Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 01, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | AMERISERV FINANCIAL INC /PA/ | |
Entity Central Index Key | 707,605 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | ASRV | |
Entity Common Stock, Shares Outstanding | 18,033,401 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
ASSETS | |||
Cash and due from depository institutions | $ 22,798 | $ 26,234 | |
Interest bearing deposits | 2,794 | 2,698 | |
Short-term investments in money market funds | 5,002 | 5,256 | |
Total cash and cash equivalents | 30,594 | 34,188 | |
Investment securities: | |||
Available for sale, at fair value | 132,390 | 129,138 | |
Held to maturity (fair value $38,041 on March 31, 2018 and $38,811 on December 31, 2017) | 38,663 | 38,752 | |
Loans held for sale | 843 | 3,125 | |
Loans | 875,249 | 890,032 | |
Less: Unearned income | 376 | 399 | |
Allowance for loan losses | 9,932 | 10,214 | |
Net loans | 864,941 | 879,419 | |
Premises and equipment, net | 12,406 | 12,734 | |
Accrued interest income receivable | 3,555 | 3,603 | |
Goodwill | 11,944 | 11,944 | |
Bank owned life insurance | 37,992 | 37,860 | |
Net deferred tax asset | 5,585 | 5,963 | |
Federal Home Loan Bank stock | 4,265 | 4,675 | |
Federal Reserve Bank stock | 2,125 | 2,125 | |
Other assets | 5,857 | 4,129 | |
TOTAL ASSETS | 1,151,160 | 1,167,655 | |
LIABILITIES | |||
Non-interest bearing deposits | 179,137 | 183,603 | |
Interest bearing deposits | 765,069 | 764,342 | |
Total deposits | 944,206 | 947,945 | |
Short-term borrowings | 36,895 | 49,084 | |
Advances from Federal Home Loan Bank | 45,969 | 46,229 | |
Guaranteed junior subordinated deferrable interest debentures, net | 12,927 | 12,923 | |
Subordinated debt, net | 7,470 | 7,465 | |
Total borrowed funds | 103,261 | 115,701 | |
Other liabilities | 7,883 | 8,907 | |
TOTAL LIABILITIES | 1,055,350 | 1,072,553 | |
SHAREHOLDERS' EQUITY | |||
Common stock, par value $0.01 per share; 30,000,000 shares authorized; 26,596,220 shares issued and 18,033,401 outstanding on March 31, 2018; 26,585,403 shares issued and 18,128,247 outstanding on December 31, 2017 | 266 | 266 | |
Treasury stock at cost, 8,562,819 shares on March 31, 2018 and 8,457,156 on December 31, 2017 | (78,678) | (78,233) | |
Capital surplus | 145,739 | 145,707 | |
Retained earnings | 41,807 | 40,312 | |
Accumulated other comprehensive loss, net | [1] | (13,324) | (12,950) |
TOTAL SHAREHOLDERS’ EQUITY | 95,810 | 95,102 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 1,151,160 | $ 1,167,655 | |
[1] | Amounts in parentheses indicate debits on the Consolidated Balance Sheets. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Held to maturity securities, fair value | $ 38,041 | $ 38,811 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 26,596,220 | 26,585,403 |
Common stock, shares outstanding | 18,033,401 | 18,128,247 |
Treasury stock, shares | 8,562,819 | 8,457,156 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
INTEREST INCOME | ||
Interest and fees on loans | $ 9,818 | $ 9,556 |
Interest bearing deposits | 4 | 2 |
Short-term investments in money market funds | 43 | 24 |
Investment securities: | ||
Available for sale | 1,029 | 901 |
Held to maturity | 323 | 265 |
Total Interest Income | 11,217 | 10,748 |
INTEREST EXPENSE | ||
Deposits | 1,781 | 1,436 |
Short-term borrowings | 92 | 19 |
Advances from Federal Home Loan Bank | 186 | 162 |
Guaranteed junior subordinated deferrable interest debentures | 280 | 280 |
Subordinated debt | 130 | 130 |
Total Interest Expense | 2,469 | 2,027 |
NET INTEREST INCOME | 8,748 | 8,721 |
Provision for loan losses | 50 | 225 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 8,698 | 8,496 |
NON-INTEREST INCOME | ||
Trust and investment advisory fees | 2,278 | 2,166 |
Service charges on deposit accounts | 383 | 374 |
Net gains on sale of loans | 98 | 114 |
Mortgage related fees | 39 | 75 |
Net realized gains (losses) on investment securities | (148) | 27 |
Bank owned life insurance | 132 | 141 |
Other income | 853 | 665 |
Total Non-Interest Income | 3,635 | 3,562 |
NON-INTEREST EXPENSE | ||
Salaries and employee benefits | 6,093 | 5,948 |
Net occupancy expense | 670 | 674 |
Equipment expense | 391 | 419 |
Professional fees | 1,184 | 1,200 |
Supplies, postage and freight | 168 | 194 |
Miscellaneous taxes and insurance | 290 | 294 |
Federal deposit insurance expense | 162 | 160 |
Other expense | 1,162 | 1,196 |
Total Non-Interest Expense | 10,120 | 10,085 |
PRETAX INCOME | 2,213 | 1,973 |
Provision for income tax expense | 446 | 625 |
NET INCOME | $ 1,767 | $ 1,348 |
Basic: | ||
Net income | $ 0.1 | $ 0.07 |
Average number of shares outstanding | 18,079 | 18,814 |
Diluted: | ||
Net income | $ 0.1 | $ 0.07 |
Average number of shares outstanding | 18,181 | 18,922 |
Cash dividends declared | $ 0.015 | $ 0.015 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
COMPREHENSIVE INCOME | |||
Net income | $ 1,767 | $ 1,348 | |
Other comprehensive income (loss), before tax: | |||
Pension obligation change for defined benefit plan | 1,044 | 77 | |
Income tax effect | (219) | (27) | |
Unrealized holding gains (losses) on available for sale securities arising during period | (1,666) | 92 | |
Income tax effect | 350 | (30) | |
Reclassification adjustment for (gains) losses on available for sale securities included in net income | [1] | 148 | (27) |
Income tax effect | [1] | (31) | 9 |
Other comprehensive income (loss) | [2] | (374) | 94 |
Comprehensive income | $ 1,393 | $ 1,442 | |
[1] | Amounts in parentheses indicate credits. | ||
[2] | Amounts in parentheses indicate debits on the Consolidated Balance Sheets. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
OPERATING ACTIVITIES | ||
Net income | $ 1,767 | $ 1,348 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 50 | 225 |
Depreciation expense | 405 | 428 |
Net amortization of investment securities | 103 | 126 |
Net realized (gains) losses on investment securities available for sale | 148 | (27) |
Net gains on loans held for sale | (98) | (114) |
Amortization of deferred loan fees | (35) | (51) |
Origination of mortgage loans held for sale | (4,061) | (7,583) |
Sales of mortgage loans held for sale | 6,441 | 8,178 |
(Increase) decrease in accrued interest income receivable | 48 | (84) |
Decrease in accrued interest payable | (121) | (139) |
Earnings on bank owned life insurance | (132) | (141) |
Deferred income taxes | 447 | 623 |
Amortization of deferred issuance costs | 9 | 10 |
Stock based compensation expense | 32 | 42 |
Other, net | (1,410) | (233) |
Net cash provided by operating activities | 3,593 | 2,608 |
INVESTING ACTIVITIES | ||
Purchases of investment securities - available for sale | (13,168) | (14,195) |
Purchases of investment securities - held to maturity | (855) | (6,476) |
Proceeds from sales of investment securities - available for sale | 4,479 | 5,653 |
Proceeds from maturities of investment securities - available for sale | 3,695 | 6,570 |
Proceeds from maturities of investment securities - held to maturity | 917 | 375 |
Purchases of regulatory stock | (3,924) | (4,531) |
Proceeds from redemption of regulatory stock | 4,334 | 3,606 |
Long-term loans originated | (28,694) | (50,495) |
Principal collected on long-term loans | 44,999 | 37,520 |
Loans purchased or participated | (2,000) | (150) |
Proceeds from sale of other real estate owned | 12 | 23 |
Purchases of premises and equipment | (77) | (702) |
Net cash provided by (used in) investing activities | 9,718 | (22,802) |
FINANCING ACTIVITIES | ||
Net decrease in deposit balances | (3,739) | (3,010) |
Net increase (decrease) in other short-term borrowings | (12,189) | 20,922 |
Principal borrowings on advances from Federal Home Loan Bank | 1,740 | 3,500 |
Principal repayments on advances from Federal Home Loan Bank | (2,000) | (3,000) |
Purchase of treasury stock | (445) | (992) |
Common stock dividends | (272) | (283) |
Net cash provided by (used in) financing activities | (16,905) | 17,137 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (3,594) | (3,057) |
CASH AND CASH EQUIVALENTS AT JANUARY 1 | 34,188 | 34,073 |
CASH AND CASH EQUIVALENTS AT MARCH 31 | $ 30,594 | $ 31,016 |
Principles of Consolidation
Principles of Consolidation | 3 Months Ended |
Mar. 31, 2018 | |
Principles of Consolidation [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | The accompanying consolidated financial statements include the accounts of AmeriServ Financial, Inc. (the Company) and its wholly-owned subsidiaries, AmeriServ Financial Bank (the Bank), AmeriServ Trust and Financial Services Company (the Trust Company), and AmeriServ Life Insurance Company (AmeriServ Life). The Bank is a Pennsylvania state-chartered full service bank with 15 locations in Pennsylvania. The Trust Company offers a complete range of trust and financial services and administers assets valued at $2.2 billion that are not reported on the Company’s consolidated balance sheet at March 31, 2018. AmeriServ Life is a captive insurance company that engages in underwriting as a reinsurer of credit life and disability insurance. In addition, the Parent Company is an administrative group that provides support in such areas as audit, finance, investments, loan review, general services, and marketing. Significant intercompany accounts and transactions have been eliminated in preparing the consolidated financial statements. |
Basis of Preparation
Basis of Preparation | 3 Months Ended |
Mar. 31, 2018 | |
Basis of Preparation [Abstract] | |
Basis of Accounting [Text Block] | 2. Basis of Preparation The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. In the opinion of management, all adjustments consisting of normal recurring entries considered necessary for a fair presentation have been included. They are not, however, necessarily indicative of the results of consolidated operations for a full-year. For further information, refer to the consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
Recent Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3. Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU 2016-13, Financial Instruments Credit Losses: Measurement of Credit Losses on Financial Instruments In March 2017, the FASB issued ASU 2017-08, Receivables Nonrefundable Fees and Other Costs (Subtopic 310-20). |
Adoption of Accounting Standard
Adoption of Accounting Standards | 3 Months Ended |
Mar. 31, 2018 | |
Recent Accounting Pronouncements [Abstract] | |
Adoption of Accounting Standards [Text Block] | 4. Adoption of Accounting Standards Effective January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers Topic 606 In January 2016, the FASB finalized ASU 2016-01, Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities The Company has adopted this standard during the reporting period. On a prospective basis, the Company implemented changes to the measurement of the fair value of financial instruments using an exit price notion for disclosure purposes included in Note 19 to the financial statements. The December 31, 2017, fair value of each class of financial instruments disclosure did not utilize the exit price notion when measuring fair value and, therefore, would not be comparable to the March 31, 2018 disclosure. The Company estimated the fair value based on guidance from ASC 820-10, Fair Value Measurements, which defines fair value as the price which would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There is no active observable market for sale information on community bank loans and, thus, Level III fair value procedures were utilized, primarily in the use of present value techniques incorporating assumptions that market participants would use in estimating fair values. In March 2017, the FASB issued ASU 2017-07, Compensation Retirement Benefits (Topic 715) |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | 5. Revenue Recognition Management determined that the primary sources of revenue associated with financial instruments, including interest income on loans and investments, along with certain noninterest revenue sources including investment security gains, loan servicing charges, gains on the sale of loans, and bank owned life insurance income are not within the scope of Topic 606. As a result, no changes were made during the period related to these sources of revenue, which cumulatively comprise 78.3% of the total revenue of the Company. Noninterest income within the scope of Topic 606 are as follows: • Trust and investment advisory fees Trust and investment advisory income is primarily comprised of fees earned from the management and administration of trusts and customer investment portfolios. The Company’s performance obligation is generally satisfied over a period of time and the resulting fees are billed monthly or quarterly, based upon the month end market value of the assets under management. Payment is generally received after month end through a direct charge to customers’ accounts. Other performance obligations (such as delivery of account statements to customers) are generally considered immaterial to the overall transactions price. Commissions on transactions are recognized on a trade-date basis as the performance obligation is satisfied at the point in time in which the trade is processed. • Service charges on deposit accounts The Company has contracts with its deposit account customers where fees are charged for certain items or services. Service charges include account analysis fees, monthly service fees, overdraft fees, and other deposit account related fees. Revenue related to account analysis fees and service fees is recognized on a monthly basis as the Company has an unconditional right to the fee consideration. Fees attributable to specific performance obligations of the Company (i.e. overdraft fees, etc.) are recognized at a defined point in time based on completion of the requested service or transaction. • Other noninterest income Other noninterest income consists of other recurring revenue streams such as commissions for the sale of mutual funds, annuities, and life insurance products, safe deposit box rental fees, gain (loss) on sale of other real estate owned and other miscellaneous revenue streams. Commissions on the sale of mutual funds, annuities, and life insurance products are recognized when sold, which is when the Company has satisfied its performance obligation. Safe deposit box rental fees are charged to the customer on an annual basis and recognized when billed. However, if the safe deposit box rental fee is prepaid (i.e. paid prior to issuance of annual bill), the revenue is recognized upon receipt of payment. The Company has determined that since rentals and renewals occur consistently over time, revenue is recognized on a basis consistent with the duration of the performance obligation. Gains and losses on the sale of other real estate owned are recognized at the completion of the property sale when the buyer obtains control of the real estate and all the performance obligations of the Company have been satisfied. The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three months ended March 31, 2018 and 2017 (in thousands). Three months ended 2018 2017 Noninterest income: In-scope of Topic 606 Trust and investment advisory fees $ 2,278 $ 2,166 Service charges on deposit accounts 383 374 Other 566 540 Noninterest income (in-scope of topic 606) 3,227 3,080 Noninterest income (out-of-scope of topic 606) 408 482 Total noninterest income $ 3,635 $ 3,562 |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Share [Text Block] | 6. Earnings Per Common Share Basic earnings per share include only the weighted average common shares outstanding. Diluted earnings per share include the weighted average common shares outstanding and any potentially dilutive common stock equivalent shares in the calculation. Treasury shares are excluded for earnings per share purposes. The Company had no options to purchase common shares excluded from the computation of diluted earnings per common share, since all option exercise prices were below the average closing price for both the first quarter of 2018 and 2017. Three months ended 2018 2017 (In thousands, except per share data) Numerator: Net income $ 1,767 $ 1,348 Denominator: Weighted average common shares outstanding (basic) 18,079 18,814 Effect of stock options 102 108 Weighted average common shares outstanding (diluted) 18,181 18,922 Earnings per common share: Basic $ 0.10 $ 0.07 Diluted 0.10 0.07 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows | 3 Months Ended |
