Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 29, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | RIVE | |
Entity Registrant Name | Riverview Financial Corp | |
Entity Central Index Key | 0001590799 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock | |
Entity Interactive Data Current | Yes | |
Entity Address, State or Province | PA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 9,240,492 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Cash and due from banks | $ 12,128 | $ 11,838 |
Interest-bearing deposits in other banks | 61,107 | 38,510 |
Investment securities available-for-sale | 68,402 | 91,247 |
Loans held for sale | 272 | 81 |
Loans, net | 887,449 | 852,109 |
Less: allowance for loan losses | 8,251 | 7,516 |
Net loans | 879,198 | 844,593 |
Premises and equipment, net | 18,875 | 17,852 |
Accrued interest receivable | 2,589 | 2,414 |
Goodwill | 24,754 | 24,754 |
Intangible assets | 2,566 | 2,736 |
Other assets | 47,152 | 45,929 |
Total assets | 1,117,043 | 1,079,954 |
Deposits: | ||
Noninterest-bearing | 148,633 | 147,405 |
Interest-bearing | 809,870 | 793,075 |
Total deposits | 958,503 | 940,480 |
Short-term borrowings | ||
Long-term debt | 26,992 | 6,971 |
Accrued interest payable | 424 | 435 |
Other liabilities | 12,683 | 13,958 |
Total liabilities | 998,602 | 961,844 |
Stockholders' equity: | ||
Common stock: no par value, authorized 20,000,000 shares; March 31, 2020, issued and outstanding 9,236,039 shares; December 31, 2019, issued and outstanding 9,216,616 shares | 102,386 | 102,206 |
Capital surplus | 134 | 112 |
Retained earnings | 16,081 | 16,140 |
Accumulated other comprehensive loss | (160) | (348) |
Total stockholders' equity | 118,441 | 118,110 |
Total liabilities and stockholders' equity | $ 1,117,043 | $ 1,079,954 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 9,236,039 | 9,216,616 |
Common stock, shares outstanding | 9,236,039 | 9,216,616 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest and fees on loans: | ||
Taxable | $ 9,782 | $ 10,688 |
Tax-exempt | 245 | 230 |
Interest on investment securities available-for-sale: | ||
Taxable | 535 | 740 |
Tax-exempt | 37 | 69 |
Interest on interest-bearing deposits in other banks | 89 | 231 |
Interest on federal funds sold | ||
Total interest income | 10,688 | 11,958 |
Interest expense: | ||
Interest on deposits | 1,789 | 2,073 |
Interest on short-term borrowings | 5 | |
Interest on long-term debt | 123 | 134 |
Total interest expense | 1,917 | 2,207 |
Net interest income | 8,771 | 9,751 |
Provision for loan losses | 1,800 | 583 |
Net interest income after provision for loan losses | 6,971 | 9,168 |
Noninterest income: | ||
Bank owned life insurance investment income | 193 | 187 |
Net gain (loss) on sale of investment securities available-for-sale | 815 | (42) |
Total noninterest income | 2,930 | 1,811 |
Noninterest expense: | ||
Salaries and employee benefits expense | 5,056 | 7,510 |
Net occupancy and equipment expense | 1,180 | 1,089 |
Amortization of intangible assets | 170 | 194 |
Net cost (benefit) of operation of other real estate owned | (11) | 127 |
Other expenses | 2,817 | 3,044 |
Total noninterest expense | 9,212 | 11,964 |
Income (loss) before income taxes | 689 | (985) |
Income tax expense (benefit) | 56 | (298) |
Net income (loss) | 633 | (687) |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on investment securities available-for-sale | 1,053 | 1,023 |
Reclassification adjustment for net (gain) loss on sale of investment securities available-for-sale included in net income | (815) | 42 |
Income tax expense related to other comprehensive income | 50 | 224 |
Other comprehensive income, net of income taxes | 188 | 841 |
Comprehensive income | $ 821 | $ 154 |
Net income (loss): | ||
Basic | $ 0.07 | $ (0.08) |
Diluted | $ 0.07 | $ (0.08) |
Average common shares outstanding: | ||
Basic | 9,223,445 | 9,143,316 |
Diluted | 9,233,060 | 9,143,316 |
Dividends declared | $ 0.08 | $ 0.10 |
Service Charges, Fees and Commissions [Member] | ||
Noninterest income: | ||
Noninterest income | $ 1,381 | $ 1,053 |
Commission and Fees on Fiduciary Activities [Member] | ||
Noninterest income: | ||
Noninterest income | 213 | 260 |
Wealth Management Income [Member] | ||
Noninterest income: | ||
Noninterest income | 220 | 247 |
Mortgage Banking Income [Member] | ||
Noninterest income: | ||
Noninterest income | $ 108 | $ 106 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2018 | $ 113,910 | $ 101,134 | $ 332 | $ 15,063 | $ (2,619) |
Net income (loss) | (687) | (687) | |||
Other comprehensive income, net of income taxes | 841 | 841 | |||
Issuance under ESPP, 401k and Dividend Reinvestment plans | 175 | 175 | |||
Stock based compensation | |||||
Exercise of stock options | 166 | 191 | (25) | ||
Dividends declared | (915) | (915) | |||
Balance at Mar. 31, 2019 | 113,490 | 101,500 | 307 | 13,461 | (1,778) |
Balance at Dec. 31, 2019 | 118,110 | 102,206 | 112 | 16,140 | (348) |
Net income (loss) | 633 | 633 | |||
Other comprehensive income, net of income taxes | 188 | 188 | |||
Issuance under ESPP, 401k and Dividend Reinvestment plans | 180 | 180 | |||
Stock based compensation | 22 | 22 | |||
Dividends declared | (692) | (692) | |||
Balance at Mar. 31, 2020 | $ 118,441 | $ 102,386 | $ 134 | $ 16,081 | $ (160) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Issuance under ESPP, 401k and Dividend Reinvestment plans, shares | 19,423 | 15,223 |
Exercise of stock options, shares | 17,821 | |
Dividends declared, per share | $ 0.08 | $ 0.10 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 633 | $ (687) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization of premises and equipment | 320 | 300 |
Provision for loan losses | 1,800 | 583 |
Stock based compensation | 22 | |
Net amortization of investment securities available-for-sale | 169 | 216 |
Net cost (benefit) of operation of other real estate owned | (11) | 127 |
Net (gain) loss on sale of investment securities available-for-sale | (815) | 42 |
Amortization of purchase adjustment on loans | (132) | (439) |
Amortization of intangible assets | 170 | 194 |
Amortization of assumed discount on long-term debt | 21 | 20 |
Deferred income taxes | 53 | (61) |
Proceeds from sale of loans originated for sale | 2,791 | 4,443 |
Net gain on sale of loans originated for sale | (108) | (106) |
Loans originated for sale | (2,874) | (4,395) |
Bank owned life insurance investment income | (193) | (187) |
Accrued interest receivable | (175) | (8) |
Other assets | (2) | (2,613) |
Accrued interest payable | (11) | (9) |
Other liabilities | (1,275) | 1,363 |
Net cash provided by (used in) operating activities | 383 | (1,217) |
Investment securities available-for-sale: | ||
Purchases | (7,317) | (7,647) |
Proceeds from repayments | 3,878 | 3,707 |
Proceeds from sales | 27,168 | 8,740 |
Proceeds from the sale of other real estate owned | 68 | 133 |
Net (increase) decrease in restricted equity securities | (867) | 46 |
Net (increase) decrease in loans | (36,594) | 15,108 |
Purchases of premises and equipment | (1,343) | (447) |
Net cash provided by (used in) investing activities | (15,007) | 19,640 |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 18,023 | (3,564) |
Net decrease in short-term borrowings | ||
Repayment of long-term debt | ||
Proceeds from long-term debt | 20,000 | |
Issuance under ESPP, 401k and DRP plans | 180 | 175 |
Proceeds from exercise of stock options | 166 | |
Cash dividends paid | (692) | (915) |
Net cash provided by (used in) financing activities | 37,511 | (4,138) |
Net increase in cash and cash equivalents | 22,887 | 14,285 |
Cash and cash equivalents—beginning | 50,348 | 53,816 |
Cash and cash equivalents—ending | 73,235 | 68,101 |
Cash paid during the period for: | ||
Interest | 1,928 | 2,216 |
Noncash items from operating activities: | ||
Operating lease right-of-use assets and liabilities | $ 3,719 | |
Supplemental schedule of noncash investing and financing activities: | ||
Other real estate acquired in settlement of loans | $ 321 |
Summary of significant accounti
Summary of significant accounting policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | 1. Summary of significant accounting policies: Nature of Operations Riverview Financial Corporation, (the “Company” or “Riverview”), a bank holding company incorporated under the laws of Pennsylvania, provides a full range of financial services through its wholly-owned subsidiary, Riverview Bank (the “Bank”). Riverview Bank, with twenty seven (27) full service offices and four (4) limited purpose offices, is a full service commercial bank offering a wide range of traditional banking services and financial advisory, insurance and investment services to individuals, municipalities and small-to-medium sized businesses in the Pennsylvania market areas of Berks, Blair, Bucks, Centre, Clearfield, Cumberland, Dauphin, Huntingdon, Lebanon, Lehigh, Lycoming, Perry, Schuylkill and Somerset Counties. The Wealth and Trust Management divisions of the Bank provide trust and investment advisory services to the general public and businesses. Basis of presentation: The accompanying unaudited consolidated financial statements of the Company 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 Regulation S-X. Form 10-K, The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided. Actual results could differ from those estimates. The operating results and financial position of the Company for the three months ended as of March 31, 2020, are not necessarily indicative of the results of operations and financial position that may be expected in the future. This is especially true given the recent outbreak of the Coronavirus (“COVID-19”) Beginning in the first quarter of 2020, the COVID-19 COVID-19, The national public health crisis arising from the COVID-19 pre-existing Riverview’s business is dependent upon the willingness and ability of its customers to conduct banking and other financial transactions. Riverview expects the pandemic to limit, at least for a period of time, customer demand for many banking activities. Many companies and residents in our market area are subject to mandatory “non-essential business” shut-downs and “stay at home” orders, which have reduced banking activity across our market area. In response to these mandates, Riverview has temporarily limited most locations to drive-up and ATM services, with lobby access available by appointment only, reduced hours of operation at some locations and encouraged our customers to use electronic banking platforms. We expect these measures to remain in place for an undetermined period of time. In addition, the use of quarantines and social distancing methods to curtail the spread of COVID-19—whether mandated by governmental authorities or recommended as a public health practice—may adversely affect Riverview’s operations as key personnel, employees and customers avoid physical interaction. The continued spread of COVID-19 could also negatively impact the business and operations of third-party service providers who perform critical services for Riverview’s business. It is not yet known what impact these operational changes may have on Riverview’s financial performance. There continue to be broad concerns related to the potential effects of the COVID-19 The outbreak of COVID-19 income, margins and our profitability. The COVID-19 The impact of the pandemic on Riverview’s financial results is evolving and uncertain. The Company expects Riverview’s net interest income and non-interest COVID-19 As of the March 31, 2020, the Company does not believe there exists any impairment to our goodwill, intangible assets, long-lived assets, right of use assets, or available-for-sale COVID-19 COVID-19 Accounting Standards Adopted in 2020 In August 2016, the FASB issued ASU No. 2016-15, In January 2017, the FASB issued ASU No. 2017-04, In August 2018, the FASB issued ASU 2018-13, In August 2018, the FASB issued ASU No. 2018-15, internal-use internal-use Recent Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, 2016-13 requires No. 2016-13 available-for-sale 2018-19—Codification 326-20. No. 2019-05 No. 2016-13 2016-13, 326-20 825-10. held-to-maturity instrument-by-instrument No. 2019-11, 805-20. day-one one-time In August 2018, the FASB issued ASU No. 2018-14, (Subtopic 715-20)—Disclosure Subtopic 715-20 In December 2019, the FASB issued ASU No. 2019-12, No. 2019-12 In March 2020, the FASB issued ASU No. 2020-04, 2020-04 2020-04 2020-04 2020-04 |
