ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Virginia | 54-1601306 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
2 East Main Street P.O. Box 391 Berryville, Virginia | 22611 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | ¨ | Accelerated filer | ý | |||
Non-accelerated filer | ¨ | (Do not check if a smaller reporting company.) | Smaller reporting company | ¨ | ||
Emerging growth company | ¨ | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ¨ |
PART I - FINANCIAL INFORMATION | ||
Item 1. | Financial Statements: | |
Consolidated Balance Sheets at March 31, 2018 and December 31, 2017 | ||
Consolidated Statements of Income for the Three Months Ended March 31, 2018 and 2017 | ||
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2018 and 2017 | ||
Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2018 and 2017 | ||
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2018 and 2017 | ||
Notes to Consolidated Financial Statements | ||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | |
Item 4. | Controls and Procedures | |
PART II - OTHER INFORMATION | ||
Item 1. | Legal Proceedings | |
Item 1A. | Risk Factors | |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 3. | Defaults Upon Senior Securities | |
Item 4. | Mine Safety Disclosures | |
Item 5. | Other Information | |
Item 6. | Exhibits |
March 31, 2018 | December 31, 2017 | ||||||
(Unaudited) | |||||||
Assets | |||||||
Cash and due from banks | $ | 8,484 | $ | 10,578 | |||
Interest-bearing deposits with other institutions | 24,548 | 22,094 | |||||
Federal funds sold | 152 | 3,176 | |||||
Total cash and cash equivalents | 33,184 | 35,848 | |||||
Securities available for sale, at fair value | 128,820 | 132,566 | |||||
Restricted investments | 1,166 | 1,107 | |||||
Loans | 581,605 | 568,817 | |||||
Allowance for loan losses | (4,530 | ) | (4,411 | ) | |||
Net Loans | 577,075 | 564,406 | |||||
Bank premises and equipment, net | 19,474 | 19,579 | |||||
Other real estate owned, net of allowance | 3,302 | 106 | |||||
Other assets | 12,843 | 12,139 | |||||
Total assets | $ | 775,864 | $ | 765,751 | |||
Liabilities and Shareholders’ Equity | |||||||
Liabilities | |||||||
Deposits: | |||||||
Noninterest bearing demand deposits | $ | 252,144 | $ | 234,990 | |||
Savings and interest bearing demand deposits | 328,655 | 322,948 | |||||
Time deposits | 104,847 | 105,476 | |||||
Total deposits | $ | 685,646 | $ | 663,414 | |||
Other liabilities | 7,147 | 18,520 | |||||
Total liabilities | $ | 692,793 | $ | 681,934 | |||
Commitments and contingencies | |||||||
Shareholders’ Equity | |||||||
Preferred stock, $10 par value; 500,000 shares authorized and unissued | $ | — | $ | — | |||
Common stock, $2.50 par value; authorized 10,000,000 shares; issued and outstanding 2018, 3,461,117 including 16,701 shares of unvested restricted stock; issued and outstanding 2017, 3,449,027 including 14,401 shares of unvested restricted stock | 8,611 | 8,587 | |||||
Surplus | 12,155 | 12,075 | |||||
Retained earnings | 64,588 | 62,845 | |||||
Accumulated other comprehensive (loss) income | (2,283 | ) | 310 | ||||
Total shareholders’ equity | $ | 83,071 | $ | 83,817 | |||
Total liabilities and shareholders’ equity | $ | 775,864 | $ | 765,751 |
Three Months Ended | |||||||
March 31, | |||||||
2018 | 2017 | ||||||
Interest and Dividend Income | |||||||
Interest and fees on loans | $ | 6,541 | $ | 5,736 | |||
Interest and dividends on securities available for sale: | |||||||
Taxable interest income | 605 | 550 | |||||
Interest income exempt from federal income taxes | 262 | 254 | |||||
Dividends | 13 | 5 | |||||
Interest on deposits with other institutions | 54 | 21 | |||||
Total interest and dividend income | $ | 7,475 | $ | 6,566 | |||
Interest Expense | |||||||
Interest on deposits | $ | 426 | $ | 203 | |||
Total interest expense | $ | 426 | $ | 203 | |||
Net interest income | $ | 7,049 | $ | 6,363 | |||
Provision for (Recovery of) Loan Losses | 205 | (527 | ) | ||||
Net interest income after provision for (recovery of) loan losses | $ | 6,844 | $ | 6,890 | |||
Noninterest Income | |||||||
Income from fiduciary activities | $ | 444 | $ | 292 | |||
Service charges on deposit accounts | 308 | 299 | |||||
Other service charges and fees | 961 | 953 | |||||
Gain on sale of securities | 11 | 50 | |||||
Loss on disposal of bank premises and equipment | (3 | ) | (6 | ) | |||
Other operating income | 80 | 85 | |||||
Total noninterest income | $ | 1,801 | $ | 1,673 | |||
Noninterest Expenses | |||||||
Salaries and employee benefits | $ | 3,526 | $ | 3,350 | |||
Occupancy expenses | 371 | 377 | |||||
Equipment expenses | 219 | 239 | |||||
Advertising and marketing expenses | 185 | 178 | |||||
Stationery and supplies | 56 | 41 | |||||
ATM network fees | 206 | 220 | |||||
Other real estate owned expense | 130 | 1 | |||||
(Gain) on foreclosure and sales of other real estate owned | (397 | ) | (1 | ) | |||
FDIC assessment | 58 | 52 | |||||
Computer software expense | 139 | 196 | |||||
Bank franchise tax | 134 | 125 | |||||
Professional fees | 275 | 291 | |||||
Data processing fees | 125 | 117 | |||||
Other operating expenses | 603 | 525 | |||||
Total noninterest expenses | $ | 5,630 | $ | 5,711 | |||
Income before income taxes | $ | 3,015 | $ | 2,852 | |||
Income Tax Expense | 476 | 810 | |||||
Net income | $ | 2,539 | $ | 2,042 | |||
Earnings Per Share | |||||||
Net income per common share, basic | $ | 0.73 | $ | 0.59 | |||
Net income per common share, diluted | $ | 0.73 | $ | 0.59 |
Three Months Ended | |||||||
March 31, | |||||||
2018 | 2017 | ||||||
Net income | $ | 2,539 | $ | 2,042 | |||
Other comprehensive (loss): | |||||||
Unrealized (loss) on available for sale securities net of reclassification adjustments, and net of deferred income tax of ($689) and ($37) for the three months ended, respectively | (2,593 | ) | (71 | ) | |||
Total other comprehensive (loss) | (2,593 | ) | (71 | ) | |||
Total comprehensive (loss) income | $ | (54 | ) | $ | 1,971 |
Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||
Balance, December 31, 2016 | $ | 8,633 | $ | 12,642 | $ | 58,165 | $ | (24 | ) | $ | 79,416 | ||||||||
Net income | 2,042 | 2,042 | |||||||||||||||||
Other comprehensive (loss) | (71 | ) | (71 | ) | |||||||||||||||
Vesting of restricted stock awards, stock incentive plan (5,250 shares) | 13 | (13 | ) | — | |||||||||||||||
Stock-based compensation expense | 65 | 65 | |||||||||||||||||
Issuance of common stock, dividend investment plan (3,150 shares) | 8 | 77 | 85 | ||||||||||||||||
Repurchase and retirement of common stock (8,857 shares) | (22 | ) | (223 | ) | (245 | ) | |||||||||||||
Dividends declared ($0.22 per share) | (765 | ) | (765 | ) | |||||||||||||||
Balance, March 31, 2017 | $ | 8,632 | $ | 12,548 | $ | 59,442 | $ | (95 | ) | $ | 80,527 | ||||||||
Balance, December 31, 2017 | $ | 8,587 | $ | 12,075 | $ | 62,845 | $ | 310 | 83,817 | ||||||||||
Net income | 2,539 | 2,539 | |||||||||||||||||
Other comprehensive (loss) | (2,593 | ) | (2,593 | ) | |||||||||||||||
Vesting of restricted stock awards, stock incentive plan (9,109 shares) | 23 | (23 | ) | — | |||||||||||||||
Stock-based compensation expense | 81 | 81 | |||||||||||||||||
Issuance of common stock, dividend investment plan (5,681 shares) | 14 | 166 | 180 | ||||||||||||||||
Repurchase and retirement of common stock (5,000 shares) | (13 | ) | (144 | ) | (157 | ) | |||||||||||||
Dividends declared ($0.23 per share) | (796 | ) | (796 | ) | |||||||||||||||
Balance, March 31, 2018 | $ | 8,611 | $ | 12,155 | $ | 64,588 | $ | (2,283 | ) | $ | 83,071 |
Three Months Ended | |||||||
March 31, | |||||||
2018 | 2017 | ||||||
Cash Flows from Operating Activities | |||||||
Net income | $ | 2,539 | $ | 2,042 | |||
Adjustments to reconcile net income to net cash (used in) operating activities: | |||||||
Depreciation | 234 | 236 | |||||
Amortization of intangible and other assets | 45 | 54 | |||||
Provision for (recovery of) loan losses | 205 | (527 | ) | ||||
(Gain) on foreclosure and sales of other real estate owned | (397 | ) | (1 | ) | |||
Loss on the sale and disposal of premises and equipment | 3 | 6 | |||||
Loss on the sale of repossessed assets | — | 2 | |||||
(Gain) on the sale of securities | (11 | ) | (50 | ) | |||
Stock-based compensation expense | 81 | 65 | |||||
Premium amortization on securities, net | 149 | 133 | |||||
Changes in assets and liabilities: | |||||||
(Increase) in other assets | (60 | ) | (1,181 | ) | |||
(Decrease) in other liabilities | (11,373 | ) | (8,116 | ) | |||
Net cash (used in) operating activities | $ | (8,585 | ) | $ | (7,337 | ) | |
Cash Flows from Investing Activities | |||||||
Proceeds from maturities, calls, and principal payments of securities available for sale | $ | 5,181 | $ | 2,016 | |||
Proceeds from the sale of securities available for sale | 3,464 | 2,925 | |||||
Purchases of securities available for sale | (8,319 | ) | (17,251 | ) | |||
Purchases of restricted investments | (59 | ) | — | ||||
Purchases of bank premises and equipment | (132 | ) | (32 | ) | |||
Proceeds from the sale of other real estate owned | — | 265 | |||||
Proceeds from the sale of repossessed assets | — | 2 | |||||
Net (increase) in loans | (15,673 | ) | (1,981 | ) | |||
Net cash (used in) investing activities | $ | (15,538 | ) | $ | (14,056 | ) | |
Cash Flows from Financing Activities | |||||||
Net increase in noninterest bearing demand deposits, savings, and interest bearing demand deposits | $ | 22,861 | $ | 15,072 | |||
Net (decrease) in time deposits | (629 | ) | (3,076 | ) | |||
Repurchase and retirement of common stock | (157 | ) | (245 | ) | |||
Cash dividends paid | (616 | ) | (680 | ) | |||
Net cash provided by financing activities | $ | 21,459 | $ | 11,071 |
Three Months Ended | |||||||
March 31, | |||||||
2018 | 2017 | ||||||
(Decrease) in cash and cash equivalents | $ | (2,664 | ) | $ | (10,322 | ) | |
Cash and Cash Equivalents | |||||||
Beginning | 35,848 | 35,281 | |||||
Ending | $ | 33,184 | $ | 24,959 | |||