Mar. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | 7. Consolidated Statement of Cash Flows On a consolidated basis, cash and cash equivalents include cash and due from depository institutions, interest-bearing deposits and short-term investments in money market funds . |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2018 | |
Investments [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 8. Investment Securities The cost basis and fair values of investment securities are summarized as follows (in thousands): Investment securities available for sale (AFS): March 31, 2018 Cost Gross Gross Fair US Agency $ 6,821 $ $ (166 ) $ 6,655 US Agency mortgage-backed securities 82,648 396 (1,498 ) 81,546 Taxable municipal 8,929 8 (347 ) 8,590 Corporate bonds 35,922 254 (577 ) 35,599 Total $ 134,320 $ 658 $ (2,588 ) $ 132,390 Investment securities held to maturity (HTM): March 31, 2018 Cost Gross Gross Fair US Agency mortgage-backed securities $ 8,809 $ 99 $ (157 ) $ 8,751 Taxable municipal 23,813 69 (590 ) 23,292 Corporate bonds and other securities 6,041 33 (76 ) 5,998 Total $ 38,663 $ 201 $ (823 ) $ 38,041 Investment securities available for sale (AFS): December 31, 2017 Cost Gross Gross Fair US Agency $ 6,612 $ $ (40 ) $ 6,572 US Agency mortgage-backed securities 79,854 611 (719 ) 79,746 Taxable municipal 7,198 27 (189 ) 7,036 Corporate bonds 35,886 322 (424 ) 35,784 Total $ 129,550 $ 960 $ (1,372 ) $ 129,138 Investment securities held to maturity (HTM): December 31, 2017 Cost Gross Gross Fair US Agency mortgage-backed securities $ 9,740 $ 149 $ (45 ) $ 9,844 Taxable municipal 22,970 203 (238 ) 22,935 Corporate bonds and other securities 6,042 38 (48 ) 6,032 Total $ 38,752 $ 390 $ (331 ) $ 38,811 Maintaining investment quality is a primary objective of the Company's investment policy which, subject to certain limited exceptions, prohibits the purchase of any investment security below a Moody's Investor's Service or Standard & Poor's rating of “A.” At March 31, 2018, 57.4% of the portfolio was rated “AAA” as compared to 57.8% at December 31, 2017. Approximately 9.4% of the portfolio was either rated below “A” or unrated at March 31, 2018 as compared to 9.7% at December 31, 2017. The Company sold $4.5 million AFS securities in the first quarter of 2018 resulting in $148,000 of gross investment security losses and sold $5.7 million AFS securities in the first three months of 2017 resulting in $27,000 of gross investment security gains. The book value of securities, both available for sale and held to maturity, pledged to secure public and trust deposits was $115,980,000 at March 31, 2018 and $117,181,000 at December 31, 2017. The following tables present information concerning investments with unrealized losses as of March 31, 2018 and December 31, 2017 (in thousands): Total investment securities: March 31, 2018 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized US Agency $ 6,005 $ (165 ) $ 400 $ (1 ) $ 6,405 $ (166 ) US Agency mortgage-backed securities 51,033 (985 ) 17,925 (670 ) 68,958 (1,655 ) Taxable municipal 18,562 (412 ) 8,431 (525 ) 26,993 (937 ) Corporate bonds and other securities 15,181 (233 ) 13,635 (420 ) 28,816 (653 ) Total $ 90,781 $ (1,795 ) $ 40,391 $ (1,616 ) $ 131,172 $ (3,411 ) Total investment securities: December 31, 2017 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized US Agency $ 5,923 $ (39 ) $ 399 $ (1 ) $ 6,322 $ (40 ) US Agency mortgage-backed securities 36,783 (253 ) 22,625 (511 ) 59,408 (764 ) Taxable municipal 8,657 (109 ) 7,727 (318 ) 16,384 (427 ) Corporate bonds and other securities 7,123 (71 ) 13,655 (401 ) 20,778 (472 ) Total $ 58,486 $ (472 ) $ 44,406 $ (1,231 ) $ 102,892 $ (1,703 ) The unrealized losses are primarily a result of increases in market yields from the time of purchase. In general, as market yields rise, the value of securities will decrease; as market yields fall, the fair value of securities will increase. There are 190 positions that are considered temporarily impaired at March 31, 2018. Management generally views changes in fair value caused by changes in interest rates as temporary; therefore, these securities have not been classified as other-than-temporarily impaired. Management has also concluded that based on current information we expect to continue to receive scheduled interest payments as well as the entire principal balance. Furthermore, management does not intend to sell these securities and does not believe it will be required to sell these securities before they recover in value. Contractual maturities of securities at March 31, 2018 are shown below (in thousands). Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without prepayment penalties. The weighted average duration of the total investment securities portfolio at March 31, 2018 is 46.9 months and is higher than the duration at December 31, 2017 which was 44.3 months. The duration remains within our internal established guideline range of 24 to 60 months which we believe is appropriate to maintain proper levels of liquidity, interest rate risk, market valuation sensitivity and profitability. Total investment securities: March 31, 2018 Available for sale Held to maturity Cost Basis Fair Value Cost Basis Fair Value Within 1 year $ 400 $ 400 $ 2,000 $ 1,983 After 1 year but within 5 years 14,019 13,920 2,671 2,610 After 5 years but within 10 years 47,258 46,766 14,441 14,200 After 10 years but within 15 years 26,940 26,332 14,789 14,556 Over 15 years 45,703 44,972 4,762 4,692 Total $ 134,320 $ 132,390 $ 38,663 $ 38,041 |
Loans
Loans | 3 Months Ended |
Mar. 31, 2018 | |
Loans [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 9. Loans March 31, December 31, Commercial $ 158,776 $ 159,192 Commercial loans secured by real estate 451,787 463,780 Real estate mortgage 244,322 247,278 Consumer 19,988 19,383 Loans, net of unearned income $ 874,873 $ 889,633 Loan balances at March 31, 2018 and December 31, 2017 are net of unearned income of $376,000 and $399,000, respectively. Real estate-construction loans comprised 3.8% and 4.1% of total loans, net of unearned income at March 31, 2018 and December 31, 2017, respectively. |
Allowance for Loan Losses
Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2018 | |
Allowance for Loan Losses [Abstract] | |
Allowance for Credit Losses [Text Block] | 10. Allowance for Loan Losses Three months ended March 31, 2018 Balance at Charge-Offs Recoveries Provision Balance at Commercial $ 4,299 $ $ 1 $ (316 ) $ 3,984 Commercial loans secured by real estate 3,666 (162 ) 11 35 3,550 Real estate mortgage 1,102 (114 ) 19 260 1,267 Consumer 128 (99 ) 12 101 142 Allocation for general risk 1,019 (30 ) 989 Total $ 10,214 $ (375 ) $ 43 $ 50 $ 9,932 Three months ended March 31, 2017 Balance at Charge-Offs Recoveries Provision Balance at Commercial $ 4,041 $ $ 7 $ (24 ) $ 4,024 Commercial loans secured by real estate 3,584 (14 ) 2 175 3,747 Real estate mortgage 1,169 (94 ) 66 26 1,167 Consumer 151 (63 ) 19 42 149 Allocation for general risk 987 6 993 Total $ 9,932 $ (171 ) $ 94 $ 225 $ 10,080 The Company recorded a $50,000 provision for loan losses in the first quarter of 2018 compared to a $225,000 provision for loan losses in the first quarter of 2017. The lower 2018 provision reflects our overall strong asset quality, the successful workout of several criticized loans, and reduced loan portfolio balances. The Company experienced net loan charge-offs of $332,000, or 0.15% of total loans, in 2018 compared to net loan charge-offs of $77,000, or 0.04% of total loans, in 2017. Overall, the Company continued to maintain strong asset quality as its nonperforming assets totaled $2.2 million, or only 0.25% of total loans, at March 31, 2018. In summary, the allowance for loan losses provided 460% coverage of non-performing assets, and 1.14% of total loans, at March 31, 2018, compared to 337% coverage of non-performing assets, and 1.15% of total loans, at December 31, 2017. At March 31, 2018 Loans: Commercial Commercial Loans Secured by Real Estate Real Estate- Mortgage Consumer Allocation for General Risk Total Individually evaluated for impairment $ 913 $ 13 $ $ $ 926 Collectively evaluated for impairment 157,863 451,774 244,322 19,988 873,947 Total loans $ 158,776 $ 451,787 $ 244,322 $ 19,988 $ 874,873 Allowance for loan losses: Specific reserve allocation $ 835 $ $ $ $ $ 835 General reserve allocation 3,149 3,550 1,267 142 989 9,097 Total allowance for loan losses $ 3,984 $ 3,550 $ 1,267 $ 142 $ 989 $ 9,932 At December 31, 2017 Loans: Commercial Commercial Loans Secured by Real Estate Real Estate- Mortgage Consumer Allocation for General Risk Total Individually evaluated for impairment $ 1,212 $ 547 $ $ $ 1,759 Collectively evaluated for impairment 157,980 463,233 247,278 19,383 887,874 Total loans $ 159,192 $ 463,780 $ 247,278 $ 19,383 $ 889,633 Allowance for loan losses: Specific reserve allocation $ 909 $ $ $ $ $ 909 General reserve allocation 3,390 3,666 1,102 128 1,019 9,305 Total allowance for loan losses $ 4,299 $ 3,666 $ 1,102 $ 128 $ 1,019 $ 10,214 The segments of the Company’s loan portfolio are disaggregated to a level that allows management to monitor risk and performance. The loan segments used are consistent with the internal reports evaluated by the Company’s management and Board of Directors to monitor risk and performance within various segments of its loan portfolio and therefore, no further disaggregation into classes is necessary. The overall risk profile for the commercial loan segment is impacted by owner occupied commercial real estate (CRE) loans, which include loans secured by owner occupied nonfarm nonresidential properties, as a meaningful portion of the commercial portfolio is centered in these types of accounts. The residential mortgage loan segment is comprised of first lien amortizing residential mortgage loans and home equity loans secured by residential real estate. The consumer loan segment consists primarily of installment loans and overdraft lines of credit connected with customer deposit accounts. Management evaluates for possible impairment any individual loan in the commercial or commercial real estate segment with a loan balance in excess of $100,000 that is in nonaccrual status or classified as a Troubled Debt Restructure (TDR). Loans are considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in evaluating impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company does not separately evaluate individual consumer and residential mortgage loans for impairment, unless such loans are part of a larger relationship that is impaired, or are classified as a TDR. Once the determination has been made that a loan is impaired, the determination of whether a specific allocation of the allowance is necessary is measured by comparing the recorded investment in the loan to the fair value of the loan using one of three methods: (a) the present value of expected future cash flows discounted at the loan’s effective interest rate; (b) the loan’s observable market price; or (c) the fair value of the collateral less selling costs for collateral dependent loans. The method is selected on a loan-by-loan basis, with management primarily utilizing the fair value of collateral method. The evaluation of the need and amount of a specific allocation of the allowance and whether a loan can be removed from impairment status is made on a quarterly basis. The Company’s policy for recognizing interest income on impaired loans does not differ from its overall policy for interest recognition. The need for an updated appraisal on collateral dependent loans is determined on a case-by-case basis. The useful life of an appraisal or evaluation will vary depending upon the circumstances of the property and the economic conditions in the marketplace. A new appraisal is not required if there is an existing appraisal which, along with other information, is sufficient to determine a reasonable value for the property and to support an appropriate and adequate allowance for loan losses. At a minimum, annual documented reevaluation of the property is completed by the Bank’s internal Loan Review Department to support the value of the property. When reviewing an appraisal associated with an existing collateral real estate dependent transaction, the Bank’s internal Assigned Risk Department must determine if there have been material changes to the underlying assumptions in the appraisal which affect the original estimate of value. Some of the factors that could cause material changes to reported values include: • the passage of time; • the volatility of the local market; • the availability of financing; • natural disasters; • the inventory of competing properties; • new improvements to, or lack of maintenance of, the subject property or competing properties upon physical inspection by the Bank; • changes in underlying economic and market assumptions, such as material changes in current and projected vacancy, absorption rates, capitalization rates, lease terms, rental rates, sales prices, concessions, construction overruns and delays, zoning changes, etc.; and/or • environmental contamination. The value of the property is adjusted to appropriately reflect the above listed factors and the value is discounted to reflect the value impact of a forced or distressed sale, any outstanding senior liens, any outstanding unpaid real estate taxes, transfer taxes and closing costs that would occur with sale of the real estate. If the Assigned Risk Department personnel determine that a reasonable value cannot be derived based on available information, a new appraisal is ordered. The determination of the need for a new appraisal, versus completion of a property valuation by the Bank’s Assigned Risk Department personnel rests with the Assigned Risk Department and not the originating account officer. March 31, 2018 Impaired Loans with Impaired Total Impaired Loans Recorded Related Recorded Recorded Unpaid Commercial $ 902 $ 835 $ 11 $ 913 $ 922 Commercial loans secured by real estate 13 13 35 Total impaired loans $ 902 $ 835 $ 24 $ 926 $ 957 December 31, 2017 Impaired Loans with Impaired Total Impaired Loans Recorded Related Recorded Recorded Unpaid Commercial $ 1,201 $ 909 $ 11 $ 1,212 $ 1,215 Commercial loans secured by real estate 547 547 600 Total impaired loans $ 1,201 $ 909 $ 558 $ 1,759 $ 1,815 Three months ended 2018 2017 Average loan balance: Commercial $ 1,063 $ 490 Commercial loans secured by real estate 280 176 Average investment in impaired loans $ 1,343 $ 666 Interest income recognized: Commercial $ 8 $ 6 Commercial loans secured by real estate 2 Interest income recognized on a cash basis on impaired loans $ 8 $ 8 Management uses a nine point internal risk rating system to monitor the credit quality of the overall loan portfolio. The first six categories are considered not criticized. The first five “Pass” categories are aggregated, while the Pass-6, Special Mention, Substandard and Doubtful categories are disaggregated to separate pools. The criticized rating categories utilized by management generally follow bank regulatory definitions. The Special Mention category includes assets that are currently protected but are potentially weak, resulting in an undue and unwarranted credit risk, but not to the point of justifying a Substandard classification. Loans in the Substandard category have well-defined weaknesses that jeopardize the liquidation of the debt, and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. All loans greater than 90 days past due, or for which any portion of the loan represents a specific allocation of the allowance for loan losses are placed in Substandard or Doubtful. To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Company has a structured loan rating process, which dictates that, at a minimum, credit reviews are mandatory for all commercial and commercial mortgage loan relationships with aggregate balances in excess of $250,000 within a 12-month period. Generally, consumer and residential mortgage loans are included in the Pass categories unless a specific action, such as