|
Pennsylvania
|
| |
25-1424278
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(I.R.S. Employer
Identification No.) |
|
|
Main & Franklin Streets, P.O. Box 430, Johnstown, PA
|
| |
15907-0430
|
|
|
(Address of principal executive offices)
|
| |
(Zip Code)
|
|
| Large accelerated filer ☐ | | | Accelerated filer ☐ | | | Non-accelerated filer ☒ | | |
Smaller reporting company ☒
|
|
| Emerging growth company ☐ | | | | |
|
Title Of Each Class
|
| |
Trading Symbol
|
| |
Name of Each Exchange On Which Registered
|
|
|
Common Stock
|
| |
ASRV
|
| |
The NASDAQ Stock Market LLC
|
|
|
8.45% Beneficial Unsecured Securities, Series A (AmeriServ Financial Capital Trust I)
|
| |
ASRVP
|
| |
The NASDAQ Stock Market LLC
|
|
|
Class
|
| |
Outstanding at May 1, 2019
|
|
|
Common Stock, par value $0.01
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| |
17,542,676
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| | | | | |
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Page No.
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PART I. FINANCIAL INFORMATION: | | | | | | | |
| | | | 1 | | | |
| | | | 1 | | | |
| | | | 2 | | | |
| | | | 4 | | | |
| | | | 5 | | | |
| | | | 6 | | | |
| | | | 8 | | | |
| | | | 32 | | | |
| | | | 44 | | | |
| | | | 44 | | | |
PART II. OTHER INFORMATION | | | | | | | |
| | | | 45 | | | |
| | | | 45 | | | |
| | | | 45 | | | |
| | | | 45 | | | |
| | | | 45 | | | |
| | | | 45 | | | |
| | | | 46 | | |
| | |
March 31,
2019 |
| |
December 31,
2018 |
| ||||||
ASSETS | | | | | | | | | | | | | |
Cash and due from depository institutions
|
| | | $ | 21,675 | | | | | $ | 27,970 | | |
Interest bearing deposits
|
| | | | 3,940 | | | | | | 2,740 | | |
Short-term investments in money market funds
|
| | | | 4,056 | | | | | | 4,184 | | |
Total cash and cash equivalents
|
| | | | 29,671 | | | | | | 34,894 | | |
Investment securities: | | | | | | | | | | | | | |
Available for sale, at fair value
|
| | | | 154,025 | | | | | | 146,731 | | |
Held to maturity (fair value $40,730 on March 31, 2019 and $40,324 on December 31, 2018)
|
| | | | 40,528 | | | | | | 40,760 | | |
Loans held for sale
|
| | | | 619 | | | | | | 847 | | |
Loans
|
| | | | 862,882 | | | | | | 862,604 | | |
Less: Unearned income
|
| | | | 367 | | | | | | 322 | | |
Allowance for loan losses
|
| | | | 8,107 | | | | | | 8,671 | | |
Net loans
|
| | | | 854,408 | | | | | | 853,611 | | |
Premises and equipment: | | | | | | | | | | | | | |
Operating lease right-of-use asset
|
| | | | 911 | | | | | | — | | |
Financing lease right-of-use asset
|
| | | | 3,272 | | | | | | — | | |
Other premises and equipment, net
|
| | | | 14,378 | | | | | | 13,348 | | |
Accrued interest income receivable
|
| | | | 3,932 | | | | | | 3,489 | | |
Goodwill
|
| | | | 11,944 | | | | | | 11,944 | | |
Bank owned life insurance
|
| | | | 38,523 | | | | | | 38,395 | | |
Net deferred tax asset
|
| | | | 4,323 | | | | | | 3,637 | | |
Federal Home Loan Bank stock
|
| | | | 4,035 | | | | | | 4,520 | | |
Federal Reserve Bank stock
|
| | | | 2,125 | | | | | | 2,125 | | |
Other assets
|
| | | | 4,988 | | | | | | 6,379 | | |
TOTAL ASSETS
|
| | | $ | 1,167,682 | | | | | $ | 1,160,680 | | |
LIABILITIES | | | | | | | | | | | | | |
Non-interest bearing deposits
|
| | | $ | 152,695 | | | | | $ | 150,627 | | |
Interest bearing deposits
|
| | | | 805,084 | | | | | | 798,544 | | |
Total deposits
|
| | | | 957,779 | | | | | | 949,171 | | |
Short-term borrowings
|
| | | | 30,912 | | | | | | 41,029 | | |
Advances from Federal Home Loan Bank
|
| | | | 48,571 | | | | | | 46,721 | | |
Operating lease liabilities
|
| | | | 928 | | | | | | — | | |
Financing lease liabilities
|
| | | | 3,295 | | | | | | — | | |
Guaranteed junior subordinated deferrable interest debentures, net
|
| | | | 12,943 | | | | | | 12,939 | | |
Subordinated debt, net
|
| | | | 7,493 | | | | | | 7,488 | | |
Total borrowed funds
|
| | | | 104,142 | | | | | | 108,177 | | |
Other liabilities
|
| | | | 6,700 | | | | | | 5,355 | | |
TOTAL LIABILITIES
|
| | | | 1,068,621 | | | | | | 1,062,703 | | |
SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
Common stock, par value $0.01 per share; 30,000,000 shares authorized; 26,643,495 shares
issued and 17,540,676 shares outstanding on March 31, 2019; 26,609,811 shares issued and 17,619,303 shares outstanding on December 31, 2018 |
| | | | 266 | | | | | | 266 | | |
Treasury stock at cost, 9,102,819 shares on March 31, 2019 and 8,990,508 shares on December 31, 2018
|
| | | | (81,055) | | | | | | (80,579) | | |
Capital surplus
|
| | | | 145,870 | | | | | | 145,782 | | |
Retained earnings
|
| | | | 48,262 | | | | | | 46,733 | | |
Accumulated other comprehensive loss, net
|
| | | | (14,282) | | | | | | (14,225) | | |
TOTAL SHAREHOLDERS’ EQUITY
|
| | | | 99,061 | | | | | | 97,977 | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | $ | 1,167,682 | | | | | $ | 1,160,680 | | |
|
| | |
Three months ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
INTEREST INCOME | | | | | | | | | | | | | |
Interest and fees on loans
|
| | | $ | 10,418 | | | | | $ | 9,818 | | |
Interest bearing deposits
|
| | | | 6 | | | | | | 4 | | |
Short-term investments in money market funds
|
| | | | 69 | | | | | | 43 | | |
Investment securities:
|
| | | | | | | | | | | | |
Available for sale
|
| | | | 1,319 | | | | | | 1,029 | | |
Held to maturity
|
| | | | 352 | | | | | | 323 | | |
Total Interest Income
|
| | | | 12,164 | | | | | | 11,217 | | |
INTEREST EXPENSE | | | | | | | | | | | | | |
Deposits
|
| | | | 2,730 | | | | | | 1,781 | | |
Short-term borrowings
|
| | | | 102 | | | | | | 92 | | |
Advances from Federal Home Loan Bank
|
| | | | 235 | | | | | | 186 | | |
Financing lease liabilities
|
| | | | 30 | | | | | | — | | |
Guaranteed junior subordinated deferrable interest debentures
|
| | | | 280 | | | | | | 280 | | |
Subordinated debt
|
| | | | 130 | | | | | | 130 | | |
Total Interest Expense
|
| | | | 3,507 | | | | | | 2,469 | | |
NET INTEREST INCOME
|
| | | | 8,657 | | | | | | 8,748 | | |
Provision (credit) for loan losses
|
| | | | (400) | | | | | | 50 | | |
NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR LOAN LOSSES
|
| | | | 9,057 | | | | | | 8,698 | | |
NON-INTEREST INCOME | | | | | | | | | | | | | |
Wealth management fees
|
| | | | 2,396 | | | | | | 2,426 | | |
Service charges on deposit accounts
|
| | | | 310 | | | | | | 383 | | |
Net gains on sale of loans
|
| | | | 62 | | | | | | 98 | | |
Mortgage related fees
|
| | | | 44 | | | | | | 39 | | |
Net realized losses on investment securities
|
| | | | — | | | | | | (148) | | |
Bank owned life insurance
|
| | | | 128 | | | | | | 132 | | |
Other income
|
| | | | 665 | | | | | | 705 | | |
Total Non-Interest Income
|
| | | | 3,605 | | | | | | 3,635 | | |
NON-INTEREST EXPENSE | | | | | | | | | | | | | |
Salaries and employee benefits
|
| | | | 6,301 | | | | | | 6,093 | | |
Net occupancy expense
|
| | | | 658 | | | | | | 670 | | |
Equipment expense
|
| | | | 361 | | | | | | 391 | | |
Professional fees
|
| | | | 1,120 | | | | | | 1,184 | | |
Supplies, postage and freight
|
| | | | 173 | | | | | | 168 | | |
Miscellaneous taxes and insurance
|
| | | | 277 | | | | | | 290 | | |
Federal deposit insurance expense
|
| | | | 80 | | | | | | 162 | | |
Other expense
|
| | | | 1,323 | | | | | | 1,162 | | |
Total Non-Interest Expense
|
| | | | 10,293 | | | | | | 10,120 | | |
PRETAX INCOME
|
| | | | 2,369 | | | | | | 2,213 | | |
Provision for income tax expense
|
| | | | 491 | | | | | | 446 | | |
NET INCOME
|
| | | | 1,878 | | | | | | 1,767 | | |
|
| | |
Three months ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
PER COMMON SHARE DATA: | | | | | | | | | | | | | |
Basic:
|
| | | | | | | | | | | | |
Net income
|
| | | $ | 0.11 | | | | | $ | 0.10 | | |
Average number of shares outstanding
|
| | | | 17,578 | | | | | | 18,079 | | |
Diluted:
|
| | | | | | | | | | | | |
Net income
|
| | | $ | 0.11 | | | | | $ | 0.10 | | |
Average number of shares outstanding
|
| | | | 17,664 | | | | | | 18,181 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
COMPREHENSIVE INCOME | | | | | | | | | | | | | |
Net income
|
| | | $ | 1,878 | | | | | $ | 1,767 | | |
Other comprehensive income (loss), before tax: | | | | | | | | | | | | | |
Pension obligation change for defined benefit plan
|
| | | | (1,835) | | | | | | 1,044 | | |
Income tax effect
|
| | | | 385 | | | | | | (219) | | |
Unrealized holding gains (losses) on available for sale securities arising during
period |
| | | | 1,763 | | | | | | (1,666) | | |
Income tax effect
|
| | | | (370) | | | | | | 350 | | |
Reclassification adjustment for (gains) losses on available for sale securities included
in net income |
| | | | — | | | | | | 148 | | |
Income tax effect
|
| | | | — | | | | | | (31) | | |
Other comprehensive loss
|
| | | | (57) | | | | | | (374) | | |
Comprehensive income
|
| | | $ | 1,821 | | | | | $ | 1,393 | | |
|
| | |
Three months ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
COMMON STOCK | | | | | | | | | | | | | |
Balance at beginning of period
|
| | | | 266 | | | | | | 266 | | |
New common shares issued for exercise of stock options
|
| | | | — | | | | | | — | | |
Balance at end of period
|
| | | | 266 | | | | | | 266 | | |
TREASURY STOCK | | | | | | | | | | | | | |
Balance at beginning of period
|
| | | | (80,579) | | | | | | (78,233) | | |
Treasury stock, purchased at cost (112,311 and 105,663 shares in 2019 and 2018, respectively)
|
| | | | (476) | | | | | | (445) | | |
Balance at end of period
|
| | | | (81,055) | | | | | | (78,678) | | |
CAPITAL SURPLUS | | | | | | | | | | | | | |
Balance at beginning of period
|
| | | | 145,782 | | | | | | 145,707 | | |
New common shares issued for exercise of stock options (33,684 and 10,817 shares in 2019 and 2018, respectively)
|
| | | | 85 | | | | | | 28 | | |
Stock option expense
|
| | | | 3 | | | | | | 4 | | |
Balance at end of period
|
| | | | 145,870 | | | | | | 145,739 | | |
RETAINED EARNINGS | | | | | | | | | | | | | |
Balance at beginning of period
|
| | | | 46,733 | | | | | | 40,312 | | |
Net income
|
| | | | 1,878 | | | | | | 1,767 | | |
Cash dividend declared on common stock
|
| | | | (349) | | | | | | (272) | | |
Balance at end of period
|
| | | | 48,262 | | | | | | 41,807 | | |
ACCUMULATED OTHER COMPREHENSIVE LOSS, NET | | | | | | | | | | | | | |
Balance at beginning of period
|
| | | | (14,225) | | | | | | (12,950) | | |
Other comprehensive loss
|
| | | | (57) | | | | | | (374) | | |
Balance at end of period
|
| | | | (14,282) | | | | | | (13,324) | | |
TOTAL STOCKHOLDERS’ EQUITY
|
| | | $ | 99,061 | | | | | $ | 95,810 | | |
|
| | |
Three months ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
OPERATING ACTIVITIES | | | | | | | | | | | | | |
Net income
|
| | | $ | 1,878 | | | | | $ | 1,767 | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | |
Provision (credit) for loan losses
|
| | | | (400) | | | | | | 50 | | |
Depreciation and amortization expense
|
| | | | 450 | | | | | | 405 | | |
Net amortization of investment securities
|
| | | | 66 | | | | | | 103 | | |
Net realized losses on investment securities – available for sale
|
| | | | — | | | | | | 148 | | |
Net gains on loans held for sale
|
| | | | (62) | | | | | | (98) | | |
Amortization of deferred loan fees
|
| | | | (30) | | | | | | (35) | | |
Origination of mortgage loans held for sale
|
| | | | (3,866) | | | | | | (4,061) | | |
Sales of mortgage loans held for sale
|
| | | | 4,156 | | | | | | 6,441 | | |
(Increase) decrease in accrued interest receivable
|
| | | | (443) | | | | | | 48 | | |
Decrease in accrued interest payable
|
| | | | (17) | | | | | | (121) | | |
Earnings on bank owned life insurance
|
| | | | (128) | | | | | | (132) | | |
Deferred income taxes
|
| | | | 532 | | | | | | 447 | | |
Stock compensation expense
|
| | | | 3 | | | | | | 4 | | |
Net change in operating leases
|
| | | | (4) | | | | | | — | | |
Other, net
|
| | | | (434) | | | | | | (1,401) | | |
Net cash provided by operating activities
|
| | | | 1,701 | | | | | | 3,565 | | |
INVESTING ACTIVITIES | | | | | | | | | | | | | |
Purchase of investment securities – available for sale
|
| | | | (9,063) | | | | | | (13,168) | | |
Purchase of investment securities – held to maturity
|
| | | | — | | | | | | (855) | | |
Proceeds from sales of investment securities – available for sale
|
| | | | — | | | | | | 4,479 | | |
Proceeds from maturities of investment securities – available for sale
|
| | | | 3,484 | | | | | | 3,695 | | |
Proceeds from maturities of investment securities – held to maturity
|
| | | | 214 | | | | | | 917 | | |
Purchase of regulatory stock
|
| | | | (4,104) | | | | | | (3,924) | | |
Proceeds from redemption of regulatory stock
|
| | | | 4,589 | | | | | | 4,334 | | |
Long-term loans originated
|
| | | | (40,640) | | | | | | (28,694) | | |
Principal collected on long-term loans
|
| | | | 48,654 | | | | | | 44,999 | | |
Loan participations purchased
|
| | | | (8,399) | | | | | | (2,000) | | |
Proceeds from sale of other real estate owned
|
| | | | 176 | | | | | | 12 | | |
Purchase of premises and equipment
|
| | | | (1,395) | | | | | | (77) | | |
Net cash (used in) provided by investing activities
|
| | | | (6,484) | | | | | | 9,718 | | |
|
| | |
Three months ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
FINANCING ACTIVITIES | | | | | | | | | | | | | |
Net increase (decrease) in deposit balances
|
| | | | 8,608 | | | | | | (3,739) | | |
Net decrease in other short-term borrowings
|
| | | | (10,117) | | | | | | (12,189) | | |
Principal borrowings on advances from Federal Home Loan Bank
|
| | | | 2,850 | | | | | | 1,740 | | |
Principal repayments on advances from Federal Home Loan Bank
|
| | | | (1,000) | | | | | | (2,000) | | |
Principal payments on financing lease liabilities
|
| | | | (41) | | | | | | — | | |
Stock options exercised
|
| | | | 85 | | | | | | 28 | | |
Purchase of treasury stock
|
| | | | (476) | | | | | | (445) | | |
Common stock dividends
|
| | | | (349) | | | | | | (272) | | |
Net cash used in financing activities
|
| | | | (440) | | | | | | (16,877) | | |
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
| | | | (5,223) | | | | | | (3,594) | | |
CASH AND CASH EQUIVALENTS AT JANUARY 1
|
| | | | 34,894 | | | | | | 34,188 | | |
CASH AND CASH EQUIVALENTS AT MARCH 31
|
| | | $ | 29,671 | | | | | $ | 30,594 | | |
|
| | |
Three months ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Noninterest income: | | | | | | | | | | | | | |
In-scope of Topic 606 | | | | | | | | | | | | | |
Wealth management fees
|
| | | $ | 2,396 | | | | | $ | 2,426 | | |
Service charges on deposit accounts
|
| | | | 310 | | | | | | 383 | | |
Other
|
| | | | 420 | | | | | | 417 | | |
Noninterest income (in-scope of topic 606)
|
| | | | 3,126 | | | | | | 3,226 | | |
Noninterest income (out-of-scope of topic 606)
|
| | | | 479 | | | | | | 409 | | |
Total noninterest income
|
| | | $ | 3,605 | | | | | $ | 3,635 | | |
|
| | |
Three months ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
| | |
(In thousands, except per
share data) |
| |||||||||
Numerator: | | | | | | | | | | | | | |
Net income
|
| | | $ | 1,878 | | | | | $ | 1,767 | | |
Denominator: | | | | | | | | | | | | | |
Weighted average common shares outstanding (basic)
|
| | | | 17,578 | | | | | | 18,079 | | |
Effect of stock options
|
| | | | 86 | | | | | | 102 | | |
Weighted average common shares outstanding (diluted)
|
| | | | 17,664 | | | | | | 18,181 | | |
Earnings per common share: | | | | | | | | | | | | | |
Basic
|
| | | $ | 0.11 | | | | | $ | 0.10 | | |
Diluted
|
| | | | 0.11 | | | | | | 0.10 | | |
| | |
March 31, 2019
|
| |||||||||||||||||||||
| | |
Cost
Basis |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
US Agency
|
| | | $ | 7,606 | | | | | $ | 3 | | | | | $ | (65) | | | | | $ | 7,544 | | |
US Agency mortgage-backed securities
|
| | | | 94,806 | | | | | | 983 | | | | | | (537) | | | | | | 95,252 | | |
Municipal
|
| | | | 13,298 | | | | | | 228 | | | | | | (110) | | | | | | 13,416 | | |
Corporate bonds
|
| | | | 38,334 | | | | | | 127 | | | | | | (648) | | | | | | 37,813 | | |
Total
|
| | | $ | 154,044 | | | | | $ | 1,341 | | | | | $ | (1,360) | | | | | $ | 154,025 | | |
|
| | |
March 31, 2019
|
| |||||||||||||||||||||
| | |
Cost
Basis |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
US Agency mortgage-backed securities
|
| | | $ | 9,764 | | | | | $ | 137 | | | | | $ | (53) | | | | | $ | 9,848 | | |
Municipal
|
| | | | 24,729 | | | | | | 341 | | | | | | (151) | | | | | | 24,919 | | |
Corporate bonds and other securities
|
| | | | 6,035 | | | | | | 6 | | | | | | (78) | | | | | | 5,963 | | |
Total
|
| | | $ | 40,528 | | | | | $ | 484 | | | | | $ | (282) | | | | | $ | 40,730 | | |
|
| | |
December 31, 2018
|
| |||||||||||||||||||||
| | |
Cost
Basis |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
US Agency
|
| | | $ | 7,685 | | | | | $ | 4 | | | | | $ | (160) | | | | | $ | 7,529 | | |
US Agency mortgage-backed securities
|
| | | | 90,169 | | | | | | 516 | | | | | | (1,158) | | | | | | 89,527 | | |
Municipal
|
| | | | 13,301 | | | | | | 114 | | | | | | (234) | | | | | | 13,181 | | |
Corporate bonds
|
| | | | 37,359 | | | | | | 131 | | | | | | (996) | | | | | | 36,494 | | |
Total
|
| | | $ | 148,514 | | | | | $ | 765 | | | | | $ | (2,548) | | | | | $ | 146,731 | | |