Supplemental Disclosures of Cash Flow Information | |||||||
Cash payments for: | |||||||
Interest | $ | 410 | $ | 210 | |||
Income taxes | $ | — | $ | — | |||
Supplemental Schedule of Noncash Investing and Financing Activities: | |||||||
Unrealized (loss) on securities available for sale | $ | (3,282 | ) | $ | (108 | ) | |
Other real estate and repossessed assets acquired in settlement of loans | $ | 2,799 | $ | 5 | |||
Issuance of common stock, dividend investment plan | $ | 180 | $ | 85 |
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2018 | 2017 | ||||||||||||
Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | ||||||||||
Nonvested, beginning of period | 14,401 | $ | 24.68 | 14,901 | $ | 23.05 | |||||||
Granted | 11,450 | 32.00 | 9,650 | 25.50 | |||||||||
Vested | (9,109 | ) | 24.63 | (5,250 | ) | 23.15 | |||||||
Forfeited | (41 | ) | 25.50 | — | — | ||||||||
Nonvested, end of period | 16,701 | 29.72 | 19,301 | 24.25 |
Three Months Ended | |||||
March 31, | |||||
2018 | 2017 | ||||
Weighted average number of common shares outstanding used to calculate basic and diluted earnings per share | 3,463,118 | 3,478,053 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | ||||||||||||
March 31, 2018 | |||||||||||||||
(in thousands) | |||||||||||||||
Obligations of U.S. government corporations and agencies | $ | 19,351 | $ | 65 | $ | (597 | ) | $ | 18,819 | ||||||
Mortgage-backed securities | 64,768 | 5 | (1,936 | ) | 62,837 | ||||||||||
Obligations of states and political subdivisions | 47,645 | 397 | (878 | ) | 47,164 | ||||||||||
$ | 131,764 | $ | 467 | $ | (3,411 | ) | $ | 128,820 | |||||||
December 31, 2017 | |||||||||||||||
(in thousands) | |||||||||||||||
Obligations of U.S. government corporations and agencies | $ | 21,565 | $ | 213 | $ | (258 | ) | $ | 21,520 | ||||||
Mortgage-backed securities | 61,464 | 126 | (346 | ) | 61,244 | ||||||||||
Obligations of states and political subdivisions | 49,199 | 789 | (186 | ) | 49,802 | ||||||||||
$ | 132,228 | $ | 1,128 | $ | (790 | ) | $ | 132,566 |
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||
March 31, 2018 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | $ | 6,203 | $ | 211 | $ | 7,524 | $ | 386 | $ | 13,727 | $ | 597 | |||||||||||
Mortgage-backed securities | 45,579 | 1,194 | 16,832 | 742 | 62,411 | 1,936 | |||||||||||||||||
Obligations of states and political subdivisions | 19,583 | 594 | 4,555 | 284 | 24,138 | 878 | |||||||||||||||||
$ | 71,365 | $ | 1,999 | $ | 28,911 | $ | 1,412 | $ | 100,276 | $ | 3,411 | ||||||||||||
December 31, 2017 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Obligations of U.S. government corporations and agencies | $ | 4,455 | $ | 58 | $ | 7,810 | $ | 200 | $ | 12,265 | $ | 258 | |||||||||||
Mortgage-backed securities | 11,885 | 59 | 17,931 | 287 | 29,816 | 346 | |||||||||||||||||
Obligations of states and political subdivisions | 4,071 | 27 | 4,692 | 159 | 8,763 | 186 | |||||||||||||||||
$ | 20,411 | $ | 144 | $ | 30,433 | $ | 646 | $ | 50,844 | $ | 790 |
March 31, 2018 | December 31, 2017 | ||||||
(in thousands) | |||||||
Federal Reserve Bank Stock | $ | 344 | $ | 344 | |||
Federal Home Loan Bank Stock | 682 | 623 | |||||
Community Bankers’ Bank Stock | 140 | 140 | |||||
$ | 1,166 | $ | 1,107 |
March 31, | December 31, | |||||||
2018 | 2017 | |||||||
(in thousands) | ||||||||
Mortgage loans on real estate: | ||||||||
Construction and land development | $ | 48,276 | $ | 43,786 | ||||
Secured by farmland | 8,351 | 8,568 | ||||||
Secured by 1-4 family residential properties | 218,030 | 223,210 | ||||||
Multifamily | 4,030 | 4,095 | ||||||
Commercial | 245,909 | 239,915 | ||||||
Commercial and industrial loans | 38,498 | 37,427 | ||||||
Consumer installment loans | 9,471 | 10,187 | ||||||
All other loans | 9,468 | 2,050 | ||||||
Total loans | $ | 582,033 | $ | 569,238 | ||||
Net deferred loan fees | (428 | ) | (421 | ) | ||||
Allowance for loan losses | (4,530 | ) | (4,411 | ) | ||||
Net Loans | $ | 577,075 | $ | 564,406 | ||||
Three Months Ended | Year Ended | Three Months Ended | |||||||||
March 31, | December 31, | March 31, | |||||||||
2018 | 2017 | 2017 | |||||||||
(in thousands) | |||||||||||
Balance, beginning | $ | 4,411 | $ | 4,505 | $ | 4,505 | |||||
Provision for (recovery of) loan losses | 205 | (625 | ) | (527 | ) | ||||||
Recoveries added to the allowance | 52 | 901 | 502 | ||||||||
Loan losses charged to the allowance | (138 | ) | (370 | ) | (62 | ) | |||||
Balance, ending | $ | 4,530 | $ | 4,411 | $ | 4,418 |
March 31, 2018 | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||
30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 or More Days Past Due | Total Past Due | Current | Total Loans | 90 or More Days Past Due Still Accruing | Nonaccrual Loans | ||||||||||||||||||||||||
Commercial - Non Real Estate: | |||||||||||||||||||||||||||||||
Commercial & Industrial | $ | — | $ | 17 | $ | 75 | $ | 92 | $ | 38,406 | $ | 38,498 | $ | — | $ | 331 | |||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||
Owner Occupied | — | — | — | — | 132,667 | 132,667 | — | — | |||||||||||||||||||||||
Non-owner occupied | 175 | 239 | — | 414 | 112,828 | 113,242 | — | 747 | |||||||||||||||||||||||
Construction and Farmland: | |||||||||||||||||||||||||||||||
Residential | — | — | — | — | 7,288 | 7,288 | — | — | |||||||||||||||||||||||
Commercial | — | — | — | — | 49,339 | 49,339 | — | — | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||
Installment | 9 | — | 9 | 18 | 9,453 | 9,471 | — | 10 | |||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||
Equity Lines | — | — | 18 | 18 | 31,654 | 31,672 | 18 | 43 | |||||||||||||||||||||||
Single family | 334 | 74 | 294 | 702 | 185,656 | 186,358 | — | 669 | |||||||||||||||||||||||
Multifamily | — | — | — | — | 4,030 | 4,030 | — | — | |||||||||||||||||||||||
All Other Loans | 240 | — | — | 240 | 9,228 | 9,468 | — | — | |||||||||||||||||||||||
Total | $ | 758 | $ | 330 | $ | 396 | $ | 1,484 | $ | 580,549 | $ | 582,033 | $ | 18 | $ | 1,800 |
December 31, 2017 | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||
30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 or More Days Past Due | Total Past Due | Current | Total Loans | 90 or More Past Due Still Accruing | Nonaccrual Loans | ||||||||||||||||||||||||
Commercial - Non Real Estate: | |||||||||||||||||||||||||||||||
Commercial & Industrial | $ | 75 | $ | 10 | $ | 142 | $ | 227 | $ | 37,200 | $ | 37,427 | $ | — | $ | 594 | |||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||
Owner Occupied | — | — | — | — | 127,018 | 127,018 | — | — | |||||||||||||||||||||||
Non-owner occupied | — | 368 | — | 368 | 112,529 | 112,897 | — | 767 | |||||||||||||||||||||||
Construction and Farmland: | |||||||||||||||||||||||||||||||
Residential | — | — | — | — | 3,214 | 3,214 | — | — | |||||||||||||||||||||||
Commercial | 187 | — | — | 187 | 48,953 | 49,140 | — | — | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||
Installment | 17 | — | 2 | 19 | 10,168 | 10,187 | — | 13 | |||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||
Equity Lines | 18 | — | — | 18 | 32,820 | 32,838 | — | 44 | |||||||||||||||||||||||
Single family | 829 | 572 | 4,060 | 5,461 | 184,911 | 190,372 | — | 4,921 | |||||||||||||||||||||||
Multifamily | — | — | — | — | 4,095 | 4,095 | — | — | |||||||||||||||||||||||
All Other Loans | — | — | — | — | 2,050 | 2,050 | — | — | |||||||||||||||||||||||
Total | $ | 1,126 | $ | 950 | $ | 4,204 | $ | 6,280 | $ | 562,958 | $ | 569,238 | $ | — | $ | 6,339 |
As of and for the Three Months Ended | |||||||||||||||||||||||||||||||
March 31, 2018 | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||
Construction and Farmland | Residential | Commercial Real Estate | Commercial - Non Real Estate | Consumer | All Other Loans | Unallocated | Total | ||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||
Beginning Balance | $ | 332 | $ | 1,754 | $ | 1,627 | $ | 570 | $ | 69 | $ | 29 | $ | 30 | $ | 4,411 | |||||||||||||||
Charge-Offs | — | — | — | (122 | ) | (1 | ) | (15 | ) | — | (138 | ) | |||||||||||||||||||
Recoveries | 11 | 8 | 2 | 20 | 7 | 4 | — | 52 | |||||||||||||||||||||||
(Recovery of) provision for loan losses | 19 | (51 | ) | 35 | 35 | (10 | ) | 95 | 82 | 205 | |||||||||||||||||||||
Ending balance | $ | 362 | $ | 1,711 | $ | 1,664 | $ | 503 | $ | 65 | $ | 113 | $ | 112 | $ | 4,530 | |||||||||||||||
Ending balance: Individually evaluated for impairment | $ | — | $ | 167 | $ | 58 | $ | 92 | $ | 9 | $ | — | $ | — | $ | 326 | |||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 362 | $ | 1,544 | $ | 1,606 | $ | 411 | $ | 56 | $ | 113 | $ | 112 | $ | 4,204 | |||||||||||||||
Loans: | |||||||||||||||||||||||||||||||
Ending balance | $ | 56,627 | $ | 222,060 | $ | 245,909 | $ | 38,498 | $ | 9,471 | $ | 9,468 | $ | — | $ | 582,033 | |||||||||||||||
Ending balance individually evaluated for impairment | $ | 306 | $ | 3,947 | $ | 1,877 | $ | 574 | $ | 10 | $ | — | $ | — | $ | 6,714 | |||||||||||||||
Ending balance collectively evaluated for impairment | $ | 56,321 | $ | 218,113 | $ | 244,032 | $ | 37,924 | $ | 9,461 | $ | 9,468 | $ | — | $ | 575,319 |
As of and for the Twelve Months Ended | |||||||||||||||||||||||||||||||
December 31, 2017 | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||
Construction and Farmland | Residential | Commercial Real Estate | Commercial - Non Real Estate | Consumer | All Other Loans | Unallocated | Total | ||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||
Beginning Balance | $ | 450 | $ | 1,992 | $ | 1,522 | $ | 235 | $ | 69 | $ | 22 | $ | 215 | $ | 4,505 | |||||||||||||||
Charge-Offs | (19 | ) | (55 | ) | (1 | ) | (187 | ) | (59 | ) | (49 | ) | — | (370 | ) | ||||||||||||||||
Recoveries | 535 | 212 | 65 | 44 | 40 | 5 | — | 901 | |||||||||||||||||||||||
(Recovery of) provision for loan losses | (634 | ) | (395 | ) | 41 | 478 | 19 | 51 | (185 | ) | (625 | ) | |||||||||||||||||||
Ending balance | $ | 332 | $ | 1,754 | $ | 1,627 | $ | 570 | $ | 69 | $ | 29 | $ | 30 | $ | 4,411 | |||||||||||||||
