☒ |
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 SECURITIES EXCHANGE ACT OF 1934
|
VIRGINIA
|
54-1265373
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Title of each class
|
Trading Symbol
|
Name of each exchange on which registered
|
Common Stock, $5.00 par value
|
OPOF
|
The NASDAQ Stock Market LLC
|
Large accelerated filer
|
☐ |
Accelerated filer ☒
|
Non-accelerated filer
|
☐
|
Smaller reporting company ☒
|
Emerging growth company ☐
|
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Page
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Item 1.
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1
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1
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2
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3
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4
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5
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6
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Item 2.
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32
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Item 3.
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43
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Item 4.
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43
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PART II - OTHER INFORMATION
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||
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Item 1.
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44
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Item 1A.
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44
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Item 2.
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44
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Item 3.
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44
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Item 4.
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44
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Item 5.
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44
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Item 6.
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45
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45
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2018 Annual Report on Form 10-K
|
Annual Report on Form 10-K for the year ended December 31, 2018
|
ALLL
|
Allowance for Loan and Lease Losses
|
AOCI
|
Accumulated Other Comprehensive Income
|
ASC
|
Accounting Standards Codification
|
ASU
|
Accounting Standards Update
|
Bank
|
The Old Point National Bank of Phoebus
|
CET1
|
Common Equity Tier 1
|
Citizens
|
Citizens National Bank
|
Company
|
Old Point Financial Corporation and its subsidiaries
|
CRA
|
Community Reinvestment Act
|
ESPP
|
Employee Stock Purchase Plan
|
EVE
|
Economic Value of Equity
|
FASB
|
Financial Accounting Standards Board
|
FHLB
|
Federal Home Loan Bank
|
FOMC
|
Federal Open Market Committee
|
Federal Reserve
|
Board of Governors of the Federal Reserve System
|
FRB
|
Federal Reserve Bank
|
GAAP
|
Generally Accepted Accounting Principles
|
Incentive Stock Plan
|
Old Point Financial Corporation 2016 Incentive Stock Plan
|
IRS
|
Internal Revenue Service
|
OAEM
|
Other Assets Especially Mentioned
|
OCC
|
Office of the Comptroller of the Currency
|
OPM
|
Old Point Mortgage
|
OREO
|
Other Real Estate Owned
|
SEC
|
Securities and Exchange Commission
|
TDR
|
Troubled Debt Restructuring
|
Trust
|
Old Point Trust & Financial Services N.A.
|
VIE
|
Variable Interest Entities
|
(dollars in thousands, except share data)
|
June 30,
2019
|
December 31,
2018
|
||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Cash and due from banks
|
$
|
15,903
|
$
|
19,915
|
||||
Interest-bearing due from banks
|
33,868
|
20,000
|
||||||
Federal funds sold
|
831
|
2,302
|
||||||
Cash and cash equivalents
|
50,602
|
42,217
|
||||||
Securities available-for-sale, at fair value
|
145,453
|
148,247
|
||||||
Restricted securities, at cost
|
3,479
|
3,853
|
||||||
Loans held for sale
|
754
|
479
|
||||||
Loans, net
|
750,421
|
763,898
|
||||||
Premises and equipment, net
|
36,293
|
36,738
|
||||||
Bank-owned life insurance
|
27,153
|
26,763
|
||||||
Other real estate owned, net
|
-
|
83
|
||||||
Goodwill
|
1,650
|
1,650
|
||||||
Core deposit intangible, net
|
385
|
407
|
||||||
Other assets
|
13,214
|
13,848
|
||||||
Total assets
|
$
|
1,029,404
|
$
|
1,038,183
|
||||
Liabilities & Stockholders’ Equity
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing deposits
|
$
|
242,882
|
$
|
246,265
|
||||
Savings deposits
|
369,477
|
367,915
|
||||||
Time deposits
|
235,425
|
228,964
|
||||||
Total deposits
|
847,784
|
843,144
|
||||||
Overnight repurchase agreements
|
18,011
|
25,775
|
||||||
Federal Home Loan Bank advances
|
50,000
|
60,000
|
||||||
Other borrowings
|
2,250
|
2,550
|
||||||
Accrued expenses and other liabilities
|
3,934
|
4,708
|
||||||
Total liabilities
|
921,979
|
936,177
|
||||||
Stockholders’ equity:
|
||||||||
Common stock, $5 par value, 10,000,000 shares authorized; 5,202,850 and 5,184,289 shares outstanding (includes 24,511 and 13,689 of nonvested restricted stock, respectively)
|
25,892
|
25,853
|
||||||
Additional paid-in capital
|
20,838
|
20,698
|
||||||
Retained earnings
|
60,016
|
57,611
|
||||||
Accumulated other comprehensive income(loss), net
|
679
|
(2,156
|
)
|
|||||
Total stockholders’ equity
|
107,425
|
102,006
|
||||||
Total liabilities and stockholders’ equity
|
$
|
1,029,404
|
$
|
1,038,183
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
(unaudited, dollars in thousands, except per share data)
|
June 30, 2019
|
June 30, 2018
|
June 30, 2019
|
June 30, 2018
|
||||||||||||
Interest and Dividend Income:
|
||||||||||||||||
Loans, including fees
|
$
|
9,075
|
$
|
8,688
|
$
|
17,937
|
$
|
16,583
|
||||||||
Due from banks
|
111
|
22
|
168
|
26
|
||||||||||||
Federal funds sold
|
6
|
8
|
13
|
10
|
||||||||||||
Securities:
|
||||||||||||||||
Taxable
|
648
|
499
|
1,268
|
993
|
||||||||||||
Tax-exempt
|
234
|
302
|
500
|
646
|
||||||||||||
Dividends and interest on all other securities
|
59
|
75
|
123
|
135
|
||||||||||||
Total interest and dividend income
|
10,133
|
9,594
|
20,009
|
18,393
|
||||||||||||
Interest Expense:
|
||||||||||||||||
Checking and savings deposits
|
275
|
141
|
526
|
245
|
||||||||||||
Time deposits
|
947
|
698
|
1,817
|
1,314
|
||||||||||||
Federal funds purchased, securities sold under agreements to repurchase and other borrowings
|
36
|
42
|
73
|
52
|
||||||||||||
Federal Home Loan Bank advances
|
344
|
287
|
703
|
611
|
||||||||||||
Total interest expense
|
1,602
|
1,168
|
3,119
|
2,222
|
||||||||||||
Net interest income
|
8,531
|
8,426
|
16,890
|
16,171
|
||||||||||||
Provision for loan losses
|
787
|
575
|
1,013
|
1,100
|
||||||||||||
Net interest income after provision for loan losses
|
7,744
|
7,851
|
15,877
|
15,071
|
||||||||||||
Noninterest Income:
|
||||||||||||||||
Fiduciary and asset management fees
|
929
|
916
|
1,888
|
1,899
|
||||||||||||
Service charges on deposit accounts
|
1,028
|
1,078
|
2,081
|
1,948
|
||||||||||||
Other service charges, commissions and fees
|
1,026
|
941
|
1,951
|
1,795
|
||||||||||||
Bank-owned life insurance income
|
198
|
173
|
390
|
382
|
||||||||||||
Mortgage banking income
|
302
|
236
|
518
|
377
|
||||||||||||
Gain on sale of available-for-sale securities, net
|
-
|
40
|
26
|
120
|
||||||||||||
Other operating income
|
90
|
40
|
135
|
45
|
||||||||||||
Total noninterest income
|
3,573
|
3,424
|
6,989
|
6,566
|
||||||||||||
Noninterest Expense:
|
||||||||||||||||
Salaries and employee benefits
|
5,927
|
5,935
|
11,626
|
11,412
|
||||||||||||
Occupancy and equipment
|
1,405
|
1,487
|
2,798
|
2,964
|
||||||||||||
Data processing
|
420
|
373
|
783
|
676
|
||||||||||||
FDIC insurance
|
131
|
186
|
258
|
377
|
||||||||||||
Customer development
|
151
|
135
|
313
|
317
|
||||||||||||
Professional services
|
560
|
537
|
1,074
|
1,025
|
||||||||||||
Employee professional development
|
230
|
208
|
416
|
400
|
||||||||||||
Other taxes
|
149
|
142
|
299
|
312
|
||||||||||||
ATM and other losses
|
53
|
157
|
115
|
254
|
||||||||||||
Loss (gain) on other real estate owned
|
-
|
86
|
(2
|
)
|
86
|
|||||||||||
Merger expenses
|
-
|
391
|
-
|
596
|
||||||||||||
Other operating expenses
|
482
|
581
|
1,119
|
1,215
|
||||||||||||
Total noninterest expense
|
9,508
|
10,218
|
18,799
|
19,634
|
||||||||||||
Income before income taxes
|
1,809
|
1,057
|
4,067
|
2,003
|
||||||||||||
Income tax expense
|
183
|
65
|
414
|
69
|
||||||||||||
Net income
|
$
|
1,626
|
$
|
992
|
$
|
3,653
|
$
|
1,934
|
||||||||
Basic Earnings per Share:
|
||||||||||||||||
Weighted average shares outstanding
|
5,202,166
|
5,177,233
|
5,194,529
|
5,099,008
|
||||||||||||
Net income per share of common stock
|
$
|
0.31
|
$
|
0.19
|
$
|
0.70
|
$
|
0.38
|
||||||||
Diluted Earnings per Share:
|
||||||||||||||||
Weighted average shares outstanding
|
5,202,196
|
5,177,233
|
5,194,594
|
5,099,124
|
||||||||||||
Net income per share of common stock
|
$
|
0.31
|
$
|
0.19
|
$
|
0.70
|
$
|
0.38
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
(unaudited, dollars in thousands)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Net income
|
$
|
1,626
|
$
|
992
|
$
|
3,653
|
$
|
1,934
|
||||||||
Other comprehensive income (loss), net of tax
|
||||||||||||||||
Net unrealized gain (loss) on available-for-sale securities
|
1,295
|
(120
|
)
|
2,856
|
(1,871
|
)
|
||||||||||
Reclassification for gain included in net income
|
-
|
(32
|
)
|
(21
|
)
|
(95
|
)
|
|||||||||
Other comprehensive income (loss), net of tax
|
1,295
|
(152
|
)
|
2,835
|
(1,966
|
)
|
||||||||||
Comprehensive income (loss)
|
$
|
2,921
|
$
|
840
|
$
|
6,488
|
$
|
(32
|
)
|
(unaudited, dollars in thousands,except share and per share data)
|
Shares of
Common
Stock
|
Common
Stock
|
Additional
Paid-in
Capital
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Total
|
||||||||||||||||||
THREE MONTHS ENDED JUNE 30, 2019
|
||||||||||||||||||||||||
Balance at March 31, 2019
|
5,171,462
|
$
|
25,857
|
$
|
20,763
|
$
|
59,015
|
$
|
(616
|
)
|
$
|
105,019
|
||||||||||||
Net income
|
-
|
-
|
-
|
1,626
|
-
|
1,626
|
||||||||||||||||||
Other comprehensive income, net of tax
|
-
|
-
|
-
|
-
|
1,295
|
1,295
|
||||||||||||||||||
Employee Stock Purchase Plan share issuance
|
1,038
|
6
|
15
|
-
|
-
|
21
|
||||||||||||||||||
Restricted stock vested
|
5,839
|
29
|
(29
|
)
|
-
|
-
|
-
|
|||||||||||||||||
Stock-based compensation expense
|
-
|
-
|
89
|
-
|
-
|
89
|
||||||||||||||||||
Cash dividends ($0.12 per share)
|
-
|
-
|
-
|
(625
|
)
|
-
|
(625
|
)
|
||||||||||||||||
Balance at end of period
|
5,178,339
|
$
|
25,892
|
$
|
20,838
|
$
|
60,016
|
$
|
679
|
$
|
107,425
|
|||||||||||||
THREE MONTHS ENDED JUNE 30, 2018
|
||||||||||||||||||||||||
Balance at March 31, 2018
|
5,018,539
|
$
|
25,093
|
$
|
17,298
|
$
|
55,344
|
$
|
(2,737
|
)
|
$
|
94,998
|
||||||||||||
Net income
|
-
|
-
|
-
|
992
|
-
|
992
|
||||||||||||||||||
Other comprehensive loss, net of tax
|
-
|
-
|
-
|
-
|
(152
|
)
|
(152
|
)
|
||||||||||||||||
Issuance of common stock related to acquisition
|
149,625
|
750
|
3,207
|
-
|
-
|
3,957
|
||||||||||||||||||
Employee Stock Purchase Plan share issuance
|
859
|
4
|
18
|
-
|
-
|
22
|
||||||||||||||||||
Stock-based compensation expense
|
-
|
-
|
45
|
-
|
-
|
45
|
||||||||||||||||||
Cash dividends ($0.11 per share)
|
-
|
-
|
-
|
(569
|
)
|
-
|
(569
|
)
|
||||||||||||||||
Balance at end of period
|
5,169,023
|
$
|
25,847
|
$
|
20,568
|
$
|
55,767
|
$
|
(2,889
|
)
|
$
|
99,293
|
(unaudited, dollars in thousands,except share and per share data)
|
Shares of
Common
Stock
|
|
Common
Stock
|
Additional
Paid-in
Capital
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Total
|
|||||||||||||||||
SIX MONTHS ENDED JUNE 30, 2019
|
||||||||||||||||||||||||
Balance at December 31, 2018
|
5,170,600
|
$
|
25,853
|
$
|
20,698
|
$
|
57,611
|
$
|
(2,156
|
)
|
$
|
102,006
|
||||||||||||
Net income
|
-
|
-
|
-
|
3,653
|
-
|
3,653
|
||||||||||||||||||
Other comprehensive income, net of tax
|
-
|
-
|
-
|
-
|
2,835
|
2,835
|
||||||||||||||||||
Employee Stock Purchase Plan share issuance
|
1,900
|
10
|
30
|
-
|
-
|
40
|
||||||||||||||||||
Restricted stock vested
|
5,839
|
29
|
(29
|
)
|
-
|
-
|
-
|
|||||||||||||||||
Stock-based compensation expense
|
-
|
-
|
139
|
-
|
-
|
139
|
||||||||||||||||||
Cash dividends ($0.24 per share)
|
-
|
-
|
-
|
(1,248
|
)
|
-
|
(1,248
|
)
|
||||||||||||||||
Balance at end of period
|
5,178,339
|
$
|
25,892
|
$
|
20,838
|
$
|
60,016
|
$
|
679
|
$
|
107,425
|
|||||||||||||
SIX MONTHS ENDED JUNE 30, 2018
|
||||||||||||||||||||||||
Balance at December 31, 2017
|
5,017,458
|
$
|
25,087
|
$
|
17,270
|
$
|
54,738
|
$
|
(707
|
)
|
$
|
96,388
|
||||||||||||
Net income
|
-
|
-
|
-
|
1,934
|
-
|
1,934
|
||||||||||||||||||
Other comprehensive loss, net of tax
|
-
|
-
|
-
|
-
|
(1,966
|
)
|
(1,966
|
)
|
||||||||||||||||
Issuance of common stock related to acquisition
|
149,625
|
750
|
3,207
|
-
|
-
|
3,957
|
||||||||||||||||||
Reclassification of the stranded income tax effects of the Tax Cuts and Jobs Act from AOCI
|
-
|
-
|
-
|
139
|
(139
|
)
|
-
|
|||||||||||||||||
Reclassification of net unrealized gains on equity securities from AOCI per ASU 2016-01
|
-
|
-
|
-
|
77
|
(77
|
)
|
-
|
|||||||||||||||||
Employee Stock Purchase Plan share issuance
|
1,940
|
10
|
38
|
-
|
-
|
48
|
||||||||||||||||||
Stock-based compensation expense
|
-
|
-
|
53
|
-
|
-
|
53
|
||||||||||||||||||
Cash dividends ($0.22 per share)
|
-
|
-
|
-
|
(1,121
|
)
|
-
|
(1,121
|
)
|
||||||||||||||||
Balance at end of period
|
5,169,023
|
$
|
25,847
|
$
|
20,568
|
$
|
55,767
|
$
|
(2,889
|
)
|
$
|
99,293
|
Six Months Ended June 30,
|
||||||||
(unaudited, dollars in thousands)
|
2019
|
2018
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net income
|
$
|
3,653
|
$
|
1,934
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
1,124
|
1,250
|
||||||
Accretion related to acquisition, net
|
(132
|
)
|
(121
|
)
|
||||
Provision for loan losses
|
1,013
|
1,100
|
||||||
Gain on sale of securities, net
|
(26
|
)
|
(120
|
)
|
||||
Net amortization of securities
|
669
|
928
|
||||||
Increase in loans held for sale, net
|
(275
|
)
|
(70
|
)
|
||||
Net gain on disposal of premises and equipment
|
-
|
9
|
||||||
Net (gain) loss on write-down/sale of other real estate owned
|
(2
|
)
|
86
|
|||||
Income from bank owned life insurance
|
(390
|
)
|
(382
|
)
|
||||
Stock compensation expense
|
139
|
53
|
||||||
Deferred tax (benefit) expense
|
589
|
(731
|
)
|
|||||
(Increase) decrease in other assets
|
(709
|
)
|
353
|
|||||
Decrease in accrued expenses and other liabilities
|
(774
|
)
|
(48
|
)
|
||||
Net cash provided by operating activities
|
4,879
|
4,241
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Purchases of available-for-sale securities
|
(20,788
|
)
|
(9,815
|
)
|
||||
Proceeds from redemption of restricted securities, net
|
374
|
18
|
||||||
Proceeds from maturities and calls of available-for-sale securities
|
14,625
|
6,470
|
||||||
Proceeds from sales of available-for-sale securities
|
6,476
|
11,039
|
||||||
Paydowns on available-for-sale securities
|
5,427
|
5,014
|
||||||
Proceeds from sale of loans held for investment
|
-
|
8,746
|
||||||
Net decrease (increase) in loans held for investment
|
12,541
|
(4,417
|
)
|
|||||
Proceeds from sales of other real estate owned
|
85
|
93
|
||||||
Purchases of premises and equipment
|
(679
|
)
|
(317
|
)
|
||||
Cash paid in acquisition
|
-
|
(3,164
|
)
|
|||||
Cash acquired in acquisition
|
-
|
2,304
|
||||||
Net cash provided by investing activities
|
18,061
|
15,971
|
||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Increase (decrease) in noninterest-bearing deposits
|
(3,383
|
)
|
13,040
|
|||||
Increase in savings deposits
|
1,562
|
8,050
|
||||||
Increase (decrease) in time deposits
|
6,538
|
(8,310
|
)
|
|||||
Decrease in federal funds purchased, repurchase agreements and other borrowings, net
|
(8,064
|
)
|
(1,795
|
)
|
||||
Increase in Federal Home Loan Bank advances
|
10,000
|
78,000
|
||||||
Repayment of Federal Home Loan Bank advances
|
(20,000
|
)
|
(85,500
|
)
|
||||
Proceeds from ESPP issuance
|
40
|
48
|
||||||
Cash dividends paid on common stock
|
(1,248
|
)
|
(1,121
|
)
|
||||
Net cash (used in) provided by financing activities
|
(14,555
|
)
|
2,412
|
|||||
Net increase in cash and cash equivalents
|
8,385
|
22,624
|
||||||
Cash and cash equivalents at beginning of period
|
42,217
|
14,412
|
||||||
Cash and cash equivalents at end of period
|
$
|
50,602
|
$
|
37,036
|
||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
||||||||
Cash payments for:
|
||||||||
Interest
|
$
|
3,062
|
$
|
2,128
|
||||
SUPPLEMENTAL SCHEDULE OF NONCASH TRANSACTIONS
|
||||||||
Unrealized gain (loss) on securities available-for-sale
|
$
|
3,589
|
$
|
(2,585
|
)
|
|||
Right of use lease asset and liability
|
$
|
751
|
$
|
-
|
||||
TRANSACTIONS RELATED TO ACQUISITIONS
|
||||||||
Assets acquired
|
$
|
-
|
$
|
50,406
|
||||
Liabilities assumed
|
$
|
-
|
$
|
44,324
|
||||
Common stock issued in acquisition
|
$
|
-
|
$
|
3,947
|
As Recorded by
Citizens
|
Fair Value
Adjustments
|
As Recorded by the
Company
|
||||||||||
Consideration paid:
|
||||||||||||
Cash
|
$
|
3,164
|
||||||||||
Old Point common stock
|
3,947
|
|||||||||||
Total purchase price
|
$
|
7,111
|
||||||||||
Identifiable assets acquired:
|
||||||||||||
Cash and cash equivalents
|
$
|
2,304
|
$
|
-
|
$
|
2,304
|
||||||
Securities available for sale
|
1,959
|
-
|
1,959
|
|||||||||
Restricted securities, at cost
|
278
|
-
|
278
|
|||||||||
Loans, net
|
42,824
|
(34
|
)
|
42,790
|
||||||||
Premises and equipment
|
1,070
|
450
|
1,520
|
|||||||||
Other real estate owned
|
237
|
(61
|
)
|
176
|
||||||||
Core deposit intangibles
|
-
|
440
|
440
|
|||||||||
Other assets
|
1,055
|
(116
|
)
|
939
|
||||||||
Total assets
|
$
|
49,727
|
$
|
679
|
$
|
50,406
|
||||||
Identifiable liabilities assumed:
|
||||||||||||
Deposits
|
$
|
43,754
|
$
|
246
|
$
|
44,000
|
||||||
Other liabilities
|
324
|
-
|
324
|
|||||||||
Total liabilities
|
$
|
44,078
|
$
|
246
|
$
|
44,324
|
||||||
Net assets acquired
|
$
|
6,082
|
||||||||||
Goodwill
|
$
|
1,029
|
Contractually required principal and interest payments
|
$
|
1,031
|
||
Nonaccretable difference
|
(211
|
)
|
||
Cash flows expected to be collected
|
820
|
|||
Accretable yield
|
(110
|
)
|
||
Fair value of purchased credit-impaired loans
|
$
|
710
|
Three Months Ended June 30,
|
||||||||
(dollars in thousands)
|
2019
|
2018
|
||||||
Purchased performing loans
|
$
|
23
|
$
|
92
|
||||
Purchased credit-impaired loans
|
1
|
1
|
||||||
Certificate of deposit valuation
|
38
|
39
|
||||||
Amortization of core deposit intangible
|
(11
|
)
|
(11
|
)
|
||||
Net impact to income before taxes
|
$
|
51
|
$
|
121
|
Six Months Ended June 30,
|
||||||||
2019
|
2018
|
|||||||
Purchased performing loans
|
$
|
79
|
$
|
92
|
||||
Purchased credit-impaired loans
|
(2
|
)
|
1
|
|||||
Certificate of deposit valuation
|
77
|
39
|
||||||
Amortization of core deposit intangible
|
(22
|
)
|
(11
|
)
|
||||
Net impact to income before taxes
|
$
|
132
|
$
|
121
|
June 30, 2019
|
||||||||||||||||
(Dollars in thousands)
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
(Losses)
|
Fair
Value
|
||||||||||||
U.S. Treasury securities
|
$
|
12,377
|
$
|
103
|
$
|
-
|
$
|
12,480
|
||||||||
Obligations of U.S. Government agencies
|
11,633
|
16
|
(77
|
)
|
11,572
|
|||||||||||
Obligations of state and policitcal subdivisions
|
41,303
|
830
|
(1
|
)
|
42,132
|
|||||||||||
Mortgage-backed securities
|
72,254
|
564
|
(645
|
)
|
72,173
|
|||||||||||
Money market investments
|
3,484
|
-
|
-
|
3,484
|
||||||||||||
Corporate bonds and other securities
|
3,542
|
74
|
(4
|
)
|
3,612
|
|||||||||||
$
|
144,593
|
$
|
1,587
|
$
|
(727
|
)
|
$
|
145,453
|
December 31, 2018
|
||||||||||||||||
(Dollars in thousands)
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
(Losses)
|
Fair
Value
|
||||||||||||
U.S. Treasury securities
|
$
|
12,323
|
$
|
6
|
$
|
(1
|
)
|
$
|
12,328
|
|||||||
Obligations of U.S. Government agencies
|
10,868
|
2
|
(156
|
)
|
10,714
|
|||||||||||
Obligations of state and policitcal subdivisions
|
49,194
|
155
|
(512
|
)
|
48,837
|
|||||||||||
Mortbage-backed securities
|
73,444
|
93
|
(2,346
|
)
|
71,191
|
|||||||||||
Money market investments
|
1,897
|
-
|
-
|
1,897
|
||||||||||||
Corporate bonds and other securities
|
3,250
|
42
|
(12
|
)
|
3,280
|
|||||||||||
$
|
150,976
|
$
|
298
|
$
|
(3,027
|
)
|
$
|
148,247
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
(Dollars in thousands)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Securities Available-for-sale
|
||||||||||||||||
Realized gains on sales of securities
|
$
|
-
|
$
|
51
|
$
|
36
|
$
|
131
|
||||||||
Realized losses on sales of securities
|
-
|
(11
|
)
|
(10
|
)
|
(11
|
)
|
|||||||||
Net realized gain
|
$
|
-
|
$
|
40
|
$
|
26
|
$
|
120
|
June 30, 2019
|
||||||||||||||||||||||||
Less than 12 months
|
12 months or more
|
Total
|
||||||||||||||||||||||
(Dollars in thousands)
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
||||||||||||||||||
Obligations of U.S. Government agencies
|
$
|
5
|
$
|
3,012
|
$
|
72
|
$
|
5,565
|
$
|
77
|
$
|
8,577
|
||||||||||||
Obligations of state and policitcal subdivisions
|
-
|
-
|
1
|
1,527
|
1
|
1,527
|
||||||||||||||||||
Mortgage-backed securities
|
-
|
-
|
645
|
49,086
|
645
|
49,086
|
||||||||||||||||||
Corporate bonds and other securities
|
-
|
-
|
4
|
196
|
4
|
196
|
||||||||||||||||||
Total securities available-for-sale
|
$
|
5
|
$
|
3,012
|
$
|
722
|
$
|
56,374
|
$
|
727
|
$
|
59,386
|
December 31, 2018
|
||||||||||||||||||||||||
Less than 12 months
|
12 months or more
|
Total
|
||||||||||||||||||||||
(Dollars in thousands)
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
||||||||||||||||||
U.S. Treasury securities
|
$
|
1
|
$
|
2,484
|
$
|
-
|
$
|
-
|
$
|
1
|
$
|
2,484
|
||||||||||||
Obligations of U.S. Government agencies
|
47
|
6,014
|
109
|
3,206
|
156
|
9,220
|
||||||||||||||||||
Obligations of state and policitcal subdivisions
|
10
|
5,829
|
502
|
23,727
|
512
|
29,556
|
||||||||||||||||||
Mortgage-backed securities
|
-
|
-
|
2,346
|
63,930
|
2,346
|
63,930
|
||||||||||||||||||
Corporate bonds and other securities
|
1
|
100
|
11
|
389
|
12
|
489
|
||||||||||||||||||
Total securities available-for-sale
|
$
|
59
|
$
|
14,427
|
$
|
2,968
|
$
|
91,252
|
$
|
3,027
|
$
|
105,679
|
(dollars in thousands)
|
June 30, 2019
|
December 31, 2018
|
||||||
Mortgage loans on real estate:
|
||||||||
Residential 1-4 family
|
$
|
114,776
|
$
|
110,009
|
||||
Commercial - owner occupied
|
145,683
|
155,245
|
||||||
Commercial - non-owner occupied
|
129,922
|
131,287
|
||||||
Multifamily
|
28,516
|
28,954
|
||||||
Construction
|
38,599
|
32,383
|
||||||
Second mortgages
|
15,289
|
17,297
|
||||||
Equity lines of credit
|
52,964
|
57,649
|
||||||
Total mortgage loans on real estate
|
525,749
|
532,824
|
||||||
Commercial and industrial loans
|
74,707
|
63,398
|
||||||
Consumer automobile loans
|
109,423
|
120,796
|
||||||
Other consumer loans
|
42,154
|
48,342
|
||||||
Other
|
9,145
|
8,649
|
||||||
Total loans, net of deferred fees
|
761,178
|
774,009
|
||||||
Less: Allowance for loan losses
|
10,757
|
10,111
|
||||||
Loans, net of allowance and deferred fees (1)
|
$
|
750,421
|
$
|
763,898
|
(dollars in thousands)
|
June 30, 2019
|
December 31, 2018
|
||||||
Outstanding principal balance
|
$
|
27,208
|
$
|
31,940
|
||||
Carrying amount
|
26,842
|
31,497
|
(dollars in thousands)
|
June 30, 2019
|
December 31, 2018
|
||||||
Outstanding principal balance
|
$
|
237
|
$
|
246
|
||||
Carrying amount
|
80
|
91
|
(dollars in thousands)
|
June 30, 2019
|
|||
Balance at January 1, 2019
|
$
|
12
|
||
Accretion
|
(2
|
)
|
||
Balance at end of period
|
10
|
• |
Pass: Loans are of acceptable risk.