|
| | |
December 31, 2018
|
| |||||||||||||||||||||
| | |
Cost
Basis |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
US Agency mortgage-backed securities
|
| | | $ | 9,983 | | | | | $ | 78 | | | | | $ | (132) | | | | | $ | 9,929 | | |
Municipal
|
| | | | 24,740 | | | | | | 131 | | | | | | (404) | | | | | | 24,467 | | |
Corporate bonds and other securities
|
| | | | 6,037 | | | | | | 13 | | | | | | (122) | | | | | | 5,928 | | |
Total
|
| | | $ | 40,760 | | | | | $ | 222 | | | | | $ | (658) | | | | | $ | 40,324 | | |
|
| | |
March 31, 2019
|
| |||||||||||||||||||||||||||||||||
| | |
Less than 12 months
|
| |
12 months or longer
|
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Fair
Value |
| |
Unrealized
Losses |
| |
Fair
Value |
| |
Unrealized
Losses |
| |
Fair
Value |
| |
Unrealized
Losses |
| ||||||||||||||||||
US Agency
|
| | | $ | — | | | | | $ | — | | | | | $ | 5,891 | | | | | $ | (65) | | | | | $ | 5,891 | | | | | $ | (65) | | |
US Agency mortgage-backed securities
|
| | | | — | | | | | | — | | | | | | 40,841 | | | | | | (590) | | | | | | 40,841 | | | | | | (590) | | |
Municipal
|
| | | | — | | | | | | — | | | | | | 13,384 | | | | | | (261) | | | | | | 13,384 | | | | | | (261) | | |
Corporate bonds and other securities
|
| | | | 12,344 | | | | | | (213) | | | | | | 19,229 | | | | | | (513) | | | | | | 31,573 | | | | | | (726) | | |
Total
|
| | | $ | 12,344 | | | | | $ | (213) | | | | | $ | 79,345 | | | | | $ | (1,429) | | | | | $ | 91,689 | | | | | $ | (1,642) | | |
|
| | |
December 31, 2018
|
| |||||||||||||||||||||||||||||||||
| | |
Less than 12 months
|
| |
12 months or longer
|
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Fair
Value |
| |
Unrealized
Losses |
| |
Fair
Value |
| |
Unrealized
Losses |
| |
Fair
Value |
| |
Unrealized
Losses |
| ||||||||||||||||||
US Agency
|
| | | $ | 244 | | | | | $ | (6) | | | | | $ | 5,631 | | | | | $ | (154) | | | | | $ | 5,875 | | | | | $ | (160) | | |
US Agency mortgage-backed securities
|
| | | | 17,718 | | | | | | (177) | | | | | | 39,983 | | | | | | (1,113) | | | | | | 57,701 | | | | | | (1,290) | | |
Municipal
|
| | | | 6,601 | | | | | | (71) | | | | | | 15,880 | | | | | | (567) | | | | | | 22,481 | | | | | | (638) | | |
Corporate bonds and other securities
|
| | | | 15,221 | | | | | | (440) | | | | | | 17,038 | | | | | | (678) | | | | | | 32,259 | | | | | | (1,118) | | |
Total
|
| | | $ | 39,784 | | | | | $ | (694) | | | | | $ | 78,532 | | | | | $ | (2,512) | | | | | $ | 118,316 | | | | | $ | (3,206) | | |
|
| | |
March 31, 2019
|
| |||||||||||||||||||||
| | |
Available for sale
|
| |
Held to maturity
|
| ||||||||||||||||||
| | |
Cost Basis
|
| |
Fair Value
|
| |
Cost Basis
|
| |
Fair Value
|
| ||||||||||||
Within 1 year
|
| | | $ | 1,006 | | | | | $ | 1,005 | | | | | $ | 1,000 | | | | | $ | 953 | | |
After 1 year but within 5 years
|
| | | | 22,552 | | | | | | 22,456 | | | | | | 5,192 | | | | | | 5,168 | | |
After 5 years but within 10 years
|
| | | | 44,406 | | | | | | 44,189 | | | | | | 19,023 | | | | | | 19,149 | | |
After 10 years but within 15 years
|
| | | | 29,382 | | | | | | 29,521 | | | | | | 9,816 | | | | | | 9,971 | | |
Over 15 years
|
| | | | 56,698 | | | | | | 56,854 | | | | | | 5,497 | | | | | | 5,489 | | |
Total
|
| | | $ | 154,044 | | | | | $ | 154,025 | | | | | $ | 40,528 | | | | | $ | 40,730 | | |
|
| | |
March 31,
2019 |
| |
December 31,
2018 |
| ||||||
Commercial: | | | | | | | | | | | | | |
Commercial and industrial
|
| | | $ | 157,555 | | | | | $ | 158,279 | | |
Commercial loans secured by owner occupied real estate
|
| | | | 86,934 | | | | | | 91,905 | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | 365,281 | | | | | | 356,543 | | |
Real estate – residential mortgage
|
| | | | 235,109 | | | | | | 237,964 | | |
Consumer
|
| | | | 17,636 | | | | | | 17,591 | | |
Loans, net of unearned income
|
| | | $ | 862,515 | | | | | $ | 862,282 | | |
|
| | |
Three months ended March 31, 2019
|
| |||||||||||||||||||||||||||
| | |
Balance at
December 31, 2018 |
| |
Charge-
Offs |
| |
Recoveries
|
| |
Provision
(Credit) |
| |
Balance at
March 31, 2019 |
| |||||||||||||||
Commercial
|
| | | $ | 3,057 | | | | | $ | — | | | | | $ | 5 | | | | | $ | (448) | | | | | $ | 2,614 | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | 3,389 | | | | | | (63) | | | | | | 11 | | | | | | 36 | | | | | | 3,373 | | |
Real estate-residential mortgage
|
| | | | 1,235 | | | | | | (61) | | | | | | 8 | | | | | | 31 | | | | | | 1,213 | | |
Consumer
|
| | | | 127 | | | | | | (82) | | | | | | 18 | | | | | | 62 | | | | | | 125 | | |
Allocation for general risk
|
| | | | 863 | | | | | | — | | | | | | — | | | | | | (81) | | | | | | 782 | | |
Total
|
| | | $ | 8,671 | | | | | $ | (206) | | | | | $ | 42 | | | | | $ | (400) | | | | | $ | 8,107 | | |
|
| | |
Three months ended March 31, 2018
|
| |||||||||||||||||||||||||||
| | |
Balance at
December 31, 2017 |
| |
Charge-
Offs |
| |
Recoveries
|
| |
Provision
(Credit) |
| |
Balance at
March 31, 2018 |
| |||||||||||||||
Commercial
|
| | | $ | 4,298 | | | | | $ | (162) | | | | | $ | 8 | | | | | $ | (160) | | | | | $ | 3,984 | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | 3,666 | | | | | | — | | | | | | 13 | | | | | | (129) | | | | | | 3,550 | | |
Real estate-residential mortgage
|
| | | | 1,102 | | | | | | (114) | | | | | | 10 | | | | | | 269 | | | | | | 1,267 | | |
Consumer
|
| | | | 128 | | | | | | (99) | | | | | | 12 | | | | | | 101 | | | | | | 142 | | |
Allocation for general risk
|
| | | | 1,020 | | | | | | — | | | | | | — | | | | | | (31) | | | | | | 989 | | |
Total
|
| | | $ | 10,214 | | | | | $ | (375) | | | | | $ | 43 | | | | | $ | 50 | | | | | $ | 9,932 | | |
|
| | |
At March 31, 2019
|
| |||||||||||||||||||||||||||||||||
| | |
Commercial
|
| |
Commercial Loans
Secured by Non-Owner Occupied Real Estate |
| |
Real Estate-
Residential Mortgage |
| |
Consumer
|
| |
Allocation for
General Risk |
| |
Total
|
| ||||||||||||||||||
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | — | | | | | $ | 11 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 11 | | |
Collectively evaluated for impairment
|
| | | | 244,489 | | | | | | 365,270 | | | | | | 235,109 | | | | | | 17,636 | | | | | | | | | | | | 862,504 | | |
Total loans
|
| | | $ | 244,489 | | | | | $ | 365,281 | | | | | $ | 235,109 | | | | | $ | 17,636 | | | | | | | | | | | $ | 862,515 | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Specific reserve allocation
|
| | | $ | — | | | | | $ | 11 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 11 | | |
General reserve allocation
|
| | | | 2,614 | | | | | | 3,362 | | | | | | 1,213 | | | | | | 125 | | | | | | 782 | | | | | | 8,096 | | |
Total allowance for loan losses
|
| | | $ | 2,614 | | | | | $ | 3,373 | | | | | $ | 1,213 | | | | | $ | 125 | | | | | $ | 782 | | | | | $ | 8,107 | | |
|
| | |
At December 31, 2018
|
| |||||||||||||||||||||||||||||||||
| | |
Commercial
|
| |
Commercial Loans
Secured by Non-Owner Occupied Real Estate |
| |
Real Estate-
Residential Mortgage |
| |
Consumer
|
| |
Allocation for
General Risk |
| |
Total
|
| ||||||||||||||||||
Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment
|
| | | $ | — | | | | | $ | 11 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 11 | | |
Collectively evaluated for impairment
|
| | | | 250,184 | | | | | | 356,532 | | | | | | 237,964 | | | | | | 17,591 | | | | | | | | | | | | 862,271 | | |
Total loans
|
| | | $ | 250,184 | | | | | $ | 356,543 | | | | | $ | 237,964 | | | | | $ | 17,591 | | | | | | | | | | | $ | 862,282 | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Specific reserve allocation
|
| | | $ | — | | | | | $ | 11 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 11 | | |
General reserve allocation
|
| | | | 3,057 | | | | | | 3,378 | | | | | | 1,235 | | | | | | 127 | | | | | | 863 | | | | | | 8,660 | | |
Total allowance for loan losses
|
| | | $ | 3,057 | | | | | $ | 3,389 | | | | | $ | 1,235 | | | | | $ | 127 | | | | | $ | 863 | | | | | $ | 8,671 | | |
|
| | |
March 31, 2019
|
| |||||||||||||||||||||||||||
| | |
Impaired Loans with
Specific Allowance |
| |
Impaired Loans with no
Specific Allowance |
| |
Total Impaired Loans
|
| |||||||||||||||||||||
| | |
Recorded
Investment |
| |
Related
Allowance |
| |
Recorded
Investment |
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |||||||||||||||
Commercial loans secured by non-owner occupied real estate
|
| | | $ | 11 | | | | | $ | 11 | | | | | $ | — | | | | | $ | 11 | | | | | $ | 33 | | |
Total impaired loans
|
| | | $ | 11 | | | | | $ | 11 | | | | | $ | — | | | | | $ | 11 | | | | | $ | 33 | | |
|
| | |
December 31, 2018
|
| |||||||||||||||||||||||||||
| | |
Impaired Loans with
Specific Allowance |
| |
Impaired Loans with no
Specific Allowance |
| |
Total Impaired Loans
|
| |||||||||||||||||||||
| | |
Recorded
Investment |
| |
Related
Allowance |
| |
Recorded
Investment |
| |
Recorded
Investment |
| |
Unpaid
Principal Balance |
| |||||||||||||||
Commercial loans secured by non-owner occupied real estate
|
| | | $ | 11 | | | | | $ | 11 | | | | | $ | — | | | | | $ | 11 | | | | | $ | 33 | | |
Total impaired loans
|
| | | $ | 11 | | | | | $ | 11 | | | | | $ | — | | | | | $ | 11 | | | | | $ | 33 | | |
|
| | |
Three months ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Average loan balance: | | | | | | | | | | | | | |
Commercial
|
| | | $ | — | | | | | $ | 1,063 | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | 11 | | | | | | 280 | | |
Average investment in impaired loans
|
| | | $ | 11 | | | | | $ | 1,343 | | |
Interest income recognized: | | | | | | | | | | | | | |
Commercial
|
| | | $ | — | | | | | $ | — | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | — | | | | | | — | | |
Interest income recognized on a cash basis on impaired loans
|
| | | $ | — | | | | | $ | — | | |
|
| | |
March 31, 2019
|
| |||||||||||||||||||||||||||
| | |
Pass
|
| |
Special
Mention |
| |
Substandard
|
| |
Doubtful
|
| |
Total
|
| |||||||||||||||
Commercial and industrial
|
| | | $ | 154,114 | | | | | $ | 1,702 | | | | | $ | 1,739 | | | | | $ | — | | | | | $ | 157,555 | | |
Commercial loans secured by owner occupied real estate
|
| | | | 84,301 | | | | | | 1,496 | | | | | | 1,137 | | | | | | — | | | | | | 86,934 | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | 358,806 | | | | | | 6,271 | | | | | | 193 | | | | | | 11 | | | | | | 365,281 | | |
Total
|
| | | $ | 597,221 | | | | | $ | 9,469 | | | | | $ | 3,069 | | | | | $ | 11 | | | | | $ | 609,770 | | |
|
| | |
December 31, 2018
|
| |||||||||||||||||||||||||||
| | |
Pass
|
| |
Special
Mention |
| |
Substandard
|
| |
Doubtful
|
| |
Total
|
| |||||||||||||||
Commercial and industrial
|
| | | $ | 154,510 | | | | | $ | 2,089 | | | | | $ | 1,680 | | | | | $ | — | | | | | $ | 158,279 | | |
Commercial loans secured by owner occupied real
estate |
| | | | 86,997 | | | | | | 3,769 | | | | | | 1,139 | | | | | | — | | | | | | 91,905 | | |
Commercial loans secured by non-owner occupied
real estate |
| | | | 349,954 | | | | | | 6,316 | | | | | | 262 | | | | | | 11 | | | | | | 356,543 | | |
Total
|
| | | $ | 591,461 | | | | | $ | 12,174 | | | | | $ | 3,081 | | | | | $ | 11 | | | | | $ | 606,727 | | |
|
| | |
March 31, 2019
|
| |||||||||
| | |
Performing
|
| |
Non-Performing
|
| ||||||
Real estate – residential mortgage
|
| | | $ | 233,970 | | | | | $ | 1,139 | | |
Consumer
|
| | | | 17,636 | | | | | | — | | |
Total
|
| | | $ | 251,606 | | | | | $ | 1,139 | | |
|
| | |
December 31, 2018
|
| |||||||||
| | |
Performing
|
| |
Non-Performing
|
| ||||||
Real estate – residential mortgage
|
| | | $ | 236,754 | | | | | $ | 1,210 | | |
Consumer
|
| | | | 17,591 | | | | | | — | | |
Total
|
| | | $ | 254,345 | | | | | $ | 1,210 | | |
|
| | |
March 31, 2019
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Current
|
| |
30 – 59
Days Past Due |
| |
60 – 89
Days Past Due |
| |
90 Days
Past Due |
| |
Total
Past Due |
| |
Total
Loans |
| |
90 Days
Past Due and Still Accruing |
| |||||||||||||||||||||
Commercial and industrial
|
| | | $ | 157,555 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 157,555 | | | | | $ | — | | |
Commercial loans secured by owner occupied real estate
|
| | | | 86,934 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 86,934 | | | | | | — | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | 365,281 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 365,281 | | | | | | — | | |
Real estate – residential mortgage
|
| | | | 231,558 | | | | | | 2,213 | | | | | | 753 | | | | | | 585 | | | | | | 3,551 | | | | | | 235,109 | | | | | | — | | |
Consumer
|
| | | | 17,463 | | | | | | 172 | | | | | | 1 | | | | | | — | | | | | | 173 | | | | | | 17,636 | | | | | | — | | |
Total
|
| | | $ | 858,791 | | | | | $ | 2,385 | | | | | $ | 754 | | | | | $ | 585 | | | | | $ | 3,724 | | | | | $ | 862,515 | | | | | $ | — | | |
|
| | |
December 31, 2018
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Current
|
| |
30 – 59
Days Past Due |
| |
60 – 89
Days Past Due |
| |
90 Days
Past Due |
| |
Total
Past Due |
| |
Total
Loans |
| |
90 Days
Past Due and Still Accruing |
| |||||||||||||||||||||
Commercial and industrial
|
| | | $ | 158,279 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 158,279 | | | | | $ | — | | |
Commercial loans secured by owner occupied real estate
|
| | | | 91,905 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 91,905 | | | | | | — | | |
Commercial loans secured by non-owner occupied real estate
|
| | | | 355,963 | | | | | | 580 | | | | | | — | | | | | | — | | | | | | 580 | | | | | | 356,543 | | | | | | — | | |
Real estate – residential mortgage
|
| | | | 232,465 | | | | | | 3,651 | | | | | | 472 | | | | | | 1,376 | | | | | | 5,499 | | | | | | 237,964 | | | | | | — | | |
Consumer
|
| | | | 17,408 | | | | | | 153 | | | | | | 30 | | | | | | — | | | | | | 183 | | | | | | 17,591 | | | | | | — | | |
Total
|
| | | $ | 856,020 | | | | | $ | 4,384 | | | | | $ | 502 | | | | | $ | 1,376 | | | | | $ | 6,262 | | | | | $ | 862,282 | | | | | $ | — | | |
|
| | |
March 31,
2019 |
| |
December 31,
2018 |
| ||||||
Non-accrual loans | | | | | | | | | | | | | |
Commercial loans secured by non-owner occupied real estate
|
| | | $ | 11 | | | | | $ | 11 | | |
Real estate-residential mortgage
|
| | | | 1,139 | | | | | | 1,210 | | |
Total
|
| | | | 1,150 | | | | | | 1,221 | | |
Other real estate owned | | | | | | | | | | | | | |
Commercial loans secured by owner occupied real estate
|
| | | | — | | | | | | 157 | | |
Real estate-residential mortgage
|
| | | | 18 | | | | | | — | | |
Total
|
| | | | 18 | | | | | | 157 | | |
TDR’s not in non-accrual
|
| | | | — | | | | | | — | | |
Total non-performing assets including TDR
|
| | | $ | 1,168 | | | | | $ | 1,378 | | |
Total non-performing assets as a percent of loans, net of unearned income, and other real estate owned
|
| | | | 0.14% | | | | | | 0.16% | | |
| | |
Three months ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Interest income due in accordance with original terms
|
| | | $ | 15 | | | | | $ | 27 | | |
Interest income recorded
|
| | | | — | | | | | | — | | |
Net reduction in interest income
|
| | | $ | 15 | | | | | $ | 27 | | |
|
| | |
At March 31, 2019
|
| ||||||||||||
Type
|
| |
Maturing
|
| |
Amount
|
| |
Weighted
Average Rate |
| ||||||
Open Repo Plus
|
| |
Overnight
|
| | | $ | 30,912 | | | | | | 2.70% | | |
Advances
|
| |
2019
|
| | | | 11,500 | | | | | | 1.53 | | |
| | |
2020
|
| | | | 16,729 | | | | | | 1.74 | | |
| | |
2021
|
| | | | 9,496 | | | | | | 2.28 | | |
| | |
2022
|
| | | | 7,996 | | | | | | 2.81 | | |
| | |
2023
|
| | | | 2,850 | | | | | | 2.65 | | |
Total advances
|
| | | | | | | 48,571 | | | | | | 2.02 | | |
Total FHLB borrowings
|
| | | | | | $ | 79,483 | | | | | | 2.29% | | |
|
| | |
At December 31, 2018
|
| ||||||||||||
Type
|
| |
Maturing
|
| |
Amount
|
| |
Weighted
Average Rate |
| ||||||
Open Repo Plus
|
| |
Overnight
|
| | | $ | 41,029 | | | | | | 2.62% | | |
Advances
|
| |
2019
|
| | | | 12,500 | | | | | | 1.51 | | |
| | |
2020
|
| | | | 16,729 | | | | | | 1.74 | | |
| | |
2021
|
| | | | 9,496 | | | | | | 2.28 | | |
| | |
2022
|
| | | | 6,996 | | | | | | 2.86 | | |
| | |
2023
|
| | | | 1,000 | | | | | | 2.86 | | |
Total advances
|
| | | | | | | 46,721 | | | | | | 1.98 | | |
Total FHLB borrowings
|
| | | | | | $ | 87,750 | | | | | | 2.28% | | |
|
| | |
Three months ended
March 31, 2019 |
| |||
Lease cost | | | | | | | |
Financing lease cost: | | | | | | | |
Amortization of right-of-use asset
|
| | | $ | 64 | | |
Interest expense
|
| | | | 30 | | |
Operating lease cost
|
| | | | 29 | | |
Total lease cost
|
| | | $ | 123 | | |
|
| | |
Operating
|
| |
Financing
|
| ||||||
Weighted-average remaining term (years)
|
| | | | 12.4 | | | | | | 17.5 | | |
Weighted-average discount rate
|
| | | | 3.44% | | | | | | 3.59% | | |
| | |
Operating
|
| |
Financing
|
| ||||||
Undiscounted cash flows due: | | | | | | | | | | | | | |
Within 1 year
|
| | | $ | 117 | | | | | $ | 295 | | |
After 1 year but within 2 years
|
| | | | 118 | | | | | | 289 | | |
After 2 years but within 3 years
|
| | | | 120 | | | | | | 276 | | |
After 3 years but within 4 years
|
| | | | 85 | | | | | | 278 | | |
After 4 years but within 5 years
|
| | | | 69 | | | | | | 262 | | |
After 5 years
|
| | | | 641 | | | | | | 3,184 | | |
