Quarterly Report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 | |
Transition report pursuant to Section 13 or 15 (d) of the Exchange Act | |
(State or other jurisdiction of | (I.R.S. Employer Identification No.) | |
incorporation or organization) | ||
(Address of principal executive offices) | (Zip Code) | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Large accelerated filer | ☐ | ☒ | |
Non-accelerated filer | ☐ | Smaller reporting company | |
Emerging growth company | |||
Page | ||
Number | ||
June 30, | December 31, | |||||||
(In Thousands, Except Share Data) | 2019 | 2018 | ||||||
ASSETS: | ||||||||
Noninterest-bearing balances | $ | $ | ||||||
Interest-bearing balances in other financial institutions | ||||||||
Total cash and cash equivalents | ||||||||
Investment debt securities, available for sale, at fair value | ||||||||
Investment equity securities, at fair value | ||||||||
Investment securities, trading | ||||||||
Restricted investment in bank stock, at fair value | ||||||||
Loans held for sale | ||||||||
Loans | ||||||||
Allowance for loan losses | ( | ) | ( | ) | ||||
Loans, net | ||||||||
Premises and equipment, net | ||||||||
Accrued interest receivable | ||||||||
Bank-owned life insurance | ||||||||
Goodwill | ||||||||
Intangibles | ||||||||
Operating lease right-of-use asset | ||||||||
Deferred tax asset | ||||||||
Other assets | ||||||||
TOTAL ASSETS | $ | $ | ||||||
LIABILITIES: | ||||||||
Interest-bearing deposits | $ | $ | ||||||
Noninterest-bearing deposits | ||||||||
Total deposits | ||||||||
Short-term borrowings | ||||||||
Long-term borrowings | ||||||||
Accrued interest payable | ||||||||
Operating lease liability | ||||||||
Other liabilities | ||||||||
TOTAL LIABILITIES | ||||||||
SHAREHOLDERS’ EQUITY: | ||||||||
Preferred stock, no par value, 3,000,000 shares authorized; no shares issued | ||||||||
Common stock, par value $8.33, 15,000,000 shares authorized; 5,012,898 and 5,011,698 shares issued; 4,692,748 and 4,691,548 outstanding | ||||||||
Additional paid-in capital | ||||||||
Retained earnings | ||||||||
Accumulated other comprehensive gain (loss): | ||||||||
Net unrealized gain (loss) on available for sale securities | ( | ) | ||||||
Defined benefit plan | ( | ) | ( | ) | ||||
Treasury stock at cost, 320,150 | ( | ) | ( | ) | ||||
TOTAL PENNS WOODS BANCORP, INC. SHAREHOLDERS' EQUITY | ||||||||
Non-controlling interest | ||||||||
TOTAL SHAREHOLDERS' EQUITY | ||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | $ | ||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In Thousands, Except Per Share Data) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
INTEREST AND DIVIDEND INCOME: | ||||||||||||||||
Loans, including fees | $ | $ | $ | $ | ||||||||||||
Investment securities: | ||||||||||||||||
Taxable | ||||||||||||||||
Tax-exempt | ||||||||||||||||
Dividend and other interest income | ||||||||||||||||
TOTAL INTEREST AND DIVIDEND INCOME | ||||||||||||||||
INTEREST EXPENSE: | ||||||||||||||||
Deposits | ||||||||||||||||
Short-term borrowings | ||||||||||||||||
Long-term borrowings | ||||||||||||||||
TOTAL INTEREST EXPENSE | ||||||||||||||||
NET INTEREST INCOME | ||||||||||||||||
PROVISION FOR LOAN LOSSES | ||||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | ||||||||||||||||
NON-INTEREST INCOME: | ||||||||||||||||
Service charges | ||||||||||||||||
Net debt securities (losses) gains, available for sale | ( | ) | ||||||||||||||
Net equity securities gains (losses) | ( | ) | ||||||||||||||
Net securities gains (losses), trading | ( | ) | ( | ) | ||||||||||||
Bank-owned life insurance | ||||||||||||||||
Gain on sale of loans | ||||||||||||||||
Insurance commissions | ||||||||||||||||
Brokerage commissions | ||||||||||||||||
Debit card fees | ||||||||||||||||
Other | ||||||||||||||||
TOTAL NON-INTEREST INCOME | ||||||||||||||||
NON-INTEREST EXPENSE: | ||||||||||||||||
Salaries and employee benefits | ||||||||||||||||
Occupancy | ||||||||||||||||
Furniture and equipment | ||||||||||||||||
Software amortization | ||||||||||||||||
Pennsylvania shares tax | ||||||||||||||||
Professional fees | ||||||||||||||||
Federal Deposit Insurance Corporation deposit insurance | ||||||||||||||||
Marketing | ||||||||||||||||
Intangible amortization | ||||||||||||||||
Other | ||||||||||||||||
TOTAL NON-INTEREST EXPENSE | ||||||||||||||||
INCOME BEFORE INCOME TAX PROVISION | ||||||||||||||||
INCOME TAX PROVISION | ||||||||||||||||
CONSOLIDATED NET INCOME | $ | $ | $ | $ | ||||||||||||
Less: Net loss attributable to noncontrolling interest | ( | ) | ||||||||||||||
NET INCOME ATTRIBUTABLE TO PENNS WOODS BANCORP, INC. | $ | $ | $ | $ | ||||||||||||
EARNINGS PER SHARE - BASIC | $ | $ | $ | $ | ||||||||||||
EARNINGS PER SHARE - DILUTED | $ | $ | $ | $ | ||||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC | ||||||||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED | ||||||||||||||||
DIVIDENDS DECLARED PER SHARE | $ | $ | $ | $ | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In Thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Net Income | $ | $ | $ | $ | ||||||||||||
Other comprehensive income (loss) income: | ||||||||||||||||
Change in unrealized gain (loss) on available for sale securities | ( | ) | ( | ) | ||||||||||||
Tax effect | ( | ) | ( | ) | ||||||||||||
Net realized (gain) loss on available for sale securities included in net income | ( | ) | ( | ) | ( | ) | ||||||||||
Tax effect | ( | ) | ||||||||||||||
Amortization of unrecognized pension gain | ||||||||||||||||
Tax effect | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Total other comprehensive gain (loss) income | ( | ) | ( | ) | ||||||||||||
Comprehensive income | $ | $ | $ | $ | ||||||||||||
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE LOSS | TREASURY STOCK | NON-CONTROLLING INTEREST | TOTAL SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||
(In Thousands, Except Per Share Data) | SHARES | AMOUNT | |||||||||||||||||||||||||||||
Balance, March 31, 2019 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||||||||||
Dividends declared ($0.47 per share) | ( | ) | ( | ) | |||||||||||||||||||||||||||
Common shares issued for employee stock purchase plan | |||||||||||||||||||||||||||||||
Balance, June 30, 2019 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||||||||||||
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE LOSS | TREASURY STOCK | NON-CONTROLLING INTEREST | TOTAL SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||
(In Thousands, Except Per Share Data) | SHARES | AMOUNT | |||||||||||||||||||||||||||||
Balance, March 31, 2018 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||
Other comprehensive loss | ( | ) | ( | ) | |||||||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||||||||||
Dividends declared ($0.47 per share) | ( | ) | ( | ) | |||||||||||||||||||||||||||
Common shares issued for employee stock purchase plan | |||||||||||||||||||||||||||||||
Balance, June 30, 2018 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||||||||||||
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE LOSS | TREASURY STOCK | NON-CONTROLLING INTEREST | TOTAL SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||
(In Thousands, Except Per Share Data) | SHARES | AMOUNT | |||||||||||||||||||||||||||||
Balance, December 31, 2018 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||||||||||
Dividends declared ($0.94 per share) | ( | ) | ( | ) | |||||||||||||||||||||||||||
Common shares issued for employee stock purchase plan | |||||||||||||||||||||||||||||||
Balance, June 30, 2019 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||||||||||||
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE LOSS | TREASURY STOCK | NON-CONTROLLING INTEREST | TOTAL SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||
(In Thousands, Except Per Share Data) | SHARES | AMOUNT | |||||||||||||||||||||||||||||
Balance, December 31, 2017 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||||||||||||
Net income | ( | ) | |||||||||||||||||||||||||||||
Adoption of ASU 2016-01 | ( | ) | |||||||||||||||||||||||||||||
Other comprehensive (loss) | ( | ) | ( | ) | |||||||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||||||||||
Dividends declared ($0.94 per share) | ( | ) | ( | ) | |||||||||||||||||||||||||||
Common shares issued for employee stock purchase plan | |||||||||||||||||||||||||||||||
Balance, June 30, 2018 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||||||||||||
Six Months Ended June 30, | ||||||||
(In Thousands) | 2019 | 2018 | ||||||
OPERATING ACTIVITIES: | ||||||||
Net Income | $ | $ | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | ||||||||
Amortization of intangible assets | ||||||||
Provision for loan losses | ||||||||
Accretion and amortization of investment security discounts and premiums | ||||||||
Net securities (gains) losses, available for sale | ( | ) | ( | ) | ||||
Originations of loans held for sale | ( | ) | ( | ) | ||||
Proceeds of loans held for sale | ||||||||
Gain on sale of loans | ( | ) | ( | ) | ||||
Net equity securities (gains) losses | ( | ) | ||||||
Net securities gains, trading | ( | ) | ||||||
Proceeds from the sale of trading securities | ||||||||
Purchases of trading securities | ( | ) | ( | ) | ||||
Earnings on bank-owned life insurance | ( | ) | ( | ) | ||||
Decrease (increase) in deferred tax asset | ( | ) | ||||||
Other, net | ( | ) | ( | ) | ||||
Net cash provided by operating activities | ||||||||
INVESTING ACTIVITIES: | ||||||||
Proceeds from sales of available for sale securities | ||||||||
Proceeds from calls and maturities of available for sale securities | ||||||||
Purchases of available for sale securities | ( | ) | ( | ) | ||||
Net decrease (increase) in loans | ( | ) | ||||||
Acquisition of premises and equipment | ( | ) | ( | ) | ||||
Proceeds from the sale of foreclosed assets | ||||||||
Purchase of bank-owned life insurance | ( | ) | ( | ) | ||||
Security trades payable | ( | ) | ||||||
Proceeds from redemption of regulatory stock | ||||||||
Purchases of regulatory stock | ( | ) | ( | ) | ||||
Net cash provided (used) for investing activities | ( | ) | ||||||
FINANCING ACTIVITIES: | ||||||||
Net increase in interest-bearing deposits | ||||||||
Net increase in noninterest-bearing deposits | ||||||||
Proceeds from long-term borrowings | ||||||||
Repayment of long-term borrowings | ( | ) | ( | ) | ||||
Net decrease in short-term borrowings | ( | ) | ||||||
Finance lease principal payments | ( | ) | ||||||
Dividends paid | ( | ) | ( | ) | ||||
Issuance of common stock | ||||||||
Net cash provided by financing activities | ||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | ||||||||
CASH AND CASH EQUIVALENTS, BEGINNING | ||||||||
CASH AND CASH EQUIVALENTS, ENDING | $ | $ | ||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||
Interest paid | $ | $ | ||||||
Income taxes paid | ||||||||
Non-cash investing and financing activities: | ||||||||
Right-of-use lease assets obtained in exchange for lessee finance lease liabilities | ||||||||
Right-of-use lease assets obtained in exchange for lessee operating lease liabilities | ||||||||
Transfer of loans to foreclosed real estate | ||||||||
Transfer due to adoption of ASU 2016-01, equity securities fair value adjust, reclassification from AOCI to Retained Earnings, net of tax | ||||||||
Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | |||||||||||||||||||||||
(In Thousands) | Net Unrealized Gain on Available for Sale Securities | Defined Benefit Plan | Total | Net Unrealized Loss on Available for Sale Securities | Defined Benefit Plan | Total | ||||||||||||||||||
Beginning balance | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||||
Other comprehensive gain (loss) before reclassifications | ( | ) | ( | ) | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive gain (loss) | ( | ) | ||||||||||||||||||||||
Net current-period other comprehensive income (loss) | ( | ) | ( | ) | ||||||||||||||||||||
Ending balance | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||||
Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | |||||||||||||||||||||||
(In Thousands) | Net Unrealized Loss on Available for Sale Securities | Defined Benefit Plan | Total | Net Unrealized Gain (Loss) on Available for Sale Securities | Defined Benefit Plan | Total | ||||||||||||||||||
Beginning balance | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||
Other comprehensive (loss) gain before reclassifications | ( | ) | ( | ) | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive gain (loss) | ( | ) | ( | ) | ||||||||||||||||||||
Net current-period other comprehensive (loss) income | ( | ) | ( | ) | ||||||||||||||||||||
Reclassification from adoption of 2016-01 | ( | ) | ( | ) | ||||||||||||||||||||
Ending balance | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Consolidated Statement of Income | ||||||||
Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | |||||||||
Net unrealized (loss) gain on available for sale securities | $ | ( | ) | $ | Net debt securities gains (losses), available for sale | |||||
Income tax effect | ( | ) | Income tax provision | |||||||
Total reclassifications for the period | $ | ( | ) | $ | ||||||
Net unrecognized pension costs | $ | ( | ) | $ | ( | ) | Salaries and employee benefits | |||
Income tax effect | Income tax provision | |||||||||
Total reclassifications for the period | $ | ( | ) | $ | ( | ) | ||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Consolidated Statement of Income | ||||||||
Six months ended June 30, 2019 | Six months ended June 30, 2018 | |||||||||
Net unrealized gain on available for sale securities | $ | $ | Net securities gains, available for sale | |||||||
Income tax effect | ( | ) | ( | ) | Income tax provision | |||||
Total reclassifications for the period | $ | $ | ||||||||
Net unrecognized pension costs | $ | ( | ) | $ | ( | ) | Salaries and employee benefits | |||
Income tax effect | Income tax provision | |||||||||
Total reclassifications for the period | $ | ( | ) | $ | ( | ) | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
Weighted average common shares issued | ||||||||||||
Weighted average treasury stock shares | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Weighted average common shares outstanding - basic | ||||||||||||
Dilutive effect of outstanding stock options | ||||||||||||
Weighted average common shares outstanding - diluted | ||||||||||||
June 30, 2019 | ||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
(In Thousands) | Cost | Gains | Losses | Value | ||||||||||||
Available for sale (AFS): | ||||||||||||||||
Mortgage-backed securities | $ | $ | $ | ( | ) | $ | ||||||||||
State and political securities | ( | ) | ||||||||||||||
Other debt securities | ( | ) | ||||||||||||||
Total debt securities | $ | $ | $ | ( | ) | $ | ||||||||||
Investment equity securities: | ||||||||||||||||
Financial institution equity securities | $ | $ | $ | $ | ||||||||||||
Other equity securities | ( | ) | ||||||||||||||
Investment equity securities | $ | $ | $ | ( | ) | $ | ||||||||||
Trading: | ||||||||||||||||
Other equity securities | $ | $ | $ | ( | ) | $ | ||||||||||
December 31, 2018 | ||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
(In Thousands) | Cost | Gains | Losses | Value | ||||||||||||
Available for sale (AFS): | ||||||||||||||||
Mortgage-backed securities | $ | $ | $ | ( | ) | $ | ||||||||||
State and political securities | ( | ) | ||||||||||||||
Other debt securities | ( | ) | ||||||||||||||
Total debt securities | $ | $ | $ | ( | ) | $ | ||||||||||
Investment equity securities: | ||||||||||||||||
Financial institution equity securities | $ | $ | $ | $ | ||||||||||||
Other equity securities | ( | ) | ||||||||||||||
Investment equity securities | $ | $ | $ | ( | ) | $ | ||||||||||
Trading: | ||||||||||||||||
Other equity securities | $ | $ | $ | ( | ) | $ | ||||||||||
June 30, 2019 | ||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | ||||||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
(In Thousands) | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||
Available for sale (AFS): | ||||||||||||||||||||||||
Mortgage-backed securities | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||||||||
State and political securities | ( | ) | ( | ) | ||||||||||||||||||||
Other debt securities | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Total debt securities | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||||||