|
• |
Other Assets Especially Mentioned (OAEM): Loans have potential weaknesses that deserve management’s close attention.
|
• |
Substandard: Loans reflect significant deficiencies due to several adverse trends of a financial, economic or managerial nature.
|
• |
Doubtful: Loans have all the weaknesses inherent in a substandard loan with added characteristics that make collection or liquidation in full based on currently existing facts, conditions and
values highly questionable or improbable.
|
• |
Loss: Loans have been identified for charge-off because they are considered uncollectible and of such little value that their continuance as bankable assets is not warranted.
|
(dollars in thousands)
|
Pass
|
OAEM
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||
Mortgage loans on real estate:
|
||||||||||||||||||||
Residential 1-4 family
|
$
|
113,004
|
$
|
-
|
$
|
1,772
|
$
|
-
|
$
|
114,776
|
||||||||||
Commercial - owner occupied
|
131,936
|
4,588
|
9,159
|
-
|
145,683
|
|||||||||||||||
Commercial - non-owner occupied
|
122,273
|
3,975
|
3,674
|
-
|
129,922
|
|||||||||||||||
Multifamily
|
28,516
|
-
|
-
|
-
|
28,516
|
|||||||||||||||
Construction
|
38,529
|
70
|
-
|
-
|
38,599
|
|||||||||||||||
Second mortgages
|
15,185
|
-
|
104
|
-
|
15,289
|
|||||||||||||||
Equity lines of credit
|
52,957
|
-
|
7
|
-
|
52,964
|
|||||||||||||||
Total mortgage loans on real estate
|
$
|
502,400
|
$
|
8,633
|
$
|
14,716
|
$
|
-
|
$
|
525,749
|
||||||||||
Commercial and industrial loans
|
73,115
|
1,157
|
435
|
-
|
74,707
|
|||||||||||||||
Consumer automobile loans
|
108,827
|
-
|
596
|
-
|
109,423
|
|||||||||||||||
Other consumer loans
|
42,112
|
-
|
42
|
-
|
42,154
|
|||||||||||||||
Other
|
9,145
|
-
|
-
|
-
|
9,145
|
|||||||||||||||
Total
|
$
|
735,599
|
$
|
9,790
|
$
|
15,789
|
$
|
-
|
$
|
761,178
|
(dollars in thousands)
|
Pass
|
OAEM
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||
Mortgage loans on real estate:
|
||||||||||||||||||||
Residential 1-4 family
|
$
|
108,274
|
$
|
-
|
$
|
1,735
|
$
|
-
|
$
|
110,009
|
||||||||||
Commercial - owner occupied
|
140,664
|
4,067
|
10,514
|
-
|
155,245
|
|||||||||||||||
Commercial - non-owner occupied
|
121,523
|
3,937
|
5,827
|
-
|
131,287
|
|||||||||||||||
Multifamily
|
28,954
|
-
|
-
|
-
|
28,954
|
|||||||||||||||
Construction
|
31,896
|
71
|
416
|
-
|
32,383
|
|||||||||||||||
Second mortgages
|
17,007
|
-
|
290
|
-
|
17,297
|
|||||||||||||||
Equity lines of credit
|
56,893
|
-
|
756
|
-
|
57,649
|
|||||||||||||||
Total mortgage loans on real estate
|
$
|
505,211
|
$
|
8,075
|
$
|
19,538
|
$
|
-
|
$
|
532,824
|
||||||||||
Commercial and industrial loans
|
60,967
|
1,987
|
444
|
-
|
63,398
|
|||||||||||||||
Consumer automobile loans
|
120,365
|
-
|
431
|
-
|
120,796
|
|||||||||||||||
Other consumer loans
|
48,298
|
-
|
44
|
-
|
48,342
|
|||||||||||||||
Other
|
8,649
|
-
|
-
|
-
|
8,649
|
|||||||||||||||
Total
|
$
|
743,490
|
$
|
10,062
|
$
|
20,457
|
$
|
-
|
$
|
774,009
|
(dollars in thousands)
|
30 - 59
Days Past
Due
|
60 - 89
Days Past
Due
|
90 or More
Days Past
Due and
still
Accruing
|
PCI
|
Nonaccrual (2)
|
Total
Current
Loans (1)
|
Total
Loans
|
|||||||||||||||||||||
Mortgage loans on real estate:
|
||||||||||||||||||||||||||||
Residential 1-4 family
|
$
|
-
|
$
|
191
|
$
|
156
|
$
|
-
|
$
|
1,395
|
$
|
113,034
|
$
|
114,776
|
||||||||||||||
Commercial - owner occupied
|
-
|
-
|
-
|
80
|
5,590
|
140,013
|
145,683
|
|||||||||||||||||||||
Commercial - non-owner occupied
|
-
|
-
|
-
|
-
|
3,673
|
126,249
|
129,922
|
|||||||||||||||||||||
Multifamily
|
-
|
-
|
-
|
-
|
-
|
28,516
|
28,516
|
|||||||||||||||||||||
Construction
|
-
|
-
|
-
|
-
|
-
|
38,599
|
38,599
|
|||||||||||||||||||||
Second mortgages
|
-
|
-
|
-
|
-
|
104
|
15,185
|
15,289
|
|||||||||||||||||||||
Equity lines of credit
|
7
|
-
|
-
|
-
|
7
|
52,950
|
52,964
|
|||||||||||||||||||||
Total mortgage loans on real estate
|
$
|
7
|
$
|
191
|
$
|
156
|
$
|
80
|
$
|
10,769
|
$
|
514,546
|
$
|
525,749
|
||||||||||||||
Commercial and industrial loans
|
-
|
-
|
-
|
-
|
434
|
74,273
|
74,707
|
|||||||||||||||||||||
Consumer automobile loans
|
1,067
|
299
|
142
|
-
|
-
|
107,915
|
109,423
|
|||||||||||||||||||||
Other consumer loans
|
817
|
551
|
900
|
-
|
-
|
39,886
|
42,154
|
|||||||||||||||||||||
Other
|
111
|
12
|
24
|
-
|
-
|
8,998
|
9,145
|
|||||||||||||||||||||
Total
|
$
|
2,002
|
$
|
1,053
|
$
|
1,222
|
$
|
80
|
$
|
11,203
|
$
|
745,618
|
$
|
761,178
|
(dollars in thousands)
|
30 - 59
Days Past
Due
|
60 - 89
Days Past
Due
|
90 or More
Days Past
Due and
still
Accruing
|
PCI
|
Nonaccrual (2)
|
Total
Current
Loans (1)
|
Total
Loans
|
|||||||||||||||||||||
Mortgage loans on real estate:
|
||||||||||||||||||||||||||||
Residential 1-4 family
|
$
|
1,165
|
$
|
553
|
$
|
180
|
$
|
-
|
$
|
1,386
|
$
|
106,725
|
$
|
110,009
|
||||||||||||||
Commercial - owner occupied
|
1,059
|
83
|
-
|
91
|
5,283
|
148,729
|
155,245
|
|||||||||||||||||||||
Commercial - non-owner occupied
|
-
|
-
|
-
|
-
|
4,371
|
126,916
|
131,287
|
|||||||||||||||||||||
Multifamily
|
-
|
-
|
-
|
-
|
-
|
28,954
|
28,954
|
|||||||||||||||||||||
Construction
|
-
|
-
|
205
|
-
|
417
|
31,761
|
32,383
|
|||||||||||||||||||||
Second mortgages
|
17
|
-
|
135
|
-
|
155
|
16,990
|
17,297
|
|||||||||||||||||||||
Equity lines of credit
|
60
|
-
|
-
|
-
|
231
|
57,358
|
57,649
|
|||||||||||||||||||||
Total mortgage loans on real estate
|
$
|
2,301
|
$
|
636
|
$
|
520
|
$
|
91
|
$
|
11,843
|
$
|
517,433
|
$
|
532,824
|
||||||||||||||
Commercial and industrial loans
|
1,595
|
-
|
-
|
-
|
298
|
61,505
|
63,398
|
|||||||||||||||||||||
Consumer automobile loans
|
1,645
|
291
|
114
|
-
|
-
|
118,746
|
120,796
|
|||||||||||||||||||||
Other consumer loans
|
1,333
|
621
|
1,851
|
-
|
-
|
44,537
|
48,342
|
|||||||||||||||||||||
Other
|
133
|
8
|
12
|
-
|
-
|
8,496
|
8,649
|
|||||||||||||||||||||
Total
|
$
|
7,007
|
$
|
1,556
|
$
|
2,497
|
$
|
91
|
$
|
12,141
|
$
|
750,717
|
$
|
774,009
|
(dollars in thousands)
|
June 30, 2019
|
December 31, 2018
|
||||||
Mortgage loans on real estate:
|
||||||||
Residential 1-4 family
|
$
|
1,395
|
$
|
1,386
|
||||
Commercial - owner occupied
|
5,590
|
5,283
|
||||||
Commercial - non-owner occupied
|
3,673
|
4,371
|
||||||
Construction
|
-
|
417
|
||||||
Second mortgages
|
104
|
155
|
||||||
Equity lines of credit
|
7
|
231
|
||||||
Total mortgage loans on real estate
|
$
|
10,769
|
$
|
11,843
|
||||
Commercial and industrial loans
|
434
|
298
|
||||||
Total
|
$
|
11,203
|
$
|
12,141
|
Six Months Ended June 30,
|
||||||||
(dollars in thousand)
|
2019
|
2018
|
||||||
Interest income that would have been recorded under original loan terms
|
$
|
132
|
$
|
235
|
||||
Actual interest income recorded for the period
|
71
|
173
|
||||||
Reduction in interest income on nonaccrual loans
|
$
|
61
|
$
|
62
|
As of June 30, 2019
|
For the six months ended
June 30, 2019
|
|||||||||||||||||||||||
(Dollars in thousands)
|
Unpaid Principal
Balance
|
Without
Valuation
Allowance
|
With
Valuation
Allowance
|
Associated
Allowance
|
Average
Recorded
Investment
|
Interest Income
Recognized
|
||||||||||||||||||
Mortgage loans on real estate:
|
||||||||||||||||||||||||
Residential 1-4 family
|
$
|
1,752
|
$
|
1,457
|
$
|
89
|
$
|
44
|
$
|
1,754
|
$
|
-
|
||||||||||||
Commercial
|
13,728
|
8,396
|
3,846
|
560
|
12,490
|
101
|
||||||||||||||||||
Construction
|
91
|
-
|
90
|
16
|
289
|
2
|
||||||||||||||||||
Second mortgages
|
307
|
160
|
145
|
145
|
308
|
5
|
||||||||||||||||||
Equity lines of credit
|
7
|
7
|
-
|
-
|
120
|
-
|
||||||||||||||||||
Total mortgage loans on real estate
|
15,885
|
10,020
|
4,170
|
765
|
14,961
|
108
|
||||||||||||||||||
Commercial and industrial loans
|
578
|
344
|
90
|
87
|
399
|
5
|
||||||||||||||||||
Other consumer loans
|
38
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
16,501
|
$
|
10,364
|
$
|
4,260
|
$
|
852
|
$
|
15,360
|
$
|
113
|
As of December 31, 2018
|
For the Year Ended
December 31, 2018
|
|||||||||||||||||||||||
(Dollars in thousands)
|
Unpaid Principal
Balance
|
Without
Valuation
Allowance
|
With Valuation
Allowance
|
Associated
Allowance
|
Average
Recorded
Investment
|
Interest Income
Recognized
|
||||||||||||||||||
Mortgage loans on real estate:
|
||||||||||||||||||||||||
Residential 1-4 family
|
$
|
2,057
|
$
|
1,686
|
$
|
239
|
$
|
51
|
$
|
2,073
|
$
|
66
|
||||||||||||
Commercial
|
15,254
|
12,721
|
-
|
-
|
14,232
|
455
|
||||||||||||||||||
Construction
|
509
|
417
|
92
|
18
|
665
|
7
|
||||||||||||||||||
Second mortgages
|
496
|
347
|
148
|
33
|
508
|
15
|
||||||||||||||||||
Equity lines of credit
|
232
|
-
|
232
|
3
|
301
|
1
|
||||||||||||||||||
Total mortgage loans on real estate
|
18,548
|
15,171
|
711
|
105
|
17,779
|
544
|
||||||||||||||||||
Commercial and industrial loans
|
384
|
78
|
220
|
11
|
446
|
5
|
||||||||||||||||||
Other consumer loans
|
38
|
-
|
-
|
-
|
43
|
-
|
||||||||||||||||||
Total
|
$
|
18,970
|
$
|
15,249
|
$
|
931
|
$
|
116
|
$
|
18,268
|
$
|
549
|
• |
Commercial and industrial: Commercial and industrial loans carry risks associated with the successful operation of a business or project, in addition to other risks
associated with the ownership of a business. The repayment of these loans may be dependent upon the profitability and cash flows of the business. In addition, there is risk associated with the value of collateral other than real estate
which may depreciate over time and cannot be appraised with as much precision.
|
• |
Real estate-construction: Construction loans carry risks that the project will not be finished according to schedule, the project will not be finished according to
budget and the value of the collateral may at any point in time be less than the principal amount of the loan. Construction loans also bear the risk that the general contractor, who may or may not be the loan customer, may be unable to
finish the construction project as planned because of financial pressure unrelated to the project.
|
• |
Real estate-mortgage: Residential mortgage loans and equity lines of credit carry risks associated with the continued credit-worthiness of the borrower and changes
in the value of the collateral. Commercial real estate loans carry risks associated with the successful operation of a business if owner occupied. If non-owner occupied, the repayment of these loans may be dependent upon the
profitability and cash flow from rent receipts.
|
• |
Consumer loans: Consumer loans carry risks associated with the continued credit-worthiness of the borrowers and the value of the collateral. Consumer loans are more
likely than real estate loans to be immediately adversely affected by job loss, divorce, illness or personal bankruptcy.
|
• |
Other loans: Other loans are loans to mortgage companies, loans for purchasing or carrying securities, and loans to insurance, investment and finance companies.
These loans carry risks associated with the successful operation of a business. In addition, there is risk associated with the value of collateral other than real estate which may depreciate over time, depend on interest rates or
fluctuate in active trading markets.
|
(Dollars in thousands)
|
Commercial
and Industrial
|
Real Estate
Construction
|
Real Estate -
Mortgage (1)
|
Consumer (2)
|
Other
|
Total
|
||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning
|
$
|
2,340
|
$
|
156
|
$
|
5,956
|
$
|
1,354
|
$
|
305
|
$
|
10,111
|
||||||||||||
Charge-offs
|
-
|
-
|
(144
|
)
|
(321
|
)
|
(243
|
)
|
(708
|
)
|
||||||||||||||
Recoveries
|
5
|
-
|
90
|
208
|
38
|
341
|
||||||||||||||||||
Provision for loan losses
|
(377
|
)
|
68
|
716
|
290
|
316
|
1,013
|
|||||||||||||||||
Ending Balance
|
$
|
1,968
|
$
|
224
|
$
|
6,618
|
$
|
1,531
|
$
|
416
|
$
|
10,757
|
||||||||||||
Individually evaluated for impairment
|
$
|
87
|
$
|
16
|
$
|
749
|
$
|
-
|
$
|
-
|
$
|
852
|
||||||||||||
Collectively evaluated for impairment
|
1,881
|
208
|
5,869
|
1,531
|
416
|
9,905
|
||||||||||||||||||
Purchased credit-impaired loans
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Ending Balance
|
$
|
1,968
|
$
|
224
|
$
|
6,618
|
$
|
1,531
|
$
|
416
|
$
|
10,757
|
||||||||||||
Loans Balances:
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
434
|
90
|
14,100
|
-
|
-
|
14,624
|
||||||||||||||||||
Collectively evaluated for impairment
|
74,193
|
38,509
|
473,050
|
151,577
|
9,145
|
746,474
|
||||||||||||||||||
Purchased credit-impaired loans
|
80
|
-
|
-
|
-
|
-
|
80
|
||||||||||||||||||
Ending Balance
|
$
|
74,707
|
$
|
38,599
|
$
|
487,150
|
$
|
151,577
|
$
|
9,145
|
$
|
761,178
|
(Dollars in thousands)
|
Commercial
and Industrial
|
Real Estate
Construction
|
Real Estate -
Mortgage (1)
|
Consumer (2)
|
Other
|
Total
|
||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Balance, beginning
|
$
|
1,889
|
$
|
541
|
$
|
5,217
|
$
|
1,644
|
$
|
157
|
$
|
9,448
|
||||||||||||
Charge-offs
|
(81
|
)
|
-
|
(1,625
|
)
|
(769
|
)
|
(367
|
)
|
(2,842
|
)
|
|||||||||||||
Recoveries
|
140
|
-
|
158
|
262
|
84
|
644
|
||||||||||||||||||
Provision for loan losses
|
392
|
(385
|
)
|
2,206
|
217
|
431
|
2,861
|
|||||||||||||||||
Ending Balance
|
$
|
2,340
|
$
|
156
|
$
|
5,956
|
$
|
1,354
|
$
|
305
|
$
|
10,111
|
||||||||||||
Individually evaluated for impairment
|
$
|
11
|
$
|
18
|
$
|
87
|
$
|
-
|
$
|
-
|
$
|
116
|
||||||||||||
Collectively evaluated for impairment
|
2,329
|
138
|
5,869
|
1,354
|
305
|
9,995
|
||||||||||||||||||
Purchased credit-impaired loans
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Ending Balance
|
$
|
2,340
|
$
|
156
|
$
|
5,956
|
$
|
1,354
|
$
|
305
|
$
|
10,111
|
||||||||||||
Loans Balances:
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
298
|
509
|
15,373
|
-
|
-
|
16,180
|
||||||||||||||||||
Collectively evaluated for impairment
|
63,009
|
31,874
|
485,068
|
169,138
|
8,649
|
757,738
|
||||||||||||||||||
Purchased credit-impaired loans
|
91
|
-
|
-
|
-
|
-
|
91
|
||||||||||||||||||
Ending Balance
|
$
|
63,398
|
$
|
32,383
|
$
|
500,441
|
$
|
169,138
|
$
|
8,649
|
$
|
774,009
|
(Dollars in thousands)
|
June 30, 2019
|
|||
Lease liabilities
|
$
|
593
|
||
Right-of-use assets
|
$
|
590
|
||
Weighted average remaining lease term
|
2.46 years
|
|||
Weighted average discount rate
|
2.77
|
%
|
Three Months Ended
|
Six Months Ended
|
|||||||
Lease cost (in thousands)
|
June 30, 2019
|
June 30, 2019
|
||||||
Operating lease cost
|
$
|
86
|
$
|
171
|
||||
Total lease cost
|
$
|
86
|
$
|
171
|
||||
Cash paid for amounts included in the measurement of lease liabilities
|
$
|
85
|
$
|
169
|
Lease payments due (in thousands)
|
As of
June 30, 2019
|
|||
Six months ending December 31, 2019
|
$
|
162
|
||
Twelve months ending December 31, 2020
|
256
|
|||
Twelve months ending December 31, 2021
|
111
|
|||
Twelve months ending December 31, 2022
|
83
|
|||
Total undiscounted cash flows
|
$
|
612
|
||
Discount
|
(19
|
)
|
||
Lease liabilities
|
$
|
593
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
Affected Line Item on
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
Consolidated Income Statement
|
|||||||||||||
Tax credits and other benefits
|
|||||||||||||||||
Amortization of operating losses
|
$
|
45
|
$
|
80
|
$
|
125
|
$
|
160
|
ATM and other losses
|
||||||||
Tax benefit of operating losses*
|
9
|
17
|
26
|
34
|
Income tax expense (benefit)
|
||||||||||||
Tax credits
|
105
|
124
|
229
|
247
|
Income tax expense (benefit)
|
||||||||||||
Total tax benefits
|
$
|
114
|
$
|
141
|
$
|
255
|
$
|
281
|
(dollar in thousands)
|
June 30, 2019
|
December 31, 2018
|
||||||
Overnight repurchase agreements
|
$
|
18,011
|
$
|
25,775
|
||||
Federal Home Loan Bank advances
|
3,000
|
13,000
|
||||||
Total short-term borrowings
|
$
|
21,011
|
$
|
38,775
|
||||
Maximum month-end outstanding balance
|
$
|
38,138
|
$
|
99,898
|
||||
Average outstanding balance during the period
|
$
|
35,721
|
$
|
62,887
|
||||
Average interest rate (year-to-date)
|
0.98
|
%
|
1.11
|
%
|
||||
Average interest rate at end of period
|
0.47
|
%
|
0.93
|
%
|
(dollars in thousands)
|
June 30, 2019
|
December 31, 2018
|
||||||
Commitments to extend credit:
|
||||||||
Home equity lines of credit
|
$
|
61,927
|
$
|
61,014
|
||||
Commercial real estate, construction and development loans committed but not funded
|
16,436
|
12,165
|
||||||
Other lines of credit (principally commercial)
|
72,332
|
74,058
|
||||||
Total
|
$
|
150,695
|
$
|
147,237
|
||||
Letters of credit
|
$
|
8,212
|
$
|
8,230
|
Shares
|
Weighted Average
Grant Date
Fair Value
|
|||||||
Nonvested, January 1, 2019
|
13,689
|
$
|
27.51
|
|||||
Issued
|
16,661
|
21.68
|
||||||
Vested
|
(5,839
|
)
|
26.82
|
|||||
Forfeited
|
-
|
-
|
||||||
Nonvested, June 30, 2019
|
24,511
|
$
|
23.71
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
Affected Line Item on
|
|||||||||||||||
(dollars in thousands)
|
2019
|
2018
|
2019
|
2018
|
Consolidated Statement of Income
|
||||||||||||
Available-for-sale securities
|
|||||||||||||||||
Realized gains on sales of securities
|
$
|
-
|
$
|
40
|
$
|
26
|
$
|
120
|
Gain on sale of securities, net
|
||||||||
Tax effect
|
-
|
8
|
5
|
25
|
Income tax expense
|
||||||||||||
$
|
-
|
$
|
32
|
$
|
21
|
$
|
95
|
(dollars in thousands)
|
Unrealized Gains
(Losses) on
Available-for-Sale
Securities
|
Accumulated Other
Comprehensive Income
(Loss)
|
||||||
Three Months Ended June 30, 2019
|
||||||||
Balance at beginning of period
|
$
|
(616
|
)
|
$
|
(616
|
)
|
||
Net other comprehensive income
|
1,295
|
1,295
|
||||||
Balance at end of period
|
$
|
679
|
$
|
679
|
||||
Three Months Ended June 30, 2018
|
||||||||
Balance at beginning of period
|
$
|
(2,737
|
)
|
$
|
(2,737
|
)
|
||
Net other comprehensive loss
|
(152
|
)
|
(152
|
)
|
||||
Balance at end of period
|
$
|
(2,889
|
)
|
$
|
(2,889
|
)
|
(dollars in thousands)
|
Unrealized Gains
(Losses) on
Available-for-Sale
Securities
|
Accumulated Other
Comprehensive Income
(Loss)
|
||||||
Six Months Ended June 30, 2019
|
||||||||
Balance at beginning of period
|
$
|
(2,156
|
)
|
$
|
(2,156
|
)
|
||
Net other comprehensive income
|
2,835
|
2,835
|
||||||
Balance at end of period
|
$
|
679
|
$
|
679
|
||||
Six Months Ended June 30, 2018
|
||||||||
Balance at beginning of period
|
$
|
(707
|
)
|
$
|
(707
|
)
|
||
Net other comprehensive loss
|
(1,966
|
)
|
(1,966
|
)
|
||||
Reclassification of the income tax effects of the Tax Cuts and Jobs Act from AOCI
|
(139
|
)
|
(139
|
)
|
||||
Reclassification of net unrealized gains on equity securities from AOCI per ASU 2016-01
|
(77
|
)
|
(77
|
)
|
||||
Balance at end of period
|
$
|
(2,889
|
)
|
$
|
(2,889
|
)
|
Three Months Ended June 30, 2019
|
||||||||||||
(dollars in thousands)
|
Pretax
|
Tax
|
Net-of-Tax
|
|||||||||
Unrealized gains on available-for-sale securities:
|
||||||||||||
Unrealized holding gains arising during the period
|
$
|
1,639
|
$
|
344
|
$
|
1,295
|
||||||
Total change in accumulated other comprehensive income, net
|
$
|
1,639
|
$
|
344
|
$
|
1,295
|
Three Months Ended June 30, 2018
|
||||||||||||
(dollars in thousands)
|
Pretax
|
Tax
|
Net-of-Tax
|
|||||||||
Unrealized losses on available-for-sale securities:
|
||||||||||||
Unrealized holding losses arising during the period
|
$
|
(152
|
)
|
$
|
(32
|
)
|
$
|
(120
|
)
|
|||
Reclassification adjustment for gains recognized in income
|
(40
|
)
|
(8
|
)
|
(32
|
)
|
||||||
Total change in accumulated other comprehensive loss, net
|
$
|
(192
|
)
|
$
|
(40
|
)
|
$
|
(152
|
)
|
Six Months Ended June 30, 2019
|
||||||||||||
(dollars in thousands)
|
Pretax
|
Tax
|
Net-of-Tax
|
|||||||||
Unrealized gains on available-for-sale securities:
|
||||||||||||
Unrealized holding gains arising during the period
|
$
|
3,615
|
$
|
759
|
$
|
2,856
|
||||||
Reclassification adjustment for gains recognized in income
|
(26
|
)
|
(5
|
)
|
(21
|
)
|
||||||
Total change in accumulated other comprehensive income, net
|
$
|
3,589
|
$
|
754
|
$
|
2,835
|
Six Months Ended June 30, 2018
|
||||||||||||
(dollars in thousands)
|
Pretax
|
Tax
|
Net-of-Tax
|
|||||||||
Unrealized losses on available-for-sale securities:
|
||||||||||||
Unrealized holding losses arising during the period
|
$
|
(2,368
|
)
|
$
|
(497
|
)
|
$
|
(1,871
|
)
|
|||
Reclassification adjustment for gains recognized in income
|
(120
|
)
|
(25
|
)
|
(95
|
)
|
||||||
Total change in accumulated other comprehensive loss, net
|
$
|
(2,488
|
)
|
$
|
(522
|
)
|
$
|
(1,966
|
)
|
(dollars in thousands except per share data)
|
Net Income Available to
Common Shareholders
(Numerator)
|
Weighted Average
Common Shares
(Denominator)
|
Per Share
Amount
|
|||||||||
Three Months Ended June 30, 2019
|
||||||||||||
Net income, basic
|
$
|
1,626
|
5,202
|
$
|
0.31
|
|||||||
Potentially dilutive common shares - employee stock purchase program
|
-
|
-
|
-
|
|||||||||
Diluted
|
$
|
1,626
|
5,202
|
$
|
0.31
|
|||||||
Three Months Ended June 30, 2018
|
||||||||||||
Net income, basic
|
$
|
992
|
5,177
|
$
|
0.19
|
|||||||
Potentially dilutive common shares - employee stock purchase program
|
-
|
-
|
-
|
|||||||||
Diluted
|
$
|
992
|
5,177
|
$
|
0.19
|
|||||||
Six Months Ended June 30, 2019
|
||||||||||||
Net income, basic
|
$
|
3,653
|
5,195
|
$
|
0.70
|
|||||||
Potentially dilutive common shares - employee stock purchase program
|
-
|
-
|
-
|
|||||||||
Diluted
|
$
|
3,653
|
5,195
|
$
|
0.70
|
|||||||
Six Months Ended June 30, 2018
|
||||||||||||
Net loss, basic
|
$
|
1,934
|
5,099
|
$
|
0.38
|
|||||||
Potentially dilutive common shares - employee stock purchase program
|
-
|
-
|
-
|
|||||||||
Diluted
|
$
|
1,934
|
5,099
|
$
|
0.38
|
• |
Level 1: Valuation is based on quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 assets
and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.