Ending balance: Individually evaluated for impairment | $ | — | $ | 195 | $ | 59 | $ | 195 | $ | 9 | $ | — | $ | — | $ | 458 | |||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 332 | $ | 1,559 | $ | 1,568 | $ | 375 | $ | 60 | $ | 29 | $ | 30 | $ | 3,953 | |||||||||||||||
Loans: | |||||||||||||||||||||||||||||||
Ending balance | $ | 52,354 | $ | 227,305 | $ | 239,915 | $ | 37,427 | $ | 10,187 | $ | 2,050 | $ | — | $ | 569,238 | |||||||||||||||
Ending balance individually evaluated for impairment | $ | 315 | $ | 8,315 | $ | 1,904 | $ | 858 | $ | 34 | $ | — | $ | — | $ | 11,426 | |||||||||||||||
Ending balance collectively evaluated for impairment | $ | 52,039 | $ | 218,990 | $ | 238,011 | $ | 36,569 | $ | 10,153 | $ | 2,050 | $ | — | $ | 557,812 |
As of and for the Three Months Ended | |||||||||||||||||||
March 31, 2018 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||
Unpaid Principal Balance | Recorded Investment (1) | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||
With no related allowance: | |||||||||||||||||||
Commercial - Non Real Estate: | |||||||||||||||||||
Commercial & Industrial | $ | 740 | $ | 482 | $ | — | $ | 505 | $ | 7 | |||||||||
Commercial Real Estate: | |||||||||||||||||||
Owner Occupied | 328 | 328 | — | 330 | 4 | ||||||||||||||
Non-owner occupied | 795 | 747 | — | 752 | — | ||||||||||||||
Construction and Farmland: | |||||||||||||||||||
Residential | — | — | — | — | — | ||||||||||||||
Commercial | 354 | 307 | — | 311 | 7 | ||||||||||||||
Consumer: | |||||||||||||||||||
Installment | 2 | 2 | — | 2 | — | ||||||||||||||
Residential: | |||||||||||||||||||
Equity lines | — | — | — | — | — | ||||||||||||||
Single family | 3,123 | 2,705 | — | 2,904 | 25 | ||||||||||||||
Multifamily | — | — | — | — | — | ||||||||||||||
Other Loans | — | — | — | — | — | ||||||||||||||
$ | 5,342 | $ | 4,571 | $ | — | $ | 4,804 | $ | 43 | ||||||||||
With an allowance recorded: | |||||||||||||||||||
Commercial - Non Real Estate: | |||||||||||||||||||
Commercial & Industrial | $ | 92 | $ | 92 | $ | 92 | $ | 92 | $ | — | |||||||||
Commercial Real Estate: | |||||||||||||||||||
Owner Occupied | — | — | — | — | — | ||||||||||||||
Non-owner occupied | 801 | 804 | 58 | 806 | 9 | ||||||||||||||
Construction and Farmland: | |||||||||||||||||||
Residential | — | — | — | — | — | ||||||||||||||
Commercial | — | — | — | — | — | ||||||||||||||
Consumer: | |||||||||||||||||||
Installment | 9 | 9 | 9 | 9 | — | ||||||||||||||
Residential: | |||||||||||||||||||
Equity lines | 217 | 43 | 43 | 43 | — | ||||||||||||||
Single family | 1,263 | 1,211 | 124 | 1,215 | 14 | ||||||||||||||
Multifamily | — | — | — | — | — | ||||||||||||||
Other Loans | — | — | — | — | — | ||||||||||||||
$ | 2,382 | $ | 2,159 | $ | 326 | $ | 2,165 | $ | 23 | ||||||||||
Total: | |||||||||||||||||||
Commercial | $ | 832 | $ | 574 | $ | 92 | $ | 597 | $ | 7 | |||||||||
Commercial Real Estate | 1,924 | 1,879 | 58 | 1,888 | 13 | ||||||||||||||
Construction and Farmland | 354 | 307 | — | 311 | 7 | ||||||||||||||
Consumer | 11 | 11 | 9 | 11 | — | ||||||||||||||
Residential | 4,603 | 3,959 | 167 | 4,162 | 39 | ||||||||||||||
Other | — | — | — | — | — | ||||||||||||||
Total | $ | 7,724 | $ | 6,730 | $ | 326 | $ | 6,969 | $ | 66 |
As of and for the Twelve Months End | |||||||||||||||||||
December 31, 2017 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||
Unpaid Principal Balance | Recorded Investment (1) | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||
With no related allowance: | |||||||||||||||||||
Commercial - Non Real Estate: | |||||||||||||||||||
Commercial & Industrial | $ | 626 | $ | 304 | $ | — | $ | 342 | $ | 23 | |||||||||
Commercial Real Estate: | |||||||||||||||||||
Owner Occupied | 330 | 331 | — | 336 | 15 | ||||||||||||||
Non-owner occupied | 805 | 767 | — | 785 | 20 | ||||||||||||||
Construction and Farmland: | |||||||||||||||||||
Residential | — | — | — | — | — | ||||||||||||||
Commercial | 362 | 316 | — | 330 | 28 | ||||||||||||||
Consumer: | |||||||||||||||||||
Installment | 25 | 25 | — | 27 | 1 | ||||||||||||||
Residential: | |||||||||||||||||||
Equity lines | — | — | — | — | — | ||||||||||||||
Single family | 7,371 | 6,985 | — | 7,069 | 124 | ||||||||||||||
Multifamily | — | — | — | — | — | ||||||||||||||
Other Loans | — | — | — | — | — | ||||||||||||||
$ | 9,519 | $ | 8,728 | $ | — | $ | 8,889 | $ | 211 | ||||||||||
With an allowance recorded: | |||||||||||||||||||
Commercial - Non Real Estate: | |||||||||||||||||||
Commercial & Industrial | $ | 595 | $ | 556 | $ | 195 | $ | 567 | $ | 17 | |||||||||
Commercial Real Estate: | |||||||||||||||||||
Owner Occupied | — | — | — | — | — | ||||||||||||||
Non-owner occupied | 806 | 809 | 59 | 817 | 37 | ||||||||||||||
Construction and Farmland: | |||||||||||||||||||
Residential | — | — | — | — | — | ||||||||||||||
Commercial | — | — | — | — | — | ||||||||||||||
Consumer: | |||||||||||||||||||
Installment | 9 | 9 | 9 | 9 | — | ||||||||||||||
Residential: | |||||||||||||||||||
Equity lines | 217 | 44 | 44 | 45 | — | ||||||||||||||
Single family | 1,349 | 1,299 | 151 | 1,315 | 57 | ||||||||||||||
Multifamily | — | — | — | — | — | ||||||||||||||
Other Loans | — | — | — | — | — | ||||||||||||||
$ | 2,976 | $ | 2,717 | $ | 458 | $ | 2,753 | $ | 111 | ||||||||||
Total: | |||||||||||||||||||
Commercial | $ | 1,221 | $ | 860 | $ | 195 | $ | 909 | $ | 40 | |||||||||
Commercial Real Estate | 1,941 | 1,907 | 59 | 1,938 | 72 | ||||||||||||||
Construction and Farmland | 362 | 316 | — | 330 | 28 | ||||||||||||||
Consumer | 34 | 34 | 9 | 36 | 1 | ||||||||||||||
Residential | 8,937 | 8,328 | 195 | 8,429 | 181 | ||||||||||||||
Other | — | — | — | — | — | ||||||||||||||
Total | $ | 12,495 | $ | 11,445 | $ | 458 | $ | 11,642 | $ | 322 |
Pass | Pass loans exhibit acceptable history of profits, cash flow ability and liquidity. Sufficient cash flow exists to service the loan. All obligations have been paid by the borrower in an as agreed manner. |
Pass Monitored | Pass monitored loans may be experiencing income and cash volatility, inconsistent operating trends, nominal liquidity and/or a leveraged balance sheet. A higher level of supervision is required for these loans as the potential for a negative event could impact the borrower’s ability to repay the loan. |
Special Mention | Special mention loans exhibit negative trends and potential weakness that, if left uncorrected, may negatively affect the borrower’s ability to repay its obligations. The risk of default is not imminent and the borrower still demonstrates sufficient financial strength to service debt. |
Substandard | Substandard loans exhibit well defined weaknesses resulting in a higher probability of default. The borrowers exhibit adverse financial trends and a diminishing ability or willingness to service debt. |
Doubtful | Doubtful loans exhibit all of the characteristics inherent in substandard loans; however given the severity of weaknesses, the collection of 100% of the principal is unlikely under current conditions. |
Loss | Loss loans are considered uncollectible over a reasonable period of time and of such little value that its continuance as a bankable asset is not warranted. |
As of | |||||||||||||||||||||||||||
March 31, 2018 | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
INTERNAL RISK RATING GRADES | Pass | Pass Monitored | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||
Commercial - Non Real Estate: | |||||||||||||||||||||||||||
Commercial & Industrial | $ | 34,691 | $ | 1,633 | $ | 1,837 | $ | 337 | $ | — | $ | — | $ | 38,498 | |||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||
Owner Occupied | 116,817 | 10,525 | 4,997 | 328 | — | — | 132,667 | ||||||||||||||||||||
Non-owner occupied | 81,000 | 19,344 | 12,151 | 747 | — | — | 113,242 | ||||||||||||||||||||
Construction and Farmland: | |||||||||||||||||||||||||||
Residential | 6,498 | 98 | 692 | — | — | — | 7,288 | ||||||||||||||||||||
Commercial | 25,089 | 23,944 | — | 306 | — | — | 49,339 | ||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||
Equity Lines | 31,330 | 299 | — | — | 43 | — | 31,672 | ||||||||||||||||||||
Single family | 178,103 | 5,625 | 389 | 2,058 | 183 | — | 186,358 | ||||||||||||||||||||
Multifamily | 2,668 | 500 | 862 | — | — | — | 4,030 | ||||||||||||||||||||
All other loans | 9,468 | — | — | — | — | — | 9,468 | ||||||||||||||||||||
Total | $ | 485,664 | $ | 61,968 | $ | 20,928 | $ | 3,776 | $ | 226 | $ | — | $ | 572,562 |
Performing | Nonperforming | ||||||
Consumer Credit Exposure by Payment Activity | $ | 9,453 | $ | 18 |
As of | |||||||||||||||||||||||||||
December 31, 2017 | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
INTERNAL RISK RATING GRADES | Pass | Pass Monitored | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||
Commercial - Non Real Estate: | |||||||||||||||||||||||||||
Commercial & Industrial | $ | 33,279 | $ | 1,788 | $ | 1,748 | $ | 612 | $ | — | $ | — | $ | 37,427 | |||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||
Owner Occupied | 112,649 | 10,893 | 3,146 | 330 | — | — | 127,018 | ||||||||||||||||||||
Non-owner occupied | 82,050 | 17,992 | 12,088 | 767 | — | — | 112,897 | ||||||||||||||||||||
Construction and Farm land: | |||||||||||||||||||||||||||
Residential | 2,614 | 600 | — | — | — | — | 3,214 | ||||||||||||||||||||
Commercial | 30,093 | 17,069 | 1,663 | 315 | — | — | 49,140 | ||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||
Equity Lines | 32,495 | 299 | — | — | 44 | — | 32,838 | ||||||||||||||||||||
Single family | 177,829 | 5,869 | 155 | 6,327 | 192 | — | 190,372 | ||||||||||||||||||||
Multifamily | 3,588 | — | 507 | — | — | — | 4,095 | ||||||||||||||||||||
All other loans | 2,050 | — | — | — | — | — | 2,050 | ||||||||||||||||||||
Total | $ | 476,647 | $ | 54,510 | $ | 19,307 | $ | 8,351 | $ | 236 | $ | — | $ | 559,051 |
Performing | Nonperforming | ||||||
Consumer Credit Exposure by Payment Activity | $ | 10,168 | $ | 19 |
• | The borrower receives a reduction of the stated interest rate to a rate less than the institution is willing to accept at the time of the restructure for a new loan with comparable risk. |
