Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 10, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-28344 | |
Entity Registrant Name | FIRST COMMUNITY CORPORATION | |
Entity Central Index Key | 0000932781 | |
Entity Tax Identification Number | 57-1010751 | |
Entity Incorporation, State or Country Code | SC | |
Entity Address, Address Line One | 5455 Sunset Boulevard | |
Entity Address, City or Town | Lexington | |
Entity Address, State or Province | SC | |
Entity Address, Postal Zip Code | 29072 | |
City Area Code | (803) | |
Local Phone Number | 951-2265 | |
Title of 12(b) Security | Common stock, par value $1.00 per share | |
Trading Symbol | FCCO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,486,151 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 15,330 | $ 14,951 |
Interest-bearing bank balances | 77,608 | 32,741 |
Federal funds sold and securities purchased under agreements to resell | 58 | |
Investment securities available-for-sale | 295,919 | 286,800 |
Other investments, at cost | 2,053 | 1,992 |
Loans held-for-sale | 33,496 | 11,155 |
Loans | 817,372 | 737,028 |
Less, allowance for loan losses | 8,936 | 6,627 |
Net loans | 808,436 | 730,401 |
Property, furniture and equipment - net | 34,728 | 35,008 |
Lease right-of-use asset | 3,124 | 3,215 |
Premises held-for-sale | 591 | 591 |
Bank owned life insurance | 28,406 | 28,041 |
Other real estate owned | 1,449 | 1,410 |
Intangible assets | 1,283 | 1,483 |
Goodwill | 14,637 | 14,637 |
Other assets | 7,682 | 7,854 |
Total assets | 1,324,800 | 1,170,279 |
Deposits: | ||
Non-interest bearing | 371,585 | 289,829 |
Interest bearing | 747,287 | 698,372 |
Total deposits | 1,118,872 | 988,201 |
Securities sold under agreements to repurchase | 45,651 | 33,296 |
Federal Home Loan Bank advances | 211 | |
Junior subordinated debt | 14,964 | 14,964 |
Lease liability | 3,192 | 3,266 |
Other liabilities | 11,320 | 10,147 |
Total liabilities | 1,193,999 | 1,050,085 |
SHAREHOLDERS’ EQUITY | ||
Preferred stock, par value $1.00 per share, 10,000,000 shares authorized; none issued and outstanding | ||
Common stock, par value $1.00 per share; 20,000,000 shares authorized; issued and outstanding 7,486,151 at June 30, 2020 7,440,026 at December 31, 2019 | 7,486 | 7,440 |
Nonvested restricted stock | (396) | (151) |
Additional paid in capital | 91,184 | 90,488 |
Retained earnings | 22,155 | 19,927 |
Accumulated other comprehensive income | 10,372 | 2,490 |
Total shareholders’ equity | 130,801 | 120,194 |
Total liabilities and shareholders’ equity | $ 1,324,800 | $ 1,170,279 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par Value Per Share | $ 1 | $ 1 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value Per Share | $ 1 | $ 1 |
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Common Stock, Shares, Issued | 7,486,151 | 7,440,026 |
Common Stock, Shares, Outstanding | 7,486,151 | 7,440,026 |
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 | $ 9,018 | $ 8,792 | $ 17,845 | $ 17,401 |
Taxable securities | 1,225 | 1,294 | 2,662 | 2,511 |
Non-taxable securities | 386 | 364 | 675 | 804 |
Other | 37 | 156 | 194 | 264 |
Total interest income | 10,666 | 10,606 | 21,376 | 20,980 |
Interest expense: | ||||
Deposits | 736 | 1,180 | 1,755 | 2,182 |
Securities sold under agreement to repurchase | 36 | 109 | 140 | 201 |
Other borrowed money | 151 | 201 | 321 | 461 |
Total interest expense | 923 | 1,490 | 2,216 | 2,844 |
Net interest income | 9,743 | 9,116 | 19,160 | 18,136 |
Provision for loan losses | 1,250 | 9 | 2,325 | 114 |
Net interest income after provision for loan losses | 8,493 | 9,107 | 16,835 | 18,022 |
Non-interest income: | ||||
Deposit service charges | 210 | 380 | 609 | 791 |
Mortgage banking income | 1,572 | 1,238 | 2,554 | 2,082 |
Investment advisory fees and non-deposit commissions | 671 | 489 | 1,305 | 927 |
Gain on sale of securities | 164 | 135 | ||
Gain (loss) on sale of other assets | (3) | 6 | (3) | |
Other | 934 | 918 | 1,841 | 1,763 |
Total non-interest income | 3,387 | 3,186 | 6,315 | 5,695 |
Non-interest expense: | ||||
Salaries and employee benefits | 5,840 | 5,210 | 11,493 | 10,380 |
Occupancy | 679 | 647 | 1,322 | 1,302 |
Equipment | 298 | 389 | 616 | 775 |
Marketing and public relations | 247 | 430 | 601 | 605 |
FDIC assessment | 88 | 71 | 130 | 145 |
Other real estate expense | 40 | 18 | 75 | 47 |
Amortization of intangibles | 95 | 132 | 200 | 264 |
Other | 1,844 | 1,743 | 3,732 | 3,445 |
Total non-interest expense | 9,131 | 8,640 | 18,169 | 16,963 |
Net income before tax | 2,749 | 3,653 | 4,981 | 6,754 |
Income taxes | 532 | 772 | 970 | 1,378 |
Net income | $ 2,217 | $ 2,881 | $ 4,011 | $ 5,376 |
Basic earnings per common share | $ 0.30 | $ 0.38 | $ 0.54 | $ 0.70 |
Diluted earnings per common share | $ 0.30 | $ 0.37 | $ 0.54 | $ 0.70 |
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 | |
Income Statement [Abstract] | ||||
Net income | $ 2,217 | $ 2,881 | $ 4,011 | $ 5,376 |
Other comprehensive income: | ||||
Unrealized gain during the period on available-for-sale securities, net of tax expense of $1,196 and $575, respectively | 4,501 | 2,164 | 7,882 | 4,445 |
Reclassification adjustment for gain on available-for-sale securities included in net income, net of tax expense of $0 and $34, respectively | (130) | (106) | ||
Other comprehensive income | 4,501 | 2,034 | 7,882 | 4,339 |
Comprehensive income | $ 6,718 | $ 4,915 | $ 11,893 | $ 9,715 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE 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] | ||||
Unrealized (loss) gain during the period on available-for-sale securities, taxes | $ 1,196 | $ 575 | $ 2,095 | $ 1,183 |
Reclassification adjustment for loss (gain) included in net income, taxes | $ 0 | $ 34 | $ 0 | $ 29 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Nonvested Restricted Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | Warrant [Member] |
Beginning Balance, Shares at Dec. 31, 2018 | 7,639,000 | ||||||
Beginning Balance at Dec. 31, 2018 | $ 7,639 | $ 95,048 | $ (149) | $ 12,262 | $ (2,334) | $ 112,497 | $ 31 |
Net income | 2,495 | 2,495 | |||||
Other comprehensive income net of tax of $610 | 2,305 | 2,305 | |||||
Issuance of restricted stock | $ 8 | 162 | (170) | ||||
Issuance of restricted stock, Shares | 8,000 | ||||||
Amortization of compensation on restricted stock | 33 | 33 | |||||
Shares retired | $ (8) | (148) | (156) | ||||
Shares retired, Shares | (8,000) | ||||||
Dividends: Common ($0.11 per share) | (840) | (840) | |||||
Dividend reinvestment plan | $ 5 | 95 | 100 | ||||
Dividend reinvestment plan, Shares | 5,000 | ||||||
Ending Balance, Shares at Mar. 31, 2019 | 7,665,000 | ||||||
Ending Balance at Mar. 31, 2019 | $ 7,665 | 95,150 | (286) | 13,917 | (29) | 116,434 | 17 |
Exercise of warrants | $ 21 | (7) | (14) | ||||
Exercise of warrants, Shares | 21,000 | ||||||
Beginning Balance, Shares at Dec. 31, 2018 | 7,639,000 | ||||||
Beginning Balance at Dec. 31, 2018 | $ 7,639 | 95,048 | (149) | 12,262 | (2,334) | 112,497 | 31 |
Net income | 5,376 | 5,376 | |||||
Other comprehensive income net of tax of $610 | 4,339 | 4,339 | |||||
Issuance of restricted stock | $ 8 | 162 | (170) | ||||
Issuance of restricted stock, Shares | 8,000 | ||||||
Shares issued-deferred compensation | $ 24 | 241 | 265 | ||||
Issuance of common stock-deferred compensation, Shares | 24,000 | ||||||
Amortization of compensation on restricted stock | 78 | 78 | |||||
Shares retired | $ (8) | (148) | (156) | ||||
Shares retired, Shares | (8,000) | ||||||
Dividends: Common ($0.11 per share) | (1,681) | (1,681) | |||||
Dividend reinvestment plan | $ 10 | 174 | 184 | ||||
Dividend reinvestment plan, Shares | 10,000 | ||||||
Ending Balance, Shares at Jun. 30, 2019 | 7,511,000 | ||||||
Ending Balance at Jun. 30, 2019 | $ 7,511 | 92,242 | (241) | 15,957 | 2,005 | 117,489 | 15 |
Exercise of warrants | $ 23 | (7) | (16) | ||||
Exercise of warrants, Shares | 23,000 | ||||||
Stock repurchase plan | $ (185) | (3,228) | (3,413) | ||||
Stock repurchase plan, Shares | (185,000) | ||||||
Beginning Balance, Shares at Mar. 31, 2019 | 7,665,000 | ||||||
Beginning Balance at Mar. 31, 2019 | $ 7,665 | 95,150 | (286) | 13,917 | (29) | 116,434 | 17 |
Net income | 2,881 | 2,881 | |||||
Other comprehensive income net of tax of $610 | 2,034 | 2,034 | |||||
Shares issued-deferred compensation | $ 24 | 241 | 265 | ||||
Issuance of common stock-deferred compensation, Shares | 24,000 | ||||||
Amortization of compensation on restricted stock | 45 | 45 | |||||
Dividends: Common ($0.11 per share) | (841) | (841) | |||||
Dividend reinvestment plan | $ 5 | 79 | 84 | ||||
Dividend reinvestment plan, Shares | 5,000 | ||||||
Ending Balance, Shares at Jun. 30, 2019 | 7,511,000 | ||||||
Ending Balance at Jun. 30, 2019 | $ 7,511 | 92,242 | (241) | 15,957 | 2,005 | 117,489 | 15 |
Exercise of warrants | $ 2 | $ (2) | |||||
Exercise of warrants, Shares | 2,000 | ||||||
Stock repurchase plan | $ (185) | (3,228) | (3,413) | ||||
Stock repurchase plan, Shares | (185,000) | ||||||
Beginning Balance, Shares at Dec. 31, 2019 | 7,440,000 | ||||||
Beginning Balance at Dec. 31, 2019 | $ 7,440 | 90,488 | (151) | 19,927 | 2,490 | 120,194 | |
Net income | 1,794 | 1,794 | |||||
Other comprehensive income net of tax of $610 | 3,381 | 3,381 | |||||
Issuance of common stock | 4 | 4 | |||||
Issuance of restricted stock | $ 18 | 348 | (366) | ||||
Issuance of restricted stock, Shares | 18,000 | ||||||
Amortization of compensation on restricted stock | 52 | 52 | |||||
Shares retired | $ (1) | (14) | (15) | ||||
Shares retired, Shares | (1,000) | ||||||
Dividends: Common ($0.11 per share) | (891) | (891) | |||||
Dividend reinvestment plan | $ 5 | 90 | 95 | ||||
Dividend reinvestment plan, Shares | 5,000 | ||||||
Ending Balance, Shares at Mar. 31, 2020 | 7,462,000 | ||||||
Ending Balance at Mar. 31, 2020 | $ 7,462 | 90,916 | (465) | 20,830 | 5,871 | 124,614 | |
Beginning Balance, Shares at Dec. 31, 2019 | 7,440,000 | ||||||
Beginning Balance at Dec. 31, 2019 | $ 7,440 | 90,488 | (151) | 19,927 | 2,490 | 120,194 | |
Net income | 4,011 | 4,011 | |||||
Other comprehensive income net of tax of $610 | 7,882 | 7,882 | |||||
Issuance of common stock | 4 | 4 | |||||
Issuance of restricted stock | $ 18 | 348 | (366) | ||||
Issuance of restricted stock, Shares | 18,000 | ||||||
Shares issued-deferred compensation | $ 18 | 182 | 200 | ||||
Issuance of common stock-deferred compensation, Shares | 18,000 | ||||||
Amortization of compensation on restricted stock | 121 | 121 | |||||
Shares retired | $ (1) | (14) | (15) | ||||
Shares retired, Shares | (1,000) | ||||||
Dividends: Common ($0.11 per share) | (1,783) | (1,783) | |||||
Dividend reinvestment plan | $ 11 | 176 | 187 | ||||
Dividend reinvestment plan, Shares | 11,000 | ||||||
Ending Balance, Shares at Jun. 30, 2020 | 7,486,000 | ||||||
Ending Balance at Jun. 30, 2020 | $ 7,486 | 91,184 | (396) | 22,155 | 10,372 | 130,801 | |
Beginning Balance, Shares at Mar. 31, 2020 | 7,462,000 | ||||||
Beginning Balance at Mar. 31, 2020 | $ 7,462 | 90,916 | (465) | 20,830 | 5,871 | 124,614 | |
Net income | 2,217 | 2,217 | |||||
Other comprehensive income net of tax of $610 | 4,501 | 4,501 | |||||
Shares issued-deferred compensation | $ 18 | 182 | 200 | ||||
Issuance of common stock-deferred compensation, Shares | 18,000 | ||||||
Amortization of compensation on restricted stock | 69 | 69 | |||||
Dividends: Common ($0.11 per share) | (892) | (892) | |||||
Dividend reinvestment plan | $ 6 | 86 | 92 | ||||
Dividend reinvestment plan, Shares | 6,000 | ||||||
Ending Balance, Shares at Jun. 30, 2020 | 7,486,000 | ||||||
Ending Balance at Jun. 30, 2020 | $ 7,486 | $ 91,184 | $ (396) | $ 22,155 | $ 10,372 | $ 130,801 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Other Comprehensive Income | $ 1,196 | $ 899 | $ 610 | $ 601 | $ 2,095 | $ 1,212 |
Common Stock Dividend, per Share | $ 0.12 | $ 0.12 | $ 0.11 | $ 0.11 | $ 0.24 | $ 0.22 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||||||
Net income | $ 2,217 | $ 1,794 | $ 2,881 | $ 2,495 | $ 4,011 | $ 5,376 | |
Adjustments to reconcile net income to net cash used from operating activities: | |||||||
Depreciation | 807 | 649 | |||||
Net premium amortization | 1,105 | 1,071 | |||||
Provision for loan losses | 1,250 | 9 | 2,325 | 114 | $ 139 | ||
Loss on sale of other real estate owned | 3 | ||||||
Writedowns of other real estate owned | 38 | ||||||
Origination of loans held-for-sale | (85,207) | (61,358) | |||||
Sale of loans held-for-sale | 62,866 | 55,851 | |||||
Amortization of intangibles | 95 | 132 | 200 | 264 | |||
Accretion on acquired loans | (179) | (272) | |||||
Gain on sale of securities | (164) | (135) | |||||
Increase in other assets | (2,221) | (7,485) | |||||
Increase in other liabilities | 4,385 | 1,656 | |||||
Net cash used from operating activities | (11,870) | (4,266) | |||||
Cash flows from investing activities: | |||||||
Purchase of investment securities available-for-sale | (22,077) | (57,557) | |||||
Purchase of other investment securities | (70) | (37) | |||||
Maturity/call of investment securities available-for-sale | 21,948 | 14,805 | |||||
Proceeds from sale of securities available-for-sale | 51,119 | ||||||
Proceeds from sale of other securities | 9 | ||||||
(Increase) in loans | (83,576) | (8,051) | |||||
Proceeds from sale of other real estate owned | 45 | ||||||
Proceeds from sale of fixed assets | 301 | ||||||
Purchase of property and equipment | (527) | (1,954) | |||||
Net cash used in investing activities | (84,293) | (1,329) | |||||
Cash flows from financing activities: | |||||||
Increase in deposit accounts | 130,672 | 11,894 | |||||
Increase in securities sold under agreements to repurchase | 12,355 | 5,867 | |||||
Advances from the Federal Home Loan Bank | 34,001 | 65,000 | |||||
Repayment of advances from Federal Home Loan Bank | (34,212) | (65,010) | |||||
Shares retired | (15) | (156) | (15) | (156) | |||
Repurchase of common stock | (3,413) | ||||||
Issuance of deferred compensation shares | 200 | 265 | |||||
Dividends paid: Common Stock | (1,783) | (1,681) | |||||
Proceeds from issuance of Common Stock | 4 | ||||||
Dividend reinvestment plan | 187 | 184 | |||||
Net cash provided from financing activities | 141,409 | 12,950 | |||||
Net increase in cash and cash equivalents | 45,246 | 7,355 | |||||
Cash and cash equivalents at beginning of period | $ 47,692 | $ 32,268 | 47,692 | 32,268 | 32,268 | ||
Cash and cash equivalents at end of period | $ 92,938 | $ 39,263 | 92,938 | 39,263 | $ 47,692 | ||
Cash paid during the period for: | |||||||
Interest | 3,070 | 2,958 | |||||
Income taxes | 1,160 | ||||||
Non-cash investing and financing activities: | |||||||
Unrealized gain on securities | 9,977 | 5,493 | |||||
Recognition of operating lease right of use asset | 2,846 | ||||||
Recognition of operating lease liability | 2,849 | ||||||
Transfer of investment securities held-to-maturity to available-for-sale | 16,144 | ||||||
