Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 16, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 0-13232 | ||
Document Period End Date | Dec. 31, 2021 | ||
Entity Registrant Name | JUNIATA VALLEY FINANCIAL CORP | ||
Entity Central Index Key | 0000714712 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Incorporation, State or Country Code | PA | ||
Entity Tax Identification Number | 23-2235254 | ||
Entity Address, Address Line One | Bridge and Main Streets | ||
Entity Address, Address Line Two | PO Box 66 | ||
Entity Address, City or Town | Mifflintown | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 17059-0066 | ||
City Area Code | 855 | ||
Local Phone Number | 582-5101 | ||
Title of 12(b) Security | NONE | ||
No Trading Symbol Flag | true | ||
Security Exchange Name | NONE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Amendment Flag | false | ||
Entity Public Float | $ 80,148,536 | ||
Auditor Name | Crowe LLP | ||
Auditor Firm ID | 173 | ||
Auditor Location | Cleveland, Ohio | ||
Entity Common Stock, Shares Outstanding | 4,998,858 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 12,928 | $ 11,868 |
Interest bearing deposits with banks | 598 | 19,753 |
Federal funds sold | 0 | 10,000 |
Cash and cash equivalents | 13,526 | 41,621 |
Interest bearing time deposits with banks | 735 | 735 |
Equity securities | 1,124 | 1,091 |
Debt securities available for sale | 335,424 | 286,415 |
Restricted investment in bank stock | 2,116 | 3,423 |
Total loans | 418,303 | 422,661 |
Less: Allowance for loan losses | (3,508) | (4,094) |
Total loans, net of allowance for loan losses | 414,795 | 418,567 |
Premises and equipment, net | 8,371 | 8,808 |
Other real estate owned | 87 | 0 |
Bank owned life insurance and annuities | 16,852 | 16,568 |
Investment in low income housing partnerships | 2,306 | 3,105 |
Core deposit and other intangible assets | 175 | 241 |
Goodwill | 9,047 | 9,047 |
Mortgage servicing rights | 120 | 158 |
Accrued interest receivable and other assets | 5,840 | 3,939 |
Total assets | 810,518 | 793,718 |
Liabilities: | ||
Deposits: Non-interest bearing | 182,022 | 168,115 |
Deposits: Interest bearing | 526,425 | 454,751 |
Total deposits | 708,447 | 622,866 |
Short-term borrowings and repurchase agreements | 4,227 | 24,750 |
Federal Reserve Bank ("FRB") advances | 0 | 27,955 |
Long-term debt | 20,000 | 35,000 |
Other interest bearing liabilities | 1,568 | 1,584 |
Accrued interest payable and other liabilities | 4,986 | 4,966 |
Total liabilities | 739,228 | 717,121 |
Commitments and contingent liabilities | ||
Stockholders' Equity: | ||
Preferred stock, no par value: Authorized - 500,000 shares, none issued | 0 | 0 |
Common stock, par value $1.00 per share: Authorized 20,000,000 shares; Issued - 5,151,279 shares at December 31, 2021 and December 31, 2020; Outstanding - 4,988,542 shares at December 31, 2021 and 5,025,441 shares at December 31, 2020 | 5,151 | 5,151 |
Surplus | 25,008 | 25,011 |
Retained earnings | 47,298 | 45,096 |
Accumulated other comprehensive income | (3,365) | 3,518 |
Cost of common stock in Treasury: 162,737 shares at December 31, 2021; 125,838 shares at December 31, 2020 | (2,802) | (2,179) |
Total stockholders' equity | 71,290 | 76,597 |
Total liabilities and stockholders' equity | $ 810,518 | $ 793,718 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Consolidated Statements of Financial Condition [Abstract] | ||
Preferred stock, no par value | $ 0 | $ 0 |
Preferred stock, authorized | 500,000 | 500,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Common Stock, Shares Issued | 5,151,279 | 5,151,279 |
Common Stock, Shares, Outstanding | 4,988,542 | 5,025,441 |
Treasury Stock, Shares | 162,737 | 125,838 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interest and dividend income: | ||
Loans, including fees | $ 19,462,000 | $ 19,249,000 |
Taxable securities | 4,912,000 | 4,813,000 |
Tax-exempt securities | 154,000 | 142,000 |
Other interest income | 25,000 | 79,000 |
Total interest income | 24,553,000 | 24,283,000 |
Interest expense: | ||
Deposits | 2,272,000 | 2,946,000 |
Short-term borrowings and repurchase agreements | 90,000 | 68,000 |
FRB advances | 18,000 | 61,000 |
Long-term debt | 832,000 | 946,000 |
Other interest bearing liabilities | 6,000 | 16,000 |
Total interest expense | 3,218,000 | 4,037,000 |
Net interest income | 21,335,000 | 20,246,000 |
Provision for loan losses | (769,000) | 721,000 |
Net interest income after provision for loan losses | 22,104,000 | 19,525,000 |
