Virginia
|
54-1288193
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
10 Courthouse Square, Warrenton, Virginia
|
20186
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
|
Non-accelerated filer o (Do not check if a smaller reporting company)
|
Smaller reporting company ☒
|
|
Emerging growth company ☐
|
Part I. FINANCIAL INFORMATION
|
||
Page
|
||
Item 1.
|
Financial Statements
|
2
|
Consolidated Balance Sheets as of September 30, 2017 (unaudited) and December 31, 2016
|
2
|
|
Consolidated Statements of Income (unaudited) for the Three Months Ended September 30, 2017 and 2016
|
3
|
|
Consolidated Statements of Income (unaudited) for the Nine Months Ended September 30, 2017 and 2016
|
4
|
|
Consolidated Statements of Comprehensive Income (unaudited) for the Three and Nine Months Ended September 30, 2017 and 2016
|
5
|
|
Consolidated Statements of Changes in Shareholders' Equity (unaudited) for the Nine Months Ended September 30, 2017 and 2016
|
6
|
|
Consolidated Statements of Cash Flows (unaudited) for the Nine Months Ended September 30, 2017 and 2016
|
7
|
|
Notes to Consolidated Financial Statements
|
8
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
27
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
43
|
Item 4.
|
Controls and Procedures
|
43
|
Part II. OTHER INFORMATION
|
||
Item 1.
|
Legal Proceedings
|
44
|
Item 1A.
|
Risk Factors
|
44
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
44
|
Item 3.
|
Defaults Upon Senior Securities
|
44
|
Item 4.
|
Mine Safety Disclosures
|
44
|
Item 5.
|
Other Information
|
44
|
Item 6.
|
Exhibits
|
45
|
SIGNATURES
|
46
|
|
|
September 30,
|
December 31,
|
||||||
|
2017
|
2016
|
||||||
(In thousands, except share and per share data)
|
(Unaudited)
|
|||||||
Assets
|
||||||||
Cash and due from banks
|
$
|
4,773
|
$
|
5,509
|
||||
Interest-bearing deposits in other banks
|
27,106
|
62,327
|
||||||
Federal funds sold
|
10
|
10
|
||||||
Securities available for sale, at fair value
|
67,136
|
49,973
|
||||||
Restricted investments
|
1,546
|
1,782
|
||||||
Mortgage loans held for sale
|
440
|
-
|
||||||
Loans
|
489,754
|
463,133
|
||||||
Allowance for loan losses
|
(4,428
|
)
|
(4,525
|
)
|
||||
Net loans
|
485,326
|
458,608
|
||||||
Bank premises and equipment, net
|
18,688
|
19,299
|
||||||
Accrued interest receivable
|
1,873
|
1,550
|
||||||
Other real estate owned, net of allowance
|
1,356
|
1,356
|
||||||
Bank-owned life insurance
|
13,143
|
12,873
|
||||||
Other assets
|
10,320
|
11,158
|
||||||
Total assets
|
$
|
631,717
|
$
|
624,445
|
||||
|
||||||||
Liabilities
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing
|
$
|
115,682
|
$
|
110,121
|
||||
Interest-bearing:
|
||||||||
Checking
|
232,323
|
238,698
|
||||||
Savings and money market accounts
|
138,026
|
131,008
|
||||||
Time deposits
|
70,178
|
66,330
|
||||||
Total interest-bearing
|
440,527
|
436,036
|
||||||
Total deposits
|
556,209
|
546,157
|
||||||
|
||||||||
Federal Home Loan Bank advances
|
7,880
|
12,936
|
||||||
Junior subordinated debt
|
4,124
|
4,124
|
||||||
Other liabilities
|
6,319
|
6,777
|
||||||
Total liabilities
|
574,532
|
569,994
|
||||||
|
||||||||
Shareholders' Equity
|
||||||||
Common stock, par value, $3.13; authorized 8,000,000 shares; issued and outstanding: 2017: 3,762,677 shares including 18,062 non-vested shares; 2016: 3,753,919 shares including 18,045 non-vested shares
|
11,720
|
11,693
|
||||||
Retained earnings
|
45,287
|
43,495
|
||||||
Accumulated other comprehensive income (loss), net
|
178
|
(737
|
)
|
|||||
Total shareholders' equity
|
57,185
|
54,451
|
||||||
Total liabilities and shareholders' equity
|
$
|
631,717
|
$
|
624,445
|
(In thousands, except per share data)
|
2017
|
2016
|
||||||
Interest Income
|
||||||||
Interest and fees on loans
|
$
|
5,455
|
$
|
5,020
|
||||
Interest and dividends on securities available for sale:
|
||||||||
Taxable interest income
|
308
|
225
|
||||||
Interest income exempt from federal income taxes
|
95
|
53
|
||||||
Dividends
|
21
|
30
|
||||||
Interest on deposits in other banks
|
122
|
95
|
||||||
Total interest income
|
6,001
|
5,423
|
||||||
Interest Expense
|
||||||||
Interest on deposits
|
413
|
326
|
||||||
Interest on Federal Home Loan Bank advances
|
52
|
81
|
||||||
Junior subordinated debt
|
50
|
51
|
||||||
Total interest expense
|
515
|
458
|
||||||
Net interest income
|
5,486
|
4,965
|
||||||
Provision for loan losses
|
110
|
425
|
||||||
Net interest income after provision for loan losses
|
5,376
|
4,540
|
||||||
Noninterest Income
|
||||||||
Trust and estate
|
379
|
352
|
||||||
Brokerage fees
|
38
|
30
|
||||||
Service charges on deposit accounts
|
467
|
533
|
||||||
Other service charges, commissions and other income
|
406
|
376
|
||||||
Total noninterest income
|
1,290
|
1,291
|
||||||
Noninterest Expenses
|
||||||||
Salaries and benefits
|
2,683
|
2,622
|
||||||
Occupancy
|
568
|
560
|
||||||
Furniture and equipment
|
252
|
274
|
||||||
Marketing
|
142
|
119
|
||||||
Legal, audit and consulting
|
263
|
299
|
||||||
Data processing
|
298
|
301
|
||||||
Federal Deposit Insurance Corporation
|
84
|
129
|
||||||
Other real estate owned, net
|
-
|
5
|
||||||
Other operating expenses
|
708
|
708
|
||||||
Total noninterest expenses
|
4,998
|
5,017
|
||||||
Income before income taxes
|
1,668
|
814
|
||||||
Income tax expense
|
387
|
116
|
||||||
Net Income
|
$
|
1,281
|
$
|
698
|
||||
Earnings per Share, basic
|
$
|
0.34
|
$
|
0.19
|
||||
Earnings per Share, assuming dilution
|
$
|
0.34
|
$
|
0.19
|
||||
Dividends per Share
|
$
|
0.12
|
$
|
0.12
|
(In thousands, except per share data)
|
2017
|
2016
|
||||||
Interest Income
|
||||||||
Interest and fees on loans
|
$
|
15,534
|
$
|
14,813
|
||||
Interest and dividends on securities available for sale:
|
||||||||
Taxable interest income
|
855
|
721
|
||||||
Interest income exempt from federal income taxes
|
248
|
158
|
||||||
Dividends
|
72
|
78
|
||||||
Interest on deposits in other banks
|
420
|
235
|
||||||
Total interest income
|
17,129
|
16,005
|
||||||
Interest Expense
|
||||||||
Interest on deposits
|
1,146
|
961
|
||||||
Interest on Federal Home Loan Bank advances
|
198
|
243
|
||||||
Junior subordinated debt
|
149
|
150
|
||||||
Total interest expense
|
1,493
|
1,354
|
||||||
Net interest income
|
15,636
|
14,651
|
||||||
Provision for (recovery of) loan losses
|
395
|
(508
|
)
|
|||||
Net interest income after provision for (recovery of) loan losses
|
15,241
|
15,159
|
||||||
Noninterest Income
|
||||||||
Trust and estate
|
1,151
|
1,052
|
||||||
Brokerage fees
|
129
|
141
|
||||||
Service charges on deposit accounts
|
1,452
|
1,583
|
||||||
Other service charges, commissions and other income
|
1,363
|
1,238
|
||||||
Total noninterest income
|
4,095
|
4,014
|
||||||
Noninterest Expenses
|
||||||||
Salaries and benefits
|
8,271
|
7,879
|
||||||
Occupancy
|
1,750
|
1,752
|
||||||
Furniture and equipment
|
898
|
973
|
||||||
Marketing
|
378
|
408
|
||||||
Legal, audit and consulting
|
809
|
898
|
||||||
Data processing
|
942
|
928
|
||||||
Federal Deposit Insurance Corporation
|
225
|
424
|
||||||
Other real estate owned, net
|
8
|
16
|
||||||
Other operating expenses
|
2,282
|
2,290
|
||||||
Total noninterest expenses
|
15,563
|
15,568
|
||||||
Income before income taxes
|
3,773
|
3,605
|
||||||
Income tax expense
|
734
|
739
|
||||||
Net Income
|
$
|
3,039
|
$
|
2,866
|
||||
Earnings per Share, basic
|
$
|
0.81
|
$
|
0.76
|
||||
Earnings per Share, assuming dilution
|
$
|
0.81
|
$
|
0.76
|
||||
Dividends per Share
|
$
|
0.36
|
$
|
0.36
|
(In thousands)
|
2017
|
2016
|
||||||
Net Income
|
$
|
1,281
|
$
|
698
|
||||
Other comprehensive income, net of tax:
|
||||||||
Interest rate swap, net of tax effect of $(2) in 2017 and $(8) in 2016
|
4
|
15
|
||||||
Change in fair value of securities available for sale, net of tax effect of $(54) in 2017 and $(32) in 2016
|
104
|
63
|
||||||
Total other comprehensive income, net of tax effect of $(56) in 2017 and $(40) in 2016
|
108
|
78
|
||||||
Comprehensive Income
|
$
|
1,389
|
$
|
776
|
(In thousands)
|
2017
|
2016
|
||||||
Net Income
|
$
|
3,039
|
$
|
2,866
|
||||
Other comprehensive income (loss), net of tax:
|
||||||||
Interest rate swap, net of tax effect of $2 in 2017 and $45 in 2016
|
(4
|
)
|
(87
|
)
|
||||
Change in fair value of securities available for sale, net of tax effect of $(476) in 2017 and $(20) in 2016
|
919
|
39
|
||||||
Total other comprehensive income (loss), net of tax effect of $(474) in 2017 and $25 in 2016
|
915
|
(48
|
)
|
|||||
Comprehensive Income
|
$
|
3,954
|
$
|
2,818
|
(In thousands)
|
Common
Stock
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Total
|
||||||||||||
Balance, December 31, 2015
|
$
|
11,616
|
$
|
41,477
|
$
|
(460
|
)
|
$
|
52,633
|
|||||||
Net income
|
2,866
|
2,866
|
||||||||||||||
Other comprehensive loss, net of tax effect of $25
|
(48
|
)
|
(48
|
)
|
||||||||||||
Cash dividends ($0.36 per share)
|
(1,352
|
)
|
(1,352
|
)
|
||||||||||||
Amortization of unearned compensation, restricted stock awards
|
146
|
146
|
||||||||||||||
Issuance of common stock - non-vested shares (23,704 shares)
|
74
|
(74
|
)
|
-
|
||||||||||||
Issuance of common stock - vested shares (4,536 shares)
|
14
|
54
|
68
|
|||||||||||||
Repurchase of common stock (3,661 shares)
|
(11
|
)
|
(44
|
)
|
(55
|
)
|
||||||||||
Balance, September 30, 2016
|
$
|
11,693
|
$
|
43,073
|
$
|
(508
|
)
|
$
|
54,258
|
|||||||
|
||||||||||||||||
Balance, December 31, 2016
|
$
|
11,693
|
$
|
43,495
|
$
|
(737
|
)
|
$
|
54,451
|
|||||||
Net income
|
3,039
|
3,039
|
||||||||||||||
Other comprehensive income, net of tax effect of $(474)
|
915
|
915
|
||||||||||||||
Cash dividends ($0.36 per share)
|
(1,356
|
)
|
(1,356
|
)
|
||||||||||||
Amortization of unearned compensation, restricted stock awards
|
53
|
53
|
||||||||||||||
Issuance of common stock - non-vested shares (3,984 shares)
|
12
|
(12
|
)
|
-
|
||||||||||||
Issuance of common stock - vested shares (5,139 shares)
|
16
|
74
|
90
|
|||||||||||||
Repurchase of common stock (382 shares)
|
(1
|
)
|
(6
|
)
|
(7
|
)
|
||||||||||
Balance, September 30, 2017
|
$
|
11,720
|
$
|
45,287
|
$
|
178
|
$
|
57,185
|
(In thousands)
|
2017
|
2016
|
||||||
Cash Flows from Operating Activities
|
||||||||
Net income
|
$
|
3,039
|
$
|
2,866
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
1,018
|
1,088
|
||||||
Provision for (recovery of) loan losses
|
395
|
(508
|
)
|
|||||
(Gain) loss on interest rate swaps
|
(8
|
)
|
10
|
|||||
Amortization of security premiums, net
|
118
|
61
|
||||||
Amortization of unearned compensation, net of forfeiture
|
90
|
171
|
||||||
Issuance of vested restricted stock
|
90
|
68
|
||||||
Bank-owned life insurance income
|
(270
|
)
|
(271
|
)
|
||||
Origination of mortgage loans held for sale
|
(440
|
)
|
-
|
|||||
Changes in assets and liabilities:
|
||||||||
(Increase) decrease in other assets
|
(13
|
)
|
925
|
|||||
Decrease in other liabilities
|
(443
|
)
|
(561
|
)
|
||||
Net cash provided by operating activities
|
3,576
|
3,849
|
||||||
|
||||||||
Cash Flows from Investing Activities
|
||||||||
Proceeds from maturities, calls and principal payments of securities available for sale
|
10,905
|
12,106
|
||||||
Purchase of securities available for sale
|
(26,792
|
)
|
(3,062
|
)
|
||||
Purchase of premises and equipment
|
(407
|
)
|
(289
|
)
|
||||
(Issuance) redemptions of restricted securities, net
|
236
|
(496
|
)
|
|||||
Loan originations, net
|
(27,108
|
)
|
(9,503
|
)
|
||||
Net cash used in investing activities
|
(43,166
|
)
|
(1,244
|
)
|
||||
|
||||||||
Cash Flows from Financing Activities
|
||||||||
Increase in demand deposits, NOW accounts and savings accounts
|
6,204
|
17,612
|
||||||
Increase in time deposits
|
3,848
|
3,496
|
||||||
Decrease in FHLB advances
|
(5,056
|
)
|
(53
|
)
|
||||
Cash dividends paid on common stock
|
(1,356
|
)
|
(1,352
|
)
|
||||
Repurchase of common stock
|
(7
|
)
|
(55
|
)
|
||||
Net cash provided by financing activities
|
3,633
|
19,648
|
||||||
|
||||||||
Increase (decrease) in cash and cash equivalents
|
(35,957
|
)
|
22,253
|
|||||
|
||||||||
Cash and Cash Equivalents
|
||||||||
Beginning
|
67,846
|
53,215
|
||||||
|
||||||||
Ending
|
$
|
31,889
|
$
|
75,468
|
||||
|
||||||||
Supplemental Disclosures of Cash Flow Information
|
||||||||
Cash payments for:
|
||||||||
Interest
|
$
|
1,482
|
$
|
1,353
|
||||
|
||||||||
Supplemental Disclosures of Noncash Investing Activities
|
||||||||
Unrealized gain on securities available for sale, net of tax effect
|
$
|
919
|
$
|
39
|
||||
Unrealized loss on interest rate swap, net of taxes
|
$
|
(4
|
)
|
$
|
(87
|
)
|
September 30, 2017
|
||||||||||||||||
(In thousands)
|
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized (Losses)
|
Fair Value
|
||||||||||||
Obligations of U.S. Government corporations and agencies
|
$
|
48,475
|
$
|
281
|
$
|
(223
|
)
|
$
|
48,533
|
|||||||
Obligations of states and political subdivisions
|
14,241
|
325
|
(6
|
)
|
14,560
|
|||||||||||
Corporate bonds
|
3,798
|
100
|
(238
|
)
|
3,660
|
|||||||||||
Mutual funds
|
384
|
-
|
(1
|
)
|
383
|
|||||||||||
$
|
66,898
|
$
|
706
|
$
|
(468
|
)
|
$
|
67,136
|
December 31, 2016
|
||||||||||||||||
(In thousands)
|
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized (Losses)
|
Fair Value
|
||||||||||||
Obligations of U.S. Government corporations and agencies
|
$
|
40,781
|
$
|
182
|
$
|
(459
|
)
|
$
|
40,504
|
|||||||
Obligations of states and political subdivisions
|
6,228
|
100
|
(18
|
)
|
6,310
|
|||||||||||
Corporate bonds
|
3,743
|
-
|
(958
|
)
|
2,785
|
|||||||||||
Mutual funds
|
378
|
-
|
(4
|
)
|
374
|
|||||||||||
$
|
51,130
|
$
|
282
|
$
|
(1,439
|
)
|
$
|
49,973
|
September 30, 2017
|
||||||||
(In thousands)
|
Amortized Cost
|
Fair Value
|
||||||
Due in one year or less
|
$
|
1,400
|
$
|
1,403
|
||||
Due after one year through five years
|
5,766
|
5,765
|
||||||
Due after five years through ten years
|
19,605
|
19,775
|
||||||
Due after ten years
|
39,743
|
39,810
|
||||||
Mutual funds
|
384
|
383
|
||||||
$
|
66,898
|
$
|
67,136
|
(In thousands)
|
Less than 12 Months
|
12 Months or More
|
Total
|
|||||||||||||||||||||
September 30, 2017
|
Fair Value
|
Unrealized
(Losses)
|
Fair Value
|
Unrealized
(Losses)
|
Fair Value
|
Unrealized
(Losses)
|
||||||||||||||||||
Obligations of U.S. Government corporations and agencies
|
$
|
16,894
|
$
|
(176
|
)
|
$
|
1,316
|
$
|
(47
|
)
|
$
|
18,210
|
$
|
(223
|
)
|
|||||||||
Obligations of states and political subdivisions
|
1,227
|
(6
|
)
|
-
|
-
|
1,227
|
(6
|
)
|
||||||||||||||||
Corporate bonds
|
-
|
-
|
1,450
|
(238
|
)
|
1,450
|
(238
|
)
|
||||||||||||||||
Mutual funds
|
383
|
(1
|
)
|
-
|
-
|
383
|
(1
|
)
|
||||||||||||||||
Total temporary impaired securities
|
$
|
18,504
|
$
|
(183
|
)
|
$
|
2,766
|
$
|
(285
|
)
|
$
|
21,270
|
$
|
(468
|
)
|
(In thousands)
|
Less than 12 Months
|
12 Months or More
|
Total
|
|||||||||||||||||||||
December 31, 2016
|
Fair Value
|
Unrealized
(Losses)
|
Fair Value
|
Unrealized
(Losses)
|
Fair Value
|
Unrealized
(Losses)
|
||||||||||||||||||
Obligations of U.S. Government corporations and agencies
|
$
|
18,942
|
$
|
(400
|
)
|
$
|
1,507
|
$
|
(59
|
)
|
$
|
20,449
|
$
|
(459
|
)
|
|||||||||
Obligations of states and political subdivisions
|
293
|
(18
|
)
|
-
|
-
|
293
|
(18
|
)
|
||||||||||||||||
Corporate bonds
|
503
|
(136
|
)
|
2,283
|
(822
|
)
|
2,786
|
(958
|
)
|
|||||||||||||||
Mutual funds
|
374
|
(4
|
)
|
-
|
-
|
374
|
(4
|
)
|
||||||||||||||||
Total temporary impaired securities
|
$
|
20,112
|
$
|
(558
|
)
|
$
|
3,790
|
$
|
(881
|
)
|
$
|
23,902
|
$
|
(1,439
|
)
|
Cost, net of
OTTI Loss
|
Fair Value (1)
|
Percent of
Underlying
Collateral
Performing
|
Percent of
Underlying
Collateral in
Deferral
|
Percent of
Underlying
Collateral in
Default
|
Cumulative
Amount of
OTTI Loss
|
Cumulative Other
Comprehensive (Income) Loss,
net of tax benefit
|
||||||||||||||||||||
$
|
1,687
|
$
|
1,450
|
81.0
|
%
|
2.9
|
%
|
16.1
|
%
|
$
|
270
|
$
|
157
|
|||||||||||||
654
|
675
|
87.0
|
%
|
4.0
|
%
|
9.0
|
%
|
543
|
(51
|
)
|
||||||||||||||||
1,457
|
1,535
|
89.0
|
%
|
4.3
|
%
|
6.7
|
%
|
346
|
(14
|
)
|
||||||||||||||||
$
|
3,798
|
$
|
3,660
|
$
|
1,159
|
$
|
92
|
(1)
|
Current Moody's Ratings range from Ba2 to B2.