December 31, 2018 | ||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | ||||||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
(In Thousands) | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||
Available for sale (AFS): | ||||||||||||||||||||||||
Mortgage-backed securities | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||||||
State and political securities | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Other debt securities | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Total debt securities | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||||||
(In Thousands) | Amortized Cost | Fair Value | ||||||
Due in one year or less | $ | $ | ||||||
Due after one year to five years | ||||||||
Due after five years to ten years | ||||||||
Due after ten years | ||||||||
Total | $ | $ | ||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In Thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Available for sale (AFS): | ||||||||||||||||
Gross realized gains: | ||||||||||||||||
Mortgage-backed securities | $ | $ | $ | $ | ||||||||||||
State and political securities | ||||||||||||||||
Other debt securities | ||||||||||||||||
Total gross realized gains | $ | $ | $ | $ | ||||||||||||
Gross realized losses: | ||||||||||||||||
State and political securities | $ | $ | $ | $ | ||||||||||||
Other debt securities | ||||||||||||||||
Total gross realized losses | $ | $ | $ | $ | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In Thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Net gains (losses) recognized in equity securities during the period | $ | $ | $ | $ | ( | ) | ||||||||||
Less: Net gains (losses) realized on the sale of equity securities during the period | ||||||||||||||||
Unrealized gains (losses) recognized in equity securities held at reporting date | $ | $ | ( | ) | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In Thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Net gains (losses) on sale transactions | $ | $ | $ | $ | ( | ) | ||||||||||
Net mark-to-market gains (losses) | ( | ) | ||||||||||||||
Net gain (loss) on trading account securities | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
June 30, 2019 | ||||||||||||||||||||
Past Due | Past Due 90 | |||||||||||||||||||
30 To 89 | Days Or More | Non- | ||||||||||||||||||
(In Thousands) | Current | Days | & Still Accruing | Accrual | Total | |||||||||||||||
Commercial, financial, and agricultural | $ | $ | $ | $ | $ | |||||||||||||||
Real estate mortgage: | ||||||||||||||||||||
Residential | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Construction | ||||||||||||||||||||
Consumer automobile loans | ||||||||||||||||||||
Other consumer installment loans | ||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||
Net deferred loan fees and discounts | ||||||||||||||||||||
Allowance for loan losses | ( | ) | ( | ) | ||||||||||||||||
Loans, net | $ | $ | ||||||||||||||||||
December 31, 2018 | ||||||||||||||||||||
Past Due | Past Due 90 | |||||||||||||||||||
30 To 89 | Days Or More | Non- | ||||||||||||||||||
(In Thousands) | Current | Days | & Still Accruing | Accrual | Total | |||||||||||||||
Commercial, financial, and agricultural | $ | $ | $ | $ | $ | |||||||||||||||
Real estate mortgage: | ||||||||||||||||||||
Residential | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Construction | ||||||||||||||||||||
Consumer automobile loans | ||||||||||||||||||||
Other consumer installment loans | ||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||
Net deferred loan fees and discounts | ||||||||||||||||||||
Allowance for loan losses | ( | ) | ( | ) | ||||||||||||||||
Loans, net | $ | $ | ||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||
2019 | 2018 | |||||||||||||||
(In Thousands) | Interest Income That Would Have Been Recorded Based on Original Term and Rate | Interest Income Recorded on a Cash Basis | Interest Income That Would Have Been Recorded Based on Original Term and Rate | Interest Income Recorded on a Cash Basis | ||||||||||||
Commercial, financial, and agricultural | $ | $ | $ | $ | ||||||||||||
Real estate mortgage: | ||||||||||||||||
Residential | ||||||||||||||||
Commercial | ||||||||||||||||
Construction | ||||||||||||||||
Consumer automobile loans | ||||||||||||||||
Other consumer installment loans | ||||||||||||||||
$ | $ | $ | $ | |||||||||||||
Six Months Ended June 30, | ||||||||||||||||
2019 | 2018 | |||||||||||||||
(In Thousands) | Interest Income That Would Have Been Recorded Based on Original Term and Rate | Interest Income Recorded on a Cash Basis | Interest Income That Would Have Been Recorded Based on Original Term and Rate | Interest Income Recorded on a Cash Basis | ||||||||||||
Commercial, financial, and agricultural | $ | $ | $ | $ | ||||||||||||
Real estate mortgage: | ||||||||||||||||
Residential | ||||||||||||||||
Commercial | ||||||||||||||||
Construction | ||||||||||||||||
Consumer automobile loans | ||||||||||||||||
Other consumer installment loans | ||||||||||||||||
$ | $ | $ | $ | |||||||||||||
June 30, 2019 | ||||||||||||
Recorded | Unpaid Principal | Related | ||||||||||
(In Thousands) | Investment | Balance | Allowance | |||||||||
With no related allowance recorded: | ||||||||||||
Commercial, financial, and agricultural | $ | $ | $ | — | ||||||||
Real estate mortgage: | ||||||||||||
Residential | — | |||||||||||
Commercial | — | |||||||||||
Construction | — | |||||||||||
Consumer automobile loans | — | |||||||||||
Installment loans to individuals | — | |||||||||||
— | ||||||||||||
With an allowance recorded: | ||||||||||||
Commercial, financial, and agricultural | ||||||||||||
Real estate mortgage: | ||||||||||||
Residential | ||||||||||||
Commercial | ||||||||||||
Construction | ||||||||||||
Consumer automobile loans | ||||||||||||
Installment loans to individuals | ||||||||||||
Total: | ||||||||||||
Commercial, financial, and agricultural | ||||||||||||
Real estate mortgage: | ||||||||||||
Residential | ||||||||||||
Commercial | ||||||||||||
Construction | ||||||||||||
Consumer automobile loans | ||||||||||||
Installment loans to individuals | ||||||||||||
$ | $ | $ | ||||||||||
December 31, 2018 | ||||||||||||
Recorded | Unpaid Principal | Related | ||||||||||
(In Thousands) | Investment | Balance | Allowance | |||||||||
With no related allowance recorded: | ||||||||||||
Commercial, financial, and agricultural | $ | $ | $ | — | ||||||||
Real estate mortgage: | ||||||||||||
Residential | — | |||||||||||
Commercial | — | |||||||||||
Construction | — | |||||||||||
Consumer automobile loans | — | |||||||||||
Installment loans to individuals | — | |||||||||||
— | ||||||||||||
With an allowance recorded: | ||||||||||||
Commercial, financial, and agricultural | ||||||||||||
Real estate mortgage: | ||||||||||||
Residential | ||||||||||||
Commercial | ||||||||||||
Construction | ||||||||||||
Consumer automobile loans | ||||||||||||
Installment loans to individuals | ||||||||||||
Total: | ||||||||||||
Commercial, financial, and agricultural | ||||||||||||
Real estate mortgage: | ||||||||||||
Residential | ||||||||||||
Commercial | ||||||||||||
Construction | ||||||||||||
Consumer automobile loans | ||||||||||||
Installment loans to individuals | ||||||||||||
$ | $ | $ | ||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||||
(In Thousands) | Average Investment in Impaired Loans | Interest Income Recognized on an Accrual Basis on Impaired Loans | Interest Income Recognized on a Cash Basis on Impaired Loans | Average Investment in Impaired Loans | Interest Income Recognized on an Accrual Basis on Impaired Loans | Interest Income Recognized on a Cash Basis on Impaired Loans | ||||||||||||||||||
Commercial, financial, and agricultural | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||
Consumer automobile | ||||||||||||||||||||||||
Other consumer installment loans | ||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | |||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||||
(In Thousands) | Average Investment in Impaired Loans | Interest Income Recognized on an Accrual Basis on Impaired Loans | Interest Income Recognized on a Cash Basis on Impaired Loans | Average Investment in Impaired Loans | Interest Income Recognized on an Accrual Basis on Impaired Loans | Interest Income Recognized on a Cash Basis on Impaired Loans | ||||||||||||||||||
Commercial, financial, and agricultural | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||
Consumer automobile | ||||||||||||||||||||||||
Other consumer installment loans | ||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||
(In Thousands, Except Number of Contracts) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||
Commercial, financial, and agricultural | $ | $ | $ | $ | ||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Residential | ||||||||||||||||||||||
Commercial | ||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||
(In Thousands, Except Number of Contracts) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||
Commercial, financial, and agricultural | $ | $ | $ | $ | ||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||
Residential | ||||||||||||||||||||||
Commercial | ||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||
June 30, 2019 | ||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | Real Estate Mortgages | Consumer automobile | Other consumer installment loans | |||||||||||||||||||||||||
(In Thousands) | Residential | Commercial | Construction | Totals | ||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
December 31, 2018 | ||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | Real Estate Mortgages | Consumer automobile | Other consumer installment loans | |||||||||||||||||||||||||
(In Thousands) | Residential | Commercial | Construction | Totals | ||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Three Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | Real Estate Mortgages | Consumer automobile | Other consumer installment | |||||||||||||||||||||||||||||
(In Thousands) | Residential | Commercial | Construction | Unallocated | Totals | |||||||||||||||||||||||||||
Beginning Balance | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||
Provision | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Three Months Ended June 30, 2018 | ||||||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | Real Estate Mortgages | Consumer automobile | Other consumer installment | |||||||||||||||||||||||||||||
(In Thousands) | Residential | Commercial | Construction | Unallocated | Totals | |||||||||||||||||||||||||||
Beginning Balance | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||
Provision | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Six Months Ended June 30, 2019 | ||||||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | Real Estate Mortgages | Consumer automobile | Other consumer installment | |||||||||||||||||||||||||||||
(In Thousands) | Residential | Commercial | Construction | Unallocated | Totals | |||||||||||||||||||||||||||
Beginning Balance | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||
Provision | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Six Months Ended June 30, 2018 | ||||||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | Real Estate Mortgages | Consumer automobile | Other consumer installment | |||||||||||||||||||||||||||||
(In Thousands) | Residential | Commercial | Construction | Unallocated | Totals | |||||||||||||||||||||||||||
Beginning Balance | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||
Provision | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
June 30, | ||||||
2019 | 2018 | |||||
Owners of residential rental properties | % | % | ||||
Owners of commercial rental properties | % | % | ||||
June 30, 2019 | ||||||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | Real Estate Mortgages | Consumer Automobile | Other consumer installment | Unallocated | ||||||||||||||||||||||||||||
(In Thousands) | Residential | Commercial | Construction | Totals | ||||||||||||||||||||||||||||
Allowance for Loan Losses: | ||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Collectively evaluated for impairment | ||||||||||||||||||||||||||||||||
Total ending allowance balance | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||
Collectively evaluated for impairment | ||||||||||||||||||||||||||||||||
Total ending loans balance | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||
December 31, 2018 | ||||||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | Real Estate Mortgages | Consumer Automobile | Other consumer installment | Unallocated | ||||||||||||||||||||||||||||
(In Thousands) | Residential | Commercial | Construction | Totals | ||||||||||||||||||||||||||||
Allowance for Loan Losses: | ||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Collectively evaluated for impairment | ||||||||||||||||||||||||||||||||
Total ending allowance balance | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||
Collectively evaluated for impairment | ||||||||||||||||||||||||||||||||
Total ending loans balance | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In Thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Interest cost | $ | $ | $ | $ | ||||||||||||
Expected return on plan assets | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Amortization of net loss | ||||||||||||||||
Net periodic benefit | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
(In Thousands) | June 30, 2019 | December 31, 2018 | ||||||
Commitments to extend credit | $ | $ | ||||||
Standby letters of credit | ||||||||
Credit exposure from the sale of assets with recourse | ||||||||
$ | $ | |||||||
Level I: | Quoted prices are available in active markets for identical assets or liabilities as of the reported date. | |
Level II: | Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities include items for which quoted prices are available but traded less frequently, and items that are fair valued using other financial instruments, the parameters of which can be directly observed. | |
Level III: | Assets and liabilities that have little to no pricing observability as of the reported date. These items do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. | |
June 30, 2019 | ||||||||||||||||
(In Thousands) | Level I | Level II | Level III | Total | ||||||||||||
Assets measured on a recurring basis: | ||||||||||||||||
Investment securities, available for sale: | ||||||||||||||||
Mortgage-backed securities | $ | $ | $ | $ | ||||||||||||
State and political securities | ||||||||||||||||
Other debt securities | ||||||||||||||||
Investment equity securities: | ||||||||||||||||
Financial institution equity securities | ||||||||||||||||
Other equity securities | ||||||||||||||||
Investment securities, trading: | ||||||||||||||||
Other equity securities | ||||||||||||||||
December 31, 2018 | ||||||||||||||||
(In Thousands) | Level I | Level II | Level III | Total | ||||||||||||
Assets measured on a recurring basis: | ||||||||||||||||
Investment securities, available for sale: | ||||||||||||||||
Mortgage-backed securities | $ | $ | $ | $ | ||||||||||||
State and political securities | ||||||||||||||||
Other debt securities | ||||||||||||||||
Financial institution equity securities | ||||||||||||||||
Other equity securities | ||||||||||||||||
Investment securities, trading: | ||||||||||||||||
Other equity securities | ||||||||||||||||
June 30, 2019 | ||||||||||||||||
(In Thousands) | Level I | Level II | Level III | Total | ||||||||||||
Assets measured on a non-recurring basis: | ||||||||||||||||
Impaired loans | $ | $ | $ | $ | ||||||||||||
Other real estate owned | ||||||||||||||||
December 31, 2018 | ||||||||||||||||
(In Thousands) | Level I | Level II | Level III | Total | ||||||||||||
Assets measured on a non-recurring basis: | ||||||||||||||||
Impaired loans | $ | $ | $ | $ | ||||||||||||
Other real estate owned | ||||||||||||||||
June 30, 2019 | ||||||||||||
Quantitative Information About Level III Fair Value Measurements | ||||||||||||
(In Thousands) | Fair Value | Valuation Technique(s) | Unobservable Inputs | Range | Weighted Average | |||||||
Impaired loans | $ | Discounted cash flow | Temporary reduction in payment amount | 0% to (70)% | ( | |||||||
Appraisal of collateral (1) | Appraisal adjustments (1) | 0 to (40)% | ( | |||||||||
Other real estate owned | $ | Appraisal of collateral (1) | Appraisal adjustments (1) | ( | ( | |||||||