bankruptcy, delinquency, or death occurs to raise awareness of a possible credit event. The Company’s commercial relationship managers are responsible for the timely and accurate risk rating of the loans in their portfolios at origination and on an ongoing basis. Risk ratings are assigned by the account officer, but require independent review from the Company’s internal Loan Review Department. The Loan Review Department is an experienced independent function which reports directly to the Board’s Audit Committee. The scope of commercial portfolio coverage by the Loan Review Department is defined and presented to the Audit Committee for approval on an annual basis. The approved scope of coverage for 2018 requires review of a minimum range of 50% to 55% of the commercial loan portfolio. In addition to loan monitoring by the account officer and Loan Review Department, the Company also requires presentation of all credits rated Pass-6 with aggregate balances greater than $1,000,000, all credits rated Special Mention or Substandard with aggregate balances greater than $250,000, and all credits rated Doubtful with aggregate balances greater than $100,000 on an individual basis to the Company’s Loan Loss Reserve Committee on a quarterly basis. Additionally, the Asset Quality Task Force, which is a group comprised of senior level personnel, meets monthly to monitor the status of problem loans. March 31, 2018 Pass Special Substandard Doubtful Total Commercial $ 153,689 $ 2,140 $ 2,704 $ 243 $ 158,776 Commercial loans secured by real estate 441,330 10,112 332 13 451,787 Total $ 595,019 $ 12,252 $ 3,036 $ 256 $ 610,563 December 31, 2017 Pass Special Substandard Doubtful Total Commercial $ 153,728 $ 2,175 $ 2,759 $ 530 $ 159,192 Commercial loans secured by real estate 452,740 10,153 874 13 463,780 Total $ 606,468 $ 12,328 $ 3,633 $ 543 $ 622,972 It is generally the policy of the Bank that the outstanding balance of any residential mortgage loan that exceeds 90-days past due as to principal and/or interest is transferred to non-accrual status and an evaluation is completed to determine the fair value of the collateral less selling costs, unless the balance is minor. A charge down is recorded for any deficiency balance determined from the collateral evaluation. March 31, 2018 Performing Non- Performing Real estate mortgage $ 243,259 $ 1,063 Consumer 19,988 Total $ 263,247 $ 1,063 December 31, 2017 Performing Non- Performing Real estate mortgage $ 246,021 $ 1,257 Consumer 19,383 Total $ 265,404 $ 1,257 Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans (in thousands). March 31, 2018 Current 30 59 60 89 90 Days Total Total 90 Days Past Commercial $ 158,522 $ 243 $ $ 11 $ 254 $ 158,776 $ Commercial loans secured by real estate 446,505 5,282 5,282 451,787 Real estate mortgage 240,783 1,823 686 1,030 3,539 244,322 Consumer 19,511 469 8 477 19,988 Total $ 865,321 $ 7,817 $ 694 $ 1,041 $ 9,552 $ 874,873 $ December 31, 2017 Current 30 59 60 89 90 Days Total Total 90 Days Commercial $ 159,181 $ $ $ 11 $ 11 $ 159,192 $ Commercial loans secured by real estate 457,722 5,238 534 286 6,058 463,780 Real estate mortgage 243,393 2,373 671 841 3,885 247,278 Consumer 19,262 76 45 121 19,383 Total $ 879,558 $ 7,687 $ 1,250 $ 1,138 $ 10,075 $ 889,633 $ An allowance for loan losses (“ALL”) is maintained to support loan growth and cover charge-offs from the loan portfolio. The ALL is based on management’s continuing evaluation of the risk characteristics and credit quality of the loan portfolio, assessment of current economic conditions, diversification and size of the portfolio, adequacy of collateral, past and anticipated loss experience, and the amount of non-performing loans. Loans that are collectively evaluated for impairment are analyzed with general allowances being made as appropriate. For general allowances, historical loss trends are used in the estimation of losses in the current portfolio. These historical loss amounts are complemented by consideration of other qualitative factors. Management tracks the historical net charge-off activity at each risk rating grade level for the entire commercial portfolio and at the aggregate level for the consumer, residential mortgage and small business portfolios. A historical charge-off factor is calculated utilizing a rolling 12 consecutive historical quarters for the commercial portfolios. This historical charge-off factor for the consumer, residential mortgage and small business portfolios are based on a three year historical average of actual loss experience. The Company uses a comprehensive methodology and procedural discipline to maintain an ALL to absorb inherent losses in the loan portfolio. The Company believes this is a critical accounting policy since it involves significant estimates and judgments. The allowance consists of three elements: 1) an allowance established on specifically identified problem loans, 2) formula driven general reserves established for loan categories based upon historical loss experience and other qualitative factors which include delinquency, non-performing and TDR loans, loan trends, economic trends, concentrations of credit, trends in loan volume, experience and depth of management, examination and audit results, effects of any changes in lending policies, and trends in policy, financial information, and documentation exceptions, and 3) a general risk reserve which provides support for variance from our assessment of the previously listed qualitative factors, provides protection against credit risks resulting from other inherent risk factors contained in the Company’s loan portfolio, and recognizes the model and estimation risk associated with the specific and formula driven allowances. The qualitative factors used in the formula driven general reserves are evaluated quarterly (and revised if necessary) by the Company’s management to establish allocations which accommodate each of the listed risk factors. “Pass” rated credits are segregated from “Criticized” and “Classified” credits for the application of qualitative factors. Management reviews the loan portfolio on a quarterly basis using a defined, consistently applied process in order to make appropriate and timely adjustments to the ALL. When information confirms all or part of specific loans to be uncollectible, these amounts are promptly charged off against the ALL. |
Non-performing Assets Including
Non-performing Assets Including Troubled Debt Restructurings (TDR) | 3 Months Ended |
Mar. 31, 2018 | |
Nonperforming Assets Including Troubled Debt Restructurings [Abstract] | |
Non Performing Assets Including Troubled Debt Restructurings TDR [Text Block] | 11. Non-performing Assets Including Troubled Debt Restructurings (TDR) March 31, December 31, Non-accrual loans Commercial $ 913 $ 1,212 Commercial loans secured by real estate 13 547 Real estate-mortgage 1,063 1,257 Total 1,989 3,016 Other real estate owned Commercial 157 Real estate-mortgage 11 18 Total 168 18 TDR’s not in non-accrual Total non-performing assets including TDR $ 2,157 $ 3,034 Total non-performing assets as a percent of loans, net of unearned income, and other real estate owned 0.25 % 0.34 % The Company had no loans past due 90 days or more for the periods presented which were accruing interest. Three months ended 2018 2017 Interest income due in accordance with original terms $ 27 $ 16 Interest income recorded Net reduction in interest income $ 27 $ 16 Consistent with accounting and regulatory guidance, the Bank recognizes a TDR when the Bank, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that would not normally be considered. Regardless of the form of concession granted, the Bank’s objective in offering a TDR is to increase the probability of repayment of the borrower’s loan. The Company had no loans modified as TDRs during the three month period ending March 31, 2018 and 2017. In all instances where loans have been modified in troubled debt restructurings the pre- and post-modified balances are the same. The specific ALL reserve for loans modified as TDR’s was $835,000 and $507,000 as of March 31, 2018 and 2017, respectively. All TDR’s are individually evaluated for impairment and a related allowance is recorded, as needed. The Company had no loans that were classified as TDR’s or were subsequently modified during each 12-month period prior to the current reporting periods, which begin January 1, 2017 and 2016, respectively, and that subsequently defaulted during these reporting periods. The Company is unaware of any additional loans which are required to either be charged-off or added to the non-performing asset totals disclosed above. |
Federal Home Loan Bank Borrowin
Federal Home Loan Bank Borrowings | 3 Months Ended |
Mar. 31, 2018 | |
Federal Home Loan Bank Borrowings [Abstract] | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | 12. Federal Home Loan Bank Borrowings Total Federal Home Loan Bank (FHLB) borrowings and advances consist of the following (in thousands, except percentages): At March 31, 2018 Type Maturing Amount Weighted Open Repo Plus Overnight $ 36,895 1.87 % Advances 2018 10,000 1.52 2019 12,500 1.51 2020 16,729 1.74 2021 6,000 1.90 2022 740 2.60 Total advances 45,969 1.66 Total FHLB borrowings $ 82,864 1.76 % At December 31, 2017 Type Maturing Amount Weighted Open Repo Plus Overnight $ 49,084 1.54 % Advances 2018 12,000 1.48 2019 12,500 1.51 2020 16,729 1.74 2021 and over 5,000 1.75 Total advances 46,229 1.61 Total FHLB borrowings $ 95,313 1.57 % The rate on Open Repo Plus advances can change daily, while the rates on the advances are fixed until the maturity of the advance. All FHLB stock along with an interest in certain residential mortgage and CRE loans with an aggregate statutory value equal to the amount of the advances are pledged as collateral to the FHLB of Pittsburgh to support these borrowings. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2018 | |
Accumulated Comprehensive Loss [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | 13. Accumulated Other Comprehensive Loss The following table presents the changes in each component of accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2018 and 2017 (in thousands): Three months ended March 31, 2018 Three months ended March 31, 2017 Net (1) Defined (1) Total (1) Net (1) Defined (1) Total (1) Beginning balance $ (327 ) $ (12,623 ) $ (12,950 ) $ (171 ) $ (11,406 ) $ (11,577 ) Other comprehensive income (loss) before reclassifications (1,316 ) 517 (799 ) 62 (210 ) (148 ) Amounts reclassified from accumulated other comprehensive loss 117 308 425 (18 ) 260 242 Net current period other comprehensive income (loss) (1,199 ) 825 (374 ) 44 50 94 Ending balance $ (1,526 ) $ (11,798 ) $ (13,324 ) $ (127 ) $ (11,356 ) $ (11,483 ) (1) Amounts in parentheses indicate debits on the Consolidated Balance Sheets. The following table presents the amounts reclassified out of each component of accumulated other comprehensive loss for the three months ended March 31, 2018 and 2017 (in thousands): Amount reclassified from accumulated other (1) Details about accumulated other For the For the Affected line item in the consolidated Realized (gains) losses on sale of securities $ 148 $ (27 ) Net realized (gains) losses on (31 ) 9 Provision for income tax expense $ 117 $ (18 ) Net of tax Amortization of estimated defined benefit pension plan loss $ 390 $ 395 Other expense (82 ) (135 ) Provision for income taxes $ 308 $ 260 Net of tax Total reclassifications for the period $ 425 $ 242 Net income (1) Amounts in parentheses indicate credits. |
Regulatory Capital
Regulatory Capital | 3 Months Ended |
Mar. 31, 2018 | |
Regulatory Capital [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 14. Regulatory Capital The Company is subject to various capital requirements administered by the federal banking agencies. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company's assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Company's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. 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 consolidated financial statements. For a more detailed discussion see the Capital Resources section of the MD&A. Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios (set forth in the table below) of total and Tier 1 capital to risk-weighted assets, Tier 1 capital to average assets, and common equity Tier I capital (as defined in the regulations) to risk-weighted assets (RWA) (as defined). Additionally under Basel III rules, the decision was made to opt-out of including accumulated other comprehensive income in regulatory capital. As of March 31, 2018, the Bank was categorized as “Well Capitalized” under the regulatory framework for prompt corrective action promulgated by the Federal Reserve. AT MARCH 31, 2018 COMPANY BANK MINIMUM TO BE WELL AMOUNT RATIO AMOUNT RATIO RATIO RATIO Total Capital (To Risk Weighted Assets) $ 127,352 13.45 % $ 113,196 12.00 % 8.00 % 10.00 % Tier 1 Common Equity (To Risk Weighted Assets) 97,190 10.26 102,364 10.85 4.50 6.50 Tier 1 Capital (To Risk Weighted Assets) 109,050 11.52 102,364 10.85 6.00 8.00 Tier 1 Capital (To Average Assets) 109,050 9.54 102,364 9.09 4.00 5.00 AT DECEMBER 31, 2017 COMPANY BANK MINIMUM TO BE WELL AMOUNT RATIO AMOUNT RATIO RATIO RATIO Total Capital (To Risk Weighted Assets) $ 126,276 13.21 % $ 110,681 11.64 % 8.00 % 10.00 % Tier 1 Common Equity (To Risk Weighted Assets) 95,882 10.03 99,552 10.47 4.50 6.50 Tier 1 Capital (To Risk Weighted Assets) 107,682 11.26 99,552 10.47 6.00 8.00 Tier 1 Capital (To Average Assets) 107,682 9.32 99,552 8.75 4.00 5.00 * Applies to the Bank only. Additionally, while not a regulatory capital ratio, the Company’s tangible common equity ratio was 7.36% at March 31, 2018. |
Derivative Hedging Instruments
Derivative Hedging Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 15. Derivative Hedging Instruments The Company can use various interest rate contracts, such as interest rate swaps, caps, floors and swaptions to help manage interest rate and market valuation risk exposure, which is incurred in normal recurrent banking activities. The Company can use derivative instruments, primarily interest rate swaps, to manage interest rate risk and match the rates on certain assets by hedging the fair value of certain fixed rate debt, which converts the debt to variable rates and by hedging the cash flow variability associated with certain variable rate debt by converting the debt to fixed rates. To accommodate the needs of our customers and support the Company’s asset/liability positioning, we may enter into interest rate swap agreements with customers and a large financial institution that specializes in these types of transactions. These arrangements involve the exchange of interest payments based on the notional amounts. The Company entered into floating rate loans and fixed rate swaps with our customers. Simultaneously, the Company entered into offsetting fixed rate swaps with Pittsburgh National Bank (PNC). In connection with each swap transaction, the Company agrees to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on the same notional amount at a fixed interest rate. At the same time, the Company agrees to pay PNC the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. These transactions allow the Company’s customers to effectively convert a variable rate loan to a fixed rate. Because the Company acts as an intermediary for its customers, changes in the fair value of the underlying derivative contracts offset each other and do not significantly impact the Company’s results of operations. The following table summarizes the interest rate swap transactions that impacted the Company’s first quarter 2018 and 2017 performance. AT MARCH 31, 2018 HEDGE TYPE AGGREGATE WEIGHTED REPRICING INCREASE SWAP ASSETS FAIR VALUE $ 16,813,329 3.88 % MONTHLY $ (23,543 ) SWAP LIABILITIES FAIR VALUE (16,813,329 ) (3.88 ) MONTHLY 23,543 NET EXPOSURE AT MARCH 31, 2017 HEDGE TYPE AGGREGATE WEIGHTED REPRICING INCREASE SWAP ASSETS FAIR VALUE $ 5,000,000 3.10 % MONTHLY $ (15,367 ) SWAP LIABILITIES FAIR VALUE (5,000,000 ) (3.10 ) MONTHLY 15,367 NET EXPOSURE The Company monitors and controls all derivative products with a comprehensive Board of Director approved hedging policy. This policy permits a total maximum notional amount outstanding of $500 million for interest rate swaps, interest rate caps/floors, and swaptions. All hedge transactions must be approved in advance by the Investment Asset/Liability Committee (ALCO) of the Board of Directors, unless otherwise approved, as per the terms, within the Board of Directors approved Hedging Policy. The Company had no caps or floors outstanding at March 31, 2018. |
