Quarterly Report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 |
Transition report pursuant to Section 13 or 15 (d) of the Exchange Act |
(State or other jurisdiction of | (I.R.S. Employer Identification No.) | |||||||
incorporation or organization) | ||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Large accelerated filer | ☐ | ☒ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Page | ||||||||
Number | ||||||||
September 30, | December 31, | |||||||||||||
(In Thousands, Except Share Data) | 2020 | 2019 | ||||||||||||
ASSETS: | ||||||||||||||
Noninterest-bearing balances | $ | $ | ||||||||||||
Interest-bearing balances in other financial institutions | ||||||||||||||
Total cash and cash equivalents | ||||||||||||||
Investment debt securities, available for sale, at fair value | ||||||||||||||
Investment equity securities, at fair value | ||||||||||||||
Investment securities, trading | ||||||||||||||
Restricted investment in bank stock, at fair value | ||||||||||||||
Loans held for sale | ||||||||||||||
Loans | ||||||||||||||
Allowance for loan losses | ( | ( | ||||||||||||
Loans, net | ||||||||||||||
Premises and equipment, net | ||||||||||||||
Accrued interest receivable | ||||||||||||||
Bank-owned life insurance | ||||||||||||||
Goodwill | ||||||||||||||
Intangibles | ||||||||||||||
Operating lease right-of-use asset | ||||||||||||||
Deferred tax asset | ||||||||||||||
Other assets | ||||||||||||||
TOTAL ASSETS | $ | $ | ||||||||||||
LIABILITIES: | ||||||||||||||
Interest-bearing deposits | $ | $ | ||||||||||||
Noninterest-bearing deposits | ||||||||||||||
Total deposits | ||||||||||||||
Short-term borrowings | ||||||||||||||
Long-term borrowings | ||||||||||||||
Accrued interest payable | ||||||||||||||
Operating lease liability | ||||||||||||||
Other liabilities | ||||||||||||||
TOTAL LIABILITIES | ||||||||||||||
SHAREHOLDERS’ EQUITY: | ||||||||||||||
Preferred stock, no par value, | ||||||||||||||
Common stock, par value | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive loss: | ||||||||||||||
Net unrealized gain on available for sale securities | ||||||||||||||
Defined benefit plan | ( | ( | ||||||||||||
Treasury stock at cost, | ( | ( | ||||||||||||
TOTAL PENNS WOODS BANCORP, INC. SHAREHOLDERS' EQUITY | ||||||||||||||
Non-controlling interest | ||||||||||||||
TOTAL SHAREHOLDERS' EQUITY | ||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(In Thousands, Except Per Share Data) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
INTEREST AND DIVIDEND INCOME: | ||||||||||||||||||||||||||
Loans, including fees | $ | $ | $ | $ | ||||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||||
Taxable | ||||||||||||||||||||||||||
Tax-exempt | ||||||||||||||||||||||||||
Dividend and other interest income | ||||||||||||||||||||||||||
TOTAL INTEREST AND DIVIDEND INCOME | ||||||||||||||||||||||||||
INTEREST EXPENSE: | ||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||
Short-term borrowings | ||||||||||||||||||||||||||
Long-term borrowings | ||||||||||||||||||||||||||
TOTAL INTEREST EXPENSE | ||||||||||||||||||||||||||
NET INTEREST INCOME | ||||||||||||||||||||||||||
PROVISION FOR LOAN LOSSES | ||||||||||||||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | ||||||||||||||||||||||||||
NON-INTEREST INCOME: | ||||||||||||||||||||||||||
Service charges | ||||||||||||||||||||||||||
Net debt securities gains, available for sale | ||||||||||||||||||||||||||
Net equity securities (losses) gains | ( | |||||||||||||||||||||||||
Net securities (losses) gains, trading | ( | ( | ||||||||||||||||||||||||
Bank-owned life insurance | ||||||||||||||||||||||||||
Gain on sale of loans | ||||||||||||||||||||||||||
Insurance commissions | ||||||||||||||||||||||||||
Brokerage commissions | ||||||||||||||||||||||||||
Debit card income | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
TOTAL NON-INTEREST INCOME | ||||||||||||||||||||||||||
NON-INTEREST EXPENSE: | ||||||||||||||||||||||||||
Salaries and employee benefits | ||||||||||||||||||||||||||
Occupancy | ||||||||||||||||||||||||||
Furniture and equipment | ||||||||||||||||||||||||||
Software amortization | ||||||||||||||||||||||||||
Pennsylvania shares tax | ||||||||||||||||||||||||||
Professional fees | ||||||||||||||||||||||||||
Federal Deposit Insurance Corporation deposit insurance | ||||||||||||||||||||||||||
Marketing | ||||||||||||||||||||||||||
Intangible amortization | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
TOTAL NON-INTEREST EXPENSE | ||||||||||||||||||||||||||
INCOME BEFORE INCOME TAX PROVISION | ||||||||||||||||||||||||||
INCOME TAX PROVISION | ||||||||||||||||||||||||||
CONSOLIDATED NET INCOME | $ | $ | $ | $ | ||||||||||||||||||||||
Less: Net income attributable to noncontrolling interest | ||||||||||||||||||||||||||
NET INCOME ATTRIBUTABLE TO PENNS WOODS BANCORP, INC. | $ | $ | $ | $ | ||||||||||||||||||||||
EARNINGS PER SHARE - BASIC | $ | $ | $ | $ | ||||||||||||||||||||||
EARNINGS PER SHARE - DILUTED | $ | $ | $ | $ | ||||||||||||||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC | ||||||||||||||||||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED | ||||||||||||||||||||||||||
DIVIDENDS DECLARED PER SHARE | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(In Thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Net Income | $ | $ | $ | $ | ||||||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||||
Change in unrealized gain on available for sale securities | ||||||||||||||||||||||||||
Tax effect | ( | ( | ( | ( | ||||||||||||||||||||||
Net realized gain on available for sale securities included in net income | ( | ( | ( | ( | ||||||||||||||||||||||
Tax effect | ||||||||||||||||||||||||||
Amortization of unrecognized pension gain | ||||||||||||||||||||||||||
Tax effect | ( | ( | ( | ( | ||||||||||||||||||||||
Total other comprehensive income | ||||||||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ |
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE LOSS | TREASURY STOCK | NON-CONTROLLING INTEREST | TOTAL SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||
(In Thousands, Except Per Share Data) | SHARES | AMOUNT | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued for employee stock purchase plan | ||||||||||||||||||||||||||||||||||||||||||||||||||
Director Compensation Plan | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ |
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE LOSS | TREASURY STOCK | NON-CONTROLLING INTEREST | TOTAL SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands, Except Per Share Data) | SHARES | AMOUNT | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued for employee stock purchase plan | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock split fractional shares | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | $ |
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE LOSS | TREASURY STOCK | NON-CONTROLLING INTEREST | TOTAL SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||
(In Thousands, Except Per Share Data) | SHARES | AMOUNT | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued for employee stock purchase plan | ||||||||||||||||||||||||||||||||||||||||||||||||||
Director Compensation Plan | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ |
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE LOSS | TREASURY STOCK | NON-CONTROLLING INTEREST | TOTAL SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||
(In Thousands, Except Per Share Data) | SHARES | AMOUNT | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued for employee stock purchase plan | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock split fractional shares | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | $ |
Nine Months Ended September 30, | ||||||||||||||
(In Thousands) | 2020 | 2019 | ||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||
Net Income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Gain on sale of premise and equipment | ( | |||||||||||||
Amortization of intangible assets | ||||||||||||||
Provision for loan losses | ||||||||||||||
Stock based compensation | ||||||||||||||
Accretion and amortization of investment security discounts and premiums | ||||||||||||||
Net securities gains, available for sale | ( | ( | ||||||||||||
Originations of loans held for sale | ( | ( | ||||||||||||
Proceeds of loans held for sale | ||||||||||||||
Gain on sale of loans | ( | ( | ||||||||||||
Net equity securities gains | ( | ( | ||||||||||||
Net securities losses (gains), trading | ( | |||||||||||||
Proceeds from the sale of trading securities | ||||||||||||||
Purchases of trading securities | ( | |||||||||||||
Earnings on bank-owned life insurance | ( | ( | ||||||||||||
(Increase) decrease in deferred tax asset | ( | |||||||||||||
Other, net | ( | |||||||||||||
Net cash provided by operating activities | ||||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||
Proceeds from sales of available for sale securities | ||||||||||||||
Proceeds from calls and maturities of available for sale securities | ||||||||||||||
Purchases of available for sale securities | ( | ( | ||||||||||||
Net decrease in loans | ||||||||||||||
Acquisition of premises and equipment | ( | ( | ||||||||||||
Proceeds from the sale of premises and equipment | ||||||||||||||
Proceeds from the sale of foreclosed assets | ||||||||||||||
Purchase of bank-owned life insurance | ( | ( | ||||||||||||
Proceeds from bank-owned life insurance death benefit | ||||||||||||||
Investment in limited partnership | ( | |||||||||||||
Proceeds from redemption of regulatory stock | ||||||||||||||
Purchases of regulatory stock | ( | ( | ||||||||||||
Net cash (used for) provided by investing activities | ( | |||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||
Net increase in interest-bearing deposits | ||||||||||||||
Net increase in noninterest-bearing deposits | ||||||||||||||
Proceeds from long-term borrowings | ||||||||||||||
Repayment of long-term borrowings | ( | ( | ||||||||||||
Net increase (decrease) in short-term borrowings | ( | |||||||||||||
Finance lease principal payments | ( | ( | ||||||||||||
Dividends paid | ( | ( | ||||||||||||
Issuance of common stock | ||||||||||||||
Net cash provided by (used for) financing activities | ( | |||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ( | |||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING | ||||||||||||||
CASH AND CASH EQUIVALENTS, ENDING | $ | $ |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||||||||
Interest paid | $ | $ | ||||||||||||
Income taxes paid | ||||||||||||||
Non-cash investing and financing activities: | ||||||||||||||
Right-of-use lease assets obtained in exchange for lessee finance lease liabilities | ||||||||||||||
Right-of-use lease assets obtained in exchange for lessee operating lease liabilities | ||||||||||||||
Transfer of loans to foreclosed real estate | ||||||||||||||
Three Months Ended September 30, 2020 | Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||
(In Thousands) | Net Unrealized Gain on Available for Sale Securities | Defined Benefit Plan | Total | Net Unrealized Gain on Available for Sale Securities | Defined Benefit Plan | Total | ||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | ( | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||
Other comprehensive gain before reclassifications | ||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) gain | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income | ||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | ( | $ | ( | $ | $ | ( | $ | ( |
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||
(In Thousands) | Net Unrealized Gain on Available for Sale Securities | Defined Benefit Plan | Total | Net Unrealized Gain on Available for Sale Securities | Defined Benefit Plan | Total | ||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||
Other comprehensive gain before reclassifications | ||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) gain | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income | ||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | ( | $ | ( | $ | $ | ( | $ | ( |
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Consolidated Statement of Income | ||||||||||||||||||
Three Months Ended September 30, 2020 | Three Months Ended September 30, 2019 | |||||||||||||||||||
Net unrealized gain on available for sale securities | $ | $ | Net debt securities gains (losses), available for sale | |||||||||||||||||
Income tax effect | ( | ( | Income tax provision | |||||||||||||||||
Total reclassifications for the period | $ | $ | ||||||||||||||||||
Net unrecognized pension costs | $ | ( | $ | ( | Salaries and employee benefits | |||||||||||||||
Income tax effect | Income tax provision | |||||||||||||||||||
Total reclassifications for the period | $ | ( | $ | ( |
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Consolidated Statement of Income | ||||||||||||||||||
Nine months ended September 30, 2020 | Nine months ended September 30, 2019 | |||||||||||||||||||
Net unrealized gain on available for sale securities | $ | $ | Net debt securities gains, available for sale | |||||||||||||||||
Income tax effect | ( | ( | Income tax provision | |||||||||||||||||
Total reclassifications for the period | $ | $ | ||||||||||||||||||
Net unrecognized pension costs | $ | ( | $ | ( | Salaries and employee benefits | |||||||||||||||
Income tax effect | Income tax provision | |||||||||||||||||||
Total reclassifications for the period | $ | ( | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Weighted average common shares issued | ||||||||||||||||||||||||||
Weighted average treasury stock shares | ( | ( | ( | ( | ||||||||||||||||||||||
Weighted average common shares outstanding - basic | ||||||||||||||||||||||||||
Dilutive effect of outstanding stock options | ||||||||||||||||||||||||||
Weighted average common shares outstanding - basic and diluted |
September 30, 2020 | ||||||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||||
(In Thousands) | Cost | Gains | Losses | Value | ||||||||||||||||||||||
Available for sale (AFS): | ||||||||||||||||||||||||||
Mortgage-backed securities | $ | $ | $ | $ | ||||||||||||||||||||||
State and political securities | ( | |||||||||||||||||||||||||
Other debt securities | ( | |||||||||||||||||||||||||
Total debt securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
Investment equity securities: | ||||||||||||||||||||||||||
Other equity securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
Trading: | ||||||||||||||||||||||||||
Other equity securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||||
(In Thousands) | Cost | Gains | Losses | Value | ||||||||||||||||||||||
Available for sale (AFS): | ||||||||||||||||||||||||||
Mortgage-backed securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
State and political securities | ( | |||||||||||||||||||||||||
Other debt securities | ( | |||||||||||||||||||||||||
Total debt securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
Investment equity securities: | ||||||||||||||||||||||||||
Other equity securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
Trading: | ||||||||||||||||||||||||||
Other equity securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | ||||||||||||||||||||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||||
(In Thousands) | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||||||||||
Available for sale (AFS): | ||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
State and political securities | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Other debt securities | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Total debt securities | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | ||||||||||||||||||||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||||
(In Thousands) | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||||||||||
Available for sale (AFS): | ||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | $ | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||
State and political securities | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Other debt securities | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Total debt securities | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
(In Thousands) | Amortized Cost | Fair Value | ||||||||||||
Due in one year or less | $ | $ | ||||||||||||
Due after one year to five years | ||||||||||||||
Due after five years to ten years | ||||||||||||||
Due after ten years | ||||||||||||||
Total | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(In Thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Available for sale (AFS): | ||||||||||||||||||||||||||
Gross realized gains: | ||||||||||||||||||||||||||
Mortgage-backed securities | $ | $ | $ | $ | ||||||||||||||||||||||
State and political securities | ||||||||||||||||||||||||||
Other debt securities | ||||||||||||||||||||||||||
Total gross realized gains | $ | $ | $ | $ | ||||||||||||||||||||||
Gross realized losses: | ||||||||||||||||||||||||||
State and political securities | $ | $ | $ | $ | ||||||||||||||||||||||
Other debt securities | ||||||||||||||||||||||||||
Total gross realized losses | $ | $ | $ | $ | ||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(In Thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Net gains (losses) recognized in equity securities during the period( | $ | $ | ( | $ | $ | |||||||||||||||||||||
Less: Net gains realized on the sale of equity securities during the period | ||||||||||||||||||||||||||
