Loans are reviewed on a case-by-case basis and the Company will work with borrowers that express an interest in the assistance program. As of June 30, 2020, 179 outstanding loans were modified with a recorded investment of $55.3 million. Six modified loans with original deferred balances totaling $634,000 have come out of deferment during the period, four of which were paid-off and two of which were out of accommodation and current at June 30, 2020. With the passage of the Paycheck Protection Program (“PPP”) as part of the CARES Act, administered by the Small Business Administration (“SBA”), the Company is actively participating in assisting its customers with applications for resources through the program. PPP loans have a two-year term or, if approved after June 5, 2020, a five-year term and earn interest at 1%. The Company believes that the majority of these loans will ultimately be forgiven by the SBA in accordance with the terms of the program. As of June 30, 2020, the Company has funded 1,004 PPP loans representing $77.3 million. The Company projects to fund an additional 120 loans for approximately $2 million as of the date of this report. It is the Company’s understanding that loans funded through the PPP are fully guaranteed by the U.S. government. Should those circumstances change, the Company could be required to establish additional allowance for loan loss through additional provision expense charged to earnings. Allowance for loan losses |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses. |
Accounting Changes, Reclassifications and Restatements | Accounting Changes, Reclassifications and Restatements Certain amounts in the 2019 financial statements have been reclassified to conform to the 2020 presentation. These reclassifications did not have an impact on net income or shareholders’ equity. |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (loss) | The following table presents the changes in accumulated other comprehensive income (loss) for the three and six months ended June 30, 2020 and 2019: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 (dollars in thousands) Beginning balance $ 1,927 $ (960 ) $ 323 $ (1,694 ) Other comprehensive income before reclassifications, net of ($370), ($314), ($860) and ($533) tax effect, respectively 1,236 1,053 2,887 1,787 Amounts reclassified from accumulated other comprehensive income, net of $0, $0, $11 and $0 tax effect, respectively — — (47 ) — Net current-period other comprehensive income 1,236 1,053 2,840 1,787 Ending balance $ 3,163 $ 93 $ 3,163 $ 93 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Carrying Amounts and Fair Values of Securities Available for Sale and Held to Maturity | Carrying amounts and fair values of securities available for sale and held to maturity are summarized below: June 30, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Securities available for sale U.S. Treasury $ 4,992 $ 32 $ — $ 5,024 U.S. Government agencies 28,836 667 19 29,484 GSE - Mortgage-backed securities and CMO’s 32,983 1,964 24 34,923 State and political subdivisions 30,775 1,270 40 32,005 Corporate bonds 8,900 314 57 9,157 Total securities available for sale $ 106,486 $ 4,247 $ 140 $ 110,593 June 30, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Securities held to maturity U.S. Government agencies $ 523 $ 13 $ — $ 536 State and political subdivisions 19,321 998 — 20,319 Corporate bonds 7,500 2 — 7,502 Total securities held to maturity $ 27,344 $ 1,013 $ — $ 28,357 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Securities available for sale U.S. Treasury $ 4,976 $ 36 $ — $ 5,012 U.S. Government agencies 25,869 18 201 25,686 GSE - Mortgage-backed securities and CMO’s 38,305 413 142 38,576 State and political subdivisions 13,937 329 45 14,221 Corporate bonds 5,018 11 — 5,029 Total securities available for sale $ 88,105 $ 807 $ 388 $ 88,524 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Securities held to maturity U.S. Government agencies $ 578 $ 5 $ — $ 583 State and political subdivisions 6,826 62 — 6,888 Corporate bonds 6,024 5 1 6,028 Total securities held to maturity $ 13,428 $ 72 $ 1 $ 13,499 |
Sales of Securities Available for Sale | Results from sales of securities available for sale for the three and six month periods ended June 30, 2020 and June 30, 2019 are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (dollars in thousands) Gross proceeds from sales $ — $ — $ 7,586 $ — Realized gains from sales $ — $ — $ 58 $ — Realized losses from sales — — — — Net realized gains (losses) $ — $ — $ 58 $ — |
Gross Unrealized Losses and Fair Value of Investments | At December 31, 2019, the unrealized losses for less than twelve months on held to maturity securities related to one corporate bond. Less than 12 Months 12 Months or More Total June 30, 2020 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Securities available for sale temporary impairment U.S. Government agencies $ 3,156 $ 19 $ — $ — $ 3,156 $ 19 GSE-Mortgage-backed securities and CMO’s 4,574 24 — — 4,574 24 State and political subdivisions 1,442 40 — — 1,442 40 Corporate bonds 2,151 57 — — 2,151 57 Total securities available for sale $ 11,323 $ 140 $ — $ — $ 11,323 $ 140 Less than 12 Months 12 Months or More Total June 30, 2020 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Securities held to maturity temporary impairment State and political subdivisions $ — $ — $ — $ — $ — $ — Corporate bonds — — — — — — Total securities held to maturity $ — $ — $ — $ — $ — $ — Less than 12 Months 12 Months or More Total December 31, 2019 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Securities available for sale temporary impairment U.S. Government agencies $ 11,956 $ 55 $ 9,704 $ 146 $ 21,660 $ 201 GSE-Mortgage-backed securities and CMO’s 17,613 61 7,431 81 25,044 142 State and political subdivisions 1,694 45 — — 1,694 45 Total securities available for sale $ 31,263 $ 161 $ 17,135 $ 227 $ 48,398 $ 388 Less than 12 Months 12 Months or More Total December 31, 2019 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Securities held to maturity temporary impairment Corporate bonds $ 1,502 $ 1 $ — $ — $ 1,502 $ 1 Total securities held to maturity $ 1,502 $ 1 $ — $ — $ 1,502 $ 1 |
Amortized Cost and Fair Value of Available for Sale Securities Portfolio | The aggregate amortized cost and fair value of the available for sale securities portfolio at June 30, 2020 by remaining contractual maturity are as follows: June 30, 2020 Amortized Cost Estimated Fair Value Book Yield (dollars in thousands) Securities available for sale U.S. Treasury Due within twelve months 4,992 5,024 2.66 % 4,992 5,024 2.66 % U.S. Government agencies Due after one but within five years 18,971 19,346 1.55 % Due after five but within ten years 9,865 10,138 1.90 % 28,836 29,484 1.67 % Mortgage-backed securities Due within twelve months 203 205 3.17 % Due after one but within five years 890 900 1.24 % Due after five but within ten years 17,595 19,209 2.41 % Due after ten years 14,295 14,609 1.55 % 32,983 34,923 2.01 % State and political subdivisions Due after one but within five years 1,437 1,445 3.79 % Due after five but within ten years 2,773 2,815 2.14 % Due after ten years 26,565 27,745 2.90 % 30,775 32,005 2.88 % Corporate bonds Due within twelve months 2,803 2,819 2.06 % Due after one but within five years 6,097 6,338 2.47 % 8,900 9,157 2.34 % Total securities available for sale Due within twelve months 7,998 8,048 2.46 % Due after one but within five years 27,395 28,029 1.86 % Due after five but within ten years 30,233 32,162 2.22 % Due after ten years 40,860 42,354 2.43 % $ 106,486 $ 110,593 2.23 % |
Amortized Cost and Fair Value of Held to Maturity Securities Portfolio | June 30, 2020 Amortized Cost Estimated Fair Value Book Yield (dollars in thousands) Held to maturity U. S. Government agencies Due after one but within five years $ 523 $ 536 2.89 % 523 536 2.89 % State and political subdivisions Due within twelve months 1,500 1,502 2.53 % Due after one but within five years 4,268 4,385 2.50 % Due after ten years 13,553 14,432 3.45 % 19,321 20,319 3.17 % Corporate Bonds Due within twelve months 1,500 1,502 2.79 % Due after five but within ten years 6,000 6,000 5.33 % 7,500 7,502 4.83 % Total securities held for maturity Due within twelve months 3,000 3,004 2.66 % Due after one but within five years 4,791 4,921 2.54 % Due after five but within ten years 6,000 6,000 5.33 % Due after ten years 13,553 14,432 3.45 % $ 27,344 $ 28,357 3.62 % |
Loans Held for Investment (Tabl
Loans Held for Investment (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Composition of Net Loans Held for Investment by Class | The composition of net loans held for investment by class as of June 30, 2020 and December 31, 2019 are as follows: June 30, 2020 December 31, 2019 (dollars in thousands) Commercial Commercial $ 60,477 $ 59,075 SBA Paycheck Protection Program (PPP) 77,298 — Real estate - commercial 137,426 130,998 Other real estate construction loans 33,474 23,043 Other loans 2,757 1,939 Noncommercial Real estate 1-4 family construction 8,040 7,600 Real estate - residential 74,762 71,370 Home equity 51,347 51,216 Consumer loans 11,853 12,957 457,434 358,198 Less: Allowance for loan losses (3,426 ) (1,981 ) Deferred loan fees net (2,578 ) (248 ) Loans held for investment, net $ 451,430 $ 355,969 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Changes in Allowance for Loan Losses | The following table shows the change in the allowance for loss losses by loan segment for the three and six months ended June 30, 2020 and 2019, respectively: Commercial Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (dollars in thousands) Balance, beginning of period 1,512 $ 1,281 $ 1,087 $ 1,334 Provision for (recovery of) loan losses 580 (350 ) 1,002 (414 ) Charge-offs (35 ) — (38 ) (5 ) Recoveries 54 341 60 357 Net (charge-offs) / Recoveries 19 341 22 352 Reclassification of reserve for off balance sheet commitments — (32 ) — (32 ) Balance at end of period $ 2,111 $ 1,240 $ 2,111 $ 1,240 Non-Commercial Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (dollars in thousands) Balance, beginning of period $ 1,115 $ 952 $ 894 $ 1,040 Provision for (recovery of) loan losses 187 35 397 (14 ) Charge-offs (17 ) (12 ) (24 ) (65 ) Recoveries 30 18 48 32 Net (charge-offs) / Recoveries 13 6 24 (33 ) Reclassification of reserve for off balance sheet commitments — (54 ) — (54 ) Balance at end of period $ 1,315 $ 939 $ 1,315 $ 939 Total Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (dollars in thousands) Balance, beginning of period $ 2,627 $ 2,233 $ 1,981 $ 2,374 Provision for (recovery of) loan losses 767 (315 ) 1,399 (428 ) Charge-offs (52 ) (12 ) (62 ) (70 ) Recoveries 84 359 108 389 Net (charge-offs) / Recoveries 32 347 46 319 Reclassification of reserve for off balance sheet commitments — (86 ) — (86 ) Balance at end of period $ 3,426 $ 2,179 $ 3,426 $ 2,179 |