|
• |
Level 2: Valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based
on quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or
liability.
|
• |
Level 3: Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and
liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which determination of fair value requires significant
management judgment or estimation.
|
Fair Value Measurements at June 30, 2019 Using
|
||||||||||||||||
(dollars in thousands)
|
Balance
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3) |
||||||||||||
Available-for-sale securities
|
||||||||||||||||
U.S. Treasury securities
|
$
|
12,480
|
$
|
-
|
$
|
12,480
|
$
|
-
|
||||||||
Obligations of U.S. Government agencies
|
11,572
|
-
|
11,572
|
-
|
||||||||||||
Obligations of state and political subdivisions
|
42,132
|
-
|
42,132
|
-
|
||||||||||||
Mortgage-backed securities
|
72,173
|
-
|
72,173
|
-
|
||||||||||||
Money market investments
|
3,484
|
-
|
3,484
|
-
|
||||||||||||
Corporate bonds and other securities
|
3,612
|
-
|
3,612
|
-
|
||||||||||||
Total available-for-sale securities
|
$
|
145,453
|
$
|
-
|
$
|
145,453
|
$
|
-
|
Fair Value Measurements at December 31, 2018 Using
|
||||||||||||||||
(dollars in thousands)
|
Balance
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||
Available-for-sale securities
|
||||||||||||||||
U.S. Treasury securities
|
$
|
12,328
|
$
|
-
|
$
|
12,328
|
$
|
-
|
||||||||
Obligations of U.S. Government agencies
|
10,714
|
-
|
10,714
|
-
|
||||||||||||
Obligations of state and political subdivisions
|
48,837
|
-
|
48,837
|
-
|
||||||||||||
Mortgage-backed securities
|
71,191
|
-
|
71,191
|
-
|
||||||||||||
Money market investments
|
1,897
|
-
|
1,897
|
-
|
||||||||||||
Corporate bonds and other securities
|
3,280
|
-
|
3,280
|
-
|
||||||||||||
Total available-for-sale securities
|
$
|
148,247
|
$
|
-
|
$
|
148,247
|
$
|
-
|
Carrying Value at June 30, 2019 Using
|
||||||||||||||||
(dollars in thousands)
|
Fair Value
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||
Impaired loans
|
||||||||||||||||
Mortgage loans on real estate:
|
||||||||||||||||
Residential 1-4 family
|
$
|
45
|
$
|
-
|
$
|
-
|
$
|
45
|
||||||||
Commercial
|
1,772
|
-
|
-
|
1,772
|
||||||||||||
Construction
|
74
|
-
|
-
|
74
|
||||||||||||
Total mortgage loans on real estate
|
$
|
1,891
|
$
|
-
|
$
|
-
|
$
|
1,891
|
||||||||
Commercial loans
|
3
|
-
|
-
|
3
|
||||||||||||
Total
|
$
|
1,894
|
$
|
-
|
$
|
-
|
$
|
1,894
|
||||||||
Loans
|
||||||||||||||||
Loans held for sale
|
$
|
754
|
$
|
-
|
$
|
754
|
$
|
-
|
Carrying Value at December 31, 2018 Using
|
||||||||||||||||
(dollars in thousands)
|
Fair Value
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||
Impaired loans
|
||||||||||||||||
Mortgage loans on real estate:
|
||||||||||||||||
Residential 1-4 family
|
$
|
188
|
$
|
-
|
$
|
-
|
$
|
188
|
||||||||
Construction
|
74
|
-
|
-
|
74
|
||||||||||||
Equity lines of credit
|
229
|
-
|
-
|
229
|
||||||||||||
Total mortgage loans on real estate
|
491
|
-
|
-
|
491
|
||||||||||||
Total
|
$
|
491
|
$
|
-
|
$
|
-
|
$
|
491
|
||||||||
Loans
|
||||||||||||||||
Loans held for sale
|
$
|
479
|
$
|
-
|
$
|
479
|
$
|
-
|
||||||||
Other real estate owned
|
||||||||||||||||
Construction
|
$
|
83
|
$
|
-
|
$
|
-
|
$
|
83
|
||||||||
Total
|
$
|
83
|
$
|
-
|
$
|
-
|
$
|
83
|
Quantitative Information About Level 3 Fair Value Measurements
|
||||||||||
(dollars in thousands)
|
Fair Value at
June 30, 2019
|
Valuation Techniques
|
Unobservable Input
|
Range (Weighted
Average)
|
||||||
Impaired loans
|
||||||||||
Residential 1-4 family real estate
|
$
|
45
|
Market comparables
|
Selling costs
|
7.25
|
%
|
||||
Liquidation discount
|
4.00
|
%
|
||||||||
Commercial real estate
|
$
|
1,772
|
Market comparables
|
Selling costs
|
6.00
|
%
|
||||
Liquidation discount
|
35.00
|
%
|
||||||||
Construction
|
$
|
74
|
Market comparables
|
Selling costs
|
7.25
|
%
|
||||
Liquidation discount
|
4.00
|
%
|
||||||||
Commercial loans
|
$
|
3
|
Market comparables
|
Selling costs
|
0.00% - 7.25% (6.04
|
%)
|
||||
Liquidation discount
|
0.00% - 4.00% (3.33
|
%)
|
Quantitative Information About Level 3 Fair Value Measurements
|
||||||||||
(dollars in thousands)
|
Fair Value at
December 31,
2018
|
Valuation Techniques
|
Unobservable Input
|
Range (Weighted
Average)
|
||||||
Impaired loans
|
||||||||||
Residential 1-4 family real estate
|
$
|
188
|
Market comparables
|
Selling costs
|
7.25
|
%
|
||||
Liquidation discount
|
4.00
|
%
|
||||||||
Construction
|
$
|
74
|
Market comparables
|
Selling costs
|
7.25
|
%
|
||||
Liquidation discount
|
4.00
|
%
|
||||||||
Equity lines of credit
|
$
|
229
|
Market comparables
|
Selling costs
|
7.25
|
%
|
||||
Liquidation discount
|
4.00
|
%
|
||||||||
Other real estate owned
|
||||||||||
Construction
|
$
|
83
|
Market comparables
|
Selling costs
|
7.25
|
%
|
||||
Liquidation discount
|
4.00
|
%
|
Fair Value Measurements at June 30, 2019 Using
|
||||||||||||||||
(dollars in thousands)
|
Carrying Value
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
Significant Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||
Assets
|
||||||||||||||||
Cash and cash equivalents
|
$
|
50,602
|
$
|
50,602
|
$
|
-
|
$
|
-
|
||||||||
Securities available-for-sale
|
145,453
|
-
|
145,453
|
-
|
||||||||||||
Restricted securities
|
3,479
|
-
|
3,479
|
-
|
||||||||||||
Loans held for sale
|
754
|
-
|
754
|
-
|
||||||||||||
Loans, net of allowances for loan losses
|
750,421
|
-
|
-
|
741,154
|
||||||||||||
Bank owned life insurance
|
27,153
|
-
|
27,153
|
-
|
||||||||||||
Accrued interest receivable
|
3,223
|
-
|
3,223
|
-
|
||||||||||||
Liabilities
|
||||||||||||||||
Deposits
|
$
|
847,784
|
$
|
-
|
$
|
851,342
|
$
|
-
|
||||||||
Overnight repurchase agreements
|
18,011
|
-
|
18,011
|
-
|
||||||||||||
Federal Home Loan Bank advances
|
50,000
|
-
|
50,347
|
-
|
||||||||||||
Other borrowings
|
2,250
|
-
|
2,250
|
-
|
||||||||||||
Accrued interest payable
|
651
|
-
|
651
|
-
|
Fair Value Measurements at December 31, 2018 Using
|
||||||||||||||||
(dollars in thousands)
|
Carrying Value
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
Significant Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||
Assets
|
||||||||||||||||
Cash and cash equivalents
|
$
|
42,217
|
$
|
42,217
|
$
|
-
|
$
|
-
|
||||||||
Securities available-for-sale
|
148,247
|
-
|
148,247
|
-
|
||||||||||||
Restricted securities
|
3,853
|
-
|
3,853
|
-
|
||||||||||||
Loans held for sale
|
479
|
-
|
479
|
-
|
||||||||||||
Loans, net of allowances for loan losses
|
763,898
|
-
|
-
|
749,848
|
||||||||||||
Bank owned life insurance
|
26,763
|
-
|
26,763
|
-
|
||||||||||||
Accrued interest receivable
|
3,095
|
-
|
3,095
|
-
|
||||||||||||
Liabilities
|
||||||||||||||||
Deposits
|
$
|
843,144
|
$
|
-
|
$
|
843,818
|
$
|
-
|
||||||||
Overnight repurchase agreements
|
25,775
|
-
|
25,775
|
-
|
||||||||||||
Federal Home Loan Bank advances
|
60,000
|
-
|
59,975
|
-
|
||||||||||||
Other borrowings
|
2,550
|
-
|
2,550
|
-
|
||||||||||||
Accrued interest payable
|
594
|
-
|
594
|
-
|
Three Months Ended June 30, 2019
|
||||||||||||||||||||
(dollars in thousands)
|
Bank
|
Trust
|
Parent
|
Eliminations
|
Consolidated
|
|||||||||||||||
Revenues
|
||||||||||||||||||||
Interest and dividend income
|
$
|
10,101
|
$
|
32
|
$
|
1,805
|
$
|
(1,805
|
)
|
$
|
10,133
|
|||||||||
Income from fiduciary activities
|
-
|
929
|
-
|
-
|
929
|
|||||||||||||||
Other income
|
2,353
|
307
|
50
|
(66
|
)
|
2,644
|
||||||||||||||
Total operating income
|
12,454
|
1,268
|
1,855
|
(1,871
|
)
|
13,706
|
||||||||||||||
Expenses
|
||||||||||||||||||||
Interest expense
|
1,571
|
-
|
31
|
-
|
1,602
|
|||||||||||||||
Provision for loan losses
|
787
|
-
|
-
|
-
|
787
|
|||||||||||||||
Salaries and employee benefits
|
5,055
|
756
|
116
|
-
|
5,927
|
|||||||||||||||
Other expenses
|
3,259
|
258
|
130
|
(66
|
)
|
3,581
|
||||||||||||||
Total operating expenses
|
10,672
|
1,014
|
277
|
(66
|
)
|
11,897
|
||||||||||||||
Income before taxes
|
1,782
|
254
|
1,578
|
(1,805
|
)
|
1,809
|
||||||||||||||
Income tax expense (benefit)
|
176
|
54
|
(47
|
)
|
-
|
183
|
||||||||||||||
Net income
|
$
|
1,606
|
$
|
200
|
$
|
1,625
|
$
|
(1,805
|
)
|
$
|
1,626
|
|||||||||
Capital expenditures
|
$
|
157
|
$
|
24
|
$
|
-
|
$
|
-
|
$
|
181
|
||||||||||
Total assets
|
$
|
1,023,404
|
$
|
6,498
|
$
|
109,698
|
$
|
(110,196
|
)
|
$
|
1,029,404
|
Three Months Ended June 30, 2018
|
||||||||||||||||||||
(dollars in thousands)
|
Bank
|
Trust
|
Parent
|
Eliminations
|
Consolidated
|
|||||||||||||||
Revenues
|
||||||||||||||||||||
Interest and dividend income
|
$
|
9,570
|
$
|
22
|
$
|
1,524
|
$
|
(1,522
|
)
|
$
|
9,594
|
|||||||||
Income from fiduciary activities
|
-
|
916
|
-
|
-
|
916
|
|||||||||||||||
Other income
|
2,232
|
261
|
80
|
(65
|
)
|
2,508
|
||||||||||||||
Total operating income
|
11,802
|
1,199
|
1,604
|
(1,587
|
)
|
13,018
|
||||||||||||||
Expenses
|
||||||||||||||||||||
Interest expense
|
1,135
|
-
|
33
|
-
|
1,168
|
|||||||||||||||
Provision for loan losses
|
575
|
-
|
-
|
-
|
575
|
|||||||||||||||
Salaries and employee benefits
|
5,077
|
749
|
109
|
-
|
5,935
|
|||||||||||||||
Other expenses
|
3,559
|
271
|
519
|
(66
|
)
|
4,283
|
||||||||||||||
Total operating expenses
|
10,346
|
1,020
|
661
|
(66
|
)
|
11,961
|
||||||||||||||
Income before taxes
|
1,456
|
179
|
943
|
(1,521
|
)
|
1,057
|
||||||||||||||
Income tax expense (benefit)
|
76
|
38
|
(49
|
)
|
-
|
65
|
||||||||||||||
Net income
|
$
|
1,380
|
$
|
141
|
$
|
992
|
$
|
(1,521
|
)
|
$
|
992
|
|||||||||
Capital expenditures
|
$
|
127
|
$
|
1
|
$
|
-
|
$
|
-
|
$
|
128
|
||||||||||
Total assets
|
$
|
1,026,571
|
$
|
6,110
|
$
|
102,239
|
$
|
(102,790
|
)
|
$
|
1,032,130
|
Six Months Ended June 30, 2019
|
||||||||||||||||||||
(dollars in thousands)
|
Bank
|
Trust
|
Parent
|
Eliminations
|
Consolidated
|
|||||||||||||||
Revenues
|
||||||||||||||||||||
Interest and dividend income
|
$
|
19,947
|
$
|
62
|
$
|
3,955
|
$
|
(3,955
|
)
|
$
|
20,009
|
|||||||||
Income from fiduciary activities
|
-
|
1,888
|
-
|
-
|
1,888
|
|||||||||||||||
Other income
|
4,541
|
591
|
100
|
(131
|
)
|
5,101
|
||||||||||||||
Total operating income
|
24,488
|
2,541
|
4,055
|
(4,086
|
)
|
26,998
|
||||||||||||||
Expenses
|
||||||||||||||||||||
Interest expense
|
3,057
|
-
|
62
|
-
|
3,119
|
|||||||||||||||
Provision for loan losses
|
1,013
|
-
|
-
|
-
|
1,013
|
|||||||||||||||
Salaries and employee benefits
|
9,873
|
1,523
|
230
|
-
|
11,626
|
|||||||||||||||
Other expenses
|
6,607
|
507
|
190
|
(131
|
)
|
7,173
|
||||||||||||||
Total operating expenses
|
20,550
|
2,030
|
482
|
(131
|
)
|
22,931
|
||||||||||||||
Income before taxes
|
3,938
|
511
|
3,573
|
(3,955
|
)
|
4,067
|
||||||||||||||
Income tax expense (benefit)
|
385
|
109
|
(80
|
)
|
-
|
414
|
||||||||||||||
Net income
|
$
|
3,553
|
$
|
402
|
$
|
3,653
|
$
|
(3,955
|
)
|
$
|
3,653
|
|||||||||
Capital expenditures
|
$
|
655
|
$
|
24
|
$
|
-
|
$
|
-
|
$
|
679
|
||||||||||
Total assets
|
$
|
1,023,404
|
$
|
6,498
|
$
|
109,698
|
$
|
(110,196
|
)
|
$
|
1,029,404
|
Six Months Ended June 30, 2018
|
||||||||||||||||||||
(dollars in thousands)
|
Bank
|
Trust
|
Parent
|
Eliminations
|
Consolidated
|
|||||||||||||||
Revenues
|
||||||||||||||||||||
Interest and dividend income
|
$
|
18,348
|
$
|
43
|
$
|
2,812
|
$
|
(2,810
|
)
|
$
|
18,393
|
|||||||||
Income from fiduciary activities
|
-
|
1,899
|
-
|
-
|
1,899
|
|||||||||||||||
Other income
|
4,146
|
521
|
130
|
(130
|
)
|
4,667
|
||||||||||||||
Total operating income
|
22,494
|
2,463
|
2,942
|
(2,940
|
)
|
24,959
|
||||||||||||||
Expenses
|
||||||||||||||||||||
Interest expense
|
2,189
|
-
|
33
|
-
|
2,222
|
|||||||||||||||
Provision for loan losses
|
1,100
|
-
|
-
|
-
|
1,100
|
|||||||||||||||
Salaries and employee benefits
|
9,702
|
1,494
|
216
|
-
|
11,412
|
|||||||||||||||
Other expenses
|
6,985
|
535
|
833
|
(131
|
)
|
8,222
|
||||||||||||||
Total operating expenses
|
19,976
|
2,029
|
1,082
|
(131
|
)
|
22,956
|
||||||||||||||
Income before taxes
|
2,518
|
434
|
1,860
|
(2,809
|
)
|
2,003
|
||||||||||||||
Income tax expense (benefit)
|
51
|
92
|
(74
|
)
|
-
|
69
|
||||||||||||||
Net income
|
$
|
2,467
|
$
|
342
|
$
|
1,934
|
$
|
(2,809
|
)
|
$
|
1,934
|
|||||||||
Capital expenditures
|
$
|
316
|
$
|
1
|
$
|
-
|
$
|
-
|
$
|
317
|
||||||||||
Total assets
|
$
|
1,026,571
|
$
|
6,110
|
$
|
102,239
|
$
|
(102,790
|
)
|
$
|
1,032,130
|
• |
Net interest income for the three and six months ended June 30, 2019 increased 1.2% and 4.4%, respectively, from the same periods of 2018.
|
• |
Annualized return on average assets for the second quarter of 2019 was 0.63% compared to 0.39% for the second quarter of 2018. Annualized return on average assets for the six months ended June 30, 2019 was 0.72% compared to 0.39% for
the first six months of 2018.
|
• |
The net interest margin (on a fully tax-equivalent basis) for the second quarter of 2019 improved to 3.68% from 3.65% for the same period of 2018. The net interest margin for the six months ended June 30, 2019 was 3.68% which
compares to 3.56% for the first half of 2018.
|
• |
Non-performing assets as a percentage of total assets improved to 1.21% at June 30, 2019 from 1.59% at June 30, 2018.
|
For the quarter ended June 30,
|
||||||||||||||||||||||||
2019
|
2018
|
|||||||||||||||||||||||
(dollars in thousands)
|
Average
Balance
|
Interest
Income/
Expense
|
Yield/
Rate**
|
Average
Balance
|
Interest
Income/
Expense
|
Yield/
Rate**
|
|
|||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Loans*
|
$
|
767,393
|
$
|
9,088
|
4.75
|
%
|
$
|
778,033
|
$
|
8,702
|
4.47
|
%
|
||||||||||||
Investment securities:
|
||||||||||||||||||||||||
Taxable
|
108,060
|
648
|
2.40
|
%
|
95,657
|
499
|
2.09
|
%
|
||||||||||||||||
Tax-exempt*
|
38,500
|
296
|
3.08
|
%
|
49,879
|
382
|
3.06
|
%
|
||||||||||||||||
Total investment securities
|
146,560
|
944
|
2.58
|
%
|
145,536
|
881
|
2.42
|
%
|
||||||||||||||||
Interest-bearing due from banks
|
18,656
|
111
|
2.40
|
%
|
4,656
|
22
|
1.89
|
%
|
||||||||||||||||
Federal funds sold
|
1,143
|
6
|
2.38
|
%
|
2,079
|
8
|
1.54
|
%
|
||||||||||||||||
Other investments
|
3,595
|
59
|
6.54
|
%
|
4,314
|
75
|
6.95
|
%
|
||||||||||||||||
Total earning assets
|
937,347
|
$
|
10,208
|
4.37
|
%
|
934,618
|
$
|
9,688
|
4.15
|
%
|
||||||||||||||
Allowance for loan losses
|
(10,331
|
)
|
(10,125
|
)
|
||||||||||||||||||||
Other non-earning assets
|
104,691
|
100,098
|
||||||||||||||||||||||
Total assets
|
$
|
1,031,707
|
$
|
1,024,591
|
||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||||||||||||||||||
Time and savings deposits:
|
||||||||||||||||||||||||
Interest-bearing transaction accounts
|
$
|
31,050
|
$
|
3
|
0.03
|
%
|
$
|
28,875
|
$
|
3
|
0.04
|
%
|
||||||||||||
Money market deposit accounts
|
254,908
|
250
|
0.39
|
%
|
240,832
|
117
|
0.19
|
%
|
||||||||||||||||
Savings accounts
|
87,816
|
22
|
0.10
|
%
|
88,904
|
21
|
0.09
|
%
|
||||||||||||||||
Time deposits
|
232,566
|
947
|
1.63
|
%
|
236,396
|
698
|
1.18
|
%
|
||||||||||||||||
Total time and savings deposits
|
606,340
|
1,222
|
0.81
|
%
|
595,007
|
839
|
0.56
|
%
|
||||||||||||||||
Federal funds purchased, repurchase agreements and other borrowings
|
23,070
|
36
|
0.62
|
%
|
30,125
|
42
|
0.56
|
%
|
||||||||||||||||
Federal Home Loan Bank advances
|
52,747
|
344
|
2.62
|
%
|
64,560
|
287
|
1.78
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
682,157
|
1,602
|
0.94
|
%
|
689,692
|
1,168
|
0.68
|
%
|
||||||||||||||||
Demand deposits
|
239,589
|
233,931
|
||||||||||||||||||||||
Other liabilities
|
3,481
|
2,897
|
||||||||||||||||||||||
Stockholders’ equity
|
106,480
|
98,071
|
||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$
|
1,031,707
|
$
|
1,024,591
|
||||||||||||||||||||
Net interest margin
|
$
|
8,606
|
3.68
|
%
|
$
|
8,520
|
3.65
|
%
|
For the six months ended June 30,
|
||||||||||||||||||||||||
2019
|
2018
|
|||||||||||||||||||||||
(dollars in thousands)
|
Average
Balance
|
Interest
Income/
Expense
|
Yield/
Rate**
|
Average
Balance
|
Interest
Income/
Expense
|
Yield/
Rate**
|
||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Loans*
|
$
|
769,258
|
$
|
17,964
|
4.71
|
%
|
$
|
761,795
|
$
|
16,612
|
4.36
|
%
|
||||||||||||
Investment securities:
|
||||||||||||||||||||||||
Taxable
|
105,676
|
1,268
|
2.42
|
%
|
95,025
|
993
|
2.09
|
%
|
||||||||||||||||
Tax-exempt*
|
41,059
|
633
|
3.11
|
%
|
53,881
|
818
|
3.04
|
%
|
||||||||||||||||
Total investment securities
|
146,735
|
1,901
|
2.61
|
%
|
148,906
|
1,811
|
2.43
|
%
|
||||||||||||||||
Interest-bearing due from banks
|
14,319
|
168
|
2.37
|
%
|
2,913
|
26
|
1.79
|
%
|
||||||||||||||||
Federal funds sold
|
1,133
|
13
|
2.38
|
%
|
1,271
|
10
|
1.57
|
%
|
||||||||||||||||
Other investments
|
3,689
|
123
|
6.73
|
%
|
4,365
|
135
|
6.19
|
%
|
||||||||||||||||
Total earning assets
|
935,134
|
$
|
20,169
|
4.35
|
%
|
919,250
|
$
|
18,594
|
4.05
|
%
|
||||||||||||||
Allowance for loan losses
|
(10,396
|
)
|
(9,985
|
)
|
||||||||||||||||||||
Other nonearning assets
|
103,374
|
96,763
|
||||||||||||||||||||||
Total assets
|
$
|
1,028,112
|
$
|
1,006,028
|
||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||||||||||||||||||
Time and savings deposits:
|
||||||||||||||||||||||||
Interest-bearing transaction accounts
|
$
|
29,606
|
$
|
5
|
0.04
|
%
|
$
|
28,239
|
$
|
5
|
0.04
|
%
|
||||||||||||
Money market deposit accounts
|
253,007
|
477
|
0.38
|
%
|
235,961
|
208
|
0.18
|
%
|
||||||||||||||||
Savings accounts
|
87,882
|
44
|
0.10
|
%
|
87,214
|
32
|
0.07
|
%
|
||||||||||||||||
Time deposits
|
231,335
|
1,817
|
1.58
|
%
|
224,088
|
1,314
|
1.17
|
%
|
||||||||||||||||
Total time and savings deposits
|
601,830
|
2,343
|
0.79
|
%
|
575,502
|
1,559
|
0.54
|
%
|
||||||||||||||||
Federal funds purchased, repurchase agreements and other borrowings
|
24,139
|
73
|
0.61
|
%
|
29,243
|
52
|
0.36
|
%
|
||||||||||||||||
Federal Home Loan Bank advances
|
55,470
|
703
|
2.55
|
%
|
72,403
|
611
|
1.69
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
681,439
|
3,119
|
0.92
|
%
|
677,148
|
2,222
|
0.66
|
%
|
||||||||||||||||
Demand deposits
|
237,496
|
228,524
|
||||||||||||||||||||||
Other liabilities
|
4,186
|
3,172
|
||||||||||||||||||||||
Stockholders’ equity
|
104,991
|
97,184
|
||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$
|
1,028,112
|
$
|
1,006,028
|
||||||||||||||||||||
Net interest margin
|
$
|
17,050
|
3.68
|
%
|
$
|
16,372
|
3.56
|
%
|
(dollars in thousands)
|
June 30,
2019
|
December 31,
2018
|
Increase
(Decrease)
|
|||||||||
Nonaccrual loans
|
||||||||||||
Commercial and industrial
|
$
|
434
|
$
|
298
|
$
|
136
|
||||||
Real estate-construction
|
-
|
417
|
(417
|
)
|
||||||||
Real estate-mortgage (1)
|
10,769
|
11,426
|
(657
|
)
|
||||||||
Consumer loans
|
-
|
-
|
-
|
|||||||||
Total nonaccrual loans
|
$
|
11,203
|
$
|
12,141
|
$
|
(938
|
)
|
|||||
Loans past due 90 days or more and accruing interest
|
||||||||||||
Commercial and industrial
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Real estate-construction
|
-
|
205
|
(205
|
)
|
||||||||
Real estate-mortgage (1)
|
156
|
315
|
(159
|
)
|
||||||||
Consumer loans (2)
|
1,042
|
1,965
|
(923
|
)
|
||||||||
Other
|
24
|
12
|
12
|
|||||||||
Total loans past due 90 days or more and accruing interest
|
$
|
1,222
|
$
|
2,497
|
$
|
(1,275
|
)
|
|||||
Restructured loans
|
||||||||||||
Commercial and industrial
|
$
|
284
|
$
|
217
|
$
|
67
|
||||||
Real estate-construction
|
90
|
92
|
(2
|
)
|
||||||||
Real estate-mortgage (1)
|
8,017
|
12,098
|
(4,081
|
)
|
||||||||
Consumer loans
|
-
|
-
|
-
|
|||||||||
Total restructured loans
|
$
|
8,391
|
$
|
12,407
|
$
|
(4,016
|
)
|
|||||
Less nonaccrual restructured loans (included above)
|
4,970
|
8,454
|
(3,484
|
)
|
||||||||
Less restructured loans currently in compliance (3)
|
3,421
|
3,953
|
(532
|
)
|
||||||||
Net nonperforming, accruing restructured loans
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Nonperforming loans
|
$
|
12,425
|
$
|
14,638
|
$
|
(2,213
|
)
|
|||||
Other real estate owned
|
||||||||||||
Construction, land development, and other land
|
$
|
-
|
$
|
83
|
$
|
(83
|
)
|
|||||
Total other real estate owned
|
$
|
-
|
$
|
83
|
$
|
(83
|
)
|
|||||
Total nonperforming assets
|
$
|
12,425
|
$
|
14,721
|
$
|
(2,296
|
)
|
(1) The real estate-mortgage segment includes residential 1 – 4 family, commercial real estate, second mortgages and equity lines of credit.