Total undiscounted cash flows
|
| | | | 1,150 | | | | | | 4,584 | | |
Discount on cash flows
|
| | | | (222) | | | | | | (1,289) | | |
Total lease liabilities
|
| | | $ | 928 | | | | | $ | 3,295 | | |
|
| | |
Three months ended
March 31, 2019 |
| |
Three months ended
March 31, 2018 |
| ||||||||||||||||||||||||||||||
| | |
Net
Unrealized Gains and (Losses) on Investment Securities AFS(1) |
| |
Defined
Benefit Pension Items(1) |
| |
Total(1)
|
| |
Net
Unrealized Gains and (Losses) on Investment Securities AFS(1) |
| |
Defined
Benefit Pension Items(1) |
| |
Total(1)
|
| ||||||||||||||||||
Beginning balance
|
| | | $ | (1,409) | | | | | $ | (12,816) | | | | | $ | (14,225) | | | | | $ | (327) | | | | | $ | (12,623) | | | | | $ | (12,950) | | |
Other comprehensive income (loss) before reclassifications
|
| | | | 1,393 | | | | | | (1,739) | | | | | | (346) | | | | | | (1,316) | | | | | | 517 | | | | | | (799) | | |
Amounts reclassified from
accumulated other comprehensive loss |
| | | | — | | | | | | 289 | | | | | | 289 | | | | | | 117 | | | | | | 308 | | | | | | 425 | | |
Net current period other comprehensive income (loss)
|
| | | | 1,393 | | | | | | (1,450) | | | | | | (57) | | | | | | (1,199) | | | | | | 825 | | | | | | (374) | | |
Ending balance
|
| | | $ | (16) | | | | | $ | (14,266) | | | | | $ | (14,282) | | | | | $ | (1,526) | | | | | $ | (11,798) | | | | | $ | (13,324) | | |
|
| | |
Amount reclassified from accumulated
other comprehensive loss(1) |
| | |||||||||||
Details about accumulated other comprehensive loss components |
| |
For the three
months ended March 31, 2019 |
| |
For the three
months ended March 31, 2018 |
| |
Affected line item in the
consolidated statement of operations |
| ||||||
Realized loss on sale of securities
|
| | | $ | — | | | | | $ | 148 | | | | Net realized loss on investment securities | |
| | | | | — | | | | | | (31) | | | | Provision for income tax expense | |
| | | | $ | — | | | | | $ | 117 | | | | Net of tax | |
Amortization of estimated defined benefit pension plan loss
|
| | | $ | 366 | | | | | $ | 390 | | | | Other expense | |
| | | | | (77) | | | | | | (82) | | | | Provision for income tax expense | |
| | | | $ | 289 | | | | | $ | 308 | | | | Net of tax | |
Total reclassifications for the period
|
| | | $ | 289 | | | | | $ | 425 | | | | Net income | |
|
| | |
At March 31, 2019
|
| |||||||||||||||||||||||||||||||||
| | |
COMPANY
|
| |
BANK
|
| |
MINIMUM
REQUIRED FOR CAPITAL ADEQUACY PURPOSES |
| |
TO BE WELL
CAPITALIZED UNDER PROMPT CORRECTIVE ACTION REGULATIONS* |
| ||||||||||||||||||||||||
| | |
AMOUNT
|
| |
RATIO
|
| |
AMOUNT
|
| |
RATIO
|
| |
RATIO
|
| |
RATIO
|
| ||||||||||||||||||
Total Capital (To Risk Weighted
Assets) |
| | | $ | 129,825 | | | | | | 13.37% | | | | | $ | 116,107 | | | | | | 12.01% | | | | | | 8.00% | | | | | | 10.00% | | |
Common Equity Tier 1 (To Risk
Weighted Assets) |
| | | | 101,399 | | | | | | 10.44 | | | | | | 107,050 | | | | | | 11.08 | | | | | | 4.50 | | | | | | 6.50 | | |
Tier 1 Capital (To Risk Weighted
Assets) |
| | | | 113,275 | | | | | | 11.67 | | | | | | 107,050 | | | | | | 11.08 | | | | | | 6.00 | | | | | | 8.00 | | |
Tier 1 Capital (To Average Assets)
|
| | | | 113,275 | | | | | | 9.87 | | | | | | 107,050 | | | | | | 9.45 | | | | | | 4.00 | | | | | | 5.00 | | |
| | |
At December 31, 2018
|
| |||||||||||||||||||||||||||||||||
| | |
COMPANY
|
| |
BANK
|
| |
MINIMUM
REQUIRED FOR CAPITAL ADEQUACY PURPOSES |
| |
TO BE WELL
CAPITALIZED UNDER PROMPT CORRECTIVE ACTION REGULATIONS* |
| ||||||||||||||||||||||||
| | |
AMOUNT
|
| |
RATIO
|
| |
AMOUNT
|
| |
RATIO
|
| |
RATIO
|
| |
RATIO
|
| ||||||||||||||||||
Total Capital (To Risk Weighted
Assets) |
| | | $ | 129,178 | | | | | | 13.53% | | | | | $ | 115,451 | | | | | | 12.14% | | | | | | 8.00% | | | | | | 10.00% | | |
Common Equity Tier 1 (To Risk
Weighted Assets) |
| | | | 100,258 | | | | | | 10.50 | | | | | | 105,891 | | | | | | 11.14 | | | | | | 4.50 | | | | | | 6.50 | | |
Tier 1 Capital (To Risk Weighted
Assets) |
| | | | 112,130 | | | | | | 11.74 | | | | | | 105,891 | | | | | | 11.14 | | | | | | 6.00 | | | | | | 8.00 | | |
Tier 1 Capital (To Average Assets)
|
| | | | 112,130 | | | | | | 9.71 | | | | | | 105,891 | | | | | | 9.28 | | | | | | 4.00 | | | | | | 5.00 | | |
At March 31, 2019
|
| ||||||||||||||||||||||||
| | |
HEDGE
TYPE |
| |
AGGREGATE
NOTIONAL AMOUNT |
| |
WEIGHTED
AVERAGE RATE RECEIVED/(PAID) |
| |
REPRICING
FREQUENCY |
| |
INCREASE
(DECREASE) IN INTEREST EXPENSE |
| |||||||||
SWAP ASSETS
|
| |
FAIR VALUE
|
| | | $ | 21,744,694 | | | | | | 4.79% | | | | MONTHLY | | | | $ | 9,008 | | |
SWAP LIABILITIES
|
| |
FAIR VALUE
|
| | | | (21,744,694) | | | | | | (4.79) | | | | MONTHLY | | | | | (9,008) | | |
NET EXPOSURE
|
| | | | | | | — | | | | | | — | | | | | | | | | — | | |
|
At March 31, 2018
|
| ||||||||||||||||||||||||
| | |
HEDGE
TYPE |
| |
AGGREGATE
NOTIONAL AMOUNT |
| |
WEIGHTED
AVERAGE RATE RECEIVED/(PAID) |
| |
REPRICING
FREQUENCY |
| |
INCREASE
(DECREASE) IN INTEREST EXPENSE |
| |||||||||
SWAP ASSETS
|
| |
FAIR VALUE
|
| | | $ | 16,813,329 | | | | | | 3.88% | | | | MONTHLY | | | | $ | (23,543) | | |
SWAP LIABILITIES
|
| |
FAIR VALUE
|
| | | | (16,813,329) | | | | | | (3.88) | | | | MONTHLY | | | | | 23,543 | | |
NET EXPOSURE
|
| | | | | | | — | | | | | | — | | | | | | | | | — | | |
|
| | |
Three months ended
March 31, 2019 |
| |||||||||
| | |
Total
revenue |
| |
Net income
(loss) |
| ||||||
Retail banking
|
| | | $ | 6,674 | | | | | $ | 1,181 | | |
Commercial banking
|
| | | | 4,419 | | | | | | 1,767 | | |
Wealth management
|
| | | | 2,417 | | | | | | 444 | | |
Investment/Parent
|
| | | | (1,248) | | | | | | (1,514) | | |
Total
|
| | | $ | 12,262 | | | | | $ | 1,878 | | |
|
| | |
Three months ended
March 31, 2018 |
| |||||||||
| | |
Total
revenue |
| |
Net income
(loss) |
| ||||||
Retail banking
|
| | | $ | 6,139 | | | | | $ | 706 | | |
Commercial banking
|
| | | | 4,455 | | | | | | 1,560 | | |
Wealth management
|
| | | | 2,443 | | | | | | 508 | | |
Investment/Parent
|
| | | | (653) | | | | | | (1,007) | | |
Total
|
| | | $ | 12,384 | | | | | $ | 1,767 | | |
|
| | |
Three months ended
March 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Components of net periodic benefit cost | | | | | | | | | | | | | |
Service cost
|
| | | $ | 374 | | | | | $ | 409 | | |
Interest cost
|
| | | | 402 | | | | | | 303 | | |
Expected return on plan assets
|
| | | | (762) | | | | | | (711) | | |
Recognized net actuarial loss
|
| | | | 366 | | | | | | 386 | | |
Net periodic pension cost
|
| | | $ | 380 | | | | | $ | 387 | | |
|
| | |
Fair Value Measurements at March 31, 2019
|
| |||||||||||||||||||||
| | |
Total
|
| |
(Level 1)
|
| |
(Level 2)
|
| |
(Level 3)
|
| ||||||||||||
US Agency securities
|
| | | $ | 7,544 | | | | | $ | — | | | | | $ | 7,544 | | | | | $ | — | | |
US Agency mortgage-backed securities
|
| | | | 95,252 | | | | | | — | | | | | | 95,252 | | | | | | — | | |
Municipal securities
|
| | | | 13,416 | | | | | | — | | | | | | 13,416 | | | | | | — | | |
Corporate bonds
|
| | | | 37,813 | | | | | | — | | | | | | 37,813 | | | | | | — | | |
Fair value swap asset
|
| | | | 210 | | | | | | — | | | | | | 210 | | | | | | — | | |
Fair value swap liability
|
| | | | (210) | | | | | | — | | | | | | (210) | | | | | | — | | |
| | |
Fair Value Measurements at December 31, 2018
|
| |||||||||||||||||||||
| | |
Total
|
| |
(Level 1)
|
| |
(Level 2)
|
| |
(Level 3)
|
| ||||||||||||
US Agency securities
|
| | | $ | 7,529 | | | | | $ | — | | | | | $ | 7,529 | | | | | $ | — | | |
US Agency mortgage-backed securities
|
| | | | 89,527 | | | | | | — | | | | | | 89,527 | | | | | | — | | |
Municipal securities
|
| | | | 13,181 | | | | | | — | | | | | | 13,181 | | | | | | — | | |
Corporate bonds
|
| | | | 36,494 | | | | | | — | | | | | | 36,494 | | | | | | — | | |
Fair value swap asset
|
| | | | 257 | | | | | | — | | | | | | 257 | | | | | | — | | |
Fair value swap liability
|
| | | | (257) | | | | | | — | | | | | | (257) | | | | | | — | | |
| | |
Fair Value Measurements at March 31, 2019
|
| |||||||||||||||||||||
| | |
Total
|
| |
(Level 1)
|
| |
(Level 2)
|
| |
(Level 3)
|
| ||||||||||||
Impaired loans
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Other real estate owned
|
| | | | 18 | | | | | | — | | | | | | — | | | | | | 18 | | |
| | |
Fair Value Measurements at December 31, 2018
|
| |||||||||||||||||||||
| | |
Total
|
| |
(Level 1)
|
| |
(Level 2)
|
| |
(Level 3)
|
| ||||||||||||
Impaired loans
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Other real estate owned
|
| | | | 157 | | | | | | — | | | | | | — | | | | | | 157 | | |
| | |
Quantitative Information About Level 3 Fair Value Measurements
|
| ||||||||||||
March 31, 2019
|
| |
Fair Value
Estimate |
| |
Valuation
Techniques |
| |
Unobservable
Input |
| |
Range
(Wgtd Avg) |
| |||
Impaired loans
|
| | | $ | — | | | |
Appraisal of collateral(1),(3)
|
| |
Appraisal adjustments(2)
|
| |
100% (100)%
|
|
Other real estate
owned |
| | | | 18 | | | |
Appraisal of collateral(1),(3)
|
| |
Appraisal adjustments(2)
Liquidation expenses |
| |
43% to 44% (44)%
21% to 24% (21)% |
|
| | |
Quantitative Information About Level 3 Fair Value Measurements
|
| ||||||||||||
December 31, 2018
|
| |
Fair Value
Estimate |
| |
Valuation
Techniques |
| |
Unobservable
Input |
| |
Range
(Wgtd Avg) |
| |||
Impaired loans
|
| | | $ | — | | | |
Appraisal of collateral(1),(3)
|
| |
Appraisal adjustments(2)
|
| |
100% (100)%
|
|
Other real estate
owned |
| | | | 157 | | | |
Appraisal of collateral(1),(3)
|
| |
Appraisal adjustments(2)
Liquidation expenses |
| |
0% to 39% (8)%
21% to 195% (40)% |
|
| | |
March 31, 2019
|
| |||||||||||||||||||||||||||
| | |
Carrying
Value |
| |
Fair
Value |
| |
(Level 1)
|
| |
(Level 2)
|
| |
(Level 3)
|
| |||||||||||||||
FINANCIAL ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities – HTM
|
| | | $ | 40,528 | | | | | $ | 40,730 | | | | | $ | — | | | | | $ | 37,807 | | | | | $ | 2,923 | | |
Loans held for sale
|
| | | | 619 | | | | | | 658 | | | | | | 658 | | | | | | — | | | | | | — | | |
Loans, net of allowance for loan loss and unearned
income |
| | | | 854,408 | | | | | | 844,344 | | | | | | — | | | | | | — | | | | | | 844,344 | | |
FINANCIAL LIABILITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits with stated maturities
|
| | | $ | 287,671 | | | | | $ | 287,582 | | | | | $ | — | | | | | $ | — | | | | | $ | 287,582 | | |
All other borrowings(1)
|
| | | | 69,007 | | | | | | 72,010 | | | | | | — | | | | | | — | | | | | | 72,010 | | |
| | |
December 31, 2018
|
| |||||||||||||||||||||||||||
| | |
Carrying
Value |
| |
Fair
Value |
| |
(Level 1)
|
| |
(Level 2)
|
| |
(Level 3)
|
| |||||||||||||||
FINANCIAL ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities – HTM
|
| | | $ | 40,760 | | | | | $ | 40,324 | | | | | $ | — | | | | | $ | 37,398 | | | | | $ | 2,926 | | |
Loans held for sale
|
| | | | 847 | | | | | | 871 | | | | | | 871 | | | | | | — | | | | | | — | | |
Loans, net of allowance for loan loss and unearned
income |
| | | | 853,611 | | | | | | 836,122 | | | | | | — | | | | | | — | | | | | | 836,122 | | |
FINANCIAL LIABILITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits with stated maturities
|
| | | $ | 277,505 | | | | | $ | 277,010 | | | | | $ | — | | | | | $ | — | | | | | $ | 277,010 | | |
All other borrowings(1)
|
| | | | 67,148 | | | | | | 69,692 | | | | | | — | | | | | | — | | | | | | 69,692 | | |
| | |
Three months ended
March 31, 2019 |
| |
Three months ended
March 31, 2018 |
| ||||||
Net income
|
| | | $ | 1,878 | | | | | $ | 1,767 | | |
Diluted earnings per share
|
| | | | 0.11 | | | | | | 0.10 | | |
Return on average assets (annualized)
|
| | | | 0.66% | | | | | | 0.62% | | |
Return on average equity (annualized)
|
| | | | 7.84% | | | | | | 7.55% | | |
| | |
Three months ended
March 31, 2019 |
| |
Three months ended
March 31, 2018 |
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Interest income
|
| | | $ | 12,164 | | | | | $ | 11,217 | | | | | $ | 947 | | | | | | 8.4% | | |
Interest expense
|
| | | | 3,507 | | | | | | 2,469 | | | | | | 1,038 | | | | | | 42.0 | | |
Net interest income
|
| | | $ | 8,657 | | | | | $ | 8,748 | | | | | $ | (91) | | | | | | (1.0) | | |
Net interest margin
|
| | | | 3.24% | | | | | | 3.29% | | | | | | (0.05)% | | | | | | N/M | | |
| | |
2019
|
| |
2018
|
| ||||||||||||||||||||||||||||||
| | |
Average
Balance |
| |
Interest
Income/ Expense |
| |
Yield/
Rate |
| |
Average
Balance |
| |
Interest
Income/ Expense |
| |
Yield/
Rate |
| ||||||||||||||||||
Interest earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and loans held for sale, net of unearned income
|
| | | $ | 860,169 | | | | | $ | 10,424 | | | | | | 4.80% | | | | | $ | 881,485 | | | | | $ | 9,824 | | | | | | 4.47% | | |
Interest bearing deposits
|
| | | | 1,020 | | | | | | 6 | | | | | | 2.45 | | | | | | 1,025 | | | | | | 4 | | | | | | 1.51 | | |
Short-term investment in money market funds
|
| | | | 7,773 | | | | | | 69 | | | | | | 3.55 | | | | | | 7,133 | | | | | | 43 | | | | | | 2.44 | | |
Investment securities – AFS
|
| | | | 157,112 | | | | | | 1,319 | | | | | | 3.38 | | | | | | 138,027 | | | | | | 1,029 | | | | | | 2.98 | | |
Investment securities – HTM
|
| | | | 41,252 | | | | | | 352 | | | | | | 3.34 | | | | | | 39,106 | | | | | | 323 | | | | | | 3.30 | | |
Total investment securities
|
| | | | 198,364 | | | | | | 1,671 | | | | | | 3.37 | | | | | | 177,133 | | | | | | 1,352 | | | | | | 3.05 | | |
Total interest earning assets/interest
income |
| | | | 1,067,326 | | | | | | 12,170 | | | | | | 4.57 | | | | | | 1,066,776 | | | | | | 11,223 | | | | | | 4.22 | | |
Non-interest earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks
|
| | | | 21,899 | | | | | | | | | | | | | | | | | | 21,859 | | | | | | | | | | | | | | |
Premises and equipment
|
| | | | 18,128 | | | | | | | | | | | | | | | | | | 12,623 | | | | | | | | | | | | | | |
Other assets
|
| | | | 62,081 | | | | | | | | | | | | | | | | | | 62,374 | | | | | | | | | | | | | | |
Allowance for loan losses
|
| | | | (8,665) | | | | | | | | | | | | | | | | | | (10,251) | | | | | | | | | | | | | | |
TOTAL ASSETS
|
| | | $ | 1,160,769 | | | | | | | | | | | | | | | | | $ | 1,153,381 | | | | | | | | | | | | | | |
Interest bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest bearing deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest bearing demand
|
| | | $ | 163,893 | | | | | $ | 409 | | | | | | 1.01% | | | | | $ | 133,379 | | | | | $ | 242 | | | | | | 0.74% | | |
Savings
|
| | | | 97,851 | | | | | | 40 | | | | | | 0.17 | | | | | | 97,304 | | | | | | 40 | | | | | | 0.17 | | |
Money markets
|
| | | | 241,727 | | | | | | 674 | | | | | | 1.13 | | | | | | 253,665 | | | | | | 422 | | | | | | 0.67 | | |
Time deposits
|
| | | | 315,389 | | | | | | 1,607 | | | | | | 2.07 | | | | | | 293,858 | | | | | | 1,077 | | | | | | 1.49 | | |
Total interest bearing deposits
|
| | | | 818,860 | | | | | | 2,730 | | | | | | 1.35 | | | | | | 778,206 | | | | | | 1,781 | | | | | | 0.93 | | |
Short-term borrowings
|
| | | | 15,413 | | | | | | 102 | | | | | | 2.64 | | | | | | 22,261 | | | | | | 92 | | | | | | 1.64 | | |
Advances from Federal Home Loan
Bank |
| | | | 46,984 | | | | | | 235 | | | | | | 2.03 | | | | | | 45,838 | | | | | | 186 | | | | | | 1.64 | | |
Guaranteed junior subordinated deferrable interest debentures
|
| | | | 13,085 | | | | | | 280 | | | | | | 8.57 | | | | | | 13,085 | | | | | | 280 | | | | | | 8.57 | | |
Subordinated debt
|
| | | | 7,650 | | | | | | 130 | | | | | | 6.80 | | | | | | 7,650 | | | | | | 130 | | | | | | 6.80 | | |
Lease liabilities
|
| | | | 4,224 | | | | | | 30 | | | | | | 2.83 | | | | | | — | | | | | | — | | | | | | — | | |
Total interest bearing liabilities/interest expense
|
| | | | 906,216 | | | | | | 3,507 | | | | | | 1.57 | | | | | | 867,040 | | | | | | 2,469 | | | | | | 1.15 | | |
Non-interest bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Demand deposits
|
| | | | 150,246 | | | | | | | | | | | | | | | | | | 182,215 | | | | | | | | | | | | | | |
Other liabilities
|
| | | | 7,141 | | | | | | | | | | | | | | | | | | 9,170 | | | | | | | | | | | | | | |
Shareholders’ equity
|
| | | | 97,166 | | | | | | | | | | | | | | | | | | 94,956 | | | | | | | | | | | | | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | $ | 1,160,769 | | | | | | | | | | | | | | | | | $ | 1,153,381 | | | | | | | | | | | | | | |
Interest rate spread
|
| | | | | | | | | | | | | | | | 3.00 | | | | | | | | | | | | | | | | | | 3.07 | | |
Net interest income/Net interest margin
|
| | | | | | | | | | 8,663 | | | | | | 3.24% | | | | | | | | | | | | 8,754 | | | | | | 3.29% | | |
Tax-equivalent adjustment
|
| | | | | | | | | | (6) | | | | | | | | | | | | | | | | | | (6) | | | | | | | | |
Net Interest Income
|
| | | | | | | | | $ | 8,657 | | | | | | | | | | | | | | | | | $ | 8,748 | | | | | | | | |
|
| | |
March 31,
2019 |
| |
December 31,
2018 |
| ||||||
Total shareholders’ equity
|
| | | $ | 99,061 | | | | | $ | 97,977 | | |
Less: Goodwill
|
| | | | 11,944 | | | | | | 11,944 | | |
Tangible equity
|
| | | | 87,117 | | | | | | 86,033 | | |
Total assets
|
| | | | 1,167,682 | | | | | | 1,160,680 | | |
Less: Goodwill
|
| | | | 11,944 | | | | | | 11,944 | | |
Tangible assets
|
| | | | 1,155,738 | | | | | | 1,148,736 | | |