Other comprehensive income (los
Other comprehensive income (loss) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Other comprehensive income (loss) | 2. Other comprehensive income (loss): The components of other comprehensive income (loss) and their related tax effects are reported in the Consolidated Statements of Income and Comprehensive Income (Loss). The accumulated other comprehensive income (loss) included in the Consolidated Balance Sheets relates to net unrealized gains and losses on investment securities available-for-sale The components of accumulated other comprehensive income (loss) included in stockholders’ equity at March 31, 2020 and December 31, 2019 is as follows: March 31, December 31, Net unrealized loss on investment securities available-for-sale $ 914 $ 676 Income tax benefit 192 142 Net of income taxes 722 534 Benefit plan adjustments (1,117 ) (1,117 ) Income tax benefit (235 ) (235 ) Net of income taxes (882 ) (882 ) Accumulated other comprehensive loss $ (160 ) $ (348 ) Other comprehensive income (loss) and related tax effects for the three months ended March 31, 2020 and 2019 is as follows: Three months ended March 31, 2020 2019 Unrealized gain (loss) on investment securities available-for-sale $ 1,053 $ 1,023 Net loss (gain) on the sale of investment securities available-for-sale (1) (815 ) 42 Other comprehensive gain (loss) before taxes 238 1,065 Income tax expense (benefit) 50 224 Other comprehensive gain (loss) $ 188 $ 841 (1) Represents amounts reclassified out of accumulated other comprehensive income and included in net loss (gain) on sale of investment securities on the consolidated statements of income and comprehensive income. |
Earnings per share
Earnings per share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per share | 3. Earnings per share: Basic earnings per share is computed by dividing net income (loss) divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect 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 following table provides a reconciliation between the computation of basic earnings per share and diluted earnings per share for the three months ended March 31, 2020 and 2019: Three months ended March 31, 2020 2019 Numerator: Net income (loss) $ 633 $ (687 ) Denominator: Basic 9,223,445 9,143,316 Dilutive options 9,615 Diluted 9,233,060 9,143,316 Earnings per share: Basic $ 0.07 $ (0.08 ) Diluted $ 0.07 $ (0.08 ) For the three months ended March 31, 2020, there were 37,200 outstanding stock options that were excluded from the dilutive earnings per share calculation because their effect was antidilutive. None of the outstanding stock options for the three months ended March 31, 2019 were included in the diluted earnings per share calculation because the Company recognized a net loss for the quarter. |
Investment securities
Investment securities | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment securities | 4. Investment securities: The amortized cost and fair value of investment securities available-for-sale March 31, 2020 Amortized Gross Gross Fair State and municipals: Taxable $ 9,736 $ 423 $ 6 $ 10,153 Tax-exempt 8,448 36 142 8,342 Mortgage-backed securities: U.S. Government agencies 28,508 800 29,308 U.S. Government-sponsored enterprises 17,296 546 17,842 Corporate debt obligations 3,500 743 2,757 Total $ 67,488 $ 1,805 $ 891 $ 68,402 December 31, 2019 Amortized Gross Gross Fair State and municipals: Taxable $ 24,365 $ 466 $ 7 $ 24,824 Tax-exempt 4,260 73 4,333 Mortgage-backed securities: U.S. Government agencies 36,024 294 184 36,134 U.S. Government-sponsored enterprises 22,422 265 42 22,645 Corporate debt obligations 3,500 189 3,311 Total $ 90,571 $ 1,098 $ 422 $ 91,247 The maturity distribution of the fair value, which is the net carrying amount, of the debt securities classified as available-for-sale March 31, 2020 Fair Within one year $ 477 After one but within five years 5,423 After five but within ten years 6,486 After ten years 8,866 21,252 Mortgage-backed securities 47,150 Total $ 68,402 Securities with a fair value of $46,152 and $63,389 at March 31, 2020 and December 31, 2019, respectively, were pledged to secure public deposits as required or permitted by law. Securities and short-term investment activities are conducted with a diverse group of government entities, corporations and state and local municipalities. The counterparty’s creditworthiness and type of collateral is evaluated on a case-by-case The fair value and gross unrealized losses of investment securities with unrealized losses for which an other-than-temporary impairment (“OTTI”) has not been recognized at March 31, 2020 and December 31, 2019, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, are summarized as follows: Less Than 12 Months 12 Months or More Total March 31, 2020 Fair Unrealized Fair Unrealized Fair Unrealized State and municipals: Taxable $ 785 $ 6 $ $ $ 785 $ 6 Tax-exempt Mortgage-backed securities: U.S. Government agencies 4,094 142 4,094 142 U.S. Government-sponsored enterprises Corporate debt obligation 2,757 743 2,757 743 Total $ 4,879 $ 148 $ 2,757 $ 743 $ 7,636 $ 891 Less Than 12 Months 12 Months or More Total December 31, 2019 Fair Unrealized Fair Unrealized Fair Unrealized State and municipals: Taxable 1 , $ 7 $ $ $ 1,280 $ 7 Tax-exempt Mortgage-backed securities: U.S. Government agencies 15,799 184 15,799 184 U.S. Government-sponsored enterprises 3,245 42 3,245 42 Corporate debt obligations 3,311 189 3,311 189 Total $ 17,079 $ 191 $ 6,556 $ 231 $ 23,635 $ 422 The Company had 10 investment securities, consisting of two taxable state and municipal obligation s resulting from changes in interest rates to be OTTI based on historical evidence that indicates the cost of these securities is recoverable within a reasonable period of time in relation to normal cyclical changes in the market rates of interest. Moreover, because there has been no material change in the credit quality of the issuers or other events or circumstances that may cause a significant adverse impact on the fair value of these securities, and management does not intend to sell these securities and it is unlikely that the Company will be required to sell these securities before recovery of their amortized cost basis, which may be maturity, the Company does not consider the unrealized losses to be OTTI at March 31, 2020. There was no OTTI recognized for the three months ended March 31, 2020 and 2019. The Company had 22 investment securities, consisting of two taxable state and municipal obligations, 19 mortgage-backed securities and one corporate obligation that were in unrealized loss positions at December 31, 2019. Of these securities, four mortgage-backed securities and one corporate obligation were in a continuous unrealized loss position for twelve months or more. |
Loans, net and allowance for lo
Loans, net and allowance for loan losses | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Loans, net and allowance for loan losses | 5. Loans, net and allowance for loan losses: The major classifications of loans outstanding, net of deferred loan origination fees and costs at March 31, 2020 and December 31, 2019 are summarized as follows. Net deferred loan costs were $885 and $1,129 at March 31, 2020 and December 31, 2019. March 31, December 31, Commercial $ 121,128 $ 118,658 Real estate: Construction 72,580 61,831 Commercial 476,573 455,901 Residential 209,749 207,354 Consumer 7,419 8,365 Total $ 887,449 $ 852,109 The change in the allowance for loan losses account by major loan classifications for the three months ended March 31, 2020 and 2019 is summarized as follows: Real Estate March 31, 2020 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance, January 1, 2020 $ 1,953 $ 473 $ 3,115 $ 1,820 $ 155 $ 7,516 Charge-offs (899 ) (95 ) (130 ) (1,124 ) Recoveries 2 1 56 59 Provisions 615 222 896 (107 ) 71 $ 103 1,800 Ending balance $ 1,671 $ 695 $ 3,917 $ 1,713 $ 152 $ 103 $ 8,251 Real Estate March 31, 2019 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance, January 1, 2019 $ 1,162 $ 404 $ 3,298 $ 1,286 $ 50 $ 148 $ 6,348 Charge-offs (376 ) (144 ) (520 ) Recoveries 5 1 1 68 75 Provisions 232 (123 ) 160 279 183 (148 ) 583 Ending balance $ 1,023 $ 281 $ 3,459 $ 1,566 $ 157 $ $ 6,486 The allocation of the allowance for loan losses and the related loans by major classifications of loans at March 31, 2020 and December 31, 2019 is summarized as follows: Real Estate March 31, 2020 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ 1,671 $ 695 $ 3,917 $ 1,713 $ 152 $ 103 $ 8,251 Ending balance: individually evaluated for impairment 29 87 116 Ending balance: collectively evaluated for impairment 1,642 695 3,830 1,713 152 103 8,135 Ending balance: purchased credit impaired loans $ $ $ $ $ $ $ Loans receivable: Ending balance $ 121,128 $ 72,580 $ 476,573 $ 209,749 $ 7,419 $ $ 887,449 Ending balance: individually evaluated for impairment 1,218 1,405 2,062 4,685 Ending balance: collectively evaluated for impairment 119,909 72,580 473,656 207,456 7,419 881,020 Ending balance: purchased credit impaired loans $ 1 $ $ 1,512 $ 231 $ $ $ 1,744 Real Estate December 31, 2019 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ 1,953 $ 473 $ 3,115 $ 1,820 $ 155 $ $ 7,516 Ending balance: individually evaluated for impairment 712 218 930 Ending balance: collectively evaluated for impairment 1,241 473 2,897 1,820 155 6,586 Ending balance: purchased credit impaired loans $ $ $ $ $ $ $ Loans receivable: Ending balance $ 118,658 $ 61,831 $ 455,901 $ 207,354 $ 8,365 $ $ 852,109 Ending balance: individually evaluated for impairment 2,260 1,224 2,085 5,569 Ending balance: collectively evaluated for impairment 116,390 61,831 453,156 205,026 8,365 844,768 Ending balance: purchased credit impaired loans $ 8 $ $ 1,521 $ 243 $ $ $ 1,772 The Company segments loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. Loans are individually analyzed for credit risk by classifying them within the Company’s internal risk rating system. The Company’s risk rating classifications are defined as follows: • Pass—A loan to borrowers with acceptable credit quality and risk that is not adversely classified as Substandard, Doubtful, Loss or designated as Special Mention. • Special Mention—A loan that has potential weaknesses that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the institution’s credit position at some future date. Special Mention loans are not adversely classified since they do not expose the Company to