• | The borrower receives an extension of the maturity date or dates at a stated interest rate lower than the current market interest rate for new debt with similar risk characteristics. |
• | The borrower receives a reduction of the face amount or maturity amount of the debt as stated in the instrument or other agreement. |
• | The borrower receives a deferral of required payments (principal and/or interest). |
• | The borrower receives a reduction of the accrued interest. |
March 31, 2018 | December 31, 2017 | ||||||
(in thousands) | |||||||
Noninterest bearing demand deposits | $ | 252,144 | $ | 234,990 | |||
Savings and interest bearing demand deposits: | |||||||
NOW accounts | $ | 90,736 | $ | 91,288 | |||
Money market accounts | 132,034 | 129,497 | |||||
Regular savings accounts | 105,885 | 102,163 | |||||
$ | 328,655 | $ | 322,948 | ||||
Time deposits: | |||||||
Balances of less than $250,000 | $ | 62,868 | $ | 62,681 | |||
Balances of $250,000 and more | 41,979 | 42,795 | |||||
$ | 104,847 | $ | 105,476 | ||||
$ | 685,646 | $ | 663,414 |
• | Level 1 | Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. | ||
• | Level 2 | Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | ||
• | Level 3 | Inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
Fair Value Measurements at | |||||||||||||||
March 31, 2018 | |||||||||||||||
Using | |||||||||||||||
Balance as of | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||
March 31, 2018 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
(in thousands) | |||||||||||||||
Assets: | |||||||||||||||
Securities available for sale | |||||||||||||||
Obligations of U.S. government corporations and agencies | $ | 18,819 | $ | — | $ | 18,819 | $ | — | |||||||
Mortgage-backed securities | 62,837 | — | 62,837 | — | |||||||||||
Obligations of states and political subdivisions | 47,164 | — | 47,164 | — | |||||||||||
Total assets at fair value | $ | 128,820 | $ | — | $ | 128,820 | $ | — | |||||||
Fair Value Measurements at | |||||||||||||||
December 31, 2017 | |||||||||||||||
Using | |||||||||||||||
Balance as of | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||
December 31, 2017 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
(in thousands) | |||||||||||||||
Assets: | |||||||||||||||
Securities available for sale | |||||||||||||||
Obligations of U.S. government corporations and agencies | $ | 21,520 | $ | — | $ | 21,520 | $ | — | |||||||
Mortgage-backed securities | 61,244 | — | 61,244 | — | |||||||||||
Obligations of states and political subdivisions | 49,802 | — | 49,259 | 543 | |||||||||||
Total assets at fair value | $ | 132,566 | $ | — | $ | 132,023 | $ | 543 |
Level 3 Recurring Fair Value Measurements | ||||||
As of and for the Three Months Ended | ||||||
March 31, 2018 | March 31, 2017 | |||||
(in thousands) | ||||||
Beginning balance | $ | 543 | $ | 614 | ||
Purchases | — | — | ||||
Sales | — | — | ||||
Issuances | — | — | ||||
Settlements | (543 | ) | (27 | ) | ||
Total assets at fair value | $ | — | $ | 587 |
Quantitative information about Level 3 Fair Value Measurements for | |||||||
March 31, 2018 | |||||||
Valuation Technique(s) | Unobservable Input | Range | Weighted Average | ||||
Assets: | |||||||
Impaired loans | Discounted appraised value | Selling cost | 12% | 12% | |||
Impaired loans | Present value of cash flows | Discount rate | 4% - 10% | 5% | |||
Other real estate owned | Discounted appraised value | Selling cost | 6% | 6% | |||
December 31, 2017 | |||||||
Valuation Technique(s) | Unobservable Input | Range | Weighted Average | ||||
Impaired loans | Discounted appraised value | Selling cost | 6% - 12% | 7% | |||
Impaired loans | Present value of cash flows | Discount rate | 4% - 10% | 5% | |||
Other real estate owned | Discounted appraised value | Selling cost | 6% | 6% | |||
Fair Value at | |||||||||||||||
March 31, 2018 | |||||||||||||||
Balance as of | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||
March 31, 2018 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
(in thousands) | |||||||||||||||
Financial Assets: | |||||||||||||||
Impaired loans | $ | 1,825 | $ | — | $ | — | $ | 1,825 | |||||||
Nonfinancial Assets: | |||||||||||||||
Other real estate owned | 3,302 | — | — | 3,302 | |||||||||||
Fair Value at | |||||||||||||||
December 31, 2017 | |||||||||||||||
Balance as of | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||
December 31, 2017 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
(in thousands) | |||||||||||||||
Financial Assets: | |||||||||||||||
Impaired loans | $ | 2,248 | $ | — | $ | — | $ | 2,248 | |||||||
Nonfinancial Assets: | |||||||||||||||
Other real estate owned | 106 | — | — | 106 |
Fair Value Measurements at | |||||||||||||||||||
March 31, 2018 | |||||||||||||||||||
Using | |||||||||||||||||||
Carrying Value as of | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Fair Value as of | |||||||||||||||
March 31, 2018 | (Level 1) | (Level 2) | (Level 3) | March 31, 2018 | |||||||||||||||
(in thousands) | |||||||||||||||||||
Financial Assets: | |||||||||||||||||||
Cash and short-term investments | $ | 33,184 | $ | 33,184 | $ | — | $ | — | $ | 33,184 | |||||||||
Securities | 128,820 | — | 128,820 | — | 128,820 | ||||||||||||||
Restricted Investments | 1,166 | — | 1,166 | — | 1,166 | ||||||||||||||
Loans, net | 577,075 | — | — | 571,369 | 571,369 | ||||||||||||||
Bank owned life insurance | 486 | — | 486 | — | 486 | ||||||||||||||
Accrued interest receivable | 2,013 | — | 2,013 | — | 2,013 | ||||||||||||||
Financial Liabilities: | |||||||||||||||||||
Deposits | $ | 685,646 | $ | — | $ | 684,724 | $ | — | $ | 684,724 | |||||||||
Accrued interest payable | 60 | — | 60 | — | 60 |
Fair Value Measurements at | |||||||||||||||||||
December 31, 2017 | |||||||||||||||||||
Using | |||||||||||||||||||
Carrying Value as of | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Fair Value as of | |||||||||||||||
December 31, 2017 | (Level 1) | (Level 2) | (Level 3) | December 31, 2017 | |||||||||||||||
(in thousands) | |||||||||||||||||||
Financial assets: | |||||||||||||||||||
Cash and short-term investments | $ | 35,848 | $ | 35,848 | $ | — | $ | — | $ | 35,848 | |||||||||
Securities | 132,566 | — | 132,023 | 543 | 132,566 | ||||||||||||||
Restricted Investments | 1,107 | — | 1,107 | — | 1,107 | ||||||||||||||
Loans, net | 564,406 | — | — | 559,665 | 559,665 | ||||||||||||||
Bank owned life insurance | 486 | — | 486 | — | 486 | ||||||||||||||
Accrued interest receivable | 1,955 | — | 1,955 | — | 1,955 | ||||||||||||||
Financial liabilities: | |||||||||||||||||||
Deposits | $ | 663,414 | $ | — | $ | 662,696 | $ | — | $ | 662,696 | |||||||||
Accrued interest payable | 44 | — | 44 | — | 44 |
Three Months Ended | ||||||||||||||||||
March 31, | ||||||||||||||||||
2018 | 2017 | |||||||||||||||||
Unrealized Gains and (Losses) on Available for Sale Securities | Change in Benefit Obligations and Plan Assets for the Post Retirement Benefit Plan | Total | Unrealized Gains and (Losses) on Available for Sale Securities | Change in Benefit Obligations and Plan Assets for the Post Retirement Benefit Plan | Total | |||||||||||||
(dollars in thousands) | ||||||||||||||||||
January 1 | $ | 266 | $ | 44 | $ | 310 | $ | (63 | ) | $ | 39 | $ | (24 | ) | ||||
Other comprehensive (loss) before reclassifications | (3,271 | ) | — | (3,271 | ) | (58 | ) | — | (58 | ) | ||||||||
Reclassifications | (11 | ) | — | (11 | ) | (50 | ) | — | (50 | ) | ||||||||
Tax effect of current period changes | 689 | — | 689 | 37 | — | 37 | ||||||||||||
Current period changes net of taxes | (2,593 | ) | — | (2,593 | ) | (71 | ) | — | (71 | ) | ||||||||
March 31 | $ | (2,327 | ) | $ | 44 | $ | (2,283 | ) | $ | (134 | ) | $ | 39 | $ | (95 | ) |
Three Months Ended | Year Ended | Three Months Ended | |||||||||
March 31, | December 31, | March 31, | |||||||||
2018 | 2017 | 2017 | |||||||||
(in thousands) | |||||||||||
Balance, beginning | $ | 106 | $ | 370 | $ | 370 | |||||
Transfers from loans | 2,799 | 53 | — | ||||||||
Gain on foreclosure | 397 | — | — | ||||||||
Sales | — | (317 | ) | (264 | ) | ||||||
Valuation adjustments | — | — | — | ||||||||
Balance, ending | $ | 3,302 | $ | 106 | $ | 106 |
As of | |||||||
March 31, 2018 | December 31, 2017 | ||||||
(in thousands) | |||||||
Construction and Farmland | $ | 106 | $ | 106 | |||
Residential Real Estate | 3,196 | — | |||||
Commercial Real Estate | — | — | |||||
Subtotal | $ | 3,302 | $ | 106 | |||
Less valuation allowance | — | — | |||||
Total | $ | 3,302 | $ | 106 |
• | the ability to successfully manage growth or implement growth strategies if the Bank is unable to identify attractive markets, locations or opportunities to expand in the future or if the Bank is unable to successfully integrate new branches and other growth opportunities into its existing operations; |
• | competition with other banks and financial institutions, and companies outside of the banking industry, including those companies that have substantially greater access to capital and other resources; |
• | the successful management of interest rate risk; |
• | risks inherent in making loans such as repayment risks and fluctuating collateral values; |
• | changes in general economic and business conditions in the market area; |
• | reliance on the management team, including the ability to attract and retain key personnel; |
• | changes in interest rates and interest rate policies; |
• | maintaining capital levels adequate to support growth; |
• | maintaining cost controls and asset qualities as new branches are opened or acquired; |
• | demand, development and acceptance of new products and services; |
• | problems with technology utilized by the Bank; |
• | changing trends in customer profiles and behavior; |
• | changes in banking, tax and other laws and regulations and interpretations or guidance thereunder; and |
• | other factors described in Item 1A., “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. |