|
(2) Amounts listed include student loans with principal and interest amounts that are 97 - 98% guaranteed by the federal government. The portion of these guaranteed loans that is past
due 90 days or more totaled $900 thousand at June 30, 2019 and $1.7 million at December 31, 2018.
|
(3) As of June 30, 2019 and December 31, 2018, all of the Company’s restructured accruing loans were performing in compliance with their modified terms.
|
2019
Regulatory
Minimums
|
June 30, 2019
|
|||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets
|
4.500
|
%
|
11.43
|
%
|
||||
Tier 1 Capital to Risk-Weighted Assets
|
6.000
|
%
|
11.43
|
%
|
||||
Tier 1 Leverage to Average Assets
|
4.000
|
%
|
9.66
|
%
|
||||
Total Capital to Risk-Weighted Assets
|
8.000
|
%
|
12.68
|
%
|
||||
Capital Conservation Buffer
|
2.500
|
%
|
4.68
|
%
|
||||
Risk-Weighted Assets (in thousands)
|
$
|
864,958
|
Change In Net Interest Income
As of June 30,
|
||||||||||||||||
Change in Interest Rates
|
2019
|
2018
|
||||||||||||||
+300 basis points
|
4.12
|
%
|
$
|
1,455,733
|
1.28
|
%
|
$
|
454,548
|
||||||||
+200 basis points
|
2.73
|
%
|
964,918
|
0.70
|
%
|
247,945
|
||||||||||
+100 basis points
|
1.39
|
%
|
489,984
|
0.42
|
%
|
150,117
|
||||||||||
Unchanged
|
0.00
|
%
|
-
|
0.00
|
%
|
-
|
||||||||||
-100 basis points
|
-1.93
|
%
|
(682,417
|
)
|
-0.83
|
%
|
(295,354
|
)
|
||||||||
-200 basis points
|
-3.81
|
%
|
(1,348,197
|
)
|
-2.24
|
%
|
(793,979
|
)
|
Exhibit No.
|
Description
|
|
2.1
|
||
3.1
|
||
3.1.1
|
||
3.2
|
||
31.1
|
||
31.2
|
||
32.1
|
||
101
|
The following materials from Old Point Financial Corporation’s quarterly report on Form 10-Q for the quarter ended June 30, 2019, formatted in XBRL (Extensible Business Reporting Language), filed herewith:
(i) Consolidated Balance Sheets (unaudited for June 30, 2019), (ii) Consolidated Statements of Income (unaudited), (iii) Consolidated Statements of Comprehensive Income (Loss) (unaudited), (iv) Consolidated Statements of Changes in
Stockholders’ Equity (unaudited), (v) Consolidated Statements of Cash Flows (unaudited), and (vi) Notes to Consolidated Financial Statements (unaudited)
|
OLD POINT FINANCIAL CORPORATION
|
||
August 9, 2019
|
/s/ Robert F. Shuford, Sr.
|
|
Robert F. Shuford, Sr.
|
||
Chairman, President & Chief Executive Officer
|
||
(Principal Executive Officer)
|
||
August 9, 2019
|
/s/ Elizabeth T. Beale
|
|
Elizabeth T. Beale
|
||
Interim Chief Financial Officer & Senior Vice President
|
||
(Interim Principal Financial & Accounting Officer)
|
August 9, 2019
|
/s/ Robert F. Shuford, Sr.
|
|
Robert F. Shuford, Sr.
|
|
|
|
Chairman, President & Chief Executive Officer
|
|
August 9, 2019
|
/s/ Elizabeth T. Beale
|
|
Elizabeth T. Beale
|
||
Interim Chief Financial Officer & Senior Vice President
|
August 9, 2019
|
/s/ Robert F. Shuford, Sr.
|
|
Robert F. Shuford, Sr.
|
||
Chairman, President & Chief Executive Officer
|
||
August 9, 2019
|
/s/ Elizabeth T. Beale
|
|
Elizabeth T. Beale
|
||
Interim Chief Financial Officer & Senior Vice President
|
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Aug. 05, 2019 |
|
Cover [Abstract] | ||
Entity Registrant Name | OLD POINT FINANCIAL CORP | |
Entity Central Index Key | 0000740971 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 5,202,850 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Address, State or Province | VA |
Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Stockholders' equity: | ||
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares outstanding (in shares) | 5,202,850 | 5,184,289 |
Restricted Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Nonvested restricted stock (in shares) | 24,511 | 13,689 |
Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Interest and Dividend Income: | ||||
Loans, including fees | $ 9,075 | $ 8,688 | $ 17,937 | $ 16,583 |
Due from banks | 111 | 22 | 168 | 26 |
Federal funds sold | 6 | 8 | 13 | 10 |
Securities: | ||||
Taxable | 648 | 499 | 1,268 | 993 |
Tax-exempt | 234 | 302 | 500 | 646 |
Dividends and interest on all other securities | 59 | 75 | 123 | 135 |
Total interest and dividend income | 10,133 | 9,594 | 20,009 | 18,393 |
Interest Expense: | ||||
Checking and savings deposits | 275 | 141 | 526 | 245 |
Time deposits | 947 | 698 | 1,817 | 1,314 |
Federal funds purchased, securities sold under agreements to repurchase and other borrowings | 36 | 42 | 73 | 52 |
Federal Home Loan Bank advances | 344 | 287 | 703 | 611 |
Total interest expense | 1,602 | 1,168 | 3,119 | 2,222 |
Net interest income | 8,531 | 8,426 | 16,890 | 16,171 |
Provision for loan losses | 787 | 575 | 1,013 | 1,100 |
Net interest income after provision for loan losses | 7,744 | 7,851 | 15,877 | 15,071 |
Noninterest Income: | ||||
Bank-owned life insurance income | 198 | 173 | 390 | 382 |
Mortgage banking income | 302 | 236 | 518 | 377 |
Gain on sale of available-for-sale securities, net | 0 | 40 | 26 | 120 |
Total noninterest income | 3,573 | 3,424 | 6,989 | 6,566 |
Noninterest Expense: | ||||
Salaries and employee benefits | 5,927 | 5,935 | 11,626 | 11,412 |
Occupancy and equipment | 1,405 | 1,487 | 2,798 | 2,964 |
Data processing | 420 | 373 | 783 | 676 |
FDIC insurance | 131 | 186 | 258 | 377 |
Customer development | 151 | 135 | 313 | 317 |
Professional services | 560 | 537 | 1,074 | 1,025 |
Employee professional development | 230 | 208 | 416 | 400 |
Other taxes | 149 | 142 | 299 | 312 |
ATM and other losses | 53 | 157 | 115 | 254 |
Loss (gain) on other real estate owned | 0 | 86 | (2) | 86 |
Merger expenses | 0 | 391 | 0 | 596 |
Other operating expenses | 482 | 581 | 1,119 | 1,215 |
Total noninterest expense | 9,508 | 10,218 | 18,799 | 19,634 |
Income before income taxes | 1,809 | 1,057 | 4,067 | 2,003 |
Income tax expense | 183 | 65 | 414 | 69 |
Net income | $ 1,626 | $ 992 | $ 3,653 | $ 1,934 |
Basic Earnings per Share: | ||||
Weighted average shares outstanding (in shares) | 5,202,166 | 5,177,233 | 5,194,529 | 5,099,008 |
Net income per share of common stock (in dollars per share) | $ 0.31 | $ 0.19 | $ 0.70 | $ 0.38 |
Diluted Earnings per Share: | ||||
Weighted average shares outstanding (in shares) | 5,202,196 | 5,177,233 | 5,194,594 | 5,099,124 |
Net income per share of common stock (in dollars per share) | $ 0.31 | $ 0.19 | $ 0.70 | $ 0.38 |
Fiduciary and Asset Management Fees [Member] | ||||
Noninterest Income: | ||||
Noninterest revenue | $ 929 | $ 916 | $ 1,888 | $ 1,899 |
Service Charges on Deposit Accounts [Member] | ||||
Noninterest Income: | ||||
Noninterest revenue | 1,028 | 1,078 | 2,081 | 1,948 |
Other Service Charges, Commissions and Fees [Member] | ||||
Noninterest Income: | ||||
Noninterest revenue | 1,026 | 941 | 1,951 | 1,795 |
Other Operating Income [Member] | ||||
Noninterest Income: | ||||
Noninterest revenue | $ 90 | $ 40 | $ 135 | $ 45 |
Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Consolidated Statements of Comprehensive Income (Loss) (unaudited) [Abstract] | ||||
Net income | $ 1,626 | $ 992 | $ 3,653 | $ 1,934 |
Other comprehensive income (loss), net of tax | ||||
Net unrealized gain (loss) on available-for-sale securities | 1,295 | (120) | 2,856 | (1,871) |
Reclassification for gain included in net income | 0 | (32) | (21) | (95) |
Other comprehensive income (loss), net of tax | 1,295 | (152) | 2,835 | (1,966) |
Comprehensive income (loss) | $ 2,921 | $ 840 | $ 6,488 | $ (32) |
Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($) $ in Thousands |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Total |
---|---|---|---|---|---|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Reclassification of net unrealized gains on equity securities from AOCI per ASU 2016-01 | ASU 2016-01 [Member] | $ 0 | $ 0 | $ 77 | $ (77) | $ 0 |
Beginning Balance at Dec. 31, 2017 | $ 25,087 | 17,270 | 54,738 | (707) | 96,388 |
Beginning Balance (in shares) at Dec. 31, 2017 | 5,017,458 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | $ 0 | 0 | 1,934 | 0 | 1,934 |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | (1,966) | (1,966) |
Issuance of common stock related to acquisition | $ 750 | 3,207 | 0 | 0 | 3,957 |
Issuance of common stock related to acquisition (in shares) | 149,625 | ||||
Reclassification of the stranded income tax effects of the Tax Cuts and Jobs Act from AOCI | ASU 2018-02 [Member] | $ 0 | 0 | 139 | (139) | 0 |
Employee Stock Purchase Plan share issuance | $ 10 | 38 | 0 | 0 | 48 |
Employee Stock Purchase Plan share issuance (in shares) | 1,940 | ||||
Stock-based compensation expense | $ 0 | 53 | 0 | 0 | 53 |
Cash dividends | 0 | 0 | (1,121) | 0 | (1,121) |
Ending Balance at Jun. 30, 2018 | $ 25,847 | 20,568 | 55,767 | (2,889) | $ 99,293 |
Ending Balance (in shares) at Jun. 30, 2018 | 5,169,023 | 5,169,023 | |||
Beginning Balance at Mar. 31, 2018 | $ 25,093 | 17,298 | 55,344 | (2,737) | $ 94,998 |
Beginning Balance (in shares) at Mar. 31, 2018 | 5,018,539 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | $ 0 | 0 | 992 | 0 | 992 |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | (152) | (152) |
Issuance of common stock related to acquisition | $ 750 | 3,207 | 0 | 0 | 3,957 |
Issuance of common stock related to acquisition (in shares) | 149,625 | ||||
Employee Stock Purchase Plan share issuance | $ 4 | 18 | 0 | 0 | 22 |
Employee Stock Purchase Plan share issuance (in shares) | 859 | ||||
Stock-based compensation expense | $ 0 | 45 | 0 | 0 | 45 |
Cash dividends | 0 | 0 | (569) | 0 | (569) |
Ending Balance at Jun. 30, 2018 | $ 25,847 | 20,568 | 55,767 | (2,889) | $ 99,293 |
Ending Balance (in shares) at Jun. 30, 2018 | 5,169,023 | 5,169,023 | |||
Beginning Balance at Dec. 31, 2018 | $ 25,853 | 20,698 | 57,611 | (2,156) | $ 102,006 |
Beginning Balance (in shares) at Dec. 31, 2018 | 5,170,600 | 5,184,289 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | $ 0 | 0 | 3,653 | 0 | $ 3,653 |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 2,835 | 2,835 |
Employee Stock Purchase Plan share issuance | $ 10 | 30 | 0 | 0 | 40 |
Employee Stock Purchase Plan share issuance (in shares) | 1,900 | ||||
Restricted stock vested | $ 29 | (29) | 0 | 0 | 0 |
Restricted stock vested (in shares) | 5,839 | ||||
Stock-based compensation expense | $ 0 | 139 | 0 | 0 | 139 |
Cash dividends | 0 | 0 | (1,248) | 0 | (1,248) |
Ending Balance at Jun. 30, 2019 | $ 25,892 | 20,838 | 60,016 | 679 | $ 107,425 |
Ending Balance (in shares) at Jun. 30, 2019 | 5,178,339 | 5,202,850 | |||
Beginning Balance at Mar. 31, 2019 | $ 25,857 | 20,763 | 59,015 | (616) | $ 105,019 |
Beginning Balance (in shares) at Mar. 31, 2019 | 5,171,462 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | $ 0 | 0 | 1,626 | 0 | 1,626 |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 1,295 | 1,295 |
Employee Stock Purchase Plan share issuance | $ 6 | 15 | 0 | 0 | 21 |
Employee Stock Purchase Plan share issuance (in shares) | 1,038 | ||||
Restricted stock vested | $ 29 | (29) | 0 | 0 | 0 |
Restricted stock vested (in shares) | 5,839 | ||||
Stock-based compensation expense | $ 0 | 89 | 0 | 0 | 89 |
Cash dividends | 0 | 0 | (625) | 0 | (625) |
Ending Balance at Jun. 30, 2019 | $ 25,892 | $ 20,838 | $ 60,016 | $ 679 | $ 107,425 |
Ending Balance (in shares) at Jun. 30, 2019 | 5,178,339 | 5,202,850 |
Consolidated Statements of Changes in Stockholders' Equity (unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Consolidated Statements of Changes in Stockholders' Equity (unaudited) [Abstract] | ||||
Cash dividends (in dollars per share) | $ 0.12 | $ 0.11 | $ 0.24 | $ 0.22 |
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net income | $ 1,626 | $ 992 | $ 3,653 | $ 1,934 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 1,124 | 1,250 | |||
Accretion related to acquisition, net | (132) | (121) | |||
Provision for loan losses | 787 | 575 | 1,013 | 1,100 | $ 2,861 |
Gain on sale of securities, net | 0 | (40) | (26) | (120) | |
Net amortization of securities | 669 | 928 | |||
Increase in loans held for sale, net | (275) | (70) | |||
Net gain on disposal of premises and equipment | 0 | 9 | |||
Net (gain) loss on write-down/sale of other real estate owned | 0 | 86 | (2) | 86 | |
Income from bank owned life insurance | (198) | (173) | (390) | (382) | |
Stock compensation expense | 139 | 53 | |||
Deferred tax (benefit) expense | 589 | (731) | |||
(Increase) decrease in other assets | (709) | 353 | |||
Decrease in accrued expenses and other liabilities | (774) | (48) | |||
Net cash provided by operating activities | 4,879 | 4,241 | |||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Purchases of available-for-sale securities | (20,788) | (9,815) | |||
Proceeds from redemption of restricted securities, net | 374 | 18 | |||
Proceeds from maturities and calls of available-for-sale securities | 14,625 | 6,470 | |||
Proceeds from sales of available-for-sale securities | 6,476 | 11,039 | |||
Paydowns on available-for-sale securities | 5,427 | 5,014 | |||
Proceeds from sale of loans held for investment | 0 | 8,746 | |||
Net decrease (increase) in loans held for investment | 12,541 | (4,417) | |||
Proceeds from sales of other real estate owned | 85 | 93 | |||
Purchases of premises and equipment | (181) | (128) | (679) | (317) | |
Cash paid in acquisition | 0 | (3,164) | |||
Cash acquired in acquisition | 0 | 2,304 | |||
Net cash provided by investing activities | 18,061 | 15,971 | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Increase (decrease) in noninterest-bearing deposits | (3,383) | 13,040 | |||
Increase in savings deposits | 1,562 | 8,050 | |||
Increase (decrease) in time deposits | 6,538 | (8,310) | |||
Decrease in federal funds purchased, repurchase agreements and other borrowings, net | (8,064) | (1,795) | |||
Increase in Federal Home Loan Bank advances | 10,000 | 78,000 | |||
Repayment of Federal Home Loan Bank advances | (20,000) | (85,500) | |||
Proceeds from ESPP issuance | 40 | 48 | |||
Cash dividends paid on common stock | (1,248) | (1,121) | |||
Net cash (used in) provided by financing activities | (14,555) | 2,412 | |||
Net increase in cash and cash equivalents | 8,385 | 22,624 | |||
Cash and cash equivalents at beginning of period | 42,217 | 14,412 | 14,412 | ||
Cash and cash equivalents at end of period | $ 50,602 | $ 37,036 | 50,602 | 37,036 | $ 42,217 |
Cash payments for: | |||||
Interest | 3,062 | 2,128 | |||
SUPPLEMENTAL SCHEDULE OF NONCASH TRANSACTIONS | |||||
Unrealized gain (loss) on securities available-for-sale | 3,589 | (2,585) | |||
Right of use lease asset and liability | 751 | 0 | |||
TRANSACTIONS RELATED TO ACQUISITIONS | |||||
Assets acquired | 0 | 50,406 | |||
Liabilities assumed | 0 | 44,324 | |||
Common stock issued in acquisition | $ 0 | $ 3,947 |
Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Accounting Policies | Note 1. Accounting Policies The accompanying unaudited consolidated financial statements of Old Point Financial Corporation (NASDAQ: OPOF) (the Company) and its subsidiaries have been prepared in accordance with U.S. GAAP for interim financial information. All significant intercompany balances and transactions have been eliminated. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments and reclassifications of a normal and recurring nature considered necessary to present fairly the financial position at June 30, 2019 and December 31, 2018, the statements of income, comprehensive income (loss), and changes in stockholders’ equity for the three and six months ended June 30, 2019 and 2018, and the statements of cash flows for the six months ended June 30, 2019 and 2018. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2018 Annual Report on Form 10-K. Certain previously reported amounts have been reclassified to conform to current period presentation, none of which were material in nature. PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, The Old Point National Bank of Phoebus (the Bank) and Old Point Trust & Financial Services N.A. (Trust). All significant intercompany balances and transactions have been eliminated in consolidation. BUSINESS COMBINATIONS On April 1, 2018, the Company acquired Citizens National Bank (Citizens) based in Windsor, Virginia. Refer to Note 2 for further discussion. NATURE OF OPERATIONS Old Point Financial Corporation is a holding company that conducts substantially all of its operations through two subsidiaries, the Bank and Trust. The Bank serves individual and commercial customers, the majority of which are in Hampton Roads, Virginia. As of June 30, 2019, the Bank had 19 branch offices. The Bank offers a full range of deposit and loan products to its retail and commercial customers, including mortgage loan products offered through Old Point Mortgage. A full array of insurance products is also offered through Old Point Insurance, LLC in partnership with Morgan Marrow Company. Trust offers a full range of services for individuals and businesses. Products and services include retirement planning, estate planning, financial planning, estate and trust administration, retirement plan administration, tax services and investment management services. RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendments in this ASU, among other things, require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The amendments in this ASU are effective for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Based on FASB’s July 17, 2019 meeting, an exposure draft is expected that, once finalized, could change implementation dates for many companies. The Company has formed a committee to oversee the adoption of the new standard, has engaged a third party to assist with implementation, has performed data fit gap and loss driver analyses, intends to run parallel models beginning with second quarter data, and is continuing to evaluate the impact that ASU 2016-13 will have on its consolidated financial statements. This ASU contains significant differences from existing GAAP, and the implementation of this ASU may result in increases to the Company’s reserves for credit losses for financial instruments; however, the Company is still finalizing its estimate of the quantitative impact of this standard. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment”. The amendments in this ASU simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Instead, under the amendments in this ASU, 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 still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. Public business entities that are U.S. Securities and Exchange Commission (SEC) filers should adopt the amendments in this ASU for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not expect the adoption of ASU 2017-04 to have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.” The amendments modify the disclosure requirements in Topic 820 to add disclosures regarding changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty. Certain disclosure requirements in Topic 820 are also removed or modified. The amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Certain of the amendments are to be applied prospectively while others are to be applied retrospectively. Early adoption is permitted. The Company does not expect the adoption of ASU 2018-13 to have a material impact on its consolidated 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.” This ASU clarifies and improves areas of guidance related to the recently issued standards on credit losses, hedging, and recognition and measurement including improvements resulting from various Transition Resource Group (or TRG) Meetings. The amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact that ASU 2019-04 will have on its consolidated financial statements. In May 2019, the FASB issued ASU 2019-05, “Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief.” The amendments in this ASU provide entities that have certain instruments within the scope of Subtopic 326-20 with an option to irrevocably elect the fair value option in Subtopic 825-10, applied on an instrument-by-instrument basis for eligible instruments, upon the adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. An entity that elects the fair value option should subsequently measure those instruments at fair value with changes in fair value flowing through earnings. The amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The amendments should be applied on a modified-retrospective basis by means of a cumulative-effect adjustment to the opening balance of retained earnings balance in the consolidated balance sheet. Early adoption is permitted. The Company is currently assessing the impact that ASU 2019-05 will have on its consolidated financial statements. ACCOUNTING STANDARDS ADOPTED IN 2019 In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” Among other things, in the amendments in ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The FASB made subsequent amendments to Topic 842 in July 2018 through ASU 2018-10 (“Codification Improvements to Topic 842, Leases”) and ASU 2018-11 (“Leases (Topic 842): Targeted Improvements”). Among these amendments is the provision in ASU 2018-11 that provides entities with an additional (and optional) transition method to adopt the new leases standard. Under this new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity’s reporting for the comparative periods presented in the financial statements in which it adopts the new leases standard will continue to be in accordance with current GAAP (Topic 840, Leases). The Company adopted ASU 2018-11 on January 1, 2019 using the optional transition method. As the Company owns the majority of its buildings, the adoption of this ASU did not have a material impact on its consolidated financial statements. Refer to Note 5 for further discussion. In March 2017, the FASB issued ASU No. 2017‐08, “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310‐20), Premium Amortization on Purchased Callable Debt Securities.” The amendments in this ASU shorten the amortization period for certain callable debt securities purchased at a premium. Upon adoption of the standard, premiums on these qualifying callable debt securities will be amortized to the earliest call date. Discounts on purchased debt securities will continue to be accreted to maturity. The amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Upon transition, entities should apply the guidance on a modified retrospective basis, with a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption and provide the disclosures required for a change in accounting principle. Adoption of this standard did not have a material impact to the consolidation financial statements, and as a result, a cumulative effects adjustment was not necessary. |
Acquisitions |
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Acquisitions | Note 2. Acquisitions On April 1, 2018, the Company acquired Citizens. Under the terms of the merger agreement, Citizens stockholders received 0.1041 shares of the Company’s common stock and $2.19 in cash for each share of Citizens common stock, resulting in the Company issuing 149,625 shares of the Company’s common stock at a fair value of $3.9 million, for a total purchase price of $7.1 million. The transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values on the acquisition date. Fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition, in accordance with ASC 350, Intangibles-Goodwill and Other. The following table provides an assessment of the consideration transferred, assets acquired, and liabilities assumed as of the date of the acquisition (dollars in thousands):
Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually or more frequently if events and circumstances exists that indicate that a goodwill impairment test should be performed. Purchased intangible assets subject to amortization, such as the core deposit intangible asset, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. The acquired loans were recorded at fair value at the acquisition date without carryover of Citizens’ allowance for loan losses. The fair value of the loans was determined using market participant assumptions in estimating the amount and timing of both principal and interest cash flows expected to be collected on the loans and then applying a market-based discount rate to those cash flows. In this regard, the acquired loans were segregated into pools based on call code with other key inputs identified such as payment structure, rate type, remaining maturity, and credit risk characteristics including risk rating groups (pass rated loans and adversely classified loans), and past due status. The acquired loans were divided into loans with evidence of credit quality deterioration which are accounted for under ASC 310-30, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality, (purchased credit-impaired) and loans that do not meet these criteria, which are accounted for under ASC 310-20, Receivables - Nonrefundable Fees and Other Costs, (purchased performing). The fair values of the purchased performing loans were $42.1 million and the fair value of the purchased credit-impaired loans were $710 thousand. The following table presents the purchased credit-impaired loans receivable at the acquisition date (dollars in thousands):
The amortization and accretion of premiums and discounts associated with the Company’s acquisition accounting adjustments related to the Citizens acquisition had the following impact on the Consolidated Statements of Income during the three and six months ended June 30, 2019 and 2018.