Non-interest income: | ||
Earnings on bank-owned life insurance and annuities | 246,000 | 263,000 |
Gain on sales and calls of securities | 21,000 | 855,000 |
Change in value of equity securities | 151,000 | (53,000) |
Other non-interest income | 331,000 | 348,000 |
Total non-interest income | 5,154,000 | 5,320,000 |
Non-interest expense: | ||
Employee compensation expense | 8,414,000 | 7,844,000 |
Employee benefits | 2,286,000 | 2,331,000 |
Occupancy | 1,259,000 | 1,175,000 |
Equipment | 743,000 | 932,000 |
Data processing expense | 2,693,000 | 2,294,000 |
Professional fees | 841,000 | 715,000 |
Taxes, other than income | 574,000 | 502,000 |
FDIC Insurance premiums | 310,000 | 232,000 |
Gain on other real estate owned | (64,000) | 0 |
Amortization of intangible assets | 66,000 | 77,000 |
Amortization of investment in low income housing partnerships | 799,000 | 799,000 |
Long-term debt prepayment penalty | 691,000 | 524,000 |
Other non-interest expense | 1,758,000 | 1,868,000 |
Total non-interest expense | 20,370,000 | 19,293,000 |
Income before income taxes | 6,888,000 | 5,552,000 |
Income tax provision (benefit) | 284,000 | (50,000) |
Net income | $ 6,604,000 | $ 5,602,000 |
Earnings per share | ||
Basic | $ 1.32 | $ 1.10 |
Diluted | $ 1.32 | $ 1.10 |
Customer Service Fees [Member] | ||
Non-interest income: | ||
Non-interest income | $ 1,355,000 | $ 1,376,000 |
Debit Card fee Income [Member] | ||
Non-interest income: | ||
Non-interest income | 1,755,000 | 1,465,000 |
Trust Fees [Member] | ||
Non-interest income: | ||
Non-interest income | 445,000 | 408,000 |
Commissions from Sales of Non-Deposit Products [Member] | ||
Non-interest income: | ||
Non-interest income | 368,000 | 306,000 |
Fees Derived From Loan Activity [Member] | ||
Non-interest income: | ||
Non-interest income | 441,000 | 298,000 |
Mortgage Banking Income [Member] | ||
Non-interest income: | ||
Non-interest income | $ 41,000 | $ 54,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | |||
Net income: Pre-Tax Amount | $ 6,888,000 | $ 5,552,000 | |
Net Income: Tax Effect | (284,000) | 50,000 | |
Net income | 6,604,000 | 5,602,000 | |
Other comprehensive income (loss): | |||
Unrealized holding gains (losses) arising during the period, Pre-Tax Amount | (9,288,000) | 4,717,000 | |
Unrealized holding gains (losses) arising during the period, Tax Effect | 1,950,000 | (990,000) | |
Unrealized holding gains (losses) arising during the period, Net-of-Tax Amount | (7,338,000) | 3,727,000 | |
Less reclassification adjustment for gains (losses) included in net income, Pre-Tax Amount | [1],[2] | (21,000) | (855,000) |
Less reclassification adjustment for gains (losses) included in net income, Tax Effect | [1],[2] | 4,000 | 180,000 |
Less reclassification adjustment for gains (losses) included in net income, Net-of-Tax Amount | [1],[2] | (17,000) | (675,000) |
Unrealized gains (losses) on cash flow hedge, Pre-Tax Amount | 538,000 | (48,000) | |
Unrealized gains (losses) on cash flow hedge, Tax Effect | (113,000) | 10,000 | |
Unrealized gains (losses) on cash flow hedge, Net-of-Tax Amount | 425,000 | (38,000) | |
Less reclassification adjustment for gains (losses) included in net income, Pre-Tax Amount | [2],[3] | 60,000 | (9,000) |
Less reclassification adjustment for gains (losses) included in net income, Tax Effect | [2],[3] | (13,000) | 2,000 |
Less reclassification adjustment for gains (losses) included in net income, Net-of-Tax | [2],[3] | 47,000 | (7,000) |
Other comprehensive income (loss), Pre-Tax Amount | (8,711,000) | 3,805,000 | |
Other comprehensive income (loss), Tax Effect | 1,828,000 | (798,000) | |
Net current period other comprehensive income (loss) | (6,883,000) | 3,007,000 | |
Total comprehensive income, Pre-Tax Amount | (1,823,000) | 9,357,000 | |
Total comprehensive income, Tax Effect | 1,544,000 | (748,000) | |
Total comprehensive income, Net-of-Tax Amount | $ (279,000) | $ 8,609,000 | |
[1] | Amounts are included in gain (loss) on sales and calls of securities on the Consolidated Statements of Income as a separate element within total non-interest income. | ||
[2] | Amounts are included in interest expense on short-term borrowings and repurchase agreements on the consolidated statements of income. | ||
[3] | Amounts are included in the computation of net periodic benefit cost and are included in employee benefits expense on the Consolidated Statements of Income as a separate element within total non-interest expense. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Total |
