Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 28, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Riverview Financial Corporation | ||
Entity Central Index Key | 0001590799 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Interactive Data Current | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
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 | Voting Common Stock | ||
Trading Symbol | RIVE | ||
Security Exchange Name | NASDAQ | ||
Entity Voluntary Filers | No | ||
Entity Common Stock, Shares Outstanding | 9,346,720 | ||
Entity Public Float | $ 39,301,477 | ||
ICFR Auditor Attestation Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Cash and due from banks | $ 13,511 | $ 11,838 |
Interest-bearing deposits in other banks | 36,270 | 38,510 |
Investment securities available-for-sale | 103,695 | 91,247 |
Loans held for sale | 4,338 | 81 |
Loans, net | 1,139,239 | 852,109 |
Less: allowance for loan losses | 12,200 | 7,516 |
Net loans | 1,127,039 | 844,593 |
Premises and equipment, net | 18,147 | 17,852 |
Accrued interest receivable | 4,216 | 2,414 |
Goodwill | 24,754 | |
Intangible assets | 1,918 | 2,736 |
Other assets | 48,420 | 45,929 |
Total assets | 1,357,554 | 1,079,954 |
Deposits: | ||
Noninterest-bearing | 173,600 | 147,405 |
Interest-bearing | 841,860 | 793,075 |
Total deposits | 1,015,460 | 940,480 |
Long-term debt | 228,765 | 6,971 |
Accrued interest payable | 1,038 | 435 |
Other liabilities | 14,859 | 13,958 |
Total liabilities | 1,260,122 | 961,844 |
Stockholders' equity: | ||
Common stock, no par value, authorized 20,000,000 shares, issued and outstanding: 2020; 9,306,442 shares; 2019; 9,216,616 shares | 102,662 | 102,206 |
Capital surplus | 292 | 112 |
Retained earnings (accumulated deficit) | (6,457) | 16,140 |
Accumulated other comprehensive gain (loss) | 935 | (348) |
Total stockholders' equity | 97,432 | 118,110 |
Total liabilities and stockholders' equity | $ 1,357,554 | $ 1,079,954 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 9,306,442 | 9,306,442 |
Common stock, shares outstanding | 9,216,616 | 9,216,616 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Interest and fees on loans: | ||
Taxable | $ 43,052 | $ 44,867 |
Tax-exempt | 883 | 979 |
Interest on investment securities: | ||
Taxable | 1,702 | 2,735 |
Tax-exempt | 289 | 200 |
Interest on interest-bearing deposits in other banks | 120 | 766 |
Total interest income | 46,046 | 49,547 |
Interest expense: | ||
Interest on deposits | 5,419 | 8,086 |
Interest on short-term borrowings | 28 | |
Interest on long-term debt | 1,336 | 514 |
Total interest expense | 6,783 | 8,600 |
Net interest income | 39,263 | 40,947 |
Provision for loan losses | 6,282 | 2,406 |
Net interest income after provision for loan losses | 32,981 | 38,541 |
Noninterest income: | ||
Bank owned life insurance investment income | 755 | 763 |
Net gain (loss) on sale of investment securities available-for-sale | 815 | (22) |
Total noninterest income | 8,773 | 8,514 |
Noninterest expense: | ||
Salaries and employee benefits expense | 20,207 | 23,845 |
Net occupancy and equipment expense | 5,141 | 4,357 |
Amortization of intangible assets | 818 | 773 |
Goodwill impairment | 24,754 | |
Net cost of operation of other real estate | 55 | 67 |
Other expenses | 11,733 | 13,026 |
Total noninterest expense | 62,708 | 42,068 |
Income (loss) before income taxes | (20,954) | 4,987 |
Income tax expense | 257 | 701 |
Net income (loss) | (21,211) | 4,286 |
Other comprehensive income (loss): | ||
Unrealized gain on investment securities available-for-sale | 2,101 | 2,837 |
Reclassification adjustment for net (gain) loss on sales included in net income | (815) | 22 |
Change in pension liability | 166 | 16 |
Change in cash flow hedge | 172 | |
Income tax expense related to other comprehensive income | 341 | 604 |
Other comprehensive income (loss), net of income taxes | 1,283 | 2,271 |
Comprehensive income (loss) | $ (19,928) | $ 6,557 |
Net income: | ||
Basic | $ (2.29) | $ 0.47 |
Diluted | $ (2.29) | $ 0.47 |
Average common shares outstanding: | ||
Basic | 9,258,493 | 9,167,415 |
Diluted | 9,258,493 | 9,181,752 |
Dividends declared | $ 0.15 | $ 0.35 |
Wealth Management Income [Member] | ||
Noninterest income: | ||
Noninterest income | $ 876 | $ 940 |
Commission and Fees on Fiduciary Activities [Member] | ||
Noninterest income: | ||
Noninterest income | 961 | 1,080 |
Service Charges, Fees and Commissions [Member] | ||
Noninterest income: | ||
Noninterest income | 4,133 | 5,186 |
Mortgage Banking Income [Member] | ||
Noninterest income: | ||
Noninterest income | $ 1,233 | $ 567 |
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) | 4,286 | 4,286 | |||
Other comprehensive income, net of income taxes | 2,271 | 2,271 | |||
Issuance under ESPP, 401k and Dividend Reinvestment plans | 644 | 644 | |||
Exercise of stock options | 208 | 241 | (33) | ||
Issuance of restricted stock awards | 187 | (187) | |||
Dividends declared | (3,209) | (3,209) | |||
Balance at Dec. 31, 2019 | 118,110 | 102,206 | 112 | 16,140 | (348) |
Net income (loss) | (21,211) | (21,211) | |||
Other comprehensive income, net of income taxes | 1,283 | 1,283 | |||
Issuance under ESPP, 401k and Dividend Reinvestment plans | 543 | 543 | |||
Issuance of restricted stock awards | 93 | (87) | 180 | ||
Dividends declared | (1,386) | (1,386) | |||
Balance at Dec. 31, 2020 | $ 97,432 | $ 102,662 | $ 292 | $ (6,457) | $ 935 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Issuance under ESPP, 401k and Dividend Reinvestment plans, shares | 75,948 | 57,356 |
Exercise of stock options, shares | 22,776 | |
Restricted stock issued during the period shares | 13,878 | 14,929 |
Dividends declared, per share | $ 0.15 | $ 0.35 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (21,211) | $ 4,286 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization of premises and equipment | 1,186 | 1,248 |
Provision for loan losses | 6,282 | 2,406 |
Stock based compensation | 93 | |
Net amortization of investment securities available-for-sale | 859 | 785 |
Net cost of operation of other real estate owned | 55 | 67 |
Net (gain) loss on sale of investment securities available-for-sale | (815) | 22 |
Accretion of purchase adjustment on loans | (973) | (3,245) |
Amortization of intangible assets | 818 | 773 |
Amortization of assumed discount on long-term debt | 83 | 79 |
Amortization of long-term debt issuance costs | 43 | |
Impairment of goodwill | 24,754 | |
Deferred income taxes | 25 | 1,009 |
Proceeds from sale of loans originated for sale | 35,874 | 17,032 |
Net gain on sale of loans originated for sale | (1,233) | (567) |
Loans originated for sale | (38,898) | (15,909) |
Bank owned life insurance investment income | (755) | (763) |
Accrued interest receivable | (1,802) | 596 |
Other assets | (798) | (856) |
Accrued interest payable | 603 | (49) |
Other liabilities | 1,067 | (1,658) |
Net cash provided by operating activities | 5,257 | 5,256 |
Investment securities available-for-sale: | ||
Purchases | (53,323) | (32,058) |
Proceeds from repayments | 14,305 | 17,308 |
Proceeds from sales | 27,812 | 30,232 |
Proceeds from the sale of other real estate owned | 366 | 753 |
Net (increase) decrease in restricted equity securities | (769) | 64 |
Net (increase) decrease in loans | (288,516) | 42,901 |
Purchases of premises and equipment | (1,481) | (1,545) |
Proceeds from sale of equipment | 113 | |
Purchase of bank owned life insurance | (23) | (22) |
Net cash provided by (used in) investing activities | (301,629) | 57,746 |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 74,980 | (64,113) |
Repayment of long-term debt | (13,088) | |
Proceeds from long-term debt | 234,756 | |
Issuance under DRP, 401k and ESPP plans | 543 | 644 |
Proceeds from exercise of options | 208 | |
Cash dividends paid | (1,386) | (3,209) |
Net cash provided by (used in) financing activities | 295,805 | (66,470) |
Net decrease in cash and cash equivalents | (567) | (3,468) |
Cash and cash equivalents - beginning | 50,348 | 53,816 |
Cash and cash equivalents - ending | 49,781 | 50,348 |
Cash paid during the period for: | ||
Interest | 6,180 | 8,649 |
Federal income taxes | 425 | |
Lease liabilities arising from obtaining right-of-use assets | 3,892 | |
Other real estate acquired in settlement of loans | $ 761 | 181 |
Noncash transfer of Owned properties available-for sale | $ 540 |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | 1. Summary of significant accounting policies: Nature of Operations: Riverview Financial Corporation, (the “Company” or “Riverview”), a bank holding company incorporated under the laws of Pennsylvania, provides a full range of financial services through its wholly-owned subsidiary, Riverview Bank (the “Bank”). Riverview Bank, with 27 full service offices and three limited purpose offices, is a full-service commercial bank offering a wide range of traditional banking services and financial advisory, insurance and investment services to individuals, municipalities and small to medium sized businesses in the Pennsylvania market areas of Berks, Blair, Bucks, Centre, Clearfield, Cumberland, Dauphin, Huntingdon, Lebanon, Lehigh, Lycoming, Perry, Schuylkill and Somerset Counties. The Bank is state-chartered under the jurisdiction of the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance Corporation. The Bank’s primary product is loans to small- and medium-sized one-to-four The wealth management and trust divisions did not meet the quantitative thresholds for required segment disclosure in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Bank’s 30 community banking offices, all similar with respect to economic characteristics, share a majority of the following aggregation criteria: (i) products and services; (ii) operating processes; (iii) customer bases; (iv) delivery systems; and (v) regulatory oversight. Accordingly, they were aggregated into a single operating segment. The Company faces competition primarily from commercial banks, thrift institutions and credit unions within the Central, Northern, Southwestern and Southeastern Pennsylvania markets, many of which are substantially larger in terms of assets and capital. In addition, mutual funds and security brokers compete for various types of deposits, and consumer, mortgage, leasing and insurance companies compete for various types of loans and leases. Principal methods of competing for banking and permitted nonbanking services include price, nature of product, quality of service and convenience of location. The Company and the Bank are subject to regulations of certain federal and state regulatory agencies and undergo periodic examinations. Basis of presentation: The consolidated financial statements of the Company have been prepared in conformity with GAAP, Regulation S-X The operating results and financial position of the Company for the year ended as of December 31, 2020, are not necessarily indicative of the results of operations and financial position that may be expected in the future. This is especially true given the outbreak of the Coronavirus (“COVID-19”) pandemic which has adversely affected the Company’s business results of operations and financial condition in 2020. 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 Estimates: To prepare financial statements in conformity with accounting principles generally accepted in the United States of America management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. Investment securities: Investment securities are classified and accounted for as either held-to-maturity, available-for-sale, held-to Held-to-maturity available-for-sale Available-for-sale available-for-sale Management evaluates each investment security at least quarterly, to determine if a decline in fair value below its amortized cost is an other-than-temporary impairment (“OTTI”), and more frequently when economic or market concerns warrant an evaluation. Factors considered in determining whether an other-than-temporary impairment was incurred include: (i) the length of time and the extent to which the fair value has been less than amortized cost; (ii) the financial condition and near-term prospects of the issuer; (iii) whether a decline in fair value is attributable to adverse conditions specifically related to the security or specific conditions in an industry or geographic area; (iv) the credit-worthiness of the issuer of the security; (v) whether dividend or interest payments have been reduced or have not been made; (vi) an adverse change in the remaining expected cash flows from the security such that the Company will not recover the amortized cost of the security; (vii) whether management intends to sell the security; and (viii) if it is more likely than not that management will be required to sell the security before recovery. If a decline is judged to be other-than-temporary, the individual security is written-down to fair value with the credit related component of the write-down included in earnings and the non-credit Loans held for sale: Loans held for sale consist of one-to-four Loans, net: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of deferred fees or costs. Interest income is accrued on the principal amount outstanding. Loan origination fees, net of certain direct origination costs, are deferred and recognized over the contractual life of the related loan as an adjustment to yield using the effective interest method. Premiums and discounts on purchased loans are amortized as adjustments to interest income using the effective interest method. Delinquency fees are recognized in income when chargeable, assuming collectability is reasonably assured. Transfers of financial assets, which include loan participation sales, are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when: (i) the assets have been isolated from the Company; (ii) the transferee obtains the right, free of conditions that constrain it from taking advantage of that right, to pledge or exchange the transferred assets and (iii) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. The loan portfolio is segmented into business, construction and retail loans. Business loans consist of commercial and commercial real estate loans. Construction loans consist of both commercial and residential loans. Retail loans consist of residential real estate and other consumer loans. The Company makes commercial loans for real estate development and other business purposes required by the customer base. The Company’s credit policies determine advance rates against the different forms of collateral that can be pledged against commercial loans. Typically, the majority of loans will be limited to a percentage of their underlying collateral values such as real estate values, equipment, eligible accounts receivable and inventory. Individual loan advance rates may be higher or lower depending upon the financial strength of the borrower and/or term of the loan. The assets financed through commercial loans are used within the business for its ongoing operation. Repayment of these kinds of loans generally comes from the cash flow of the business or the ongoing conversion of assets. Commercial real estate loans include long-term loans financing commercial properties. Repayment of these loans is dependent upon either the ongoing cash flow of the borrowing entity or the resale of or lease of the subject property. Commercial real estate loans typically require a loan to value of not greater than 80% and vary in terms. Commercial and commercial real estate loans generally have higher credit risk compared to residential mortgage loans and consumer loans, as they typically involve larger loan balances concentrated with single borrowers or groups of borrowers. In addition, the payment expectations on loans secured by income-producing properties typically depend on the successful operations of the related business and thus may be subject to a greater extent to adverse conditions in the real estate market and in the general economy. Loans secured by commercial real estate generally have larger balances and involve a greater degree of risk than one-to-four Residential mortgages, including home equity loans, are secured by the borrower’s residential real estate in either a first or second lien position. Residential mortgages have varying loan rates depending on the financial condition of the borrower and the loan to value ratio. Residential mortgages may have amortizations up to 30 years. Consumer loans include installment loans, car loans, and overdraft lines of credit. The majority of these loans are secured. Consumer loans may entail greater risk than do residential mortgage loans, particularly in the case of consumer loans that are unsecured or secured by assets that depreciate rapidly, such as motor vehicles. In the latter case, repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment for the outstanding loan and a small remaining deficiency often does not warrant further substantial collection efforts against the borrower. Consumer loan collections depend on the borrower’s continuing financial stability, and therefore are likely to be adversely affected by various factors, including job loss, divorce, illness or personal bankruptcy. Furthermore, the application of various federal and state laws, including federal and state insolvency laws, may limit the amount that can be recovered on such loans. Leases: The Company’s primary leasing activities relate to certain real estate leases entered into in support of the Company’s branch and back office operations. The Company’s branch locations operating under lease agreements have all been designated as operating leases. In addition, the Company leases certain equipment under operating leases. The Company does not have leases designated as finance leases. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease pre-payments non-lease non-lease Off-balance In the ordinary course of business, the Company enters into off-balance off-balance Nonperforming assets: Nonperforming assets consist of nonperforming loans and other real estate owned. Nonperforming loans include nonaccrual loans, troubled debt restructured loans and accruing loans past due 90 days or more. Past due status is based on contractual terms of the loan. Generally, a loan is classified as nonaccrual when it is determined that the collection of all or a portion of interest or principal is doubtful or when a default of interest or principal has existed for 90 days or more, unless the loan is well secured and in the process of collection. When a loan is placed on nonaccrual, interest accruals are discontinued, and uncollected accrued interest is reversed against income in the current period. Interest collections after a loan has been placed on nonaccrual status are credited to the principal balance. Interest earned that would have been recognized is credited to income over the remaining life of the loan using the effective yield method if the nonaccrual loan is returned to performing status. A nonaccrual loan is returned to performing status when the loan is current as to principal and interest and has performed according to the contractual terms for a minimum of six months. 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 can 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. In March 2020, a joint policy statement was issued by federal and state regulatory agencies to clarify that short-term loan modifications made in good-faith to provide temporary payment relief to borrowers directly impacted by COVID-19 The Company segments loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. Loans are individually analyzed for credit risk by classifying them within the Company’s internal risk rating system. The Company’s risk rating classifications are defined as follows: • Pass — A loan to borrowers with acceptable credit quality and risk that is not adversely classified as Substandard, Doubtful, Loss or designated as Special Mention. • Special Mention — A loan that has potential weaknesses that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the institution’s credit position at some future date. Special Mention loans are not adversely classified since they do not expose the Company to sufficient risk to warrant adverse classification. • Substandard — A loan that is inadequately protected by the current sound worth and paying capacity of the obligor or of 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 be effected in the future. Other real estate owned is comprised of properties acquired through foreclosure proceedings or in-substance in-substance Allowance for loan losses: The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date. The allowance for loan losses account is maintained through a provision for loan losses charged to earnings. Loans, or portions of loans, determined to be confirmed losses are charged against the allowance account and subsequent recoveries, if any, are credited to the account. A loss is considered confirmed when information available at the financial statement date indicates the loan, or a portion thereof, is uncollectible. Nonaccrual, troubled debt restructured, and loans deemed impaired at the time of acquisition are reviewed monthly to determine if carrying value reductions are warranted or if these classifications should be changed. Consumer loans are considered losses and charged-off Management evaluates the adequacy of the allowance for loan losses account quarterly. This assessment is based on past charge-off The allowance for loan losses is maintained at a level believed to be adequate to absorb probable credit losses related to specifically identified loans, as well as probable incurred losses inherent in the remainder of the loan portfolio as of the balance sheet date. The allowance for loan losses consists of an allocated element and an unallocated element. The allocated element consists of a specific allowance for impaired loans individually evaluated under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 310, “Receivables,” and a formula portion for loss contingencies on those loans collectively evaluated under FASB ASC 450, “Contingencies.” A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. All amounts due according to the contractual terms means that both the contractual interest and principal payments of a loan will be collected as scheduled in the loan agreement. Factors considered by management in determining impairment include payment status, ability to pay and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case The formula portion of the allowance for loan losses relates to large pools of smaller-balance homogeneous loans and those identified loans considered not individually impaired having similar characteristics as these loan pools. Loss contingencies for each of the major loan pools are determined by applying a total loss factor to the current balance outstanding for each individual pool. The total loss factor is comprised of a historical loss factor using a loss migration method plus qualitative factors, which adjust the historical loss factor for changes in trends, conditions and other relevant factors that may affect repayment of the loans in these pools as of the evaluation date. Loss migration involves determining the percentage of each pool that is expected to ultimately result in loss based on historical loss experience. Historical loss factors are based on the ratio of net loans charged-off charge-off charge-off The unallocated element, if any, is used to cover inherent losses that exist as of the evaluation date, but which have not been identified as part of the allocated allowance using the above impairment evaluation methodology due to limitations in the process. One such limitation is the imprecision of accurately estimating the impact current economic conditions will have on historical loss rates. Variations in the magnitude of impact may cause estimated credit losses associated with the current portfolio to differ from historical loss experience, resulting in an allowance that is higher or lower than the anticipated level. Management establishes the unallocated element of the allowance by considering environmental risks similar to the ones used for determining the qualitative factors. Management continually monitors trends in historical and qualitative factors, including trends in the volume, composition and credit quality of the portfolio. The reasonableness of the unallocated element is evaluated through monitoring trends in its level to determine if changes from period to period are directionally consistent with changes in the loan portfolio. Management believes the level of the allowance for loan losses was adequate to absorb probable credit losses as of December 31, 2020. Premises and equipment, net: Land is stated at cost. Premises, equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization. The cost of routine maintenance and repairs is expensed as incurred. The cost of major replacements, renewals and betterments is capitalized. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation and amortization are eliminated, and any resulting gain or loss is reflected in noninterest income. computed principally using the straight-line method based on the following estimated useful lives of the related assets, or in the case of leasehold improvements, to the expected terms of the leases, if shorter: Premises and leasehold improvements 7 Leasehold improvements 10 Furniture, fixtures and 3 Business combinations, goodwill and other intangible assets, net: The Company accounts for its acquisitions using the purchase accounting method. Purchase accounting requires the total purchase price to be allocated to the estimated fair values of assets acquired and liabilities assumed, including certain intangible assets that must be recognized. Typically, this allocation results in the purchase price exceeding the fair value of net assets acquired, which is recorded as goodwill. Core deposit intangibles are a measure of the value of checking, money market and savings deposits acquired in business combinations accounted for under the purchase method. Core deposit intangibles and other identified intangibles with finite useful lives are amortized using the sum of the year’s digits over their estimated useful lives of up to ten years. Loans that the Company acquires in connection with acquisitions are recorded at fair value with no carryover of the related allowance for credit losses. Fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable discount and is recognized into interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the non-accretable non-accretable non-accretable non-accretable The Company accounts for performing loans acquired in business combinations using the contractual cash flows method of recognizing discount accretion based on the acquired loans’ contractual cash flows. Purchased performing loans are recorded at fair value, including a credit discount. The fair value discount is accreted as an adjustment to yield over the estimated lives of the loans. There is no allowance for loan losses established at the acquisition date for purchased performing loans. A provision for loan losses is recorded for any further deterioration in these loans subsequent to the acquisition. Customer list intangibles are also included in intangible assets as a result of the purchase of the wealth management companies. These intangibles are amortized as an expense over Goodwill and other intangible assets are tested for impairment annually during the fourth quarter of each year or when circumstances arise which are considered to be a triggering event indicating impairment may have occurred. In making this assessment that impairment has occurred, management considers a number of factors including, but not limited to, operating results, business plans, economic projections, anticipated future cash flows, and current market data. There are inherent uncertainties related to these factors and management’s judgment in applying them to the analysis of impairment. Changes in economic and operating conditions, as well as other factors, could result in impairment in future periods. Any impairment losses arising from such testing would be reported in the Consolidated Statements of Income and Comprehensive Income as a separate line item within operations. 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. For additional disclosure related to the goodwill impairment charge refer to the note entitled “Goodwill” in the Notes to Consolidated Financial Statements. There were no impairment losses recognized as a result of periodic impairment testing for the year ended December 31, 2019. Restricted equity securities: As a member of the Federal Home Loan Bank of Pittsburgh (“FHLB-Pgh”) FHLB-Pgh Bank owned life insurance: The Company invests in bank owned life insurance (“BOLI”) as a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance by the Bank on certain of its directors and employees. The Bank is the owner and beneficiary of the policies. This life insurance investment is carried at the cash surrender value of the underlying policies and is included in other assets. Income from increases in cash surrender value of the policies is included in noninterest income. Pension and post-retirement benefit plans: The Company sponsors various pension plans covering substantially all employees. The Company also provides post-retirement benefit plans other than pensions, consisting principally of life insurance benefits, to eligible retirees. The liabilities and annual income or expense of the Company’s pension and other post-retirement benefit plans are determined using methodologies that involve several actuarial assumptions, the most significant of which are the discount rate and the long-term rate of asset return, based on the market-related value of assets. The fair values of plan assets are determined based on prevailing market prices or estimated fair value for investments with no available quoted prices. Derivative Instruments and Hedging Activities: The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. As of and for the year ended December 31, 2020, the Company’s derivative instruments and hedging activities consisted entirely of interest rate swap hedges on its holdings of trust preferred securities. These interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed payments. A cash flow hedge is a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Cash flows on hedges are classified in the consolidated statements of cash flows the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as other income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transaction will affect earnings. The Company is exposed to losses if a counterparty fails to make its payments under a contract in which the Company is in the net receiving position. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements. The contract to which the Company is a party settles monthly. Statements of Cash Flows The Consolidated Statements of Cash Flows are presented using the indirect method. For purposes of cash flow, cash and cash equivalents include cash on hand, cash items in the process of collection, noninterest-bearing and interest-bearing deposits in other banks and federal funds sold. Fair value of financial instruments: 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 |