Transfer of loans to foreclosed property | $ 78 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Basis of Presentation | Note 1— Nature of Business and Basis of Presentation Basis of Presentation In the opinion of management, the accompanying unaudited consolidated balance sheets, and the consolidated statements of income, comprehensive income, changes in shareholders’ equity, and the cash flows of First Community Corporation (the “Company”) and its wholly owned subsidiary, First Community Bank (the “Bank”), present fairly in all material respects the Company’s financial position at June 30, 2020 and December 31, 2019, and the Company’s results of operations for the three and six months ended June 30, 2020 and 2019 and cash flows for the six months ended June 30, 2020 and 2019. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. In the opinion of management, all adjustments necessary to fairly present the consolidated financial position and consolidated results of operations have been made. All such adjustments are of a normal, recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements and notes thereto are presented in accordance with the instructions for Quarterly Reports on Form 10-Q. The information included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 should be referred to in connection with these unaudited interim financial statements. Risk and Uncertainties In December 2019, a novel strain of coronavirus (COVID-19) was reported to have surfaced in China,and has since spread to a number of other countries, including the United States. In March 2020, the World Health Organization declared COVID-19 a global pandemic and the United States declared a National Public Health Emergency. The COVID-19 pandemic has severely restricted the level of economic activity in the Bank’s markets. In response to the COVID-19 pandemic, the governments of the states in which the Bank has retail offices, and of most other states, have taken preventative or protective actions, such as imposing restrictions on travel and business operations, advising or requiring individuals to limit or forego their time outside of their homes, and ordering temporary closures of businesses that have been deemed to be non-essential. While the Bank’s business has been designated an essential business, which allows the Bank to continue to serve its customers, the Bank serves many customers that have been deemed, or who are employed by businesses that have been deemed, to be non-essential. And many of the Bank’s customers that have been categorized to date as essential businesses, or who are employed by businesses that have been categorized as essential businesses, have been adversely affected by the COVID-19 pandemic. The impact of the COVID-19 pandemic is fluid and continues to evolve. The unprecedented and rapid spread of COVID-19 and its associated impacts on trade (including supply chains and export levels), travel, employee productivity, unemployment, consumer spending, and other economic activities has resulted in less economic activity, significant volatility and disruption in financial markets, and has had an adverse effect on the Company’s business, financial condition and results of operations. The ultimate extent of the impact of the COVID-19 pandemic on the Company’s business, financial condition and results of operations is currently uncertain and the timing and pace of recovery will depend on various developments and other factors, including, among others, the duration and scope of the pandemic, as well as governmental, regulatory and private sector responses to the pandemic, and the associated impacts on the economy, financial markets and the Company’s customers, employees and vendors. The Company’s business, financial condition and results of operations generally rely upon the ability of the Bank’s borrowers to repay their loans, the value of collateral underlying the Bank’s secured loans, and demand for loans and other products and services the Bank offers, which are highly dependent on the business environment in the Bank’s primary markets where it operates and in the United States as a whole. On March 3, 2020, the Federal Reserve reduced the target federal funds rate by 50 basis points, followed by an additional reduction of 100 basis points on March 16, 2020. These reductions in interest rates and the other effects of the COVID-19 pandemic have had, and are expected to continue to have, possibly materially, an adverse effect on the Company’s business, financial condition and results of operations. For instance, the pandemic has had a negative effect on the Bank’s net interest margin, provision for loan losses, and deposit service charges, salaries and benefits, occupancy expense, and equipment expense. Other financial impacts could occur though such potential impact is unknown at this time. Note 1—Nature of Business and Basis of Presentation-continued As of June 30, 2020, the Bank’s capital ratios were in excess of all regulatory requirements. While management believes that the Company has sufficient capital to withstand an extended economic recession brought about by the COVID-19 pandemic, the Bank’s reported and regulatory capital ratios could be adversely impacted by further credit losses. We believe that we have ample liquidity to meet the needs of our customers and to manage through the COVID-19 pandemic through our low cost deposits; our ability to borrow against approved lines of credit (federal funds purchased) from correspondent banks; and our ability to obtain advances secured by certain securities and loans from the Federal Home Loan Bank. Furthermore, we are eligible to participate in the Paycheck Protection Program Liquidity Facility (“PPPLF”) to fund Paycheck Protection Program (“PPP”) loans if needed. Beginning in March 2020, the Company proactively offered payment deferrals for up to 90 days to its loan customers. We continue to consider potential deferrals with respect to certain customers, which we evaluate on a case-by-case basis. Loans on which payments have been deferred increased to $175.0 million at June 30, 2020 from $118.3 million at March 31, 2020. At its peak, which occurred during the second quarter of 2020, the Company granted payment deferments on loans totaling $206.9 million. As a result of normal payments being resumed by loan customers at the conclusion of their applicable payment deferral period, loans in which payments have been deferred decreased from the peak of $206.9 million to $175.0 million at June 30, 2020 and to $64.3 million at July 31, 2020. The Company has evaluated its exposure to certain industry segments most impacted by the COVID-19 pandemic as of June 30, 2020: Industry Segments Outstanding % of Loan Avg. Loan Avg. Loan to (Dollars in millions) Loan Balance Portfolio Size Value Hotels $ 28.8 3.5 % $ 1.9 68 % Restaurants $ 20.7 2.5 % $ 0.7 69 % Assisted Living $ 9.1 1.1 % $ 1.8 49 % Retail $ 78.7 9.6 % $ 0.6 60 % |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Note 2— Earnings Per Common Share The following reconciles the numerator and denominator of the basic and diluted earnings per common share computation: (In thousands except average market price) Six months Three months Ended June 30, Ended June 30, 2020 2019 2020 2019 Numerator (Net income available to common shareholders) $ 4,011 $ 5,376 $ 2,217 $ 2,881 Denominator Weighted average common shares outstanding for: Basic shares 7,432 7,629 7,436 7,627 Dilutive securities: Deferred compensation 26 43 18 41 Warrants/Restricted stock – Treasury stock method 10 36 11 36 Diluted shares 7,468 7,708 7,465 7,704 Earnings per common share: Basic 0.54 0.70 0.30 0.38 Diluted 0.54 0.70 0.30 0.37 The average market price used in calculating assumed number of shares $ 16.98 $ 19.12 $ 14.97 $ 18.35 In the fourth quarter of 2011, we issued $ 2.5 million 8.75% 107,500 In 2006, the Company established a Non-Employee Director Deferred Compensation Plan, whereby a director may elect to defer all or any part of annual retainer and monthly meeting fees payable with respect to service on the board of directors or a committee of the board. Units of common stock are credited to the director’s account at the time compensation is earned and are included in dilutive securities in the table above. The non-employee director’s account balance is distributed by issuance of common stock at the time of retirement or resignation from the board of directors. At June 30, 2020 and December 31, 2019, there were 84,643 and 97,104 units in the plan, respectively 1.0 million 1.1 million The Company has adopted a stock option plan whereby shares have been reserved for issuance by the Company upon the grant of stock options or restricted stock awards. At June 30, 2020 and December 31, 2019 the Company had 111,049 and 96,729 shares, respectively, reserved for future grants. The 350,000 shares reserved were approved by shareholders at the 2011 annual meeting. The plan provides for the grant of options to key employees and directors as determined by a stock option committee made up of at least two members of the board of directors. Options are exercisable for a period of ten years from date of grant. There were no stock options outstanding and exercisable at June 30, 2020 and December 31, 2019. The employee restricted shares and units cliff vest over a three-year period; the non-employee director shares vest one year after issuance. The unrecognized compensation cost at June 30, 2020 and December 31, 2019 for non-vested shares amounts to $ 396.0 thousand and $ 219.7 thousand , respectively. Each unit is convertible into one share of common stock at the time the unit vests. The related compensation cost is accrued over the vesting period and was $ 79.2 thousand and $ 61.0 thousand at June 30, 2020, and December 31, 2019, respectively. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 3— Investment Securities The amortized cost and estimated fair values of investment securities are summarized below: AVAILABLE-FOR-SALE: Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value June 30, 2020 US Treasury securities $ 3,502 $ 19 $ — $ 3,521 Government Sponsored Enterprises 990 23 — 1,013 Mortgage-backed securities 172,969 7,683 317 180,335 Small Business Administration pools 39,289 938 11 40,216 State and local government 64,043 4,794 — 68,837 Other securities 1,997 — — 1,997 $ 282,790 $ 13,457 $ 328 $ 295,919 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value December 31, 2019 US Treasury securities $ 7,190 $ 16 $ 3 $ 7,203 Government Sponsored Enterprises 984 17 — 1,001 Mortgage-backed securities 182,736 1,490 640 183,586 Small Business Administration pools 45,301 259 217 45,343 State and local government 47,418 2,371 141 49,648 Other securities 19 — — 19 $ 283,648 $ 4,153 $ 1,001 $ 286,800 During the first quarter of 2019, the Company reclassified the portfolio of securities listed as held-to-maturity to available-for-sale. There were no investment securities listed as held-to-maturity as of June 30, 2020. During the six months ended June 30, 2020 and 2019, the Company received proceeds of $0 and $51.1 million, respectively, from the sale of investment securities available-for-sale. For the three months ended June 30, 2020, there were no gross realized gains from the sale of investment securities available-for-sale and no gross realized losses. For the three months ended June 30, 2019, gross realized gains from the sale of investment securities available-for-sale amounted to $ 315.0 354.6 219.6 At June 30, 2020, other securities available-for-sale included the following at fair value: a mutual fund at $ 6.7 10.0 2.1 2.0 8.8 10.0 1.1 1.0 991.4 1.0 Note 3—Investment Securities-continued The following tables show gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position, at June 30, 2020 and December 31, 2019. (Dollars in thousands) Less than 12 months 12 months or more Total June 30, 2020 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities: Value Loss Value Loss Value Loss Mortgage-backed securities $ 23,967 $ 264 $ 3,639 $ 53 $ 27,606 $ 317 Small Business Administration pools 194 — 5,693 11 5,887 11 Total $ 24,161 $ 264 $ 9,332 $ 64 $ 33,493 $ 328 (Dollars in thousands) Less than 12 months 12 months or more Total December 31, 2019 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities: Value Loss Value Loss Value Loss US Treasury securities $ — $ — $ 1,508 $ 3 $ 1,508 $ 3 Mortgage-backed securities 57,175 485 12,419 155 69,594 640 Small Business Administration pools 7,891 53 13,502 164 21,393 217 State and local government 5,695 141 — — 5,695 141 Total $ 70,761 $ 679 $ 27,429 $ 322 $ 98,190 $ 1,001 Government Sponsored Enterprise, Mortgage-Backed Securities: 172.9 182.7 180.3 183.6 Non-agency Mortgage Backed Securities: 66.4 63.3 73.5 73.5 State and Local Governments and Other: Note 3—Investment Securities-continued The following sets forth the amortized cost and fair value of investment securities at June 30, 2020 by contractual maturity. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay the obligations with or without prepayment penalties. MBSs are based on average life at estimated prepayment speeds. June 30, 2020 Available-for-sale Amortized Fair (Dollars in thousands) Cost Value Due in one year or less $ 12,438 $ 12,566 Due after one year through five years 120,737 124,897 Due after five years through ten years 119,104 126,668 Due after ten years 30,511 31,788 Total $ 282,790 $ 295,919 |
Loans
Loans | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Loans | Note 4— Loans Loans summarized by category June 30, December 31, June 30, (Dollars in thousands) 2020 2019 2019 Commercial, financial and agricultural $ 107,184 $ 51,805 $ 52,641 Real estate: Construction 82,584 73,512 61,284 Mortgage-residential 45,424 45,357 49,927 Mortgage-commercial 544,670 527,447 524,348 Consumer: Home equity 27,156 28,891 28,465 Other 10,354 10,016 10,042 Total $ 817,372 $ 737,028 $ 726,707 Commercial, financial, and agricultural category includes $ 47.9 The detailed activity in the allowance for loan losses and the recorded investment in loans receivable (Dollars in thousands) Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer Commercial Construction Residential Commercial equity Other Unallocated Total Three months ended June 30, 2020 Allowance for loan losses: Beginning balance $ 489 $ 148 $ 440 $ 5,531 $ 277 $ 112 $ 697 $ 7,694 Charge-offs — — — — — (25 ) — (25 ) Recoveries 3 — — 3 — 11 — 17 Provisions 277 17 57 935 16 34 (86 ) 1,250 Ending balance $ 769 $ 165 $ 497 $ 6,469 $ 293 $ 132 $ 611 $ 8,936 Note 4—Loans-continued (Dollars in thousands) Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer Commercial Construction Residential Commercial equity Other Unallocated Total Six months ended June 30, 2020 Allowance for loan losses: Beginning balance $ 427 $ 111 $ 367 $ 4,602 $ 240 $ 97 $ 783 $ 6,627 Charge-offs — — — — — (48 ) — (48 ) Recoveries 3 — — 9 1 19 — 32 Provisions 339 54 130 1,858 52 64 (172 ) 2,325 Ending balance $ 769 $ 165 $ 497 $ 6,469 $ 293 $ 132 $ 611 $ 8,936 Ending balances: Individually evaluated for impairment $ — $ — $ — $ 4 $ — $ — $ — $ 4 Collectively evaluated for impairment 769 165 497 6,465 293 132 611 8,932 June 30, 2020 Loans receivable: Ending balance-total $ 107,184 $ 82,584 $ 45,424 $ 544,670 $ 27,156 $ 10,354 $ — $ 817,372 Ending balances: Individually evaluated for impairment — — 333 3,020 66 — — 3,419 Collectively evaluated for impairment $ 107,184 $ 82,584 $ 45,091 $ 541,650 $ 27,090 $ 10,354 $ — $ 813,953 (Dollars in thousands) Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer Commercial Construction Residential Commercial equity Other Unallocated Total Three months ended June 30, 2019 Allowance for loan losses: Beginning balance $ 418 $ 96 $ 412 $ 4,346 $ 268 $ 89 $ 725 $ 6,354 Charge-offs — — (7 ) — — (36 ) — (43 ) Recoveries — — — 31 — 11 — 42 Provisions 17 (19 ) (1 ) 81 (21 ) 37 (85 ) 9 Ending balance $ 435 $ 77 $ 404 $ 4,458 $ 247 $ 101 $ 640 $ 6,362 Note 4—Loans-continued Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer Commercial Construction Residential Commercial equity Other Unallocated Total Six months ended June 30, 2019 Allowance for loan losses: Beginning balance $ 430 $ 89 $ 431 $ 4,318 $ 261 $ 88 $ 646 $ 6,263 Charge-offs (2 ) — (7 ) — (1 ) (66 ) — (76 ) Recoveries — — — 41 — 20 — 61 Provisions 7 (12 ) (20 ) 99 (13 ) 59 (6 ) 114 Ending balance $ 435 $ 77 $ 404 $ 4,458 $ 247 $ 101 $ 640 $ 6,362 Ending balances: Individually evaluated for impairment $ — $ — $ — $ 12 $ — $ — $ — $ 12 Collectively evaluated for impairment 435 77 404 4,446 247 101 640 6,350 June 30, 2019 Ending balance-total $ 52,641 $ 61,284 $ 49,927 $ 524,348 $ 28,465 $ 10,042 $ — $ 726,707 Ending balances: Individually evaluated for impairment — — 542 4,047 54 — — 4,643 Collectively evaluated for impairment $ 52,641 $ 61,284 $ 49,385 $ 520,301 $ 28,411 $ 10,042 $ — $ 722,064 Note 4—Loans-continued (Dollars in thousands) Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer Commercial Construction Residential Commercial equity Other Unallocated Total December 31, 2019 Allowance for loan losses: Beginning balance $ 430 $ 89 $ 431 $ 4,318 $ 261 $ 88 $ 646 $ 6,263 Charge-offs (12 ) — (12 ) — (1 ) (120 ) — (145 ) Recoveries 3 — — 307 15 45 — 370 Provisions 6 22 (52 ) (23 ) (35 ) 84 137 139 Ending balance $ 427 $ 111 $ 367 $ 4,602 $ 240 $ 97 $ 783 $ 