Segment Results
Segment Results | 3 Months Ended |
Mar. 31, 2018 | |
Segment Results [Abstract] | |
Segment Reporting Disclosure [Text Block] | 16. Segment Results The financial performance of the Company is also monitored by an internal funds transfer pricing profitability measurement system which produces line of business results and key performance measures. The Company’s major business units include retail banking, commercial banking, trust, and investment/parent. The reported results reflect the underlying economics of the business segments. Expenses for centrally provided services are allocated based upon the cost and estimated usage of those services. The businesses are match-funded and interest rate risk is centrally managed and accounted for within the investment/parent business segment. The key performance measure the Company focuses on for each business segment is net income contribution. Retail banking includes the deposit-gathering branch franchise and lending to both individuals and small businesses. Lending activities include residential mortgage loans, direct consumer loans, and local business commercial loans. Commercial banking to businesses includes commercial loans, business services, and CRE loans. The trust segment contains our wealth management businesses which include the Trust Company and West Chester Capital Advisors (WCCA), our registered investment advisory firm and Financial Services. Wealth management includes personal trust products and services such as personal portfolio investment management, estate planning and administration, custodial services and pre-need trusts. Also, institutional trust products and services such as 401(k) plans, defined benefit and defined contribution employee benefit plans, and individual retirement accounts are included in this segment. Financial Services include the sale of mutual funds, annuities, and insurance products. The wealth management businesses also includes the union collective investment funds, primarily the ERECT fund which are designed to use union pension dollars in construction projects that utilize union labor. The investment/parent includes the net results of investment securities and borrowing activities, general corporate expenses not allocated to the business segments, interest expense on corporate debt, and centralized interest rate risk management. Inter-segment revenues were not material. The contribution of the major business segments to the Consolidated Statements of Operations for the three months ended March 31, 2018 and 2017 were as follows (in thousands): Three months ended Total revenue Net income Retail banking $ 6,139 $ 706 Commercial banking 4,455 1,560 Trust 2,443 508 Investment/Parent (653 ) (1,007 ) Total $ 12,384 $ 1,767 Three months ended Total revenue Net income Retail banking $ 6,243 $ 617 Commercial banking 4,725 1,472 Trust 2,326 367 Investment/Parent (1,011 ) (1,108 ) Total $ 12,283 $ 1,348 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingent Liabilities [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 17. Commitments and Contingent Liabilities The Company had various outstanding commitments to extend credit approximating $180.0 million and $165.1 million as of March 31, 2018 and December 31, 2017, respectively. In addition, there were outstanding standby letters of credit of $10.0 million in each period. The Company’s exposure to credit loss in the event of nonperformance by the other party to these commitments to extend credit and standby letters of credit is represented by their contractual amounts. The Bank uses the same credit and collateral policies in making commitments and conditional obligations as for all other lending. Additionally, the Company is also subject to a number of asserted and unasserted potential claims encountered in the normal course of business. In the opinion of the Company, neither the resolution of these claims nor the funding of these credit commitments will have a material adverse effect on the Company’s consolidated financial position, results of operation or cash flows. |
Pension Benefits
Pension Benefits | 3 Months Ended |
Mar. 31, 2018 | |
Pension Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 18. Pension Benefits The Company has a noncontributory defined benefit pension plan covering certain employees who work at least 1,000 hours per year. The participants shall have a vested interest in their accrued benefit after five full years of service. The benefits of the plan are based upon the employee’s years of service and average annual earnings for the highest five consecutive calendar years during the final ten year period of employment. Plan assets are primarily debt securities (including US Treasury and Agency securities, corporate notes and bonds), listed common stocks (including shares of AmeriServ Financial, Inc. common stock which is limited to 10% of the plan’s assets), mutual funds, and short-term cash equivalent instruments. The net periodic pension cost for the three months ended March 31, 2018 and 2017 were as follows (in thousands): Three months ended 2018 2017 Components of net periodic benefit cost Service cost $ 409 $ 390 Interest cost 303 326 Expected return on plan assets (711 ) (631 ) Recognized net actuarial loss 386 367 Net periodic pension cost $ 387 $ 452 The service cost component of net periodic benefit cost is included in “Salaries and employee benefits” and all other components of net periodic benefit cost are included in “Other expense” in the Consolidated Statements of Operations. The Company implemented a soft freeze of its defined benefit pension plan to provide that non-union employees hired on or after January 1, 2013 and union employees hired on or after January 1, 2014 are not eligible to participate in the pension plan. Instead, such employees are eligible to participate in a qualified 401(k) plan. This change was made to help reduce pension costs in future periods. |
Disclosures about Fair Value Me
Disclosures about Fair Value Measurements and Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Disclosures about Fair Value Measurements [Abstract] | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | 19. Disclosures about Fair Value Measurements and Financial Instruments The following disclosures establish a hierarchal disclosure framework associated with the level of pricing observability utilized in measuring assets and liabilities at fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The three broad levels defined within this hierarchy are as follows: Level I: Quoted prices are available in active markets for identical assets or liabilities as of the reported date. Level II: Pricing inputs are other than the quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently and items that are fair-valued using other financial instruments, the parameters of which can be directly observed. Level III: Assets and liabilities that have little to no pricing observability as of the reported date. These items do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Assets and Liability Measured and Recorded on a Recurring Basis Securities classified as available for sale are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quoted market spreads, cash flows, the US Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. The following tables present the assets measured and recorded on the Consolidated Balance Sheets at their fair value as of March 31, 2018 and December 31, 2017, by level within the fair value hierarchy (in thousands). Fair Value Measurements at March 31, 2018 Total (Level 1) (Level 2) (Level 3) US Agency securities $ 6,655 $ $ 6,655 $ US Agency mortgage-backed securities 81,546 81,546 Taxable municipal 8,590 8,590 Corporate bonds 35,599 35,599 Fair value swap asset 511 511 Fair value swap liability (511 ) (511 ) Fair Value Measurements at December 31, 2017 Total (Level 1) (Level 2) (Level 3) US Agency securities $ 6,572 $ $ 6,572 $ US Agency mortgage-backed securities 79,746 79,746 Taxable municipal 7,036 7,036 Corporate bonds 35,784 35,784 Fair value swap asset 92 92 Fair value swap liability (92 ) (92 ) Assets Measured and Recorded on a Non-recurring Basis Loans considered impaired are loans for which, based on current information and events, it is probable that the creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement. As detailed in the allowance for loan loss footnote, impaired loans are reported at fair value of the underlying collateral if the repayment is expected solely from the collateral. Collateral values are estimated using Level 3 inputs based on observable market data which at times are discounted. At March 31, 2018, impaired loans with a carrying value of $926,000 were reduced by a specific valuation allowance totaling $835,000 resulting in a net fair value of $91,000. At December 31, 2017, impaired loans with a carrying value of $1.8 million were reduced by a specific valuation allowance totaling $909,000 resulting in a net fair value of $850,000. Other real estate owned is measured at fair value based on appraisals, less estimated cost to sell. Valuations are periodically performed by management. Income and expenses from operations and changes in valuation allowance are included in the net expenses from OREO. Assets measured and recorded at fair value on a non-recurring basis are summarized below (in thousands, except range data): Fair Value Measurements at March 31, 2018 Total (Level 1) (Level 2) (Level 3) Impaired loans $ 91 $ $ $ 91 Other real estate owned 168 168 Fair Value Measurements at December 31, 2017 Total (Level 1) (Level 2) (Level 3) Impaired loans $ 850 $ $ $ 850 Other real estate owned 18 18 March 31, 2018 Quantitative Information About Level 3 Fair Value Measurements Fair Value Valuation Unobservable Input Range(Wgtd Avg) Impaired loans $ 91 Appraisal of (1) , (3) Appraisal (2) 0% to 100%(90%) Other real estate owned 168 Appraisal of (1) , (3) Appraisal (2) 0% to 25%(2%) December 31, 2017 Quantitative Information About Level 3 Fair Value Measurements Fair Value Estimate Valuation Techniques Unobservable Input Range(Wgtd Avg) Impaired loans $ 850 Appraisal of (1) , (3) Appraisal (2) 21% to 75%(54%) Other real estate owned 18 Appraisal of (1) , (3) Appraisal (2) 16% to 64%(29%) 2% to 206%(79%) (1) Fair Value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions. (3) Includes qualitative adjustments by management and estimated liquidation expenses. FAIR VALUE OF FINANCIAL INSTRUMENTS For the Company, as for most financial institutions, approximately 90% of its assets and liabilities are considered financial instruments. Many of the Company’s financial instruments, however, lack an available trading market characterized by a willing buyer and willing seller engaging in an exchange transaction. Therefore, significant estimates and present value calculations were used by the Company for the purpose of this disclosure. Fair values have been determined by the Company using independent third party valuations that use the best available data (Level 2) and an estimation methodology (Level 3) the Company believes is suitable for each category of financial instruments. Management believes that cash, cash equivalents, bank owned life insurance, regulatory stock, accrued interest receivable and payable, short term borrowings, and loans and deposits with floating interest rates have estimated fair values which approximate the recorded book balances. The estimation methodologies used, the estimated fair values based on US GAAP measurements, and recorded book balances at March 31, 2018 and December 31, 2017, were as follows (in thousands): March 31, 2018 Carrying Fair Value (Level 1) (Level 2) (Level 3) FINANCIAL ASSETS: Cash and cash equivalents $ 30,594 $ 30,594 $ 30,594 $ $ Investment securities AFS 132,390 132,390 132,390 Investment securities HTM 38,663 38,041 35,084 2,957 Regulatory stock 6,390 6,390 6,390 Loans held for sale 843 862 862 Loans, net of allowance for loan loss and unearned income 864,941 850,224 850,224 Accrued interest income receivable 3,555 3,555 3,555 Bank owned life insurance 37,992 37,992 37,992 Fair value swap asset 511 511 511 FINANCIAL LIABILITIES: Deposits with no stated maturities $ 682,946 $ 682,946 $ 682,946 $ $ Deposits with stated maturities 261,260 261,070 261,070 Short-term borrowings 36,895 36,895 36,895 All other borrowings 66,366 68,894 68,894 Accrued interest payable 1,633 1,633 1,633 Fair value swap liability 511 511 511 December 31, 2017 Carrying Fair Value (Level 1) (Level 2) (Level 3) FINANCIAL ASSETS: Cash and cash equivalents $ 34,188 $ 34,188 $ 34,188 $ $ Investment securities AFS 129,138 129,138 129,138 Investment securities HTM 38,752 38,811 35,859 2,952 Regulatory stock 6,800 6,800 6,800 Loans held for sale 3,125 3,173 3,173 Loans, net of allowance for loan loss and unearned income 879,419 873,784 873,784 Accrued interest income receivable 3,603 3,603 3,603 Bank owned life insurance 37,860 37,860 37,860 Fair value swap asset 92 92 92 FINANCIAL LIABILITIES: Deposits with no stated maturities $ 688,648 $ 688,648 $ 688,648 $ $ Deposits with stated maturities 259,297 260,153 260,153 Short-term borrowings 49,084 49,084 49,084 All other borrowings 66,617 69,684 69,684 Accrued interest payable 1,754 1,754 1,754 Fair value swap liability 92 92 92 The fair value of cash and cash equivalents, regulatory stock, accrued interest income receivable, short-term borrowings, and accrued interest payable are equal to the current carrying value. The fair value of investment securities is equal to the available quoted market price for similar securities. The fair value measurements consider observable data that may include dealer quoted market spreads, cash flows, the US Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. The Level 3 securities are valued by discounted cash flows using the US Treasury rate for the remaining term of the securities. Loans held for sale are priced individually at market rates on the day that the loan is locked for commitment with an investor. All loans in the held for sale account conform to Fannie Mae underwriting guidelines, with the specific intent of the loan being purchased by an investor at the predetermined rate structure. Loans in the held for sale account have specific delivery dates that must be executed to protect the pricing commitment (typically a 30, 45, or 60 day lock period). The net loan portfolio has been valued using a present value discounted cash flow. The discount rate used in these calculations is based upon the treasury yield curve adjusted for non-interest operating costs, credit loss, current market prices and assumed prepayment risk. In accordance with ASU 2016-01, the discount rates used to determine fair value incorporate interest rate spreads that reflect factors such as liquidity, credit, and nonperformance risk of the loans. The fair value of bank owned life insurance is based upon the cash surrender value of the underlying policies and matches the book value. Deposits with stated maturities have been valued using a present value discounted cash flow with a discount rate approximating current market for similar assets and liabilities. Deposits with no stated maturities have an estimated fair value equal to both the amount payable on demand and the recorded book balance. The fair value of all other borrowings is based on the discounted value of contractual cash flows. The discount rates are estimated using rates currently offered for similar instruments with similar remaining maturities. The fair values of the fair value swaps used for interest rate risk management represents the amount the Company would have expected to receive or pay to terminate such agreements. Commitments to extend credit and standby letters of credit are financial instruments generally not subject to sale, and fair values are not readily available. The carrying value, represented by the net deferred fee arising from the unrecognized commitment, and the fair value, determined by discounting the remaining contractual fee over the term of the commitment using fees currently charged to enter into similar agreements with similar credit risk, is not considered material for disclosure. The contractual amounts of unfunded commitments are presented in Note 16. Changes in assumptions or estimation methodologies may have a material effect on these estimated fair values. The Company’s remaining assets and liabilities which are not considered financial instruments have not been valued differently than has been customary under historical cost accounting. |