Cash and due from banks
Cash and due from banks | 12 Months Ended |
Dec. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Cash and due from banks | 2. Cash and due from banks: Historically the Bank was required to maintain average reserve balances in cash or on deposit with the Federal Reserve Bank. On March 26, 2020, the Federal Reserve Bank reduced the reserve percentages to 0%. There was no required reserve at December 31, 2020 and 2019. In addition, the Bank’s other correspondents may require average compensating balances as part of their agreements to provide services. The Bank maintains balances with correspondent banks that may exceed federal insured limits, which management considers to be a normal business risk. |
Investment securities
Investment securities | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment securities | 3. Investment securities: The amortized cost and fair value of investment securities available-for-sale December 31, 2020 Amortized Gross Gross Fair State and municipals: Taxable $ 22,317 $ 400 $ 143 $ 22,574 Tax-exempt 17,988 423 16 18,395 Mortgage-backed securities: U.S. Government agencies 26,051 940 26,991 U.S. Government-sponsored enterprises 24,627 442 17 25,052 Corporate debt obligations 10,750 56 123 10,683 Total $ 101,733 $ 2,261 $ 299 $ 103,695 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 Company had a net unrealized gain of $1,962, net of deferred income taxes of $412 at December 31, 2020, and a net unrealized gain of $534, net of deferred income taxes of $142 at December 31, 2019. Proceeds from the sale of investment securities available-for-sale available-for-sale The maturity distribution of the fair value, which is the net carrying amount of the debt securities classified as available-for-sale December 31, 2020 Fair Within one year $ 202 After one but within five years 8,727 After five but within ten years 14,889 After ten years 27,834 51,652 Mortgage-backed securities 52,043 Total $ 103,695 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 December 31, 2020 and 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 December 31, 2020 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses State and municipals: Taxable $ 11,586 $ 143 $ $ $ 11,586 $ 143 Tax-exempt 1,737 16 1,737 16 Mortgage-backed securities: U.S. Government agencies 5,960 17 5,960 17 U.S. Government-sponsored enterprises Corporate debt obligations 3,378 123 3,378 123 Total $ 19,283 $ 176 $ 3,378 $ 123 $ 22,661 $ 299 Less Than 12 Months 12 Months or More Total December 31, 2019 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses 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 16 investment securities, consisting of tax-exempt The Company had 22 investment securities, consisting of |
Loans, net and allowance for lo
Loans, net and allowance for loan losses | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Loans, net and allowance for loan losses | 4. Loans, net and allowance for loan losses: The major classifications of loans outstanding, net of deferred loan origination fees and costs at December 31, 2020 and 2019 are summarized as follows. Net deferred December 31 2020 2019 Commercial $ 359,080 $ 118,658 Real estate: Construction 73,402 61,831 Commercial 502,495 455,901 Residential 197,596 207,354 Consumer 6,666 8,365 Total $ 1,139,239 $ 852,109 The Company participated in the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), Paycheck Protection Program (“PPP”), a multi-billion dollar specialized low-interest of PPP loans, net of unearned fees of $5,075, included in commercial loans at December 31, 2020. 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. Additionally, the Company is working with borrowers impacted by COVID-19 and providing modifications to include interest only deferral or principal and interest deferral up to 180 days. The majority of deferrals approved by the Company were 90 days or less. The modifications are excluded from troubled debt restructuring classification under the CARES Act. The Company modified 325 commercial and 176 consumer loans with outstanding balances of $256,422 at time of deferral, during the year ended December 31, 2020. As of December 31, 2020, 19 modified loans remained on deferral with an outstanding balance of $21,854. Loans outstanding to directors, executive officers, principal stockholders or to their affiliates totaled $17,800 and $9,518 at December 31, 2020 and 2019, respectively. Advances and repayments during 2020, totaled $15,880 and $7,598, respectively. There were no related party loans that were classified as nonaccrual, past due, or restructured or considered a potential credit risk at December 31, 2020 and 2019. At December 31, 2020, the majority of the Company’s loans were at least partially secured by real estate located in Central and Southwestern Pennsylvania. Therefore, a primary concentration of credit risk is directly related to the real estate market in these areas. Changes in the general economy, local economy or in the real estate market could affect the ultimate collectability of this portion of the loan portfolio. Management does not believe there are any other significant concentrations of credit risk that could affect the loan portfolio. The changes in the allowance for loan losses account by major classification of loan for the years ended December 31, 2020 and 2019 are summarized as follows: Real Estate December 31, 2020 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance January 1, 2020 $ 1,953 $ 473 $ 3,115 $ 1,820 $ 155 $ $ 7,516 Charge-offs (909 ) (595 ) (2 ) (333 ) (1,839 ) Recoveries 11 61 1 168 241 Provisions 650 644 3,913 608 152 315 6,282 Ending balance $ 1,705 $ 1,117 $ 6,494 $ 2,427 $ 142 $ 315 $ 12,200 Real Estate December 31, 2019 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance January 1, 2019 $ 1,162 $ 404 $ 3,298 $ 1,286 $ 50 $ 148 $ 6,348 Charge-offs (1,128 ) (254 ) (26 ) (476 ) (1,884 ) Recoveries 484 6 7 149 646 Provisions 1,435 69 65 553 432 (148 ) 2,406 Ending balance $ 1,953 $ 473 $ 3,115 $ 1,820 $ 155 $ $ 7,516 The allocation of the allowance for loan losses and the related loans by major classifications of loans at December 31, 2020 and December 31, 2019 is summarized as follows: Real Estate December 31, 2020 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ 1,705 $ 1,117 $ 6,494 $ 2,427 $ 142 $ 315 $ 12,200 Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment 1,705 1,117 6,494 2,427 142 315 12,200 Ending balance: purchased credit impaired loans $ $ $ $ $ $ $ Loans receivable: Ending balance $ 359,080 $ 73,402 $ 502,495 $ 197,596 $ 6,666 $ $ 1,139,239 Ending balance: individually evaluated for impairment 1,565 6,444 2,494 10,503 Ending balance: collectively evaluated for impairment 357,515 73,402 495,674 194,939 6,666 1,128,196 Ending balance: purchased credit impaired loans $ $ $ 377 $ 163 $ $ $ 540 Real Estate December 31, 2020 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 following tables present the major classification of loans summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system at December 31, 2020 and 2019: December 31, 2020: Pass Special Mention Substandard Doubtful Total Commercial $ 353,758 $ 3,147 $ 2,175 $ $ 359,080 Real estate: Construction 63,838 1,817 7,747 73,402 Commercial 451,190 29,180 22,125 502,495 Residential 191,775 2,670 3,151 197,596 Consumer 6,666 6,666 Total $ 1,067,227 $ 36,814 $ 35,198 $ $ 1,139,239 December 31, 2019: Pass Special Mention 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 December 31, 2020 and 2019. Purchased credit impaired loans are excluded from the aging and nonaccrual loan schedules. Accrual Loans December 31, 2020 30-59 Days Past Due 60-89 Days Past Due 90 or More Days Past Due Total Past Due Current Nonaccrual Loans Total Loans Commercial $ 64 $ 1 $ $ 65 $ 358,496 $ 519 $ 359,080 Real estate: Construction 73,402 73,402 Commercial 1,238 4,063 5,301 496,785 32 502,118 Residential 2,125 2,993 146 5,264 191,299 870 197,433 Consumer 22 20 10 52 6,614 6,666 Total $ 3,449 $ 7,077 $ 156 $ 10,682 $ 1,126,596 $ 1,421 $ 1,138,699 Purchased credit impaired loans 540 Total Loans $ 1,139,239 Accrual Loans December 31, 2019 30-59 Days Past Due 60-89 Days Past Due 90 or More Days Past Due Total Past Due Current Nonaccrual Loans 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 including purchase credit impaired loans as of and for the years ended December 31, 2020 and 2019, by major loan classification: For the Year Ended December 31, 2020 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance: Commercial $ 1,565 $ 1,675 $ 1,356 $ 416 Real estate: Construction Commercial 6,821 6,821 4,392 311 Residential 2,657 2,787 2,493 146 Consumer Total 11,043 11,283 8,241 873 With an allowance recorded: Commercial 561 Real estate: Construction Commercial 391 65 Residential Consumer Total 952 65 Commercial 1,565 1,675 1,917 416 Real estate: Construction Commercial 6,821 6,821 4,783 376 Residential 2,657 2,787 2,493 146 Consumer Total $ 11,043 $ 11,283 $ 9,193 $ 938 For the Year Ended December 31, 2019 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized 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 For the years ended December 31, interest income, r ela At and for the year ended December 31, 2020, there were nine loans modified as troubled debt restructuring and 20 restructured loans totaling $9,985. At and for the year ended December 31, 2019, there was one loan modified as troubled debt restructuring and 14 restructured loans totaling $2,701. The following tables present the number of loans and recorded investment in loans restructured and identified as troubled debt restructurings for the years ended December 31, 2020 and 2019. Defaulted loans are those which are 30 days or more past due for payment under the modified terms. December 31, 2020 Number of Pre-Modification Post-Modification Recorded Commercial 5 $ 1,042 $ 1,042 $ 954 Commercial real estate 3 6,063 6,063 6,243 Residential real estate 1 512 512 502 December 31, 2019 Number of Pre-Modification Post-Modification Recorded Residential real estate 1 $ 23 $ 23 $ 28 During 2020, there was default on loans restructured, totaling $ . |
Off-balance sheet financial ins
Off-balance sheet financial instruments | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Off-balance sheet financial instruments | 5. Off-balance The Company is a party to financial instruments with off-balance The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit, unused portions of lines of credit and standby letters of credit is represented by the contractual amounts of those instruments. The Company follows the same credit policies in making commitments and conditional obligations as it does for on-balance off-balance The contractual amounts of off-balance December 31 2020 2019 Commitments to extend credit $ 70,474 $ 105,403 Unused portions of lines of credit 75,517 66,114 Standby letters of credit 6,577 4,726 $ 152,568 $ 176,243 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company evaluates each customer’s credit worthiness on a case-by-case Unused portions of lines of credit, including home equity and overdraft protection agreements, are commitments for possible future extensions of credit to existing customers. Unused portions of home equity lines are collateralized and generally have fixed expiration dates. Overdraft protection agreements are uncollateralized and usually do not carry specific maturity dates. Unused portions of lines of credit ultimately may not be drawn upon to the total extent to which the Company is committed. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Generally, all standby letters of credit expire within twelve months. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending other loan commitments. The Company requires collateral supporting these standby letters of credit as deemed necessary. The carrying value of the liability for the Company’s obligations under guarantees for standby letters of credit was not material at December 31, 2020 and 2019. |
Premises and equipment, net
Premises and equipment, net | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Premises and equipment, net | 6. Premises and equipment, net: Premises and equipment at December 31, 2020 and 2019 are summarized as follows: December 31 2020 2019 Land $ 4,349 $ 4,309 Premises and leasehold improvements 14,955 15,413 Furniture, fixtures and equipment 6,152 6,352 25,456 26,074 Less: accumulated depreciation 7,309 8,222 $ 18,147 $ 17,852 Depreciation and amortization included in noninterest expense amounted to $1,186 and $1,248 in 2020 and 2019, respectively. |
Intangible assets, net
Intangible assets, net | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets, net | 7. Intangible assets, net: The gross carrying amount and accumulated amortization related to intangible assets at December 31, 2020 and 2019 are presented below: 2020 2019 December 31 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Core deposit intangibles $ 4,558 $ 2,942 $ 4,558 $ 2,289 Customer list intangible 1,082 780 1,082 671 Trade name intangibles 496 496 496 440 Total intangible assets $ 6,136 $ 4,218 $ 6,136 $ 3,400 Amortization expense for intangible assets totaled $818 and $773 for the years ended 2020 and 2019, respectively. Riverview estimates the amortization expense for amortizable intangibles as follows: 2021 $ 526 2022 435 2023 348 2024 266 2025 187 Thereafter 156 $ 1,918 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 8. Goodwill: The following table summarizes activity related to the carrying value of goodwill for the year ended December 31, 2020: Balance, January 1, 2020 $ 24,754 Less: Goodwill impairment 24,754 Balance, December 31, 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 beginning of the second quarter of 2020, as a result of the onset of the COVID-19 pandemic, the market price of its common shares decreased significantly below the carrying value of its equity per share and that it did not recover during the second quarter of 2020. This decrease prompted the Company to assess its goodwill utilizing a quantitative test to determine whether it was more-likely-than-not the fair value of the Company was less than the carrying amount as of the end of the second quarter of 2020. 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. |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other assets | 9. Other assets: The components of other assets at December 31, 2020 and 2019 are summarized as follows: December 31 2020 2019 Other real estate owned $ 422 $ 82 Bank owned life insurance 31,425 30,647 Restricted equity securities 1,759 990 Deferred tax assets 3,907 4,272 Lease right-of-use 2,278 3,856 Other assets 8,629 6,082 Total $ 48,420 $ 45,929 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 10. Leases: At December 31, 2020, the Company leased 11 of its 30 locations with For the year ended December 31, 2020 and 2019, right-of-use assets were $2,278 and $3,856, and lease liabilities were $2,322 and $3,892, respectively. Lease terminations from branch closures accounted for reductions of $908 in right-of-use assets and $927 in lease liabilities in 2020. For the year ended December 31, 2020 and 2019, operating lease Years Ended December 31 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 753 $ 663 ROU assets obtained in exchange for lease liabilities 4,430 Weighted average remaining lease term – operating leases, in years 8.82 9.16 Weighted average discount rate – operating leases 2.87% 3.00% 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 . 2021 $ 634 2022 570 2023 366 2024 200 2025 134 Thereafter 827 Total lease payments 2,731 Less imputed interest (409 ) $ 2,322 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Investments [Abstract] | |
Deposits | 11. Deposits: The major components of interest-bearing and noninterest-bearing deposits at December 31, 2020 and 2019 are summarized as follows: December 31 2020 2019 Interest-bearing deposits: Money market accounts $ 130,769 $ 101,373 Now accounts 317,775 273,798 Savings accounts 158,293 132,150 Time deposits 235,023 285,754 Total interest-bearing deposits 841,860 793,075 Noninterest-bearing deposits 173,600 147,405 Total deposits $ 1,015,460 $ 940,480 The aggregate amount of time deposits that met or exceeded the FDIC insurance limit of $250 was $19,997 at December 31, 2020 and $26,059 at December 31, 2019. The aggregate amounts of maturities for all time deposits at December 31, 2020, are summarized as follows: 2021 $ 114,685 2022 64,323 2023 37,544 2024 7,351 2025 5,366 Thereafter 5,754 $ 235,023 The amount of related party deposits totaled $2,305 at December 31, 2020 and $2,488 at December 31, 2019. The aggregate amount of deposits reclassified as loans was $137 at December 31, 2020, and $169 at December 31, 2019. Management evaluates transaction accounts that are overdrawn for collectability as part of its evaluation for credit losses. On January 15, 2021, the Company announced the execution of a definitive agreement whereby AmeriServ Financial, Inc. will acquire Citizens Neighborhood Bank’s (“CNB”), an operating division of Riverview Bank, branch and deposit customers in Meyersdale, as well as the deposit customers of CNB’s leased branch in the Borough of Somerset. The transaction is expected to close in the second quarter of 2021, subject to regulatory approval and other customary closing conditions. As December 31, 2020, the related deposits total $47.9 million and are considered as held for assumption within total deposits |
Short-term borrowings
Short-term borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Short-term borrowings | 12. Short-term borrowings: Short-term borrowings consist of overnight or less than 30-day FHLB-Pgh, At and for the year ended December 31, 2020 Ending Average Maximum Month-End Weighted Weighted FHLB-Pgh $ $ 7,311 $ 0.38 % Total $ $ 7,311 $ 0.38 % The Bank has an agreement with the FHLB-Pgh FHLB-Pgh FHLB-Pgh FHLB-Pgh FHLB-Pgh In addition, the Bank has unsecured line of credit agreements with ACBB and PCBB. The maximum borrowing capacity on these credit arrangements were $10,000 at ACBB and $50,000 at PCBB at December 31, 2020. There were no amounts outstanding on these lines of credit at December 31, 2020 and 2019. Interest on these borrowings accrue daily based on the daily federal funds rate. |
Long-term debt
Long-term debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-term debt | 13. Long-term debt: Long-term debt totaled $228,765 at December 31, 2020 and $6,971 at December 31, 2019. For the year ended December 31, long-term debt averaged $147,374 in 2020 and $6,932 in 2019. The increase in long-term debt is primarily attributable to advances taken through the Federal Reserve Board’s PPPLF, whereby loans originated through the PPP program can be pledged as security to facilitate advancements made through the program. As December 31, 2020, we had outstanding borrowing through the program of $176,904 at a rate of 0.35%. The maturity of the PPPLF borrowings have a maturity date based on the term of the PPP loans securing the borrowing, which is 24 months, unless the PPP loans are forgiven prior to the stated maturities. At the end of March 2020, we borrowed $20,000 of term debt from the FHLB to take advantage of reductions in general market rates. These funds were used to bolster our liquidity position and provide necessary funding for new loans. The amount of the term debt was spread over three, five and seven-year maturities. The FHLB borrowing had a weighted average rate of 0.90% and weighted average life of five years. As a FHLB member, we are required to buy a portion of stock in FHLB for each advance. The adjusted weighted average cost of the borrowing decreases to 0.57% considering the addition of the dividend rate on the FHLB stock at the time the borrowing was granted. As a result of the merger with CBT Financial Corp. (“CBT”), the Company assumed the subordinated debentures that were recorded as of the October 1, 2017 effective date. A trust issued $5,155 of floating rate trust preferred securities in 2003 as part of a pooled offering of such securities. The interest rate prior to entering into a fixed interest rate swap in 2020 adjusted quarterly to the three-month LIBOR rate plus 2.95%. CBT issued subordinated debentures to the trust in exchange for ownership of all of the common securities of the trust and the proceeds of the offering; the debentures represent the sole asset of the trust. CBT became eligible to redeem the subordinated debentures, in whole but not in part, beginning in 2008 at a price of 100% of face value. The subordinated debentures must be redeemed no later than 2033. In 2005 a trust formed by CBT issued $4,124 of fixed rate trust preferred securities as part of a pooled offering of such securities. CBT issued subordinated debentures to the trust in exchange for ownership of all of the common securities of the trust and the proceeds of the offering; the debentures represent the sole asset of the trust. CBT became eligible to redeem the subordinated debentures, in whole but not in part, beginning in 2010 at a price of 100% of face value. Interest payments on the debentures may be deferred at any time at the election of the Company for up to 20 consecutive quarterly periods. Interest on the debentures will accrue during the extension period, and all accrued principal and interest must be paid at the end of the extension period. During an extension period, the Company may not declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to any of the Company’s capital stock. On October 6, 2020, the Company announced the completion of its private placement of $25,000 of its 5.75% 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. Commencing on that date, the interest rate applicable to the outstanding principal amount due will be reset quarterly to an interest rate per annum equal to the then current three-month secured overnight financing rate (“SOFR”) plus 563 basis points, payable quarterly until maturity. The Company may redeem the Notes at par, in whole or in part, at its option, anytime beginning on October 15, 2025 COVID-19 Long-term debt consisting of the following advances at December 31, 2020 and 2019 are as follows: Interest Rate Loan Type Maturity Fixed Adjustable 2020 2019 PPPLF May 3, 2022 0.35 % $ 176,904 FHLB March 10, 2023 0.75 % 6,500 FHLB March 10, 2025 0.88 % 7,000 FHLB March 10, 2027 1.07 % 6,500 Subordinated Debt – Trust Preferred I September 17, 2033 3.18 % 4,420 $ 4,229 Subordinated Debt – Trust Preferred II September 15, 2035 1.76 % 2,913 2,742 Subordinated Debt October 15, 2030 5.75 % 24,528 $ 228,765 $ 6,971 Maturities of long-term debt, by contractual maturity, in years subsequent to December 31, 2020 are as follows: 2021 2022 $ 176,904 2023 6,500 2024 2025 7,000 Thereafter 38,361 $ 228,765 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 14. Derivative Instruments and Hedging Activities: As of and for the year ended December 31, 2020, the Company’s derivative instruments and hedging activities consisted entirely of interest rate swap hedges on its holdings of trust preferred securities. These interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed payments. The Company entered into interest rate swaps having a notional amount of $9,279 and a 10-year |
Fair value of financial instrum