sufficient risk to warrant adverse classification. • Substandard—A loan that is inadequately protected by the current sound worth and paying capacity of the obligor or by the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. • Doubtful—A loan classified as Doubtful has all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make the collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. • Loss—A loan classified as Loss is considered uncollectible and of such little value that its continuance as a bankable loan is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may occur in the future. The following tables present the major classification of loans summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system at March 31, 2020 and December 31, 2019: March 31, 2020 Pass Special Substandard Doubtful Total Commercial $ 111,111 $ 5,964 $ 4,053 $ $ 121,128 Real estate: Construction 71,454 1,126 72,580 Commercial 453,374 8,430 14,769 476,573 Residential 205,926 1,418 2,405 209,749 Consumer 7,419 7,419 Total $ 849,284 $ 16,938 $ 21,227 $ $ 887,449 December 31, 2019 Pass Special Substandard Doubtful Total Commercial $ 109,190 $ 5,992 $ 3,476 $ $ 118,658 Real estate: Construction 61,678 153 61,831 Commercial 430,771 9,271 15,859 455,901 Residential 203,381 1,437 2,536 207,354 Consumer 8,365 8,365 Total $ 813,385 $ 16,853 $ 21,871 $ $ 852,109 The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of March 31, 2020 and December 31, 2019. Purchase credit impaired (“PCI”) loans are excluded from the aging and nonaccrual loan schedules. Accrual Loans March 31, 2020 30-59 Days 60-89 Days 90 or More Total Past Current Nonaccrual Total Loans Commercial $ 385 $ 15 $ 23 $ 423 $ 119,917 $ 787 $ 121,127 Real estate: Construction 584 978 1,562 71,018 72,580 Commercial 9,577 1,361 10,938 463,481 642 475,061 Residential 5,062 137 652 5,851 203,048 619 209,518 Consumer 65 17 16 98 7,321 7,419 Total $ 15,673 $ 2,508 $ 691 $ 18,872 $ 864,785 $ 2,048 $ 885,705 Purchased credit impaired loans 1,744 Total Loans $ 887,449 Accrual Loans December 31, 2019 30-59 Days 60-89 Days 90 or More Total Past Current Nonaccrual Total Loans Commercial $ 137 $ $ $ 137 $ 117,354 $ 1,159 $ 118,650 Real estate: Construction 9 9 61,822 61,831 Commercial 147 147 453,774 459 454,380 Residential 3,402 820 18 4,240 202,202 669 207,111 Consumer 84 14 27 125 8,240 8,365 Total $ 3,779 $ 834 $ 45 $ 4,658 $ 843,392 $ 2,287 $ 850,337 Purchased credit impaired loans 1,772 Total Loans $ 852,109 The following tables summarize information concerning impaired loans as of and for the three months ended March 31, 2020 and 2019, and as of and for the year ended, December 31, 2019 by major loan classification: This Quarter March 31, 2020 Recorded Unpaid Related Average Interest With no related allowance: Commercial $ 1,098 $ 1,208 $ 873 $ 68 Real estate: Construction Commercial 2,550 2,550 2,837 47 Residential 2,292 2,422 2,345 25 Consumer Total 5,940 6,180 6,055 140 With an allowance recorded: Commercial 121 121 $ 29 653 Real estate: Construction Commercial 367 367 87 513 4 Residential 45 Consumer Total 488 488 116 1,211 4 Commercial 1,219 1,329 29 1,526 68 Real estate: Construction Commercial 2,917 2,917 87 3,350 51 Residential 2,292 2,422 2,390 25 Consumer Total $ 6,428 $ 6,668 $ 116 $ 7,266 $ 144 Recorded Unpaid Related For the Year Ended December 31, 2019 Average Interest With no related allowance: Commercial $ 1,147 $ 1,257 $ 648 $ 660 Real estate: Construction Commercial 1,963 1,963 3,124 1,456 Residential 2,329 2,467 2,397 173 Consumer Total 5,439 5,687 6,169 2,289 With an allowance recorded: Commercial 1,121 1,121 $ 712 685 Real estate: Construction Commercial 782 936 218 658 17 Residential 91 Consumer Total 1,903 2,057 930 1,434 17 Commercial 2,268 2,378 712 1,333 660 Real estate: Construction Commercial 2,745 2,899 218 3,782 1,473 Residential 2,329 2,467 2,488 173 Consumer Total $ 7,342 $ 7,744 $ 930 $ 7,603 $ 2,306 This Quarter March 31, 2019 Recorded Unpaid Related Average Interest With no related allowance: Commercial $ 189 $ 189 $ 169 $ 23 Real estate: Construction 85 85 43 Commercial 4,257 4,257 4,271 100 Residential 2,217 2,217 2,342 91 Consumer Total 6,748 6,748 6,825 214 With an allowance recorded: Commercial 841 841 $ 77 1,045 Real estate: Construction Commercial 371 371 91 453 4 Residential 180 318 55 181 1 Consumer Total 1,392 1,530 223 1,679 5 Commercial 1,030 1,030 77 1,214 23 Real estate: Construction 85 85 43 Commercial 4,628 4,628 91 4,724 104 Residential 2,397 2,535 55 2,523 92 Consumer Total $ 8,140 $ 8,278 $ 223 $ 8,504 $ 219 For the three months ended March 31, interest income related to impaired loans, would have been $21 in 2020 and $60 in 2019 had the loans been current and the terms of the loans not been modified. Troubled debt restructured loans are loans with original terms, interest rate, or both, that have been modified as a result of a deterioration in the borrower’s financial condition and a concession has been granted that the Company would not otherwise consider. Unless on nonaccrual, interest income on these loans is recognized when earned, using the interest method. The Company offers a variety of modifications to borrowers that would be considered concessions. The modification categories offered generally fall within the following categories: • Rate Modification—A modification in which the interest rate is changed to a below market rate. • Term Modification—A modification in which the maturity date, timing of payments or frequency of payments is changed. • Interest Only Modification—A modification in which the loan is converted to interest only payments for a period of time. • Payment Modification—A modification in which the dollar amount of the payment is changed, other than an interest only modification described above. • Combination Modification—Any other type of modification, including the use of multiple categories above. Included in the commercial loan and commercial and residential real estate categories are troubled debt restructures that are classified as impaired. Troubled debt restructures totaled $2,680 at March 31, 2020, $2,701 at December 31, 2019 and $2,765 at March 31, 2019. There were no loans modified as troubled debt restructur es loan modified as a troubled debt restructure for the three months ended March 31, 2019. During the three months ended March 31, 2020, there was one default for a commercial real estate loan totaling $368 on loans restructured. During the three months ended March 31, 2019 there was one default on a restructured residential loan. The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, unused portions of lines of credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit risk over and above the amount recognized in the consolidated balance sheets. Unused portions of off-balance sheet commitments at March 31, 2020, totaled $160,714 , $ in lines of credit, $32,263 in construction loans, $14,395 in commitments to extend credit, $23,745 in deposit overdraft protection and $4,515 in standby letters of credit. In comparison, unused portions of off-balance sheet commitments, at December 31, 2019, totaled $176,243, consisting of $81,665 in lines of credit, $41,168 in construction loans, $24,954 in commitments to extend credit, $23,730 in deposit overdraft protection and $4,726 in standby letters of credit. |
Other assets
Other assets | 3 Months Ended |
Mar. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other assets | 6. Other assets: The components of other assets at March 31, 2020 and December 31, 2019 are summarized as follows: March 31, December 31, Other real estate owned $ 346 $ 82 Bank owned life insurance 30,840 30,647 Restricted equity securities 1,857 990 Deferred tax assets 4,169 4,272 Lease right-of-use 3,678 3,856 Other assets 6,262 6,082 Total $ 47,152 $ 45,929 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | 7. Leases: On March 31, 2020, the Company leased 14 of its 31 locations. The Company’s operating lease right-of-use were $3,678 and $3,723, respectively, and have remaining terms ranging from 1 to 34 years, including extension options that the Company is reasonably certain will be exercised. For the three months ended March 31, 2020, operating lease cost totaled $199. On March 31, 2019 the Company’s lease ROU assets and related lease liabilities were $3,606 and $3,616, respectively. For the quarter ended March 31, 2019, operating lease cost totaled $147. The table below summarizes other information related to our operating leases: Three Months Ended Three Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 199 $ 136 ROU assets obtained in exchange for lease liabilities $ — $ 3,719 Weighted average remaining lease term—operating leases, in years 9.13 12.10 Weighted average discount rate—operating leases 3.01 % 3.29 % The following table outlines lease payment obligations as outlined in the Company’s lease agreements for each of the next five years and thereafter in addition to a reconcilement to the Company’s current lease liability. 2020 $ 572 2021 754 2022 697 2023 485 2024 317 Thereafter 1,567 Total lease payments 4,392 Less imputed interest 669 $ 3,723 For the three months ended March 31, 2020, the Company did not enter into any new lease arrangements. |
Fair value estimates
Fair value estimates | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair value estimates | 8. Fair value estimates: The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosure under GAAP. Fair value estimates are calculated without attempting to estimate the value of anticipated future business and the value of certain assets and liabilities that are not considered financial. Accordingly, such assets and liabilities are excluded from disclosure requirements. In accordance with FASB ASC 820, “Fair Value Measurements and Disclosures”, fair value is the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets. In many cases, these values cannot be realized in immediate settlement of the instrument. Current fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction that is not a forced liquidation or distressed sale between participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions. In accordance with GAAP, the Company groups its assets and liabilities generally measured at fair value into three levels based on market information or other fair value estimates in which the assets and liabilities are traded or valued, and the reliability of the assumptions used to determine fair value. These levels include: • Level 1: Unadjusted quoted prices of identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. • Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. An asset’s or liability’s placement in the fair value hierarchy is based on the lowest level of input that is significant to the fair value estimate. The following methods and assumptions were used by the Company to calculate fair values and related carrying amounts of assets and liabilities measured at fair value on a recurring basis: Investment securities: Assets and liabilities measured at fair value on a recurring basis at March 31, 2020 and December 31, 2019 are summarized as follows: Fair Value Measurement Using March 31, 2020 Amount Quoted Prices in Significant Significant State and Municipals: Taxable $ 10,153 $ 10,153 Tax-exempt 8,342 8,342 Mortgage-backed securities: U.S. Government agencies 29,308 29,308 U.S. Government-sponsored enterprises 17,842 17,842 Corporate debt obligations 2,757 2,757 Total $ 68,402 $ 