|
Beginning balance as of December 31, 2016
|
$
|
1,215
|
||
Less: Increases in cash flows expected to be collected that are recognized over the remaining life of the security
|
(56
|
)
|
||
Ending balance as of September 30, 2017
|
$
|
1,159
|
As of and for the Nine Months Ended September 30, 2017
|
||||||||||||||||||||||||||||||||||||
(In thousands)
|
Commercial
and Industrial
|
Commercial
Real Estate
|
Construction
and Land
|
Consumer
|
Student
|
Residential
Real Estate
|
Home Equity
Line of Credit
|
Unallocated
|
Total
|
|||||||||||||||||||||||||||
Allowance for Loan Losses
|
||||||||||||||||||||||||||||||||||||
Beginning balance at 12/31/2016
|
$
|
561
|
$
|
1,569
|
$
|
661
|
$
|
21
|
$
|
76
|
$
|
943
|
$
|
307
|
$
|
387
|
$
|
4,525
|
||||||||||||||||||
Charge-offs
|
(15
|
)
|
(476
|
)
|
-
|
(97
|
)
|
(20
|
)
|
(51
|
)
|
-
|
-
|
(659
|
)
|
|||||||||||||||||||||
Recoveries
|
154
|
4
|
-
|
2
|
-
|
4
|
3
|
-
|
167
|
|||||||||||||||||||||||||||
Provision (recovery)
|
(270
|
)
|
400
|
165
|
152
|
11
|
100
|
72
|
(235
|
)
|
395
|
|||||||||||||||||||||||||
Ending balance at 9/30/2017
|
$
|
430
|
$
|
1,497
|
$
|
826
|
$
|
78
|
$
|
67
|
$
|
996
|
$
|
382
|
$
|
152
|
$
|
4,428
|
||||||||||||||||||
Ending balances individually evaluated for impairment
|
$
|
84
|
$
|
-
|
$
|
294
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
55
|
$
|
-
|
$
|
433
|
||||||||||||||||||
Ending balances collectively evaluated for impairment
|
$
|
346
|
$
|
1,497
|
$
|
532
|
$
|
78
|
$
|
67
|
$
|
996
|
$
|
327
|
$
|
152
|
$
|
3,995
|
||||||||||||||||||
Loans Receivable
|
||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
131
|
$
|
2,722
|
$
|
2,691
|
$
|
-
|
$
|
-
|
$
|
586
|
$
|
662
|
$
|
6,792
|
||||||||||||||||||||
Collectively evaluated for impairment
|
26,701
|
172,715
|
45,161
|
4,319
|
11,550
|
180,423
|
42,093
|
482,962
|
||||||||||||||||||||||||||||
Ending balance at 9/30/2017
|
$
|
26,832
|
$
|
175,437
|
$
|
47,852
|
$
|
4,319
|
$
|
11,550
|
$
|
181,009
|
$
|
42,755
|
$
|
489,754
|
As of and for the Nine Months Ended September 30, 2016
|
||||||||||||||||||||||||||||||||||||
(In thousands)
|
Commercial
and Industrial
|
Commercial
Real Estate
|
Construction
and Land
|
Consumer
|
Student
|
Residential
Real Estate
|
Home Equity
Line of Credit
|
Unallocated
|
Total
|
|||||||||||||||||||||||||||
Allowance for Loan Losses
|
||||||||||||||||||||||||||||||||||||
Beginning balance at 12/31/2015
|
$
|
526
|
$
|
1,162
|
$
|
924
|
$
|
13
|
$
|
117
|
$
|
886
|
$
|
356
|
$
|
209
|
$
|
4,193
|
||||||||||||||||||
Charge-offs
|
(184
|
)
|
(380
|
)
|
-
|
(35
|
)
|
(31
|
)
|
(36
|
)
|
-
|
-
|
(666
|
)
|
|||||||||||||||||||||
Recoveries
|
1,386
|
-
|
-
|
9
|
-
|
-
|
3
|
-
|
1,398
|
|||||||||||||||||||||||||||
Provision (recovery)
|
(1,140
|
)
|
727
|
-
|
34
|
(7
|
)
|
118
|
(31
|
)
|
(209
|
)
|
(508
|
)
|
||||||||||||||||||||||
Ending balance at 9/30/2016
|
$
|
588
|
$
|
1,509
|
$
|
924
|
$
|
21
|
$
|
79
|
$
|
968
|
$
|
328
|
$
|
-
|
$
|
4,417
|
||||||||||||||||||
As of and for the Year Ended December 31, 2016
|
||||||||||||||||||||||||||||||||||||
(In thousands)
|
Commercial
and Industrial
|
Commercial
Real Estate
|
Construction
and Land
|
Consumer
|
Student
|
Residential
Real Estate
|
Home Equity
Line of Credit
|
Unallocated
|
Total
|
|||||||||||||||||||||||||||
Allowance for Loan Losses
|
||||||||||||||||||||||||||||||||||||
Beginning balance at 12/31/2015
|
$
|
526
|
$
|
1,162
|
$
|
924
|
$
|
13
|
$
|
117
|
$
|
886
|
$
|
356
|
$
|
209
|
$
|
4,193
|
||||||||||||||||||
Charge-offs
|
(226
|
)
|
(380
|
)
|
-
|
(46
|
)
|
(36
|
)
|
(36
|
)
|
-
|
-
|
(724
|
)
|
|||||||||||||||||||||
Recoveries
|
1,527
|
24
|
-
|
10
|
-
|
-
|
3
|
-
|
1,564
|
|||||||||||||||||||||||||||
Provision (recovery)
|
(1,266
|
)
|
763
|
(263
|
)
|
44
|
(5
|
)
|
93
|
(52
|
)
|
178
|
(508
|
)
|
||||||||||||||||||||||
Ending balance at 12/31/2016
|
$
|
561
|
$
|
1,569
|
$
|
661
|
$
|
21
|
$
|
76
|
$
|
943
|
$
|
307
|
$
|
387
|
$
|
4,525
|
||||||||||||||||||
Ending balances individually evaluated for impairment
|
$
|
100
|
$
|
398
|
$
|
309
|
$
|
-
|
$
|
-
|
$
|
73
|
$
|
-
|
$
|
-
|
$
|
880
|
||||||||||||||||||
Ending balances collectively evaluated for impairment
|
$
|
461
|
$
|
1,171
|
$
|
352
|
$
|
21
|
$
|
76
|
$
|
870
|
$
|
307
|
$
|
387
|
$
|
3,645
|
||||||||||||||||||
Loans Receivable
|
||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
227
|
$
|
3,273
|
$
|
3,504
|
$
|
-
|
$
|
-
|
$
|
1,410
|
$
|
70
|
$
|
8,484
|
||||||||||||||||||||
Collectively evaluated for impairment
|
25,508
|
161,998
|
46,273
|
3,100
|
13,006
|
160,973
|
43,791
|
454,649
|
||||||||||||||||||||||||||||
Ending balance at 12/31/2016
|
$
|
25,735
|
$
|
165,271
|
$
|
49,777
|
$
|
3,100
|
$
|
13,006
|
$
|
162,383
|
$
|
43,861
|
$
|
463,133
|
As of September 30, 2017
|
||||||||||||||||||||||||||||||||
(In thousands)
|
Commercial
and Industrial
|
Commercial
Real Estate
|
Construction
and Land
|
Consumer
|
Student
|
Residential
Real Estate
|
Home Equity
Line of Credit
|
Total
|
||||||||||||||||||||||||
Grade:
|
||||||||||||||||||||||||||||||||
Pass
|
$
|
24,327
|
$
|
165,870
|
$
|
36,952
|
$
|
4,316
|
$
|
11,550
|
$
|
173,547
|
$
|
38,465
|
$
|
455,027
|
||||||||||||||||
Special mention
|
1,015
|
4,573
|
5,750
|
3
|
-
|
849
|
812
|
13,002
|
||||||||||||||||||||||||
Substandard
|
1,490
|
4,994
|
5,150
|
-
|
-
|
6,613
|
3,478
|
21,725
|
||||||||||||||||||||||||
Doubtful
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Total
|
$
|
26,832
|
$
|
175,437
|
$
|
47,852
|
$
|
4,319
|
$
|
11,550
|
$
|
181,009
|
$
|
42,755
|
$
|
489,754
|
As of December 31, 2016
|
||||||||||||||||||||||||||||||||
(In thousands)
|
Commercial
and Industrial
|
Commercial
Real Estate
|
Construction
and Land
|
Consumer
|
Student
|
Residential
Real Estate
|
Home Equity
Line of Credit
|
Total
|
||||||||||||||||||||||||
Grade:
|
||||||||||||||||||||||||||||||||
Pass
|
$
|
20,956
|
$
|
153,486
|
$
|
39,342
|
$
|
3,097
|
$
|
13,006
|
$
|
152,730
|
$
|
40,253
|
$
|
422,870
|
||||||||||||||||
Special mention
|
3,007
|
4,691
|
6,525
|
3
|
-
|
1,890
|
890
|
17,006
|
||||||||||||||||||||||||
Substandard
|
1,772
|
7,094
|
3,910
|
-
|
-
|
7,763
|
2,718
|
23,257
|
||||||||||||||||||||||||
Doubtful
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Total
|
$
|
25,735
|
$
|
165,271
|
$
|
49,777
|
$
|
3,100
|
$
|
13,006
|
$
|
162,383
|
$
|
43,861
|
$
|
463,133
|
As of September 30, 2017
|
||||||||||||||||||||||||||||||||
(In thousands)
|
30-59
Days
Past Due
|
60-89
Days
Past Due
|
90 Days or More Past Due
|
Total Past Due
|
Current
|
Total Financing
Receivables
|
Past Due
90 Days and
Accruing
|
Nonaccruals
|
||||||||||||||||||||||||
Commercial and industrial
|
$
|
126
|
$
|
16
|
$
|
197
|
$
|
339
|
$
|
26,493
|
$
|
26,832
|
$
|
197
|
$
|
131
|
||||||||||||||||
Commercial real estate
|
749
|
322
|
367
|
1,438
|
173,999
|
175,437
|
367
|
-
|
||||||||||||||||||||||||
Construction and land
|
90
|
16
|
78
|
184
|
47,668
|
47,852
|
-
|
1,525
|
||||||||||||||||||||||||
Consumer
|
1
|
-
|
1
|
2
|
4,317
|
4,319
|
1
|
-
|
||||||||||||||||||||||||
Student
|
476
|
324
|
2,129
|
2,929
|
8,621
|
11,550
|
2,129
|
-
|
||||||||||||||||||||||||
Residential real estate
|
397
|
352
|
-
|
749
|
180,260
|
181,009
|
-
|
183
|
||||||||||||||||||||||||
Home equity line of credit
|
543
|
180
|
592
|
1,315
|
41,440
|
42,755
|
-
|
592
|
||||||||||||||||||||||||
Total
|
$
|
2,382
|
$
|
1,210
|
$
|
3,364
|
$
|
6,956
|
$
|
482,798
|
$
|
489,754
|
$
|
2,694
|
$
|
2,431
|
As of December 31, 2016
|
||||||||||||||||||||||||||||||||
(In thousands)
|
30-59
Days Past Due
|
60-89 Days Past Due
|
90 Days or More Past Due
|
Total Past Due
|
Current
|
Total Financing
Receivables
|
Past Due
90 Days and
Accruing
|
Nonaccruals
|
||||||||||||||||||||||||
Commercial and industrial
|
$
|
128
|
$
|
58
|
$
|
-
|
$
|
186
|
$
|
25,549
|
$
|
25,735
|
$
|
-
|
$
|
187
|
||||||||||||||||
Commercial real estate
|
-
|
496
|
321
|
817
|
164,454
|
165,271
|
321
|
496
|
||||||||||||||||||||||||
Construction and land
|
237
|
-
|
-
|
237
|
49,540
|
49,777
|
-
|
1,497
|
||||||||||||||||||||||||
Consumer
|
70
|
3
|
-
|
73
|
3,027
|
3,100
|
-
|
-
|
||||||||||||||||||||||||
Student
|
1,163
|
490
|
2,538
|
4,191
|
8,815
|
13,006
|
2,538
|
-
|
||||||||||||||||||||||||
Residential real estate
|
302
|
-
|
1,343
|
1,645
|
160,738
|
162,383
|
-
|
1,343
|
||||||||||||||||||||||||
Home equity line of credit
|
249
|
418
|
-
|
667
|
43,194
|
43,861
|
-
|
-
|
||||||||||||||||||||||||
Total
|
$
|
2,149
|
$
|
1,465
|
$
|
4,202
|
$
|
7,816
|
$
|
455,317
|
$
|
463,133
|
$
|
2,859
|
$
|
3,523
|
September 30, 2017
|
||||||||||||||||||||
(In thousands)
|
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
|||||||||||||||
With no specific allowance recorded:
|
||||||||||||||||||||
Commercial and industrial
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||
Commercial real estate
|
2,722
|
2,722
|
-
|
2,750
|
103
|
|||||||||||||||
Construction and land
|
2,167
|
2,216
|
-
|
2,249
|
44
|
|||||||||||||||
Student
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Residential real estate
|
586
|
589
|
-
|
593
|
18
|
|||||||||||||||
Home equity line of credit
|
70
|
70
|
-
|
70
|
2
|
|||||||||||||||
Consumer
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
Commercial and industrial
|
$
|
131
|
$
|
160
|
$
|
84
|
$
|
138
|
$
|
-
|
||||||||||
Commercial real estate
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Construction and land
|
524
|
550
|
294
|
533
|
-
|
|||||||||||||||
Student
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Residential real estate
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Home equity line of credit
|
592
|
593
|
55
|
596
|
5
|
|||||||||||||||
Consumer
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total:
|
||||||||||||||||||||
Commercial and industrial
|
$
|
131
|
$
|
160
|
$
|
84
|
$
|
138
|
$
|
-
|
||||||||||
Commercial real estate
|
2,722
|
2,722
|
-
|
2,750
|
103
|
|||||||||||||||
Construction and land
|
2,691
|
2,766
|
294
|
2,782
|
44
|
|||||||||||||||
Student
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Residential real estate
|
586
|
589
|
-
|
593
|
18
|
|||||||||||||||
Home equity line of credit
|
662
|
663
|
55
|
666
|
7
|
|||||||||||||||
Consumer
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total
|
$
|
6,792
|
$
|
6,900
|
$
|
433
|
$
|
6,929
|
$
|
172
|
December 31, 2016
|
||||||||||||||||||||
(In thousands)
|
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
|||||||||||||||
With no specific allowance recorded:
|
||||||||||||||||||||
Commercial and industrial
|
$
|
41
|
$
|
84
|
$
|
-
|
$
|
72
|
$
|
5
|
||||||||||
Commercial real estate
|
2,777
|
2,777
|
-
|
2,837
|
142
|
|||||||||||||||
Construction and land
|
709
|
709
|
-
|
716
|
35
|
|||||||||||||||
Student
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Residential real estate
|
410
|
410
|
-
|
415
|
17
|
|||||||||||||||
Home equity line of credit
|
70
|
70
|
-
|
70
|
3
|
|||||||||||||||
Consumer
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
Commercial and industrial
|
$
|
186
|
$
|
207
|
$
|
100
|
$
|
201
|
$
|
3
|
||||||||||
Commercial real estate
|
496
|
496
|
398
|
500
|
24
|
|||||||||||||||
Construction and land
|
2,795
|
2,825
|
309
|
2,793
|
61
|
|||||||||||||||
Student
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Residential real estate
|
1,000
|
1,000
|
73
|
1,006
|
27
|
|||||||||||||||
Home equity line of credit
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Consumer
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total:
|
||||||||||||||||||||
Commercial and industrial
|
$
|
227
|
$
|
291
|
$
|
100
|
$
|
273
|
$
|
8
|
||||||||||
Commercial real estate
|
3,273
|
3,273
|
398
|
3,337
|
166
|
|||||||||||||||
Construction and land
|
3,504
|
3,534
|
309
|
3,509
|
96
|
|||||||||||||||
Student
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Residential real estate
|
1,410
|
1,410
|
73
|
1,421
|
44
|
|||||||||||||||
Home equity line of credit
|
70
|
70
|
-
|
70
|
3
|
|||||||||||||||
Consumer
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total
|
$
|
8,484
|
$
|
8,578
|
$
|
880
|
$
|
8,610
|
$
|
317
|
(In thousands)
|
September 30, 2017
|
||||||||||||
Derivatives designated as hedging instruments
|
Notional/
Contract
Amount
|
Fair Value
|
Fair Value
Balance Sheet
Location
|
Expiration
Dates From
|
Expiration
Dates To
|
||||||||
Interest rate swap - cash flow
|
$
|
4,000
|
$
|
(165
|
)
|
Other Liabilities
|
9/15/2020
|
||||||
Interest rate forward swap - cash flow
|
4,000
|
182
|
Other Assets
|
6/15/2031
|
|||||||||
Interest rate swaps - fair value
|
5,733
|
13
|
Other Assets
|
9/26/2022
|
4/9/2025
|
Nine Months Ended
September 30, 2017
|
|||||||||
Derivatives in cash flow hedging relationships
|
Amount of Gain (Loss)
Recognized in OCI on
Derivatives, net of tax
(Effective Portion)
|
Location of Gain or
(Loss) Recognized in
Income on Derivative
(Ineffective Portion)
|
Amount of Gain (Loss)
Recognized in Income
on Derivative
(Ineffective Portion)
|
||||||
Interest rate swaps
|
$
|
(4
|
)
|
Not applicable
|
$
|
-
|
(In thousands)
|
Nine Months Ended
September 30, 2017
|
||||
Derivatives in fair value hedging relationships
|
Income Statement
Classification
|
Gain on Swaps
|
|||
Interest rate swaps
|
Interest income
|
$
|
8
|
(In thousands)
|
December 31, 2016
|
||||||||||
Derivatives designated as hedging instruments
|
Notional/
Contract
Amount
|
Fair Value
|
Fair Value
Balance Sheet
Location
|
Expiration
Date
|
|||||||
Interest rate swap - cash flow
|
$
|
4,000
|
$
|
(214
|
)
|
Other Liabilities
|
9/15/2020
|
||||
Interest rate forward swap - cash flow
|
4,000
|
238
|
Other Assets
|
6/15/2031
|
|||||||
Interest rate swap - fair value
|
1,251
|
12
|
Other Assets
|
4/9/2025
|
|||||||
Interest rate swap - fair value
|
4,598
|
(2
|
)
|
Other Liabilities
|
2/12/2022
|
December 31, 2016
|
|||||||||
Derivatives in cash flow hedging relationships
|
Amount of Gain (Loss)
Recognized in OCI on
Derivatives, net of tax
(Effective Portion)
|
Location of Gain or
(Loss) Recognized in
Income on Derivative
(Ineffective Portion)
|
Amount of Gain (Loss)
Recognized in Income
on Derivative
(Ineffective Portion)
|
||||||
Interest rate swaps
|
$
|
207
|
Not applicable
|
$
|
-
|
(In thousands)
|
December 31, 2016
|
||||
Derivatives in fair value hedging relationships
|
Income Statement
Classification
|
Loss on Swaps
|
|||
Interest rate swaps
|
Interest Income
|
$
|
(12
|
)
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||
September 30, 2017
|
September 30, 2016
|
|||||||||||||||
Shares
|
Per Share Amount
|
Shares
|
Per Share Amount
|
|||||||||||||
Basic earnings per share
|
3,765,359
|
$
|
0.34
|
3,754,304
|
$
|
0.19
|
||||||||||
Effect of dilutive securities, non-vested performance stock rights
|
8,454
|
10,340
|
||||||||||||||
Diluted earnings per share
|
3,773,813
|
$
|
0.34
|
3,764,644
|
$
|
0.19
|
Nine Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30, 2017
|
September 30, 2016
|
|||||||||||||||
Shares
|
Per Share Amount
|
Shares
|
Per Share Amount
|
|||||||||||||
Basic earnings per share
|
3,765,368
|
$
|
0.81
|
3,753,777
|
$
|
0.76
|
||||||||||
Effect of dilutive securities, non-vested performance stock rights
|
8,320
|
10,461
|
||||||||||||||
Diluted earnings per share
|
3,773,688
|
$
|
0.81
|
3,764,238
|
$
|
0.76
|
Nine Months Ended
September 30, 2017
|
||||||||
Shares
|
Weighted Average
Fair Value
|
|||||||
Non-vested at January 1, 2017
|
18,045
|
$
|
15.04
|
|||||
Granted
|
15,664
|
17.50
|
||||||
Vested
|
(9,123
|
)
|
16.74
|
|||||
Forfeited
|
(6,524
|
)
|
16.24
|
|||||
Non-vested at September 30, 2017
|
18,062
|
$
|
15.88
|
Nine Months Ended
September 30, 2017
|
||||||||
Performance-Based
Stock Rights (Shares)
|
Weighted Average
Fair Value
|
|||||||
Non-vested at January 1, 2017
|
18,045
|
$
|
15.72
|
|||||
Granted
|
10,525
|
17.50
|
||||||
Vested
|
-
|
|||||||
Forfeited
|
(10,508
|
)
|
16.05
|
|||||
Non-vested at September 30, 2017
|
18,062
|
$
|
16.58
|
Level 1: |
Valuation is based on quoted prices in active markets for identical assets and liabilities.
|
Level 2: |
Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market.
|
Level 3: |
Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market.