Fair value of financial instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair value of financial instruments | 15. Fair value of financial instruments: Assets and liabilities measured at fair value on a recurring basis at December 31, 2020 and 2019 are summarized as follows: Fair Value Measurement Using December 31, 2020 Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) State and Municipals: Taxable $ 22,574 $ 22,574 Tax-exempt 18,395 18,395 Mortgage-backed securities: U.S. Government agencies 26,991 26,991 U.S. Government-sponsored enterprises 25,052 25,052 Corporate debt obligations 10,683 10,683 Total $ 103,695 $ 103,695 Fair Value Measurement Using December 31, 2019 Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 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 Assets and liabilities measured at fair value on a nonrecurring basis at December 31, 2020 and 2019 are summarized as follows: Fair Value Measurement Using December 31, 2020 Amount (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs Other real estate owned $ 422 $ 422 Total $ 422 $ 422 Fair Value Measurement Using December 31, 2019 Amount (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs Other real estate owned $ 82 $ 82 Impaired loans, net of related allowance 973 973 Total $ 1,055 $ 1,055 The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements December 31, 2020 Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Other real estate owned $ 422 Appraisal of collateral Appraisal adjustments 20.0% to 14.0% (8.4%) Liquidation expenses 10.0% to 10.0% (10.0%) Quantitative Information about Level 3 Fair Value Measurements December 31, 2019 Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) Other real estate owned $ 82 Appraisal of collateral Appraisal adjustments 42.0% to 60.0% (52.0%) Liquidation expenses 10.0% to 10.0% (10.0%) Impaired loans $ 973 Appraisal of collateral Appraisal adjustments 10.0% to 50.0% (22.0%) Liquidation expenses 9.5% to 12.3% (8.8%) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 Inputs which are not identifiable . Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. The carrying and fair values of the Company’s financial instruments at December 31, 2020 and 2019 and their placement within the fair value hierarchy are as follows: Fair Value Hierarchy December 31, 2020 Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 49,781 $ 49,781 $ 49,781 Investment securities available-for-sale 103,695 103,695 $ 103,695 Loans held for sale 4,338 4,338 4,338 Net loans (1) 1,127,039 1,116,618 $ 1,116,618 Accrued interest receivable 4,216 4,216 578 3,638 Restricted equity securities 1,759 1,759 Financial liabilities: Deposits $ 1,015,460 $ 1,018,529 $ 1,018,529 Long-term borrowings 228,765 231,748 231,748 Accrued interest payable 1,038 1,038 1,038 Interest rate swap hedges 172 172 172 Fair Value Hierarchy December 31, 2019 Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 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 Restricted equity securities 990 990 Financial liabilities: Deposits $ 940,480 $ 940,546 $ 940,546 Long-term borrowings 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 |
Revenue recognition
Revenue recognition | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue recognition | 16. Revenue recognition: ASU No. 2014-09 in-scope Service Charges, Fees and Commissions Service charges on deposit accounts consist of monthly service fees, check orders, and other deposit account related fees. The Company’s performance obligation for monthly service fees is generally satisfied, and the related revenue recognized Fees, exchange, and other service charges are primarily comprised of debit and credit card income, ATM fees, merchant services income, and other service charges. Debit and credit card income is primarily comprised of interchange fees earned whenever the Company’s debit and credit cards are processed through card payment networks such as Mastercard. Such income is presented net of network expenses as the Company acts as an agent in these transactions. ATM fees are primarily generated when a Company cardholder uses a non-Company non-Company . Other noninterest income consists of other recurring revenue streams such as commissions from sales of mutual funds and other investments, investment advisor fees from wealth management products, safety deposit box rental fees, and other miscellaneous revenue streams. Commissions from the sale of mutual funds and other investments are recognized on trade date, which is when the Company has satisfied its performance obligation. The Company also receives periodic service fees or trailers from mutual fund companies typically based on a percentage of net asset value. Trailer revenue is recorded over time, usually monthly or quarterly, as net asset value is determined. Investment advisor fees from wealth management products is earned over time and based on an annual percentage rate of the net asset value. The investment advisor fees are charged to the customer’s account in advance on the first month of the quarter, and the revenue is recognized over the following three-month period. Safe deposit box rental fees are charged to the customer on an annual basis and recognized upon receipt of payment. The Company determined that since rentals and renewals occur fairly consistently over time, revenue is recognized on a basis consistent with the duration of the performance obligation. Trust and Asset Management Trust and asset management income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end The following presents noninterest income, segregated by revenue streams in-scope out-of-scope Year Ended December 31 2020 2019 Noninterest Income: In-scope Service charges, fees and commissions $ 4,133 $ 5,186 Trust and asset management 1,837 2,020 Noninterest income (in-scope 5,970 7,206 Noninterest income (out-of-scope 2,803 1,308 Total noninterest income $ 8,773 $ 8,514 Contract Balances A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration, resulting in a contract receivable, or before payment is due, resulting in a contract asset. A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The Company’s noninterest revenue streams are largely based on transactional activity, or standard month-end month-end satisfies its performance obligation and revenue is recognized. The Company does not typically enter into long-term revenue contracts with customers, and therefore, does not experience significant contract balances. As of December 31, 2020 and 2019, the Company did not have any significant contract balances. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | 17. Employee Benefit Plans: Defined Contribution Plan: The Bank maintains a contributory 401(k) retirement plan for all eligible employees. Currently, the Bank’s policy is to match 100% of the employee’s voluntary contribution to the plan up to a maximum of 4% of the employees’ compensation. Additionally, the Bank may make discretionary contributions to the plan after considering current profits and business conditions. The amount charged to expense in 2020 and 2019 totaled $523 and $505, respectively. Of these amounts, no discretionary contributions were made in 2020 and 2019. Director Emeritus Plan: Effective November 2, 2011, a Director Emeritus Agreement (the “Agreement”) was entered into by and between the Company, the Bank and certain Directors. In order to promote orderly succession of the Company’s and Bank’s Board of Directors, the Agreement defines the benefits the Company is willing to provide upon the termination of service to those individuals who served as Directors of the Company and Bank as of December 31, 2011, where the Company will pay the Director $15 per year for services performed as a Director Emeritus, which may be increased at the sole discretion of the Board of Directors. The agreement further states that the benefit is to be paid to a Director Emeritus over five years, in 12 monthly installments: • upon termination of service as a Director on or after the age of 65, provided the Director agrees to provide certain ongoing services for Riverview; • upon termination of service as a Director due to a disability prior to age 65; • upon a change of control; or • upon the death of a Director after electing to be a Director Emeritus. Expenses recorded under the terms of this agreement were $75 for each of the years ended December 31, 2020 and 2019, respectively. Deferred Compensation Agreements: The Bank maintains 12 Supplemental Executive Retirement Plan (“SERP”) agreements that provide specified benefits to certain key executives. The agreements were specifically designed to encourage key executives to remain as employees of the Bank. The agreements are unfunded, with benefits to be paid from the Bank’s general assets. After normal retirement, benefits are payable to the executive or his/her beneficiary in equal monthly installments for a period of 15 years for nine of the executives and 20 years for three of the executives. There are provisions for death benefits should a participant die before his/her retirement date. These benefits are also subject to change of control and other provisions. The Bank maintains a “Director Deferred Fee Agreement” (“DDFA”) which allows electing directors to defer payment of their directors’ fees until a future date. In addition, the Bank maintains an “Executive Deferred Compensation Agreement” (“EDCA”) with eight of its current and former executives. This agreement allows the executives of the Bank to defer payment of their base salary, bonus and performance-based compensation until a future date. For both types of deferred fee agreements during the deferral period, the estimated present value of the future benefits is accrued over the effective dates of the agreements using an interest factor that is evaluated and approved by the compensation committee of the Board of Directors on an annual basis. The agreements are unfunded, with benefits to be paid from the Bank’s general assets. The accrued benefit obligations for all the plans total $4,582 at December 31, 2020 and $4,862 at December 31, 2019 and are included in other liabilities. Expenses relating to these plans totaled $242 and $643 in the years ended December 31, 2020 and 2019, respectively. 2009 Stock Option Plan: The Company has a nonqualified stock option plan to advance the development, growth and financial condition of the Company. This plan provides incentives through participation in the appreciation of its common stock in order to secure, retain and motivate directors, officers and key employees and align such person’s interests with those of its shareholders. A total of 350,000 shares were originally authorized under the stock option plan. g seven-year The following table summarizes the stock option activity for the years ended December 31, 2020 and 2019: 2020 2019 Option Weighted Option Weighted Outstanding – January 1 172,964 $ 10.66 263,480 $ 10.62 Granted Forfeited (6,150 ) 12.98 Expired (34,250 ) 10.60 Exercised (50,116 ) 10.22 Outstanding – December 3 172,964 $ 10.66 172,964 $ 10.66 Options vested and exercisable at year-end 171,464 171,464 Range of exercise price $ 9.75 - $13.05 $ 9.75 - $13.05 Remaining contractual life 3.42 years 4.42 years There were no stock options granted during 2020 and 2019 since the Plan expired January 7, 2019. During the year ended December 31, 2020, no stock options were exercised. There was no intrinsic value associated with 172,964 options outstanding at December 31, 2020, where the market value of the stock as of the close of business at year end was $9.15 per share as compared with the option exercise price of $9.75 for 21,664 options, $10.00 for 85,600 options, $10.35 for 12,500 options, $10.60 for 16,000 options, $11.94 for 15,000 options, $12.25 for 2,500, $12.58 for 1,500 options and $13.05 for 18,200 options. There was intrinsic value associated with 153,264 options outstanding at December 31, 2019, where the market value of the stock as of the close of business at year end was $12.49 per share as compared with the option exercise price of $9.75 for 21,664 options, $10.00 for 85,600 options, $10.35 for 12,500 options, $10.60 for 16,000 options, $11.94 for 15,000 options and $12.25 for 2,500 options. There was no intrinsic value associated with 19,700 options outstanding at December 31, 2019, where the market value of the stock as of the close of business at year end was $12.49 per share as compared with the option exercise price of $12.58 for 1,500 options and $13.05 for 18,200 options. The Company accounts for these options in accordance with GAAP, which requires that the fair value of the equity awards be recognized as compensation expense over the period during which the employee is required to provide service in exchange for such an award. The Company policy has been to amortize compensation expense over the vesting period, or seven years. The Company recognized no compensation expense for stock options for the years ended December 31, 2020 and December 31, 2019. As of December 31, 2020, the Company had no unrecognized compensation expense associated with the stock options since all of the options granted prior to 2018 were fully vested in 2017 as a result of the change in control associated with the merger with CBT . 2019 Equity Incentive Plan: The Company has a non-qualified non-qualified non-qualified The duration of the Plan is 10 years from the approval date. The following table summarizes the award activity for the years ended December 31, 2020 and 2019: 2020 2019 Restricted Fair Restricted Fair Outstanding – January 1, 14,929 $ 12.49 — Granted 16,390 9.15 14,929 $ 12.49 Forfeited and retired (2,512 ) 12.49 Awards vested at year-end (7,828 ) 12.49 — Outstanding – December 31, 20,979 $ 9.88 14,929 $ 12.49 Remaining contractual life 1.11 years 2.17 years Restricted stock awards granted in 2020 and 2019 provide the participant with the right to vote the shares of restricted stock awarded at any time and to receive dividends once the shares are vested. The fair value of the restricted stock awards granted was the closing price of the Company’s common stock as of the date of grant. The expense associated with the grants made December 31, 2020 totaled $150 and $186 for the grants made December 31, 2019 and are respectively expensed over the vesting periods of one year for the awards granted to directors and three equal annual installments for awards granted to employees. The amount expensed for the year ended December 31, 2020 totaled $105 and no expense was recorded for the year ended December 31, 2019. Employee Stock Purchase Plan: The Company has an Employee Stock Purchase Plan (“ESPP”), whereby employees may purchase up to 170,000 shares of common stock of the Company, at a discount of up to a 15%. On April 15, 2015, the Company filed a Registration Statement on Form S-8, S-8, Defined Benefit Pension Plan and Post Retirement Benefit Plan: As a result of the consolidation with Union, the Company took over Union’s noncontributory defined benefit pension plan, which substantially covered all Union employees. The plan benefits were based on average salary and years of service. Union elected to freeze all benefits earned under the plan effective January 1, 2007. The Company also assumed responsibility of Citizens’ noncontributory defined benefit pension plan effective as of the December 31, 2015 merger date. The plan substantially covered all Citizens employees and the plan benefits were based on average salary and years of service. Citizens elected to freeze all benefits earned under the plan effective January 1, 2013. As a result of the merger of equals effective October 1, 2017, the Company assumed responsibility of CBT’s postretirement benefits plan, which is an unfunded postretirement benefit plan covering health insurance costs and postretirement life insurance benefits for certain retirees. The Company accounts for the defined benefit pension plan and the postretirement benefits plan in accordance with FASB ASC Topic 715, “Compensation-Retirement Plans”. This guidance requires the Company to recognize the funded status, which is the difference between the fair value of the plan assets and the projected benefit obligation of the benefit plan. The following table presents the plans’ funded status and the amounts recognized in the Company’s consolidated financial statements for 2020 and 2019. The measurement date, for purposes of these valuations, was December 31, 2020 and 2019. Benefit Plans 2020 2019 Obligations and funded status: Change in benefit obligations: Benefit obligation beginning January 1, $ 8,202 $ 7,669 Interest cost 256 313 Benefits paid (547 ) (548 ) Actuarial (gain)/loss 709 768 Benefit obligation at end of year 8,620 8,202 Change in plan assets: Fair value of plan assets at January 1, 8,281 6,310 Adjustment to asset value at January 1 Actual return on plan assets 1,287 1,108 Contributions 2 1,411 Benefits paid (547 ) (548 ) Fair value of plan assets at end of year 9,023 8,281 Funded status included in other liabilities $ 403 $ 79 Amounts related to the plan that have been recognized in accumulated other comprehensive loss but not yet recognized as a component of net periodic pension cost are as follows for the years ended December 31: Benefit Plans 2020 2019 Net loss $ (951 ) $ (1,117 ) Income tax expense (benefit) 200 (235 ) Net amount recognized in other comprehensive loss $ (751 ) $ (882 ) The amount of net periodic benefit credit expected to be accreted in 2021 is $226 for the pension plans. Net periodic pension expense and postretirement benefit cost include the following components for the years ended December 31, 2020 and 2019: Pension Benefits 2020 2019 Interest cost $ 254 $ 310 Expected return on plan assets (521 ) (410 ) Amortization of net loss 118 112 Net periodic pension cost (credit) $ (149 ) $ 12 Postretirement Life Insurance Benefits 2020 2019 Service credit $ (7 ) $ (7 ) Interest cost 2 2 Net periodic postretirement benefit credit $ (5 ) $ (5 ) The accumulated benefit obligation was $8,620 at December 31, 2020 and $8,202 at December 31, 2019 for the pension benefit and postretirement benefit plans. Pension Benefits Union Citizens Postretirement Life Insurance Benefits 2020 2019 2020 2019 2020 2019 Discount rate 3.22 % 4.22 % 3.22 % 4.22 % 3.25 % 4.25 % Expected long-term rate of return on plan assets 6.50 % 6.75 % 6.50 % 6.75 % The following summarizes the actuarial assumptions used for the Company’s pension plan and postretirement benefits plan: • For the pension plan, the selected long-term rate of return on plan assets was primarily based on the asset allocation of the plan’s assets. Analysis of the historic returns on these asset classes and projections of expected future returns were considered in setting the long-term rate of return. • The benefit offered under the postretirement benefits plan is fixed; therefore, the accumulated postretirement benefit obligation is not impacted by health care cost trends or the rate of compensation increase. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Pension Postretirement 2021 $ 535 $ 5 2022 526 5 2023 511 4 2024 508 4 2025 491 4 2026 – 2030 2,310 14 Total $ 4,881 $ 36 The Company’s pension plan asset allocations as of the year ends, by asset category, are as follows: Pension 2020 2019 Cash and cash equivalents 1.51 % 1.64 % Equity 42.62 37.34 Fixed income 55.87 61.02 Total 100.00 % 100.00 % The fair value of the pension plan assets at December 31, 2020 and 2019 by asset category are as follows: 2020 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 136 $ 136 Mutual fund – equity: Large-cap 378 378 Large-cap 381 381 Mid-cap 478 478 Small-cap 244 244 International growth 651 651 International value 311 311 Large cap growth 774 774 Small / midcap growth 247 247 Mutual funds/ETFs – fixed income: Fixed income – core plus 1,881 1,881 Intermediate duration Long duration – Government credit 2,487 2,487 Long U.S. Treasury – ETF 673 673 Common /collective trusts – equity: Large cap value 382 $ 382 Total assets $ 9,023 $ 8,641 $ 382 2019 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 136 $ 136 Mutual fund – equity: Large-cap 321 321 Large-cap 343 343 Mid-cap 375 375 Small-cap 152 152 International growth 427 427 International value 214 214 Large cap growth 713 713 Small / midcap growth 202 202 Mutual funds/ETFs – fixed income: Fixed income – core plus 1,928 1,928 Intermediate duration 656 656 Long duration – Government credit 1,812 1,812 Long U.S. Treasury – ETF 657 657 Common /collective trusts – equity: Large cap value 345 $ 345 Total assets $ 8,281 $ 7,936 $ 345 The valuation used is based on quoted market prices provided by an independent third party. The Company expects to contribute $5 to the CBT postretirement life insurance benefits plan for the fiscal year ending 2021. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 18. Income taxes: The current and deferred amounts of the provision for income taxes expense (benefit) for each of the years ended December 31, 2020 and 2019 are summarized as follows: Year Ended December 31 2020 2019 Current $ 232 $ (308 ) Deferred 25 1,009 $ 257 $ 701 The components of the net deferred tax asset at December 31, 2020 and 2019 are summarized as follows: December 31 2020 2019 Deferred tax assets: Allowance for loan losses $ 2,582 $ 1,535 Deferred compensation 962 1,021 Purchase accounting adjustments 64 Alternate minimum tax credit carryforwards 279 Minimum pension liability 211 247 Accrued expenses 185 405 Unrealized loss on investment securities available-for-sale Low income housing credit carryforwards 920 1,063 Net operating loss carryforwards 666 714 Lease liabilities 488 817 Other 493 664 Total 6,507 6,809 Deferred tax liabilities: Premises and equipment, net 507 577 Purchase accounting adjustments 56 Unrealized gain on investment securities available-for-sale 412 142 Benefit plans 311 280 Lease right of use 478 810 Cash flow hedge 36 Postretirement minimum 16 18 Other 784 710 Total 2,600 2,537 Net deferred tax asset $ 3,907 $ 4,272 Management believes that future taxable income will be sufficient to utilize deferred tax assets. Core earnings of the Company will continue to support the recognition of the deferred tax asset based on future growth projections. A reconciliation between the amount of the effective income tax expense and the income tax expense that would have been provided at the federal statutory rate of 21.0 percent for the years ended December 31, 2020 and December 31, 2019 is summarized as follows: Year Ended December 31 2020 2019 Federal income tax at statutory rate $ (4,401 ) $ 1,047 Adjustment for non-taxable 5,025 Tax exempt interest (245 ) (248 ) Bank owned life insurance income (159 ) (160 ) Other, net 37 62 Total $ 257 $ 701 |
Parent company financial statem
Parent company financial statements | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent company financial statements | 20. Parent company financial statements: Condensed Balance Sheets December 31 2020 2019 Assets Cash and cash equivalents $ 10,503 $ 722 Investment in bank subsidiary 118,881 124,560 Premises, net 73 73 Other assets 641 169 $ 130,098 $ 125,524 Liabilities and stockholders’ equity Long-term borrowings $ 31,860 $ 6,971 Other liabilities 806 443 Total Liabilities 32,666 7,414 Stockholders’ equity 97,432 118,110 $ 130,098 $ 125,524 Condensed Statements of Income (Loss) and Comprehensive Income (Loss) December 31 2020 2019 Income, dividends from bank subsidiary $ 1,400 $ 3,220 Interest expense 769 514 Income before equity in undistributed net income of subsidiary 631 2,706 Undistributed net income (loss) of subsidiary (21,827 ) 1,683 Noninterest expense 224 257 Net income (loss) before income taxes (21,420 ) 4,132 Income tax benefit (209 ) (154 ) Net income (loss) (21,211 ) 4,286 Total comprehensive income (Loss) $ (19,928 ) $ 6,557 Condensed Statements of Cash Flows Year Ended December 31 2020 2019 Cash flows from operating activities: Net income (loss) $ (21,211 ) $ 4,286 Adjustments to reconcile net income to net cash provided by operating activities: Undistributed net (income) loss of subsidiary 21,827 (1,683 ) Amortization of assumed discount on long-term debt 83 79 Amortization of long-term debt issuance costs 43 (Increase) decrease in accrued interest receivable and other assets (337 ) 88 Increase (decrease) in accrued interest payable and other liabilities 363 60 Net cash provided by operating activities 768 2,830 Cash flows from investing activities: Capitalization of subsidiary (15,000 ) Net cash used in investing activities (15,000 ) Cash flows from financing activities: Proceeds from long-term debt 24,763 Proceeds from stock-based compensation 93 208 Proceeds from issuance of common stock 543 644 Dividends paid (1,386 ) (3,209 ) Net cash provided by (used in) financing activities 24,013 (2,357 ) Increase in cash and cash equivalents 9,781 473 Cash and cash equivalents – beginning 722 249 Cash and cash equivalents – ending $ 10,503 $ 722 |
Regulatory matters
Regulatory matters | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Investments [Abstract] | |
