Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 29, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
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 | |
Entity Interactive Data Current | Yes | |
Entity Address, State or Province | PA | |
Entity File Number | 001-38627 | |
Entity Incorporation, State or Country Code | PA | |
Entity Address, Address Line One | 3901 North Front Street | |
Entity Tax Identification Number | 38-3917371 | |
Entity Address, City or Town | Harrisburg | |
Entity Address, Postal Zip Code | 17110 | |
City Area Code | 717 | |
Local Phone Number | 957-2196 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | RIVE | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 9,281,015 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets: | ||
Cash and due from banks | $ 10,646 | $ 11,838 |
Interest-bearing deposits in other banks | 21,312 | 38,510 |
Investment securities available-for-sale | 98,846 | 91,247 |
Loans held for sale | 4,547 | 81 |
Loans, net | 1,163,442 | 852,109 |
Less: allowance for loan losses | 11,624 | 7,516 |
Net loans | 1,151,818 | 844,593 |
Premises and equipment, net | 18,419 | 17,852 |
Accrued interest receivable | 3,218 | 2,414 |
Goodwill | 24,754 | |
Intangible assets | 2,227 | 2,736 |
Other assets | 45,739 | 45,929 |
Total assets | 1,356,772 | 1,079,954 |
Deposits: | ||
Noninterest-bearing | 178,168 | 147,405 |
Interest-bearing | 853,145 | 793,075 |
Total deposits | 1,031,313 | 940,480 |
Short-term borrowings | ||
Long-term debt | 217,031 | 6,971 |
Accrued interest payable | 591 | 435 |
Other liabilities | 12,413 | 13,958 |
Total liabilities | 1,261,348 | 961,844 |
Stockholders' equity: | ||
Common stock: no par value, authorized 20,000,000 shares; September 30, 2020, issued and outstanding 9,279,503 shares; December 31, 2019, issued and outstanding 9,216,616 shares | 102,672 | 102,206 |
Capital surplus | 190 | 112 |
Retained earnings (accumulated deficit) | (8,040) | 16,140 |
Accumulated other comprehensive income (loss) | 602 | (348) |
Total stockholders' equity | 95,424 | 118,110 |
Total liabilities and stockholders' equity | $ 1,356,772 | $ 1,079,954 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 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 | 9,279,503 | 9,216,616 |
Common stock, shares outstanding | 9,279,503 | 9,216,616 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest and fees on loans: | ||||
Taxable | $ 11,265 | $ 12,283 | $ 31,649 | $ 34,651 |
Tax-exempt | 223 | 259 | 704 | 722 |
Interest and dividends on investment securities available-for-sale: | ||||
Taxable | 360 | 641 | 1,291 | 2,113 |
Tax-exempt | 71 | 43 | 176 | 159 |
Interest on interest-bearing deposits in other banks | 11 | 200 | 112 | 647 |
Total interest income | 11,930 | 13,426 | 33,932 | 38,292 |
Interest expense: | ||||
Interest on deposits | 1,200 | 2,027 | 4,384 | 6,199 |
Interest on short-term borrowings | 28 | |||
Interest on long-term debt | 304 | 127 | 652 | 392 |
Total interest expense | 1,504 | 2,154 | 5,064 | 6,591 |
Net interest income | 10,426 | 11,272 | 28,868 | 31,701 |
Provision for loan losses | 1,844 | 1,049 | 5,656 | 2,250 |
Net interest income after provision for loan losses | 8,582 | 10,223 | 23,212 | 29,451 |
Noninterest income: | ||||
Bank owned life insurance investment income | 192 | 193 | 578 | 574 |
Net gain (loss) on sale of investment securities available-for-sale | (53) | 815 | (95) | |
Total noninterest income | 2,158 | 1,960 | 7,089 | 5,897 |
Noninterest expense: | ||||
Salaries and employee benefits expense | 5,411 | 5,232 | 15,452 | 18,572 |
Net occupancy and equipment expense | 1,428 | 1,041 | 3,676 | 3,174 |
Amortization of intangible assets | 170 | 194 | 509 | 582 |
Goodwill impairment | 24,754 | |||
Net cost (benefit) of operation of other real estate owned | 51 | (15) | 40 | 20 |
Other expenses | 2,918 | 2,979 | 8,713 | 9,531 |
Total noninterest expense | 9,978 | 9,431 | 53,144 | 31,879 |
Income (loss) before income taxes | 762 | 2,752 | (22,843) | 3,469 |
Income tax expense (benefit) | 67 | 486 | (49) | 456 |
Net income (loss) | 695 | 2,266 | (22,794) | 3,013 |
Other comprehensive income (loss): | ||||
Unrealized (gain) loss on investment securities available-for-sale | 114 | (256) | 2,007 | 2,703 |
Reclassification adjustment for net (gain) loss on sale of investment securities available-for-sale included in net income (loss) | 53 | (815) | 95 | |
Net change in derivative fair value | 49 | 11 | ||
Other comprehensive income (loss) | 163 | (203) | 1,203 | 2,798 |
Income tax expense (benefit) related to other comprehensive income | 35 | (42) | 253 | 588 |
Other comprehensive income (loss), net of income taxes | 128 | (161) | 950 | 2,210 |
Comprehensive income (loss) | $ 823 | $ 2,105 | $ (21,844) | $ 5,223 |
Net income (loss): | ||||
Basic | $ 0.08 | $ 0.25 | $ (2.46) | $ 0.33 |
Diluted | $ 0.08 | $ 0.25 | $ (2.46) | $ 0.33 |
Average common shares outstanding: | ||||
Basic | 9,273,666 | 9,173,901 | 9,248,856 | 9,159,281 |
Diluted | 9,273,666 | 9,181,076 | 9,248,856 | 9,172,015 |
Service Charges, Fees and Commissions [Member] | ||||
Noninterest income: | ||||
Noninterest income | $ 1,099 | $ 1,129 | $ 3,491 | $ 3,497 |
Commission and Fees on Fiduciary Activities [Member] | ||||
Noninterest income: | ||||
Noninterest income | 246 | 314 | 669 | 855 |
Wealth Management Income [Member] | ||||
Noninterest income: | ||||
Noninterest income | 220 | 226 | 636 | 709 |
Mortgage Banking Income [Member] | ||||
Noninterest income: | ||||
Noninterest income | $ 401 | $ 151 | $ 900 | $ 357 |
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) | 3,013 | 3,013 | |||
Other comprehensive income (loss), net of income taxes | 2,210 | 2,210 | |||
Issuance under ESPP, 401k and Dividend Reinvestment plans | 474 | 474 | |||
Exercise of stock options | 167 | 199 | (32) | ||
Dividends declared | (2,519) | (2,519) | |||
Balance at Sep. 30, 2019 | 117,255 | 101,807 | 300 | 15,557 | (409) |
Balance at Jun. 30, 2019 | 115,678 | 101,644 | 304 | 13,978 | (248) |
Net income (loss) | 2,266 | 2,266 | |||
Other comprehensive income (loss), net of income taxes | (161) | (161) | |||
Issuance under ESPP, 401k and Dividend Reinvestment plans | 159 | 159 | |||
Exercise of stock options | 4 | (4) | |||
Dividends declared | (687) | (687) | |||
Balance at Sep. 30, 2019 | 117,255 | 101,807 | 300 | 15,557 | (409) |
Balance at Dec. 31, 2019 | 118,110 | 102,206 | 112 | 16,140 | (348) |
Net income (loss) | (22,794) | (22,794) | |||
Other comprehensive income (loss), net of income taxes | 950 | 950 | |||
Issuance under ESPP, 401k and Dividend Reinvestment plans | 466 | 466 | |||
Stock based compensation | 78 | 78 | |||
Dividends declared | (1,386) | (1,386) | |||
Balance at Sep. 30, 2020 | 95,424 | 102,672 | 190 | (8,040) | 602 |
Balance at Jun. 30, 2020 | 94,452 | 102,552 | 161 | (8,735) | 474 |
Net income (loss) | 695 | 695 | |||
Other comprehensive income (loss), net of income taxes | 128 | 128 | |||
Issuance under ESPP, 401k and Dividend Reinvestment plans | 120 | 120 | |||
Stock based compensation | 29 | 29 | |||
Dividends declared | |||||
Balance at Sep. 30, 2020 | $ 95,424 | $ 102,672 | $ 190 | $ (8,040) | $ 602 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Issuance under ESPP, 401k and Dividend Reinvestment plans, shares | 15,806 | 14,534 | 62,887 | 42,518 |
Exercise of stock options, shares | 361 | 18,492 | ||
Dividends declared, per share | $ 0 | $ 0.08 | $ 0.15 | $ 0.28 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (22,794) | $ 3,013 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization of premises and equipment | 952 | 874 |
Provision for loan losses | 5,656 | 2,250 |
Stock based compensation | 78 | |
Net amortization of investment securities available-for-sale | 559 | 576 |
Net cost (benefit) of operation of other real estate owned | 40 | 20 |
Net (gain) loss on sale of investment securities available-for-sale | (815) | 95 |
Amortization of purchase adjustment on loans | (592) | (2,868) |
Amortization of intangible assets | 509 | 582 |
Amortization of assumed discount on long-term debt | 63 | 59 |
Impairment of goodwill | 24,754 | |
Deferred income taxes | (779) | 273 |
Proceeds from sale of loans originated for sale | 26,921 | 10,335 |
Net gain on sale of loans originated for sale | (900) | (357) |
Loans originated for sale | (30,487) | (9,677) |
Bank owned life insurance investment income | (578) | (574) |
Accrued interest receivable | (804) | 259 |
Other assets | 2,107 | (1,651) |
Accrued interest payable | 156 | (52) |
Other liabilities | (1,545) | (715) |
Net cash provided by (used in) operating activities | 2,501 | 2,442 |
Investment securities available-for-sale: | ||
Purchases | (42,151) | (32,058) |
Proceeds from repayments | 8,832 | 12,458 |
Proceeds from sales | 27,168 | 19,767 |
Proceeds from the sale of other real estate owned | 355 | 728 |
Net (increase) decrease in restricted equity securities | (837) | (12) |
Net (increase) decrease in loans | (312,627) | 10,931 |
Purchases of premises and equipment | (1,519) | (1,321) |
Premium paid on bank owned life insurance | (22) | (22) |
Net cash provided by (used in) investing activities | (320,801) | 10,471 |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 90,833 | (35,010) |
Proceeds from long-term debt | 209,997 | |
Issuance under ESPP, 401k and DRP plans | 466 | 474 |
Proceeds from exercise of stock options | 167 | |
Cash dividends paid | (1,386) | (2,519) |
Net cash provided by (used in) financing activities | 299,910 | (36,888) |
Net increase in cash and cash equivalents | (18,390) | (23,975) |
Cash and cash equivalents—beginning | 50,348 | 53,816 |
Cash and cash equivalents—ending | 31,958 | 29,841 |
Cash paid during the period for: | ||
Interest | 4,908 | 6,643 |
Noncash items from operating activities: | ||
Operating lease right-of-use assets and liabilities | 4,529 | |
Noncash items from investing activities: | ||
Transfer of owned properties to available for sale | 540 | |