Tangible common equity ratio
|
| | | | 7.54% | | | | | | 7.49% | | |
Total shares outstanding
|
| | | | 17,540,676 | | | | | | 17,619,303 | | |
Tangible book value per share
|
| | | | 4.97% | | | | | | 4.88% | | |
| | |
March 31,
2019 |
| |
December 31,
2018 |
| |
March 31,
2018 |
| |||||||||
Total accruing loan delinquency (past due 30 to 89 days)
|
| | | $ | 2,568 | | | | | $ | 4,752 | | | | | $ | 8,155 | | |
Total non-accrual loans
|
| | | | 1,150 | | | | | | 1,221 | | | | | | 1,989 | | |
Total non-performing assets including TDR*
|
| | | | 1,168 | | | | | | 1,378 | | | | | | 2,157 | | |
Accruing loan delinquency, as a percentage of total loans, net
of unearned income |
| | | | 0.30% | | | | | | 0.55% | | | | | | 0.93% | | |
Non-accrual loans, as a percentage of total loans, net of unearned income
|
| | | | 0.13 | | | | | | 0.14 | | | | | | 0.23 | | |
Non-performing assets, as a percentage of total loans, net of unearned income, and other real estate owned
|
| | | | 0.14 | | | | | | 0.16 | | | | | | 0.25 | | |
Non-performing assets as a percentage of total assets
|
| | | | 0.10 | | | | | | 0.12 | | | | | | 0.19 | | |
As a percent of average loans, net of unearned income: | | | | | | | | | | | | | | | | | | | |
Annualized net charge-offs
|
| | | | 0.08 | | | | | | 0.11 | | | | | | 0.15 | | |
Annualized provision (credit) for loan losses
|
| | | | (0.19) | | | | | | (0.07) | | | | | | 0.02 | | |
Total classified loans (loans rated substandard or doubtful)
|
| | | $ | 4,219 | | | | | $ | 4,302 | | | | | $ | 4,355 | | |
| | |
March 31,
2019 |
| |
December 31,
2018 |
| |
March 31,
2018 |
| |||||||||
Allowance for loan losses
|
| | | $ | 8,107 | | | | | $ | 8,671 | | | | | $ | 9,932 | | |
Allowance for loan losses as a percentage of each of the following:
|
| | | | | | | | | | | | | | | | | | |
total loans, net of unearned income
|
| | | | 0.94% | | | | | | 1.00% | | | | | | 1.14% | | |
total accruing delinquent loans (past due 30 to 89 days)
|
| | | | 315.69 | | | | | | 182.47 | | | | | | 121.79 | | |
total non-accrual loans
|
| | | | 704.96 | | | | | | 710.16 | | | | | | 499.35 | | |
total non-performing assets
|
| | | | 694.09 | | | | | | 629.25 | | | | | | 460.45 | | |
| | |
Minimum capital ratio
|
| |||
Common equity tier 1 capital to risk-weighted assets
|
| | | | 4.5% | | |
Tier 1 capital to risk-weighted assets
|
| | | | 6.0 | | |
Total capital to risk-weighted assets
|
| | | | 8.0 | | |
Tier 1 capital to total average consolidated assets
|
| | | | 4.0 | | |
Interest Rate Scenario
|
| |
Variability of Net
Interest Income |
| |
Change in Market Value of
Portfolio Equity |
| ||||||
200bp increase
|
| | | | 0.4% | | | | | | 14.5% | | |
100bp increase
|
| | | | 0.7 | | | | | | 9.4 | | |
100bp decrease
|
| | | | (1.8) | | | | | | (16.0) | | |
Period
|
| |
Total number of
shares purchased |
| |
Average price
paid per share |
| |
Total number of
shares purchased as part of publicly announced plan |
| |
Maximum number
of shares that may yet be purchased under the plan |
| ||||||||||||
January 1 – 31, 2019
|
| | | | 9,765 | | | | | $ | 4.20 | | | | | | 9,765 | | | | | | 102,546 | | |
February 1 – 28, 2019
|
| | | | 97,255 | | | | | | 4.24 | | | | | | 97,255 | | | | | | 5,291 | | |
March 1 – 31, 2019
|
| | | | 5,291 | | | | | | 4.29 | | | | | | 5,291 | | | | | | — | | |
Total
|
| | | | 112,311 | | | | | | | | | | | | 112,311 | | | | | | | | |
| | | |
AmeriServ Financial, Inc.
Registrant
|
|
| Date: May 10, 2019 | | |
/s/ Jeffrey A. Stopko
Jeffrey A. Stopko
President and Chief Executive Officer |
|
| Date: May 10, 2019 | | |
/s/ Michael D. Lynch
Michael D. Lynch
Senior Vice President and Chief Financial Officer |
|
| | |
| |
| Date: May 10, 2019 | | |
/s/ Jeffrey A. Stopko Jeffrey A. Stopko President & CEO |
|
| Date: May 10, 2019 | | |
/s/ Michael D. Lynch Michael D. Lynch Senior Vice President & CFO |
|
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
May 01, 2019 |
|
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | AMERISERV FINANCIAL INC /PA/ | |
Entity Central Index Key | 0000707605 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Trading Symbol | ASRV | |
Entity Common Stock, Shares Outstanding | 17,542,676 | |
Entity Emerging Growth Company | false | |
Entity Small Business | true |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Held to maturity securities, fair value | $ 40,730 | $ 40,324 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 26,643,495 | 26,609,811 |
Common stock, shares outstanding | 17,540,676 | 17,619,303 |
Treasury stock, shares | 9,102,819 | 8,990,508 |
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
INTEREST INCOME | ||
Interest and fees on loans | $ 10,418 | $ 9,818 |
Interest bearing deposits | 6 | 4 |
Short-term investments in money market funds | 69 | 43 |
Investment securities: | ||
Available for sale | 1,319 | 1,029 |
Held to maturity | 352 | 323 |
Total Interest Income | 12,164 | 11,217 |
INTEREST EXPENSE | ||
Deposits | 2,730 | 1,781 |
Short-term borrowings | 102 | 92 |
Advances from Federal Home Loan Bank | 235 | 186 |
Financing lease liabilities | 30 | 0 |
Guaranteed junior subordinated deferrable interest debentures | 280 | 280 |
Subordinated debt | 130 | 130 |
Total Interest Expense | 3,507 | 2,469 |
NET INTEREST INCOME | 8,657 | 8,748 |
Provision (credit) for loan losses | (400) | 50 |
NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR LOAN LOSSES | 9,057 | 8,698 |
NON-INTEREST INCOME | ||
Wealth management fees | 2,396 | 2,426 |
Service charges on deposit accounts | 310 | 383 |
Net gains on sale of loans | 62 | 98 |
Mortgage related fees | 44 | 39 |
Net realized losses on investment securities | 0 | (148) |
Bank owned life insurance | 128 | 132 |
Other income | 665 | 705 |
Total Non-Interest Income | 3,605 | 3,635 |
NON-INTEREST EXPENSE | ||
Salaries and employee benefits | 6,301 | 6,093 |
Net occupancy expense | 658 | 670 |
Equipment expense | 361 | 391 |
Professional fees | 1,120 | 1,184 |
Supplies, postage and freight | 173 | 168 |
Miscellaneous taxes and insurance | 277 | 290 |
Federal deposit insurance expense | 80 | 162 |
Other expense | 1,323 | 1,162 |
Total Non-Interest Expense | 10,293 | 10,120 |
PRETAX INCOME | 2,369 | 2,213 |
Provision for income tax expense | 491 | 446 |
NET INCOME | $ 1,878 | $ 1,767 |
Basic: | ||
Net income | $ 0.11 | $ 0.10 |
Average number of shares outstanding | 17,578 | 18,079 |
Diluted: | ||
Net income | $ 0.11 | $ 0.10 |
Average number of shares outstanding | 17,664 | 18,181 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
COMPREHENSIVE INCOME | ||
Net income | $ 1,878 | $ 1,767 |
Other comprehensive income (loss), before tax: | ||
Pension obligation change for defined benefit plan | (1,835) | 1,044 |
Income tax effect | 385 | (219) |
Unrealized holding gains (losses) on available for sale securities arising during period | 1,763 | (1,666) |
Income tax effect | (370) | 350 |
Reclassification adjustment for (gains) losses on available for sale securities included in net income | 0 | 148 |
Income tax effect | 0 | (31) |
Other comprehensive loss | (57) | (374) |
Comprehensive income | $ 1,821 | $ 1,393 |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands |
Total |
Common Stock [Member] |
Treasury Stock [Member] |
Capital Surplus [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Loss, Net [Member] |
---|---|---|---|---|---|---|
Balance at Dec. 31, 2017 | $ 266 | $ (78,233) | $ 145,707 | $ 40,312 | $ (12,950) | |
New common shares issued for exercise of stock options | 0 | 28 | ||||
Treasury stock, purchased at cost (112,311 and 105,663 shares in 2019 and 2018, respectively) | (445) | |||||
Stock option expense | 4 | |||||
Net income | $ 1,767 | 1,767 | ||||
Cash dividend declared on common stock | (272) | |||||
Other comprehensive loss | (374) | (374) | ||||
Balance at Mar. 31, 2018 | 95,810 | 266 | (78,678) | 145,739 | 41,807 | (13,324) |
Balance at Dec. 31, 2018 | 97,977 | 266 | (80,579) | 145,782 | 46,733 | (14,225) |
New common shares issued for exercise of stock options | 0 | 85 | ||||
Treasury stock, purchased at cost (112,311 and 105,663 shares in 2019 and 2018, respectively) | (476) | |||||
Stock option expense | 3 | |||||
Net income | 1,878 | 1,878 | ||||
Cash dividend declared on common stock | (349) | |||||
Other comprehensive loss | (57) | (57) | ||||
Balance at Mar. 31, 2019 | $ 99,061 | $ 266 | $ (81,055) | $ 145,870 | $ 48,262 | $ (14,282) |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Treasury stock, purchased at cost, shares | 112,311 | 105,663 |
New common shares issued for exercise of stock options, shares | 33,684 | 10,817 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
OPERATING ACTIVITIES | ||
Net income | $ 1,878 | $ 1,767 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision (credit) for loan losses | (400) | 50 |
Depreciation and amortization expense | 450 | 405 |
Net amortization of investment securities | 66 | 103 |
Net realized losses on investment securities – available for sale | 0 | 148 |
Net gains on loans held for sale | (62) | (98) |
Amortization of deferred loan fees | (30) | (35) |
Origination of mortgage loans held for sale | (3,866) | (4,061) |
Sales of mortgage loans held for sale | 4,156 | 6,441 |
(Increase) decrease in accrued interest receivable | (443) | 48 |
Decrease in accrued interest payable | (17) | (121) |
Earnings on bank owned life insurance | (128) | (132) |
Deferred income taxes | 532 | 447 |
Stock compensation expense | 3 | 4 |
Net change in operating leases | (4) | 0 |
Other, net | (434) | (1,401) |
Net cash provided by operating activities | 1,701 | 3,565 |
INVESTING ACTIVITIES | ||
Purchase of investment securities – available for sale | (9,063) | (13,168) |
Purchase of investment securities – held to maturity | 0 | (855) |
Proceeds from sales of investment securities – available for sale | 0 | 4,479 |
Proceeds from maturities of investment securities – available for sale | 3,484 | 3,695 |
Proceeds from maturities of investment securities – held to maturity | 214 | 917 |
Purchase of regulatory stock | (4,104) | (3,924) |
Proceeds from redemption of regulatory stock | 4,589 | 4,334 |
Long-term loans originated | (40,640) | (28,694) |
Principal collected on long-term loans | 48,654 | 44,999 |
Loan participations purchased | (8,399) | (2,000) |
Proceeds from sale of other real estate owned | 176 | 12 |
Purchase of premises and equipment | (1,395) | (77) |
Net cash (used in) provided by investing activities | (6,484) | 9,718 |
FINANCING ACTIVITIES | ||
Net increase (decrease) in deposit balances | 8,608 | (3,739) |
Net decrease in other short-term borrowings | (10,117) | (12,189) |
Principal borrowings on advances from Federal Home Loan Bank | 2,850 | 1,740 |
Principal repayments on advances from Federal Home Loan Bank | (1,000) | (2,000) |
Principal payments on financing lease liabilities | (41) | 0 |
Stock options exercised | 85 | 28 |
Purchase of treasury stock | (476) | (445) |
Common stock dividends | (349) | (272) |
Net cash used in financing activities | (440) | (16,877) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (5,223) | (3,594) |
CASH AND CASH EQUIVALENTS AT JANUARY 1 | 34,894 | 34,188 |
CASH AND CASH EQUIVALENTS AT MARCH 31 | $ 29,671 | $ 30,594 |
Principles of Consolidation |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 | ||
PrinciplesOfConsolidationAbstract [Abstract] | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Principles of Consolidation The accompanying consolidated financial statements include the accounts of AmeriServ Financial, Inc. (the Company) and its wholly-owned subsidiaries, AmeriServ Financial Bank (the Bank), AmeriServ Trust and Financial Services Company (the Trust Company), and AmeriServ Life Insurance Company (AmeriServ Life). The Bank is a Pennsylvania state-chartered full service bank with 15 locations in Pennsylvania and 1 location in Maryland. The Trust Company offers a complete range of trust and financial services and administers assets valued at $2.2 billion that are not reported on the Company’s Consolidated Balance Sheets at March 31, 2019. AmeriServ Life is a captive insurance company that engages in underwriting as a reinsurer of credit life and disability insurance. In addition, the Parent Company is an administrative group that provides support in such areas as audit, finance, investments, loan review, general services, and marketing. Significant intercompany accounts and transactions have been eliminated in preparing the consolidated financial statements. |
Basis of Preparation |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Basis of Accounting [Text Block] | 2. Basis of Preparation The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. In the opinion of management, all adjustments consisting of normal recurring entries considered necessary for a fair presentation have been included. They are not, however, necessarily indicative of the results of consolidated operations for a full-year. For further information, refer to the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. |
Recent Accounting Pronouncements |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 | ||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 3. Recent Accounting Pronouncements In June 2016 , the FASB issued ASU 2016 - 13 , Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016 - 13 ”), which changes the impairment model for most financial assets. This Update is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The underlying premise of the Update is that financial assets measured at amortized cost should be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The income statement will be effected for the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. ASU 2016 - 13 is effective for annual and interim periods beginning after December 15, 2019 , and early adoption is permitted for annual and interim periods beginning after December 15, 2018 . With certain exceptions, transition to the new requirements will be through a cumulative effect adjustment to opening retained earnings as of the beginning of the firs t reporting period in which the guidance is adopted. The Company is currently evaluating the impact that the Update will have on our consolidated financial statements. We are currently working with an industry leading third-party consultant and software provider to assist us in the implementation of this standard. We expect to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, but cannot yet determine the magnitude of any such one-time adjustment or the overall impact of the new guidance on the consolidated financial statements. The overall impact of the amendment will be affected by the portfolio composition and quality at the adoption date as well as economic conditions and forecasts at that time. |
Adoption of Accounting Standards |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 | ||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||
Adoption of Accounting Standards [Text Block] | 4. Adoption of Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The standard requires lessees to recognize the assets and liabilities that arise from leases on the balance sheet. Additionally, in July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) — Targeted Improvements , which, among other things, provides an additional transition method that would allow entities to not apply the guidance in ASU 2016-02 in the comparative periods presented in the financial statements and instead recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company adopted ASU 2016-02 and its related amendments as of January 1, 2019, which resulted in the recognition of operating and financing right-of-use assets totaling $932,000 and $3.3 million, respectively, as well as operating and financing lease liabilities totaling $932,000 and $3.3 million, respectively. The Company elected to adopt the transition relief provisions from ASU 2018-11 and recorded the impact of adoption as of January 1, 2019, without restating any prior-year amounts or disclosures. The related policy elections made by the Company and the additional lease disclosures can be found in Note 13. There was no cumulative effect adjustment to the opening balance of retained earnings required. |
Revenue Recognition |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Text Block] | 5. Revenue Recognition ASU 2014-09, Revenue from Contracts with Customers — Topic 606 , requires the Company to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers at the time the transfer of goods or services takes place. Management has determined that the primary sources of revenue associated with financial instruments, including interest income on loans and investments, along with certain noninterest revenue sources including net realized gains (losses) on investment securities, mortgage related fees, net gains on loans held for sale, and bank owned life insurance are not within the scope of Topic 606. These sources of revenue cumulatively comprise 80.2% of the total revenue of the Company. Noninterest income within the scope of Topic 606 are as follows:
The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three-month period ending March 31, 2019 and 2018 (in thousands).