Schedule of Loans and Reserve Balances by Loan Segment Both Individually and Collectively Evaluated for Impairment | The following table shows period-end loans and reserve balances by loan segment both individually and collectively evaluated for impairment at June 30, 2020 and December 31, 2019: June 30, 2020 Individually Evaluated Collectively Evaluated Total Reserve Loans Reserve Loans Reserve Loans (dollars in thousands) Commercial $ 53 $ 5,400 $ 2,058 $ 303,740 $ 2,111 $ 309,140 Non-Commercial 79 3,226 1,236 142,490 1,315 145,716 Total $ 132 $ 8,626 $ 3,294 $ 446,230 $ 3,426 $ 454,856 December 31, 2019 Individually Evaluated Collectively Evaluated Total Reserve Loans Reserve Loans Reserve Loans (dollars in thousands) Commercial $ 32 $ 3,660 $ 1,055 $ 209,456 $ 1,087 $ 213,116 Non-Commercial 109 3,175 785 141,659 894 144,834 Total $ 141 $ 6,835 $ 1,840 $ 351,115 $ 1,981 $ 357,950 |
Past Due Information of Loan Portfolio by Class | Past due loan information is used by management when assessing the adequacy of the allowance for loan losses. The following tables summarize the past due information of the loan portfolio by class as of the dates indicated: June 30, 2020 Loans 30-89 Days Past Due Loans 90 Days or More Past due and Non - Accrual Total Past Due Loans Current Loans Total Loans Accruing Loans 90 or More Days Past Due (dollars in thousands) Commercial $ — $ — $ — $ 60,477 $ 60,477 $ — SBA Paycheck Protection Program (PPP) — — — 75,006 75,006 — Real estate - commercial — 2,083 2,083 135,343 137,426 — Other real estate construction 55 1,080 1,135 32,339 33,474 — Real estate 1-4 family construction — — — 8,040 8,040 — Real estate - residential 70 711 781 73,695 74,476 — Home equity 58 65 123 51,224 51,347 — Consumer loans 24 — 24 11,829 11,853 — Other loans — — — 2,757 2,757 — Total $ 207 $ 3,939 $ 4,146 $ 450,710 $ 454,856 $ — December 31, 2019 Loans 30-89 Days Past Due Loans 90 Days or More Past due and Non - Accrual Total Past Due Loans Current Loans Total Loans Accruing Loans 90 or More Days Past Due (dollars in thousands) Commercial $ 190 $ — $ 190 $ 58,885 $ 59,075 $ — Real estate - commercial — 2,088 $ 2,088 128,910 130,998 — Other real estate construction 14 — $ 14 23,029 23,043 — Real estate 1-4 family construction — — — 7,600 7,600 — Real estate - residential 326 752 1,078 70,044 71,122 — Home equity 57 82 139 51,077 51,216 — Consumer loan 27 — 27 12,930 12,957 — Other loans — — — 1,939 1,939 — Total $ 614 $ 2,922 $ 3,536 $ 354,414 $ 357,950 $ — |
Composition of Nonaccrual Loans by Class | The composition of non-accrual loans by class as of June 30, 2020 and December 31, 2019 was as follows: June 30, 2020 December 31, 2019 (dollars in thousands) Commercial $ — $ — SBA Paycheck Protection Program (PPP) — — Real estate - commercial 2,083 2,088 Other real estate construction 1,080 — Real estate 1 – 4 family construction — — Real estate – residential 711 752 Home equity 65 82 Consumer loans — — Other loans — — $ 3,939 $ 2,922 |
Summary of Risk Grades of Portfolio by Class | The tables below summarize risk grades of the loan portfolio by class at June 30, 2020 and December 31, 2019: June 30, 2020 Pass Watch Sub- standard Doubtful Total (dollars in thousands) Commercial $ 57,902 $ 2,575 $ — $ — $ 60,477 SBA Paycheck Protection Program (PPP) 75,006 — — — 75,006 Real estate - commercial 133,358 1,156 2,912 — 137,426 Other real estate construction 31,728 392 1,354 — 33,474 Real estate 1 - 4 family construction 8,040 — — — 8,040 Real estate - residential 71,175 2,336 965 — 74,476 Home equity 50,307 975 65 — 51,347 Consumer loans 11,759 82 12 — 11,853 Other loans 2,757 — — — 2,757 Total $ 442,032 $ 7,516 $ 5,308 $ — $ 454,856 December 31, 2019 Pass Watch Sub- standard Doubtful Total (dollars in thousands) Commercial $ 56,151 $ 2,921 $ 3 $ — $ 59,075 Real estate - commercial 126,498 1,194 3,306 — 130,998 Other real estate construction 21,253 1,477 313 — 23,043 Real estate 1 - 4 family construction 7,600 — — — 7,600 Real estate - residential 67,647 2,464 1,011 — 71,122 Home equity 50,255 879 82 — 51,216 Consumer loans 12,877 79 1 — 12,957 Other loans 1,939 — — — 1,939 Total $ 344,220 $ 9,014 $ 4,716 $ — $ 357,950 |
Summary of Performing and Nonperforming Loans by Class | The following tables show the breakdown between performing and nonperforming loans by class at June 30, 2020 and December 31, 2019: June 30, 2020 Performing Non- Performing Total (dollars in thousands) Commercial $ 60,477 $ — $ 60,477 SBA Paycheck Protection Program (PPP) 75,006 — 75,006 Real estate - commercial 135,343 2,083 137,426 Other real estate construction 32,394 1,080 33,474 Real estate 1 – 4 family construction 8,040 — 8,040 Real estate – residential 73,765 711 74,476 Home equity 51,282 65 51,347 Consumer loans 11,853 — 11,853 Other loans 2,757 — 2,757 Total $ 450,917 $ 3,939 $ 454,856 December 31, 2019 Performing Non- Performing Total (dollars in thousands) Commercial $ 59,075 $ — $ 59,075 Real estate - commercial 128,910 2,088 130,998 Other real estate construction 23,043 — 23,043 Real estate 1 – 4 family construction 7,600 — 7,600 Real estate – residential 70,370 752 71,122 Home equity 51,134 82 51,216 Consumer loans 12,957 — 12,957 Other loans 1,939 — 1,939 Total $ 355,028 $ 2,922 $ 357,950 |
Summary of Loans Deemed Impaired and Specific Reserves Allocated by Class | The tables below summarize the loans deemed impaired and the amount of specific reserves allocated by class at June 30, 2020 and December 31, 2019. June 30, 2020 Unpaid Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Related Allowance (dollars in thousands) Commercial $ 693 $ 41 $ 652 $ 20 SBA Paycheck Protection Program (PPP) — — — — Real estate - commercial 3,584 2,084 1,500 30 Other real estate construction 1,123 1,080 43 3 Real estate 1 - 4 family construction — — — — Real estate - residential 3,143 1,698 1,445 72 Home equity 65 19 46 7 Consumer loans 18 — 18 — Other loans — — — — Total $ 8,626 $ 4,922 $ 3,704 $ 132 December 31, 2019 Unpaid Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Related Allowance (dollars in thousands) Commercial $ 4 $ — $ 4 $ — Real estate - commercial 3,612 1,923 1,689 29 Other real estate construction 44 — 44 3 Real estate 1 - 4 family construction — — — — Real estate - residential 3,070 987 2,083 99 Home equity 82 13 69 10 Consumer loans 23 — 23 — Total $ 6,835 $ 2,923 $ 3,912 $ 141 Three Months ended June 30, 2020 Three Months ended June 30, 2019 Average Recorded Investment Interest Income Average Recorded Investment Interest Income (dollars in thousands) Commercial $ 388 $ 17 $ 6 $ — SBA Paycheck Protection Program (PPP) — — — — Real estate - commercial 3,591 13 1,434 15 Other real estate construction 1,123 — 69 — Real estate 1- 4 family construction — — — — Real estate - residential 3,223 29 2,975 33 Home equity 73 — 124 3 Consumer loans 19 1 28 — Other loans — — — — Total $ 8,417 $ 60 $ 4,636 $ 51 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Average Recorded Investment Interest Income Average Recorded Investment Interest Income (dollars in thousands) Commercial $ 260 $ 17 $ 6 $ — SBA Paycheck Protection Program (PPP) — — — — Real estate - commercial 3,598 42 1,375 35 Other real estate construction 763 1 77 1 Real estate 1- 4 family construction — — — — Real estate - residential 3,172 69 2,985 72 Home equity 76 1 110 4 Consumer loans 20 1 29 1 Other loans — — — — Total $ 7,889 $ 131 $ 4,582 $ 113 |
Troubled Debt Restructures (Tab
Troubled Debt Restructures (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Breakdown of Types of Concessions Made by Loan Class | For the three and six months ended June 30, 2020 and 2019, the following table presents a breakdown of the types of concessions made by loan class: For the three months ended June 30, 2020 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (dollars in thousands) Commercial 1 $ 650 $ 650 SBA Paycheck Protection Program (PPP) — — — Real estate - commercial 1 829 829 Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential 1 114 114 Home equity — — — Consumer loans — — — Other loans — — — Total 3 $ 1,593 $ 1,593 For the three months ended June 30, 2019 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (dollars in thousands) Commercial — $ — $ — Real estate - commercial 1 1,629 857 Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential — — — Home equity — — — Consumer loans — — — Other loans — — — Total 1 $ 1,629 $ 857 For the six months ended June 30, 2020 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (dollars in thousands) Commercial 2 $ 691 $ 691 SBA Paycheck Protection Program (PPP) — — — Real estate - commercial 1 829 829 Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential 2 335 335 Home equity — — — Consumer loans — — — Other loans — — — Total 5 $ 1,855 $ 1,855 For the six months ended June 30, 2019 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (dollars in thousands) Commercial — $ — $ — Real estate - commercial 1 1,629 857 Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential 3 217 198 Home equity — — — Consumer loans — — — Other loans — — — Total 4 $ 1,846 $ 1,055 |