Regulatory matters | 20. Regulatory matters: In 2018, the Federal Reserve increased the asset limit to qualify as a small bank holding company from $1 billion to $3 billion. As a result, the Company met the eligibility criteria for a small bank holding company and was exempt from risk-based capital and leverage rules, including Basel III. The Bank’s ability to pay a dividend up to the bank holding company in order to fund the payment of a dividend to shareholders is governed by Section 1302 of the Pennsylvania Banking Code of 1965 which states that the board of directors of an institution may only declare and pay dividends out of accumulated net earnings. Regulatory bodies recently issued guidance reminding bank management of the importance of taking capital preservation actions in these uncertain economic times and encouraging management to remain vigilant on how the current environment impacts their organization’s financial performance, need for capital, and ability to serve customers and communities throughout this crisis. In response to this guidance, the Board of Directors of Riverview decided on July 23, 2020, to suspend the payment of dividends in order to conserve capital. The amount of funds available for transfer from the Bank to the Company in the form of loans and other extensions of credit is also limited. Under Federal Regulation, transfers to any one affiliate are limited to 10.0 percent of capital and surplus. At December 31, 2020, the maximum amount available for transfer from the Bank to the Company in the form of loans amounted to $128,364. At December 31, 2020 and 2019, there were no loans outstanding, nor were any advances made during 2020 and 2019. On October 6, 2020, the Company announced the completion of its private placement of $25,000 of its 5.75% Fixed to Floating Rate Subordinated Notes to certain qualified institutional buyers and accredited institutional investors. The primary purpose of the offering is to enhance the safety and soundness of the Bank’s capital position given the uncertain impact of the COVID-19 The Company and Bank are subject to certain regulatory capital requirements administered by the federal banking agencies, which are defined in Section 38 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (“FDICIA”). Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and Bank’s consolidated financial statements. In the event an institution is deemed to be undercapitalized by such standards, FDICIA prescribes an increasing amount of regulatory intervention, including the required institution of a capital restoration plan and restrictions on the growth of assets, branches or lines of business. Further restrictions are applied to the significantly or critically undercapitalized institutions including restrictions on interest payable on accounts, dismissal of management and appointment of a receiver. For well capitalized institutions, FDICIA provides authority for regulatory intervention when the institution is deemed to be engaging in unsafe and unsound practices or receives a less than satisfactory examination report rating. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance The Bank was categorized as “well capitalized” under the regulatory guidance at December 31, 2020 and 2019, based on the most recent notification from the Federal Deposit Insurance Corporation. To be categorized as well capitalized, the Bank must maintain certain minimum Tier I risk-based, total risk-based, Tier I Leverage and Common equity Tier I risk-based capital ratios as set forth in the following tables. The Tier I Leverage ratio is defined as Tier I capital to total average assets less intangible assets. There are no conditions or events since the most recent notification that management believes have changed the Bank’s category. The Bank’s capital ratios and the minimum ratios required for capital adequacy purposes and to be considered well capitalized under the prompt corrective action provisions are summarized below for the years ended December 31, 2020 and December 31, 2019: Actual Minimum Regulatory Capital Ratios under Basel III (with 2.5% capital conservation buffer phase-in) Well Capitalized under Basel III December 31, 2020: Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (to risk-weighted assets: Riverview Bank $ 126,108 14.2 % $ 93,462 > 10.5 % $ 89,011 > 10.0 % Tier 1 capital (to risk-weighted assets): Riverview Bank 114,967 12.9 75,659 > 8.5 71,209 > 8.0 Tier 1 capital (to average total assets): Riverview Bank 114,967 9.8 47,102 > 4.0 58,877 > 5.0 Common equity tier 1 risk-based capital (to risk-weighted assets): Riverview Bank 114,967 12.9 62,308 > 7.0 57,857 > 6.5 Actual Minimum Regulatory Capital Ratios under Basel III (with 2.5% capital conservation buffer phase-in) Well Capitalized under Basel III December 31, 2019: Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (to risk-weighted assets: Riverview Bank $ 104,010 12.4 % $ 88,132 > 10.5 % $ 83,936 > 10.0 % Tier 1 capital (to risk-weighted assets): Riverview Bank 96,405 11.5 71,345 > 8.5 67,148 > 8.0 Tier 1 capital (to average total assets): Riverview Bank 96,405 9.1 42,489 > 4.0 53,112 > 5.0 Common equity tier 1 risk-based capital (to risk-weighted assets): Riverview Bank 96,405 11.5 58,755 > 7.0 54,558 > 6.5 In November 2019, the Federal Financial Institution Examination Council published final rules implementing a simplified measure of capital adequacy for certain banking organizations that have less than $10 billion in total consolidated assets. Under the final rules, which went into effect on January 1, 2020, depository institutions and depository institution holding companies that have less than $10 billion in total consolidated assets and meet other qualifying criteria, including a leverage ratio of greater than 9%, off-balance-sheet assets, are deemed “qualifying community banking organizations” and are eligible to opt into the “community bank leverage ratio framework.” A qualifying community banking organization that elects to use the community bank leverage ratio framework and that maintains a leverage ratio of greater than 9% is considered to have satisfied the generally applicable risk-based and leverage capital requirements under the Basel III rules and, if applicable, is considered to have met the “well capitalized” ratio requirements for purposes of its primary federal regulator’s prompt corrective action rules, discussed below. The final rules include a two-quarter grace period during which a qualifying community banking organization that temporarily fails to meet any of the qualifying criteria, including the greater-than-9% leverage capital ratio requirement, is generally still deemed “well capitalized” so long as the banking organization maintains a leverage capital ratio greater than 8%. A banking organization that fails to maintain a leverage capital ratio greater than 8% is not permitted to use the grace period and must comply with the generally applicable requirements under the Basel III rules and file the appropriate regulatory reports. We are currently evaluating the election to use the community bank leverage ratio framework and may make such an election in the future. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 21. Contingencies: In the opinion of the Company, after review with legal counsel, there are no proceedings pending to which the Company is a party or to which its property is subject, which, if determined adversely to the Company, would be material in relation to the Company’s consolidated financial condition. There are no proceedings pending other than ordinary, routine litigation incident to the business of the Company. In addition, no material proceedings are pending or are known to be threatened or contemplated against the Company by governmental authorities. Neither the Company nor any of its property is subject to any material legal proceedings. Management, after consultation with legal counsel, does not anticipate that the ultimate liability, if any, arising out of pending and threatened lawsuits will have a material effect on the operating results or financial position of the Company. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 22. Subsequent Events: In preparing these consolidated financial statements, the Company evaluated the events and transactions that occurred from the date of the financial statements through the date these consolidated financial statements were issued and has not identified any events that require recognition or disclosure in the consolidated financial statements. On January 15, 2021, the Company announced the execution of a definitive agreement whereby AmeriServ Financial, Inc. will acquire CNB, an operating division of Riverview Bank, branch and deposit customers in Meyersdale, as well as the deposit customers of CNB’s leased branch in the Borough of Somerset. The transaction is expected to close in the second quarter of 2021, subject to regulatory approval and other customary closing conditions. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations: Riverview Financial Corporation, (the “Company” or “Riverview”), a bank holding company incorporated under the laws of Pennsylvania, provides a full range of financial services through its wholly-owned subsidiary, Riverview Bank (the “Bank”). Riverview Bank, with 27 full service offices and three limited purpose offices, is a full-service commercial bank offering a wide range of traditional banking services and financial advisory, insurance and investment services to individuals, municipalities and small to medium sized businesses in the Pennsylvania market areas of Berks, Blair, Bucks, Centre, Clearfield, Cumberland, Dauphin, Huntingdon, Lebanon, Lehigh, Lycoming, Perry, Schuylkill and Somerset Counties. The Bank is state-chartered under the jurisdiction of the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance Corporation. The Bank’s primary product is loans to small- and medium-sized one-to-four The wealth management and trust divisions did not meet the quantitative thresholds for required segment disclosure in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Bank’s 30 community banking offices, all similar with respect to economic characteristics, share a majority of the following aggregation criteria: (i) products and services; (ii) operating processes; (iii) customer bases; (iv) delivery systems; and (v) regulatory oversight. Accordingly, they were aggregated into a single operating segment. The Company faces competition primarily from commercial banks, thrift institutions and credit unions within the Central, Northern, Southwestern and Southeastern Pennsylvania markets, many of which are substantially larger in terms of assets and capital. In addition, mutual funds and security brokers compete for various types of deposits, and consumer, mortgage, leasing and insurance companies compete for various types of loans and leases. Principal methods of competing for banking and permitted nonbanking services include price, nature of product, quality of service and convenience of location. The Company and the Bank are subject to regulations of certain federal and state regulatory agencies and undergo periodic examinations. |
Basis of presentation | Basis of presentation: The consolidated financial statements of the Company have been prepared in conformity with GAAP, Regulation S-X The operating results and financial position of the Company for the year ended as of December 31, 2020, are not necessarily indicative of the results of operations and financial position that may be expected in the future. This is especially true given the outbreak of the Coronavirus (“COVID-19”) pandemic which has adversely affected the Company’s business results of operations and financial condition in 2020. 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 |
Estimates | Estimates: To prepare financial statements in conformity with accounting principles generally accepted in the United States of America management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. |
Investment securities | Investment securities: Investment securities are classified and accounted for as either held-to-maturity, available-for-sale, held-to Held-to-maturity available-for-sale Available-for-sale available-for-sale Management evaluates each investment security at least quarterly, to determine if a decline in fair value below its amortized cost is an other-than-temporary impairment (“OTTI”), and more frequently when economic or market concerns warrant an evaluation. Factors considered in determining whether an other-than-temporary impairment was incurred include: (i) the length of time and the extent to which the fair value has been less than amortized cost; (ii) the financial condition and near-term prospects of the issuer; (iii) whether a decline in fair value is attributable to adverse conditions specifically related to the security or specific conditions in an industry or geographic area; (iv) the credit-worthiness of the issuer of the security; (v) whether dividend or interest payments have been reduced or have not been made; (vi) an adverse change in the remaining expected cash flows from the security such that the Company will not recover the amortized cost of the security; (vii) whether management intends to sell the security; and (viii) if it is more likely than not that management will be required to sell the security before recovery. If a decline is judged to be other-than-temporary, the individual security is written-down to fair value with the credit related component of the write-down included in earnings and the non-credit |
Loans held for sale | Loans held for sale: Loans held for sale consist of one-to-four |
Loans, net | Loans, net: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of deferred fees or costs. Interest income is accrued on the principal amount outstanding. Loan origination fees, net of certain direct origination costs, are deferred and recognized over the contractual life of the related loan as an adjustment to yield using the effective interest method. Premiums and discounts on purchased loans are amortized as adjustments to interest income using the effective interest method. Delinquency fees are recognized in income when chargeable, assuming collectability is reasonably assured. Transfers of financial assets, which include loan participation sales, are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when: (i) the assets have been isolated from the Company; (ii) the transferee obtains the right, free of conditions that constrain it from taking advantage of that right, to pledge or exchange the transferred assets and (iii) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. The loan portfolio is segmented into business, construction and retail loans. Business loans consist of commercial and commercial real estate loans. Construction loans consist of both commercial and residential loans. Retail loans consist of residential real estate and other consumer loans. The Company makes commercial loans for real estate development and other business purposes required by the customer base. The Company’s credit policies determine advance rates against the different forms of collateral that can be pledged against commercial loans. Typically, the majority of loans will be limited to a percentage of their underlying collateral values such as real estate values, equipment, eligible accounts receivable and inventory. Individual loan advance rates may be higher or lower depending upon the financial strength of the borrower and/or term of the loan. The assets financed through commercial loans are used within the business for its ongoing operation. Repayment of these kinds of loans generally comes from the cash flow of the business or the ongoing conversion of assets. Commercial real estate loans include long-term loans financing commercial properties. Repayment of these loans is dependent upon either the ongoing cash flow of the borrowing entity or the resale of or lease of the subject property. Commercial real estate loans typically require a loan to value of not greater than 80% and vary in terms. Commercial and commercial real estate loans generally have higher credit risk compared to residential mortgage loans and consumer loans, as they typically involve larger loan balances concentrated with single borrowers or groups of borrowers. In addition, the payment expectations on loans secured by income-producing properties typically depend on the successful operations of the related business and thus may be subject to a greater extent to adverse conditions in the real estate market and in the general economy. Loans secured by commercial real estate generally have larger balances and involve a greater degree of risk than one-to-four Residential mortgages, including home equity loans, are secured by the borrower’s residential real estate in either a first or second lien position. Residential mortgages have varying loan rates depending on the financial condition of the borrower and the loan to value ratio. Residential mortgages may have amortizations up to 30 years. Consumer loans include installment loans, car loans, and overdraft lines of credit. The majority of these loans are secured. Consumer loans may entail greater risk than do residential mortgage loans, particularly in the case of consumer loans that are unsecured or secured by assets that depreciate rapidly, such as motor vehicles. In the latter case, repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment for the outstanding loan and a small remaining deficiency often does not warrant further substantial collection efforts against the borrower. Consumer loan collections depend on the borrower’s continuing financial stability, and therefore are likely to be adversely affected by various factors, including job loss, divorce, illness or personal bankruptcy. Furthermore, the application of various federal and state laws, including federal and state insolvency laws, may limit the amount that can be recovered on such loans. |
Leases | Leases: The Company’s primary leasing activities relate to certain real estate leases entered into in support of the Company’s branch and back office operations. The Company’s branch locations operating under lease agreements have all been designated as operating leases. In addition, the Company leases certain equipment under operating leases. The Company does not have leases designated as finance leases. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease pre-payments non-lease non-lease |
Off-balance sheet financial instruments | Off-balance In the ordinary course of business, the Company enters into off-balance off-balance |
Nonperforming assets | Nonperforming assets: Nonperforming assets consist of nonperforming loans and other real estate owned. Nonperforming loans include nonaccrual loans, troubled debt restructured loans and accruing loans past due 90 days or more. Past due status is based on contractual terms of the loan. Generally, a loan is classified as nonaccrual when it is determined that the collection of all or a portion of interest or principal is doubtful or when a default of interest or principal has existed for 90 days or more, unless the loan is well secured and in the process of collection. When a loan is placed on nonaccrual, interest accruals are discontinued, and uncollected accrued interest is reversed against income in the current period. Interest collections after a loan has been placed on nonaccrual status are credited to the principal balance. Interest earned that would have been recognized is credited to income over the remaining life of the loan using the effective yield method if the nonaccrual loan is returned to performing status. A nonaccrual loan is returned to performing status when the loan is current as to principal and interest and has performed according to the contractual terms for a minimum of six months. 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 can 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. In March 2020, a joint policy statement was issued by federal and state regulatory agencies to clarify that short-term loan modifications made in good-faith to provide temporary payment relief to borrowers directly impacted by COVID-19 The Company segments loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. Loans are individually analyzed for credit risk by classifying them within the Company’s internal risk rating system. The Company’s risk rating classifications are defined as follows: • Pass — A loan to borrowers with acceptable credit quality and risk that is not adversely classified as Substandard, Doubtful, Loss or designated as Special Mention. • Special Mention — A loan that has potential weaknesses that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the institution’s credit position at some future date. Special Mention loans are not adversely classified since they do not expose the Company to sufficient risk to warrant adverse classification. • Substandard — A loan that is inadequately protected by the current sound worth and paying capacity of the obligor or of 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 be effected in the future. Other real estate owned is comprised of properties acquired through foreclosure proceedings or in-substance in-substance |
Allowance for loan losses | Allowance for loan losses: The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date. The allowance for loan losses account is maintained through a provision for loan losses charged to earnings. Loans, or portions of loans, determined to be confirmed losses are charged against the allowance account and subsequent recoveries, if any, are credited to the account. A loss is considered confirmed when information available at the financial statement date indicates the loan, or a portion thereof, is uncollectible. Nonaccrual, troubled debt restructured, and loans deemed impaired at the time of acquisition are reviewed monthly to determine if carrying value reductions are warranted or if these classifications should be changed. Consumer loans are considered losses and charged-off Management evaluates the adequacy of the allowance for loan losses account quarterly. This assessment is based on past charge-off The allowance for loan losses is maintained at a level believed to be adequate to absorb probable credit losses related to specifically identified loans, as well as probable incurred losses inherent in the remainder of the loan portfolio as of the balance sheet date. The allowance for loan losses consists of an allocated element and an unallocated element. The allocated element consists of a specific allowance for impaired loans individually evaluated under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 310, “Receivables,” and a formula portion for loss contingencies on those loans collectively evaluated under FASB ASC 450, “Contingencies.” A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. All amounts due according to the contractual terms means that both the contractual interest and principal payments of a loan will be collected as scheduled in the loan agreement. Factors considered by management in determining impairment include payment status, ability to pay and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case The formula portion of the allowance for loan losses relates to large pools of smaller-balance homogeneous loans and those identified loans considered not individually impaired having similar characteristics as these loan pools. Loss contingencies for each of the major loan pools are determined by applying a total loss factor to the current balance outstanding for each individual pool. The total loss factor is comprised of a historical loss factor using a loss migration method plus qualitative factors, which adjust the historical loss factor for changes in trends, conditions and other relevant factors that may affect repayment of the loans in these pools as of the evaluation date. Loss migration involves determining the percentage of each pool that is expected to ultimately result in loss based on historical loss experience. Historical loss factors are based on the ratio of net loans charged-off charge-off charge-off The unallocated element, if any, is used to cover inherent losses that exist as of the evaluation date, but which have not been identified as part of the allocated allowance using the above impairment evaluation methodology due to limitations in the process. One such limitation is the imprecision of accurately estimating the impact current economic conditions will have on historical loss rates. Variations in the magnitude of impact may cause estimated credit losses associated with the current portfolio to differ from historical loss experience, resulting in an allowance that is higher or lower than the anticipated level. Management establishes the unallocated element of the allowance by considering environmental risks similar to the ones used for determining the qualitative factors. Management continually monitors trends in historical and qualitative factors, including trends in the volume, composition and credit quality of the portfolio. The reasonableness of the unallocated element is evaluated through monitoring trends in its level to determine if changes from period to period are directionally consistent with changes in the loan portfolio. Management believes the level of the allowance for loan losses was adequate to absorb probable credit losses as of December 31, 2020. |
Premises and equipment, net | Premises and equipment, net: Land is stated at cost. Premises, equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization. The cost of routine maintenance and repairs is expensed as incurred. The cost of major replacements, renewals and betterments is capitalized. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation and amortization are eliminated, and any resulting gain or loss is reflected in noninterest income. computed principally using the straight-line method based on the following estimated useful lives of the related assets, or in the case of leasehold improvements, to the expected terms of the leases, if shorter: Premises and leasehold improvements 7 Leasehold improvements 10 Furniture, fixtures and 3 |
Business combinations, goodwill and other intangible assets, net | Business combinations, goodwill and other intangible assets, net: The Company accounts for its acquisitions using the purchase accounting method. Purchase accounting requires the total purchase price to be allocated to the estimated fair values of assets acquired and liabilities assumed, including certain intangible assets that must be recognized. Typically, this allocation results in the purchase price exceeding the fair value of net assets acquired, which is recorded as goodwill. Core deposit intangibles are a measure of the value of checking, money market and savings deposits acquired in business combinations accounted for under the purchase method. Core deposit intangibles and other identified intangibles with finite useful lives are amortized using the sum of the year’s digits over their estimated useful lives of up to ten years. Loans that the Company acquires in connection with acquisitions are recorded at fair value with no carryover of the related allowance for credit losses. Fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable discount and is recognized into interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the non-accretable non-accretable non-accretable non-accretable The Company accounts for performing loans acquired in business combinations using the contractual cash flows method of recognizing discount accretion based on the acquired loans’ contractual cash flows. Purchased performing loans are recorded at fair value, including a credit discount. The fair value discount is accreted as an adjustment to yield over the estimated lives of the loans. There is no allowance for loan losses established at the acquisition date for purchased performing loans. A provision for loan losses is recorded for any further deterioration in these loans subsequent to the acquisition. Customer list intangibles are also included in intangible assets as a result of the purchase of the wealth management companies. These intangibles are amortized as an expense over Goodwill and other intangible assets are tested for impairment annually during the fourth quarter of each year or when circumstances arise which are considered to be a triggering event indicating impairment may have occurred. In making this assessment that impairment has occurred, management considers a number of factors including, but not limited to, operating results, business plans, economic projections, anticipated future cash flows, and current market data. There are inherent uncertainties related to these factors and management’s judgment in applying them to the analysis of impairment. Changes in economic and operating conditions, as well as other factors, could result in impairment in future periods. Any impairment losses arising from such testing would be reported in the Consolidated Statements of Income and Comprehensive Income as a separate line item within operations. 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. For additional disclosure related to the goodwill impairment charge refer to the note entitled “Goodwill” in the Notes to Consolidated Financial Statements. There were no impairment losses recognized as a result of periodic impairment testing for the year ended December 31, 2019. |
Restricted equity securities | Restricted equity securities: As a member of the Federal Home Loan Bank of Pittsburgh (“FHLB-Pgh”) FHLB-Pgh |
Bank owned life insurance | Bank owned life insurance: The Company invests in bank owned life insurance (“BOLI”) as a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance by the Bank on certain of its directors and employees. The Bank is the owner and beneficiary of the policies. This life insurance investment is carried at the cash surrender value of the underlying policies and is included in other assets. Income from increases in cash surrender value of the policies is included in noninterest income. |