6,627 Ending balances: Individually evaluated for impairment $ — $ — $ — $ 6 $ — $ — $ — $ 6 Collectively evaluated for impairment 427 111 367 4,596 240 97 783 6,621 December 31, 2019 Ending balance-total $ 51,805 $ 73,512 $ 45,357 $ 527,447 $ 28,891 $ 10,016 $ — $ 737,028 Ending balances: Individually evaluated for impairment 400 — 392 3,135 70 — — 3,997 Collectively evaluated for impairment $ 51,405 $ 73,512 $ 44,965 $ 524,312 $ 28,821 $ 10,016 $ — $ 733,031 Note 4—Loans-continued Related party loans and lines of credit are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and generally do not involve more than the normal risk of collectability. The following table presents related party loan transactions (Dollars in thousands) 2020 2019 Beginning Balance January 1 $ 4,109 $ 5,937 New Loans 55 106 Less loan repayments 585 1,668 Ending Balance June 30 $ 3,579 $ 4,375 The following table presents at June 30, 2020 and December 31, 2019 loans individually evaluated and considered impaired (Dollars in thousands) June 30, December 31, 2020 2019 Total loans considered impaired $ 3,419 $ 3,997 Loans considered impaired for which there is a related allowance for loan loss: Outstanding loan balance $ 193 $ 256 Related allowance $ 4 $ 6 Loans considered impaired and previously written down to fair value $ 2,176 $ 2,275 Average impaired loans $ 3,731 $ 4,431 Amount of interest earned during period of impairment $ 85 $ 263 Note 4—Loans-continued The following tables are by loan category (Dollars in thousands) Six months ended Three months ended Unpaid Average Interest Average Interest June 30, 2020 Recorded Principal Related Recorded income Recorded Income Investment Balance Allowance Investment Recognized Investment Recognized With no allowance recorded: Commercial, financial, agricultural $ — $ — $ — $ — $ — $ — $ — Real estate: Construction — — — — — — — Mortgage-residential 333 425 — 337 10 331 7 Mortgage-commercial 2,827 5,567 — 3,189 147 3,141 74 Consumer: Home equity 66 70 — 68 2 66 1 Other — — — — — — — With an allowance recorded: Commercial, financial, agricultural — — — — — — — Real estate: Construction — — — — — — — Mortgage-residential — — — — — — — Mortgage-commercial 193 193 4 216 6 193 3 Consumer: Home equity — — — — — — — Other — — — — — — — Total: Commercial, financial, agricultural $ — $ — $ — $ — $ — $ — $ — Real estate: Construction — — — — — — — Mortgage-residential 333 425 — 337 10 331 7 Mortgage-commercial 3,020 5,760 4 3,405 153 3,334 77 Consumer: Home equity 66 70 — 68 2 66 1 Other — — — — — — — $ 3,419 6,255 $ 4 $ 3,810 $ 165 $ 3,731 $ 85 Note 4—Loans-continued (Dollars in thousands) Six months ended Three months ended Unpaid Average Interest Average Interest June 30, 2019 Recorded Principal Related Recorded income Recorded Income Investment Balance Allowance Investment Recognized Investment Recognized With no allowance recorded: Commercial, financial, agricultural $ — $ — $ — $ — $ — $ — $ — Real estate: Construction — — — — — — — Mortgage-residential 542 600 — 590 10 578 8 Mortgage-commercial 3,622 6,625 — 3,706 180 3,694 90 Consumer: Home equity 54 56 — 57 2 57 1 Other — — — — — — — With an allowance recorded: Commercial, financial, agricultural — — — — — — — Real estate: Construction — — — — — — — Mortgage-residential — — — — — — — Mortgage-commercial 425 425 12 444 13 439 6 Consumer: Home equity — — — — — — — Other — — — — — — — Total: Commercial, financial, agricultural $ — $ — $ — $ — $ — $ — $ — Real estate: Construction — — — — — — — Mortgage-residential 542 600 — 590 10 578 8 Mortgage-commercial 4,047 7,050 12 4,150 193 4,133 96 Consumer: Home equity 54 56 — 57 2 57 1 Other — — — — — — — $ 4,643 $ 7,706 $ 12 $ 4,797 $ 205 $ 4,768 $ 105 Note 4—Loans-continued (Dollars in thousands) December 31, 2019 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no allowance recorded: Commercial $ 400 $ 400 $ — $ 600 $ 49 Real estate: Construction — — — — — Mortgage-residential 392 460 — 439 19 Mortgage-commercial 2,879 5,539 — 2,961 170 Consumer: Home Equity 70 73 — 76 2 Other — — — — — With an allowance recorded: Commercial — — — — — Real estate: Construction — — — — — Mortgage-residential — — — — — Mortgage-commercial 256 256 6 355 23 Consumer: Home Equity — — — — — Other — — — — — Total: Commercial 400 400 — 600 49 Real estate: Construction — — — — — Mortgage-residential 392 460 — 439 19 Mortgage-commercial 3,135 5,795 6 3,316 193 Consumer: Home Equity 70 73 — 76 2 Other — — — — — $ 3,997 $ 6,728 $ 6 $ 4,431 $ 263 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, including current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a monthly basis. The Company uses the following definitions for risk ratings: Special Mention Substandard Doubtful Note 4—Loans-continued Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered as pass rated loans. As of June 30, 2020 and December 31, 2019, and based on the most recent analysis performed, the risk category of loans by class of loans (Dollars in thousands) June 30, 2020 Special Pass Mention Substandard Doubtful Total Commercial, financial & agricultural $ 107,024 $ 160 $ — $ — $ 107,184 Real estate: Construction 82,584 — — — 82,584 Mortgage – residential 44,595 202 627 — 45,424 Mortgage – commercial 538,978 2,357 3,335 — 544,670 Consumer: Home Equity 25,716 102 1,338 — 27,156 Other 10,327 27 — — 10,354 Total $ 809,224 $ 2,848 $ 5,300 $ — $ 817,372 (Dollars in thousands) December 31, 2019 Special Pass Mention Substandard Doubtful Total Commercial, financial & agricultural $ 51,166 $ 239 $ 400 $ — $ 51,805 Real estate: Construction 73,512 — — — 73,512 Mortgage – residential 44,221 509 627 — 45,357 Mortgage – commercial 521,072 2,996 3,379 — 527,447 Consumer: Home Equity 27,450 1,157 284 — 28,891 Other 9,981 35 — — 10,016 Total $ 727,402 $ 4,936 $ 4,690 $ — $ 737,028 At June 30, 2020 and December 31, 2019, non-accrual loans totaled $1.8 million and $2.3 million, respectively. TDRs that are still accruing and included in impaired loans at June 30, 2020 and at December 31, 2019 amounted to $ 1.6 1.7 Loans greater than 90 days delinquent and still accruing interest were $ 0.3 Acquired credit-impaired loans are accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality, found in FASB ASC Topic 310-30, (Receivables—Loans and Debt Securities Acquired with Deteriorated Credit Quality), Note 4—Loans-continued A summary of changes in the accretable yield for purchased credit-impaired loans (Dollars in thousands) Three Months Three Months Accretable yield, beginning of period $ 116 $ 145 Additions — — Accretion (7 ) (7 ) Reclassification of nonaccretable difference due to improvement in expected cash flows — — Other changes, net — — Accretable yield, end of period $ 109 $ 138 At June 30, 2020 and December 31, 2019, the recorded investment in purchased impaired loans was $ 109 112 180 190 The following tables are by loan category and present loans past due and on non-accrual status (Dollars in thousands) Greater than 30-59 Days 60-89 Days 90 Days and Total June 30, 2020 Past Due Past Due Accruing Nonaccrual Past Due Current Total Loans Commercial $ 26 $ — $ — $ — $ 26 $ 107,158 $ 107,184 Real estate: Construction — — — — — 82,584 82,584 Mortgage-residential 2 9 — 333 344 45,080 45,424 Mortgage-commercial 226 13 — 1,407 1,646 543,024 544,670 Consumer: Home equity — — — 66 66 27,090 27,156 Other 33 2 — — 35 10,319 10,354 $ 287 $ 24 $ — $ 1,806 $ 2,117 $ 815,255 $ 817,372 (Dollars in thousands) Greater than 30-59 Days 60-89 Days 90 Days and Total December 31, 2019 Past Due Past Due Accruing Nonaccrual Past Due Current Total Loans Commercial $ — $ 99 $ — $ 400 $ 499 $ 51,306 $ 51,805 Real estate: Construction 113 — — — 113 73,399 73,512 Mortgage-residential 151 — — 392 543 44,814 45,357 Mortgage-commercial 39 — — 1,467 1,506 525,941 527,447 Consumer: Home equity 2 9 — 70 81 28,810 28,891 Other 40 23 — — 63 9,953 10,016 $ 345 $ 131 $ — $ 2,329 $ 2,805 $ 734,223 $ 737,028 The Company identifies TDRs as impaired under the guidance in ASC 310-10-35. There were no loans determined to be TDRs that were restructured during the three-month periods ended June 30, 2020 and June 30, 2019. Note 4—Loans-continued During the six-month periods ended June 30, 2020 and June 30, 2019, there were no loans determined to be TDRs in the previous twelve months that had payment defaults. Defaulted loans are those loans that are greater than 89 days past due. In the determination of the allowance for loan losses, all TDRs are reviewed to ensure that one of the three proper valuation methods (fair market value of the collateral, present value of cash flows, or observable market price) is adhered to. All non-accrual loans are written down to their corresponding collateral value. All troubled TDR accruing loans that have a loan balance that exceeds the present value of cash flows will have a specific allocation. All nonaccrual loans are considered impaired. Under ASC 310-10, a loan is impaired when it is probable that the Company will be unable to collect all amounts due including both principal and interest according to the contractual terms of the loan agreement. In accordance with interagency guidance issued in March 2020, short term deferrals granted due to the COVID-19 pandemic are not considered TDRs unless the borrower was previously experiencing financial difficulty. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Note 5— Recently Issued Accounting Pronouncements The following is a summary of recent authoritative pronouncements: In February 2016, the FASB amended the Leases topic of the ASC to revise certain aspects of recognition, measurement, presentation, and disclosure of leasing transactions. The amendments were effective for fiscal years beginning after December 15, 2018 including interim periods within those fiscal years. The Company adopted the guidance using the modified retrospective method and practical expedients for transition. The practical expedients allow the Company to largely account for our existing leases consistent with current guidance except for the incremental balance sheet recognition of leases. The impact of adoption on January 1, 2019 was recording a right-of-use asset and lease liability of $2.9 million. See Note 9 “Leases” to the consolidated financial statements. In June 2016, the FASB issued guidance to change the accounting for credit losses and modify the impairment model for certain debt securities. The amendments will be effective for the Company for reporting periods beginning after December 15, 2022. Early adoption is permitted for all organizations for periods beginning after December 15, 2018. The Company is currently evaluating the effect that implementation of the new standard will have on its financial position, results of operations, and cash flows. In January 2017, the FASB amended the Goodwill and Other Topic of the ASC to simplify the accounting for goodwill impairment for public business entities and other entities that have goodwill reported in their financial statements and have not elected the private company alternative for the subsequent measurement of goodwill. The amendment removes Step 2 of the goodwill impairment test. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The effective date and transition requirements for the technical corrections were effective for the Company for reporting periods beginning after December 15, 2019. These amendments did not have a material impact on the Company’s financial statements. In March 2017, the FASB amended the requirements in the Receivables—Nonrefundable Fees and Other Costs Topic of the ASC related to the amortization period for certain purchased callable debt securities held at a premium. The amendments shorten the amortization period for the premium to the earliest call date. The amendments became effective for the Company for interim and annual periods beginning after December 15, 2018 and did not have a material effect on the Company’s financial statements. In July 2018, the FASB amended the Leases Topic of the ASC to make narrow amendments to clarify how to apply certain aspects of the new leases standard. Additionally, amendments were made to give entities another option for transition and to provide lessors with a practical expedient. The amendments were effective for reporting periods beginning after December 15, 2018 and did not have a material effect on the Company’s financial statements. In August 2018, the FASB amended the Fair Value Measurement Topic of the ASC. The amendments remove, modify, and add certain fair value disclosure requirements based on the concepts in the FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements. The amendments were effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 and did not have a material effect on the Company’s financial statements. Note 5—Recently Issued Accounting Pronouncements-continued In August 2018, the FASB amended the Intangibles—Goodwill and Other Topic of the ASC to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amendments are effective for the Company for fiscal years beginning after December 15, 2019 and did not have a material effect on the Company’s financial statements In March 2019, the FASB issued guidance to address concerns companies had raised about an accounting exception they would lose when assessing the fair value of underlying assets under the leases standard and clarify that lessees and lessors are exempt from a certain interim disclosure requirement associated with adopting the new standard. The amendments were effective for the Company for reporting periods beginning after December 15, 2019 and did not have a material effect on the Company’s financial statements. In April 2019, the FASB issued guidance that clarifies and improves areas of guidance related to the recently issued standards on credit losses, hedging, and recognition and measurement of financial instruments. The amendments related to credit losses were effective for the Company for reporting periods beginning after December 15, 2019. The amendments related to hedging were effective for the Company for interim and annual periods beginning after December 15, 2018. The amendments related to recognition and measurement of financial instruments were effective for the Company for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. These amendments did not have a material impact on the Company’s financial statements. In July 2019, the FASB updated various Topics of the ASC to align the guidance in various SEC sections of the ASC with the requirements of certain SEC final rules. The amendments were effective upon issuance and did not have a material effect on the Company’s financial statements. In November 2019, the FASB issued guidance to defer the effective dates for private companies, not-for-profit organizations, and certain smaller reporting companies applying standards on current expected credit losses (CECL), leases, hedging. The new effective date for CECL will be fiscal years beginning after December 15, 2022 including interim periods within those fiscal years. The Company is evaluating the impact that this will have on its financial statements In November 2019, the FASB issued guidance that addresses issues raised by stakeholders during the implementation of ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments affect a variety of Topics in the Accounting Standards Codification. For entities that have not yet adopted the amendments in ASU 2016-13, the amendments are effective for fiscal years beginning after December 15, 2022 including interim periods within those fiscal years-all other entities. Early adoption is permitted in any interim period as long as an entity has adopted the amendments in ASU 2016-13. The Company is evaluating the impact that this will have on its financial statements. In December 2019, the FASB issued guidance to simplify accounting for income taxes by removing specific technical exceptions that often produce information investors have a hard time understanding. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect these amendments to have a material effect on its financial statements. In January 2020, the FASB issued guidance to address accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. The amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted, including early adoption in an interim period. The Company does not expect these amendments to have a material effect on its financial statements. In February 2020, the FASB issued guidance to add and amend SEC paragraphs in the ASC to reflect the issuance of SEC Staff Accounting Bulletin No. 119 related to the new credit losses standard and comments by the SEC staff related to the revised effective date of the new leases standard. The amendments were effective upon issuance. Note 5—Recently Issued Accounting Pronouncements-continued In March 2020, the FASB issued guidance that makes narrow-scope improvements to various aspects of the financial instrument guidance, including the CECL guidance issued in 2016. For public business entities, the amendments are effective upon issuance of this final ASU. For all other entities, the amendments were effective for fiscal years beginning after December 15, 2019, and are effective for interim periods within those fiscal years beginning after December 15, 2020. Early application is permitted. The effective date of the amendments to ASU 2016-01 is for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For the amendments related to ASU 2016-13, public business entities that meet the definition of an SEC filer, excluding eligible smaller reporting companies (SRCs) as defined by the SEC, should adopt the amendments in ASU 2016-13 during 2020. All other entities should adopt the amendments in ASU 2016-13 during 2023. Early adoption will continue to be permitted. For entities that have not yet adopted the guidance in ASU 2016-13, the effective dates and the transition requirements for these amendments are the same as the effective date and transition requirements in ASU 2016-13. For entities that have adopted the guidance in ASU 2016-13, the amendments were effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For those entities, the amendments should be applied on a modified-retrospective basis by means of a cumulative-effect adjustment to opening retained earnings in the statement of financial position as of the date that an entity adopted the amendments in ASU 2016-13. The Company is evaluating the impact that this will have on its financial statements In March 2020, the FASB issued guidance to provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The amendments are effective as of March 12, 2020 through December 31, 2022. The Company does not expect these amendments to have a material effect on its financial statements. In March 2020, the FASB issued guidance to provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. The amendments are effective as of March 12, 2020 through December 31, 2022. The Company does not expect these amendments to have a material effect on its financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 6— Fair Value of Financial Instruments The Company adopted FASB ASC Fair Value Measurement Topic 820, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level l Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Note 6—Fair Value of Financial Instruments-continued FASB ASC 825-10-50 “Disclosure about Fair Value of Financial Instruments”, requires the Company to disclose estimated fair values for its financial instruments. Fair value estimates, methods, and assumptions are set forth below. Cash and Short Term Investments - Investment Securities— Loans Held-for-Sale - Loans - Other Real Estate Owned (“OREO”) - Accrued Interest Receivable Deposits - Federal Home Loan Bank Advances - Short Term Borrowings - Junior Subordinated Debentures - Accrued Interest Payable - Commitments to Extend Credit Note 6—Fair Value of Financial Instruments-continued The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of June 30, 2020 and December 31, 2019 are as follows: June 30, 2020 Fair Value (Dollars in thousands) Carrying Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 92,996 $ 92,996 $ 92,996 $ — $ — Available-for-sale securities 295,919 295,919 3,106 291,257 1,556 Other investments, at cost 2,053 2,053 — — 2,053 Loans held-for-sale 33,496 33,496 — 33,496 — Net loans receivable 808,436 795,991 — — 795,991 Accrued interest 4,968 4,968 4,968 — — Financial liabilities: Non-interest bearing demand $ 371,585 $ 371,585 $ — $ 371,585 $ — Interest bearing demand deposits and money market accounts 465,440 465,440 — 465,440 — Savings 116,353 116,353 — 116,353 — Time deposits 165,494 166,568 — 166,568 — Total deposits 1,118,872 986,645 — 986,645 — Short term borrowings 45,651 45,651 — 45,651 — Junior subordinated debentures 14,964 10,816 — 10,816 — Accrued interest payable 837 837 837 — — Note 6—Fair Value of Financial Instruments-continued December 31, 2019 Fair Value (Dollars in thousands) Carrying Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 47,692 $ 47,692 $ 47,692 $ — $ — Available-for-sale securities 286,800 286,800 23,632 261,361 1,807 Other investments, at cost 1,992 1,992 — — 1,992 Loans held-for-sale 11,155 11,155 — 11,155 — Net loans receivable 730,401 728,745 — — 728,745 Accrued interest 3,481 3,481 3,481 — — Financial liabilities: Non-interest bearing demand $ 289,829 $ 289,829 $ — $ 289,829 $ — Interest bearing demand deposits and money market accounts 423,256 423,256 — 423,256 — Savings 104,456 104,456 — 104,456 — Time deposits 170,660 171,558 — 171,558 — Total deposits 988,201 989,099 — 989,099 — Federal Home Loan Bank advances 211 211 — 211 — Short term borrowings 33,296 33,296 — 33,296 — Junior subordinated debentures 14,964 13,161 — 13,161 — Accrued interest payable 1,033 1,033 1,033 — — The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of June 30, 2020 and December 31, 2019 that are measured on a recurring basis. There were no liabilities carried at fair value as of June 30, 2020 or December 31, 2019 that are measured on a recurring basis. (Dollars in thousands) Description June 30, Quoted Prices Significant Significant Available-for-sale securities US treasury securities $ 3,521 $ — $ 3,521 $ — Government sponsored enterprises 1,013 — 1,013 — Mortgage-backed securities 180,335 1,119 177,660 1,556 Small Business Administration pools 40,216 — 40,216 — State and local government 68,837 — 68,837 — Corporate and other securities 1,997 1,987 10 — Total 295,919 3,106 291,257 1,556 Loans held-for-sale 33,496 — 33,496 — Total $ 329,415 $ 3,106 $ 324,753 $ 1,556 Note 6—Fair Value of Financial Instruments-continued (Dollars in thousands) Description December 31, Quoted Prices Significant Significant Available-for-sale securities US treasury securities $ 7,203 $ — $ 7,203 $ — Government sponsored enterprises 1,001 — 1,001 — Mortgage-backed securities 183,586 18,435 163,344 1,807 Small Business Administration securities 45,343 — 45,343 — State and local government 49,648 5,188 44,460 — Corporate and other securities 19 9 10 — 286,800 23,632 261,361 1,807 Loans held-for-sale 11,155 — 11,155 — Total $ 297,955 $ 23,632 $ 272,516 $ 1,807 The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of June 30, 2020 and December 31, 2019 that are measured on a non-recurring basis. There were no Level 3 financial instruments for the six months ended June 30, 2020 and June 30, 2019 measured on a recurring basis. (Dollars in thousands) Description June 30, Quoted Prices Significant Significant Impaired loans: Commercial & Industrial $ — $ — $ — $ — Real estate: Mortgage-residential 333 — — 333 Mortgage-commercial 3,020 — — 3,020 Consumer: Home equity 66 — — 66 Other — — — — Total impaired 3,419 — — 3,419 Other real estate owned: Construction 826 — — 826 Mortgage-commercial 623 — — 623 Total other real estate owned 1,449 — — 1,449 Total $ 4,864 $ — $ — $ 4,864 Note 6—Fair Value of Financial Instruments-continued (Dollars in thousands) Description December 31, Quoted Prices Significant Significant Impaired loans: Commercial & Industrial $ 400 $ — $ — $ 400 Real estate: Mortgage-residential 392 — — 392 Mortgage-commercial 3,129 — — 3,129 Consumer: Home equity 70 — — 70 Other — — — — Total impaired 3,991 — — 3,991 Other real estate owned: Construction 826 — — 826 Mortgage-residential 584 — — 584 Total other real estate owned 1,410 — — 1,410 Total $ 5,401 $ — $ — $ 5,401 The Company has a large percentage of loans with real estate serving as collateral. Loans which are deemed to be impaired are primarily valued on a nonrecurring basis at the fair value of the underlying real estate collateral. Such fair values are obtained using independent appraisals, which the Company considers to be Level 3 inputs. Third party appraisals are generally obtained when a loan is identified as being impaired or at the time it is transferred to OREO. With respect to less complex or smaller credits, an internal evaluation may be performed. This internal process consists of evaluating the underlying collateral to independently obtained comparable properties. Generally, the independent and internal evaluations are updated annually. Factors considered in determining the fair value include, among others, geographic sales trends, the value of comparable surrounding properties and the condition of the property. The aggregate amount of impaired loans was $3.4 million and $4.0 million as of June 30, 2020 and December 31, 2019, respectively. Note 6—Fair Value of Financial Instruments-continued For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of June 30, 2020 and December 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows: (Dollars in thousands) Fair Value Valuation Technique Significant Significant OREO $ 1,449 Appraisal Value/Comparison Sales/Other estimates Appraisals and or sales of comparable properties Appraisals discounted 6% 16% Impaired loans $ 3,415 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6% 16% (Dollars in thousands) Fair Value Valuation Technique Significant Significant OREO $ 1,410 Appraisal Value/Comparison Sales/Other estimates Appraisals and or sales of comparable properties Appraisals discounted 6% 16% Impaired loans $ 3,991 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6% 16% |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2020 | |
Deposits | Note 7— Deposits The Company’s total deposits are comprised June 30, December 31, (Dollars in thousands) 2020 2019 Non-interest bearing demand deposits $ 371,585 $ 289,829 Interest bearing demand deposits and money market accounts 465,440 423,256 Savings 116,353 104,456 Time deposits 165,494 170,660 Total deposits $ 1,118,872 $ 988,201 As of June 30, 2020 and December 31, 2019, the Company had time deposits greater than $250,000 of $ 28.7 32.2 |
Reportable Segments
Reportable Segments | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Reportable Segments | Note 8— Reportable Segments The Company’s reportable segments represent the distinct product lines the Company offers and are viewed separately for strategic planning by management. The Company has four reportable segments: · Commercial and retail banking: The Company’s primary business is to provide deposit and lending products and services to its commercial and retail customers. · Mortgage banking: This segment provides mortgage origination services for loans that will be sold to investors in the secondary market. · Investment advisory and non-deposit: This segment provides investment advisory services and non-deposit products. · Corporate: This segment includes the parent company financial information, including interest on parent company debt and dividend income received from the Bank. The following tables present selected financial information for the Company’s reportable business segments (Dollars in thousands) Commercial Investment Six months ended June 30, 2020 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 20,644 $ 732 $ — $ 2,129 $ (2,129 ) $ 21,376 Interest expense 1,903 — — 313 — 2,216 Net interest income $ 18,741 $ 732 $ — $ 1,816 $ (2,129 ) $ 19,160 Provision for loan losses 2,325 — — — — 2,325 Noninterest income 2,456 2,554 1,305 — — 6,315 Noninterest expense 14,713 2,276 924 256 — 18,169 Net income before taxes $ 4,159 $ 1,010 $ 381 $ 1,560 $ (2,129 ) $ 4,981 Income tax provision (benefit) 1,089 — — (119 ) — 970 Net income (loss) $ 3,070 $ 1,010 $ 381 $ 1,679 $ (2,129 ) $ 4,011 (Dollars in thousands) Commercial Investment Six months ended June 30, 2019 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 20,480 $ 488 $ — $ 3,042 $ (3,030 ) $ 20,980 Interest expense 2,449 — — 395 — 2,844 Net interest income $ 18,031 $ 488 $ — $ 2,647 $ (3,030 ) $ 18,136 Provision for loan losses 114 — — — — 114 Noninterest income 2,686 2,082 927 — — 5,695 Noninterest expense 14,170 1,755 862 176 — 16,963 Net income before taxes $ 6,433 $ 815 $ 65 $ 2,471 $ (3,030 ) $ 6,754 Income tax provision (benefit) 1,517 — — (139 ) — 1,378 Net income (loss) $ 4,916 $ 815 $ 65 $ 2,610 $ (3,030 ) $ 5,376 Note 8—Reportable Segments-continued (Dollars in thousands) Commercial Investment Three months ended June 30, 2020 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 10,234 $ 432 $ — $ 1,061 $ (1,061 ) $ 10,666 Interest expense 778 — — 145 — 923 Net interest income $ 9,456 $ 432 $ — $ 916 $ (1,061 ) $ 9,743 Provision for loan losses 1,250 — — — — 1,250 Noninterest income 1,144 1,572 671 — — 3,387 Noninterest expense 7,218 1,312 457 144 — 9,131 Net income before taxes $ 2,132 $ 692 $ 214 $ 772 $ (1,061 ) $ 2,749 Income tax provision (benefit) 592 — — (60 ) — 532 Net income $ 1,540 $ 692 $ 214 $ 832 $ (1,061 ) $ 2,217 (Dollars in thousands) Commercial Investment Three months ended June 30, 2019 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 10,355 $ 251 $ — $ 2,025 $ (2,025 ) $ 10,606 Interest expense 1,293 — — 197 — 1,490 Net interest income $ 9,062 $ 251 $ — $ 1,828 $ (2,025 ) $ 9,116 Provision for loan losses 9 — — — — 9 Noninterest income 1,458 1,238 490 — — 3,186 Noninterest expense 7,146 951 447 96 — 8,640 Net income before taxes $ 3,365 $ 538 $ 43 $ 1,732 $ (2,025 ) $ 3,653 Income tax provision (benefit) 832 — — (60 ) — 772 Net income $ 2,533 $ 538 $ 43 $ 1,792 $ (2,025 ) $ 2,881 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Total Assets as of June 30, 2020 $ 1,274,054 $ 50,046 $ 2 $ 133,280 $ (132,582 ) $ 1,324,800 Total Assets as of December 31, 2019 $ 1,143,934 $ 25,673 $ 2 $ 132,890 $ (132,220 ) $ 1,170,279 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | Note 9— Leases During the three-month period ended June 30, 2020 and June 30, 2019, the Company made cash payments for operating leases in the amount of $ 72.7 49.1 145.3 98.0 80.8 58.4 161.5 116.7 37.7 16.9 74.8 34.1 16.16 18.68 4.83% Note 9—Leases-continued (Dollars in thousands) Lease Liability Year Cash Expense Reduction 2020 $ 147 $ 70 $ 77 2021 298 133 165 2022 303 126 177 2023 309 118 191 2024 282 110 172 Thereafter 3,199 789 2,410 Total $ 4,538 $ 1,346 $ 3,192 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10— Subsequent Events Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. Management has reviewed events occurring through the date the financial statements were available to be issued and has determined that no subsequent events occurred requiring accrual or that require disclosure and have not been disclosed in the footnotes to our unaudited consolidated financial statements as of June 30, 2020. |
Nature of Business and Basis _2
Nature of Business and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company has evaluated its exposure to certain industry segments most impacted by the COVID-19 pandemic as of June 30, 2020: | The Company has evaluated its exposure to certain industry segments most impacted by the COVID-19 pandemic as of June 30, 2020: |
Nature of Business and Basis of Presentation | Industry Segments Outstanding % of Loan Avg. Loan Avg. Loan to (Dollars in millions) Loan Balance Portfolio Size Value Hotels $ 28.8 3.5 % $ 1.9 68 % Restaurants $ 20.7 2.5 % $ 0.7 69 % Assisted Living $ 9.1 1.1 % $ 1.8 49 % Retail $ 78.7 9.6 % $ 0.6 60 % |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