Schedule of Status of Types of Debt Restructuring | The following table presents the status of the types of loans modified as TDRs within the previous twelve months as of June 30, 2020 and 2019: Paid In Full Paying as restructured Converted to non-accrual Foreclosure/ Default Number of Loans Recorded Investments Number of Loans Recorded Investments Number of Loans Recorded Investments Number of Loans Recorded Investments (dollars in thousands) June 30, 2020 Below market interest rate — $ — 1 $ 219 — $ — — $ — Extended payment Terms — — — — — — — — Forgiveness of Principal/Other 1 37 10 2,434 1 46 — — Total 1 $ 37 11 $ 2,653 1 $ 46 — $ — June 30, 2019 Below market interest rate — $ — — $ — — $ — — $ — Extended payment Terms — — — — — — — — Forgiveness of Principal/Other 5 895 4 1,847 — — 2 282 Total 5 $ 895 4 $ 1,847 — $ — 2 $ 282 As of June 30, 2020, the Company’s modifications of loans for COVID-19 related reasons are disclosed in the table below: Interest only Payment deferral Other Total COVID-19 modifications Number of Loans Recorded Investments Number of Loans Recorded Investments Number of Loans Recorded Investments Number of Loans Recorded Investments (dollars in thousands) June 30, 2020 Commercial 2 $ 232 25 $ 2,520 — $ — 27 $ 2,752 Real estate - commercial 14 15,626 50 25,443 — — 64 41,069 Other real estate construction 1 350 7 4,493 — — 8 4,843 Other loans — — 1 10 — — 1 10 Real estate – residential 1 149 38 5,818 — — 39 5,967 Home equity — — 7 349 — — 7 349 Consumer loans 8 84 24 238 1 20 33 342 Total 26 16,441 152 38,871 1 20 179 55,332 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Lessee Disclosure [Abstract] | |
Summary of Other Information Related to Operating Leases | The table below summarizes other information related to our operating leases: Six Months Ended June 30, 2020 2019 (in thousands except percent and period data) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 189 $ 169 Right-of-use assets obtained in exchange for new operating lease liabilities 1,782 2,107 Weighted-average remaining lease term - operating leases, in years 7.3 7.9 Weighted-average discount rate - operating leases 2.9 % 2.8 % |
Summary of the Maturity of Remaining Lease Liabilities | The table below summarizes the maturity of remaining lease liabilities: June 30, 2020 (in thousands) 2020 $ 192 2021 347 2022 225 2023 229 2024 233 2025 and thereafter 846 Total lease payments 2,072 Less: Interest (222 ) Present value of lease liabilities 1,850 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Outstanding Financial Instruments Whose Contract Amounts Represent Credit Risk | At June 30, 2020, outstanding financial instruments whose contract amounts represent credit risk were approximately: June 30, 2020 December 31, 2019 (dollars in thousands) Commitments to extend credit $ 141,185 $ 134,241 Credit card commitments 13,042 11,650 Standby letters of credit 1,216 1,213 Total commitments $ 155,443 $ 147,104 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Information for Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table provides fair value information for assets and liabilities measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019: June 30, 2020 (dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale: U.S. Treasury $ 5,024 $ 5,024 $ — $ — U.S. Government agencies 29,484 — 29,484 — GSE - Mortgage-backed securities and CMO’s 34,923 — 34,923 — State and political subdivisions 32,005 — 32,005 — Corporate bonds 9,157 — 9,157 — Equity securities 1,234 1,234 — — Total assets at fair value on a recurring basis $ 111,827 $ 6,258 $ 105,569 $ — December 31, 2019 (dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale: U.S. Treasury $ 5,012 $ 5,012 $ — $ — U.S. Government agencies 25,686 — 25,686 — GSE - Mortgage-backed securities and CMO’s 38,576 — 38,576 — State and political subdivisions 14,221 — 14,221 — Corporate bonds 5,029 — 5,029 — Total assets at fair value on a recurring basis $ 88,524 $ 5,012 $ 83,512 $ — |
Assets Measured at Fair Value on Nonrecurring Basis | Assets measured at fair value on a nonrecurring basis are included in the table below as of June 30, 2020 and December 31, 2019: June 30, 2020 (dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans $ 6,289 $ — $ — $ 6,289 Other real estate owned 359 — — 359 Total assets at fair value on a nonrecurring basis $ 6,648 $ — $ — $ 6,648 December 31, 2019 (dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans $ 3,771 $ — $ — $ 3,771 Other real estate owned 364 — — 364 Total assets at fair value on a nonrecurring basis $ 4,135 $ — $ — $ 4,135 |
Quantitative Information about Level 3 Fair Value Measurements | Quantitative Information about Level 3 Fair Value Measurements June 30, 2020 Valuation Technique Unobservable Input General Range Nonrecurring measurements: Impaired loans Discounted appraisals Collateral discounts and Estimated costs to sell 0 – 25% Discounted cash flows Discount rates 4%-8.75% OREO Discounted appraisals Collateral discounts and Estimated costs to sell 0 – 10% December 31, 2019 Valuation Technique Unobservable Input General Range Nonrecurring measurements: Impaired loans Discounted appraisals Collateral discounts and Estimated costs to sell 0 – 25% Discounted cash flows Discount rates 4%-8.75% OREO Discounted appraisals Collateral discounts and Estimated costs to sell 0 – 10% |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments and Interest Rate Risk (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments All Other Investments [Abstract] | |
Comparison of Carrying Amounts and Estimated Fair Value of Financial Instruments | The following table reflects a comparison of carrying amounts and the estimated fair value of the financial instruments as of June 30, 2020 and December 31, 2019: June 30, 2020 Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 111,932 $ 111,948 $ 109,940 $ 2,008 $ — Securities available for sale 110,593 110,593 5,024 105,569 — Securities held to maturity 27,344 28,357 — 22,357 6,000 Equity securities 1,234 1,234 1,234 — — Loans held for investment, net 451,430 446,916 — — 446,916 Loans held for sale 4,369 4,369 — 4,369 — Restricted stock 1,166 1,166 1,166 — — Loan servicing rights 2,439 2,641 — 2,641 Accrued interest receivable 2,284 2,284 — — 2,284 FINANCIAL LIABILITIES Deposits $ 674,098 $ 674,436 — 674,436 — Short-term borrowings 499 499 — 499 — Long-term borrowings 10,992 11,172 — — 11,172 Accrued interest payable 29 29 — — 29 December 31, 2019 Carrying Value Estimated Fair Value Level 1 Level 2 Level 3 (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 155,198 $ 155,202 $ 152,957 $ 2,245 $ — Securities available for sale 88,524 88,524 5,012 83,512 — Securities held to maturity 13,428 13,499 — 10,499 3,000 Loans held for investment, net 355,969 354,269 — — 354,269 Loans held for sale 2,946 2,946 — 2,946 — Restricted stock 1,144 1,144 1,144 — — Loan servicing rights 1,723 3,228 — 3,228 Accrued interest receivable 1,666 1,666 — — 1,666 FINANCIAL LIABILITIES Deposits 585,878 567,130 — 567,130 — Short-term borrowings 626 626 — 626 — Long-term debt 9,992 10,180 — — 10,180 Accrued interest payable 55 55 — — 55 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) | Jun. 05, 2020 | Jun. 30, 2020USD ($)LoanContract | Jun. 30, 2019Contract | Jun. 30, 2020USD ($)LoanContract | Jun. 30, 2019Contract | Jun. 30, 2020USD ($)LoanContract | Jun. 30, 2019Contract | Dec. 31, 2019USD ($) |
Financing Receivable Modifications [Line Items] | ||||||||
Number of Loans | Contract | 3 | 1 | 5 | 4 | ||||
Recorded Investments | $ | $ 4,800,000 | $ 4,800,000 | $ 4,800,000 | $ 3,900,000 | ||||
Number of modified loans | Contract | 2 | 2 | ||||||
COVID-19 modifications [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Number of Loans | 179 | |||||||
Recorded Investments | $ | 55,300,000 | $ 55,300,000 | $ 55,300,000 | |||||
Number of modified loans | 6 | |||||||
Number of modified loans paid off | 4 | |||||||
Number of modified loans, current | 2 | |||||||
Modified loans with original deferred balances | $ | $ 634,000 | |||||||
COVID-19 modifications [Member] | Paycheck Protection Program [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Number of Loans | 1,004 | |||||||
Recorded Investments | $ | $ 77,300,000 | $ 77,300,000 | $ 77,300,000 | |||||
Loan Term | 5 years | 2 years | ||||||
Interest earn on loan | 1.00% | |||||||
Number of additional loans funded | 120 | 120 | 120 | |||||
Additional loans funded | $ | $ 2,000,000 |
Comprehensive Income - Accumula
Comprehensive Income - Accumulated Other Comprehensive Income (loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | $ 50,037 | $ 46,313 | $ 48,858 | $ 45,175 |
Total other comprehensive income | 1,236 | 1,053 | 2,840 | 1,787 |
Ending balance | 52,655 | 48,053 | 52,655 | 48,053 |
Unrealized Holding Gains on Available-for-Sale Securities (Net) [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | 1,927 | (960) | 323 | (1,694) |
Other comprehensive income before reclassifications, net of ($370), ($314), ($860) and ($533) tax effect, respectively | 1,236 | 1,053 | 2,887 | 1,787 |
Amounts reclassified from accumulated other comprehensive income, net of $0, $0, $11 and $0 tax effect, respectively | (47) | |||
Total other comprehensive income | 1,236 | 1,053 | 2,840 | 1,787 |
Ending balance | $ 3,163 | $ 93 | $ 3,163 | $ 93 |
Comprehensive Income - Accumu_2
Comprehensive Income - Accumulated Other Comprehensive Income (loss) (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Tax effect on amount reclassified from accumulated other comprehensive income | $ 0 | $ 0 | $ 11 | $ 0 |
Unrealized Holding Gains on Available-for-Sale Securities (Net) [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Tax effect on Other Comprehensive income (loss) before reclassifications | (370) | (314) | (860) | (533) |
Tax effect on amount reclassified from accumulated other comprehensive income | $ 0 | $ 0 | $ 11 | $ 0 |
Noncontrolling Interest - Addit
Noncontrolling Interest - Additional Information (Detail) - Preferred Stock Series B and Series C [Member] - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended |
Jan. 31, 2013 | Jun. 30, 2020 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Preferred stock issued | $ 10.7 | |
Dividends rate | 5.30% | |
Voting rights | The preferred stock has no voting rights |
Per Share Data - Additional Inf
Per Share Data - Additional Information (Detail) - shares | Nov. 12, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Earnings Per Share [Abstract] | ||||||
Stock options outstanding | 0 | 0 | ||||
Basic | 6,983,493 | 7,237,290 | 7,025,622 | 7,252,598 | ||
Percentage of stock dividend declared | 2.00% |
Investment Securities - Carryin
Investment Securities - Carrying Amounts and Fair Values of Securities Available for Sale and Held to Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | $ 106,486 | $ 88,105 |
Available-for-sale Securities, Gross Unrealized Gains | 4,247 | 807 |