Pension and post-retirement benefit plans | Pension and post-retirement benefit plans: The Company sponsors various pension plans covering substantially all employees. The Company also provides post-retirement benefit plans other than pensions, consisting principally of life insurance benefits, to eligible retirees. The liabilities and annual income or expense of the Company’s pension and other post-retirement benefit plans are determined using methodologies that involve several actuarial assumptions, the most significant of which are the discount rate and the long-term rate of asset return, based on the market-related value of assets. The fair values of plan assets are determined based on prevailing market prices or estimated fair value for investments with no available quoted prices. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities: The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. As of and for the year ended December 31, 2020, the Company’s derivative instruments and hedging activities consisted entirely of interest rate swap hedges on its holdings of trust preferred securities. These interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed payments. A cash flow hedge is a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Cash flows on hedges are classified in the consolidated statements of cash flows the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as other income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transaction will affect earnings. The Company is exposed to losses if a counterparty fails to make its payments under a contract in which the Company is in the net receiving position. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements. The contract to which the Company is a party settles monthly. |
Statements of Cash Flows | Statements of Cash Flows The Consolidated Statements of Cash Flows are presented using the indirect method. For purposes of cash flow, cash and cash equivalents include cash on hand, cash items in the process of collection, noninterest-bearing and interest-bearing deposits in other banks and federal funds sold. |
Fair value of financial instruments | Fair value of financial instruments: 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. The following methods and assumptions were used by the Company to construct the summary table containing the fair values and related carrying amounts of financial instruments in the Note entitled “Fair value of financial instruments” in the Notes to the Consolidated Financial Statements. Cash and cash equivalents: The carrying values of cash and cash equivalents as reported on the balance sheet approximate fair value. Investment securities available-for-sale: The fair values of debt securities are based on pricing from a matrix pricing model. Loans held for sale: The fair values of loans held for sale are based upon current delivery prices in the secondary mortgage market. Net Loans: Exit price observations are obtained from an independent third-party using its proprietary valuation model and methodology and may not reflect actual or prospective market valuations. The valuation is based on the probability of default, loss given default, recovery delay, prepayment, and discount rate assumptions. The new methodology is a result of the adoption of ASU No. 2016-01. Adjustable-rate loans that reprice frequently and with no significant credit risk, fair values are based on carrying values. The fair values of other non-impaired In conjunction with the mergers, the loans purchased were recorded at their acquisition date fair value. In order to record the loans at fair value, management made three different types of fair value adjustments. A market rate adjustment was made to adjust for the movement in market interest rates, irrespective of credit adjustments, compared to the stated rates of the acquired loans. A credit adjustment was made on pools of homogeneous loans representing the changes in credit quality of the underlying borrowers from the loan inception to the acquisition date. The credit adjustment on distressed loans represents the portion of the loan balance that has been deemed uncollectible based on the management’s expectations of future cash flows for each respective loan. Impaired loans: The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available for similar loans and collateral underlying such loans. Accrued interest receivable: The carrying value of accrued interest receivable as reported on the balance sheet approximates fair value. Other real estate owned: Fair value is commonly based on recent real estate appraisals which are updated no less frequently than annually. Restricted equity securities: The carrying values of restricted equity securities approximate fair value, due to the lack of marketability for these securities. Deposits: The fair values of noninterest-bearing deposits and savings, NOW and money market accounts are the amounts payable on demand at the reporting date. The fair value estimates do not include the benefit that results from such low-cost Short-term borrowings: The carrying values of short-term borrowings approximate fair value. Long-term debt: The fair value of fixed-rate long-term debt is based on the present value of future cash flows. The discount rate used is the current rate offered for long-term debt with the same maturity. Accrued interest payable The carrying value of accrued interest payable as reported on the balance sheet approximates fair value. Interest rate swap hedges: The fair value of the interest rate swap liability is based on an external derivative model using input data as of the valuation date. |
Off-balance sheet financial instruments | Off-balance The majority of commitments to extend credit, unused portions of lines of credit and standby letters of credit carry current market interest rates if converted to loans. Because such commitments are generally unassignable of either the Company or the borrower, they only have value to the Company and the borrower. None of the commitments are subject to undue credit risk. The estimated fair values of off-balance off-balance |
Loss contingencies | Loss contingencies: Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable, and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements. |
Advertising | Advertising: The Company follows the policy of charging marketing and advertising costs to expense as incurred. Advertising expense for the years ended December 31, 2020 and 2019 was $369 and $812, respectively. |
Income taxes | Income taxes: The Company accounts for income taxes in accordance with the income tax accounting guidance set forth in FASB ASC 740, “Income Taxes”. ASC 740 sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. The Company has two accruals for income taxes: (i) an income tax payable representing the estimated net amount currently due to the federal government, net of any reserve for potential audit issues and any tax refunds; and (ii) a deferred federal income tax and related valuation accounts, representing the estimated impact of temporary differences between how the Company recognizes its assets and liabilities under GAAP, and how such assets and liabilities are recognized under federal tax law. Deferred income taxes are provided on the balance sheet method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the effective date. A tax position is recognized as a benefit only if it is more likely than not that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that has a likelihood of being realized on examination of more than 50 percent. For tax positions not meeting the more likely than not threshold, no tax benefit is recorded. Under the more likely than not threshold guidelines, the Company believes no significant uncertain tax positions exist, either individually or in the aggregate, that would give rise to the non-recognition two-year As applicable, the Company recognizes accrued interest and penalties assessed as a result of a taxing authority examination through income tax expense. The Company files consolidated income tax returns in the United States of America and various states’ jurisdictions. With limited exception, the Company is no longer subject to federal and state income tax examinations by taxing authorities for years before 2017. |
Other comprehensive income (loss) | 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, December 31 2020 2019 Net unrealized gain on investment securities available-for-sale $ 1,962 $ 676 Income tax expense 412 142 Net of income taxes 1,550 534 Benefit plan adjustments (951 ) (1,117 ) Income tax benefit (200 ) (235 ) Net of income taxes (751 ) (882 ) Derivative adjustments 172 Income tax expense 36 Net of income taxes 136 Accumulated other comprehensive income (loss) $ 935 $ (348 ) Other comprehensive income and related tax effects for the years ended December 31, 2020 and 2019 are as follows: Year ended December 31 2020 2019 Unrealized gain on investment securities available-for-sale $ 2,101 $ 2,837 Net (gain) loss on the sale of investment securities available-for-sale(1) (815 ) 22 Benefit plans: Amortization of actuarial loss(2) 111 104 Actuarial gain (loss) 55 (88 ) Net change in benefit plan liabilities 166 16 Net change in derivative fair value 172 Other comprehensive income gain before taxes 1,624 2,875 Income tax expense 341 604 Other comprehensive income $ 1,283 $ 2,271 (1) Represents amounts reclassified out of accumulated comprehensive income and included in gains on sale of investment securities on the consolidated statements of income and comprehensive income. (2) Represents amounts reclassified out of accumulated comprehensive income and included in the computation of net periodic pension expense. |
Earnings per share | Earnings (loss) per share: Basic earnings (loss) per share is computed by dividing net income (loss) allocated to common stockholders 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 (loss) per share and diluted earnings per share for the years ended December 31, 2020 and 2 0 For the Year Ended December 31 2020 2019 Numerator: Net income $ (21,211 ) $ 4,286 Denominator: Basic 9,258,493 9,167,415 Dilutive options 14,337 Diluted 9,258,493 9,181,752 Earnings (loss) per share: Basic $ (2.29 ) $ 0.47 Diluted $ (2.29 ) $ 0.47 Common stock equivalents outstanding that are anti-dilutive and thus excluded from the calculation of the diluted number of shares represented above were 172,964 in 2020 and 23,700 in 2019. |
Stock-based compensation | Stock-based compensation: The Company recognizes all share-based payments to employees in the consolidated statement of operations based on their grant date fair values. The fair value of such equity instruments is recognized as an expense in the historical consolidated financial statements as services are performed. The Company uses the Black-Scholes model to estimate the fair value of stock options on the date of grant. The Black-Scholes model estimates the fair value of employee stock options using a pricing model which takes into consideration the exercise price of the option, the expected life of the option, the current market price and its expected volatility, the expected dividends on the stock and the current risk-free interest rate for the expected life of the option. The Company typically grants stock options to employees with an exercise price equal to the fair value of the shares at the date of grant. The fair value of restricted stock is equivalent to the fair value on the date of grant and is expensed over the vesting period. |
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 2021-01, 2021-01 2021-01 2021-01 |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Related Assets and Leasehold Improvements | Depreciation and amortization are computed principally using the straight-line method based on the following estimated useful lives of the related assets, or in the case of leasehold improvements, to the expected terms of the leases, if shorter: Premises and leasehold improvements 7 Leasehold improvements 10 Furniture, fixtures and 3 |
Summary of Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) included in stockholders’ equity at December 31, 2020 and 2019 are as follows: December 31 2020 2019 Net unrealized gain on investment securities available-for-sale $ 1,962 $ 676 Income tax expense 412 142 Net of income taxes 1,550 534 Benefit plan adjustments (951 ) (1,117 ) Income tax benefit (200 ) (235 ) Net of income taxes (751 ) (882 ) Derivative adjustments 172 Income tax expense 36 Net of income taxes 136 Accumulated other comprehensive income (loss) $ 935 $ (348 ) |
Schedule of Other Comprehensive Income (Loss) and Related Tax Effects | Other comprehensive income and related tax effects for the years ended December 31, 2020 and 2019 are as follows: Year ended December 31 2020 2019 Unrealized gain on investment securities available-for-sale $ 2,101 $ 2,837 Net (gain) loss on the sale of investment securities available-for-sale(1) (815 ) 22 Benefit plans: Amortization of actuarial loss(2) 111 104 Actuarial gain (loss) 55 (88 ) Net change in benefit plan liabilities 166 16 Net change in derivative fair value 172 Other comprehensive income gain before taxes 1,624 2,875 Income tax expense 341 604 Other comprehensive income $ 1,283 $ 2,271 (1) Represents amounts reclassified out of accumulated comprehensive income and included in gains on sale of investment securities on the consolidated statements of income and comprehensive income. (2) Represents amounts reclassified out of accumulated comprehensive income and included in the computation of net periodic pension expense. |
Computation of Earnings per Share | The following table provides a reconciliation between the computation of basic earnings (loss) per share and diluted earnings per share for the years ended December 31, 2020 and 2 0 For the Year Ended December 31 2020 2019 Numerator: Net income $ (21,211 ) $ 4,286 Denominator: Basic 9,258,493 9,167,415 Dilutive options 14,337 Diluted 9,258,493 9,181,752 Earnings (loss) per share: Basic $ (2.29 ) $ 0.47 Diluted $ (2.29 ) $ 0.47 |
Investment securities (Tables)
Investment securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Investment Securities Available-for-Sale Aggregated by Investment Category | The amortized cost and fair value of investment securities available-for-sale December 31, 2020 Amortized Gross Gross Fair State and municipals: Taxable $ 22,317 $ 400 $ 143 $ 22,574 Tax-exempt 17,988 423 16 18,395 Mortgage-backed securities: U.S. Government agencies 26,051 940 26,991 U.S. Government-sponsored enterprises 24,627 442 17 25,052 Corporate debt obligations 10,750 56 123 10,683 Total $ 101,733 $ 2,261 $ 299 $ 103,695 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 December 31, 2020 Fair Within one year $ 202 After one but within five years 8,727 After five but within ten years 14,889 After ten years 27,834 51,652 Mortgage-backed securities 52,043 Total $ 103,695 |
Schedule of Fair Value Gross Unrealized Losses of Investment Securities Unrealized Losses | Less Than 12 Months 12 Months or More Total December 31, 2020 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses State and municipals: Taxable $ 11,586 $ 143 $ $ $ 11,586 $ 143 Tax-exempt 1,737 16 1,737 16 Mortgage-backed securities: U.S. Government agencies 5,960 17 5,960 17 U.S. Government-sponsored enterprises Corporate debt obligations 3,378 123 3,378 123 Total $ 19,283 $ 176 $ 3,378 $ 123 $ 22,661 $ 299 Less Than 12 Months 12 Months or More Total December 31, 2019 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses 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) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Schedule of Loans Outstanding | The major classifications of loans outstanding, net of deferred loan origination fees and costs at December 31, 2020 and 2019 are summarized as follows. Net deferred December 31 2020 2019 Commercial $ 359,080 $ 118,658 Real estate: Construction 73,402 61,831 Commercial 502,495 455,901 Residential 197,596 207,354 Consumer 6,666 8,365 Total $ 1,139,239 $ 852,109 |
Schedule of Allowance for Loan Losses Account by Major Classification of Loan | The changes in the allowance for loan losses account by major classification of loan for the years ended December 31, 2020 and 2019 are summarized as follows: Real Estate December 31, 2020 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance January 1, 2020 $ 1,953 $ 473 $ 3,115 $ 1,820 $ 155 $ $ 7,516 Charge-offs (909 ) (595 ) (2 ) (333 ) (1,839 ) Recoveries 11 61 1 168 241 Provisions 650 644 3,913 608 152 315 6,282 Ending balance $ 1,705 $ 1,117 $ 6,494 $ 2,427 $ 142 $ 315 $ 12,200 Real Estate December 31, 2019 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance January 1, 2019 $ 1,162 $ 404 $ 3,298 $ 1,286 $ 50 $ 148 $ 6,348 Charge-offs (1,128 ) (254 ) (26 ) (476 ) (1,884 ) Recoveries 484 6 7 149 646 Provisions 1,435 69 65 553 432 (148 ) 2,406 Ending balance $ 1,953 $ 473 $ 3,115 $ 1,820 $ 155 $ $ 7,516 The allocation of the allowance for loan losses and the related loans by major classifications of loans at December 31, 2020 and December 31, 2019 is summarized as follows: Real Estate December 31, 2020 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ 1,705 $ 1,117 $ 6,494 $ 2,427 $ 142 $ 315 $ 12,200 Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment 1,705 1,117 6,494 2,427 142 315 12,200 Ending balance: purchased credit impaired loans $ $ $ $ $ $ $ Loans receivable: Ending balance $ 359,080 $ 73,402 $ 502,495 $ 197,596 $ 6,666 $ $ 1,139,239 Ending balance: individually evaluated for impairment 1,565 6,444 2,494 10,503 Ending balance: collectively evaluated for impairment 357,515 73,402 495,674 194,939 6,666 1,128,196 Ending balance: purchased credit impaired loans $ $ $ 377 $ 163 $ $ $ 540 Real Estate December 31, 2020 Commercial Construction Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ 1,953 $ 473 $ 3,115 $ 1,820 $ 155 $ $ 7,516 Ending balance: individually evaluated for impairment 712 218 930 Ending balance: collectively evaluated for impairment 1,241 473 2,897 1,820 155 6,586 Ending balance: purchased credit impaired loans $ $ $ $ $ $ $ Loans receivable: Ending balance $ 118,658 $ 61,831 $ 455,901 $ 207,354 $ 8,365 $ $ 852,109 Ending balance: individually evaluated for impairment 2,260 1,224 2,085 5,569 Ending balance: collectively evaluated for impairment 116,390 61,831 453,156 205,026 8,365 844,768 Ending balance: purchased credit impaired loans $ 8 $ $ 1,521 $ 243 $ $ $ 1,772 |
Summary of Major Classification of Loans Summarized by Aggregate Pass Rating | The following tables present the major classification of loans summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system at December 31, 2020 and 2019: December 31, 2020: Pass Special Mention Substandard Doubtful Total Commercial $ 353,758 $ 3,147 $ 2,175 $ $ 359,080 Real estate: Construction 63,838 1,817 7,747 73,402 Commercial 451,190 29,180 22,125 502,495 Residential 191,775 2,670 3,151 197,596 Consumer 6,666 6,666 Total $ 1,067,227 $ 36,814 $ 35,198 $ $ 1,139,239 December 31, 2019: Pass Special Mention 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 December 31, 2020 and 2019. Purchased credit impaired loans are excluded from the aging and nonaccrual loan schedules. Accrual Loans December 31, 2020 30-59 Days Past Due 60-89 Days Past Due 90 or More Days Past Due Total Past Due Current Nonaccrual Loans Total Loans Commercial $ 64 $ 1 $ $ 65 $ 358,496 $ 519 $ 359,080 Real estate: Construction 73,402 73,402 Commercial 1,238 4,063 5,301 496,785 32 502,118 Residential 2,125 2,993 146 5,264 191,299 870 197,433 Consumer 22 20 10 52 6,614 6,666 Total $ 3,449 $ 7,077 $ 156 $ 10,682 $ 1,126,596 $ 1,421 $ 1,138,699 Purchased credit impaired loans 540 Total Loans $ 1,139,239 Accrual Loans December 31, 2019 30-59 Days Past Due 60-89 Days Past Due 90 or More Days Past Due Total Past Due Current Nonaccrual Loans 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 including purchase credit impaired loans as of and for the years ended December 31, 2020 and 2019, by major loan classification: For the Year Ended December 31, 2020 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance: Commercial $ 1,565 $ 1,675 $ 1,356 $ 416 Real estate: Construction Commercial 6,821 6,821 4,392 311 Residential 2,657 2,787 2,493 146 Consumer Total 11,043 11,283 8,241 873 With an allowance recorded: Commercial 561 Real estate: Construction Commercial 391 65 Residential Consumer Total 952 65 Commercial 1,565 1,675 1,917 416 Real estate: Construction Commercial 6,821 6,821 4,783 376 Residential 2,657 2,787 2,493 146 Consumer Total $ 11,043 $ 11,283 $ 9,193 $ 938 For the Year Ended December 31, 2019 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized 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 |
Schedule of Number of Loans and Recorded Investment in Troubled Debt Restructurings | The following tables present the number of loans and recorded investment in loans restructured and identified as troubled debt restructurings for the years ended December 31, 2020 and 2019. Defaulted loans are those which are 30 days or more past due for payment under the modified terms. December 31, 2020 Number of Pre-Modification Post-Modification Recorded Commercial 5 $ 1,042 $ 1,042 $ 954 Commercial real estate 3 6,063 6,063 6,243 Residential real estate 1 512 512 502 December 31, 2019 Number of Pre-Modification Post-Modification Recorded Residential real estate 1 $ 23 $ 23 $ 28 |
Off-balance sheet financial i_2
Off-balance sheet financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Schedule of Contractual Amounts of Off-Balance Sheet Commitments | The contractual amounts of off-balance December 31 2020 2019 Commitments to extend credit $ 70,474 $ 105,403 Unused portions of lines of credit 75,517 66,114 Standby letters of credit 6,577 4,726 $ 152,568 $ 176,243 |
Premises and equipment, net (Ta
Premises and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | Premises and equipment at December 31, 2020 and 2019 are summarized as follows: December 31 2020 2019 Land $ 4,349 $ 4,309 Premises and leasehold improvements 14,955 15,413 Furniture, fixtures and equipment 6,152 6,352 25,456 26,074 Less: accumulated depreciation 7,309 8,222 $ 18,147 $ 17,852 |
Intangible assets, net (Tables)
Intangible assets, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Gross Carrying Amount and Accumulated Amortization Related to Intangible Assets | The gross carrying amount and accumulated amortization related to intangible assets at December 31, 2020 and 2019 are presented below: 2020 2019 December 31 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Core deposit intangibles $ 4,558 $ 2,942 $ 4,558 $ 2,289 Customer list intangible 1,082 780 1,082 671 Trade name intangibles 496 496 496 440 Total intangible assets $ 6,136 $ 4,218 $ 6,136 $ 3,400 |
Estimation of Amortization Expense | Riverview estimates the amortization expense for amortizable intangibles as follows: 2021 $ 526 2022 435 2023 348 2024 266 2025 187 Thereafter 156 $ 1,918 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table summarizes activity related to the carrying value of goodwill for the year ended December 31, 2020: Balance, January 1, 2020 $ 24,754 Less: Goodwill impairment 24,754 Balance, December 31, 2020 $ |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Components of Other Assets | The components of other assets at December 31, 2020 and 2019 are summarized as follows: December 31 2020 2019 Other real estate owned $ 422 $ 82 Bank owned life insurance 31,425 30,647 Restricted equity securities 1,759 990 Deferred tax assets 3,907 4,272 Lease right-of-use 2,278 3,856 Other assets 8,629 6,082 Total $ 48,420 $ 45,929 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Summary Of Other Information Related To Our Operating Leases | The table below summarizes other information related to our operating leases: Years Ended December 31 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 753 $ 663 ROU assets obtained in exchange for lease liabilities 4,430 Weighted average remaining lease term – operating leases, in years 8.82 9.16 Weighted average discount rate – operating leases 2.87% 3.00% |
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 . 2021 $ 634 2022 570 2023 366 2024 200 2025 134 Thereafter 827 Total lease payments 2,731 Less imputed interest (409 ) $ 2,322 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Investments [Abstract] | |
Components of Interest-Bearing and Noninterest-Bearing Deposits | The major components of interest-bearing and noninterest-bearing deposits at December 31, 2020 and 2019 are summarized as follows: December 31 2020 2019 Interest-bearing deposits: Money market accounts $ 130,769 $ 101,373 Now accounts 317,775 273,798 Savings accounts 158,293 132,150 Time deposits 235,023 285,754 Total interest-bearing deposits 841,860 793,075 Noninterest-bearing deposits 173,600 147,405 Total deposits $ 1,015,460 $ 940,480 |
Schedule of Aggregate Amounts of Maturities for all Time Deposits | The aggregate amounts of maturities for all time deposits at December 31, 2020, are summarized as follows: 2021 $ 114,685 2022 64,323 2023 37,544 2024 7,351 2025 5,366 Thereafter 5,754 $ 235,023 |
Short-term borrowings (Tables)
Short-term borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Short-term Borrowings | Short-term borrowings consist of overnight or less than 30-day FHLB-Pgh, At and for the year ended December 31, 2020 Ending Average Maximum Month-End Weighted Weighted FHLB-Pgh $ $ 7,311 $ 0.38 % Total $ $ 7,311 $ 0.38 % |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Advances | Long-term debt consisting of the following advances at December 31, 2020 and 2019 are as follows: Interest Rate Loan Type Maturity Fixed Adjustable 2020 2019 PPPLF May 3, 2022 0.35 % $ 176,904 FHLB March 10, 2023 0.75 % 6,500 FHLB March 10, 2025 0.88 % 7,000 FHLB March 10, 2027 1.07 % 6,500 Subordinated Debt – Trust Preferred I September 17, 2033 3.18 % 4,420 $ 4,229 Subordinated Debt – Trust Preferred II September 15, 2035 1.76 % 2,913 2,742 Subordinated Debt October 15, 2030 5.75 % 24,528 $ 228,765 $ 6,971 |
Scheduled Contractual Maturities of Borrowings | Maturities of long-term debt, by contractual maturity, in years subsequent to December 31, 2020 are as follows: 2021 2022 $ 176,904 2023 6,500 2024 2025 7,000 Thereafter 38,361 $ 228,765 |
Fair value of financial instr_2
Fair value of financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis at December 31, 2020 and 2019 are summarized as follows: Fair Value Measurement Using December 31, 2020 Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) State and Municipals: Taxable $ 22,574 $ 22,574 Tax-exempt 18,395 18,395 Mortgage-backed securities: U.S. Government agencies 26,991 26,991 U.S. Government-sponsored enterprises 25,052 25,052 Corporate debt obligations 10,683 10,683 Total $ 103,695 $ 103,695 Fair Value Measurement Using December 31, 2019 Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 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 December 31, 2020 and 2019 are summarized as follows: Fair Value Measurement Using December 31, 2020 Amount (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs Other real estate owned $ 422 $ 422 Total $ 422 $ 422 Fair Value Measurement Using December 31, 2019 Amount (Level 1) Quoted Prices in Active Markets for Identical Assets (Level 2) Significant Other Observable Inputs (Level 3) Significant Unobservable Inputs 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 table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements December 31, 2020 Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Other real estate owned $ 422 Appraisal of collateral Appraisal adjustments 20.0% to 14.0% (8.4%) Liquidation expenses 10.0% to 10.0% (10.0%) Quantitative Information about Level 3 Fair Value Measurements December 31, 2019 Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) Other real estate owned $ 82 Appraisal of collateral Appraisal adjustments 42.0% to 60.0% (52.0%) Liquidation expenses 10.0% to 10.0% (10.0%) Impaired loans $ 973 Appraisal of collateral Appraisal adjustments 10.0% to 50.0% (22.0%) Liquidation expenses 9.5% to 12.3% (8.8%) |