|
Earnings Per Common Share |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | 6. Earnings Per Common Share Basic earnings per share include only the weighted average common shares outstanding. Diluted earnings per share include the weighted average common shares outstanding and any potentially dilutive common stock equivalent shares in the calculation. Treasury shares are excluded for earnings per share purposes. For the three-month period ending March 31, 2019, options to purchase 12,000 common shares, with an exercise price of $4.19 to $4.22, were outstanding but were not included in the computation of diluted earnings per common share because to do so would be antidilutive.
|
Consolidated Statement of Cash Flows |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 | ||
Supplemental Cash Flow Elements [Abstract] | ||
Cash Flow, Supplemental Disclosures [Text Block] | 7. Consolidated Statement of Cash Flows On a consolidated basis, cash and cash equivalents include cash and due from depository institutions, interest-bearing deposits and short-term investments in money market funds with original maturities of 90 days or less . The Company made no income tax payments in the first three months of 2019 and 2018. The Company made total interest payments of $3,524,000 in the first three months of 2019 compared to $2,590,000 in the same 2018 period. The Company had $18,000 non-cash transfers to other real estate owned (OREO) in the first three months of 2019 compared to $158,000 non-cash transfers in the same 2018 period. As a result of the adoption of ASU 2016-02, Leases (Topic 842) as of January 1, 2019, the Company had non-cash transactions associated with the recognition of the right-of-use assets and lease liabilities. Specifically, the Company recognized a right-of-use asset and lease liability of $932,000 related to operating leases and a right-of-use asset and lease liability of $3.3 million related to financing leases. |
Investment Securities |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 8. Investment Securities The cost basis and fair values of investment securities are summarized as follows (in thousands): Investment securities available for sale (AFS):
Investment securities held to maturity (HTM):
Investment securities available for sale (AFS):
Investment securities held to maturity (HTM):
Maintaining investment quality is a primary objective of the Company’s investment policy which, subject to certain limited exceptions, prohibits the purchase of any investment security below a Moody’s Investor’s Service or Standard & Poor’s rating of “A.” At March 31, 2019, 58.5% of the portfolio was rated “AAA” as compared to 57.5% at December 31, 2018. Approximately 8.4% of the portfolio was either rated below “A” or unrated at March 31, 2019 as compared to 10.0% at December 31, 2018. The Company sold no AFS securities during the first quarter of 2019. The Company sold $4.5 million AFS securities in the first quarter of 2018 resulting in $148,000 of gross investment security losses. The book value of securities, both available for sale and held to maturity, pledged to secure public and trust deposits was $118,370,000 at March 31, 2019 and $115,536,000 at December 31, 2018. The following tables present information concerning investments with unrealized losses as of March 31, 2019 and December 31, 2018 (in thousands): Total investment securities:
Total investment securities:
The unrealized losses are primarily a result of increases in market yields from the time of purchase. In general, as market yields rise, the value of securities will decrease; as market yields fall, the fair value of securities will increase. There are 129 positions that are considered temporarily impaired at March 31, 2019. Management generally views changes in fair value caused by changes in interest rates as temporary; therefore, these securities have not been classified as other-than-temporarily impaired. Management has also concluded that based on current information we expect to continue to receive scheduled interest payments as well as the entire principal balance. Furthermore, management does not intend to sell these securities and does not believe it will be required to sell these securities before they recover in value or mature. Contractual maturities of securities at March 31, 2019 are shown below (in thousands). Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without prepayment penalties. The weighted average duration of the total investment securities portfolio at March 31, 2019 is 41.7 months and is lower than the duration at December 31, 2018 which was 44.1 months. The duration remains within our internal established guideline range of 24 to 60 months which we believe is appropriate to maintain proper levels of liquidity, interest rate risk, market valuation sensitivity and profitability. Total investment securities:
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Loans |
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Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 9. Loans The loan portfolio of the Company consists of the following (in thousands):
Loan balances at March 31, 2019 and December 31, 2018 are net of unearned income of $367,000 and $322,000, respectively. Real estate-construction loans comprised 3.3% and 3.5% of total loans, net of unearned income at March 31, 2019 and December 31, 2018, respectively. |
Allowance for Loan Losses |
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Provision for Loan and Lease Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses [Text Block] | 10. Allowance for Loan Losses The following tables summarize the rollforward of the allowance for loan losses by portfolio segment for the three-month period ending March 31, 2019 and 2018 (in thousands).
The Company recorded a $400,000 loan loss provision recovery in the first quarter of 2019 compared to a $50,000 provision expense recorded in the first quarter of 2018. The 2019 provision recovery reflects our overall strong asset quality, reduced criticized loans, and lower loan portfolio balances. For the first three months of 2019, the Company experienced net loan charge-offs of $164,000, or 0.08% of total loans, compared to net loan charge-offs of $332,000, or 0.15% of total loans, in the first quarter of 2018. Overall, the Company continued to maintain outstanding asset quality as its non-performing assets totaled $1.2 million, or only 0.14% of total loans, at March 31, 2019. The allowance for loan losses provided 694% coverage of non-performing assets, and 0.94% of total loans, at March 31, 2019, compared to 629% coverage of non-performing assets, and 1.00% of total loans, at December 31, 2018. The following tables summarize the loan portfolio and allowance for loan loss by the primary segments of the loan portfolio (in thousands).
The segments of the Company’s loan portfolio are disaggregated into classes that allows management to monitor risk and performance. The loan classes used are consistent with the internal reports evaluated by the Company’s management and Board of Directors to monitor risk and performance within various segments of its loan portfolio. The commercial loan segment includes both the commercial and industrial and the owner occupied commercial real estate loan classes while the remaining segments are not separated into classes as management monitors risk in these loans at the segment level. The residential mortgage loan segment is comprised of first lien amortizing residential mortgage loans and home equity loans secured by residential real estate. The consumer loan segment consists primarily of installment loans and overdraft lines of credit connected with customer deposit accounts. Management evaluates for possible impairment any individual loan in the commercial or commercial real estate segment with a loan balance in excess of $100,000 that is in nonaccrual status or classified as a Troubled Debt Restructure (TDR). Loans are considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in evaluating impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company does not separately evaluate individual consumer and residential mortgage loans for impairment, unless such loans are part of a larger relationship that is impaired, or are classified as a TDR. Once the determination has been made that a loan is impaired, the determination of whether a specific allocation of the allowance is necessary is measured by comparing the recorded investment in the loan to the fair value of the loan using one of three methods: (a) the present value of expected future cash flows discounted at the loan’s effective interest rate; (b) the loan’s observable market price; or (c) the fair value of the collateral less selling costs for collateral dependent loans. The method is selected on a loan-by-loan basis, with management primarily utilizing the fair value of collateral method. The evaluation of the need and amount of a specific allocation of the allowance and whether a loan can be removed from impairment status is made on a quarterly basis. The Company’s policy for recognizing interest income on impaired loans does not differ from its overall policy for interest recognition. The need for an updated appraisal on collateral dependent loans is determined on a case-by-case basis. The useful life of an appraisal or evaluation will vary depending upon the circumstances of the property and the economic conditions in the marketplace. A new appraisal is not required if there is an existing appraisal which, along with other information, is sufficient to determine a reasonable value for the property and to support an appropriate and adequate allowance for loan losses. At a minimum, annual documented reevaluation of the property is completed by the Bank’s internal Assigned Risk Department to support the value of the property. When reviewing an appraisal associated with an existing real estate collateral dependent transaction, the Bank’s internal Assigned Risk Department must determine if there have been material changes to the underlying assumptions in the appraisal which affect the original estimate of value. Some of the factors that could cause material changes to reported values include:
The value of the property is adjusted to appropriately reflect the above listed factors and the value is discounted to reflect the value impact of a forced or distressed sale, any outstanding senior liens, any outstanding unpaid real estate taxes, transfer taxes and closing costs that would occur with sale of the real estate. If the Assigned Risk Department personnel determine that a reasonable value cannot be derived based on available information, a new appraisal is ordered. The determination of the need for a new appraisal, versus completion of a property valuation by the Bank’s Assigned Risk Department personnel rests with the Assigned Risk Department and not the originating account officer. The following tables present impaired loans by portfolio segment, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary (in thousands).
The following table presents the average recorded investment in impaired loans and related interest income recognized for the periods indicated (in thousands).
Management uses a nine-point internal risk rating system to monitor the credit quality of the overall loan portfolio. The first six categories are considered not criticized. The first five “Pass” categories are aggregated, while the Pass-6, Special Mention, Substandard and Doubtful categories are disaggregated to separate pools. The criticized rating categories utilized by management generally follow bank regulatory definitions. The Special Mention category includes assets that are currently protected but are potentially weak, resulting in an undue and unwarranted credit risk, but not to the point of justifying a Substandard classification. Loans in the Substandard category have well-defined weaknesses that jeopardize the liquidation of the debt, and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. All loans greater than 90 days past due, or for which any portion of the loan represents a specific allocation of the allowance for loan losses are placed in Substandard or Doubtful. To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Company has a structured loan rating process, which dictates that, at a minimum, credit reviews are mandatory for all commercial and commercial mortgage loan relationships with aggregate balances in excess of $1,000,000 within a 12-month period. Generally, consumer and residential mortgage loans are included in the Pass categories unless a specific action, such as bankruptcy, delinquency, or death occurs to raise awareness of a possible credit event. The Company’s commercial relationship managers are responsible for the timely and accurate risk rating of the loans in their portfolios at origination and on an ongoing basis. Risk ratings are assigned by the account officer, but require independent review and rating concurrence from the Company’s internal Loan Review Department. The Loan Review Department is an experienced, independent function which reports directly to the Board’s Audit Committee. The scope of commercial portfolio coverage by the Loan Review Department is defined and presented to the Audit Committee for approval on an annual basis. The approved scope of coverage for 2019 requires review of a minimum range of 50% to 55% of the commercial loan portfolio. In addition to loan monitoring by the account officer and Loan Review Department, the Company also requires presentation of all credits rated Pass-6 with aggregate balances greater than $2,000,000, all credits rated Special Mention or Substandard with aggregate balances greater than $250,000, and all credits rated Doubtful with aggregate balances greater than $100,000 on an individual basis to the Company’s Loan Loss Reserve Committee on a quarterly basis. Additionally, the Asset Quality Task Force, which is a group comprised of senior level personnel, meets monthly to monitor the status of problem loans. The following table presents the classes of the commercial and commercial real estate loan portfolios summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system (in thousands).
It is generally the policy of the Bank that the outstanding balance of any residential mortgage loan that exceeds 90-days past due as to principal and/or interest is transferred to non-accrual status and an evaluation is completed to determine the fair value of the collateral less selling costs, unless the balance is minor. A charge down is recorded for any deficiency balance determined from the collateral evaluation. The remaining non-accrual balance is reported as impaired with no specific allowance. It is generally the policy of the Bank that the outstanding balance of any consumer loan that exceeds 90-days past due as to principal and/or interest is charged off. The following tables present the performing and non-performing outstanding balances of the residential and consumer portfolio classes (in thousands).
Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans (in thousands).
An allowance for loan losses (“ALL”) is maintained to support loan growth and cover charge-offs from the loan portfolio. The ALL is based on management’s continuing evaluation of the risk characteristics and credit quality of the loan portfolio, assessment of current economic conditions, diversification and size of the portfolio, adequacy of collateral, past and anticipated loss experience, and the amount of non-performing loans. Loans that are collectively evaluated for impairment are analyzed with general allowances being made as appropriate. For general allowances, historical loss trends are used in the estimation of losses in the current portfolio. These historical loss amounts are complemented by consideration of other qualitative factors. Management tracks the historical net charge-off activity at each risk rating grade level for the entire commercial portfolio and at the aggregate level for the consumer, residential mortgage and small business portfolios. A historical charge-off factor is calculated utilizing a rolling 12 consecutive historical quarters for the commercial portfolios. This historical charge-off factor for the consumer, residential mortgage and small business portfolios are based on a three-year historical average of actual loss experience. The Company uses a comprehensive methodology and procedural discipline to maintain an ALL to absorb inherent losses in the loan portfolio. The Company believes this is a critical accounting policy since it involves significant estimates and judgments. The allowance consists of three elements: 1) an allowance established on specifically identified problem loans, 2) formula driven general reserves established for loan categories based upon historical loss experience and other qualitative factors which include delinquency, non-performing and TDR loans, loan trends, economic trends, concentrations of credit, trends in loan volume, experience and depth of management, examination and audit results, effects of any changes in lending policies, and trends in policy, financial information, and documentation exceptions, and 3) a general risk reserve which provides support for variance from our assessment of the previously listed qualitative factors, provides protection against credit risks resulting from other inherent risk factors contained in the Company’s loan portfolio, and recognizes the model and estimation risk associated with the specific and formula driven allowances. The qualitative factors used in the formula driven general reserves are evaluated quarterly (and revised if necessary) by the Company’s management to establish allocations which accommodate each of the listed risk factors. “Pass” rated credits are segregated from “Criticized” and “Classified” credits for the application of qualitative factors. Management reviews the loan portfolio on a quarterly basis using a defined, consistently applied process in order to make appropriate and timely adjustments to the ALL. When information confirms all or part of specific loans to be uncollectible, these amounts are promptly charged off against the ALL. |
Non-performing Assets Including Troubled Debt Restructurings (TDR) |
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Nonperforming Assets Including Troubled Debt Restructurings [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non Performing Assets Including Troubled Debt Restructurings TDR [Text Block] | 11. Non-performing Assets Including Troubled Debt Restructurings (TDR) The following table presents information concerning non-performing assets including TDR (in thousands, except percentages):
The Company had no loans past due 90 days or more for the periods presented which were accruing interest. The following table sets forth, for the periods indicated, (1) the gross interest income that would have been recorded if non-accrual loans had been current in accordance with their original terms and had been outstanding throughout the period or since origination if held for part of the period, (2) the amount of interest income actually recorded on such loans, and (3) the net reduction in interest income attributable to such loans (in thousands).
Consistent with accounting and regulatory guidance, the Bank recognizes a TDR when the Bank, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that would not normally be considered. Regardless of the form of concession granted, the Bank’s objective in offering a TDR is to increase the probability of repayment of the borrower’s loan. The Company had no loans modified as TDRs during the three-month period ending March 31, 2019 and 2018. All TDR’s are individually evaluated for impairment and a related allowance is recorded, as needed. The specific ALL reserve for loans modified as TDR’s was $11,000 as of March 31, 2019 and December 31, 2018. The Company had no loans that were classified as TDR’s or were subsequently modified during each 12-month period prior to the current reporting periods, which begin January 1, 2018 and 2017, respectively, and that subsequently defaulted during these reporting periods. The Company is unaware of any additional loans which are required to either be charged-off or added to the non-performing asset totals disclosed above. |
Federal Home Loan Bank Borrowings |
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Advances from Federal Home Loan Banks [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank Advances, Disclosure [Text Block] | 12. Federal Home Loan Bank Borrowings Total Federal Home Loan Bank (FHLB) borrowings and advances consist of the following (in thousands, except percentages):
The rate on Open Repo Plus advances can change daily, while the rates on the advances are fixed until the maturity of the advance. All FHLB stock along with an interest in certain residential mortgage, commercial real estate, and commercial and industrial loans with an aggregate statutory value equal to the amount of the advances are pledged as collateral to the FHLB of Pittsburgh to support these borrowings. |
Lease Commitments |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases of Lessee Disclosure [Text Block] | 13. Lease Commitments Due to the adoption of ASU 2016-02, Leases (Topic 842) , the Company completed a comprehensive review and analysis of all its property contracts. As a result of this review, it was determined that the Company leases eight office locations under both operating and financing leases. Several assumptions and judgments were made when applying the requirements of Topic 842 to the Company’s existing lease commitments, including the allocation of consideration in the contracts between lease and nonlease components, determination of the lease term, and determination of the discount rate used in calculating the present value of the lease payments. The Company has elected to account for the variable nonlease components, such as common area maintenance charges, utilities, real estate taxes, and insurance, separately from the lease component. Such variable nonlease components are reported in net occupancy expense on the Consolidated Statements of Operations when paid. These variable nonlease components were excluded from the calculation of the present value of the remaining lease payments, therefore, they are not included in the right-of-use assets and lease liabilities reported on the Consolidated Balance Sheets. The following table presents the lease cost associated with both operating and financing leases for the three-month period ending March 31, 2019 (in thousands). Total rent expense recorded during the three-month period ended March 31, 2018 was $117,000
Certain of the Company’s leases contain options to renew the lease after the initial term. Management considers the Company’s historical pattern of exercising renewal options on leases and the positive performance of the leased locations, when determining whether it is reasonably certain that the leases will be renewed. If management concludes that there is reasonable certainty about the renewal option, it is included in the calculation of the remaining term of each applicable lease. The discount rate utilized in calculating the present value of the remaining lease payments for each lease was the Federal Home Loan Bank of Pittsburgh advance rate corresponding to the remaining maturity of the lease as of January 1, 2019. The following table presents the weighted-average remaining lease term and discount rate for the leases outstanding at March 31, 2019.