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Securities |
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Securities | Note 3. Securities Amortized costs and fair values, with gross unrealized gains and losses, of securities available-for-sale as of the dates indicated are as follows:
The Company has a process in place to identify debt securities that could potentially have a credit or interest-rate related impairment that is other-than-temporary. This process involves monitoring late payments, pricing levels, downgrades by rating agencies, key financial ratios, financial statements, revenue forecasts, and cash flow projections as indicators of credit issues. On a quarterly basis, management reviews all securities to determine whether an other-than-temporary decline in value exists and whether losses should be recognized. Management considers relevant facts and circumstances in evaluating whether a credit or interest-rate related impairment of a security is other-than-temporary. Relevant facts and circumstances considered include: (a) the extent and length of time the fair value has been below cost; (b) the reasons for the decline in value; (c) the financial position and access to capital of the issuer, including the current and future impact of any specific events; and (d) for fixed maturity securities, the Company’s intent to sell a security or whether it is more-likely-than-not the Company will be required to sell the security before the recovery of its amortized cost which, in some cases, may extend to maturity. The Company has not recorded impairment charges through income on securities for the three or six months ended June 30, 2019 or the year ended December 31, 2018. The following table summarizes net realized gains and losses on the sale of investment securities during the periods indicated:
The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired as of June 30, 2019 and December 31, 2018, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates indicated:
The number of investments at an unrealized loss position as of June 30, 2019 and December 31, 2018 were 28 and 88, respectively. Certain investments within the Company’s portfolio had unrealized losses for more than twelve months at June 30, 2019 and December 31, 2018, as shown in the tables above. The unrealized losses were caused by increases in market interest rates. Because the Company does not intend to sell the investments and management believes it is unlikely that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider the investments to be other-than-temporarily impaired at June 30, 2019 or December 31, 2018. Restricted Securities The restricted security category is comprised of stock in the Federal Home Loan Bank of Atlanta (FHLB), the Federal Reserve Bank (FRB), and Community Bankers’ Bank (CBB). These stocks are classified as restricted securities because their ownership is restricted to certain types of entities and the securities lack a market. Therefore, FHLB, FRB, and CBB stock are carried at cost and evaluated for impairment. When evaluating these stocks for impairment, their value is determined based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. Restricted stock is viewed as a long-term investment and management believes that the Company has the ability and the intent to hold this stock until its value is recovered. |
Loans and the Allowance for Loan Losses |
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Loans and the Allowance for Loan Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and the Allowance for Loan Losses | Note 4. Loans and the Allowance for Loan Losses The following is a summary of the balances in each class of the Company’s portfolio of loans held for investment as of the dates indicated:
(1) Net deferred loan fees totaled $748 thousand and $864 thousand at June 30, 2019 and December 31, 2018, respectively. Overdrawn deposit accounts are reclassified as loans and included in the Other category in the table above. Overdrawn deposit accounts, excluding internal use accounts, totaled $535 thousand and $628 thousand at June 30, 2019 and December 31, 2018, respectively. Acquired Loans The outstanding principal balance and the carrying amount of total acquired loans included in the consolidated balance sheet as of June 30, 2019 and December 31, 2018 are as follows:
The outstanding principal balance and related carrying amount of purchased credit-impaired loans, for which the Company applies FASB ASC 310-30 to account for interest earned, as of June 30, 2019 and December 31, 2018 are as follows:
The following table presents changes in the accretable yield on purchased credit-impaired loans, for which the Company applies FASB ASC 310-30, at June 30, 2019:
CREDIT QUALITY INFORMATION The Company uses internally-assigned risk grades to estimate the capability of borrowers to repay the contractual obligations of their loan agreements as scheduled or at all. The Company’s internal risk grade system is based on experiences with similarly graded loans. Credit risk grades are updated at least quarterly as additional information becomes available, at which time management analyzes the resulting scores to track loan performance. The Company’s internally assigned risk grades are as follows:
The following table presents credit quality exposures by internally assigned risk ratings as of the dates indicated: Credit Quality Information As of June 30, 2019
As of December 31, 2018
AGE ANALYSIS OF PAST DUE LOANS BY CLASS All classes of loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Interest and fees continue to accrue on past due loans until the date the loan is placed in nonaccrual status, if applicable. The following table includes an aging analysis of the recorded investment in past due loans as of the dates indicated. Also included in the table below are loans that are 90 days or more past due as to interest and principal and still accruing interest, because they are well-secured and in the process of collection. Age Analysis of Past Due Loans as of June 30, 2019
(1) For purposes of this table, Total Current Loans includes loans that are 1 - 29 days past due. (2) Includes past due loans in non-accrual status of $3.5 million. In the table above, the past due totals include student loans and small business loans with principal and interest amounts that are 97 - 100% guaranteed by the federal government. The past due principal portion of these guaranteed loans totaled $1.6 million at June 30, 2019. Age Analysis of Past Due Loans as of December 31, 2018
(1) For purposes of this table, Total Current Loans includes loans that are 1 - 29 days past due. (2) Includes past due loans in non-accrual status of $3.9 million. In the table above, the other consumer loans category includes student and small business loans with principal and interest amounts that are 97 - 100% guaranteed by the federal government. The past due principal portion of these guaranteed loans totaled $4.0 million at December 31, 2018. Although the portions of the student and small business loan portfolios that are 90 days or more past due would normally be considered impaired, the Company does not include these loans in its impairment analysis. Because the federal government has provided guarantees of repayment of these student and small business loans in an amount ranging from 97% to 100% of the total principal and interest of the loans, management does not expect significant increases in delinquencies of these loans to have a material effect on the Company. NONACCRUAL LOANS The Company generally places commercial and industrial loans (including construction loans and commercial loans secured and not secured by real estate) in nonaccrual status when the full and timely collection of interest or principal becomes uncertain, part of the principal balance has been charged off and no restructuring has occurred or the loan reaches 90 days past due, unless the credit is well-secured and in the process of collection. Under regulatory rules, consumer loans, which are loans to individuals for household, family and other personal expenditures, and consumer loans secured by real estate (including residential 1 - 4 family mortgages, second mortgages, and equity lines of credit) are not required to be placed in nonaccrual status. Although consumer loans and consumer loans secured by real estate are not required to be placed in nonaccrual status, the Company may elect to place these loans in nonaccrual status, if necessary to avoid a material overstatement of interest income. Generally, consumer loans secured by real estate are placed in nonaccrual status only when payments are 120 days past due. Generally, consumer loans not secured by real estate are placed in nonaccrual status only when part of the principal has been charged off. If a charge-off has not occurred sooner for other reasons, a consumer loan not secured by real estate will generally be placed in nonaccrual status when payments are 120 days past due. These loans are charged off or written down to the net realizable value of the collateral when deemed uncollectible, when classified as a “loss,” when repayment is unreasonably protracted, when bankruptcy has been initiated, or when the loan is 120 days or more past due unless the credit is well-secured and in the process of collection. When management places a loan in nonaccrual status, the accrued unpaid interest receivable is reversed against interest income and the loan is accounted for by the cost recovery method, until it qualifies for return to accrual status or is charged off. Generally, loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured, or when the borrower has resumed paying the full amount of the scheduled contractual interest and principal payments for at least six months. The following table presents loans in nonaccrual status by class of loan as of the dates indicated:
No purchased credit-impaired loans were on nonaccrual status at June 30, 2019. The following table presents the interest income that the Company would have earned under the original terms of its nonaccrual loans and the actual interest recorded by the Company on nonaccrual loans for the periods presented:
TROUBLED DEBT RESTRUCTURINGS The Company’s loan portfolio includes certain loans that have been modified in a troubled debt restructuring (TDR), where economic concessions have been granted to borrowers who are experiencing financial difficulties. These concessions typically result from the Company’s loss mitigation activities and could include reduction in the interest rate below current market rates for borrowers with similar risk profiles, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. The Company defines a TDR as nonperforming if the TDR is in nonaccrual status or is 90 days or more past due and still accruing interest at the report date. When the Company modifies a loan, management evaluates any possible impairment as stated in the impaired loan section below. There were three troubled debt restructurings in the six months ended June 30, 2019 and no troubled debt restructings in the six months ended June 30, 2018. At June 30, 2019 and December 31, 2018, the Company had no outstanding commitments to disburse additional funds on any TDR. The Company had 1 loan totaling $32 thousand secured by residential 1 - 4 family real estate that was in the process of foreclosure at June 30, 2019, and no loans secured by residential 1 - 4 family real estate in the process of foreclosure at December 31, 2018. In the three and six months ended June 30, 2019 and 2018, there were no defaulting TDRs where the default occurred within twelve months of restructuring. The Company considers a TDR in default when any of the following occurs: the loan, as restructured, becomes 90 days or more past due; the loan is moved to nonaccrual status following the restructure; the loan is restructured again under terms that would qualify it as a TDR if it were not already so classified; or any portion of the loan is charged off. All TDRs are factored into the determination of the allowance for loan losses and included in the impaired loan analysis, as discussed below. IMPAIRED LOANS A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts when due from the borrower in accordance with the contractual terms of the loan. Impaired loans include nonperforming loans and loans modified in a TDR. When management identifies a loan as impaired, the impairment is measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, except when the sole or remaining source of repayment for the loan is the operation or liquidation of the collateral. In these cases, management uses the current fair value of the collateral, less selling costs, when foreclosure is probable, instead of the discounted cash flows. If management determines that the value of the impaired loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through a specific allocation in the allowance or a charge-off to the allowance. When the ultimate collectability of the total principal of an impaired loan is in doubt and the loan is in nonaccrual status, all payments are applied to principal under the cost-recovery method. For financial statement purposes, the recorded investment in the loan is the actual principal balance reduced by payments that would otherwise have been applied to interest. When reporting information on these loans to the applicable customers, the unpaid principal balance is reported as if payments were applied to principal and interest under the original terms of the loan agreements. Therefore, the unpaid principal balance reported to the customer would be higher than the recorded investment in the loan for financial statement purposes. The following table includes the recorded investment and unpaid principal balances (a portion of which may have been charged off) for impaired loans, exclusive of purchased credit-impaired loans, with the associated allowance amount, if applicable, as of the dates presented. Also presented are the average recorded investments in the impaired loans and the related amount of interest recognized for the periods presented. The average balances are calculated based on daily average balances. Impaired Loans by Class
Impaired Loans by Class
ALLOWANCE FOR LOAN LOSSES Management has an established methodology to determine the adequacy of the allowance for loan losses that assesses the risks and probable losses inherent in the loan portfolio. The Company segments the loan portfolio into categories as defined by Schedule RC-C of the Federal Financial Institutions Examination Council Consolidated Reports of Condition and Income Form 041 (Call Report). Loans are segmented into the following pools: commercial, real estate-construction, real estate-mortgage, consumer and other loans. The Company also sub-segments the real estate-mortgage segment into six classes: residential 1-4 family, commercial real estate - owner occupied, commercial real estate - non-owner occupied, multifamily, second mortgages and equity lines of credit. The Company uses an internally developed risk evaluation model in the estimation of the credit risk process. The model and assumptions used to determine the allowance are independently validated and reviewed to ensure that the theoretical foundation, assumptions, data integrity, computational processes and reporting practices are appropriate and properly documented. Each portfolio segment has risk characteristics as follows:
Each segment of the portfolio is pooled by risk grade or by days past due. Consumer loans not secured by real estate and made to individuals for household, family and other personal expenditures are segmented into pools based on days past due, while all other loans, including loans to consumers that are secured by real estate, are segmented by risk grades. A historical loss percentage is then calculated by migration analysis and applied to each pool. The migration analysis applied to all pools is able to track the risk grading and historical performance of individual loans throughout a number of periods set by management, which provides management with information regarding trends (or migrations) in a particular loan segment. At June 30, 2019 and December 31, 2018 management used eight twelve-quarter migration periods. Management also provides an allocated component of the allowance for loans that are specifically identified that may be impaired, and are individually analyzed for impairment. An allocated allowance is established when the present value of expected future cash flows from the impaired loan (or the collateral value or observable market price of the impaired loan) is lower than the carrying value of that loan. Based on credit risk assessments and management’s analysis of qualitative factors, additional loss factors are applied to loan balances. These additional qualitative factors include: economic conditions, trends in growth, loan concentrations, changes in certain loans, changes in underwriting, changes in management and changes in the legal and regulatory environment. Acquired loans are recorded at their fair value at acquisition date without carryover of the acquiree’s previously established ALL, as credit discounts are included in the determination of fair value. The fair value of the loans is determined using market participant assumptions in estimating the amount and timing of both principal and interest cash flows expected to be collected on the loans and then applying a market-based discount rate to those cash flows. During evaluation upon acquisition, acquired loans are also classified as either purchased credit-impaired or purchased performing. Purchased credit-impaired loans reflect credit quality deterioration since origination, as it is probable at acquisition that the Company will not be able to collect all contractually required payments. These purchased credit-impaired loans are accounted for under ASC 310-30, Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality. The purchased credit-impaired loans are segregated into pools based on loan type and credit risk. Loan type is determined based on collateral type, purpose, and lien position. Credit risk characteristics include risk rating groups, nonaccrual status, and past due status. For valuation purposes, these pools are further disaggregated by maturity, pricing characteristics, and re-payment structure. Purchased credit-impaired loans are written down at acquisition to fair value using an estimate of cash flows deemed to be collectible. Accordingly, such loans are no longer classified as nonaccrual even though they may be contractually past due because the Company expects to fully collect the new carrying values of such loans, which is the new cost basis arising from purchase accounting. Purchased performing loans are accounted for under ASC 310-20, Receivables – Nonrefundable Fees and Other Costs. The difference between the fair value and unpaid principal balance of the loan at acquisition date (premium or discount) is amortized or accreted into interest income over the life of the loans. If the purchased performing loan has revolving privileges, it is accounted for using the straight-line method; otherwise, the effective interest method is used. ALLOWANCE FOR LOAN LOSSES BY SEGMENT The total allowance reflects management’s estimate of losses inherent in the loan portfolio at the balance sheet date. The Company considers the allowance for loan losses of $10.8 million adequate to cover probable loan losses inherent in the loan portfolio at June 30, 2019. The following tables present, by portfolio segment, the changes in the allowance for loan losses and the recorded investment in loans for the periods presented. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. ALLOWANCE FOR LOAN LOSSES AND RECORDED INVESTMENT IN LOANS For the six months ended June 30, 2019
For the Year ended December 31, 2018
(1) The real estate-mortgage segment includes residential 1 – 4 family, commercial real estate, second mortgages and equity lines of credit. (2) The consumer segment includes consumer automobile loans. |
Leases |
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Leases | Note 5. Leases On January 1, 2019, the Company adopted ASU No. 2016-02 “Leases (Topic 842)” and all subsequent ASUs that modified Topic 842. The Company elected the optional transition method provided by ASU 2018-11 and did not adjust prior periods for ASC 842. The Company also elected certain practical expedients within the standard and consistent with such elections did not reassess whether any expired or existing contracts are or contain leases, did not reassess the lease classification for any expired or existing leases, and did not reassess any initial direct costs for existing leases. As stated in the Company’s 2018 Form 10-K, the implementation of the new standard resulted in recognition of a right-of-use asset and lease liability of $751 thousand at the date of adoption, which is related to the Company’s lease of premises used in operations. The right-of-use asset and lease liability are included in other assets and other liabilities, respectively, in the Consolidated Balance Sheets. Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs and any incentives received from the lessor. The Company’s long-term lease agreements are classified as operating leases. Certain of these leases offer the option to extend the lease term and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably assured of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations. The following tables present information about the Company’s leases:
A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities is as follows:
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Low-Income Housing Tax Credits |
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Low-Income Housing Tax Credits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Low-Income Housing Tax Credits | Note 6. Low-Income Housing Tax Credits The Company was invested in 4 separate housing equity funds at both June 30, 2019 and December 31, 2018. The general purpose of these funds is to encourage and assist participants in investing in low-income residential rental properties located in the Commonwealth of Virginia; develop and implement strategies to maintain projects as low-income housing; deliver Federal Low Income Housing Credits to investors; allocate tax losses and other possible tax benefits to investors; and preserve and protect project assets. The investments in these funds were recorded as other assets on the consolidated balance sheets and were $3.1 million and $3.2 million at June 30, 2019 and December 31, 2018, respectively. The expected terms of these investments and the related tax benefits run through 2033. Total projected tax credits to be received for 2019 are $441 thousand, which is based on the most recent quarterly estimates received from the funds. Additional capital calls expected for the funds totaled $50 thousand at June 30, 2019 and $248 thousand at December 31, 2018, respectively, and are recorded in accrued expenses and other liabilities on the corresponding consolidated balance sheet.
* Computed using a 21% tax rate. |
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Borrowings | Note 7. Borrowings The Company classifies all borrowings that will mature within a year from the date on which the Company enters into them as short-term borrowings. Short-term borrowings sources consist of federal funds purchased, overnight repurchase agreements (which are secured transactions with customers that generally mature within one to four days), and advances from the FHLB. The Company maintains federal funds lines with several correspondent banks to address short-term borrowing needs. At June 30, 2019 and December 31, 2018, the remaining credit available from these lines totaled $55.0 million. The Company has a collateral dependent line of credit with the FHLB with remaining credit availability of $256.3 million and $245.9 as of June 30, 2019 and December 31, 2018, respectively. SHORT-TERM BORROWINGS The following table presents total short-term borrowings as of the dates indicated:
LONG-TERM BORROWINGS The Company had long-term FHLB advances totaling $47.0 million outstanding at June 30, 2019 and $47.0 million outstanding at December 31, 2018. Scheduled maturity dates of the advances at June 30, 2019 range from November 15, 2019 to August 27, 2021, and the interest rates range from 1.90% to 2.92%. The Company also obtained a loan maturing on April 1, 2023 from a correspondent bank during the second quarter of 2018 to provide partial funding for the Citizens acquisition. The terms of the loan include a LIBOR based interest rate that adjusts monthly and quarterly principal curtailments. At June 30, 2019 the outstanding balance was $2.3 million, and the then-current interest rate was 4.94%. The loan agreement with the lender contains financial covenants including minimum return on average asset ratio and Bank capital leverage ratio, maintenance of a well-capitalized position as defined by regulatory guidance and a maximum level of non-performing assets as a percentage of capital plus the allowance for loan losses. The Company was in compliance with each covenant at June 30, 2019. |
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Commitments and Contingencies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Note 8. Commitments and Contingencies CREDIT-RELATED FINANCIAL INSTRUMENTS The Company is a party to credit-related financial instruments with off-balance-sheet risk in the normal course of business in order to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit and commercial letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The Company’s exposure to credit loss is represented by the contractual amount of these commitments. The Company follows the same credit policies in making such commitments as it does for on-balance-sheet instruments. The following financial instruments whose contract amounts represent credit risk were outstanding at June 30, 2019 and December 31, 2018:
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Share-Based Compensation |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Note 9. Share-Based Compensation The Company has adopted an employee stock purchase plan and offers share-based compensation through its equity compensation plan. Share-based compensation arrangements may include stock options, restricted and unrestricted stock awards, restricted stock units, performance units and stock appreciation rights. Accounting standards require all share-based payments to employees to be valued using a fair value method on the date of grant and to be expensed based on that fair value over the applicable vesting period. The Company accounts for forfeitures during the vesting period as they occur. The 2016 Incentive Stock Plan (the Incentive Stock Plan) permits the issuance of up to 300,000 shares of common stock for awards to key employees and non-employee directors of the Company and its subsidiaries in the form of stock options, restricted stock, restricted stock units, stock appreciation rights, stock awards and performance units. As of June 30, 2019 only restricted stock has been granted under the Incentive Stock Plan. Restricted stock activity for the six months ended June 30, 2019 is summarized below:
The weighted average period over which nonvested awards are expected to be recognized is 1.49 years. The fair value of restricted stock granted during the six months ended June 30, 2019 was $361 thousand. The remaining unrecognized compensation expense for nonvested restricted stock shares totaled $662 thousand as of June 30, 2019. Stock-based compensation expense was $89 thousand and $45 thousand for the three months ended June 30, 2019 and 2018, and $139 thousand and $53 thousand for the six months ended June 30, 2019 and 2018, respectively. Under the Company’s Employee Stock Purchase Plan (ESPP), substantially all employees of the Company and its subsidiaries can authorize a specific payroll deduction from their base compensation for the periodic purchase of the Company’s common stock. Shares of stock are issued quarterly at a discount to the market price of the Company’s stock on the day of purchase, which can range from 0-15% and was set at 5% for 2018 and for the first six months of 2019. 1,900 shares were purchased under the ESPP during the six months ended June 30, 2019. At June 30, 2019, the Company had 240,036 remaining shares reserved for issuance under this plan. |
Stockholders' Equity and Earnings per Share |
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Stockholders' Equity and Earnings per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity and Earnings per Share | Note 10. Stockholders’ Equity and Earnings per Share STOCKHOLDERS’ EQUITY – Accumulated Other Comprehensive Income (Loss) The following table presents information on amounts reclassified out of accumulated other comprehensive income (loss), by category, during the periods indicated:
The following tables present the changes in accumulated other comprehensive income (loss), by category, net of tax, for the periods indicated:
The following tables present the change in each component of accumulated other comprehensive income (loss) on a pre-tax and after-tax basis for the periods indicated.
EARNINGS PER COMMON SHARE Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares outstanding during the period, including the effect of dilutive potential common shares attributable to the employee stock purchase plan. The following is a reconciliation of the denominators of the basic and diluted EPS computations for the three and six months ended June 30, 2019 and 2018:
The Company had no antidilutive shares outstanding in the six months ended June 30, 2019 and 2018, respectively. Nonvested restricted common shares, which carry all rights and privileges of a common share with respect to the stock, including the right to vote, were included in the basic and diluted per common share calculations. |
Fair Value Measurements |
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Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Note 11. Fair Value Measurements The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with the “Fair Value Measurements and Disclosures” topics of FASB ASU 2010-06, FASB ASU 2011-04, and FASB ASU 2016-01, the fair value of a financial instrument is the price that would be received in the sale of an asset or transfer of a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimate of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. The fair value guidance provides a consistent definition of fair value, which focuses on exit price in the principal or most advantageous market in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value can be a reasonable point within a range that is most representative of fair value under current market conditions. In estimating the fair value of assets and liabilities, the Company relies mainly on two sources. The first source is the Company’s bond accounting service provider, which uses a model to determine the fair value of securities. Securities are priced based on an evaluation of observable market data, including benchmark yield curves, reported trades, broker/dealer quotes, and issuer spreads. Pricing is also impacted by credit information about the issuer, perceived market movements, and current news events impacting the individual sectors. The second source is a third party vendor the Company utilizes to provide fair value exit pricing for loans and interest bearing deposits in accordance with guidance. In accordance with ASC 820, “Fair Value Measurements and Disclosures,” the Company groups its financial assets and financial liabilities generally measured at fair value into three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.
An instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS Debt securities with readily determinable fair values that are classified as “available-for-sale” are recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Securities available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that consider observable market data (Level 2). In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. Currently, all of the Company’s available-for-sale securities are considered to be Level 2 securities. The following tables present the balances of certain assets measured at fair value on a recurring basis as of the dates indicated:
ASSETS MEASURED AT FAIR VALUE ON A NONRECURRING BASIS Under certain circumstances, adjustments are made to the fair value for assets and liabilities although they are not measured at fair value on an ongoing basis. Impaired loans A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts when due from the borrower in accordance with the contractual terms of the loan agreement. The measurement of fair value and loss associated with impaired loans can be based on the observable market price of the loan, the fair value of the collateral securing the loan, or the present value of the loan’s expected future cash flows, discounted at the loan’s effective interest rate. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable, with the vast majority of the collateral in real estate. The value of real estate collateral is determined utilizing an income, market, or cost valuation approach based on an appraisal conducted by an independent, licensed appraiser outside of the Company. In the case of loans with lower balances, the Company may obtain a real estate evaluation instead of an appraisal. Evaluations utilize many of the same techniques as appraisals, and are typically performed by independent appraisers. Once received, appraisals and evaluations are reviewed by trained staff independent of the lending function to verify consistency and reasonability. Appraisals and evaluations are based on significant unobservable inputs, including but not limited to: adjustments made to comparable properties, judgments about the condition of the subject property, the availability and suitability of comparable properties, capitalization rates, projected income of the subject or comparable properties, vacancy rates, projected depreciation rates, and the state of the local and regional economy. The Company may also elect to make additional reductions in the collateral value based on management’s best judgment, which represents another source of unobservable inputs. Because of the subjective nature of collateral valuation, impaired loans are considered Level 3. Impaired loans may be secured by collateral other than real estate. The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable business’ financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivable collateral are based on financial statement balances or aging reports (Level 3). If a loan is not collateral-dependent, its impairment may be measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate. Because the loan is discounted at its effective rate of interest, rather than at a market rate, the loan is not considered to be held at fair value and is not included in the tables below. Collateral-dependent impaired loans allocated to the allowance for loan losses are measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as part of the provision for loan losses on the Consolidated Statements of Income. Other Real Estate Owned (OREO) Loans are transferred to OREO when the collateral securing them is foreclosed on. The measurement of gain or loss associated with OREO is based on the fair value of the collateral compared to the unpaid loan balance and anticipated costs to sell the property. If there is a contract for the sale of a property, and management reasonably believes the transaction will be consummated in accordance with the terms of the contract, fair value is based on the sale price in that contract (Level 1). If management has recent information about the sale of identical properties, such as when selling multiple condominium units on the same property, the remaining units would be valued based on the observed market data (Level 2). Lacking either a contract or such recent data, management would obtain an appraisal or evaluation of the value of the collateral as discussed above under Impaired Loans (Level 3). After the asset has been booked, a new appraisal or evaluation is obtained when management has reason to believe the fair value of the property may have changed and no later than two years after the last appraisal or evaluation was received. Any fair value adjustments to OREO below the original book value are recorded in the period incurred and expensed against current earnings. Loans Held For Sale Loans held for sale are carried at the lower of cost or fair value. These loans currently consist of residential loans originated for sale in the secondary market. Fair value is based on the price secondary markets are currently offering for similar loans using observable market data which is not materially different than cost due to the short duration between origination and sale (Level 2). Gains and losses on the sale of loans are reported on a separate line item on the Company’s Consolidated Statements of Income. The following table presents the assets carried in the consolidated balance sheets for which a nonrecurring change in fair value has been recorded. Assets are shown by class of loan and by level in the fair value hierarchy, as of the dates indicated. Certain impaired loans are valued by the present value of the loan’s expected future cash flows, discounted at the loan’s effective interest rate rather than at a market rate. These loans are not carried in the consolidated balance sheets at fair value and, as such, are not included in the tables below.