|
Fair Value Measurements Using
|
||||||||||||||||
(In thousands)
|
Balance
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Assets at September 30, 2017:
|
||||||||||||||||
Available for sale securities:
|
||||||||||||||||
Obligations of U.S. Government corporations and agencies
|
$
|
48,533
|
$
|
-
|
$
|
48,533
|
$
|
-
|
||||||||
Obligations of states and political subdivisions
|
14,560
|
-
|
14,560
|
-
|
||||||||||||
Corporate bonds
|
3,660
|
-
|
3,660
|
-
|
||||||||||||
Mutual funds
|
383
|
383
|
-
|
-
|
||||||||||||
Total available for sale securities
|
67,136
|
383
|
66,753
|
-
|
||||||||||||
Interest rate swaps
|
195
|
-
|
195
|
-
|
||||||||||||
Total assets at fair value
|
$
|
67,331
|
$
|
383
|
$
|
66,948
|
$
|
-
|
||||||||
Liabilities at September 30, 2017:
|
||||||||||||||||
Interest rate swaps
|
$
|
165
|
$
|
-
|
$
|
165
|
$
|
-
|
||||||||
Total liabilities at fair value
|
$
|
165
|
$
|
-
|
$
|
165
|
$
|
-
|
||||||||
Assets at December 31, 2016:
|
||||||||||||||||
Available for sale securities:
|
||||||||||||||||
Obligations of U.S. Government corporations and agencies
|
$
|
40,504
|
$
|
-
|
$
|
40,504
|
$
|
-
|
||||||||
Obligations of states and political subdivisions
|
6,310
|
-
|
6,310
|
-
|
||||||||||||
Corporate bonds
|
2,785
|
-
|
-
|
2,785
|
||||||||||||
Mutual funds
|
374
|
374
|
-
|
-
|
||||||||||||
Total available for sale securities
|
49,973
|
374
|
46,814
|
2,785
|
||||||||||||
Interest rate swaps
|
250
|
-
|
250
|
-
|
||||||||||||
Total assets at fair value
|
$
|
50,223
|
$
|
374
|
$
|
47,064
|
$
|
2,785
|
||||||||
Liabilities at December 31, 2016:
|
||||||||||||||||
Interest rate swaps
|
$
|
216
|
$
|
-
|
$
|
216
|
$
|
-
|
||||||||
Total liabilities at fair value
|
$
|
216
|
$
|
-
|
$
|
216
|
$
|
-
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||||||||||||||
Total Realized / Unrealized Gains (Losses) Included in
|
||||||||||||||||||||||||
(In thousands)
|
Balance as of
January 1, 2017
|
Net Income
|
Other
Comprehensive
Income
|
Purchases, Sales,
Issuances and
Settlements, Net
|
Transfers In
(Out) of Level 3
|
Balance as of
September 30, 2017
|
||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
Corporate bonds
|
$ |
|
2,785
|
$ |
|
55
|
$ |
|
820
|
$ |
|
-
|
$ |
|
(3,660
|
)
|
$ |
|
-
|
|||||
Total assets
|
$ |
|
2,785
|
$ |
|
55
|
$ |
|
820
|
$ |
|
-
|
$ |
|
(3,660
|
)
|
$ |
|
-
|
September 30, 2017
|
||||||||||||||||
(In thousands)
|
Balance
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Assets:
|
||||||||||||||||
Mortgage loans held for sale
|
$
|
440
|
$
|
-
|
$
|
440
|
$
|
-
|
||||||||
Impaired loans, net
|
814
|
-
|
728
|
86
|
||||||||||||
Other real estate owned, net
|
1,356
|
-
|
-
|
1,356
|
December 31, 2016
|
||||||||||||||||
(In thousands)
|
Balance
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Assets:
|
||||||||||||||||
Impaired loans, net
|
$
|
3,597
|
$
|
-
|
$
|
3,509
|
$
|
88
|
||||||||
Other real estate owned, net
|
1,356
|
-
|
-
|
1,356
|
September 30, 2017
|
|||||||||||
(In thousands)
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Weighted Average Discount
|
|||||||
Impaired loans, net
|
86
|
Appraised values
|
Age of appraisal, current market conditions, experience within local market, and U.S. Government guarantees
|
81
|
%
|
||||||
Other real estate owned, net
|
1,356
|
Appraised values
|
Age of appraisal, current market conditions and selling costs
|
18
|
%
|
||||||
Total
|
$
|
5,102
|
December 31, 2016
|
|||||||||||
(In thousands)
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Weighted Average Discount
|
|||||||
Corporate bonds available for sale
|
$
|
2,785
|
Market values
|
Discounted cash flows
|
0
|
%
|
|||||
Impaired loans, net
|
88
|
Appraised values
|
Age of appraisal, current market conditions, experience within local market, and U.S. Government guarantees
|
81
|
%
|
||||||
Other real estate owned, net
|
1,356
|
Appraised values
|
Age of appraisal, current market conditions and selling costs
|
18
|
%
|
||||||
Total
|
$
|
4,229
|
September 30, 2017
|
||||||||||||||||||||
(In thousands)
|
Carrying
Amount
|
Level 1
|
Level 2
|
Level 3
|
Fair
Value
|
|||||||||||||||
Assets
|
||||||||||||||||||||
Cash and short-term investments
|
$
|
31,889
|
$
|
31,638
|
$
|
-
|
$
|
-
|
$
|
31,638
|
||||||||||
Securities available for sale
|
67,136
|
383
|
66,753
|
-
|
67,136
|
|||||||||||||||
Restricted investments
|
1,546
|
-
|
1,546
|
-
|
1,546
|
|||||||||||||||
Mortgage loans held for sale
|
440
|
-
|
440
|
-
|
440
|
|||||||||||||||
Net loans
|
485,326
|
-
|
484,211
|
86
|
484,297
|
|||||||||||||||
Accrued interest receivable
|
1,873
|
-
|
1,873
|
-
|
1,873
|
|||||||||||||||
Interest rate swaps
|
195
|
-
|
195
|
-
|
195
|
|||||||||||||||
Bank-owned life insurance
|
13,143
|
-
|
13,143
|
-
|
13,143
|
|||||||||||||||
Total financial assets
|
$
|
601,548
|
$
|
32,021
|
$
|
568,161
|
$
|
86
|
$
|
600,268
|
||||||||||
Liabilities
|
||||||||||||||||||||
Deposits
|
$
|
556,209
|
$
|
-
|
$
|
555,800
|
$
|
-
|
$
|
555,800
|
||||||||||
Borrowings
|
7,880
|
-
|
7,851
|
-
|
7,851
|
|||||||||||||||
Junior subordinated debt
|
4,124
|
-
|
4,157
|
-
|
4,157
|
|||||||||||||||
Accrued interest payable
|
123
|
-
|
123
|
-
|
123
|
|||||||||||||||
Interest rate swaps
|
165
|
-
|
165
|
-
|
165
|
|||||||||||||||
Total financial liabilities
|
$
|
568,501
|
$
|
-
|
$
|
568,096
|
$
|
-
|
$
|
568,096
|
December 31, 2016
|
||||||||||||||||||||
(In thousands)
|
Carrying
Amount
|
Level 1
|
Level 2
|
Level 3
|
Fair
Value
|
|||||||||||||||
Assets
|
||||||||||||||||||||
Cash and short-term investments
|
$
|
67,846
|
$
|
67,581
|
$
|
-
|
$
|
-
|
$
|
67,581
|
||||||||||
Securities available for sale
|
49,973
|
374
|
46,814
|
2,785
|
49,973
|
|||||||||||||||
Restricted investments
|
1,782
|
-
|
1,782
|
-
|
1,782
|
|||||||||||||||
Net loans
|
458,608
|
-
|
455,514
|
88
|
455,602
|
|||||||||||||||
Accrued interest receivable
|
1,550
|
-
|
1,550
|
-
|
1,550
|
|||||||||||||||
Interest rate swaps
|
250
|
-
|
250
|
-
|
250
|
|||||||||||||||
Bank-owned life insurance
|
12,873
|
-
|
12,873
|
-
|
12,873
|
|||||||||||||||
Total financial assets
|
$
|
592,882
|
$
|
67,955
|
$
|
518,783
|
$
|
2,873
|
$
|
589,611
|
||||||||||
Liabilities
|
||||||||||||||||||||
Deposits
|
$
|
546,157
|
$
|
-
|
$
|
545,669
|
$
|
-
|
$
|
545,669
|
||||||||||
Borrowings
|
12,936
|
-
|
12,922
|
-
|
12,922
|
|||||||||||||||
Junior subordinated debt
|
4,124
|
-
|
4,144
|
-
|
4,144
|
|||||||||||||||
Accrued interest payable
|
112
|
-
|
112
|
-
|
112
|
|||||||||||||||
Interest rate swaps
|
216
|
-
|
216
|
-
|
216
|
|||||||||||||||
Total financial liabilities
|
$
|
563,545
|
$
|
-
|
$
|
563,063
|
$
|
-
|
$
|
563,063
|
(In thousands)
|
Gains and (Losses)
on Cash Flow Hedges
|
Unrealized Gains and (Losses)
on Available for Sale Securities
|
Supplemental Executive
Retirement Plans
|
Total
|
||||||||||||
Balance December 31, 2016
|
$
|
17
|
$
|
(765
|
)
|
$
|
11
|
$
|
(737
|
)
|
||||||
Net current-period other comprehensive income (loss)
|
(4
|
)
|
919
|
-
|
915
|
|||||||||||
Balance September 30, 2017
|
$
|
13
|
$
|
154
|
$
|
11
|
$
|
178
|
||||||||
Balance December 31, 2015
|
$
|
(190
|
)
|
$
|
(229
|
)
|
$
|
(41
|
)
|
$
|
(460
|
)
|
||||
Net current-period other comprehensive income (loss)
|
(87
|
)
|
39
|
-
|
(48
|
)
|
||||||||||
Balance September 30, 2016
|
$
|
(277
|
)
|
$
|
(190
|
)
|
$
|
(41
|
)
|
$
|
(508
|
)
|
Three Months Ended
September 30, 2017
|
Three Months Ended
September 30, 2016
|
|||||||||||||||||||||||
(Dollars in thousands)
|
Average
|
Income/
|
Average
|
Average
|
Income/
|
Average
|
||||||||||||||||||
Assets
|
Balances
|
Expense
|
Rate
|
Balances
|
Expense
|
Rate
|
||||||||||||||||||
Loans
|
||||||||||||||||||||||||
Taxable
|
$
|
474,583
|
$
|
5,437
|
4.55
|
%
|
$
|
448,511
|
$
|
4,979
|
4.42
|
%
|
||||||||||||
Tax-exempt (1)
|
2,129
|
27
|
5.01
|
%
|
4,567
|
62
|
5.38
|
%
|
||||||||||||||||
Nonaccrual (2)
|
2,449
|
-
|
0.00
|
%
|
3,173
|
-
|
0.00
|
%
|
||||||||||||||||
Total Loans
|
479,161
|
5,464
|
4.52
|
%
|
456,251
|
5,041
|
4.40
|
%
|
||||||||||||||||
|
||||||||||||||||||||||||
Securities
|
||||||||||||||||||||||||
Taxable
|
53,035
|
329
|
2.48
|
%
|
44,229
|
255
|
2.32
|
%
|
||||||||||||||||
Tax-exempt (1)
|
13,874
|
144
|
4.16
|
%
|
5,612
|
80
|
5.69
|
%
|
||||||||||||||||
Total securities
|
66,909
|
473
|
2.83
|
%
|
49,841
|
335
|
2.70
|
%
|
||||||||||||||||
|
||||||||||||||||||||||||
Deposits in other banks
|
41,505
|
122
|
1.17
|
%
|
71,933
|
95
|
0.52
|
%
|
||||||||||||||||
Federal funds sold
|
10
|
-
|
1.10
|
%
|
8
|
-
|
0.36
|
%
|
||||||||||||||||
Total earning assets
|
587,585
|
6,059
|
4.09
|
%
|
578,033
|
$
|
5,471
|
3.77
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Less: Allowance for loan losses
|
(4,413
|
)
|
(4,672
|
)
|
||||||||||||||||||||
Cash and due from banks
|
4,856
|
4,598
|
||||||||||||||||||||||
Bank premises and equipment, net
|
18,878
|
19,895
|
||||||||||||||||||||||
Other real estate owned
|
1,356
|
1,467
|
||||||||||||||||||||||
Other assets
|
25,425
|
26,748
|
||||||||||||||||||||||
Total Assets
|
$
|
633,687
|
$
|
626,069
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Liabilities and Shareholders' Equity
|
||||||||||||||||||||||||
Deposits
|
||||||||||||||||||||||||
Demand deposits
|
$
|
115,303
|
$
|
103,971
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Interest-bearing deposits
|
||||||||||||||||||||||||
Checking accounts
|
230,629
|
$
|
161
|
0.28
|
%
|
236,106
|
$
|
126
|
0.21
|
%
|
||||||||||||||
Money market accounts
|
54,830
|
29
|
0.21
|
%
|
54,800
|
29
|
0.21
|
%
|
||||||||||||||||
Savings accounts
|
88,669
|
34
|
0.15
|
%
|
84,465
|
20
|
0.09
|
%
|
||||||||||||||||
Time deposits
|
69,227
|
189
|
1.09
|
%
|
67,722
|
151
|
0.89
|
%
|
||||||||||||||||
Total interest-bearing deposits
|
443,355
|
413
|
0.37
|
%
|
443,093
|
326
|
0.29
|
%
|
||||||||||||||||
|
||||||||||||||||||||||||
Federal Home Loan Bank advances
|
7,888
|
52
|
2.58
|
%
|
12,963
|
81
|
2.50
|
%
|
||||||||||||||||
Junior subordinated debt
|
4,124
|
50
|
4.83
|
%
|
4,124
|
51
|
4.84
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
455,367
|
515
|
0.45
|
%
|
460,180
|
458
|
0.40
|
%
|
||||||||||||||||
|
||||||||||||||||||||||||
Other liabilities
|
6,266
|
7,602
|
||||||||||||||||||||||
Shareholders' equity
|
56,751
|
54,316
|
||||||||||||||||||||||
Total Liabilities & Shareholders' Equity
|
$
|
633,687
|
$
|
626,069
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest income (tax equivalent basis)
|
$
|
5,544
|
3.64
|
%
|
$
|
5,013
|
3.37
|
%
|
||||||||||||||||
Less: tax equivalent adjustment
|
58
|
48
|
||||||||||||||||||||||
Net interest income
|
$
|
5,486
|
$
|
4,965
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Interest expense as a percent of average earning assets
|
0.35
|
%
|
0.32
|
%
|
||||||||||||||||||||
Net interest margin
|
3.75
|
%
|
3.45
|
%
|
|
(1) Income and rates on non-taxable assets are computed on a tax equivalent basis using a federal tax rate of 34%.
|
|
(2) Nonaccrual loans are included in the average balance of total loans and total earning assets.
|
|
Three Months Ended September 30, 2017
Compared to September 30, 2016
|
|||||||||||
|
Due to
|
Due to
|
||||||||||
(In thousands)
|
Change
|
Volume
|
Rate
|
|||||||||
Interest Income
|
||||||||||||
Loans; taxable
|
$
|
458
|
$
|
289
|
$
|
169
|
||||||
Loans; tax-exempt (1)
|
(35
|
)
|
(33
|
)
|
(2
|
)
|
||||||
Securities; taxable
|
74
|
51
|
23
|
|||||||||
Securities; tax-exempt (1)
|
64
|
117
|
(53
|
)
|
||||||||
Deposits in other banks
|
27
|
(40
|
)
|
67
|
||||||||
Total Interest Income
|
588
|
384
|
204
|
Interest Expense
|
||||||||||||
Checking accounts
|
35
|
(3
|
)
|
38
|
||||||||
Savings accounts
|
14
|
1
|
13
|
|||||||||
Time deposits
|
38
|
3
|
35
|
|||||||||
Federal Home Loan Bank advances
|
(29
|
)
|
(31
|
)
|
2
|
|||||||
Junior subordinated debt
|
(1
|
)
|
-
|
(1
|
)
|
|||||||
Total Interest Expense
|
57
|
(30
|
)
|
87
|
||||||||
Net Interest Income
|
$
|
531
|
$
|
414
|
$
|
117
|
● |
Trust and estate income increased $27,000 or 7.7% compared to the third quarter of 2016 as a result of new business and higher asset value due to improved stock market performance during the third quarter of 2017.
|
● |
Brokerage service revenues increased to $38,000 for the third quarter of 2017 compared with $30,000 for the third quarter of 2016 due to the effect of transitioning some clients from a transaction-based fee structure to a managed asset-based fee structure.
|
● |
Service charges on deposit accounts decreased $66,000 or 12.4% to $467,000 for the third quarter of 2017 compared to one year earlier. The reason for the change is due to changes in consumer behavior in their personal funds management as a result of greater access to account information via mobile technology, along with improved personal cash flow as a result of improvements in the economy.
|
● |
Other service charges, commissions and fees increased $30,000 or 8.0% from $376,000 in third quarter of 2016 to $406,000 in the third quarter of 2017. The increase is primarily due to increased net debit card interchange income, which totaled $302,000 and $286,000 for the third quarters of 2017 and 2016, respectively.
|
● |
Salaries and benefits increased $61,000 or 2.3% from third quarter 2016 to third quarter 2017. The increase was primarily due to increases in salary expense as a result of full-time equivalent employees increasing during the period, incentive compensation, and commissions.
|
● |
Occupancy expense remained relatively unchanged, while furniture and equipment expense decreased $22,000 or 8.0%, from third quarter 2016 due to expense management initiatives.
|
● |
Marketing expense increased $23,000 or 19.3% from the third quarter of 2016 to $142,000 for the third quarter of 2017. Management expects total marketing expenditures for all of 2017 to be similar to 2016.
|
● |
Legal, auditing and consulting expense decreased $36,000 or 12.0% from the third quarter of 2016 to $263,000 for the third quarter of 2017 primarily due to less legal expenses in the third quarter of 2017 compared to the same period in 2016. These fees were higher in 2016 due to expenses related to loans charged-off in prior years.
|
● |
FDIC deposit insurance premium expense decreased $45,000 from $129,000 for the third quarter of 2016 to $84,000 for the third quarter of 2017 due to recent changes to the assessment calculations, which occurred during the fourth quarter of 2016.