December 31, 2018 | ||||||||||||
Quantitative Information About Level III Fair Value Measurements | ||||||||||||
(In Thousands) | Fair Value | Valuation Technique(s) | Unobservable Inputs | Range | Weighted Average | |||||||
Impaired loans | $ | Discounted cash flow | Temporary reduction in payment amount | 7 to (70)% | ( | |||||||
Appraisal of collateral (1) | Appraisal adjustments (1) | 0 to (90)% | ( | |||||||||
Other real estate owned | $ | Appraisal of collateral (1) | Appraisal adjustments (1) | ( | ( | |||||||
Carrying | Fair | Fair Value Measurements at June 30, 2019 | ||||||||||||||||||
(In Thousands) | Value | Value | Level I | Level II | Level III | |||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents (1) | $ | $ | $ | $ | $ | |||||||||||||||
Restricted investment in bank stock (1) | ||||||||||||||||||||
Loans held for sale (1) | ||||||||||||||||||||
Loans, net | ||||||||||||||||||||
Bank-owned life insurance (1) | ||||||||||||||||||||
Accrued interest receivable (1) | ||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Interest-bearing deposits | $ | $ | $ | $ | $ | |||||||||||||||
Noninterest-bearing deposits (1) | ||||||||||||||||||||
Short-term borrowings (1) | ||||||||||||||||||||
Long-term borrowings | ||||||||||||||||||||
Accrued interest payable (1) | ||||||||||||||||||||
Carrying | Fair | Fair Value Measurements at December 31, 2018 | ||||||||||||||||||
(In Thousands) | Value | Value | Level I | Level II | Level III | |||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents (1) | $ | $ | $ | $ | $ | |||||||||||||||
Restricted investment in bank stock (1) | ||||||||||||||||||||
Loans held for sale (1) | ||||||||||||||||||||
Loans, net | ||||||||||||||||||||
Bank-owned life insurance (1) | ||||||||||||||||||||
Accrued interest receivable (1) | ||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Interest-bearing deposits | $ | $ | $ | $ | $ | |||||||||||||||
Noninterest-bearing deposits (1) | ||||||||||||||||||||
Short-term borrowings (1) | ||||||||||||||||||||
Long-term borrowings | ||||||||||||||||||||
Accrued interest payable (1) | ||||||||||||||||||||
Stock Options Granted | |||||||||||||||||
Date | Shares | Forfeited | Outstanding | Strike Price | Vesting Period | Expiration | |||||||||||
March 15, 2019 | $ | ||||||||||||||||
March 15, 2019 | |||||||||||||||||
August 24, 2018 | |||||||||||||||||
August 24, 2018 | |||||||||||||||||
January 5, 2018 | |||||||||||||||||
January 5, 2018 | |||||||||||||||||
March 24, 2017 | ( | ) | |||||||||||||||
March 24, 2017 | |||||||||||||||||
August 27, 2015 | ( | ) | |||||||||||||||
June 30, 2019 | June 30, 2018 | |||||||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | |||||||||||
Outstanding, beginning of year | $ | $ | ||||||||||||
Granted | ||||||||||||||
Exercised | ||||||||||||||
Forfeited | ( | ) | ||||||||||||
Expired | ||||||||||||||
Outstanding, end of period | $ | $ | ||||||||||||
Exercisable, end of period | $ | $ | ||||||||||||
(In Thousands) | Statement of Financial Condition classification | June 30, 2019 | ||||
Finance lease right of use assets | Premises and equipment, net | $ | ||||
Finance lease liabilities | Long-term borrowings | $ | ||||
Three Months Ended June 30, | Six months ended June 30, | |||||||
(In Thousands) | 2019 | 2019 | ||||||
Finance Lease Cost: | ||||||||
Amortization of right-of-use asset | $ | $ | ||||||
Interest expense | ||||||||
Operating lease cost | ||||||||
Variable lease cost | ||||||||
Total Lease Cost | $ | $ | ||||||
(In Thousands) | Operating | Finance | ||||||
2019 | $ | $ | ||||||
2020 | ||||||||
2021 | ||||||||
2022 | ||||||||
2023 | ||||||||
2024 and thereafter | ||||||||
Total undiscounted cash flows | ||||||||
Discount on cash flows | ( | ) | ( | ) | ||||
Total lease liability | $ | $ | ||||||
Operating | Finance | |||||
Weighted-average term (years) | ||||||
Weighted-average discount rate | % | % | ||||
(Dollars in Thousands, Except Per Share Data) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
GAAP net income | $ | 4,245 | $ | 3,480 | $ | 8,189 | $ | 6,689 | ||||||||
Less: net securities gains (losses), net of tax | 18 | 12 | 70 | (20 | ) | |||||||||||
Non-GAAP core earnings | $ | 4,227 | $ | 3,468 | $ | 8,119 | $ | 6,709 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
Return on average assets (ROA) | 1.02 | % | 0.91 | % | 0.99 | % | 0.89 | % | ||||
Less: net securities gains, net of tax | 0.01 | % | 0.01 | % | 0.01 | % | — | % | ||||
Non-GAAP core ROA | 1.01 | % | 0.90 | % | 0.98 | % | 0.89 | % | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
Return on average equity (ROE) | 11.42 | % | 10.07 | % | 11.27 | % | 9.68 | % | ||||
Less: net securities gains (losses), net of tax | 0.05 | % | 0.03 | % | 0.09 | % | (0.03 | )% | ||||
Non-GAAP core ROE | 11.37 | % | 10.04 | % | 11.18 | % | 9.71 | % | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Basic earnings per share (EPS) | $ | 0.91 | $ | 0.74 | $ | 1.75 | $ | 1.43 | ||||||||
Less: net securities gains, net of tax | 0.01 | — | 0.02 | — | ||||||||||||
Non-GAAP core operating EPS | $ | 0.90 | $ | 0.74 | $ | 1.73 | $ | 1.43 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Diluted EPS | $ | 0.91 | $ | 0.74 | $ | 1.75 | $ | 1.43 | ||||||||
Less: net securities gains (losses), net of tax | 0.01 | — | 0.02 | — | ||||||||||||
Non-GAAP diluted core EPS | $ | 0.90 | $ | 0.74 | $ | 1.73 | $ | 1.43 | ||||||||
Three Months Ended | ||||||||||||||||||||||
June 30, 2019 | June 30, 2018 | Change | ||||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | ||||||||||||||||
Loans including fees | $ | 15,300 | 90.85 | % | $ | 12,997 | 92.11 | % | $ | 2,303 | 17.72 | % | ||||||||||
Investment securities: | ||||||||||||||||||||||
Taxable | 967 | 5.74 | 639 | 4.53 | 328 | 51.33 | ||||||||||||||||
Tax-exempt | 179 | 1.06 | 230 | 1.63 | (51 | ) | (22.17 | ) | ||||||||||||||
Dividend and other interest income | 395 | 2.35 | 245 | 1.73 | 150 | 61.22 | ||||||||||||||||
Total interest and dividend income | $ | 16,841 | 100.00 | % | $ | 14,111 | 100.00 | % | $ | 2,730 | 19.35 | % | ||||||||||
Six Months Ended | ||||||||||||||||||||||
June 30, 2019 | June 30, 2018 | Change | ||||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | ||||||||||||||||
Loans including fees | $ | 30,169 | 90.67 | % | $ | 25,190 | 92.23 | % | $ | 4,979 | 19.77 | % | ||||||||||
Investment securities: | ||||||||||||||||||||||
Taxable | 1,901 | 5.71 | 1,185 | 4.34 | 716 | 60.42 | ||||||||||||||||
Tax-exempt | 353 | 1.06 | 471 | 1.72 | (118 | ) | (25.05 | ) | ||||||||||||||
Dividend and other interest income | 852 | 2.56 | 466 | 1.71 | 386 | 82.83 | ||||||||||||||||
Total interest and dividend income | $ | 33,275 | 100.00 | % | $ | 27,312 | 100.00 | % | $ | 5,963 | 21.83 | % | ||||||||||
Three Months Ended | ||||||||||||||||||||||
June 30, 2019 | June 30, 2018 | Change | ||||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | ||||||||||||||||
Deposits | $ | 2,871 | 73.09 | % | $ | 1,490 | 61.88 | % | $ | 1,381 | 92.68 | % | ||||||||||
Short-term borrowings | 178 | 4.53 | 252 | 10.47 | (74 | ) | (29.37 | ) | ||||||||||||||
Long-term borrowings | 879 | 22.38 | 666 | 27.65 | 213 | 31.98 | ||||||||||||||||
Total interest expense | $ | 3,928 | 100.00 | % | $ | 2,408 | 100.00 | % | $ | 1,520 | 63.12 | % | ||||||||||
Six Months Ended | |||||||||||||||||||||
June 30, 2019 | June 30, 2018 | Change | |||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | |||||||||||||||
Deposits | $ | 5,171 | 67.30 | % | $ | 2,712 | 60.86 | % | $ | 2,459 | 90.67 | % | |||||||||
Short-term borrowings | 783 | 10.19 | 476 | 10.68 | 307 | 64.50 | |||||||||||||||
Long-term borrowings | 1,730 | 22.51 | 1,268 | 28.46 | 462 | 36.44 | |||||||||||||||
Total interest expense | $ | 7,684 | 100.00 | % | $ | 4,456 | 100.00 | % | $ | 3,228 | 72.44 | % | |||||||||
AVERAGE BALANCES AND INTEREST RATES | ||||||||||||||||||||||
Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | |||||||||||||||||||||
(In Thousands) | Average Balance (1) | Interest | Average Rate | Average Balance (1) | Interest | Average Rate | ||||||||||||||||
Assets: | ||||||||||||||||||||||
Tax-exempt loans (3) | $ | 71,193 | $ | 548 | 3.09 | % | $ | 75,859 | $ | 563 | 2.98 | % | ||||||||||
All other loans | 1,313,388 | 14,867 | 4.54 | % | 1,225,343 | 12,552 | 4.11 | % | ||||||||||||||
Total loans (2) | 1,384,581 | 15,415 | 4.47 | % | 1,301,202 | 13,115 | 4.04 | % | ||||||||||||||
Taxable securities | 130,802 | 1,300 | 4.03 | % | 93,024 | 871 | 3.75 | % | ||||||||||||||
Tax-exempt securities (3) | 27,971 | 227 | 3.29 | % | 40,300 | 291 | 2.89 | % | ||||||||||||||
Total securities | 158,773 | 1,527 | 3.90 | % | 133,324 | 1,162 | 3.49 | % | ||||||||||||||
Interest-bearing deposits | 10,431 | 62 | 2.38 | % | 3,034 | 13 | 1.72 | % | ||||||||||||||
Total interest-earning assets | 1,553,785 | 17,004 | 4.39 | % | 1,437,560 | 14,290 | 3.99 | % | ||||||||||||||
Other assets | 113,443 | 97,034 | ||||||||||||||||||||
Total assets | $ | 1,667,228 | $ | 1,534,594 | ||||||||||||||||||
Liabilities and shareholders’ equity: | ||||||||||||||||||||||
Savings | $ | 170,142 | 51 | 0.12 | % | $ | 165,231 | 16 | 0.04 | % | ||||||||||||
Super Now deposits | 246,454 | 453 | 0.74 | % | 234,731 | 242 | 0.41 | % | ||||||||||||||
Money market deposits | 249,169 | 596 | 0.96 | % | 243,771 | 290 | 0.48 | % | ||||||||||||||
Time deposits | 335,721 | 1,771 | 2.12 | % | 253,398 | 942 | 1.49 | % | ||||||||||||||
Total interest-bearing deposits | 1,001,486 | 2,871 | 1.15 | % | 897,131 | 1,490 | 0.67 | % | ||||||||||||||
Short-term borrowings | 32,086 | 178 | 2.23 | % | 56,530 | 252 | 1.76 | % | ||||||||||||||
Long-term borrowings | 147,571 | 879 | 2.24 | % | 123,970 | 666 | 2.12 | % | ||||||||||||||
Total borrowings | 179,657 | 1,057 | 2.23 | % | 180,500 | 918 | 2.01 | % | ||||||||||||||
Total interest-bearing liabilities | 1,181,143 | 3,928 | 1.31 | % | 1,077,631 | 2,408 | 0.89 | % | ||||||||||||||
Demand deposits | 317,623 | 302,742 | ||||||||||||||||||||
Other liabilities | 19,747 | 16,024 | ||||||||||||||||||||
Shareholders’ equity | 148,715 | 138,197 | ||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,667,228 | $ | 1,534,594 | ||||||||||||||||||
Interest rate spread | 3.08 | % | 3.10 | % | ||||||||||||||||||
Net interest income/margin | $ | 13,076 | 3.39 | % | $ | 11,882 | 3.32 | % | ||||||||||||||
AVERAGE BALANCES AND INTEREST RATES | ||||||||||||||||||||||
Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | |||||||||||||||||||||
(In Thousands) | Average Balance (1) | Interest | Average Rate | Average Balance (1) | Interest | Average Rate | ||||||||||||||||
Assets: | ||||||||||||||||||||||
Tax-exempt loans (3) | $ | 71,874 | $ | 1,087 | 3.05 | % | $ | 75,548 | $ | 1,130 | 3.02 | % | ||||||||||
All other loans | 1,313,121 | 29,310 | 4.50 | % | 1,205,945 | 24,297 | 4.06 | % | ||||||||||||||
Total loans (2) | 1,384,995 | 30,397 | 4.43 | % | 1,281,493 | 25,427 | 4.00 | % | ||||||||||||||
Taxable securities | 128,431 | 2,650 | 4.18 | % | 88,670 | 1,630 | 3.68 | % | ||||||||||||||
Tax-exempt securities | 27,344 | 447 | 3.31 | % | 41,225 | 596 | 2.89 | % | ||||||||||||||
Total securities | 155,775 | 3,097 | 4.03 | % | 129,895 | 2,226 | 3.43 | % | ||||||||||||||
Interest-bearing deposits | 8,493 | 103 | 2.45 | % | 2,603 | 21 | 1.63 | % | ||||||||||||||
Total interest-earning assets | 1,549,263 | 33,597 | 4.38 | % | 1,413,991 | 27,674 | 3.94 | % | ||||||||||||||
Other assets | 112,806 | 97,318 | ||||||||||||||||||||
Total assets | $ | 1,662,069 | $ | 1,511,309 | ||||||||||||||||||
Liabilities and shareholders’ equity: | ||||||||||||||||||||||
Savings | $ | 168,543 | 81 | 0.10 | % | $ | 164,140 | 32 | 0.04 | % | ||||||||||||
Super Now deposits | 239,022 | 832 | 0.70 | % | 230,930 | 449 | 0.39 | % | ||||||||||||||
Money market deposits | 245,307 | 1,068 | 0.88 | % | 240,127 | 500 | 0.42 | % | ||||||||||||||
Time deposits | 317,782 | 3,190 | 2.02 | % | 244,805 | 1,731 | 1.43 | % | ||||||||||||||
Total interest-bearing deposits | 970,654 | 5,171 | 1.07 | % | 880,002 | 2,712 | 0.62 | % | ||||||||||||||
Short-term borrowings | 63,881 | 783 | 2.47 | % | 59,152 | 476 | 1.60 | % | ||||||||||||||
Long-term borrowings | 145,890 | 1,730 | 2.24 | % | 119,274 | 1,268 | 2.11 | % | ||||||||||||||
Total borrowings | 209,771 | 2,513 | 2.31 | % | 178,426 | 1,744 | 1.94 | % | ||||||||||||||
Total interest-bearing liabilities | 1,180,425 | 7,684 | 1.29 | % | 1,058,428 | 4,456 | 0.84 | % | ||||||||||||||
Demand deposits | 315,380 | 298,011 | ||||||||||||||||||||
Other liabilities | 20,953 | 16,645 | ||||||||||||||||||||
Shareholders’ equity | 145,311 | 138,225 | ||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,662,069 | $ | 1,511,309 | ||||||||||||||||||
Interest rate spread | 3.09 | % | 3.10 | % | ||||||||||||||||||
Net interest income/margin | $ | 25,913 | 3.37 | % | $ | 23,218 | 3.31 | % | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(In Thousands) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Total interest income | $ | 16,841 | $ | 14,111 | $ | 33,275 | $ | 27,312 | ||||||||
Total interest expense | 3,928 | 2,408 | 7,684 | 4,456 | ||||||||||||
Net interest income | 12,913 | 11,703 | 25,591 | 22,856 | ||||||||||||
Tax equivalent adjustment | 163 | 179 | 322 | 362 | ||||||||||||
Net interest income (fully taxable equivalent) | $ | 13,076 | $ | 11,882 | $ | 25,913 | $ | 23,218 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
2019 vs. 2018 | 2019 vs. 2018 | |||||||||||||||||||||||
Increase (Decrease) Due to | Increase (Decrease) Due to | |||||||||||||||||||||||
(In Thousands) | Volume | Rate | Net | Volume | Rate | Net | ||||||||||||||||||
Interest income: | ||||||||||||||||||||||||
Tax-exempt loans | $ | (36 | ) | $ | 21 | $ | (15 | ) | $ | (54 | ) | $ | 11 | $ | (43 | ) | ||||||||
All other loans | 943 | 1,372 | 2,315 | 2,259 | 2,754 | 5,013 | ||||||||||||||||||
Taxable investment securities | 362 | 67 | 429 | 783 | 237 | 1,020 | ||||||||||||||||||
Tax-exempt investment securities | (99 | ) | 35 | (64 | ) | (224 | ) | 75 | (149 | ) | ||||||||||||||
Interest bearing deposits | 42 | 7 | 49 | 48 | 34 | 82 | ||||||||||||||||||
Total interest-earning assets | 1,212 | 1,502 | 2,714 | 2,812 | 3,111 | 5,923 | ||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||
Savings deposits | — | 35 | 35 | 1 | 48 | 49 | ||||||||||||||||||
Super Now deposits | 12 | 199 | 211 | 17 | 366 | 383 | ||||||||||||||||||
Money market deposits | 6 | 300 | 306 | 11 | 557 | 568 | ||||||||||||||||||
Time deposits | 361 | 468 | 829 | 609 | 850 | 1,459 | ||||||||||||||||||
Short-term borrowings | (128 | ) | 54 | (74 | ) | 40 | 267 | 307 | ||||||||||||||||
Long-term borrowings | 164 | 49 | 213 | 365 | 97 | 462 | ||||||||||||||||||
Total interest-bearing liabilities | 415 | 1,105 | 1,520 | 1,043 | 2,185 | 3,228 | ||||||||||||||||||
Change in net interest income | $ | 797 | $ | 397 | $ | 1,194 | $ | 1,769 | $ | 926 | $ | 2,695 | ||||||||||||
Total Nonperforming Loans | ||||||||||||
(In Thousands) | 90 Days Past Due | Non-accrual | Total | |||||||||
June 30, 2019 | $ | 1,245 | $ | 14,138 | $ | 15,383 | ||||||
March 31, 2019 | 1,268 | 14,526 | 15,794 | |||||||||
December 31, 2018 | 1,274 | 15,298 | 16,572 | |||||||||
September 30, 2018 | 512 | 8,227 | 8,739 | |||||||||
June 30, 2018 | 463 | 6,669 | 7,132 | |||||||||
Three Months Ended | |||||||||||||||||||||
June 30, 2019 | June 30, 2018 | Change | |||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | |||||||||||||||
Service charges | $ | 592 | 23.99 | % | $ | 592 | 25.07 | % | $ | — | — | % | |||||||||
Net debt securities (losses) gains, available for sale | (2 | ) | (0.08 | ) | 14 | 0.59 | (16 | ) | (114.29 | ) | |||||||||||
Net equity securities gains (losses) | 22 | 0.89 | 6 | 0.25 | 16 | 266.67 | |||||||||||||||
Net securities gains (losses), trading | 3 | 0.12 | (5 | ) | (0.21 | ) | 8 | (160.00 | ) | ||||||||||||
Bank-owned life insurance | 123 | 4.98 | 158 | 6.69 | (35 | ) | (22.15 | ) | |||||||||||||
Gain on sale of loans | 347 | 14.05 | 400 | 16.93 | (53 | ) | (13.25 | ) | |||||||||||||
Insurance commissions | 119 | 4.82 | 64 | 2.71 | 55 | 85.94 | |||||||||||||||
Brokerage commissions | 356 | 14.42 | 330 | 13.97 | 26 | 7.88 | |||||||||||||||
Debit card fees | 389 | 15.76 | 373 | 15.79 | 16 | 4.29 | |||||||||||||||
Other | 520 | 21.05 | 430 | 18.21 | 90 | 20.93 | |||||||||||||||
Total non-interest income | $ | 2,469 | 100.00 | % | $ | 2,362 | 100.00 | % | $ | 107 | 4.53 | % | |||||||||