Supplemental schedule of noncash investing and financing activities: | ||
Other real estate acquired in settlement of loans | $ 338 | $ 114 |
Summary of significant accounti
Summary of significant accounting policies | 9 Months Ended |
Sep. 30, 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 three (3) 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 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 and nine months ended as of September 30, 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 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 some drive-up 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 COVID-19 There continues to be broad concerns related to the potential effects of the COVID-19 The outbreak of COVID-19 The COVID-19 The impact of the pandemic on Riverview’s financial results is evolving and uncertain. The Company expects its net interest income and non-interest COVID-19 COVID-19 The Company determined a triggering event occurred as a result of the onset of the 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) 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) | 9 Months Ended |
Sep. 30, 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 September 30, 2020 and December 31, 2019 is as follows: September 30, December 31, Net unrealized gain ( ) available-for-sale $ 1,868 $ 676 Income tax expense 392 142 Net of income taxes 1,476 534 Benefit plan adjustments (1,117 ) (1,117 ) Income tax benefit (235 ) (235 ) Net of income taxes (882 ) (882 ) Derivative fair value adjustment 11 Income tax benefit 3 Net of income taxes 8 Accumulated other comprehensive income (loss) $ 602 $ (348 ) Other comprehensive income (loss) and related tax effects for the three and nine months ended September 30, 2020 and 2019 is as follows: Three months ended September 30, 2020 2019 Unrealized gain (loss) on investment securities available-for-sale $ 114 $ (256 ) Net (gain) loss on the sale of investment securities available-for-sale (1) 53 Net change in derivative fair value 49 Other comprehensive income (loss) before taxes 163 (203 ) Income tax expense (benefit) 35 (42 ) Other comprehensive income (loss) $ 128 $ (161 ) Nine months ended September 30, 2020 2019 Unrealized gain on investment securities available-for-sale $ 2,007 $ 2,703 Net (gain) loss on the sale of investment securities available-for-sale (1) (815 ) 95 Net change in derivative fair value 11 Other comprehensive income before taxes 1,203 2,798 Income tax expense 253 588 Other comprehensive income $ 950 $ 2,210 (1) Represents amounts reclassified out of accumulated other comprehensive income and included in gains on sale of investment securities on the consolidated statements of income and comprehensive income. |
Earnings per share
Earnings per share | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2020 and 2019: Three months ended September 30, 2020 2019 Numerator: Net income $ 695 $ 2,266 Denominator: Basic 9,273,666 9,173,901 Dilutive options 7,175 Diluted 9,273,666 9,181,076 Earnings per share: Basic $ 0.08 $ 0.25 Diluted $ 0.08 $ 0.25 Nine months ended September 30, 2020 2019 Numerator: Net income (loss) $ (22,794 ) $ 3,013 Denominator: Basic 9,248,856 9,159,281 Dilutive options 12,734 Diluted 9,248,856 9,172,015 Earnings per share: Basic $ (2.46 ) $ 0.33 Diluted $ (2.46 ) $ 0.33 For the three and nine months ended September 30, 2020 there were 172,964 outstanding stock options that were excluded from the dilutive earnings per share calculation because their effect was antidilutive. For the three and nine months ended September 30, 2019, there were 59,350 outstanding stock options that were excluded from the dilutive earnings per share calculation because their effect was antidilutive. |
Investment securities
Investment securities | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment securities | 4. Investment securities: The amortized cost and fair value of investment securities available-for-sale September 30, 2020 Amortized Gross Gross Fair State and municipals: Taxable $ 20,483 $ 392 $ 34 $ 20,841 Tax-exempt 20,523 358 44 20,837 Mortgage-backed securities: U.S. Government agencies 26,792 835 27,627 U.S. Government-sponsored enterprises 23,180 505 20 23,665 Corporate debt obligations 6,000 9 133 5,876 Total $ 96,978 $ 2,099 $ 231 $ 98,846 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 September 30, 2020 Fair Within one year $ 543 After one but within five years 5,623 After five but within ten years 11,290 After ten years 30,099 47,555 Mortgage-backed securities 51,291 Total $ 98,846 Securities with a fair value of $68,604 and $63,389 at September 30, 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 September 30, 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 September 30, 2020 Fair Unrealized Fair Unrealized Fair Unrealized State and municipals: Taxable $ 6,082 $ 33 $ 280 $ 1 $ 6,362 $ 34 Tax-exempt 9,040 44 9,040 44 Mortgage-backed securities: U.S. Government agencies U.S. Government-sponsored enterprises 5,312 20 5,312 20 Corporate debt obligations 3,367 133 3,367 133 Total $ 20,434 $ 97 $ 3,647 $ 134 $ 24,081 $ 231 Less Than 12 Months 12 Months or More Total December 31, 2019 Fair Unrealized Fair Unrealized Fair Unrealized State and municipals: Taxable $ 1,280 $ 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 22 investment securities, consisting of five taxable state and municipal obligations, 13 tax-exempt state and municipal obligations, three U.S. Government -sponsored enterprises and one corporate debt obligation that were in unrealized loss positions at September 30, 2020. Of these securities, one taxable state and municipal obligations and one corporate debt obligation were in a continuous unrealized loss position for twelve months or more. Management does not consider the unrealized losses on the debt securities, 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 September 30, 2020. There was no OTTI recognized for the three and nine months ended September 30, 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 | 9 Months Ended |
Sep. 30, 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 September 30, 2020 and December 31, 2019 are summarized as follows. Net deferred loan fees were $5,264 at September 30, 2020 and net deferred loan costs were $1,129 at December 31, 2019. September 30, 2020 December 31, 2019 Commercial $ 382,518 $ 118,658 Real estate: Construction 64,322 61,831 Commercial 507,795 455,901 Residential 202,132 207,354 Consumer 6,675 8,365 Total $ 1,163,442 $ 852,109 The Company participated in the Aid, Relief and Economic Security Act (“CARES Act”), Paycheck Protection Program (“PPP”), a multi-billion dollar specialized low-interest loan program funded by the U.S. Treasury Department and administered by the U.S. Small Business Administration. The PPP provides borrower guarantees for lenders, as well as loan forgiveness incentives for borrowers that utilize the loan proceeds to cover employee compensation-related business operating costs. As of September 30, 2020, the Company had 1,274 PPP loans totaling $ . The Company is utilizing the Federal Reserve’s Paycheck Protection Program Liquidity Facility (“PPPLF”) to meet the funding needs of its borrowers of PPP loans. The change in the allowance for loan losses account by major loan classifications for the three and nine months ended September 30, 2020 and 2019 is summarized as follows: Real Estate September 30, 2020 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance, July 1, 2020 $ 1,685 $ 741 $ 5,078 $ 2,070 $ 162 $ $ 9,736 Charge-offs (42 ) (42 ) Recoveries 2 57 27 86 Provisions 173 145 1,015 490 21 1,844 Ending balance $ 1,860 $ 886 $ 6,150 $ 2,560 $ 168 $ $ 11,624 Real Estate September 30, 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 ) (595 ) (2 ) (243 ) (1,739 ) Recoveries 11 59 1 120 191 Provisions 795 413 3,571 741 136 5,656 Ending balance $ 1,860 $ 886 $ 6,150 $ 2,560 $ 168 $ $ 11,624 Real Estate September 30, 2019 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance, July 1, 2019 $ 1,117 $ 491 $ 3,591 $ 1,649 $ 154 $ $ 7,002 Charge-off (759 ) (110 ) (5 ) (111 ) (985 ) Recoveries 1 2 28 31 Provisions 876 30 95 (28 ) 74 2 1,049 Ending balance $ 1,235 $ 521 $ 3,578 $ 1,616 $ 145 $ 2 $ 7,097 Real Estate September 30, 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 (1,148 ) (110 ) (25 ) (364 ) (1,647 ) Recoveries 12 4 4 126 146 Provisions 1,209 117 386 351 333 (146 ) 2,250 Ending balance $ 1,235 $ 521 $ 3,578 $ 1,616 $ 145 $ 2 $ 7,097 The allocation of the allowance for loan losses and related loans by classifications of loans at September 30, 2020 and December 31, 2019 is summarized as follows: Real Estate September 30, 2020 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ 1,860 $ 886 $ 6,150 $ 2,560 $ 168 $ $ 11,624 Ending balance: individually evaluated for impairment 32 1 33 Ending balance: collectively evaluated for impairment 1,828 886 6,149 2,560 168 11,591 Ending balance: purchased credit impaired loans $ $ $ $ $ $ $ Loans receivable: Ending balance $ 382,518 $ 64,322 $ 507,795 $ 202,132 $ 6,675 $ $ 1,163,442 Ending balance: individually evaluated for impairment 1,853 7,545 2,480 11,878 Ending balance: collectively evaluated for impairment 380,665 64,322 498,902 199,480 6,675 1,150,044 Ending balance: purchased credit impaired loans $ $ $ 1,348 $ 172 $ $ $ 1,520 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. Non-homogeneous r • 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. Homogeneous loans not meeting the criteria above are considered pass rated loans and evaluated based on delinquency performance. The following tables present the major classifications 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 September 30, 2020 and December 31, 2019: September 30, 2020 Pass Special Substandard Doubtful Total Commercial $ 374,721 $ 3,319 $ 4,478 $ $ 382,518 Real estate: Construction 55,072 8,252 998 64,322 Commercial 452,958 30,048 24,789 507,795 Residential 197,405 1,570 3,157 