The following table presents the undiscounted cash flows due related to operating and financing leases as of March 31, 2019, along with a reconciliation to the discounted amount recorded on the Consolidated Balance Sheets.
Under Topic 842, the lessee can elect to not record on the Consolidated Balance Sheets a lease whose term is twelve months or less and does not include a purchase option that the lessee is reasonably certain to exercise. As of March 31, 2019, the Company had no leases that had a term of twelve months or less. |
Accumulated Other Comprehensive Loss |
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Partners' Capital, Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | 14. Accumulated Other Comprehensive Loss The following table presents the changes in each component of accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2019 and 2018 (in thousands):
The following table presents the amounts reclassified out of each component of accumulated other comprehensive loss for the three months ended March 31, 2019 and 2018 (in thousands):
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Regulatory Capital |
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Regulatory Capital Requirements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements under Banking Regulations [Text Block] | 15. Regulatory Capital The Company is subject to various capital requirements administered by the federal banking agencies. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Company’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. For a more detailed discussion see the Capital Resources section of the M.D. & A. Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios (set forth in the table below) of total and tier 1 capital to risk-weighted assets (as defined), tier 1 capital to average assets, and common equity tier 1 capital (as defined in the regulations) to risk-weighted assets. Additionally, under Basel III rules, the decision was made to opt-out of including accumulated other comprehensive income in regulatory capital. As of March 31, 2019, the Bank was categorized as “Well Capitalized” under the regulatory framework for prompt corrective action promulgated by the Federal Reserve. The Company believes that no conditions or events have occurred that would change this conclusion as of such date. To be categorized as Well Capitalized, the Bank must maintain minimum Total Capital, Common Equity Tier 1 Capital, Tier 1 Capital, and Tier 1 leverage ratios as set forth in the table (in thousands, except ratios).
Additionally, while not a regulatory capital ratio, the Company’s tangible common equity ratio was 7.54% at March 31, 2019. See the discussion of the tangible common equity ratio under the “Balance Sheet” section of Management’s Discussion and Analysis of Financial Condition and Results of Operations (M.D. & A.). |
Derivative Hedging Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 16. Derivative Hedging Instruments The Company can use various interest rate contracts, such as interest rate swaps, caps, floors and swaptions to help manage interest rate and market valuation risk exposure, which is incurred in normal recurrent banking activities. The Company can use derivative instruments, primarily interest rate swaps, to manage interest rate risk and match the rates on certain assets by hedging the fair value of certain fixed rate debt, which converts the debt to variable rates and by hedging the cash flow variability associated with certain variable rate debt by converting the debt to fixed rates. To accommodate the needs of our customers and support the Company’s asset/liability positioning, we may enter into interest rate swap agreements with customers and a large financial institution that specializes in these types of transactions. These arrangements involve the exchange of interest payments based on the notional amounts. The Company entered into floating rate loans and fixed rate swaps with our customers. Simultaneously, the Company entered into offsetting fixed rate swaps with Pittsburgh National Bank (PNC). In connection with each swap transaction, the Company agrees to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on the same notional amount at a fixed interest rate. At the same time, the Company agrees to pay PNC the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. These transactions allow the Company’s customers to effectively convert a variable rate loan to a fixed rate. Because the Company acts as an intermediary for its customers, changes in the fair value of the underlying derivative contracts offset each other and do not significantly impact the Company’s results of operations. The following table summarizes the interest rate swap transactions that impacted the Company’s first three months of 2019 and 2018 performance.
The Company monitors and controls all derivative products with a comprehensive Board of Director approved hedging policy. This policy permits a total maximum notional amount outstanding of $500 million for interest rate swaps, interest rate caps/floors, and swaptions. All hedge transactions must be approved in advance by the Investment Asset/Liability Committee (ALCO) of the Board of Directors, unless otherwise approved, as per the terms, within the Board of Directors approved Hedging Policy. The Company had no caps or floors outstanding at March 31, 2019 and 2018. |
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Segment Reporting Disclosure [Text Block] | 17. Segment Results The financial performance of the Company is also monitored by an internal funds transfer pricing profitability measurement system which produces line of business results and key performance measures. The Company’s major business units include retail banking, commercial banking, wealth management, and investment/parent. The reported results reflect the underlying economics of the business segments. Expenses for centrally provided services are allocated based upon the cost and estimated usage of those services. The businesses are match-funded and interest rate risk is centrally managed and accounted for within the investment/parent business segment. The key performance measure the Company focuses on for each business segment is net income contribution. Retail banking includes the deposit-gathering branch franchise and lending to both individuals and small businesses. Lending activities include residential mortgage loans, direct consumer loans, and small business commercial loans. Commercial banking to businesses includes commercial loans, business services, and CRE loans. The wealth management segment includes the Trust Company, West Chester Capital Advisors (WCCA), our registered investment advisory firm, and Financial Services. Wealth management activities include personal trust products and services such as personal portfolio investment management, estate planning and administration, custodial services and pre-need trusts. Also, institutional trust products and services such as 401(k) plans, defined benefit and defined contribution employee benefit plans, and individual retirement accounts are included in this segment. Financial Services include the sale of mutual funds, annuities, and insurance products. The wealth management businesses also include the union collective investment funds, primarily the ERECT funds which are designed to use union pension dollars in construction projects that utilize union labor. The investment/parent includes the net results of investment securities and borrowing activities, general corporate expenses not allocated to the business segments, interest expense on corporate debt, and centralized interest rate risk management. Inter-segment revenues were not material. The contribution of the major business segments to the Consolidated Statements of Operations for the three months ended March 31, 2019 and 2018 were as follows (in thousands):
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Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies Disclosure [Text Block] | 18. Commitments and Contingent Liabilities The Company had various outstanding commitments to extend credit approximating $214.0 million and $177.8 million along with standby letters of credit of $16.5 million and $16.7 million as of March 31, 2019 and December 31, 2018, respectively. The Company’s exposure to credit loss in the event of nonperformance by the other party to these commitments to extend credit and standby letters of credit is represented by their contractual amounts. The Bank uses the same credit and collateral policies in making commitments and conditional obligations as for all other lending. Additionally, the Company is also subject to a number of asserted and unasserted potential claims encountered in the normal course of business. In the opinion of the Company, neither the resolution of these claims nor the funding of these credit commitments will have a material adverse effect on the Company’s consolidated financial position, results of operation or cash flows. |
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Pension and Other Postretirement Benefits Disclosure [Text Block] | 19. Pension Benefits The Company has a noncontributory defined benefit pension plan covering certain employees who work at least 1,000 10 % of the plan’s assets), mutual funds, and short-term cash equivalent instruments. The net periodic pension cost for the three months ended March 31, 2019 and 2018 were as follows (in thousands):
The service cost component of net periodic benefit cost is included in “Salaries and employee benefits” and all other components of net periodic benefit cost are included in “Other expense” in the Consolidated Statements of Operations. The Company implemented a soft freeze of its defined benefit pension plan to provide that non-union employees hired on or after January 1, 2013 and union employees hired on or after January 1, 2014 are not eligible to participate in the pension plan. Instead, such employees are eligible to participate in a qualified 401(k) plan. This change was made to help reduce pension costs in future periods. |
Disclosures about Fair Value Measurements and Financial Instruments |
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Financial Instruments Disclosure [Text Block] | 20. Disclosures about Fair Value Measurements and Financial Instruments The following disclosures establish a hierarchal disclosure framework associated with the level of pricing observability utilized in measuring assets and liabilities at fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The three broad levels defined within this hierarchy are as follows: Level I: Quoted prices are available in active markets for identical assets or liabilities as of the reported date. Level II: Pricing inputs are other than the quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently and items that are fair-valued using other financial instruments, the parameters of which can be directly observed. Level III: Assets and liabilities that have little to no pricing observability as of the reported date. These items do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Assets and Liability Measured and Recorded on a Recurring Basis Securities classified as available for sale are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quoted market spreads, cash flows, the US Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. The fair values of the fair value swaps used for interest rate risk management represents the amount the Company would have expected to receive or pay to terminate such agreements. These fair values are based on an external derivative valuation model using data inputs as of the valuation date and classified Level 2. The following table presents the assets and liability measured and recorded on the Consolidated Balance Sheets on a recurring basis at their fair value as of March 31, 2019 and December 31, 2018, by level within the fair value hierarchy (in thousands).
Assets Measured and Recorded on a Non-Recurring Basis Loans considered impaired are loans for which, based on current information and events, it is probable that the creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement. As detailed in the allowance for loan loss footnote, impaired loans are reported at the fair value of the underlying collateral if the repayment is expected solely from the collateral. Collateral values are estimated using Level 3 inputs based on observable market data which at times are discounted. At March 31, 2019 and December 31, 2018, impaired loans with a carrying value of $11,000 were reduced by a specific valuation allowance totaling $11,000 resulting in a net fair value of zero. Other real estate owned is measured at fair value based on appraisals, less estimated costs to sell at the date of foreclosure. Valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value, less cost to sell. Income and expenses from operations and changes in valuation allowance are included in the net expenses from OREO. Assets measured and recorded at fair value on a non-recurring basis are summarized below (in thousands, except range data):
FAIR VALUE OF FINANCIAL INSTRUMENTS For the Company, as for most financial institutions, approximately 90 % of its assets and liabilities are considered financial instruments. Many of the Company’s financial instruments, however, lack an available trading market characterized by a willing buyer and willing seller engaging in an exchange transaction. Therefore, significant estimates and present value calculations were used by the Company for the purpose of this disclosure. Fair values have been determined by the Company using independent third party valuations that use the best available data (Level 2) and an estimation methodology (Level 3) the Company believes is suitable for each category of financial instruments. Management believes that cash and cash equivalents, bank owned life insurance, regulatory stock, accrued interest receivable and payable, deposits with no stated maturities, and short term borrowings have fair values which approximate the recorded carrying values. The fair value measurements for all of these financial instruments are Level 1 measurements. The estimated fair values based on US GAAP measurements and recorded carrying values at March 31, 2019 and December 31, 2018, for the remaining financial instruments not recorded at fair value on a recurring basis were as follows (in thousands):
Changes in assumptions or estimation methodologies may have a material effect on these estimated fair values. The Company’s remaining assets and liabilities which are not considered financial instruments have not been valued differently than has been customary under historical cost accounting. |
Revenue Recognition (Tables) |
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Non Interest Income [Table Text Block] | The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three-month period ending March 31, 2019 and 2018 (in thousands).
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Earnings Per Common Share (Tables) |
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Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
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Investment Securities (Tables) |
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Unrealized Gain (Loss) on Investments [Table Text Block] | The cost basis and fair values of investment securities are summarized as follows (in thousands): Investment securities available for sale (AFS):
Investment securities held to maturity (HTM):
Investment securities available for sale (AFS):
Investment securities held to maturity (HTM):
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Schedule of Unrealized Loss on Investments [Table Text Block] | The following tables present information concerning investments with unrealized losses as of March 31, 2019 and December 31, 2018 (in thousands): Total investment securities:
Total investment securities:
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Investments Classified by Contractual Maturity Date [Table Text Block] | Total investment securities:
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Loans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The loan portfolio of the Company consists of the following (in thousands):
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Allowance for Loan Losses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Provision for Loan and Lease Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | The following tables summarize the rollforward of the allowance for loan losses by portfolio segment for the three-month period ending March 31, 2019 and 2018 (in thousands).
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Schedule of Primary Segments of Loan Portfolio [Table Text Block] | The following tables summarize the loan portfolio and allowance for loan loss by the primary segments of the loan portfolio (in thousands).
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Impaired Financing Receivables [Table Text Block] | The following tables present impaired loans by portfolio segment, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary (in thousands).
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Schedule of Average Recorded Investment in Impaired Loans and Related Interest Income Recognized [Table Text Block] | The following table presents the average recorded investment in impaired loans and related interest income recognized for the periods indicated (in thousands).
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Financing Receivable Credit Quality Indicators [Table Text Block] | The following table presents the classes of the commercial and commercial real estate loan portfolios summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system (in thousands).
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Schedule of Financing Receivable Performing and Nonperforming [Table Text Block] | The following tables present the performing and non-performing outstanding balances of the residential and consumer portfolio classes (in thousands).
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Past Due Financing Receivables [Table Text Block] | The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans (in thousands).
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Non-performing Assets Including Troubled Debt Restructurings (TDR) (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming Assets Including Troubled Debt Restructurings [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Nonperforming Assets Including Trouble Debt Restructurings [Table Text Block] | The following table presents information concerning non-performing assets including TDR (in thousands, except percentages):
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Schedule of Interest Income on Non Accrual Loans [Table Text Block] | The following table sets forth, for the periods indicated, (1) the gross interest income that would have been recorded if non-accrual loans had been current in accordance with their original terms and had been outstanding throughout the period or since origination if held for part of the period, (2) the amount of interest income actually recorded on such loans, and (3) the net reduction in interest income attributable to such loans (in thousands).
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Federal Home Loan Bank Borrowings (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Advances from Federal Home Loan Banks [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | Total Federal Home Loan Bank (FHLB) borrowings and advances consist of the following (in thousands, except percentages):
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Lease Commitments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases, Operating [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost [Table Text Block] | Total rent expense recorded during the three-month period ended March 31, 2018 was $117,000
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Tabular Documentation of Weighted average Discount Rates and the remaining Term of the Leases [Table Text Block] | The following table presents the weighted-average remaining lease term and discount rate for the leases outstanding at March 31, 2019.
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Tabular Document of Present Worth Of Future Sums Of Money Due in Respect Of Operating And Finance Leases [Table Text Block] | The following table presents the undiscounted cash flows due related to operating and financing leases as of March 31, 2019, along with a reconciliation to the discounted amount recorded on the Consolidated Balance Sheets.
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Accumulated Other Comprehensive Loss (Tables) |
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Partners' Capital, Comprehensive Income [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the changes in each component of accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2019 and 2018 (in thousands):
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Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents the amounts reclassified out of each component of accumulated other comprehensive loss for the three months ended March 31, 2019 and 2018 (in thousands):
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Regulatory Capital (Tables) |
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Regulatory Capital Requirements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | The Company believes that no conditions or events have occurred that would change this conclusion as of such date. To be categorized as Well Capitalized, the Bank must maintain minimum Total Capital, Common Equity Tier 1 Capital, Tier 1 Capital, and Tier 1 leverage ratios as set forth in the table (in thousands, except ratios).
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Derivative Hedging Instruments (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Rate Derivatives [Table Text Block] | The following table summarizes the interest rate swap transactions that impacted the Company’s first three months of 2019 and 2018 performance.
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Segment Results (Tables) |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The contribution of the major business segments to the Consolidated Statements of Operations for the three months ended March 31, 2019 and 2018 were as follows (in thousands):
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Pension Benefit (Tables) |
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits, Description [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | The net periodic pension cost for the three months ended March 31, 2019 and 2018 were as follows (in thousands):
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Disclosures about Fair Value Measurements and Financial Instruments (Tables) |
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Disclosures About Fair Value Of Financial Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table presents the assets and liability measured and recorded on the Consolidated Balance Sheets on a recurring basis at their fair value as of March 31, 2019 and December 31, 2018, by level within the fair value hierarchy (in thousands).