Revenue Recognition (Table)
Revenue Recognition (Table) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Non Interest Income [Table Text Block] | The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three months ended March 31, 2018 and 2017 (in thousands). Three months ended 2018 2017 Noninterest income: In-scope of Topic 606 Trust and investment advisory fees $ 2,278 $ 2,166 Service charges on deposit accounts 383 374 Other 566 540 Noninterest income (in-scope of topic 606) 3,227 3,080 Noninterest income (out-of-scope of topic 606) 408 482 Total noninterest income $ 3,635 $ 3,562 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Common Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended 2018 2017 (In thousands, except per share data) Numerator: Net income $ 1,767 $ 1,348 Denominator: Weighted average common shares outstanding (basic) 18,079 18,814 Effect of stock options 102 108 Weighted average common shares outstanding (diluted) 18,181 18,922 Earnings per common share: Basic $ 0.10 $ 0.07 Diluted 0.10 0.07 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investments [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Investment securities available for sale (AFS): March 31, 2018 Cost Gross Gross Fair US Agency $ 6,821 $ $ (166 ) $ 6,655 US Agency mortgage-backed securities 82,648 396 (1,498 ) 81,546 Taxable municipal 8,929 8 (347 ) 8,590 Corporate bonds 35,922 254 (577 ) 35,599 Total $ 134,320 $ 658 $ (2,588 ) $ 132,390 Investment securities held to maturity (HTM): March 31, 2018 Cost Gross Gross Fair US Agency mortgage-backed securities $ 8,809 $ 99 $ (157 ) $ 8,751 Taxable municipal 23,813 69 (590 ) 23,292 Corporate bonds and other securities 6,041 33 (76 ) 5,998 Total $ 38,663 $ 201 $ (823 ) $ 38,041 Investment securities available for sale (AFS): December 31, 2017 Cost Gross Gross Fair US Agency $ 6,612 $ $ (40 ) $ 6,572 US Agency mortgage-backed securities 79,854 611 (719 ) 79,746 Taxable municipal 7,198 27 (189 ) 7,036 Corporate bonds 35,886 322 (424 ) 35,784 Total $ 129,550 $ 960 $ (1,372 ) $ 129,138 Investment securities held to maturity (HTM): December 31, 2017 Cost Gross Gross Fair US Agency mortgage-backed securities $ 9,740 $ 149 $ (45 ) $ 9,844 Taxable municipal 22,970 203 (238 ) 22,935 Corporate bonds and other securities 6,042 38 (48 ) 6,032 Total $ 38,752 $ 390 $ (331 ) $ 38,811 |
Schedule of Unrealized Loss on Investments [Table Text Block] | The following tables present information concerning investments with unrealized losses as of March 31, 2018 and December 31, 2017 (in thousands): Total investment securities: March 31, 2018 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized US Agency $ 6,005 $ (165 ) $ 400 $ (1 ) $ 6,405 $ (166 ) US Agency mortgage-backed securities 51,033 (985 ) 17,925 (670 ) 68,958 (1,655 ) Taxable municipal 18,562 (412 ) 8,431 (525 ) 26,993 (937 ) Corporate bonds and other securities 15,181 (233 ) 13,635 (420 ) 28,816 (653 ) Total $ 90,781 $ (1,795 ) $ 40,391 $ (1,616 ) $ 131,172 $ (3,411 ) Total investment securities: December 31, 2017 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized US Agency $ 5,923 $ (39 ) $ 399 $ (1 ) $ 6,322 $ (40 ) US Agency mortgage-backed securities 36,783 (253 ) 22,625 (511 ) 59,408 (764 ) Taxable municipal 8,657 (109 ) 7,727 (318 ) 16,384 (427 ) Corporate bonds and other securities 7,123 (71 ) 13,655 (401 ) 20,778 (472 ) Total $ 58,486 $ (472 ) $ 44,406 $ (1,231 ) $ 102,892 $ (1,703 ) |
Schedule of Contractual Maturities of Securities [Table Text Block] | Total investment securities: March 31, 2018 Available for sale Held to maturity Cost Basis Fair Value Cost Basis Fair Value Within 1 year $ 400 $ 400 $ 2,000 $ 1,983 After 1 year but within 5 years 14,019 13,920 2,671 2,610 After 5 years but within 10 years 47,258 46,766 14,441 14,200 After 10 years but within 15 years 26,940 26,332 14,789 14,556 Over 15 years 45,703 44,972 4,762 4,692 Total $ 134,320 $ 132,390 $ 38,663 $ 38,041 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Loans [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The loan portfolio of the Company consists of the following (in thousands): March 31, December 31, Commercial $ 158,776 $ 159,192 Commercial loans secured by real estate 451,787 463,780 Real estate mortgage 244,322 247,278 Consumer 19,988 19,383 Loans, net of unearned income $ 874,873 $ 889,633 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Allowance for Loan Losses [Abstract] | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | The following tables summarize the rollforward of the allowance for loan losses by portfolio segment for the three month periods ending March 31, 2018 and 2017 (in thousands). Three months ended March 31, 2018 Balance at Charge-Offs Recoveries Provision Balance at Commercial $ 4,299 $ $ 1 $ (316 ) $ 3,984 Commercial loans secured by real estate 3,666 (162 ) 11 35 3,550 Real estate mortgage 1,102 (114 ) 19 260 1,267 Consumer 128 (99 ) 12 101 142 Allocation for general risk 1,019 (30 ) 989 Total $ 10,214 $ (375 ) $ 43 $ 50 $ 9,932 Three months ended March 31, 2017 Balance at Charge-Offs Recoveries Provision Balance at Commercial $ 4,041 $ $ 7 $ (24 ) $ 4,024 Commercial loans secured by real estate 3,584 (14 ) 2 175 3,747 Real estate mortgage 1,169 (94 ) 66 26 1,167 Consumer 151 (63 ) 19 42 149 Allocation for general risk 987 6 993 Total $ 9,932 $ (171 ) $ 94 $ 225 $ 10,080 |
Schedule of Primary Segments of Loan Portfolio [Table Text Block] | The following tables summarize the loan portfolio and allowance for loan loss by the primary segments of the loan portfolio (in thousands). At March 31, 2018 Loans: Commercial Commercial Loans Secured by Real Estate Real Estate- Mortgage Consumer Allocation for General Risk Total Individually evaluated for impairment $ 913 $ 13 $ $ $ 926 Collectively evaluated for impairment 157,863 451,774 244,322 19,988 873,947 Total loans $ 158,776 $ 451,787 $ 244,322 $ 19,988 $ 874,873 Allowance for loan losses: Specific reserve allocation $ 835 $ $ $ $ $ 835 General reserve allocation 3,149 3,550 1,267 142 989 9,097 Total allowance for loan losses $ 3,984 $ 3,550 $ 1,267 $ 142 $ 989 $ 9,932 At December 31, 2017 Loans: Commercial Commercial Loans Secured by Real Estate Real Estate- Mortgage Consumer Allocation for General Risk Total Individually evaluated for impairment $ 1,212 $ 547 $ $ $ 1,759 Collectively evaluated for impairment 157,980 463,233 247,278 19,383 887,874 Total loans $ 159,192 $ 463,780 $ 247,278 $ 19,383 $ 889,633 Allowance for loan losses: Specific reserve allocation $ 909 $ $ $ $ $ 909 General reserve allocation 3,390 3,666 1,102 128 1,019 9,305 Total allowance for loan losses $ 4,299 $ 3,666 $ 1,102 $ 128 $ 1,019 $ 10,214 |
Impaired Financing Receivables [Table Text Block] | The following tables present impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary (in thousands). March 31, 2018 Impaired Loans with Impaired Total Impaired Loans Recorded Related Recorded Recorded Unpaid Commercial $ 902 $ 835 $ 11 $ 913 $ 922 Commercial loans secured by real estate 13 13 35 Total impaired loans $ 902 $ 835 $ 24 $ 926 $ 957 December 31, 2017 Impaired Loans with Impaired Total Impaired Loans Recorded Related Recorded Recorded Unpaid Commercial $ 1,201 $ 909 $ 11 $ 1,212 $ 1,215 Commercial loans secured by real estate 547 547 600 Total impaired loans $ 1,201 $ 909 $ 558 $ 1,759 $ 1,815 |
Schedule of Average Recorded Investment in Impaired Loans and Related Interest Income Recognized [Table Text Block] | The following table presents the average recorded investment in impaired loans and related interest income recognized for the periods indicated (in thousands). Three months ended 2018 2017 Average loan balance: Commercial $ 1,063 $ 490 Commercial loans secured by real estate 280 176 Average investment in impaired loans $ 1,343 $ 666 Interest income recognized: Commercial $ 8 $ 6 Commercial loans secured by real estate 2 Interest income recognized on a cash basis on impaired loans $ 8 $ 8 |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following table presents the classes of the commercial and commercial real estate loan portfolios summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system (in thousands). March 31, 2018 Pass Special Substandard Doubtful Total Commercial $ 153,689 $ 2,140 $ 2,704 $ 243 $ 158,776 Commercial loans secured by real estate 441,330 10,112 332 13 451,787 Total $ 595,019 $ 12,252 $ 3,036 $ 256 $ 610,563 December 31, 2017 Pass Special Substandard Doubtful Total Commercial $ 153,728 $ 2,175 $ 2,759 $ 530 $ 159,192 Commercial loans secured by real estate 452,740 10,153 874 13 463,780 Total $ 606,468 $ 12,328 $ 3,633 $ 543 $ 622,972 |
Schedule of Financing Receivable Performing and Nonperforming [Table Text Block] | The remaining non-accrual balance is reported as impaired with no specific allowance. It is generally the policy of the bank that the outstanding balance of any consumer loan that exceeds 90-days past due as to principal and/or interest is charged off. The following tables present the performing and non-performing outstanding balances of the residential and consumer portfolios (in thousands). March 31, 2018 Performing Non- Performing Real estate mortgage $ 243,259 $ 1,063 Consumer 19,988 Total $ 263,247 $ 1,063 December 31, 2017 Performing Non- Performing Real estate mortgage $ 246,021 $ 1,257 Consumer 19,383 Total $ 265,404 $ 1,257 |
Past Due Financing Receivables [Table Text Block] | The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans (in thousands). March 31, 2018 Current 30 59 60 89 90 Days Total Total 90 Days Past Commercial $ 158,522 $ 243 $ $ 11 $ 254 $ 158,776 $ Commercial loans secured by real estate 446,505 5,282 5,282 451,787 Real estate mortgage 240,783 1,823 686 1,030 3,539 244,322 Consumer 19,511 469 8 477 19,988 Total $ 865,321 $ 7,817 $ 694 $ 1,041 $ 9,552 $ 874,873 $ December 31, 2017 Current 30 59 60 89 90 Days Total Total 90 Days Commercial $ 159,181 $ $ $ 11 $ 11 $ 159,192 $ Commercial loans secured by real estate 457,722 5,238 534 286 6,058 463,780 Real estate mortgage 243,393 2,373 671 841 3,885 247,278 Consumer 19,262 76 45 121 19,383 Total $ 879,558 $ 7,687 $ 1,250 $ 1,138 $ 10,075 $ 889,633 $ |
Non-performing Assets Includi31
Non-performing Assets Including Troubled Debt Restructurings (TDR) (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Nonperforming Assets Including Troubled Debt Restructurings [Abstract] | |
Schedule Of Nonperforming Assets Including Trouble Debt Restructurings [Table Text Block] | The following table presents information concerning non-performing assets including TDR (in thousands, except percentages): March 31, December 31, Non-accrual loans Commercial $ 913 $ 1,212 Commercial loans secured by real estate 13 547 Real estate-mortgage 1,063 1,257 Total 1,989 3,016 Other real estate owned Commercial 157 Real estate-mortgage 11 18 Total 168 18 TDR’s not in non-accrual Total non-performing assets including TDR $ 2,157 $ 3,034 Total non-performing assets as a percent of loans, net of unearned income, and other real estate owned 0.25 % 0.34 % |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | The following table sets forth, for the periods indicated, (1) the gross interest income that would have been recorded if non-accrual loans had been current in accordance with their original terms and had been outstanding throughout the period or since origination if held for part of the period, (2) the amount of interest income actually recorded on such loans, and (3) the net reduction in interest income attributable to such loans (in thousands). Three months ended 2018 2017 Interest income due in accordance with original terms $ 27 $ 16 Interest income recorded Net reduction in interest income $ 27 $ 16 |
Federal Home Loan Bank Borrow32
Federal Home Loan Bank Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Federal Home Loan Bank Borrowings [Abstract] | |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | Total Federal Home Loan Bank (FHLB) borrowings and advances consist of the following (in thousands, except percentages): At March 31, 2018 Type Maturing Amount Weighted Open Repo Plus Overnight $ 36,895 1.87 % Advances 2018 10,000 1.52 2019 12,500 1.51 2020 16,729 1.74 2021 6,000 1.90 2022 740 2.60 Total advances 45,969 1.66 Total FHLB borrowings $ 82,864 1.76 % At December 31, 2017 Type Maturing Amount Weighted Open Repo Plus Overnight $ 49,084 1.54 % Advances 2018 12,000 1.48 2019 12,500 1.51 2020 16,729 1.74 2021 and over 5,000 1.75 Total advances 46,229 1.61 Total FHLB borrowings $ 95,313 1.57 % |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accumulated Comprehensive Loss [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the changes in each component of accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2018 and 2017 (in thousands): Three months ended March 31, 2018 Three months ended March 31, 2017 Net (1) Defined (1) Total (1) Net (1) Defined (1) Total (1) Beginning balance $ (327 ) $ (12,623 ) $ (12,950 ) $ (171 ) $ (11,406 ) $ (11,577 ) Other comprehensive income (loss) before reclassifications (1,316 ) 517 (799 ) 62 (210 ) (148 ) Amounts reclassified from accumulated other comprehensive loss 117 308 425 (18 ) 260 242 Net current period other comprehensive income (loss) (1,199 ) 825 (374 ) 44 50 94 Ending balance $ (1,526 ) $ (11,798 ) $ (13,324 ) $ (127 ) $ (11,356 ) $ (11,483 ) (1) Amounts in parentheses indicate debits on the Consolidated Balance Sheets. |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents the amounts reclassified out of each component of accumulated other comprehensive loss for the three months ended March 31, 2018 and 2017 (in thousands): Amount reclassified from accumulated other (1) Details about accumulated other For the For the Affected line item in the consolidated Realized (gains) losses on sale of securities $ 148 $ (27 ) Net realized (gains) losses on (31 ) 9 Provision for income tax expense $ 117 $ (18 ) Net of tax Amortization of estimated defined benefit pension plan loss $ 390 $ 395 Other expense (82 ) (135 ) Provision for income taxes $ 308 $ 260 Net of tax Total reclassifications for the period $ 425 $ 242 Net income (1) Amounts in parentheses indicate credits. |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Regulatory Capital [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | The Company believes that no conditions or events have occurred that would change this conclusion as of such date. To be categorized as Well Capitalized, the Bank must maintain minimum Total Capital, Common Equity Tier 1 Capital, Tier 1 Capital, and Tier 1 leverage ratios as set forth in the table (in thousands, except ratios). AT MARCH 31, 2018 COMPANY BANK MINIMUM TO BE WELL AMOUNT RATIO AMOUNT RATIO RATIO RATIO Total Capital (To Risk Weighted Assets) $ 127,352 13.45 % $ 113,196 12.00 % 8.00 % 10.00 % Tier 1 Common Equity (To Risk Weighted Assets) 97,190 10.26 102,364 10.85 4.50 6.50 Tier 1 Capital (To Risk Weighted Assets) 109,050 11.52 102,364 10.85 6.00 8.00 Tier 1 Capital (To Average Assets) 109,050 9.54 102,364 9.09 4.00 5.00 AT DECEMBER 31, 2017 COMPANY BANK MINIMUM TO BE WELL AMOUNT RATIO AMOUNT RATIO RATIO RATIO Total Capital (To Risk Weighted Assets) $ 126,276 13.21 % $ 110,681 11.64 % 8.00 % 10.00 % Tier 1 Common Equity (To Risk Weighted Assets) 95,882 10.03 99,552 10.47 4.50 6.50 Tier 1 Capital (To Risk Weighted Assets) 107,682 11.26 99,552 10.47 6.00 8.00 Tier 1 Capital (To Average Assets) 107,682 9.32 99,552 8.75 4.00 5.00 * Applies to the Bank only. |
Derivative Hedging Instruments