202,132 Consumer 6,675 6,675 Total $ 1,086,831 $ 43,189 $ 33,422 $ $ 1,163,442 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 September 30, 2020 and December 31, 2019. Purchase credit impaired (“PCI”) loans are excluded from the aging and nonaccrual loan schedules. Accrual Loans September 30, 2020 30-59 Days 60-89 Days 90 or More Total Past Current Nonaccrual Total Loans Commercial $ 20 $ 78 $ 108 $ 206 $ 381,521 $ 791 $ 382,518 Real estate: Construction 208 208 64,114 64,322 Commercial 505,216 1,231 506,447 Residential 650 219 869 199,888 1,203 201,960 Consumer 20 1 21 6,654 6,675 Total $ 690 $ 506 $ 108 $ 1,304 $ 1,157,393 $ 3,225 $ 1,161,922 Purchased credit impaired loans 1,520 Total Loans $ 1,163,442 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 and nine months ended September 30, 2020 and 2019, and as of and for the year ended, December 31, 2019 by major loan classification: This Quarter Year-to-Date September 30, 2020 Recorded Unpaid Related Average Interest Average Interest With no related allowance: Commercial $ 1,732 $ 1,842 $ 1,896 $ 154 $ 1,630 $ 354 Real estate: Construction Commercial 3,124 3,510 6,141 10 4,944 76 Residential 2,652 2,782 2,700 12 2,564 118 Consumer Total 7,508 8,134 10,737 176 9,138 548 With an allowance recorded: Commercial 121 121 $ 32 121 121 Real estate: Construction Commercial 5,769 5,769 1 2,885 61 2,045 65 Residential Consumer Total 5,890 5,890 33 3,006 61 2,166 65 Commercial 1,853 1,963 32 2,017 154 1,751 354 Real estate: Construction Commercial 8,893 9,279 1 9,026 71 6,989 141 Residential 2,652 2,782 2,700 12 2,564 118 Consumer Total $ 13,398 $ 14,024 $ 33 $ 13,743 $ 237 $ 11,304 $ 613 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 Year-to-Date September 30, 2019 Recorded Unpaid Related Average Interest Average Interest With no related allowance: Commercial $ 1,617 $ 2,256 $ 871 $ 96 $ 399 $ 604 Real estate: Construction 29 Commercial 2,048 2,048 3,135 1,204 3,882 1,408 Residential 2,178 2,178 2,189 33 2,247 158 Consumer Total 5,843 6,482 6,195 1,333 6,557 2,170 With an allowance recorded: Commercial 121 121 $ 29 448 767 Real estate: Construction Commercial 785 939 251 579 4 468 12 Residential 177 315 45 178 2 179 5 Consumer Total 1,083 1,375 325 1,205 6 1,414 17 Commercial 1,738 2,377 29 1,319 96 1,166 604 Real estate: Construction 29 Commercial 2,833 2,987 251 3,714 1,208 4,350 1,420 Residential 2,355 2,493 45 2,367 35 2,426 163 Consumer Total $ 6,926 $ 7,857 $ 325 $ 7,400 $ 1,339 $ 7,971 $ 2,187 For the three and nine months ended September 30, interest income related to impaired loans, would have been $33 and $89 in 2020 and $48 and $133 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 $9,893 at September 30, 2020, $2,701 at December 31, 2019 and $2,729 at September 30, 2019. There were no loans modified as troubled debt restructures during the third quarter of 2020 and nine loans modified during the nine months ended September 30, 2020 totaling $7,817. There were no loans modified as troubled debt restructures during the third quarter of 2019 and one loan modified during the nine months ended September 30, 2019. During the three months ended September 30, 2020, there were no defaults on loans restructured and one default on a restructured loan totaling $368 during the nine months ended September 30, 2020. During the three months ended September 30, 2019, there were no defaults on loans restructured and one default on a restructured loan totaling $222 during the nine months ended September 30, 2019. The Company is a party to financial instruments with off-balance Distribution of off-balance September 30, December 31, Unused portions of lines of credit $ 93,694 $ 81,665 Construction loans 26,216 41,168 Commitments to extend credit 13,086 24,954 Deposit overdraft protection 22,231 23,730 Standby and performance letters of credit 3,973 4,726 Total $ 159,200 $ 176,243 We record a valuation allowance for off-balance off-balance |
Other assets
Other assets | 9 Months Ended |
Sep. 30, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other assets | 6. Other assets: The components of other assets at September 30, 2020 and December 31, 2019 are summarized as follows: September 30, December 31, Other real estate owned $ 25 $ 82 Bank owned life insurance 31,247 30,647 Restricted equity securities 1,827 990 Deferred tax assets 4,798 4,272 Lease right-of-use 3,336 3,856 Other assets 4,506 6,082 Total $ 45,739 $ 45,929 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | 7. Leases: On September 30, 2020, the Company leased 13 locations. The Company’s operating lease right-of-use The table below summarizes other information related to our operating leases: Nine Months Ended Nine Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 584 $ 465 ROU assets obtained in exchange for lease liabilities $ 4,529 Weighted average remaining lease term—operating leases, in years 9.12 10.46 Weighted average discount rate—operating leases 3.04 % 3.06 % 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 $ 187 2021 754 2022 697 2023 485 2024 317 Thereafter 1,568 Total lease payments 4,008 Less imputed interest 611 $3,397 For the nine months ended September 30, 2020, the Company did not enter into any new lease arrangements. |
Fair value estimates
Fair value estimates | 9 Months Ended |
Sep. 30, 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 September 30, 2020 and December 31, 2019 are summarized as follows: Fair Value Measurement Using September 30, 2020 Amount Quoted Prices in Significant Significant State and Municipals: Taxable $ 20,841 $ 20,841 Tax-exempt 20,837 20,837 Mortgage-backed securities: U.S. Government agencies 27,627 27,627 U.S. Government-sponsored enterprises 23,665 23,665 Corporate debt obligations 5,876 3,876 $ 2,000 Total $ 98,846 $ 96,846 $ 2,000 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 equipment is based on an outside appraisal, if deemed significant, or the net book value on the applicable borrower financial statements. Likewise, values for inventory, accounts receivable or marketable security collateral are based on borrower financial statement balances or aging reports on a discounted basis as appropriate or custodian account statements (Level 3). Impaired loans are measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for loan and lease losses on the Consolidated Statements of Income (Loss). Assets and liabilities measured at fair value on a nonrecurring basis at September 30, 2020 and December 31, 2019 are summarized as follows: Fair Value Measurement Using September 30, 2020 Amount (Level 1) (Level 2) (Level 3) Other real estate owned $ 25 $ 25 Impaired loans, net of related allowance 5,857 5,857 Total $ 5,882 $ 5,882 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 September 30, 2020 and December 31, 2019. Quantitative Information about Level 3 Fair Value Measurements September 30, 2020 Fair Value Valuation Techniques Unobservable Input Range Other real estate owned $ 25 Appraisal of collateral Appraisal adjustments 60.0% to 60.0% (60.0)% Liquidation expenses 10.0% to 10.0% (10.0)% Impaired loans $ 5,857 Appraisal of collateral Appraisal adjustments 15.0% to 20.0% (15.0)% Liquidation expenses 7.0% to 7.0% (7.0)% Quantitative Information about Level 3 Fair Value Measurements December 31, 2019 Fair Value Valuation Techniques Unobservable Input Range 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 September 30, 2020 and December 31, 2019 and their placement within the fair value hierarchy are as follows: Carrying Fair Value Hierarchy September 30, 2020 Fair Value Quoted Prices in Significant Significant Financial assets: Cash and cash equivalents $ 31,958 $ 31,958 $ 31,958 Investment securities 98,846 98,846 $ 96,846 $ 2,000 Loans held for sale 4,547 4,547 4,547 Net loans (1) 1,151,818 1,142,187 1,142,187 Accrued interest receivable 3,218 3,218 406 2,812 Financial liabilities: Deposits $ 1,031,313 $ 989,122 $ 989,122 Long-term debt 217,031 218,150 218,150 Accrued interest payable 591 591 591 Carrying Fair Value Hierarchy December 31, 2019 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 |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 9. Goodwill The following table summarizes activity related to the carrying value of goodwill for the nine months ended September 30, 2020: Balance, January 1, 2020 $ 24,754 Less: Goodwill impairment 24,754 Balance, September 30, 2020 $ Accounting guidance requires the Company to test its goodwill impairment at least annually, or more frequently, if an event occurs or circumstances change which are considered to be a triggering event that would more likely than not reduce the fair value of its goodwill below the carrying value of the reporting unit, Riverview Bank. The Company noted that at the end of the first quarter of 2020, as a result of the onset of the COVID-19 more-likely-than-not The Company utilized multiple valuations approaches, including discounted income, change in control premium to parent market price and change in control premium to peer market price to determine the fair value of its goodwill. Each approach was assigned a weight to arrive at the fair value of the reporting unit. Based on the results of the quantitative test, it was determined the carrying amount of a reporting unit exceeded its fair value and that an impairment loss must be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Based on the results of the quantitative test, the Company recognized an impairment charge equal to the entire amount of its recorded goodwill on the balance sheet at June 30, 2020 totaling $24,754. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Events: On October 6, the Company announced the completion of its private placement of $ its Fixed to Floating Rate Subordinated Notes to certain qualified institutional buyers and accredited institutional investors. The Notes will have a maturity date of October 15, 2030 and initially bear interest, payable semi-annually, at a fixed annual rate of 5.75% per annum until October 15, 2025 563 basis points |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 9 Months Ended |