Beginning balance at Dec. 31, 2019 | $ 5,142 | $ 24,898 | $ 43,954 | $ 516 | $ (803) | $ 73,707 |
Beginning balance, shares at Dec. 31, 2019 | 5,099,729 | |||||
Net income | 5,602 | 5,602 | ||||
Other comprehensive income (loss) | 3,007 | 3,007 | ||||
Cash dividends | 5 | (5) | ||||
Stock-based compensation | (4,465) | $ (4,465) | ||||
Forfeiture of restricted stock, Shares | (565) | |||||
Purchase of treasury stock | (1,452) | $ (1,452) | ||||
Purchase of treasury stock, shares | (88,277) | (87,712) | ||||
Treasury stock issued for stock plans | (6) | 76 | $ 70 | |||
Treasury stock issued for stock plans, shares | 4,459 | |||||
Common stock issued for stock plans | $ 9 | (9) | ||||
Common stock issued for stock plans, shares | 9,530 | |||||
Ending balance at Dec. 31, 2020 | $ 5,151 | 25,011 | 45,096 | 3,518 | (2,179) | $ 76,597 |
Ending balance, shares at Dec. 31, 2020 | 5,025,441 | 5,025,441 | ||||
Net income | 6,604 | $ 6,604 | ||||
Other comprehensive income (loss) | (6,883) | (6,883) | ||||
Cash dividends | (4,402) | (4,402) | ||||
Stock-based compensation | 158 | $ 158 | ||||
Forfeiture of restricted stock, Shares | (200) | |||||
Purchase of treasury stock | (861) | $ (861) | ||||
Purchase of treasury stock, shares | (50,682) | (50,482) | ||||
Treasury stock issued for stock plans | (161) | 238 | $ 77 | |||
Treasury stock issued for stock plans, shares | 13,783 | |||||
Ending balance at Dec. 31, 2021 | $ 5,151 | $ 25,008 | $ 47,298 | $ (3,365) | $ (2,802) | $ 71,290 |
Ending balance, shares at Dec. 31, 2021 | 4,988,542 | 4,988,542 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statements of in Stockholders' Equity [Abstract] | ||
Cash Dividends per share | $ 0.88 | $ 0.88 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities: | ||
Net income | $ 6,604,000 | $ 5,602,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | (769,000) | 721,000 |
Depreciation | 712,000 | 806,000 |
Net amortization of securities premiums | 1,220,000 | 1,459,000 |
Net amortization of loan origination fees | 895,000 | 301,000 |
Deferred net loan origination costs | (693,000) | (684,000) |
Amortization of intangibles | 66,000 | 77,000 |
Amortization of investment in low income housing partnerships | 799,000 | 799,000 |
Net amortization of purchase fair value adjustments | (211,000) | (106,000) |
Net realized gain on sales and calls of available for sale securities | (21,000) | (855,000) |
Change in value of equity securities | (151,000) | 53,000 |
Net gain on other real estate owned | (64,000) | 0 |
Earnings on bank owned life insurance and annuities | (246,000) | (263,000) |
Deferred income tax (benefit) expense | 49,000 | (155,000) |
Stock-based compensation expense | 158,000 | 128,000 |
Proceeds from mortgage loans sold to others | 79,000 | 76,000 |
Mortgage banking income | (41,000) | (54,000) |
Increase in accrued interest receivable and other assets | 476,000 | (776,000) |
Increase (decrease) in accrued interest payable and other liabilities | 4,000 | (354,000) |
Net cash provided by operating activities | 8,866,000 | 6,775,000 |
Investing activities: | ||
Purchases of: Securities available for sale | (181,122,000) | (268,399,000) |
Purchases of: Premises and equipment | (274,000) | (371,000) |
Purchases of: Bank owned life insurance and annuities | (38,000) | (39,000) |
Redemption of equity securities | 118,000 | 0 |
Sales of debt securities available for sale | 42,997,000 | 97,389,000 |
Proceeds from: Maturities of and principal repayments on securities available for sale | 78,608,000 | 98,539,000 |
Proceeds from: Redemption of FHLB stock | 1,307,000 | 19,000 |
Proceeds from: Sale of other real estate owned | 125,000 | 0 |
Proceeds from: Sale of other assets | 1,000 | 34,000 |
Net decrease in interest bearing time deposits with banks | 0 | 1,475,000 |
Net decrease (increase) in loans | 4,404,000 | (21,195,000) |
Net cash used in investing activities | (53,874,000) | (92,548,000) |
Financing activities: | ||
Net increase in deposits | 85,577,000 | 90,925,000 |
Net (decrease) increase in short-term borrowings and securities sold under agreements to repurchase | (20,523,000) | 11,621,000 |
Issuance of FRB advances | 0 | 31,298,000 |
Repayment of FRB advances | (27,955,000) | (3,343,000) |
Repayment of long-term debt | (15,000,000) | (10,000,000) |
Cash dividends | (4,402,000) | (4,465,000) |
Purchase of treasury stock | (861,000) | (1,452,000) |