Unrealized gains recognized in equity securities held at reporting date | $ | $ | ( | $ | $ | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(In Thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Net gains on sale transactions | $ | $ | $ | $ | ||||||||||||||||||||||
Net mark-to-market (losses) gains | ( | ( | ||||||||||||||||||||||||
Net (loss) gain on trading account securities | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||
Past Due | Past Due 90 | |||||||||||||||||||||||||||||||
30 To 89 | Days Or More | Non- | ||||||||||||||||||||||||||||||
(In Thousands) | Current | Days | & Still Accruing | Accrual | Total | |||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Consumer automobile loans | ||||||||||||||||||||||||||||||||
Other consumer installment loans | ||||||||||||||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||||||||||||||
Net deferred loan fees and discounts | ||||||||||||||||||||||||||||||||
Allowance for loan losses | ( | ( | ||||||||||||||||||||||||||||||
Loans, net | $ | $ |
December 31, 2019 | ||||||||||||||||||||||||||||||||
Past Due | Past Due 90 | |||||||||||||||||||||||||||||||
30 To 89 | Days Or More | Non- | ||||||||||||||||||||||||||||||
(In Thousands) | Current | Days | & Still Accruing | Accrual | Total | |||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Consumer automobile loans | ||||||||||||||||||||||||||||||||
Other consumer installment loans | ||||||||||||||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||||||||||||||
Net deferred loan fees and discounts | ||||||||||||||||||||||||||||||||
Allowance for loan losses | ( | ( | ||||||||||||||||||||||||||||||
Loans, net | $ | $ |
Three Months Ended September 30, | ||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
(In Thousands) | Interest Income That Would Have Been Recorded Based on Original Term and Rate | Interest Income Recorded on a Cash Basis | Interest Income That Would Have Been Recorded Based on Original Term and Rate | Interest Income Recorded on a Cash Basis | ||||||||||||||||||||||
Commercial, financial, and agricultural | $ | $ | $ | $ | ||||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||
Consumer automobile loans | ||||||||||||||||||||||||||
Other consumer installment loans | ||||||||||||||||||||||||||
$ | $ | $ | $ |
Nine Months Ended September 30, | ||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
(In Thousands) | Interest Income That Would Have Been Recorded Based on Original Term and Rate | Interest Income Recorded on a Cash Basis | Interest Income That Would Have Been Recorded Based on Original Term and Rate | Interest Income Recorded on a Cash Basis | ||||||||||||||||||||||
Commercial, financial, and agricultural | $ | $ | $ | $ | ||||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||
Consumer automobile loans | ||||||||||||||||||||||||||
Other consumer installment loans | ||||||||||||||||||||||||||
$ | $ | $ | $ |
September 30, 2020 | ||||||||||||||||||||
Recorded | Unpaid Principal | Related | ||||||||||||||||||
(In Thousands) | Investment | Balance | Allowance | |||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||
Commercial, financial, and agricultural | $ | $ | $ | — | ||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||
Residential | — | |||||||||||||||||||
Commercial | — | |||||||||||||||||||
Construction | — | |||||||||||||||||||
Consumer automobile loans | — | |||||||||||||||||||
Installment loans to individuals | — | |||||||||||||||||||
— | ||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||
Commercial, financial, and agricultural | ||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||
Residential | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Construction | ||||||||||||||||||||
Consumer automobile loans | ||||||||||||||||||||
Installment loans to individuals | ||||||||||||||||||||
Total: | ||||||||||||||||||||
Commercial, financial, and agricultural | ||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||
Residential | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Construction | ||||||||||||||||||||
Consumer automobile loans | ||||||||||||||||||||
Installment loans to individuals | ||||||||||||||||||||
$ | $ | $ |
December 31, 2019 | ||||||||||||||||||||
Recorded | Unpaid Principal | Related | ||||||||||||||||||
(In Thousands) | Investment | Balance | Allowance | |||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||
Commercial, financial, and agricultural | $ | $ | $ | — | ||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||
Residential | — | |||||||||||||||||||
Commercial | — | |||||||||||||||||||
Construction | — | |||||||||||||||||||
Consumer automobile loans | — | |||||||||||||||||||
Installment loans to individuals | — | |||||||||||||||||||
— | ||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||
Commercial, financial, and agricultural | ||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||
Residential | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Construction | ||||||||||||||||||||
Consumer automobile loans | ||||||||||||||||||||
Installment loans to individuals | ||||||||||||||||||||
Total: | ||||||||||||||||||||
Commercial, financial, and agricultural | ||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||
Residential | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Construction | ||||||||||||||||||||
Consumer automobile loans | ||||||||||||||||||||
Installment loans to individuals | ||||||||||||||||||||
$ | $ | $ |
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
(In Thousands) | Average Investment in Impaired Loans | Interest Income Recognized on an Accrual Basis on Impaired Loans | Interest Income Recognized on a Cash Basis on Impaired Loans | Average Investment in Impaired Loans | Interest Income Recognized on an Accrual Basis on Impaired Loans | Interest Income Recognized on a Cash Basis on Impaired Loans | ||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||
Consumer automobile | ||||||||||||||||||||||||||||||||||||||
Other consumer installment loans | ||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ |
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
(In Thousands) | Average Investment in Impaired Loans | Interest Income Recognized on an Accrual Basis on Impaired Loans | Interest Income Recognized on a Cash Basis on Impaired Loans | Average Investment in Impaired Loans | Interest Income Recognized on an Accrual Basis on Impaired Loans | Interest Income Recognized on a Cash Basis on Impaired Loans | ||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||
Consumer automobile | ||||||||||||||||||||||||||||||||||||||
Other consumer installment loans | ||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ |
Three Months Ended September 30, | ||||||||||||||||||||
2019 | ||||||||||||||||||||
(In Thousands, Except Number of Contracts) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||
Commercial, financial, and agricultural | $ | $ | ||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||
Residential | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
$ | $ | |||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||
2019 | ||||||||||||||||||||
(In Thousands, Except Number of Contracts) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||
Commercial, financial, and agricultural | $ | $ | ||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||
Residential | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
$ | $ |
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | Real Estate Mortgages | Consumer automobile | Other consumer installment loans | |||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Commercial | Construction | Totals | ||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ |
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | Real Estate Mortgages | Consumer automobile | Other consumer installment loans | |||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Commercial | Construction | Totals | ||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ |
Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | Real Estate Mortgages | Consumer automobile | Other consumer installment | |||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Commercial | Construction | Unallocated | Totals | |||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | Real Estate Mortgages | Consumer automobile | Other consumer installment | |||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Commercial | Construction | Unallocated | Totals | |||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | $ | $ |
t | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | Real Estate Mortgages | Consumer automobile | Other consumer installment | |||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Commercial | Construction | Unallocated | Totals | |||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | $ | $ |
Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | Real Estate Mortgages | Consumer automobile | Other consumer installment | |||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Commercial | Construction | Unallocated | Totals | |||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | $ | $ |
September 30, | ||||||||||||||
2020 | 2019 | |||||||||||||
Owners of residential rental properties | % | % | ||||||||||||
Owners of commercial rental properties | % | % |
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | Real Estate Mortgages | Consumer Automobile | Other consumer installment | Unallocated | ||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Commercial | Construction | Totals | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total ending allowance balance | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total ending loans balance | $ | $ | $ | $ | $ | $ | $ |
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, Financial, and Agricultural | Real Estate Mortgages | Consumer Automobile | Other consumer installment | Unallocated | ||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Commercial | Construction | Totals | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total ending allowance balance | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total ending loans balance | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(In Thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Interest cost | $ | $ | $ | $ | ||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | ||||||||||||||||||||||
Amortization of net loss | ||||||||||||||||||||||||||
Net periodic benefit | $ | ( | $ | ( | $ | ( | $ | ( |
(In Thousands) | September 30, 2020 | December 31, 2019 | ||||||||||||
Commitments to extend credit | $ | $ | ||||||||||||
Standby letters of credit | ||||||||||||||
Credit exposure from the sale of assets with recourse | ||||||||||||||
$ | $ |
Level I: | Quoted prices are available in active markets for identical assets or liabilities as of the reported date. | |||||||
Level II: | Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities include items for which quoted prices are available but traded less frequently, and items that are fair valued using other financial instruments, the parameters of which can be directly observed. | |||||||
Level III: | Assets and liabilities that have little to no pricing observability as of the reported date. These items do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. |
September 30, 2020 | ||||||||||||||||||||||||||
(In Thousands) | Level I | Level II | Level III | Total | ||||||||||||||||||||||
Assets measured on a recurring basis: | ||||||||||||||||||||||||||
Investment securities, available for sale: | ||||||||||||||||||||||||||
Mortgage-backed securities | $ | $ | $ | $ | ||||||||||||||||||||||
State and political securities | ||||||||||||||||||||||||||
Other debt securities | ||||||||||||||||||||||||||
Investment equity securities: | ||||||||||||||||||||||||||
Other equity securities | ||||||||||||||||||||||||||
Investment securities, trading: | ||||||||||||||||||||||||||
Other equity securities | ||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||
(In Thousands) | Level I | Level II | Level III | Total | ||||||||||||||||||||||
Assets measured on a recurring basis: | ||||||||||||||||||||||||||
Investment securities, available for sale: | ||||||||||||||||||||||||||
Mortgage-backed securities | $ | $ | $ | $ | ||||||||||||||||||||||
State and political securities | ||||||||||||||||||||||||||
Other debt securities | ||||||||||||||||||||||||||
Investment equity securities: | ||||||||||||||||||||||||||
Other equity securities | ||||||||||||||||||||||||||
Investment securities, trading: | ||||||||||||||||||||||||||
Other equity securities | ||||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||
(In Thousands) | Level I | Level II | Level III | Total | ||||||||||||||||||||||
Assets measured on a non-recurring basis: | ||||||||||||||||||||||||||
Impaired loans | $ | $ | $ | $ | ||||||||||||||||||||||
Other real estate owned | ||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||
(In Thousands) | Level I | Level II | Level III | Total | ||||||||||||||||||||||
Assets measured on a non-recurring basis: | ||||||||||||||||||||||||||
Impaired loans | $ | $ | $ | $ | ||||||||||||||||||||||
Other real estate owned | ||||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||
Quantitative Information About Level III Fair Value Measurements | ||||||||||||||||||||||||||||||||
(In Thousands) | Fair Value | Valuation Technique(s) | Unobservable Inputs | Range | Weighted Average | |||||||||||||||||||||||||||
Impaired loans | $ | Discounted cash flow | Temporary reduction in payment amount | ( | ||||||||||||||||||||||||||||
Appraisal of collateral (1) | Appraisal adjustments (1) | ( | ||||||||||||||||||||||||||||||
Other real estate owned | $ | Appraisal of collateral (1) | Appraisal adjustments (1) | ( | ( |
December 31, 2019 | ||||||||||||||||||||||||||||||||
Quantitative Information About Level III Fair Value Measurements | ||||||||||||||||||||||||||||||||
(In Thousands) | Fair Value | Valuation Technique(s) | Unobservable Inputs | Range | Weighted Average | |||||||||||||||||||||||||||
Impaired loans | $ | Discounted cash flow | Temporary reduction in payment amount | ( | ||||||||||||||||||||||||||||
Appraisal of collateral (1) | Appraisal adjustments (1) | ( | ||||||||||||||||||||||||||||||
Other real estate owned | $ | Appraisal of collateral (1) | Appraisal adjustments (1) | ( | ( |
Carrying | Fair | Fair Value Measurements at September 30, 2020 | ||||||||||||||||||||||||||||||
(In Thousands) | Value | Value | Level I | Level II | Level III | |||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents (1) | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Restricted investment in bank stock (1) | ||||||||||||||||||||||||||||||||
Loans held for sale (1) | ||||||||||||||||||||||||||||||||
Loans, net | ||||||||||||||||||||||||||||||||
Bank-owned life insurance (1) | ||||||||||||||||||||||||||||||||
Accrued interest receivable (1) | ||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Noninterest-bearing deposits (1) | ||||||||||||||||||||||||||||||||
Short-term borrowings (1) | ||||||||||||||||||||||||||||||||
Long-term borrowings | ||||||||||||||||||||||||||||||||
Accrued interest payable (1) |
Carrying | Fair | Fair Value Measurements at December 31, 2019 | ||||||||||||||||||||||||||||||
(In Thousands) | Value | Value | Level I | Level II | Level III | |||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents (1) | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Restricted investment in bank stock (1) | ||||||||||||||||||||||||||||||||
Loans held for sale (1) | ||||||||||||||||||||||||||||||||
Loans, net | ||||||||||||||||||||||||||||||||
Bank-owned life insurance (1) | ||||||||||||||||||||||||||||||||
Accrued interest receivable (1) | ||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Noninterest-bearing deposits (1) | ||||||||||||||||||||||||||||||||
Short-term borrowings (1) | ||||||||||||||||||||||||||||||||
Long-term borrowings | ||||||||||||||||||||||||||||||||
Accrued interest payable (1) |
Stock Options Granted | ||||||||||||||||||||||||||||||||||||||
Date | Shares | Forfeited | Outstanding | Strike Price | Vesting Period | Expiration | ||||||||||||||||||||||||||||||||
March 11, 2020 | $ | |||||||||||||||||||||||||||||||||||||
March 11, 2020 | ||||||||||||||||||||||||||||||||||||||
March 15, 2019 | ( | |||||||||||||||||||||||||||||||||||||
March 15, 2019 | ( | |||||||||||||||||||||||||||||||||||||
August 24, 2018 | ( | |||||||||||||||||||||||||||||||||||||
August 24, 2018 | ( | |||||||||||||||||||||||||||||||||||||
January 5, 2018 | ||||||||||||||||||||||||||||||||||||||
January 5, 2018 | ||||||||||||||||||||||||||||||||||||||
March 24, 2017 | ( | |||||||||||||||||||||||||||||||||||||
March 24, 2017 | ||||||||||||||||||||||||||||||||||||||
August 27, 2015 | ( |
September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | |||||||||||||||||||||||
Outstanding, beginning of year | $ | $ | ||||||||||||||||||||||||
Granted | ||||||||||||||||||||||||||
Exercised | ||||||||||||||||||||||||||
Forfeited | ||||||||||||||||||||||||||
Expired | ||||||||||||||||||||||||||
Outstanding, end of period | $ | $ | ||||||||||||||||||||||||
Exercisable, end of period | $ | $ | ||||||||||||||||||||||||
(In Thousands) | Statement of Financial Condition classification | September 30, 2020 | December 31, 2019 | |||||||||||||||||
Finance lease right of use assets | Premises and equipment, net | $ | $ | |||||||||||||||||
Finance lease liabilities | Long-term borrowings | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(In Thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Finance Lease Cost: | ||||||||||||||||||||||||||