68,402 Fair Value Measurement Using December 31, 2019 Amount Quoted Prices in Significant Significant State and municipals: Taxable $ 24,824 $ 24,824 Tax-exempt 4,333 4,333 Mortgage-backed securities: U.S. Government agencies 36,134 36,134 U.S. Government-sponsored enterprises 22,645 22,645 Corporate debt obligations 3,311 3,311 Total $ 91,247 $ 91,247 Other real estate owned charge-off. re-measured Impaired loans Assets and liabilities measured at fair value on a nonrecurring basis at March 31, 2020 and December 31, 2019 are summarized as follows: Fair Value Measurement Using March 31, 2020 Amount (Level 1) (Level 2) (Level 3) Other real estate owned $ 346 $ 346 Impaired loans, net of related allowance 372 372 Total $ 718 $ 718 Fair Value Measurement Using December 31, 2019 Amount (Level 1) (Level 2) (Level 3) Other real estate owned $ 82 $ 82 Impaired loans, net of related allowance 973 973 Total $ 1,055 $ 1,055 The following tables present additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company utilized Level 3 inputs to determine fair value at March 31, 2020 and December 31, 2019. Quantitative Information about Level 3 Fair Value Measurements March 31, 2020 Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Other real estate owned $ 346 Appraisal of collateral Appraisal adjustments 46.0% to 60.0% (47.0)% Liquidation expenses 10.0% to 10.0% (10.0)% Impaired loans $ 372 Appraisal of collateral Appraisal adjustments 10.0% to 50.0% (32.0)% Liquidation expenses 0.0% to 12.3% (5.7)% Quantitative Information about Level 3 Fair Value Measurements December 31, 2019 Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Other real estate owned $ 82 Appraisal of collateral Appraisal adjustments 42.0% to 60.0% (52.0)% Liquidation expenses 10.0% to 10.0% (10.0)% Impaired loans $ 973 Appraisal of collateral Appraisal adjustments 10.0% to 50.0% (22.0)% Liquidation expenses 9.5% to 12.3% (8.8)% The carrying and fair values of the Company’s financial instruments at March 31, 2020 and December 31, 2019 and their placement within the fair value hierarchy are as follows: Fair Value Hierarchy March 31, 2020 Carrying Fair Value Quoted Prices in Significant Significant Financial assets: Cash and cash equivalents $ 73,235 $ 73,235 $ 73,235 Investment securities 68,402 68,402 $ 68,402 Loans held for sale 272 272 272 Net loans (1) 879,198 860,456 860,456 Accrued interest receivable 2,589 2,589 345 2,244 Financial liabilities: Deposits $ 958,503 $ 962,450 $ 962,450 Long-term debt 26,992 26,575 26,575 Accrued interest payable 424 424 424 Fair Value Hierarchy December 31, 2019 Carrying Fair Value Quoted Prices in Significant Significant Financial assets: Cash and cash equivalents $ 50,348 $ 50,348 $ 50,348 Investment securities available-for-sale 91,247 91,247 $ 91,247 Loans held for sale 81 81 81 Net loans (1) 844,593 836,074 $ 836,074 Accrued interest receivable 2,414 2,414 461 1,953 Financial liabilities: Deposits $ 940,480 $ 940,546 $ 940,546 Long-term debt 6,971 6,971 6,971 Accrued interest payable 435 435 435 1) The carrying amount is net of unearned income and the allowance for loan losses in accordance with the adoption of ASU No. 2016-01 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. Subsequent Events: In December 2019, COVID-19 disruption. COVID-19 low-interest The extent to which the coronavirus may impact business activity or financial results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the coronavirus and the actions required to contain the coronavirus or treat its impact, among others. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Riverview Financial Corporation, (the “Company” or “Riverview”), a bank holding company incorporated under the laws of Pennsylvania, provides a full range of financial services through its wholly-owned subsidiary, Riverview Bank (the “Bank”). Riverview Bank, with twenty seven (27) full service offices and four (4) limited purpose offices, is a full service commercial bank offering a wide range of traditional banking services and financial advisory, insurance and investment services to individuals, municipalities and small-to-medium sized businesses in the Pennsylvania market areas of Berks, Blair, Bucks, Centre, Clearfield, Cumberland, Dauphin, Huntingdon, Lebanon, Lehigh, Lycoming, Perry, Schuylkill and Somerset Counties. The Wealth and Trust Management divisions of the Bank provide trust and investment advisory services to the general public and businesses. |
Basis of presentation | Basis of presentation: The accompanying unaudited consolidated financial statements of the Company 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 Regulation S-X. Form 10-K, The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided. Actual results could differ from those estimates. The operating results and financial position of the Company for the three months ended as of March 31, 2020, are not necessarily indicative of the results of operations and financial position that may be expected in the future. This is especially true given the recent outbreak of the Coronavirus (“COVID-19”) Beginning in the first quarter of 2020, the COVID-19 COVID-19, The national public health crisis arising from the COVID-19 pre-existing Riverview’s business is dependent upon the willingness and ability of its customers to conduct banking and other financial transactions. Riverview expects the pandemic to limit, at least for a period of time, customer demand for many banking activities. Many companies and residents in our market area are subject to mandatory “non-essential business” shut-downs and “stay at home” orders, which have reduced banking activity across our market area. In response to these mandates, Riverview has temporarily limited most locations to drive-up and ATM services, with lobby access available by appointment only, reduced hours of operation at some locations and encouraged our customers to use electronic banking platforms. We expect these measures to remain in place for an undetermined period of time. In addition, the use of quarantines and social distancing methods to curtail the spread of COVID-19—whether mandated by governmental authorities or recommended as a public health practice—may adversely affect Riverview’s operations as key personnel, employees and customers avoid physical interaction. The continued spread of COVID-19 could also negatively impact the business and operations of third-party service providers who perform critical services for Riverview’s business. It is not yet known what impact these operational changes may have on Riverview’s financial performance. There continue to be broad concerns related to the potential effects of the COVID-19 The outbreak of COVID-19 income, margins and our profitability. The COVID-19 The impact of the pandemic on Riverview’s financial results is evolving and uncertain. The Company expects Riverview’s net interest income and non-interest COVID-19 As of the March 31, 2020, the Company does not believe there exists any impairment to our goodwill, intangible assets, long-lived assets, right of use assets, or available-for-sale COVID-19 COVID-19 |
Recent Accounting Standards | Accounting Standards Adopted in 2020 In August 2016, the FASB issued ASU No. 2016-15, In January 2017, the FASB issued ASU No. 2017-04, In August 2018, the FASB issued ASU 2018-13, In August 2018, the FASB issued ASU No. 2018-15, internal-use internal-use Recent Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, 2016-13 requires No. 2016-13 available-for-sale 2018-19—Codification 326-20. No. 2019-05 No. 2016-13 2016-13, 326-20 825-10. held-to-maturity instrument-by-instrument No. 2019-11, 805-20. day-one one-time In August 2018, the FASB issued ASU No. 2018-14, (Subtopic 715-20)—Disclosure Subtopic 715-20 In December 2019, the FASB issued ASU No. 2019-12, No. 2019-12 In March 2020, the FASB issued ASU No. 2020-04, 2020-04 2020-04 2020-04 2020-04 |
Other comprehensive income (l_2
Other comprehensive income (loss) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Summary of Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) included in stockholders’ equity at March 31, 2020 and December 31, 2019 is as follows: March 31, December 31, Net unrealized loss on investment securities available-for-sale $ 914 $ 676 Income tax benefit 192 142 Net of income taxes 722 534 Benefit plan adjustments (1,117 ) (1,117 ) Income tax benefit (235 ) (235 ) Net of income taxes (882 ) (882 ) Accumulated other comprehensive loss $ (160 ) $ (348 ) |
Schedule of Other Comprehensive Income (Loss) and Related Tax Effects | Other comprehensive income (loss) and related tax effects for the three months ended March 31, 2020 and 2019 is as follows: Three months ended March 31, 2020 2019 Unrealized gain (loss) on investment securities available-for-sale $ 1,053 $ 1,023 Net loss (gain) on the sale of investment securities available-for-sale (1) (815 ) 42 Other comprehensive gain (loss) before taxes 238 1,065 Income tax expense (benefit) 50 224 Other comprehensive gain (loss) $ 188 $ 841 (1) Represents amounts reclassified out of accumulated other comprehensive income and included in net loss (gain) on sale of investment securities on the consolidated statements of income and comprehensive income. |
Earnings per share (Tables)
Earnings per share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Earnings per Share | The following table provides a reconciliation between the computation of basic earnings per share and diluted earnings per share for the three months ended March 31, 2020 and 2019: Three months ended March 31, 2020 2019 Numerator: Net income (loss) $ 633 $ (687 ) Denominator: Basic 9,223,445 9,143,316 Dilutive options 9,615 Diluted 9,233,060 9,143,316 Earnings per share: Basic $ 0.07 $ (0.08 ) Diluted $ 0.07 $ (0.08 ) |
Investment securities (Tables)
Investment securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Investment Securities Available-for-Sale Aggregated by Investment Category | The amortized cost and fair value of investment securities available-for-sale March 31, 2020 Amortized Gross Gross Fair State and municipals: Taxable $ 9,736 $ 423 $ 6 $ 10,153 Tax-exempt 8,448 36 142 8,342 Mortgage-backed securities: U.S. Government agencies 28,508 800 29,308 U.S. Government-sponsored enterprises 17,296 546 17,842 Corporate debt obligations 3,500 743 2,757 Total $ 67,488 $ 1,805 $ 891 $ 68,402 December 31, 2019 Amortized Gross Gross Fair State and municipals: Taxable $ 24,365 $ 466 $ 7 $ 24,824 Tax-exempt 4,260 73 4,333 Mortgage-backed securities: U.S. Government agencies 36,024 294 184 36,134 U.S. Government-sponsored enterprises 22,422 265 42 22,645 Corporate debt obligations 3,500 189 3,311 Total $ 90,571 $ 1,098 $ 422 $ 91,247 |
Schedule of Debt Securities Classified Available-for-Sale Maturity Distribution of Fair Value | The maturity distribution of the fair value, which is the net carrying amount, of the debt securities classified as available-for-sale March 31, 2020 Fair Within one year $ 477 After one but within five years 5,423 After five but within ten years 6,486 After ten years 8,866 21,252 Mortgage-backed securities 47,150 Total $ 68,402 |