|
Nine Months Ended
September 30, 2017
|
Nine Months Ended
September 30, 2016
|
|||||||||||||||||||||||
(Dollars in thousands)
|
Average
|
Income/
|
Average
|
Average
|
Income/
|
Average
|
||||||||||||||||||
Assets
|
Balances
|
Expense
|
Rate
|
Balances
|
Expense
|
Rate
|
||||||||||||||||||
Loans
|
||||||||||||||||||||||||
Taxable
|
$
|
458,300
|
$
|
15,463
|
4.51
|
%
|
$
|
444,448
|
$
|
14,679
|
4.41
|
%
|
||||||||||||
Tax-exempt (1)
|
2,766
|
108
|
5.24
|
%
|
5,033
|
203
|
5.38
|
%
|
||||||||||||||||
Nonaccrual (2)
|
3,007
|
-
|
0.00
|
%
|
2,303
|
-
|
0.00
|
%
|
||||||||||||||||
Total Loans
|
464,073
|
15,571
|
4.49
|
%
|
451,784
|
14,882
|
4.40
|
%
|
||||||||||||||||
|
||||||||||||||||||||||||
Securities
|
||||||||||||||||||||||||
Taxable
|
49,950
|
927
|
2.48
|
%
|
47,174
|
799
|
2.26
|
%
|
||||||||||||||||
Tax-exempt (1)
|
11,033
|
376
|
4.55
|
%
|
5,647
|
239
|
5.65
|
%
|
||||||||||||||||
Total securities
|
60,983
|
1,303
|
2.85
|
%
|
52,821
|
1,038
|
2.62
|
%
|
||||||||||||||||
|
||||||||||||||||||||||||
Deposits in other banks
|
57,973
|
420
|
0.97
|
%
|
59,524
|
235
|
0.53
|
%
|
||||||||||||||||
Federal funds sold
|
10
|
-
|
0.89
|
%
|
8
|
-
|
0.36
|
%
|
||||||||||||||||
Total earning assets
|
583,039
|
$
|
17,294
|
3.97
|
%
|
564,137
|
$
|
16,155
|
3.82
|
%
|
||||||||||||||
|
||||||||||||||||||||||||
Less: Allowance for loan losses
|
(4,533
|
)
|
(4,735
|
)
|
||||||||||||||||||||
Cash and due from banks
|
4,814
|
4,687
|
||||||||||||||||||||||
Bank premises and equipment, net
|
19,072
|
20,141
|
||||||||||||||||||||||
Other real estate owned
|
1,356
|
1,394
|
||||||||||||||||||||||
Other assets
|
25,520
|
26,567
|
||||||||||||||||||||||
Total Assets
|
$
|
629,268
|
$
|
612,191
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Liabilities and Shareholders' Equity
|
||||||||||||||||||||||||
Deposits
|
||||||||||||||||||||||||
Demand deposits
|
$
|
113,880
|
$
|
98,815
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Interest-bearing deposits
|
||||||||||||||||||||||||
Checking accounts
|
231,020
|
$
|
462
|
0.27
|
%
|
230,115
|
$
|
386
|
0.22
|
%
|
||||||||||||||
Money market accounts
|
54,360
|
85
|
0.21
|
%
|
54,895
|
87
|
0.21
|
%
|
||||||||||||||||
Savings accounts
|
86,661
|
84
|
0.13
|
%
|
85,122
|
66
|
0.10
|
%
|
||||||||||||||||
Time deposits
|
66,393
|
515
|
1.04
|
%
|
65,365
|
422
|
0.87
|
%
|
||||||||||||||||
Total interest-bearing deposits
|
438,434
|
1,146
|
0.35
|
%
|
435,497
|
961
|
0.30
|
%
|
||||||||||||||||
|
||||||||||||||||||||||||
Federal funds purchased
|
3
|
-
|
1.41
|
%
|
2
|
-
|
0.99
|
%
|
||||||||||||||||
Federal Home Loan Bank advances
|
10,489
|
198
|
2.53
|
%
|
12,980
|
243
|
2.50
|
%
|
||||||||||||||||
Junior subordinated debt
|
4,124
|
149
|
4.83
|
%
|
4,124
|
150
|
4.84
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
453,050
|
1,493
|
0.44
|
%
|
452,603
|
1,354
|
0.40
|
%
|
||||||||||||||||
|
||||||||||||||||||||||||
Other liabilities
|
6,476
|
7,107
|
||||||||||||||||||||||
Shareholders' equity
|
55,862
|
53,666
|
||||||||||||||||||||||
Total Liabilities & Shareholders' Equity
|
$
|
629,268
|
$
|
612,191
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest income (tax equivalent basis)
|
$
|
15,801
|
3.53
|
%
|
$
|
14,801
|
3.42
|
%
|
||||||||||||||||
Less: tax equivalent adjustment
|
165
|
150
|
||||||||||||||||||||||
Net interest income
|
$
|
15,636
|
$
|
14,651
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Interest expense as a percent of average earning assets
|
0.34
|
%
|
0.32
|
%
|
||||||||||||||||||||
Net interest margin
|
3.62
|
%
|
3.50
|
%
|
Nine Months Ended September 30, 2017
Compared to September 30, 2016
|
||||||||||||
|
Due to
|
Due to
|
||||||||||
(In thousands)
|
Change
|
Volume
|
Rate
|
|||||||||
Interest Income
|
||||||||||||
Loans; taxable
|
$
|
784
|
$
|
458
|
$
|
326
|
||||||
Loans; tax-exempt (1)
|
(95
|
)
|
(92
|
)
|
(3
|
)
|
||||||
Securities; taxable
|
128
|
47
|
81
|
|||||||||
Securities; tax-exempt (1)
|
137
|
228
|
(91
|
)
|
||||||||
Deposits in other banks
|
185
|
(6
|
)
|
191
|
||||||||
Total Interest Income
|
1,139
|
635
|
504
|
|||||||||
|
||||||||||||
Interest Expense
|
||||||||||||
Checking accounts
|
76
|
2
|
74
|
|||||||||
Money market accounts
|
(2
|
)
|
(1
|
)
|
(1
|
)
|
||||||
Savings accounts
|
18
|
1
|
17
|
|||||||||
Time deposits
|
93
|
7
|
86
|
|||||||||
Federal Home Loan Bank advances
|
(45
|
)
|
(47
|
)
|
2
|
|||||||
Junior subordinated debt
|
(1
|
)
|
-
|
(1
|
)
|
|||||||
Total Interest Expense
|
139
|
(38
|
)
|
177
|
||||||||
Net Interest Income
|
$
|
1,000
|
$
|
673
|
$
|
327
|
● |
Trust and estate income increased $99,000 or 9.4% from the first nine months of 2016 to the first nine months ended September 30, 2017 due to new business and higher asset value due to improved stock market performance during 2017.
|
● |
Brokerage service revenues decreased $12,000 or 8.5% from the first nine months of 2016 to the first nine months of 2017 due in part to a decline in volume and the effect of transitioning some clients from a transaction-based fee structure to a managed asset-based fee structure.
|
● |
Service charges on deposit accounts decreased $131,000 or 8.3% to $1.5 million for the nine months ended September 30, 2017 compared to the same period one year earlier. The reason for the change is due to changes in consumer behavior in their personal funds management because of greater access to account information via mobile technology, along with improved personal cash flow as a result of improvements in the economy.
|
● |
Other service charges, commissions and fees increased $125,000 or 10.1% from $1.2 million during the nine months ended September 30, 2016 to $1.4 million during the nine months ended September 30, 2017, primarily due to an increase in net interchange income, which was $620,000 during the nine months ended September 30, 2017, compared with $573,000 for the same period in 2016.
|
● |
Salaries and benefits increased $392,000 or 5.0% from the nine months ended September 30, 2016 to the nine months ended September 30, 2017. The increase was primarily due to increases in salary expense as a result of full-time equivalent employees increasing during the period, incentive compensation, and commissions.
|
● |
Furniture and equipment expense decreased $75,000 or 7.7%, for the nine months ended September 30, 2017 compared with the nine months ended September 30, 2016, primarily due to decreased repairs and fewer small equipment purchases.
|
● |
Marketing expense decreased $30,000 or 7.4% from the nine months ended September 30, 2016 to $378,000 for the nine months ended September 30, 2017 primarily due to expense management initiatives.
|
● |
Legal, accounting and consulting expense decreased $89,000 or 9.9% from the nine months ended September 30, 2016 to $809,000 for the nine months ended September 30, 2017 due to higher expenses in 2016 as a result of loans charged-off in prior years. There were no legal expenses of this magnitude during the first nine months of 2017.
|
● |
Data processing expense increased $14,000 or 1.5% for the nine months ended September 30, 2017 compared with the same time period in 2016.
|
● |
FDIC deposit insurance expense decreased $199,000 or 46.9% from $424,000 for the nine months ended September 30, 2016 to $225,000 for the nine months ended September 30, 2017 due to recent changes to the assessment calculations, which occurred during the fourth quarter of 2016.
|
● |
OREO expense decreased $8,000 or 50.0% from $16,000 for the nine months ended September 30, 2016 to $8,000 for the nine months ended September 30, 2017.
|
● |
Interest-bearing deposits in other banks were $27.1 million at September 30, 2017, a decrease of $35.2 million from December 31, 2016. The decrease in this account is primarily due to the decrease in deposits held at the Federal Reserve Bank of Richmond, which were used to fund growth in loan and securities.
|
● |
Securities available for sale were $67.1 million at September 30, 2017, an increase of $17.2 million or 34.3% from December 31, 2016, due to an increase in purchases, specifically tax-exempt municipals and mortgage backed securities.
|
● |
Loans, net of allowance for loan losses, were $485.3 million at September 30, 2017, reflecting an increase of $26.7 million from $458.6 million at December 31, 2016, which is in line with the Company's strategic growth objectives.
|
● |
Total deposits increased by $10.1 million or 1.8% when compared with total deposits at December 31, 2016. Non-interest bearing deposits increased $5.6 million to $115.7 million, while interest-bearing deposits increased by $4.5 million to $440.5 million at September 30, 2017 from December 31, 2016. Included in interest-bearing deposits at both September 30, 2017 and December 31, 2016 were $15.6 million of brokered deposits. Of the $15.6 million in brokered deposits, $1.3 million represent deposits of Bank customers exchanged through the CDARS network and $9.9 million were money market deposits through the ICS network. With the CDARS program, funds are placed into certificate of deposit accounts issued by other banks in the network, in increments of less than $250,000, to ensure both principal and interest are eligible for complete FDIC coverage. These deposits are exchanged with other member banks on a dollar-for-dollar basis, bringing the full amount of our customers' deposits back to the Bank and making these funds fully available for lending in our community. The ICS program operates the same as the CDARS program, but is for money market funds. The increase in the Bank's interest-bearing deposits during the first nine months of 2017 was the result of many factors including, but not limited to, the economy, local competition, retail customer preferences, changes in seasonal cash flows by both commercial and retail customers, changes in business cash management practices by Bank customers, the relative pricing from wholesale funding sources, the in-and-outflow of local government tax receipts, and the Bank's funding needs. The Bank projects to increase its transaction accounts and other deposits during the remainder of 2017 and beyond by offering value-added interest checking and demand deposit products, and selective rate premiums on its interest-bearing deposits.
|
(Dollars in thousands)
|
September 30, 2017
|
December 31, 2016
|
September 30, 2016
|
|||||||||
Nonaccrual loans
|
$
|
2,431
|
$
|
3,523
|
$
|
3,219
|
||||||
Other real estate owned, net
|
1,356
|
1,356
|
1,356
|
|||||||||
Total nonperforming assets
|
3,787
|
4,879
|
4,575
|
|||||||||
Restructured loans still accruing
|
4,361
|
5,305
|
5,349
|
|||||||||
Student loans past due 90 days or more and still accruing
|
2,129
|
2,538
|
1,893
|
|||||||||
Other loans past due 90 or more days and still accruing
|
565
|
321
|
-
|
|||||||||
Total nonperforming and other risk assets
|
$
|
10,842
|
$
|
13,043
|
$
|
11,817
|
||||||
Allowance for loan losses to total loans
|
0.90
|
%
|
0.98
|
%
|
0.97
|
%
|
||||||
Nonaccrual loans to total loans
|
0.50
|
%
|
0.76
|
%
|
0.70
|
%
|
||||||
Allowance for loan losses to nonaccrual loans
|
182.15
|
%
|
128.44
|
%
|
137.22
|
%
|
||||||
Total nonaccrual loans and restructured loans still accruing to total loans
|
1.39
|
%
|
1.91
|
%
|
1.87
|
%
|
||||||
Allowance for loan losses to nonaccrual loans and restructured loans still accruing
|
65.19
|
%
|
51.26
|
%
|
51.55
|
%
|
||||||
Total nonperforming assets to total assets
|
0.60
|
%
|
0.78
|
%
|
0.73
|
%
|
●
|
six were current and performing in accordance with the modified terms;
|
●
|
three, totaling $1.4 million, were in nonaccrual status due to prior irregular payments, but were paying in accordance with a bankruptcy plan, and;
|
●
|
one loan for $84,000 was in nonaccrual status due to continued irregular payments.
|
Risk Based Capital Ratios
|
||||||||
September 30, 2017
|
December 31, 2016
|
|||||||
(Dollars in thousands)
|
||||||||
Tier 1 Capital:
|
||||||||
Common Equity
|
$
|
60,342
|
$
|
57,390
|
||||
|
||||||||
Plus: Unrealized gain (loss) on securities available for sale, net
|
157
|
(763
|
)
|
|||||
Plus: Unrealized benefit obligation for supplemental retirement plans
|
10
|
10
|
||||||
Total Tier 1 Capital
|
60,175
|
58,143
|
||||||
|
||||||||
Tier 2 Capital:
|
||||||||
Allowable allowance for loan losses
|
4,428
|
4,525
|
||||||
|
||||||||
Total Capital:
|
$
|
64,603
|
$
|
62,668
|
||||
|
||||||||
Risk Weighted Assets:
|
$
|
498,527
|
$
|
475,943
|
||||
|
||||||||
Regulatory Capital Ratios:
|
||||||||
Leverage Ratio
|
9.51
|
%
|
9.23
|
%
|
||||
Common Equity Tier 1 Capital Ratio
|
12.07
|
%
|
12.22
|
%
|
||||
Tier 1 Capital Ratio
|
12.07
|
%
|
12.22
|
%
|
||||
Total Capital Ratio
|
12.96
|
%
|
13.17
|
%
|
|
September 30, 2017
|
December 31, 2016
|
||||||||||||||||||||||
(Dollars in thousands)
|
Total
|
In Use
|
Available
|
Total
|
In Use
|
Available
|
||||||||||||||||||
Sources:
|
||||||||||||||||||||||||
Federal funds borrowing lines of credit
|
$
|
62,457
|
$
|
-
|
$
|
62,457
|
$
|
62,936
|
$
|
-
|
$
|
62,936
|
||||||||||||
Federal Home Loan Bank advances
|
117,008
|
7,880
|
109,128
|
115,394
|
12,936
|
102,458
|
||||||||||||||||||
Federal funds sold and interest-bearing deposits in other banks, excluding requirements
|
6,103
|
39,538
|
||||||||||||||||||||||
Securities, available for sale and unpledged at fair value
|
18,900
|
4,934
|
||||||||||||||||||||||
Total short-term funding sources
|
$
|
196,588
|
$
|
209,866
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Uses:
|
||||||||||||||||||||||||
Unfunded loan commitments and lending lines of credit
|
$
|
64,939
|
$
|
52,380
|
||||||||||||||||||||
Letters of credit
|
3,516
|
3,983
|
||||||||||||||||||||||
Total potential short-term funding uses
|
$
|
68,455
|
$
|
56,363
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Ratio of short-term funding sources to potential short-term funding uses
|
287.2
|
%
|
372.3
|
%
|
Exhibit Number
|
Exhibit Description
|
|
|
3.1
|
Articles of Incorporation of Fauquier Bankshares, Inc., as amended, incorporated by reference to Exhibit 3.1 to Form 10-K filed March 15, 2010.
|
|
|
3.2
|
By-laws of Fauquier Bankshares, Inc., as amended and restated, incorporated by reference to Exhibit 3.2 to Form 8-K filed February 22, 2016.
|
31.1
|
Certification of CEO pursuant to Rule 13a-14(a).
|
|
|
31.2
|
Certification of CFO pursuant to Rule 13a-14(a).
|
|
|
32.1
|
Certification of CEO pursuant to 18 U.S.C. Section 1350.
|
|
|
32.2
|
Certification of CFO pursuant to 18 U.S.C. Section 1350.
|
|
|
101
|
The following materials from the Company's Form 10-Q Report for the quarterly period ended September 30, 2017, formatted in XBRL: (1) Consolidated Balance Sheets, (2) Consolidated Statements of Income, (3) Consolidated Statements of Comprehensive Income, (4) Consolidated Statements of Changes in Shareholders' Equity, (5) Consolidated Statements of Cash Flows and (6) the Notes to Consolidated Financial Statements.
|
Dated: November 13, 2017
|
/s/ Marc J. Bogan
|
|
|
Marc J. Bogan
|
|
|
President & Chief Executive Officer
|
|
Dated: November 13, 2017
|
/s/ Christine E. Headly
|
|
|
Christine E. Headly
|
|
|
Executive Vice President & Chief Financial Officer
|
|
Dated: November 13, 2017
|
/s/ Marc J. Bogan
|
|
|
Marc J. Bogan
|
|
|
President & Chief Executive Officer
|
|
Dated: November 13, 2017
|
/s/ Christine E. Headly
|
|
|
Christine E. Headly
Executive Vice President & Chief Financial Officer
|
|
|
|
|
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Nov. 06, 2017 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | FAUQUIER BANKSHARES, INC. | |
Entity Central Index Key | 0001083643 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 3,762,677 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 |
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Shareholders' Equity | ||
Common stock, par value (in dollars per share) | $ 3.13 | $ 3.13 |
Common stock, shares authorized (in shares) | 8,000,000 | 8,000,000 |
Common stock, shares issued (in shares) | 3,762,677 | 3,753,919 |
Common stock, shares outstanding (in shares) | 3,762,677 | 3,753,919 |
Common stock, non-vested shares (in shares) | 18,062 | 18,045 |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||||
Net income | $ 1,281 | $ 698 | $ 3,039 | $ 2,866 |
Other comprehensive income (loss), net of tax: | ||||
Interest rate swap, net of tax effect of $(2) and $2 in 2017 and $(8) and $45 in 2016 | 4 | 15 | (4) | (87) |
Change in fair value of securities available for sale, net of tax effect of $(54) and $(476) in 2017 and $(32) and $(20) in 2016 | 104 | 63 | 919 | 39 |
Total other comprehensive income (loss), net of tax effect of $(56) and $(474) in 2017 and $(40) and $25 in 2016 | 108 | 78 | 915 | (48) |
Comprehensive Income | $ 1,389 | $ 776 | $ 3,954 | $ 2,818 |
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Other comprehensive income (loss), net of tax: | ||||
Interest rate swap, tax effect | $ (2) | $ (8) | $ 2 | $ 45 |
Change in fair value of securities available for sale, tax effect | (54) | (32) | (476) | (20) |
Other comprehensive income (loss), tax effect | $ (56) | $ (40) | $ (474) | $ 25 |
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Other comprehensive income (loss), tax | $ (474) | $ 25 |
Cash dividends (in dollars per share) | $ 0.36 | $ 0.36 |
Issuance of common stock - non-vested shares (in shares) | 3,984 | 23,704 |
Issuance of common stock - vested shares (in shares) | 5,139 | 4,536 |
Repurchase of common stock (in shares) | 382 | 3,661 |
General |
9 Months Ended |
---|---|
Sep. 30, 2017 | |
General [Abstract] | |
General | Note 1. General The consolidated financial statements include the accounts of Fauquier Bankshares, Inc. ("the Company") and its wholly-owned subsidiary, The Fauquier Bank ("the Bank"), and the Bank's wholly-owned subsidiaries, Fauquier Bank Services, Inc. and Specialty Properties Acquisitions - VA, LLC. Specialty Properties Acquisitions - VA, LLC was formed with the sole purpose of holding foreclosed property. The consolidated financial statements do not include the accounts of Fauquier Statutory Trust II, a wholly-owned subsidiary of the Company. In consolidation, significant intercompany financial balances and transactions have been eliminated. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of September 30, 2017 and the results of operations for the three and nine months ended September 30, 2017 and 2016, in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The notes included herein should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company's 2016 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC"). The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results expected for the full year or any other interim period. Certain amounts in the 2016 consolidated financial statements have been reclassified to conform to the 2017 presentation. No reclassifications were significant and there was no effect on net income. Recent Accounting Pronouncements In January 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." The amendments in ASU 2016-01, among other things: (1) Require equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; (2) Require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (3) Require separate presentation of financial assets and liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables); and (4) Eliminate the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The amendments in this ASU are effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently assessing the impact that ASU 2016-01 will have on its consolidated financial statements. 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. Early application is permitted upon issuance. 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. To date, the Company has not completed its comprehensive analysis of those leases and is unable to quantify the impact at this time. The Company believes that the majority of its leases will maintain their current lease classification under the new standard. As a result, the Company does not expect the new standard to have a material effect on its expense recognition pattern or, in turn, its consolidated financial statements. During 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 years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company's management is addressing compliance requirements, data gathering and archiving resources, and analyzing the potential impact of this standard. During August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments", to address diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The amendments should be applied using a retrospective transition method to each period presented. If retrospective application is impractical for some of the issues addressed by the update, the amendments for those issues would be applied prospectively as of the earliest date practicable. Early adoption is permitted, including adoption in an interim period. The Company does not expect the adoption of ASU 2016-15 to have a material impact on its consolidated financial statements. During January 2017, the FASB issued ASU No. 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of Business." The amendments in this ASU clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the current implementation guidance in Topic 805, there are three elements of a business - inputs, processes, and outputs. While an integrated set of assets and activities (collectively referred to as a "set") that is a business usually has outputs, outputs are not required to be present. In addition, all the inputs and processes that a seller uses in operating a set are not required if market participants can acquire the set and continue to produce outputs. The amendments in this ASU provide a screen to determine when a set is not a business. If the screen is not met, the amendments (1) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) remove the evaluation of whether a market participant could replace missing elements. The ASU provides a framework to assist entities in evaluating whether both an input and a substantive process are present. The amendments in this ASU are effective for annual periods beginning after December 31, 2017, including interim periods within those annual periods. The amendments in this ASU should be applied prospectively on or after the effective date. No disclosures are required at transition. The Company does not expect the adoption of ASU 2017-01 to have a material impact on its consolidated financial statements. During March 2017, the FASB issued ASU No. 2017-07. "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." The amendments in this ASU require an employer that offers defined benefit pension plans, other postretirement benefit plans, or other types of benefits accounted for under Topic 715 to report the service cost component of net periodic benefit cost in the same line item or items as other compensation costs arising from services rendered during the period. The other components of net periodic benefit cost are required to be presented in the income statement separately from the service cost component. If separate line item(s) are not used, the line item(s) used in the income statement to present the other components of net benefit cost must be disclosed. In addition, only the service cost component will be eligible for capitalization as part of an asset, when applicable. The amendments are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted. The Company does not expect the adoption of ASU 2017-07 to have a material impact on its consolidated financial statements. During 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 of 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. The Company is currently assessing the impact that ASU 2017-08 will have on its consolidated financial statements. During May 2017, the FASB issued ASU No. 2017-09, "Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting." The amendments provide guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting under Topic 718. The amendments are effective for all entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for reporting periods for which financial statements have not yet been issued. The Company is currently assessing the impact that ASU 2017-09 will have on its consolidated financial statements. During August 2017, the FASB issued ASU No. 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities." The amendments in this ASU modify the designation and measurement guidance for hedge accounting as well as provide for increased transparency regarding the presentation of economic results on both the financial statements and related footnotes. Certain aspects of hedge effectiveness assessments will also be simplified upon implementation of this update. The amendments are effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted, including adoption in any interim period. The Company does not expect the adoption of ASU 2017-12 to have a material impact on its consolidated financial statements. |
Securities |
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Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Note 2. Securities The amortized cost and fair value of securities available for sale, with unrealized gains and losses follows:
The amortized cost and fair value of securities available for sale, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without penalties.