Amortization of right-of-use asset | $ | $ | $ | $ | ||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Operating lease cost | ||||||||||||||||||||||||||
Variable lease cost | ||||||||||||||||||||||||||
Total Lease Cost | $ | $ | $ | $ | ||||||||||||||||||||||
(In Thousands) | Operating | Finance | ||||||||||||
2020 | $ | $ | ||||||||||||
2021 | ||||||||||||||
2022 | ||||||||||||||
2023 | ||||||||||||||
2024 | ||||||||||||||
2025 and thereafter | ||||||||||||||
Total undiscounted cash flows | ||||||||||||||
Discount on cash flows | ( | ( | ||||||||||||
Total lease liability | $ | $ | ||||||||||||
Operating | Finance | |||||||||||||
Weighted-average term (years) | ||||||||||||||
Weighted-average discount rate | % | % | ||||||||||||
(Dollars in Thousands, Except Per Share Data) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
GAAP net income | $ | 4,472 | $ | 4,650 | $ | 11,305 | $ | 12,839 | ||||||||||||||||||
Less: net securities gains, net of tax | 799 | 134 | 975 | 205 | ||||||||||||||||||||||
Non-GAAP core earnings | $ | 3,673 | $ | 4,516 | $ | 10,330 | $ | 12,634 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Return on average assets (ROA) | 0.97 | % | 1.10 | % | 0.85 | % | 1.02 | % | ||||||||||||||||||
Less: net securities gains, net of tax | 0.18 | % | 0.03 | % | 0.07 | % | 0.01 | % | ||||||||||||||||||
Non-GAAP core ROA | 0.79 | % | 1.07 | % | 0.78 | % | 1.01 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Return on average equity (ROE) | 11.05 | % | 12.18 | % | 9.57 | % | 11.69 | % | ||||||||||||||||||
Less: net securities gains, net of tax | 1.97 | % | 0.36 | % | 0.82 | % | 0.20 | % | ||||||||||||||||||
Non-GAAP core ROE | . | 9.08 | % | 11.82 | % | 8.75 | % | 11.49 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Basic earnings per share (EPS) | $ | 0.63 | $ | 0.66 | $ | 1.61 | $ | 1.82 | ||||||||||||||||||
Less: net securities gains, net of tax | 0.11 | 0.02 | 0.14 | 0.02 | ||||||||||||||||||||||
Non-GAAP core operating EPS | $ | 0.52 | $ | 0.64 | $ | 1.47 | $ | 1.80 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Diluted EPS | $ | 0.63 | $ | 0.66 | $ | 1.61 | $ | 1.82 | ||||||||||||||||||
Less: net securities gains, net of tax | 0.11 | 0.02 | 0.14 | 0.02 | ||||||||||||||||||||||
Non-GAAP diluted core EPS | $ | 0.52 | $ | 0.64 | $ | 1.47 | $ | 1.80 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | Change | |||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | |||||||||||||||||||||||||||||||||||||||||
Loans including fees | $ | 14,080 | 91.51 | % | $ | 15,426 | 90.30 | % | $ | (1,346) | (8.73) | % | |||||||||||||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Taxable | 925 | 6.01 | 998 | 5.84 | (73) | (7.31) | |||||||||||||||||||||||||||||||||||||||||
Tax-exempt | 170 | 1.10 | 167 | 0.98 | 3 | 1.80 | |||||||||||||||||||||||||||||||||||||||||
Dividend and other interest income | 212 | 1.38 | 493 | 2.88 | (281) | (57.00) | |||||||||||||||||||||||||||||||||||||||||
Total interest and dividend income | $ | 15,387 | 100.00 | % | $ | 17,084 | 100.00 | % | $ | (1,697) | (9.93) | % |
Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | Change | |||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | |||||||||||||||||||||||||||||||||||||||||
Loans including fees | $ | 43,403 | 91.20 | % | $ | 45,595 | 90.54 | % | $ | (2,192) | (4.81) | % | |||||||||||||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Taxable | 2,958 | 6.21 | 2,899 | 5.76 | 59 | 2.04 | |||||||||||||||||||||||||||||||||||||||||
Tax-exempt | 484 | 1.02 | 520 | 1.03 | (36) | (6.92) | |||||||||||||||||||||||||||||||||||||||||
Dividend and other interest income | 747 | 1.57 | 1,345 | 2.67 | (598) | (44.46) | |||||||||||||||||||||||||||||||||||||||||
Total interest and dividend income | $ | 47,592 | 100.00 | % | $ | 50,359 | 100.00 | % | $ | (2,767) | (5.49) | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | Change | |||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | |||||||||||||||||||||||||||||||||||||||||
Deposits | $ | 2,569 | 72.53 | % | $ | 3,165 | 75.70 | % | $ | (596) | (18.83) | % | |||||||||||||||||||||||||||||||||||
Short-term borrowings | 8 | 0.23 | 7 | 0.17 | 1 | 14.29 | |||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | 965 | 27.24 | 1,009 | 24.13 | (44) | (4.36) | |||||||||||||||||||||||||||||||||||||||||
Total interest expense | $ | 3,542 | 100.00 | % | $ | 4,181 | 100.00 | % | $ | (639) | (15.28) | % |
Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | Change | |||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | |||||||||||||||||||||||||||||||||||||||||
Deposits | $ | 8,406 | 74.15 | % | $ | 8,336 | 70.26 | % | $ | 70 | 0.84 | % | |||||||||||||||||||||||||||||||||||
Short-term borrowings | 37 | 0.33 | 790 | 6.66 | (753) | (95.32) | |||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | 2,893 | 25.52 | 2,739 | 23.08 | 154 | 5.62 | |||||||||||||||||||||||||||||||||||||||||
Total interest expense | $ | 11,336 | 100.00 | % | $ | 11,865 | 100.00 | % | $ | (529) | (4.46) | % |
AVERAGE BALANCES AND INTEREST RATES | ||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2020 | Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||
(In Thousands) | Average Balance (1) | Interest | Average Rate | Average Balance (1) | Interest | Average Rate | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Tax-exempt loans (3) | $ | 42,047 | $ | 386 | 3.65 | % | $ | 66,617 | $ | 505 | 3.04 | % | ||||||||||||||||||||||||||
All other loans | 1,313,474 | 13,775 | 4.17 | % | 1,317,964 | 15,027 | 4.57 | % | ||||||||||||||||||||||||||||||
Total loans (2) | 1,355,521 | 14,161 | 4.16 | % | 1,384,581 | 15,532 | 4.50 | % | ||||||||||||||||||||||||||||||
Taxable securities | 140,695 | 1,116 | 3.23 | % | 137,394 | 1,284 | 3.79 | % | ||||||||||||||||||||||||||||||
Tax-exempt securities (3) | 30,587 | 216 | 2.87 | % | 25,769 | 211 | 3.32 | % | ||||||||||||||||||||||||||||||
Total securities | 171,282 | 1,332 | 3.16 | % | 163,163 | 1,495 | 3.72 | % | ||||||||||||||||||||||||||||||
Interest-bearing deposits | 203,817 | 21 | 0.04 | % | 36,853 | 207 | 2.25 | % | ||||||||||||||||||||||||||||||
Total interest-earning assets | 1,730,620 | 15,514 | 3.57 | % | 1,584,597 | 17,234 | 4.37 | % | ||||||||||||||||||||||||||||||
Other assets | 121,901 | 101,318 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,852,521 | $ | 1,685,915 | ||||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity: | ||||||||||||||||||||||||||||||||||||||
Savings | $ | 199,420 | 51 | 0.10 | % | $ | 169,628 | 66 | 0.16 | % | ||||||||||||||||||||||||||||
Super Now deposits | 273,190 | 489 | 0.71 | % | 232,918 | 481 | 0.83 | % | ||||||||||||||||||||||||||||||
Money market deposits | 263,926 | 330 | 0.50 | % | 237,362 | 581 | 0.98 | % | ||||||||||||||||||||||||||||||
Time deposits | 329,190 | 1,699 | 2.05 | % | 370,229 | 2,037 | 2.21 | % | ||||||||||||||||||||||||||||||
Total interest-bearing deposits | 1,065,726 | 2,569 | 0.96 | % | 1,010,137 | 3,165 | 1.26 | % | ||||||||||||||||||||||||||||||
Short-term borrowings | 17,517 | 8 | 0.18 | % | 7,990 | 7 | 0.35 | % | ||||||||||||||||||||||||||||||
Long-term borrowings | 165,064 | 965 | 2.33 | % | 169,017 | 1,009 | 2.26 | % | ||||||||||||||||||||||||||||||
Total borrowings | 182,581 | 973 | 2.12 | % | 177,007 | 1,016 | 2.18 | % | ||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,248,307 | 3,542 | 1.13 | % | 1,187,144 | 4,181 | 1.39 | % | ||||||||||||||||||||||||||||||
Demand deposits | 424,753 | 324,940 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 17,644 | 21,151 | ||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 161,817 | 152,680 | ||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,852,521 | $ | 1,685,915 | ||||||||||||||||||||||||||||||||||
Interest rate spread | 2.44 | % | 2.98 | % | ||||||||||||||||||||||||||||||||||
Net interest income/margin | $ | 11,972 | 2.76 | % | $ | 13,053 | 3.32 | % |
AVERAGE BALANCES AND INTEREST RATES | ||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||
(In Thousands) | Average Balance (1) | Interest | Average Rate | Average Balance (1) | Interest | Average Rate | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Tax-exempt loans (3) | $ | 46,476 | $ | 1,138 | 3.27 | % | $ | 69,973 | $ | 1,592 | 3.04 | % | ||||||||||||||||||||||||||
All other loans | 1,304,207 | 42,504 | 4.35 | % | 1,315,022 | 44,337 | 4.51 | % | ||||||||||||||||||||||||||||||
Total loans (2) | 1,350,683 | 43,642 | 4.32 | % | 1,384,995 | 45,929 | 4.43 | % | ||||||||||||||||||||||||||||||
Taxable securities | 143,601 | 3,582 | 3.38 | % | 131,451 | 3,934 | 4.05 | % | ||||||||||||||||||||||||||||||
Tax-exempt securities | 27,558 | 613 | 3.02 | % | 26,813 | 658 | 3.32 | % | ||||||||||||||||||||||||||||||
Total securities | 171,159 | 4,195 | 3.32 | % | 158,264 | 4,592 | 3.92 | % | ||||||||||||||||||||||||||||||
Interest-bearing deposits | 125,447 | 123 | 0.13 | % | 18,050 | 310 | 2.30 | % | ||||||||||||||||||||||||||||||
Total interest-earning assets | 1,647,289 | 47,960 | 3.89 | % | 1,561,309 | 50,831 | 4.36 | % | ||||||||||||||||||||||||||||||
Other assets | 116,868 | 109,278 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,764,157 | $ | 1,670,587 | ||||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity: | ||||||||||||||||||||||||||||||||||||||
Savings | $ | 189,205 | 209 | 0.15 | % | $ | 168,909 | 147 | 0.12 | % | ||||||||||||||||||||||||||||
Super Now deposits | 248,327 | 1,322 | 0.71 | % | 236,965 | 1,313 | 0.74 | % | ||||||||||||||||||||||||||||||
Money market deposits | 234,772 | 1,225 | 0.70 | % | 242,630 | 1,649 | 0.91 | % | ||||||||||||||||||||||||||||||
Time deposits | 356,897 | 5,650 | 2.11 | % | 335,456 | 5,227 | 2.08 | % | ||||||||||||||||||||||||||||||
Total interest-bearing deposits | 1,029,201 | 8,406 | 1.09 | % | 983,960 | 8,336 | 1.13 | % | ||||||||||||||||||||||||||||||
Short-term borrowings | 13,195 | 37 | 0.37 | % | 45,046 | 790 | 2.34 | % | ||||||||||||||||||||||||||||||
Long-term borrowings | 165,702 | 2,893 | 2.33 | % | 153,684 | 2,739 | 2.24 | % | ||||||||||||||||||||||||||||||
Total borrowings | 178,897 | 2,930 | 2.19 | % | 198,730 | 3,529 | 2.26 | % | ||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,208,098 | 11,336 | 1.25 | % | 1,182,690 | 11,865 | 1.32 | % | ||||||||||||||||||||||||||||||
Demand deposits | 378,889 | 318,602 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 19,682 | 22,705 | ||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 157,488 | 146,590 | ||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,764,157 | $ | 1,670,587 | ||||||||||||||||||||||||||||||||||
Interest rate spread | 2.64 | % | 3.04 | % | ||||||||||||||||||||||||||||||||||
Net interest income/margin | $ | 36,624 | 2.97 | % | $ | 38,966 | 3.34 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(In Thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Total interest income | $ | 15,387 | $ | 17,084 | $ | 47,592 | $ | 50,359 | ||||||||||||||||||
Total interest expense | 3,542 | 4,181 | 11,336 | 11,865 | ||||||||||||||||||||||
Net interest income | 11,845 | 12,903 | 36,256 | 38,494 | ||||||||||||||||||||||
Tax equivalent adjustment | 127 | 150 | 368 | 472 | ||||||||||||||||||||||
Net interest income (fully taxable equivalent) | $ | 11,972 | $ | 13,053 | $ | 36,624 | $ | 38,966 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
2020 vs. 2019 | 2020 vs. 2019 | |||||||||||||||||||||||||||||||||||||
Increase (Decrease) Due to | Increase (Decrease) Due to | |||||||||||||||||||||||||||||||||||||
(In Thousands) | Volume | Rate | Net | Volume | Rate | Net | ||||||||||||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||||||||||||||
Tax-exempt loans | $ | (209) | $ | 90 | $ | (119) | $ | (501) | $ | 47 | $ | (454) | ||||||||||||||||||||||||||
All other loans | (47) | (1,205) | (1,252) | (345) | (1,488) | (1,833) | ||||||||||||||||||||||||||||||||
Taxable investment securities | 30 | (198) | (168) | 187 | (539) | (352) | ||||||||||||||||||||||||||||||||
Tax-exempt investment securities | 37 | (32) | 5 | 8 | (53) | (45) | ||||||||||||||||||||||||||||||||
Interest bearing deposits | 182 | (368) | (186) | 1,305 | (1,492) | (187) | ||||||||||||||||||||||||||||||||
Total interest-earning assets | (7) | (1,713) | (1,720) | 654 | (3,525) | (2,871) | ||||||||||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||||||||||||
Savings deposits | 11 | (26) | (15) | 20 | 42 | 62 | ||||||||||||||||||||||||||||||||
Super Now deposits | 81 | (73) | 8 | 43 | (34) | 9 | ||||||||||||||||||||||||||||||||
Money market deposits | 59 | (310) | (251) | (52) | (372) | (424) | ||||||||||||||||||||||||||||||||
Time deposits | (205) | (133) | (338) | 345 | 78 | 423 | ||||||||||||||||||||||||||||||||
Short-term borrowings | 5 | (4) | 1 | (344) | (409) | (753) | ||||||||||||||||||||||||||||||||
Long-term borrowings | (44) | — | (44) | 101 | 53 | 154 | ||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | (93) | (546) | (639) | 113 | (642) | (529) | ||||||||||||||||||||||||||||||||
Change in net interest income | $ | 86 | $ | (1,167) | $ | (1,081) | $ | 541 | $ | (2,883) | $ | (2,342) |
Total Nonperforming Loans | ||||||||||||||||||||
(In Thousands) | 90 Days Past Due | Non-accrual | Total | |||||||||||||||||
September 30, 2020 | $ | 791 | $ | 9,762 | $ | 10,553 | ||||||||||||||
June 30, 2020 | 1,279 | 9,818 | 11,097 | |||||||||||||||||
March 31, 2020 | 1,503 | 9,797 | 11,300 | |||||||||||||||||
December 31, 2019 | 2,047 | 10,374 | 12,421 | |||||||||||||||||
September 30, 2019 | 1,304 | 15,904 | 17,208 | |||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | Change | ||||||||||||||||||||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | ||||||||||||||||||||||||||||||||
Service charges | $ | 388 | 9.62 | % | $ | 622 | 22.04 | % | $ | (234) | (37.62) | % | ||||||||||||||||||||||||||
Net debt securities gains, available for sale | 1,013 | 25.11 | 189 | 6.70 | 824 | (435.98) | ||||||||||||||||||||||||||||||||
Net equity securities (losses) gains | — | — | (21) | (0.74) | 21 | 100.00 | ||||||||||||||||||||||||||||||||
Net securities (losses) gains, trading | (2) | (0.05) | 2 | 0.07 | (4) | (200.00) | ||||||||||||||||||||||||||||||||
Bank-owned life insurance | 156 | 3.87 | 143 | 5.07 | 13 | 9.09 | ||||||||||||||||||||||||||||||||
Gain on sale of loans | 1,449 | 35.91 | 583 | 20.66 | 866 | 148.54 | ||||||||||||||||||||||||||||||||
Insurance commissions | 101 | 2.50 | 93 | 3.30 | 8 | 8.60 | ||||||||||||||||||||||||||||||||
Brokerage commissions | 224 | 5.55 | 353 | 12.51 | (129) | (36.54) | ||||||||||||||||||||||||||||||||
Debit card income | 352 | 8.72 | 333 | 11.80 | 19 | 5.71 | ||||||||||||||||||||||||||||||||
Other | 354 | 8.77 | 525 | 18.59 | (171) | (32.57) | ||||||||||||||||||||||||||||||||
Total non-interest income | $ | 4,035 | 100.00 | % | $ | 2,822 | 100.00 | % | $ | 1,213 | 42.98 | % |
Nine Months Ended | ||||||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | Change | ||||||||||||||||||||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | ||||||||||||||||||||||||||||||||
Service charges | $ | 1,249 | 13.74 | % | $ | 1,776 | 23.54 | % | $ | (527) | (29.67) | % | ||||||||||||||||||||||||||
Net debt securities gains, available for sale | 1,220 | 13.42 | 200 | 2.65 | 1,020 | (510.00) | ||||||||||||||||||||||||||||||||
Net equity securities gains | 30 | 0.33 | 44 | 0.58 | (14) | 31.82 | ||||||||||||||||||||||||||||||||
Net securities (losses) gains, trading | (16) | (0.18) | 15 | 0.20 | (31) | (206.67) | ||||||||||||||||||||||||||||||||
Bank-owned life insurance | 492 | 5.41 | 434 | 5.75 | 58 | 13.36 | ||||||||||||||||||||||||||||||||
Gain on sale of loans | 2,921 | 32.12 | 1,246 | 16.51 | 1,675 | 134.43 | ||||||||||||||||||||||||||||||||
Insurance commissions | 320 | 3.52 | 346 | 4.59 | (26) | (7.51) | ||||||||||||||||||||||||||||||||
Brokerage commissions | 779 | 8.57 | 1,032 | 13.68 | (253) | (24.52) | ||||||||||||||||||||||||||||||||
Debit card income | 936 | 10.29 | 1,032 | 13.68 | (96) | (9.30) | ||||||||||||||||||||||||||||||||
Other | 1,162 | 12.78 | 1,420 | 18.82 | (258) | (18.17) | ||||||||||||||||||||||||||||||||
Total non-interest income | $ | 9,093 | 100.00 | % | $ | 7,545 | 100.00 | % | $ | 1,548 | 20.52 | % |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | Change | ||||||||||||||||||||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | ||||||||||||||||||||||||||||||||
Salaries and employee benefits | $ | 5,465 | 56.30 | % | $ | 5,488 | 57.52 | % | $ | (23) | (0.42) | % | ||||||||||||||||||||||||||
Occupancy | 599 | 6.17 | 638 | 6.69 | (39) | (6.11) | ||||||||||||||||||||||||||||||||
Furniture and equipment | 837 | 8.62 | 885 | 9.28 | (48) | (5.42) | ||||||||||||||||||||||||||||||||
Software amortization | 257 | 2.65 | 234 | 2.45 | 23 | 9.83 | ||||||||||||||||||||||||||||||||
Pennsylvania shares tax | 340 | 3.50 | 285 | 2.99 | 55 | 19.30 | ||||||||||||||||||||||||||||||||
Professional fees | 608 | 6.26 | 585 | 6.13 | 23 | 3.93 | ||||||||||||||||||||||||||||||||
Federal Deposit Insurance Corporation deposit insurance | 271 | 2.79 | — | — | 271 | #DIV/0! | ||||||||||||||||||||||||||||||||
Marketing | 61 | 0.63 | 98 | 1.03 | (37) | (37.76) | ||||||||||||||||||||||||||||||||
Intangible amortization | 53 | 0.55 | 62 | 0.65 | (9) | (14.52) | ||||||||||||||||||||||||||||||||
Other | 1,216 | 12.53 | 1,266 | 13.26 | (50) | (3.95) | ||||||||||||||||||||||||||||||||
Total non-interest expense | $ | 9,707 | 100.00 | % | $ | 9,541 | 100.00 | % | $ | 166 | 1.74 | % |