Available-for-sale Securities, Gross Unrealized Losses | 140 | 388 |
Available-for-sale Securities, Fair Value | 110,593 | 88,524 |
Held-to-maturity Securities, Amortized Cost | 27,344 | 13,428 |
Held-to-maturity Securities, Gross Unrealized Gains | 1,013 | 72 |
Held-to-maturity Securities, Gross Unrealized Losses | 1 | |
Held-to-maturity Securities, Fair Value | 28,357 | 13,499 |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 4,992 | 4,976 |
Available-for-sale Securities, Gross Unrealized Gains | 32 | 36 |
Available-for-sale Securities, Fair Value | 5,024 | 5,012 |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 28,836 | 25,869 |
Available-for-sale Securities, Gross Unrealized Gains | 667 | 18 |
Available-for-sale Securities, Gross Unrealized Losses | 19 | 201 |
Available-for-sale Securities, Fair Value | 29,484 | 25,686 |
Held-to-maturity Securities, Amortized Cost | 523 | 578 |
Held-to-maturity Securities, Gross Unrealized Gains | 13 | 5 |
Held-to-maturity Securities, Fair Value | 536 | 583 |
GSE - Mortgage-backed Securities and CMO's [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 32,983 | 38,305 |
Available-for-sale Securities, Gross Unrealized Gains | 1,964 | 413 |
Available-for-sale Securities, Gross Unrealized Losses | 24 | 142 |
Available-for-sale Securities, Fair Value | 34,923 | 38,576 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 30,775 | 13,937 |
Available-for-sale Securities, Gross Unrealized Gains | 1,270 | 329 |
Available-for-sale Securities, Gross Unrealized Losses | 40 | 45 |
Available-for-sale Securities, Fair Value | 32,005 | 14,221 |
Held-to-maturity Securities, Amortized Cost | 19,321 | 6,826 |
Held-to-maturity Securities, Gross Unrealized Gains | 998 | 62 |
Held-to-maturity Securities, Fair Value | 20,319 | 6,888 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 8,900 | 5,018 |
Available-for-sale Securities, Gross Unrealized Gains | 314 | 11 |
Available-for-sale Securities, Gross Unrealized Losses | 57 | |
Available-for-sale Securities, Fair Value | 9,157 | 5,029 |
Held-to-maturity Securities, Amortized Cost | 7,500 | 6,024 |
Held-to-maturity Securities, Gross Unrealized Gains | 2 | 5 |
Held-to-maturity Securities, Gross Unrealized Losses | 1 | |
Held-to-maturity Securities, Fair Value | $ 7,502 | $ 6,028 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2020USD ($)Security | Dec. 31, 2019USD ($)Security | |
Schedule of Available-for-sale Securities [Line Items] | ||
Federal Reserve stock owned by Company | $ | $ 509,000 | $ 509,000 |
Federal Home Loan Bank stock (FHLB) | $ | 657,000 | 635,000 |
Securities available for sale pledged as collateral on public deposits | $ | $ 66,300,000 | $ 65,300,000 |
GSE - Mortgage-backed Securities and CMO's [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of available for sale securities related to unrealized losses less than twelve months | 3 | 6 |
Number of available for sale securities related to unrealized losses more than twelve months | 9 | |
Available for sale securities | $ | $ 0 | |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of available for sale securities related to unrealized losses less than twelve months | 2 | 3 |
Number of available for sale securities related to unrealized losses more than twelve months | 4 | |
U S States And Political [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of available for sale securities related to unrealized losses less than twelve months | 2 | 1 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of available for sale securities related to unrealized losses less than twelve months | 1 | |
Number of securities related to unrealized losses | 1 |
Investment Securities - Sales o
Investment Securities - Sales of Securities Available for Sale (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Investments Debt And Equity Securities [Abstract] | |
Gross proceeds from sales | $ 7,586 |
Realized gains from sales | 58 |
Net realized gains (losses) | $ 58 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Fair Value of Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | $ 11,323 | $ 31,263 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 140 | 161 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 17,135 | |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 227 | |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 11,323 | 48,398 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | 140 | 388 |
Securities held to maturity, Gross unrealized losses, Less than Twelve Months, Fair Value | 1,502 | |
Securities held to maturity, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 1 | |
Securities held to maturity, Gross unrealized losses, Twelve Months or More, Fair Value | 0 | |
Securities held to maturity, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 0 | |
Securities held to maturity, Gross unrealized losses, Fair Value | 1,502 | |
Securities held to maturity, Gross unrealized losses, Unrealized Losses | 1 | |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 3,156 | 11,956 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 19 | 55 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 9,704 | |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 146 | |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 3,156 | 21,660 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | 19 | 201 |
GSE - Mortgage-backed Securities and CMO's [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 4,574 | 17,613 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 24 | 61 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 7,431 | |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 81 | |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 4,574 | 25,044 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | 24 | 142 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 1,442 | 1,694 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 40 | 45 |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 1,442 | 1,694 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | 40 | 45 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 2,151 | |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 57 | |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 2,151 | |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | $ 57 | |
Securities held to maturity, Gross unrealized losses, Less than Twelve Months, Fair Value | 1,502 | |
Securities held to maturity, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 1 | |
Securities held to maturity, Gross unrealized losses, Twelve Months or More, Fair Value | 0 | |
Securities held to maturity, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 0 | |
Securities held to maturity, Gross unrealized losses, Fair Value | 1,502 | |
Securities held to maturity, Gross unrealized losses, Unrealized Losses | $ 1 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Fair Value of Available for Sale Securities Portfolio (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Due within twelve months, Amortized cost | $ 7,998 | |
Due after five but within ten years, Amortized Cost | 30,233 | |
Due after ten years, Amortized Cost | 40,860 | |
Available-for-sale Securities, Amortized Cost | 106,486 | $ 88,105 |
Due after one but within five years, Amortized Cost | 27,395 | |
Due within twelve months, Estimated Fair Value | 8,048 | |
Due after five but within ten years, Estimated Fair Value | 32,162 | |
Due after ten years, Estimated Fair Value | 42,354 | |
Available-for-sale Securities, Estimated Fair Value | 110,593 | 88,524 |
Due after one but within five years, Estimated Fair Value | $ 28,029 | |
Due within twelve months, Book Yield | 2.46% | |
Due after five but within ten years, Book Yield | 2.22% | |
Due after ten years, Book Yield | 2.43% | |
Total securities available for sale, Book Yield | 2.23% | |
Due after one but within five years, Book Yield | 1.86% | |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due within twelve months, Amortized cost | $ 4,992 | |
Available-for-sale Securities, Amortized Cost | 4,992 | 4,976 |
Due within twelve months, Estimated Fair Value | 5,024 | |
Available-for-sale Securities, Estimated Fair Value | $ 5,024 | 5,012 |
Due within twelve months, Book Yield | 2.66% | |
Total securities available for sale, Book Yield | 2.66% | |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due after five but within ten years, Amortized Cost | $ 9,865 | |
Available-for-sale Securities, Amortized Cost | 28,836 | 25,869 |
Due after one but within five years, Amortized Cost | 18,971 | |
Due after five but within ten years, Estimated Fair Value | 10,138 | |
Available-for-sale Securities, Estimated Fair Value | 29,484 | 25,686 |
Due after one but within five years, Estimated Fair Value | $ 19,346 | |
Due after five but within ten years, Book Yield | 1.90% | |
Total securities available for sale, Book Yield | 1.67% | |
Due after one but within five years, Book Yield | 1.55% | |
GSE - Mortgage-backed Securities and CMO's [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due within twelve months, Amortized cost | $ 203 | |
Due after five but within ten years, Amortized Cost | 17,595 | |
Due after ten years, Amortized Cost | 14,295 | |
Available-for-sale Securities, Amortized Cost | 32,983 | 38,305 |
Due after one but within five years, Amortized Cost | 890 | |
Due within twelve months, Estimated Fair Value | 205 | |
Due after five but within ten years, Estimated Fair Value | 19,209 | |
Due after ten years, Estimated Fair Value | 14,609 | |
Available-for-sale Securities, Estimated Fair Value | 34,923 | 38,576 |
Due after one but within five years, Estimated Fair Value | $ 900 | |
Due within twelve months, Book Yield | 3.17% | |
Due after five but within ten years, Book Yield | 2.41% | |
Due after ten years, Book Yield | 1.55% | |
Total securities available for sale, Book Yield | 2.01% | |
Due after one but within five years, Book Yield | 1.24% | |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due after five but within ten years, Amortized Cost | $ 2,773 | |
Due after ten years, Amortized Cost | 26,565 | |
Available-for-sale Securities, Amortized Cost | 30,775 | 13,937 |
Due after one but within five years, Amortized Cost | 1,437 | |
Due after five but within ten years, Estimated Fair Value | 2,815 | |