The following reconciles the numerator and denominator of the basic and diluted earnings per common share computation: | The following reconciles the numerator and denominator of the basic and diluted earnings per common share computation: (In thousands except average market price) |
Earnings Per Common Share | Six months Three months Ended June 30, Ended June 30, 2020 2019 2020 2019 Numerator (Net income available to common shareholders) $ 4,011 $ 5,376 $ 2,217 $ 2,881 Denominator Weighted average common shares outstanding for: Basic shares 7,432 7,629 7,436 7,627 Dilutive securities: Deferred compensation 26 43 18 41 Warrants/Restricted stock – Treasury stock method 10 36 11 36 Diluted shares 7,468 7,708 7,465 7,704 Earnings per common share: Basic 0.54 0.70 0.30 0.38 Diluted 0.54 0.70 0.30 0.37 The average market price used in calculating assumed number of shares $ 16.98 $ 19.12 $ 14.97 $ 18.35 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
The amortized cost and estimated fair values of investment securities are summarized below: | The amortized cost and estimated fair values of investment securities are summarized below: |
Investment Securities | AVAILABLE-FOR-SALE: Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value June 30, 2020 US Treasury securities $ 3,502 $ 19 $ — $ 3,521 Government Sponsored Enterprises 990 23 — 1,013 Mortgage-backed securities 172,969 7,683 317 180,335 Small Business Administration pools 39,289 938 11 40,216 State and local government 64,043 4,794 — 68,837 Other securities 1,997 — — 1,997 $ 282,790 $ 13,457 $ 328 $ 295,919 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value December 31, 2019 US Treasury securities $ 7,190 $ 16 $ 3 $ 7,203 Government Sponsored Enterprises 984 17 — 1,001 Mortgage-backed securities 182,736 1,490 640 183,586 Small Business Administration pools 45,301 259 217 45,343 State and local government 47,418 2,371 141 49,648 Other securities 19 — — 19 $ 283,648 $ 4,153 $ 1,001 $ 286,800 |
The following tables show gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position, at June 30, 2020 and December 31, 2019. | The following tables show gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position, at June 30, 2020 and December 31, 2019. |
Investment Securities (Details 2) | (Dollars in thousands) Less than 12 months 12 months or more Total June 30, 2020 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities: Value Loss Value Loss Value Loss Mortgage-backed securities $ 23,967 $ 264 $ 3,639 $ 53 $ 27,606 $ 317 Small Business Administration pools 194 — 5,693 11 5,887 11 Total $ 24,161 $ 264 $ 9,332 $ 64 $ 33,493 $ 328 (Dollars in thousands) Less than 12 months 12 months or more Total December 31, 2019 Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities: Value Loss Value Loss Value Loss US Treasury securities $ — $ — $ 1,508 $ 3 $ 1,508 $ 3 Mortgage-backed securities 57,175 485 12,419 155 69,594 640 Small Business Administration pools 7,891 53 13,502 164 21,393 217 State and local government 5,695 141 — — 5,695 141 Total $ 70,761 $ 679 $ 27,429 $ 322 $ 98,190 $ 1,001 |
The following sets forth the amortized cost and fair value of investment securities at June 30, 2020 by contractual maturity. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay the obligations with or without prepayment penalties. MBSs are based on average life at estimated prepayment speeds. | The following sets forth the amortized cost and fair value of investment securities at June 30, 2020 by contractual maturity. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay the obligations with or without prepayment penalties. MBSs are based on average life at estimated prepayment speeds. |
Investment Securities (Details 3) | June 30, 2020 Available-for-sale Amortized Fair (Dollars in thousands) Cost Value Due in one year or less $ 12,438 $ 12,566 Due after one year through five years 120,737 124,897 Due after five years through ten years 119,104 126,668 Due after ten years 30,511 31,788 Total $ 282,790 $ 295,919 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Loans summarized by category | Loans summarized by category |
Loans | June 30, December 31, June 30, (Dollars in thousands) 2020 2019 2019 Commercial, financial and agricultural $ 107,184 $ 51,805 $ 52,641 Real estate: Construction 82,584 73,512 61,284 Mortgage-residential 45,424 45,357 49,927 Mortgage-commercial 544,670 527,447 524,348 Consumer: Home equity 27,156 28,891 28,465 Other 10,354 10,016 10,042 Total $ 817,372 $ 737,028 $ 726,707 |
The detailed activity in the allowance for loan losses and the recorded investment in loans receivable | The detailed activity in the allowance for loan losses and the recorded investment in loans receivable |
Loans (Details 2) | (Dollars in thousands) Real estate Real estate Consumer Real estate Mortgage Mortgage Home Consumer Commercial Construction Residential Commercial equity Other Unallocated Total Three months ended June 30, 2020 Allowance for loan losses: Beginning balance $ 489 $ 148 $ 440 $ 5,531 $ 277 $ 112 $ 697 $ 7,694 Charge-offs — — — — — (25 ) — (25 ) Recoveries 3 — — 3 — 11 — 17 Provisions 277 17 57 935 16 34 (86 ) 1,250 Ending balance $ 769 $ 165 $ 497 $ 6,469 $ 293 $ 132 $ 611 $ 8,936 |
related party loan transactions | Related party loans and lines of credit are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and generally do not involve more than the normal risk of collectability. The following table presents related party loan transactions |
Loans (Details 3) | (Dollars in thousands) 2020 2019 Beginning Balance January 1 $ 4,109 $ 5,937 New Loans 55 106 Less loan repayments 585 1,668 Ending Balance June 30 $ 3,579 $ 4,375 |
loans individually evaluated and considered impaired | The following table presents at June 30, 2020 and December 31, 2019 loans individually evaluated and considered impaired |
Loans (Details 4) | (Dollars in thousands) June 30, December 31, 2020 2019 Total loans considered impaired $ 3,419 $ 3,997 Loans considered impaired for which there is a related allowance for loan loss: Outstanding loan balance $ 193 $ 256 Related allowance $ 4 $ 6 Loans considered impaired and previously written down to fair value $ 2,176 $ 2,275 Average impaired loans $ 3,731 $ 4,431 Amount of interest earned during period of impairment $ 85 $ 263 |
loan category | The following tables are by loan category |
Loans (Details 5) | (Dollars in thousands) Six months ended Three months ended Unpaid Average Interest Average Interest June 30, 2020 Recorded Principal Related Recorded income Recorded Income Investment Balance Allowance Investment Recognized Investment Recognized With no allowance recorded: Commercial, financial, agricultural $ — $ — $ — $ — $ — $ — $ — Real estate: Construction — — — — — — — Mortgage-residential 333 425 — 337 10 331 7 Mortgage-commercial 2,827 5,567 — 3,189 147 3,141 74 Consumer: Home equity 66 70 — 68 2 66 1 Other — — — — — — — With an allowance recorded: Commercial, financial, agricultural — — — — — — — Real estate: Construction — — — — — — — Mortgage-residential — — — — — — — Mortgage-commercial 193 193 4 216 6 193 3 Consumer: Home equity — — — — — — — Other — — — — — — — Total: Commercial, financial, agricultural $ — $ — $ — $ — $ — $ — $ — Real estate: Construction — — — — — — — Mortgage-residential 333 425 — 337 10 331 7 Mortgage-commercial 3,020 5,760 4 3,405 153 3,334 77 Consumer: Home equity 66 70 — 68 2 66 1 Other — — — — — — — $ 3,419 6,255 $ 4 $ 3,810 $ 165 $ 3,731 $ 85 |
loans by class of loans | Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered as pass rated loans. As of June 30, 2020 and December 31, 2019, and based on the most recent analysis performed, the risk category of loans by class of loans |
Loans (Details 6) | (Dollars in thousands) June 30, 2020 Special Pass Mention Substandard Doubtful Total Commercial, financial & agricultural $ 107,024 $ 160 $ — $ — $ 107,184 Real estate: Construction 82,584 — — — 82,584 Mortgage – residential 44,595 202 627 — 45,424 Mortgage – commercial 538,978 2,357 3,335 — 544,670 Consumer: Home Equity 25,716 102 1,338 — 27,156 Other 10,327 27 — — 10,354 Total $ 809,224 $ 2,848 $ 5,300 $ — $ 817,372 (Dollars in thousands) December 31, 2019 Special Pass Mention Substandard Doubtful Total Commercial, financial & agricultural $ 51,166 $ 239 $ 400 $ — $ 51,805 Real estate: Construction 73,512 — — — 73,512 Mortgage – residential 44,221 509 627 — 45,357 Mortgage – commercial 521,072 2,996 3,379 — 527,447 Consumer: Home Equity 27,450 1,157 284 — 28,891 Other 9,981 35 — — 10,016 Total $ 727,402 $ 4,936 $ 4,690 $ — $ 737,028 |
summary of changes in the accretable yield for purchased credit-impaired loans | A summary of changes in the accretable yield for purchased credit-impaired loans |
Loans (Details 7) | (Dollars in thousands) Three Months Three Months Accretable yield, beginning of period $ 116 $ 145 Additions — — Accretion (7 ) (7 ) Reclassification of nonaccretable difference due to improvement in expected cash flows — — Other changes, net — — Accretable yield, end of period $ 109 $ 138 |
loan category and present loans past due and on non-accrual status | The following tables are by loan category and present loans past due and on non-accrual status |
Loans (Details 8) | (Dollars in thousands) Greater than 30-59 Days 60-89 Days 90 Days and Total June 30, 2020 Past Due Past Due Accruing Nonaccrual Past Due Current Total Loans Commercial $ 26 $ — $ — $ — $ 26 $ 107,158 $ 107,184 Real estate: Construction — — — — — 82,584 82,584 Mortgage-residential 2 9 — 333 344 45,080 45,424 Mortgage-commercial 226 13 — 1,407 1,646 543,024 544,670 Consumer: Home equity — — — 66 66 27,090 27,156 Other 33 2 — — 35 10,319 10,354 $ 287 $ 24 $ — $ 1,806 $ 2,117 $ 815,255 $ 817,372 (Dollars in thousands) Greater than 30-59 Days 60-89 Days 90 Days and Total December 31, 2019 Past Due Past Due Accruing Nonaccrual Past Due Current Total Loans Commercial $ — $ 99 $ — $ 400 $ 499 $ 51,306 $ 51,805 Real estate: Construction 113 — — — 113 73,399 73,512 Mortgage-residential 151 — — 392 543 44,814 45,357 Mortgage-commercial 39 — — 1,467 1,506 525,941 527,447 Consumer: Home equity 2 9 — 70 81 28,810 28,891 Other 40 23 — — 63 9,953 10,016 $ 345 $ 131 $ — $ 2,329 $ 2,805 $ 734,223 $ 737,028 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of June 30, 2020 and December 31, 2019 are as follows: | The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of June 30, 2020 and December 31, 2019 are as follows: |
FAIR VALUE MEASUREMENT | June 30, 2020 Fair Value (Dollars in thousands) Carrying Total Level 1 Level 2 Level 3 Financial Assets: Cash and short term investments $ 92,996 $ 92,996 $ 92,996 $ — $ — Available-for-sale securities 295,919 295,919 3,106 291,257 1,556 Other investments, at cost 2,053 2,053 — — 2,053 Loans held-for-sale 33,496 33,496 — 33,496 — Net loans receivable 808,436 795,991 — — 795,991 Accrued interest 4,968 4,968 4,968 — — Financial liabilities: Non-interest bearing demand $ 371,585 $ 371,585 $ — $ 371,585 $ — Interest bearing demand deposits and money market accounts 465,440 465,440 — 465,440 — Savings 116,353 116,353 — 116,353 — Time deposits 165,494 166,568 — 166,568 — Total deposits 1,118,872 986,645 — 986,645 — Short term borrowings 45,651 45,651 — 45,651 — Junior subordinated debentures 14,964 10,816 — 10,816 — Accrued interest payable 837 837 837 — — |
The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of June 30, 2020 and December 31, 2019 that are measured on a recurring basis. There were no liabilities carried at fair value as of June 30, 2020 or December 31, 2019 that are measured on a recurring basis. | The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of June 30, 2020 and December 31, 2019 that are measured on a recurring basis. There were no liabilities carried at fair value as of June 30, 2020 or December 31, 2019 that are measured on a recurring basis. (Dollars in thousands) |
FAIR VALUE MEASUREMENT (Details 2) | Description June 30, Quoted Prices Significant Significant Available-for-sale securities US treasury securities $ 3,521 $ — $ 3,521 $ — Government sponsored enterprises 1,013 — 1,013 — Mortgage-backed securities 180,335 1,119 177,660 1,556 Small Business Administration pools 40,216 — 40,216 — State and local government 68,837 — 68,837 — Corporate and other securities 1,997 1,987 10 — Total 295,919 3,106 291,257 1,556 Loans held-for-sale 33,496 — 33,496 — Total $ 329,415 $ 3,106 $ 324,753 $ 1,556 |
The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of June 30, 2020 and December 31, 2019 that are measured on a non-recurring basis. There were no Level 3 financial instruments for the six months ended June 30, 2020 and June 30, 2019 measured on a recurring basis. | The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of June 30, 2020 and December 31, 2019 that are measured on a non-recurring basis. There were no Level 3 financial instruments for the six months ended June 30, 2020 and June 30, 2019 measured on a recurring basis. |
FAIR VALUE MEASUREMENT (Details 3) | (Dollars in thousands) Description June 30, Quoted Prices Significant Significant Impaired loans: Commercial & Industrial $ — $ — $ — $ — Real estate: Mortgage-residential 333 — — 333 Mortgage-commercial 3,020 — — 3,020 Consumer: Home equity 66 — — 66 Other — — — — Total impaired 3,419 — — 3,419 Other real estate owned: Construction 826 — — 826 Mortgage-commercial 623 — — 623 Total other real estate owned 1,449 — — 1,449 Total $ 4,864 $ — $ — $ 4,864 |
For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of June 30, 2020 and December 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows: | For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of June 30, 2020 and December 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows: |
FAIR VALUE MEASUREMENT (Details 4) | (Dollars in thousands) Fair Value Valuation Technique Significant Significant OREO $ 1,449 Appraisal Value/Comparison Sales/Other estimates Appraisals and or sales of comparable properties Appraisals discounted 6% 16% Impaired loans $ 3,415 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6% 16% (Dollars in thousands) Fair Value Valuation Technique Significant Significant OREO $ 1,410 Appraisal Value/Comparison Sales/Other estimates Appraisals and or sales of comparable properties Appraisals discounted 6% 16% Impaired loans $ 3,991 Appraisal Value Appraisals and or sales of comparable properties Appraisals discounted 6% 16% |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Company’s total deposits are comprised | The Company’s total deposits are comprised |
Deposits | June 30, December 31, (Dollars in thousands) 2020 2019 Non-interest bearing demand deposits $ 371,585 $ 289,829 Interest bearing demand deposits and money market accounts 465,440 423,256 Savings 116,353 104,456 Time deposits 165,494 170,660 Total deposits $ 1,118,872 $ 988,201 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Company’s reportable business segments | The following tables present selected financial information for the Company’s reportable business segments (Dollars in thousands) Commercial Investment Six months ended June 30, 2020 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 20,644 $ 732 $ — $ 2,129 $ (2,129 ) $ 21,376 Interest expense 1,903 — — 313 — 2,216 Net interest income $ 18,741 $ 732 $ — $ 1,816 $ (2,129 ) $ 19,160 Provision for loan losses 2,325 — — — — 2,325 Noninterest income 2,456 2,554 1,305 — — 6,315 Noninterest expense 14,713 2,276 924 256 — 18,169 Net income before taxes $ 4,159 $ 1,010 $ 381 $ 1,560 $ (2,129 ) $ 4,981 Income tax provision (benefit) 1,089 — — (119 ) — 970 Net income (loss) $ 3,070 $ 1,010 $ 381 $ 1,679 $ (2,129 ) $ 4,011 (Dollars in thousands) Commercial Investment Six months ended June 30, 2019 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 20,480 $ 488 $ — $ 3,042 $ (3,030 ) $ 20,980 Interest expense 2,449 — — 395 — 2,844 Net interest income $ 18,031 $ 488 $ — $ 2,647 $ (3,030 ) $ 18,136 Provision for loan losses 114 — — — — 114 Noninterest income 2,686 2,082 927 — — 5,695 Noninterest expense 14,170 1,755 862 176 — 16,963 Net income before taxes $ 6,433 $ 815 $ 65 $ 2,471 $ (3,030 ) $ 6,754 Income tax provision (benefit) 1,517 — — (139 ) — 1,378 Net income (loss) $ 4,916 $ 815 $ 65 $ 2,610 $ (3,030 ) $ 5,376 Note 8—Reportable Segments-continued (Dollars in thousands) Commercial Investment Three months ended June 30, 2020 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 10,234 $ 432 $ — $ 1,061 $ (1,061 ) $ 10,666 Interest expense 778 — — 145 — 923 Net interest income $ 9,456 $ 432 $ — $ 916 $ (1,061 ) $ 9,743 Provision for loan losses 1,250 — — — — 1,250 Noninterest income 1,144 1,572 671 — — 3,387 Noninterest expense 7,218 1,312 457 144 — 9,131 Net income before taxes $ 2,132 $ 692 $ 214 $ 772 $ (1,061 ) $ 2,749 Income tax provision (benefit) 592 — — (60 ) — 532 Net income $ 1,540 $ 692 $ 214 $ 832 $ (1,061 ) $ 2,217 (Dollars in thousands) Commercial Investment Three months ended June 30, 2019 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 10,355 $ 251 $ — $ 2,025 $ (2,025 ) $ 10,606 Interest expense 1,293 — — 197 — 1,490 Net interest income $ 9,062 $ 251 $ — $ 1,828 $ (2,025 ) $ 9,116 Provision for loan losses 9 — — — — 9 Noninterest income 1,458 1,238 490 — — 3,186 Noninterest expense 7,146 951 447 96 — 8,640 Net income before taxes $ 3,365 $ 538 $ 43 $ 1,732 $ (2,025 ) $ 3,653 Income tax provision (benefit) 832 — — (60 ) — 772 Net income $ 2,533 $ 538 $ 43 $ 1,792 $ (2,025 ) $ 2,881 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Total Assets as of June 30, 2020 $ 1,274,054 $ 50,046 $ 2 $ 133,280 $ (132,582 ) $ 1,324,800 Total Assets as of December 31, 2019 $ 1,143,934 $ 25,673 $ 2 $ 132,890 $ (132,220 ) $ 1,170,279 |