Nine Months Ended | ||||||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | Change | ||||||||||||||||||||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | ||||||||||||||||||||||||||||||||
Salaries and employee benefits | $ | 16,362 | 55.60 | % | $ | 16,512 | 56.14 | % | $ | (150) | (0.91) | % | ||||||||||||||||||||||||||
Occupancy | 1,927 | 6.55 | 2,085 | 7.09 | (158) | (7.58) | ||||||||||||||||||||||||||||||||
Furniture and equipment | 2,525 | 8.58 | 2,421 | 8.23 | 104 | 4.30 | ||||||||||||||||||||||||||||||||
Software amortization | 743 | 2.52 | 629 | 2.14 | 114 | 18.12 | ||||||||||||||||||||||||||||||||
Pennsylvania shares tax | 948 | 3.22 | 863 | 2.93 | 85 | 9.85 | ||||||||||||||||||||||||||||||||
Professional fees | 1,888 | 6.42 | 1,834 | 6.24 | 54 | 2.94 | ||||||||||||||||||||||||||||||||
Federal Deposit Insurance Corporation deposit insurance | 650 | 2.21 | 504 | 1.71 | 146 | 28.97 | ||||||||||||||||||||||||||||||||
Marketing | 170 | 0.58 | 233 | 0.79 | (63) | (27.04) | ||||||||||||||||||||||||||||||||
Intangible amortization | 174 | 0.59 | 202 | 0.69 | (28) | (13.86) | ||||||||||||||||||||||||||||||||
Other | 4,041 | 13.73 | 4,131 | 14.04 | (90) | (2.18) | ||||||||||||||||||||||||||||||||
Total non-interest expense | $ | 29,428 | 100.00 | % | $ | 29,414 | 100.00 | % | $ | 14 | 0.05 | % |
September 30, 2020 | December 31, 2019 | Change | ||||||||||||||||||||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | ||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 173,154 | 12.83 | % | $ | 156,213 | 11.52 | % | $ | 16,941 | 10.84 | % | ||||||||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||||||||||||||||||
Residential | 595,118 | 44.11 | 623,256 | 45.98 | (28,138) | (4.51) | % | |||||||||||||||||||||||||||||||
Commercial | 355,721 | 26.37 | 363,261 | 26.80 | (7,540) | (2.08) | % | |||||||||||||||||||||||||||||||
Construction | 43,200 | 3.20 | 38,067 | 2.81 | 5,133 | 13.48 | % | |||||||||||||||||||||||||||||||
Consumer automobile loans | 160,201 | 11.87 | 150,517 | 11.10 | 9,684 | 6.43 | % | |||||||||||||||||||||||||||||||
Other consumer installment loans | 20,670 | 1.53 | 23,043 | 1.70 | (2,373) | (10.30) | % | |||||||||||||||||||||||||||||||
Net deferred loan fees and discounts | 1,076 | 0.09 | 1,187 | 0.09 | (111) | (9.35) | % | |||||||||||||||||||||||||||||||
Gross loans | $ | 1,349,140 | 100.00 | % | $ | 1,355,544 | 100.00 | % | $ | (6,404) | (0.47) | % |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||
(In Thousands) | Accrual | Non-accrual | Total | Accrual | Non-accrual | Total | ||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 1,493 | $ | 69 | $ | 1,562 | $ | — | $ | 2,190 | $ | 2,190 | ||||||||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||||||||||||||||||
Residential | 4,020 | — | 4,020 | 4,089 | 144 | 4,233 | ||||||||||||||||||||||||||||||||
Commercial | 5,904 | 732 | 6,636 | 2,127 | 4,732 | 6,859 | ||||||||||||||||||||||||||||||||
$ | 11,417 | $ | 801 | $ | 12,218 | $ | 6,216 | $ | 7,066 | $ | 13,282 |
A- to AAA | B- to BBB+ | Not Rated | Total | |||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
Available for sale (AFS): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 2,267 | 7 | $ | 2,292 | $ | — | $ | — | $ | — | $ | — | $ | 2,267 | $ | 2,292 | |||||||||||||||||||||||||||||||||
State and political securities | 82,515 | 87,520 | 1,179 | 1,238 | 1,179 | 1,238 | 84,873 | 89,996 | ||||||||||||||||||||||||||||||||||||||||||
Other debt securities | 17,537 | 16,301 | 19,689 | 21,162 | 19,689 | 19,924 | 56,915 | 57,387 | ||||||||||||||||||||||||||||||||||||||||||
Total debt securities AFS | $ | 102,319 | $ | 106,113 | $ | 20,868 | $ | 22,400 | $ | 20,868 | $ | 21,162 | $ | 144,055 | $ | 149,675 | ||||||||||||||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | Change | ||||||||||||||||||||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | ||||||||||||||||||||||||||||||||
Demand deposits | $ | 434,248 | 29.11 | % | $ | 334,746 | 25.28 | % | $ | 99,502 | 29.72 | % | ||||||||||||||||||||||||||
NOW accounts | 268,463 | 18.00 | 218,605 | 16.51 | 49,858 | 22.81 | ||||||||||||||||||||||||||||||||
Money market deposits | 274,480 | 18.40 | 216,038 | 16.32 | 58,442 | 27.05 | ||||||||||||||||||||||||||||||||
Savings deposits | 202,781 | 13.59 | 176,732 | 13.35 | 26,049 | 14.74 | ||||||||||||||||||||||||||||||||
Time deposits | 311,838 | 20.90 | 377,884 | 28.54 | (66,046) | (17.48) | ||||||||||||||||||||||||||||||||
Total deposits | $ | 1,491,810 | 100.00 | % | $ | 1,324,005 | 100.00 | % | $ | 167,805 | 12.67 | % |
September 30, 2020 | December 31, 2019 | Change | ||||||||||||||||||||||||||||||||||||
(In Thousands) | Amount | % Total | Amount | % Total | Amount | % | ||||||||||||||||||||||||||||||||
Short-term borrowings: | ||||||||||||||||||||||||||||||||||||||
FHLB repurchase agreements | $ | — | — | % | $ | — | — | % | $ | — | n/a | |||||||||||||||||||||||||||
Securities sold under agreement to repurchase | 15,009 | 8.91 | 4,920 | 2.95 | 10,089 | 205.06 | ||||||||||||||||||||||||||||||||
Total short-term borrowings | 15,009 | 8.91 | 4,920 | 2.95 | 10,089 | 205.06 | ||||||||||||||||||||||||||||||||
Long-term borrowings: | ||||||||||||||||||||||||||||||||||||||
Long-term FHLB borrowings | 148,000 | 87.80 | 156,333 | 93.70 | (8,333) | (5.33) | ||||||||||||||||||||||||||||||||
Long-term finance lease | 5,534 | 3.28 | 5,587 | 3.35 | (53) | (0.95) | ||||||||||||||||||||||||||||||||
Total long-term borrowings | 153,534 | 91.09 | 161,920 | 97.05 | (8,386) | (5.18) | ||||||||||||||||||||||||||||||||
Total borrowed funds | $ | 168,543 | 100.00 | % | $ | 166,840 | 100.00 | % | $ | 1,703 | 1.02 | % |
Remaining Contractual Maturity Overnight and Continuous | ||||||||||||||
(In Thousands) | September 30, 2020 | December 31, 2019 | ||||||||||||
Investment debt securities pledged, fair value | $ | 22,797 | $ | 6,752 | ||||||||||
Repurchase agreements | 15,009 | 4,920 | ||||||||||||
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
(In Thousands) | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||
Common Equity Tier I Capital (to Risk-weighted Assets) | ||||||||||||||||||||||||||
Actual | $ | 145,909 | 10.803 | % | $ | 140,372 | 10.674 | % | ||||||||||||||||||
For Capital Adequacy Purposes | 60,779 | 4.500 | 59,179 | 4.500 | ||||||||||||||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 94,544 | 7.000 | 92,056 | 7.000 | ||||||||||||||||||||||
To Be Well Capitalized | 87,791 | 6.500 | 85,480 | 6.500 | ||||||||||||||||||||||
Total Capital (to Risk-weighted Assets) | ||||||||||||||||||||||||||
Actual | $ | 156,697 | 11.992 | % | $ | 149,748 | 11.387 | % | ||||||||||||||||||
For Capital Adequacy Purposes | 104,534 | 8.000 | 105,206 | 8.000 | ||||||||||||||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 137,201 | 10.500 | 138,083 | 10.500 | ||||||||||||||||||||||
To Be Well Capitalized | 130,668 | 10.000 | 131,508 | 10.000 | ||||||||||||||||||||||
Tier I Capital (to Risk-weighted Assets) | ||||||||||||||||||||||||||
Actual | $ | 145,909 | 11.166 | % | $ | 140,372 | 10.674 | % | ||||||||||||||||||
For Capital Adequacy Purposes | 78,404 | 6.000 | 78,905 | 6.000 | ||||||||||||||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 111,072 | 8.500 | 111,782 | 8.500 | ||||||||||||||||||||||
To Be Well Capitalized | 104,538 | 8.000 | 105,207 | 8.000 | ||||||||||||||||||||||
Tier I Capital (to Average Assets) | ||||||||||||||||||||||||||
Actual | $ | 145,909 | 8.400 | % | $ | 140,372 | 8.514 | % | ||||||||||||||||||
For Capital Adequacy Purposes | 69,480 | 4.000 | 65,949 | 4.000 | ||||||||||||||||||||||
To Be Well Capitalized | 86,851 | 5.000 | 82,436 | 5.000 |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
(In Thousands) | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||
Common Equity Tier I Capital (to Risk-weighted Assets) | ||||||||||||||||||||||||||
Actual | $ | 102,099 | 10.964 | % | $ | 99,317 | 10.381 | % | ||||||||||||||||||
For Capital Adequacy Purposes | 41,905 | 4.500 | 43,052 | 4.500 | ||||||||||||||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 65,185 | 7.000 | 66,970 | 7.000 | ||||||||||||||||||||||
To Be Well Capitalized | 60,529 | 6.500 | 62,187 | 6.500 | ||||||||||||||||||||||
Total Capital (to Risk-weighted Assets) | ||||||||||||||||||||||||||
Actual | $ | 110,264 | 11.841 | % | $ | 106,093 | 11.089 | % | ||||||||||||||||||
For Capital Adequacy Purposes | 74,496 | 8.000 | 76,539 | 8.000 | ||||||||||||||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 97,777 | 10.500 | 100,458 | 10.500 | ||||||||||||||||||||||
To Be Well Capitalized | 93,121 | 10.000 | 95,674 | 10.000 | ||||||||||||||||||||||
Tier I Capital (to Risk-weighted Assets) | - | - | ||||||||||||||||||||||||
Actual | $ | 102,099 | 10.964 | % | $ | 99,317 | 10.381 | % | ||||||||||||||||||
For Capital Adequacy Purposes | 55,873 | 6.000 | 57,403 | 6.000 | ||||||||||||||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 79,154 | 8.500 | 81,321 | 8.500 | ||||||||||||||||||||||
To Be Well Capitalized | 74,498 | 8.000 | 76,538 | 8.000 | ||||||||||||||||||||||
Tier I Capital (to Average Assets) | ||||||||||||||||||||||||||
Actual | $ | 102,099 | 7.724 | % | $ | 99,317 | 8.191 | % | ||||||||||||||||||
For Capital Adequacy Purposes | 52,874 | 4.000 | 48,501 | 4.000 | ||||||||||||||||||||||
To Be Well Capitalized | 66,092 | 5.000 | 60,626 | 5.000 |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
(In Thousands) | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||
Common Equity Tier I Capital (to Risk-weighted Assets) | ||||||||||||||||||||||||||
Actual | $ | 39,887 | 10.623 | % | $ | 38,340 | 10.577 | % | ||||||||||||||||||
For Capital Adequacy Purposes | 16,896 | 4.500 | 16,312 | 4.500 | ||||||||||||||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 26,283 | 7.000 | 25,374 | 7.000 | ||||||||||||||||||||||
To Be Well Capitalized | 24,406 | 6.500 | 23,562 | 6.500 | ||||||||||||||||||||||
Total Capital (to Risk-weighted Assets) | ||||||||||||||||||||||||||
Actual | $ | 42,359 | 11.281 | % | $ | 40,940 | 11.295 | % | ||||||||||||||||||
For Capital Adequacy Purposes | 30,039 | 8.000 | 28,997 | 8.000 | ||||||||||||||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 39,426 | 10.500 | 38,058 | 10.500 | ||||||||||||||||||||||
To Be Well Capitalized | 37,549 | 10.000 | 36,246 | 10.000 | ||||||||||||||||||||||
Tier I Capital (to Risk-weighted Assets) | ||||||||||||||||||||||||||
Actual | $ | 39,887 | 10.623 | % | $ | 38,340 | 10.577 | % | ||||||||||||||||||
For Capital Adequacy Purposes | 22,529 | 6.000 | 21,749 | 6.000 | ||||||||||||||||||||||
Minimum To Maintain Capital Conservation Buffer At Reporting Date | 31,916 | 8.500 | 30,811 | 8.500 | ||||||||||||||||||||||
To Be Well Capitalized | 30,038 | 8.000 | 28,999 | 8.000 | ||||||||||||||||||||||
Tier I Capital (to Average Assets) | ||||||||||||||||||||||||||
Actual | $ | 39,887 | 7.946 | % | $ | 38,340 | 8.653 | % | ||||||||||||||||||
For Capital Adequacy Purposes | 20,079 | 4.000 | 17,723 | 4.000 | ||||||||||||||||||||||
To Be Well Capitalized | 25,099 | 5.000 | 22,154 | 5.000 |
Parallel Rate Shock in Basis Points | ||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | -200 | -100 | Static | +100 | +200 | +300 | +400 | |||||||||||||||||||||||||||||||||||||
Net interest income | $ | 43,127 | $ | 46,332 | $ | 49,517 | $ | 51,642 | $ | 53,759 | $ | 55,648 | $ | 57,484 | ||||||||||||||||||||||||||||||
Change from static | (6,390) | (3,185) | — | 2,125 | 4,242 | 6,131 | 7,967 | |||||||||||||||||||||||||||||||||||||
Percent change from static | -12.90 | % | -6.43 | % | — | 4.29 | % | 8.57 | % | 12.38 | % | 16.09 | % |
Period | Total Number of Shares (or Units) Purchased | Average Price Paid per Share (or Units) Purchased | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
Month #1 (July 1 - July 31, 2020) | — | — | — | 513,669 | ||||||||||||||||||||||
Month #2 (August 1 - August 31, 2020) | — | — | — | 513,669 | ||||||||||||||||||||||
Month #3 (September 1 - September 30, 2020) | — | — | — | 513,669 |
Articles of Incorporation of the Registrant, as presently in effect (incorporated by reference to Exhibit 3(i) of the Registrant's Quarterly Report on Form 10-Q for the period ended September 30, 2019). | ||||||||
Bylaws of the Registrant (incorporated by reference to Exhibit 3(ii) of the Registrant's Quarterly Report on Form 10-Q for the period ended March 31, 2020). | ||||||||
Rule 13a-14(a)/Rule 15d-14(a) Certification of Chief Executive Officer. | ||||||||
Rule 13a-14(a)/Rule 15d-14(a) Certification of Chief Financial Officer. | ||||||||
Section 1350 Certification of Chief Executive Officer. | ||||||||
Section 1350 Certification of Chief Financial Officer. | ||||||||
101 | Interactive data file containing the following financial statements formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheet at September 30, 2020 and December 31, 2019; (ii) the Consolidated Statement of Income for the three and nine months ended September 30, 2020 and 2019; (iii) Consolidated Statement of Comprehensive Income for the three and nine months ended September 30, 2020 and 2019; (iv) the Consolidated Statement of Shareholders’ Equity for the three and nine months ended September 30, 2020 and 2019; (v) the Consolidated Statement of Cash Flows for the nine months ended September 30, 2020 and 2019 and (vi) the Notes to Consolidated Financial Statements. As provided in Rule 406T of Regulation S-T, this interactive data file shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, and shall not be deemed “filed” or part of any registration statement or prospectus for purposes of Section 11 or 12 under the Securities Act of 1933, or otherwise subject to liability under those sections. |
PENNS WOODS BANCORP, INC. | ||||||||
(Registrant) | ||||||||
Date: | November 9, 2020 | /s/ Richard A. Grafmyre | ||||||
Richard A. Grafmyre, Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
Date: | November 9, 2020 | /s/ Brian L. Knepp | ||||||
Brian L. Knepp, President and Chief Financial Officer | ||||||||
(Principal Financial Officer and Principal Accounting | ||||||||
Officer) |
Exhibit 3(i) | Articles of Incorporation of the Registrant, as presently in effect (incorporated by reference to Exhibit 3(i) of the Registrant's Quarterly Report on Form 10-Q for the period ended September 30, 2019). | |||||||
Exhibit 3(ii) | Bylaws of the Registrant (incorporated by reference to Exhibit 3(ii) of the Registrant's Quarterly Report on Form 10-Q for the period ended March 31, 2020). | |||||||
Exhibit 31(i) | Rule 13a-14(a)/Rule 15d-14(a) Certification of Chief Executive Officer | |||||||
Exhibit 31(ii) | Rule 13a-14(a)/Rule 15d-14(a) Certification of Chief Financial Officer | |||||||
Exhibit 32(i) | Section 1350 Certification of Chief Executive Officer | |||||||
Exhibit 32(ii) | Section 1350 Certification of Chief Financial Officer | |||||||
Exhibit 101 | Interactive data file containing the following financial statements formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheet at September 30, 2020 and December 31, 2019; (ii) the Consolidated Statement of Income for the three and nine months ended September 30, 2020 and 2019; (iii) Consolidated Statement of Comprehensive Income for the three and nine months ended September 30, 2020 and 2019; (iv) the Consolidated Statement of Shareholders’ Equity for the three and nine months ended September 30, 2020 and 2019; (v) the Consolidated Statement of Cash Flows for the nine months ended September 30, 2020 and 2019 and (vi) the Notes to Consolidated Financial Statements. As provided in Rule 406T of Regulation S-T, this interactive data file shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, and shall not be deemed “filed” or part of any registration statement or prospectus for purposes of Section 11 or 12 under the Securities Act of 1933, or otherwise subject to liability under those sections. |
Date: | November 9, 2020 | /s/ Richard A. Grafmyre | ||||||
Richard A. Grafmyre | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: | November 9, 2020 | /s/ Brian L. Knepp | ||||||
Brian L. Knepp | ||||||||
President and Chief Financial Officer | ||||||||
(Principal Financial Officer and Principal Accounting Officer) |
/s/ Richard A. Grafmyre | |||||
Richard A. Grafmyre | |||||
Chief Executive Officer | |||||
November 9, 2020 |
/s/ Brian L. Knepp | |||||
Brian L. Knepp | |||||
President and Chief Financial Officer | |||||
November 9, 2020 |
CONSOLIDATED BALANCE SHEET (UNAUDITED) (Parenthetical) - $ / shares |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 5.55 | $ 5.55 |
Common stock, shares authorized (in shares) | 22,500,000 | 22,500,000 |
Common stock, shares issued (in shares) | 7,527,605 | 7,520,740 |
Common stock, shares outstanding (in shares) | 7,047,380 | 7,040,515 |
Treasury stock (in shares) | 480,225 | 480,225 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
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Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 4,472 | $ 4,650 | $ 11,305 | $ 12,839 |
Other comprehensive income: | ||||
Change in unrealized gain on available for sale securities | 1,324 | 1,261 | 3,733 | 6,056 |
Tax effect | (278) | (265) | (784) | (1,272) |
Net realized gain on available for sale securities included in net income | (1,013) | (189) | (1,220) | (200) |
Tax effect | 213 | 40 | 256 | 42 |
Amortization of unrecognized pension gain | 52 | 46 | 144 | 140 |
Tax effect | (11) | (9) | (30) | (29) |
Total other comprehensive income | 287 | 884 | 2,099 | 4,737 |
Comprehensive income | $ 4,759 | $ 5,534 | $ 13,404 | $ 17,576 |
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