March 31, 2018 | March 31, 2017 | |||||||||||||||||||||
Average Balances | Interest Income/ Expense | Average Yield/ Rate (3) | Average Balances | Interest Income/ Expense | Average Yield/ Rate (3) | |||||||||||||||||
Assets: | ||||||||||||||||||||||
Securities: | ||||||||||||||||||||||
Taxable | $ | 90,769 | $ | 618 | 2.76 | % | $ | 88,081 | $ | 555 | 2.56 | % | ||||||||||
Tax-Exempt (1) | 39,307 | 332 | 3.43 | % | 36,966 | 385 | 4.22 | % | ||||||||||||||
Total Securities | $ | 130,076 | $ | 950 | 2.96 | % | $ | 125,047 | $ | 940 | 3.05 | % | ||||||||||
Loans: | ||||||||||||||||||||||
Taxable | 563,373 | 6,467 | 4.66 | % | 505,538 | 5,682 | 4.56 | % | ||||||||||||||
Non-accrual | 3,624 | — | — | % | 6,552 | — | — | % | ||||||||||||||
Tax-Exempt (1) | 8,378 | 93 | 4.48 | % | 6,230 | 81 | 5.23 | % | ||||||||||||||
Total Loans | $ | 575,375 | $ | 6,560 | 4.62 | % | $ | 518,320 | $ | 5,763 | 4.51 | % | ||||||||||
Federal funds sold | 218 | — | 2.19 | % | 85 | — | 1.25 | % | ||||||||||||||
Interest-bearing deposits in other banks | 13,514 | 54 | 1.56 | % | 10,435 | 21 | 0.82 | % | ||||||||||||||
Total earning assets (2) | $ | 715,559 | $ | 7,564 | 4.29 | % | $ | 647,335 | $ | 6,724 | 4.21 | % | ||||||||||
Allowance for loan losses | (4,450 | ) | (4,812 | ) | ||||||||||||||||||
Total non-earning assets | 46,553 | 49,455 | ||||||||||||||||||||
Total assets | $ | 757,662 | $ | 691,978 | ||||||||||||||||||
Liabilities and Shareholders’ Equity: | ||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||
NOW accounts | $ | 88,188 | $ | 58 | 0.27 | % | $ | 83,730 | $ | 32 | 0.15 | % | ||||||||||
Money market accounts | 131,959 | 136 | 0.42 | % | 129,830 | 56 | 0.17 | % | ||||||||||||||
Savings accounts | 103,605 | 25 | 0.10 | % | 98,075 | 14 | 0.06 | % | ||||||||||||||
Time deposits: | ||||||||||||||||||||||
$100,000 and more | 68,238 | 123 | 0.73 | % | 40,755 | 65 | 0.65 | % | ||||||||||||||
Less than $100,000 | 36,963 | 84 | 0.97 | % | 45,709 | 36 | 0.32 | % | ||||||||||||||
Total interest-bearing deposits | $ | 428,953 | $ | 426 | 0.41 | % | $ | 398,099 | $ | 203 | 0.21 | % | ||||||||||
Federal funds purchased | 33 | — | 1.89 | % | 42 | — | 1.87 | % | ||||||||||||||
Total interest-bearing liabilities | $ | 428,986 | $ | 426 | 0.41 | % | $ | 398,141 | $ | 203 | 0.21 | % | ||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||
Demand deposits | 237,343 | 205,646 | ||||||||||||||||||||
Other Liabilities | 8,258 | 8,469 | ||||||||||||||||||||
Total liabilities | $ | 674,587 | $ | 612,256 | ||||||||||||||||||
Shareholders’ equity | 83,075 | 79,722 | ||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 757,662 | $ | 691,978 | ||||||||||||||||||
Net interest income | $ | 7,138 | $ | 6,521 | ||||||||||||||||||
Net interest spread | 3.88 | % | 4.00 | % | ||||||||||||||||||
Interest expense as a percent of average earning assets | 0.24 | % | 0.13 | % | ||||||||||||||||||
Net interest margin | 4.04 | % | 4.08 | % | ||||||||||||||||||
(1) | Income and yields are reported on a tax-equivalent basis using a federal tax rate of 21% and 34% for 2018 and 2017, respectively. |
(2) | Non-accrual loans are not included in this total since they are not considered earning assets. |
(3) | Annualized. |
Three Months Ended | |||||||
March 31, | |||||||
2018 | 2017 | ||||||
(in thousands) | |||||||
GAAP Financial Measurements: | |||||||
Interest Income - Loans | $ | 6,541 | $ | 5,736 | |||
Interest Income - Securities and Other Interest-Earnings Assets | 934 | 830 | |||||
Interest Expense - Deposits | 426 | 203 | |||||
Interest Expense - Other Borrowings | — | — | |||||
Total Net Interest Income | $ | 7,049 | $ | 6,363 | |||
Non-GAAP Financial Measurements: | |||||||
Add: Tax Benefit on Tax-Exempt Interest Income - Loans (1) | $ | 19 | $ | 27 | |||
Add: Tax Benefit on Tax-Exempt Interest Income - Securities (1) | 70 | 131 | |||||
Total Tax Benefit on Tax-Exempt Interest Income | $ | 89 | $ | 158 | |||
Tax-Equivalent Net Interest Income | $ | 7,138 | $ | 6,521 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
(dollars in thousands) | 2018 | 2017 | $ Change | % Change | |||||||
Income from fiduciary activities | $ | 444 | $ | 292 | $ | 152 | 52 | % | |||
Service charges on deposit accounts | 308 | 299 | 9 | 3 | % | ||||||
Other service charges and fees | 961 | 953 | 8 | 1 | % | ||||||
Gain on sale of securities | 11 | 50 | (39 | ) | NM | ||||||
Loss on disposal of bank premises and equipment | (3 | ) | (6 | ) | 3 | NM | |||||
Other operating (loss) income | 80 | 85 | (5 | ) | (6 | )% | |||||
Total noninterest income | $ | 1,801 | $ | 1,673 | $ | 128 | 8 | % |
Three Months Ended | |||||||||||
March 31, | |||||||||||
(dollars in thousands) | 2018 | 2017 | $ Change | % Change | |||||||
Salaries and employee benefits | $ | 3,526 | $ | 3,350 | $ | 176 | 5 | % | |||
Occupancy expenses | 371 | 377 | (6 | ) | (2 | )% | |||||
Equipment expenses | 219 | 239 | (20 | ) | (8 | )% | |||||
Advertising and marketing expenses | 185 | 178 | 7 | 4 | % | ||||||
Stationary and supplies | 56 | 41 | 15 | 37 | % | ||||||
ATM network fees | 206 | 220 | (14 | ) | (6 | )% | |||||
Other real estate owned expense | 130 | 1 | 129 | NM | |||||||
(Gain) on foreclosure and sales of other real estate owned | (397 | ) | (1 | ) | (396 | ) | NM | ||||
FDIC assessment | 58 | 52 | 6 | 12 | % | ||||||
Computer software expense | 139 | 196 | (57 | ) | (29 | )% | |||||
Bank franchise tax | 134 | 125 | 9 | 7 | % | ||||||
Professional fees | 275 | 291 | (16 | ) | (5 | )% | |||||
Data processing fees | 125 | 117 | 8 | 7 | % | ||||||
Other operating expenses | 603 | 525 | 78 | 15 | % | ||||||
Total noninterest expenses | $ | 5,630 | $ | 5,711 | $ | (81 | ) | (1 | )% |
Three Months Ended | |||||||
March 31, | |||||||
2018 | 2017 | ||||||
(in thousands) | |||||||
Summary of Operating Results: | |||||||
Noninterest expenses | $ | 5,630 | $ | 5,711 | |||
Less: (Gain) on other real estate owned | (397 | ) | (1 | ) | |||
Adjusted noninterest expenses | $ | 6,027 | $ | 5,712 | |||
Net interest income | $ | 7,049 | $ | 6,363 | |||
Noninterest income | 1,801 | 1,673 | |||||
Less: Gain on sales of securities | 11 | 50 | |||||
Less: (Loss) on the sale and disposal of premises and equipment | (3 | ) | (6 | ) | |||
Less: (Loss) on sale of of repossessed assets | — | (2 | ) | ||||
Adjusted noninterest income | $ | 1,793 | $ | 1,631 | |||
Tax equivalent adjustment (1) | 89 | 158 | |||||
Total net interest income and noninterest income, adjusted | $ | 8,931 | $ | 8,152 | |||
Efficiency ratio | 67.48 | % | 70.07 | % |
Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan | Maximum Number of Shares that may Yet Be Purchased Under the Plan | ||||||||||
January 1 - January 31, 2018 | — | $ | — | — | 111,115 | ||||||||
February 1 - February 28, 2018 | 5,000 | 31.30 | 5,000 | 106,115 | |||||||||
March 1 - March 31, 2018 | — | — | — | 111,115 | |||||||||
5,000 | $ | 31.30 | 5,000 | 106,115 |
Exhibit No. | Description | ||
Certification by Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||
Certification by Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||
Certification by Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||
101 | The following materials from the Eagle Financial Services, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 formatted in Extensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income (Loss) (iv) Consolidated Statements of Changes in Shareholders' Equity, (v) Consolidated Statements of Cash Flows and (vi) notes to Consolidated Financial Statements. |
By: | /S/ JOHN R. MILLESON | |
John R. Milleson President and Chief Executive Officer | ||
By: | /S/ KATHLEEN J. CHAPPELL | |
Kathleen J. Chappell Vice President, Chief Financial Officer |
/S/ JOHN R. MILLESON |
John R. Milleson |
President and Chief Executive Officer |
/S/ KATHLEEN J. CHAPPELL |
Kathleen J. Chappell |
Vice President and Chief Financial Officer |
/S/ JOHN R. MILLESON |
John R. Milleson |
President and Chief Executive Officer |
/S/ KATHLEEN J. CHAPPELL |
Kathleen J. Chappell |
Vice President and Chief Financial Officer |
Date: May 10, 2018 |
Document And Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
May 03, 2018 |
|
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2018 | |
Entity Registrant Name | EAGLE FINANCIAL SERVICES INC | |
Entity Central Index Key | 0000880641 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 3,461,720 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 10 | $ 10 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 2.50 | $ 2.50 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 3,461,117 | 3,449,027 |
Common stock, unvested restricted shares | 16,701 | 14,401 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 2,539 | $ 2,042 |
Other comprehensive income: | ||
Unrealized (loss) on available for sale securities net of reclassification adjustments, net of deferred income tax | (2,593) | (71) |
Total other comprehensive (loss) | (2,593) | (71) |
Total comprehensive (loss) income | $ (54) | $ 1,971 |
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Statement of Comprehensive Income [Abstract] | ||
Unrealized loss on available for sale securities, deferred income tax | $ (689) | $ (37) |
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Statement of Stockholders' Equity [Abstract] | ||
Issuance of restricted stock, stock incentive plan, shares | 9,109 | 5,250 |
Issuance of common stock, dividend investment plan, shares | 5,681 | 3,150 |
Repurchase and retirement of common stock, shares | 5,000 | 8,857 |
Dividends declared, per share | $ 0.23 | $ 0.22 |
General |
3 Months Ended |
---|---|