There were no impairment losses on securities during the nine months ended September 30, 2017 and 2016. During the nine months ended September 30, 2017, no securities were sold and 11 securities totaling $3.8 million were called. Over the same period, 30 securities totaling $26.8 million were purchased. During the nine months ended September 30, 2016, no securities were sold, four securities totaling $4.5 million were called and two securities totaling $3.1 million were purchased. The following table shows the Company securities with gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2017 and December 31, 2016, respectively.
At September 30, 2017 there were 23 securities that were in a loss position due to market conditions, primarily interest rates, and not due to credit concerns. The nature of securities which were temporarily impaired at September 30, 2017 consisted of three corporate bonds with a cost basis net of other-than-temporary impairment ("OTTI") totaling $3.8 million and a temporary loss of approximately $238,000. The value of these corporate bonds is based on quoted market prices for similar assets. They are the "Class B" or subordinated "mezzanine" tranche of pooled trust preferred securities. The trust preferred securities are collateralized by the interest and principal payments made on trust preferred capital offerings by a geographically diversified pool of approximately 56 different financial institutions per bond. They have an estimated maturity of 17 years. These bonds could have been called at par on the five year anniversary date of issuance, which has already passed for all the bonds. The bonds reprice every three months at a fixed rate index above the three-month London Interbank Offered Rate ("LIBOR"). These bonds have sufficient collateralization and cash flow projections to satisfy their valuation based on the cash flow portion of the OTTI test under authoritative accounting guidance as of September 30, 2017. The bonds, totaling $3,660.0 million at fair value, are projected to repay the full outstanding interest and principal and are now classified as performing corporate bond investments. During the nine months ended September 30, 2017, $103,000 of interest income was recorded. Additional information regarding each of the pooled trust preferred securities as of September 30, 2017 follows: (Dollars in thousands)
The following roll forward reflects the amount related to credit losses recognized in earnings : (In thousands)
The carrying value of securities pledged to secure deposits and for other purposes amounted to $44.2 million and $41.9 million at September 30, 2017 and December 31, 2016, respectively. |
Loans and Allowance for Loan Losses |
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Loans and Allowance for Loan Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | Note 3. Loans and Allowance for Loan Losses Allowance for Loan Losses and Recorded Investment in Loans Receivable
The Company's allowance for loan losses at September 30, 2017 has three basic components: the specific allowance, the general allowance, and the unallocated components. The specific allowance component is used to individually allocate an allowance for larger balance, non-homogeneous loans identified as impaired. Generally, smaller balance loans and residential mortgage loans are not evaluated for impairment unless they are part of a larger relationship being evaluated, or foreclosure on the property is eminent and a loss is anticipated. The general allowance component is used for estimating the loss on pools of smaller-balance, homogeneous loans; including 1-4 family mortgage loans, installment loans and other consumer loans. Also, the general allowance component is used for the remaining pool of larger balance, non-homogeneous loans which were not identified as impaired. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. Credit Quality Indicators
Age Analysis of Past Due Loans Receivable
The Company began purchasing rehabilitated student loans under the Federal Rehabilitated Student Loan Program during the quarter ended December 31, 2012. The repayment of both principal and accrued interest are 98% guaranteed by the U.S. Department of Education. At September 30, 2017, $2.1 million of the student loans were 90 days or more past due and still accruing. Impaired Loans Receivable
U.S. GAAP requires that the impairment of loans that have been separately identified for evaluation be measured based on the present value of expected future cash flows or, alternatively, the observable market price of the loans or the fair value of the collateral. However, for those loans that are collateral dependent (that is, if repayment of those loans is expected to be provided solely by the underlying collateral) and for which management has determined foreclosure is probable, the measure of impairment is to be based on the net realizable value of the collateral. A loan is considered impaired when it is probable that the Bank will be unable to collect all principal and interest amounts according to the contractual terms of the loan agreement. Factors involved in determining impairment include, but are not limited to, expected future cash flows, financial condition of the borrower, and the current economic conditions. A performing loan may be considered impaired if the factors above indicate a need for impairment. A loan on non-accrual status may not be impaired if it is in the process of collection or if the shortfall in payment is insignificant. A delay of less than 30 days or a shortfall of less than 5% of the required principal and interest payments generally is considered "insignificant" and would not indicate an impairment situation, if in management's judgment the loan will be paid in full. Loans that meet the regulatory definitions of doubtful or loss generally qualify as impaired loans under authoritative accounting guidance. As is the case for all loans, charge-offs for impaired loans occur when the loan or portion of the loan is determined to be uncollectible. At September 30, 2017, there were $3.9 million of commercial loans, including commercial real estate, classified as substandard which were deemed not to be impaired because the Bank believes all principal and interest are likely to be collected according to the original loan agreements and are substandard based on their industry or changes in their cash flow. The recorded investment in impaired loans totaled $6.8 million at September 30, 2017 and $8.5 million at December 31, 2016. Approximately $6.7 million of loans classified as impaired at September 30, 2017 were collateralized by commercial buildings, residential real estate, or land. No additional funds are committed to be advanced in connection with impaired loans. No loans were modified as troubled debt restructurings ("TDRs") during the three and nine months ended September 30, 2017 and 2016. There were no defaults on TDRs occurring within 12 months of modification during the three and nine months ended September 30, 2017 and 2016. At September 30, 2017, there were 10 loans in the portfolio, totaling $5.9 million, that have been identified as TDRs. At September 30, 2017, six of the TDR loans were current and performing in accordance with the modified terms. Three of the TDRs, totaling $1.4 million, to a single borrower, were in nonaccrual status due to prior irregular payments, but were paying in accordance with a bankruptcy plan. An additional loan of $84,000 was in nonaccrual status due to continued irregular payments. Specific reserves within the allowance for loan loss methodology on TDRs have been established as appropriate. At September 30, 2017, the Company had two foreclosed residential real estate properties in its possession or in the process of foreclosure with a recorded investment of $670,000. |
Junior Subordinated Debt |
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Junior Subordinated Debt [Abstract] | |
Junior Subordinated Debt | Note 4. Junior Subordinated Debt On September 21, 2006, the Company's wholly-owned Connecticut statutory business trust privately issued $4.0 million face amount of the trust's Floating Rate Capital Securities in a pooled capital securities offering ("Trust II"). Simultaneously, the trust used the proceeds of that sale to purchase $4.0 million principal amount of the Company's Floating Rate Junior Subordinated Deferrable Interest Debentures due 2036. The interest rate on the capital security resets every three months at 1.70% above the then current three month LIBOR. Interest is paid quarterly. Total capital securities at September 30, 2017 and December 31, 2016 were $4.1 million. The Trust II issuance of capital securities and the respective subordinated debentures are callable at any time after five years from the issue date. The subordinated debentures are an unsecured obligation of the Company and are junior in right of payment to all present and future senior indebtedness of the Company. The capital securities are guaranteed by the Company on a subordinated basis. |
Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Note 5. Derivative Instruments and Hedging Activities U.S. GAAP requires that all derivatives be recognized in the Consolidated Financial Statements at their fair values. On the date that the derivative contract is entered into, the Company designates the derivative as a hedge of variable cash flows to be paid or received in conjunction with recognized assets or liabilities, as a cash flow or fair value hedge. For a derivative treated as a cash flow hedge, the ineffective portion of changes in fair value is reported in current period earnings. The effective portion of the cash flow hedge is recorded as an adjustment to the hedged item through other comprehensive income. For a derivative treated as a fair value hedge, the gain or loss on the derivative, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in current earnings in interest income. The Company uses interest rate swaps to reduce interest rate risk and to manage net interest income. The Company formally assesses, both at the hedges' inception, and on an on-going basis, whether derivatives used in hedging transactions have been highly effective in offsetting changes in cash flows of hedged items and whether those derivatives are expected to remain highly effective in subsequent periods. The Company discontinues hedge accounting when (a) it determines that a derivative is no longer effective in offsetting changes in cash flows of a hedged item; (b) the derivative expires or is sold, terminated or exercised; (c) probability exists that the forecasted transaction will no longer occur; or (d) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all cases in which hedge accounting is discontinued and a derivative remains outstanding, the Company will carry the derivative at fair value, recognizing changes in fair value in current period income in the consolidated statement of income. Interest differentials paid or received under the swap agreements are reflected as adjustments to interest income. These interest rate swap agreements include both cash flow and fair value hedge derivative instruments that qualify for hedge accounting. The notional amounts of the interest rate swaps are not exchanged and do not represent exposure to credit loss. In the event of default by a counter party, the risk in these transactions is the cost of replacing the agreements at current market rates. The Company entered into an interest rate swap agreement on July 1, 2010 to manage the interest rate exposure on its Floating Rate Junior Subordinated Deferrable Interest Debentures due 2036. By entering into this agreement, the Company converts a floating rate liability into a fixed rate liability through 2020. Under the terms of the agreement, the Company receives interest quarterly at the rate equivalent to three-month LIBOR plus 1.70%, repricing every three months on the same date as the Company's Floating Rate Junior Subordinated Deferrable Interest Debentures, and pays interest expense monthly at the fixed rate of 4.91%. The interest expense on the interest rate swap was $20,000 and $26,000 for the three months ended September 30, 2017 and 2016, respectively, and $63,000 and $79,000 for the nine months ended September 30, 2017 and 2016, respectively. In addition, on June 24, 2016, the Company entered into a forward interest rate swap agreement to convert the floating rate liability on the same Floating Rate Junior Subordinated Deferrable Interest Debentures to fixed from 2020 to 2031. There was no interest expense recognized on the forward interest rate swap in the three or nine months ended September 30, 2017, and there will be no exchange of payments until 2020. Both of these swaps are designated as cash flow hedges and changes in the fair value are recorded as an adjustment through other comprehensive income. The Company entered into two swap agreements to manage the interest rate risk related to two commercial loans. The agreements allow the Company to convert fixed rate assets to floating rate assets through 2022 and 2025. The Company receives interest monthly at the rate equivalent to one-month LIBOR, plus a spread repricing on the same date as the loans, and pays interest at fixed rates. The interest expense on the interest rate swaps was $9,000 and $21,000 for the three months ended September 30, 2017 and 2016, respectively. For the nine months ended September 30, 2017 and 2016, the interest expense was $38,000 and $70,000, respectively. These swaps are designated as fair value hedges and changes in fair value are recorded in current earnings. Cash collateral held at other banks for these swaps was $1.2 million at September 30, 2017. Collateral posted and received is dependent on the market valuation of the underlying hedges. The effects of derivative instruments on the Consolidated Financial Statements as of September 30, 2017 and December 31, 2016 are as follows:
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Note 6. Earnings Per Share The following table shows the weighted average number of shares used in computing earnings per share and the effect on weighted average number of shares of dilutive potential common stock for the periods indicated.
Non-vested restricted shares have voting rights and receive non-forfeitable dividends during the vesting period; therefore, they are included in calculating basic earnings per share. The portion of non-vested performance-based stock awards that are expected to vest, but have not yet been awarded, are included in the calculation of diluted earnings per share. |
Stock Based Compensation |
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Stock Based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation | Note 7. Stock Based Compensation Stock Incentive Plan On May 19, 2009, the shareholders of the Company approved the Company's Stock Incentive Plan (the "Plan"), which superseded and replaced the Omnibus Stock Ownership and Long Term Incentive Plan. Under the Plan, stock options, stock appreciation rights, non-vested and/or restricted shares, and long-term performance unit awards may be granted to directors and certain employees for purchase of the Company's common stock. The effective date of the Plan is March 19, 2009, the date the Company's Board approved the Plan, and it has a termination date of December 31, 2019. The Company's Board may terminate, suspend or modify the Plan within certain restrictions. The Plan authorizes for issuance 350,000 shares of the Company's common stock. The Plan requires that options be granted at an exercise price equal to at least 100% of the fair market value of the common stock on the date of the grant. Such options are generally not exercisable until three years from the date of issuance and generally require continuous employment during the period prior to exercise. The options will expire in no more than ten years after the date of grant. The stock options, stock appreciation rights, restricted shares, and long-term performance unit awards for certain employees are generally subject to vesting requirements and are subject to forfeiture if vesting and other contractual provision requirements are not met. The Company did not grant stock options during the three and nine months ended September 30, 2017 and there were no options outstanding at September 30, 2017. Restricted Shares The restricted shares are accounted for using the fair market value of the Company's common stock on the date the restricted shares were awarded. The restricted shares issued to certain officers are subject to a vesting period, whereby, the restrictions on the shares lapse on the third year anniversary of the date the restricted shares were awarded. Compensation expense for these shares is recognized over the three-year period. The restricted shares issued to non-employee directors are not subject to a vesting period and compensation expense is recognized at the date the shares are granted. The Company has granted 10,525 and 14,240 shares of non-vested restricted stock to certain officers and 5,139 and 4,536 shares of vested restricted stock to non-employee directors during the nine months ended September 30, 2017 and 2016, respectively. Compensation expense for the non-vested shares was $(12,000) and $63,000, net of forfeitures, for the three months ended September 30, 2017 and 2016, respectively, and $53,000 and $146,000 for the nine months ended September 30, 2017 and 2016, respectively. As of September 30, 2017, there was $166,000 of total unrecognized compensation expense related to these non-vested shares, which will be recorded in conjunction with the vesting periods over the remaining 27 months. There was no compensation expense for the non-employee director vested shares recognized during the three months ended September 30, 2017 and 2016, and for the nine months ended September 30, 2017 and 2016, $90,000 and $68,000 of compensation expense was recognized for non-employee director shares, respectively. A summary of the status of the Company's non-vested restricted shares granted under the Plan is presented below:
The Company granted 10,525 and 13,949 shares of performance-based stock rights with respect to certain officers during the nine months ended September 30, 2017 and 2016, respectively. The performance-based stock rights are accounted for using the fair market value of the Company's common stock on the date awarded, and adjusted as the market value of the stock changes. The performance-based stock rights are subject to a vesting period, whereby the restrictions on the shares lapse on the third year anniversary of the date the shares were awarded. Until vesting, the shares are not issued and not included in shares outstanding. The awards are subject to the Company reaching a predetermined three-year performance average on the return on average equity ratio, compared to a predetermined peer group of banks. Compensation expense for performance-based stock rights totaled $(7,000) and $11,000 for the three months ended September 30, 2017 and 2016, respectively, and $37,000 and $25,000 for the nine months ended September 30, 2017 and 2016, respectively. As of September 30, 2017, there was $77,000 of total unrecognized compensation expense related to non-vested share-based compensation arrangements granted under the Plan. A summary of the status of the Company's non-vested performance-based stock rights is presented below:
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Employee Benefit Plans |
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Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Note 8. Employee Benefit Plans The Company has a defined contribution retirement plan under Internal Revenue Code of 1986 ("Code") Section 401(k) covering all employees who are at least 18 years of age. Under the plan, a participant may contribute an amount up to 100% of their covered compensation for the year, not to exceed the dollar limit set by law (Code Section 402(g)). The plan was amended for 2017, and under the amended plan, the Company will make an annual matching contribution equal to 100% on the first 6% of compensation deferred and an additional safe harbor contribution equal to 3% of compensation to all eligible participants. Prior to the amendment, the Company made an annual matching contribution equal to 100% on the first 1% of compensation deferred and 50% on the next 5% of compensation deferred, and an additional safe harbor contribution equal to 6% of compensation to all eligible participants. The Company's 401(k) plan expenses for the three months ended September 30, 2017 and 2016 were $167,000 and $186,000, respectively, and $521,000 and $557,000 for the nine months ended September 30, 2017 and 2016, respectively. The Company also maintains a Director Deferred Compensation Plan ("Deferred Compensation Plan"). This plan provides that any non-employee director of the Company or the Bank may elect to defer receipt of all or any portion of his or her compensation as a director. A participating director may elect to have amounts deferred under the Deferred Compensation Plan held in a deferred cash account, which is credited on a quarterly basis with interest equal to the highest rate offered by the Bank at the end of the preceding quarter. Alternatively, a participant may elect to have a deferred stock account in which deferred amounts are treated as if invested in the Company's common stock at the fair market value on the date of deferral. The value of a stock account will increase and decrease based upon the fair market value of an equivalent number of shares of common stock. In addition, the deferred amounts deemed invested in common stock will be credited with dividends on an equivalent number of shares. Amounts considered invested in the Company's common stock are paid, at the election of the director, either in cash or in whole shares of the common stock and cash in lieu of fractional shares. Directors may elect to receive amounts contributed to their respective accounts in one or up to five installments. There are no directors currently participating in the Deferred Compensation Plan. The Company has a nonqualified deferred compensation plan for a former key employee's retirement, in which the contribution expense is solely funded by the Company. The retirement benefit to be provided is variable based upon the performance of underlying life insurance policy assets. There was $7,000 of deferred compensation expense for the three and nine months ended September 30, 2017. There was no deferred compensation expense for the three months ended September 30, 2016 and $16,000 for the nine months ended September 30, 2016. Concurrent with the establishment of the deferred compensation plan for the former employee, the Company purchased life insurance policies on this employee with the Company named as owner and beneficiary. These life insurance policies are intended to be utilized as a source of funding the plan. Income on these life insurance policies amounted to $7,000 and $6,000 for the three months ended September 30, 2017 and 2016, respectively. For the nine months ended September 30, 2017 and 2016, income on these life insurance policies amounted to $21,000 and 20,000, respectively. The Company has recorded $1.3 million in cash surrender value of these policies at September 30, 2017 and December 31, 2016, which is included in bank-owned life insurance of the Consolidated Balance Sheets. |
Fair Value Measurement |
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Fair Value Measurement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement | Note 9. Fair Value Measurement Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants. U.S. GAAP specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. The three levels of the fair value hierarchy are as follows:
The following describes the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements: Securities available for sale: 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 (Level 2). If the inputs used to provide the evaluation for certain securities are unobservable and/or there is little, if any, market activity or securities with previously recognized OTTI, then the security would fall to the lowest level of the hierarchy (Level 3). The Company's investment portfolio is primarily valued using fair value measurements that are considered to be Level 2. The Company has contracted with a third party portfolio accounting service vendor for valuation of its securities. The vendor's primary source for security valuation is Interactive Data Corporation ("IDC"), which evaluates securities based on market data. IDC utilizes evaluated pricing models that vary by asset class and include available trade, bid, and other market information. Generally, the methodology includes broker quotes, proprietary models, vast descriptive terms and conditions databases, as well as extensive quality control programs. Interest rate swaps: Interest rate swaps are recorded at fair value on a recurring basis. The Company utilizes interest rate swap agreements as part of the management of interest rate risk to modify the repricing characteristics of certain portions of the Company's interest-bearing assets and liabilities. The Company has contracted with a third party to provide valuations for interest rate swaps using standard valuation techniques and therefore classifies such valuation as Level 2. The Company has considered counterparty credit risk in the valuation of its interest rate swap assets and has considered its own credit risk in the valuation of its interest rate swap liabilities. The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2017 and December 31, 2016 by levels within the valuation hierarchy:
Certain assets are measured at fair value on a nonrecurring basis in accordance with U.S. GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets. The following describes the valuation techniques used by the Company to measure certain financial assets recorded at fair value on a nonrecurring basis in the financial statements: Mortgage Loans Held for Sale: Mortgage loans held for sale are carried at lower of cost or market value. These loans currently consist of 1-4 family 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). As such, the Company records any fair value adjustments on a nonrecurring basis. No nonrecurring fair value adjustments were recorded on mortgage loans held for sale during the three and nine months ended September 30, 2017. Gains and losses on the sale of loans are recorded as a component of noninterest income on the consolidated statements of income. Impaired Loans: A loan is designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected. The measurement of loss associated with an impaired loan 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 cash flow. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the Company's collateral is real estate. The value of real estate collateral is determined utilizing an income or market valuation approach based on an appraisal, of one year or less, conducted by an independent, licensed appraiser outside of the Company using observable market data (Level 2). However, if the collateral is a house or building in the process of construction or if an appraisal of the real estate property is more than one year old and not solely based on observable market comparables or management determines the fair value of the collateral is further impaired below the appraised value, then the fair value is considered Level 3. The value of business equipment is based upon an outside appraisal, of one year or less, 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). 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 provision for loan losses on the Consolidated Statements of Income. At September 30, 2017, the Company's Level 3 loans for which a reserve has been established, consisted of two loans totaling $131,000 secured by business assets and inventory with a reserve of $84,000, and one loan totaling $313,000 secured by real estate with a reserve of $274,000. Other Real Estate Owned ("OREO"): OREO is measured at fair value less estimated costs to sell. Fair value is based upon independent market prices, appraised values of the collateral, or management's estimation of the value of the collateral. The Company considers the OREO as nonrecurring Level 3. Total valuation of OREO property was $1.4 million at September 30, 2017 and December 31, 2016. The following table summarizes the Company's financial assets that were measured at fair value on a nonrecurring basis at September 30, 2017 and December 31, 2016.