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Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared per share (in dollars per share) | $ 0.32 | $ 0.31 | $ 0.96 | $ 0.94 |
Basis of Presentation |
9 Months Ended |
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Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Penns Woods Bancorp, Inc. (the “Company”) and its wholly-owned subsidiaries: Woods Investment Company, Inc., Woods Real Estate Development Company, Inc., Luzerne Bank, and Jersey Shore State Bank (Jersey Shore State Bank and Luzerne Bank are referred to together as the “Banks”) and Jersey Shore State Bank’s wholly-owned subsidiary, The M Group, Inc. D/B/A The Comprehensive Financial Group (“The M Group”). The Company also owns a controlling interest in United Insurance Solutions, LLC. All significant inter-company balances and transactions have been eliminated in the consolidation. The interim financial statements are unaudited, but in the opinion of management reflect all adjustments necessary for the fair presentation of results for such periods. The results of operations for any interim period are not necessarily indicative of results for the full year. These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. In reference to the attached financial statements, all adjustments are of a normal recurring nature pursuant to Rule 10-01(b) (8) of Regulation S-X.
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Accumulated Other Comprehensive Gain (loss) |
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Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Gain (loss) | Accumulated Other Comprehensive Gain (loss) The changes in accumulated other comprehensive gain (loss) by component shown net of tax and parenthesis indicating debits, as of September 30, 2020 and 2019 were as follows:
The reclassifications out of accumulated other comprehensive loss shown, net of tax and parenthesis indicating debits to net income, as of September 30, 2020 and 2019 were as follows:
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Recent Accounting Pronouncements |
9 Months Ended |
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Sep. 30, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments, which changes the impairment model for most financial assets. This Update is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The underlying premise of the Update is that financial assets measured at amortized cost should be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The income statement will be effected for the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. With certain exceptions, transition to the new requirements will be through a cumulative-effect adjustment to opening retained earnings as of the beginning of the first reporting period in which the guidance is adopted. In November 2019, the FASB issued ASU 2019-10, Financial Instruments ‒ Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842). This Update defers the effective date of ASU 2016-13 for SEC filers that are eligible to be smaller reporting companies, non-SEC filers, and all other companies, to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We expect to recognize a one-time cumulative-effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective but cannot yet determine the magnitude of any such one-time adjustment or the overall impact of the new guidance on the consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment. To simplify the subsequent measurement of goodwill, the FASB eliminated Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in this Update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In November 2019, the FASB issued ASU 2019-10, Financial Instruments ‒ Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), which deferred the effective date for ASC 350, Intangibles – Goodwill and Other, for smaller reporting companies to fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. This Update is not expected to have a significant impact on the Company’s financial statements. In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits (Topic 715-20). This Update amends ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The Update eliminates the requirement to disclose the amounts in accumulated other comprehensive income expected to be recognized as part of net periodic benefit cost over the next year. The Update also removes the disclosure requirements for the effects of a one percentage point change on the assumed health care costs and the effect of this change in rates on service cost, interest cost, and the benefit obligation for postretirement health care benefits. This Update is effective for public business entities for fiscal years ending after December 15, 2020, and must be applied on a retrospective basis. For all other entities, this Update is effective for fiscal years ending after December 15, 2021. This Update is not expected to have a significant impact on the Company’s financial statements. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Derivatives and Hedging (Topic 815), and Financial Instruments (Topic 825), which affects a variety of topics in the Codification and applies to all reporting entities within the scope of the affected accounting guidance. Topic 326, Financial Instruments – Credit Losses, amendments are effective for SEC registrants for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For all other public business entities, the effective date is for fiscal years beginning after December 15, 2020, and for all other entities, the effective date is for fiscal years beginning after December 15, 2021. Topic 815, Derivatives and Hedging, amendments are effective for public business entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods beginning after December 15, 2020. For entities that have adopted the amendments in Update 2017-12, the effective date is as of the beginning of the first annual period beginning after the issuance of this Update. Topic 825, Financial Instruments, amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years. In November 2019, the FASB issued ASU 2019-10, Financial Instruments ‒ Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842). This Update defers the effective date of ASU 2016-13 for SEC filers that are eligible to be smaller reporting companies, non-SEC filers, and all other companies, to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Furthermore, the ASU provides a one-year deferral of the effective dates of the ASUs on derivatives and hedging for companies that are not public business entities. The Company qualifies as a smaller reporting company and does not expect to early adopt these ASUs. In May 2019, the FASB issued ASU 2019-05, Financial Instruments – Credit Losses (Topic 326), which allows entities to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost upon adoption of the new credit losses standard. To be eligible for the transition election, the existing financial asset must otherwise be both within the scope of the new credit losses standard and eligible for applying the fair value option in ASC 825-10.3. The election must be applied on an instrument-by-instrument basis and is not available for either available-for-sale or held-to-maturity debt securities. For entities that elect the fair value option, the difference between the carrying amount and the fair value of the financial asset would be recognized through a cumulative-effect adjustment to opening retained earnings as of the date an entity adopted ASU 2016-13. Changes in fair value of that financial asset would subsequently be reported in current earnings. For entities that have not yet adopted ASU 2016-13, the effective dates and transition requirements are the same as those in ASU 2016-13. For entities that have adopted ASU 2016-13, ASU 2019-05 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted once ASU 2016-13 has been adopted. In November 2019, the FASB issued ASU 2019-10, Financial Instruments ‒ Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842). The Update defers the effective date of ASU 2016-13 for SEC filers that are eligible to be smaller reporting companies, non-SEC filers, and all other companies, to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company qualifies as a smaller reporting company and does not expect to early adopt ASU 2016-13. In November 2019, the FASB issued ASU 2019-09, Financial Services ‒ Insurance (Topic 944), which defers the effective date of the amendments in Update 2018-12, Financial Services ‒ Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For public business entities that meet the definition of an SEC filer, excluding entities eligible to be smaller reporting companies, as defined by the SEC, the amendments in Update 2018-12 are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early application of the amendments in Update 2018-12 is permitted. For all other entities, the amendments in Update 2018-12 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early application of the amendments in Update 2018-12 is permitted. This Update is not expected to have a significant impact on the Company’s financial statements. In November 2019, the FASB issued ASU 2019-10, Financial Instruments ‒ Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842). The Update defers the effective dates of ASU 2016-13 for SEC filers that are eligible to be smaller reporting companies, non-SEC filers, and all other companies, to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. This Update also amends the mandatory effective date for the elimination of Step 2 from the goodwill impairment test under ASU No. 2017-04, Intangibles ‒ Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (Goodwill), to align with those used for credit losses. Furthermore, the ASU provides a one-year deferral of the effective dates of the ASUs on derivatives and hedging and leases for companies that are not public business entities. The Company qualifies as a smaller reporting company and does not expect to early adopt these ASUs. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, to clarify its new credit impairment guidance in ASC 326, based on implementation issues raised by stakeholders. This Update clarified, among other things, that expected recoveries are to be included in the allowance for credit losses for these financial assets; an accounting policy election can be made to adjust the effective interest rate for existing troubled debt restructurings based on the prepayment assumptions instead of the prepayment assumptions applicable immediately prior to the restructuring event; and extends the practical expedient to exclude accrued interest receivable from all additional relevant disclosures involving amortized cost basis. The effective dates in this Update are the same as those applicable for ASU 2019-10. The Company qualifies as a smaller reporting company and does not expect to early adopt these ASUs. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), to simplify the accounting for income taxes, change the accounting for certain tax transactions, and make minor improvements to the codification. This Update provides a policy election to not allocate consolidated income taxes when a member of a consolidated tax return is not subject to income tax and provides guidance to evaluate whether a step-up in tax basis of goodwill relates to a business combination in which book goodwill was recognized or was a separate transaction. The Update also changes current guidance for making an intraperiod allocation if there is a loss in continuing operations and gains outside of continuing operations, determining when a deferred tax liability is recognized after an investor in a foreign entity transitions to or from the equity method of accounting, accounting for tax law changes and year-to-date losses in interim periods, and determining how to apply the income tax guidance to franchise taxes that are partially based on income. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. This Update is not expected to have a significant impact on the Company’s financial statements. In January 2020, the FASB issued ASU 2020-1, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815), to clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting, for the purposes of applying the measurement alternative, in accordance with Topic 321, immediately before applying or upon discontinuing the equity method. The amendments also clarify that, for the purpose of applying paragraph 815-10-15-141 (a), an entity should not consider whether, upon the settlement of the forward contract or exercise of the purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method in Topic 323 or the fair value option, in accordance with the financial instruments guidance in Topic 825. An entity also would evaluate the remaining characteristics in paragraph 815-10-15-141 to determine the accounting for those forward contracts and purchased options. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. This Update is not expected to have a significant impact on the Company’s financial statements. In January 2020, the FASB issued ASU 2020-2, Financial Instruments – Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842), February 2020, to add and amend SEC paragraphs in the Accounting Standards Codification to reflect the issuance of SEC Staff Accounting Bulletin No. 119, related to the new credit losses standard, and comments by the SEC staff related to the revised effective date of the new leases standard. This ASU is effective upon issuance. This did not have a significant impact on the Company’s financial statements. In March 2020, the FASB issued ASU 2020-3, Codification Improvements to Financial Instruments. This ASU was issued to improve and clarify various financial instruments topics, including the current expected credit losses (CECL) standard issued in 2016. The ASU includes seven issues that describe the areas of improvement and the related amendments to GAAP; they are intended to make the standards easier to understand and apply and to eliminate inconsistencies, and they are narrow in scope and are not expected to significantly change practice for most entities. Among its provisions, the ASU clarifies that all entities, other than public business entities that elected the fair value option, are required to provide certain fair value disclosures under ASC 825, Financial Instruments, in both interim and annual financial statements. It also clarifies that the contractual term of a net investment in a lease under Topic 842 should be the contractual term used to measure expected credit losses under Topic 326. Amendments related to ASU 2019-04 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is not permitted before an entity’s adoption of ASU 2016-01. Amendments related to ASU 2016-13 for entities that have not yet adopted that guidance are effective upon adoption of the amendments in ASU 2016-13. Early adoption is not permitted before an entity’s adoption of ASU 2016-13. Amendments related to ASU 2016-13 for entities that have adopted that guidance are effective for fiscal years beginning after December 15, 2019, including interim periods within those years. Other amendments are effective upon issuance of this ASU. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations In January 2020, the FASB issued ASU 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, March 2020, to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as Secured Overnight Financing Rate. Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Also, entities can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met, and can make a one-time election to sell and/or reclassify held-to-maturity debt securities that reference an interest rate affected by reference rate reform. The amendments in this ASU are effective for all entities upon issuance through December 31, 2022. It is too early to predict whether a new rate index replacement and the adoption of the ASU will have a material impact on the Company’s financial statements. In August 2020, the FASB issued ASU 2020-6, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. This ASU removes from U.S. GAAP the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, entities will not separately present in equity an embedded conversion feature in such debt. Instead, they will account for a convertible debt instrument wholly as debt, and for convertible preferred stock wholly as preferred stock (i.e., as a single unit of account), unless (1) a convertible instrument contains features that require bifurcation as a derivative under ASC 815 or (2) a convertible debt instrument was issued at a substantial premium. This ASU requires entities to provide expanded disclosures about the terms and features of convertible instruments, how the instruments have been reported in the entity’s financial statements, and information about events, conditions, and circumstances that can affect how to assess the amount or timing of an entity’s future cash flows related to those instruments. The amendments in this ASU are effective for public business entities that are not smaller reporting companies, for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. For all other entities, this ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The guidance may be early adopted for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. This Update is not expected to have a significant impact on the Company’s financial statements.