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | NOTE 1. General The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America. In the opinion of management, the accompanying financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position at March 31, 2018 and December 31, 2017, the results of operations for the three months ended March 31, 2018 and 2017, and cash flows for the three months ended March 31, 2018 and 2017. The results of operations for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 (the “2017 Form 10-K”). Eagle Financial Services, Inc. (the "Company") owns 100% of Bank of Clarke County (the “Bank”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany accounts and transactions between the Company and the Bank have been eliminated. Certain amounts in the consolidated financial statements have been reclassified to conform to current year presentations. None of the reclassifications were of a material nature and they had no effect on prior year net income or shareholders' equity. On January 1, 2018, the Company adopted ASU No. 2014-09, "Revenue from Contracts with Customers: Topic 606." This ASU revised guidance for the recognition, measurement, and disclosure of revenue from contracts with customers. The original guidance was amended through subsequent accounting standard updates that resulted in technical corrections, improvements, and a one-year deferral of the effective date to January 1, 2018. The guidance, as amended, is applicable to all entities and replaces significant portions of existing industry and transaction-specific revenue recognition rules with a more principles-based recognition model. Most revenue associated with financial instruments, including interest income, loan origination fees, and credit card fees, is outside the scope of the guidance. Gains and losses on investment securities, derivatives, financial guarantees, and sales of financial instruments are similarly excluded from the scope. The guidance is applicable to noninterest revenue streams such as trust and asset management income, deposit related fees, interchange fees, and merchant income. The Company adopted this guidance via the modified retrospective approach, meaning the standard is applied only to the most current period presented in the financial statements with the cumulative effect of initially applying the standard recognized at the date of initial application. Since the guidance does not apply to revenue associated with financial instruments, including loans and securities that are accounted for under other GAAP, the new guidance did not have a material impact on revenue most closely associated with financial instruments, including interest income and expense. The Company completed its overall assessment of revenue streams and review of related contracts potentially affected by the ASU, including trust and asset management fees, deposit related fees, interchange fees, and merchant income. The Company also completed an evaluation of certain costs related to these revenue streams to determine whether such costs should be presented gross versus net. Based on these assessments, the Company concluded that ASU 2014-09 did not materially change the method in which the Company currently recognizes revenue for these revenue streams. Since there was no net income impact upon adoption of the new guidance, a cumulative effect adjustment to opening retained earnings was not deemed necessary. |
Stock-Based Compensation Plan |
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Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation Plan | NOTE 2. Stock-Based Compensation Plan During 2014, the Company’s shareholders approved a stock incentive plan which allows key employees and directors to increase their personal financial interest in the Company. This plan permits the issuance of incentive stock options and non-qualified stock options and the award of stock appreciation rights, common stock, restricted stock, and phantom stock. The plan authorizes the issuance of up to 500,000 shares of common stock. The Company periodically grants Restricted Stock to its directors, executive officers and certain non-executive officers. Restricted Stock provides grantees with rights to shares of common stock upon completion of a service period or achievement of Company performance measures. During the restriction period, all shares are considered outstanding and dividends are paid to the grantee. In general, outside directors are periodically granted restricted shares which vest over a period of less than 9 months. Beginning during 2006, executive officers were granted restricted shares which vest over a 3 year service period and restricted shares which vest based on meeting annual performance measures over a 1 year period. Beginning during 2018, certain non-executive officers also were granted restricted shares which vest over a 3 year service period. The Company recognizes compensation expense over the restricted period based on the fair value of the Company's stock on the grant date. The Company's policy is to recognize forfeitures as they occur. As of March 31, 2018, there was $253 thousand of unrecognized compensation cost related to nonvested restricted stock. The following table presents Restricted Stock activity for the three months ended March 31, 2018 and 2017:
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Earnings Per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||
Earnings Per Common Share | NOTE 3. Earnings Per Common Share Basic earnings per share represents income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Nonvested restricted shares are included in the weighted average number of common shares used to compute basic earnings per share because of dividend participation and voting rights. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. The number of potential common shares is determined using the treasury method. The following table shows the weighted average number of shares used in computing earnings per share for the three months ended March 31, 2018 and 2017. During 2018 and 2017, there were no potentially dilutive securities outstanding.
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Securities |
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Available-for-sale Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | NOTE 4. Securities Amortized costs and fair values of securities available for sale at March 31, 2018 and December 31, 2017 were as follows:
During the three months ended March 31, 2018, the Company received proceeds of $3.5 million on sales of available for sale securities for gross gains of $54 thousand and gross losses of $43 thousand. During the three months ended March 31, 2017, the Company sold $2.9 million of available for sale securities for gross gains of $50 thousand. There were no losses on the sale of available for sale securities during the three months ended March 31, 2017. The fair value and gross unrealized losses for securities available for sale, totaled by the length of time that individual securities have been in a continuous gross unrealized loss position, at March 31, 2018 and December 31, 2017 were as follows:
Gross unrealized losses on available for sale securities included one hundred thirteen (113) and fifty-four (54) debt securities at March 31, 2018 and December 31, 2017, respectively. The Company evaluates securities for other-than-temporary impairment on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to the length of time and the amount of an unrealized loss, the financial condition of the issuer, and the intent and ability of the Company to retain its investment in the issuer long enough to allow for an anticipated recovery in fair value. The fair value of a security reflects its liquidity as compared to similar instruments, current market rates on similar instruments, and the creditworthiness of the issuer. Absent any change in the liquidity of a security or the creditworthiness of the issuer, prices will decline as market rates rise and vice-versa. The primary cause of the unrealized losses at March 31, 2018 and December 31, 2017 was changes in market interest rates and not credit concerns of the issuers. Since the losses can be primarily attributed to changes in market interest rates and not expected cash flows or an issuer’s financial condition and management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, the unrealized losses were deemed to be temporary. The Company’s mortgage-backed securities are issued by U.S. government agencies, which guarantee payments to investors regardless of the status of the underlying mortgages. The Company monitors the financial condition of these issuers continuously and will record other-than-temporary impairment if the recovery of value is unlikely. The Company’s securities are exposed to various risks, such as interest rate, market, currency and credit risks. Due to the level of risk associated with certain securities and the level of uncertainty related to changes in the value of securities, it is at least reasonably possible that changes in risks in the near term would materially affect securities reported in the financial statements. Securities having a carrying value of $2.9 million at March 31, 2018 were pledged for various purposes required by law. The composition of restricted investments at March 31, 2018 and December 31, 2017 was as follows:
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Loans and Allowance for Loan Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | NOTE 5. Loans and Allowance for Loan Losses The composition of loans at March 31, 2018 and December 31, 2017 was as follows:
Changes in the allowance for loan losses for the three months ended March 31, 2018 and 2017 and the year ended December 31, 2017 were as follows:
Nonaccrual and past due loans by class at March 31, 2018 and December 31, 2017 were as follows:
Allowance for loan losses by segment at March 31, 2018 and December 31, 2017 were as follows:
Impaired loans by class as of and for the periods ended March 31, 2018 and December 31, 2017 were as follows:
(1) Recorded investment is defined as the summation of the outstanding principal balance, accrued interest, net deferred loan fees or costs, and any partial charge-offs. Accrued interest and net deferred loan fees or costs totaled $16 thousand at March 31, 2018.