[custom:DisclosureReportableSegmentsDetailsAbstract] | (Dollars in thousands) Commercial Investment Six months ended June 30, 2020 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 20,644 $ 732 $ — $ 2,129 $ (2,129 ) $ 21,376 Interest expense 1,903 — — 313 — 2,216 Net interest income $ 18,741 $ 732 $ — $ 1,816 $ (2,129 ) $ 19,160 Provision for loan losses 2,325 — — — — 2,325 Noninterest income 2,456 2,554 1,305 — — 6,315 Noninterest expense 14,713 2,276 924 256 — 18,169 Net income before taxes $ 4,159 $ 1,010 $ 381 $ 1,560 $ (2,129 ) $ 4,981 Income tax provision (benefit) 1,089 — — (119 ) — 970 Net income (loss) $ 3,070 $ 1,010 $ 381 $ 1,679 $ (2,129 ) $ 4,011 (Dollars in thousands) Commercial Investment Six months ended June 30, 2019 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 20,480 $ 488 $ — $ 3,042 $ (3,030 ) $ 20,980 Interest expense 2,449 — — 395 — 2,844 Net interest income $ 18,031 $ 488 $ — $ 2,647 $ (3,030 ) $ 18,136 Provision for loan losses 114 — — — — 114 Noninterest income 2,686 2,082 927 — — 5,695 Noninterest expense 14,170 1,755 862 176 — 16,963 Net income before taxes $ 6,433 $ 815 $ 65 $ 2,471 $ (3,030 ) $ 6,754 Income tax provision (benefit) 1,517 — — (139 ) — 1,378 Net income (loss) $ 4,916 $ 815 $ 65 $ 2,610 $ (3,030 ) $ 5,376 Note 8—Reportable Segments-continued (Dollars in thousands) Commercial Investment Three months ended June 30, 2020 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 10,234 $ 432 $ — $ 1,061 $ (1,061 ) $ 10,666 Interest expense 778 — — 145 — 923 Net interest income $ 9,456 $ 432 $ — $ 916 $ (1,061 ) $ 9,743 Provision for loan losses 1,250 — — — — 1,250 Noninterest income 1,144 1,572 671 — — 3,387 Noninterest expense 7,218 1,312 457 144 — 9,131 Net income before taxes $ 2,132 $ 692 $ 214 $ 772 $ (1,061 ) $ 2,749 Income tax provision (benefit) 592 — — (60 ) — 532 Net income $ 1,540 $ 692 $ 214 $ 832 $ (1,061 ) $ 2,217 (Dollars in thousands) Commercial Investment Three months ended June 30, 2019 and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Dividend and Interest Income $ 10,355 $ 251 $ — $ 2,025 $ (2,025 ) $ 10,606 Interest expense 1,293 — — 197 — 1,490 Net interest income $ 9,062 $ 251 $ — $ 1,828 $ (2,025 ) $ 9,116 Provision for loan losses 9 — — — — 9 Noninterest income 1,458 1,238 490 — — 3,186 Noninterest expense 7,146 951 447 96 — 8,640 Net income before taxes $ 3,365 $ 538 $ 43 $ 1,732 $ (2,025 ) $ 3,653 Income tax provision (benefit) 832 — — (60 ) — 772 Net income $ 2,533 $ 538 $ 43 $ 1,792 $ (2,025 ) $ 2,881 Commercial Investment (Dollars in thousands) and Retail Mortgage advisory and Banking Banking non-deposit Corporate Eliminations Consolidated Total Assets as of June 30, 2020 $ 1,274,054 $ 50,046 $ 2 $ 133,280 $ (132,582 ) $ 1,324,800 Total Assets as of December 31, 2019 $ 1,143,934 $ 25,673 $ 2 $ 132,890 $ (132,220 ) $ 1,170,279 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | |
Leases | (Dollars in thousands) Lease Liability Year Cash Expense Reduction 2020 $ 147 $ 70 $ 77 2021 298 133 165 2022 303 126 177 2023 309 118 191 2024 282 110 172 Thereafter 3,199 789 2,410 Total $ 4,538 $ 1,346 $ 3,192 |
Nature of Business and Basis _3
Nature of Business and Basis of Presentation (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Outstanding Loan Balance | $ 817,372 | $ 737,028 | $ 726,707 |
Payment Deferral [Member] | Hotels [member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Outstanding Loan Balance | $ 28,800 | ||
Percentage of Loan Portfolio | 3.50% | ||
Average Loan size | $ 1,900 | ||
Average Loan to Value | 68.00% | ||
Payment Deferral [Member] | Restaurants [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Outstanding Loan Balance | $ 20,700 | ||
Percentage of Loan Portfolio | 2.50% | ||
Average Loan size | $ 700 | ||
Average Loan to Value | 69.00% | ||
Payment Deferral [Member] | Assisted Living [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Outstanding Loan Balance | $ 9,100 | ||
Percentage of Loan Portfolio | 1.10% | ||
Average Loan size | $ 1,800 | ||
Average Loan to Value | 49.00% | ||
Payment Deferral [Member] | Retail [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Outstanding Loan Balance | $ 78,700 | ||
Percentage of Loan Portfolio | 9.60% | ||
Average Loan size | $ 600 | ||
Average Loan to Value | 60.00% |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Numerator (Net income available to common shareholders) | $ 2,217 | $ 2,881 | $ 4,011 | $ 5,376 |
Weighted average common shares outstanding for: | ||||
Basic shares | 7,436 | 7,627 | 7,432 | 7,629 |
Dilutive securities: | ||||
Deferred compensation | 18 | 41 | 26 | 43 |
Warrants/Restricted stock – Treasury stock method | 11 | 36 | 10 | 36 |
Diluted shares | 7,465 | 7,704 | 7,468 | 7,708 |
Basic | $ 0.30 | $ 0.38 | $ 0.54 | $ 0.70 |
Diluted | 0.30 | 0.37 | 0.54 | 0.70 |
The average market price used in calculating assumed number of shares | $ 14.97 | $ 18.35 | $ 16.98 | $ 19.12 |
Earnings Per Common Share (De_2
Earnings Per Common Share (Details Narrative) - USD ($) $ in Thousands | Dec. 16, 2011 | Jun. 30, 2020 | Dec. 31, 2019 |
Earnings Per Share [Abstract] | |||
Subordinated Notes Issued | $ 2,500,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | ||
Warrants issued (in shares) | 107,500 | ||
Deferred Compensation Arrangements, Overall, Description | At June 30, 2020 and December 31, 2019, there were 84,643 and 97,104 units in the plan, respectively | ||
Deferred Compensation Liability | $ 1,000,000 | $ 1,100,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 111,049 | 96,729 | |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 396,000 | $ 219,700 | |
[custom:CompensationCostAccruedOverVestingPeriod-0] | $ 79,200 | $ 61,000 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 282,790 | $ 283,648 |
Gross Unrealized Gains | 13,457 | 4,153 |
Gross Unrealized Losses | 328 | 1,001 |
Fair Value | 295,919 | 286,800 |
US Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 3,502 | 7,190 |
Gross Unrealized Gains | 19 | 16 |
Gross Unrealized Losses | 0 | 3 |
Fair Value | 3,521 | 7,203 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 990 | 984 |
Gross Unrealized Gains | 23 | 17 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 1,013 | 1,001 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 172,969 | 182,736 |
Gross Unrealized Gains | 7,683 | 1,490 |
Gross Unrealized Losses | 317 | 640 |
Fair Value | 180,335 | 183,586 |
Small Business Administration pools [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 39,289 | 45,301 |
Gross Unrealized Gains | 938 | 259 |
Gross Unrealized Losses | 11 | 217 |
Fair Value | 40,216 | 45,343 |
US States and Political Subdivisions Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 64,043 | 47,418 |
Gross Unrealized Gains | 4,794 | 2,371 |
Gross Unrealized Losses | 0 | 141 |
Fair Value | 68,837 | 49,648 |
Corporate and other securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 1,997 | 19 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 1,997 | $ 19 |
Investment Securities (Details
Investment Securities (Details 2) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 24,161 | $ 70,761 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 264 | 679 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 9,332 | 27,429 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 64 | 322 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 33,493 | 98,190 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 328 | 1,001 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 23,967 | 57,175 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 264 | 485 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 3,639 | 12,419 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 53 | 155 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 27,606 | 69,594 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 317 | 640 |
Small Business Administration pools [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 194 | 7,891 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 53 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 5,693 | 13,502 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 11 | 164 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,887 | 21,393 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 11 | 217 |
US Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,508 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,508 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 3 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,695 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 141 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,695 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 141 |
Investment Securities (Detail_2
Investment Securities (Details 3) $ in Thousands | Jun. 30, 2020USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost, Due in one year or less | $ 12,438 |
Fair Value, Due in one year or less | 12,566 |
Amortized Cost, Due after one year through five years | 120,737 |
Fair Value, Due after one year through five years | 124,897 |
Amortized Cost, Due after five years through ten years | 119,104 |
Fair Value, Due after five years through ten years | 126,668 |
Amortized Cost, Due after ten years | 30,511 |
Fair Value, Due after ten years | 31,788 |
Amortized Cost, Total | 282,790 |
Fair Value, Total | $ 295,919 |
Investment Securities (Detail_3
Investment Securities (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | |
Marketable Securities [Line Items] | |||
Gross Realized Gains | $ 315,000 | $ 354,600 | |
Gross Realized Losses | 219,600 | ||
Fair Value | 295,919 | ||
Federal Home Loan Bank Stock | 1,100 | $ 991,400 | |
Mutual Funds [Member] | |||
Marketable Securities [Line Items] | |||
Gross Realized Gains | 2,000 | ||
Gross Realized Losses | 2,100 | ||
Fair Value | 6,700 | 8,800 | |
Debt Security, Corporate, Non-US [Member] | |||
Marketable Securities [Line Items] | |||
Fair Value | 10,000 | 10,000 | |
Corporate Bond Securities [Member] | |||
Marketable Securities [Line Items] | |||
Federal Home Loan Bank Stock | 1,000 | 1,000 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Marketable Securities [Line Items] | |||
Amortized Cost | 172,900 | 182,700 | |
Fair Value | 180,300 | 183,600 | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||
Marketable Securities [Line Items] | |||
Amortized Cost | 66,400 | 73,500 | |
Fair Value | $ 63,300 | $ 73,500 |
Loans (Details)
Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 817,372 | $ 737,028 | $ 726,707 |
Commercial, Financial And Agricultural Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 107,184 | 51,805 | 52,641 |
Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 82,584 | 73,512 | 61,284 |
Residential Mortgage [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 45,424 | 45,357 | 49,927 |
Commercial Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 544,670 | 527,447 | 524,348 |
Home Equity Line of Credit [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 27,156 | 28,891 | 28,465 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 10,354 | $ 10,016 | $ 10,042 |
Loans (Details 2)
Loans (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance December 31, 2018 | $ 7,694 | $ 6,354 | $ 6,627 | $ 6,263 | $ 6,263 |
Charge-offs | (25) | (43) | (48) | (76) | (145) |
Recoveries | 17 | 42 | 32 | 61 | 370 |
Provisions | 1,250 | 9 | 2,325 | 114 | 139 |
Ending balance December 31, 2019 | 8,936 | 6,362 | 8,936 | 6,362 | 6,627 |
Individually evaluated for impairment | 4 | 12 | 4 | 12 | 6 |
Collectively evaluated for impairment | 8,932 | 6,350 | 8,932 | 6,350 | 6,621 |
Ending balance-total | 817,372 | 726,707 | 817,372 | 726,707 | 737,028 |
Individually evaluated for impairment | 3,419 | 4,643 | 3,419 | 4,643 | 3,997 |
Collectively evaluated for impairment | 813,953 | 722,064 | 813,953 | 722,064 | 733,031 |
Commercial, Financial And Agricultural Loan [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance December 31, 2018 | 489 | 418 | 427 | 430 | 430 |
Charge-offs | (2) | (12) | |||
Recoveries | 3 | 3 | 3 | ||
Provisions | 277 | 17 | 339 | 7 | 6 |
Ending balance December 31, 2019 | 769 | 435 | 769 | 435 | 427 |
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 769 | 435 | 769 | 435 | 427 |
Ending balance-total | 107,184 | 52,641 | 107,184 | 52,641 | 51,805 |
Individually evaluated for impairment | 400 | ||||
Collectively evaluated for impairment | 107,184 | 52,641 | 107,184 | 52,641 | 51,405 |
Construction Loans [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance December 31, 2018 | 148 | 96 | 111 | 89 | 89 |
Charge-offs | |||||
Recoveries | |||||
Provisions | 17 | (19) | 54 | (12) | 22 |
Ending balance December 31, 2019 | 165 | 77 | 165 | 77 | 111 |
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 165 | 77 | 165 | 77 | 111 |
Ending balance-total | 82,584 | 61,284 | 82,584 | 61,284 | 73,512 |
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 82,584 | 61,284 | 82,584 | 61,284 | 73,512 |
Residential Mortgage [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance December 31, 2018 | 440 | 412 | 367 | 431 | 431 |
Charge-offs | (7) | (7) | (12) | ||
Recoveries | |||||
Provisions | 57 | (1) | 130 | (20) | (52) |
Ending balance December 31, 2019 | 497 | 404 | 497 | 404 | 367 |
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 497 | 404 | 497 | 404 | 367 |
Ending balance-total | 45,424 | 49,927 | 45,424 | 49,927 | 45,357 |
Individually evaluated for impairment | 333 | 542 | 333 | 542 | 392 |
Collectively evaluated for impairment | 45,091 | 49,385 | 45,091 | 49,385 | 44,965 |
Commercial Real Estate [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance December 31, 2018 | 5,531 | 4,346 | 4,602 | 4,318 | 4,318 |
Charge-offs | |||||
Recoveries | 3 | 31 | 9 | 41 | 307 |
Provisions | 935 | 81 | 1,858 | 99 | (23) |
Ending balance December 31, 2019 | 6,469 | 4,458 | 6,469 | 4,458 | 4,602 |
Individually evaluated for impairment | 4 | 12 | 4 | 12 | 6 |
Collectively evaluated for impairment | 6,465 | 4,446 | 6,465 | 4,446 | 4,596 |
Ending balance-total | 544,670 | 524,348 | 544,670 | 524,348 | 527,447 |
Individually evaluated for impairment | 3,020 | 4,047 | 3,020 | 4,047 | 3,135 |
Collectively evaluated for impairment | 541,650 | 520,301 | 541,650 | 520,301 | 524,312 |
Home Equity Line of Credit [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance December 31, 2018 | 277 | 268 | 240 | 261 | 261 |
Charge-offs | (1) | (1) | |||
Recoveries | 1 | 15 | |||
Provisions | 16 | (21) | 52 | (13) | (35) |
Ending balance December 31, 2019 | 293 | 247 | 293 | 247 | 240 |
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 293 | 247 | 293 | 247 | 240 |
Ending balance-total | 27,156 | 28,465 | 27,156 | 28,465 | 28,891 |