Due after ten years, Estimated Fair Value | 27,745 | |
Available-for-sale Securities, Estimated Fair Value | 32,005 | 14,221 |
Due after one but within five years, Estimated Fair Value | $ 1,445 | |
Due after five but within ten years, Book Yield | 2.14% | |
Due after ten years, Book Yield | 2.90% | |
Total securities available for sale, Book Yield | 2.88% | |
Due after one but within five years, Book Yield | 3.79% | |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due within twelve months, Amortized cost | $ 2,803 | |
Available-for-sale Securities, Amortized Cost | 8,900 | 5,018 |
Due after one but within five years, Amortized Cost | 6,097 | |
Due within twelve months, Estimated Fair Value | 2,819 | |
Available-for-sale Securities, Estimated Fair Value | 9,157 | $ 5,029 |
Due after one but within five years, Estimated Fair Value | $ 6,338 | |
Due within twelve months, Book Yield | 2.06% | |
Total securities available for sale, Book Yield | 2.34% | |
Due after one but within five years, Book Yield | 2.47% |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Fair Value of Held to Maturity Securities Portfolio (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Due within twelve months, Amortized Cost | $ 3,000 | |
Due after one but within five years, Amortized Cost | 4,791 | |
Due after five but within ten years, Amortized Cost | 6,000 | |
Due after ten years, Amortized cost | 13,553 | |
Total Securities held for maturity, Amortized Cost | 27,344 | |
Due within twelve months, Estimated Fair Value | 3,004 | |
Due after one but within five years, Estimated Fair Value | 4,921 | |
Due after five but within ten years, Estimated Fair Value | 6,000 | |
Due after ten years, Estimated Fair Value | 14,432 | |
Total Securities held for maturity, Estimated Fair Value | $ 28,357 | $ 13,499 |
Due within twelve months, Book Yield | 2.66% | |
Due after one but within five years, Book Yield | 2.54% | |
Due after five but within ten years, Book Yield | 5.33% | |
Due after ten years, Book Yield | 3.45% | |
Total Securities held for maturity, Book Yield | 3.62% | |
U.S. Government Agencies [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Due after one but within five years, Amortized Cost | $ 523 | |
Total Securities held for maturity, Amortized Cost | 523 | |
Due after one but within five years, Estimated Fair Value | 536 | |
Total Securities held for maturity, Estimated Fair Value | $ 536 | 583 |
Due after one but within five years, Book Yield | 2.89% | |
Total Securities held for maturity, Book Yield | 2.89% | |
State and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Due within twelve months, Amortized Cost | $ 1,500 | |
Due after one but within five years, Amortized Cost | 4,268 | |
Due after ten years, Amortized cost | 13,553 | |
Total Securities held for maturity, Amortized Cost | 19,321 | |
Due within twelve months, Estimated Fair Value | 1,502 | |
Due after one but within five years, Estimated Fair Value | 4,385 | |
Due after ten years, Estimated Fair Value | 14,432 | |
Total Securities held for maturity, Estimated Fair Value | $ 20,319 | 6,888 |
Due within twelve months, Book Yield | 2.53% | |
Due after one but within five years, Book Yield | 2.50% | |
Due after ten years, Book Yield | 3.45% | |
Total Securities held for maturity, Book Yield | 3.17% | |
Corporate Bonds [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Due within twelve months, Amortized Cost | $ 1,500 | |
Due after five but within ten years, Amortized Cost | 6,000 | |
Total Securities held for maturity, Amortized Cost | 7,500 | |
Due within twelve months, Estimated Fair Value | 1,502 | |
Due after five but within ten years, Estimated Fair Value | 6,000 | |
Total Securities held for maturity, Estimated Fair Value | $ 7,502 | $ 6,028 |
Due within twelve months, Book Yield | 2.79% | |
Due after five but within ten years, Book Yield | 5.33% | |
Total Securities held for maturity, Book Yield | 4.83% |
Loans Held for Investment - Com
Loans Held for Investment - Composition of Net Loans Held for Investment by Class (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, Total | $ 457,434 | $ 358,198 | ||||
Less: | ||||||
Allowance for loan losses | (3,426) | $ (2,627) | (1,981) | $ (2,179) | $ (2,233) | $ (2,374) |
Deferred loan fees net | (2,578) | (248) | ||||
Net loans held for investment | 451,430 | 355,969 | ||||
Commercial [Member] | ||||||
Less: | ||||||
Allowance for loan losses | (2,111) | (1,512) | (1,087) | (1,240) | (1,281) | (1,334) |
Commercial [Member] | Commercial Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, Total | 60,477 | 59,075 | ||||
Commercial [Member] | SBA Paycheck Protection Program (PPP) [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, Total | 77,298 | |||||
Commercial [Member] | Real Estate - Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, Total | 137,426 | 130,998 | ||||
Commercial [Member] | Other Real Estate Construction [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, Total | 33,474 | 23,043 | ||||
Commercial [Member] | Other Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, Total | 2,757 | 1,939 | ||||
Non-Commercial [Member] | ||||||
Less: | ||||||
Allowance for loan losses | (1,315) | $ (1,115) | (894) | $ (939) | $ (952) | $ (1,040) |
Non-Commercial [Member] | Consumer Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, Total | 11,853 | 12,957 | ||||
Non-Commercial [Member] | Real Estate 1 - 4 Family Construction [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, Total | 8,040 | 7,600 | ||||
Non-Commercial [Member] | Real Estate - Residential [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, Total | 74,762 | 71,370 | ||||
Non-Commercial [Member] | Home Equity [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans, Total | $ 51,347 | $ 51,216 |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Allowance For Loan Losses [Line Items] | ||
Qualitative Factors Utilized By Management | management eliminated its qualitative factor based on a 21-day weighted average of the VIX index, a real-time index that measures the expectation of the market’s 30-day forward-looking volatility, and replaced it with a multi-factor linear regression encompassing the following economic data: Case Shiller for North Carolina (NC) home price index, NC unemployment rate, 2-year 10-year US Treasury spread, customer sentiment, and a VIX quarterly average factor | |
Average number of days fixed for qualitative measurement factor | 21 days | |
Increase In Provision For Loan | $ 379,000 | |
Financing receivable recorded investment number of days past due | 90 days | |
Accruing Loans 90 or More Days Past Due | $ 0 | $ 0 |
Paycheck Protection Program [Member] | ||
Allowance For Loan Losses [Line Items] | ||
Percentage Of Guaranteed Loans | 100.00% | |
Loans Subject To Additional Reserves | $ 172,000 | |
Accruing Loans 90 or More Days Past Due | 0 | |
Real Estate - Residential [Member] | ||
Allowance For Loan Losses [Line Items] | ||
Foreclosed residential real estate, loan amount | 0 | 130,000 |
Real estate in process of foreclosure, loan amount | 272,000 | 387,000 |
Accruing Loans 90 or More Days Past Due | $ 0 | $ 0 |
Allowance for Loan Losses - Cha
Allowance for Loan Losses - Changes in Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance, beginning of period | $ 2,627 | $ 2,233 | $ 1,981 | $ 2,374 |
Provision for (recovery of) loan losses | 767 | (315) | 1,399 | (428) |
Charge-offs | (52) | (12) | (62) | (70) |
Recoveries | 84 | 359 | 108 | 389 |
Net (charge-offs) / Recoveries | 32 | 347 | 46 | 319 |
Reclassification of reserve for off balance sheet commitments | (86) | (86) | ||
Balance at end of period | 3,426 | 2,179 | 3,426 | 2,179 |
Commercial [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance, beginning of period | 1,512 | 1,281 | 1,087 | 1,334 |
Provision for (recovery of) loan losses | 580 | (350) | 1,002 | (414) |
Charge-offs | (35) | (38) | (5) | |
Recoveries | 54 | 341 | 60 | 357 |
Net (charge-offs) / Recoveries | 19 | 341 | 22 | 352 |
Reclassification of reserve for off balance sheet commitments | (32) | (32) | ||
Balance at end of period | 2,111 | 1,240 | 2,111 | 1,240 |
Non-Commercial [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance, beginning of period | 1,115 | 952 | 894 | 1,040 |
Provision for (recovery of) loan losses | 187 | 35 | 397 | (14) |
Charge-offs | (17) | (12) | (24) | (65) |
Recoveries | 30 | 18 | 48 | 32 |
Net (charge-offs) / Recoveries | 13 | 6 | 24 | (33) |
Reclassification of reserve for off balance sheet commitments | (54) | (54) | ||
Balance at end of period | $ 1,315 | $ 939 | $ 1,315 | $ 939 |
Allowance for Loan Losses - Sch
Allowance for Loan Losses - Schedule of Loans and Reserve Balances by Loan Segment Both Individually and Collectively Evaluated for Impairment (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Individually Evaluated, Reserve | $ 132 | $ 141 | ||||
Individually Evaluated, Loans | 8,626 | 6,835 | ||||
Collectively Evaluated, Reserve | 3,294 | 1,840 | ||||
Collectively Evaluated, Loans | 446,230 | 351,115 | ||||
Total Reserve | 3,426 | $ 2,627 | 1,981 | $ 2,179 | $ 2,233 | $ 2,374 |
Total Loans | 454,856 | 357,950 | ||||
Commercial [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Individually Evaluated, Reserve | 53 | 32 | ||||
Individually Evaluated, Loans | 5,400 | 3,660 | ||||
Collectively Evaluated, Reserve | 2,058 | 1,055 | ||||
Collectively Evaluated, Loans | 303,740 | 209,456 | ||||
Total Reserve | 2,111 | 1,512 | 1,087 | 1,240 | 1,281 | 1,334 |
Total Loans | 309,140 | 213,116 | ||||
Non-Commercial [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Individually Evaluated, Reserve | 79 | 109 | ||||
Individually Evaluated, Loans | 3,226 | 3,175 | ||||
Collectively Evaluated, Reserve | 1,236 | 785 | ||||
Collectively Evaluated, Loans | 142,490 | 141,659 | ||||
Total Reserve | 1,315 | $ 1,115 | 894 | $ 939 | $ 952 | $ 1,040 |
Total Loans | $ 145,716 | $ 144,834 |
Allowance for Loan Losses - Pas
Allowance for Loan Losses - Past Due Information of Loan Portfolio by Class (Detail) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | $ 4,146,000 | $ 3,536,000 |
Current Loans | 450,710,000 | 354,414,000 |
Total Loans | 454,856,000 | 357,950,000 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Loans 30-89 Days Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 207,000 | 614,000 |