Schedule of Fair Value Gross Unrealized Losses of Investment Securities Unrealized Losses | The fair value and gross unrealized losses of investment securities with unrealized losses for which an other-than-temporary impairment (“OTTI”) has not been recognized at March 31, 2020 and December 31, 2019, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, are summarized as follows: Less Than 12 Months 12 Months or More Total March 31, 2020 Fair Unrealized Fair Unrealized Fair Unrealized State and municipals: Taxable $ 785 $ 6 $ $ $ 785 $ 6 Tax-exempt Mortgage-backed securities: U.S. Government agencies 4,094 142 4,094 142 U.S. Government-sponsored enterprises Corporate debt obligation 2,757 743 2,757 743 Total $ 4,879 $ 148 $ 2,757 $ 743 $ 7,636 $ 891 Less Than 12 Months 12 Months or More Total December 31, 2019 Fair Unrealized Fair Unrealized Fair Unrealized State and municipals: Taxable 1 , $ 7 $ $ $ 1,280 $ 7 Tax-exempt Mortgage-backed securities: U.S. Government agencies 15,799 184 15,799 184 U.S. Government-sponsored enterprises 3,245 42 3,245 42 Corporate debt obligations 3,311 189 3,311 189 Total $ 17,079 $ 191 $ 6,556 $ 231 $ 23,635 $ 422 |
Loans, net and allowance for _2
Loans, net and allowance for loan losses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Schedule of Loans Outstanding | The major classifications of loans outstanding, net of deferred loan origination fees and costs at March 31, 2020 and December 31, 2019 are summarized as follows. Net deferred loan costs were $885 and $1,129 at March 31, 2020 and December 31, 2019. March 31, December 31, Commercial $ 121,128 $ 118,658 Real estate: Construction 72,580 61,831 Commercial 476,573 455,901 Residential 209,749 207,354 Consumer 7,419 8,365 Total $ 887,449 $ 852,109 |
Schedule of Allowance for Loan Losses Account by Major Classification of Loan | The change in the allowance for loan losses account by major loan classifications for the three months ended March 31, 2020 and 2019 is summarized as follows: Real Estate March 31, 2020 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance, January 1, 2020 $ 1,953 $ 473 $ 3,115 $ 1,820 $ 155 $ 7,516 Charge-offs (899 ) (95 ) (130 ) (1,124 ) Recoveries 2 1 56 59 Provisions 615 222 896 (107 ) 71 $ 103 1,800 Ending balance $ 1,671 $ 695 $ 3,917 $ 1,713 $ 152 $ 103 $ 8,251 Real Estate March 31, 2019 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance, January 1, 2019 $ 1,162 $ 404 $ 3,298 $ 1,286 $ 50 $ 148 $ 6,348 Charge-offs (376 ) (144 ) (520 ) Recoveries 5 1 1 68 75 Provisions 232 (123 ) 160 279 183 (148 ) 583 Ending balance $ 1,023 $ 281 $ 3,459 $ 1,566 $ 157 $ $ 6,486 The allocation of the allowance for loan losses and the related loans by major classifications of loans at March 31, 2020 and December 31, 2019 is summarized as follows: Real Estate March 31, 2020 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ 1,671 $ 695 $ 3,917 $ 1,713 $ 152 $ 103 $ 8,251 Ending balance: individually evaluated for impairment 29 87 116 Ending balance: collectively evaluated for impairment 1,642 695 3,830 1,713 152 103 8,135 Ending balance: purchased credit impaired loans $ $ $ $ $ $ $ Loans receivable: Ending balance $ 121,128 $ 72,580 $ 476,573 $ 209,749 $ 7,419 $ $ 887,449 Ending balance: individually evaluated for impairment 1,218 1,405 2,062 4,685 Ending balance: collectively evaluated for impairment 119,909 72,580 473,656 207,456 7,419 881,020 Ending balance: purchased credit impaired loans $ 1 $ $ 1,512 $ 231 $ $ $ 1,744 Real Estate December 31, 2019 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ 1,953 $ 473 $ 3,115 $ 1,820 $ 155 $ $ 7,516 Ending balance: individually evaluated for impairment 712 218 930 Ending balance: collectively evaluated for impairment 1,241 473 2,897 1,820 155 6,586 Ending balance: purchased credit impaired loans $ $ $ $ $ $ $ Loans receivable: Ending balance $ 118,658 $ 61,831 $ 455,901 $ 207,354 $ 8,365 $ $ 852,109 Ending balance: individually evaluated for impairment 2,260 1,224 2,085 5,569 Ending balance: collectively evaluated for impairment 116,390 61,831 453,156 205,026 8,365 844,768 Ending balance: purchased credit impaired loans $ 8 $ $ 1,521 $ 243 $ $ $ 1,772 |
Summary of Major Classification of Loans Summarized by Aggregate Pass Rating | The following tables present the major classification of loans summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system at March 31, 2020 and December 31, 2019: March 31, 2020 Pass Special Substandard Doubtful Total Commercial $ 111,111 $ 5,964 $ 4,053 $ $ 121,128 Real estate: Construction 71,454 1,126 72,580 Commercial 453,374 8,430 14,769 476,573 Residential 205,926 1,418 2,405 209,749 Consumer 7,419 7,419 Total $ 849,284 $ 16,938 $ 21,227 $ $ 887,449 December 31, 2019 Pass Special Substandard Doubtful Total Commercial $ 109,190 $ 5,992 $ 3,476 $ $ 118,658 Real estate: Construction 61,678 153 61,831 Commercial 430,771 9,271 15,859 455,901 Residential 203,381 1,437 2,536 207,354 Consumer 8,365 8,365 Total $ 813,385 $ 16,853 $ 21,871 $ $ 852,109 |
Summary of Classes of Loan Portfolio Summarized by Aging Categories of Performing Loans and Nonaccrual Loans | The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of March 31, 2020 and December 31, 2019. Purchase credit impaired (“PCI”) loans are excluded from the aging and nonaccrual loan schedules. Accrual Loans March 31, 2020 30-59 Days 60-89 Days 90 or More Total Past Current Nonaccrual Total Loans Commercial $ 385 $ 15 $ 23 $ 423 $ 119,917 $ 787 $ 121,127 Real estate: Construction 584 978 1,562 71,018 72,580 Commercial 9,577 1,361 10,938 463,481 642 475,061 Residential 5,062 137 652 5,851 203,048 619 209,518 Consumer 65 17 16 98 7,321 7,419 Total $ 15,673 $ 2,508 $ 691 $ 18,872 $ 864,785 $ 2,048 $ 885,705 Purchased credit impaired loans 1,744 Total Loans $ 887,449 Accrual Loans December 31, 2019 30-59 Days 60-89 Days 90 or More Total Past Current Nonaccrual Total Loans Commercial $ 137 $ $ $ 137 $ 117,354 $ 1,159 $ 118,650 Real estate: Construction 9 9 61,822 61,831 Commercial 147 147 453,774 459 454,380 Residential 3,402 820 18 4,240 202,202 669 207,111 Consumer 84 14 27 125 8,240 8,365 Total $ 3,779 $ 834 $ 45 $ 4,658 $ 843,392 $ 2,287 $ 850,337 Purchased credit impaired loans 1,772 Total Loans $ 852,109 |
Schedule of Information Concerning Impaired Loans | The following tables summarize information concerning impaired loans as of and for the three months ended March 31, 2020 and 2019, and as of and for the year ended, December 31, 2019 by major loan classification: This Quarter March 31, 2020 Recorded Unpaid Related Average Interest With no related allowance: Commercial $ 1,098 $ 1,208 $ 873 $ 68 Real estate: Construction Commercial 2,550 2,550 2,837 47 Residential 2,292 2,422 2,345 25 Consumer Total 5,940 6,180 6,055 140 With an allowance recorded: Commercial 121 121 $ 29 653 Real estate: Construction Commercial 367 367 87 513 4 Residential 45 Consumer Total 488 488 116 1,211 4 Commercial 1,219 1,329 29 1,526 68 Real estate: Construction Commercial 2,917 2,917 87 3,350 51 Residential 2,292 2,422 2,390 25 Consumer Total $ 6,428 $ 6,668 $ 116 $ 7,266 $ 144 Recorded Unpaid Related For the Year Ended December 31, 2019 Average Interest With no related allowance: Commercial $ 1,147 $ 1,257 $ 648 $ 660 Real estate: Construction Commercial 1,963 1,963 3,124 1,456 Residential 2,329 2,467 2,397 173 Consumer Total 5,439 5,687 6,169 2,289 With an allowance recorded: Commercial 1,121 1,121 $ 712 685 Real estate: Construction Commercial 782 936 218 658 17 Residential 91 Consumer Total 1,903 2,057 930 1,434 17 Commercial 2,268 2,378 712 1,333 660 Real estate: Construction Commercial 2,745 2,899 218 3,782 1,473 Residential 2,329 2,467 2,488 173 Consumer Total $ 7,342 $ 7,744 $ 930 $ 7,603 $ 2,306 This Quarter March 31, 2019 Recorded Unpaid Related Average Interest With no related allowance: Commercial $ 189 $ 189 $ 169 $ 23 Real estate: Construction 85 85 43 Commercial 4,257 4,257 4,271 100 Residential 2,217 2,217 2,342 91 Consumer Total 6,748 6,748 6,825 214 With an allowance recorded: Commercial 841 841 $ 77 1,045 Real estate: Construction Commercial 371 371 91 453 4 Residential 180 318 55 181 1 Consumer Total 1,392 1,530 223 1,679 5 Commercial 1,030 1,030 77 1,214 23 Real estate: Construction 85 85 43 Commercial 4,628 4,628 91 4,724 104 Residential 2,397 2,535 55 2,523 92 Consumer Total $ 8,140 $ 8,278 $ 223 $ 8,504 $ 219 |
Other assets (Tables)
Other assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Components of Other Assets | The components of other assets at March 31, 2020 and December 31, 2019 are summarized as follows: March 31, December 31, Other real estate owned $ 346 $ 82 Bank owned life insurance 30,840 30,647 Restricted equity securities 1,857 990 Deferred tax assets 4,169 4,272 Lease right-of-use 3,678 3,856 Other assets 6,262 6,082 Total $ 47,152 $ 45,929 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Summary of Other Information Related to Our Operating Leases | The table below summarizes other information related to our operating leases: Three Months Ended Three Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 199 $ 136 ROU assets obtained in exchange for lease liabilities $ — $ 3,719 Weighted average remaining lease term—operating leases, in years 9.13 12.10 Weighted average discount rate—operating leases 3.01 % 3.29 % |
Summary of Lease Payment Obligation | The following table outlines lease payment obligations as outlined in the Company’s lease agreements for each of the next five years and thereafter in addition to a reconcilement to the Company’s current lease liability. 2020 $ 572 2021 754 2022 697 2023 485 2024 317 Thereafter 1,567 Total lease payments 4,392 Less imputed interest 669 $ 3,723 |
Fair value estimates (Tables)
Fair value estimates (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis at March 31, 2020 and December 31, 2019 are summarized as follows: Fair Value Measurement Using March 31, 2020 Amount Quoted Prices in Significant Significant State and Municipals: Taxable $ 10,153 $ 10,153 Tax-exempt 8,342 8,342 Mortgage-backed securities: U.S. Government agencies 29,308 29,308 U.S. Government-sponsored enterprises 17,842 17,842 Corporate debt obligations 2,757 2,757 Total $ 68,402 $ 68,402 Fair Value Measurement Using December 31, 2019 Amount Quoted Prices in Significant Significant State and municipals: Taxable $ 24,824 $ 24,824 Tax-exempt 4,333 4,333 Mortgage-backed securities: U.S. Government agencies 36,134 36,134 U.S. Government-sponsored enterprises 22,645 22,645 Corporate debt obligations 3,311 3,311 Total $ 91,247 $ 91,247 |
Summary of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | Assets and liabilities measured at fair value on a nonrecurring basis at March 31, 2020 and December 31, 2019 are summarized as follows: Fair Value Measurement Using March 31, 2020 Amount (Level 1) (Level 2) (Level 3) Other real estate owned $ 346 $ 346 Impaired loans, net of related allowance 372 372 Total $ 718 $ 718 Fair Value Measurement Using December 31, 2019 Amount (Level 1) (Level 2) (Level 3) Other real estate owned $ 82 $ 82 Impaired loans, net of related allowance 973 973 Total $ 1,055 $ 1,055 |
Additional Quantitative Information about Assets Measured at Fair Value on Nonrecurring Basis | The following tables present additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company utilized Level 3 inputs to determine fair value at March 31, 2020 and December 31, 2019. Quantitative Information about Level 3 Fair Value Measurements March 31, 2020 Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Other real estate owned $ 346 Appraisal of collateral Appraisal adjustments 46.0% to 60.0% (47.0)% Liquidation expenses 10.0% to 10.0% (10.0)% Impaired loans $ 372 Appraisal of collateral Appraisal adjustments 10.0% to 50.0% (32.0)% Liquidation expenses 0.0% to 12.3% (5.7)% Quantitative Information about Level 3 Fair Value Measurements December 31, 2019 Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Other real estate owned $ 82 Appraisal of collateral Appraisal adjustments 42.0% to 60.0% (52.0)% Liquidation expenses 10.0% to 10.0% (10.0)% Impaired loans $ 973 Appraisal of collateral Appraisal adjustments 10.0% to 50.0% (22.0)% Liquidation expenses 9.5% to 12.3% (8.8)% The carrying and fair values of the Company’s financial instruments at March 31, 2020 and December 31, 2019 and their placement within the fair value hierarchy are as follows: |