Carrying and Fair Values of Riverview's Financial Instruments | The carrying and fair values of the Company’s financial instruments at December 31, 2020 and 2019 and their placement within the fair value hierarchy are as follows: Fair Value Hierarchy December 31, 2020 Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 49,781 $ 49,781 $ 49,781 Investment securities available-for-sale 103,695 103,695 $ 103,695 Loans held for sale 4,338 4,338 4,338 Net loans (1) 1,127,039 1,116,618 $ 1,116,618 Accrued interest receivable 4,216 4,216 578 3,638 Restricted equity securities 1,759 1,759 Financial liabilities: Deposits $ 1,015,460 $ 1,018,529 $ 1,018,529 Long-term borrowings 228,765 231,748 231,748 Accrued interest payable 1,038 1,038 1,038 Interest rate swap hedges 172 172 172 Fair Value Hierarchy December 31, 2019 Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 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 Restricted equity securities 990 990 Financial liabilities: Deposits $ 940,480 $ 940,546 $ 940,546 Long-term borrowings 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 |
Revenue recognition (Tables)
Revenue recognition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Noninterest Income, Segregated by Revenue Streams in-Scope and Out-of-Scope of Topic 606 | The following presents noninterest income, segregated by revenue streams in-scope out-of-scope Year Ended December 31 2020 2019 Noninterest Income: In-scope Service charges, fees and commissions $ 4,133 $ 5,186 Trust and asset management 1,837 2,020 Noninterest income (in-scope 5,970 7,206 Noninterest income (out-of-scope 2,803 1,308 Total noninterest income $ 8,773 $ 8,514 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Postemployment Benefits [Abstract] | |
Summary of Stock Option Activity | The following table summarizes the stock option activity for the years ended December 31, 2020 and 2019: 2020 2019 Option Weighted Option Weighted Outstanding – January 1 172,964 $ 10.66 263,480 $ 10.62 Granted Forfeited (6,150 ) 12.98 Expired (34,250 ) 10.60 Exercised (50,116 ) 10.22 Outstanding – December 3 172,964 $ 10.66 172,964 $ 10.66 Options vested and exercisable at year-end 171,464 171,464 Range of exercise price $ 9.75 - $13.05 $ 9.75 - $13.05 Remaining contractual life 3.42 years 4.42 years |
Schedule of Nonvested Restricted Stock Units Activity | The following table summarizes the award activity for the years ended December 31, 2020 and 2019: 2020 2019 Restricted Fair Restricted Fair Outstanding – January 1, 14,929 $ 12.49 — Granted 16,390 9.15 14,929 $ 12.49 Forfeited and retired (2,512 ) 12.49 Awards vested at year-end (7,828 ) 12.49 — Outstanding – December 31, 20,979 $ 9.88 14,929 $ 12.49 Remaining contractual life 1.11 years 2.17 years |
Schedule of Plan's Funded Status | The following table presents the plans’ funded status and the amounts recognized in the Company’s consolidated financial statements for 2020 and 2019. The measurement date, for purposes of these valuations, was December 31, 2020 and 2019. Benefit Plans 2020 2019 Obligations and funded status: Change in benefit obligations: Benefit obligation beginning January 1, $ 8,202 $ 7,669 Interest cost 256 313 Benefits paid (547 ) (548 ) Actuarial (gain)/loss 709 768 Benefit obligation at end of year 8,620 8,202 Change in plan assets: Fair value of plan assets at January 1, 8,281 6,310 Adjustment to asset value at January 1 Actual return on plan assets 1,287 1,108 Contributions 2 1,411 Benefits paid (547 ) (548 ) Fair value of plan assets at end of year 9,023 8,281 Funded status included in other liabilities $ 403 $ 79 |
Schedule of Amounts Related to Plan Recognized in Accumulated Other Comprehensive Loss but not Yet Recognized as Component of Net Periodic Pension Cost | Amounts related to the plan that have been recognized in accumulated other comprehensive loss but not yet recognized as a component of net periodic pension cost are as follows for the years ended December 31: Benefit Plans 2020 2019 Net loss $ (951 ) $ (1,117 ) Income tax expense (benefit) 200 (235 ) Net amount recognized in other comprehensive loss $ (751 ) $ (882 ) |
Schedule of Net Periodic Pension Expense and Postretirement Benefit Cost | Net periodic pension expense and postretirement benefit cost include the following components for the years ended December 31, 2020 and 2019: Pension Benefits 2020 2019 Interest cost $ 254 $ 310 Expected return on plan assets (521 ) (410 ) Amortization of net loss 118 112 Net periodic pension cost (credit) $ (149 ) $ 12 Postretirement Life Insurance Benefits 2020 2019 Service credit $ (7 ) $ (7 ) Interest cost 2 2 Net periodic postretirement benefit credit $ (5 ) $ (5 ) |
Summary of Actuarial Assumptions Used for Company's Pension and Postretirement Benefit Plan | The accumulated benefit obligation was $8,620 at December 31, 2020 and $8,202 at December 31, 2019 for the pension benefit and postretirement benefit plans. Pension Benefits Union Citizens Postretirement Life Insurance Benefits 2020 2019 2020 2019 2020 2019 Discount rate 3.22 % 4.22 % 3.22 % 4.22 % 3.25 % 4.25 % Expected long-term rate of return on plan assets 6.50 % 6.75 % 6.50 % 6.75 % |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Pension Postretirement 2021 $ 535 $ 5 2022 526 5 2023 511 4 2024 508 4 2025 491 4 2026 – 2030 2,310 14 Total $ 4,881 $ 36 |
Schedule of Company's Pension Plan Asset Allocations, by Asset Category | The Company’s pension plan asset allocations as of the year ends, by asset category, are as follows: Pension 2020 2019 Cash and cash equivalents 1.51 % 1.64 % Equity 42.62 37.34 Fixed income 55.87 61.02 Total 100.00 % 100.00 % |
Schedule of Fair Value of Company's Pension Plan Assets, by Asset Category | The fair value of the pension plan assets at December 31, 2020 and 2019 by asset category are as follows: 2020 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 136 $ 136 Mutual fund – equity: Large-cap 378 378 Large-cap 381 381 Mid-cap 478 478 Small-cap 244 244 International growth 651 651 International value 311 311 Large cap growth 774 774 Small / midcap growth 247 247 Mutual funds/ETFs – fixed income: Fixed income – core plus 1,881 1,881 Intermediate duration Long duration – Government credit 2,487 2,487 Long U.S. Treasury – ETF 673 673 Common /collective trusts – equity: Large cap value 382 $ 382 Total assets $ 9,023 $ 8,641 $ 382 2019 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents $ 136 $ 136 Mutual fund – equity: Large-cap 321 321 Large-cap 343 343 Mid-cap 375 375 Small-cap 152 152 International growth 427 427 International value 214 214 Large cap growth 713 713 Small / midcap growth 202 202 Mutual funds/ETFs – fixed income: Fixed income – core plus 1,928 1,928 Intermediate duration 656 656 Long duration – Government credit 1,812 1,812 Long U.S. Treasury – ETF 657 657 Common /collective trusts – equity: Large cap value 345 $ 345 Total assets $ 8,281 $ 7,936 $ 345 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Summary of Current and Deferred Amounts of Provision for Income Taxes Expense (Benefit) | The current and deferred amounts of the provision for income taxes expense (benefit) for each of the years ended December 31, 2020 and 2019 are summarized as follows: Year Ended December 31 2020 2019 Current $ 232 $ (308 ) Deferred 25 1,009 $ 257 $ 701 |
Components of Net Deferred Tax Asset | The components of the net deferred tax asset at December 31, 2020 and 2019 are summarized as follows: December 31 2020 2019 Deferred tax assets: Allowance for loan losses $ 2,582 $ 1,535 Deferred compensation 962 1,021 Purchase accounting adjustments 64 Alternate minimum tax credit carryforwards 279 Minimum pension liability 211 247 Accrued expenses 185 405 Unrealized loss on investment securities available-for-sale Low income housing credit carryforwards 920 1,063 Net operating loss carryforwards 666 714 Lease liabilities 488 817 Other 493 664 Total 6,507 6,809 Deferred tax liabilities: Premises and equipment, net 507 577 Purchase accounting adjustments 56 Unrealized gain on investment securities available-for-sale 412 142 Benefit plans 311 280 Lease right of use 478 810 Cash flow hedge 36 Postretirement minimum 16 18 Other 784 710 Total 2,600 2,537 Net deferred tax asset $ 3,907 $ 4,272 |
Reconciliation Between Amount of Effective Income Tax Expense and Income Tax Expense | A reconciliation between the amount of the effective income tax expense and the income tax expense that would have been provided at the federal statutory rate of 21.0 percent for the years ended December 31, 2020 and December 31, 2019 is summarized as follows: Year Ended December 31 2020 2019 Federal income tax at statutory rate $ (4,401 ) $ 1,047 Adjustment for non-taxable 5,025 Tax exempt interest (245 ) (248 ) Bank owned life insurance income (159 ) (160 ) Other, net 37 62 Total $ 257 $ 701 |
Parent company financial stat_2
Parent company financial statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets December 31 2020 2019 Assets Cash and cash equivalents $ 10,503 $ 722 Investment in bank subsidiary 118,881 124,560 Premises, net 73 73 Other assets 641 169 $ 130,098 $ 125,524 Liabilities and stockholders’ equity Long-term borrowings $ 31,860 $ 6,971 Other liabilities 806 443 Total Liabilities 32,666 7,414 Stockholders’ equity 97,432 118,110 $ 130,098 $ 125,524 |
Condensed Statements of Income and Comprehensive Income | Condensed Statements of Income (Loss) and Comprehensive Income (Loss) December 31 2020 2019 Income, dividends from bank subsidiary $ 1,400 $ 3,220 Interest expense 769 514 Income before equity in undistributed net income of subsidiary 631 2,706 Undistributed net income (loss) of subsidiary (21,827 ) 1,683 Noninterest expense 224 257 Net income (loss) before income taxes (21,420 ) 4,132 Income tax benefit (209 ) (154 ) Net income (loss) (21,211 ) 4,286 Total comprehensive income (Loss) $ (19,928 ) $ 6,557 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Year Ended December 31 2020 2019 Cash flows from operating activities: Net income (loss) $ (21,211 ) $ 4,286 Adjustments to reconcile net income to net cash provided by operating activities: Undistributed net (income) loss of subsidiary 21,827 (1,683 ) Amortization of assumed discount on long-term debt 83 79 Amortization of long-term debt issuance costs 43 (Increase) decrease in accrued interest receivable and other assets (337 ) 88 Increase (decrease) in accrued interest payable and other liabilities 363 60 Net cash provided by operating activities 768 2,830 Cash flows from investing activities: Capitalization of subsidiary (15,000 ) Net cash used in investing activities (15,000 ) Cash flows from financing activities: Proceeds from long-term debt 24,763 Proceeds from stock-based compensation 93 208 Proceeds from issuance of common stock 543 644 Dividends paid (1,386 ) (3,209 ) Net cash provided by (used in) financing activities 24,013 (2,357 ) Increase in cash and cash equivalents 9,781 473 Cash and cash equivalents – beginning 722 249 Cash and cash equivalents – ending $ 10,503 $ 722 |
Regulatory matters (Tables)
Regulatory matters (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Investments [Abstract] | |
Schedule of the Company's and Bank's Capital Ratios and Minimum Ratios Required for Capital Adequacy Purposes | The Bank’s capital ratios and the minimum ratios required for capital adequacy purposes and to be considered well capitalized under the prompt corrective action provisions are summarized below for the years ended December 31, 2020 and December 31, 2019: Actual Minimum Regulatory Capital Ratios under Basel III (with 2.5% capital conservation buffer phase-in) Well Capitalized under Basel III December 31, 2020: Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (to risk-weighted assets: Riverview Bank $ 126,108 14.2 % $ 93,462 > 10.5 % $ 89,011 > 10.0 % Tier 1 capital (to risk-weighted assets): Riverview Bank 114,967 12.9 75,659 > 8.5 71,209 > 8.0 Tier 1 capital (to average total assets): Riverview Bank 114,967 9.8 47,102 > 4.0 58,877 > 5.0 Common equity tier 1 risk-based capital (to risk-weighted assets): Riverview Bank 114,967 12.9 62,308 > 7.0 57,857 > 6.5 Actual Minimum Regulatory Capital Ratios under Basel III (with 2.5% capital conservation buffer phase-in) Well Capitalized under Basel III December 31, 2019: Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (to risk-weighted assets: Riverview Bank $ 104,010 12.4 % $ 88,132 > 10.5 % $ 83,936 > 10.0 % Tier 1 capital (to risk-weighted assets): Riverview Bank 96,405 11.5 71,345 > 8.5 67,148 > 8.0 Tier 1 capital (to average total assets): Riverview Bank 96,405 9.1 42,489 > 4.0 53,112 > 5.0 Common equity tier 1 risk-based capital (to risk-weighted assets): Riverview Bank 96,405 11.5 58,755 > 7.0 54,558 > 6.5 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)Officeshares | Dec. 31, 2019USD ($)shares | |
Summary Of Significant Accounting Policies [Line Items] | |||
Number of full service offices | Office | 27 | ||
Number of limited purpose offices | Office | 3 | ||
Finite lived intangibles useful lives | 10 years | ||
Advertising costs | $ | $ 369 | $ 812 | |
Antidilutive securities excluded from calculation of diluted number of shares | shares | 172,964 | 23,700 | |
Goodwill impairment | $ | $ 24,754 | $ 24,754 | |
Customer List Intangible [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Finite lived intangibles useful lives | 10 years | ||
Residential Mortgages [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Amortization period for loans | 30 years | ||
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Commercial real estate loan to value percentage | 80.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Related Assets and Leasehold Improvements (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum [Member] | Premises and Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 7 years |
Minimum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Minimum [Member] | Furniture, Fixtures and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Maximum [Member] | Premises and Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 50 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 30 years |
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Income tax expense (benefit) | $ 341 | $ 604 |
Net of income taxes | 1,283 | 2,271 |
Derivative adjustments | 172 | |
Accumulated other comprehensive loss | 935 | (348) |
Unrealized Losses on Available-for-Sale [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Benefit plan adjustments | 1,962 | 676 |
Income tax expense (benefit) | 412 | 142 |
Net of income taxes | 1,550 | 534 |
Defined Benefit Pension Items [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Benefit plan adjustments | (951) | (1,117) |
Income tax expense (benefit) | (200) | (235) |
Net of income taxes | (751) | $ (882) |
Derivative Adjustments Plan [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net of income taxes | 136 | |
Derivative adjustments | 172 | |
Income tax expense | $ 36 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Other Comprehensive Income (Loss) and Related Tax Effects (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Other Comprehensive Income (Loss), Tax [Abstract] | ||
Unrealized gain (loss) on investment securities available-for-sale | $ 2,101 | $ 2,837 |
Net (gain) loss on the sale of investment securities available-for-sale | (815) | 22 |
Benefit plans: | ||
Amortization of actuarial loss (gain) | 111 | 104 |
Actuarial (loss) gain | 55 | (88) |
Net change in benefit plan liabilities | 166 | 16 |
Net change in derivative fair value | 172 | |
Other comprehensive income (loss) gain before taxes | 1,624 | 2,875 |
Income tax expense (benefit) | 341 | 604 |
Other comprehensive income (loss) | $ 1,283 | $ 2,271 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Computation of Earnings per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | ||
Net income (loss) | $ (21,211) | $ 4,286 |
Denominator: | ||
Basic | 9,258,493 | 9,167,415 |
Dilutive options | 14,337 | |
Diluted | 9,258,493 | 9,181,752 |
Basic | $ (2.29) | $ 0.47 |
Diluted | $ (2.29) | $ 0.47 |
Cash and Due from Banks - Addit
Cash and Due from Banks - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 26, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | |||
Average reserve balances required with Federal Reserve Bank | $ 0 | $ 0 | |
Percentage of cash reserve with federal reserve bank | 0.00% |
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 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 101,733 | $ 90,571 |
Gross Unrealized Gains | 2,261 | 1,098 |
Gross Unrealized Losses | 299 | 422 |
Fair Value | 103,695 | 91,247 |
Taxable [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 22,317 | 24,365 |
Gross Unrealized Gains | 400 | 466 |
Gross Unrealized Losses | 143 | 7 |
Fair Value | 22,574 | 24,824 |
Tax-Exempt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 17,988 | 4,260 |
Gross Unrealized Gains | 423 | 73 |
Gross Unrealized Losses | 16 | |
Fair Value | 18,395 | 4,333 |
Mortgage-Backed Securities - U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 26,051 | 36,024 |
Gross Unrealized Gains | 940 | 294 |
Gross Unrealized Losses | 184 | |
Fair Value | 26,991 | 36,134 |
Mortgage-backed Securities - U.S. Government-sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 24,627 | 22,422 |
Gross Unrealized Gains | 442 | 265 |
Gross Unrealized Losses | 17 | 42 |
Fair Value | 25,052 | 22,645 |
Corporate Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 10,750 | 3,500 |
Gross Unrealized Gains | 56 | |
Gross Unrealized Losses | 123 | 189 |
Fair Value | $ 10,683 | $ 3,311 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)Securities | Dec. 31, 2019USD ($)Securities | |
Schedule of Available-for-sale Securities [Line Items] | ||
Net unrealized loss, net of tax | $ | $ 1,962 | $ 534 |
Deferred income taxes on unrealized gain (loss) | $ | 412 | 142 |
Proceeds from sales of investment securities available-for-sale | $ | 27,812 | 30,232 |
Available-for-sale securities sold, gross realized gains | $ | 826 | 321 |
Available-for-sale securities sold, gross realized losses | $ | 11 | 343 |
Tax provision related to net realized gains | $ | 171 | 5 |
Available-for-sale securities pledged as collateral, carrying value | $ | $ 71,676 | $ 63,389 |
Available-for-sale securities in unrealized loss position, number of securities | Securities | 16 | 22 |
Taxable [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in unrealized loss position, number of securities | Securities | 9 | 2 |
Tax-exempt Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in unrealized loss position, number of securities | Securities | 3 | |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in unrealized loss position, number of securities | Securities | 3 | 19 |
Available-for-sale securities in unrealized loss position for twelve months or more, number of securities | 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 | Securities | 1 | 1 |
Available-for-sale securities in unrealized loss position for twelve months or more, number of securities | Securities | 1 | 1 |
Investment Securities Available
Investment Securities Available-for-Sale - Schedule of Fair Value Gross Unrealized Losses of Investment Securities Unrealized Losses (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Fair Value | $ 19,283,000 | $ 17,079,000 |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 176,000 | 191,000 |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Fair Value | 3,378,000 | 6,556,000 |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Unrealized Losses | 123,000 | 231,000 |
Available-for-sale securities in a continuous loss position, Fair Value | 22,661,000 | 23,635,000 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 299,000 | 422,000 |
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 | 11,586,000 | 1,280 |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 143,000 | 7,000 |
Available-for-sale securities in a continuous loss position, Fair Value | 11,586,000 | 1,280,000 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 143,000 | 7,000 |
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 | 1,737,000 | |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 16,000 | |
Available-for-sale securities in a continuous loss position, Fair Value | 1,737,000 | |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 16,000 | |
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 | 5,960,000 | 15,799,000 |
Available-for-sale securities in a continuous loss position, Less Than 12 Months, Unrealized Losses | 17,000 | 184,000 |
Available-for-sale securities in a continuous loss position, Fair Value | 5,960,000 | 15,799,000 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 17,000 | 184,000 |
Mortgage-backed Securities - U.S. Government-sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in a continuous loss position, More Than 12 Months, Fair Value | 3,245,000 | |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Unrealized Losses | 42,000 | |
Available-for-sale securities in a continuous loss position, Fair Value | 3,245,000 | |
Available-for-sale securities in a continuous loss position, Unrealized Losses | 42,000 | |
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 | 3,378,000 | 3,311,000 |
Available-for-sale securities in a continuous loss position, More Than 12 Months, Unrealized Losses | 123,000 | 189,000 |
Available-for-sale securities in a continuous loss position, Fair Value | 3,378,000 | 3,311,000 |
Available-for-sale securities in a continuous loss position, Unrealized Losses | $ 123,000 | $ 189,000 |
Investment Securities - Sched_2
Investment Securities - Schedule of Debt Securities Classified Available-for-Sale Maturity Distribution of Fair Value (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale securities, Within one year, Fair Value | $ 202 |
Available-for-sale securities, After one but within five years, Fair Value | 8,727 |
Available-for-sale securities, After five but within ten years, Fair Value | 14,889 |
Available-for-sale securities, After ten years, Fair Value | 27,834 |
Available-for-sale securities, Single maturity, Fair Value | 51,652 |
Total available-for-sale securities, Fair Value | 103,695 |
Mortgage-Backed Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale securities, Without single maturity, Fair Value | $ 52,043 |
Loans, Net and Allowance for _3
Loans, Net and Allowance for Loan Losses - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)DayContractLoans | Dec. 31, 2019USD ($)Contract | |
Financing Receivable, Impaired [Line Items] | ||
Deferred loan fees, net | $ 701 | $ 1,129 |
Loans outstanding to directors, executive officers, principal stockholders or to their affiliates | 17,800 | 9,518 |
Advances and repayment | $ 15,880 | $ 7,598 |
Number of related party loans classified as nonaccrual, past due, or restructured or considered a potential credit risk | Contract | 0 | 0 |
Interest income, related to impaired loans | $ 108 | $ 163 |
Troubled debt restructurings, amount | $ 9,985 | $ 2,701 |
Troubled Debt Restructurings, Number of Contracts | Contract | 20 | 14 |
Subsequently defaulted number of contracts | Contract | 1 | |
Financing receivable modifications subsequent default recorded investment | $ 265 | |
Loans Payable | $ 251,810 | |
Financing Receivable Modifications Number Of Contracts Excluding Troubled Debt Restructuring | Loans | 176 | |
Loans and leases receivable on deferral | $ 21,854 | $ 21,854 |
Maximum [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans and leases receivable Number of interest deferral days | Day | 180 | |
Loans and leases receivable majority number of interest deferral days approved | Day | 90 | |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Troubled Debt Restructurings, Number of Contracts | Contract | 9 | 1 |
Financing Receivable Modifications Number Of Contracts Excluding Troubled Debt Restructuring | Loans | 325 | |
Loans and leases receivable on deferral | $ 256,422 |
Loans, Net and Allowance for _4
Loans, Net and Allowance for Loan Losses - Schedule of Loans Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable | $ 1,139,239 | $ 852,109 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable | 359,080 | 118,658 |
Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable | 73,402 | 61,831 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable | 502,495 | 455,901 |
Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable | 197,596 | 207,354 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable | $ 6,666 | $ 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 | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning balance | $ 7,516 | $ 6,348 |
Allowance for Loan Losses, Charge-offs | (1,839) | (1,884) |
Allowance for Loan Losses, Recoveries | 241 | 646 |
Allowance for Loan Losses, Provision | 6,282 | 2,406 |
Allowance for Loan Losses, Ending balance | 12,200 | 7,516 |
Ending balance: individually evaluated for impairment | 930 | |
Ending balance: collectively evaluated for impairment | 12,200 | 6,586 |
Ending balance | 1,139,239 | 852,109 |
Ending balance: individually evaluated for impairment | 10,503 | 5,569 |
Ending balance: collectively evaluated for impairment | 1,128,196 | 844,768 |
Ending balance: purchased credit impaired loans | 540 | 1,772 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning balance | 1,953 | 1,162 |
Allowance for Loan Losses, Charge-offs | (909) | (1,128) |
Allowance for Loan Losses, Recoveries | 11 | 484 |
Allowance for Loan Losses, Provision | 650 | 1,435 |
Allowance for Loan Losses, Ending balance | 1,705 | 1,953 |
Ending balance: individually evaluated for impairment | 712 | |
Ending balance: collectively evaluated for impairment | 1,705 | 1,241 |
Ending balance | 359,080 | 118,658 |
Ending balance: individually evaluated for impairment | 1,565 | 2,260 |
Ending balance: collectively evaluated for impairment | 357,515 | 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 | 473 | 404 |
Allowance for Loan Losses, Provision | 644 | 69 |
Allowance for Loan Losses, Ending balance | 1,117 | 473 |
Ending balance: collectively evaluated for impairment | 1,117 | 473 |
Ending balance | 73,402 | 61,831 |
Ending balance: collectively evaluated for impairment | 73,402 | 61,831 |
Real Estate Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning balance | 3,115 | 3,298 |
Allowance for Loan Losses, Charge-offs | (595) | (254) |
Allowance for Loan Losses, Recoveries | 61 | 6 |
Allowance for Loan Losses, Provision | 3,913 | 65 |
Allowance for Loan Losses, Ending balance | 6,494 | 3,115 |
Ending balance: individually evaluated for impairment | 218 | |
Ending balance: collectively evaluated for impairment | 6,494 | 2,897 |
Ending balance | 502,495 | 455,901 |
Ending balance: individually evaluated for impairment | 6,444 | 1,224 |
Ending balance: collectively evaluated for impairment | 495,674 | 453,156 |
Ending balance: purchased credit impaired loans | 377 | 1,521 |
Real Estate Residential [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning balance | 1,820 | 1,286 |
Allowance for Loan Losses, Charge-offs | (2) | (26) |
Allowance for Loan Losses, Recoveries | 1 | 7 |
Allowance for Loan Losses, Provision | 608 | 553 |
Allowance for Loan Losses, Ending balance | 2,427 | 1,820 |
Ending balance: collectively evaluated for impairment | 2,427 | 1,820 |