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Per Share Data |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Per Share Data | Per Share Data There are no convertible securities which would affect the denominator in calculating basic and dilutive earnings per share. There were a total of 864,300 stock options, with an average exercise price of $28.20, outstanding on September 30, 2020. These options were excluded, on a weighted average basis, in the computation of diluted earnings per share for the three and nine month periods due to the average market price of common shares of $20.84 and $24.20, respectively, exceeding the exercise price of the options issued. There were a total of 635,550 stock options outstanding for the same period end in 2019 that had an average exercise price of $29.30 and were excluded, on a weighted average basis, in the computation of diluted earnings per share because the quarterly average closing market price of common shares was $28.44 for the period.
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Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities The amortized cost, gross unrealized gains and losses, and fair values of our investment securities portfolio at September 30, 2020 and December 31, 2019 are as follows:
The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time, that the individual debt securities have been in a continuous unrealized loss position, at September 30, 2020 and December 31, 2019.
At September 30, 2020, there were a total of 18 securities in a continuous unrealized loss position for less than twelve months and 4 individual securities that were in a continuous unrealized loss position for twelve months or greater. The Company reviews its position quarterly and has determined that, at September 30, 2020, the declines outlined in the above table represent temporary declines and the Company does not intend to sell and does not believe it will be required to sell these securities before recovery of their cost basis, which may be at maturity. The Company has concluded that the unrealized losses disclosed above are not other than temporary but are the result of interest rate changes, sector credit ratings changes, or company-specific ratings changes that are not expected to result in the non-collection of principal and interest during the period. The amortized cost and fair value of debt securities at September 30, 2020, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities since borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Total gross proceeds from sales of debt securities available for sale for the three and nine months ended September 30, 2020 were $32,089,000 and $37,252,000 respectively, compared to 2019 totals of $8,157,000 and 16,289,000. The following table represents gross realized gains and losses from the sales of debt securities available for sale:
There were no impairment charges included in gross realized losses for the three and nine months ended September 30, 2020 and 2019, respectively. Investment securities with a carrying value of approximately $124,542,000 and $74,163,000 at September 30, 2020 and December 31, 2019, respectively, were pledged to secure certain deposits, repurchase agreements, and for other purposes as required by law. At September 30, 2020 and December 31, 2019, we had $1,291,000 and $1,261,000, respectively, in equity securities recorded at fair value. The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three and nine months ended September 30, 2020 and 2019:
Net gains and losses on trading account securities are as follows for the three and nine months ended September 30, 2020 and 2019:
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Loans |
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Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans Management segments the Banks' loan portfolio to a level that enables risk and performance monitoring according to similar risk characteristics. Loans are segmented based on the underlying collateral characteristics. Categories include commercial, financial, and agricultural, real estate, and installment loans. Real estate loans are further segmented into three categories: residential, commercial, and construction, while installment loans are classified as either consumer automobile loans or other installment loans. The following table presents the related aging categories of loans, by segment, as of September 30, 2020 and December 31, 2019:
The following table presents interest income the Banks would have recorded if interest had been recorded based on the original loan agreement terms and rate of interest for non-accrual loans and interest income recognized on a cash basis for non-accrual loans for the three and nine months ended September 30, 2020 and 2019:
Impaired Loans Impaired loans are loans for which it is probable the Banks will not be able to collect all amounts due according to the contractual terms of the loan agreement. The Banks individually evaluate such loans for impairment and do not aggregate loans by major risk classifications. The definition of “impaired loans” is not the same as the definition of “non-accrual loans,” although the two categories overlap. The Banks may choose to place a loan on non-accrual status due to payment delinquency or uncertain collectability, while not classifying the loan as impaired. Factors considered by management in determining impairment include payment status and collateral value. The amount of impairment for these types of loans is determined by the difference between the present value of the expected cash flows related to the loan, using the original interest rate, and its recorded value, or as a practical expedient in the case of collateralized loans, the difference between the fair value of the collateral and the recorded amount of the loan. When foreclosure is probable, impairment is measured based on the fair value of the collateral. Management evaluates individual loans in all of the commercial segments for possible impairment if the loan is greater than $100,000 and if the loan is either on non-accrual status or has a risk rating of substandard or worse. Management may also elect to measure an individual loan for impairment if less than $100,000 on a case-by-case basis. Mortgage loans on one-to-four family properties and all consumer loans are large groups of smaller-balance homogeneous loans and are measured for impairment collectively with the exception of loans identified as troubled debt restructurings. Loans that experience insignificant payment delays, which are defined as 90 days or less, generally are not classified as impaired. Management determines the significance of payment delays on a case-by-case basis taking into consideration all circumstances surrounding the loan and the borrower including the length of the delay, the borrower’s prior payment record, and the amount of shortfall in relation to the principal and interest owed. Interest income for impaired loans is recorded consistent to the Banks' policy. The following table presents the recorded investment, unpaid principal balance, and related allowance of impaired loans by segment as of September 30, 2020 and December 31, 2019:
The following table presents the average recorded investment in impaired loans and related interest income recognized for the three and nine months ended September 30, 2020 and 2019:
Troubled Debt Restructurings The loan portfolio also includes certain loans that have been modified in a Troubled Debt Restructuring (“TDR”), where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance, or other actions. Certain TDRs are classified as nonperforming at the time of restructure and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months. There were no loan modifications considered to be TDRs completed during the three and nine months ended September 30, 2020. There were five loan modifications considered TDRs completed during the nine months ended September 30, 2019. Loan modifications that are considered TDRs completed during the three and nine months ended September 30, 2019 were as follows:
There were two loan modifications considered to be TDRs made during the twelve months previous to September 30, 2020 that defaulted during the nine months ended September 30, 2020. The defaulted loan types and recorded investments at September 30, 2020 are as follows: one commercial real estate loan with a recorded investment of $1,040,000, and one commercial and agricultural loans with a recorded investment of $640,000. There were no loan modifications considered to be TDRs made during the twelve months previous to September 30, 2019 that defaulted during the nine months ended September 30, 2019. Troubled debt restructurings amounted to $12,218,000 and $13,282,000 as of September 30, 2020 and December 31, 2019, respectively. The amount of foreclosed residential real estate held at September 30, 2020 and December 31, 2019, totaled $376,000 and $493,000, respectively. Consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process at September 30, 2020 and December 31, 2019, totaled $446,000 and $32,000, respectively. The Company began offering short-term loan modifications to provide relief to borrowers during the COVID-19 national emergency. The CARES Act along with a joint agency statement issued by federal and state banking agencies, provides that short-term modifications made in a good faith basis in response to COVID-19 who were current at the time the modification program is implemented do not need to be accounted for as TDRs. Loan modifications and payment deferrals have been at historical high levels as the impact of the pandemic continues. As of September 30, 2020, the loan modification/deferral program in place has generated deferrals of up to 180 days that have been granted on 1,530 loans with 1,395 loans remaining in their deferral period with an aggregate outstanding balance of $230,326,000. These loan modifications met applicable requirements to not be considered troubled debt restructurings. The number of customers seeking loan modifications or payment deferrals may increase as the effects of the pandemic continue. Internal Risk Ratings Management uses a ten point internal risk rating system to monitor the credit quality of the overall loan portfolio. The first six categories are considered not criticized, and are aggregated as “Pass” rated. The criticized rating categories utilized by management generally follow bank regulatory definitions. The special mention category includes assets that are currently protected but are potentially weak, resulting in an undue and unwarranted credit risk, but not to the point of justifying a substandard classification. Loans in the substandard category have well-defined weaknesses that jeopardize the liquidation of the debt, and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. All loans greater than 90 days past due are evaluated for substandard classification. Loans in the doubtful category exhibit the same weaknesses found in the substandard loans, however, the weaknesses are more pronounced. Such loans are static and collection in full is improbable. However, these loans are not yet rated as loss because certain events may occur which would salvage the debt. Loans classified loss are considered uncollectible and charge-off is imminent. To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Banks have a structured loan rating process with several layers of internal and external oversight. Generally, consumer and residential mortgage loans are included in the pass category unless a specific action, such as bankruptcy, repossession, or death occurs to raise awareness of a possible credit event. An external semi-annual loan review of large commercial relationships is performed, as well as a sample of smaller transactions. The 2020 loan review has an aggregate commercial relationship threshold of $1,750,000 which can consist of outstanding loans, commercial real estate mortgages and outstanding commitments. Detailed reviews, including plans for resolution, are performed on loans classified as substandard, doubtful, or loss on a quarterly basis. The following table presents the credit quality categories identified above as of September 30, 2020 and December 31, 2019:
Allowance for Loan Losses An allowance for loan losses (“ALL”) is maintained to absorb losses from the loan portfolio. The ALL is based on management’s continuing evaluation of the risk characteristics and credit quality of the loan portfolio, assessment of current economic conditions, diversification and size of the portfolio, adequacy of collateral, past and anticipated future loss experience, and the amount of non-performing loans. The Banks' methodology for determining the ALL is based on the requirements of ASC Section 310-10-35 for loans individually evaluated for impairment (previously discussed) and ASC Subtopic 450-20 for loans collectively evaluated for impairment, as well as the Interagency Policy Statements on the Allowance for Loan and Lease Losses and other bank regulatory guidance. The total of the two components represents the Banks' ALL. Loans that are collectively evaluated for impairment are analyzed with general allowances being made as appropriate. Allowances are segmented based on collateral characteristics previously disclosed, and consistent with credit quality monitoring. Loans that are collectively evaluated for impairment are grouped into two classes for evaluation. A general allowance is determined for “Pass” rated credits, while a separate pool allowance is provided for “Criticized” rated credits that are not individually evaluated for impairment. For the general allowances, historical loss trends are used in the estimation of losses in the current portfolio. These historical loss amounts are modified by other qualitative factors. A historical charge-off factor is calculated utilizing a twelve quarter moving average. However, management may adjust the moving average time frame by up to four quarters to adjust for variances in the economic cycle. Management has identified a number of additional qualitative factors which it uses to supplement the historical charge-off factor because these factors are likely to cause estimated credit losses associated with the existing loan pools to differ from historical loss experience. The additional factors that are evaluated quarterly and updated using information obtained from internal, regulatory, and governmental sources are: national and local economic trends and conditions; levels of and trends in delinquency rates and non-accrual loans; trends in volumes and terms of loans; effects of changes in lending policies; experience, ability, and depth of lending staff; value of underlying collateral; and concentrations of credit from a loan type, industry and/or geographic standpoint. Loans in the criticized pools, which possess certain qualities or characteristics that may lead to collection and loss issues, are closely monitored by management and subject to additional qualitative factors. Management also monitors industry loss factors by loan segment for applicable adjustments to actual loss experience. Management reviews the loan portfolio on a quarterly basis in order to make appropriate and timely adjustments to the ALL. When information confirms all or part of specific loans to be uncollectible, these amounts are promptly charged off against the ALL. Activity in the allowance is presented for the three and nine months ended September 30, 2020 and 2019:
The shift in allocation of the loan provision is primarily due to changes in the credit metrics within the loan portfolio and the economic uncertainty caused by the COVID-19 pandemic. The increase in the loan provision within the unallocated segment is the result of the uncertainty that has been caused by the COVID-19 pandemic. The Company grants commercial, industrial, residential, and installment loans to customers primarily throughout north-east and central Pennsylvania. Although the Company has a diversified loan portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent on the economic conditions within this region. The Company has a concentration of the following to gross loans at September 30, 2020 and 2019:
The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment based on impairment method as of September 30, 2020 and December 31, 2019:
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Net Periodic Benefit Cost-Defined Benefit Plans |
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Net Periodic Benefit Cost-Defined Benefit Plans | Net Periodic Benefit Cost-Defined Benefit Plans For a detailed disclosure on the Company’s pension and employee benefits plans, please refer to Note 13 of the Company’s Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2019. The following sets forth the components of the net periodic benefit/cost of the domestic non-contributory defined benefit plan for the three and nine months ended September 30, 2020 and 2019, respectively:
Employer Contributions The Company previously disclosed in its consolidated financial statements, included in the Annual Report on Form 10-K for the year ended December 31, 2019, that it expected to contribute a minimum of $500,000 to its defined benefit plan in 2020. As of September 30, 2020, there were contributions of $1,250,000 made to the plan with additional contributions of at least $250,000 anticipated during the remainder of 2020.
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Employee Stock Purchase Plan |
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Share-based Payment Arrangement [Abstract] | |
Employee Stock Purchase Plan | Employee Stock Purchase PlanThe Company maintains an Employee Stock Purchase Plan (“Plan”). The Plan is intended to encourage employee participation in the ownership and economic progress of the Company. The Plan allows for up to 1,000,000 shares to be purchased by employees. The purchase price of the shares is 95% of market value with an employee eligible to purchase up to the lesser of 15% of base compensation or $12,000 in market value annually. During the nine months ended September 30, 2020 and 2019, there were 2,888 and 2,579 shares issued under the Plan, respectively. |
Off-Balance Sheet Risk |
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Off-Balance Sheet Risk | Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments are primarily comprised of commitments to extend credit, standby letters of credit, and credit exposure from the sale of assets with recourse. These instruments involve, to varying degrees, elements of credit, interest rate, or liquidity risk in excess of the amount recognized in the Consolidated Balance Sheet. The contract amounts of these instruments express the extent of involvement the Company has in particular classes of financial instruments. The Company’s exposure to credit loss from nonperformance by the other party to the financial instruments for commitments to extend credit and standby letters of credit is represented by the contractual amount of these instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. The Company may require collateral or other security to support financial instruments with off-balance sheet credit risk. Financial instruments whose contract amounts represent credit risk are as follows at September 30, 2020 and December 31, 2019:
Commitments to extend credit are legally binding agreements to lend to customers. Commitments generally have fixed expiration dates or other termination clauses and may require payment of fees. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future liquidity requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company, on an extension of credit is based on management’s credit assessment of the counterparty. Standby letters of credit represent conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These instruments are issued primarily to support bid or performance related contracts. The coverage period for these instruments is typically a one year period with an annual renewal option subject to prior approval by management. Fees earned from the issuance of these letters are recognized upon expiration of the coverage period. For secured letters of credit, the collateral is typically Bank deposit instruments or customer business assets.
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Fair Value Measurements |
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Fair Value Measurements | Fair Value MeasurementsThe following disclosures show the hierarchal disclosure framework associated with the level of pricing observations utilized in measuring assets and liabilities at fair value.
This hierarchy requires the use of observable market data when available. The following table presents the assets reported on the Consolidated Balance Sheet at their fair value on a recurring basis as of September 30, 2020 and December 31, 2019, by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
The following table presents the assets reported on the Consolidated Balance Sheet at their fair value on a non-recurring basis as of September 30, 2020 and December 31, 2019, by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
The following tables present a listing of significant unobservable inputs used in the fair value measurement process for items valued utilizing level III techniques as of September 30, 2020 and December 31, 2019:
(1) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses.
(1) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The discounted cash flow valuation technique is utilized to determine the fair value of performing impaired loans, while non-performing impaired loans utilize the appraisal of collateral method. The significant unobservable inputs used in the fair value measurement of the Company’s impaired loans using the discounted cash flow valuation technique include temporary changes in payment amounts and the probability of default. Significant increases (decreases) in payment amounts would result in significantly higher (lower) fair value measurements. The probability of default is 0% for impaired loans using the discounted cash flow valuation technique because all defaulted impaired loans are valued using the appraisal of collateral valuation technique. The significant unobservable input used in the fair value measurement of the Company’s impaired loans using the appraisal of collateral valuation technique include appraisal adjustments, which are adjustments to appraisals by management for qualitative factors such as economic conditions and estimated liquidation expenses. The significant unobservable input used in the fair value measurement of the Company’s other real estate owned are the same inputs used to value impaired loans using the appraisal of collateral valuation technique.