Carrying and Fair Values of Riverview's Financial Instruments | Fair Value Hierarchy March 31, 2020 Carrying Fair Value Quoted Prices in Significant Significant Financial assets: Cash and cash equivalents $ 73,235 $ 73,235 $ 73,235 Investment securities 68,402 68,402 $ 68,402 Loans held for sale 272 272 272 Net loans (1) 879,198 860,456 860,456 Accrued interest receivable 2,589 2,589 345 2,244 Financial liabilities: Deposits $ 958,503 $ 962,450 $ 962,450 Long-term debt 26,992 26,575 26,575 Accrued interest payable 424 424 424 Fair Value Hierarchy December 31, 2019 Carrying Fair Value Quoted Prices in Significant Significant Financial assets: Cash and cash equivalents $ 50,348 $ 50,348 $ 50,348 Investment securities available-for-sale 91,247 91,247 $ 91,247 Loans held for sale 81 81 81 Net loans (1) 844,593 836,074 $ 836,074 Accrued interest receivable 2,414 2,414 461 1,953 Financial liabilities: Deposits $ 940,480 $ 940,546 $ 940,546 Long-term debt 6,971 6,971 6,971 Accrued interest payable 435 435 435 1) The carrying amount is net of unearned income and the allowance for loan losses in accordance with the adoption of ASU No. 2016-01 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2020Office | |
Summary Of Significant Accounting Policies [Line Items] | |
Number of full service offices | 27 |
Number of limited purpose offices | 4 |
Other comprehensive income (l_3
Other comprehensive income (loss) - Summary of Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss | $ (160) | $ (348) |
Unrealized Losses on Available-for-Sale [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, before tax | 914 | 676 |
Income tax benefit | 192 | 142 |
Accumulated other comprehensive loss | 722 | 534 |
Defined Benefit Pension Items [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, before tax | (1,117) | (1,117) |
Income tax benefit | (235) | (235) |
Accumulated other comprehensive loss | $ (882) | $ (882) |
Other comprehensive income (l_4
Other comprehensive income (loss) - Schedule of Other Comprehensive Income (Loss) and Related Tax Effects (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other Comprehensive Income (Loss), Tax [Abstract] | ||
Unrealized gain (loss) on investment securities available-for-sale | $ 1,053 | $ 1,023 |
Net (gain) loss on the sale of investment securities available-for-sale | (815) | 42 |
Other comprehensive gain (loss) before taxes | 238 | 1,065 |
Income tax expense (benefit) | 50 | 224 |
Other comprehensive income (loss) | $ 188 | $ 841 |
Earnings per share - Additional
Earnings per share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Stock options excluded from the dilutive earnings per share calculation | 37,200 | 0 |
Earnings per share - Computatio
Earnings per share - Computation of Earnings per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Numerator: | ||
Net income | $ 633 | $ (687) |
Denominator: | ||
Basic | 9,223,445 | 9,143,316 |
Dilutive options | 9,615 | |
Diluted | 9,233,060 | 9,143,316 |
Basic | $ 0.07 | $ (0.08) |
Diluted | $ 0.07 | $ (0.08) |
Investment Securities - Schedul
Investment Securities - Schedule of Amortized Cost and Fair Value of Investment Securities Available-for-Sale Aggregated by Investment Category (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 67,488 | $ 90,571 |
Gross Unrealized Gains | 1,805 | 1,098 |
Gross Unrealized Losses | 891 | 422 |
Fair Value | 68,402 | 91,247 |
Taxable [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 9,736 | 24,365 |
Gross Unrealized Gains | 423 | 466 |
Gross Unrealized Losses | 6 | 7 |
Fair Value | 10,153 | 24,824 |
Tax-Exempt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 8,448 | 4,260 |
Gross Unrealized Gains | 36 | 73 |
Gross Unrealized Losses | 142 | |
Fair Value | 8,342 | 4,333 |
Mortgage-Backed Securities - U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 28,508 | 36,024 |
Gross Unrealized Gains | 800 | 294 |
Gross Unrealized Losses | 184 | |
Fair Value | 29,308 | 36,134 |
Mortgage-backed Securities - U.S. Government-sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 17,296 | 22,422 |
Gross Unrealized Gains | 546 | 265 |
Gross Unrealized Losses | 42 | |
Fair Value | 17,842 | 22,645 |
Corporate Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,500 | 3,500 |
Gross Unrealized Losses | 743 | 189 |
Fair Value | $ 2,757 | $ 3,311 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) $ in Thousands | Mar. 31, 2020USD ($)Securities | Dec. 31, 2019USD ($)Securities |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities pledged to secure public deposits, fair value | $ | $ 46,152 | $ 63,389 |
Available-for-sale securities in unrealized loss position, number of securities | 10 | 22 |
Taxable [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in unrealized loss position, number of securities | 2 | 2 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in unrealized loss position, number of securities | 7 | 19 |
Available-for-sale securities in unrealized loss position for twelve months or more, number of securities | 4 | |
Corporate Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in unrealized loss position, number of securities | 1 | 1 |
Available-for-sale securities in unrealized loss position for twelve months or more, number of securities | 1 |
Investment Securities - Sched_2
Investment Securities - Schedule of Debt Securities Classified Available-for-Sale Maturity Distribution of Fair Value (Detail) $ in Thousands | Mar. 31, 2020USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale securities, Within one year, Fair Value | $ 477 |
Available-for-sale securities, After one but within five years, Fair Value | 5,423 |
Available-for-sale securities, After five but within ten years, Fair Value | 6,486 |
Available-for-sale securities, After ten years, Fair Value | 8,866 |
Available-for-sale securities, Single maturity, Fair Value | 21,252 |
Total available-for-sale securities, Fair Value | 68,402 |
Mortgage-Backed Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale securities, Without single maturity, Fair Value | $ 47,150 |
Investment Securities Available
Investment Securities Available-for-Sale - Schedule of Fair Value Gross Unrealized Losses of Investment Securities Unrealized Losses (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Fair Value | $ 4,879 | $ 17,079 |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 148 | 191 |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Fair Value | 2,757 | 6,556 |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Unrealized Losses | 743 | 231 |
Available-for-sale securities in a continuous loss position, Fair Value | 7,636 | 23,635 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 891 | 422 |
Taxable [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Fair Value | 785 | 1,280 |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 6 | 7 |
Available-for-sale securities in a continuous loss position, Fair Value | 785 | 1,280 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 6 | 7 |
Mortgage-Backed Securities - U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Fair Value | 4,094 | 15,799 |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 142 | 184 |
Available-for-sale securities in a continuous loss position, Fair Value | 4,094 | 15,799 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 142 | 184 |
Mortgage-backed Securities - U.S. Government-sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in a continuous loss position, More Than 12 Months, Fair Value | 3,245 | |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Unrealized Losses | 42 | |
Available-for-sale securities in a continuous loss position, Fair Value | 3,245 | |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 42 | |
Corporate Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in a continuous loss position, More Than 12 Months, Fair Value | 2,757 | 3,311 |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Unrealized Losses | 743 | 189 |
Available-for-sale securities in a continuous loss position, Fair Value | 2,757 | 3,311 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | $ 743 | $ 189 |
Loans, Net and Allowance for _3
Loans, Net and Allowance for Loan Losses - Additional Information (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020USD ($)Contract | Mar. 31, 2019USD ($)Contract | Dec. 31, 2019USD ($) | |
Financing Receivable, Impaired [Line Items] | |||
Deferred loan fees, net | $ 885 | $ 1,129 | |
Interest income, related to impaired loans | 21 | $ 60 | |
Troubled debt restructurings, amount | $ 2,680 | $ 2,765 | 2,701 |
Troubled Debt Restructurings, Number of Contracts | Contract | 0 | 1 | |
Subsequently defaulted number of contracts | Contract | 1 | ||
Financing receivable modifications subsequent default recorded investment | $ 368 | ||
Unused Commitments | $ 160,714 | 176,243 | |
Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Subsequently defaulted number of contracts | Contract | 1 | ||
Unfunded Loan Commitment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unused Commitments | $ 14,395 | 24,954 | |
Unused lines of Credit [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unused Commitments | 85,796 | 81,665 | |
Financial Standby Letter of Credit [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unused Commitments | 4,515 | 4,726 | |
Construction Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unused Commitments | 32,263 | 41,168 | |
Deposit Overdraft [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unused Commitments | $ 23,745 | $ 23,730 |
Loans, Net and Allowance for _4
Loans, Net and Allowance for Loan Losses - Schedule of Loans Outstanding (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable | $ 887,449 | $ 852,109 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable | 121,128 | 118,658 |
Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable | 72,580 | 61,831 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable | 476,573 | 455,901 |
Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable | 209,749 | 207,354 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable | $ 7,419 | $ 8,365 |
Loans, Net and Allowance for _5
Loans, Net and Allowance for Loan Losses - Schedule of Allowance for Loan Losses Account by Major Classification of Loan (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses, Beginning balance | $ 7,516 | $ 6,348 | |
Allowance for Loan Losses, Charge-offs | (1,124) | (520) | |
Allowance for Loan Losses, Recoveries | 59 | 75 | |
Allowance for Loan Losses, Provision | 1,800 | 583 | |
Allowance for Loan Losses, Ending balance | 8,251 | 6,486 | |
Ending balance: individually evaluated for impairment | 116 | $ 930 | |
Ending balance: collectively evaluated for impairment | 8,135 | 6,586 | |
Ending balance | 887,449 | 852,109 | |
Ending balance: individually evaluated for impairment | 4,685 | 5,569 | |