Derivative Hedging Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives [Table Text Block] | The following table summarizes the interest rate swap transactions that impacted the Company’s first quarter 2018 and 2017 performance. AT MARCH 31, 2018 HEDGE TYPE AGGREGATE WEIGHTED REPRICING INCREASE SWAP ASSETS FAIR VALUE $ 16,813,329 3.88 % MONTHLY $ (23,543 ) SWAP LIABILITIES FAIR VALUE (16,813,329 ) (3.88 ) MONTHLY 23,543 NET EXPOSURE AT MARCH 31, 2017 HEDGE TYPE AGGREGATE WEIGHTED REPRICING INCREASE SWAP ASSETS FAIR VALUE $ 5,000,000 3.10 % MONTHLY $ (15,367 ) SWAP LIABILITIES FAIR VALUE (5,000,000 ) (3.10 ) MONTHLY 15,367 NET EXPOSURE |
Segment Results (Tables)
Segment Results (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Results [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The contribution of the major business segments to the Consolidated Statements of Operations for the three months ended March 31, 2018 and 2017 were as follows (in thousands): Three months ended Total revenue Net income Retail banking $ 6,139 $ 706 Commercial banking 4,455 1,560 Trust 2,443 508 Investment/Parent (653 ) (1,007 ) Total $ 12,384 $ 1,767 Three months ended Total revenue Net income Retail banking $ 6,243 $ 617 Commercial banking 4,725 1,472 Trust 2,326 367 Investment/Parent (1,011 ) (1,108 ) Total $ 12,283 $ 1,348 |
Pension Benefits (Tables)
Pension Benefits (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Pension Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | The net periodic pension cost for the three months ended March 31, 2018 and 2017 were as follows (in thousands): Three months ended 2018 2017 Components of net periodic benefit cost Service cost $ 409 $ 390 Interest cost 303 326 Expected return on plan assets (711 ) (631 ) Recognized net actuarial loss 386 367 Net periodic pension cost $ 387 $ 452 |
Disclosures about Fair Value 38
Disclosures about Fair Value Measurements and Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosures about Fair Value Measurements [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following tables present the assets measured and recorded on the Consolidated Balance Sheets at their fair value as of March 31, 2018 and December 31, 2017, by level within the fair value hierarchy (in thousands). Fair Value Measurements at March 31, 2018 Total (Level 1) (Level 2) (Level 3) US Agency securities $ 6,655 $ $ 6,655 $ US Agency mortgage-backed securities 81,546 81,546 Taxable municipal 8,590 8,590 Corporate bonds 35,599 35,599 Fair value swap asset 511 511 Fair value swap liability (511 ) (511 ) Fair Value Measurements at December 31, 2017 Total (Level 1) (Level 2) (Level 3) US Agency securities $ 6,572 $ $ 6,572 $ US Agency mortgage-backed securities 79,746 79,746 Taxable municipal 7,036 7,036 Corporate bonds 35,784 35,784 Fair value swap asset 92 92 Fair value swap liability (92 ) (92 ) |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] | Assets measured and recorded at fair value on a non-recurring basis are summarized below (in thousands, except range data): Fair Value Measurements at March 31, 2018 Total (Level 1) (Level 2) (Level 3) Impaired loans $ 91 $ $ $ 91 Other real estate owned 168 168 Fair Value Measurements at December 31, 2017 Total (Level 1) (Level 2) (Level 3) Impaired loans $ 850 $ $ $ 850 Other real estate owned 18 18 March 31, 2018 Quantitative Information About Level 3 Fair Value Measurements Fair Value Valuation Unobservable Input Range(Wgtd Avg) Impaired loans $ 91 Appraisal of (1) , (3) Appraisal (2) 0% to 100%(90%) Other real estate owned 168 Appraisal of (1) , (3) Appraisal (2) 0% to 25%(2%) December 31, 2017 Quantitative Information About Level 3 Fair Value Measurements Fair Value Estimate Valuation Techniques Unobservable Input Range(Wgtd Avg) Impaired loans $ 850 Appraisal of (1) , (3) Appraisal (2) 21% to 75%(54%) Other real estate owned 18 Appraisal of (1) , (3) Appraisal (2) 16% to 64%(29%) 2% to 206%(79%) (1) Fair Value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions. (3) Includes qualitative adjustments by management and estimated liquidation expenses. |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The estimation methodologies used, the estimated fair values based on US GAAP measurements, and recorded book balances at March 31, 2018 and December 31, 2017, were as follows (in thousands): March 31, 2018 Carrying Fair Value (Level 1) (Level 2) (Level 3) FINANCIAL ASSETS: Cash and cash equivalents $ 30,594 $ 30,594 $ 30,594 $ $ Investment securities AFS 132,390 132,390 132,390 Investment securities HTM 38,663 38,041 35,084 2,957 Regulatory stock 6,390 6,390 6,390 Loans held for sale 843 862 862 Loans, net of allowance for loan loss and unearned income 864,941 850,224 850,224 Accrued interest income receivable 3,555 3,555 3,555 Bank owned life insurance 37,992 37,992 37,992 Fair value swap asset 511 511 511 FINANCIAL LIABILITIES: Deposits with no stated maturities $ 682,946 $ 682,946 $ 682,946 $ $ Deposits with stated maturities 261,260 261,070 261,070 Short-term borrowings 36,895 36,895 36,895 All other borrowings 66,366 68,894 68,894 Accrued interest payable 1,633 1,633 1,633 Fair value swap liability 511 511 511 December 31, 2017 Carrying Fair Value (Level 1) (Level 2) (Level 3) FINANCIAL ASSETS: Cash and cash equivalents $ 34,188 $ 34,188 $ 34,188 $ $ Investment securities AFS 129,138 129,138 129,138 Investment securities HTM 38,752 38,811 35,859 2,952 Regulatory stock 6,800 6,800 6,800 Loans held for sale 3,125 3,173 3,173 Loans, net of allowance for loan loss and unearned income 879,419 873,784 873,784 Accrued interest income receivable 3,603 3,603 3,603 Bank owned life insurance 37,860 37,860 37,860 Fair value swap asset 92 92 92 FINANCIAL LIABILITIES: Deposits with no stated maturities $ 688,648 $ 688,648 $ 688,648 $ $ Deposits with stated maturities 259,297 260,153 260,153 Short-term borrowings 49,084 49,084 49,084 All other borrowings 66,617 69,684 69,684 Accrued interest payable 1,754 1,754 1,754 Fair value swap liability 92 92 92 |
Principles of Consolidation (De
Principles of Consolidation (Details Textual) $ in Billions | Mar. 31, 2018USD ($) |
Number of locations | 15 |
Trust and financial services and administers assets | $ 2.2 |
Adoption of Accounting Standa40
Adoption of Accounting Standards (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accounting Standards Update 2017-07 [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 22,000 | $ (62,000) |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Trust and investment advisory fees | $ 2,278 | $ 2,166 |
Service charges on deposit accounts | 383 | 374 |
Other | 566 | 540 |
Noninterest income (in-scope of topic 606) | 3,227 | 3,080 |
Noninterest income (out-of-scope of topic 606) | 408 | 482 |
Total noninterest income | $ 3,635 | $ 3,562 |
Revenue Recognition (Details Te
Revenue Recognition (Details Textual) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue Associated With Financial Instruments [Member] | |
Percentage Of Entity Revenue | 78.30% |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Numerator: | ||
Net income | $ 1,767 | $ 1,348 |
Denominator: | ||
Weighted average common shares outstanding (basic) | 18,079 | 18,814 |
Effect of stock options | 102 | 108 |
Weighted average common shares outstanding (diluted) | 18,181 | 18,922 |
Earnings per common share: | ||
Basic | $ 0.1 | $ 0.07 |
Diluted | $ 0.1 | $ 0.07 |
Consolidated Statement of Cas44
Consolidated Statement of Cash Flows (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income tax payments | $ 3,000 | |
Total interest payments | $ 2,590,000 | 2,166,000 |
Non-cash transfers to other real estate owned | $ 158,000 | $ 20,000 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Available-For-Sale-Securities-And-Held-To-Maturity-Securities | ||
Investment securities available for sale, Cost Basis | $ 134,320 | $ 129,550 |
Investment securities available for sale, Gross Unrealized Gains | 658 | 960 |
Investment securities available for sale, Gross Unrealized Losses | (2,588) | (1,372) |
Available for Sale, Fair Value, Total | 132,390 | 129,138 |
Investment securities held to maturity, Cost Basis | 38,663 | 38,752 |
Investment securities held to maturity, Gross Unrealized Gains | 201 | 390 |
Investment securities held to maturity, Gross Unrealized Losses | (823) | (331) |
Held to Maturity, Fair Value, Total | 38,041 | 38,811 |
U.S. Agency [Member] | ||
Available-For-Sale-Securities-And-Held-To-Maturity-Securities | ||
Investment securities available for sale, Cost Basis | 6,821 | 6,612 |
Investment securities available for sale, Gross Unrealized Gains | 0 | 0 |
Investment securities available for sale, Gross Unrealized Losses | (166) | (40) |
Available for Sale, Fair Value, Total | 6,655 | 6,572 |
U.S. Agency mortgage-backed securities [Member] | ||
Available-For-Sale-Securities-And-Held-To-Maturity-Securities | ||
Investment securities available for sale, Cost Basis | 82,648 | 79,854 |
Investment securities available for sale, Gross Unrealized Gains | 396 | 611 |
Investment securities available for sale, Gross Unrealized Losses | (1,498) | (719) |
Available for Sale, Fair Value, Total | 81,546 | 79,746 |
Investment securities held to maturity, Cost Basis | 8,809 | 9,740 |
Investment securities held to maturity, Gross Unrealized Gains | 99 | 149 |
Investment securities held to maturity, Gross Unrealized Losses | (157) | (45) |
Held to Maturity, Fair Value, Total | 8,751 | 9,844 |
Taxable Municipal [Member] | ||
Available-For-Sale-Securities-And-Held-To-Maturity-Securities | ||
Investment securities available for sale, Cost Basis | 8,929 | 7,198 |
Investment securities available for sale, Gross Unrealized Gains | 8 | 27 |
Investment securities available for sale, Gross Unrealized Losses | (347) | (189) |
Available for Sale, Fair Value, Total | 8,590 | 7,036 |
Investment securities held to maturity, Cost Basis | 23,813 | 22,970 |
Investment securities held to maturity, Gross Unrealized Gains | 69 | 203 |
Investment securities held to maturity, Gross Unrealized Losses | (590) | (238) |
Held to Maturity, Fair Value, Total | 23,292 | 22,935 |
Corporate bonds [Member] | ||
Available-For-Sale-Securities-And-Held-To-Maturity-Securities | ||
Investment securities available for sale, Cost Basis | 35,922 | 35,886 |
Investment securities available for sale, Gross Unrealized Gains | 254 | 322 |
Investment securities available for sale, Gross Unrealized Losses | (577) | (424) |
Available for Sale, Fair Value, Total | 35,599 | 35,784 |
Corporate bonds and other securities [Member] | ||
Available-For-Sale-Securities-And-Held-To-Maturity-Securities | ||
Investment securities held to maturity, Cost Basis | 6,041 | 6,042 |
Investment securities held to maturity, Gross Unrealized Gains | 33 | 38 |
Investment securities held to maturity, Gross Unrealized Losses | (76) | (48) |
Held to Maturity, Fair Value, Total | $ 5,998 | $ 6,032 |
Investment Securities (Details
Investment Securities (Details 1) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Information concerning investments with unrealized losses | ||
Less than 12 months, Fair Value | $ 90,781 | $ 58,486 |
Less than 12 months, Unrealized Losses | (1,795) | (472) |
12 months or longer, Fair Value | 40,391 | 44,406 |
12 months or longer, Unrealized Losses | (1,616) | (1,231) |
Total, Fair Value | 131,172 | 102,892 |
Total, Unrealized Losses | (3,411) | (1,703) |
U.S. Agency [Member] | ||
Information concerning investments with unrealized losses | ||
Less than 12 months, Fair Value | 6,005 | 5,923 |
Less than 12 months, Unrealized Losses | (165) | (39) |
12 months or longer, Fair Value | 400 | 399 |
12 months or longer, Unrealized Losses | (1) | (1) |
Total, Fair Value | 6,405 | 6,322 |
Total, Unrealized Losses | (166) | (40) |
U.S. Agency mortgage-backed securities [Member] | ||
Information concerning investments with unrealized losses | ||
Less than 12 months, Fair Value | 51,033 | 36,783 |
Less than 12 months, Unrealized Losses | (985) | (253) |
12 months or longer, Fair Value | 17,925 | 22,625 |
12 months or longer, Unrealized Losses | (670) | (511) |
Total, Fair Value | 68,958 | 59,408 |
Total, Unrealized Losses | (1,655) | (764) |
Taxable Municipal [Member] | ||
Information concerning investments with unrealized losses | ||
Less than 12 months, Fair Value | 18,562 | 8,657 |
Less than 12 months, Unrealized Losses | (412) | (109) |
12 months or longer, Fair Value | 8,431 | 7,727 |
12 months or longer, Unrealized Losses | (525) | (318) |
Total, Fair Value | 26,993 | 16,384 |
Total, Unrealized Losses | (937) | (427) |
Corporate bonds and other securities [Member] | ||
Information concerning investments with unrealized losses | ||
Less than 12 months, Fair Value | 15,181 | 7,123 |
Less than 12 months, Unrealized Losses | (233) | (71) |
12 months or longer, Fair Value | 13,635 | 13,655 |
12 months or longer, Unrealized Losses | (420) | (401) |
Total, Fair Value | 28,816 | 20,778 |
Total, Unrealized Losses | $ (653) | $ (472) |
Investment Securities (Detail47
Investment Securities (Details 2) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Contractual maturities of securities | ||
Available for Sale, Cost Basis, Within 1 year | $ 400 | |
Available for Sale, Cost Basis, After 1 year but within 5 years | 14,019 | |
Available for Sale, Cost Basis, After 5 years but within 10 years | 47,258 | |
Available for Sale, Cost Basis, After 10 years but within 15 years | 26,940 | |
Available for Sale, Cost Basis, Over 15 years | 45,703 | |
Available for Sale, Cost Basis, Total | 134,320 | |
Available for Sale, Fair Value, Within 1 year | 400 | |
Available for Sale, Fair Value, After 1 year but within 5 years | 13,920 | |
Available for Sale, Fair Value, After 5 years but within 10 years | 46,766 | |
Available for Sale, Fair Value, After 10 years but within 15 years | 26,332 | |
Available for Sale, Fair Value, Over 15 years | 44,972 | |
Available for Sale, Fair Value, Total | 132,390 | $ 129,138 |
Held to Maturity, Cost Basis, Within 1 year | 2,000 | |
Held to Maturity, Cost Basis, After 1 year but within 5 years | 2,671 | |
Held to Maturity, Cost Basis, After 5 years but within 10 years | 14,441 | |
Held to Maturity, Cost Basis, After 10 years but within 15 years | 14,789 | |
Held to Maturity, Cost Basis, Over 15 years | 4,762 | |
Held to Maturity, Cost Basis, Total | 38,663 | 38,752 |
Held to Maturity, Fair Value, Within 1 year | 1,983 | |
Held to Maturity, Fair Value, After 1 year but within 5 years | 2,610 | |
Held to Maturity, Fair Value, After 5 years but within 10 years | 14,200 | |
Held to Maturity, Fair Value, After 10 years but within 15 years | 14,556 | |
Held to Maturity, Fair Value, Over 15 years | 4,692 | |
Held to Maturity, Fair Value, Total | $ 38,041 | $ 38,811 |
Investment Securities (Detail48
Investment Securities (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Investments [Line Items] | |||
Gross investment gains | $ 148,000 | $ 27,000 | |
Investment Securities: | |||
Consolidated investment securities portfolio modified, years | 46 months 27 days | 44 months 9 days | |
Proceeds from sales of investment securities available for sale | $ 4,479,000 | $ 5,653,000 | |
Book value of securities available for sale and held to maturity | $ 115,980,000 | $ 117,181,000 | |
Available-for-sale, Securities and Held To Maturity Securities in Unrealized Loss Positions | 190 | ||
Standard & Poor's, AAA Rating [Member] | |||
Investments [Line Items] | |||
Portfolio rated | 57.40% | 57.80% | |
Standard & Poor's, A Rating [Member] | |||
Investments [Line Items] | |||
Portfolio rated | 9.40% | 9.70% | |
Maximum [Member] | |||
Investment Securities: | |||
Consolidated investment securities portfolio modified, years | 60 months | ||
Minimum [Member] | |||
Investment Securities: | |||
Consolidated investment securities portfolio modified, years | 24 months |
Loans (Details)
Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 874,873 | $ 889,633 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 158,776 | 159,192 |
Commercial loans secured by real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 451,787 | 463,780 |
Real estate-mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 244,322 | 247,278 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 19,988 | $ 19,383 |
Loans (Details Textual)
Loans (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Real estate-construction loans, percentage | 3.80% | 4.10% |
Loan balances net of unearned income | $ 376 | $ 399 |