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Fair Value Measurements, Nonrecurring [Table Text Block] | Assets measured and recorded at fair value on a non-recurring basis are summarized below (in thousands, except range data):
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Fair Value, by Balance Sheet Grouping [Table Text Block] | The estimated fair values based on US GAAP measurements and recorded carrying values at March 31, 2019 and December 31, 2018, for the remaining financial instruments not recorded at fair value on a recurring basis were as follows (in thousands):
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Principles of Consolidation (Details Textual) $ in Billions |
Mar. 31, 2019
USD ($)
|
---|---|
Assets under Management, Carrying Amount | $ 2.2 |
PENNSYLVANIA | |
Number of Stores | 15 |
MARYLAND | |
Number of Stores | 1 |
Adoption of Accounting Standards (Details Textual) - USD ($) |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Operating Lease, Right-of-Use Asset | $ 911,000 | $ 0 |
Finance Lease, Right-of-Use Asset | 3,272,000 | 0 |
Operating Lease, Liability | 928,000 | 0 |
Finance Lease, Liability | 3,295,000 | $ 0 |
Accounting Standards Update 2016-02 [Member] | ||
Operating Lease, Right-of-Use Asset | 932,000 | |
Finance Lease, Right-of-Use Asset | 3,300,000 | |
Operating Lease, Liability | 932,000 | |
Finance Lease, Liability | $ 3,300,000 |
Revenue Recognition (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
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Wealth management fees | $ 2,396 | $ 2,426 |
Service charges on deposit accounts | 310 | 383 |
Other | 420 | 417 |
Noninterest income (in-scope of topic 606) | 3,126 | 3,226 |
Noninterest income (out-of-scope of topic 606) | 479 | 409 |
Total noninterest income | $ 3,605 | $ 3,635 |
Revenue Recognition (Details Textual) |
3 Months Ended |
---|---|
Mar. 31, 2019 | |
Revenue Associated With Financial Instruments [Member] | |
Percentage Of Entity Revenue | 80.20% |
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
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Numerator: | ||
Net income | $ 1,878 | $ 1,767 |
Denominator: | ||
Weighted average common shares outstanding (basic) | 17,578 | 18,079 |
Effect of stock options | 86 | 102 |
Weighted average common shares outstanding (diluted) | 17,664 | 18,181 |
Earnings per common share: | ||
Basic | $ 0.11 | $ 0.10 |
Diluted | $ 0.11 | $ 0.10 |
Earnings Per Common Share (Details Textual) |
3 Months Ended |
---|---|
Mar. 31, 2019
$ / shares
shares
| |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 12,000 |
Maximum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Price Of Anti Dilutive Option Amount | $ 4.22 |
Minimum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Price Of Anti Dilutive Option Amount | $ 4.19 |
Consolidated Statement of Cash Flows (Details Textual) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
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Income tax payments | $ 0 | $ 0 | |
Total interest payments | 3,524,000 | 2,590,000 | |
Non-cash transfers to other real estate owned | 18,000 | $ 158,000 | |
Operating Lease, Asset | 911,000 | $ 0 | |
Operating Lease, Liability | 928,000 | 0 | |
Finance Lease, Asset | 3,272,000 | 0 | |
Finance Lease, Liability | 3,295,000 | $ 0 | |
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Asset | 932,000 | ||
Operating Lease, Liability | 932,000 | ||
Finance Lease, Asset | 3,300,000 | ||
Finance Lease, Liability | $ 3,300,000 |
Investment Securities (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Available-For-Sale-Securities-And-Held-To-Maturity-Securities | ||
Investment securities available for sale, Cost Basis | $ 154,044 | $ 148,514 |
Investment securities available for sale, Gross Unrealized Gains | 1,341 | 765 |
Investment securities available for sale, Gross Unrealized Losses | (1,360) | (2,548) |
Available for Sale, Fair Value, Total | 154,025 | 146,731 |
Investment securities held to maturity, Cost Basis | 40,528 | 40,760 |
Investment securities held to maturity, Gross Unrealized Gains | 484 | 222 |
Investment securities held to maturity, Gross Unrealized Losses | (282) | (658) |
Held to Maturity, Fair Value, Total | 40,730 | 40,324 |
U.S. Agency [Member] | ||
Available-For-Sale-Securities-And-Held-To-Maturity-Securities | ||
Investment securities available for sale, Cost Basis | 7,606 | 7,685 |
Investment securities available for sale, Gross Unrealized Gains | 3 | 4 |
Investment securities available for sale, Gross Unrealized Losses | (65) | (160) |
Available for Sale, Fair Value, Total | 7,544 | 7,529 |
U.S. Agency mortgage-backed securities [Member] | ||
Available-For-Sale-Securities-And-Held-To-Maturity-Securities | ||
Investment securities available for sale, Cost Basis | 94,806 | 90,169 |
Investment securities available for sale, Gross Unrealized Gains | 983 | 516 |
Investment securities available for sale, Gross Unrealized Losses | (537) | (1,158) |
Available for Sale, Fair Value, Total | 95,252 | 89,527 |
Investment securities held to maturity, Cost Basis | 9,764 | 9,983 |
Investment securities held to maturity, Gross Unrealized Gains | 137 | 78 |
Investment securities held to maturity, Gross Unrealized Losses | (53) | (132) |
Held to Maturity, Fair Value, Total | 9,848 | 9,929 |
Corporate bonds [Member] | ||
Available-For-Sale-Securities-And-Held-To-Maturity-Securities | ||
Investment securities available for sale, Cost Basis | 38,334 | 37,359 |
Investment securities available for sale, Gross Unrealized Gains | 127 | 131 |
Investment securities available for sale, Gross Unrealized Losses | (648) | (996) |
Available for Sale, Fair Value, Total | 37,813 | 36,494 |
Corporate bonds and other securities [Member] | ||
Available-For-Sale-Securities-And-Held-To-Maturity-Securities | ||
Investment securities held to maturity, Cost Basis | 6,035 | 6,037 |
Investment securities held to maturity, Gross Unrealized Gains | 6 | 13 |
Investment securities held to maturity, Gross Unrealized Losses | (78) | (122) |
Held to Maturity, Fair Value, Total | 5,963 | 5,928 |
Municipal [Member] | ||
Available-For-Sale-Securities-And-Held-To-Maturity-Securities | ||
Investment securities available for sale, Cost Basis | 13,298 | 13,301 |
Investment securities available for sale, Gross Unrealized Gains | 228 | 114 |
Investment securities available for sale, Gross Unrealized Losses | (110) | (234) |
Available for Sale, Fair Value, Total | 13,416 | 13,181 |
Investment securities held to maturity, Cost Basis | 24,729 | 24,740 |
Investment securities held to maturity, Gross Unrealized Gains | 341 | 131 |
Investment securities held to maturity, Gross Unrealized Losses | (151) | (404) |
Held to Maturity, Fair Value, Total | $ 24,919 | $ 24,467 |
Investment Securities (Details 1) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Information concerning investments with unrealized losses | ||
Less than 12 months, Fair Value | $ 12,344 | $ 39,784 |
Less than 12 months, Unrealized Losses | (213) | (694) |
12 months or longer, Fair Value | 79,345 | 78,532 |
12 months or longer, Unrealized Losses | (1,429) | (2,512) |
Total, Fair Value | 91,689 | 118,316 |
Total, Unrealized Losses | (1,642) | (3,206) |
U.S. Agency [Member] | ||
Information concerning investments with unrealized losses | ||
Less than 12 months, Fair Value | 0 | 244 |
Less than 12 months, Unrealized Losses | 0 | (6) |
12 months or longer, Fair Value | 5,891 | 5,631 |
12 months or longer, Unrealized Losses | (65) | (154) |
Total, Fair Value | 5,891 | 5,875 |
Total, Unrealized Losses | (65) | (160) |
U.S. Agency mortgage-backed securities [Member] | ||
Information concerning investments with unrealized losses | ||
Less than 12 months, Fair Value | 0 | 17,718 |
Less than 12 months, Unrealized Losses | 0 | (177) |
12 months or longer, Fair Value | 40,841 | 39,983 |
12 months or longer, Unrealized Losses | (590) | (1,113) |
Total, Fair Value | 40,841 | 57,701 |
Total, Unrealized Losses | (590) | (1,290) |
Municipal [Member] | ||
Information concerning investments with unrealized losses | ||
Less than 12 months, Fair Value | 0 | 6,601 |
Less than 12 months, Unrealized Losses | 0 | (71) |
12 months or longer, Fair Value | 13,384 | 15,880 |
12 months or longer, Unrealized Losses | (261) | (567) |
Total, Fair Value | 13,384 | 22,481 |
Total, Unrealized Losses | (261) | (638) |
Corporate bonds and other securities [Member] | ||
Information concerning investments with unrealized losses | ||
Less than 12 months, Fair Value | 12,344 | 15,221 |
Less than 12 months, Unrealized Losses | (213) | (440) |
12 months or longer, Fair Value | 19,229 | 17,038 |
12 months or longer, Unrealized Losses | (513) | (678) |
Total, Fair Value | 31,573 | 32,259 |
Total, Unrealized Losses | $ (726) | $ (1,118) |
Investment Securities (Details 2) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Contractual maturities of securities | ||
Available for Sale, Cost Basis, Within 1 year | $ 1,006 | |
Available for Sale, Cost Basis, After 1 year but within 5 years | 22,552 | |
Available for Sale, Cost Basis, After 5 years but within 10 years | 44,406 | |
Available for Sale, Cost Basis, After 10 years but within 15 years | 29,382 | |
Available for Sale, Cost Basis, Over 15 years | 56,698 | |
Available for Sale, Cost Basis, Total | 154,044 | |
Available for Sale, Fair Value, Within 1 year | 1,005 | |
Available for Sale, Fair Value, After 1 year but within 5 years | 22,456 | |
Available for Sale, Fair Value, After 5 years but within 10 years | 44,189 | |
Available for Sale, Fair Value, After 10 years but within 15 years | 29,521 | |
Available for Sale, Fair Value, Over 15 years | 56,854 | |
Available for Sale, Fair Value, Total | 154,025 | $ 146,731 |
Held to Maturity, Cost Basis, Within 1 year | 1,000 | |
Held to Maturity, Cost Basis, After 1 year but within 5 years | 5,192 | |
Held to Maturity, Cost Basis, After 5 years but within 10 years | 19,023 | |
Held to Maturity, Cost Basis, After 10 years but within 15 years | 9,816 | |
Held to Maturity, Cost Basis, Over 15 years | 5,497 | |
Held to Maturity, Cost Basis, Total | 40,528 | 40,760 |
Held to Maturity, Fair Value, Within 1 year | 953 | |
Held to Maturity, Fair Value, After 1 year but within 5 years | 5,168 | |
Held to Maturity, Fair Value, After 5 years but within 10 years | 19,149 | |
Held to Maturity, Fair Value, After 10 years but within 15 years | 9,971 | |
Held to Maturity, Fair Value, Over 15 years | 5,489 | |
Held to Maturity, Fair Value, Total | $ 40,730 | $ 40,324 |
Investment Securities (Details Textual) |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2019
USD ($)
Position
|
Mar. 31, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
|
|
Investments [Line Items] | |||
Gross investment losses | $ 0 | $ 148,000 | |
Investment Securities: | |||
Consolidated investment securities portfolio modified, years | 41 months 21 days | 44 months 3 days | |
Proceeds from sales of investment securities available for sale | $ 0 | $ 4,479,000 | |
Book value of securities available for sale and held to maturity | $ 118,370,000 | $ 115,536,000 | |
Available for sale Securities And Held To Maturity Securities In Unrealized Loss Positions | Position | 129 | ||
Standard & Poor's, AAA Rating [Member] | |||
Investments [Line Items] | |||
Portfolio rated | 58.50% | 57.50% | |
Securities Rated Below A [Member] | |||
Investments [Line Items] | |||
Portfolio rated | 8.40% | 10.00% | |
Maximum [Member] | |||
Investment Securities: | |||
Consolidated investment securities portfolio modified, years | 60 months | ||
Minimum [Member] | |||
Investment Securities: | |||
Consolidated investment securities portfolio modified, years | 24 months |
Loans (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 862,515 | $ 862,282 |
Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 157,555 | 158,279 |
Commercial loans secured by owner occupied real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 86,934 | 91,905 |
Commercial loans secured by non-owner occupied real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 365,281 | 356,543 |
Real estate – residential mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 235,109 | 237,964 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 17,636 | $ 17,591 |
Loans (Details Textual) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Financing Receivable, Impaired [Line Items] | ||
Real estate-construction loans, percentage | 3.30% | 3.50% |
Loan balances net of unearned income | $ 367 | $ 322 |
Allowance for Loan Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 8,671 | $ 10,214 |
Charge-Offs | (206) | (375) |
Recoveries | 42 | 43 |
Provision (Credit) | (400) | 50 |
Balance | 8,107 | 9,932 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 3,057 | 4,298 |
Charge-Offs | 0 | (162) |
Recoveries | 5 | 8 |
Provision (Credit) | (448) | (160) |
Balance | 2,614 | 3,984 |
Commercial loans secured by real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 3,389 | 3,666 |
Charge-Offs | (63) | 0 |
Recoveries | 11 | 13 |
Provision (Credit) | 36 | (129) |
Balance | 3,373 | 3,550 |
Real estate – residential mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 1,235 | 1,102 |
Charge-Offs | (61) | (114) |
Recoveries | 8 | 10 |
Provision (Credit) | 31 | 269 |
Balance | 1,213 | 1,267 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 127 | 128 |
Charge-Offs | (82) | (99) |
Recoveries | 18 | 12 |
Provision (Credit) | 62 | 101 |
Balance | 125 | 142 |
Allocation for general risk [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 863 | 1,020 |
Charge-Offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision (Credit) | (81) | (31) |
Balance | $ 782 | $ 989 |
Allowance for Loan Losses (Details 1) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|
Loans: | ||||
Individually evaluated for impairment | $ 11 | $ 11 | ||
Collectively evaluated for impairment | 862,504 | 862,271 | ||
Total loans | 862,515 | 862,282 | ||
Allowance for loan losses: | ||||
Specific reserve allocation | 11 | 11 | ||
General reserve allocation | 8,096 | 8,660 | ||
Total allowance for loan losses | 8,107 | 8,671 | $ 9,932 | $ 10,214 |
Commercial [Member] | ||||
Loans: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 244,489 | 250,184 | ||
Total loans | 244,489 | 250,184 | ||
Allowance for loan losses: | ||||
Specific reserve allocation | 0 | 0 | ||
General reserve allocation | 2,614 | 3,057 | ||
Total allowance for loan losses | 2,614 | 3,057 | 3,984 | 4,298 |
Commercial Loans Secured by Non-Owner Occupied Real Estate [Member] | ||||
Loans: | ||||
Individually evaluated for impairment | 11 | 11 | ||
Collectively evaluated for impairment | 365,270 | 356,532 | ||
Total loans | 365,281 | 356,543 | ||
Allowance for loan losses: | ||||
Specific reserve allocation | 11 | 11 | ||
General reserve allocation | 3,362 | 3,378 | ||
Total allowance for loan losses | 3,373 | 3,389 | 3,550 | 3,666 |
Real Estate- Residential Mortgage [Member] | ||||
Loans: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 235,109 | 237,964 | ||
Total loans | 235,109 | 237,964 | ||
Allowance for loan losses: | ||||
Specific reserve allocation | 0 | 0 | ||
General reserve allocation | 1,213 | 1,235 | ||
Total allowance for loan losses | 1,213 | 1,235 | 1,267 | 1,102 |
Consumer [Member] | ||||
Loans: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 17,636 | 17,591 | ||
Total loans | 17,636 | 17,591 | ||
Allowance for loan losses: | ||||
Specific reserve allocation | 0 | 0 | ||
General reserve allocation | 125 | 127 | ||
Total allowance for loan losses | 125 | 127 | 142 | 128 |
Allocation for General Risk [Member] | ||||
Allowance for loan losses: | ||||
Specific reserve allocation | 0 | 0 | ||
General reserve allocation | 782 | 863 | ||
Total allowance for loan losses | $ 782 | $ 863 | $ 989 | $ 1,020 |
Allowance for Loan Losses (Details 2) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | $ 11 | $ 11 |
Related Allowance | 11 | 11 |
Unpaid Principal Balance | 33 | 33 |
Commercial loans secured by real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | 11 | 11 |
Unpaid Principal Balance | 33 | 33 |
IMPAIRED LOANS WITH SPECIFIC ALLOWANCE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | 11 | 11 |
Related Allowance | 11 | 11 |
IMPAIRED LOANS WITH SPECIFIC ALLOWANCE | Commercial loans secured by real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | 11 | 11 |
Related Allowance | 11 | 11 |
IMPAIRED LOANS WITH NO SPECIFIC ALLOWANCE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | 0 | 0 |
IMPAIRED LOANS WITH NO SPECIFIC ALLOWANCE | Commercial loans secured by real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | $ 0 | $ 0 |
Allowance for Loan Losses (Details 3) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Average impaired balance: | ||
Average investment in impaired loans | $ 11 | $ 1,343 |
Interest income recognized: | ||
Interest income recognized on a cash basis on impaired loans | 0 | 0 |
Commercial [Member] | ||
Average impaired balance: | ||
Average investment in impaired loans | 0 | 1,063 |
Interest income recognized: | ||
Interest income recognized on a cash basis on impaired loans | 0 | 0 |
Commercial loans secured by non owner occupied real estate [Member] | ||
Average impaired balance: | ||
Average investment in impaired loans | 11 | 280 |
Interest income recognized: | ||
Interest income recognized on a cash basis on impaired loans | $ 0 | $ 0 |
Allowance for Loan Losses (Details 4) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | $ 862,515 | $ 862,282 |
Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 609,770 | 606,727 |
Commercial And Industrial [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 157,555 | 158,279 |
Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 157,555 | 158,279 |
Commercial Loans Secured By Owner Occupied Real Estate [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 86,934 | 91,905 |
Commercial Loans Secured By Owner Occupied Real Estate [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 86,934 | 91,905 |
Commercial loans secured by non owner occupied real estate [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 365,281 | 356,543 |
Commercial loans secured by non owner occupied real estate [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 365,281 | 356,543 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 597,221 | 591,461 |
Pass [Member] | Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 154,114 | 154,510 |
Pass [Member] | Commercial Loans Secured By Owner Occupied Real Estate [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 84,301 | 86,997 |
Pass [Member] | Commercial loans secured by non owner occupied real estate [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 358,806 | 349,954 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 9,469 | 12,174 |
Special Mention [Member] | Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 1,702 | 2,089 |
Special Mention [Member] | Commercial Loans Secured By Owner Occupied Real Estate [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 1,496 | 3,769 |
Special Mention [Member] | Commercial loans secured by non owner occupied real estate [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 6,271 | 6,316 |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 3,069 | 3,081 |
Substandard [Member] | Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 1,739 | 1,680 |
Substandard [Member] | Commercial Loans Secured By Owner Occupied Real Estate [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 1,137 | 1,139 |
Substandard [Member] | Commercial loans secured by non owner occupied real estate [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 193 | 262 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 11 | 11 |
Doubtful [Member] | Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 0 | 0 |
Doubtful [Member] | Commercial Loans Secured By Owner Occupied Real Estate [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 0 | 0 |
Doubtful [Member] | Commercial loans secured by non owner occupied real estate [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | $ 11 | $ 11 |
Allowance for Loan Losses (Details 5) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Loan portfolio | $ 862,515 | $ 862,282 |
Consumer [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Loan portfolio | 17,636 | 17,591 |
Real estate – residential mortgage [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Loan portfolio | 235,109 | 237,964 |
Performing [Member] | Consumer Portfolio Segment [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Loan portfolio | 251,606 | 254,345 |
Performing [Member] | Consumer [Member] | Consumer Portfolio Segment [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Loan portfolio | 17,636 | 17,591 |
Performing [Member] | Real estate – residential mortgage [Member] | Consumer Portfolio Segment [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Loan portfolio | 233,970 | 236,754 |
Non-Performing [Member] | Consumer Portfolio Segment [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Loan portfolio | 1,139 | 1,210 |
Non-Performing [Member] | Consumer [Member] | Consumer Portfolio Segment [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Loan portfolio | 0 | 0 |
Non-Performing [Member] | Real estate – residential mortgage [Member] | Consumer Portfolio Segment [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Loan portfolio | $ 1,139 | $ 1,210 |
Allowance for Loan Losses (Details 6) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | $ 858,791 | $ 856,020 |
Past Due | 3,724 | 6,262 |
Total loans | 862,515 | 862,282 |
90 Days Past Due and Still Accruing | 0 | 0 |
30-59 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 2,385 | 4,384 |
60-89 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 754 | 502 |
90 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 585 | 1,376 |
Commercial And Industrial [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | 157,555 | 158,279 |
Past Due | 0 | 0 |
Total loans | 157,555 | 158,279 |
90 Days Past Due and Still Accruing | 0 | 0 |
Commercial And Industrial [Member] | 30-59 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 0 | 0 |
Commercial And Industrial [Member] | 60-89 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 0 | 0 |
Commercial And Industrial [Member] | 90 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 0 | 0 |
Commercial loans secured by owner occupied real estate [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | 86,934 | 91,905 |
Past Due | 0 | 0 |