Loans 90 Days or More Past Due and Non - Accrual [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 3,939,000 | 2,922,000 |
SBA Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Current Loans | 75,006,000 | |
Total Loans | 75,006,000 | |
Accruing Loans 90 or More Days Past Due | 0 | |
Real Estate - Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 2,083,000 | 2,088,000 |
Current Loans | 135,343,000 | 128,910,000 |
Total Loans | 137,426,000 | 130,998,000 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Real Estate - Commercial [Member] | Loans 90 Days or More Past Due and Non - Accrual [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 2,083,000 | 2,088,000 |
Other Real Estate Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 1,135,000 | 14,000 |
Current Loans | 32,339,000 | 23,029,000 |
Total Loans | 33,474,000 | 23,043,000 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Other Real Estate Construction [Member] | Loans 30-89 Days Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 55,000 | 14,000 |
Other Real Estate Construction [Member] | Loans 90 Days or More Past Due and Non - Accrual [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 1,080,000 | |
Real Estate 1 - 4 Family Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Current Loans | 8,040,000 | 7,600,000 |
Total Loans | 8,040,000 | 7,600,000 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Real Estate - Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 781,000 | 1,078,000 |
Current Loans | 73,695,000 | 70,044,000 |
Total Loans | 74,476,000 | 71,122,000 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Real Estate - Residential [Member] | Loans 30-89 Days Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 70,000 | 326,000 |
Real Estate - Residential [Member] | Loans 90 Days or More Past Due and Non - Accrual [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 711,000 | 752,000 |
Home Equity [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 123,000 | 139,000 |
Current Loans | 51,224,000 | 51,077,000 |
Total Loans | 51,347,000 | 51,216,000 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Home Equity [Member] | Loans 30-89 Days Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 58,000 | 57,000 |
Home Equity [Member] | Loans 90 Days or More Past Due and Non - Accrual [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 65,000 | 82,000 |
Other Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Current Loans | 2,757,000 | 1,939,000 |
Total Loans | 2,757,000 | 1,939,000 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Commercial Loan [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 190,000 | |
Current Loans | 60,477,000 | 58,885,000 |
Total Loans | 60,477,000 | 59,075,000 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Commercial Loan [Member] | Loans 30-89 Days Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 190,000 | |
Consumer Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 24,000 | 27,000 |
Current Loans | 11,829,000 | 12,930,000 |
Total Loans | 11,853,000 | 12,957,000 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Consumer Loans [Member] | Loans 30-89 Days Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | $ 24,000 | $ 27,000 |
Allowance for Loan Losses - Com
Allowance for Loan Losses - Composition of Nonaccrual Loans by Class (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable Impaired [Line Items] | ||
Increase in non-performing loans | $ 4,146 | $ 3,536 |
Real Estate - Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Increase in non-performing loans | 2,083 | 2,088 |
Other Real Estate Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Increase in non-performing loans | 1,135 | 14 |
Real Estate - Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Increase in non-performing loans | 781 | 1,078 |
Home Equity [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Increase in non-performing loans | 123 | 139 |
Commercial Loan [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Increase in non-performing loans | 190 | |
Consumer Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Increase in non-performing loans | 24 | 27 |
Loans 90 Days or More Past Due and Non - Accrual [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Increase in non-performing loans | 3,939 | 2,922 |
Loans 90 Days or More Past Due and Non - Accrual [Member] | Real Estate - Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Increase in non-performing loans | 2,083 | 2,088 |
Loans 90 Days or More Past Due and Non - Accrual [Member] | Other Real Estate Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Increase in non-performing loans | 1,080 | |
Loans 90 Days or More Past Due and Non - Accrual [Member] | Real Estate - Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Increase in non-performing loans | 711 | 752 |
Loans 90 Days or More Past Due and Non - Accrual [Member] | Home Equity [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Increase in non-performing loans | $ 65 | $ 82 |
Allowance for Loan Losses - Sum
Allowance for Loan Losses - Summary of Risk Grades of Portfolio by Class (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans | $ 454,856 | $ 357,950 |
SBA Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 75,006 | |
Real Estate - Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 137,426 | 130,998 |
Other Real Estate Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 33,474 | 23,043 |
Real Estate 1 - 4 Family Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 8,040 | 7,600 |
Real Estate - Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 74,476 | 71,122 |
Home Equity [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 51,347 | 51,216 |
Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 2,757 | 1,939 |
Commercial Loan [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 60,477 | 59,075 |
Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 11,853 | 12,957 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 442,032 | 344,220 |
Pass [Member] | SBA Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 75,006 | |
Pass [Member] | Real Estate - Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 133,358 | 126,498 |
Pass [Member] | Other Real Estate Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 31,728 | 21,253 |
Pass [Member] | Real Estate 1 - 4 Family Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 8,040 | 7,600 |
Pass [Member] | Real Estate - Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 71,175 | 67,647 |
Pass [Member] | Home Equity [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 50,307 | 50,255 |
Pass [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 2,757 | 1,939 |
Pass [Member] | Commercial Loan [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 57,902 | 56,151 |
Pass [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 11,759 | 12,877 |
Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 7,516 | 9,014 |
Watch [Member] | Real Estate - Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 1,156 | 1,194 |
Watch [Member] | Other Real Estate Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 392 | 1,477 |
Watch [Member] | Real Estate - Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 2,336 | 2,464 |
Watch [Member] | Home Equity [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 975 | 879 |
Watch [Member] | Commercial Loan [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 2,575 | 2,921 |
Watch [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 82 | 79 |
Sub-standard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 5,308 | 4,716 |
Sub-standard [Member] | Real Estate - Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 2,912 | 3,306 |
Sub-standard [Member] | Other Real Estate Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 1,354 | 313 |
Sub-standard [Member] | Real Estate - Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 965 | 1,011 |
Sub-standard [Member] | Home Equity [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 65 | 82 |
Sub-standard [Member] | Commercial Loan [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 3 | |
Sub-standard [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | $ 12 | $ 1 |
Allowance for Loan Losses - S_2
Allowance for Loan Losses - Summary of Performing and Nonperforming Loans by Class (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans | $ 454,856 | $ 357,950 |
SBA Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 75,006 | |
Real Estate - Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 137,426 | 130,998 |
Other Real Estate Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 33,474 | 23,043 |
Real Estate 1 - 4 Family Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 8,040 | 7,600 |
Real Estate - Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 74,476 | 71,122 |
Home Equity [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 51,347 | 51,216 |
Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 2,757 | 1,939 |
Commercial Loan [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 60,477 | 59,075 |
Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 11,853 | 12,957 |
Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 450,917 | 355,028 |
Performing [Member] | SBA Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 75,006 | |
Performing [Member] | Real Estate - Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 135,343 | 128,910 |
Performing [Member] | Other Real Estate Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 32,394 | 23,043 |
Performing [Member] | Real Estate 1 - 4 Family Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 8,040 | 7,600 |
Performing [Member] | Real Estate - Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 73,765 | 70,370 |
Performing [Member] | Home Equity [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 51,282 | 51,134 |
Performing [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 2,757 | 1,939 |
Performing [Member] | Commercial Loan [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 60,477 | 59,075 |
Performing [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 11,853 | 12,957 |
Non-Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 3,939 | 2,922 |
Non-Performing [Member] | Real Estate - Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 2,083 | 2,088 |