Six Months Ended | |||||||||||||||||||||
June 30, 2019 | June 30, 2018 | Change | |||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | |||||||||||||||
Service charges | $ | 1,154 | 24.43 | % | $ | 1,143 | 25.73 | % | $ | 11 | 0.96 | % | |||||||||
Net debt securities (losses) gains, available for sale | 11 | 0.23 | 5 | 0.11 | 6 | 120.00 | |||||||||||||||
Net equity securities gains (losses) | 65 | 1.38 | (28 | ) | (0.63 | ) | 93 | 332.14 | |||||||||||||
Net securities gains (losses), trading | 13 | 0.28 | (2 | ) | (0.05 | ) | 15 | 750.00 | |||||||||||||
Bank-owned life insurance | 291 | 6.16 | 331 | 7.45 | (40 | ) | (12.08 | ) | |||||||||||||
Gain on sale of loans | 663 | 14.04 | 655 | 14.74 | 8 | 1.22 | |||||||||||||||
Insurance commissions | 253 | 5.36 | 181 | 4.07 | 72 | 39.78 | |||||||||||||||
Brokerage commissions | 679 | 14.38 | 673 | 15.15 | 6 | 0.89 | |||||||||||||||
Debit card fees | 699 | 14.80 | 706 | 15.89 | (7 | ) | (0.99 | ) | |||||||||||||
Other | 895 | 18.94 | 779 | 17.54 | 116 | 14.89 | |||||||||||||||
Total non-interest income | $ | 4,723 | 100.00 | % | $ | 4,443 | 100.00 | % | $ | 280 | 6.30 | % | |||||||||
Three Months Ended | |||||||||||||||||||||
June 30, 2019 | June 30, 2018 | Change | |||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | |||||||||||||||
Salaries and employee benefits | $ | 5,523 | 54.91 | % | $ | 4,919 | 51.69 | % | $ | 604 | 12.28 | % | |||||||||
Occupancy | 668 | 6.64 | 699 | 7.34 | (31 | ) | (4.43 | ) | |||||||||||||
Furniture and equipment | 784 | 7.79 | 801 | 8.42 | (17 | ) | (2.12 | ) | |||||||||||||
Software amortization | 188 | 1.87 | 231 | 2.43 | (43 | ) | (18.61 | ) | |||||||||||||
Pennsylvania shares tax | 285 | 2.83 | 278 | 2.92 | 7 | 2.52 | |||||||||||||||
Professional fees | 727 | 7.23 | 649 | 6.82 | 78 | 12.02 | |||||||||||||||
Federal Deposit Insurance Corporation deposit insurance | 236 | 2.35 | 200 | 2.10 | 36 | 18.00 | |||||||||||||||
Marketing | 33 | 0.33 | 268 | 2.82 | (235 | ) | (87.69 | ) | |||||||||||||
Intangible amortization | 69 | 0.69 | 78 | 0.82 | (9 | ) | (11.54 | ) | |||||||||||||
Other | 1,546 | 15.36 | 1,394 | 14.64 | 152 | 10.90 | |||||||||||||||
Total non-interest expense | $ | 10,059 | 100.00 | % | $ | 9,517 | 100.00 | % | $ | 542 | 5.70 | % | |||||||||
Six Months Ended | |||||||||||||||||||||
June 30, 2019 | June 30, 2018 | Change | |||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | |||||||||||||||
Salaries and employee benefits | $ | 11,024 | 55.47 | % | $ | 9,967 | 53.03 | % | $ | 1,057 | 10.60 | % | |||||||||
Occupancy | 1,447 | 7.28 | 1,440 | 7.66 | 7 | 0.49 | |||||||||||||||
Furniture and equipment | 1,536 | 7.73 | 1,548 | 8.24 | (12 | ) | (0.78 | ) | |||||||||||||
Software amortization | 395 | 1.99 | 296 | 1.57 | 99 | 33.45 | |||||||||||||||
Pennsylvania shares tax | 578 | 2.91 | 555 | 2.95 | 23 | 4.14 | |||||||||||||||
Professional fees | 1,249 | 6.28 | 1,215 | 6.46 | 34 | 2.80 | |||||||||||||||
Federal Deposit Insurance Corporation deposit insurance | 504 | 2.54 | 402 | 2.14 | 102 | 25.37 | |||||||||||||||
Marketing | 135 | 0.68 | 519 | 2.76 | (384 | ) | (73.99 | ) | |||||||||||||
Intangible amortization | 140 | 0.70 | 158 | 0.84 | (18 | ) | (11.39 | ) | |||||||||||||
Other | 2,865 | 14.42 | 2,694 | 14.35 | 171 | 6.35 | |||||||||||||||
Total non-interest expense | $ | 19,873 | 100.00 | % | $ | 18,794 | 100.00 | % | $ | 1,079 | 5.74 | % | |||||||||
June 30, 2019 | December 31, 2018 | Change | |||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | |||||||||||||||
Commercial, financial, and agricultural | $ | 191,280 | 13.87 | % | $ | 188,561 | 13.62 | % | $ | 2,719 | 1.44 | % | |||||||||
Real estate mortgage: | |||||||||||||||||||||
Residential | 618,355 | 44.83 | 622,379 | 44.94 | (4,024 | ) | (0.65 | )% | |||||||||||||
Commercial | 359,058 | 26.03 | 371,695 | 26.84 | (12,637 | ) | (3.40 | )% | |||||||||||||
Construction | 39,992 | 2.90 | 43,523 | 3.14 | (3,531 | ) | (8.11 | )% | |||||||||||||
Consumer automobile loans | 145,516 | 10.55 | 133,183 | 9.63 | 12,333 | 9.26 | % | ||||||||||||||
Other consumer installment loans | 24,089 | 1.75 | 24,552 | 1.77 | (463 | ) | (1.89 | )% | |||||||||||||
Net deferred loan fees and discounts | 995 | 0.07 | 864 | 0.06 | 131 | 15.16 | % | ||||||||||||||
Gross loans | $ | 1,379,285 | 100.00 | % | $ | 1,384,757 | 100.00 | % | $ | (5,472 | ) | (0.40 | )% | ||||||||
June 30, 2019 | December 31, 2018 | |||||||||||||||||||||||
(In Thousands) | Accrual | Non-accrual | Total | Accrual | Non-accrual | Total | ||||||||||||||||||
Commercial, financial, and agricultural | $ | — | $ | 5,131 | $ | 5,131 | $ | — | $ | 1,127 | $ | 1,127 | ||||||||||||
Real estate mortgage: | ||||||||||||||||||||||||
Residential | 2,100 | 156 | 2,256 | 2,225 | 159 | 2,384 | ||||||||||||||||||
Commercial | 2,563 | 4,912 | 7,475 | 3,959 | 2,129 | 6,088 | ||||||||||||||||||
$ | 4,663 | $ | 10,199 | $ | 14,862 | $ | 6,184 | $ | 3,415 | $ | 9,599 | |||||||||||||
A- to AAA | B- to BBB+ | Not Rated | Total | |||||||||||||||||||||||||||||
(In Thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||
Available for sale (AFS): | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 5,927 | $ | 5,904 | $ | — | $ | — | $ | — | $ | — | $ | 5,927 | $ | 5,904 | ||||||||||||||||
State and political securities | 84,895 | 88,175 | 2,183 | 2,205 | — | — | 87,078 | 90,380 | ||||||||||||||||||||||||
Other debt securities | 22,247 | 21,931 | 19,111 | 19,201 | 8,264 | 8,273 | 49,622 | 49,405 | ||||||||||||||||||||||||
Total debt securities AFS | $ | 113,069 | $ | 116,010 | $ | 21,294 | $ | 21,406 | $ | 8,264 | $ | 8,273 | $ | 142,627 | $ | 145,689 | ||||||||||||||||
June 30, 2019 | December 31, 2018 | Change | |||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | |||||||||||||||
Demand deposits | $ | 322,755 | 24.32 | % | $ | 320,814 | 26.30 | % | $ | 1,941 | 0.61 | % | |||||||||
NOW accounts | 238,410 | 17.96 | 207,819 | 17.04 | 30,591 | 14.72 | |||||||||||||||
Money market deposits | 238,352 | 17.96 | 238,596 | 19.56 | (244 | ) | (0.10 | ) | |||||||||||||
Savings deposits | 171,992 | 12.96 | 166,063 | 13.61 | 5,929 | 3.57 | |||||||||||||||
Time deposits | 355,577 | 26.80 | 286,611 | 23.49 | 68,966 | 24.06 | |||||||||||||||
Total deposits | $ | 1,327,086 | 100.00 | % | $ | 1,219,903 | 100.00 | % | $ | 107,183 | 8.79 | % | |||||||||
June 30, 2019 | December 31, 2018 | Change | |||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | |||||||||||||||
Short-term borrowings: | |||||||||||||||||||||
FHLB repurchase agreements | $ | 52,553 | 24.55 | % | $ | 162,203 | 52.87 | % | $ | (109,650 | ) | (67.60 | )% | ||||||||
Securities sold under agreement to repurchase | 6,900 | 3.22 | 5,662 | 1.85 | 1,238 | 21.87 | |||||||||||||||
Total short-term borrowings | 59,453 | 27.77 | 167,865 | 54.72 | (108,412 | ) | (64.58 | ) | |||||||||||||
Long-term borrowings: | |||||||||||||||||||||
Long-term FHLB borrowings | 148,625 | 69.43 | 138,625 | 45.18 | 10,000 | 7.21 | |||||||||||||||
Long-term finance lease | 5,972 | 2.79 | — | — | 5,972 | n/a | |||||||||||||||
Long-term capital lease | — | — | 317 | 0.10 | (317 | ) | (100.00 | ) | |||||||||||||
Total long-term borrowings | 154,597 | 72.23 | 138,942 | 45.28 | 15,655 | 11.27 | |||||||||||||||
Total borrowed funds | $ | 214,050 | 100.00 | % | $ | 306,807 | 100.00 | % | $ | (92,757 | ) | (30.23 | )% | ||||||||
Remaining Contractual Maturity Overnight and Continuous | ||||||||
(In Thousands) | June 30, 2019 | December 31, 2018 | ||||||
Investment debt securities pledged, fair value | $ | 9,729 | $ | 8,380 | ||||
Repurchase agreements | 6,900 | 5,662 | ||||||
June 30, 2019 | December 31, 2018 | |||||||||||||
(In Thousands) | Amount | Ratio | Amount | Ratio | ||||||||||
Common Equity Tier I Capital (to Risk-weighted Assets) | ||||||||||||||
Actual | $ | 136,821 | 10.390 | % | $ | 132,543 | 10.178 | % | ||||||
For Capital Adequacy Purposes | 59,258 | 4.500 | 58,601 | 4.500 | ||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 92,180 | 7.000 | 83,018 | 6.375 | ||||||||||
To Be Well Capitalized | 85,595 | 6.500 | 84,646 | 6.500 | ||||||||||
Total Capital (to Risk-weighted Assets) | ||||||||||||||
Actual | $ | 147,875 | 11.230 | % | $ | 142,876 | 10.972 | % | ||||||
For Capital Adequacy Purposes | 105,343 | 8.000 | 104,175 | 8.000 | ||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 138,262 | 10.500 | 128,591 | 9.875 | ||||||||||
To Be Well Capitalized | 131,679 | 10.000 | 130,219 | 10.000 | ||||||||||
Tier I Capital (to Risk-weighted Assets) | ||||||||||||||
Actual | $ | 136,821 | 10.390 | % | $ | 132,543 | 10.178 | % | ||||||
For Capital Adequacy Purposes | 79,011 | 6.000 | 78,135 | 6.000 | ||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 111,932 | 8.500 | 102,552 | 7.875 | ||||||||||
To Be Well Capitalized | 105,348 | 8.000 | 104,180 | 8.000 | ||||||||||
Tier I Capital (to Average Assets) | ||||||||||||||
Actual | $ | 136,821 | 8.320 | % | $ | 132,543 | 8.176 | % | ||||||
For Capital Adequacy Purposes | 65,779 | 4.000 | 64,845 | 4.000 | ||||||||||
To Be Well Capitalized | 82,224 | 5.000 | 81,056 | 5.000 | ||||||||||
June 30, 2019 | December 31, 2018 | |||||||||||||
(In Thousands) | Amount | Ratio | Amount | Ratio | ||||||||||
Common Equity Tier I Capital (to Risk-weighted Assets) | ||||||||||||||
Actual | $ | 96,911 | 10.056 | % | $ | 94,105 | 9.879 | % | ||||||
For Capital Adequacy Purposes | 43,367 | 4.500 | 42,866 | 4.500 | ||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 67,460 | 7.000 | 60,727 | 6.375 | ||||||||||
To Be Well Capitalized | 62,641 | 6.500 | 61,917 | 6.500 | ||||||||||
Total Capital (to Risk-weighted Assets) | ||||||||||||||
Actual | $ | 105,673 | 10.965 | % | $ | 102,534 | 10.764 | % | ||||||
For Capital Adequacy Purposes | 77,098 | 8.000 | 76,205 | 8.000 | ||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 101,192 | 10.500 | 94,066 | 9.875 | ||||||||||
To Be Well Capitalized | 96,373 | 10.000 | 95,256 | 10.000 | ||||||||||
Tier I Capital (to Risk-weighted Assets) | - | |||||||||||||
Actual | $ | 96,911 | 10.056 | % | $ | 94,105 | 9.879 | % | ||||||
For Capital Adequacy Purposes | 57,823 | 6.000 | 57,155 | 6.000 | ||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 81,916 | 8.500 | 75,015 | 7.875 | ||||||||||
To Be Well Capitalized | 77,097 | 8.000 | 76,206 | 8.000 | ||||||||||
Tier I Capital (to Average Assets) | ||||||||||||||
Actual | $ | 96,911 | 7.874 | % | $ | 94,105 | 7.724 | % | ||||||
For Capital Adequacy Purposes | 49,231 | 4.000 | 48,734 | 4.000 | ||||||||||
To Be Well Capitalized | 61,539 | 5.000 | 60,917 | 5.000 | ||||||||||
June 30, 2019 | December 31, 2018 | |||||||||||||
(In Thousands) | Amount | Ratio | Amount | Ratio | ||||||||||
Common Equity Tier I Capital (to Risk-weighted Assets) | ||||||||||||||
Actual | $ | 37,108 | 10.384 | % | $ | 35,378 | 10.061 | % | ||||||
For Capital Adequacy Purposes | 16,081 | 4.500 | 15,824 | 4.500 | ||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 25,015 | 7.000 | 22,417 | 6.375 | ||||||||||
To Be Well Capitalized | 23,228 | 6.500 | 22,856 | 6.500 | ||||||||||
Total Capital (to Risk-weighted Assets) | ||||||||||||||
Actual | $ | 39,400 | 11.026 | % | $ | 37,283 | 10.603 | % | ||||||
For Capital Adequacy Purposes | 28,587 | 8.000 | 28,130 | 8.000 | ||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 37,520 | 10.500 | 34,723 | 9.875 | ||||||||||
To Be Well Capitalized | 35,734 | 10.000 | 35,163 | 10.000 | ||||||||||
Tier I Capital (to Risk-weighted Assets) | ||||||||||||||
Actual | $ | 37,108 | 10.384 | % | $ | 35,378 | 10.061 | % | ||||||
For Capital Adequacy Purposes | 21,441 | 6.000 | 21,098 | 6.000 | ||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 30,375 | 8.500 | 27,691 | 7.875 | ||||||||||
To Be Well Capitalized | 28,589 | 8.000 | 28,131 | 8.000 | ||||||||||
Tier I Capital (to Average Assets) | ||||||||||||||
Actual | $ | 37,108 | 8.581 | % | $ | 35,378 | 8.655 | % | ||||||
For Capital Adequacy Purposes | 17,298 | 4.000 | 16,350 | 4.000 | ||||||||||
To Be Well Capitalized | 21,622 | 5.000 | 20,438 | 5.000 | ||||||||||
Parallel Rate Shock in Basis Points | ||||||||||||||||||||||||||||
(In Thousands) | -200 | -100 | Static | +100 | +200 | +300 | +400 | |||||||||||||||||||||
Net interest income | $ | 47,706 | $ | 50,569 | $ | 52,948 | $ | 54,710 | $ | 56,391 | $ | 57,898 | $ | 59,444 | ||||||||||||||
Change from static | (5,242 | ) | (2,379 | ) | — | 1,762 | 3,443 | 4,950 | 6,496 | |||||||||||||||||||
Percent change from static | -9.90 | % | -4.49 | % | — | 3.33 | % | 6.50 | % | 9.35 | % | 12.27 | % | |||||||||||||||
Period | Total Number of Shares (or Units) Purchased | Average Price Paid per Share (or Units) Purchased | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | ||||||||
Month #1 (April 1 - April 30, 2019) | — | — | — | 342,446 | ||||||||
Month #2 (May 1 - May 31, 2019) | — | — | — | 342,446 | ||||||||
Month #3 (June 1 - June 30, 2019) | — | — | — | 342,446 | ||||||||
Articles of Incorporation of the Registrant, as presently in effect (incorporated by reference to Exhibit 3(i) of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2018). | ||
Bylaws of the Registrant (incorporated by reference to Exhibit 3(ii) of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2011). | ||
Amended and Restated Employment Agreement, dated as of July 23, 2019, between Karen S. Young, Penns Woods Bancorp, Inc. and Jersey Shore State Bank. | ||
Rule 13a-14(a)/Rule 15d-14(a) Certification of Chief Executive Officer. | ||
Rule 13a-14(a)/Rule 15d-14(a) Certification of Chief Financial Officer. | ||
Section 1350 Certification of Chief Executive Officer. | ||
Section 1350 Certification of Chief Financial Officer. | ||
101 | Interactive data file containing the following financial statements formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheet at June 30, 2019 and December 31, 2018; (ii) the Consolidated Statement of Income for the three and six months ended June 30, 2019 and 2018; (iii) Consolidated Statement of Comprehensive Income for the three and six months ended June 30, 2019 and 2018; (iv) the Consolidated Statement of Shareholders’ Equity for the three and six months ended June 30, 2019 and 2018; (v) the Consolidated Statement of Cash Flows for the six months ended June 30, 2019 and 2018 and (vi) the Notes to Consolidated Financial Statements. As provided in Rule 406T of Regulation S-T, this interactive data file shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, and shall not be deemed “filed” or part of any registration statement or prospectus for purposes of Section 11 or 12 under the Securities Act of 1933, or otherwise subject to liability under those sections. | |
PENNS WOODS BANCORP, INC. | ||
(Registrant) | ||
Date: | August 9, 2019 | /s/ Richard A. Grafmyre |
Richard A. Grafmyre, Chief Executive Officer | ||
(Principal Executive Officer) | ||
Date: | August 9, 2019 | /s/ Brian L. Knepp |
Brian L. Knepp, President and Chief Financial Officer | ||
(Principal Financial Officer and Principal Accounting | ||
Officer) | ||
Exhibit 3(i) | Articles of Incorporation of the Registrant, as presently in effect (incorporated by reference to Exhibit 3(i) of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2018). | |
Exhibit 3(ii) | Bylaws of the Registrant (incorporated by reference to Exhibit 3(ii) of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2011). | |
10(i) | Amended and Restated Employment Agreement, dated as of July 23, 2019, between Karen S. Young, Penns Woods Bancorp, Inc. and Jersey Shore State Bank. | |
Exhibit 31(i) | Rule 13a-14(a)/Rule 15d-14(a) Certification of Chief Executive Officer | |
Exhibit 31(ii) | Rule 13a-14(a)/Rule 15d-14(a) Certification of Chief Financial Officer | |
Exhibit 32(i) | Section 1350 Certification of Chief Executive Officer | |
Exhibit 32(ii) | Section 1350 Certification of Chief Financial Officer | |
Exhibit 101 | Interactive data file containing the following financial statements formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheet at June 30, 2019 and December 31, 2018; (ii) the Consolidated Statement of Income for the three and six months ended June 30, 2019 and 2018; (iii) Consolidated Statement of Comprehensive Income for the three and six months ended June 30, 2019 and 2018; (iv) the Consolidated Statement of Shareholders’ Equity for the three and six months ended June 30, 2019 and 2018; (v) the Consolidated Statement of Cash Flows for the six months ended June 30, 2019 and 2018 and (vi) the Notes to Consolidated Financial Statements. As provided in Rule 406T of Regulation S-T, this interactive data file shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, and shall not be deemed “filed” or part of any registration statement or prospectus for purposes of Section 11 or 12 under the Securities Act of 1933, or otherwise subject to liability under those sections. | |