Total loans | 86,934 | 91,905 |
90 Days Past Due and Still Accruing | 0 | 0 |
Commercial loans secured by owner occupied real estate [Member] | 30-59 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 0 | 0 |
Commercial loans secured by owner occupied real estate [Member] | 60-89 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 0 | 0 |
Commercial loans secured by owner occupied real estate [Member] | 90 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 0 | 0 |
Commercial loans secured by non owner occupied real estate [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | 365,281 | 355,963 |
Past Due | 0 | 580 |
Total loans | 365,281 | 356,543 |
90 Days Past Due and Still Accruing | 0 | 0 |
Commercial loans secured by non owner occupied real estate [Member] | 30-59 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 0 | 580 |
Commercial loans secured by non owner occupied real estate [Member] | 60-89 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 0 | 0 |
Commercial loans secured by non owner occupied real estate [Member] | 90 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 0 | 0 |
Real estate – residential mortgage [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | 231,558 | 232,465 |
Past Due | 3,551 | 5,499 |
Total loans | 235,109 | 237,964 |
90 Days Past Due and Still Accruing | 0 | 0 |
Real estate – residential mortgage [Member] | 30-59 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 2,213 | 3,651 |
Real estate – residential mortgage [Member] | 60-89 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 753 | 472 |
Real estate – residential mortgage [Member] | 90 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 585 | 1,376 |
Consumer [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | 17,463 | 17,408 |
Past Due | 173 | 183 |
Total loans | 17,636 | 17,591 |
90 Days Past Due and Still Accruing | 0 | 0 |
Consumer [Member] | 30-59 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 172 | 153 |
Consumer [Member] | 60-89 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 1 | 30 |
Consumer [Member] | 90 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | $ 0 | $ 0 |
Allowance for Loan Losses (Details Textual) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individual loan balance is classified as nonaccrual status or troubled debt restructure | $ 100,000 | ||
Debt Instrument Non Performing Assets | $ 1,200,000 | ||
Percentage for Total Loans | 0.14% | ||
Allowance for Loan and Lease Losses, Adjustments, Other | $ (400,000) | $ 50,000 | |
Allowance for Loan and Lease Losses Write-offs, Net | $ 164,000 | $ 332,000 | |
Allowance For Loan And Lease Losses Write Off Percentage | 0.08% | 0.15% | |
Percentage Of Allowance For Non Performing Loans | 694.00% | 629.00% | |
Percentage Of Allowance For Total Loans | 0.94% | 1.00% | |
Commercial Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Threshold for individually evaluating loans | $ 1,000,000 | ||
Allowance for Loan and Lease Losses, Adjustments, Other | (448,000) | $ (160,000) | |
Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Minimum individual loan balance requiring quarterly review | 2,000,000 | ||
Special Mention [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Threshold for individually evaluating loans | 250,000 | ||
Doubtful [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Minimum individual loan balance requiring quarterly review | $ 100,000 | ||
Minimum [Member] | Commercial Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Minimum percent of portfolio to be reviewed | 50.00% | ||
Maximum [Member] | Commercial Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Minimum percent of portfolio to be reviewed | 55.00% |
Non-performing Assets Including Troubled Debt Restructurings (TDR) (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Non-performing assets including TDR | ||
Non-accrual loans | $ 1,150 | $ 1,221 |
Other real estate owned | 18 | 157 |
TDR's not in non-accrual | 0 | 0 |
Total non-performing assets including TDR | $ 1,168 | $ 1,378 |
Total non-performing assets as a percent of loans, net of unearned income, and other real estate owned | 0.14% | 0.16% |
Commercial Loans Secured By Owner Occupied Real Estate [Member] | ||
Non-performing assets including TDR | ||
Other real estate owned | $ 0 | $ 157 |
Commercial Loans Secured By Non owner Occupied Real Estate [Member] | ||
Non-performing assets including TDR | ||
Non-accrual loans | 11 | 11 |
Real estate – residential mortgage [Member] | ||
Non-performing assets including TDR | ||
Non-accrual loans | 1,139 | 1,210 |
Other real estate owned | $ 18 | $ 0 |
Non-performing Assets Including Troubled Debt Restructurings (TDR) (Details 1) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Schedule of Interest Income | ||
Interest income due in accordance with original terms | $ 15 | $ 27 |
Interest income recorded | 0 | 0 |
Net reduction in interest income | $ 15 | $ 27 |
Non-performing Assets Including Troubled Debt Restructurings (TDR) (Details Textual) - USD ($) |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
ALL reserve for TDR's | $ 11,000 | $ 11,000 |
Federal Home Loan Bank Borrowings (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Federal Home Loan Bank (FHLB) borrowings and advances | ||
Open Repo Plus | $ 30,912 | $ 41,029 |
Advances 2019, Amount | 11,500 | 12,500 |
Advances 2020, Amount | 16,729 | 16,729 |
Advances 2021, Amount | 9,496 | 9,496 |
Advances 2022, Amount | 7,996 | 6,996 |
Advances 2023, Amount | 2,850 | 1,000 |
Advances from Federal Home Loan Bank | 48,571 | 46,721 |
Total FHLB borrowings, Amount | $ 79,483 | $ 87,750 |
Open Repo Plus Maturity Overnight, Weighted Average Rate | 2.70% | 2.62% |
Advances Maturing 2019, Weighted Average Rate | 1.53% | 1.51% |
Advances Maturing 2020, Weighted Average Rate | 1.74% | 1.74% |
Advances Maturing 20021, Weighted Average Rate | 2.28% | 2.28% |
Advances Maturing 2022, Weighted Average Rate | 2.81% | 2.86% |
Advances Maturing 2023, Weighted Average Rate | 2.65% | 2.86% |
Total FHLB borrowings, Weighted Average Rate | 2.29% | 2.28% |
Weighted Average [Member] | ||
Federal Home Loan Bank (FHLB) borrowings and advances | ||
Advances from Federal Home Loan Bank | $ 48,571 | $ 46,721 |
Total advances, Weighted Average Rate | 2.02% | 1.98% |
Lease Commitments (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Operating Lease and Finance Lease [Line Items] | ||
Amortization of right-of-use asset | $ 64 | |
Interest expense | 30 | $ 0 |
Operating lease cost | 29 | |
Total lease cost | $ 123 |
Lease Commitments (Details 1) |
Mar. 31, 2019 |
---|---|
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 12 years 4 months 24 days |
Finance Lease, Weighted Average Remaining Lease Term | 17 years 6 months |
Operating Lease, Weighted Average Discount Rate, Percent | 3.44% |
Finance Lease, Weighted Average Discount Rate, Percent | 3.59% |
Lease Commitments (Details 2) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Operating lease, Within 1 year | $ 117 | |
Operating lease, After 1 year but within 2 years | 118 | |
Operating lease, After 2 years but within 3 years | 120 | |
Operating lease, After 3 years but within 4 years | 85 | |
Operating lease, After 4 years but within 5 years | 69 | |
Operating lease, After 5 years | 641 | |
Total undiscounted cash flows | 1,150 | |
Discount on cash flows | (222) | |
Total lease liabilities | 928 | $ 0 |
Financing lease, Within 1 year | 295 | |
Financing lease, After 1 year but within 2 years | 289 | |
Financing lease, After 2 years but within 3 years | 276 | |
Financing lease, After 3 years but within 4 years | 278 | |
Financing lease, After 4 years but within 5 years | 262 | |
Financing lease, After 5 years | 3,184 | |
Total undiscounted cash flows | 4,584 | |
Discount on cash flows | (1,289) | |
Total Financing lease liabilities | $ 3,295 | $ 0 |
Lease Commitments (Details Textual) |
3 Months Ended |
---|---|
Mar. 31, 2018
USD ($)
| |
Operating Leased Assets [Line Items] | |
Operating Leases, Rent Expense | $ 117,000 |
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|||||||
Accumulated Other Comprehensive Loss [Line Items] | ||||||||
Beginning balance | [1] | $ (14,225) | $ (12,950) | |||||
Other comprehensive income (loss) before reclassifications | [1] | (346) | (799) | |||||
Amounts reclassified from accumulated other comprehensive loss | [1] | 289 | 425 | [2] | ||||
Net current period other comprehensive income (loss) | [1] | (57) | (374) | |||||
Ending balance | [1] | (14,282) | (13,324) | |||||
Net Unrealized Gains and (Losses) on Investment Securities AFS [Member] | ||||||||
Accumulated Other Comprehensive Loss [Line Items] | ||||||||
Beginning balance | [1] | (1,409) | (327) | |||||
Other comprehensive income (loss) before reclassifications | [1] | 1,393 | (1,316) | |||||
Amounts reclassified from accumulated other comprehensive loss | [1] | 0 | 117 | |||||
Net current period other comprehensive income (loss) | [1] | 1,393 | (1,199) | |||||
Ending balance | [1] | (16) | (1,526) | |||||
Defined Benefit Pension Items [Member] | ||||||||
Accumulated Other Comprehensive Loss [Line Items] | ||||||||
Beginning balance | [1] | (12,816) | (12,623) | |||||
Other comprehensive income (loss) before reclassifications | [1] | (1,739) | 517 | |||||
Amounts reclassified from accumulated other comprehensive loss | [1] | 289 | 308 | |||||
Net current period other comprehensive income (loss) | [1] | (1,450) | 825 | |||||
Ending balance | [1] | $ (14,266) | $ (11,798) | |||||
|
Accumulated Other Comprehensive Loss (Details 1) - USD ($) $ in Thousands |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
||||||
Unrealized gains and losses on sale of securities | |||||||
Net realized loss on investment securities | $ 0 | $ (148) | |||||
Provision for income tax expense | 0 | 31 | |||||
Net of tax | 0 | 117 | [1] | ||||
Amortization of defined benefit items | |||||||
Other expense | 366 | 390 | [1] | ||||
Provision for income tax expense | (77) | (82) | [1] | ||||
Net of tax | 289 | 308 | [1] | ||||
Total reclassifications for the period | [2] | $ 289 | $ 425 | [1] | |||
|
Regulatory Capital (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
|||
---|---|---|---|---|---|
Summarized regulatory capital ratio of company | |||||
Total Capital (To RWA), Actual Amount | $ 116,107 | $ 115,451 | |||
Tier 1 Common Equity (To RWA), Actual Amount | 107,050 | 105,891 | |||
Tier 1 Capital (To RWA), Actual Amount | 107,050 | 105,891 | |||
Tier 1 Capital (To Average Assets), Actual Amount | $ 107,050 | $ 105,891 | |||
Total Capital (To RWA), Actual Ratio | 12.01% | 12.14% | |||
Tier 1 Common Equity (To RWA), Actual Ratio | 11.08% | 11.14% | |||
Tier 1 Capital (To RWA), Actual Ratio | 11.08% | 11.14% | |||
Tier 1 Capital (To Average Assets), Actual Ratio | 9.45% | 9.28% | |||
Total Capital (To RWA), Minimun Required For Capital Adequacy Purpose | 8.00% | 8.00% | |||
Tier 1 Common Equity (To RWA), Minimum Required For Capital Adequacy Purpose | 4.50% | 4.50% | |||
Tier 1 Capital (To RWA), Minimun Required For Capital Adequacy Purpose | 6.00% | 6.00% | |||
Tier 1 Capital (To Average Assets), Minimun Required For Capital Adequacy Purpose | 4.00% | 4.00% | |||
Total Capital (To RWA), To Be Will Capitalized Under Prompt Corrective Action Regulations | [1] | 10.00% | 10.00% | ||
Tier 1 Common Equity (To RWA),To Be Will Capitalized Under Prompt Corrective Action Regulations | [1] | 6.50% | 6.50% | ||
Tier 1 Capital (To RWA), TTo Be Will Capitalized Under Prompt Corrective Action Regulations | [1] | 8.00% | 8.00% | ||
Tier 1 Capital (To Average Assets), To Be Will Capitalized Under Prompt Corrective Action Regulations | [1] | 5.00% | 5.00% | ||
Parent Company [Member] | |||||
Summarized regulatory capital ratio of company | |||||
Total Capital (To RWA), Actual Amount | $ 129,825 | $ 129,178 | |||
Tier 1 Common Equity (To RWA), Actual Amount | 101,399 | 100,258 | |||
Tier 1 Capital (To RWA), Actual Amount | 113,275 | 112,130 | |||
Tier 1 Capital (To Average Assets), Actual Amount | $ 113,275 | $ 112,130 | |||
Total Capital (To RWA), Actual Ratio | 13.37% | 13.53% | |||
Tier 1 Common Equity (To RWA), Actual Ratio | 10.44% | 10.50% | |||
Tier 1 Capital (To RWA), Actual Ratio | 11.67% | 11.74% | |||
Tier 1 Capital (To Average Assets), Actual Ratio | 9.87% | 9.71% | |||
|
Regulatory Capital (Details Textual) |
Mar. 31, 2019 |
---|---|
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Tangible Capital to Tangible Assets | 7.54% |
Derivative Hedging Instruments (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Derivative, Notional Amount | $ 0 | $ 0 |
Derivative Instruments Weighted Average Interest Rate Received Paid | 0.00% | 0.00% |
Increase Decrease In Interest Expense | $ 0 | $ 0 |
Derivative Financial Instruments, Assets [Member] | Swap [Member] | ||
Derivative, Swap Type | FAIR VALUE | FAIR VALUE |
Derivative Asset, Notional Amount | $ 21,744,694 | $ 16,813,329 |
Derivative Instruments Weighted Average Interest Rate Received Paid | 4.79% | 3.88% |
Derivative Instruments, Repricing Frequency | MONTHLY | MONTHLY |
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments | $ 9,008 | $ (23,543) |
Derivative Financial Instruments, Liabilities [Member] | Swap [Member] | ||
Derivative, Swap Type | FAIR VALUE | FAIR VALUE |
Derivative Liability, Notional Amount | $ (21,744,694) | $ (16,813,329) |
Derivative Instruments Weighted Average Interest Rate Received Paid | (4.79%) | (3.88%) |
Derivative Instruments, Repricing Frequency | MONTHLY | MONTHLY |
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments | $ (9,008) | $ 23,543 |
Derivative Hedging Instruments (Details Textual) $ in Millions |
Mar. 31, 2019
USD ($)
|
---|---|
Derivative Notional Amount Outstanding | $ 500 |
Segment Results (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Contribution of segments to the consolidated results of operations | ||
Total revenue | $ 12,262 | $ 12,384 |
Net income (loss) | 1,878 | 1,767 |
Retail banking [Member] | ||
Contribution of segments to the consolidated results of operations | ||
Total revenue | 6,674 | 6,139 |
Net income (loss) | 1,181 | 706 |
Commercial Banking [Member] | ||
Contribution of segments to the consolidated results of operations | ||
Total revenue | 4,419 | 4,455 |
Net income (loss) | 1,767 | 1,560 |
Wealth management [Member] | ||
Contribution of segments to the consolidated results of operations | ||
Total revenue | 2,417 | 2,443 |
Net income (loss) | 444 | 508 |
Investment/ Parent [Member] | ||
Contribution of segments to the consolidated results of operations | ||
Total revenue | (1,248) | (653) |
Net income (loss) | $ (1,514) | $ (1,007) |
Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Commitments to extend credit [Member] | ||
Loss Contingencies [Line Items] | ||
Amount of commitment | $ 214.0 | $ 177.8 |
Standby letters of credit [Member] | ||
Loss Contingencies [Line Items] | ||
Amount of commitment | $ 16.5 | $ 16.7 |
Pension Benefit (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
COMPONENTS OF NET PERIODIC BENEFIT COST: | ||
Service cost | $ 374 | $ 409 |
Interest cost | 402 | 303 |
Expected return on plan assets | (762) | (711) |
Recognized net actuarial loss | 366 | 386 |
Net periodic pension cost | $ 380 | $ 387 |
Pension Benefit (Details Textual) |
Mar. 31, 2019
Hour
|
---|---|
Pension Benefits [Line Items] | |
Minimum number of annual hours | 1,000 |
Maximum percent of plan assets comprised of AmeriServ Financial, Inc. common stock | 10.00% |
Disclosures about Fair Value Measurements and Financial Instruments (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | $ 154,025 | $ 146,731 |
Fair value swap asset | 210 | 257 |
Fair value swap liability | (210) | (257) |
U.S. Agency Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 7,544 | 7,529 |
Municipal securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 13,416 | 13,181 |
Corporate bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 37,813 | 36,494 |
U.S. Agency mortgage-backed securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 95,252 | 89,527 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value swap asset | 0 | 0 |
Fair value swap liability | 0 | 0 |
Level 1 [Member] | U.S. Agency Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 0 | 0 |
Level 1 [Member] | Municipal securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 0 | 0 |
Level 1 [Member] | Corporate bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 0 | 0 |
Level 1 [Member] | U.S. Agency mortgage-backed securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value swap asset | 210 | 257 |
Fair value swap liability | (210) | (257) |
Level 2 [Member] | U.S. Agency Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 7,544 | 7,529 |
Level 2 [Member] | Municipal securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 13,416 | 13,181 |
Level 2 [Member] | Corporate bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 37,813 | 36,494 |
Level 2 [Member] | U.S. Agency mortgage-backed securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 95,252 | 89,527 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value swap asset | 0 | 0 |
Fair value swap liability | 0 | 0 |
Level 3 [Member] | U.S. Agency Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 0 | 0 |
Level 3 [Member] | Municipal securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 0 | 0 |
Level 3 [Member] | Corporate bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 0 | 0 |
Level 3 [Member] | U.S. Agency mortgage-backed securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | $ 0 | $ 0 |
Disclosures about Fair Value Measurements and Financial Instruments (Details 1) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Impaired loans | $ 11 | $ 11 | |||||||
Fair Value Measurements, Nonrecurring Basis [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Impaired loans | 0 | 0 | |||||||
Other real estate owned | 18 | 157 | |||||||
Fair Value Measurements, Nonrecurring Basis [Member] | Impaired Loans [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Impaired loans | $ 0 | $ 0 | |||||||
Valuation Techniques | [1],[2] | Appraisal of collateral | Appraisal of collateral | ||||||
Fair Value Measurements, Nonrecurring Basis [Member] | Other Real Estate Owned [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Other real estate owned | $ 18 | $ 157 | |||||||
Appraisal of Adjustment | [3] | (44.00%) | (8.00%) | ||||||
Liquidation expenses | (21.00%) | (40.00%) | |||||||
Valuation Techniques | [1],[2] | Appraisal of collateral | Appraisal of collateral | ||||||
Fair Value Measurements, Nonrecurring Basis [Member] | Minimum [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Liquidation expenses | 21.00% | 21.00% | |||||||
Fair Value Measurements, Nonrecurring Basis [Member] | Minimum [Member] | Impaired Loans [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Appraisal of Adjustment | [3] | (100.00%) | (100.00%) | ||||||
Fair Value Measurements, Nonrecurring Basis [Member] | Minimum [Member] | Other Real Estate Owned [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Appraisal of Adjustment | [3] | 43.00% | 0.00% | ||||||
Fair Value Measurements, Nonrecurring Basis [Member] | Maximum [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Liquidation expenses | 24.00% | 195.00% | |||||||
Fair Value Measurements, Nonrecurring Basis [Member] | Maximum [Member] | Impaired Loans [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Appraisal of Adjustment | [3] | 100.00% | 100.00% | ||||||
Fair Value Measurements, Nonrecurring Basis [Member] | Maximum [Member] | Other Real Estate Owned [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Appraisal of Adjustment | [3] | 44.00% | 39.00% | ||||||
Fair Value Measurements, Nonrecurring Basis [Member] | Level 1 [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Impaired loans | $ 0 | $ 0 | |||||||
Other real estate owned | 0 | 0 | |||||||
Fair Value Measurements, Nonrecurring Basis [Member] | Level 2 [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Impaired loans | 0 | 0 | |||||||
Other real estate owned | 0 | 0 | |||||||
Fair Value Measurements, Nonrecurring Basis [Member] | Level 3 [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Impaired loans | 0 | 0 | |||||||
Other real estate owned | $ 18 | $ 157 | |||||||
|
Disclosures about Fair Value Measurements and Financial Instruments (Details 2) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
|||
---|---|---|---|---|---|
FINANCIAL ASSETS: Carrying Value | |||||
Investment securities - HTM | $ 40,528 | $ 40,760 | |||
Loans held for sale | 619 | 847 | |||
Loans, net of allowance for loan loss and unearned income | 854,408 | 853,611 | |||
Investment securities - HTM | 40,730 | 40,324 | |||
Loans held for sale | 658 | 871 | |||
Loans, net of allowance for loan loss and unearned income | 844,344 | 836,122 | |||
FINANCIAL LIABILITIES: Carrying Value | |||||
Deposits with stated maturities | 287,671 | 277,505 | |||
All other borrowings | [1] | 69,007 | 67,148 | ||
Deposits with stated maturities | 287,582 | 277,010 | |||
All other borrowings | [1] | 72,010 | 69,692 | ||
Level 1 [Member] | |||||
FINANCIAL ASSETS: Carrying Value | |||||
Investment securities - HTM | 0 | 0 | |||
Loans held for sale | 658 | 871 | |||
Loans, net of allowance for loan loss and unearned income | 0 | 0 | |||
FINANCIAL LIABILITIES: Carrying Value | |||||
Deposits with stated maturities | 0 | 0 | |||
All other borrowings | [1] | 0 | 0 | ||
Level 2 [Member] | |||||
FINANCIAL ASSETS: Carrying Value | |||||
Investment securities - HTM | 37,807 | 37,398 | |||
Loans held for sale | 0 | 0 | |||
Loans, net of allowance for loan loss and unearned income | 0 | 0 | |||
FINANCIAL LIABILITIES: Carrying Value | |||||
Deposits with stated maturities | 0 | 0 | |||
All other borrowings | [1] | 0 | 0 | ||
Level 3 [Member] | |||||
FINANCIAL ASSETS: Carrying Value | |||||
Investment securities - HTM | 2,923 | 2,926 | |||
Loans held for sale | 0 | 0 | |||
Loans, net of allowance for loan loss and unearned income | 844,344 | 836,122 | |||
FINANCIAL LIABILITIES: Carrying Value | |||||
Deposits with stated maturities | 287,582 | 277,010 | |||
All other borrowings | [1] | $ 72,010 | $ 69,692 | ||
|
Disclosures about Fair Value Measurements and Financial Instruments (Detail Textual) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of impaired loans | $ 11 | $ 11 |
Specific valuation allowance | $ 11 | $ 11 |
Assets And Liabilities Considered Financial Instruments Percentage | 90.00% |
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