Sep. 30, 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 three (3) 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 |
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 and nine months ended as of September 30, 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 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 some drive-up 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 COVID-19 There continues to be broad concerns related to the potential effects of the COVID-19 The outbreak of COVID-19 The COVID-19 The impact of the pandemic on Riverview’s financial results is evolving and uncertain. The Company expects its net interest income and non-interest COVID-19 COVID-19 The Company determined a triggering event occurred as a result of the onset of the 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) 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) | 9 Months Ended |
Sep. 30, 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 September 30, 2020 and December 31, 2019 is as follows: September 30, December 31, Net unrealized gain ( ) available-for-sale $ 1,868 $ 676 Income tax expense 392 142 Net of income taxes 1,476 534 Benefit plan adjustments (1,117 ) (1,117 ) Income tax benefit (235 ) (235 ) Net of income taxes (882 ) (882 ) Derivative fair value adjustment 11 Income tax benefit 3 Net of income taxes 8 Accumulated other comprehensive income (loss) $ 602 $ (348 ) |
Schedule of Other Comprehensive Income (Loss) and Related Tax Effects | Other comprehensive income (loss) and related tax effects for the three and nine months ended September 30, 2020 and 2019 is as follows: Three months ended September 30, 2020 2019 Unrealized gain (loss) on investment securities available-for-sale $ 114 $ (256 ) Net (gain) loss on the sale of investment securities available-for-sale (1) 53 Net change in derivative fair value 49 Other comprehensive income (loss) before taxes 163 (203 ) Income tax expense (benefit) 35 (42 ) Other comprehensive income (loss) $ 128 $ (161 ) Nine months ended September 30, 2020 2019 Unrealized gain on investment securities available-for-sale $ 2,007 $ 2,703 Net (gain) loss on the sale of investment securities available-for-sale (1) (815 ) 95 Net change in derivative fair value 11 Other comprehensive income before taxes 1,203 2,798 Income tax expense 253 588 Other comprehensive income $ 950 $ 2,210 (1) Represents amounts reclassified out of accumulated other comprehensive income and included in gains on sale of investment securities on the consolidated statements of income and comprehensive income. |
Earnings per share (Tables)
Earnings per share (Tables) | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2020 and 2019: Three months ended September 30, 2020 2019 Numerator: Net income $ 695 $ 2,266 Denominator: Basic 9,273,666 9,173,901 Dilutive options 7,175 Diluted 9,273,666 9,181,076 Earnings per share: Basic $ 0.08 $ 0.25 Diluted $ 0.08 $ 0.25 Nine months ended September 30, 2020 2019 Numerator: Net income (loss) $ (22,794 ) $ 3,013 Denominator: Basic 9,248,856 9,159,281 Dilutive options 12,734 Diluted 9,248,856 9,172,015 Earnings per share: Basic $ (2.46 ) $ 0.33 Diluted $ (2.46 ) $ 0.33 |
Investment securities (Tables)
Investment securities (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2020 Amortized Gross Gross Fair State and municipals: Taxable $ 20,483 $ 392 $ 34 $ 20,841 Tax-exempt 20,523 358 44 20,837 Mortgage-backed securities: U.S. Government agencies 26,792 835 27,627 U.S. Government-sponsored enterprises 23,180 505 20 23,665 Corporate debt obligations 6,000 9 133 5,876 Total $ 96,978 $ 2,099 $ 231 $ 98,846 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 September 30, 2020 Fair Within one year $ 543 After one but within five years 5,623 After five but within ten years 11,290 After ten years 30,099 47,555 Mortgage-backed securities 51,291 Total $ 98,846 |
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 September 30, 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 September 30, 2020 Fair Unrealized Fair Unrealized Fair Unrealized State and municipals: Taxable $ 6,082 $ 33 $ 280 $ 1 $ 6,362 $ 34 Tax-exempt 9,040 44 9,040 44 Mortgage-backed securities: U.S. Government agencies U.S. Government-sponsored enterprises 5,312 20 5,312 20 Corporate debt obligations 3,367 133 3,367 133 Total $ 20,434 $ 97 $ 3,647 $ 134 $ 24,081 $ 231 Less Than 12 Months 12 Months or More Total December 31, 2019 Fair Unrealized Fair Unrealized Fair Unrealized State and municipals: Taxable $ 1,280 $ 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) | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Schedule of Loans Outstanding | The major classifications of loans outstanding, net of deferred loan origination fees and costs at September 30, 2020 and December 31, 2019 are summarized as follows. Net deferred loan fees were $5,264 at September 30, 2020 and net deferred loan costs were $1,129 at December 31, 2019. September 30, 2020 December 31, 2019 Commercial $ 382,518 $ 118,658 Real estate: Construction 64,322 61,831 Commercial 507,795 455,901 Residential 202,132 207,354 Consumer 6,675 8,365 Total $ 1,163,442 $ 852,109 |
Schedule of Allowance for Loan Losses Account by Major Classification of Loan | The Company participated in the Aid, Relief and Economic Security Act (“CARES Act”), Paycheck Protection Program (“PPP”), a multi-billion dollar specialized low-interest loan program funded by the U.S. Treasury Department and administered by the U.S. Small Business Administration. The PPP provides borrower guarantees for lenders, as well as loan forgiveness incentives for borrowers that utilize the loan proceeds to cover employee compensation-related business operating costs. As of September 30, 2020, the Company had 1,274 PPP loans totaling $ . The Company is utilizing the Federal Reserve’s Paycheck Protection Program Liquidity Facility (“PPPLF”) to meet the funding needs of its borrowers of PPP loans. The change in the allowance for loan losses account by major loan classifications for the three and nine months ended September 30, 2020 and 2019 is summarized as follows: Real Estate September 30, 2020 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance, July 1, 2020 $ 1,685 $ 741 $ 5,078 $ 2,070 $ 162 $ $ 9,736 Charge-offs (42 ) (42 ) Recoveries 2 57 27 86 Provisions 173 145 1,015 490 21 1,844 Ending balance $ 1,860 $ 886 $ 6,150 $ 2,560 $ 168 $ $ 11,624 Real Estate September 30, 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 ) (595 ) (2 ) (243 ) (1,739 ) Recoveries 11 59 1 120 191 Provisions 795 413 3,571 741 136 5,656 Ending balance $ 1,860 $ 886 $ 6,150 $ 2,560 $ 168 $ $ 11,624 Real Estate September 30, 2019 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance, July 1, 2019 $ 1,117 $ 491 $ 3,591 $ 1,649 $ 154 $ $ 7,002 Charge-off (759 ) (110 ) (5 ) (111 ) (985 ) Recoveries 1 2 28 31 Provisions 876 30 95 (28 ) 74 2 1,049 Ending balance $ 1,235 $ 521 $ 3,578 $ 1,616 $ 145 $ 2 $ 7,097 Real Estate September 30, 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 (1,148 ) (110 ) (25 ) (364 ) (1,647 ) Recoveries 12 4 4 126 146 Provisions 1,209 117 386 351 333 (146 ) 2,250 Ending balance $ 1,235 $ 521 $ 3,578 $ 1,616 $ 145 $ 2 $ 7,097 The allocation of the allowance for loan losses and related loans by classifications of loans at September 30, 2020 and December 31, 2019 is summarized as follows: Real Estate September 30, 2020 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ 1,860 $ 886 $ 6,150 $ 2,560 $ 168 $ $ 11,624 Ending balance: individually evaluated for impairment 32 1 33 Ending balance: collectively evaluated for impairment 1,828 886 6,149 2,560 168 11,591 Ending balance: purchased credit impaired loans $ $ $ $ $ $ $ Loans receivable: Ending balance $ 382,518 $ 64,322 $ 507,795 $ 202,132 $ 6,675 $ $ 1,163,442 Ending balance: individually evaluated for impairment 1,853 7,545 2,480 11,878 Ending balance: collectively evaluated for impairment 380,665 64,322 498,902 199,480 6,675 1,150,044 Ending balance: purchased credit impaired loans $ $ $ 1,348 $ 172 $ $ $ 1,520 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. Non-homogeneous r • 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. Homogeneous loans not meeting the criteria above are considered pass rated loans and evaluated based on delinquency performance. |
Summary of Major Classification of Loans Summarized by Aggregate Pass Rating | The following tables present the major classifications 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 September 30, 2020 and December 31, 2019: September 30, 2020 Pass Special Substandard Doubtful Total Commercial $ 374,721 $ 3,319 $ 4,478 $ $ 382,518 Real estate: Construction 55,072 8,252 998 64,322 Commercial 452,958 30,048 24,789 507,795 Residential 197,405 1,570 3,157 202,132 Consumer 6,675 6,675 Total $ 1,086,831 $ 43,189 $ 33,422 $ $ 1,163,442 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 September 30, 2020 and December 31, 2019. Purchase credit impaired (“PCI”) loans are excluded from the aging and nonaccrual loan schedules. Accrual Loans September 30, 2020 30-59 Days 60-89 Days 90 or More Total Past Current Nonaccrual Total Loans Commercial $ 20 $ 78 $ 108 $ 206 $ 381,521 $ 791 $ 382,518 Real estate: Construction 208 208 64,114 64,322 Commercial 505,216 1,231 506,447 Residential 650 219 869 199,888 1,203 201,960 Consumer 20 1 21 6,654 6,675 Total $ 690 $ 506 $ 108 $ 1,304 $ 1,157,393 $ 3,225 $ 1,161,922 Purchased credit impaired loans 1,520 Total Loans $ 1,163,442 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 and nine months ended September 30, 2020 and 2019, and as of and for the year ended, December 31, 2019 by major loan classification: This Quarter Year-to-Date September 30, 2020 Recorded Unpaid Related Average Interest Average Interest With no related allowance: Commercial $ 1,732 $ 1,842 $ 1,896 $ 154 $ 1,630 $ 354 Real estate: Construction Commercial 3,124 3,510 6,141 10 4,944 76 Residential 2,652 2,782 2,700 12 2,564 118 Consumer Total 7,508 8,134 10,737 176 9,138 548 With an allowance recorded: Commercial 121 121 $ 32 121 121 Real estate: Construction Commercial 5,769 5,769 1 2,885 61 2,045 65 Residential Consumer Total 5,890 5,890 33 3,006 61 2,166 65 Commercial 1,853 1,963 32 2,017 154 1,751 354 Real estate: Construction Commercial 8,893 9,279 1 9,026 71 6,989 141 Residential 2,652 2,782 2,700 12 2,564 118 Consumer Total $ 13,398 $ 14,024 $ 33 $ 13,743 $ 237 $ 11,304 $ 613 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 Year-to-Date September 30, 2019 Recorded Unpaid Related Average Interest Average Interest With no related allowance: Commercial $ 1,617 $ 2,256 $ 871 $ 96 $ 399 $ 604 Real estate: Construction 29 Commercial 2,048 2,048 3,135 1,204 3,882 1,408 Residential 2,178 2,178 2,189 33 2,247 158 Consumer Total 5,843 6,482 6,195 1,333 6,557 2,170 With an allowance recorded: Commercial 121 121 $ 29 448 767 Real estate: Construction Commercial 785 939 251 579 4 468 12 Residential 177 315 45 178 2 179 5 Consumer Total 1,083 1,375 325 1,205 6 1,414 17 Commercial 1,738 2,377 29 1,319 96 1,166 604 Real estate: Construction 29 Commercial 2,833 2,987 251 3,714 1,208 4,350 1,420 Residential 2,355 2,493 45 2,367 35 2,426 163 Consumer Total $ 6,926 $ 7,857 $ 325 $ 7,400 $ 1,339 $ 7,971 $ 2,187 |