Date: | August 9, 2019 | /s/ Richard A. Grafmyre |
Richard A. Grafmyre | ||
Chief Executive Officer | ||
(Principal Executive Officer) | ||
Date: | August 9, 2019 | /s/ Brian L. Knepp |
Brian L. Knepp | ||
President and Chief Financial Officer | ||
(Principal Financial Officer and Principal Accounting Officer) | ||
/s/ Richard A. Grafmyre | |
Richard A. Grafmyre | |
Chief Executive Officer | |
August 9, 2019 | |
/s/ Brian L. Knepp | |
Brian L. Knepp | |
President and Chief Financial Officer | |
August 9, 2019 | |
CONSOLIDATED BALANCE SHEET (UNAUDITED) (Parenthetical) - $ / shares |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
| Preferred stock, shares issued (in shares) | 0 | 0 |
| Common stock, par value (in dollars per share) | $ 8.33 | $ 8.33 |
| Common stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
| Common stock, shares issued (in shares) | 5,012,898 | 5,011,698 |
| Common stock, shares outstanding (in shares) | 4,692,748 | 4,691,548 |
| Treasury stock (in shares) | 320,150 | 320,150 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Statement of Comprehensive Income [Abstract] | ||||
| Net Income | $ 4,245 | $ 3,480 | $ 8,189 | $ 6,689 |
| Other comprehensive income (loss) income: | ||||
| Change in unrealized gain (loss) on available for sale securities | 2,811 | (391) | 4,795 | (1,852) |
| Tax effect | (590) | 84 | (1,007) | 390 |
| Net realized (gain) loss on available for sale securities included in net income | 2 | (14) | (11) | (5) |
| Tax effect | (1) | 4 | 2 | 1 |
| Amortization of unrecognized pension gain | 47 | 42 | 94 | 84 |
| Tax effect | (10) | (9) | (20) | (17) |
| Total other comprehensive gain (loss) income | 2,259 | (284) | 3,853 | (1,399) |
| Comprehensive income | $ 6,504 | $ 3,196 | $ 12,042 | $ 5,290 |
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) |
6 Months Ended |
|---|---|
|
Jun. 30, 2018
$ / shares
shares
| |
| Statement of Stockholders' Equity [Abstract] | |
| Dividends declared, per share (in dollars per share) | $ / shares | $ 0.94 |
| Treasury Stock, Shares, Acquired | shares | 47,698 |
Basis of Presentation |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Penns Woods Bancorp, Inc. (the “Company”) and its wholly-owned subsidiaries: Woods Investment Company, Inc., Woods Real Estate Development Company, Inc., Luzerne Bank, and Jersey Shore State Bank (Jersey Shore State Bank and Luzerne Bank are referred to together as the “Banks”) and Jersey Shore State Bank’s wholly-owned subsidiary, The M Group, Inc. D/B/A The Comprehensive Financial Group (“The M Group”). The Company also owns a controlling interest in United Insurance Solutions, LLC. All significant inter-company balances and transactions have been eliminated in the consolidation. The interim financial statements are unaudited, but in the opinion of management reflect all adjustments necessary for the fair presentation of results for such periods. The results of operations for any interim period are not necessarily indicative of results for the full year. These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Newly Adopted Accounting Standards In February 2016, the FASB issued the Leasing Standard, which is codified in ASC 842, Leases, and is intended to increase transparency and comparability among organizations and require lessees to record a right-of-use (ROU) asset and a liability representing the obligation to make lease payments for long-term leases. Accounting by lessors remains largely unchanged. The Company adopted the standard on January 1, 2019, using the modified retrospective transition under the option to apply the Leasing Standard at its effective date without adjusting the prior period comparative financial statements. Among other things, these updates require lessees to recognize a lease liability, measured on a discounted basis, related to the lessee's obligation to make lease payments arising under a lease contract; and a right-of-use asset related to the lessee’s right to use, or control the use of, a specified asset for the lease term. On January 1, 2019, the Company recorded operating lease liabilities and ROU asset of $4.3 million and finance lease liabilities and ROU asset of $6.0 million upon adoption of the Standard. The balance sheet effects of the new lease accounting standard also impacted regulatory capital ratios, performance ratios and other measures which are dependent upon asset or liability balances. For additional information and required disclosures related to ASC 842, see Note 13, “Leases.” The accounting policies followed in the presentation of interim financial results are the same as those followed on an annual basis. These policies are presented on pages 41 through 50 of the Form 10-K for the year ended December 31, 2018. In reference to the attached financial statements, all adjustments are of a normal recurring nature pursuant to Rule 10-01(b) (8) of Regulation S-X.
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Accumulated Other Comprehensive Loss |
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| Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Gain (loss) The changes in accumulated other comprehensive gain (loss) by component shown net of tax and parenthesis indicating debits, as of June 30, 2019 and 2018 were as follows:
The reclassifications out of accumulated other comprehensive loss shown, net of tax and parenthesis indicating debits to net income, as of June 30, 2019 and 2018 were as follows:
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Recent Accounting Pronouncements |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
| Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, which changes the impairment model for most financial assets. This Update is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The underlying premise of the Update is that financial assets measured at amortized cost should be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The income statement will be effected for the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. ASU 2016-13 is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted for annual and interim periods beginning after December 15, 2018. With certain exceptions, transition to the new requirements will be through a cumulative effect adjustment to opening retained earnings as of the beginning of the first reporting period in which the guidance is adopted. We expect to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, but cannot yet determine the magnitude of any such one-time adjustment or the overall impact of the new guidance on the consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment. To simplify the subsequent measurement of goodwill, the FASB eliminated Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in this Update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting units fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. A public business entity that is a U.S. Securities and Exchange Commission (SEC) filer should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. A public business entity that is not an SEC filer should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2020. All other entities, including not-for-profit entities, that are adopting the amendments in this Update should do so for their annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2021. This Update is not expected to have a significant impact on the Company’s financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes the Disclosure Requirements for Fair Value Measurements. The Update removes the requirement to disclose the amount of and reasons for transfers between Level I and Level II of the fair value hierarchy; the policy for timing of transfers between levels; and the valuation processes for Level III fair value measurements. The Update requires disclosure of changes in unrealized gains and losses for the period included in other comprehensive income (loss) for recurring Level III fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level III fair value measurements. This Update is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. This Update is not expected to have a significant impact on the Company’s financial statements. In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits (Topic 715-20). This Update amends ASC 715 to add, remove and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The Update eliminates the requirement to disclose the amounts in accumulated other comprehensive income expected to be recognized as part of net periodic benefit cost over the next year. The Update also removes the disclosure requirements for the effects of a one-percentage-point change on the assumed health care costs and the effect of this change in rates on service cost, interest cost and the benefit obligation for postretirement health care benefits. This Update is effective for public business entities for fiscal years ending after December 15, 2020, and must be applied on a retrospective basis. For all other entities, this Update is effective for fiscal years ending after December 15, 2021. This Update is not expected to have a significant impact on the Company’s financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40). This Update addresses customers’ accounting for implementation costs incurred in a cloud computing arrangement that is a service contract and also adds certain disclosure requirements related to implementation costs incurred for internal-use software and cloud computing arrangements. The amendment aligns 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 (and hosting arrangements that include an internal-use software license). This Update is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. The amendments in this Update can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. This Update is not expected to have a significant impact on the Company’s financial statements. In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815). The amendments in this Update permit use of the Overnight Index Swap (OIS) rate based on the Secured Overnight Financing Rate (SOFR) as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to the interest rates on direct Treasury obligations of the U.S. government, the London Interbank Offered Rate (LIBOR) swap rate, the OIS rate based on the Fed Funds Effective Rate, and the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Rate. For entities that have not already adopted Update 2017-12, the amendments in this Update are required to be adopted concurrently with the amendments in Update 2017-12. For public business entities that already have adopted the amendments in Update 2017-12, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. For all other entities that already have adopted the amendments in Update 2017-12, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted in any interim period upon issuance of this Update if an entity already has adopted Update 2017-12. This Update is not expected to have a significant impact on the Company’s financial statements. In November 2018, the FASB issued ASU 018-18, Collaborative Arrangements (Topic 808), which made the following targeted improvements to generally accepted accounting principles (GAAP) for collaborative arrangements (1) clarified that certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the collaborative arrangement participant is a customer in the context of a unit of account, (2) add unit-of-account guidance in Topic 808 to align with the guidance in Topic 606 (that is, a distinct good or service) when an entity is assessing whether the collaborative arrangement or a part of the arrangement is within the scope of Topic 606, and (3) require that in a transaction with a collaborative arrangement participant that is not directly related to sales to third parties, presenting the transaction together with revenue recognized under Topic 606 is precluded if the collaborative arrangement participant is not a customer. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. This Update is not expected to have a significant impact on the Company’s financial statements. In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842): Codification Improvements, which addressed issues lessors sometimes encounter. Specifically addressed in this Update were issues related to (1) determining the fair value of the underlying asset by the lessor that are not manufacturers or dealers (generally financial institutions and captive finance companies), and 2) lessors that are depository and lending institutions should classify principal and payments received under sales-type and direct financing leases within investing activities in the cash flow statement. The ASU also exempts both lessees and lessors from having to provide the interim disclosures required by ASC 250-10-50-3 in the fiscal year in which a company adopts the new leases standard. The amendments addressing the two lessor accounting issues are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For all other entities, the effective date is for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. This Update is not expected to have a significant impact on the Company’s financial statements. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which affects a variety of topics in the Codification and applies to all reporting entities within the scope of the affected accounting guidance. Topic 326, Financial Instruments - Credit Losses amendments are effective for SEC registrants for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For all other public business entities, the effective date is for fiscal years beginning after December 15, 2020, and for all other entities, the effective date is for fiscal years beginning after December 15, 2021. Topic 815, Derivatives and Hedging amendments are effective for public business entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods beginning after December 15, 2020. For entities that have adopted the amendments in Update 2017- 12, the effective date is as of the beginning of the first annual period beginning after the issuance of this Update. Topic 825, Financial Instruments amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years. This Update is not expected to have a significant impact on the Company’s financial statements. In May 2019, the FASB issued ASU 2019-05, Financial Instruments - Credit Losses, Topic 326, which allows entities to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost upon adoption of the new credit losses standard. To be eligible for the transition election, the existing financial asset must otherwise be both within the scope of the new credit losses standard and eligible for the applying the fair value option in ASC 825-10.3. The election must be applied on an instrument-by-instrument basis and is not available for either available-for-sale or held-to-maturity debt securities. For entities that elect the fair value option, the difference between the carrying amount and the fair value of the financial asset would be recognized through a cumulative-effect adjustment to opening retained earnings as of the date an entity adopted ASU 2016-13. Changes in fair value of that financial asset would subsequently be reported in current earnings. For entities that have not yet adopted ASU 2016-13, the effective dates and transition requirements are the same as those in ASU 2016-13. For entities that have adopted ASU 2016-13, ASU 2019-05 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted once ASU 2016-13 has been adopted. This Update is not expected to have a significant impact on the Company’s financial statements. In July 2019, the FASB issued ASU 2019-07, Codification Updates to SEC Sections, Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates. This ASU amends various SEC paragraphs pursuant to the issuance of SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization. Other miscellaneous updates to agree to the electronic Code of Federal Regulations also have been incorporated.