Non-Performing [Member] | Other Real Estate Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 1,080 | |
Non-Performing [Member] | Real Estate - Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 711 | 752 |
Non-Performing [Member] | Home Equity [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | $ 65 | $ 82 |
Allowance for Loan Losses - S_3
Allowance for Loan Losses - Summary of Loans Deemed Impaired and Specific Reserves Allocated by Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Financing Receivable Impaired [Line Items] | |||||
Unpaid Principal Balance | $ 8,626 | $ 8,626 | $ 6,835 | ||
Recorded Investment With No Allowance | 4,922 | 4,922 | 2,923 | ||
Recorded Investment With Allowance | 3,704 | 3,704 | 3,912 | ||
Related Allowance | 132 | 132 | 141 | ||
Average Recorded Investment | 8,417 | $ 4,636 | 7,889 | $ 4,582 | |
Interest Income | 60 | 51 | 131 | 113 | |
Real Estate - Commercial [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Unpaid Principal Balance | 3,584 | 3,584 | 3,612 | ||
Recorded Investment With No Allowance | 2,084 | 2,084 | 1,923 | ||
Recorded Investment With Allowance | 1,500 | 1,500 | 1,689 | ||
Related Allowance | 30 | 30 | 29 | ||
Average Recorded Investment | 3,591 | 1,434 | 3,598 | 1,375 | |
Interest Income | 13 | 15 | 42 | 35 | |
Other Real Estate Construction [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Unpaid Principal Balance | 1,123 | 1,123 | 44 | ||
Recorded Investment With No Allowance | 1,080 | 1,080 | |||
Recorded Investment With Allowance | 43 | 43 | 44 | ||
Related Allowance | 3 | 3 | 3 | ||
Average Recorded Investment | 1,123 | 69 | 763 | 77 | |
Interest Income | 1 | 1 | |||
Real Estate - Residential [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Unpaid Principal Balance | 3,143 | 3,143 | 3,070 | ||
Recorded Investment With No Allowance | 1,698 | 1,698 | 987 | ||
Recorded Investment With Allowance | 1,445 | 1,445 | 2,083 | ||
Related Allowance | 72 | 72 | 99 | ||
Average Recorded Investment | 3,223 | 2,975 | 3,172 | 2,985 | |
Interest Income | 29 | 33 | 69 | 72 | |
Home Equity [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Unpaid Principal Balance | 65 | 65 | 82 | ||
Recorded Investment With No Allowance | 19 | 19 | 13 | ||
Recorded Investment With Allowance | 46 | 46 | 69 | ||
Related Allowance | 7 | 7 | 10 | ||
Average Recorded Investment | 73 | 124 | 76 | 110 | |
Interest Income | 3 | 1 | 4 | ||
Commercial Loan [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Unpaid Principal Balance | 693 | 693 | 4 | ||
Recorded Investment With No Allowance | 41 | 41 | |||
Recorded Investment With Allowance | 652 | 652 | 4 | ||
Related Allowance | 20 | 20 | |||
Average Recorded Investment | 388 | 6 | 260 | 6 | |
Interest Income | 17 | 17 | |||
Consumer Loans [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
Unpaid Principal Balance | 18 | 18 | 23 | ||
Recorded Investment With Allowance | 18 | 18 | $ 23 | ||
Average Recorded Investment | 19 | $ 28 | 20 | 29 | |
Interest Income | $ 1 | $ 1 | $ 1 |
Troubled Debt Restructures - Ad
Troubled Debt Restructures - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020USD ($)Contract | Jun. 30, 2019Contract | Jun. 30, 2020USD ($)LoanContract | Jun. 30, 2019USD ($)Contract | Jun. 30, 2020USD ($)Contract | Dec. 31, 2019USD ($)Contract | Jun. 30, 2019Contract | |
Financing Receivable Modifications [Line Items] | |||||||
Outstanding balance of TDRs | $ 4,800,000 | $ 4,800,000 | $ 4,800,000 | $ 3,900,000 | |||
Number of contracts on non-accruing basis | Contract | 2 | 1 | |||||
Outstanding balance of TDRs non accruing | $ 69,000 | $ 69,000 | $ 69,000 | $ 26,000 | |||
Number of modified loans | Contract | 2 | 2 | |||||
TDR is defined as being past due | 90 days | ||||||
Allowance for loan loss on TDR | $ 133,000 | $ 117,000 | |||||
Number of Loans | Contract | 3 | 1 | 5 | 4 | |||
Recorded Investments | $ 4,800,000 | $ 4,800,000 | $ 4,800,000 | $ 3,900,000 | |||
Total COVID-19 modifications [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Outstanding balance of TDRs | 55,332,000 | $ 55,332,000 | 55,332,000 | ||||
Number of Loans | Loan | 179 | ||||||
Recorded Investments | $ 55,332,000 | $ 55,332,000 | $ 55,332,000 |
Troubled Debt Restructures - Br
Troubled Debt Restructures - Breakdown of Types of Concessions Made by Loan Class (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020USD ($)Contract | Jun. 30, 2019USD ($)Contract | Jun. 30, 2020USD ($)Contract | Jun. 30, 2019USD ($)Contract | |
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | Contract | 3 | 1 | 5 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 1,593 | $ 1,629 | $ 1,855 | $ 1,846 |
Post-Modification Outstanding Recorded Investment | $ 1,593 | $ 857 | $ 1,855 | $ 1,055 |
Other Payment Terms [Member] | Commercial Loan [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | Contract | 1 | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 650 | $ 691 | ||
Post-Modification Outstanding Recorded Investment | $ 650 | $ 691 | ||
Other Payment Terms [Member] | Real Estate - Commercial [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | Contract | 1 | 1 | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 829 | $ 1,629 | $ 829 | $ 1,629 |
Post-Modification Outstanding Recorded Investment | $ 829 | $ 857 | $ 829 | $ 857 |
Other Payment Terms [Member] | Real Estate - Residential [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | Contract | 1 | 2 | 3 | |
Pre-Modification Outstanding Recorded Investment | $ 114 | $ 335 | $ 217 | |
Post-Modification Outstanding Recorded Investment | $ 114 | $ 335 | $ 198 |
Troubled Debt Restructures - Sc
Troubled Debt Restructures - Schedule of Status of Types of Debt Restructuring (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020USD ($)Contract | Jun. 30, 2019USD ($)Contract | Jun. 30, 2020USD ($)LoanContract | Jun. 30, 2019USD ($)Contract | Jun. 30, 2020USD ($)Loan | Jun. 30, 2019USD ($)Loan | Dec. 31, 2019USD ($) | |
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Contract | 3 | 1 | 5 | 4 | |||
Recorded Investments | $ 4,800 | $ 4,800 | $ 4,800 | $ 3,900 | |||
Paid In Full [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 1 | 5 | |||||
Recorded Investments | 37 | $ 895 | 37 | $ 895 | $ 37 | $ 895 | |
Paying as Restructured [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 11 | 4 | |||||
Recorded Investments | 2,653 | 1,847 | 2,653 | 1,847 | $ 2,653 | $ 1,847 | |
Converted To Nonaccrual | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 1 | ||||||
Recorded Investments | 46 | 46 | $ 46 | ||||
Foreclosure/ Default [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 2 | ||||||
Recorded Investments | 282 | 282 | $ 282 | ||||
Below Market Interest Rate [Member] | Paying as Restructured [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 1 | ||||||
Recorded Investments | 219 | 219 | $ 219 | ||||
Forgiveness of Principal Other [Member] | Paid In Full [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 1 | 5 | |||||
Recorded Investments | 37 | 895 | 37 | 895 | $ 37 | $ 895 | |
Forgiveness of Principal Other [Member] | Paying as Restructured [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 10 | 4 | |||||
Recorded Investments | 2,434 | 1,847 | 2,434 | 1,847 | $ 2,434 | $ 1,847 | |
Forgiveness of Principal Other [Member] | Converted To Nonaccrual | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 1 | ||||||
Recorded Investments | 46 | $ 46 | $ 46 | ||||
Forgiveness of Principal Other [Member] | Foreclosure/ Default [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 2 | ||||||
Recorded Investments | $ 282 | $ 282 | $ 282 | ||||
Interest [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 26 | ||||||
Recorded Investments | 16,441 | $ 16,441 | 16,441 | ||||
Interest [Member] | Real Estate - Commercial [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 14 | ||||||
Recorded Investments | 15,626 | $ 15,626 | 15,626 | ||||
Interest [Member] | Other Real Estate Construction [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 1 | ||||||
Recorded Investments | 350 | $ 350 | 350 | ||||
Interest [Member] | Real Estate - Residential [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 1 | ||||||
Recorded Investments | 149 | $ 149 | 149 | ||||
Interest [Member] | Commercial Loan [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 2 | ||||||
Recorded Investments | 232 | $ 232 | 232 | ||||
Interest [Member] | Consumer Loans [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 8 | ||||||
Recorded Investments | 84 | $ 84 | 84 | ||||
Payment Deferral [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 152 | ||||||
Recorded Investments | 38,871 | $ 38,871 | 38,871 | ||||
Payment Deferral [Member] | Real Estate - Commercial [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 50 | ||||||
Recorded Investments | 25,443 | $ 25,443 | 25,443 | ||||
Payment Deferral [Member] | Other Real Estate Construction [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 7 | ||||||
Recorded Investments | 4,493 | $ 4,493 | 4,493 | ||||
Payment Deferral [Member] | Other Loans [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 1 | ||||||
Recorded Investments | 10 | $ 10 | 10 | ||||
Payment Deferral [Member] | Real Estate - Residential [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 38 | ||||||
Recorded Investments | 5,818 | $ 5,818 | 5,818 | ||||
Payment Deferral [Member] | Home Equity [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 7 | ||||||
Recorded Investments | 349 | $ 349 | 349 | ||||
Payment Deferral [Member] | Commercial Loan [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 25 | ||||||
Recorded Investments | 2,520 | $ 2,520 | 2,520 | ||||
Payment Deferral [Member] | Consumer Loans [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 24 | ||||||
Recorded Investments | 238 | $ 238 | 238 | ||||
Payment Deferral [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 1 | ||||||
Recorded Investments | 20 | $ 20 | 20 | ||||
Payment Deferral [Member] | Consumer Loans [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 1 | ||||||
Recorded Investments | 20 | $ 20 | 20 | ||||
Total COVID-19 modifications [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 179 | ||||||
Recorded Investments | 55,332 | $ 55,332 | 55,332 | ||||