The following table displays quantitative information about Level 3 Fair Value Measurements at September 30, 2017 and December 31, 2016.
The estimated fair values and related carrying amounts of the Company's financial instruments are as follows:
The fair value of a financial instrument is the current amount that would be exchanged between willing parties, other than in a forced liquidation. 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 estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instruments. U.S. GAAP excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash and cash equivalents: The carrying amounts of cash and short-term instruments with a maturity of three months or less approximate fair value. Instruments with maturities of greater than three months are estimated using a discounted cash flow calculation that applies interest rates currently being offered on similar instruments. Securities: For securities and marketable equity securities held for investment purposes, fair values are based on quoted market prices or dealer quotes. For other securities held as investments, fair value equals quoted market price, if available. If a quoted market price is not available, fair values are based on quoted market prices for similar securities. Restricted securities are carried at cost based on redemption provisions of the issuers. See Note 2 "Securities" of the Notes to Consolidated Financial Statements for further discussion on determining fair value for pooled trust preferred securities. Mortgage loans held for sale: Fair value for loans held for sale is based on the price secondary markets are currently offering for similar loans. Loans Receivable: For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Fair values for certain mortgage loans (e.g., 1-4 family residential), credit card loans, and other consumer loans are based on quoted market prices of similar loans sold in conjunction with securitization transactions, adjusted for differences in loan characteristics. Fair values for other loans (i.e., commercial real estate and investment property mortgage loans, commercial and industrial loans) are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Fair value for impaired loans is described above. Accrued Interest: The carrying amounts of accrued interest approximate fair value. Bank-owned life insurance: The carrying amount of life insurance contracts is assumed to be a reasonably appropriate fair value. Life insurance contracts are carried on the balance sheet at their redemption value. This redemption value is based on existing market conditions and therefore represents the fair value of the contract. Interest Rate Swaps: The fair values are based on quoted market prices or mathematical models using current and historical data. Deposit Liabilities: The fair values disclosed for demand deposits (i.e., interest and non-interest bearing checking, statement savings and money market accounts) are, by definition, equal to the amount payable at the reporting date (that is, their carrying amounts). Fair values of fixed rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered to a schedule of aggregated expected monthly maturities on time deposits. Borrowings: The fair values of the Company's advances from the Federal Home Loan Bank of Atlanta and other borrowings are estimated using discounted cash flow analyses based on the Company's current incremental borrowing rates for similar types of borrowing arrangements. Off-Balance-Sheet Financial Instruments: The fair value of commitments to extend credit is estimated using the fees currently charged to enter similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of standby letters of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date. At September 30, 2017 and December 31, 2016, the fair values of loan commitments and standby letters of credit were deemed immaterial. The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, the fair values of the Company's financial instruments will change when interest rate levels change and that change may be either favorable or unfavorable to the Company. Management attempts to match maturities of assets and liabilities to the extent believed necessary to minimize interest rate risk. However, borrowers with fixed rate obligations are less likely to prepay in a rising rate environment. Conversely, depositors who are receiving fixed rates are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk by adjusting terms of new loans and deposits and by investing in securities with terms that mitigate the Company's overall interest rate risk. |
Accumulated Other Comprehensive Income (Loss) |
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Accumulated Other Comprehensive Income (Loss) | Note 10. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss), net of tax, for the nine months ended September 30, 2017 and 2016 were:
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Investment in Affordable Housing Projects |
9 Months Ended |
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Sep. 30, 2017 | |
Investment In Affordable Housing Projects [Abstract] | |
Investment in Affordable Housing Projects | Note 11. Investment in Affordable Housing Projects The Company has investments in certain affordable housing projects located in the Commonwealth of Virginia through six limited liability partnerships of the Bank. These partnerships exist to develop and preserve affordable housing for low income families through residential rental property projects. The Company exerts no control over the operating or financial policies of the partnerships. Return on these investments is through receipt of tax credits and other tax benefits which are subject to recapture by taxing authorities based on compliance features at the project level. The investments are due to expire by 2033. The Company accounts for the affordable housing investments using the equity method and has recorded $3.8 million in other assets at September 30, 2017. The Company has also recorded $1.0 million in other liabilities related to unfunded capital calls through 2019. The related federal tax credits, included in income tax expense in the Consolidated Statements of Income, for the three months ended September 30, 2017 and 2016 were $112,000 and $61,000, respectively, and for the nine months ended September 30, 2017 and 2016 were $353,000 and $302,000, respectively. There were $62,000 and $70,000 in flow-through losses recognized during the three months ended September 30, 2017 and 2016, respectively, and $149,000 and $197,000 for the nine month periods ended September 30, 2017 and 2016, respectively, which are reflected in the other service charges, commissions, and income on the Consolidated Statements of Income. |
General (Policies) |
9 Months Ended |
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Sep. 30, 2017 | |
General [Abstract] | |
Basis of Presentation | The consolidated financial statements include the accounts of Fauquier Bankshares, Inc. ("the Company") and its wholly-owned subsidiary, The Fauquier Bank ("the Bank"), and the Bank's wholly-owned subsidiaries, Fauquier Bank Services, Inc. and Specialty Properties Acquisitions - VA, LLC. Specialty Properties Acquisitions - VA, LLC was formed with the sole purpose of holding foreclosed property. The consolidated financial statements do not include the accounts of Fauquier Statutory Trust II, a wholly-owned subsidiary of the Company. In consolidation, significant intercompany financial balances and transactions have been eliminated. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of September 30, 2017 and the results of operations for the three and nine months ended September 30, 2017 and 2016, in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The notes included herein should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company's 2016 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC"). |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." The amendments in ASU 2016-01, among other things: (1) Require equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; (2) Require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (3) Require separate presentation of financial assets and liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables); and (4) Eliminate the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The amendments in this ASU are effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently assessing the impact that ASU 2016-01 will have on its consolidated financial statements. 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. Early application is permitted upon issuance. 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. To date, the Company has not completed its comprehensive analysis of those leases and is unable to quantify the impact at this time. The Company believes that the majority of its leases will maintain their current lease classification under the new standard. As a result, the Company does not expect the new standard to have a material effect on its expense recognition pattern or, in turn, its consolidated financial statements. During 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 years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company's management is addressing compliance requirements, data gathering and archiving resources, and analyzing the potential impact of this standard. During August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments", to address diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The amendments should be applied using a retrospective transition method to each period presented. If retrospective application is impractical for some of the issues addressed by the update, the amendments for those issues would be applied prospectively as of the earliest date practicable. Early adoption is permitted, including adoption in an interim period. The Company does not expect the adoption of ASU 2016-15 to have a material impact on its consolidated financial statements. During January 2017, the FASB issued ASU No. 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of Business." The amendments in this ASU clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the current implementation guidance in Topic 805, there are three elements of a business - inputs, processes, and outputs. While an integrated set of assets and activities (collectively referred to as a "set") that is a business usually has outputs, outputs are not required to be present. In addition, all the inputs and processes that a seller uses in operating a set are not required if market participants can acquire the set and continue to produce outputs. The amendments in this ASU provide a screen to determine when a set is not a business. If the screen is not met, the amendments (1) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) remove the evaluation of whether a market participant could replace missing elements. The ASU provides a framework to assist entities in evaluating whether both an input and a substantive process are present. The amendments in this ASU are effective for annual periods beginning after December 31, 2017, including interim periods within those annual periods. The amendments in this ASU should be applied prospectively on or after the effective date. No disclosures are required at transition. The Company does not expect the adoption of ASU 2017-01 to have a material impact on its consolidated financial statements. During March 2017, the FASB issued ASU No. 2017-07. "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." The amendments in this ASU require an employer that offers defined benefit pension plans, other postretirement benefit plans, or other types of benefits accounted for under Topic 715 to report the service cost component of net periodic benefit cost in the same line item or items as other compensation costs arising from services rendered during the period. The other components of net periodic benefit cost are required to be presented in the income statement separately from the service cost component. If separate line item(s) are not used, the line item(s) used in the income statement to present the other components of net benefit cost must be disclosed. In addition, only the service cost component will be eligible for capitalization as part of an asset, when applicable. The amendments are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted. The Company does not expect the adoption of ASU 2017-07 to have a material impact on its consolidated financial statements. During 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 of 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. The Company is currently assessing the impact that ASU 2017-08 will have on its consolidated financial statements. During May 2017, the FASB issued ASU No. 2017-09, "Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting." The amendments provide guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting under Topic 718. The amendments are effective for all entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for reporting periods for which financial statements have not yet been issued. The Company is currently assessing the impact that ASU 2017-09 will have on its consolidated financial statements. During August 2017, the FASB issued ASU No. 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities." The amendments in this ASU modify the designation and measurement guidance for hedge accounting as well as provide for increased transparency regarding the presentation of economic results on both the financial statements and related footnotes. Certain aspects of hedge effectiveness assessments will also be simplified upon implementation of this update. The amendments are effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted, including adoption in any interim period. The Company does not expect the adoption of ASU 2017-12 to have a material impact on its consolidated financial statements. |
Loans and Allowance for Loan Losses (Policies) |
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Sep. 30, 2017 | |
Loans and Allowance for Loan Losses [Abstract] | |
Impairment of Loans | U.S. GAAP requires that the impairment of loans that have been separately identified for evaluation be measured based on the present value of expected future cash flows or, alternatively, the observable market price of the loans or the fair value of the collateral. However, for those loans that are collateral dependent (that is, if repayment of those loans is expected to be provided solely by the underlying collateral) and for which management has determined foreclosure is probable, the measure of impairment is to be based on the net realizable value of the collateral. A loan is considered impaired when it is probable that the Bank will be unable to collect all principal and interest amounts according to the contractual terms of the loan agreement. Factors involved in determining impairment include, but are not limited to, expected future cash flows, financial condition of the borrower, and the current economic conditions. A performing loan may be considered impaired if the factors above indicate a need for impairment. A loan on non-accrual status may not be impaired if it is in the process of collection or if the shortfall in payment is insignificant. A delay of less than 30 days or a shortfall of less than 5% of the required principal and interest payments generally is considered "insignificant" and would not indicate an impairment situation, if in management's judgment the loan will be paid in full. Loans that meet the regulatory definitions of doubtful or loss generally qualify as impaired loans under authoritative accounting guidance. As is the case for all loans, charge-offs for impaired loans occur when the loan or portion of the loan is determined to be uncollectible. |
Securities (Tables) |
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Amortized Cost and Fair Value of Securities Available for Sale | The amortized cost and fair value of securities available for sale, with unrealized gains and losses follows:
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Securities Available for Sale by Contractual Maturity | The amortized cost and fair value of securities available for sale, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without penalties.
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Securities in Continuous Unrealized Loss Position | The following table shows the Company securities with gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2017 and December 31, 2016, respectively.
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Pooled Trust Preferred Securities | Additional information regarding each of the pooled trust preferred securities as of September 30, 2017 follows: (Dollars in thousands)
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Credit Losses Recognized in Earnings | The following roll forward reflects the amount related to credit losses recognized in earnings : (In thousands)
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Loans and Allowance for Loan Losses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans Receivable | Allowance for Loan Losses and Recorded Investment in Loans Receivable
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Credit Quality Indicators | Credit Quality Indicators
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Age Analysis of Past Due Loans Receivable | Age Analysis of Past Due Loans Receivable
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Impaired Loans Receivable | Impaired Loans Receivable
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Derivative Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effects of Derivative Instruments on Consolidated Balance Sheets | The effects of derivative instruments on the Consolidated Financial Statements as of September 30, 2017 and December 31, 2016 are as follows:
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Effects of Derivative Instruments on Consolidated Statements of Income |
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Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Number of Shares Used in Computing Earnings per Share | The following table shows the weighted average number of shares used in computing earnings per share and the effect on weighted average number of shares of dilutive potential common stock for the periods indicated.
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Stock Based Compensation (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Vested Restricted Shares | A summary of the status of the Company's non-vested restricted shares granted under the Plan is presented below:
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Non-Vested Performance-Based Stock Rights | A summary of the status of the Company's non-vested performance-based stock rights is presented below:
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Fair Value Measurement (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2017 and December 31, 2016 by levels within the valuation hierarchy:
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Change in Level 3 Assets Measured at Fair Value on a Recurring Basis |
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Financial Assets Measured at Fair Value on a Nonrecurring Basis | The following table summarizes the Company's financial assets that were measured at fair value on a nonrecurring basis at September 30, 2017 and December 31, 2016.
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Quantitative Information About Level 3 Fair Value Measurements | The following table displays quantitative information about Level 3 Fair Value Measurements at September 30, 2017 and December 31, 2016.
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Estimated Fair Values of Financial Instruments | The estimated fair values and related carrying amounts of the Company's financial instruments are as follows:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss), net of tax, for the nine months ended September 30, 2017 and 2016 were:
|
Securities, Securities Available for Sale by Contractual Maturity (Details) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2017
USD ($)
Security
|
Sep. 30, 2016
USD ($)
Security
|
Dec. 31, 2016
USD ($)
|
|
Amortized Cost [Abstract] | |||
Due in one year or less | $ 1,400 | ||
Due after one year through five years | 5,766 | ||
Due after five years through ten years | 19,605 | ||
Due after ten years | 39,743 | ||
Mutual funds | 384 | ||
Amortized cost | 66,898 | $ 51,130 | |
Fair Value [Abstract] | |||
Due in one year or less | 1,403 | ||
Due after one year through five years | 5,765 | ||
Due after five years through ten years | 19,775 | ||
Due after ten years | 39,810 | ||
Mutual funds | 383 | ||
Total fair value | 67,136 | $ 49,973 | |
Impairment losses on securities | $ 0 | $ 0 | |
Number of securities sold | Security | 0 | 0 | |
Number of securities called | Security | 11 | 4 | |
Fair value of securities called | $ 3,840 | $ 4,500 | |
Number of securities purchased | Security | 30 | 2 | |
Fair value of securities purchased | $ 26,800 | $ 3,100 |
Securities, Credit Losses Recognized in Earnings (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Credit Losses Recognized in Earnings [Roll Forward] | ||
Beginning balance | $ 1,215 | |
Less: Increases in cash flows expected to be collected that are recognized over the remaining life of the security | (56) | |
Ending balance | 1,159 | |
Carrying value of pledged securities | $ 44,200 | $ 41,900 |
Loans and Allowance for Loan Losses, Allowance for Loan Losses and Recorded Investment in Loans Receivable (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2017
USD ($)
Component
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2017
USD ($)
Component
|
Sep. 30, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Allowance for Loan Losses [Roll Forward] | |||||
Beginning balance | $ 4,525 | $ 4,193 | $ 4,193 | ||
Charge-offs | (659) | (666) | (724) | ||
Recoveries | 167 | 1,398 | 1,564 | ||
Provision (recovery) | $ 110 | $ 425 | 395 | (508) | (508) |
Ending balance | 4,428 | 4,417 | 4,428 | 4,417 | 4,525 |
Additional Information on Allowance for Loan Losses and Recorded Investment in Loans Receivable [Abstract] | |||||
Ending balances individually evaluated for impairment | 433 | 433 | 880 | ||
Ending balances collectively evaluated for impairment | 3,995 | 3,995 | 3,645 | ||
Loans receivable, individually evaluated for impairment | 6,792 | 6,792 | 8,484 | ||
Loans receivable, collectively evaluated for impairment | 482,962 | 482,962 | 454,649 | ||
Total financing receivables | $ 489,754 | $ 489,754 | 463,133 | ||
Number of components in allowance for loan losses | Component | 3 | 3 | |||
Commercial and Industrial [Member] | |||||
Allowance for Loan Losses [Roll Forward] | |||||
Beginning balance | $ 561 | 526 | 526 | ||
Charge-offs | (15) | (184) | (226) | ||
Recoveries | 154 | 1,386 | 1,527 | ||
Provision (recovery) | (270) | (1,140) | (1,266) | ||
Ending balance | $ 430 | 588 | 430 | 588 | 561 |
Additional Information on Allowance for Loan Losses and Recorded Investment in Loans Receivable [Abstract] | |||||
Ending balances individually evaluated for impairment | 84 | 84 | 100 | ||
Ending balances collectively evaluated for impairment | 346 | 346 | 461 | ||
Loans receivable, individually evaluated for impairment | 131 | 131 | 227 | ||
Loans receivable, collectively evaluated for impairment | 26,701 | 26,701 | 25,508 | ||
Total financing receivables | 26,832 | 26,832 | 25,735 | ||
Commercial Real Estate [Member] | |||||
Allowance for Loan Losses [Roll Forward] | |||||
Beginning balance | 1,569 | 1,162 | 1,162 | ||
Charge-offs | (476) | (380) | (380) | ||
Recoveries | 4 | 0 | 24 | ||
Provision (recovery) | 400 | 727 | 763 | ||
Ending balance | 1,497 | 1,509 | 1,497 | 1,509 | 1,569 |
Additional Information on Allowance for Loan Losses and Recorded Investment in Loans Receivable [Abstract] | |||||
Ending balances individually evaluated for impairment | 0 | 0 | 398 | ||