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Fair Value of Financial Instruments |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial InstrumentsThe Company is required to disclose fair values for its financial instruments. Fair values are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Also, it is the Company’s general practice and intention to hold most of its financial instruments to maturity and not to engage in trading or sales activities. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These fair values are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions can significantly affect the fair values. Fair values have been determined by the Company using historical data and an estimation methodology suitable for each category of financial instruments. The Company’s fair values, methods, and assumptions are set forth below for the Company’s other financial instruments. As certain assets and liabilities, such as deferred tax assets, premises and equipment, and many other operational elements of the Company, are not considered financial instruments but have value, this fair value of financial instruments would not represent the full market value of the Company. The fair values of the Company’s financial instruments not recorded at fair value on a recurring or nonrecurring basis are as follows at September 30, 2020 and December 31, 2019:
(1) The financial instrument is carried at cost at September 30, 2020, which approximate the fair value of the instruments
(1) The financial instrument is carried at cost at December 31, 2019, which approximate the fair value of the instruments The methods and assumptions used by the Company in estimating fair values of financial instruments at September 30, 2020 is in accordance with ASC Topic 825, Financial Instruments, as amended by ASU 2016-01 which requires public entities to use exit pricing in the calculation of the above tables.
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Stock Options |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Options | Stock Options In 2014, the Company adopted the 2014 Equity Incentive Plan designed to help the Company attract, retain, and motivate employees and non-employee directors. Incentive stock options, non-qualified stock options, and restricted stock may be granted as part of the plan. As of January 1, 2020, the Company had a total of 625,800 stock options outstanding. During the period ended September 30, 2020, the Company issued 238,500 stock options with a strike price of $25.34 to a group of employees. The options granted in 2020 all expire ten years from the grant date. Of the 238,500 grants awarded in 2020, 119,300 of the options vest in 3 years while the 119,200 remaining options vest in five years.
A summary of stock option activity is presented below:
The estimated fair value of options, including the effect of estimated forfeitures, is recognized as expense on a straightline basis over the options’ vesting periods while ensuring that the cumulative amount of compensation cost recognized at least equals the value of the vested portion of the award at that date. The Company determines the fair value of options granted using the Black-Scholes option-pricing model. The risk-free interest rate is based on the United States Treasury bond with a similar term to the expected life of the options at the grant date. Expected volatility was estimated based on the adjusted historic volatility of the Company’s shares. The expected life was estimated to equal the contractual life of the options. The dividend yield rate was based upon recent historical dividends paid on shares. Compensation expense for stock options is recognized using the fair value when the stock options are granted and is amortized over the options' vesting period. Compensation expense related to stock options was $239,000 and $675,000 for the three and nine months ended September 30, 2020 compared to $185,000 and $498,000 for the same period of 2019. As of September 30, 2020, a total of 97,875 stock options were exercisable and the weighted average years to expiration was 8.17 years years. The fair value of options granted during the nine months ended September 30, 2020 was $1,343,000 or $5.63 per award. Total unrecognized compensation cost for non-vested options was $2,165,000 and will be recognized over their weighted average remaining vesting period of 1.45 years years.
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Leases |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The following table shows finance lease right of use assets and finance lease liabilities as of:
The following table shows the components of finance and operating lease expense for the three and six months ended June 30, 2020 and 2019:
A maturity analysis of operating and finance lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows:
The following table shows the weighted average remaining lease term and weighted average discount rate for both operating and finance leases outstanding as of September 30, 2020.
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Leases | Leases The following table shows finance lease right of use assets and finance lease liabilities as of:
The following table shows the components of finance and operating lease expense for the three and six months ended June 30, 2020 and 2019:
A maturity analysis of operating and finance lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows:
The following table shows the weighted average remaining lease term and weighted average discount rate for both operating and finance leases outstanding as of September 30, 2020.
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Reclassification of Comparative Amounts |
9 Months Ended |
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Sep. 30, 2020 | |
Reclassification of Comparative Amounts | |
Reclassification of Comparative Amounts | Reclassification of Comparative AmountsCertain comparative amounts for the prior period have been reclassified to conform to current period presentations. Such reclassifications had no effect on net income or shareholders’ equity. |
Subsequent Events |
9 Months Ended |
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Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsAll events subsequent to the date of the consolidated financial statements through November 9, 2020, and for which U.S. GAAP requires adjustment or disclosure, have been adjusted or disclosed, including that the 2019 novel coronavirus (or COVID-19) has adversely affected, and may continue to adversely affect, economic activity globally, nationally, and locally. In response to COVID-19, among other things, the Company has incurred loan rate modifications and payment deferrals of up to 180 days. For further discussion, see COVID-19 Impact section of Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation. |
Basis of Presentation (Policies) |
9 Months Ended |
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Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The consolidated financial statements include the accounts of Penns Woods Bancorp, Inc. (the “Company”) and its wholly-owned subsidiaries: Woods Investment Company, Inc., Woods Real Estate Development Company, Inc., Luzerne Bank, and Jersey Shore State Bank (Jersey Shore State Bank and Luzerne Bank are referred to together as the “Banks”) and Jersey Shore State Bank’s wholly-owned subsidiary, The M Group, Inc. D/B/A The Comprehensive Financial Group (“The M Group”). The Company also owns a controlling interest in United Insurance Solutions, LLC. All significant inter-company balances and transactions have been eliminated in the consolidation. The interim financial statements are unaudited, but in the opinion of management reflect all adjustments necessary for the fair presentation of results for such periods. The results of operations for any interim period are not necessarily indicative of results for the full year. These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.
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Recent Accounting Pronouncements | In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment. To simplify the subsequent measurement of goodwill, the FASB eliminated Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in this Update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In November 2019, the FASB issued ASU 2019-10, Financial Instruments ‒ Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), which deferred the effective date for ASC 350, Intangibles – Goodwill and Other, for smaller reporting companies to fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. This Update is not expected to have a significant impact on the Company’s financial statements. In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits (Topic 715-20). This Update amends ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The Update eliminates the requirement to disclose the amounts in accumulated other comprehensive income expected to be recognized as part of net periodic benefit cost over the next year. The Update also removes the disclosure requirements for the effects of a one percentage point change on the assumed health care costs and the effect of this change in rates on service cost, interest cost, and the benefit obligation for postretirement health care benefits. This Update is effective for public business entities for fiscal years ending after December 15, 2020, and must be applied on a retrospective basis. For all other entities, this Update is effective for fiscal years ending after December 15, 2021. This Update is not expected to have a significant impact on the Company’s financial statements. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Derivatives and Hedging (Topic 815), and Financial Instruments (Topic 825), which affects a variety of topics in the Codification and applies to all reporting entities within the scope of the affected accounting guidance. Topic 326, Financial Instruments – Credit Losses, amendments are effective for SEC registrants for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For all other public business entities, the effective date is for fiscal years beginning after December 15, 2020, and for all other entities, the effective date is for fiscal years beginning after December 15, 2021. Topic 815, Derivatives and Hedging, amendments are effective for public business entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods beginning after December 15, 2020. For entities that have adopted the amendments in Update 2017-12, the effective date is as of the beginning of the first annual period beginning after the issuance of this Update. Topic 825, Financial Instruments, amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years. In November 2019, the FASB issued ASU 2019-10, Financial Instruments ‒ Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842). This Update defers the effective date of ASU 2016-13 for SEC filers that are eligible to be smaller reporting companies, non-SEC filers, and all other companies, to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Furthermore, the ASU provides a one-year deferral of the effective dates of the ASUs on derivatives and hedging for companies that are not public business entities. The Company qualifies as a smaller reporting company and does not expect to early adopt these ASUs. In May 2019, the FASB issued ASU 2019-05, Financial Instruments – Credit Losses (Topic 326), which allows entities to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost upon adoption of the new credit losses standard. To be eligible for the transition election, the existing financial asset must otherwise be both within the scope of the new credit losses standard and eligible for applying the fair value option in ASC 825-10.3. The election must be applied on an instrument-by-instrument basis and is not available for either available-for-sale or held-to-maturity debt securities. For entities that elect the fair value option, the difference between the carrying amount and the fair value of the financial asset would be recognized through a cumulative-effect adjustment to opening retained earnings as of the date an entity adopted ASU 2016-13. Changes in fair value of that financial asset would subsequently be reported in current earnings. For entities that have not yet adopted ASU 2016-13, the effective dates and transition requirements are the same as those in ASU 2016-13. For entities that have adopted ASU 2016-13, ASU 2019-05 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted once ASU 2016-13 has been adopted. In November 2019, the FASB issued ASU 2019-10, Financial Instruments ‒ Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842). The Update defers the effective date of ASU 2016-13 for SEC filers that are eligible to be smaller reporting companies, non-SEC filers, and all other companies, to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company qualifies as a smaller reporting company and does not expect to early adopt ASU 2016-13. In November 2019, the FASB issued ASU 2019-09, Financial Services ‒ Insurance (Topic 944), which defers the effective date of the amendments in Update 2018-12, Financial Services ‒ Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For public business entities that meet the definition of an SEC filer, excluding entities eligible to be smaller reporting companies, as defined by the SEC, the amendments in Update 2018-12 are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early application of the amendments in Update 2018-12 is permitted. For all other entities, the amendments in Update 2018-12 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early application of the amendments in Update 2018-12 is permitted. This Update is not expected to have a significant impact on the Company’s financial statements. In November 2019, the FASB issued ASU 2019-10, Financial Instruments ‒ Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842). The Update defers the effective dates of ASU 2016-13 for SEC filers that are eligible to be smaller reporting companies, non-SEC filers, and all other companies, to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. This Update also amends the mandatory effective date for the elimination of Step 2 from the goodwill impairment test under ASU No. 2017-04, Intangibles ‒ Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (Goodwill), to align with those used for credit losses. Furthermore, the ASU provides a one-year deferral of the effective dates of the ASUs on derivatives and hedging and leases for companies that are not public business entities. The Company qualifies as a smaller reporting company and does not expect to early adopt these ASUs. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, to clarify its new credit impairment guidance in ASC 326, based on implementation issues raised by stakeholders. This Update clarified, among other things, that expected recoveries are to be included in the allowance for credit losses for these financial assets; an accounting policy election can be made to adjust the effective interest rate for existing troubled debt restructurings based on the prepayment assumptions instead of the prepayment assumptions applicable immediately prior to the restructuring event; and extends the practical expedient to exclude accrued interest receivable from all additional relevant disclosures involving amortized cost basis. The effective dates in this Update are the same as those applicable for ASU 2019-10. The Company qualifies as a smaller reporting company and does not expect to early adopt these ASUs. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), to simplify the accounting for income taxes, change the accounting for certain tax transactions, and make minor improvements to the codification. This Update provides a policy election to not allocate consolidated income taxes when a member of a consolidated tax return is not subject to income tax and provides guidance to evaluate whether a step-up in tax basis of goodwill relates to a business combination in which book goodwill was recognized or was a separate transaction. The Update also changes current guidance for making an intraperiod allocation if there is a loss in continuing operations and gains outside of continuing operations, determining when a deferred tax liability is recognized after an investor in a foreign entity transitions to or from the equity method of accounting, accounting for tax law changes and year-to-date losses in interim periods, and determining how to apply the income tax guidance to franchise taxes that are partially based on income. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. This Update is not expected to have a significant impact on the Company’s financial statements. In January 2020, the FASB issued ASU 2020-1, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815), to clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting, for the purposes of applying the measurement alternative, in accordance with Topic 321, immediately before applying or upon discontinuing the equity method. The amendments also clarify that, for the purpose of applying paragraph 815-10-15-141 (a), an entity should not consider whether, upon the settlement of the forward contract or exercise of the purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method in Topic 323 or the fair value option, in accordance with the financial instruments guidance in Topic 825. An entity also would evaluate the remaining characteristics in paragraph 815-10-15-141 to determine the accounting for those forward contracts and purchased options. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. This Update is not expected to have a significant impact on the Company’s financial statements. In January 2020, the FASB issued ASU 2020-2, Financial Instruments – Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842), February 2020, to add and amend SEC paragraphs in the Accounting Standards Codification to reflect the issuance of SEC Staff Accounting Bulletin No. 119, related to the new credit losses standard, and comments by the SEC staff related to the revised effective date of the new leases standard. This ASU is effective upon issuance. This did not have a significant impact on the Company’s financial statements. In March 2020, the FASB issued ASU 2020-3, Codification Improvements to Financial Instruments. This ASU was issued to improve and clarify various financial instruments topics, including the current expected credit losses (CECL) standard issued in 2016. The ASU includes seven issues that describe the areas of improvement and the related amendments to GAAP; they are intended to make the standards easier to understand and apply and to eliminate inconsistencies, and they are narrow in scope and are not expected to significantly change practice for most entities. Among its provisions, the ASU clarifies that all entities, other than public business entities that elected the fair value option, are required to provide certain fair value disclosures under ASC 825, Financial Instruments, in both interim and annual financial statements. It also clarifies that the contractual term of a net investment in a lease under Topic 842 should be the contractual term used to measure expected credit losses under Topic 326. Amendments related to ASU 2019-04 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is not permitted before an entity’s adoption of ASU 2016-01. Amendments related to ASU 2016-13 for entities that have not yet adopted that guidance are effective upon adoption of the amendments in ASU 2016-13. Early adoption is not permitted before an entity’s adoption of ASU 2016-13. Amendments related to ASU 2016-13 for entities that have adopted that guidance are effective for fiscal years beginning after December 15, 2019, including interim periods within those years. Other amendments are effective upon issuance of this ASU. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations In January 2020, the FASB issued ASU 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, March 2020, to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as Secured Overnight Financing Rate. Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Also, entities can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met, and can make a one-time election to sell and/or reclassify held-to-maturity debt securities that reference an interest rate affected by reference rate reform. The amendments in this ASU are effective for all entities upon issuance through December 31, 2022. It is too early to predict whether a new rate index replacement and the adoption of the ASU will have a material impact on the Company’s financial statements. In August 2020, the FASB issued ASU 2020-6, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. This ASU removes from U.S. GAAP the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, entities will not separately present in equity an embedded conversion feature in such debt. Instead, they will account for a convertible debt instrument wholly as debt, and for convertible preferred stock wholly as preferred stock (i.e., as a single unit of account), unless (1) a convertible instrument contains features that require bifurcation as a derivative under ASC 815 or (2) a convertible debt instrument was issued at a substantial premium. This ASU requires entities to provide expanded disclosures about the terms and features of convertible instruments, how the instruments have been reported in the entity’s financial statements, and information about events, conditions, and circumstances that can affect how to assess the amount or timing of an entity’s future cash flows related to those instruments. The amendments in this ASU are effective for public business entities that are not smaller reporting companies, for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. For all other entities, this ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The guidance may be early adopted for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. This Update is not expected to have a significant impact on the Company’s financial statements.
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Accumulated Other Comprehensive Gain (loss) (Tables) |
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Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in accumulated other comprehensive income by component | The changes in accumulated other comprehensive gain (loss) by component shown net of tax and parenthesis indicating debits, as of September 30, 2020 and 2019 were as follows:
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Schedule of reclassifications out of accumulated other comprehensive income | The reclassifications out of accumulated other comprehensive loss shown, net of tax and parenthesis indicating debits to net income, as of September 30, 2020 and 2019 were as follows:
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Per Share Data (Tables) |
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Schedule of weighted average common shares (denominator) used in the basic and dilutive earnings per share computation |
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Investment Securities (Tables) |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of amortized cost, gross unrealized gains and losses, and fair values of equity and trading investment securities | The amortized cost, gross unrealized gains and losses, and fair values of our investment securities portfolio at September 30, 2020 and December 31, 2019 are as follows:
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Schedule of gross unrealized losses and fair value | The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time, that the individual debt securities have been in a continuous unrealized loss position, at September 30, 2020 and December 31, 2019.