Total COVID-19 modifications [Member] | Real Estate - Commercial [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 64 | ||||||
Recorded Investments | 41,069 | $ 41,069 | 41,069 | ||||
Total COVID-19 modifications [Member] | Other Real Estate Construction [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 8 | ||||||
Recorded Investments | 4,843 | $ 4,843 | 4,843 | ||||
Total COVID-19 modifications [Member] | Other Loans [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 1 | ||||||
Recorded Investments | 10 | $ 10 | 10 | ||||
Total COVID-19 modifications [Member] | Real Estate - Residential [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 39 | ||||||
Recorded Investments | 5,967 | $ 5,967 | 5,967 | ||||
Total COVID-19 modifications [Member] | Home Equity [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 7 | ||||||
Recorded Investments | 349 | $ 349 | 349 | ||||
Total COVID-19 modifications [Member] | Commercial Loan [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 27 | ||||||
Recorded Investments | 2,752 | $ 2,752 | 2,752 | ||||
Total COVID-19 modifications [Member] | Consumer Loans [Member] | |||||||
Financing Receivable Modifications [Line Items] | |||||||
Number of Loans | Loan | 33 | ||||||
Recorded Investments | $ 342 | $ 342 | $ 342 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($)OfficeLocationBranch | Jun. 30, 2019USD ($) | |
Lessee Lease Description [Line Items] | |||
Number of office locations leased | OfficeLocation | 3 | ||
Number of branch locations leased | Branch | 2 | ||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | ||
Description of option to extend | Certain lease arrangements contain extension options which range from five to ten years at the then fair market rental rates. | ||
Operating Lease, Liability | $ 1,850 | $ 1,850 | |
Operating lease costs | 96,000 | 192,000 | |
ASU 2016-02 [Member] | |||
Lessee Lease Description [Line Items] | |||
Operating Lease, Right-of-Use Asset | 1,800 | 1,800 | $ 2,100 |
Operating Lease, Liability | $ 1,900 | $ 1,900 | $ 2,100 |
Minimum [Member] | |||
Lessee Lease Description [Line Items] | |||
Operating leases remaining term | 2 years | 2 years | |
Option to extend term | 5 years | ||
Maximum [Member] | |||
Lessee Lease Description [Line Items] | |||
Operating leases remaining term | 10 years | 10 years | |
Option to extend term | 10 years |
Leases - Summary of Other Infor
Leases - Summary of Other Information Related to Operating Leases (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 189 | $ 169 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 1,782 | $ 2,107 |
Weighted-average remaining lease term - operating leases, in years | 7 years 3 months 18 days | 7 years 10 months 24 days |
Weighted-average discount rate - operating leases | 2.90% | 2.80% |
Leases - Summary of the Maturit
Leases - Summary of the Maturity of Remaining Lease Liabilities (Detail) $ in Thousands | Jun. 30, 2020USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
2020 | $ 192 |
2021 | 347 |
2022 | 225 |
2023 | 229 |
2024 | 233 |
2025 and thereafter | 846 |
Total lease payments | 2,072 |
Less: Interest | (222) |
Operating Lease, Liability | $ 1,850 |
Commitments and Contingencies -
Commitments and Contingencies - Outstanding Financial Instruments Whose Contract Amounts Represent Credit Risk (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Loss Contingencies [Line Items] | ||
Total commitments | $ 155,443 | $ 147,104 |
Commitments to Extend Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Total commitments | 141,185 | 134,241 |
Credit Card Commitments [Member] | ||
Loss Contingencies [Line Items] | ||
Total commitments | 13,042 | 11,650 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Total commitments | $ 1,216 | $ 1,213 |
Fair Value Disclosures - Fair V
Fair Value Disclosures - Fair Value Information for Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | $ 110,593 | $ 88,524 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 5,024 | 5,012 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 105,569 | 83,512 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 9,157 | 5,029 |
Fair Value on a Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 111,827 | 88,524 |
Fair Value on a Recurring Basis [Member] | U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 5,024 | 5,012 |
Fair Value on a Recurring Basis [Member] | U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 29,484 | 25,686 |
Fair Value on a Recurring Basis [Member] | GSE - Mortgage-backed Securities and CMO's [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 34,923 | 38,576 |
Fair Value on a Recurring Basis [Member] | State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 32,005 | 14,221 |
Fair Value on a Recurring Basis [Member] | Euity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 1,234 | |
Fair Value on a Recurring Basis [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 6,258 | 5,012 |
Fair Value on a Recurring Basis [Member] | Level 1 [Member] | U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 5,024 | 5,012 |
Fair Value on a Recurring Basis [Member] | Level 1 [Member] | Euity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 1,234 | |
Fair Value on a Recurring Basis [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 105,569 | 83,512 |
Fair Value on a Recurring Basis [Member] | Level 2 [Member] | U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 29,484 | 25,686 |
Fair Value on a Recurring Basis [Member] | Level 2 [Member] | GSE - Mortgage-backed Securities and CMO's [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 34,923 | 38,576 |
Fair Value on a Recurring Basis [Member] | Level 2 [Member] | State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 32,005 | 14,221 |
Fair Value on a Recurring Basis [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 9,157 | 5,029 |
Fair Value on a Recurring Basis [Member] | Corporate Bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | $ 9,157 | $ 5,029 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Estimated Fair Value | $ 110,593 | $ 88,524 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Estimated Fair Value | 5,024 | 5,012 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Estimated Fair Value | 105,569 | 83,512 |
Fair Value on a Nonrecurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 6,289 | 3,771 |
Other real estate owned | 359 | 364 |
Available-for-sale Securities, Estimated Fair Value | 6,648 | 4,135 |
Fair Value on a Nonrecurring Basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 6,289 | 3,771 |
Other real estate owned | 359 | 364 |
Available-for-sale Securities, Estimated Fair Value | $ 6,648 | $ 4,135 |
Fair Value Disclosures - Quanti
Fair Value Disclosures - Quantitative Information about Level 3 Fair Value Measurements (Detail) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Discounted Cash Flows [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Valuation Technique | Discounted cash flows | Discounted cash flows |
Discounted Cash Flows [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 4.00% | 4.00% |
Discounted Cash Flows [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 8.75% | 8.75% |
Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Valuation Technique | Discounted appraisals | Discounted appraisals |
Impaired Loans [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 0.00% | 0.00% |
Impaired Loans [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 25.00% | 25.00% |
OREO [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Valuation Technique | Discounted appraisals | Discounted appraisals |
OREO [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 0.00% | 0.00% |
OREO [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 10.00% | 10.00% |
Fair Values of Financial Inst_3
Fair Values of Financial Instruments and Interest Rate Risk - Comparison of Carrying Amounts and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
FINANCIAL ASSETS | ||
Securities available for sale | $ 110,593 | $ 88,524 |
Securities held to maturity | 28,357 | 13,499 |
Equity securities | 1,234 | |
Loans held for investment, net | 451,430 | 355,969 |
Accrued interest receivable | 2,284 | 1,666 |
FINANCIAL LIABILITIES | ||
Long-term debt | 10,992 | 9,992 |
Accrued interest payable | 29 | 55 |
Carrying Value [Member] | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 111,932 | 155,198 |
Securities available for sale | 110,593 | 88,524 |
Securities held to maturity | 27,344 | 13,428 |
Equity securities | 1,234 | |
Loans held for investment, net | 451,430 | 355,969 |
Loans held for sale | 4,369 | 2,946 |
Restricted stock | 1,166 | 1,144 |
Loan servicing rights | 2,439 | 1,723 |
Accrued interest receivable | 2,284 | 1,666 |
FINANCIAL LIABILITIES | ||
Deposits | 674,098 | 585,878 |
Short-term borrowings | 499 | 626 |
Long-term debt | 10,992 | 9,992 |
Accrued interest payable | 29 | 55 |
Estimated Fair Value [Member] | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 111,948 | 155,202 |
Securities available for sale | 110,593 | 88,524 |
Securities held to maturity | 28,357 | 13,499 |
Equity securities | 1,234 | |
Loans held for investment, net | 446,916 | 354,269 |
Loans held for sale | 4,369 | 2,946 |
Restricted stock | 1,166 | 1,144 |
Loan servicing rights | 2,641 | 3,228 |
Accrued interest receivable | 2,284 | 1,666 |
FINANCIAL LIABILITIES | ||
Deposits | 674,436 | 567,130 |
Short-term borrowings | 499 | 626 |
Long-term debt | 11,172 | 10,180 |
Accrued interest payable | 29 | 55 |
Level 1 [Member] | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 109,940 | 152,957 |
Securities available for sale | 5,024 | 5,012 |
Equity securities | 1,234 | |
Restricted stock | 1,166 | 1,144 |
Level 2 [Member] | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 2,008 | 2,245 |
Securities available for sale | 105,569 | 83,512 |
Securities held to maturity | 22,357 | 10,499 |
Loans held for sale | 4,369 | 2,946 |
Loan servicing rights | 2,641 | 3,228 |
FINANCIAL LIABILITIES | ||
Deposits | 674,436 | 567,130 |
Short-term borrowings | 499 | 626 |
Level 3 [Member] | ||
FINANCIAL ASSETS | ||
Securities held to maturity | 6,000 | 3,000 |
Loans held for investment, net | 446,916 | 354,269 |
Accrued interest receivable | 2,284 | 1,666 |
FINANCIAL LIABILITIES | ||
Long-term debt | 11,172 | 10,180 |
Accrued interest payable | $ 29 | $ 55 |