The following tables display quantitative information about Level 3 Fair Value Measurements as of the dates indicated:
The estimated fair values, and related carrying or notional amounts, of the Company’s financial instruments as of the dates indicated are as follows:
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Note 12. Segment Reporting The Company operates in a decentralized fashion in three principal business segments: The Old Point National Bank of Phoebus (the Bank), Old Point Trust & Financial Services, N. A. (Trust), and the Company as a separate segment (for purposes of this Note, the Parent). Revenues from the Bank’s operations consist primarily of interest earned on loans and investment securities and service charges on deposit accounts. Trust’s operating revenues consist principally of income from fiduciary activities. The Parent’s revenues are mainly fees and dividends received from the Bank and Trust companies. The Company has no other segments. The Company’s reportable segments are strategic business units that offer different products and services. They are managed separately because each segment appeals to different markets and, accordingly, requires different technologies and marketing strategies. Information about reportable segments, and reconciliation of such information to the consolidated financial statements as of and for the three and six months ended June 30, 2019 and 2018 follows:
The accounting policies of the segments are the same as those described in the summary of significant accounting policies reported in the Company’s 2018 Annual Report on Form 10-K. The Company evaluates performance based on profit or loss from operations before income taxes, not including nonrecurring gains or losses. |
Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
PRINCIPLES OF CONSOLIDATION | PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, The Old Point National Bank of Phoebus (the Bank) and Old Point Trust & Financial Services N.A. (Trust). All significant intercompany balances and transactions have been eliminated in consolidation. |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS On April 1, 2018, the Company acquired Citizens National Bank (Citizens) based in Windsor, Virginia. Refer to Note 2 for further discussion. |
NATURE OF OPERATIONS | NATURE OF OPERATIONS Old Point Financial Corporation is a holding company that conducts substantially all of its operations through two subsidiaries, the Bank and Trust. The Bank serves individual and commercial customers, the majority of which are in Hampton Roads, Virginia. As of June 30, 2019, the Bank had 19 branch offices. The Bank offers a full range of deposit and loan products to its retail and commercial customers, including mortgage loan products offered through Old Point Mortgage. A full array of insurance products is also offered through Old Point Insurance, LLC in partnership with Morgan Marrow Company. Trust offers a full range of services for individuals and businesses. Products and services include retirement planning, estate planning, financial planning, estate and trust administration, retirement plan administration, tax services and investment management services. |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendments in this ASU, among other things, require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The amendments in this ASU are effective for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Based on FASB’s July 17, 2019 meeting, an exposure draft is expected that, once finalized, could change implementation dates for many companies. The Company has formed a committee to oversee the adoption of the new standard, has engaged a third party to assist with implementation, has performed data fit gap and loss driver analyses, intends to run parallel models beginning with second quarter data, and is continuing to evaluate the impact that ASU 2016-13 will have on its consolidated financial statements. This ASU contains significant differences from existing GAAP, and the implementation of this ASU may result in increases to the Company’s reserves for credit losses for financial instruments; however, the Company is still finalizing its estimate of the quantitative impact of this standard. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment”. The amendments in this ASU simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Instead, under the amendments in this ASU, 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 still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. Public business entities that are U.S. Securities and Exchange Commission (SEC) filers should adopt the amendments in this ASU for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not expect the adoption of ASU 2017-04 to have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.” The amendments modify the disclosure requirements in Topic 820 to add disclosures regarding changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty. Certain disclosure requirements in Topic 820 are also removed or modified. The amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Certain of the amendments are to be applied prospectively while others are to be applied retrospectively. Early adoption is permitted. The Company does not expect the adoption of ASU 2018-13 to have a material impact on its consolidated 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.” This ASU clarifies and improves areas of guidance related to the recently issued standards on credit losses, hedging, and recognition and measurement including improvements resulting from various Transition Resource Group (or TRG) Meetings. The amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact that ASU 2019-04 will have on its consolidated financial statements. In May 2019, the FASB issued ASU 2019-05, “Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief.” The amendments in this ASU provide entities that have certain instruments within the scope of Subtopic 326-20 with an option to irrevocably elect the fair value option in Subtopic 825-10, applied on an instrument-by-instrument basis for eligible instruments, upon the adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. An entity that elects the fair value option should subsequently measure those instruments at fair value with changes in fair value flowing through earnings. The amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The amendments should be applied on a modified-retrospective basis by means of a cumulative-effect adjustment to the opening balance of retained earnings balance in the consolidated balance sheet. Early adoption is permitted. The Company is currently assessing the impact that ASU 2019-05 will have on its consolidated financial statements. ACCOUNTING STANDARDS ADOPTED IN 2019 In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” Among other things, in the amendments in ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) A lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The FASB made subsequent amendments to Topic 842 in July 2018 through ASU 2018-10 (“Codification Improvements to Topic 842, Leases”) and ASU 2018-11 (“Leases (Topic 842): Targeted Improvements”). Among these amendments is the provision in ASU 2018-11 that provides entities with an additional (and optional) transition method to adopt the new leases standard. Under this new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity’s reporting for the comparative periods presented in the financial statements in which it adopts the new leases standard will continue to be in accordance with current GAAP (Topic 840, Leases). The Company adopted ASU 2018-11 on January 1, 2019 using the optional transition method. As the Company owns the majority of its buildings, the adoption of this ASU did not have a material impact on its consolidated financial statements. Refer to Note 5 for further discussion. In March 2017, the FASB issued ASU No. 2017‐08, “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310‐20), Premium Amortization on Purchased Callable Debt Securities.” The amendments in this ASU shorten the amortization period for certain callable debt securities purchased at a premium. Upon adoption of the standard, premiums on these qualifying callable debt securities will be amortized to the earliest call date. Discounts on purchased debt securities will continue to be accreted to maturity. The amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Upon transition, entities should apply the guidance on a modified retrospective basis, with a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption and provide the disclosures required for a change in accounting principle. Adoption of this standard did not have a material impact to the consolidation financial statements, and as a result, a cumulative effects adjustment was not necessary. |
Acquisitions (Tables) |
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Acquisitions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration Transferred, Assets Acquired, and Liabilities Assumed | The following table provides an assessment of the consideration transferred, assets acquired, and liabilities assumed as of the date of the acquisition (dollars in thousands):
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Purchased Credit-impaired Loans Receivable | The following table presents the purchased credit-impaired loans receivable at the acquisition date (dollars in thousands):
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Amortization and Accretion of Premiums and Discounts | The amortization and accretion of premiums and discounts associated with the Company’s acquisition accounting adjustments related to the Citizens acquisition had the following impact on the Consolidated Statements of Income during the three and six months ended June 30, 2019 and 2018.
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Securities (Tables) |
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Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost and Fair Value, with Gross Unrealized Gains and Losses of Securities Available-for-Sale | Amortized costs and fair values, with gross unrealized gains and losses, of securities available-for-sale as of the dates indicated are as follows:
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Net Realized Gains and (Losses) on Sale of Investments | The following table summarizes net realized gains and losses on the sale of investment securities during the periods indicated:
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Available-for-Sale Securities, Continuous Unrealized Loss Position | The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired as of June 30, 2019 and December 31, 2018, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates indicated:
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Loans and the Allowance for Loan Losses (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and the Allowance for Loan Losses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Loans By Segment Type | The following is a summary of the balances in each class of the Company’s portfolio of loans held for investment as of the dates indicated:
(1) Net deferred loan fees totaled $748 thousand and $864 thousand at June 30, 2019 and December 31, 2018, respectively. |
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Acquired Loans | The outstanding principal balance and the carrying amount of total acquired loans included in the consolidated balance sheet as of June 30, 2019 and December 31, 2018 are as follows:
The outstanding principal balance and related carrying amount of purchased credit-impaired loans, for which the Company applies FASB ASC 310-30 to account for interest earned, as of June 30, 2019 and December 31, 2018 are as follows:
The following table presents changes in the accretable yield on purchased credit-impaired loans, for which the Company applies FASB ASC 310-30, at June 30, 2019:
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Credit Quality Information | The following table presents credit quality exposures by internally assigned risk ratings as of the dates indicated: Credit Quality Information As of June 30, 2019
As of December 31, 2018
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Past Due Loans | The following table includes an aging analysis of the recorded investment in past due loans as of the dates indicated. Also included in the table below are loans that are 90 days or more past due as to interest and principal and still accruing interest, because they are well-secured and in the process of collection. Age Analysis of Past Due Loans as of June 30, 2019
(1) For purposes of this table, Total Current Loans includes loans that are 1 - 29 days past due. (2) Includes past due loans in non-accrual status of $3.5 million. In the table above, the past due totals include student loans and small business loans with principal and interest amounts that are 97 - 100% guaranteed by the federal government. The past due principal portion of these guaranteed loans totaled $1.6 million at June 30, 2019. Age Analysis of Past Due Loans as of December 31, 2018
(1) For purposes of this table, Total Current Loans includes loans that are 1 - 29 days past due. (2) Includes past due loans in non-accrual status of $3.9 million. |
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Nonaccrual Loans | The following table presents loans in nonaccrual status by class of loan as of the dates indicated:
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Interest Income to be Earned Under Original Terms and Actual Interest Recorded | The following table presents the interest income that the Company would have earned under the original terms of its nonaccrual loans and the actual interest recorded by the Company on nonaccrual loans for the periods presented:
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Impaired Loans by Class | The following table includes the recorded investment and unpaid principal balances (a portion of which may have been charged off) for impaired loans, exclusive of purchased credit-impaired loans, with the associated allowance amount, if applicable, as of the dates presented. Also presented are the average recorded investments in the impaired loans and the related amount of interest recognized for the periods presented. The average balances are calculated based on daily average balances. Impaired Loans by Class
Impaired Loans by Class
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Allowance for Loan Losses by Segment | The following tables present, by portfolio segment, the changes in the allowance for loan losses and the recorded investment in loans for the periods presented. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. ALLOWANCE FOR LOAN LOSSES AND RECORDED INVESTMENT IN LOANS For the six months ended June 30, 2019
For the Year ended December 31, 2018
(1) The real estate-mortgage segment includes residential 1 – 4 family, commercial real estate, second mortgages and equity lines of credit. (2) The consumer segment includes consumer automobile loans. |
Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information about Leases | The following tables present information about the Company’s leases:
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Lease Cost |
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Maturity of Operating Lease Liabilities | A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities is as follows:
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Low-Income Housing Tax Credits (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Low-Income Housing Tax Credits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax Credits and Other Tax Benefits Recognized Related to Investments |
* Computed using a 21% tax rate. |
Borrowings (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Borrowings | The following table presents total short-term borrowings as of the dates indicated:
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Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments whose Contract Amounts Represent Credit Risk | The following financial instruments whose contract amounts represent credit risk were outstanding at June 30, 2019 and December 31, 2018:
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Share-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Activity | Restricted stock activity for the six months ended June 30, 2019 is summarized below:
|
Stockholders' Equity and Earnings per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity and Earnings per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts Reclassified Out of Accumulated Other Comprehensive Loss, by Category | The following table presents information on amounts reclassified out of accumulated other comprehensive income (loss), by category, during the periods indicated:
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Changes in Accumulated Other Comprehensive Loss, by Category | The following tables present the changes in accumulated other comprehensive income (loss), by category, net of tax, for the periods indicated:
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Component of Accumulated Other Comprehensive Loss on Pre-Tax and After-Tax | The following tables present the change in each component of accumulated other comprehensive income (loss) on a pre-tax and after-tax basis for the periods indicated.
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Computation of Earnings Per Share | The following is a reconciliation of the denominators of the basic and diluted EPS computations for the three and six months ended June 30, 2019 and 2018:
|
Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets Measured at Fair Value on Recurring Basis | The following tables present the balances of certain assets measured at fair value on a recurring basis as of the dates indicated:
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Assets Measured at Fair Value on Nonrecurring Basis | The following table presents the assets carried in the consolidated balance sheets for which a nonrecurring change in fair value has been recorded. Assets are shown by class of loan and by level in the fair value hierarchy, as of the dates indicated. Certain impaired loans are valued by the present value of the loan’s expected future cash flows, discounted at the loan’s effective interest rate rather than at a market rate. These loans are not carried in the consolidated balance sheets at fair value and, as such, are not included in the tables below.
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Fair Value Inputs, Assets, Quantitative Information | The following tables display quantitative information about Level 3 Fair Value Measurements as of the dates indicated:
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Estimated Fair Values and Related Carrying or Notional Amounts of Financial Instruments | The estimated fair values, and related carrying or notional amounts, of the Company’s financial instruments as of the dates indicated are as follows:
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Segment Reporting (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Assets and Revenues from Segment to Consolidated | Information about reportable segments, and reconciliation of such information to the consolidated financial statements as of and for the three and six months ended June 30, 2019 and 2018 follows:
|
Accounting Policies (Details) |
Jun. 30, 2019
Subsidiary
Branch
|
---|---|
Accounting Policies [Abstract] | |
Number of subsidiaries | Subsidiary | 2 |
Number of branch offices | Branch | 19 |
Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Apr. 01, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
Mar. 31, 2018 |
|
Consideration paid [Abstract] | |||||||
Cash | $ 3,164 | $ 0 | $ 3,164 | ||||
Old Point common stock | 3,947 | $ 3,957 | 3,957 | ||||
Total purchase price | $ 7,111 | ||||||
Identifiable assets acquired [Abstract] | |||||||
Cash and cash equivalents | $ 2,304 | ||||||
Securities available for sale | 1,959 | ||||||
Restricted securities, at cost | 278 | ||||||
Loans, net | 42,790 | ||||||
Premises and equipment | 1,520 | ||||||
Other real estate owned | 176 | ||||||
Core deposit intangibles | 440 | ||||||
Other assets | 939 | ||||||
Total assets | 50,406 | ||||||
Identifiable liabilities assumed [Abstract] | |||||||
Deposits | 44,000 | ||||||
Other liabilities | 324 | ||||||
Total liabilities | 44,324 | ||||||
Net assets acquired | 6,082 | ||||||
Goodwill | $ 1,650 | 1,650 | $ 1,650 | 1,029 | |||
Amortization and Accretion of Premiums and Discounts [Abstract] | |||||||
Net impact to income before income taxes | (132) | (121) | |||||
Fair Value Adjustment [Member] | |||||||
Identifiable assets acquired [Abstract] | |||||||
Cash and cash equivalents | 0 | ||||||
Securities available for sale | 0 | ||||||
Restricted securities, at cost | 0 | ||||||
Loans, net | (34) | ||||||
Premises and equipment | 450 | ||||||
Other real estate owned | (61) | ||||||
Core deposit intangibles | 440 | ||||||
Other assets | (116) | ||||||
Total assets | 679 | ||||||
Identifiable liabilities assumed [Abstract] | |||||||
Deposits | 246 | ||||||
Other liabilities | 0 | ||||||
Total liabilities | $ 246 | ||||||
Citizens National Bank [Member] | |||||||
Business Combination, Description [Abstract] | |||||||
Shares issued per acquired share (in shares) | 0.1041 | ||||||
Cash paid per acquired share (in dollars per share) | $ 2.19 | ||||||
Shares issued for acquisition (in shares) | 149,625 | ||||||
Identifiable assets acquired [Abstract] | |||||||
Cash and cash equivalents | $ 2,304 | ||||||
Securities available for sale | 1,959 | ||||||
Restricted securities, at cost | 278 | ||||||
Loans, net | 42,824 | ||||||
Premises and equipment | 1,070 | ||||||
Other real estate owned | 237 | ||||||
Core deposit intangibles | 0 | ||||||
Other assets | 1,055 | ||||||
Total assets | 49,727 | ||||||
Identifiable liabilities assumed [Abstract] | |||||||
Deposits | 43,754 | ||||||
Other liabilities | 324 | ||||||
Total liabilities | 44,078 | ||||||
Purchased Credit-impaired Loans Receivable [Abstract] | |||||||
Contractually required principal and interest payments | 1,031 | ||||||
Nonaccretable difference | (211) | ||||||
Cash flows expected to be collected | 820 | ||||||
Accretable yield | (110) | ||||||
Fair value of purchased credit-impaired loans | 710 | ||||||
Fair value of purchased performing loans | $ 42,100 | ||||||
Amortization and Accretion of Premiums and Discounts [Abstract] | |||||||
Purchased performing loans | 23 | 92 | 79 | 92 | |||
Purchased credit-impaired loans | 1 | 1 | (2) | 1 | |||
Certificate of deposit valuation | 38 | 39 | 77 | 39 | |||
Amortization of core deposit intangible | (11) | (11) | (22) | (11) | |||
Net impact to income before income taxes | $ 51 | $ 121 | $ 132 | $ 121 |
Securities (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019
USD ($)
Security
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
Security
|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
Security
|
|
Debt Securities, Available-for-sale [Abstract] | |||||
Amortized cost | $ 144,593 | $ 144,593 | $ 150,976 | ||
Gross unrealized gains | 1,587 | 1,587 | 298 | ||
Gross unrealized losses | (727) | (727) | (3,027) | ||
Fair value | 145,453 | 145,453 | 148,247 | ||
Securities Available-for-sale [Abstract] | |||||
Realized gains on sales of securities | 0 | $ 51 | 36 | $ 131 | |
Realized losses on sales of securities | 0 | (11) | (10) | (11) | |
Net realized gain | 0 | $ 40 | 26 | $ 120 | |
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | |||||
Less Than Twelve Months | 5 | 5 | 59 | ||
More Than Twelve Months | 722 | 722 | 2,968 | ||
Total | 727 | 727 | 3,027 | ||
Securities Available-for-Sale, Fair Value [Abstract] | |||||
Less than Twelve Months | 3,012 | 3,012 | 14,427 | ||
More Than Twelve Months | 56,374 | 56,374 | 91,252 | ||
Total | $ 59,386 | $ 59,386 | $ 105,679 | ||
Unrealized loss position, Number of securities | Security | 28 | 28 | 88 | ||
U.S. Treasury Securities [Member] | |||||
Debt Securities, Available-for-sale [Abstract] | |||||
Amortized cost | $ 12,377 | $ 12,377 | $ 12,323 | ||
Gross unrealized gains | 103 | 103 | 6 | ||
Gross unrealized losses | 0 | 0 | (1) | ||
Fair value | 12,480 | 12,480 | 12,328 | ||
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | |||||
Less Than Twelve Months | 1 | ||||
More Than Twelve Months | 0 | ||||
Total | 1 | ||||
Securities Available-for-Sale, Fair Value [Abstract] | |||||
Less than Twelve Months | 2,484 | ||||
More Than Twelve Months | 0 | ||||
Total | 2,484 | ||||
Obligations of U.S. Government Agencies [Member] | |||||
Debt Securities, Available-for-sale [Abstract] | |||||
Amortized cost | 11,633 | 11,633 | 10,868 | ||
Gross unrealized gains | 16 | 16 | 2 | ||
Gross unrealized losses | (77) | (77) | (156) | ||
Fair value | 11,572 | 11,572 | 10,714 | ||
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | |||||
Less Than Twelve Months | 5 | 5 | 47 | ||
More Than Twelve Months | 72 | 72 | 109 | ||
Total | 77 | 77 | 156 | ||
Securities Available-for-Sale, Fair Value [Abstract] | |||||
Less than Twelve Months | 3,012 | 3,012 | 6,014 | ||
More Than Twelve Months | 5,565 | 5,565 | 3,206 | ||
Total | 8,577 | 8,577 | 9,220 | ||
Obligations of States and Political Subdivisions [Member] | |||||
Debt Securities, Available-for-sale [Abstract] | |||||
Amortized cost | 41,303 | 41,303 | 49,194 | ||
Gross unrealized gains | 830 | 830 | 155 | ||
Gross unrealized losses | (1) | (1) | (512) | ||
Fair value | 42,132 | 42,132 | 48,837 | ||
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | |||||
Less Than Twelve Months | 0 | 0 | 10 | ||
More Than Twelve Months | 1 | 1 | 502 | ||
Total | 1 | 1 | 512 | ||
Securities Available-for-Sale, Fair Value [Abstract] | |||||
Less than Twelve Months | 0 | 0 | 5,829 | ||
More Than Twelve Months | 1,527 | 1,527 | 23,727 | ||
Total | 1,527 | 1,527 | 29,556 | ||
Mortgage-backed Securities [Member] | |||||
Debt Securities, Available-for-sale [Abstract] | |||||
Amortized cost | 72,254 | 72,254 | 73,444 | ||
Gross unrealized gains | 564 | 564 | 93 | ||
Gross unrealized losses | (645) | (645) | (2,346) | ||
Fair value | 72,173 | 72,173 | 71,191 | ||
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | |||||
Less Than Twelve Months | 0 | 0 | 0 | ||
More Than Twelve Months | 645 | 645 | 2,346 | ||
Total | 645 | 645 | 2,346 | ||
Securities Available-for-Sale, Fair Value [Abstract] | |||||
Less than Twelve Months | 0 | 0 | 0 | ||
More Than Twelve Months | 49,086 | 49,086 | 63,930 | ||
Total | 49,086 | 49,086 | 63,930 | ||
Money Market Investments [Member] | |||||
Debt Securities, Available-for-sale [Abstract] | |||||
Amortized cost | 3,484 | 3,484 | 1,897 | ||
Gross unrealized gains | 0 | 0 | 0 | ||
Gross unrealized losses | 0 | 0 | 0 | ||
Fair value | 3,484 | 3,484 | 1,897 | ||
Corporate Bonds and Other Securities [Member] | |||||
Debt Securities, Available-for-sale [Abstract] | |||||
Amortized cost | 3,542 | 3,542 | 3,250 | ||
Gross unrealized gains | 74 | 74 | 42 | ||
Gross unrealized losses | (4) | (4) | (12) | ||
Fair value | 3,612 | 3,612 | 3,280 | ||
Securities Available-for-Sale, Gross Unrealized Losses [Abstract] | |||||
Less Than Twelve Months | 0 | 0 | 1 | ||
More Than Twelve Months | 4 | 4 | 11 | ||
Total | 4 | 4 | 12 | ||
Securities Available-for-Sale, Fair Value [Abstract] | |||||
Less than Twelve Months | 0 | 0 | 100 | ||
More Than Twelve Months | 196 | 196 | 389 | ||
Total | $ 196 | $ 196 | $ 489 |
Loans and the Allowance for Loan Losses (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|||||
---|---|---|---|---|---|---|---|
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||
Total loans, net of deferred fees | $ 761,178 | $ 774,009 | |||||
Less: Allowance for loan losses | 10,757 | 10,111 | |||||
Loans, net of allowance and deferred fees | [1] | 750,421 | 763,898 | ||||
Net deferred loan fees | 748 | 864 | |||||
Overdrawn deposit accounts, excluding internal use accounts | 535 | 628 | |||||
Mortgage Loans on Real Estate [Member] | |||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||
Total loans, net of deferred fees | 525,749 | 532,824 | |||||
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | |||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||
Total loans, net of deferred fees | 114,776 | 110,009 | |||||
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | |||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||
Total loans, net of deferred fees | 145,683 | 155,245 | |||||
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | |||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||
Total loans, net of deferred fees | 129,922 | 131,287 | |||||
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | |||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||
Total loans, net of deferred fees | 28,516 | 28,954 | |||||
Mortgage Loans on Real Estate [Member] | Construction [Member] | |||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||
Total loans, net of deferred fees | 38,599 | 32,383 | |||||
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | |||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||
Total loans, net of deferred fees | 15,289 | 17,297 | |||||
Mortgage Loans on Real Estate [Member] | Equity Line of Credit [Member] | |||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||
Total loans, net of deferred fees | 52,964 | 57,649 | |||||
Commercial [Member] | |||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||
Total loans, net of deferred fees | 74,707 | 63,398 | |||||
Commercial [Member] | Commercial and Industrial Loans [Member] | |||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||
Total loans, net of deferred fees | 74,707 | 63,398 | |||||
Consumer [Member] | |||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||
Total loans, net of deferred fees | [2] | 151,577 | 169,138 | ||||
Consumer [Member] | Consumer Automobile Loans [Member] | |||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||
Total loans, net of deferred fees | 109,423 | 120,796 | |||||
Consumer [Member] | Other Consumer Loans [Member] | |||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||
Total loans, net of deferred fees | 42,154 | 48,342 | |||||
Other [Member] | |||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||
Total loans, net of deferred fees | $ 9,145 | $ 8,649 | |||||
|