Allowance for Loan Losses (Deta
Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at Beginning of Period | $ 10,214 | $ 9,932 |
Charge-Offs | (375) | (171) |
Recoveries | 43 | 94 |
Provision (Credit) | 50 | 225 |
Balance at End of Period | 9,932 | 10,080 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at Beginning of Period | 4,299 | 4,041 |
Charge-Offs | 0 | 0 |
Recoveries | 1 | 7 |
Provision (Credit) | (316) | (24) |
Balance at End of Period | 3,984 | 4,024 |
Commercial loans secured by real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at Beginning of Period | 3,666 | 3,584 |
Charge-Offs | (162) | (14) |
Recoveries | 11 | 2 |
Provision (Credit) | 35 | 175 |
Balance at End of Period | 3,550 | 3,747 |
Real estate-mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at Beginning of Period | 1,102 | 1,169 |
Charge-Offs | (114) | (94) |
Recoveries | 19 | 66 |
Provision (Credit) | 260 | 26 |
Balance at End of Period | 1,267 | 1,167 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at Beginning of Period | 128 | 151 |
Charge-Offs | (99) | (63) |
Recoveries | 12 | 19 |
Provision (Credit) | 101 | 42 |
Balance at End of Period | 142 | 149 |
Allocation for general risk [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at Beginning of Period | 1,019 | 987 |
Charge-Offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision (Credit) | (30) | 6 |
Balance at End of Period | $ 989 | $ 993 |
Allowance for Loan Losses (De52
Allowance for Loan Losses (Details 1) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Loans: | ||||
Individually evaluated for impairment | $ 926 | $ 1,759 | ||
Collectively evaluated for impairment | 873,947 | 887,874 | ||
Total loans | 874,873 | 889,633 | ||
Allowance for loan losses: | ||||
Specific reserve allocation | 835 | 909 | ||
General reserve allocation | 9,097 | 9,305 | ||
Total allowance for loan losses | 9,932 | 10,214 | $ 10,080 | $ 9,932 |
Commercial [Member] | ||||
Loans: | ||||
Individually evaluated for impairment | 913 | 1,212 | ||
Collectively evaluated for impairment | 157,863 | 157,980 | ||
Total loans | 158,776 | 159,192 | ||
Allowance for loan losses: | ||||
Specific reserve allocation | 835 | 909 | ||
General reserve allocation | 3,149 | 3,390 | ||
Total allowance for loan losses | 3,984 | 4,299 | 4,024 | 4,041 |
Commercial loans secured by real estate [Member] | ||||
Loans: | ||||
Individually evaluated for impairment | 13 | 547 | ||
Collectively evaluated for impairment | 451,774 | 463,233 | ||
Total loans | 451,787 | 463,780 | ||
Allowance for loan losses: | ||||
Specific reserve allocation | 0 | 0 | ||
General reserve allocation | 3,550 | 3,666 | ||
Total allowance for loan losses | 3,550 | 3,666 | 3,747 | 3,584 |
Real estate-mortgage [Member] | ||||
Loans: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 244,322 | 247,278 | ||
Total loans | 244,322 | 247,278 | ||
Allowance for loan losses: | ||||
Specific reserve allocation | 0 | 0 | ||
General reserve allocation | 1,267 | 1,102 | ||
Total allowance for loan losses | 1,267 | 1,102 | 1,167 | 1,169 |
Consumer [Member] | ||||
Loans: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 19,988 | 19,383 | ||
Total loans | 19,988 | 19,383 | ||
Allowance for loan losses: | ||||
Specific reserve allocation | 0 | 0 | ||
General reserve allocation | 142 | 128 | ||
Total allowance for loan losses | 142 | 128 | 149 | 151 |
Allocation for general risk [Member] | ||||
Allowance for loan losses: | ||||
Specific reserve allocation | 0 | 0 | ||
General reserve allocation | 989 | 1,019 | ||
Total allowance for loan losses | $ 989 | $ 1,019 | $ 993 | $ 987 |
Allowance for Loan Losses (De53
Allowance for Loan Losses (Details 2) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | $ 926 | $ 1,759 |
Related Allowance | 835 | 909 |
Unpaid Principal Balance | 957 | 1,815 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | 913 | 1,212 |
Unpaid Principal Balance | 922 | 1,215 |
Commercial loans secured by real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | 13 | 547 |
Unpaid Principal Balance | 35 | 600 |
Impaired Loans with Specific Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | 902 | 1,201 |
Related Allowance | 835 | 909 |
Impaired Loans with Specific Allowance [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | 902 | 1,201 |
Related Allowance | 835 | 909 |
Impaired Loans with Specific Allowance [Member] | Commercial loans secured by real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Impaired Loans with No Specific Allowance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | 24 | 558 |
Impaired Loans with No Specific Allowance [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | 11 | 11 |
Impaired Loans with No Specific Allowance [Member] | Commercial loans secured by real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded Investment | $ 13 | $ 547 |
Allowance for Loan Losses (De54
Allowance for Loan Losses (Details 3) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Average loan balance: | ||
Average investment in impaired loans | $ 1,343 | $ 666 |
Interest income recognized: | ||
Interest income recognized on a cash basis on impaired loans | 8 | 8 |
Commercial [Member] | ||
Average loan balance: | ||
Average investment in impaired loans | 1,063 | 490 |
Interest income recognized: | ||
Interest income recognized on a cash basis on impaired loans | 8 | 6 |
Commercial loans secured by real estate [Member] | ||
Average loan balance: | ||
Average investment in impaired loans | 280 | 176 |
Interest income recognized: | ||
Interest income recognized on a cash basis on impaired loans | $ 0 | $ 2 |
Allowance for Loan Losses (De55
Allowance for Loan Losses (Details 4) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | $ 874,873 | $ 889,633 |
Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 610,563 | 622,972 |
Commercial [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 158,776 | 159,192 |
Commercial [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 158,776 | 159,192 |
Commercial loans secured by real estate [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 451,787 | 463,780 |
Commercial loans secured by real estate [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 451,787 | 463,780 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 595,019 | 606,468 |
Pass [Member] | Commercial [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 153,689 | 153,728 |
Pass [Member] | Commercial loans secured by real estate [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 441,330 | 452,740 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 12,252 | 12,328 |
Special Mention [Member] | Commercial [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 2,140 | 2,175 |
Special Mention [Member] | Commercial loans secured by real estate [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 10,112 | 10,153 |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 3,036 | 3,633 |
Substandard [Member] | Commercial [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 2,704 | 2,759 |
Substandard [Member] | Commercial loans secured by real estate [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 332 | 874 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 256 | 543 |
Doubtful [Member] | Commercial [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | 243 | 530 |
Doubtful [Member] | Commercial loans secured by real estate [Member] | Commercial Portfolio Segment [Member] | ||
Loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system | ||
Loan portfolio | $ 13 | $ 13 |
Allowance for Loan Losses (De56
Allowance for Loan Losses (Details 5) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Loan portfolio | $ 874,873 | $ 889,633 |
Real estate-mortgage [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Loan portfolio | 244,322 | 247,278 |
Consumer [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Loan portfolio | 19,988 | 19,383 |
Performing [Member] | Consumer Portfolio Segment [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Loan portfolio | 263,247 | 265,404 |
Performing [Member] | Real estate-mortgage [Member] | Consumer Portfolio Segment [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Loan portfolio | 243,259 | 246,021 |
Performing [Member] | Consumer [Member] | Consumer Portfolio Segment [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Loan portfolio | 19,988 | 19,383 |
Non-Performing [Member] | Consumer Portfolio Segment [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Loan portfolio | 1,063 | 1,257 |
Non-Performing [Member] | Real estate-mortgage [Member] | Consumer Portfolio Segment [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Loan portfolio | 1,063 | 1,257 |
Non-Performing [Member] | Consumer [Member] | Consumer Portfolio Segment [Member] | ||
Performing and non-performing outstanding balances of the residential and consumer portfolios | ||
Loan portfolio | $ 0 | $ 0 |
Allowance for Loan Losses (De57
Allowance for Loan Losses (Details 6) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | $ 865,321 | $ 879,558 |
Past Due | 9,552 | 10,075 |
Total loans | 874,873 | 889,633 |
90 Days Past Due and Still Accruing | 0 | 0 |
30-59 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 7,817 | 7,687 |
60-89 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 694 | 1,250 |
90 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 1,041 | 1,138 |
Commercial [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | 158,522 | 159,181 |
Past Due | 254 | 11 |
Total loans | 158,776 | 159,192 |
90 Days Past Due and Still Accruing | 0 | 0 |
Commercial [Member] | 30-59 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 243 | 0 |
Commercial [Member] | 60-89 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 0 | 0 |
Commercial [Member] | 90 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 11 | 11 |
Commercial loans secured by real estate [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | 446,505 | 457,722 |
Past Due | 5,282 | 6,058 |
Total loans | 451,787 | 463,780 |
90 Days Past Due and Still Accruing | 0 | 0 |
Commercial loans secured by real estate [Member] | 30-59 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 5,282 | 5,238 |
Commercial loans secured by real estate [Member] | 60-89 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 0 | 534 |
Commercial loans secured by real estate [Member] | 90 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 0 | 286 |
Real estate-mortgage [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | 240,783 | 243,393 |
Past Due | 3,539 | 3,885 |
Total loans | 244,322 | 247,278 |
90 Days Past Due and Still Accruing | 0 | 0 |
Real estate-mortgage [Member] | 30-59 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 1,823 | 2,373 |
Real estate-mortgage [Member] | 60-89 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 686 | 671 |
Real estate-mortgage [Member] | 90 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 1,030 | 841 |
Consumer [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | 19,511 | 19,262 |
Past Due | 477 | 121 |
Total loans | 19,988 | 19,383 |
90 Days Past Due and Still Accruing | 0 | 0 |
Consumer [Member] | 30-59 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 469 | 76 |
Consumer [Member] | 60-89 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 8 | 45 |
Consumer [Member] | 90 Days Past Due [Member] | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | $ 0 | $ 0 |
Allowance for Loan Losses (De58
Allowance for Loan Losses (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individual loan balance is classified as nonaccrual status or troubled debt restructure | $ 100,000 | ||
Percentage Of Allowance For Non Performing Loans | 460.00% | 337.00% | |
Percentage Of Allowance For Total Loans | 1.14% | 1.15% | |
Allowance for Loan and Lease Losses, Adjustments, Net | $ 50,000 | $ 225,000 | |
Allowance for Loan and Lease Losses Write-offs, Net | $ 332,000 | $ 77,000 | |
Allowance For Loan And Lease Losses Write Off Percentage | 0.15% | 0.04% | |
Debt Instrument Non Performing Assets | $ 2,200,000 | ||
Percentage for Total Loans | 0.25% | ||
Commercial Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Threshold for individually evaluating loans | $ 250,000 | ||
Allowance for Loan and Lease Losses, Adjustments, Net | (316,000) | $ (24,000) | |
Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Minimum individual loan balance requiring quarterly review | 1,000,000 | ||
Special Mention [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Minimum individual loan balance requiring quarterly review | 250,000 | ||
Doubtful [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Minimum individual loan balance requiring quarterly review | $ 100,000 | ||
Minimum [Member] | Commercial Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Minimum percent of portfolio to be reviewed | 50.00% | ||
Maximum [Member] | Commercial Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Minimum percent of portfolio to be reviewed | 55.00% |
Non-performing Assets Includi59
Non-performing Assets Including Troubled Debt Restructurings (TDR) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Non-performing assets including TDR | ||
Non-accrual loans | $ 1,989 | $ 3,016 |
Other real estate owned | 168 | 18 |
TDR’s not in non-accrual | 0 | 0 |
Total non-performing assets including TDR | $ 2,157 | $ 3,034 |
Total non-performing assets as a percent of loans, net of unearned income, and other real estate owned | 0.25% | 0.34% |
Commercial [Member] | ||
Non-performing assets including TDR | ||
Non-accrual loans | $ 913 | $ 1,212 |
Other real estate owned | 157 | 0 |
Commercial loans secured by real estate [Member] | ||
Non-performing assets including TDR | ||
Non-accrual loans | 13 | 547 |
Real estate-mortgage [Member] | ||
Non-performing assets including TDR | ||
Non-accrual loans | 1,063 | 1,257 |
Other real estate owned | $ 11 | $ 18 |
Non-performing Assets Includi60
Non-performing Assets Including Troubled Debt Restructurings (TDR) (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Schedule of Interest Income | ||
Interest income due in accordance with original terms | $ 27 | $ 16 |
Interest income recorded | 0 | 0 |
Net reduction in interest income | $ 27 | $ 16 |
Non-performing Assets Includi61
Non-performing Assets Including Troubled Debt Restructurings (TDR) (Details Textual) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
ALL reserve for TDR's | $ 835,000 | $ 507,000 |
Federal Home Loan Bank Borrow62
Federal Home Loan Bank Borrowings (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Federal Home Loan Bank (FHLB) borrowings and advances | ||
Open Repo Plus | $ 36,895 | $ 49,084 |
Advances 2018, Amount | 10,000 | 12,000 |
Advances 2019, Amount | 12,500 | 12,500 |
Advances 2020, Amount | 16,729 | 16,729 |
Advances 2021, Amount | 6,000 | 5,000 |
Advances 2022, Amount | 740 | |
Advances from Federal Home Loan Bank | 45,969 | 46,229 |
Total FHLB borrowings, Amount | $ 82,864 | $ 95,313 |
Open Repo Plus Maturity Overnight, Weighted Average Rate | 1.87% | 1.54% |
Advances Maturing 2018, Weighted Average Rate | 1.52% | 1.48% |
Advances Maturing 2019, Weighted Average Rate | 1.51% | 1.51% |
Advances Maturing 2020, Weighted Average Rate | 1.74% | 1.74% |
Advances Maturing 2021, Weighted Average Rate | 1.90% | 1.75% |
Advances Maturing 2022, Weighted Average Rate | 2.60% | |
Total FHLB borrowings, Weighted Average Rate | 1.76% | 1.57% |
Weighted Average [Member] | ||
Federal Home Loan Bank (FHLB) borrowings and advances | ||
Advances from Federal Home Loan Bank | $ 45,969 | $ 46,229 |
Total advances, Weighted Average Rate | 1.66% | 1.61% |
Accumulated Other Comprehensi63
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Accumulated Other Comprehensive Loss [Line Items] | |||
Beginning balance | [1] | $ (12,950) | $ (11,577) |
Other comprehensive income (loss) before reclassifications | [1] | (799) | (148) |
Amounts reclassified from accumulated other comprehensive loss | [1],[2] | 425 | 242 |
Net current period other comprehensive income (loss) | [1] | (374) | 94 |
Ending balance | [1] | (13,324) | (11,483) |
Net Unrealized Gains and (Losses) on Investment Securities AFS [Member] | |||
Accumulated Other Comprehensive Loss [Line Items] | |||
Beginning balance | [1] | (327) | (171) |
Other comprehensive income (loss) before reclassifications | [1] | (1,316) | 62 |