(1) Recorded investment is defined as the summation of the outstanding principal balance, accrued interest, net deferred loan fees or costs, and any partial charge-offs. Accrued interest and net deferred loan fees or costs totaled $19 thousand at December 31, 2017. When the ultimate collectability of the total principal of an impaired loan is in doubt and the loan is in nonaccrual status, all payments are applied to principal under the cost-recovery method. For financial statement purposes, the recorded investment in nonaccrual loans is the actual principal balance reduced by payments that would otherwise have been applied to interest. When reporting information on these loans to the applicable customers, the unpaid principal balance is reported as if payments were applied to principal and interest under the original terms of the loan agreements. Therefore, the unpaid principal balance reported to the customer would be higher than the recorded investment in the loan for financial statement purposes. When the ultimate collectability of the total principal of the impaired loan is not in doubt and the loan is in nonaccrual status, contractual interest is credited to interest income when received under the cash-basis method. The Company uses a rating system for evaluating the risks associated with non-consumer loans. Consumer loans are not evaluated for risk unless the characteristics of the loan fall within classified categories. Consumer loans are evaluated for collection based on payment performance. Descriptions of these ratings are as follows:
Credit quality information by class at March 31, 2018 and December 31, 2017 was as follows:
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Troubled Debt Restructurings |
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | Troubled Debt Restructurings All loans deemed a troubled debt restructuring, or “TDR”, are considered impaired, and are evaluated for collateral and cash-flow sufficiency. A loan is considered a TDR when the Company, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that the Company would not otherwise consider. All of the following factors are indicators that the Company has granted a concession (one or multiple items may be present):
There were nineteen (19) troubled debt restructured loans totaling $4.3 million at March 31, 2018. At December 31, 2017, there were twenty-one (21) troubled debt restructured loans totaling $4.4 million. One loan, totaling $43 thousand, was in nonaccrual status at March 31, 2018. One loan, totaling $44 thousand, was in nonaccrual status at December 31, 2017. There were no outstanding commitments to lend additional amounts to troubled debt restructured borrowers at March 31, 2018 or December 31, 2017. During the three months ended March 31, 2018 and March 31, 2017, the Company restructured no loans by granting concessions to borrowers experiencing financial difficulties. |
Deposits |
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Deposits | NOTE 7. Deposits The composition of deposits at March 31, 2018 and December 31, 2017 was as follows:
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Postretirement Benefit Plans |
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Postemployment Benefits [Abstract] | |
Postretirement Benefit Plans | NOTE 8. Postretirement Benefit Plans The Company provides certain health care and life insurance benefits for nine retired employees who have met certain eligibility requirements. All other employees retiring after reaching age 65 and having at least 15 years of service with the Company will be allowed to stay on the Company’s group life and health insurance policies, but will be required to pay premiums. The Company’s share of the estimated costs that will be paid after retirement is generally being accrued by charges to expense over the employees’ active service periods to the dates they are fully eligible for benefits. GAAP requires the Company to recognize the funded status (i.e. the difference between the fair value of plan assets and the projected benefit obligations) of its postretirement benefit plans in the consolidated balance sheet, with a corresponding adjustment to accumulated other comprehensive income, net of taxes. Net periodic benefit costs of the postretirement benefit plan for the three months ended March 31, 2018 and 2017 were $(1) thousand. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | NOTE 9. Fair Value Measurements GAAP requires the Company to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The fair value of certain assets and liabilities is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value, establishes a three-level valuation hierarchy for disclosure of fair value measurement and enhances disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:
The following sections provide a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy: Securities Available for Sale: Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities would include highly liquid government bonds, mortgage products and exchange traded equities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flow. Level 2 securities would include U.S. agency securities, mortgage-backed agency securities, obligations of states and political subdivisions and certain corporate, asset backed and other securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. The following table presents balances of financial assets and liabilities measured at fair value on a recurring basis at March 31, 2018 and December 31, 2017:
The table below presents a reconciliation for all assets measured and recognized at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2018 and 2017.
Certain financial assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower of cost or market accounting or write downs of individual assets. The following describes the valuation techniques used by the Company to measure certain financial and nonfinancial assets recorded at fair value on a nonrecurring basis in the financial statements: Impaired Loans: Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected when due. The measurement of loss associated with impaired loans can be based on the present value of its expected future cash flows discounted at the loan's coupon rate, or at the loans' observable market price or the fair value of the collateral securing the loans, if they are collateral dependent. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the collateral is real estate. The value of real estate collateral is determined utilizing a market valuation approach based on an appraisal conducted by an independent, licensed appraiser using observable market data within the last twelve months (Level 2). However, if the collateral is a house or building in the process of construction or if an appraisal of the property is more than one year old and not solely based on observable market comparables or management determines the fair value of the collateral is further impaired below the appraised value, then a Level 3 valuation is considered to measure the fair value. The value of business equipment is based upon an outside appraisal, of one year or less, if deemed significant, or the net book value on the applicable business’s financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (Level 3). Impaired loans allocated to the allowance for loan losses are measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for loan losses on the Consolidated Statements of Income. Other Real Estate Owned: Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at the fair value of the property, less estimated selling costs, establishing a new costs basis. Any write-downs based on the asset’s fair value at the date of acquisition are charged to the allowance for loan losses. Costs of significant property improvements are capitalized, whereas costs relating to holding property are expensed. The portion of interest costs relating to development of real estate is capitalized. Valuations are periodically obtained by management, and any subsequent write-downs are recorded as a charge to operations, if necessary, to reduce the carrying value of a property to fair value less cost to sell. The fair value measurement of real estate held in other real estate owned is assessed in the same manner as impaired loans described above. We believe that the fair value follows the provisions of GAAP. The following table displays quantitative information about Level 3 Fair Value Measurements for certain financial assets measured at fair value on a nonrecurring basis at March 31, 2018 and December 31, 2017:
The following table summarizes the Company’s financial and nonfinancial assets that were measured at fair value on a nonrecurring basis at March 31, 2018 and December 31, 2017:
With the adoption of ASU 2016-01, the Company is no longer required to disclose the methods and significant assumptions used in estimating the fair value of financial instruments measured at amortized cost on the balance sheet. The amendments in the ASU also require the Company to measure the fair value of financial instruments using the exit price notion consistent with ASC Topic 820, Fair Value Measurement. Prior to adoption on January 1, 2018, loans were calculated using an entry price notion. For this reason, March 31, 2018 and December 31, 2017 are not considered to be comparable. The carrying value and fair value of the Company’s financial instruments at March 31, 2018 and December 31, 2017 were as follows:
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Change in Accumulated Other Comprehensive Income |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Accumulated Other Comprehensive Income | NOTE 10. Change in Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) includes unrealized gains and losses on available for sale securities and changes in benefit obligations and plan assets for the post retirement benefit plan. Changes to accumulated other comprehensive income (loss) are presented net of their tax effect as a component of equity. Reclassifications out of accumulated other comprehensive income (loss) are recorded in the Consolidated Statements of Income either as a gain or loss. Changes to accumulated other comprehensive income (loss) by component are shown in the following tables for the periods indicated:
For the three months ended March 31, 2018, $11 thousand was reclassified out of accumulated other comprehensive income (loss) and appeared as Gain on sale of securities in the Consolidated Statements of Income. The tax related to this reclassification was $2 thousand for the three months ended March 31, 2018. For the three months ended March 31, 2017, $50 thousand was reclassified out of accumulated other comprehensive income (loss) and appeared as Gain on sale of securities in the Consolidated Statements of Income. The tax related to this reclassification was $17 thousand for the three months ended March 31, 2017. The tax related to reclassifications in both periods is included in Income Tax Expense in the Consolidated Statements of Income. |
Other Real Estate Owned (Notes) |
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Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Owned | NOTE 11. Other Real Estate Owned The following table is a summary of other real estate owned (OREO) activity for the three months ended March 31, 2018 and 2017 and the year ended December 31, 2017:
The major classifications of other real estate owned in the consolidated balance sheets at March 31, 2018 and December 31, 2017 were as follows:
There were no consumer mortgage loans collateralized by residential real estate in the process of foreclosure at March 31, 2018. There was one consumer mortgage loan totaling $4.1 million collateralized by residential real estate in the process of foreclosure at December 31, 2017. |
Qualified Affordable Housing Project Investments (Notes) |
3 Months Ended |
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Mar. 31, 2018 | |
Federal Home Loan Banks [Abstract] | |
Qualified Affordable Housing Project Investments | NOTE 12. Qualified Affordable Housing Project Investments The Company invests in qualified affordable housing projects. The general purpose of these investments is to encourage and assist participants in investing in low-income residential rental properties located in the Commonwealth of Virginia, develop and implement strategies to maintain projects as low-income housing, provide tax credits and other tax benefits to investors, and to preserve and protect project assets. At March 31, 2018 and December 31, 2017, the balance of the investment for qualified affordable housing projects was $2.4 million and $2.5 million, respectively. These balances are reflected in Other assets on the Consolidated Balance Sheets. Total unfunded commitments related to the investments in qualified affordable housing projects totaled $1.9 million at March 31, 2018 and December 31, 2017. These balances are reflected in Other liabilities on the Consolidated Balance Sheets. The Company expects to fulfill these commitments by December 31, 2020, in accordance with the terms of the individual agreements. During the three months ended March 31, 2018 and 2017, the Company recognized amortization expense of $43 thousand. The amortization expense was included in Other operating expenses on the Consolidated Statements of Income. Total estimated credits to be received during 2018 are $299 thousand based on the most recent quarterly estimates received from the funds. Total tax credits and other tax benefits recognized during the three months ended March 31, 2018 and 2017, were $75 thousand and $58 thousand, respectively. |
Recent Accounting Pronouncements |
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Mar. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | NOTE 13. Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” Among other things, in the amendments in ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) A lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is currently assessing the impact that ASU 2016-02 will have on its consolidated financial statements. The Company has been gathering the lease agreement data and has begun to analyze the monetary impact to the consolidated financial statements. At March 31, 2018, the Company had only one lease. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendments in this ASU, among other things, require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The amendments in this ASU are effective for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company is currently assessing the impact that ASU 2016-13 will have on its consolidated financial statements. The Company formed a CECL committee during 2016 which continues to meet monthly to address the compliance requirements. Historic loan data is currently being gathered and reviewed for completeness and accuracy. In addition, the committee is in the process of selecting a model that will assist in calculating the financial impact of ASU 2016-13 and anticipates running parallel allowance models under the current and new standard well in advance of the required implementation date. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment”. The amendments in this ASU simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Instead, under the amendments in this ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. Public business entities that are U.S. Securities and Exchange Commission (SEC) filers should adopt the amendments in this ASU for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not expect the adoption of ASU 2017-04 to have a material impact on its consolidated financial statements. In March 2017, the FASB issued ASU 2017‐08, “Receivables-Nonrefundable Fees and Other Costs (Subtopic 310‐20), Premium Amortization on Purchased Callable Debt Securities.” The amendments in this ASU shorten the amortization period for certain callable debt securities purchased at a premium. Upon adoption of the standard, premiums on these qualifying callable debt securities will be amortized to the earliest call date. Discounts on purchased debt securities will continue to be accreted to maturity. The amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Upon transition, entities should apply the guidance on a modified retrospective basis, with a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption and provide the disclosures required for a change in accounting principle. The Company is currently assessing the impact that ASU 2017‐08 will have on its consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” The amendments in this ASU modify the designation and measurement guidance for hedge accounting as well as provide for increased transparency regarding the presentation of economic results on both the financial statements and related footnotes. Certain aspects of hedge effectiveness assessments will also be simplified upon implementation of this update. The amendments are effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted, including adoption in any interim period. The Company does not expect the adoption of ASU 2017-12 to have a material impact on its consolidated financial statements. In February 2018, the FASB issued ASU 2018-03, “Technical Corrections and Improvements to Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments provide targeted improvements to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. Specifically, the amendments include clarifications related to: measurement elections, transition requirements, and adjustments associated with equity securities without readily determinable fair values; fair value measurement requirements for forward contracts and purchased options on equity securities; presentation requirements for hybrid financial liabilities for which the fair value option has been elected; and measurement requirements for liabilities denominated in a foreign currency for which the fair value option has been elected. The amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018. Early adoption is permitted. The Company does not expect the adoption of ASU 2018-03 to have a material impact on its consolidated financial statements. |
Stock-Based Compensation Plan (Tables) |
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Restricted Stock Activity |
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Earnings Per Common Share (Tables) |
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Weighted Average Number Of Shares Used In Computing Earnings Per Share | The following table shows the weighted average number of shares used in computing earnings per share for the three months ended March 31, 2018 and 2017. During 2018 and 2017, there were no potentially dilutive securities outstanding.