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Per Share Data |
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| Per Share Data | Per Share Data There are no convertible securities which would affect the denominator in calculating basic and dilutive earnings per share. There were a total of 423,700 stock options, with an average exercise price of $43.95, outstanding on June 30, 2019. All options were excluded, on a weighted average basis, in the computation of diluted earnings per share for the period due to the average market price of common shares being $41.84 for the period. A portion of these options were included, on a weighted average basis, in the computation of diluted earnings per share for the 2018 period end due to the average market price of common shares of $43.37 exceeding the exercise price of the options issued during 2015. Net income as presented on the consolidated statement of income is used as the numerator. The following table sets forth the composition of the weighted average common shares (denominator) used in the basic and dilutive earnings per share computation.
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| Investment Securities | Investment Securities The amortized cost, gross unrealized gains and losses, and fair values of our investment securities portfolio at June 30, 2019 and December 31, 2018 are as follows:
The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time, that the individual debt securities have been in a continuous unrealized loss position, at June 30, 2019 and December 31, 2018.
At June 30, 2019, there were a total of 3 securities in a continuous unrealized loss position for less than twelve months and 24 individual securities that were in a continuous unrealized loss position for twelve months or greater. The Company reviews its position quarterly and has determined that, at June 30, 2019, the declines outlined in the above table represent temporary declines and the Company does not intend to sell and does not believe it will be required to sell these securities before recovery of their cost basis, which may be at maturity. The Company has concluded that the unrealized losses disclosed above are not other than temporary but are the result of interest rate changes, sector credit ratings changes, or company-specific ratings changes that are not expected to result in the non-collection of principal and interest during the period. The amortized cost and fair value of debt securities at June 30, 2019, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities since borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Total gross proceeds from sales of debt securities available for sale for the three and six months ended June 30, 2019 were $1,146,000 and $8,132,000, respectively, an increase from the 2018 totals of $1,120,000 and $4,483,000. The following table represents gross realized gains and losses from the sales of debt securities available for sale:
There were no impairment charges included in gross realized losses for the three and six months ended June 30, 2019 and 2018, respectively. Investment securities with a carrying value of approximately $95,705,000 and $73,327,000 at June 30, 2019 and December 31, 2018, respectively, were pledged to secure certain deposits, repurchase agreements, and for other purposes as required by law. At June 30, 2019 and December 31, 2018, we had $1,841,000 and $1,776,000, respectively, in equity securities recorded at fair value. Prior to January 1, 2018, equity securities were stated at fair value with unrealized gains and losses reported as a separate component of AOCI, net of tax. The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three and six months ended June 30, 2019 and 2018:
Net gains and losses on trading account securities are as follows for the three and six months ended June 30, 2019 and 2018:
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| Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans | Loans Management segments the Banks' loan portfolio to a level that enables risk and performance monitoring according to similar risk characteristics. Loans are segmented based on the underlying collateral characteristics. Categories include commercial, financial, and agricultural, real estate, and installment loans. Real estate loans are further segmented into three categories: residential, commercial, and construction, while installment loans are classified as either consumer automobile loans or other installment loans. The following table presents the related aging categories of loans, by segment, as of June 30, 2019 and December 31, 2018:
The following table presents interest income the Banks would have recorded if interest had been recorded based on the original loan agreement terms and rate of interest for non-accrual loans and interest income recognized on a cash basis for non-accrual loans for the three and six months ended June 30, 2019 and 2018:
Impaired Loans Impaired loans are loans for which it is probable the Banks will not be able to collect all amounts due according to the contractual terms of the loan agreement. The Banks evaluate such loans for impairment individually and do not aggregate loans by major risk classifications. The definition of “impaired loans” is not the same as the definition of “non-accrual loans,” although the two categories overlap. The Banks may choose to place a loan on non-accrual status due to payment delinquency or uncertain collectability, while not classifying the loan as impaired. Factors considered by management in determining impairment include payment status and collateral value. The amount of impairment for these types of loans is determined by the difference between the present value of the expected cash flows related to the loan, using the original interest rate, and its recorded value, or as a practical expedient in the case of collateralized loans, the difference between the fair value of the collateral and the recorded amount of the loan. When foreclosure is probable, impairment is measured based on the fair value of the collateral. Management evaluates individual loans in all of the commercial segments for possible impairment if the loan is greater than $100,000 and if the loan is either on non-accrual status or has a risk rating of substandard. Management may also elect to measure an individual loan for impairment if less than $100,000 on a case-by-case basis. Mortgage loans on one-to-four family properties and all consumer loans are large groups of smaller-balance homogeneous loans and are measured for impairment collectively. Loans that experience insignificant payment delays, which are defined as 90 days or less, generally are not classified as impaired. Management determines the significance of payment delays on a case-by-case basis taking into consideration all circumstances surrounding the loan and the borrower including the length of the delay, the borrower’s prior payment record, and the amount of shortfall in relation to the principal and interest owed. Interest income for impaired loans is recorded consistent with the Banks' policy on non-accrual loans. The following table presents the recorded investment, unpaid principal balance, and related allowance of impaired loans by segment as of June 30, 2019 and December 31, 2018:
The following table presents the average recorded investment in impaired loans and related interest income recognized for the three and six months ended for June 30, 2019 and 2018:
Currently, there is $7,000 committed to be advanced in connection with impaired loans. Troubled Debt Restructurings The loan portfolio also includes certain loans that have been modified in a Troubled Debt Restructuring (“TDR”), where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance, or other actions. Certain TDRs are classified as nonperforming at the time of restructure and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months. There were four loan modifications considered TDR's completed during the six months ended June 30, 2019. Loan modifications that are considered TDRs completed during the three and six months ended June 30, 2019 and 2018 were as follows:
There were no loan modifications considered to be TDRs made during the twelve months previous to June 30, 2019 that defaulted during the six months ended June 30, 2019. There was one loan modification considered to be a TDR made during the twelve months previous to June 30, 2018 that defaulted during the six months ended June 30, 2018.The defaulted loan type and recorded investment as of June 30, 2018 are as follows: a residential real estate loan with a recorded investment of $3,750. Troubled debt restructurings amounted to $14,862,000 and $9,599,000 as of June 30, 2019 and December 31, 2018, respectively. The amount of foreclosed residential real estate held at June 30, 2019 and December 31, 2018, totaled $639,000 and $624,000, respectively. Consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process at June 30, 2019 and December 31, 2018, totaled $19,000 and $167,000, respectively. Internal Risk Ratings Management uses a ten point internal risk rating system to monitor the credit quality of the overall loan portfolio. The first six categories are considered not criticized, and are aggregated as “Pass” rated. The criticized rating categories utilized by management generally follow bank regulatory definitions. The special mention category includes assets that are currently protected but are potentially weak, resulting in an undue and unwarranted credit risk, but not to the point of justifying a substandard classification. Loans in the substandard category have well-defined weaknesses that jeopardize the liquidation of the debt, and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. All loans greater than 90 days past due are evaluated for substandard classification. Loans in the doubtful category exhibit the same weaknesses found in the substandard loans, however, the weaknesses are more pronounced. Such loans are static and collection in full is improbable. However, these loans are not yet rated as loss because certain events may occur which would salvage the debt. Loans classified loss are considered uncollectible and charge-off is imminent. To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Banks have a structured loan rating process with several layers of internal and external oversight. Generally, consumer and residential mortgage loans are included in the pass category unless a specific action, such as bankruptcy, repossession, or death occurs to raise awareness of a possible credit event. An external annual loan review of large commercial relationships is performed, as well as a sample of smaller transactions. Confirmation of the appropriate risk category is included in the review. Detailed reviews, including plans for resolution, are performed on loans classified as substandard, doubtful, or loss on a quarterly basis. The following table presents the credit quality categories identified above as of June 30, 2019 and December 31, 2018:
Allowance for Loan Losses An allowance for loan losses (“ALL”) is maintained to absorb losses from the loan portfolio. The ALL is based on management’s continuing evaluation of the risk characteristics and credit quality of the loan portfolio, assessment of current economic conditions, diversification and size of the portfolio, adequacy of collateral, past and anticipated future loss experience, and the amount of non-performing loans. The Banks' methodology for determining the ALL is based on the requirements of ASC Section 310-10-35 for loans individually evaluated for impairment (previously discussed) and ASC Subtopic 450-20 for loans collectively evaluated for impairment, as well as the Interagency Policy Statements on the Allowance for Loan and Lease Losses and other bank regulatory guidance. The total of the two components represents the Banks' ALL. Loans that are collectively evaluated for impairment are analyzed with general allowances being made as appropriate. Allowances are segmented based on collateral characteristics previously disclosed, and consistent with credit quality monitoring. Loans that are collectively evaluated for impairment are grouped into two classes for evaluation. A general allowance is determined for “Pass” rated credits, while a separate pool allowance is provided for “Criticized” rated credits that are not individually evaluated for impairment. For the general allowances, historical loss trends are used in the estimation of losses in the current portfolio. These historical loss amounts are modified by other qualitative factors. A historical charge-off factor is calculated utilizing a twelve quarter moving average. However, management may adjust the moving average time frame by up to four quarters to adjust for variances in the economic cycle. Management has identified a number of additional qualitative factors which it uses to supplement the historical charge-off factor because these factors are likely to cause estimated credit losses associated with the existing loan pools to differ from historical loss experience. The additional factors that are evaluated quarterly and updated using information obtained from internal, regulatory, and governmental sources are: national and local economic trends and conditions; levels of and trends in delinquency rates and non-accrual loans; trends in volumes and terms of loans; effects of changes in lending policies; experience, ability, and depth of lending staff; value of underlying collateral; and concentrations of credit from a loan type, industry and/or geographic standpoint. Loans in the criticized pools, which possess certain qualities or characteristics that may lead to collection and loss issues, are closely monitored by management and subject to additional qualitative factors. Management also monitors industry loss factors by loan segment for applicable adjustments to actual loss experience. Management reviews the loan portfolio on a quarterly basis in order to make appropriate and timely adjustments to the ALL. When information confirms all or part of specific loans to be uncollectible, these amounts are promptly charged off against the ALL. Activity in the allowance is presented for the three and six months ended June 30, 2019 and 2018:
The shift in allocation of the loan provision is primarily due to portfolio segment growth and changes in the credit metrics within the real estate mortgage portfolio. The Company grants commercial, industrial, residential, and installment loans to customers primarily throughout north-east and central Pennsylvania. Although the Company has a diversified loan portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent on the economic conditions within this region. The Company has a concentration of the following to gross loans at June 30, 2019 and 2018:
The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment based on impairment method as of June 30, 2019 and December 31, 2018:
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| Net Periodic Benefit Cost-Defined Benefit Plans | Net Periodic Benefit Cost-Defined Benefit Plans For a detailed disclosure on the Company’s pension and employee benefits plans, please refer to Note 13 of the Company’s Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2018. The following sets forth the components of the net periodic benefit/cost of the domestic non-contributory defined benefit plan for the three and six months ended June 30, 2019 and 2018, respectively:
Employer Contributions The Company previously disclosed in its consolidated financial statements, included in the Annual Report on Form 10-K for the year ended December 31, 2018, that it expected to contribute a minimum of $500,000 to its defined benefit plan in 2019. As of June 30, 2019, there were contributions of $500,000 made to the plan with additional contributions of at least $250,000 anticipated during the remainder of 2019.
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| Share-based Payment Arrangement [Abstract] | |
| Employee Stock Purchase Plan | Employee Stock Purchase Plan The Company maintains an Employee Stock Purchase Plan (“Plan”). The Plan is intended to encourage employee participation in the ownership and economic progress of the Company. The Plan allows for up to 1,000,000 shares to be purchased by employees. The purchase price of the shares is 95% of market value with an employee eligible to purchase up to the lesser of 15% of base compensation or $12,000 in market value annually. During the six months ended June 30, 2019 and 2018, there were 1,200 and 1,196 shares issued under the plan, respectively.
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| Off-Balance Sheet Risk | Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments are primarily comprised of commitments to extend credit, standby letters of credit, and credit exposure from the sale of assets with recourse. These instruments involve, to varying degrees, elements of credit, interest rate, or liquidity risk in excess of the amount recognized in the Consolidated Balance Sheet. The contract amounts of these instruments express the extent of involvement the Company has in particular classes of financial instruments. The Company’s exposure to credit loss from nonperformance by the other party to the financial instruments for commitments to extend credit and standby letters of credit is represented by the contractual amount of these instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. The Company may require collateral or other security to support financial instruments with off-balance sheet credit risk. Financial instruments whose contract amounts represent credit risk are as follows at June 30, 2019 and December 31, 2018:
Commitments to extend credit are legally binding agreements to lend to customers. Commitments generally have fixed expiration dates or other termination clauses and may require payment of fees. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future liquidity requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company, on an extension of credit is based on management’s credit assessment of the counterparty. Standby letters of credit represent conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These instruments are issued primarily to support bid or performance related contracts. The coverage period for these instruments is typically a one year period with an annual renewal option subject to prior approval by management. Fees earned from the issuance of these letters are recognized upon expiration of the coverage period. For secured letters of credit, the collateral is typically Bank deposit instruments or customer business assets.
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | Fair Value Measurements The following disclosures show the hierarchal disclosure framework associated with the level of pricing observations utilized in measuring assets and liabilities at fair value.
This hierarchy requires the use of observable market data when available. The following table presents the assets reported on the Consolidated Balance Sheet at their fair value on a recurring basis as of June 30, 2019 and December 31, 2018, by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
The following table presents the assets reported on the Consolidated Balance Sheet at their fair value on a non-recurring basis as of June 30, 2019 and December 31, 2018, by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
The following tables present a listing of significant unobservable inputs used in the fair value measurement process for items valued utilizing level III techniques as of June 30, 2019 and December 31, 2018:
(1) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The discounted cash flow valuation technique is utilized to determine the fair value of performing impaired loans, while non-performing impaired loans utilize the appraisal of collateral method. The significant unobservable inputs used in the fair value measurement of the Company’s impaired loans using the discounted cash flow valuation technique include temporary changes in payment amounts and the probability of default. Significant increases (decreases) in payment amounts would result in significantly higher (lower) fair value measurements. The probability of default is 0% for impaired loans using the discounted cash flow valuation technique because all defaulted impaired loans are valued using the appraisal of collateral valuation technique. The significant unobservable input used in the fair value measurement of the Company’s impaired loans using the appraisal of collateral valuation technique include appraisal adjustments, which are adjustments to appraisals by management for qualitative factors such as economic conditions and estimated liquidation expenses. The significant unobservable input used in the fair value measurement of the Company’s other real estate owned are the same inputs used to value impaired loans using the appraisal of collateral valuation technique.