Ending balance: collectively evaluated for impairment | 881,020 | 844,768 | |
Ending balance: purchased credit impaired loans | 1,744 | 1,772 | |
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses, Beginning balance | 1,953 | 1,162 | |
Allowance for Loan Losses, Charge-offs | (899) | (376) | |
Allowance for Loan Losses, Recoveries | 2 | 5 | |
Allowance for Loan Losses, Provision | 615 | 232 | |
Allowance for Loan Losses, Ending balance | 1,671 | 1,023 | |
Ending balance: individually evaluated for impairment | 29 | 712 | |
Ending balance: collectively evaluated for impairment | 1,642 | 1,241 | |
Ending balance | 121,128 | 118,658 | |
Ending balance: individually evaluated for impairment | 1,218 | 2,260 | |
Ending balance: collectively evaluated for impairment | 119,909 | 116,390 | |
Ending balance: purchased credit impaired loans | 1 | 8 | |
Real Estate Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses, Beginning balance | 473 | 404 | |
Allowance for Loan Losses, Provision | 222 | (123) | |
Allowance for Loan Losses, Ending balance | 695 | 281 | |
Ending balance: collectively evaluated for impairment | 695 | 473 | |
Ending balance | 72,580 | 61,831 | |
Ending balance: collectively evaluated for impairment | 72,580 | 61,831 | |
Real Estate Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses, Beginning balance | 3,115 | 3,298 | |
Allowance for Loan Losses, Charge-offs | (95) | ||
Allowance for Loan Losses, Recoveries | 1 | 1 | |
Allowance for Loan Losses, Provision | 896 | 160 | |
Allowance for Loan Losses, Ending balance | 3,917 | 3,459 | |
Ending balance: individually evaluated for impairment | 87 | 218 | |
Ending balance: collectively evaluated for impairment | 3,830 | 2,897 | |
Ending balance | 476,573 | 455,901 | |
Ending balance: individually evaluated for impairment | 1,405 | 1,224 | |
Ending balance: collectively evaluated for impairment | 473,656 | 453,156 | |
Ending balance: purchased credit impaired loans | 1,512 | 1,521 | |
Real Estate Residential [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses, Beginning balance | 1,820 | 1,286 | |
Allowance for Loan Losses, Recoveries | 1 | ||
Allowance for Loan Losses, Provision | (107) | 279 | |
Allowance for Loan Losses, Ending balance | 1,713 | 1,566 | |
Ending balance: collectively evaluated for impairment | 1,713 | 1,820 | |
Ending balance | 209,749 | 207,354 | |
Ending balance: individually evaluated for impairment | 2,062 | 2,085 | |
Ending balance: collectively evaluated for impairment | 207,456 | 205,026 | |
Ending balance: purchased credit impaired loans | 231 | 243 | |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses, Beginning balance | 155 | 50 | |
Allowance for Loan Losses, Charge-offs | (130) | (144) | |
Allowance for Loan Losses, Recoveries | 56 | 68 | |
Allowance for Loan Losses, Provision | 71 | 183 | |
Allowance for Loan Losses, Ending balance | 152 | 157 | |
Ending balance: collectively evaluated for impairment | 152 | 155 | |
Ending balance | 7,419 | 8,365 | |
Ending balance: collectively evaluated for impairment | 7,419 | $ 8,365 | |
Unallocated [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses, Beginning balance | 148 | ||
Allowance for Loan Losses, Provision | 103 | $ (148) | |
Allowance for Loan Losses, Ending balance | 103 | ||
Ending balance: collectively evaluated for impairment | $ 103 |
Loans, Net and Allowance for _6
Loans, Net and Allowance for Loan Losses - Summary of Major Classification of Loans Summarized by Aggregate Pass Rating (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | $ 887,449 | $ 852,109 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 121,128 | 118,658 |
Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 72,580 | 61,831 |
Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 476,573 | 455,901 |
Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 209,749 | 207,354 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 7,419 | 8,365 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 849,284 | 813,385 |
Pass [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 111,111 | 109,190 |
Pass [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 71,454 | 61,678 |
Pass [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 453,374 | 430,771 |
Pass [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 205,926 | 203,381 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 7,419 | 8,365 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 16,938 | 16,853 |
Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 5,964 | 5,992 |
Special Mention [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 1,126 | 153 |
Special Mention [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 8,430 | 9,271 |
Special Mention [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 1,418 | 1,437 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 21,227 | 21,871 |
Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 4,053 | 3,476 |
Substandard [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 14,769 | 15,859 |
Substandard [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | $ 2,405 | $ 2,536 |
Loans, Net and Allowance for _7
Loans, Net and Allowance for Loan Losses - Summary of Classes of Loan Portfolio Summarized by Aging Categories of Performing Loans and Nonaccrual Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 887,449 | $ 852,109 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 121,128 | 118,658 |
Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 72,580 | 61,831 |
Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 476,573 | 455,901 |
Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 209,749 | 207,354 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 7,419 | 8,365 |
Performing Loans and Non Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 18,872 | 4,658 |
Current | 864,785 | 843,392 |
Nonaccrual Loans | 2,048 | 2,287 |
Total | 885,705 | 850,337 |
Performing Loans and Non Accrual Loans [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 423 | 137 |
Current | 119,917 | 117,354 |
Nonaccrual Loans | 787 | 1,159 |
Total | 121,127 | 118,650 |
Performing Loans and Non Accrual Loans [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,562 | 9 |
Current | 71,018 | 61,822 |
Total | 72,580 | 61,831 |
Performing Loans and Non Accrual Loans [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,938 | 147 |
Current | 463,481 | 453,774 |
Nonaccrual Loans | 642 | 459 |
Total | 475,061 | 454,380 |
Performing Loans and Non Accrual Loans [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,851 | 4,240 |
Current | 203,048 | 202,202 |
Nonaccrual Loans | 619 | 669 |
Total | 209,518 | 207,111 |
Performing Loans and Non Accrual Loans [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 98 | 125 |
Current | 7,321 | 8,240 |
Total | 7,419 | 8,365 |
Performing Loans and Non Accrual Loans [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 15,673 | 3,779 |
Performing Loans and Non Accrual Loans [Member] | 30-59 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 385 | 137 |
Performing Loans and Non Accrual Loans [Member] | 30-59 Days Past Due [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 584 | 9 |
Performing Loans and Non Accrual Loans [Member] | 30-59 Days Past Due [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9,577 | 147 |
Performing Loans and Non Accrual Loans [Member] | 30-59 Days Past Due [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,062 | 3,402 |
Performing Loans and Non Accrual Loans [Member] | 30-59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 65 | 84 |
Performing Loans and Non Accrual Loans [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,508 | 834 |
Performing Loans and Non Accrual Loans [Member] | 60-89 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 15 | |
Performing Loans and Non Accrual Loans [Member] | 60-89 Days Past Due [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 978 | |
Performing Loans and Non Accrual Loans [Member] | 60-89 Days Past Due [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,361 | |
Performing Loans and Non Accrual Loans [Member] | 60-89 Days Past Due [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 137 | 820 |
Performing Loans and Non Accrual Loans [Member] | 60-89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 17 | 14 |
Performing Loans and Non Accrual Loans [Member] | 90 Days and Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 691 | 45 |
Performing Loans and Non Accrual Loans [Member] | 90 Days and Greater [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 23 | |
Performing Loans and Non Accrual Loans [Member] | 90 Days and Greater [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 652 | 18 |
Performing Loans and Non Accrual Loans [Member] | 90 Days and Greater [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 16 | 27 |
Purchased Credit Impaired Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 1,744 | $ 1,772 |
Loans, Net and Allowance for _8
Loans, Net and Allowance for Loan Losses - Schedule of Information Concerning Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with no related allowance recorded, recorded investment | $ 5,940 | $ 6,748 | $ 5,439 |
Impaired loans with an allowance recorded, recorded investment | 488 | 1,392 | 1,903 |
Impaired loans, recorded investment | 6,428 | 8,140 | 7,342 |
Impaired loans with no related allowance recorded, unpaid principal balance | 6,180 | 6,748 | 5,687 |
Impaired loans with an allowance recorded, unpaid principal balance | 488 | 1,530 | 2,057 |
Impaired loans, unpaid principal balance | 6,668 | 8,278 | 7,744 |
Impaired loans with an allowance recorded, related allowance | 116 | 223 | 930 |
Impaired loans, related allowance | 116 | 223 | 930 |
Impaired loans with no related allowance recorded, average recorded investment | 6,055 | 6,825 | 6,169 |
Impaired loans with an allowance recorded, average recorded investment | 1,211 | 1,679 | 1,434 |
Impaired loans, average recorded investment | 7,266 | 8,504 | 7,603 |
Impaired loans with no related allowance recorded, interest income recognized | 140 | 214 | 2,289 |
Impaired loans with an allowance recorded, interest income recognized | 4 | 5 | 17 |
Impaired loans, interest income recognized | 144 | 219 | 2,306 |
Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with no related allowance recorded, recorded investment | 1,098 | 189 | 1,147 |
Impaired loans with an allowance recorded, recorded investment | 121 | 841 | 1,121 |
Impaired loans, recorded investment | 1,219 | 1,030 | 2,268 |
Impaired loans with no related allowance recorded, unpaid principal balance | 1,208 | 189 | 1,257 |
Impaired loans with an allowance recorded, unpaid principal balance | 121 | 841 | 1,121 |
Impaired loans, unpaid principal balance | 1,329 | 1,030 | 2,378 |
Impaired loans with an allowance recorded, related allowance | 29 | 77 | 712 |
Impaired loans, related allowance | 29 | 77 | 712 |
Impaired loans with no related allowance recorded, average recorded investment | 873 | 169 | 648 |
Impaired loans with an allowance recorded, average recorded investment | 653 | 1,045 | 685 |
Impaired loans, average recorded investment | 1,526 | 1,214 | 1,333 |
Impaired loans with no related allowance recorded, interest income recognized | 68 | 23 | 660 |
Impaired loans, interest income recognized | 68 | 23 | 660 |
Real Estate Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with no related allowance recorded, recorded investment | 2,550 | 4,257 | 1,963 |
Impaired loans with an allowance recorded, recorded investment | 367 | 371 | 782 |