Ending balance | 197,596 | 207,354 |
Ending balance: individually evaluated for impairment | 2,494 | 2,085 |
Ending balance: collectively evaluated for impairment | 194,939 | 205,026 |
Ending balance: purchased credit impaired loans | 163 | 243 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning balance | 155 | 50 |
Allowance for Loan Losses, Charge-offs | (333) | (476) |
Allowance for Loan Losses, Recoveries | 168 | 149 |
Allowance for Loan Losses, Provision | 152 | 432 |
Allowance for Loan Losses, Ending balance | 142 | 155 |
Ending balance: collectively evaluated for impairment | 142 | 155 |
Ending balance | 6,666 | 8,365 |
Ending balance: collectively evaluated for impairment | 6,666 | 8,365 |
Unallocated [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses, Beginning balance | 148 | |
Allowance for Loan Losses, Provision | 315 | $ (148) |
Allowance for Loan Losses, Ending balance | 315 | |
Ending balance: collectively evaluated for impairment | $ 315 |
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 | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | $ 1,139,239 | $ 852,109 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 359,080 | 118,658 |
Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 73,402 | 61,831 |
Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 502,495 | 455,901 |
Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 197,596 | 207,354 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 6,666 | 8,365 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 1,067,227 | 813,385 |
Pass [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 353,758 | 109,190 |
Pass [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 63,838 | 61,678 |
Pass [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 451,190 | 430,771 |
Pass [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 191,775 | 203,381 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 6,666 | 8,365 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 36,814 | 16,853 |
Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 3,147 | 5,992 |
Special Mention [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 1,817 | 153 |
Special Mention [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 29,180 | 9,271 |
Special Mention [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 2,670 | 1,437 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 35,198 | 21,871 |
Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 2,175 | 3,476 |
Substandard [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 7,747 | |
Substandard [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 22,125 | 15,859 |
Substandard [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | $ 3,151 | $ 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 | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 1,139,239 | $ 852,109 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 359,080 | 118,658 |
Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 73,402 | 61,831 |
Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 502,495 | 455,901 |
Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 197,596 | 207,354 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 6,666 | 8,365 |
Performing Loans and Non Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,682 | 4,658 |
Current | 1,126,596 | 843,392 |
Nonaccrual Loans | 1,421 | 2,287 |
Total | 1,138,699 | 850,337 |
Performing Loans and Non Accrual Loans [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 65 | 137 |
Current | 358,496 | 117,354 |
Nonaccrual Loans | 519 | 1,159 |
Total | 359,080 | 118,650 |
Performing Loans and Non Accrual Loans [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9 | |
Current | 73,402 | 61,822 |
Total | 73,402 | 61,831 |
Performing Loans and Non Accrual Loans [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,301 | 147 |
Current | 496,785 | 453,774 |
Nonaccrual Loans | 32 | 459 |
Total | 502,118 | 454,380 |
Performing Loans and Non Accrual Loans [Member] | Real Estate Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,264 | 4,240 |
Current | 191,299 | 202,202 |
Nonaccrual Loans | 870 | 669 |
Total | 197,433 | 207,111 |
Performing Loans and Non Accrual Loans [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 52 | 125 |
Current | 6,614 | 8,240 |
Total | 6,666 | 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 | 3,449 | 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 | 64 | 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 | 1,238 | 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 | 2,125 | 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 | 22 | 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 | 7,077 | 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 | 1 | |
Performing Loans and Non Accrual Loans [Member] | 60-89 Days Past Due [Member] | Real Estate Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,063 | |
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 | 2,993 | 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 | 20 | 14 |
Performing Loans and Non Accrual Loans [Member] | 90 Days and Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 156 | 45 |
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 | 146 | 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 | 10 | 27 |
Purchased Credit Impaired Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 540 | $ 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 | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, recorded investment | $ 11,043 | $ 5,439 |
Impaired loans with an allowance recorded, recorded investment | 1,903 | |
Impaired loans, recorded investment | 11,043 | 7,342 |
Impaired loans with no related allowance recorded, unpaid principal balance | 11,283 | 5,687 |
Impaired loans with an allowance recorded, unpaid principal balance | 2,057 | |
Impaired loans, unpaid principal balance | 11,283 | 7,744 |
Impaired loans with an allowance recorded, related allowance | 930 | |
Impaired loans, related allowance | 930 | |
Impaired loans with no related allowance recorded, average recorded investment | 8,241 | 6,169 |
Impaired loans with an allowance recorded, average recorded investment | 952 | 1,434 |
Impaired loans, average recorded investment | 9,193 | 7,603 |
Impaired loans with no related allowance recorded, interest income recognized | 873 | 2,289 |
Impaired loans with an allowance recorded, interest income recognized | 65 | 17 |
Impaired loans, interest income recognized | 938 | 2,306 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, recorded investment | 1,565 | 1,147 |
Impaired loans with an allowance recorded, recorded investment | 1,121 | |
Impaired loans, recorded investment | 1,565 | 2,268 |
Impaired loans with no related allowance recorded, unpaid principal balance | 1,675 | 1,257 |
Impaired loans with an allowance recorded, unpaid principal balance | 1,121 | |
Impaired loans, unpaid principal balance | 1,675 | 2,378 |
Impaired loans with an allowance recorded, related allowance | 712 | |
Impaired loans, related allowance | 712 | |
Impaired loans with no related allowance recorded, average recorded investment | 1,356 | 648 |
Impaired loans with an allowance recorded, average recorded investment | 561 | 685 |
Impaired loans, average recorded investment | 1,917 | 1,333 |
Impaired loans with no related allowance recorded, interest income recognized | 416 | 660 |
Impaired loans, interest income recognized | 416 | 660 |
Real Estate Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, recorded investment | 6,821 | 1,963 |
Impaired loans with an allowance recorded, recorded investment | 782 | |
Impaired loans, recorded investment | 6,821 | 2,745 |
Impaired loans with no related allowance recorded, unpaid principal balance | 6,821 | 1,963 |
Impaired loans with an allowance recorded, unpaid principal balance | 936 | |
Impaired loans, unpaid principal balance | 6,821 | 2,899 |
Impaired loans with an allowance recorded, related allowance | 218 | |
Impaired loans, related allowance | 218 | |
Impaired loans with no related allowance recorded, average recorded investment | 4,392 | 3,124 |
Impaired loans with an allowance recorded, average recorded investment | 391 | 658 |
Impaired loans, average recorded investment | 4,783 | 3,782 |
Impaired loans with no related allowance recorded, interest income recognized | 311 | 1,456 |
Impaired loans with an allowance recorded, interest income recognized | 65 | 17 |
Impaired loans, interest income recognized | 376 | 1,473 |
Real Estate Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, recorded investment | 2,657 | 2,329 |
Impaired loans, recorded investment | 2,657 | 2,329 |
Impaired loans with no related allowance recorded, unpaid principal balance | 2,787 | 2,467 |
Impaired loans, unpaid principal balance | 2,787 | 2,467 |
Impaired loans with no related allowance recorded, average recorded investment | 2,493 | 2,397 |
Impaired loans with an allowance recorded, average recorded investment | 91 | |
Impaired loans, average recorded investment | 2,493 | 2,488 |
Impaired loans with no related allowance recorded, interest income recognized | 146 | 173 |
Impaired loans, interest income recognized | $ 146 | $ 173 |
Loans, Net and Allowance for _9
Loans, Net and Allowance for Loan Losses - Schedule of Number of Loans and Recorded Investment in Troubled Debt Restructurings (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)Contract | Dec. 31, 2019USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructurings, Number of Contracts | Contract | 20 | 14 |
Troubled Debt Restructurings, Recorded Investment | $ 9,985 | $ 2,701 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructurings, Number of Contracts | Contract | 5 | |
Troubled Debt Restructurings, Pre-Modification Outstanding Recorded Investment | $ 1,042 | |
Troubled Debt Restructurings, Post-Modification Outstanding Recorded Investment | 1,042 | |
Troubled Debt Restructurings, Recorded Investment | $ 954 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructurings, Number of Contracts | Contract | 3 | |
Troubled Debt Restructurings, Pre-Modification Outstanding Recorded Investment | $ 6,063 | |
Troubled Debt Restructurings, Post-Modification Outstanding Recorded Investment | 6,063 | |
Troubled Debt Restructurings, Recorded Investment | $ 6,243 | |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructurings, Number of Contracts | Contract | 1 | 1 |
Troubled Debt Restructurings, Pre-Modification Outstanding Recorded Investment | $ 512 | $ 23 |
Troubled Debt Restructurings, Post-Modification Outstanding Recorded Investment | 512 | 23 |
Troubled Debt Restructurings, Recorded Investment | $ 502 | $ 28 |
Off-Balance Sheet Financial I_3
Off-Balance Sheet Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Valuation allowance for off-balance sheet credit losses | $ 93 | $ 89 |
Off-Balance Sheet Financial I_4
Off-Balance Sheet Financial Instruments - Schedule of Contractual Amounts of Off-Balance Sheet Commitments (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contractual amounts | $ 152,568 | $ 176,243 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contractual amounts | 6,577 | 4,726 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contractual amounts | 70,474 | 105,403 |
Unused Portions of Lines of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contractual amounts | $ 75,517 | $ 66,114 |
Premises and Equipment, Net - S
Premises and Equipment, Net - Schedule of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, Gross | $ 25,456 | $ 26,074 |
Less accumulated depreciation | 7,309 | 8,222 |
Premises and equipment, Net | 18,147 | 17,852 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, Gross | 4,349 | 4,309 |
Premises and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, Gross | 14,955 | 15,413 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, Gross | $ 6,152 | $ 6,352 |
Premises and Equipment, Net - A
Premises and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Leased Assets [Line Items] | ||
Depreciation and amortization included to noninterest expense | $ 1,186 | $ 1,248 |
Intangible Assets, Net - Summar
Intangible Assets, Net - Summary of Gross Carrying Amount and Accumulated Amortization Related to Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | $ 6,136 | $ 6,136 |
Intangible assets, Accumulated Amortization | 4,218 | 3,400 |
Core Deposit Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | 4,558 | 4,558 |
Intangible assets, Accumulated Amortization | 2,942 | 2,289 |
Customer List Intangible [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | 1,082 | 1,082 |
Intangible assets, Accumulated Amortization | 780 | 671 |
Trade Name Intangible [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | 496 | 496 |
Intangible assets, Accumulated Amortization | $ 496 | $ 440 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of intangible assets | $ 818 | $ 773 |
Intangible Assets, Net - Estima
Intangible Assets, Net - Estimation of Amortization Expense (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 | $ 526 |
2022 | 435 |
2023 | 348 |
2024 | 266 |
2025 | 187 |
Thereafter | 156 |
Total amortization expense for intangibles | $ 1,918 |
Goodwill - Schedule of Goodwill
Goodwill - Schedule of Goodwill (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2020 | |
Balance, January 1, 2020 | $ 24,754 | $ 24,754 |
Less: Goodwill impairment | $ 24,754 | $ 24,754 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2020 | |
Goodwill impairment | $ 24,754 | $ 24,754 |
Other Assets - Components of Ot
Other Assets - Components of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Assets [Abstract] | ||
Other real estate owned | $ 422 | $ 82 |
Bank owned life insurance | 31,425 | 30,647 |
Restricted equity securities | 1,759 | 990 |
Deferred tax assets | 3,907 | 4,272 |
Lease right-of-use assets | 2,278 | 3,856 |
Other assets | 8,629 | 6,082 |
Total | $ 48,420 | $ 45,929 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)Location | Dec. 31, 2019USD ($) | |
Number Of Location Leased | Location | 11 | |
Number of property | Location | 30 | |
Operating lease, right-of-use asset | $ 2,278 | $ 3,856 |
Operating lease, liability | 2,322 | 3,892 |
Increase decrease in operating right of use assets | 908 | |
Increase decrease in Operating Lease liabilities | 927 | |
Operating lease cost | 1,544 | $ 726 |
Increase decrease in Operating Lease cost | $ 776 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OperatingLeaseLiability | |
Maximum [Member] | ||
Remaining lease term | 34 years | |
Minimum [Member] | ||
Remaining lease term | 1 year |
Leases - Summary of Other Infor
Leases - Summary of Other Information Related to Our Operating Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Transaction For Amounts Included in The Measurement Of Lease Liabilities [Abstract] | ||
Operating cash flows from operating leases | $ 753 | $ 663 |
ROU assets obtained in exchange for lease liabilities | $ 4,430 | |
Weighted average remaining lease term – operating leases, in years | 8 years 9 months 25 days | 9 years 1 month 28 days |
Weighted average discount rate – operating leases | 2.87% | 3.00% |
Leases - Summary of Lease Payme
Leases - Summary of Lease Payment Obligation (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 634 | |
2022 | 570 | |
2023 | 366 | |
2024 | 200 | |
2025 | 134 | |
Thereafter | 827 | |
Total lease payments | 2,731 | |
Less imputed interest | 409 | |
Operating lease liability | $ 2,322 | $ 3,892 |
Deposits - Components of Intere
Deposits - Components of Interest-Bearing and Noninterest-Bearing Deposits (Detail) - USD ($) $ in Thousands | Jan. 15, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Interest-bearing deposits: | |||
Money market accounts | $ 130,769 | $ 101,373 | |
Now accounts | 317,775 | 273,798 | |
Savings accounts | 158,293 | 132,150 | |
Time deposits | 235,023 | 285,754 | |
Total interest-bearing deposits | 841,860 | 793,075 | |
Noninterest-bearing deposits | 173,600 | 147,405 | |
Total deposits | $ 47,900 | $ 1,015,460 | $ 940,480 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 15, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Deposits [Line Items] | |||
Aggregate amount of time deposits at or above FDIC insurance limit of $250,000 | $ 19,997 | $ 26,059 | |
Deposits | $ 47,900 | 1,015,460 | 940,480 |
Aggregate amount of deposits reclassified as loan | 137 | 169 | |
Deposits premium | 3.71% | ||
Related Parties [Member] | |||
Schedule Of Deposits [Line Items] | |||
Deposits | $ 2,305 | $ 2,488 |
Deposits - Schedule of Aggregat
Deposits - Schedule of Aggregate Amounts of Maturities for all Time Deposits (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Deposits [Abstract] | |
2021 | $ 114,685 |
2022 | 64,323 |
2023 | 37,544 |
2024 | 7,351 |
2025 | 5,366 |
Thereafter | 5,754 |
Total | $ 235,023 |
Short-term Borrowings - Summary
Short-term Borrowings - Summary of Short-term Borrowings (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Short-term Debt [Line Items] | |
Short-term borrowings, Average Balance | $ 7,311 |
Short-term borrowings, Weighted Average Rate for the Year | 0.38% |
Federal Home Loan Bank of Pittsburgh [Member] | |
Short-term Debt [Line Items] | |
Short-term borrowings, Average Balance | $ 7,311 |
Short-term borrowings, Weighted Average Rate for the Year | 0.38% |
Short-term Borrowings - Additio
Short-term Borrowings - Additional Information (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Atlantic Community Bankers Bank [Member] | ||
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | $ 10,000,000 | |
Pacific Coast Bankers Bank [Member] | ||
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | 50,000,000 | |
Federal Home Loan Bank of Pittsburgh [Member] | ||
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | 415,487,000 | |
Unsecured Debt [Member] | Atlantic Community Bankers Bank [Member] | ||
Short-term Debt [Line Items] | ||
Outstanding line of credit | $ 0 | $ 0 |
Long-term Debt - Schedule of Lo
Long-term Debt - Schedule of Long-term Debt Advances (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Borrowings | $ 228,765 | $ 6,971 |
PPPLF[Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | May 3, 2022 | |
Interest Rate | 0.35% | |
Borrowings | $ 176,904 | |
PPPLF[Member] | Interest Rate Floor [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.35% | |
FHLB One [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Mar. 10, 2023 | |
Borrowings | $ 6,500 | |
FHLB One [Member] | Interest Rate Floor [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.75% | |
FHLB Two [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Mar. 10, 2025 | |
Borrowings | $ 7,000 | |
FHLB Two [Member] | Interest Rate Floor [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.88% | |
FHLB Three [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Mar. 10, 2027 | |
Borrowings | $ 6,500 | |
FHLB Three [Member] | Interest Rate Floor [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.07% | |
Subordinated Debt – Trust Preferred I [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Sep. 17, 2033 | |
Borrowings | $ 4,420 | 4,229 |
Subordinated Debt – Trust Preferred I [Member] | Interest Rate Floor [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.18% | |
Subordinated Debt – Trust Preferred II [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Sep. 15, 2035 | |
Borrowings | $ 2,913 | $ 2,742 |
Subordinated Debt – Trust Preferred II [Member] | Interest Rate Floor [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.76% | |
Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Oct. 15, 2030 | |
Borrowings | $ 24,528 | |
Subordinated Debt [Member] | Interest Rate Floor [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.75% |
Long-term Debt - Scheduled Cont
Long-term Debt - Scheduled Contractual Maturities of Borrowings (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2022 | $ 176,904 | |
2023 | 6,500 | |
2025 | 7,000 | |
Thereafter | 38,361 | |
Total | $ 228,765 | $ 6,971 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) - USD ($) | Oct. 06, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Line of Credit Facility [Line Items] | |||||
Long term debt | $ 228,765,000 | $ 228,765,000 | $ 6,971,000 | ||
Averaged long term debt | 147,374,000 | $ 147,374,000 | 6,932,000 | ||
Subordinated Debt One [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, maturity date | Sep. 17, 2033 | ||||
Floating interest rate description | three-month LIBOR rate plus 2.95%. | ||||
Trust preferred securities | 5,155,000 | $ 5,155,000 | |||
Percentage of principal amount that can be redeemed | 100.00% | ||||
Long term debt | 4,420,000 | $ 4,420,000 | 4,229,000 | ||
Subordinated Debt One [Member] | LIBOR [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 2.95% | ||||
Subordinated Debt Two [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, maturity date | Sep. 15, 2035 | ||||
Trust preferred securities | 4,124,000 | $ 4,124,000 | |||
Percentage of principal amount that can be redeemed | 100.00% | ||||
Long term debt | 2,913,000 | $ 2,913,000 | $ 2,742,000 | ||
Fedrel Reserve Board PPPLF [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, maturity date | May 3, 2022 | ||||
Long term debt | $ 176,904,000 | $ 176,904,000 | |||
Maturing term of long term debt | 24 months | 24 months | |||
Interest Rate | 0.35% | 0.35% | |||
Convertible Subordinated Debt [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Floating interest rate description | the interest rate applicable to the outstanding principal amount due will be reset quarterly to an interest rate per annum equal to the then current three-month secured overnight financing rate (“SOFR”) plus 563 basis points, payable quarterly until maturity. | ||||
Debt instrument, change in interest rate date | Oct. 15, 2025 | ||||
Long term debt | $ 25,000,000 | ||||
Interest Rate | 5.75% | ||||
Repayment of long term debt | $ 15,000,000 | ||||
Convertible Subordinated Debt [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, maturity date | Oct. 15, 2030 | ||||
Convertible Subordinated Debt [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt instrument, maturity date | Oct. 15, 2025 | ||||
Federal Home Loan Bank [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Long term debt | $ 20,000,000 | ||||
Weighted average interest rate | 0.90% | ||||
Adjusted weighted average interest rate | 0.57% |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities - Additional Information (Detail) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative instruments, notional amount | $ 9,279 | |
Derivative instruments, term of contract | 10 years | |
Derivative instruments, rate of interest | 2.99% | |
Derivative instruments, remaining maturity | 9 years 6 months | |
Estimated fair value of derivative instruments | $ 172 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 103,695 | $ 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 | 103,695 | 91,247 |
Fair Value Measurements Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 103,695 | 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 | 22,574 | 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 | 18,395 | 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 | 26,991 | 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 | 25,052 | 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 | 10,683 | 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 | 103,695 | 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 | 22,574 | 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 | 18,395 | 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 | 26,991 | 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 | 25,052 | 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 | $ 10,683 | $ 3,311 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Detail) - Fair Value Measurements Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 422 | $ 82 |
Impaired loans, net of related allowance | 973 | |
Total | 422 | 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 | 422 | 82 |
Impaired loans, net of related allowance | 973 | |
Total | $ 422 | $ 1,055 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Additional Quantitative Information about Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Fair Value Measurements Nonrecurring [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Estimate | $ 422 | $ 1,055 |
Other Real Estate Owned [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Estimate | $ 422 | $ 82 |
Valuation Technique | Appraisal of collateral | Appraisal of collateral |
Unobservable Input | Appraisal adjustments | Appraisal adjustments |
Other Real Estate Owned [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | Liquidation expenses | Liquidation expenses |
Impaired Loan [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Estimate | $ 973 | |
Valuation Technique | Appraisal of collateral | |
Unobservable Input | Appraisal adjustments | |
Impaired Loan [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | Liquidation expenses | |
Minimum [Member] | Other Real Estate Owned [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 14.00% | 42.00% |
Minimum [Member] | Other Real Estate Owned [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 10.00% | 10.00% |
Minimum [Member] | Impaired Loan [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 10.00% | |
Minimum [Member] | Impaired Loan [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 9.50% | |
Maximum [Member] | Other Real Estate Owned [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 20.00% | 60.00% |
Maximum [Member] | Other Real Estate Owned [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 10.00% | 10.00% |
Maximum [Member] | Impaired Loan [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 50.00% | |
Maximum [Member] | Impaired Loan [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 12.30% | |
Weighted Average [Member] | Other Real Estate Owned [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 8.40% | 52.00% |
Weighted Average [Member] | Other Real Estate Owned [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 10.00% | 10.00% |
Weighted Average [Member] | Impaired Loan [Member] | Level 3 Fair Value Measurements, Appraisal Adjustments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 22.00% | |
Weighted Average [Member] | Impaired Loan [Member] | Level 3 Fair Value Measurements, Liquidation Expenses [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 8.80% |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Carrying and Fair Values of Riverview's Financial Instruments (Detail) - USD ($) $ in Thousands | Jan. 15, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financial assets: | |||||
Cash and cash equivalents | $ 49,781 | $ 50,348 | $ 53,816 | ||
Investment securities available-for-sale | 103,695 | 91,247 | |||
Loans held for sale | 4,338 | 81 | |||
Net loans | 1,127,039 | 844,593 | |||
Accrued interest receivable | 4,216 | 2,414 | |||
Restricted equity securities | 1,759 | 990 | |||
Financial liabilities: | |||||
Deposits | $ 47,900 | 1,015,460 | 940,480 | ||
Long-term borrowings | 228,765 | 6,971 | |||
Accrued interest payable | 1,038 | 435 | |||
Carrying Amount [Member] | |||||
Financial assets: | |||||
Cash and cash equivalents | 49,781 | 50,348 | |||
Investment securities available-for-sale | 103,695 | 91,247 | |||
Loans held for sale | 4,338 | 81 | |||
Net loans | [1] | 1,127,039 | 844,593 | ||
Accrued interest receivable | 4,216 | 2,414 | |||
Restricted equity securities | 1,759 | 990 | |||
Financial liabilities: | |||||
Deposits | 1,015,460 | 940,480 | |||
Long-term borrowings | 228,765 | 6,971 | |||
Accrued interest payable | 1,038 | 435 | |||