Ending balances collectively evaluated for impairment | 1,497 | 1,497 | 1,171 | ||
Loans receivable, individually evaluated for impairment | 2,722 | 2,722 | 3,273 | ||
Loans receivable, collectively evaluated for impairment | 172,715 | 172,715 | 161,998 | ||
Total financing receivables | 175,437 | 175,437 | 165,271 | ||
Construction and Land [Member] | |||||
Allowance for Loan Losses [Roll Forward] | |||||
Beginning balance | 661 | 924 | 924 | ||
Charge-offs | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Provision (recovery) | 165 | 0 | (263) | ||
Ending balance | 826 | 924 | 826 | 924 | 661 |
Additional Information on Allowance for Loan Losses and Recorded Investment in Loans Receivable [Abstract] | |||||
Ending balances individually evaluated for impairment | 294 | 294 | 309 | ||
Ending balances collectively evaluated for impairment | 532 | 532 | 352 | ||
Loans receivable, individually evaluated for impairment | 2,691 | 2,691 | 3,504 | ||
Loans receivable, collectively evaluated for impairment | 45,161 | 45,161 | 46,273 | ||
Total financing receivables | 47,852 | 47,852 | 49,777 | ||
Consumer [Member] | |||||
Allowance for Loan Losses [Roll Forward] | |||||
Beginning balance | 21 | 13 | 13 | ||
Charge-offs | (97) | (35) | (46) | ||
Recoveries | 2 | 9 | 10 | ||
Provision (recovery) | 152 | 34 | 44 | ||
Ending balance | 78 | 21 | 78 | 21 | 21 |
Additional Information on Allowance for Loan Losses and Recorded Investment in Loans Receivable [Abstract] | |||||
Ending balances individually evaluated for impairment | 0 | 0 | 0 | ||
Ending balances collectively evaluated for impairment | 78 | 78 | 21 | ||
Loans receivable, individually evaluated for impairment | 0 | 0 | 0 | ||
Loans receivable, collectively evaluated for impairment | 4,319 | 4,319 | 3,100 | ||
Total financing receivables | 4,319 | 4,319 | 3,100 | ||
Student [Member] | |||||
Allowance for Loan Losses [Roll Forward] | |||||
Beginning balance | 76 | 117 | 117 | ||
Charge-offs | (20) | (31) | (36) | ||
Recoveries | 0 | 0 | 0 | ||
Provision (recovery) | 11 | (7) | (5) | ||
Ending balance | 67 | 79 | 67 | 79 | 76 |
Additional Information on Allowance for Loan Losses and Recorded Investment in Loans Receivable [Abstract] | |||||
Ending balances individually evaluated for impairment | 0 | 0 | 0 | ||
Ending balances collectively evaluated for impairment | 67 | 67 | 76 | ||
Loans receivable, individually evaluated for impairment | 0 | 0 | 0 | ||
Loans receivable, collectively evaluated for impairment | 11,550 | 11,550 | 13,006 | ||
Total financing receivables | 11,550 | 11,550 | 13,006 | ||
Residential Real Estate [Member] | |||||
Allowance for Loan Losses [Roll Forward] | |||||
Beginning balance | 943 | 886 | 886 | ||
Charge-offs | (51) | (36) | (36) | ||
Recoveries | 4 | 0 | 0 | ||
Provision (recovery) | 100 | 118 | 93 | ||
Ending balance | 996 | 968 | 996 | 968 | 943 |
Additional Information on Allowance for Loan Losses and Recorded Investment in Loans Receivable [Abstract] | |||||
Ending balances individually evaluated for impairment | 0 | 0 | 73 | ||
Ending balances collectively evaluated for impairment | 996 | 996 | 870 | ||
Loans receivable, individually evaluated for impairment | 586 | 586 | 1,410 | ||
Loans receivable, collectively evaluated for impairment | 180,423 | 180,423 | 160,973 | ||
Total financing receivables | 181,009 | 181,009 | 162,383 | ||
Home Equity Line of Credit [Member] | |||||
Allowance for Loan Losses [Roll Forward] | |||||
Beginning balance | 307 | 356 | 356 | ||
Charge-offs | 0 | 0 | 0 | ||
Recoveries | 3 | 3 | 3 | ||
Provision (recovery) | 72 | (31) | (52) | ||
Ending balance | 382 | 328 | 382 | 328 | 307 |
Additional Information on Allowance for Loan Losses and Recorded Investment in Loans Receivable [Abstract] | |||||
Ending balances individually evaluated for impairment | 55 | 55 | 0 | ||
Ending balances collectively evaluated for impairment | 327 | 327 | 307 | ||
Loans receivable, individually evaluated for impairment | 662 | 662 | 70 | ||
Loans receivable, collectively evaluated for impairment | 42,093 | 42,093 | 43,791 | ||
Total financing receivables | 42,755 | 42,755 | 43,861 | ||
Unallocated [Member] | |||||
Allowance for Loan Losses [Roll Forward] | |||||
Beginning balance | 387 | 209 | 209 | ||
Charge-offs | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Provision (recovery) | (235) | (209) | 178 | ||
Ending balance | 152 | $ 0 | 152 | $ 0 | 387 |
Additional Information on Allowance for Loan Losses and Recorded Investment in Loans Receivable [Abstract] | |||||
Ending balances individually evaluated for impairment | 0 | 0 | 0 | ||
Ending balances collectively evaluated for impairment | $ 152 | $ 152 | $ 387 |
Loans and Allowance for Loan Losses, Credit Quality Indicators (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 489,754 | $ 463,133 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 455,027 | 422,870 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 13,002 | 17,006 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 21,725 | 23,257 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 26,832 | 25,735 |
Commercial and Industrial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 24,327 | 20,956 |
Commercial and Industrial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,015 | 3,007 |
Commercial and Industrial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,490 | 1,772 |
Commercial and Industrial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial and Industrial [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 175,437 | 165,271 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 165,870 | 153,486 |
Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,573 | 4,691 |
Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,994 | 7,094 |
Commercial Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial Real Estate [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Construction and Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 47,852 | 49,777 |
Construction and Land [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 36,952 | 39,342 |
Construction and Land [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,750 | 6,525 |
Construction and Land [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,150 | 3,910 |
Construction and Land [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Construction and Land [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,319 | 3,100 |
Consumer [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,316 | 3,097 |
Consumer [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3 | 3 |
Consumer [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Consumer [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Consumer [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Student [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 11,550 | 13,006 |
Student [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 11,550 | 13,006 |
Student [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Student [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Student [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Student [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 181,009 | 162,383 |
Residential Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 173,547 | 152,730 |
Residential Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 849 | 1,890 |
Residential Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,613 | 7,763 |
Residential Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Residential Real Estate [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 42,755 | 43,861 |
Home Equity Line of Credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 38,465 | 40,253 |
Home Equity Line of Credit [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 812 | 890 |
Home Equity Line of Credit [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,478 | 2,718 |
Home Equity Line of Credit [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Home Equity Line of Credit [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 0 | $ 0 |
Loans and Allowance for Loan Losses, Age Analysis of Past Due Loans Receivable (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | $ 6,956 | $ 7,816 |
Current | 482,798 | 455,317 |
Total financing receivables | 489,754 | 463,133 |
Past due 90 days and accruing | 2,694 | 2,859 |
Nonaccruals | $ 2,431 | 3,523 |
Percentage of loans guaranteed by the U.S. Department of Education | 98.00% | |
30-59 Days Past Due [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | $ 2,382 | 2,149 |
60-89 Days Past Due [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 1,210 | 1,465 |
90 Days or More Past Due [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 3,364 | 4,202 |
Commercial and Industrial [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 339 | 186 |
Current | 26,493 | 25,549 |
Total financing receivables | 26,832 | 25,735 |
Past due 90 days and accruing | 197 | 0 |
Nonaccruals | 131 | 187 |
Commercial and Industrial [Member] | 30-59 Days Past Due [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 126 | 128 |
Commercial and Industrial [Member] | 60-89 Days Past Due [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 16 | 58 |
Commercial and Industrial [Member] | 90 Days or More Past Due [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 197 | 0 |
Commercial Real Estate [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 1,438 | 817 |
Current | 173,999 | 164,454 |
Total financing receivables | 175,437 | 165,271 |
Past due 90 days and accruing | 367 | 321 |
Nonaccruals | 0 | 496 |
Commercial Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 749 | 0 |
Commercial Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 322 | 496 |
Commercial Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 367 | 321 |
Construction and Land [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 184 | 237 |
Current | 47,668 | 49,540 |
Total financing receivables | 47,852 | 49,777 |
Past due 90 days and accruing | 0 | 0 |
Nonaccruals | 1,525 | 1,497 |
Construction and Land [Member] | 30-59 Days Past Due [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 90 | 237 |
Construction and Land [Member] | 60-89 Days Past Due [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 16 | 0 |
Construction and Land [Member] | 90 Days or More Past Due [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 78 | 0 |
Consumer [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 2 | 73 |
Current | 4,317 | 3,027 |
Total financing receivables | 4,319 | 3,100 |
Past due 90 days and accruing | 1 | 0 |
Nonaccruals | 0 | 0 |
Consumer [Member] | 30-59 Days Past Due [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 1 | 70 |
Consumer [Member] | 60-89 Days Past Due [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 0 | 3 |
Consumer [Member] | 90 Days or More Past Due [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 1 | 0 |
Student [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 2,929 | 4,191 |
Current | 8,621 | 8,815 |
Total financing receivables | 11,550 | 13,006 |
Past due 90 days and accruing | 2,129 | 2,538 |
Nonaccruals | 0 | 0 |
Student [Member] | 30-59 Days Past Due [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 476 | 1,163 |
Student [Member] | 60-89 Days Past Due [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 324 | 490 |
Student [Member] | 90 Days or More Past Due [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 2,129 | 2,538 |
Residential Real Estate [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 749 | 1,645 |
Current | 180,260 | 160,738 |
Total financing receivables | 181,009 | 162,383 |
Past due 90 days and accruing | 0 | 0 |
Nonaccruals | 183 | 1,343 |
Residential Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 397 | 302 |
Residential Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 352 | 0 |
Residential Real Estate [Member] | 90 Days or More Past Due [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 0 | 1,343 |
Home Equity Line of Credit [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 1,315 | 667 |
Current | 41,440 | 43,194 |
Total financing receivables | 42,755 | 43,861 |
Past due 90 days and accruing | 0 | 0 |
Nonaccruals | 592 | 0 |
Home Equity Line of Credit [Member] | 30-59 Days Past Due [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 543 | 249 |
Home Equity Line of Credit [Member] | 60-89 Days Past Due [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | 180 | 418 |
Home Equity Line of Credit [Member] | 90 Days or More Past Due [Member] | ||
Age Analysis of Past Due Loans Receivable [Abstract] | ||
Past due | $ 592 | $ 0 |
Loans and Allowance for Loan Losses, Impaired Loans Receivable (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Recorded Investment [Abstract] | ||
Recorded investment, total | $ 6,792 | $ 8,484 |
Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance, total | 6,900 | 8,578 |
Related Allowance [Abstract] | ||
Related allowance | 433 | 880 |
Average Recorded Investment [Abstract] | ||
Average recorded investment, total | 6,929 | 8,610 |
Interest Income Recognized [Abstract] | ||
Interest income recognized | $ 172 | 317 |
Threshold term for payment delay to be considered insignificant | 30 days | |
Threshold percentage for shortfall in payment to be considered insignificant | 5.00% | |
Commercial loans classified as substandard deemed not to be impaired | $ 3,900 | |
Collateralized loans classified as impaired | 6,661 | |
Commercial and Industrial [Member] | ||
Recorded Investment [Abstract] | ||
Recorded investment, with no specific allowance recorded | 0 | 41 |
Recorded investment, with an allowance recorded | 131 | 186 |
Recorded investment, total | 131 | 227 |
Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance, with no specific allowance recorded | 0 | 84 |
Unpaid principal balance, with an allowance recorded | 160 | 207 |
Unpaid principal balance, total | 160 | 291 |
Related Allowance [Abstract] | ||
Related allowance | 84 | 100 |
Average Recorded Investment [Abstract] | ||
Average recorded investment, with no specific allowance recorded | 0 | 72 |
Average recorded investment, with an allowance recorded | 138 | 201 |
Average recorded investment, total | 138 | 273 |
Interest Income Recognized [Abstract] | ||
Interest income recognized, with no specific allowance recorded | 0 | 5 |
Interest income recognized, with an allowance recorded | 0 | 3 |
Interest income recognized | 0 | 8 |
Commercial Real Estate [Member] | ||
Recorded Investment [Abstract] | ||
Recorded investment, with no specific allowance recorded | 2,722 | 2,777 |
Recorded investment, with an allowance recorded | 0 | 496 |
Recorded investment, total | 2,722 | 3,273 |
Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance, with no specific allowance recorded | 2,722 | 2,777 |
Unpaid principal balance, with an allowance recorded | 0 | 496 |
Unpaid principal balance, total | 2,722 | 3,273 |
Related Allowance [Abstract] | ||
Related allowance | 0 | 398 |
Average Recorded Investment [Abstract] | ||
Average recorded investment, with no specific allowance recorded | 2,750 | 2,837 |
Average recorded investment, with an allowance recorded | 0 | 500 |
Average recorded investment, total | 2,750 | 3,337 |
Interest Income Recognized [Abstract] | ||
Interest income recognized, with no specific allowance recorded | 103 | 142 |
Interest income recognized, with an allowance recorded | 0 | 24 |
Interest income recognized | 103 | 166 |
Construction and Land [Member] | ||
Recorded Investment [Abstract] | ||
Recorded investment, with no specific allowance recorded | 2,167 | 709 |
Recorded investment, with an allowance recorded | 524 | 2,795 |
Recorded investment, total | 2,691 | 3,504 |
Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance, with no specific allowance recorded | 2,216 | 709 |
Unpaid principal balance, with an allowance recorded | 550 | 2,825 |
Unpaid principal balance, total | 2,766 | 3,534 |
Related Allowance [Abstract] | ||
Related allowance | 294 | 309 |
Average Recorded Investment [Abstract] | ||
Average recorded investment, with no specific allowance recorded | 2,249 | 716 |
Average recorded investment, with an allowance recorded | 533 | 2,793 |
Average recorded investment, total | 2,782 | 3,509 |
Interest Income Recognized [Abstract] | ||
Interest income recognized, with no specific allowance recorded | 44 | 35 |
Interest income recognized, with an allowance recorded | 0 | 61 |
Interest income recognized | 44 | 96 |
Student [Member] | ||
Recorded Investment [Abstract] | ||
Recorded investment, with no specific allowance recorded | 0 | 0 |
Recorded investment, with an allowance recorded | 0 | 0 |
Recorded investment, total | 0 | 0 |
Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance, with no specific allowance recorded | 0 | 0 |
Unpaid principal balance, with an allowance recorded | 0 | 0 |
Unpaid principal balance, total | 0 | 0 |
Related Allowance [Abstract] | ||
Related allowance | 0 | 0 |
Average Recorded Investment [Abstract] | ||
Average recorded investment, with no specific allowance recorded | 0 | 0 |
Average recorded investment, with an allowance recorded | 0 | 0 |
Average recorded investment, total | 0 | 0 |
Interest Income Recognized [Abstract] | ||
Interest income recognized, with no specific allowance recorded | 0 | 0 |
Interest income recognized, with an allowance recorded | 0 | 0 |
Interest income recognized | 0 | 0 |
Residential Real Estate [Member] | ||
Recorded Investment [Abstract] | ||
Recorded investment, with no specific allowance recorded | 586 | 410 |
Recorded investment, with an allowance recorded | 0 | 1,000 |
Recorded investment, total | 586 | 1,410 |
Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance, with no specific allowance recorded | 589 | 410 |
Unpaid principal balance, with an allowance recorded | 0 | 1,000 |
Unpaid principal balance, total | 589 | 1,410 |
Related Allowance [Abstract] | ||
Related allowance | 0 | 73 |
Average Recorded Investment [Abstract] | ||
Average recorded investment, with no specific allowance recorded | 593 | 415 |
Average recorded investment, with an allowance recorded | 0 | 1,006 |
Average recorded investment, total | 593 | 1,421 |
Interest Income Recognized [Abstract] | ||
Interest income recognized, with no specific allowance recorded | 18 | 17 |
Interest income recognized, with an allowance recorded | 0 | 27 |
Interest income recognized | 18 | 44 |
Home Equity Line of Credit [Member] | ||
Recorded Investment [Abstract] | ||
Recorded investment, with no specific allowance recorded | 70 | 70 |
Recorded investment, with an allowance recorded | 592 | 0 |
Recorded investment, total | 662 | 70 |
Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance, with no specific allowance recorded | 70 | 70 |
Unpaid principal balance, with an allowance recorded | 593 | 0 |
Unpaid principal balance, total | 663 | 70 |
Related Allowance [Abstract] | ||
Related allowance | 55 | 0 |
Average Recorded Investment [Abstract] | ||
Average recorded investment, with no specific allowance recorded | 70 | 70 |
Average recorded investment, with an allowance recorded | 596 | 0 |
Average recorded investment, total | 666 | 70 |
Interest Income Recognized [Abstract] | ||
Interest income recognized, with no specific allowance recorded | 2 | 3 |
Interest income recognized, with an allowance recorded | 5 | 0 |
Interest income recognized | 7 | 3 |
Consumer [Member] | ||
Recorded Investment [Abstract] | ||
Recorded investment, with no specific allowance recorded | 0 | 0 |
Recorded investment, with an allowance recorded | 0 | 0 |
Recorded investment, total | 0 | 0 |
Unpaid Principal Balance [Abstract] | ||
Unpaid principal balance, with no specific allowance recorded | 0 | 0 |
Unpaid principal balance, with an allowance recorded | 0 | 0 |
Unpaid principal balance, total | 0 | 0 |
Related Allowance [Abstract] | ||
Related allowance | 0 | 0 |
Average Recorded Investment [Abstract] | ||
Average recorded investment, with no specific allowance recorded | 0 | 0 |
Average recorded investment, with an allowance recorded | 0 | 0 |
Average recorded investment, total | 0 | 0 |
Interest Income Recognized [Abstract] | ||
Interest income recognized, with no specific allowance recorded | 0 | 0 |
Interest income recognized, with an allowance recorded | 0 | 0 |
Interest income recognized | $ 0 | $ 0 |
Loans and Allowance for Loan Losses, Troubled Debt Restructurings (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017
USD ($)
Contract
Loan
Property
|
Sep. 30, 2016
Contract
|
Sep. 30, 2017
USD ($)
Contract
Loan
Property
|
Sep. 30, 2016
Contract
|
|
Troubled Debt Restructurings [Abstract] | ||||
Troubled debt restructurings, number of contracts | Contract | 0 | 0 | 0 | 0 |
Number of TDRs with defaults occurring within 12 months of modification | Contract | 0 | 0 | 0 | 0 |
Number of loans identified as TDRs | Loan | 10 | 10 | ||
TDR loans in the portfolio | $ | $ 5,900 | $ 5,900 | ||
Number of TDR loans current and performing | Loan | 6 | 6 | ||
Number of TDR loans not performing in accordance with the modified terms | Loan | 3 | 3 | ||
TDR loans not performing in accordance with modified terms | $ | $ 1,400 | $ 1,400 | ||
Number of TDR loans in nonaccrual status due to continued irregular payments | Loan | 1 | 1 | ||
TDR loans in nonaccrual status due to continued irregular payments | $ | $ 84 | $ 84 | ||
Residential Real Estate [Member] | ||||
Troubled Debt Restructurings [Abstract] | ||||
Number of foreclosed properties in possession or in process of foreclosure | Property | 2 | 2 | ||
Recorded investment of foreclosed properties in possession or in process of foreclosure | $ | $ 670 | $ 670 |
Junior Subordinated Debt (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
Sep. 21, 2006 |
|
Junior Subordinated Notes [Abstract] | |||
Frequency of repricing | 3 months | ||
Junior subordinated debt | $ 4,124 | $ 4,124 | |
Call period | 5 years | ||
LIBOR [Member] | |||
Junior Subordinated Notes [Abstract] | |||
Term of variable rate | 3 months | ||
Floating Rate Capital Securities [Member] | LIBOR [Member] | |||
Junior Subordinated Notes [Abstract] | |||
Capital securities, basis spread on variable rate | 1.70% | ||
Term of variable rate | 3 months | ||
Floating Rate Junior Subordinated Deferrable Interest Debentures due 2036 [Member] | |||
Junior Subordinated Notes [Abstract] | |||
Face amount | $ 4,000 | ||
Maturity date | Dec. 31, 2036 | ||
Wholly-Owned Connecticut Statutory Business Trust [Member] | Floating Rate Capital Securities [Member] | |||
Junior Subordinated Notes [Abstract] | |||
Face amount | $ 4,000 |
Derivative Instruments and Hedging Activities, Derivative Instruments (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017
USD ($)
Derivative
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2017
USD ($)
Loan
Derivative
|
Sep. 30, 2016
USD ($)
|
|
Derivative Instruments and Hedging Activities [Abstract] | ||||
Frequency of repricing | 3 months | |||
Interest expense | $ 50 | $ 51 | $ 149 | $ 150 |
Interest Rate Swaps - Floating Rate Junior Subordinated Deferrable Interest Debentures [Member] | ||||
Derivative Instruments and Hedging Activities [Abstract] | ||||
Fixed interest rate | 4.91% | 4.91% | ||
Interest Rate Swaps - Floating Rate Junior Subordinated Deferrable Interest Debentures [Member] | LIBOR [Member] | ||||
Derivative Instruments and Hedging Activities [Abstract] | ||||
Term of variable rate | 3 months | |||
Basis spread on variable rate | 1.70% | 1.70% | ||
Interest Rate Swap through 9-15-2020 [Member] | ||||
Derivative Instruments and Hedging Activities [Abstract] | ||||
Interest expense | $ 20 | 26 | $ 63 | 79 |
Interest Rate Swap through 6-15-2031 [Member] | ||||
Derivative Instruments and Hedging Activities [Abstract] | ||||
Interest expense | $ 0 | $ 0 | ||
Interest Rate Swaps - Commercial Loans [Member] | ||||
Derivative Instruments and Hedging Activities [Abstract] | ||||
Number of swap agreements | Derivative | 2 | 2 | ||
Number of commercial loans managed with swap agreements | Loan | 2 | |||
Interest expense | $ 9 | $ 21 | $ 38 | $ 70 |
Cash collateral for swaps | $ 1,200 | $ 1,200 | ||