Summary of Distribution of Off-Balance Sheet Commitments | Distribution of off-balance September 30, December 31, Unused portions of lines of credit $ 93,694 $ 81,665 Construction loans 26,216 41,168 Commitments to extend credit 13,086 24,954 Deposit overdraft protection 22,231 23,730 Standby and performance letters of credit 3,973 4,726 Total $ 159,200 $ 176,243 |
Other assets (Tables)
Other assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Components of Other Assets | The components of other assets at September 30, 2020 and December 31, 2019 are summarized as follows: September 30, December 31, Other real estate owned $ 25 $ 82 Bank owned life insurance 31,247 30,647 Restricted equity securities 1,827 990 Deferred tax assets 4,798 4,272 Lease right-of-use 3,336 3,856 Other assets 4,506 6,082 Total $ 45,739 $ 45,929 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Summary of Other Information Related to Our Operating Leases | The table below summarizes other information related to our operating leases: Nine Months Ended Nine Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 584 $ 465 ROU assets obtained in exchange for lease liabilities $ 4,529 Weighted average remaining lease term—operating leases, in years 9.12 10.46 Weighted average discount rate—operating leases 3.04 % 3.06 % |
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 $ 187 2021 754 2022 697 2023 485 2024 317 Thereafter 1,568 Total lease payments 4,008 Less imputed interest 611 $3,397 |
Fair value estimates (Tables)
Fair value estimates (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2020 and December 31, 2019 are summarized as follows: Fair Value Measurement Using September 30, 2020 Amount Quoted Prices in Significant Significant State and Municipals: Taxable $ 20,841 $ 20,841 Tax-exempt 20,837 20,837 Mortgage-backed securities: U.S. Government agencies 27,627 27,627 U.S. Government-sponsored enterprises 23,665 23,665 Corporate debt obligations 5,876 3,876 $ 2,000 Total $ 98,846 $ 96,846 $ 2,000 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 September 30, 2020 and December 31, 2019 are summarized as follows: Fair Value Measurement Using September 30, 2020 Amount (Level 1) (Level 2) (Level 3) Other real estate owned $ 25 $ 25 Impaired loans, net of related allowance 5,857 5,857 Total $ 5,882 $ 5,882 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 September 30, 2020 and December 31, 2019. Quantitative Information about Level 3 Fair Value Measurements September 30, 2020 Fair Value Valuation Techniques Unobservable Input Range Other real estate owned $ 25 Appraisal of collateral Appraisal adjustments 60.0% to 60.0% (60.0)% Liquidation expenses 10.0% to 10.0% (10.0)% Impaired loans $ 5,857 Appraisal of collateral Appraisal adjustments 15.0% to 20.0% (15.0)% Liquidation expenses 7.0% to 7.0% (7.0)% Quantitative Information about Level 3 Fair Value Measurements December 31, 2019 Fair Value Valuation Techniques Unobservable Input Range 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)% |
Carrying and Fair Values of Riverview's Financial Instruments | The carrying and fair values of the Company’s financial instruments at September 30, 2020 and December 31, 2019 and their placement within the fair value hierarchy are as follows: Carrying Fair Value Hierarchy September 30, 2020 Fair Value Quoted Prices in Significant Significant Financial assets: Cash and cash equivalents $ 31,958 $ 31,958 $ 31,958 Investment securities 98,846 98,846 $ 96,846 $ 2,000 Loans held for sale 4,547 4,547 4,547 Net loans (1) 1,151,818 1,142,187 1,142,187 Accrued interest receivable 3,218 3,218 406 2,812 Financial liabilities: Deposits $ 1,031,313 $ 989,122 $ 989,122 Long-term debt 217,031 218,150 218,150 Accrued interest payable 591 591 591 Carrying Fair Value Hierarchy December 31, 2019 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 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table summarizes activity related to the carrying value of goodwill for the nine months ended September 30, 2020: Balance, January 1, 2020 $ 24,754 Less: Goodwill impairment 24,754 Balance, September 30, 2020 $ |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 6 Months Ended | 9 Months Ended |
Jun. 30, 2020USD ($) | Sep. 30, 2020USD ($)Office | |
Summary Of Significant Accounting Policies [Line Items] | ||
Number of full service offices | 27 | |
Number of limited purpose offices | 3 | |
Goodwill impairment | $ | $ 24,754 | $ 24,754 |
Other comprehensive income (l_3
Other comprehensive income (loss) - Summary of Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Derivative fair value adjustment | $ 49 | $ 11 | |
Income tax benefit | 3 | ||
Net of income taxes | 8 | ||
Accumulated other comprehensive income (loss) | 602 | 602 | $ (348) |
Unrealized Gain (Losses) on Available-for-Sale [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss, before tax | 1,868 | 1,868 | 676 |
Income tax expense (benefit) | 392 | 392 | 142 |
Accumulated other comprehensive income (loss) | 1,476 | 1,476 | 534 |
Defined Benefit Pension Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss, before tax | (1,117) | (1,117) | (1,117) |
Income tax expense (benefit) | (235) | (235) | (235) |
Accumulated other comprehensive income (loss) | $ (882) | $ (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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Other Comprehensive Income (Loss), Tax [Abstract] | ||||
Unrealized gain (loss) on investment securities available-for-sale | $ 114 | $ (256) | $ 2,007 | $ 2,703 |
Net (gain) loss on the sale of investment securities available-for-sale | 53 | (815) | 95 | |
Net change in derivative fair value | 49 | 11 | ||
Other comprehensive income (loss) before taxes | 163 | (203) | 1,203 | 2,798 |
Income tax expense (benefit) | 35 | (42) | 253 | 588 |
Other comprehensive income (loss) | $ 128 | $ (161) | $ 950 | $ 2,210 |
Earnings per share - Additional
Earnings per share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Stock options excluded from the dilutive earnings per share calculation | 172,964 | 59,350 | 172,964 | 59,350 |
Earnings per share - Computatio
Earnings per share - Computation of Earnings per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Numerator: | ||||
Net income (loss) | $ 695 | $ 2,266 | $ (22,794) | $ 3,013 |
Denominator: | ||||
Basic | 9,273,666 | 9,173,901 | 9,248,856 | 9,159,281 |
Dilutive options | 7,175 | 12,734 | ||
Diluted | 9,273,666 | 9,181,076 | 9,248,856 | 9,172,015 |
Basic | $ 0.08 | $ 0.25 | $ (2.46) | $ 0.33 |
Diluted | $ 0.08 | $ 0.25 | $ (2.46) | $ 0.33 |
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 | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 96,978 | $ 90,571 |
Gross Unrealized Gains | 2,099 | 1,098 |
Gross Unrealized Losses | 231 | 422 |
Fair Value | 98,846 | 91,247 |
Taxable [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 20,483 | 24,365 |
Gross Unrealized Gains | 392 | 466 |
Gross Unrealized Losses | 34 | 7 |
Fair Value | 20,841 | 24,824 |
Tax-Exempt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 20,523 | 4,260 |
Gross Unrealized Gains | 358 | 73 |
Gross Unrealized Losses | 44 | |
Fair Value | 20,837 | 4,333 |
Mortgage-Backed Securities - U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 26,792 | 36,024 |
Gross Unrealized Gains | 835 | 294 |
Gross Unrealized Losses | 184 | |
Fair Value | 27,627 | 36,134 |
Mortgage-backed Securities - U.S. Government-sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 23,180 | 22,422 |
Gross Unrealized Gains | 505 | 265 |
Gross Unrealized Losses | 20 | 42 |
Fair Value | 23,665 | 22,645 |
Corporate Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 6,000 | 3,500 |
Gross Unrealized Gains | 9 | |
Gross Unrealized Losses | 133 | 189 |
Fair Value | $ 5,876 | $ 3,311 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) $ in Thousands | Sep. 30, 2020USD ($)Securities | Dec. 31, 2019USD ($)Securities |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities pledged to secure public deposits, fair value | $ | $ 68,604 | $ 63,389 |
Available-for-sale securities in unrealized loss position, number of securities | 22 | 22 |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in unrealized loss position, number of securities | 3 | |
Taxable [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in unrealized loss position, number of securities | 5 | 2 |
Available-for-sale securities in unrealized loss position for twelve months or more, number of securities | 1 | |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in unrealized loss position, number of securities | 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 | 1 |