Individually evaluated for impairment | 66 | 54 | 66 | 54 | 70 |
Collectively evaluated for impairment | 27,090 | 28,411 | 27,090 | 28,411 | 28,821 |
Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance December 31, 2018 | 112 | 89 | 97 | 88 | 88 |
Charge-offs | (25) | (36) | (48) | (66) | (120) |
Recoveries | 11 | 11 | 19 | 20 | 45 |
Provisions | 34 | 37 | 64 | 59 | 84 |
Ending balance December 31, 2019 | 132 | 101 | 132 | 101 | 97 |
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 132 | 101 | 132 | 101 | 97 |
Ending balance-total | 10,354 | 10,042 | 10,354 | 10,042 | 10,016 |
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 10,354 | 10,042 | 10,354 | 10,042 | 10,016 |
Unallocated Financing Receivables [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Beginning balance December 31, 2018 | 697 | 725 | 783 | 646 | 646 |
Charge-offs | |||||
Recoveries | |||||
Provisions | (86) | (85) | (172) | (6) | 137 |
Ending balance December 31, 2019 | 611 | 640 | 611 | 640 | 783 |
Individually evaluated for impairment | |||||
Collectively evaluated for impairment | 611 | 640 | 611 | 640 | 783 |
Ending balance-total | |||||
Individually evaluated for impairment | |||||
Collectively evaluated for impairment |
Loans (Details 3)
Loans (Details 3) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Receivables [Abstract] | ||
Beginning Balance January 1 | $ 4,109 | $ 5,937 |
New Loans | 55 | 106 |
Less loan repayments | 585 | 1,668 |
Ending Balance June 30 | $ 3,579 | $ 4,375 |
Loans (Details 4)
Loans (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2019 | |
Receivables [Abstract] | |||||||
Total loans considered impaired | $ 3,419 | $ 4,643 | $ 3,419 | $ 4,643 | $ 3,997 | ||
Loans considered impaired for which there is a related allowance for loan loss: | |||||||
Outstanding loan balance | 193 | 193 | 256 | ||||
Related allowance | 4 | 12 | 4 | 12 | 6 | ||
Loans considered impaired and previously written down to fair value | 2,176 | 2,176 | 2,275 | ||||
Average impaired loans | 3,731 | $ 4,768 | 3,810 | 4,797 | 4,431 | ||
Amount of interest earned during period of impairment | $ 85 | $ 105 | $ 165 | $ 205 | $ 263 | $ 263 |
Loans (Details 5)
Loans (Details 5) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2019 | |
Financing Receivable, Past Due [Line Items] | |||||||
Recorded Investment, with no allowance | $ 2,176 | $ 2,176 | $ 2,275 | ||||
Recorded Investment, with allowance | 193 | 193 | 256 | ||||
Total | 4 | $ 12 | 4 | $ 12 | 6 | ||
Total | 3,419 | 4,643 | 3,419 | 4,643 | 3,997 | ||
Total | 6,255 | 7,706 | 6,255 | 7,706 | 6,728 | ||
Total | 3,731 | 4,768 | 3,810 | 4,797 | 4,431 | ||
Total | 85 | $ 105 | 165 | 205 | $ 263 | 263 | |
Commercial, Financial And Agricultural Loan [Member] | |||||||
Financing Receivable, Past Due [Line Items] | |||||||
Recorded Investment, with no allowance | 400 | ||||||
Unpaid Principal Balance, with no Allowance | 400 | ||||||
Average Recorded Investment, with no Allownace | 600 | ||||||
Interest Income Recognized, with no allownace | 49 | ||||||
Recorded Investment, with allowance | |||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |||||||
Total | |||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | |||||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | |||||||
Total | 400 | ||||||
Total | 400 | ||||||
Total | 600 | ||||||
Total | 49 | ||||||
Construction Loans [Member] | |||||||
Financing Receivable, Past Due [Line Items] | |||||||
Recorded Investment, with no allowance | |||||||
Unpaid Principal Balance, with no Allowance | |||||||
Average Recorded Investment, with no Allownace | |||||||
Interest Income Recognized, with no allownace | |||||||
Recorded Investment, with allowance | |||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |||||||
Total | |||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | |||||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | |||||||
Total | |||||||
Total | |||||||
Total | |||||||
Total | |||||||
Residential Mortgage [Member] | |||||||
Financing Receivable, Past Due [Line Items] | |||||||
Recorded Investment, with no allowance | 333 | 542 | 333 | 542 | 392 | ||
Unpaid Principal Balance, with no Allowance | 425 | 600 | 425 | 600 | 460 | ||
Average Recorded Investment, with no Allownace | 331 | 578 | 337 | 590 | 439 | ||
Interest Income Recognized, with no allownace | 7 | 8 | 10 | 10 | 19 | ||
Recorded Investment, with allowance | |||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |||||||
Total | |||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | |||||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | |||||||
Total | 333 | 542 | 333 | 542 | 392 | ||
Total | 425 | 600 | 425 | 600 | 460 | ||
Total | 331 | 578 | 337 | 590 | 439 | ||
Total | 7 | 8 | 10 | 10 | 19 | ||
Commercial Real Estate [Member] | |||||||
Financing Receivable, Past Due [Line Items] | |||||||
Recorded Investment, with no allowance | 2,827 | 3,622 | 2,827 | 3,622 | 2,879 | ||
Unpaid Principal Balance, with no Allowance | 5,567 | 6,625 | 5,567 | 6,625 | 5,539 | ||
Average Recorded Investment, with no Allownace | 3,141 | 3,694 | 3,189 | 3,706 | 2,961 | ||
Interest Income Recognized, with no allownace | 74 | 90 | 147 | 180 | 170 | ||
Recorded Investment, with allowance | 193 | 425 | 193 | 425 | 256 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 193 | 425 | 193 | 425 | 256 | ||
Total | 4 | 12 | 4 | 12 | 6 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 193 | 439 | 216 | 444 | 355 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 3 | 6 | 6 | 13 | 23 | ||
Total | 3,020 | 4,047 | 3,020 | 4,047 | 3,135 | ||
Total | 5,760 | 7,050 | 5,760 | 7,050 | 5,795 | ||
Total | 3,334 | 4,133 | 3,405 | 4,150 | 3,316 | ||
Total | 77 | 96 | 153 | 193 | 193 | ||
Home Equity Line of Credit [Member] | |||||||
Financing Receivable, Past Due [Line Items] | |||||||
Recorded Investment, with no allowance | 66 | 54 | 66 | 54 | 70 | ||
Unpaid Principal Balance, with no Allowance | 70 | 56 | 70 | 56 | 73 | ||
Average Recorded Investment, with no Allownace | 66 | 57 | 68 | 57 | 76 | ||
Interest Income Recognized, with no allownace | 1 | 1 | 2 | 2 | 2 | ||
Recorded Investment, with allowance | |||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |||||||
Total | |||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | |||||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | |||||||
Total | 66 | 54 | 66 | 54 | 70 | ||
Total | 70 | 56 | 70 | 56 | 73 | ||
Total | 66 | 57 | 68 | 57 | 76 | ||
Total | 1 | 1 | 2 | 2 | 2 | ||
Consumer Portfolio Segment [Member] | |||||||
Financing Receivable, Past Due [Line Items] | |||||||
Recorded Investment, with no allowance | |||||||
Unpaid Principal Balance, with no Allowance | |||||||
Average Recorded Investment, with no Allownace | |||||||
Interest Income Recognized, with no allownace | |||||||
Recorded Investment, with allowance | |||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | |||||||
Total | |||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | |||||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | |||||||
Total | |||||||
Total | |||||||
Total | |||||||
Total |
Loans (Details 6)
Loans (Details 6) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 817,372 | $ 737,028 | $ 726,707 |
Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 809,224 | 727,402 | |
Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 2,848 | 4,936 | |
Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 5,300 | 4,690 | |
Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Commercial, Financial And Agricultural Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 107,184 | 51,805 | 52,641 |
Commercial, Financial And Agricultural Loan [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 107,024 | 51,166 | |
Commercial, Financial And Agricultural Loan [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 160 | 239 | |
Commercial, Financial And Agricultural Loan [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 400 | ||
Commercial, Financial And Agricultural Loan [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 82,584 | 73,512 | 61,284 |
Construction Loans [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 82,584 | 73,512 | |
Construction Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Construction Loans [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Construction Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Residential Mortgage [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 45,424 | 45,357 | 49,927 |
Residential Mortgage [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 44,595 | 44,221 | |
Residential Mortgage [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 202 | 509 | |
Residential Mortgage [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 627 | 627 | |
Residential Mortgage [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Commercial Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 544,670 | 527,447 | 524,348 |
Commercial Real Estate [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 538,978 | 521,072 | |
Commercial Real Estate [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 2,357 | 2,996 | |
Commercial Real Estate [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 3,335 | 3,379 | |
Commercial Real Estate [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Home Equity Line of Credit [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 27,156 | 28,891 | 28,465 |
Home Equity Line of Credit [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 25,716 | 27,450 | |
Home Equity Line of Credit [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 102 | 1,157 | |
Home Equity Line of Credit [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 1,338 | 284 | |
Home Equity Line of Credit [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 10,354 | 10,016 | $ 10,042 |
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 10,327 | 9,981 | |
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 27 | 35 | |
Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Consumer Portfolio Segment [Member] | Doubtful [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans |
Loans (Details 7)
Loans (Details 7) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Receivables [Abstract] | ||
Accretable yield, beginning of period | $ 116 | $ 145 |
Additions | ||
Accretion | (7) | (7) |
Reclassification of nonaccretable difference due to improvement in expected cash flows | ||
Other changes, net | ||
Accretable yield, end of period | $ 109 | $ 138 |
Loans (Details 8)
Loans (Details 8) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | $ 1,806 | $ 2,329 | |
Financing Receivable, Past Due | 2,117 | 2,805 | |
Financing Receivable, Not Past Due | 815,255 | 734,223 | |
Loans | 817,372 | 737,028 | $ 726,707 |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 287 | 345 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 24 | 131 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Commercial, Financial And Agricultural Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | 400 | ||
Financing Receivable, Past Due | 26 | 499 | |
Financing Receivable, Not Past Due | 107,158 | 51,306 | |
Loans | 107,184 | 51,805 | 52,641 |
Commercial, Financial And Agricultural Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 26 | ||
Commercial, Financial And Agricultural Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 99 | ||
Commercial, Financial And Agricultural Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | |||
Financing Receivable, Past Due | 113 | ||
Financing Receivable, Not Past Due | 82,584 | 73,399 | |
Loans | 82,584 | 73,512 | 61,284 |
Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 113 | ||
Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Residential Mortgage [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | 333 | 392 | |
Financing Receivable, Past Due | 344 | 543 | |
Financing Receivable, Not Past Due | 45,080 | 44,814 | |
Loans | 45,424 | 45,357 | 49,927 |
Residential Mortgage [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 2 | 151 | |
Residential Mortgage [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 9 | ||
Residential Mortgage [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Commercial Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | 1,407 | 1,467 | |
Financing Receivable, Past Due | 1,646 | 1,506 | |
Financing Receivable, Not Past Due | 543,024 | 525,941 | |
Loans | 544,670 | 527,447 | 524,348 |
Commercial Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 226 | 39 | |
Commercial Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 13 | ||
Commercial Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Home Equity Line of Credit [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | 66 | 70 | |
Financing Receivable, Past Due | 66 | 81 | |
Financing Receivable, Not Past Due | 27,090 | 28,810 | |
Loans | 27,156 | 28,891 | 28,465 |
Home Equity Line of Credit [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 2 | ||
Home Equity Line of Credit [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 9 | ||
Home Equity Line of Credit [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | |||
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing Receivable, Nonaccrual | |||
Financing Receivable, Past Due | 35 | 63 | |
Financing Receivable, Not Past Due | 10,319 | 9,953 | |
Loans | 10,354 | 10,016 | $ 10,042 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 33 | 40 | |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 2 | 23 | |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans |
Loans (Details Narrative)
Loans (Details Narrative) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 817,372,000 | $ 737,028,000 | $ 726,707,000 |
Troubled debt restructurings | 1,600,000 | 1,700,000 | |
Loans greater than ninety days delinquent and still accruing interest | 300,000 | 300,000 | |
Recorded investment in purchased impaired loans | 109,000 | 112,000 | |
Unpaid Principal Balance in Purchased Impaired Loans | 180,000 | 190,000 | |
Commercial, Financial And Agricultural Loan [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 107,184,000 | $ 51,805,000 | $ 52,641,000 |
Commercial, Financial And Agricultural Loan [Member] | Entity Loan Modification Program [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 47,900,000 |
FAIR VALUE MEASUREMENT (Details
FAIR VALUE MEASUREMENT (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financial Assets: | ||
Available-for-sale securities | $ 295,919 | $ 286,800 |
Other investments, at cost | 2,053 | 1,992 |
Financial liabilities: | ||
Non-interest bearing demand | 371,585 | 289,829 |
Interest bearing demand deposits and money market accounts | 465,440 | 423,256 |
Savings | 116,353 | 104,456 |
Time deposits | 165,494 | 170,660 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: | ||
Cash and short term investments | 92,996 | 47,692 |
Available-for-sale securities | 3,106 | 23,632 |
Other investments, at cost | ||
Loans held-for-sale | ||
Net loans receivable | ||
Accrued interest | 4,968 | 3,481 |
Financial liabilities: | ||
Non-interest bearing demand | ||
Interest bearing demand deposits and money market accounts | ||
Savings | ||
Time deposits | ||
Total deposits | ||
Short term borrowings | ||
Junior subordinated debentures | ||
Accrued interest payable | 837 | 1,033 |
Federal Home Loan Bank advances | ||
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: | ||
Cash and short term investments | ||
Available-for-sale securities | 291,257 | 261,361 |
Other investments, at cost | ||
Loans held-for-sale | 33,496 | 11,155 |
Net loans receivable | ||
Accrued interest | ||
Financial liabilities: | ||
Non-interest bearing demand | 371,585 | 289,829 |
Interest bearing demand deposits and money market accounts | 465,440 | 423,256 |
Savings | 116,353 | 104,456 |
Time deposits | 166,568 | 171,558 |
Total deposits | 986,645 | 989,099 |
Short term borrowings | 45,651 | 33,296 |
Junior subordinated debentures | 10,816 | 13,161 |
Accrued interest payable | ||
Federal Home Loan Bank advances | 211 | |
Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: | ||
Cash and short term investments | ||
Available-for-sale securities | 1,556 | 1,807 |
Other investments, at cost | 2,053 | 1,992 |
Loans held-for-sale | ||