Amounts reclassified from accumulated other comprehensive loss | [1] | 117 | (18) |
Net current period other comprehensive income (loss) | [1] | (1,199) | 44 |
Ending balance | [1] | (1,526) | (127) |
Defined Benefit Pension Items [Member] | |||
Accumulated Other Comprehensive Loss [Line Items] | |||
Beginning balance | [1] | (12,623) | (11,406) |
Other comprehensive income (loss) before reclassifications | [1] | 517 | (210) |
Amounts reclassified from accumulated other comprehensive loss | [1] | 308 | 260 |
Net current period other comprehensive income (loss) | [1] | 825 | 50 |
Ending balance | [1] | $ (11,798) | $ (11,356) |
[1] | Amounts in parentheses indicate debits on the Consolidated Balance Sheets. | ||
[2] | Amounts in parentheses indicate credits. |
Accumulated Other Comprehensi64
Accumulated Other Comprehensive Loss (Details 1) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Realized (gains) losses on sale of securities | |||
Net realized (gains) losses on investment securities | [1] | $ 148 | $ (27) |
Provision for income tax expense | [1] | (31) | 9 |
Net of tax | [1] | 117 | (18) |
Amortization of estimated defined benefit pension plan loss | |||
Other expense | [1] | 390 | 395 |
Provision for income taxes | [1] | (82) | (135) |
Net of tax | [1] | 308 | 260 |
Total reclassifications for the period | [1],[2] | $ 425 | $ 242 |
[1] | Amounts in parentheses indicate credits. | ||
[2] | Amounts in parentheses indicate debits on the Consolidated Balance Sheets. |
Regulatory Capital (Details)
Regulatory Capital (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Summarized regulatory capital ratio of company | |||
Total Capital (To RWA), Actual Amount | $ 113,196 | $ 110,681 | |
Tier 1 Common Equity (To RWA), Actual Amount | 102,364 | 99,552 | |
Tier 1 Capital (To RWA), Actual Amount | 102,364 | 99,552 | |
Tier 1 Capital (To Average Assets), Actual Amount | $ 102,364 | $ 99,552 | |
Total Capital (To RWA), Actual Ratio | 12.00% | 11.64% | |
Tier 1 Common Equity (To RWA), Actual Ratio | 10.85% | 10.47% | |
Tier 1 Capital (To RWA), Actual Ratio | 10.85% | 10.47% | |
Tier 1 Capital (To Average Assets), Actual Ratio | 9.09% | 8.75% | |
Total Capital (To RWA), Minimun Required For Capital Adequacy Purpose | 8.00% | 8.00% | |
Tier 1 Common Equity (To RWA), Minimum Required For Capital Adequacy Purpose | 4.50% | 4.50% | |
Tier 1 Capital (To RWA), Minimun Required For Capital Adequacy Purpose | 6.00% | 6.00% | |
Tier 1 Capital (To Average Assets), Minimun Required For Capital Adequacy Purpose | 4.00% | 4.00% | |
Total Capital (To RWA), To Be Well Capitalized Under Prompt Corrective Action Regulations | [1] | 10.00% | 10.00% |
Tier 1 Common Equity (To RWA),To Be Well Capitalized Under Prompt Corrective Action Regulations | [1] | 6.50% | 6.50% |
Tier 1 Capital (To RWA), TTo Be Well Capitalized Under Prompt Corrective Action Regulations | [1] | 8.00% | 8.00% |
Tier 1 Capital (To Average Assets), To Be Well Capitalized Under Prompt Corrective Action Regulations | [1] | 5.00% | 5.00% |
Parent Company [Member] | |||
Summarized regulatory capital ratio of company | |||
Total Capital (To RWA), Actual Amount | $ 127,352 | $ 126,276 | |
Tier 1 Common Equity (To RWA), Actual Amount | 97,190 | 95,882 | |
Tier 1 Capital (To RWA), Actual Amount | 109,050 | 107,682 | |
Tier 1 Capital (To Average Assets), Actual Amount | $ 109,050 | $ 107,682 | |
Total Capital (To RWA), Actual Ratio | 13.45% | 13.21% | |
Tier 1 Common Equity (To RWA), Actual Ratio | 10.26% | 10.03% | |
Tier 1 Capital (To RWA), Actual Ratio | 11.52% | 11.26% | |
Tier 1 Capital (To Average Assets), Actual Ratio | 9.54% | 9.32% | |
[1] | Applies to the Bank only. |
Regulatory Capital (Details Tex
Regulatory Capital (Details Textual) | Mar. 31, 2018 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Tangible Capital to Tangible Assets | 7.36% |
Derivative Hedging Instrument67
Derivative Hedging Instruments (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative, Notional Amount | $ 0 | $ 0 |
Derivative Instruments, increase (decrease) in interest expense | $ 0 | $ 0 |
Derivative Instruments Weighted Average Interest Rate Received Paid | 0.00% | 0.00% |
Derivative Financial Instruments, Liabilities [Member] | Swap [Member] | ||
Derivative, Swap Type | FAIR VALUE | FAIR VALUE |
Derivative, Notional Amount | $ (16,813,329) | $ (5,000,000) |
Derivative Instruments, Repricing Frequency | MONTHLY | MONTHLY |
Derivative Instruments, increase (decrease) in interest expense | $ 23,543 | $ 15,367 |
Derivative Instruments Weighted Average Interest Rate Received Paid | (3.88%) | (3.10%) |
Derivative Financial Instruments, Assets [Member] | Swap [Member] | ||
Derivative, Swap Type | FAIR VALUE | FAIR VALUE |
Derivative, Notional Amount | $ 16,813,329 | $ 5,000,000 |
Derivative Instruments, Repricing Frequency | MONTHLY | MONTHLY |
Derivative Instruments, increase (decrease) in interest expense | $ (23,543) | $ (15,367) |
Derivative Instruments Weighted Average Interest Rate Received Paid | 3.88% | 3.10% |
Derivative Hedging Instrument68
Derivative Hedging Instruments (Details Textual) $ in Millions | Mar. 31, 2018USD ($) |
Derivative Notional Amount Outstanding | $ 500 |
Segment Results (Details)
Segment Results (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Contribution of segments to the consolidated results of operations | ||
Total revenue | $ 12,384 | $ 12,283 |
Net income (loss) | 1,767 | 1,348 |
Retail banking [Member] | ||
Contribution of segments to the consolidated results of operations | ||
Total revenue | 6,139 | 6,243 |
Net income (loss) | 706 | 617 |
Commercial Banking [Member] | ||
Contribution of segments to the consolidated results of operations | ||
Total revenue | 4,455 | 4,725 |
Net income (loss) | 1,560 | 1,472 |
Trust [Member] | ||
Contribution of segments to the consolidated results of operations | ||
Total revenue | 2,443 | 2,326 |
Net income (loss) | 508 | 367 |
Investment/ Parent [Member] | ||
Contribution of segments to the consolidated results of operations | ||
Total revenue | (653) | (1,011) |
Net income (loss) | $ (1,007) | $ (1,108) |
Commitments and Contingent Li70
Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Commitments to extend credit [Member] | ||
Loss Contingencies [Line Items] | ||
Unused Commitments to Extend Credit | $ 180 | $ 165.1 |
Standby letters of credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 10 | $ 10 |
Pension Benefits (Details)
Pension Benefits (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Components of net periodic benefit cost | ||
Service cost | $ 409 | $ 390 |
Interest cost | 303 | 326 |
Expected return on plan assets | (711) | (631) |
Recognized net actuarial loss | 386 | 367 |
Net periodic pension cost | $ 387 | $ 452 |
Pension Benefits (Details Textu
Pension Benefits (Details Textual) | Mar. 31, 2018 |
Pension Benefits [Line Items] | |
Minimum number of annual hours | 1,000 |
Maximum percent of plan assets comprised of AmeriServ Financial, Inc. common stock | 10.00% |
Disclosures about Fair Value 73
Disclosures about Fair Value Measurements and Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | $ 132,390 | $ 129,138 |
Fair value swap asset | 511 | 92 |
Fair value swap liability | (511) | (92) |
U.S. Agency Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 6,655 | 6,572 |
Taxable Municipal Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 8,590 | 7,036 |
Corporate Bond Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 35,599 | 35,784 |
U.S. Agency mortgage-backed securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 81,546 | 79,746 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 0 | 0 |
Fair value swap asset | 0 | 0 |
Fair value swap liability | 0 | 0 |
Level 1 [Member] | U.S. Agency Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 0 | 0 |
Level 1 [Member] | Taxable Municipal Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 0 | 0 |
Level 1 [Member] | Corporate Bond Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 0 | 0 |
Level 1 [Member] | U.S. Agency mortgage-backed securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 132,390 | 129,138 |
Fair value swap asset | 511 | 92 |
Fair value swap liability | (511) | (92) |
Level 2 [Member] | U.S. Agency Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 6,655 | 6,572 |
Level 2 [Member] | Taxable Municipal Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 8,590 | 7,036 |
Level 2 [Member] | Corporate Bond Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 35,599 | 35,784 |
Level 2 [Member] | U.S. Agency mortgage-backed securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 81,546 | 79,746 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 0 | 0 |
Fair value swap asset | 0 | 0 |
Fair value swap liability | 0 | 0 |
Level 3 [Member] | U.S. Agency Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 0 | 0 |
Level 3 [Member] | Taxable Municipal Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 0 | 0 |
Level 3 [Member] | Corporate Bond Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | 0 | 0 |
Level 3 [Member] | U.S. Agency mortgage-backed securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | $ 0 | $ 0 |
Disclosures about Fair Value 74
Disclosures about Fair Value Measurements and Financial Instruments (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impaired loans | $ 926 | $ 1,759 | |
Fair Value Measurements, Nonrecurring Basis [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impaired loans | 91 | 850 | |
Other real estate owned | 168 | 18 | |
Fair Value Measurements, Nonrecurring Basis [Member] | Impaired Loans [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impaired loans | $ 91 | $ 850 | |
Valuation Techniques | [1],[2] | Appraisal of collateral | Appraisal of collateral |
Appraisal of Adjustment | [3] | 90.00% | 54.00% |
Fair Value Measurements, Nonrecurring Basis [Member] | Other Real Estate Owned [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other real estate owned | $ 168 | $ 18 | |
Valuation Techniques | [1],[2] | Appraisal of collateral | Appraisal of collateral |
Appraisal of Adjustment | [3] | 2.00% | 29.00% |
Liquidation expenses | 35.00% | 79.00% | |
Fair Value Measurements, Nonrecurring Basis [Member] | Minimum [Member] | Impaired Loans [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Appraisal of Adjustment | [3] | 0.00% | 21.00% |
Fair Value Measurements, Nonrecurring Basis [Member] | Minimum [Member] | Other Real Estate Owned [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Appraisal of Adjustment | [3] | 0.00% | 16.00% |
Liquidation expenses | 0.00% | 2.00% | |
Fair Value Measurements, Nonrecurring Basis [Member] | Maximum [Member] | Impaired Loans [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Appraisal of Adjustment | [3] | 100.00% | 75.00% |
Fair Value Measurements, Nonrecurring Basis [Member] | Maximum [Member] | Other Real Estate Owned [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Appraisal of Adjustment | [3] | 25.00% | 64.00% |
Liquidation expenses | 186.00% | 206.00% | |
Fair Value Measurements, Nonrecurring Basis [Member] | Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impaired loans | $ 0 | $ 0 | |
Other real estate owned | 0 | 0 | |
Fair Value Measurements, Nonrecurring Basis [Member] | Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impaired loans | 0 | 0 | |
Other real estate owned | 0 | 0 | |
Fair Value Measurements, Nonrecurring Basis [Member] | Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impaired loans | 91 | 850 | |
Other real estate owned | $ 168 | $ 18 | |
[1] | Fair Value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable. | ||
[2] | Includes qualitative adjustments by management and estimated liquidation expenses. | ||
[3] | Appraisals may be adjusted by management for qualitative factors such as economic conditions. |
Disclosures about Fair Value 75
Disclosures about Fair Value Measurements and Financial Instruments (Details 2) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
FINANCIAL ASSETS: Carrying Value | ||||
Cash and cash equivalents | $ 30,594 | $ 34,188 | $ 31,016 | $ 34,073 |
Investment securities - AFS | 132,390 | 129,138 | ||
Investment securities - HTM | 38,663 | 38,752 | ||
Regulatory stock | 6,390 | 6,800 | ||
Loans held for sale | 843 | 3,125 | ||
Loans, net of allowance for loan loss and unearned income | 864,941 | 879,419 | ||
Accrued interest income receivable | 3,555 | 3,603 | ||
Bank owned life insurance | 37,992 | 37,860 | ||
Fair value swap asset | 511 | 92 | ||
Cash and cash equivalents | 30,594 | 34,188 | ||
Investment securities - AFS | 132,390 | 129,138 | ||
Investment securities - HTM | 38,041 | 38,811 | ||
Regulatory stock | 6,390 | 6,800 | ||
Loans held for sale | 862 | 3,173 | ||
Loans, net of allowance for loan loss and unearned income | 850,224 | 873,784 | ||
Accrued interest income receivable | 3,555 | 3,603 | ||
Bank owned life insurance | 37,992 | 37,860 | ||
Fair value swap asset | 511 | 92 | ||
FINANCIAL LIABILITIES: Carrying Value | ||||
Deposits with no stated maturities | 682,946 | 688,648 | ||
Deposits with stated maturities | 261,260 | 259,297 | ||
Short-term borrowings | 36,895 | 49,084 | ||
All other borrowings | 66,366 | 66,617 | ||
Accrued interest payable | 1,633 | 1,754 | ||
Fair value swap liability | 511 | 92 | ||
Deposits with no stated maturities | 682,946 | 688,648 | ||
Deposits with stated maturities | 261,070 | 260,153 | ||
Short-term borrowings | 36,895 | 49,084 | ||
All other borrowings | 68,894 | 69,684 | ||
Accrued interest payable | 1,633 | 1,754 | ||
Fair value swap liability | 511 | 92 | ||
Level 1 [Member] | ||||
FINANCIAL ASSETS: Carrying Value | ||||
Cash and cash equivalents | 30,594 | 34,188 | ||
Investment securities - AFS | 0 | 0 | ||
Investment securities - HTM | 0 | 0 | ||
Regulatory stock | 6,390 | 6,800 | ||
Loans held for sale | 862 | 3,173 | ||
Loans, net of allowance for loan loss and unearned income | 0 | 0 | ||
Accrued interest income receivable | 3,555 | 3,603 | ||
Bank owned life insurance | 37,992 | 37,860 | ||
Fair value swap asset | 0 | 0 | ||
FINANCIAL LIABILITIES: Carrying Value | ||||
Deposits with no stated maturities | 682,946 | 688,648 | ||
Deposits with stated maturities | 0 | 0 | ||
Short-term borrowings | 36,895 | 49,084 | ||
All other borrowings | 0 | 0 | ||
Accrued interest payable | 1,633 | 1,754 | ||
Fair value swap liability | 0 | 0 | ||
Level 2 [Member] | ||||
FINANCIAL ASSETS: Carrying Value | ||||
Cash and cash equivalents | 0 | 0 | ||
Investment securities - AFS | 132,390 | 129,138 | ||
Investment securities - HTM | 35,084 | 35,859 | ||
Regulatory stock | 0 | 0 | ||
Loans held for sale | 0 | 0 | ||
Loans, net of allowance for loan loss and unearned income | 0 | 0 | ||
Accrued interest income receivable | 0 | 0 | ||
Bank owned life insurance | 0 | 0 | ||
Fair value swap asset | 511 | 92 | ||
FINANCIAL LIABILITIES: Carrying Value | ||||
Deposits with no stated maturities | 0 | 0 | ||
Deposits with stated maturities | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
All other borrowings | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Fair value swap liability | 511 | 92 | ||
Level 3 [Member] | ||||
FINANCIAL ASSETS: Carrying Value | ||||
Cash and cash equivalents | 0 | 0 | ||
Investment securities - AFS | 0 | 0 | ||
Investment securities - HTM | 2,957 | 2,952 | ||
Regulatory stock | 0 | 0 | ||
Loans held for sale | 0 | 0 | ||
Loans, net of allowance for loan loss and unearned income | 850,224 | 873,784 | ||
Accrued interest income receivable | 0 | 0 | ||
Bank owned life insurance | 0 | 0 | ||
Fair value swap asset | 0 | 0 | ||
FINANCIAL LIABILITIES: Carrying Value | ||||
Deposits with no stated maturities | 0 | 0 | ||
Deposits with stated maturities | 261,070 | 260,153 | ||
Short-term borrowings | 0 | 0 | ||
All other borrowings | 68,894 | 69,684 | ||
Accrued interest payable | 0 | 0 | ||
Fair value swap liability | $ 0 | $ 0 |
Disclosures about Fair Value 76
Disclosures about Fair Value Measurements and Financial Instruments (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of impaired loans | $ 926,000 | $ 1,759,000 |
Specific valuation allowance | 835,000 | 909,000 |
Net fair value of impaired loans | $ 91,000 | $ 850,000 |
Assets and liabilities considered financial instruments, percentage | 90.00% |