Tax-Exempt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in unrealized loss position, number of securities | 13 |
Investment Securities - Sched_2
Investment Securities - Schedule of Debt Securities Classified Available-for-Sale Maturity Distribution of Fair Value (Detail) $ in Thousands | Sep. 30, 2020USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale securities, Within one year, Fair Value | $ 543 |
Available-for-sale securities, After one but within five years, Fair Value | 5,623 |
Available-for-sale securities, After five but within ten years, Fair Value | 11,290 |
Available-for-sale securities, After ten years, Fair Value | 30,099 |
Available-for-sale securities, Single maturity, Fair Value | 47,555 |
Total available-for-sale securities, Fair Value | 98,846 |
Mortgage-Backed Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale securities, Without single maturity, Fair Value | $ 51,291 |
Investment Securities Available
Investment Securities Available-for-Sale - Schedule of Fair Value Gross Unrealized Losses of Investment Securities Unrealized Losses (Detail) - USD ($) $ in Thousands | Sep. 30, 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 | $ 20,434 | $ 17,079 |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 97 | 191 |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Fair Value | 3,647 | 6,556 |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Unrealized Losses | 134 | 231 |
Available-for-sale securities in a continuous loss position, Fair Value | 24,081 | 23,635 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 231 | 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 | 6,082 | 1,280 |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 33 | 7 |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Fair Value | 280 | |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Unrealized Losses | 1 | |
Available-for-sale securities in a continuous loss position, Fair Value | 6,362 | 1,280 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 34 | 7 |
Tax-Exempt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Fair Value | 9,040 | |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 44 | |
Available-for-sale securities in a continuous loss position, Fair Value | 9,040 | |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 44 | |
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 | 15,799 | |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 184 | |
Available-for-sale securities in a continuous loss position, Fair Value | 15,799 | |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 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, Less Than 12 Months, Fair Value | 5,312 | |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 20 | |
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 | 5,312 | 3,245 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 20 | 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 | 3,367 | 3,311 |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Unrealized Losses | 133 | 189 |
Available-for-sale securities in a continuous loss position, Fair Value | 3,367 | 3,311 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | $ 133 | $ 189 |
Loans, Net and Allowance for _3
Loans, Net and Allowance for Loan Losses - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($)Contract | Sep. 30, 2019USD ($)Contract | Sep. 30, 2020USD ($)Contract | Sep. 30, 2019USD ($)Contract | Dec. 31, 2019USD ($) | |
Financing Receivable, Impaired [Line Items] | |||||
Deferred loan fees, net | $ 5,264 | $ 5,264 | $ 1,129 | ||
Interest income, related to impaired loans | 33 | $ 48 | 89 | $ 133 | |
Troubled debt restructurings, amount | $ 9,893 | $ 2,729 | $ 9,893 | $ 2,729 | 2,701 |
Troubled Debt Restructurings, Number of Contracts | Contract | 0 | 0 | 9 | 1 | |
Subsequently defaulted number of contracts | Contract | 1 | 1 | |||
Loans modified as troubled debt restructures | $ 7,817 | ||||
Financing receivable modifications subsequent default recorded investment | $ 0 | $ 0 | 368 | $ 222 | |
Unused Commitments | 159,200 | 159,200 | 176,243 | ||
Loans Payable | 273,813 | 273,813 | |||
Valuation Allowance [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unused Commitments | $ 95 | $ 95 | $ 89 |
Loans, Net and Allowance for _4
Loans, Net and Allowance for Loan Losses - Schedule of Loans Outstanding (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable | $ 1,163,442 | $ 852,109 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable | 382,518 | 118,658 |
Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable | 64,322 | 61,831 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable | 507,795 | 455,901 |
Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable | 202,132 | 207,354 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable | $ 6,675 | $ 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 | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning balance | $ 9,736 | $ 7,002 | $ 7,516 | $ 6,348 | |
Allowance for Loan Losses, Charge-offs | (42) | (985) | (1,739) | (1,647) | |
Allowance for Loan Losses, Recoveries | 86 | 31 | 191 | 146 | |
Allowance for Loan Losses, Provision | 1,844 | 1,049 | 5,656 | 2,250 | |
Allowance for Loan Losses, Ending balance | 11,624 | 7,097 | 11,624 | 7,097 | |
Ending balance: individually evaluated for impairment | 33 | 33 | $ 930 | ||
Ending balance: collectively evaluated for impairment | 11,591 | 11,591 | 6,586 | ||
Ending balance | 1,163,442 | 1,163,442 | 852,109 | ||
Ending balance: individually evaluated for impairment | 11,878 | 11,878 | 5,569 | ||
Ending balance: collectively evaluated for impairment | 1,150,044 | 1,150,044 | 844,768 | ||
Ending balance: purchased credit impaired loans | 1,520 | 1,520 | 1,772 | ||
Commercial [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning balance | 1,685 | 1,117 | 1,953 | 1,162 | |
Allowance for Loan Losses, Charge-offs | (759) | (899) | (1,148) | ||
Allowance for Loan Losses, Recoveries | 2 | 1 | 11 | 12 | |
Allowance for Loan Losses, Provision | 173 | 876 | 795 | 1,209 | |
Allowance for Loan Losses, Ending balance | 1,860 | 1,235 | 1,860 | 1,235 | |
Ending balance: individually evaluated for impairment | 32 | 32 | 712 | ||
Ending balance: collectively evaluated for impairment | 1,828 | 1,828 | 1,241 | ||
Ending balance | 382,518 | 382,518 | 118,658 | ||
Ending balance: individually evaluated for impairment | 1,853 | 1,853 | 2,260 | ||
Ending balance: collectively evaluated for impairment | 380,665 | 380,665 | 116,390 | ||
Ending balance: purchased credit impaired loans | 8 | ||||
Real Estate Construction [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning balance | 741 | 491 | 473 | 404 | |
Allowance for Loan Losses, Provision | 145 | 30 | 413 | 117 | |
Allowance for Loan Losses, Ending balance | 886 | 521 | 886 | 521 | |
Ending balance: collectively evaluated for impairment | 886 | 886 | 473 | ||
Ending balance | 64,322 | 64,322 | 61,831 | ||
Ending balance: collectively evaluated for impairment | 64,322 | 64,322 | 61,831 | ||
Real Estate Commercial [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning balance | 5,078 | 3,591 | 3,115 | 3,298 | |
Allowance for Loan Losses, Charge-offs | (110) | (595) | (110) | ||
Allowance for Loan Losses, Recoveries | 57 | 2 | 59 | 4 | |
Allowance for Loan Losses, Provision | 1,015 | 95 | 3,571 | 386 | |
Allowance for Loan Losses, Ending balance | 6,150 | 3,578 | 6,150 | 3,578 | |
Ending balance: individually evaluated for impairment | 1 | 1 | 218 | ||
Ending balance: collectively evaluated for impairment | 6,149 | 6,149 | 2,897 | ||
Ending balance | 507,795 | 507,795 | 455,901 | ||
Ending balance: individually evaluated for impairment | 7,545 | 7,545 | 1,224 | ||
Ending balance: collectively evaluated for impairment | 498,902 | 498,902 | 453,156 | ||
Ending balance: purchased credit impaired loans | 1,348 | 1,348 | 1,521 | ||
Real Estate Residential [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning balance | 2,070 | 1,649 | 1,820 | 1,286 | |
Allowance for Loan Losses, Charge-offs | (5) | (2) | (25) | ||
Allowance for Loan Losses, Recoveries | 1 | 4 | |||
Allowance for Loan Losses, Provision | 490 | (28) | 741 | 351 | |
Allowance for Loan Losses, Ending balance | 2,560 | 1,616 | 2,560 | 1,616 | |
Ending balance: collectively evaluated for impairment | 2,560 | 2,560 | 1,820 | ||
Ending balance | 202,132 | 202,132 | 207,354 | ||
Ending balance: individually evaluated for impairment | 2,480 | 2,480 | 2,085 | ||
Ending balance: collectively evaluated for impairment | 199,480 | 199,480 | 205,026 | ||
Ending balance: purchased credit impaired loans | 172 | 172 | 243 | ||
Consumer [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning balance | 162 | 154 | 155 | 50 | |
Allowance for Loan Losses, Charge-offs | (42) | (111) | (243) | (364) | |
Allowance for Loan Losses, Recoveries | 27 | 28 | 120 | 126 | |
Allowance for Loan Losses, Provision | 21 | 74 | 136 | 333 | |
Allowance for Loan Losses, Ending balance | 168 | 145 | 168 | 145 | |
Ending balance: collectively evaluated for impairment | 168 | 168 | 155 | ||
Ending balance | 6,675 | 6,675 | 8,365 | ||
Ending balance: collectively evaluated for impairment | $ 6,675 | $ 6,675 | $ 8,365 | ||
Unallocated [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan Losses, Beginning balance | 148 | ||||
Allowance for Loan Losses, Provision | 2 | (146) | |||
Allowance for Loan Losses, Ending balance | $ 2 | $ 2 |
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 | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | $ 1,163,442 | $ 852,109 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 382,518 | 118,658 |
Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 64,322 | 61,831 |
Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 507,795 | 455,901 |
Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 202,132 | 207,354 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 6,675 | 8,365 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 1,086,831 | 813,385 |