Net loans receivable | 795,991 | 728,745 |
Accrued interest | ||
Financial liabilities: | ||
Non-interest bearing demand | ||
Interest bearing demand deposits and money market accounts | ||
Savings | ||
Time deposits | ||
Total deposits | ||
Short term borrowings | ||
Junior subordinated debentures | ||
Accrued interest payable | ||
Federal Home Loan Bank advances | ||
Reported Value Measurement [Member] | ||
Financial Assets: | ||
Cash and short term investments | 92,996 | 47,692 |
Available-for-sale securities | 295,919 | 286,800 |
Other investments, at cost | 2,053 | 1,992 |
Loans held-for-sale | 33,496 | 11,155 |
Net loans receivable | 808,436 | 730,401 |
Accrued interest | 4,968 | 3,481 |
Financial liabilities: | ||
Non-interest bearing demand | 371,585 | 289,829 |
Interest bearing demand deposits and money market accounts | 465,440 | 423,256 |
Savings | 116,353 | 104,456 |
Time deposits | 165,494 | 170,660 |
Total deposits | 1,118,872 | 988,201 |
Short term borrowings | 45,651 | 33,296 |
Junior subordinated debentures | 14,964 | 14,964 |
Accrued interest payable | 837 | 1,033 |
Federal Home Loan Bank advances | 211 | |
Estimate of Fair Value Measurement [Member] | ||
Financial Assets: | ||
Cash and short term investments | 92,996 | 47,692 |
Available-for-sale securities | 295,919 | 286,800 |
Other investments, at cost | 2,053 | 1,992 |
Loans held-for-sale | 33,496 | 11,155 |
Net loans receivable | 795,991 | 728,745 |
Accrued interest | 4,968 | 3,481 |
Financial liabilities: | ||
Non-interest bearing demand | 371,585 | 289,829 |
Interest bearing demand deposits and money market accounts | 465,440 | 423,256 |
Savings | 116,353 | 104,456 |
Time deposits | 166,568 | 171,558 |
Total deposits | 986,645 | 989,099 |
Short term borrowings | 45,651 | 33,296 |
Junior subordinated debentures | 10,816 | 13,161 |
Accrued interest payable | $ 837 | 1,033 |
Federal Home Loan Bank advances | $ 211 |
FAIR VALUE MEASUREMENT (Detai_2
FAIR VALUE MEASUREMENT (Details 2) - 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 | $ 295,919 | $ 286,800 |
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance | 33,496 | 11,155 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 3,106 | 23,632 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 291,257 | 261,361 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,556 | 1,807 |
US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 3,521 | 7,203 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,013 | 1,001 |
Small Business Administration pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 40,216 | 45,343 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 68,837 | 49,648 |
Corporate and other securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,997 | 19 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 3,106 | 23,632 |
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance | ||
[custom:TotalAvailableForSaleSecuritiesAndLoansHeldForSale-0] | 3,106 | 23,632 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 291,257 | 261,361 |
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance | 33,496 | 11,155 |
[custom:TotalAvailableForSaleSecuritiesAndLoansHeldForSale-0] | 324,753 | 272,516 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,556 | 1,807 |
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance | ||
[custom:TotalAvailableForSaleSecuritiesAndLoansHeldForSale-0] | 1,556 | 1,807 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 3,521 | 7,203 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,013 | 1,001 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,119 | 18,435 |
Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 177,660 | 163,344 |
Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,556 | 1,807 |
Fair Value, Recurring [Member] | Small Business Administration pools [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Fair Value, Recurring [Member] | Small Business Administration pools [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 40,216 | 45,343 |
Fair Value, Recurring [Member] | Small Business Administration pools [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 5,188 | |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 68,837 | 44,460 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Fair Value, Recurring [Member] | Corporate and other securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,987 | 9 |
Fair Value, Recurring [Member] | Corporate and other securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 10 | 10 |
Fair Value, Recurring [Member] | Corporate and other securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | ||
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 295,919 | 286,800 |
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 295,919 | 286,800 |
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance | 33,496 | 11,155 |
[custom:TotalAvailableForSaleSecuritiesAndLoansHeldForSale-0] | 329,415 | 297,955 |
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 3,521 | 7,203 |
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,013 | 1,001 |
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 180,335 | 183,586 |
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Small Business Administration pools [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 40,216 | 45,343 |
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 68,837 | 49,648 |
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Corporate and other securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 1,997 | $ 19 |
FAIR VALUE MEASUREMENT (Detai_3
FAIR VALUE MEASUREMENT (Details 3) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | $ 3,419 | $ 3,997 | $ 4,643 |
Total other real estate owned | 1,449 | 1,410 | |
Commercial, Financial And Agricultural Loan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | 400 | ||
Residential Mortgage [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | 333 | 392 | 542 |
Commercial Real Estate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | 3,020 | 3,135 | 4,047 |
Home Equity Line of Credit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | 66 | 70 | 54 |
Consumer Portfolio Segment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | |||
Construction Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | |||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | |||
Total other real estate owned | |||
Total | |||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | |||
Total other real estate owned | |||
Total | |||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | 3,419 | 3,991 | |
Total other real estate owned | 1,449 | 1,410 | |
Total | 4,864 | 5,401 | |
Fair Value, Nonrecurring [Member] | Commercial, Financial And Agricultural Loan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | |||
Fair Value, Nonrecurring [Member] | Commercial, Financial And Agricultural Loan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | |||
Fair Value, Nonrecurring [Member] | Commercial, Financial And Agricultural Loan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | 400 | ||
Fair Value, Nonrecurring [Member] | Residential Mortgage [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | |||
Fair Value, Nonrecurring [Member] | Residential Mortgage [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | |||
Fair Value, Nonrecurring [Member] | Residential Mortgage [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | 333 | 392 | |
Fair Value, Nonrecurring [Member] | Commercial Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | |||
Total other real estate owned | |||
Fair Value, Nonrecurring [Member] | Commercial Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | |||
Total other real estate owned | |||
Fair Value, Nonrecurring [Member] | Commercial Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | 3,020 | 3,129 | |
Total other real estate owned | 623 | 584 | |
Fair Value, Nonrecurring [Member] | Home Equity Line of Credit [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | |||
Fair Value, Nonrecurring [Member] | Home Equity Line of Credit [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | |||
Fair Value, Nonrecurring [Member] | Home Equity Line of Credit [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | 66 | 70 | |
Fair Value, Nonrecurring [Member] | Consumer Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | |||
Fair Value, Nonrecurring [Member] | Consumer Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | |||
Fair Value, Nonrecurring [Member] | Consumer Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | |||
Fair Value, Nonrecurring [Member] | Construction Loans [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total other real estate owned | |||
Fair Value, Nonrecurring [Member] | Construction Loans [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total other real estate owned | |||
Fair Value, Nonrecurring [Member] | Construction Loans [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total other real estate owned | 826 | 826 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | 3,419 | 3,991 | |
Total other real estate owned | 1,449 | 1,410 | |
Total | 4,864 | 5,401 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Nonrecurring [Member] | Commercial, Financial And Agricultural Loan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | 400 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Nonrecurring [Member] | Residential Mortgage [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | 333 | 392 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | 3,020 | 3,129 | |
Total other real estate owned | 623 | 584 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Nonrecurring [Member] | Home Equity Line of Credit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | 66 | 70 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Nonrecurring [Member] | Consumer Portfolio Segment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Nonrecurring [Member] | Construction Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total other real estate owned | $ 826 | $ 826 |
FAIR VALUE MEASUREMENT (Detai_4
FAIR VALUE MEASUREMENT (Details 4) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Total other real estate owned | $ 1,449 | $ 1,410 | |
Total impaired loans | 3,419 | 3,997 | $ 4,643 |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Total other real estate owned | $ 1,449 | $ 1,410 | |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Discount Rate (as a percent) | 6.00% | 6.00% | |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Comparison Sales Other Estimates Valuation Technique [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Discount Rate (as a percent) | 16.00% | 16.00% | |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Discounted Cash Flows Valuation Technique [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Total impaired loans | $ 3,415 | $ 3,991 | |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Discounted Cash Flows Valuation Technique [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Discount Rate (as a percent) | 6.00% | 6.00% | |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Appraisal Value Discounted Cash Flows Valuation Technique [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Discount Rate (as a percent) | 16.00% | 16.00% |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Non-interest bearing demand deposits | $ 371,585 | $ 289,829 |
Interest bearing demand deposits and money market accounts | 465,440 | 423,256 |
Savings | 116,353 | 104,456 |
Time deposits | 165,494 | 170,660 |
Total deposits | $ 1,118,872 | $ 988,201 |
Deposits (Details Narrative)
Deposits (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Time deposits FDIC insurance limit of $250 thousand | $ 28,700 | $ 32,200 |
Reportable Segments (Details)
Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||
Dividend and Interest Income | $ 10,666 | $ 10,606 | $ 21,376 | $ 20,980 | |||
Interest expense | 923 | 1,490 | 2,216 | 2,844 | |||
Net interest income | 9,743 | 9,116 | 19,160 | 18,136 | |||
Provision for loan losses | 1,250 | 9 | 2,325 | 114 | $ 139 | ||
Noninterest income | 3,387 | 3,186 | 6,315 | 5,695 | |||
Noninterest expense | 9,131 | 8,640 | 18,169 | 16,963 | |||
Net income before taxes | 2,749 | 3,653 | 4,981 | 6,754 | |||
Income tax provision (benefit) | 532 | 772 | 970 | 1,378 | |||
Net income | 2,217 | $ 1,794 | 2,881 | $ 2,495 | 4,011 | 5,376 | |
Assets | 1,324,800 | 1,324,800 | 1,170,279 | ||||
Commercial and Retail Banking [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Dividend and Interest Income | 10,234 | 10,355 | 20,644 | 20,480 | |||
Interest expense | 778 | 1,293 | 1,903 | 2,449 | |||
Net interest income | 9,456 | 9,062 | 18,741 | 18,031 | |||
Provision for loan losses | 1,250 | 9 | 2,325 | 114 | |||
Noninterest income | 1,144 | 1,458 | 2,456 | 2,686 | |||
Noninterest expense | 7,218 | 7,146 | 14,713 | 14,170 | |||
Net income before taxes | 2,132 | 3,365 | 4,159 | 6,433 | |||
Income tax provision (benefit) | 592 | 832 | 1,089 | 1,517 | |||
Net income | 1,540 | 2,533 | 3,070 | 4,916 | |||
Assets | 1,274,054 | 1,274,054 | 1,143,934 | ||||
Mortgage Banking [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Dividend and Interest Income | 432 | 251 | 732 | 488 | |||
Interest expense | |||||||
Net interest income | 432 | 251 | 732 | 488 | |||
Provision for loan losses | |||||||
Noninterest income | 1,572 | 1,238 | 2,554 | 2,082 | |||
Noninterest expense | 1,312 | 951 | 2,276 | 1,755 | |||
Net income before taxes | 692 | 538 | 1,010 | 815 | |||
Income tax provision (benefit) | |||||||
Net income | 692 | 538 | 1,010 | 815 | |||
Assets | 50,046 | 50,046 | 25,673 | ||||
Investment Advisory And Non-Deposit [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Dividend and Interest Income | |||||||
Interest expense | |||||||
Net interest income | |||||||
Provision for loan losses | |||||||
Noninterest income | 671 | 490 | 1,305 | 927 | |||
Noninterest expense | 457 | 447 | 924 | 862 | |||
Net income before taxes | 214 | 43 | 381 | 65 | |||
Income tax provision (benefit) | |||||||
Net income | 214 | 43 | 381 | 65 | |||
Assets | 2 | 2 | 2 | ||||
Corporate Segment [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Dividend and Interest Income | 1,061 | 2,025 | 2,129 | 3,042 | |||
Interest expense | 145 | 197 | 313 | 395 | |||
Net interest income | 916 | 1,828 | 1,816 | 2,647 | |||
Provision for loan losses | |||||||
Noninterest income | |||||||
Noninterest expense | 144 | 96 | 256 | 176 | |||
Net income before taxes | 772 | 1,732 | 1,560 | 2,471 | |||
Income tax provision (benefit) | (60) | (60) | (119) | (139) | |||
Net income | 832 | 1,792 | 1,679 | 2,610 | |||
Assets | 133,280 | 133,280 | 132,890 | ||||
Consolidation, Eliminations [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Dividend and Interest Income | (1,061) | (2,025) | (2,129) | (3,030) | |||
Interest expense | |||||||
Net interest income | (1,061) | (2,025) | (2,129) | (3,030) | |||
Provision for loan losses | |||||||
Noninterest income | |||||||
Noninterest expense | |||||||
Net income before taxes | (1,061) | (2,025) | (2,129) | (3,030) | |||
Income tax provision (benefit) | |||||||
Net income | (1,061) | $ (2,025) | (2,129) | $ (3,030) | |||
Assets | $ (132,582) | $ (132,582) | $ (132,220) |
Leases (Details)
Leases (Details) $ in Thousands | Jun. 30, 2020USD ($) |
2020 | $ 147 |
2021 | 298 |
2022 | 303 |
2023 | 309 |
2024 | 282 |
Thereafter | 3,199 |
Total | 4,538 |
Lease Expense [Member] | |
2020 | 70 |
2021 | 133 |
2022 | 126 |
2023 | 118 |
2024 | 110 |
Thereafter | 789 |
Total | 1,346 |
Liability Reduction [Member] | |
2020 | 77 |
2021 | 165 |
2022 | 177 |
2023 | 191 |
2024 | 172 |
Thereafter | 2,410 |
Total | $ 3,192 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||||
Operating Lease paid | $ 72,700 | $ 49,100 | $ 145,300 | $ 98,000 |
Operating lease expense | 80,800 | 58,400 | 161,500 | 116,700 |
Operating Lease liability reduced | $ 37,700 | $ 16,900 | $ 74,800 | $ 34,100 |
Weighted Average Remaining Lease Term | 16 years 1 month 28 days | 18 years 8 months 4 days | 16 years 1 month 28 days | 18 years 8 months 4 days |
Weighted Average Discount Rate | 4.83% | 4.83% | 4.83% | 4.83% |