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Schedule of amortized cost and fair value of debt securities by contractual maturity | The amortized cost and fair value of debt securities at September 30, 2020, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities since borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
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Schedule of gross realized gains and losses | The following table represents gross realized gains and losses from the sales of debt securities available for sale:
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Schedule of unrealized and realized gains and losses recognized in net income | The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three and nine months ended September 30, 2020 and 2019:
Net gains and losses on trading account securities are as follows for the three and nine months ended September 30, 2020 and 2019:
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Loans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of related aging categories of loans by segment | The following table presents the related aging categories of loans, by segment, as of September 30, 2020 and December 31, 2019:
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Schedule of interest income if interest had been recorded based on the original loan agreement terms and rate of interest for non-accrual loans and interest income recognized on a cash basis for non-accrual loans | The following table presents interest income the Banks would have recorded if interest had been recorded based on the original loan agreement terms and rate of interest for non-accrual loans and interest income recognized on a cash basis for non-accrual loans for the three and nine months ended September 30, 2020 and 2019:
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Schedule of recorded investment, unpaid principal balance, and related allowance of impaired loans by segment | The following table presents the recorded investment, unpaid principal balance, and related allowance of impaired loans by segment as of September 30, 2020 and December 31, 2019:
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Schedule of average recorded investment in impaired loans and related interest income recognized | The following table presents the average recorded investment in impaired loans and related interest income recognized for the three and nine months ended September 30, 2020 and 2019:
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Schedule of Loan Modifications that are Considered TDRs | Loan modifications that are considered TDRs completed during the three and nine months ended September 30, 2019 were as follows:
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Schedule of credit quality categories | The following table presents the credit quality categories identified above as of September 30, 2020 and December 31, 2019:
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Schedule of activity in the allowance | Activity in the allowance is presented for the three and nine months ended September 30, 2020 and 2019:
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Schedule of concentration of loan | The Company has a concentration of the following to gross loans at September 30, 2020 and 2019:
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Schedule of allowance for loan losses and the recorded investment in loans by portfolio segment based on impairment method | The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment based on impairment method as of September 30, 2020 and December 31, 2019:
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Net Periodic Benefit Cost-Defined Benefit Plans (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of the net periodic benefit/cost of the domestic non-contributory defined benefit plan | The following sets forth the components of the net periodic benefit/cost of the domestic non-contributory defined benefit plan for the three and nine months ended September 30, 2020 and 2019, respectively:
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Off Balance Sheet Risk (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Off Balance Sheet Risk | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial instruments whose contract amounts represent credit risk | Financial instruments whose contract amounts represent credit risk are as follows at September 30, 2020 and December 31, 2019:
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of assets reported on the balance sheet at their fair value on a recurring basis | The following table presents the assets reported on the Consolidated Balance Sheet at their fair value on a recurring basis as of September 30, 2020 and December 31, 2019, by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
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Schedule of assets reported on the consolidated balance sheet at their fair value on a non-recurring basis | The following table presents the assets reported on the Consolidated Balance Sheet at their fair value on a non-recurring basis as of September 30, 2020 and December 31, 2019, by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
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Schedule of listing of significant unobservable inputs used in the fair value measurement process for items valued utilizing level III techniques | The following tables present a listing of significant unobservable inputs used in the fair value measurement process for items valued utilizing level III techniques as of September 30, 2020 and December 31, 2019:
(1) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses.
(1) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses.
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Fair Value of Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair value of financial instruments | The fair values of the Company’s financial instruments not recorded at fair value on a recurring or nonrecurring basis are as follows at September 30, 2020 and December 31, 2019:
(1) The financial instrument is carried at cost at September 30, 2020, which approximate the fair value of the instruments
(1) The financial instrument is carried at cost at December 31, 2019, which approximate the fair value of the instruments
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Stock Options (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options Granted |
A summary of stock option activity is presented below:
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Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities | The following table shows finance lease right of use assets and finance lease liabilities as of:
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Schedule of Lease Cost, Term and Discount Rate | The following table shows the components of finance and operating lease expense for the three and six months ended June 30, 2020 and 2019:
The following table shows the weighted average remaining lease term and weighted average discount rate for both operating and finance leases outstanding as of September 30, 2020.
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Schedule of Operating Lease Liability Maturities | A maturity analysis of operating and finance lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows:
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Schedule of Finance Lease Liability Maturities | A maturity analysis of operating and finance lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows:
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Per Share Data - Narrative (Details) - $ / shares |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Aug. 27, 2015 |
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Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||
Convertible securities which would affect denominator in calculating basic and dilutive earnings per share (in shares) | 0 | ||||||
Options, outstanding (in shares) | 864,300 | 635,550 | 864,300 | 635,550 | 625,800 | 395,550 | 35,250 |
Outstanding, weighted average exercise price (in dollars per share) | $ 28.20 | $ 29.30 | $ 28.20 | $ 29.30 | $ 29.29 | $ 30.08 | |
Average share price (in dollars per share) | $ 20.84 | $ 28.44 | $ 24.20 | $ 28.44 |
Per Share Data - Composition of Weighted Average Common Shares Used in Earnings per Share Computation (Details) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Earnings Per Share [Abstract] | ||||
Weighted average common shares issued (in shares) | 7,525,561 | 7,517,280 | 7,522,803 | 7,516,406 |
Weighted average treasury stock shares (in shares) | (480,225) | (480,225) | (480,225) | (480,225) |
Weighted average shares outstanding - basic (in shares) | 7,045,336 | 7,037,055 | 7,042,578 | 7,036,181 |
Dilutive effect of outstanding stock options (in shares) | 0 | 0 | 0 | 0 |
Weighted average common shares outstanding - basic and diluted (in shares) | 7,045,336 | 7,037,055 | 7,042,578 | 7,036,181 |
Investment Securities - Narrative (Details) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020
USD ($)
security
|
Sep. 30, 2019
USD ($)
|
Sep. 30, 2020
USD ($)
security
|
Sep. 30, 2019
USD ($)
|
Dec. 31, 2019
USD ($)
|
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Investments, Debt and Equity Securities [Abstract] | |||||
Number of individual securities that were in a continuous unrealized loss position for less than twelve months (in securities) | security | 18 | 18 | |||
Number of individual securities that were in a continuous unrealized loss position for greater than twelve months (in securities) | security | 4 | 4 | |||
Gross proceeds from sales of securities | $ 32,089,000 | $ 8,157,000 | $ 37,252,000 | $ 16,289,000 | |
Impairment charges | 0 | $ 0 | 0 | $ 0 | |
Carrying value of investment securities pledged | 124,542,000 | 124,542,000 | $ 74,163,000 | ||
Fair value | $ 1,291,000 | $ 1,291,000 | $ 1,261,000 |
Investment Securities - Amortized Cost and Fair Value of Debt Securities (Details) $ in Thousands |
Sep. 30, 2020
USD ($)
|
---|---|
Amortized Cost | |
Due in one year or less | $ 10,744 |
Due after one year to five years | 66,984 |
Due after five years to ten years | 56,013 |
Due after ten years | 10,314 |
Total | 144,055 |
Fair Value | |
Due in one year or less | 10,812 |
Due after one year to five years | 68,131 |
Due after five years to ten years | 60,132 |
Due after ten years | 10,600 |
Total | $ 149,675 |
Investment Securities - Total Gross Proceeds from Sales of Securities (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Available for sale (AFS): | ||||
Available-for-sale securities, gross realized gains | $ 1,013 | $ 190 | $ 1,220 | $ 208 |
Available-for-sale securities, gross realized losses | 0 | 1 | 0 | 8 |
Mortgage-backed securities | ||||
Available for sale (AFS): | ||||
Available-for-sale securities, gross realized gains | 0 | 0 | 83 | 0 |
State and political securities | ||||
Available for sale (AFS): | ||||
Available-for-sale securities, gross realized gains | 839 | 190 | 943 | 204 |
Available-for-sale securities, gross realized losses | 0 | 1 | 0 | 3 |
Other debt securities | ||||
Available for sale (AFS): | ||||
Available-for-sale securities, gross realized gains | 174 | 0 | 194 | 4 |
Available-for-sale securities, gross realized losses | $ 0 | $ 0 | $ 0 | $ 5 |
Investment Securities - Unrealized and Realized Gains and Losses Recognized in Net Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Equity Securities, FV-NI, Gain (Loss) [Abstract] | ||||
Net gains (losses) recognized in equity securities during the period( | $ 0 | $ (21) | $ 30 | $ 44 |
Less: Net gains realized on the sale of equity securities during the period | 0 | 0 | 0 | 0 |
Unrealized gains recognized in equity securities held at reporting date | 0 | (21) | 30 | 44 |
Debt Securities, Trading, Gain (Loss) [Abstract] | ||||
Net gains on sale transactions | 0 | 0 | 0 | 8 |
Net mark-to-market (losses) gains | (2) | 2 | (16) | 7 |
Net (loss) gain on trading account securities | $ (2) | $ 2 | $ (16) | $ 15 |
Loans - Schedule of Concentration Risk (Details) - Owners of rental properties - Financing receivable |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Residential | ||
Concentration Risk [Line Items] | ||
Concentration of loans (as a percent) | 16.29% | 15.41% |
Commercial | ||
Concentration Risk [Line Items] | ||
Concentration of loans (as a percent) | 12.98% | 12.19% |
Net Periodic Benefit Cost-Defined Benefit Plans (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Net periodic benefit cost of the domestic non-contributory defined benefit plan | |||||
Interest cost | $ 161,000 | $ 191,000 | $ 481,000 | $ 573,000 | |
Expected return on plan assets | (330,000) | (248,000) | (956,000) | (746,000) | |
Amortization of net loss | 52,000 | 46,000 | 144,000 | 140,000 | |
Net periodic benefit | (117,000) | $ (11,000) | (331,000) | $ (33,000) | |
Expected contribution to Pension Plan (minimum) | $ 500,000 | ||||
Employer contributions made to the defined benefit plan | 1,250,000 | ||||
Anticipated additional contributions anticipated during the remainder of the year (at least) | $ 250,000 | $ 250,000 |
Employee Stock Purchase Plan (Details) - Employee Stock - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Employee Stock Purchase Plan | ||
Number of shares allowed to be purchased by employees (in shares) | 1,000,000 | |
Purchase price of the shares with respect to market value (as a percent) | 95.00% | |
Maximum percentage of base compensation | 15.00% | |
Maximum market value | $ 12,000 | |
Number of shares issued under the plan (in shares) | 2,888 | 2,579 |
Off Balance Sheet Risk (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Off Balance Sheet Risk | ||
Contract amounts representing credit risk | $ 208,237 | $ 204,242 |
Commitments to extend credit | ||
Off Balance Sheet Risk | ||
Contract amounts representing credit risk | 189,556 | 187,778 |
Standby letters of credit | ||
Off Balance Sheet Risk | ||
Contract amounts representing credit risk | $ 10,186 | 9,638 |
Coverage period for instrument (in years) | 1 year | |
Credit exposure from the sale of assets with recourse | ||
Off Balance Sheet Risk | ||
Contract amounts representing credit risk | $ 8,495 | $ 6,826 |
Fair Value Measurements - Non-Recurring Assets (Details) - Nonrecurring - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Impaired loans | ||
Fair Value Measurements [Abstract] | ||
Total assets, fair value | $ 12,910 | $ 15,854 |
Impaired loans | Level I | ||
Fair Value Measurements [Abstract] | ||
Total assets, fair value | 0 | 0 |
Impaired loans | Level II | ||
Fair Value Measurements [Abstract] | ||
Total assets, fair value | 0 | 0 |
Impaired loans | Level III | ||
Fair Value Measurements [Abstract] | ||
Total assets, fair value | 12,910 | 15,854 |
Other real estate owned | ||
Fair Value Measurements [Abstract] | ||
Total assets, fair value | 376 | 413 |
Other real estate owned | Level I | ||
Fair Value Measurements [Abstract] | ||
Total assets, fair value | 0 | 0 |
Other real estate owned | Level II | ||
Fair Value Measurements [Abstract] | ||
Total assets, fair value | 0 | 0 |
Other real estate owned | Level III | ||
Fair Value Measurements [Abstract] | ||
Total assets, fair value | $ 376 | $ 413 |
Stock Options - Schedule of Stock Options Granted (Details) - $ / shares |
9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mar. 11, 2020 |
Mar. 15, 2019 |
Aug. 24, 2018 |
Jan. 05, 2018 |
Mar. 24, 2017 |
Aug. 27, 2015 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Employee Stock Purchase Plan | ||||||||||
Shares (in shares) | 58,125 | 238,500 | 240,000 | |||||||
Forfeited (in shares) | (22,875) | 0 | 0 | |||||||
Outstanding (in shares) | 35,250 | 864,300 | 635,550 | 625,800 | 395,550 | |||||
Strike price (in dollars per share) | $ 28.02 | $ 25.34 | $ 28.01 | |||||||
Vesting period (in years) | 5 years | |||||||||
Expiration (in years) | 10 years | |||||||||
Tranche One | ||||||||||
Employee Stock Purchase Plan | ||||||||||
Shares (in shares) | 119,300 | 120,900 | 75,300 | 18,750 | 69,375 | 119,300 | ||||
Forfeited (in shares) | 0 | (1,950) | (1,950) | 0 | (6,750) | |||||
Outstanding (in shares) | 119,300 | 118,950 | 73,350 | 18,750 | 62,625 | |||||
Strike price (in dollars per share) | $ 25.34 | $ 28.01 | $ 30.67 | $ 30.07 | $ 29.47 | |||||
Vesting period (in years) | 3 years | 3 years | 3 years | 3 years | 3 years | |||||
Expiration (in years) | 10 years | 10 years | 10 years | 10 years | 10 years | |||||
Tranche Two | ||||||||||
Employee Stock Purchase Plan | ||||||||||
Shares (in shares) | 119,200 | 119,100 | 149,250 | 18,750 | 35,625 | 119,200 | ||||
Forfeited (in shares) | 0 | (1,800) | (4,050) | 0 | 0 | |||||
Outstanding (in shares) | 119,200 | 117,300 | 145,200 | 18,750 | 35,625 | |||||
Strike price (in dollars per share) | $ 25.34 | $ 28.01 | $ 30.67 | $ 30.07 | $ 29.47 | |||||
Vesting period (in years) | 5 years | 5 years | 5 years | 5 years | 5 years | |||||
Expiration (in years) | 10 years | 10 years | 10 years | 10 years | 10 years |
Stock Options - Schedule of Options Outstanding (Details) - $ / shares |
9 Months Ended | ||
---|---|---|---|
Aug. 27, 2015 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Shares | |||
Outstanding, beginning of year (in shares) | 625,800 | 395,550 | |
Granted (in shares) | 58,125 | 238,500 | 240,000 |
Exercised (in shares) | 0 | 0 | |
Forfeited (in shares) | (22,875) | 0 | 0 |
Expired (in shares) | 0 | 0 | |
Outstanding, end of period (in shares) | 35,250 | 864,300 | 635,550 |
Exercisable, end of period (in shares) | 97,875 | 0 | |
Weighted Average Exercise Price | |||
Outstanding, weighted average exercise price (in dollars per share) | $ 29.29 | $ 30.08 | |
Granted (in dollars per share) | $ 28.02 | 25.34 | 28.01 |
Exercised (in dollars per share) | 0 | 0 | |
Forfeited (in dollars per share) | 0 | 0 | |
Expired (in dollars per share) | 0 | 0 | |
Outstanding, weighted average exercise price (in dollars per share) | 28.20 | 29.30 | |
Exercisable, end of period (in dollars per share) | $ 28.95 | $ 0 |
Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Leases [Abstract] | ||
Finance lease right of use assets | $ 5,307 | $ 5,456 |
Finance lease liabilities | $ 5,534 | $ 5,587 |
Leases - Lease Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Finance Lease Cost: | ||||
Amortization of right-of-use asset | $ 50 | $ 65 | $ 150 | $ 194 |
Interest expense | 53 | 56 | 159 | 168 |
Operating lease cost | 76 | 99 | 243 | 271 |
Variable lease cost | 0 | 1 | 0 | 3 |
Total Lease Cost | $ 179 | $ 221 | $ 552 | $ 636 |
Leases - Maturity Schedule (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Operating | ||
2020 | $ 71 | |
2021 | 291 | |
2022 | 298 | |
2023 | 273 | |
2024 | 263 | |
2025 and thereafter | 3,176 | |
Total undiscounted cash flows | 4,372 | |
Discount on cash flows | (1,153) | |
Total lease liability | 3,219 | $ 4,170 |
Finance | ||
2020 | 70 | |
2021 | 282 | |
2022 | 283 | |
2023 | 284 | |
2024 | 290 | |
2025 and thereafter | 8,004 | |
Total undiscounted cash flows | 9,213 | |
Discount on cash flows | (3,679) | |
Total lease liability | $ 5,534 |
Leases - Weighted Average Term and Discount Rate (Details) |
Sep. 30, 2020 |
---|---|
Operating | |
Weighted-average term (years) | 18 years 4 months 24 days |
Weighted-average discount rate | 3.51% |
Finance | |
Weighted-average term (years) | 27 years 4 months 24 days |
Weighted-average discount rate | 3.77% |
Reclassification of Comparative Amounts (Details) |
9 Months Ended |
---|---|
Sep. 30, 2020
USD ($)
| |
Reclassification of Comparative Amounts | |
Effect of reclassification adjustment on net income or shareholders' equity | $ 0 |
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