Interest Rate Swaps - Commercial Loans [Member] | LIBOR [Member] | ||||
Derivative Instruments and Hedging Activities [Abstract] | ||||
Term of variable rate | 1 month |
Derivative Instruments and Hedging Activities, Effects of Derivative Instruments on Consolidated Balance Sheets (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Interest Rate Swap through 9-15-2020 [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments and Hedging Activities [Abstract] | ||
Notional/contract amount | $ 4,000 | $ 4,000 |
Expiration date | Sep. 15, 2020 | Sep. 15, 2020 |
Interest Rate Swap through 9-15-2020 [Member] | Cash Flow Hedging [Member] | Other Liabilities [Member] | ||
Derivative Instruments and Hedging Activities [Abstract] | ||
Fair value | $ (165) | $ (214) |
Interest Rate Swap through 6-15-2031 [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments and Hedging Activities [Abstract] | ||
Notional/contract amount | $ 4,000 | $ 4,000 |
Expiration date | Jun. 15, 2031 | Jun. 15, 2031 |
Interest Rate Swap through 6-15-2031 [Member] | Cash Flow Hedging [Member] | Other Assets [Member] | ||
Derivative Instruments and Hedging Activities [Abstract] | ||
Fair value | $ 182 | $ 238 |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments and Hedging Activities [Abstract] | ||
Notional/contract amount | $ 5,733 | |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Minimum [Member] | ||
Derivative Instruments and Hedging Activities [Abstract] | ||
Expiration date | Sep. 26, 2022 | |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Maximum [Member] | ||
Derivative Instruments and Hedging Activities [Abstract] | ||
Expiration date | Apr. 09, 2025 | |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Other Assets [Member] | ||
Derivative Instruments and Hedging Activities [Abstract] | ||
Fair value | $ 13 | |
Interest Rate Swap through 4-9-2025 [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments and Hedging Activities [Abstract] | ||
Notional/contract amount | $ 1,251 | |
Expiration date | Apr. 09, 2025 | |
Interest Rate Swap through 4-9-2025 [Member] | Fair Value Hedging [Member] | Other Assets [Member] | ||
Derivative Instruments and Hedging Activities [Abstract] | ||
Fair value | $ 12 | |
Interest Rate Swap through 2-12-2022 [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments and Hedging Activities [Abstract] | ||
Notional/contract amount | $ 4,598 | |
Expiration date | Feb. 12, 2022 | |
Interest Rate Swap through 2-12-2022 [Member] | Fair Value Hedging [Member] | Other Liabilities [Member] | ||
Derivative Instruments and Hedging Activities [Abstract] | ||
Fair value | $ (2) |
Derivative Instruments and Hedging Activities, Effects of Derivative Instruments on Consolidated Statements of Income (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Cash Flow Hedging [Member] | ||
Derivatives in Cash Flow Hedging Relationships [Abstract] | ||
Amount of gain (loss) recognized in OCI on derivatives, net of tax (effective portion) | $ (4) | $ 207 |
Amount of gain (loss) recognized in income on derivative (ineffective portion) | 0 | 0 |
Fair Value Hedging [Member] | Interest Income [Member] | ||
Derivatives in Fair Value Hedging Relationships [Abstract] | ||
Gain or (Loss) on swaps | $ 8 | $ (12) |
Earnings Per Share (Details) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Shares [Abstract] | ||||
Basic earnings per share (in shares) | 3,765,359 | 3,754,304 | 3,765,368 | 3,753,777 |
Effect of dilutive securities, non-vested performance stock rights (in shares) | 8,454 | 10,340 | 8,320 | 10,461 |
Diluted earnings per share (in shares) | 3,773,813 | 3,764,644 | 3,773,688 | 3,764,238 |
Per Share Amount [Abstract] | ||||
Basic earnings per share (in dollars per share) | $ 0.34 | $ 0.19 | $ 0.81 | $ 0.76 |
Diluted earnings per share (in dollars per share) | $ 0.34 | $ 0.19 | $ 0.81 | $ 0.76 |
Stock Based Compensation, Stock Incentive Plan (Details) - Stock Incentive Plan [Member] |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2017
shares
|
Sep. 30, 2017
shares
|
|
Stock Based Compensation [Abstract] | ||
Number of shares authorized (in shares) | 350,000 | 350,000 |
Stock Options [Member] | ||
Stock Based Compensation [Abstract] | ||
Exercise price of options as percentage of market price | 100.00% | |
Award vesting period | 3 years | |
Award term | 10 years | |
Stock options granted (in shares) | 0 | 0 |
Stock options outstanding (in shares) | 0 | 0 |
Stock Based Compensation, Restricted Shares (Details) - Stock Incentive Plan [Member] - Restricted Shares [Member] - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Stock Based Compensation [Abstract] | ||||
Award vesting period | 3 years | |||
Recognition period for total unrecognized compensation costs | 27 months | |||
Non-Vested Restricted Stock Rights [Roll Forward] | ||||
Nonvested at beginning of period (in shares) | 18,045 | |||
Granted (in shares) | 15,664 | |||
Vested (in shares) | (9,123) | |||
Forfeited (in shares) | (6,524) | |||
Nonvested at end of period (in shares) | 18,062 | 18,062 | ||
Non-Vested Restricted Stock Rights, Weighted Average Fair Value [Roll Forward] | ||||
Nonvested at beginning of period (in dollars per share) | $ 15.04 | |||
Granted (in dollars per share) | 17.50 | |||
Vested (in dollars per share) | 16.74 | |||
Forfeited (in dollars per share) | 16.24 | |||
Nonvested at end of period (in dollars per share) | $ 15.88 | $ 15.88 | ||
Certain Executive Officers [Member] | ||||
Stock Based Compensation [Abstract] | ||||
Compensation expense | $ (12) | $ 63 | $ 53 | $ 146 |
Unrecognized compensation cost | 166 | $ 166 | ||
Non-Vested Restricted Stock Rights [Roll Forward] | ||||
Granted (in shares) | 10,525 | 14,240 | ||
Non Employee Director [Member] | ||||
Stock Based Compensation [Abstract] | ||||
Compensation expense | $ 0 | $ 0 | $ 90 | $ 68 |
Non-Vested Restricted Stock Rights [Roll Forward] | ||||
Granted (in shares) | 5,139 | 4,536 |
Stock Based Compensation, Non-Vested Performance-Based Stock Rights (Details) - Stock Incentive Plan [Member] - Performance-Based Stock Rights [Member] - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Stock Based Compensation [Abstract] | ||||
Award vesting period | 3 years | |||
Compensation expense | $ (7) | $ 11 | $ 37 | $ 25 |
Unrecognized compensation cost | $ 77 | $ 77 | ||
Non-Vested Performance-Based Stock Rights [Roll Forward] | ||||
Nonvested at beginning of period (in shares) | 18,045 | |||
Granted (in shares) | 10,525 | |||
Vested (in shares) | 0 | |||
Forfeited (in shares) | (10,508) | |||
Nonvested at end of period (in shares) | 18,062 | 18,062 | ||
Non-Vested Performance-Based Stock Rights, Weighted Average Fair Value [Roll Forward] | ||||
Nonvested at beginning of period (in dollars per share) | $ 15.72 | |||
Granted (in dollars per share) | 17.50 | |||
Forfeited (in dollars per share) | 16.05 | |||
Nonvested at end of period (in dollars per share) | $ 16.58 | $ 16.58 | ||
Certain Executive Officers [Member] | ||||
Non-Vested Performance-Based Stock Rights [Roll Forward] | ||||
Granted (in shares) | 10,525 | 13,949 |
Employee Benefit Plans (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2017
USD ($)
Installment
|
Sep. 30, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
401(k) Plan [Abstract] | |||||
Minimum age to participate | 18 years | ||||
Maximum annual contribution per employee, percent | 100.00% | ||||
Employer matching contribution percentage on first 1% of deferred compensation | 100.00% | 100.00% | |||
Percentage of deferred compensation for employer matching contribution, tier one | 6.00% | 1.00% | |||
Employer matching contribution percentage on next 5% of deferred compensation | 50.00% | ||||
Percentage of deferred compensation for employer matching contribution, tier two | 5.00% | ||||
Additional safe harbor contribution by employer, percent | 3.00% | 6.00% | |||
401(k) expenses | $ 167 | $ 186 | $ 521 | $ 557 | |
Deferred Compensation Plan [Abstract] | |||||
Income from life insurance policies | $ 270 | 271 | |||
Minimum [Member] | |||||
Deferred Compensation Plan [Abstract] | |||||
Number of installments for contributions | Installment | 1 | ||||
Maximum [Member] | |||||
Deferred Compensation Plan [Abstract] | |||||
Number of installments for contributions | Installment | 5 | ||||
Former Key Employee [Member] | |||||
Deferred Compensation Plan [Abstract] | |||||
Deferred compensation expense | 7 | 0 | $ 7 | 16 | |
Income from life insurance policies | 7 | $ 6 | 21 | $ 20 | |
Cash surrender value of life insurance | $ 1,300 | $ 1,300 | $ 1,300 |
Fair Value Measurement, Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Assets [Abstract] | ||
Available for sale securities | $ 67,136 | $ 49,973 |
Level 1 [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 383 | 374 |
Interest rate swaps | 0 | 0 |
Total assets at fair value | 32,021 | 67,955 |
Liabilities [Abstract] | ||
Interest rate swaps | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Level 2 [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 66,753 | 46,814 |
Interest rate swaps | 195 | 250 |
Total assets at fair value | 568,161 | 518,783 |
Liabilities [Abstract] | ||
Interest rate swaps | 165 | 216 |
Total liabilities at fair value | 568,096 | 563,063 |
Level 3 [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 0 | 2,785 |
Interest rate swaps | 0 | 0 |
Total assets at fair value | 86 | 2,873 |
Liabilities [Abstract] | ||
Interest rate swaps | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Fair Value on a Recurring Basis [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 67,136 | 49,973 |
Interest rate swaps | 195 | 250 |
Total assets at fair value | 67,331 | 50,223 |
Liabilities [Abstract] | ||
Interest rate swaps | 165 | 216 |
Total liabilities at fair value | 165 | 216 |
Fair Value on a Recurring Basis [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 383 | 374 |
Interest rate swaps | 0 | 0 |
Total assets at fair value | 383 | 374 |
Liabilities [Abstract] | ||
Interest rate swaps | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Fair Value on a Recurring Basis [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 66,753 | 46,814 |
Interest rate swaps | 195 | 250 |
Total assets at fair value | 66,948 | 47,064 |
Liabilities [Abstract] | ||
Interest rate swaps | 165 | 216 |
Total liabilities at fair value | 165 | 216 |
Fair Value on a Recurring Basis [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 0 | 2,785 |
Interest rate swaps | 0 | 0 |
Total assets at fair value | 0 | 2,785 |
Liabilities [Abstract] | ||
Interest rate swaps | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Obligations of U.S. Government Corporations and Agencies [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 48,533 | 40,504 |
Obligations of U.S. Government Corporations and Agencies [Member] | Fair Value on a Recurring Basis [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 48,533 | 40,504 |
Obligations of U.S. Government Corporations and Agencies [Member] | Fair Value on a Recurring Basis [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 0 | 0 |
Obligations of U.S. Government Corporations and Agencies [Member] | Fair Value on a Recurring Basis [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 48,533 | 40,504 |
Obligations of U.S. Government Corporations and Agencies [Member] | Fair Value on a Recurring Basis [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 0 | 0 |
Obligations of States and Political Subdivisions [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 14,560 | 6,310 |
Obligations of States and Political Subdivisions [Member] | Fair Value on a Recurring Basis [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 14,560 | 6,310 |
Obligations of States and Political Subdivisions [Member] | Fair Value on a Recurring Basis [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 0 | 0 |
Obligations of States and Political Subdivisions [Member] | Fair Value on a Recurring Basis [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 14,560 | 6,310 |
Obligations of States and Political Subdivisions [Member] | Fair Value on a Recurring Basis [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 0 | 0 |
Corporate Bonds [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 3,660 | 2,785 |
Corporate Bonds [Member] | Fair Value on a Recurring Basis [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 3,660 | 2,785 |
Corporate Bonds [Member] | Fair Value on a Recurring Basis [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 0 | 0 |
Corporate Bonds [Member] | Fair Value on a Recurring Basis [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 3,660 | 0 |
Corporate Bonds [Member] | Fair Value on a Recurring Basis [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 0 | 2,785 |
Mutual Funds [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 383 | 374 |
Mutual Funds [Member] | Fair Value on a Recurring Basis [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 383 | 374 |
Mutual Funds [Member] | Fair Value on a Recurring Basis [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 383 | 374 |
Mutual Funds [Member] | Fair Value on a Recurring Basis [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Available for sale securities | 0 | 0 |
Mutual Funds [Member] | Fair Value on a Recurring Basis [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Available for sale securities | $ 0 | $ 0 |
Fair Value Measurement, Change in Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2017
USD ($)
| |
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
Balance, beginning of period | $ 2,785 |
Total realized / unrealized gains (losses) included in net income | 55 |
Total realized / unrealized gain (losses) included in other comprehensive income | 820 |
Purchases, sales, issuances and settlements, net | 0 |
Transfers in (out) of Level 3 | (3,660) |
Balance, end of period | 0 |
Corporate Bonds [Member] | |
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
Balance, beginning of period | 2,785 |
Total realized / unrealized gains (losses) included in net income | 55 |
Total realized / unrealized gain (losses) included in other comprehensive income | 820 |
Purchases, sales, issuances and settlements, net | 0 |
Transfers in (out) of Level 3 | (3,660) |
Balance, end of period | $ 0 |
Fair Value Measurement, Financial Assets Measured at Fair Value on Nonrecurring Basis (Details) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017
USD ($)
Loan
|
Dec. 31, 2016
USD ($)
|
|
Financial Assets Recorded on a Nonrecurring Basis [Abstract] | ||
Loans | $ 489,754 | $ 463,133 |
Other real estate owned | 1,356 | 1,356 |
Level 1 [Member] | ||
Assets [Abstract] | ||
Mortgage loans held for sale | 0 | |
Level 2 [Member] | ||
Assets [Abstract] | ||
Mortgage loans held for sale | 440 | |
Level 3 [Member] | ||
Assets [Abstract] | ||
Mortgage loans held for sale | 0 | |
Fair Value on a Nonrecurring Basis [Member] | ||
Assets [Abstract] | ||
Mortgage loans held for sale | 440 | |
Impaired loans, net | 814 | 3,597 |
Other real estate owned, net | 1,356 | 1,356 |
Fair Value on a Nonrecurring Basis [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Mortgage loans held for sale | 0 | |
Impaired loans, net | 0 | 0 |
Other real estate owned, net | 0 | 0 |
Fair Value on a Nonrecurring Basis [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Mortgage loans held for sale | 440 | |
Impaired loans, net | 728 | 3,509 |
Other real estate owned, net | $ 0 | 0 |
Fair Value on a Nonrecurring Basis [Member] | Level 3 [Member] | ||
Financial Assets Recorded on a Nonrecurring Basis [Abstract] | ||
Minimum age of appraisal of real estate property for fair value to be considered Level 3 | 1 year | |
Other real estate owned | $ 1,356 | 1,356 |
Assets [Abstract] | ||
Mortgage loans held for sale | 0 | |
Impaired loans, net | 86 | 88 |
Other real estate owned, net | $ 1,356 | $ 1,356 |
Fair Value on a Nonrecurring Basis [Member] | Level 3 [Member] | Mortgage Secured by Business Assets and Inventory [Member] | ||
Financial Assets Recorded on a Nonrecurring Basis [Abstract] | ||
Number of loans | Loan | 2 | |
Loans | $ 131 | |
Reserve for loan losses | $ 84 | |
Fair Value on a Nonrecurring Basis [Member] | Level 3 [Member] | Mortgage Secured by Real Estate [Member] | ||
Financial Assets Recorded on a Nonrecurring Basis [Abstract] | ||
Number of loans | Loan | 1 | |
Loans | $ 313 | |
Reserve for loan losses | $ 274 |
Fair Value Measurement, Quantitative Information About Level 3 Fair Value Measurements (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Level 1 [Member] | ||
Quantitative Information About Level 3 Fair Value Measurements [Abstract] | ||
Fair value | $ 32,021 | $ 67,955 |
Level 2 [Member] | ||
Quantitative Information About Level 3 Fair Value Measurements [Abstract] | ||
Fair value | 568,161 | 518,783 |
Level 3 [Member] | ||
Quantitative Information About Level 3 Fair Value Measurements [Abstract] | ||
Fair value | 86 | 2,873 |
Corporate Bonds Available for Sale [Member] | Level 3 [Member] | Market Values [Member] | ||
Quantitative Information About Level 3 Fair Value Measurements [Abstract] | ||
Fair value | $ 2,785 | |
Unobservable input | Discounted cash flows | |
Corporate Bonds Available for Sale [Member] | Level 3 [Member] | Market Values [Member] | Weighted Average [Member] | ||
Quantitative Information About Level 3 Fair Value Measurements [Abstract] | ||
Weighted average discount | 0.00% | |
Impaired Loans [Member] | Level 3 [Member] | Appraised Values [Member] | ||
Quantitative Information About Level 3 Fair Value Measurements [Abstract] | ||
Fair value | $ 86 | $ 88 |
Unobservable input | Age of appraisal, current market conditions, experience within local market, and U.S. Government guarantees | Age of appraisal, current market conditions, experience within local market, and U.S. Government guarantees |
Impaired Loans [Member] | Level 3 [Member] | Appraised Values [Member] | Weighted Average [Member] | ||
Quantitative Information About Level 3 Fair Value Measurements [Abstract] | ||
Weighted average discount | 81.00% | 81.00% |
Other Real Estate Owned [Member] | Level 3 [Member] | Appraised Values [Member] | ||
Quantitative Information About Level 3 Fair Value Measurements [Abstract] | ||
Fair value | $ 1,356 | $ 1,356 |
Unobservable input | Age of appraisal, current market conditions and selling costs | Age of appraisal, current market conditions and selling costs |
Other Real Estate Owned [Member] | Level 3 [Member] | Appraised Values [Member] | Weighted Average [Member] | ||
Quantitative Information About Level 3 Fair Value Measurements [Abstract] | ||
Weighted average discount | 18.00% | 18.00% |
Assets [Member] | Level 3 [Member] | ||
Quantitative Information About Level 3 Fair Value Measurements [Abstract] | ||
Fair value | $ 5,102 | $ 4,229 |
Fair Value Measurement, Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Assets [Abstract] | ||
Securities available for sale, at fair value | $ 67,136 | $ 49,973 |
Level 1 [Member] | ||
Assets [Abstract] | ||
Cash and short-term investments | 31,638 | 67,581 |
Securities available for sale, at fair value | 383 | 374 |
Restricted investments | 0 | 0 |
Mortgage loans held for sale | 0 | |
Net Loans | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Interest rate swaps | 0 | 0 |
Bank-owned life insurance | 0 | 0 |
Total assets at fair value | 32,021 | 67,955 |
Liabilities [Abstract] | ||
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Junior subordinated debt | 0 | 0 |
Accrued interest payable | 0 | 0 |
Interest rate swaps | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Level 2 [Member] | ||
Assets [Abstract] | ||
Cash and short-term investments | 0 | 0 |
Securities available for sale, at fair value | 66,753 | 46,814 |
Restricted investments | 1,546 | 1,782 |
Mortgage loans held for sale | 440 | |
Net Loans | 484,211 | 455,514 |
Accrued interest receivable | 1,873 | 1,550 |
Interest rate swaps | 195 | 250 |
Bank-owned life insurance | 13,143 | 12,873 |
Total assets at fair value | 568,161 | 518,783 |
Liabilities [Abstract] | ||
Deposits | 555,800 | 545,669 |
Borrowings | 7,851 | 12,922 |
Junior subordinated debt | 4,157 | 4,144 |
Accrued interest payable | 123 | 112 |
Interest rate swaps | 165 | 216 |
Total liabilities at fair value | 568,096 | 563,063 |
Level 3 [Member] | ||
Assets [Abstract] | ||
Cash and short-term investments | 0 | 0 |
Securities available for sale, at fair value | 0 | 2,785 |
Restricted investments | 0 | 0 |
Mortgage loans held for sale | 0 | |
Net Loans | 86 | 88 |
Accrued interest receivable | 0 | 0 |
Interest rate swaps | 0 | 0 |
Bank-owned life insurance | 0 | 0 |
Total assets at fair value | 86 | 2,873 |
Liabilities [Abstract] | ||
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Junior subordinated debt | 0 | 0 |
Accrued interest payable | 0 | 0 |
Interest rate swaps | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Carrying Amount [Member] | ||
Assets [Abstract] | ||
Cash and short-term investments | 31,889 | 67,846 |
Securities available for sale, at fair value | 67,136 | 49,973 |
Restricted investments | 1,546 | 1,782 |
Mortgage loans held for sale | 440 | |
Net Loans | 485,326 | 458,608 |
Accrued interest receivable | 1,873 | 1,550 |
Interest rate swaps | 195 | 250 |
Bank-owned life insurance | 13,143 | 12,873 |
Total assets at fair value | 601,548 | 592,882 |
Liabilities [Abstract] | ||
Deposits | 556,209 | 546,157 |
Borrowings | 7,880 | 12,936 |
Junior subordinated debt | 4,124 | 4,124 |
Accrued interest payable | 123 | 112 |
Interest rate swaps | 165 | 216 |
Total liabilities at fair value | 568,501 | 563,545 |
Fair Value [Member] | ||
Assets [Abstract] | ||
Cash and short-term investments | 31,638 | 67,581 |
Securities available for sale, at fair value | 67,136 | 49,973 |
Restricted investments | 1,546 | 1,782 |
Mortgage loans held for sale | 440 | |
Net Loans | 484,297 | 455,602 |
Accrued interest receivable | 1,873 | 1,550 |
Interest rate swaps | 195 | 250 |
Bank-owned life insurance | 13,143 | 12,873 |
Total assets at fair value | 600,268 | 589,611 |
Liabilities [Abstract] | ||
Deposits | 555,800 | 545,669 |
Borrowings | 7,851 | 12,922 |
Junior subordinated debt | 4,157 | 4,144 |
Accrued interest payable | 123 | 112 |
Interest rate swaps | 165 | 216 |
Total liabilities at fair value | $ 568,096 | $ 563,063 |
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance | $ 54,451 | $ 52,633 |
Net current-period other comprehensive income (loss) | 915 | (48) |
Balance | 57,185 | 54,258 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance | (737) | (460) |
Balance | 178 | (508) |
Gains and (Losses) on Cash Flow Hedges [Member] | ||
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance | 17 | (190) |
Net current-period other comprehensive income (loss) | (4) | (87) |
Balance | 13 | (277) |
Unrealized Gains and (Losses) on Available for Sale Securities [Member] | ||
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance | (765) | (229) |
Net current-period other comprehensive income (loss) | 919 | 39 |
Balance | 154 | (190) |
Supplemental Executive Retirement Plans [Member] | ||
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance | 11 | (41) |
Net current-period other comprehensive income (loss) | 0 | 0 |
Balance | $ 11 | $ (41) |
Investment in Affordable Housing Projects (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2017
USD ($)
Partnership
|
Sep. 30, 2016
USD ($)
|
|
Investment in Affordable Housing Projects [Abstract] | ||||
Number of limited liability partnerships with investments | Partnership | 6 | |||
Year in which investments are expected to be paid | 2019 | |||
Tax credits and other benefits recognized | $ 112 | $ 61 | $ 353 | $ 302 |
Losses from investments in affordable housing projects | (62) | $ (70) | (149) | $ (197) |
Other Assets [Member] | ||||
Investment in Affordable Housing Projects [Abstract] | ||||
Investments in affordable housing projects | 3,800 | 3,800 | ||
Other Liabilities [Member] | ||||
Investment in Affordable Housing Projects [Abstract] | ||||
Capital call for investments in affordable housing projects | $ 1,000 | $ 1,000 |