Impaired loans, recorded investment | 2,917 | 4,628 | 2,745 |
Impaired loans with no related allowance recorded, unpaid principal balance | 2,550 | 4,257 | 1,963 |
Impaired loans with an allowance recorded, unpaid principal balance | 367 | 371 | 936 |
Impaired loans, unpaid principal balance | 2,917 | 4,628 | 2,899 |
Impaired loans with an allowance recorded, related allowance | 87 | 91 | 218 |
Impaired loans, related allowance | 87 | 91 | 218 |
Impaired loans with no related allowance recorded, average recorded investment | 2,837 | 4,271 | 3,124 |
Impaired loans with an allowance recorded, average recorded investment | 513 | 453 | 658 |
Impaired loans, average recorded investment | 3,350 | 4,724 | 3,782 |
Impaired loans with no related allowance recorded, interest income recognized | 47 | 100 | 1,456 |
Impaired loans with an allowance recorded, interest income recognized | 4 | 4 | 17 |
Impaired loans, interest income recognized | 51 | 104 | 1,473 |
Real Estate Residential [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with no related allowance recorded, recorded investment | 2,292 | 2,217 | 2,329 |
Impaired loans with an allowance recorded, recorded investment | 180 | ||
Impaired loans, recorded investment | 2,292 | 2,397 | 2,329 |
Impaired loans with no related allowance recorded, unpaid principal balance | 2,422 | 2,217 | 2,467 |
Impaired loans with an allowance recorded, unpaid principal balance | 318 | ||
Impaired loans, unpaid principal balance | 2,422 | 2,535 | 2,467 |
Impaired loans with an allowance recorded, related allowance | 55 | ||
Impaired loans, related allowance | 55 | ||
Impaired loans with no related allowance recorded, average recorded investment | 2,345 | 2,342 | 2,397 |
Impaired loans with an allowance recorded, average recorded investment | 45 | 181 | 91 |
Impaired loans, average recorded investment | 2,390 | 2,523 | 2,488 |
Impaired loans with no related allowance recorded, interest income recognized | 25 | 91 | 173 |
Impaired loans with an allowance recorded, interest income recognized | 1 | ||
Impaired loans, interest income recognized | $ 25 | 92 | $ 173 |
Real Estate Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with no related allowance recorded, recorded investment | 85 | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 85 | ||
Impaired loans with no related allowance recorded, average recorded investment | $ 43 |
Other Assets - Components of Ot
Other Assets - Components of Other Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Other Assets [Abstract] | |||
Other real estate owned | $ 346 | $ 82 | |
Bank owned life insurance | 30,840 | 30,647 | |
Restricted equity securities | 1,857 | 990 | |
Deferred tax assets | 4,169 | 4,272 | |
Lease right-of-use assets | 3,678 | 3,856 | $ 3,606 |
Other assets | 6,262 | 6,082 | |
Total | $ 47,152 | $ 45,929 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020USD ($)Location | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Number of Location Leased | Location | 14 | ||
Number of property | Location | 31 | ||
Operating lease, right-of-use asset | $ 3,678 | $ 3,606 | $ 3,856 |
Operating lease, liability | 3,723 | 3,616 | |
Operating lease cost | $ 199 | $ 147 | |
Maximum [Member] | |||
Remaining lease term | 34 years | ||
Minimum [Member] | |||
Remaining lease term | 1 year |
Leases - Summary of Other Infor
Leases - Summary of Other Information Related to Our Operating Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Transaction for amounts included in the measurement of lease liabilities [Abstract] | ||
Operating cash flows from operating leases | $ 199 | $ 136 |
ROU assets obtained in exchange for lease liabilities | $ 0 | $ 3,719 |
Weighted average remaining lease term—operating leases, in years | 9 years 1 month 17 days | 12 years 1 month 6 days |
Weighted average discount rate—operating leases | 3.01% | 3.29% |
Leases - Summary of Lease Payme
Leases - Summary of Lease Payment Obligation (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
2020 | $ 572 | |
2021 | 754 | |
2022 | 697 | |
2023 | 485 | |
2024 | 317 | |
Thereafter | 1,567 | |
Total lease payments | 4,392 | |
Less imputed interest | 669 | |
Operating lease liability | $ 3,723 | $ 3,616 |
Fair value estimates - Financia
Fair value estimates - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 68,402 | $ 91,247 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 68,402 | 91,247 |
Fair Value Measurements Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 68,402 | 91,247 |
Fair Value Measurements Recurring [Member] | Taxable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 10,153 | 24,824 |
Fair Value Measurements Recurring [Member] | Tax-Exempt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 8,342 | 4,333 |
Fair Value Measurements Recurring [Member] | Mortgage-Backed Securities - U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 29,308 | 36,134 |
Fair Value Measurements Recurring [Member] | Mortgage-backed Securities - U.S. Government-sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 17,842 | 22,645 |
Fair Value Measurements Recurring [Member] | Corporate Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 2,757 | 3,311 |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 68,402 | 91,247 |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Taxable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 10,153 | 24,824 |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Tax-Exempt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 8,342 | 4,333 |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-Backed Securities - U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 29,308 | 36,134 |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed Securities - U.S. Government-sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 17,842 | 22,645 |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 2,757 | $ 3,311 |
Fair value estimates - Summary
Fair value estimates - Summary of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Detail) - Fair Value Measurements Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 346 | $ 82 |
Impaired loans, net of related allowance | 372 | 973 |
Total | 718 | 1,055 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 346 | 82 |
Impaired loans, net of related allowance | 372 | 973 |
Total | $ 718 | $ 1,055 |
Fair value estimates- Additiona
Fair value estimates- Additional Quantitative Information about Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Fair Value Measurements Nonrecurring [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Estimate | $ 718 | $ 1,055 |
Other Real Estate Owned [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Estimate | $ 346 | $ 82 |
Valuation Technique | Appraisal of collateral | Appraisal of collateral |
Unobservable Input | Appraisal adjustments | Appraisal adjustments |
Other Real Estate Owned [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | Liquidation expenses | Liquidation expenses |
Impaired Loan [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Estimate | $ 372 | $ 973 |
Valuation Technique | Appraisal of collateral | Appraisal of collateral |
Unobservable Input | Appraisal adjustments | Appraisal adjustments |
Impaired Loan [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | Liquidation expenses | Liquidation expenses |
Minimum [Member] | Other Real Estate Owned [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 46.00% | 42.00% |
Minimum [Member] | Other Real Estate Owned [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 10.00% | 10.00% |
Minimum [Member] | Impaired Loan [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 10.00% | 10.00% |
Minimum [Member] | Impaired Loan [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 0.00% | 9.50% |
Maximum [Member] | Other Real Estate Owned [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 60.00% | 60.00% |
Maximum [Member] | Other Real Estate Owned [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 10.00% | 10.00% |
Maximum [Member] | Impaired Loan [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 50.00% | 50.00% |
Maximum [Member] | Impaired Loan [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 12.30% | 12.30% |
Weighted Average [Member] | Other Real Estate Owned [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 47.00% | 52.00% |
Weighted Average [Member] | Other Real Estate Owned [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 10.00% | 10.00% |
Weighted Average [Member] | Impaired Loan [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 32.00% | 22.00% |
Weighted Average [Member] | Impaired Loan [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 5.70% | 8.80% |
Fair value estimates- Carrying
Fair value estimates- Carrying and Fair Values of Riverview's Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Financial assets: | |||||
Cash and cash equivalents | $ 73,235 | $ 50,348 | $ 68,101 | $ 53,816 | |
Investment securities available-for-sale | 68,402 | 91,247 | |||
Loans held for sale | 272 | 81 | |||
Net loans | 879,198 | 844,593 | |||
Accrued interest receivable | 2,589 | 2,414 | |||
Restricted equity securities | 1,857 | 990 | |||
Financial liabilities: | |||||
Deposits | 958,503 | 940,480 | |||
Long-term debt | 26,992 | 6,971 | |||
Accrued interest payable | 424 | 435 | |||
Carrying Amount [Member] | |||||
Financial assets: | |||||
Cash and cash equivalents | 73,235 | 50,348 | |||
Investment securities available-for-sale | 68,402 | 91,247 | |||
Loans held for sale | 272 | 81 | |||
Net loans | [1] | 879,198 | 844,593 | ||
Accrued interest receivable | 2,589 | 2,414 | |||
Financial liabilities: | |||||
Deposits | 958,503 | 940,480 | |||
Long-term debt | 26,992 | 6,971 | |||
Accrued interest payable | 424 | 435 | |||
Fair Value [Member] | |||||
Financial assets: | |||||
Cash and cash equivalents | 73,235 | 50,348 | |||
Investment securities available-for-sale | 68,402 | 91,247 | |||
Loans held for sale | 272 | 81 | |||
Net loans | [1] | 860,456 | 836,074 | ||
Accrued interest receivable | 2,589 | 2,414 | |||
Restricted equity securities | 962,450 | ||||
Financial liabilities: | |||||
Deposits | 962,450 | 940,546 | |||
Long-term debt | 26,575 | 6,971 | |||
Accrued interest payable | 424 | 435 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Financial assets: | |||||
Cash and cash equivalents | 73,235 | 50,348 | |||
Significant Other Observable Inputs (Level 2) [Member] | |||||
Financial assets: | |||||
Investment securities available-for-sale | 68,402 | 91,247 | |||
Loans held for sale | 272 | 81 | |||
Accrued interest receivable | 345 | 461 | |||
Financial liabilities: | |||||
Deposits | 962,450 | 940,546 | |||
Long-term debt | 26,575 | 6,971 | |||
Accrued interest payable | 424 | 435 | |||
Significant Unobservable Inputs (Level 3) [Member] | |||||
Financial assets: | |||||
Net loans | [1] | 860,456 | 836,074 | ||
Accrued interest receivable | $ 2,244 | $ 1,953 | |||
[1] | The carrying amount is net of unearned income and the allowance for loan losses in accordance with the adoption of ASU No. 2016-01 where the fair value of loans as of March 31, 2020 and December 31, 2019 was measured using an exit price notion. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Outstanding Loans | $ 879,198 | $ 844,593 | |
Total Loans Percentage | 20.90% | ||
Deferred Interest on Loans | $ 2,024 | ||
Loans Payable | 297,400 | ||
Consumer and Commercial Loan [Member] | |||
Outstanding Loans | $ 185,188 |