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Securities (Tables) |
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Amortized Costs And Fair Values Of Securities Available For Sale | Amortized costs and fair values of securities available for sale at March 31, 2018 and December 31, 2017 were as follows:
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Fair Value And Gross Unrealized Losses For Securities Available For Sale | The fair value and gross unrealized losses for securities available for sale, totaled by the length of time that individual securities have been in a continuous gross unrealized loss position, at March 31, 2018 and December 31, 2017 were as follows:
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Restricted Investments | The composition of restricted investments at March 31, 2018 and December 31, 2017 was as follows:
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Loans and Allowance for Loan Losses (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Composition Of Loans | The composition of loans at March 31, 2018 and December 31, 2017 was as follows:
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Changes In Allowance For Loan Losses | Changes in the allowance for loan losses for the three months ended March 31, 2018 and 2017 and the year ended December 31, 2017 were as follows:
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Nonaccrual And Past Due Loans By Class | Nonaccrual and past due loans by class at March 31, 2018 and December 31, 2017 were as follows:
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Allowance For Loan Losses By Segment | Allowance for loan losses by segment at March 31, 2018 and December 31, 2017 were as follows:
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Impaired Loans By Class | Impaired loans by class as of and for the periods ended March 31, 2018 and December 31, 2017 were as follows:
(1) Recorded investment is defined as the summation of the outstanding principal balance, accrued interest, net deferred loan fees or costs, and any partial charge-offs. Accrued interest and net deferred loan fees or costs totaled $16 thousand at March 31, 2018.
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Credit Quality Information By Class | Credit quality information by class at March 31, 2018 and December 31, 2017 was as follows:
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Deposits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition Of Deposits | The composition of deposits at March 31, 2018 and December 31, 2017 was as follows:
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following table presents balances of financial assets and liabilities measured at fair value on a recurring basis at March 31, 2018 and December 31, 2017:
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The table below presents a reconciliation for all assets measured and recognized at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2018 and 2017.
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Quantitative Information About Level 3 Fair Value Measurements For Certain Financial Assets | The following table displays quantitative information about Level 3 Fair Value Measurements for certain financial assets measured at fair value on a nonrecurring basis at March 31, 2018 and December 31, 2017:
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Financial And Nonfinancial Assets Measured At Fair Value On A Nonrecurring Basis | The following table summarizes the Company’s financial and nonfinancial assets that were measured at fair value on a nonrecurring basis at March 31, 2018 and December 31, 2017:
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Company's Financial Instruments | The carrying value and fair value of the Company’s financial instruments at March 31, 2018 and December 31, 2017 were as follows:
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Change in Accumulated Other Comprehensive Income (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes To Accumulated Other Comprehensive Income By Components | Changes to accumulated other comprehensive income (loss) by component are shown in the following tables for the periods indicated:
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Other Real Estate Owned (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate, Roll Forward |
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Schedule of Real Estate Properties |
|
General (Details) |
Mar. 31, 2018 |
---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Ownership percentage in subsidiaries | 100.00% |
Earnings Per Common Share (Weighted Average Number Of Shares Used In Computing Earnings Per Share) (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | |
Average number of common shares outstanding | 3,463,118 | 3,478,053 |
Securities (Narrative) (Details) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2018
USD ($)
security
|
Mar. 31, 2017
USD ($)
|
Dec. 31, 2017
security
|
|
Schedule of Available-for-sale Securities [Line Items] | |||
Sales of securities available for sale | $ 3,464 | $ 2,925 | |
Available-for-sale Securities, Gross Realized Gains | 54 | 50 | |
Available-for-sale Securities, Gross Realized Losses | $ 43 | 0 | |
Debt securities included in gross unrealized losses on available for sale securities | security | 113 | 54 | |
Carrying value of securities pledged as collateral | $ 2,900 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $ 11 | $ 50 |
Securities (Restricted Investments) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Carrying Value Qualitative Disclosures Related To Election [Line Items] | ||
Restricted Investments | $ 1,166 | $ 1,107 |
Federal Reserve Bank Stock [Member] | ||
Carrying Value Qualitative Disclosures Related To Election [Line Items] | ||
Restricted Investments | 344 | 344 |
Federal Home Loan Bank Stock [Member] | ||
Carrying Value Qualitative Disclosures Related To Election [Line Items] | ||
Restricted Investments | 682 | 623 |
Community Bankers' Bank Stock [Member] | ||
Carrying Value Qualitative Disclosures Related To Election [Line Items] | ||
Restricted Investments | $ 140 | $ 140 |
Loans and Allowance for Loan Losses (Changes In Allowance For Loan Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | $ 4,411 | $ 4,505 | $ 4,505 |
Provision for (recovery of) loan losses | 205 | (527) | (625) |
Recoveries added to the allowance | 52 | 502 | 901 |
Loan losses charged to the allowance | (138) | (62) | (370) |
Ending Balance | $ 4,530 | $ 4,418 | $ 4,411 |
Troubled Debt Restructurings (Narrative) (Details) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2018
USD ($)
contract
|
Dec. 31, 2017
USD ($)
contract
|
|
Financing Receivable, Modifications [Line Items] | ||
Number of troubled debt restructured loans | 19 | 21 |
Loan is considered payment default | 30 days | |
Financing Receivable, Modifications, Nonaccrual, Number of Contracts | 1 | 1 |
Financing Receivable, Modifications, Nonaccrual, Recorded Investment | $ | $ 43 | $ 44 |
Troubled Debt Restructuring Modifications Number Of Contracts | 0 | |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | |
Total troubled debt restructured loans | $ | $ 4,300 | $ 4,400 |
Deposits (Composition Of Deposits) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Deposits [Abstract] | ||
Noninterest bearing demand deposits | $ 252,144 | $ 234,990 |
NOW accounts | 90,736 | 91,288 |
Money market accounts | 132,034 | 129,497 |
Regular savings accounts | 105,885 | 102,163 |
Savings and interest bearing demand deposits | 328,655 | 322,948 |
Time Deposits, Less than $250,000 | 62,868 | 62,681 |
Time Deposits, $250,000 or More | 41,979 | 42,795 |
Time deposits | 104,847 | 105,476 |
Total deposits | $ 685,646 | $ 663,414 |
Pension And Postretirement Benefit Plans (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018
USD ($)
employee
|
Mar. 31, 2017
USD ($)
|
|
Defined Benefit Plan Disclosure [Line Items] | ||
Retired employees receiving health care and life insurance benefits | employee | 9 | |
Post retirement benefits, age eligibility requirement | 65 years | |
Post retirement benefits, service eligibility requirement | 15 years | |
Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic benefit cost | $ | $ (1) | $ (1) |
Change in Accumulated Other Comprehensive Income (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Gain (Loss) on Sale of Securities, Net | $ 11 | $ 50 |
Reclassification adjustments | (11) | (50) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 2 | 17 |
Unrealized Gains And Losses On Available For Sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Reclassification adjustments | $ (11) | $ (50) |
Other Real Estate Owned - Other Real Estate Owned Rollforward (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Other Real Estate [Roll Forward] | |||
Balance, beginning | $ 106 | $ 370 | $ 370 |
Transfers from loans | 2,799 | 0 | 53 |
Gain on foreclosure | 397 | 0 | |
Sales | 0 | (264) | (317) |
Valuation adjustments | 0 | 0 | 0 |
Balance, ending | $ 3,302 | $ 106 | $ 106 |
Other Real Estate Owned - Major Classifications of Other Real Estate Owned (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|---|
Real Estate Properties [Line Items] | ||||
Other real estate, gross | $ 3,302 | $ 106 | ||
Less valuation allowance | 0 | 0 | ||
Total | 3,302 | 106 | $ 106 | $ 370 |
Construction and Farmland | ||||
Real Estate Properties [Line Items] | ||||
Other real estate, gross | 106 | 106 | ||
Residential Real Estate | ||||
Real Estate Properties [Line Items] | ||||
Other real estate, gross | 3,196 | 0 | ||
Commercial Real Estate | ||||
Real Estate Properties [Line Items] | ||||
Other real estate, gross | $ 0 | $ 0 |
Other Real Estate Owned Narrative (Details) $ in Millions |
Mar. 31, 2018
contract
|
Dec. 31, 2017
USD ($)
contract
|
---|---|---|
Receivables [Abstract] | ||
Mortgage Loans In Process Of Foreclosure Number | contract | 0 | 1 |
Mortgage Loans in Process of Foreclosure, Amount | $ | $ 4.1 |
Qualified Affordable Housing Project Investments (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Federal Home Loan Banks [Abstract] | |||
Amortization Method Qualified Affordable Housing Project Investments | $ 2,400 | $ 2,500 | |
Qualified Affordable Housing Project Investments, Commitment | 1,900 | ||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 43 | ||
Affordable Housing Tax Credits and Other Tax Benefits Expected to Be Received | 299 | ||
Affordable Housing Tax Credits and Other Tax Benefits, Amount | $ 75 | $ 58 |
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