Loans and the Allowance for Loan Losses, Acquired Loans (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Certain Loans Acquired in Transfer Accounted for as Debt Securities [Abstract] | ||
Outstanding principal balance | $ 27,208 | $ 31,940 |
Carrying amount | 26,842 | 31,497 |
Carrying amount | 80 | 91 |
ASC 310-30 [Member] | ||
Certain Loans Acquired in Transfer Accounted for as Debt Securities [Abstract] | ||
Outstanding principal balance | 237 | 246 |
Carrying amount | 80 | $ 91 |
Changes in Accretable Yield on Acquired Impaired Loans [Roll Forward] | ||
Balance at beginning of period | 12 | |
Accretion | (2) | |
Balance at end of period | $ 10 |
Loans and the Allowance for Loan Losses, Credit Quality (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
||
---|---|---|---|---|
Receivables [Abstract] | ||||
Gross loan receivables | $ 761,178 | $ 774,009 | ||
Pass [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 735,599 | 743,490 | ||
OAEM [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 9,790 | 10,062 | ||
Substandard [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 15,789 | 20,457 | ||
Doubtful [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 0 | 0 | ||
Mortgage Loans on Real Estate [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 525,749 | 532,824 | ||
Mortgage Loans on Real Estate [Member] | Pass [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 502,400 | 505,211 | ||
Mortgage Loans on Real Estate [Member] | OAEM [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 8,633 | 8,075 | ||
Mortgage Loans on Real Estate [Member] | Substandard [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 14,716 | 19,538 | ||
Mortgage Loans on Real Estate [Member] | Doubtful [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 0 | 0 | ||
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 114,776 | 110,009 | ||
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | Pass [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 113,004 | 108,274 | ||
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | OAEM [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 0 | 0 | ||
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | Substandard [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 1,772 | 1,735 | ||
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | Doubtful [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 0 | 0 | ||
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 145,683 | 155,245 | ||
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | Pass [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 131,936 | 140,664 | ||
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | OAEM [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 4,588 | 4,067 | ||
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | Substandard [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 9,159 | 10,514 | ||
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | Doubtful [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 0 | 0 | ||
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 129,922 | 131,287 | ||
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | Pass [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 122,273 | 121,523 | ||
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | OAEM [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 3,975 | 3,937 | ||
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | Substandard [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 3,674 | 5,827 | ||
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | Doubtful [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 0 | 0 | ||
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 28,516 | 28,954 | ||
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | Pass [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 28,516 | 28,954 | ||
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | OAEM [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 0 | 0 | ||
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | Substandard [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 0 | 0 | ||
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | Doubtful [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 0 | 0 | ||
Mortgage Loans on Real Estate [Member] | Construction [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 38,599 | 32,383 | ||
Mortgage Loans on Real Estate [Member] | Construction [Member] | Pass [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 38,529 | 31,896 | ||
Mortgage Loans on Real Estate [Member] | Construction [Member] | OAEM [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 70 | 71 | ||
Mortgage Loans on Real Estate [Member] | Construction [Member] | Substandard [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 0 | 416 | ||
Mortgage Loans on Real Estate [Member] | Construction [Member] | Doubtful [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 0 | 0 | ||
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 15,289 | 17,297 | ||
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | Pass [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 15,185 | 17,007 | ||
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | OAEM [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 0 | 0 | ||
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | Substandard [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 104 | 290 | ||
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | Doubtful [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 0 | 0 | ||
Mortgage Loans on Real Estate [Member] | Equity Line of Credit [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 52,964 | 57,649 | ||
Mortgage Loans on Real Estate [Member] | Equity Line of Credit [Member] | Pass [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 52,957 | 56,893 | ||
Mortgage Loans on Real Estate [Member] | Equity Line of Credit [Member] | OAEM [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 0 | 0 | ||
Mortgage Loans on Real Estate [Member] | Equity Line of Credit [Member] | Substandard [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 7 | 756 | ||
Mortgage Loans on Real Estate [Member] | Equity Line of Credit [Member] | Doubtful [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 0 | 0 | ||
Commercial [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 74,707 | 63,398 | ||
Commercial [Member] | Commercial and Industrial Loans [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 74,707 | 63,398 | ||
Commercial [Member] | Commercial and Industrial Loans [Member] | Pass [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 73,115 | 60,967 | ||
Commercial [Member] | Commercial and Industrial Loans [Member] | OAEM [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 1,157 | 1,987 | ||
Commercial [Member] | Commercial and Industrial Loans [Member] | Substandard [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 435 | 444 | ||
Commercial [Member] | Commercial and Industrial Loans [Member] | Doubtful [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 0 | 0 | ||
Consumer [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | [1] | 151,577 | 169,138 | |
Consumer [Member] | Consumer Automobile Loans [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 109,423 | 120,796 | ||
Consumer [Member] | Consumer Automobile Loans [Member] | Pass [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 108,827 | 120,365 | ||
Consumer [Member] | Consumer Automobile Loans [Member] | OAEM [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 0 | 0 | ||
Consumer [Member] | Consumer Automobile Loans [Member] | Substandard [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 596 | 431 | ||
Consumer [Member] | Consumer Automobile Loans [Member] | Doubtful [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 0 | 0 | ||
Consumer [Member] | Other Consumer Loans [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 42,154 | 48,342 | ||
Consumer [Member] | Other Consumer Loans [Member] | Pass [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 42,112 | 48,298 | ||
Consumer [Member] | Other Consumer Loans [Member] | OAEM [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 0 | 0 | ||
Consumer [Member] | Other Consumer Loans [Member] | Substandard [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 42 | 44 | ||
Consumer [Member] | Other Consumer Loans [Member] | Doubtful [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 0 | 0 | ||
Other [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 9,145 | 8,649 | ||
Other [Member] | Pass [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 9,145 | 8,649 | ||
Other [Member] | OAEM [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 0 | 0 | ||
Other [Member] | Substandard [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | 0 | 0 | ||
Other [Member] | Doubtful [Member] | ||||
Receivables [Abstract] | ||||
Gross loan receivables | $ 0 | $ 0 | ||
|
Loans and the Allowance for Loan Losses, Past Due (Details) $ in Thousands |
6 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019
USD ($)
Loan
|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
|
||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Purchased Credit-impaired | $ 80 | $ 91 | ||||||||||||
Nonaccrual | 11,203 | [1] | 12,141 | [2] | ||||||||||
Total Current Loans | [3] | 745,618 | 750,717 | |||||||||||
Total Loans | 761,178 | 774,009 | ||||||||||||
Non-accrual status loans, past due | 3,500 | 3,900 | ||||||||||||
Loans in nonaccrual status by class of loan [Abstract] | ||||||||||||||
Loans in nonaccrual status | $ 11,203 | [1] | 12,141 | [2] | ||||||||||
Number of loans acquired on nonaccural status | Loan | 0 | |||||||||||||
Interest income that would have been recorded under original loan terms [Abstract] | ||||||||||||||
Interest income that would have been recorded under original loan terms | $ 132 | $ 235 | ||||||||||||
Actual interest income recorded for the period | 71 | 173 | ||||||||||||
Reduction in interest income on non accrual loans | 61 | $ 62 | ||||||||||||
30 - 59 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 2,002 | 7,007 | ||||||||||||
60 - 89 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 1,053 | 1,556 | ||||||||||||
90 or More Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 1,222 | 2,497 | ||||||||||||
Guaranteed Student Loans [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | $ 1,600 | $ 4,000 | ||||||||||||
Guaranteed Student Loans [Member] | Minimum [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Percentage of student loans guaranteed by federal government | 97.00% | 97.00% | ||||||||||||
Guaranteed Student Loans [Member] | Maximum [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Percentage of student loans guaranteed by federal government | 100.00% | 100.00% | ||||||||||||
Mortgage Loans on Real Estate [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Purchased Credit-impaired | $ 80 | $ 91 | ||||||||||||
Nonaccrual | 10,769 | [1] | 11,843 | [2] | ||||||||||
Total Current Loans | [3] | 514,546 | 517,433 | |||||||||||
Total Loans | 525,749 | 532,824 | ||||||||||||
Loans in nonaccrual status by class of loan [Abstract] | ||||||||||||||
Loans in nonaccrual status | 10,769 | [1] | 11,843 | [2] | ||||||||||
Mortgage Loans on Real Estate [Member] | 30 - 59 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 7 | 2,301 | ||||||||||||
Mortgage Loans on Real Estate [Member] | 60 - 89 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 191 | 636 | ||||||||||||
Mortgage Loans on Real Estate [Member] | 90 or More Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 156 | 520 | ||||||||||||
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Purchased Credit-impaired | 0 | 0 | ||||||||||||
Nonaccrual | 1,395 | [1] | 1,386 | [2] | ||||||||||
Total Current Loans | [3] | 113,034 | 106,725 | |||||||||||
Total Loans | 114,776 | 110,009 | ||||||||||||
Loans in nonaccrual status by class of loan [Abstract] | ||||||||||||||
Loans in nonaccrual status | 1,395 | [1] | 1,386 | [2] | ||||||||||
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | 30 - 59 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 0 | 1,165 | ||||||||||||
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | 60 - 89 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 191 | 553 | ||||||||||||
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | 90 or More Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 156 | 180 | ||||||||||||
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Purchased Credit-impaired | 80 | 91 | ||||||||||||
Nonaccrual | 5,590 | [1] | 5,283 | [2] | ||||||||||
Total Current Loans | [3] | 140,013 | 148,729 | |||||||||||
Total Loans | 145,683 | 155,245 | ||||||||||||
Loans in nonaccrual status by class of loan [Abstract] | ||||||||||||||
Loans in nonaccrual status | 5,590 | [1] | 5,283 | [2] | ||||||||||
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | 30 - 59 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 0 | 1,059 | ||||||||||||
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | 60 - 89 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 0 | 83 | ||||||||||||
Mortgage Loans on Real Estate [Member] | Commercial - Owner Occupied [Member] | 90 or More Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 0 | 0 | ||||||||||||
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Purchased Credit-impaired | 0 | 0 | ||||||||||||
Nonaccrual | 3,673 | [1] | 4,371 | [2] | ||||||||||
Total Current Loans | [3] | 126,249 | 126,916 | |||||||||||
Total Loans | 129,922 | 131,287 | ||||||||||||
Loans in nonaccrual status by class of loan [Abstract] | ||||||||||||||
Loans in nonaccrual status | 3,673 | [1] | 4,371 | [2] | ||||||||||
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | 30 - 59 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 0 | 0 | ||||||||||||
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | 60 - 89 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 0 | 0 | ||||||||||||
Mortgage Loans on Real Estate [Member] | Commercial - Non-Owner Occupied [Member] | 90 or More Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 0 | 0 | ||||||||||||
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Purchased Credit-impaired | 0 | 0 | ||||||||||||
Nonaccrual | 0 | [1] | 0 | [2] | ||||||||||
Total Current Loans | [3] | 28,516 | 28,954 | |||||||||||
Total Loans | 28,516 | 28,954 | ||||||||||||
Loans in nonaccrual status by class of loan [Abstract] | ||||||||||||||
Loans in nonaccrual status | 0 | [1] | 0 | [2] | ||||||||||
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | 30 - 59 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 0 | 0 | ||||||||||||
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | 60 - 89 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 0 | 0 | ||||||||||||
Mortgage Loans on Real Estate [Member] | Multifamily [Member] | 90 or More Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 0 | 0 | ||||||||||||
Mortgage Loans on Real Estate [Member] | Construction [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Purchased Credit-impaired | 0 | 0 | ||||||||||||
Nonaccrual | 0 | [1] | 417 | [2] | ||||||||||
Total Current Loans | [3] | 38,599 | 31,761 | |||||||||||
Total Loans | 38,599 | 32,383 | ||||||||||||
Loans in nonaccrual status by class of loan [Abstract] | ||||||||||||||
Loans in nonaccrual status | 0 | [1] | 417 | [2] | ||||||||||
Mortgage Loans on Real Estate [Member] | Construction [Member] | 30 - 59 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 0 | 0 | ||||||||||||
Mortgage Loans on Real Estate [Member] | Construction [Member] | 60 - 89 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 0 | 0 | ||||||||||||
Mortgage Loans on Real Estate [Member] | Construction [Member] | 90 or More Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 0 | 205 | ||||||||||||
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Purchased Credit-impaired | 0 | 0 | ||||||||||||
Nonaccrual | 104 | [1] | 155 | [2] | ||||||||||
Total Current Loans | [3] | 15,185 | 16,990 | |||||||||||
Total Loans | 15,289 | 17,297 | ||||||||||||
Loans in nonaccrual status by class of loan [Abstract] | ||||||||||||||
Loans in nonaccrual status | 104 | [1] | 155 | [2] | ||||||||||
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | 30 - 59 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 0 | 17 | ||||||||||||
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | 60 - 89 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 0 | 0 | ||||||||||||
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | 90 or More Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 0 | 135 | ||||||||||||
Mortgage Loans on Real Estate [Member] | Equity Line of Credit [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Purchased Credit-impaired | 0 | 0 | ||||||||||||
Nonaccrual | 7 | [1] | 231 | [2] | ||||||||||
Total Current Loans | [3] | 52,950 | 57,358 | |||||||||||
Total Loans | 52,964 | 57,649 | ||||||||||||
Loans in nonaccrual status by class of loan [Abstract] | ||||||||||||||
Loans in nonaccrual status | 7 | [1] | 231 | [2] | ||||||||||
Mortgage Loans on Real Estate [Member] | Equity Line of Credit [Member] | 30 - 59 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 7 | 60 | ||||||||||||
Mortgage Loans on Real Estate [Member] | Equity Line of Credit [Member] | 60 - 89 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 0 | 0 | ||||||||||||
Mortgage Loans on Real Estate [Member] | Equity Line of Credit [Member] | 90 or More Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 0 | 0 | ||||||||||||
Commercial [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Purchased Credit-impaired | 80 | 91 | ||||||||||||
Nonaccrual | 434 | 298 | ||||||||||||
Total Loans | 74,707 | 63,398 | ||||||||||||
Loans in nonaccrual status by class of loan [Abstract] | ||||||||||||||
Loans in nonaccrual status | 434 | 298 | ||||||||||||
Commercial [Member] | Commercial and Industrial Loans [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Purchased Credit-impaired | 0 | 0 | ||||||||||||
Nonaccrual | 434 | [1] | 298 | [2] | ||||||||||
Total Current Loans | [3] | 74,273 | 61,505 | |||||||||||
Total Loans | 74,707 | 63,398 | ||||||||||||
Loans in nonaccrual status by class of loan [Abstract] | ||||||||||||||
Loans in nonaccrual status | 434 | [1] | 298 | [2] | ||||||||||
Commercial [Member] | Commercial and Industrial Loans [Member] | 30 - 59 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 0 | 1,595 | ||||||||||||
Commercial [Member] | Commercial and Industrial Loans [Member] | 60 - 89 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 0 | 0 | ||||||||||||
Commercial [Member] | Commercial and Industrial Loans [Member] | 90 or More Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 0 | 0 | ||||||||||||
Consumer [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Purchased Credit-impaired | [4] | 0 | 0 | |||||||||||
Total Loans | [4] | 151,577 | 169,138 | |||||||||||
Consumer [Member] | Consumer Automobile Loans [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Purchased Credit-impaired | 0 | 0 | ||||||||||||
Nonaccrual | 0 | [1] | 0 | [2] | ||||||||||
Total Current Loans | [3] | 107,915 | 118,746 | |||||||||||
Total Loans | 109,423 | 120,796 | ||||||||||||
Loans in nonaccrual status by class of loan [Abstract] | ||||||||||||||
Loans in nonaccrual status | 0 | [1] | 0 | [2] | ||||||||||
Consumer [Member] | Consumer Automobile Loans [Member] | 30 - 59 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 1,067 | 1,645 | ||||||||||||
Consumer [Member] | Consumer Automobile Loans [Member] | 60 - 89 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 299 | 291 | ||||||||||||
Consumer [Member] | Consumer Automobile Loans [Member] | 90 or More Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 142 | 114 | ||||||||||||
Consumer [Member] | Other Consumer Loans [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Purchased Credit-impaired | 0 | 0 | ||||||||||||
Nonaccrual | 0 | [1] | 0 | [2] | ||||||||||
Total Current Loans | [3] | 39,886 | 44,537 | |||||||||||
Total Loans | 42,154 | 48,342 | ||||||||||||
Loans in nonaccrual status by class of loan [Abstract] | ||||||||||||||
Loans in nonaccrual status | 0 | [1] | 0 | [2] | ||||||||||
Consumer [Member] | Other Consumer Loans [Member] | 30 - 59 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 817 | 1,333 | ||||||||||||
Consumer [Member] | Other Consumer Loans [Member] | 60 - 89 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 551 | 621 | ||||||||||||
Consumer [Member] | Other Consumer Loans [Member] | 90 or More Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 900 | 1,851 | ||||||||||||
Other [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Purchased Credit-impaired | 0 | 0 | ||||||||||||
Nonaccrual | 0 | [1] | 0 | [2] | ||||||||||
Total Current Loans | [3] | 8,998 | 8,496 | |||||||||||
Total Loans | 9,145 | 8,649 | ||||||||||||
Loans in nonaccrual status by class of loan [Abstract] | ||||||||||||||
Loans in nonaccrual status | 0 | [1] | 0 | [2] | ||||||||||
Other [Member] | 30 - 59 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 111 | 133 | ||||||||||||
Other [Member] | 60 - 89 Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | 12 | 8 | ||||||||||||
Other [Member] | 90 or More Days Past Due [Member] | ||||||||||||||
Loans, Aging [Abstract] | ||||||||||||||
Past Due | $ 24 | $ 12 | ||||||||||||
|
Loans and the Allowance for Loan Losses, Troubled Debt Restructuring (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019
USD ($)
Loan
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
Loan
Contract
|
Jun. 30, 2018
USD ($)
Contract
|
Dec. 31, 2018
USD ($)
Loan
|
|
Receivables [Abstract] | |||||
Number of Modifications | Contract | 3 | 0 | |||
Outstanding commitments on TDR's | $ 0 | $ 0 | $ 0 | ||
Defaulting TDR's within twelve months of restructuring | $ 0 | $ 0 | $ 0 | $ 0 | |
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | |||||
Receivables [Abstract] | |||||
Number of loans in process for disclosure | Loan | 1 | 1 | 0 | ||
Loans in process for foreclosure | $ 32 | $ 32 |
Loans and the Allowance for Loan Losses, Impaired Loans (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Receivables [Abstract] | ||
Unpaid Principal Balance | $ 16,501 | $ 18,970 |
Recorded Investment, Without Valuation Allowance | 10,364 | 15,249 |
Recorded Investment, With Valuation Allowance | 4,260 | 931 |
Associated Allowance | 852 | 116 |
Average Recorded Investment | 15,360 | 18,268 |
Interest Income Recognized | 113 | 549 |
Mortgage Loans on Real Estate [Member] | ||
Receivables [Abstract] | ||
Unpaid Principal Balance | 15,885 | 18,548 |
Recorded Investment, Without Valuation Allowance | 10,020 | 15,171 |
Recorded Investment, With Valuation Allowance | 4,170 | 711 |
Associated Allowance | 765 | 105 |
Average Recorded Investment | 14,961 | 17,779 |
Interest Income Recognized | 108 | 544 |
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | ||
Receivables [Abstract] | ||
Unpaid Principal Balance | 1,752 | 2,057 |
Recorded Investment, Without Valuation Allowance | 1,457 | 1,686 |
Recorded Investment, With Valuation Allowance | 89 | 239 |
Associated Allowance | 44 | 51 |
Average Recorded Investment | 1,754 | 2,073 |
Interest Income Recognized | 0 | 66 |
Mortgage Loans on Real Estate [Member] | Commercial [Member] | ||
Receivables [Abstract] | ||
Unpaid Principal Balance | 13,728 | 15,254 |
Recorded Investment, Without Valuation Allowance | 8,396 | 12,721 |
Recorded Investment, With Valuation Allowance | 3,846 | 0 |
Associated Allowance | 560 | 0 |
Average Recorded Investment | 12,490 | 14,232 |
Interest Income Recognized | 101 | 455 |
Mortgage Loans on Real Estate [Member] | Construction [Member] | ||
Receivables [Abstract] | ||
Unpaid Principal Balance | 91 | 509 |
Recorded Investment, Without Valuation Allowance | 0 | 417 |
Recorded Investment, With Valuation Allowance | 90 | 92 |
Associated Allowance | 16 | 18 |
Average Recorded Investment | 289 | 665 |
Interest Income Recognized | 2 | 7 |
Mortgage Loans on Real Estate [Member] | Second Mortgages [Member] | ||
Receivables [Abstract] | ||
Unpaid Principal Balance | 307 | 496 |
Recorded Investment, Without Valuation Allowance | 160 | 347 |
Recorded Investment, With Valuation Allowance | 145 | 148 |
Associated Allowance | 145 | 33 |
Average Recorded Investment | 308 | 508 |
Interest Income Recognized | 5 | 15 |
Mortgage Loans on Real Estate [Member] | Equity Line of Credit [Member] | ||
Receivables [Abstract] | ||
Unpaid Principal Balance | 7 | 232 |
Recorded Investment, Without Valuation Allowance | 7 | 0 |
Recorded Investment, With Valuation Allowance | 0 | 232 |
Associated Allowance | 0 | 3 |
Average Recorded Investment | 120 | 301 |
Interest Income Recognized | 0 | 1 |
Commercial [Member] | Commercial and Industrial Loans [Member] | ||
Receivables [Abstract] | ||
Unpaid Principal Balance | 578 | 384 |
Recorded Investment, Without Valuation Allowance | 344 | 78 |
Recorded Investment, With Valuation Allowance | 90 | 220 |
Associated Allowance | 87 | 11 |
Average Recorded Investment | 399 | 446 |
Interest Income Recognized | 5 | 5 |
Consumer [Member] | Other Consumer Loans [Member] | ||
Receivables [Abstract] | ||
Unpaid Principal Balance | 38 | 38 |
Recorded Investment, Without Valuation Allowance | 0 | 0 |
Recorded Investment, With Valuation Allowance | 0 | 0 |
Associated Allowance | 0 | 0 |
Average Recorded Investment | 0 | 43 |
Interest Income Recognized | $ 0 | $ 0 |
Loans and the Allowance for Loan Losses, Activity In Period (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
Period
|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
Period
|
Jun. 30, 2019
USD ($)
qtr
|
Dec. 31, 2018
USD ($)
|
||||||
Allowance for loan losses by segment [Roll Forward] | ||||||||||||
Beginning Balance | $ 10,111 | $ 9,448 | $ 9,448 | |||||||||
Charges-offs | (708) | (2,842) | ||||||||||
Recoveries | 341 | 644 | ||||||||||
Provision for loan losses | $ 787 | $ 575 | 1,013 | 1,100 | 2,861 | |||||||
Ending balance | 10,757 | 10,757 | 10,111 | |||||||||
Individually evaluated for impairment | $ 852 | $ 116 | ||||||||||
Collectively evaluated for impairment | 9,905 | 9,995 | ||||||||||
Purchased credit-impaired loans | 0 | 0 | ||||||||||
Ending balance | 10,757 | $ 10,111 | 9,448 | $ 9,448 | 10,757 | 10,111 | ||||||
Loan Balances [Abstract] | ||||||||||||
Individually evaluated for impairment | 14,624 | 16,180 | ||||||||||
Collectively evaluated for impairment | 746,474 | 757,738 | ||||||||||
Purchased credit-impaired loans | 80 | 91 | ||||||||||
Ending balance | $ 761,178 | 774,009 | ||||||||||
Changes in Accounting Methodology [Abstract] | ||||||||||||
Number of migration periods | Period | 8 | 8 | ||||||||||
Number of quarters remains on each migration period | qtr | 12 | |||||||||||
Commercial and Industrial [Member] | ||||||||||||
Allowance for loan losses by segment [Roll Forward] | ||||||||||||
Beginning Balance | $ 2,340 | 1,889 | $ 1,889 | |||||||||
Charges-offs | 0 | (81) | ||||||||||
Recoveries | 5 | 140 | ||||||||||
Provision for loan losses | (377) | 392 | ||||||||||
Ending balance | 1,968 | 1,968 | 2,340 | |||||||||
Individually evaluated for impairment | $ 87 | 11 | ||||||||||
Collectively evaluated for impairment | 1,881 | 2,329 | ||||||||||
Purchased credit-impaired loans | 0 | 0 | ||||||||||
Ending balance | 1,968 | 2,340 | 1,889 | 1,889 | 1,968 | 2,340 | ||||||
Loan Balances [Abstract] | ||||||||||||
Individually evaluated for impairment | 434 | 298 | ||||||||||
Collectively evaluated for impairment | 74,193 | 63,009 | ||||||||||
Purchased credit-impaired loans | 80 | 91 | ||||||||||
Ending balance | 74,707 | 63,398 | ||||||||||
Real Estate [Member] | ||||||||||||
Loan Balances [Abstract] | ||||||||||||
Purchased credit-impaired loans | 80 | 91 | ||||||||||
Ending balance | 525,749 | 532,824 | ||||||||||
Real Estate [Member] | Construction [Member] | ||||||||||||
Allowance for loan losses by segment [Roll Forward] | ||||||||||||
Beginning Balance | 156 | 541 | 541 | |||||||||
Charges-offs | 0 | 0 | ||||||||||
Recoveries | 0 | 0 | ||||||||||
Provision for loan losses | 68 | (385) | ||||||||||
Ending balance | 224 | 224 | 156 | |||||||||
Individually evaluated for impairment | 16 | 18 | ||||||||||
Collectively evaluated for impairment | 208 | 138 | ||||||||||
Purchased credit-impaired loans | 0 | 0 | ||||||||||
Ending balance | 224 | 156 | 541 | 541 | 224 | 156 | ||||||
Loan Balances [Abstract] | ||||||||||||
Individually evaluated for impairment | 90 | 509 | ||||||||||
Collectively evaluated for impairment | 38,509 | 31,874 | ||||||||||
Purchased credit-impaired loans | 0 | 0 | ||||||||||
Ending balance | 38,599 | 32,383 | ||||||||||
Real Estate [Member] | Mortgage [Member] | ||||||||||||
Allowance for loan losses by segment [Roll Forward] | ||||||||||||
Beginning Balance | [1] | 5,956 | 5,217 | 5,217 | ||||||||
Charges-offs | [1] | (144) | (1,625) | |||||||||
Recoveries | [1] | 90 | 158 | |||||||||
Provision for loan losses | [1] | 716 | 2,206 | |||||||||
Ending balance | [1] | 6,618 | 6,618 | 5,956 | ||||||||
Individually evaluated for impairment | [1] | 749 | 87 | |||||||||
Collectively evaluated for impairment | [1] | 5,869 | 5,869 | |||||||||
Purchased credit-impaired loans | [1] | 0 | 0 | |||||||||
Ending balance | [1] | 6,618 | 5,956 | 5,217 | 5,217 | 6,618 | 5,956 | |||||
Loan Balances [Abstract] | ||||||||||||
Individually evaluated for impairment | [1] | 14,100 | 15,373 | |||||||||
Collectively evaluated for impairment | [1] | 473,050 | 485,068 | |||||||||
Purchased credit-impaired loans | [1] | 0 | 0 | |||||||||
Ending balance | [1] | 487,150 | 500,441 | |||||||||
Consumer [Member] | ||||||||||||
Allowance for loan losses by segment [Roll Forward] | ||||||||||||
Beginning Balance | [2] | 1,354 | 1,644 | 1,644 | ||||||||
Charges-offs | [2] | (321) | (769) | |||||||||
Recoveries | [2] | 208 | 262 | |||||||||
Provision for loan losses | [2] | 290 | 217 | |||||||||
Ending balance | [2] | 1,531 | 1,531 | 1,354 | ||||||||
Individually evaluated for impairment | [2] | 0 | 0 | |||||||||
Collectively evaluated for impairment | [2] | 1,531 | 1,354 | |||||||||
Purchased credit-impaired loans | [2] | 0 | 0 | |||||||||
Ending balance | [2] | 1,531 | 1,354 | 1,644 | 1,354 | 1,531 | 1,354 | |||||
Loan Balances [Abstract] | ||||||||||||
Individually evaluated for impairment | [2] | 0 | 0 | |||||||||
Collectively evaluated for impairment | [2] | 151,577 | 169,138 | |||||||||
Purchased credit-impaired loans | [2] | 0 | 0 | |||||||||
Ending balance | [2] | 151,577 | 169,138 | |||||||||
Other [Member] | ||||||||||||
Allowance for loan losses by segment [Roll Forward] | ||||||||||||