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Fair Value of Financial Instruments |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company is required to disclose fair values for its financial instruments. Fair values are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Also, it is the Company’s general practice and intention to hold most of its financial instruments to maturity and not to engage in trading or sales activities. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These fair values are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions can significantly affect the fair values. Fair values have been determined by the Company using historical data and an estimation methodology suitable for each category of financial instruments. The Company’s fair values, methods, and assumptions are set forth below for the Company’s other financial instruments. As certain assets and liabilities, such as deferred tax assets, premises and equipment, and many other operational elements of the Company, are not considered financial instruments but have value, this fair value of financial instruments would not represent the full market value of the Company. The fair values of the Company’s financial instruments not recorded at fair value on a recurring or nonrecurring basis are as follows at June 30, 2019 and December 31, 2018:
(1) The financial instrument is carried at cost at June 30, 2019, which approximate the fair value of the instruments
(1) The financial instrument is carried at cost at December 31, 2018, which approximate the fair value of the instruments The methods and assumptions used by the Company in estimating fair values of financial instruments at June 30, 2019 is in accordance with ASC Topic 825, Financial Instruments, as amended by ASU 2016-01 which requires public entities to use exit pricing in the calculation of the above tables. Loans: Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial, financial, and agricultural, commercial real estate, residential real estate, construction real estate, and installment loans to individuals. Each loan category is further segmented into fixed and adjustable rate interest terms and by performing and nonperforming categories. The fair value of performing loans is calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest rate risk inherent in the loan. The estimate of maturity is based on the Company’s historical experience with repayments for each loan classification, modified, as required, by an estimate of the effect of current economic and lending conditions. Fair value for significant nonperforming loans is based on recent external appraisals. If appraisals are not available, estimated cash flows are discounted using a rate commensurate with the risk associated with the estimated cash flows. Assumptions regarding credit risk, cash flows, and discounted rates are judgmentally determined using available market information and specific borrower information. Deposits: The fair value of deposits with no stated maturity, such as savings, NOW, and money market accounts, is equal to the amount payable on demand. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. Long Term Borrowings: The fair value of long term borrowings is based on the discounted value of contractual cash flows. Commitments to Extend Credit, Standby Letters of Credit, and Financial Guarantees Written: There is no material difference between the notional amount and the estimated fair value of off-balance sheet items. The contractual amounts of unfunded commitments and letters of credit are presented in Note 9 (Off-Balance Sheet Risk).
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Stock Options |
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| Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Options | Stock Options In 2014, the Company adopted the 2014 Equity Incentive Plan designed to help the Company attract, retain, and motivate employees and non-employee directors. Incentive stock options, non-qualified stock options, and restricted stock may be granted as part of the plan. As of January 1, 2019, the Company had a total of 263,700 stock options outstanding. During the period ended June 30, 2019, the Company issued 160,000 stock options with a strike price of $42.01 to a group of employees. The options granted in 2019 all expire ten years from the grant date. Of the 160,000 grants awarded in 2019, 80,600 of the options vest in 3 years while the remaining 79,400 options vest in five years.
A summary of stock option activity is presented below:
The estimated fair value of options, including the effect of estimated forfeitures, is recognized as expense on a straightline basis over the options’ vesting periods while ensuring that the cumulative amount of compensation cost recognized at least equals the value of the vested portion of the award at that date. The Company determines the fair value of options granted using the Black-Scholes option-pricing model. The risk-free interest rate is based on the United States Treasury bond with a similar term to the expected life of the options at the grant date. Expected volatility was estimated based on the adjusted historic volatility of the Company’s shares. The expected life was estimated to equal the contractual life of the options. The dividend yield rate was based upon recent historical dividends paid on shares. |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases The following table shows finance lease right of use assets and finance lease liabilities as of June 30, 2019:
The following table shows the components of finance and operating lease expense for the three and six months ended June 30, 2019:
Gross rental expense for the three and six months ended June 30, 2018 was $125,000 and $255,000. A maturity analysis of operating and finance lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows:
The following table shows the weighted average remaining lease term and weighted average discount rate for both operating and finance leases outstanding as of June 30, 2019.
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| Leases | Leases The following table shows finance lease right of use assets and finance lease liabilities as of June 30, 2019:
The following table shows the components of finance and operating lease expense for the three and six months ended June 30, 2019:
Gross rental expense for the three and six months ended June 30, 2018 was $125,000 and $255,000. A maturity analysis of operating and finance lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows:
The following table shows the weighted average remaining lease term and weighted average discount rate for both operating and finance leases outstanding as of June 30, 2019.
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Reclassification of Comparative Amounts |
6 Months Ended |
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Jun. 30, 2019 | |
| Reclassification of Comparative Amounts | |
| Reclassification of Comparative Amounts | Reclassification of Comparative Amounts Certain comparative amounts for the prior period have been reclassified to conform to current period presentations. Such reclassifications had no effect on net income or shareholders’ equity.
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Basis of Presentation (Policies) |
6 Months Ended |
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Jun. 30, 2019 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis of Presentation | The consolidated financial statements include the accounts of Penns Woods Bancorp, Inc. (the “Company”) and its wholly-owned subsidiaries: Woods Investment Company, Inc., Woods Real Estate Development Company, Inc., Luzerne Bank, and Jersey Shore State Bank (Jersey Shore State Bank and Luzerne Bank are referred to together as the “Banks”) and Jersey Shore State Bank’s wholly-owned subsidiary, The M Group, Inc. D/B/A The Comprehensive Financial Group (“The M Group”). The Company also owns a controlling interest in United Insurance Solutions, LLC. All significant inter-company balances and transactions have been eliminated in the consolidation. The interim financial statements are unaudited, but in the opinion of management reflect all adjustments necessary for the fair presentation of results for such periods. The results of operations for any interim period are not necessarily indicative of results for the full year. These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. |
| Newly Adopted Accounting Pronouncements and Recent Accounting Pronouncements | Newly Adopted Accounting Standards In February 2016, the FASB issued the Leasing Standard, which is codified in ASC 842, Leases, and is intended to increase transparency and comparability among organizations and require lessees to record a right-of-use (ROU) asset and a liability representing the obligation to make lease payments for long-term leases. Accounting by lessors remains largely unchanged. The Company adopted the standard on January 1, 2019, using the modified retrospective transition under the option to apply the Leasing Standard at its effective date without adjusting the prior period comparative financial statements. Among other things, these updates require lessees to recognize a lease liability, measured on a discounted basis, related to the lessee's obligation to make lease payments arising under a lease contract; and a right-of-use asset related to the lessee’s right to use, or control the use of, a specified asset for the lease term. On January 1, 2019, the Company recorded operating lease liabilities and ROU asset of $4.3 million and finance lease liabilities and ROU asset of $6.0 million upon adoption of the Standard. The balance sheet effects of the new lease accounting standard also impacted regulatory capital ratios, performance ratios and other measures which are dependent upon asset or liability balances. For additional information and required disclosures related to ASC 842, see Note 13, “Leases.” In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, which changes the impairment model for most financial assets. This Update is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The underlying premise of the Update is that financial assets measured at amortized cost should be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The income statement will be effected for the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. ASU 2016-13 is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted for annual and interim periods beginning after December 15, 2018. With certain exceptions, transition to the new requirements will be through a cumulative effect adjustment to opening retained earnings as of the beginning of the first reporting period in which the guidance is adopted. We expect to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, but cannot yet determine the magnitude of any such one-time adjustment or the overall impact of the new guidance on the consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment. To simplify the subsequent measurement of goodwill, the FASB eliminated Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in this Update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting units fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. A public business entity that is a U.S. Securities and Exchange Commission (SEC) filer should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. A public business entity that is not an SEC filer should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2020. All other entities, including not-for-profit entities, that are adopting the amendments in this Update should do so for their annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2021. This Update is not expected to have a significant impact on the Company’s financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes the Disclosure Requirements for Fair Value Measurements. The Update removes the requirement to disclose the amount of and reasons for transfers between Level I and Level II of the fair value hierarchy; the policy for timing of transfers between levels; and the valuation processes for Level III fair value measurements. The Update requires disclosure of changes in unrealized gains and losses for the period included in other comprehensive income (loss) for recurring Level III fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level III fair value measurements. This Update is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. This Update is not expected to have a significant impact on the Company’s financial statements. In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits (Topic 715-20). This Update amends ASC 715 to add, remove and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The Update eliminates the requirement to disclose the amounts in accumulated other comprehensive income expected to be recognized as part of net periodic benefit cost over the next year. The Update also removes the disclosure requirements for the effects of a one-percentage-point change on the assumed health care costs and the effect of this change in rates on service cost, interest cost and the benefit obligation for postretirement health care benefits. This Update is effective for public business entities for fiscal years ending after December 15, 2020, and must be applied on a retrospective basis. For all other entities, this Update is effective for fiscal years ending after December 15, 2021. This Update is not expected to have a significant impact on the Company’s financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40). This Update addresses customers’ accounting for implementation costs incurred in a cloud computing arrangement that is a service contract and also adds certain disclosure requirements related to implementation costs incurred for internal-use software and cloud computing arrangements. The amendment aligns 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 (and hosting arrangements that include an internal-use software license). This Update is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. The amendments in this Update can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. This Update is not expected to have a significant impact on the Company’s financial statements. In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815). The amendments in this Update permit use of the Overnight Index Swap (OIS) rate based on the Secured Overnight Financing Rate (SOFR) as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to the interest rates on direct Treasury obligations of the U.S. government, the London Interbank Offered Rate (LIBOR) swap rate, the OIS rate based on the Fed Funds Effective Rate, and the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Rate. For entities that have not already adopted Update 2017-12, the amendments in this Update are required to be adopted concurrently with the amendments in Update 2017-12. For public business entities that already have adopted the amendments in Update 2017-12, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. For all other entities that already have adopted the amendments in Update 2017-12, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted in any interim period upon issuance of this Update if an entity already has adopted Update 2017-12. This Update is not expected to have a significant impact on the Company’s financial statements. In November 2018, the FASB issued ASU 018-18, Collaborative Arrangements (Topic 808), which made the following targeted improvements to generally accepted accounting principles (GAAP) for collaborative arrangements (1) clarified that certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the collaborative arrangement participant is a customer in the context of a unit of account, (2) add unit-of-account guidance in Topic 808 to align with the guidance in Topic 606 (that is, a distinct good or service) when an entity is assessing whether the collaborative arrangement or a part of the arrangement is within the scope of Topic 606, and (3) require that in a transaction with a collaborative arrangement participant that is not directly related to sales to third parties, presenting the transaction together with revenue recognized under Topic 606 is precluded if the collaborative arrangement participant is not a customer. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. This Update is not expected to have a significant impact on the Company’s financial statements. In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842): Codification Improvements, which addressed issues lessors sometimes encounter. Specifically addressed in this Update were issues related to (1) determining the fair value of the underlying asset by the lessor that are not manufacturers or dealers (generally financial institutions and captive finance companies), and 2) lessors that are depository and lending institutions should classify principal and payments received under sales-type and direct financing leases within investing activities in the cash flow statement. The ASU also exempts both lessees and lessors from having to provide the interim disclosures required by ASC 250-10-50-3 in the fiscal year in which a company adopts the new leases standard. The amendments addressing the two lessor accounting issues are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For all other entities, the effective date is for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. This Update is not expected to have a significant impact on the Company’s financial statements. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which affects a variety of topics in the Codification and applies to all reporting entities within the scope of the affected accounting guidance. Topic 326, Financial Instruments - Credit Losses amendments are effective for SEC registrants for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For all other public business entities, the effective date is for fiscal years beginning after December 15, 2020, and for all other entities, the effective date is for fiscal years beginning after December 15, 2021. Topic 815, Derivatives and Hedging amendments are effective for public business entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods beginning after December 15, 2020. For entities that have adopted the amendments in Update 2017- 12, the effective date is as of the beginning of the first annual period beginning after the issuance of this Update. Topic 825, Financial Instruments amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years. This Update is not expected to have a significant impact on the Company’s financial statements. In May 2019, the FASB issued ASU 2019-05, Financial Instruments - Credit Losses, Topic 326, which allows entities to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost upon adoption of the new credit losses standard. To be eligible for the transition election, the existing financial asset must otherwise be both within the scope of the new credit losses standard and eligible for the applying the fair value option in ASC 825-10.3. The election must be applied on an instrument-by-instrument basis and is not available for either available-for-sale or held-to-maturity debt securities. For entities that elect the fair value option, the difference between the carrying amount and the fair value of the financial asset would be recognized through a cumulative-effect adjustment to opening retained earnings as of the date an entity adopted ASU 2016-13. Changes in fair value of that financial asset would subsequently be reported in current earnings. For entities that have not yet adopted ASU 2016-13, the effective dates and transition requirements are the same as those in ASU 2016-13. For entities that have adopted ASU 2016-13, ASU 2019-05 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted once ASU 2016-13 has been adopted. This Update is not expected to have a significant impact on the Company’s financial statements. In July 2019, the FASB issued ASU 2019-07, Codification Updates to SEC Sections, Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates. This ASU amends various SEC paragraphs pursuant to the issuance of SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization. Other miscellaneous updates to agree to the electronic Code of Federal Regulations also have been incorporated.
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Accumulated Other Comprehensive Loss (Tables) |
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| Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of changes in accumulated other comprehensive income by component | The changes in accumulated other comprehensive gain (loss) by component shown net of tax and parenthesis indicating debits, as of June 30, 2019 and 2018 were as follows:
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| Schedule of reclassifications out of accumulated other comprehensive income (loss) | The reclassifications out of accumulated other comprehensive loss shown, net of tax and parenthesis indicating debits to net income, as of June 30, 2019 and 2018 were as follows:
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Per Share Data (Tables) |
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| Schedule of weighted average common shares (denominator) used in the basic and dilutive earnings per share computation | The following table sets forth the composition of the weighted average common shares (denominator) used in the basic and dilutive earnings per share computation.
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Investment Securities (Tables) |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of amortized cost, gross unrealized gains and losses, and fair values of equity and trading investment securities | The amortized cost, gross unrealized gains and losses, and fair values of our investment securities portfolio at June 30, 2019 and December 31, 2018 are as follows:
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| Schedule of gross unrealized losses and fair value | The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time, that the individual debt securities have been in a continuous unrealized loss position, at June 30, 2019 and December 31, 2018.