Pass [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 374,721 | 109,190 |
Pass [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 55,072 | 61,678 |
Pass [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 452,958 | 430,771 |
Pass [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 197,405 | 203,381 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 6,675 | 8,365 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 43,189 | 16,853 |
Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 3,319 | 5,992 |
Special Mention [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 8,252 | 153 |
Special Mention [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 30,048 | 9,271 |
Special Mention [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 1,570 | 1,437 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 33,422 | 21,871 |
Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 4,478 | 3,476 |
Substandard [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 998 | |
Substandard [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 24,789 | 15,859 |
Substandard [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | $ 3,157 | $ 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 | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 1,163,442 | $ 852,109 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 382,518 | 118,658 |
Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 64,322 | 61,831 |
Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 507,795 | 455,901 |
Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 202,132 | 207,354 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 6,675 | 8,365 |
Performing Loans and Non Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,304 | 4,658 |
Current | 1,157,393 | 843,392 |
Nonaccrual Loans | 3,225 | 2,287 |
Total | 1,161,922 | 850,337 |
Performing Loans and Non Accrual Loans [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 206 | 137 |
Current | 381,521 | 117,354 |
Nonaccrual Loans | 791 | 1,159 |
Total | 382,518 | 118,650 |
Performing Loans and Non Accrual Loans [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 208 | 9 |
Current | 64,114 | 61,822 |
Total | 64,322 | 61,831 |
Performing Loans and Non Accrual Loans [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 147 | |
Current | 505,216 | 453,774 |
Nonaccrual Loans | 1,231 | 459 |
Total | 506,447 | 454,380 |
Performing Loans and Non Accrual Loans [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 869 | 4,240 |
Current | 199,888 | 202,202 |
Nonaccrual Loans | 1,203 | 669 |
Total | 201,960 | 207,111 |
Performing Loans and Non Accrual Loans [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 21 | 125 |
Current | 6,654 | 8,240 |
Total | 6,675 | 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 | 690 | 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 | 20 | 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 | 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 | 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 | 650 | 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 | 20 | 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 | 506 | 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 | 78 | |
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 | 208 | |
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 | 219 | 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 | 1 | 14 |
Performing Loans and Non Accrual Loans [Member] | 90 Days and Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 108 | 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 | 108 | |
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 | 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 | 27 | |
Purchased Credit Impaired Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 1,520 | $ 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 | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Financing Receivable, Impaired [Line Items] | |||||||
Impaired loans with no related allowance recorded, recorded investment | $ 7,508 | $ 5,843 | $ 7,508 | $ 5,843 | $ 5,439 | ||
Impaired loans with an allowance recorded, recorded investment | 5,890 | 1,083 | 5,890 | 1,083 | 1,903 | ||
Impaired loans, recorded investment | 13,398 | 6,926 | 13,398 | 6,926 | 7,342 | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 8,134 | 6,482 | 8,134 | 6,482 | 5,687 | ||
Impaired loans with an allowance recorded, unpaid principal balance | 5,890 | 1,375 | 5,890 | 1,375 | 2,057 | ||
Impaired loans, unpaid principal balance | 14,024 | 7,857 | 14,024 | 7,857 | 7,744 | ||
Impaired loans with an allowance recorded, related allowance | 930 | $ 33 | $ 325 | ||||
Impaired loans, related allowance | 930 | 33 | 325 | ||||
Impaired loans with no related allowance recorded, average recorded investment | 10,737 | 6,195 | 9,138 | 6,557 | 6,169 | ||
Impaired loans with an allowance recorded, average recorded investment | 3,006 | 1,205 | 2,166 | 1,414 | 1,434 | ||
Impaired loans, average recorded investment | 13,743 | 7,400 | 11,304 | 7,971 | 7,603 | ||
Impaired loans with no related allowance recorded, interest income recognized | 176 | 1,333 | 548 | 2,170 | 2,289 | ||
Impaired loans with an allowance recorded, interest income recognized | 61 | 6 | 65 | 17 | 17 | ||
Impaired loans, interest income recognized | 237 | 1,339 | 613 | 2,187 | 2,306 | ||
Commercial [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Impaired loans with no related allowance recorded, recorded investment | 1,732 | 1,617 | 1,732 | 1,617 | 1,147 | ||
Impaired loans with an allowance recorded, recorded investment | 121 | 121 | 121 | 121 | 1,121 | ||
Impaired loans, recorded investment | 1,853 | 1,738 | 1,853 | 1,738 | 2,268 | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 1,842 | 2,256 | 1,842 | 2,256 | 1,257 | ||
Impaired loans with an allowance recorded, unpaid principal balance | 121 | 121 | 121 | 121 | 1,121 | ||
Impaired loans, unpaid principal balance | 1,963 | 2,377 | 1,963 | 2,377 | 2,378 | ||
Impaired loans with an allowance recorded, related allowance | 712 | 32 | 29 | ||||
Impaired loans, related allowance | 712 | $ 32 | 29 | ||||
Impaired loans with no related allowance recorded, average recorded investment | 1,896 | 871 | 1,630 | 399 | 648 | ||
Impaired loans with an allowance recorded, average recorded investment | 121 | 448 | 121 | 767 | 685 | ||
Impaired loans, average recorded investment | 2,017 | 1,319 | 1,751 | 1,166 | 1,333 | ||
Impaired loans with no related allowance recorded, interest income recognized | 154 | 96 | 354 | 604 | 660 | ||
Impaired loans, interest income recognized | 154 | 96 | 354 | 604 | 660 | ||
Real Estate Commercial [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Impaired loans with no related allowance recorded, recorded investment | 3,124 | 2,048 | 3,124 | 2,048 | 1,963 | ||
Impaired loans with an allowance recorded, recorded investment | 5,769 | 785 | 5,769 | 785 | 782 | ||
Impaired loans, recorded investment | 8,893 | 2,833 | 8,893 | 2,833 | 2,745 | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 3,510 | 2,048 | 3,510 | 2,048 | 1,963 | ||
Impaired loans with an allowance recorded, unpaid principal balance | 5,769 | 939 | 5,769 | 939 | 936 | ||
Impaired loans, unpaid principal balance | 9,279 | 2,987 | 9,279 | 2,987 | 2,899 | ||
Impaired loans with an allowance recorded, related allowance | 1 | 1 | 218 | 251 | |||
Impaired loans, related allowance | 1 | 1 | 218 | 251 | |||
Impaired loans with no related allowance recorded, average recorded investment | 6,141 | 3,135 | 4,944 | 3,882 | 3,124 | ||
Impaired loans with an allowance recorded, average recorded investment | 2,885 | 579 | 2,045 | 468 | 658 | ||
Impaired loans, average recorded investment | 9,026 | 3,714 | 6,989 | 4,350 | 3,782 | ||
Impaired loans with no related allowance recorded, interest income recognized | 10 | 1,204 | 76 | 1,408 | 1,456 | ||
Impaired loans with an allowance recorded, interest income recognized | 61 | 4 | 65 | 12 | 17 | ||
Impaired loans, interest income recognized | 71 | 1,208 | 141 | 1,420 | 1,473 | ||
Real Estate Residential [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Impaired loans with no related allowance recorded, recorded investment | 2,652 | 2,178 | 2,652 | 2,178 | 2,329 | ||
Impaired loans with an allowance recorded, recorded investment | 177 | 177 | |||||
Impaired loans, recorded investment | 2,652 | 2,355 | 2,652 | 2,355 | 2,329 | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 2,782 | 2,178 | 2,782 | 2,178 | 2,467 | ||
Impaired loans with an allowance recorded, unpaid principal balance | 315 | 315 | |||||
Impaired loans, unpaid principal balance | 2,782 | 2,493 | 2,782 | 2,493 | 2,467 | ||
Impaired loans with an allowance recorded, related allowance | 45 | ||||||
Impaired loans, related allowance | $ 45 | ||||||
Impaired loans with no related allowance recorded, average recorded investment | 2,700 | 2,189 | 2,564 | 2,247 | 2,397 | ||
Impaired loans with an allowance recorded, average recorded investment | 178 | 179 | 91 | ||||
Impaired loans, average recorded investment | 2,700 | 2,367 | 2,564 | 2,426 | 2,488 | ||
Impaired loans with no related allowance recorded, interest income recognized | 12 | 33 | 118 | 158 | 173 | ||
Impaired loans with an allowance recorded, interest income recognized | 2 | 5 | |||||
Impaired loans, interest income recognized | $ 12 | $ 35 | $ 118 | 163 | $ 173 | ||
Real Estate Construction [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Impaired loans with no related allowance recorded, average recorded investment | 29 | ||||||
Impaired loans, average recorded investment | $ 29 |
Loans, net and allowance for _9
Loans, net and allowance for loan losses - Summary of Distribution of Off-Balance Sheet Commitments (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Distribution OfOff BalanceSheet Commitments [Line Items] | ||