Interest rate swap hedges | 172 | ||||
Fair Value [Member] | |||||
Financial assets: | |||||
Cash and cash equivalents | 49,781 | 50,348 | |||
Investment securities available-for-sale | 103,695 | 91,247 | |||
Loans held for sale | 4,338 | 81 | |||
Net loans | [1] | 1,116,618 | 836,074 | ||
Accrued interest receivable | 4,216 | 2,414 | |||
Restricted equity securities | 1,759 | 990 | |||
Financial liabilities: | |||||
Deposits | 1,018,529 | 940,546 | |||
Long-term borrowings | 231,748 | 6,971 | |||
Accrued interest payable | 1,038 | 435 | |||
Interest rate swap hedges | 172 | ||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Financial assets: | |||||
Cash and cash equivalents | 49,781 | 50,348 | |||
Significant Other Observable Inputs (Level 2) [Member] | |||||
Financial assets: | |||||
Investment securities available-for-sale | 103,695 | 91,247 | |||
Loans held for sale | 4,338 | 81 | |||
Accrued interest receivable | 578 | 461 | |||
Financial liabilities: | |||||
Deposits | 1,018,529 | 940,546 | |||
Long-term borrowings | 231,748 | 6,971 | |||
Accrued interest payable | 1,038 | 435 | |||
Interest rate swap hedges | 172 | ||||
Significant Unobservable Inputs (Level 3) [Member] | |||||
Financial assets: | |||||
Net loans | [1] | 1,116,618 | 836,074 | ||
Accrued interest receivable | $ 3,638 | $ 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 December 31, 2020 and December 31, 2019 was measured using an exit price notion |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Non Interest Income, Segregated by Revenue Streams in-Scope and Out-of-Scope of Topic 606 (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Noninterest Income [Abstract] | ||
Noninterest Income | $ 8,773 | $ 8,514 |
In-scope of Topic 606 [Member] | ||
Noninterest Income [Abstract] | ||
Noninterest Income | 5,970 | 7,206 |
In-scope of Topic 606 [Member] | Service Charges, Fees and Commissions [Member] | ||
Noninterest Income [Abstract] | ||
Noninterest Income | 4,133 | 5,186 |
In-scope of Topic 606 [Member] | Investment Advisory, Management and Administrative Service [Member] | ||
Noninterest Income [Abstract] | ||
Noninterest Income | 1,837 | 2,020 |
Out-scope of Topic 606 [Member] | ||
Noninterest Income [Abstract] | ||
Noninterest Income | $ 2,803 | $ 1,308 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Contract with Customer, Asset, Net | $ 0 | $ 0 |
Contract with Customer, Liability | $ 0 | $ 0 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) | 7 Months Ended | 12 Months Ended | |||
Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2020USD ($)InstallmentAgreement$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018shares | Apr. 15, 2015shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Defined contribution plan, employer matching contribution, percentage | 100.00% | ||||
Defined contribution plan, maximum percentage of employees' compensation | 4.00% | ||||
Defined contribution plan, expenses | $ | $ 523,000 | $ 505,000 | |||
Defined contribution plan, discretionary contributions | $ | 0 | 0 | |||
Compensation expense | $ | $ 186,000 | $ 242,000 | 643,000 | ||
Number of SERP agreements | Agreement | 12 | ||||
Accrued benefit obligations of deferred compensation plans | $ | $ 4,862,000 | $ 4,582,000 | $ 4,862,000 | ||
Options expiration period | 10 years | ||||
Exercise of stock options, shares | 0 | 50,116 | |||
Number of outstanding stock options with intrinsic value | 153,264 | 172,964 | 153,264 | ||
Market value of stock | $ / shares | $ 12.49 | $ 9.15 | $ 12.49 | ||
Option exercise price | $ / shares | $ 13.05 | ||||
Accumulated benefit obligation amount | $ | $ 8,202,000 | $ 8,620,000 | $ 8,202,000 | ||
Shares granted | 0 | 0 | |||
Share Based Compensation Arrangement By Share Based Payment Award Options With No Intrinsic Value Number | $ | $ 19,700 | ||||
Common Stock Market Price | $ / shares | $ 12.49 | $ 9.15 | $ 12.49 | ||
Shares resevred | 1,140,000 | ||||
Shares issued | 1,140,000 | ||||
Description for compensation plan | To the extent a restricted stock award or restricted stock unit is granted, the number of shares available as stock options will be reduced by two shares of each share represented by a restricted stock award agreement or restricted stock unit agreement. The maximum number of shares of common stock pursuant to any type of award available under the Plan thatmay be granted to any one employee shall not exceed 200,000 shares. | ||||
Shares issued | 95,000 | ||||
Pension Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Net actuarial credit expected to be amortized | $ | $ 226,000 | ||||
10.60 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of outstanding stock options exercisable | 16,000 | 16,000 | 16,000 | ||
Option exercise price | $ / shares | $ 10.60 | $ 10.60 | |||
10.35 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of outstanding stock options exercisable | 12,500 | 12,500 | 12,500 | ||
Option exercise price | $ / shares | $ 10.35 | $ 10.35 | |||
9.75 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of outstanding stock options exercisable | 21,664 | 21,664 | 21,664 | ||
Option exercise price | $ / shares | $ 9.75 | $ 9.75 | |||
10.00 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of outstanding stock options exercisable | 85,600 | 85,600 | 85,600 | ||
Option exercise price | $ / shares | $ 10 | $ 10 | |||
12.25 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of outstanding stock options exercisable | 2,500 | 2,500 | 2,500 | ||
Option exercise price | $ / shares | $ 12.25 | $ 12.25 | |||
13.05 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of outstanding stock options exercisable | 18,200 | 18,200 | 18,200 | ||
Option exercise price | $ / shares | $ 13.05 | ||||
11.94 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of outstanding stock options exercisable | 15,000 | 15,000 | 15,000 | ||
Option exercise price | $ / shares | $ 11.94 | $ 11.94 | |||
12.58 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of outstanding stock options exercisable | 1,500 | 1,500 | 1,500 | ||
Option exercise price | $ / shares | $ 12.58 | $ 12.58 | |||
Stock Option Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Registered number of common shares | 350,000 | ||||
Options vesting period | 7 years | ||||
Options vesting percentage | 100.00% | ||||
Options expiration period | 10 years | ||||
Shares granted | 1,500 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued | 570,000 | ||||
Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Registered number of common shares | 75,000,000 | ||||
Number of shares available for purchase | 170,000,000 | ||||
Discount on purchase price for shares available for purchase under ESPP | 15.00% | ||||
Common stock, number of shares acquired under ESPP | 29,392,000 | 21,733,000 | |||
Two Thousand Nineteen Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | $ | $ 105,000 | $ 0 | |||
Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Annual payment | $ | $ 15,000 | ||||
Benefits period | 5 years | ||||
Number of monthly installments | Installment | 12 | ||||
Compensation expense | $ | $ 75,000 | ||||
Director [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Aggregate grant date fair value | $ | $ 50,000 | ||||
Nine Executives [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Benefits period | 15 years | ||||
Three Executives [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Benefits period | 20 years |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Stock Option Activity (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | ||
Outstanding, Beginning balance | 172,964 | 263,480 |
Forfeited, Shares | (6,150) | |
Expired, Shares | (34,250) | |
Exercised, Shares | 0 | (50,116) |
Outstanding, Ending balance | 172,964 | 172,964 |
Options vested and exercisable at year-end | 171,464 | 171,464 |
Range of exercise price, Lower | $ 9.75 | $ 9.75 |
Range of exercise price, Upper | $ 13.05 | $ 13.05 |
Remaining contractual life | 3 years 5 months 1 day | 4 years 5 months 1 day |
Outstanding, Weighted Average Exercise Price Per Share, Beginning balance | $ 10.66 | $ 10.62 |
Forfeited, Weighted Average Exercise Price Per Share | 12.98 | |
Expired, Weighted Average Exercise Price Per Share | 10.60 | |
Exercised, Weighted Average Exercise Price Per Share | 10.22 | |
Outstanding, Weighted Average Exercise Price Per Share, Ending balance | $ 10.66 | $ 10.66 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Nonvested Restricted Stock Units Activity (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding – January 1, | $ 12.49 | |
Granted | 9.15 | $ 12.49 |
Forfeited and retired | 12.49 | |
Awards vested at year-end | 12.49 | |
Outstanding – December 31, | $ 9.88 | $ 12.49 |
Remaining contractual life | 1 year 1 month 9 days | 2 years 2 months 1 day |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding – January 1, | 14,929 | |
Granted | 16,390 | 14,929 |
Forfeited and retired | 2,512 | |
Outstanding – December 31, | 20,979 | 14,929 |
Awards vested at year-end | 7,828 |
Employee Benefit Plans - Sche_2
Employee Benefit Plans - Schedule of Plan's Funded Status (Detail) - Defined Benefit Pension Plan and Post Retirement Benefit Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Change in benefit obligations: | ||
Benefit obligation beginning January 1 | $ 8,202 | $ 7,669 |
Interest cost | 256 | 313 |
Benefits paid | (547) | (548) |
Actuarial (gain)/loss | 709 | 768 |
Benefit obligation at end of year | 8,620 | 8,202 |
Change in plan assets: | ||
Fair value of plan assets at January 1 | 8,281 | 6,310 |
Actual return on plan assets | 1,287 | 1,108 |
Contributions | 2 | 1,411 |
Benefits paid | (547) | (548) |
Fair value of plan assets at end of year | 9,023 | 8,281 |
Funded status included in other liabilities | $ 403 | $ 79 |
Employee Benefit Plans - Sche_3
Employee Benefit Plans - Schedule of Amounts Related to Plan Recognized in Accumulated Other Comprehensive Loss but not Yet Recognized as Component of Net Periodic Pension Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Income tax expense (benefit) | $ 341 | $ 604 |
Net amount recognized in other comprehensive loss | 1,283 | 2,271 |
Defined Benefit Pension Items [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Income tax expense (benefit) | (200) | (235) |
Net amount recognized in other comprehensive loss | (751) | (882) |
Defined Benefit Pension Items [Member] | Defined Benefit Pension Plan and Post Retirement Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net loss | (951) | (1,117) |
Income tax expense (benefit) | 200 | (235) |
Net amount recognized in other comprehensive loss | $ (751) | $ (882) |
Employee Benefit Plans - Sche_4
Employee Benefit Plans - Schedule of Net Periodic Pension Expense and Postretirement Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Postretirement Life Insurance [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service credit | $ (7) | $ (7) |
Interest cost | 2 | 2 |
Net periodic postretirement benefit credit | (5) | (5) |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | 254 | 310 |
Expected return on plan assets | (521) | (410) |
Amortization of net loss | 118 | 112 |
Net periodic postretirement benefit credit | $ (149) | $ 12 |
Employee Benefit Plans - Summ_2
Employee Benefit Plans - Summary of Actuarial Assumptions Used for Company's Pension and Postretirement Benefit Plan (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Plan [Member] | Union [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.22% | 4.22% |
Expected long-term rate of return on plan assets | 6.50% | 6.75% |
Pension Plan [Member] | Citizens [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.22% | 4.22% |
Expected long-term rate of return on plan assets | 6.50% | 6.75% |
Postretirement Life [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.25% | 4.25% |
Employee Benefit Plans - Sche_5
Employee Benefit Plans - Schedule of Expected Benefit Payments (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | $ 535 |
2022 | 526 |
2023 | 511 |
2024 | 508 |
2025 | 491 |
2026 - 2030 | 2,310 |
Total | 4,881 |
Postretirement Life Insurance [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 5 |
2022 | 5 |
2023 | 4 |
2024 | 4 |
2025 | 4 |
2026 - 2030 | 14 |
Total | $ 36 |
Employee Benefit Plans - Sche_6
Employee Benefit Plans - Schedule of Company's Pension Plan Asset Allocations, by Asset Category (Detail) - Pension Plan [Member] | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan asset allocations | 100.00% | 100.00% |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan asset allocations | 1.51% | 1.64% |
Equity Securities, Financial Services [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan asset allocations | 42.62% | 37.34% |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan asset allocations | 55.87% | 61.02% |
Employee Benefit Plans - Sche_7
Employee Benefit Plans - Schedule of Fair Value of Company's Pension Plan Assets, by Asset Category (Detail) - Pension Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | $ 9,023 | $ 8,281 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 8,641 | 7,936 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 382 | 345 |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 136 | 136 |
Cash and Cash Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 136 | 136 |
Large Cap Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 378 | 321 |
Large Cap Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 378 | 321 |
Large Cap Core [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 381 | 343 |
Large Cap Core [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 381 | 343 |
Mid Cap Core [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 478 | 375 |
Mid Cap Core [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 478 | 375 |
Small Cap Core [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 244 | 152 |
Small Cap Core [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 244 | 152 |
International Growth [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 651 | 427 |
International Growth [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 651 | 427 |
International Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 311 | 214 |
International Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 311 | 214 |
Large Cap Growth [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 774 | 713 |
Large Cap Growth [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 774 | 713 |
Small/Mid Cap Growth [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 247 | 202 |
Small/Mid Cap Growth [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 247 | 202 |
Fixed Income - Core Plus [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 1,881 | 1,928 |
Fixed Income - Core Plus [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 1,881 | 1,928 |
Intermediate Duration [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 656 | |
Intermediate Duration [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 656 | |
Long Duration Government Credit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 2,487 | 1,812 |
Long Duration Government Credit [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 2,487 | 1,812 |
Long U.S. Treasury - ETF [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 673 | 657 |
Long U.S. Treasury - ETF [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 673 | 657 |
Common/Collective Trust Large Cap Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | 382 | 345 |
Common/Collective Trust Large Cap Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | $ 382 | $ 345 |
Income Taxes - Summary of Curre
Income Taxes - Summary of Current and Deferred Amounts of Provision for Income Taxes Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Current tax expense (benefit) | $ 232 | $ (308) |
Deferred tax expense (benefit) | 25 | 1,009 |
Applicable Federal Income Tax Expense (Benefit) | $ 257 | $ 701 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Asset (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Allowance for loan losses | $ 2,582 | $ 1,535 |
Deferred compensation | 962 | 1,021 |
Purchase accounting adjustments | 64 | |
Alternate minimum tax credit carryforwards | 279 | |
Minimum pension liability | 211 | 247 |
Accrued expenses | 185 | 405 |
Unrealized loss on investment securities available-for-sale | ||
Low income housing credit carryforwards | 920 | 1,063 |
Net operating loss carryforwards | 666 | 714 |
Lease liabilities | 488 | 817 |
Other | 493 | 664 |
Total | 6,507 | 6,809 |
Deferred tax liabilities: | ||
Premises and equipment, net | 507 | 577 |
Purchase accounting adjustments | 56 | |
Unrealized gain on investment securities available-for-sale | 412 | 142 |
Benefit plans | 311 | 280 |
Lease right of use | 478 | 810 |
Cash flow hedge | 36 | |
Postretirement minimum | 16 | 18 |
Other | 784 | 710 |
Total | 2,600 | 2,537 |
Net deferred tax asset | $ 3,907 | $ 4,272 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Line Items] | ||
Federal statutory rate | 21.00% | 21.00% |
Income Taxes - Reconciliation B
Income Taxes - Reconciliation Between Amount of Effective Income Tax Expense and Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Federal income tax at statutory rate | $ (4,401) | $ 1,047 |
Adjustment for non-taxable goodwill | 5,025 | |
Tax exempt interest | (245) | (248) |
Bank owned life insurance income | (159) | (160) |
Other, net | 37 | 62 |
Applicable Federal Income Tax Expense (Benefit) | $ 257 | $ 701 |
Parent Company Financial Stat_3
Parent Company Financial Statements - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | |||
Cash and cash equivalents | $ 49,781 | $ 50,348 | $ 53,816 |
Other assets | 48,420 | 45,929 | |
Total assets | 1,357,554 | 1,079,954 | |
Liabilities and stockholders' equity | |||
Long-term borrowings | 228,765 | 6,971 | |
Other liabilities | 14,859 | 13,958 | |
Total liabilities | 1,260,122 | 961,844 | |
Stockholders' equity | 97,432 | 118,110 | 113,910 |
Total Liabilities and stockholders' equity | 1,357,554 | 1,079,954 | |
Riverview Financial Corporation [Member] | |||
Assets | |||
Cash and cash equivalents | 10,503 | 722 | $ 249 |
Investment in bank subsidiary | 118,881 | 124,560 | |
Premises, net | 73 | 73 | |
Other assets | 641 | 169 | |
Total assets | 130,098 | 125,524 | |
Liabilities and stockholders' equity | |||
Long-term borrowings | 31,860 | 6,971 | |
Other liabilities | 806 | 443 | |
Total liabilities | 32,666 | 7,414 | |
Stockholders' equity | 97,432 | 118,110 | |
Total Liabilities and stockholders' equity | $ 130,098 | $ 125,524 |
Parent Company Financial Stat_4
Parent Company Financial Statements - Condensed Statements of Income (Loss) and Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Income Statements, Captions [Line Items] | ||
Income, dividends from bank subsidiary | $ 46,046 | $ 49,547 |
Interest expense | 6,783 | 8,600 |
Noninterest expense | 62,708 | 42,068 |
Net income (loss) before income taxes | (20,954) | 4,987 |
Income tax benefit | 257 | 701 |
Net income (loss) | (21,211) | 4,286 |
Comprehensive income (loss) | (19,928) | 6,557 |
Riverview Financial Corporation [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Income, dividends from bank subsidiary | 1,400 | 3,220 |
Interest expense | 769 | 514 |
Income before equity in undistributed net income of subsidiary | 631 | 2,706 |
Undistributed net income (loss) of subsidiary | (21,827) | 1,683 |
Noninterest expense | 224 | 257 |
Net income (loss) before income taxes | (21,420) | 4,132 |
Income tax benefit | (209) | (154) |
Net income (loss) | (21,211) | 4,286 |
Comprehensive income (loss) | $ (19,928) | $ 6,557 |
Parent Company Financial Stat_5
Parent Company Financial Statements - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (21,211) | $ 4,286 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net cash provided by operating activities | 5,257 | 5,256 |
Amortization of assumed discount on long-term debt | 83 | 79 |
Amortization of long-term debt issuance costs | 43 | |
Cash flows from investing activities: | ||
Net cash provided by investing activities | (301,629) | 57,746 |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 234,756 | |
Proceeds from stock-based compensation | 543 | 644 |
Dividends paid | (1,386) | (3,209) |
Net cash provided by(used in) financing activities | 295,805 | (66,470) |
Cash and cash equivalents - beginning | 50,348 | 53,816 |
Cash and cash equivalents - ending | 49,781 | 50,348 |
Riverview Financial Corporation [Member] | ||
Cash flows from operating activities: | ||
Net income (loss) | (21,211) | 4,286 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Undistributed net (income) loss of subsidiary | 21,827 | (1,683) |
(Increase) decrease in accrued interest receivable and other assets | (337) | 88 |
Increase (decrease) in accrued interest payable and other liabilities | 363 | 60 |
Net cash provided by operating activities | 768 | 2,830 |
Amortization of assumed discount on long-term debt | 83 | 79 |
Amortization of long-term debt issuance costs | 43 | |
Cash flows from investing activities: | ||
Capitalization of subsidiary | (15,000) | |
Net cash provided by investing activities | (15,000) | |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 24,763 | |
Proceeds from stock-based compensation | 93 | 208 |
Proceeds from issuance of common stock | 543 | 644 |
Dividends paid | (1,386) | (3,209) |
Net cash provided by(used in) financing activities | 24,013 | (2,357) |
Increase in cash and cash equivalents | 9,781 | 473 |
Cash and cash equivalents - beginning | 722 | 249 |
Cash and cash equivalents - ending | $ 10,503 | $ 722 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) - USD ($) | Oct. 06, 2020 | Jan. 01, 2020 | Nov. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Maximum percentage of capital and surplus transferable under Federal Regulation | 10.00% | |||||
Maximum amount available for transfer from bank to company | $ 128,364,000 | |||||
Loans outstanding | 0 | $ 0 | ||||
Advances made during period | 0 | $ 0 | ||||
Small bank holding company asset threshold limit | $ 3,000,000,000 | $ 1,000,000,000 | ||||
Description of Regulatory Requirements for Capital Adequacy Purposes | In November 2019, the Federal Financial Institution Examination Council published final rules implementing a simplified measure of capital adequacy for certain banking organizations that have less than $10 billion in total consolidated assets. | |||||
Maximum Threshold Amount for applicability of Simplified measures of Capital Adequacy Rules | $ 10,000,000,000 | |||||
Description of Other Regulatory Limitations | Under the final rules, which went into effect on January 1, 2020, depository institutions and depository institution holding companies that have less than $10 billion in total consolidated assets and meet other qualifying criteria, including a leverage ratio of greater than 9%, off-balance-sheet exposures of 25% or less of total consolidated assets and trading assets plus trading liabilities of 5% or less of total consolidatedassets, are deemed “qualifying community banking organizations” and are eligible to opt into the “community bank leverage ratio framework.” | |||||
Maximum Threshold Amount to maintain in Total Consolidated Assets | $ 10,000,000,000 | |||||
Bank Regulation Leverage Capital Ratio Undercapitalized Minimum | 8 | |||||
Description of Regulatory Requirements of Prompt Corrective Action Rules | The final rules include a two-quarter grace period during which a qualifying community banking organization that temporarily fails to meet any of the qualifying criteria, including the greater-than-9% leverage capital ratio requirement, is generally still deemed “well capitalized” so long as the banking organization maintains a leverage capital ratio greater than 8%. A banking organization that fails to maintain a leverage capital ratio greater than 8% is not permitted to use the grace period and must comply with the generally applicable requirements under the Basel III rules and file the appropriate regulatory reports. | |||||
Qualifying Community Banking Organization [Member] | Community Bank Leverage Ratio Framework [Member] | Leverage Ratio [Member] | ||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Capital Required for Capital Adequacy to total Consolidated Assets | 9.00% | |||||
Qualifying Community Banking Organization [Member] | Community Bank Leverage Ratio Framework [Member] | Off Balance Exposure [Member] | ||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Capital Required for Capital Adequacy to total Consolidated Assets | 25.00% | |||||
Qualifying Community Banking Organization [Member] | Community Bank Leverage Ratio Framework [Member] | Trading Assets And Trading Liabilities [Member] | ||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Capital Required for Capital Adequacy to total Consolidated Assets | 5.00% | |||||
Parent Company [Member] | ||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Commitment to advance Capital | $ 15,000,000 | |||||
Cash Available for Debt | $ 25,000,000 | |||||
Fixed To Floating Subordinated Notes [Member] | Private Placement [Member] | ||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Stock Issued | $ 25,000,000 | |||||
Effective Inteerst Rate on Notes | 5.75% |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of the Company's and Bank's Capital Ratios and Minimum Ratios Required for Capital Adequacy Purposes (Detail) - Riverview Bank [Member] | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital (to risk-weighted assets), Actual, Amount | $ 114,967,000 | $ 96,405,000 |
Tier 1 capital (to average total assets), Actual, Amount | 114,967,000 | 96,405,000 |
Common equity tier 1 risk-based capital (to risk-weighted assets), Actual, Amount | $ 114,967,000 | $ 96,405,000 |
Tier 1 capital (to risk-weighted assets), Actual, Ratio | 12.9 | 11.5 |
Tier 1 capital (to average total assets), Actual, Ratio | 9.8 | 9.1 |
Common equity tier 1 risk-based capital (to risk-weighted assets), Actual, Ratio | 12.9 | 11.5 |
Total risk-based capital (to risk-weighted assets), Actual, Amount | $ 126,108,000 | $ 104,010,000 |
Total risk-based capital (to risk-weighted assets), Actual, Ratio | 14.2 | 12.4 |
Minimum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | $ 75,659,000 | $ 71,345,000 |
Tier 1 capital (to average total assets), For Capital Adequacy Purposes, Amount | 47,102,000 | 42,489,000 |
Common equity tier 1 risk-based capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | $ 62,308,000 | $ 58,755,000 |
Tier 1 capital (to risk-weighted assets) | 8.5 | 8.5 |
Tier 1 capital (to average total assets) | 4 | 4 |
Common equity tier 1 risk based capital (to risk-weighted assets) | 7.00% | 7.00% |
Total risk-based capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | $ 93,462,000 | $ 88,132,000 |
Total risk-based capital (to risk-weighted assets) | 10.5 | 10.5 |
Total risk-based capital (to risk-weighted assets), To be Well Capitalized under Basel III, Amount | $ 89,011,000 | $ 83,936,000 |
Tier 1 capital (to risk-weighted assets), To be Well Capitalized under Basel III, Amount | 71,209,000 | 67,148,000 |
Tier 1 capital (to average total assets), To be Well Capitalized under Basel III, Amount | 58,877,000 | 53,112,000 |
Common equity tier 1 risk-based capital (to risk-weighted assets), To be Well Capitalized under Basel III, Amount | $ 57,857,000 | $ 54,558,000 |
Total risk-based capital (to risk-weighted assets) | 10 | 10 |
Tier 1 capital (to risk-weighted assets) | 8 | 8 |
Tier 1 capital (to average total assets) | 5 | 5 |
Common equity tier 1 risk based capital (to risk-weighted assets) | 6.50% | 6.50% |