Beginning Balance | 305 | 157 | 157 | |||||||||
Charges-offs | (243) | (367) | ||||||||||
Recoveries | 38 | 84 | ||||||||||
Provision for loan losses | 316 | 431 | ||||||||||
Ending balance | 416 | 416 | 305 | |||||||||
Individually evaluated for impairment | 0 | 0 | ||||||||||
Collectively evaluated for impairment | 416 | 305 | ||||||||||
Purchased credit-impaired loans | 0 | 0 | ||||||||||
Ending balance | $ 416 | $ 305 | $ 157 | $ 305 | 416 | 305 | ||||||
Loan Balances [Abstract] | ||||||||||||
Individually evaluated for impairment | 0 | 0 | ||||||||||
Collectively evaluated for impairment | 9,145 | 8,649 | ||||||||||
Purchased credit-impaired loans | 0 | 0 | ||||||||||
Ending balance | $ 9,145 | $ 8,649 | ||||||||||
|
Leases, Adoption ASU No. 2016-02 (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Assets and Liabilities, Lessee [Abstract] | ||
Right-of-use asset | $ 590 | |
Operating Lease, Liability | $ 593 | |
ASU 2016-02 [Member] | ||
Assets and Liabilities, Lessee [Abstract] | ||
Right-of-use asset | $ 751 | |
Operating Lease, Liability | $ 751 |
Leases, Long-term Lease Agreements Calssified as Operating Leases (Details) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
|
|
Information about Leases [Abstract] | ||
Lease liabilities | $ 593 | $ 593 |
Right of use assets | $ 590 | $ 590 |
Weighted average remaining lease term | 2 years 5 months 16 days | 2 years 5 months 16 days |
Weighted average discount rate | 2.77% | 2.77% |
Lease Cost [Abstract] | ||
Operating lease cost | $ 86 | $ 171 |
Total lease cost | 86 | 171 |
Cash paid for amounts included in the measurement of lease liabilities | 85 | 169 |
Lease payments due [Abstract] | ||
Six months ending December 31, 2019 | 162 | 162 |
Twelve months ending December 31, 2020 | 256 | 256 |
Twelve months ending December 31, 2021 | 111 | 111 |
Twelve months ending December 31, 2022 | 83 | 83 |
Total undiscounted cash flows | 612 | 612 |
Discount | (19) | (19) |
Lease liabilities | $ 593 | $ 593 |
Low-Income Housing Tax Credits (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2019
USD ($)
Fund
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
Fund
|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
Fund
|
|||
Low-Income Housing Tax Credits [Abstract] | |||||||
Number of housing equity funds | Fund | 4 | 4 | 4 | ||||
Low-income housing investment | $ 3,100 | $ 3,100 | $ 3,200 | ||||
Expected affordable housing tax credits | 441 | ||||||
Additional committed capital calls expected | 50 | 50 | $ 248 | ||||
Tax credits and other tax benefits [Abstract] | |||||||
Amortization of operating losses | 45 | $ 80 | 125 | $ 160 | |||
Tax benefit of operating losses | [1] | 9 | 17 | 26 | 34 | ||
Tax credits | 105 | 124 | 229 | 247 | |||
Total tax benefits | $ 114 | $ 141 | $ 255 | $ 281 | |||
Effective income tax rate | 21.00% | ||||||
|
Borrowings (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Borrowings and FHLB Advances [Abstract] | ||
Available federal funds lines | $ 55,000 | $ 55,000 |
Available credit with FHLB | 256,300 | 245,900 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
Overnight repurchase agreements | 18,011 | 25,775 |
Federal Home Loan Bank advances | 3,000 | 13,000 |
Total short-term borrowings | 21,011 | 38,775 |
Maximum month-end outstanding balance | 38,138 | 99,898 |
Average outstanding balance during the period | $ 35,721 | $ 62,887 |
Average interest rate (year-to-date) | 0.98% | 1.11% |
Average interest rate at end of period | 0.47% | 0.93% |
FHLB advances outstanding | $ 47,000 | $ 47,000 |
Minimum [Member] | ||
Borrowings and FHLB Advances [Abstract] | ||
Overnight repurchase agreements maturity period | 1 day | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
FHLB interest rate | 1.90% | |
Maximum [Member] | ||
Borrowings and FHLB Advances [Abstract] | ||
Overnight repurchase agreements maturity period | 4 days | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
FHLB interest rate | 2.92% | |
Advance One [Member] | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
FHLB advance maturity date | Nov. 15, 2019 | |
Advance Two [Member] | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
FHLB advance maturity date | Aug. 27, 2021 | |
Citizens Acquisition [Member] | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
Loan maturity date | Apr. 01, 2023 | |
Loans outstanding | $ 2,300 | |
Interest rate | 4.94% |
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Fair Value, Off-balance Sheet Risks [Abstract] | ||
Commitments to extend credit | $ 150,695 | $ 147,237 |
Home Equity Lines of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks [Abstract] | ||
Commitments to extend credit | 61,927 | 61,014 |
Commercial Real Estate, Construction and Development Loans Committed but not Funded [Member] | ||
Fair Value, Off-balance Sheet Risks [Abstract] | ||
Commitments to extend credit | 16,436 | 12,165 |
Other Lines of Credit (Principally Commercial) [Member] | ||
Fair Value, Off-balance Sheet Risks [Abstract] | ||
Commitments to extend credit | 72,332 | 74,058 |
Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks [Abstract] | ||
Commitments to extend credit | $ 8,212 | $ 8,230 |
Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Weighted Average Grant Date Fair Value [Abstract] | |||||
Stock-based compensation expense | $ 89 | $ 45 | $ 139 | $ 53 | |
Restricted Stock [Member] | |||||
Shares [Roll Forward] | |||||
Nonvested balance at beginning of period (in shares) | 13,689 | ||||
Issued (in shares) | 16,661 | ||||
Vested (in shares) | (5,839) | ||||
Forfeited (in shares) | 0 | ||||
Nonvested balance at end of period (in shares) | 24,511 | 24,511 | 13,689 | ||
Weighted Average Grant Date Fair Value [Abstract] | |||||
Non-vested balance at beginning of period (in dollars per share) | $ 27.51 | ||||
Issued (in dollars per share) | 21.68 | ||||
Vested (in dollars per share) | 26.82 | ||||
Forfeited (in dollars per share) | 0 | ||||
Non-vested balance at end of period (in dollars per share) | $ 23.71 | $ 23.71 | $ 27.51 | ||
Weighted-average remaining vesting period for recognition | 1 year 5 months 26 days | ||||
Fair value of restricted stock granted | $ 361 | ||||
Unrecognized stock-based compensation expense | $ 662 | $ 662 | |||
2016 Stock Incentive Plan [Member] | |||||
Stock option plan activity [Abstract] | |||||
Shares available for grant (in shares) | 300,000 | 300,000 | |||
ESPP [Member] | |||||
Weighted Average Grant Date Fair Value [Abstract] | |||||
Discount from market price at date of purchase | 5.00% | 5.00% | |||
Total stock purchases under the plan (in shares) | 1,900 | ||||
Shares reserved for issuance (in shares) | 240,036 | 240,036 | |||
ESPP [Member] | Minimum [Member] | |||||
Weighted Average Grant Date Fair Value [Abstract] | |||||
Discount from market price at date of purchase | 0.00% | ||||
ESPP [Member] | Maximum [Member] | |||||
Weighted Average Grant Date Fair Value [Abstract] | |||||
Discount from market price at date of purchase | 15.00% |
Stockholders' Equity and Earnings per Share, Amounts Reclassified Out of Accumulated Other Comprehensive Loss (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 securities [Abstract] | ||||
Realized gains on sales of securities | $ 0 | $ 40 | $ 26 | $ 120 |
Tax effect | 0 | 8 | 5 | 25 |
Total | $ 0 | $ 32 | $ 21 | $ 95 |
Stockholders' Equity and Earnings per Share, Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2017 |
|
Stockholders Equity Note [Abstract] | |||||
Beginning Balance | $ 105,019 | $ 94,998 | $ 102,006 | $ 96,388 | |
Ending Balance | 107,425 | 99,293 | 107,425 | 99,293 | |
Other comprehensive income, pretax [Abstract] | |||||
Unrealized holding gains (losses) arising during the period, pretax | 1,639 | (152) | 3,615 | (2,368) | |
Reclassification adjustment for gains recognized in income, pretax | 0 | (40) | (26) | (120) | |
Total change in accumulated other comprehensive income (loss), net, pretax | 1,639 | (192) | 3,589 | (2,488) | |
Other Comprehensive Income, Tax Effect [Abstract] | |||||
Unrealized holding gains (losses) arising during the period, tax effect | 344 | (32) | 759 | (497) | |
Reclassification adjustment for gains recognized in income, tax effect | 0 | (8) | (5) | (25) | |
Total change in accumulated other comprehensive income (loss), net, tax effect | 344 | (40) | 754 | (522) | |
Other Comprehensive Income, Net of Tax [Abstract] | |||||
Unrealized holding gains (losses) arising during the period, net of tax | 1,295 | (120) | 2,856 | (1,871) | |
Reclassification adjustment for gains recognized in income, net of tax | 0 | (32) | (21) | (95) | |
Other comprehensive income (loss), net of tax | 1,295 | (152) | 2,835 | (1,966) | |
ASU 2018-02 [Member] | |||||
Stockholders Equity Note [Abstract] | |||||
Reclassification of the income tax effects of the Tax Cuts and Jobs Act from AOCI | 0 | ||||
ASU 2016-01 [Member] | |||||
Stockholders Equity Note [Abstract] | |||||
Reclassification of net unrealized gains on equity securities from AOCI | $ 0 | ||||
Unrealized Gains (Losses) on Available-for-Sale Securities [Member] | |||||
Stockholders Equity Note [Abstract] | |||||
Beginning Balance | (616) | (2,737) | (2,156) | (707) | |
Net other comprehensive income (loss) | 1,295 | (152) | 2,835 | (1,966) | |
Ending Balance | 679 | (2,889) | 679 | (2,889) | |
Unrealized Gains (Losses) on Available-for-Sale Securities [Member] | ASU 2018-02 [Member] | |||||
Stockholders Equity Note [Abstract] | |||||
Reclassification of the income tax effects of the Tax Cuts and Jobs Act from AOCI | (139) | ||||
Unrealized Gains (Losses) on Available-for-Sale Securities [Member] | ASU 2016-01 [Member] | |||||
Stockholders Equity Note [Abstract] | |||||
Reclassification of net unrealized gains on equity securities from AOCI | (77) | ||||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Stockholders Equity Note [Abstract] | |||||
Beginning Balance | (616) | (2,737) | (2,156) | (707) | |
Net other comprehensive income (loss) | 1,295 | (152) | 2,835 | (1,966) | |
Ending Balance | 679 | (2,889) | 679 | (2,889) | |
Other Comprehensive Income, Net of Tax [Abstract] | |||||
Other comprehensive income (loss), net of tax | $ 1,295 | $ (152) | $ 2,835 | (1,966) | |
Accumulated Other Comprehensive Income (Loss) [Member] | ASU 2018-02 [Member] | |||||
Stockholders Equity Note [Abstract] | |||||
Reclassification of the income tax effects of the Tax Cuts and Jobs Act from AOCI | $ (139) | ||||
Accumulated Other Comprehensive Income (Loss) [Member] | ASU 2016-01 [Member] | |||||
Stockholders Equity Note [Abstract] | |||||
Reclassification of net unrealized gains on equity securities from AOCI | $ (77) |
Stockholders' Equity and Earnings per Share, OCI by Component, Anti-Dilutive Securities (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Computation of earnings per share [Abstract] | ||||
Net Income (loss) Available to Common Stockholders, Basic | $ 1,626 | $ 992 | $ 3,653 | $ 1,934 |
Net Income Available to Common Stockholders, Diluted | $ 1,626 | $ 992 | $ 3,653 | $ 1,934 |
Weighted Average Common Shares, Basic (in shares) | 5,202,166 | 5,177,233 | 5,194,529 | 5,099,008 |
Potentially dilutive common shares - employee stock purchase program (in shares) | 0 | 0 | 0 | 0 |
Weighted Average Common Shares, Diluted (in shares) | 5,202,196 | 5,177,233 | 5,194,594 | 5,099,124 |
Earnings Per Share, Basic (in dollars per share) | $ 0.31 | $ 0.19 | $ 0.70 | $ 0.38 |
Earnings Per Share, Diluted (in dollars per share) | $ 0.31 | $ 0.19 | $ 0.70 | $ 0.38 |
Stock Options [Member] | ||||
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 |
Fair Value Measurements, Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | $ 145,453 | $ 148,247 |
Loans, net of allowances for loan losses | 750,421 | 763,898 |
Loans held for sale | 754 | 479 |
US Treasury Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 12,480 | 12,328 |
Obligations of U.S. Government Agencies [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 11,572 | 10,714 |
Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 42,132 | 48,837 |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 72,173 | 71,191 |
Money Market Investments [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 3,484 | 1,897 |
Recurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 145,453 | 148,247 |
Recurring [Member] | US Treasury Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 12,480 | 12,328 |
Recurring [Member] | Obligations of U.S. Government Agencies [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 11,572 | 10,714 |
Recurring [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 42,132 | 48,837 |
Recurring [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 72,173 | 71,191 |
Recurring [Member] | Money Market Investments [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 3,484 | 1,897 |
Recurring [Member] | Corporate Bonds and Other Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 3,612 | 3,280 |
Nonrecurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 1,894 | 491 |
Loans held for sale | 754 | 479 |
Other real estate owned | 83 | |
Nonrecurring [Member] | Construction [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Other real estate owned | 83 | |
Nonrecurring [Member] | Mortgage Loans on Real Estate [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 1,891 | 491 |
Nonrecurring [Member] | Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 45 | 188 |
Nonrecurring [Member] | Mortgage Loans on Real Estate [Member] | Commercial Real Estate [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 1,772 | |
Nonrecurring [Member] | Mortgage Loans on Real Estate [Member] | Construction [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 74 | 74 |
Nonrecurring [Member] | Mortgage Loans on Real Estate [Member] | Equity Lines of Credit [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 229 | |
Nonrecurring [Member] | Commercial Loans [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 3 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | 0 |
Loans held for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | US Treasury Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | Obligations of U.S. Government Agencies [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | Money Market Investments [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring [Member] | Corporate Bonds and Other Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | 0 |
Loans held for sale | 0 | 0 |
Other real estate owned | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | Construction [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Other real estate owned | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | Mortgage Loans on Real Estate [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | Mortgage Loans on Real Estate [Member] | Commercial Real Estate [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | Mortgage Loans on Real Estate [Member] | Construction [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | Mortgage Loans on Real Estate [Member] | Equity Lines of Credit [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Nonrecurring [Member] | Commercial Loans [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | 0 |
Loans held for sale | 754 | 479 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 145,453 | 148,247 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | US Treasury Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 12,480 | 12,328 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | Obligations of U.S. Government Agencies [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 11,572 | 10,714 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 42,132 | 48,837 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 72,173 | 71,191 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | Money Market Investments [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 3,484 | 1,897 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring [Member] | Corporate Bonds and Other Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 3,612 | 3,280 |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | 0 |
Loans held for sale | 754 | 479 |
Other real estate owned | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | Construction [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Other real estate owned | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | Mortgage Loans on Real Estate [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | Mortgage Loans on Real Estate [Member] | Commercial Real Estate [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | Mortgage Loans on Real Estate [Member] | Construction [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | Mortgage Loans on Real Estate [Member] | Equity Lines of Credit [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Nonrecurring [Member] | Commercial Loans [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 741,154 | 749,848 |
Loans held for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | US Treasury Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | Obligations of U.S. Government Agencies [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | Money Market Investments [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | Corporate Bonds and Other Securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Debt securities, available-for-sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 1,894 | 491 |
Loans held for sale | 0 | 0 |
Other real estate owned | 83 | |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | Construction [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Other real estate owned | 83 | |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | Mortgage Loans on Real Estate [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 1,891 | 491 |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 45 | 188 |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | Mortgage Loans on Real Estate [Member] | Commercial Real Estate [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 1,772 | |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | Mortgage Loans on Real Estate [Member] | Construction [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | 74 | 74 |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | Mortgage Loans on Real Estate [Member] | Equity Lines of Credit [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | $ 229 | |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring [Member] | Commercial Loans [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Alternative [Abstract] | ||
Loans, net of allowances for loan losses | $ 3 |
Fair Value Measurements, Quantitative Information (Details) - Market Comparables [Member] $ in Thousands |
Jun. 30, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
---|---|---|
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Fair Value | $ 45 | $ 188 |
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | Selling Costs [Member] | Weighted Average [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Fair value measurement | 0.0725 | 0.0725 |
Mortgage Loans on Real Estate [Member] | Residential 1-4 Family [Member] | Liquidation Discount [Member] | Weighted Average [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Fair value measurement | 0.0400 | 0.0400 |
Mortgage Loans on Real Estate [Member] | Commercial Real Estate [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Fair Value | $ 1,772 | |
Mortgage Loans on Real Estate [Member] | Commercial Real Estate [Member] | Selling Costs [Member] | Weighted Average [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Fair value measurement | 0.0600 | |
Mortgage Loans on Real Estate [Member] | Commercial Real Estate [Member] | Liquidation Discount [Member] | Weighted Average [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Fair value measurement | 0.3500 | |
Mortgage Loans on Real Estate [Member] | Construction [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Fair Value | $ 74 | $ 74 |
Mortgage Loans on Real Estate [Member] | Construction [Member] | Selling Costs [Member] | Weighted Average [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Fair value measurement | 0.0725 | 0.0725 |
Mortgage Loans on Real Estate [Member] | Construction [Member] | Liquidation Discount [Member] | Weighted Average [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Fair value measurement | 0.0400 | 0.0400 |
Mortgage Loans on Real Estate [Member] | Equity Lines of Credit [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Fair Value | $ 229 | |
Mortgage Loans on Real Estate [Member] | Equity Lines of Credit [Member] | Selling Costs [Member] | Weighted Average [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Fair value measurement | 0.0725 | |
Mortgage Loans on Real Estate [Member] | Equity Lines of Credit [Member] | Liquidation Discount [Member] | Weighted Average [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Fair value measurement | 0.0400 | |
Commercial Loans [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Fair Value | $ 3 | |
Commercial Loans [Member] | Residential 1-4 Family [Member] | Selling Costs [Member] | Minimum [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Fair value measurement | 0.0000 | |
Commercial Loans [Member] | Residential 1-4 Family [Member] | Selling Costs [Member] | Maximum [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Fair value measurement | 0.0725 | |
Commercial Loans [Member] | Residential 1-4 Family [Member] | Selling Costs [Member] | Weighted Average [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Fair value measurement | 0.0604 | |
Commercial Loans [Member] | Residential 1-4 Family [Member] | Liquidation Discount [Member] | Minimum [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Fair value measurement | 0.0000 | |
Commercial Loans [Member] | Residential 1-4 Family [Member] | Liquidation Discount [Member] | Maximum [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Fair value measurement | 0.0400 | |
Commercial Loans [Member] | Residential 1-4 Family [Member] | Liquidation Discount [Member] | Weighted Average [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Fair value measurement | 0.0333 | |
Other Real Estate [Member] | Construction [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Fair Value | $ 83 | |
Other Real Estate [Member] | Construction [Member] | Selling Costs [Member] | Weighted Average [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Fair value measurement | 0.0725 | |
Other Real Estate [Member] | Construction [Member] | Liquidation Discount [Member] | Weighted Average [Member] | ||
Investments, Fair Value Disclosure [Abstract] | ||
Fair value measurement | 0.0000 |
Fair Value Measurements, Estimated Fair Values and Related Carrying or Notional Amounts (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Assets [Abstract] | ||
Cash and cash equivalents | $ 50,602 | $ 42,217 |
Securities available-for-sale | 145,453 | 148,247 |
Restricted securities | 3,479 | 3,853 |
Loans held for sale | 754 | 479 |
Loans, net of allowances for loan losses | 750,421 | 763,898 |
Bank owned life insurance | 27,153 | 26,763 |
Accrued interest receivable | 3,223 | 3,095 |
Liabilities [Abstract] | ||
Deposits | 847,784 | 843,144 |
Overnight repurchase agreements | 18,011 | 25,775 |
Federal Home Loan Bank advances | 50,000 | 60,000 |
Other borrowings | 2,250 | 2,550 |
Accrued interest payable | 651 | 594 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets [Abstract] | ||
Cash and cash equivalents | 50,602 | 42,217 |
Securities available-for-sale | 0 | 0 |
Restricted securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net of allowances for loan losses | 0 | 0 |
Bank owned life insurance | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Liabilities [Abstract] | ||
Deposits | 0 | 0 |
Overnight repurchase agreements | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Other borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 145,453 | 148,247 |
Restricted securities | 3,479 | 3,853 |
Loans held for sale | 754 | 479 |
Loans, net of allowances for loan losses | 0 | 0 |
Bank owned life insurance | 27,153 | 26,763 |
Accrued interest receivable | 3,223 | 3,095 |
Liabilities [Abstract] | ||
Deposits | 851,342 | 843,818 |
Overnight repurchase agreements | 18,011 | 25,775 |
Federal Home Loan Bank advances | 50,347 | 59,975 |
Other borrowings | 2,250 | 2,550 |
Accrued interest payable | 651 | 594 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 0 | 0 |
Restricted securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net of allowances for loan losses | 741,154 | 749,848 |
Bank owned life insurance | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Liabilities [Abstract] | ||
Deposits | 0 | 0 |
Overnight repurchase agreements | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Other borrowings | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
Segment Reporting (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
Segment
|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
|
|
Segment Reporting [Abstract] | |||||
Number of principal business segments | Segment | 3 | ||||
Revenues [Abstract] | |||||
Interest and dividend income | $ 10,133 | $ 9,594 | $ 20,009 | $ 18,393 | |
Total operating income | 13,706 | 13,018 | 26,998 | 24,959 | |
Expenses [Abstract] | |||||
Interest expense | 1,602 | 1,168 | 3,119 | 2,222 | |
Provision for loan losses | 787 | 575 | 1,013 | 1,100 | $ 2,861 |
Salaries and employee benefits | 5,927 | 5,935 | 11,626 | 11,412 | |
Other expenses | 3,581 | 4,283 | 7,173 | 8,222 | |
Total operating expenses | 11,897 | 11,961 | 22,931 | 22,956 | |
Income before income taxes | 1,809 | 1,057 | 4,067 | 2,003 | |
Income tax expense (benefit) | 183 | 65 | 414 | 69 | |
Net income | 1,626 | 992 | 3,653 | 1,934 | |
Capital expenditures | 181 | 128 | 679 | 317 | |
Total assets | 1,029,404 | 1,032,130 | 1,029,404 | 1,032,130 | $ 1,038,183 |
Income from Fiduciary Activities [Member] | |||||
Revenues [Abstract] | |||||
Noninterest revenue | 929 | 916 | 1,888 | 1,899 | |
Other Income [Member] | |||||
Revenues [Abstract] | |||||
Noninterest revenue | 2,644 | 2,508 | 5,101 | 4,667 | |
Operating Segments [Member] | Bank [Member] | |||||
Revenues [Abstract] | |||||
Interest and dividend income | 10,101 | 9,570 | 19,947 | 18,348 | |
Total operating income | 12,454 | 11,802 | 24,488 | 22,494 | |
Expenses [Abstract] | |||||
Interest expense | 1,571 | 1,135 | 3,057 | 2,189 | |
Provision for loan losses | 787 | 575 | 1,013 | 1,100 | |
Salaries and employee benefits | 5,055 | 5,077 | 9,873 | 9,702 | |
Other expenses | 3,259 | 3,559 | 6,607 | 6,985 | |
Total operating expenses | 10,672 | 10,346 | 20,550 | 19,976 | |
Income before income taxes | 1,782 | 1,456 | 3,938 | 2,518 | |
Income tax expense (benefit) | 176 | 76 | 385 | 51 | |
Net income | 1,606 | 1,380 | 3,553 | 2,467 | |
Capital expenditures | 157 | 127 | 655 | 316 | |
Total assets | 1,023,404 | 1,026,571 | 1,023,404 | 1,026,571 | |
Operating Segments [Member] | Bank [Member] | Income from Fiduciary Activities [Member] | |||||
Revenues [Abstract] | |||||
Noninterest revenue | 0 | 0 | 0 | 0 | |
Operating Segments [Member] | Bank [Member] | Other Income [Member] | |||||
Revenues [Abstract] | |||||
Noninterest revenue | 2,353 | 2,232 | 4,541 | 4,146 | |
Operating Segments [Member] | Trust [Member] | |||||
Revenues [Abstract] | |||||
Interest and dividend income | 32 | 22 | 62 | 43 | |
Total operating income | 1,268 | 1,199 | 2,541 | 2,463 | |
Expenses [Abstract] | |||||
Interest expense | 0 | 0 | 0 | 0 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Salaries and employee benefits | 756 | 749 | 1,523 | 1,494 | |
Other expenses | 258 | 271 | 507 | 535 | |
Total operating expenses | 1,014 | 1,020 | 2,030 | 2,029 | |
Income before income taxes | 254 | 179 | 511 | 434 | |
Income tax expense (benefit) | 54 | 38 | 109 | 92 | |
Net income | 200 | 141 | 402 | 342 | |
Capital expenditures | 24 | 1 | 24 | 1 | |
Total assets | 6,498 | 6,110 | 6,498 | 6,110 | |
Operating Segments [Member] | Trust [Member] | Income from Fiduciary Activities [Member] | |||||
Revenues [Abstract] | |||||
Noninterest revenue | 929 | 916 | 1,888 | 1,899 | |
Operating Segments [Member] | Trust [Member] | Other Income [Member] | |||||
Revenues [Abstract] | |||||
Noninterest revenue | 307 | 261 | 591 | 521 | |
Operating Segments [Member] | Unconsolidated Parent [Member] | |||||
Revenues [Abstract] | |||||
Interest and dividend income | 1,805 | 1,524 | 3,955 | 2,812 | |
Total operating income | 1,855 | 1,604 | 4,055 | 2,942 | |
Expenses [Abstract] | |||||
Interest expense | 31 | 33 | 62 | 33 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Salaries and employee benefits | 116 | 109 | 230 | 216 | |
Other expenses | 130 | 519 | 190 | 833 | |
Total operating expenses | 277 | 661 | 482 | 1,082 | |
Income before income taxes | 1,578 | 943 | 3,573 | 1,860 | |
Income tax expense (benefit) | (47) | (49) | (80) | (74) | |
Net income | 1,625 | 992 | 3,653 | 1,934 | |
Capital expenditures | 0 | 0 | 0 | 0 | |
Total assets | 109,698 | 102,239 | 109,698 | 102,239 | |
Operating Segments [Member] | Unconsolidated Parent [Member] | Income from Fiduciary Activities [Member] | |||||
Revenues [Abstract] | |||||
Noninterest revenue | 0 | 0 | 0 | 0 | |
Operating Segments [Member] | Unconsolidated Parent [Member] | Other Income [Member] | |||||
Revenues [Abstract] | |||||
Noninterest revenue | 50 | 80 | 100 | 130 | |
Eliminations [Member] | |||||
Revenues [Abstract] | |||||
Interest and dividend income | (1,805) | (1,522) | (3,955) | (2,810) | |
Total operating income | (1,871) | (1,587) | (4,086) | (2,940) | |
Expenses [Abstract] | |||||
Interest expense | 0 | 0 | 0 | 0 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Salaries and employee benefits | 0 | 0 | 0 | 0 | |
Other expenses | (66) | (66) | (131) | (131) | |
Total operating expenses | (66) | (66) | (131) | (131) | |
Income before income taxes | (1,805) | (1,521) | (3,955) | (2,809) | |
Income tax expense (benefit) | 0 | 0 | 0 | 0 | |
Net income | (1,805) | (1,521) | (3,955) | (2,809) | |
Capital expenditures | 0 | 0 | 0 | 0 | |
Total assets | (110,196) | (102,790) | (110,196) | (102,790) | |
Eliminations [Member] | Income from Fiduciary Activities [Member] | |||||
Revenues [Abstract] | |||||
Noninterest revenue | 0 | 0 | 0 | 0 | |
Eliminations [Member] | Other Income [Member] | |||||
Revenues [Abstract] | |||||
Noninterest revenue | $ (66) | $ (65) | $ (131) | $ (130) |
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