Unused Commitments | $ 159,200 | $ 176,243 |
Unused portions of lines of credit [Member] | ||
Distribution OfOff BalanceSheet Commitments [Line Items] | ||
Unused Commitments | 93,694 | 81,665 |
Construction Loans [Member] | ||
Distribution OfOff BalanceSheet Commitments [Line Items] | ||
Unused Commitments | 26,216 | 41,168 |
Commitments to extend credit [Member] | ||
Distribution OfOff BalanceSheet Commitments [Line Items] | ||
Unused Commitments | 13,086 | 24,954 |
Deposit overdraft protection [Member] | ||
Distribution OfOff BalanceSheet Commitments [Line Items] | ||
Unused Commitments | 22,231 | 23,730 |
Standby and performance letters of credit [Member] | ||
Distribution OfOff BalanceSheet Commitments [Line Items] | ||
Unused Commitments | $ 3,973 | $ 4,726 |
Other Assets - Components of Ot
Other Assets - Components of Other Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Other Assets [Abstract] | |||
Other real estate owned | $ 25 | $ 82 | |
Bank owned life insurance | 31,247 | 30,647 | |
Restricted equity securities | 1,827 | 990 | |
Deferred tax assets | 4,798 | 4,272 | |
Lease right-of-use assets | 3,336 | 3,856 | $ 4,136 |
Other assets | 4,506 | 6,082 | |
Total | $ 45,739 | $ 45,929 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($)Location | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)Location | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Number of Location Leased | Location | 13 | 13 | |||
Operating lease, right-of-use asset | $ 3,336 | $ 4,136 | $ 3,336 | $ 4,136 | $ 3,856 |
Operating lease, liability | 3,397 | 4,165 | 3,397 | 4,165 | |
Operating lease cost | $ 346 | $ 203 | $ 954 | $ 538 | |
Maximum [Member] | |||||
Remaining lease term | 33 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 | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Transaction for amounts included in the measurement of lease liabilities [Abstract] | ||
Operating cash flows from operating leases | $ 584 | $ 465 |
ROU assets obtained in exchange for lease liabilities | $ 4,529 | |
Weighted average remaining lease term—operating leases, in years | 9 years 1 month 13 days | 10 years 5 months 15 days |
Weighted average discount rate—operating leases | 3.04% | 3.06% |
Leases - Summary of Lease Payme
Leases - Summary of Lease Payment Obligation (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 30, 2019 |
2020 | $ 187 | |
2021 | 754 | |
2022 | 697 | |
2023 | 485 | |
2024 | 317 | |
Thereafter | 1,568 | |
Total lease payments | 4,008 | |
Less imputed interest | 611 | |
Operating lease liability | $ 3,397 | $ 4,165 |
Fair value estimates - Financia
Fair value estimates - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 98,846 | $ 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 | 96,846 | 91,247 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 2,000 | |
Fair Value Measurements Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 98,846 | 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 | 20,841 | 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 | 20,837 | 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 | 27,627 | 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 | 23,665 | 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 | 5,876 | 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 | 96,846 | 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 | 20,841 | 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 | 20,837 | 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 | 27,627 | 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 | 23,665 | 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 | 3,876 | $ 3,311 |
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 2,000 | |
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Corporate Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 2,000 |
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 | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 25 | $ 82 |
Impaired loans, net of related allowance | 5,857 | 973 |
Total | 5,882 | 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 | 25 | 82 |
Impaired loans, net of related allowance | 5,857 | 973 |
Total | $ 5,882 | $ 1,055 |
Fair value estimates- Additiona
Fair value estimates- Additional Quantitative Information about Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 60.00% | |
Fair Value Measurements Nonrecurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Estimate | $ 5,882 | $ 1,055 |
Fair Value Measurements Nonrecurring [Member] | 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 | $ 25 | $ 82 |
Valuation Technique | Appraisal of collateral | Appraisal of collateral |
Unobservable Input | Appraisal adjustments | Appraisal adjustments |
Fair Value Measurements Nonrecurring [Member] | 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 |
Fair Value Measurements Nonrecurring [Member] | Impaired Loan [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Estimate | $ 5,857 | $ 973 |
Valuation Technique | Appraisal of collateral | Appraisal of collateral |
Unobservable Input | Appraisal adjustments | Appraisal adjustments |
Fair Value Measurements Nonrecurring [Member] | 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] | Fair Value Measurements Nonrecurring [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) | 42.00% | |
Minimum [Member] | Fair Value Measurements Nonrecurring [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] | Fair Value Measurements Nonrecurring [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) | 15.00% | 10.00% |
Minimum [Member] | Fair Value Measurements Nonrecurring [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) | 7.00% | 9.50% |
Maximum [Member] | Fair Value Measurements Nonrecurring [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] | Fair Value Measurements Nonrecurring [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] | Fair Value Measurements Nonrecurring [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) | 20.00% | 50.00% |
Maximum [Member] | Fair Value Measurements Nonrecurring [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) | 7.00% | 12.30% |
Weighted Average [Member] | Fair Value Measurements Nonrecurring [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% | 52.00% |
Weighted Average [Member] | Fair Value Measurements Nonrecurring [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] | Fair Value Measurements Nonrecurring [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) | 15.00% | 22.00% |
Weighted Average [Member] | Fair Value Measurements Nonrecurring [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) | 7.00% | 8.80% |
Fair value estimates- Carrying
Fair value estimates- Carrying and Fair Values of Riverview's Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Financial assets: | |||||
Cash and cash equivalents | $ 31,958 | $ 50,348 | $ 29,841 | $ 53,816 | |
Investment securities available-for-sale | 98,846 | 91,247 | |||
Loans held for sale | 4,547 | 81 | |||
Net loans | 1,151,818 | 844,593 | |||
Accrued interest receivable | 3,218 | 2,414 | |||
Financial liabilities: | |||||
Deposits | 1,031,313 | 940,480 | |||
Long-term debt | 217,031 | 6,971 | |||
Accrued interest payable | 591 | 435 | |||
Carrying Amount [Member] | |||||
Financial assets: | |||||
Cash and cash equivalents | 31,958 | 50,348 | |||
Investment securities available-for-sale | 98,846 | 91,247 | |||
Loans held for sale | 4,547 | 81 | |||
Net loans | [1] | 1,151,818 | 844,593 | ||
Accrued interest receivable | 3,218 | 2,414 | |||
Financial liabilities: | |||||
Deposits | 1,031,313 | 940,480 | |||
Long-term debt | 217,031 | 6,971 | |||
Accrued interest payable | 591 | 435 | |||
Fair Value [Member] | |||||
Financial assets: | |||||
Cash and cash equivalents | 31,958 | 50,348 | |||
Investment securities available-for-sale | 98,846 | 91,247 | |||
Loans held for sale | 4,547 | 81 | |||
Net loans | [1] | 1,142,187 | 836,074 | ||
Accrued interest receivable | 3,218 | 2,414 | |||
Financial liabilities: | |||||
Deposits | 989,122 | 940,546 | |||
Long-term debt | 218,150 | 6,971 | |||
Accrued interest payable | 591 | 435 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Financial assets: | |||||
Cash and cash equivalents | 31,958 | 50,348 | |||
Significant Other Observable Inputs (Level 2) [Member] | |||||
Financial assets: | |||||
Investment securities available-for-sale | 96,846 | 91,247 | |||
Loans held for sale | 4,547 | 81 | |||
Accrued interest receivable | 406 | 461 | |||
Financial liabilities: | |||||
Deposits | 989,122 | 940,546 | |||
Long-term debt | 218,150 | 6,971 | |||
Accrued interest payable | 591 | 435 | |||
Significant Unobservable Inputs (Level 3) [Member] | |||||
Financial assets: | |||||
Investment securities available-for-sale | 2,000 | ||||
Net loans | [1] | 1,142,187 | 836,074 | ||
Accrued interest receivable | $ 2,812 | $ 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 September 30, 2020 and December 31, 2019 was measured using an exit price notion |
Schedule Of Goodwill - (Detail)
Schedule Of Goodwill - (Detail) - USD ($) $ in Thousands | 6 Months Ended | 9 Months Ended |
Jun. 30, 2020 | Sep. 30, 2020 | |
Balance, January 1, 2020 | $ 24,754 | $ 24,754 |
Less: Goodwill impairment | $ 24,754 | 24,754 |
Balance, June 30, 2020 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | 9 Months Ended |
Jun. 30, 2020 | Sep. 30, 2020 | |
Goodwill impairment | $ 24,754 | $ 24,754 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Private Placement [Member] - Fixed To Floating Rate Of Interest Subordinated Debt Due Two Thousand And Thirty [Member] $ in Millions | Oct. 06, 2020USD ($) |
Debt instrument face value | $ 25 |
Proceeds from subordinated debt | $ 25 |
Debt Instrument Maturity | October 15, 2030 |
Subordinated borrowing stated interest rate | 5.75% |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |
Debt instrument description of variable rate basis | secured overnight financing rate (“SOFR”) plus 563 basis points |
Debt instrument basis spread on variable rate | 563.00% |