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| Schedule of amortized cost and fair value of debt securities by contractual maturity | The amortized cost and fair value of debt securities at June 30, 2019, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities since borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
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| Schedule of gross realized gains and losses | The following table represents gross realized gains and losses from the sales of debt securities available for sale:
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| Schedule of unrealized and realized gains and losses recognized in net income | The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three and six months ended June 30, 2019 and 2018:
Net gains and losses on trading account securities are as follows for the three and six months ended June 30, 2019 and 2018:
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Loans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of related aging categories of loans by segment | The following table presents the related aging categories of loans, by segment, as of June 30, 2019 and December 31, 2018:
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| Schedule of interest income if interest had been recorded based on the original loan agreement terms and rate of interest for non-accrual loans and interest income recognized on a cash basis for non-accrual loans | The following table presents interest income the Banks would have recorded if interest had been recorded based on the original loan agreement terms and rate of interest for non-accrual loans and interest income recognized on a cash basis for non-accrual loans for the three and six months ended June 30, 2019 and 2018:
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| Schedule of recorded investment, unpaid principal balance, and related allowance of impaired loans by segment | The following table presents the recorded investment, unpaid principal balance, and related allowance of impaired loans by segment as of June 30, 2019 and December 31, 2018:
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| Schedule of average recorded investment in impaired loans and related interest income recognized | The following table presents the average recorded investment in impaired loans and related interest income recognized for the three and six months ended for June 30, 2019 and 2018:
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| Schedule of loan modifications that are considered TDRs | Loan modifications that are considered TDRs completed during the three and six months ended June 30, 2019 and 2018 were as follows:
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| Schedule of credit quality categories | The following table presents the credit quality categories identified above as of June 30, 2019 and December 31, 2018:
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| Schedule of activity in the allowance | Activity in the allowance is presented for the three and six months ended June 30, 2019 and 2018:
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| Schedule of concentration of loan | The Company has a concentration of the following to gross loans at June 30, 2019 and 2018:
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| Schedule of allowance for loan losses and the recorded investment in loans by portfolio segment based on impairment method | The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment based on impairment method as of June 30, 2019 and December 31, 2018:
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Net Periodic Benefit Cost-Defined Benefit Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of components of the net periodic benefit/cost of the domestic non-contributory defined benefit plan | The following sets forth the components of the net periodic benefit/cost of the domestic non-contributory defined benefit plan for the three and six months ended June 30, 2019 and 2018, respectively:
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Off Balance Sheet Risk (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Off Balance Sheet Risk | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Financial instruments whose contract amounts represent credit risk | Financial instruments whose contract amounts represent credit risk are as follows at June 30, 2019 and December 31, 2018:
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Fair Value Measurements (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of assets reported on the balance sheet at their fair value on a recurring basis | The following table presents the assets reported on the Consolidated Balance Sheet at their fair value on a recurring basis as of June 30, 2019 and December 31, 2018, by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
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| Schedule of assets reported on the consolidated balance sheet at their fair value on a non-recurring basis | The following table presents the assets reported on the Consolidated Balance Sheet at their fair value on a non-recurring basis as of June 30, 2019 and December 31, 2018, by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
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| Schedule of listing of significant unobservable inputs used in the fair value measurement process for items valued utilizing level III techniques | The following tables present a listing of significant unobservable inputs used in the fair value measurement process for items valued utilizing level III techniques as of June 30, 2019 and December 31, 2018:
(1) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses.
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Fair Value of Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of fair value of financial instruments | The fair values of the Company’s financial instruments not recorded at fair value on a recurring or nonrecurring basis are as follows at June 30, 2019 and December 31, 2018:
(1) The financial instrument is carried at cost at June 30, 2019, which approximate the fair value of the instruments
(1) The financial instrument is carried at cost at December 31, 2018, which approximate the fair value of the instruments
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Stock Options (Tables) |
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| Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Share-based Compensation, Stock Options, Activity |
A summary of stock option activity is presented below:
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Assets and Liabilities | The following table shows finance lease right of use assets and finance lease liabilities as of June 30, 2019:
The following table shows the weighted average remaining lease term and weighted average discount rate for both operating and finance leases outstanding as of June 30, 2019.
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| Schedule of Lease Cost, Term and Discount Rate | The following table shows the components of finance and operating lease expense for the three and six months ended June 30, 2019:
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| Schedule of Operating Lease Liabillity Maturities | A maturity analysis of operating and finance lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows:
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| Schedule of Finance Lease Liabillity Maturities | A maturity analysis of operating and finance lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows:
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Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
|---|---|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Operating lease liability | $ 4,286 | $ 4,300 | $ 0 |
| Operating lease right-of-use asset | 4,279 | 4,300 | $ 0 |
| Finance lease liability | 5,972 | 6,000 | |
| Finance lease right of use assets | $ 5,870 | $ 6,000 |
Per Share Data - Narrative (Details) - $ / shares |
6 Months Ended | ||||
|---|---|---|---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
Jun. 30, 2018 |
Dec. 31, 2017 |
Aug. 27, 2015 |
|
| Earnings Per Share [Abstract] | |||||
| Convertible securities which would affect denominator in calculating basic and dilutive earnings per share (in shares) | 0 | ||||
| Options, outstanding (in shares) | 423,700 | 263,700 | 115,000 | 93,500 | 23,500 |
| Outstanding, weighted average exercise price (in dollars per share) | $ 43.95 | $ 45.12 | $ 43.94 | $ 43.59 | |
| Share price (in dollars per share) | $ 41.84 | $ 43.37 |
Per Share Data - Composition of Weighted Average Common Shares Used in Earnings per Share Computation (Details) - shares |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Earnings Per Share [Abstract] | ||||
| Weighted average common shares issued (in shares) | 5,012,485 | 5,010,082 | 5,012,195 | 5,009,806 |
| Weighted average treasury stock shares (in shares) | (320,150) | (320,150) | (320,150) | (320,150) |
| Weighted average shares outstanding - basic (in shares) | 4,692,335 | 4,689,932 | 4,692,045 | 4,689,656 |
| Dilutive effect of outstanding stock options | 0 | 13,407 | 0 | 0 |
| Weighted average common shares outstanding - diluted (in shares) | 4,692,335 | 4,703,339 | 4,692,045 | 4,689,656 |
Investment Securities - Amortized Cost and Fair Value of Debt Securities (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
|---|---|
| Amortized Cost | |
| Amortized cost - due in one year or less | $ 4,065 |
| Amortized cost - due after one year to five years | 49,986 |
| Amortized cost - due after five years to ten years | 62,857 |
| Amortized cost - due after ten years | 25,719 |
| Amortized cost - total | 142,627 |
| Fair Value | |
| Fair value - due in one year or less | 4,067 |
| Fair value - due after one year to five years | 49,656 |
| Fair value - due after five years to ten years | 65,226 |
| Fair value - due after ten years | 26,740 |
| Fair value - total | $ 145,689 |
Investment Securities - Total Gross Proceeds from Sales of Securities (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Available for sale (AFS) | ||||
| Available-for-sale securities, gross realized gains | $ 0 | $ 24 | $ 19 | $ 24 |
| Available-for-sale securities, gross realized losses | 2 | 10 | 8 | 19 |
| State and political securities | ||||
| Available for sale (AFS) | ||||
| Available-for-sale securities, gross realized gains | 0 | 19 | 15 | 19 |
| Available-for-sale securities, gross realized losses | 1 | 0 | 3 | 9 |
| Other debt securities | ||||
| Available for sale (AFS) | ||||
| Available-for-sale securities, gross realized gains | 0 | 0 | 4 | 0 |
| Available-for-sale securities, gross realized losses | $ 1 | $ 10 | $ 5 | $ 10 |
Investment Securities - Unrealized and Realized Gains and Losses Recognized in Net Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Equity Securities, FV-NI, Gain (Loss) [Abstract] | ||||
| Net gains (losses) recognized in equity securities during the period | $ 22 | $ 6 | $ 65 | $ (28) |
| Less: Net gains (losses) realized on the sale of equity securities during the period | 0 | 0 | 0 | 0 |
| Unrealized gains (losses) recognized in equity securities held at reporting date | 22 | 6 | 65 | (28) |
| Debt Securities, Trading, Gain (Loss) [Abstract] | ||||
| Net gains (losses) on sale transactions | 3 | 11 | 8 | (4) |
| Net mark-to-market gains (losses) | 0 | (16) | 5 | 2 |
| Net gain (loss) on trading account securities | $ 3 | $ (5) | $ 13 | $ (2) |
Loans - Schedule of Concentration Risk (Details) - Owners of rental properties - Financing receivable |
6 Months Ended | |
|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Residential | ||
| Concentration Risk [Line Items] | ||
| Concentration of loans (as a percent) | 15.07% | 14.90% |
| Commercial | ||
| Concentration Risk [Line Items] | ||
| Concentration of loans (as a percent) | 12.09% | 13.30% |
Net Periodic Benefit Cost-Defined Benefit Plans (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
| Net periodic benefit cost of the domestic non-contributory defined benefit plan | |||||
| Interest cost | $ 191,000 | $ 177,000 | $ 382,000 | $ 353,000 | |
| Expected return on plan assets | (249,000) | (274,000) | (498,000) | (548,000) | |
| Amortization of net loss | 47,000 | 42,000 | 94,000 | 84,000 | |
| Net periodic benefit | (11,000) | $ (55,000) | (22,000) | $ (111,000) | |
| Expected contribution to Pension Plan (minimum) | $ 500,000 | ||||
| Employer contributions made to the defined benefit plan | 500,000 | ||||
| Anticipated additional contributions anticipated during the remainder of the year (at least) | $ 250,000 | $ 250,000 | |||
Employee Stock Purchase Plan (Details) - Employee Stock - USD ($) |
6 Months Ended | |
|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Employee Stock Purchase Plan | ||
| Number of shares allowed to be purchased by employees (in shares) | 1,000,000 | |
| Purchase price of the shares with respect to market value (as a percent) | 95.00% | |
| Maximum percentage of base compensation | 15.00% | |
| Maximum market value | $ 12,000 | |
| Number of shares issued under the plan (in shares) | 1,200 | 1,196 |
Off Balance Sheet Risk (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
| Off Balance Sheet Risk | ||
| Contract amounts representing credit risk | $ 174,729 | $ 183,135 |
| Commitments to extend credit | ||
| Off Balance Sheet Risk | ||
| Contract amounts representing credit risk | 157,830 | 166,417 |
| Standby letters of credit | ||
| Off Balance Sheet Risk | ||
| Contract amounts representing credit risk | $ 10,506 | 10,566 |
| Coverage period for instrument (in years) | 1 year | |
| Credit exposure from the sale of assets with recourse | ||
| Off Balance Sheet Risk | ||
| Contract amounts representing credit risk | $ 6,393 | $ 6,152 |
Fair Value Measurements - Non-Recurring Assets (Details) - Nonrecurring - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Impaired loans | ||
| Fair Value Measurements [Abstract] | ||
| Total assets, fair value | $ 16,735 | $ 18,704 |
| Impaired loans | Level I | ||
| Fair Value Measurements [Abstract] | ||
| Total assets, fair value | 0 | 0 |
| Impaired loans | Level II | ||
| Fair Value Measurements [Abstract] | ||
| Total assets, fair value | 0 | 0 |
| Impaired loans | Level III | ||
| Fair Value Measurements [Abstract] | ||
| Total assets, fair value | 16,735 | 18,704 |
| Other real estate owned | ||
| Fair Value Measurements [Abstract] | ||
| Total assets, fair value | 471 | 402 |
| Other real estate owned | Level I | ||
| Fair Value Measurements [Abstract] | ||
| Total assets, fair value | 0 | 0 |
| Other real estate owned | Level II | ||
| Fair Value Measurements [Abstract] | ||
| Total assets, fair value | 0 | 0 |
| Other real estate owned | Level III | ||
| Fair Value Measurements [Abstract] | ||
| Total assets, fair value | $ 471 | $ 402 |
Stock Options - Schedule of Stock Options Granted (Details) - $ / shares |
6 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Mar. 15, 2019 |
Aug. 24, 2018 |
Jan. 05, 2018 |
Mar. 24, 2017 |
Aug. 27, 2015 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
| Employee Stock Purchase Plan | |||||||||
| Shares (in shares) | 38,750 | 160,000 | 25,000 | ||||||
| Forfeited (in shares) | (15,250) | 0 | (3,500) | ||||||
| Outstanding (in shares) | 23,500 | 423,700 | 115,000 | 263,700 | 93,500 | ||||
| Strike price (in dollars per share) | $ 42.03 | $ 42.01 | $ 45.11 | ||||||
| Vesting period (in years) | 5 years | ||||||||
| Expiration (in years) | 10 years | ||||||||
| Tranche One | |||||||||
| Employee Stock Purchase Plan | |||||||||
| Shares (in shares) | 80,600 | 50,200 | 12,500 | 46,250 | |||||
| Forfeited (in shares) | 0 | 0 | 0 | (4,500) | |||||
| Outstanding (in shares) | 80,600 | 50,200 | 12,500 | 41,750 | |||||
| Strike price (in dollars per share) | $ 42.01 | $ 46.00 | $ 45.11 | $ 44.21 | |||||
| Vesting period (in years) | 3 years | 3 years | 3 years | 3 years | |||||
| Expiration (in years) | 10 years | 10 years | 10 years | 10 years | |||||
| Tranche Two | |||||||||
| Employee Stock Purchase Plan | |||||||||
| Shares (in shares) | 79,400 | 99,500 | 12,500 | 23,750 | |||||
| Forfeited (in shares) | 0 | 0 | 0 | 0 | |||||
| Outstanding (in shares) | 79,400 | 99,500 | 12,500 | 23,750 | |||||
| Strike price (in dollars per share) | $ 42.01 | $ 46.00 | $ 45.11 | $ 44.21 | |||||
| Vesting period (in years) | 5 years | 5 years | 5 years | 5 years | |||||
| Expiration (in years) | 10 years | 10 years | 10 years | 10 years | |||||
Stock Options - Schedule of Options Outstanding (Details) - $ / shares |
6 Months Ended | ||||
|---|---|---|---|---|---|
Aug. 27, 2015 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
| Options, Outstanding | |||||
| Outstanding, beginning of year (in shares) | 263,700 | 93,500 | |||
| Granted (in shares) | 38,750 | 160,000 | 25,000 | ||
| Exercised (in shares) | 0 | 0 | |||
| Forfeited (in shares) | (15,250) | 0 | (3,500) | ||
| Expired (in shares) | 0 | 0 | |||
| Outstanding, end of period (in shares) | 23,500 | 423,700 | 115,000 | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||
| Outstanding, weighted average exercise price (in dollars per share) | $ 43.95 | $ 43.94 | $ 45.12 | $ 43.59 | |
| Granted (in dollars per share) | $ 42.03 | 42.01 | 45.11 | ||
| Exercised (in dollars per share) | 0 | 0 | |||
| Forfeited (in dollars per share) | 0 | 42.96 | |||
| Expired (in dollars per share) | $ 0 | $ 0 | |||
| Exercisable, end of period (in shares) | 0 | 0 | |||
| Exercisable, end of period (in dollars per share) | $ 0 | $ 0 | |||
Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Jan. 01, 2019 |
|---|---|---|
| Leases [Abstract] | ||
| Finance lease right of use assets | $ 5,870 | $ 6,000 |
| Finance lease liabilities | $ 5,972 |
Leases - Lease Cost (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Finance Lease Cost: | ||||
| Amortization of right-of-use asset | $ 64,000 | $ 129,000 | ||
| Interest expense | 56,000 | 112,000 | ||
| Operating lease cost | 84,000 | 172,000 | ||
| Variable lease cost | 1,000 | 2,000 | ||
| Total Lease Cost | $ 205,000 | $ 415,000 | ||
| Gross rental expense | $ 125,000 | $ 255,000 | ||
Leases - Maturity Schedule (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
|---|---|---|---|
| Operating | |||
| 2019 | $ 183 | ||
| 2020 | 370 | ||
| 2021 | 378 | ||
| 2022 | 385 | ||
| 2023 | 360 | ||
| 2024 and thereafter | 3,969 | ||
| Total undiscounted cash flows | 5,645 | ||
| Discount on cash flows | (1,359) | ||
| Total lease liability | 4,286 | $ 4,300 | $ 0 |
| Finance | |||
| 2019 | 176 | ||
| 2020 | 318 | ||
| 2021 | 320 | ||
| 2022 | 321 | ||
| 2023 | 322 | ||
| 2024 and thereafter | 8,494 | ||
| Total undiscounted cash flows | 9,951 | ||
| Discount on cash flows | (3,979) | ||
| Total lease liability | $ 5,972 | $ 6,000 |
Leases - Weighted Average Term and Discount Rate (Details) |
Jun. 30, 2019 |
|---|---|
| Operating | |
| Weighted-average term (years) | 18 years |
| Weighted-average discount rate | 3.49% |
| Finance | |
| Weighted-average term (years) | 27 years 9 months 18 days |
| Weighted-average discount rate | 3.73% |
Reclassification of Comparative Amounts (Details) |
6 Months Ended |
|---|---|
|
Jun. 30, 2019
USD ($)
| |
| Reclassification of Comparative Amounts | |
| Effect of reclassification adjustment on net income or shareholders' equity | $ 0 |
| Label | Element | Value |
|---|---|---|
| Retained Earnings [Member] | ||
| Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (537,000) |