Treasury stock issued for employee stock plans | 77,000 | 70,000 |
Net cash provided by financing activities | 16,913,000 | 114,654,000 |
Net decrease in cash and cash equivalents | (28,095,000) | 28,881,000 |
Cash and cash equivalents at beginning of year | 41,621,000 | 12,740,000 |
Cash and cash equivalents at end of period | 13,526,000 | 41,621,000 |
Supplemental information: | ||
Interest paid | 3,414,000 | 4,062,000 |
Income tax paid | 289,000 | 325,000 |
Supplemental schedule of noncash investing and financing activities: | ||
Transfer of loans to other real estate owned | 148,000 | 29,000 |
Transfer of loans to repossessed vehicles | $ 1,000 | $ 0 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2021 | |
Nature of Operations [Abstract] | |
Nature of Operations | 1. NATURE OF OPERATIONS Juniata Valley Financial Corp. (“Juniata” or the “Company”) is a bank holding company operating in central and northern Pennsylvania for the purpose of delivering financial services within its local market. Through its wholly-owned banking subsidiary, The Juniata Valley Bank (the “Bank”), Juniata provides retail and commercial banking and other financial services through 16 branch locations located in Juniata, Mifflin, Perry, McKean, Potter and Huntingdon Counties. Additionally, in Mifflin, Juniata and Centre Counties, the Company maintains four offices for loan production, trust services and wealth management sales. Each of the Company’s lines of business are part of the same reporting segment, whose operating results are regularly reviewed and managed by a centralized executive management group. As a result, the Company has only one reportable segment for financial reporting purposes. The Bank provides a full range of banking services, including online and mobile banking, an automatic teller machine network, checking accounts, identity protection products for consumers, savings accounts, money market accounts, fixed rate certificates of deposit, club accounts, secured and unsecured commercial and consumer loans, construction and mortgage loans, online account opening, safe deposit facilities and credit loans with overdraft checking protection. The Bank also provides a variety of trust services. The Company has a contractual arrangement with a broker-dealer to allow the offering of annuities, mutual funds, stock and bond brokerage services and long-term care insurance to its local market. The Bank operates under a state bank charter and is subject to regulation by the Pennsylvania Department of Banking and the Federal Deposit Insurance Corporation. Juniata is subject to regulation by the Board of Governors of the Federal Reserve Bank and the Pennsylvania Department of Banking and Securities. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies of Juniata Valley Financial Corp. and its wholly owned subsidiary conform to accounting principles generally accepted in the United States of America (“GAAP”) and to general financial services industry practices. A summary of the more significant accounting policies applied in the preparation of the accompanying consolidated financial statements follows. Principles of Consolidation The consolidated financial statements include the accounts of Juniata Valley Financial Corp. and its wholly owned subsidiary, The Juniata Valley Bank. All significant intercompany transactions and balances have been eliminated. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant Group Concentrations of Credit Risk Most of the Company’s activities are with customers located within Juniata’s footprint in central and northern Pennsylvania. Note 5 discusses the types of securities in which the Company invests. Note 6 discusses the types of lending in which the Company engages. As of December 31, 2021, credit exposure to lessors of non-residential buildings and dwellings represented 48% of capital, credit exposure to residential buildings and dwellings represented 58% of capital, credit exposure to hotels and motels represented 39% of capital, and credit exposure to continuing care retirement communities represented 21% of capital. Otherwise, there were no concentrations of credit to any industry equaling more than 15% of total capital. The Bank’s business activities are geographically concentrated in the counties of Juniata, Mifflin, Perry, Huntingdon, Centre, Franklin, McKean, Potter and Snyder, Pennsylvania. The Bank has a diversified loan portfolio; however, a substantial portion of its debtors’ ability to honor their obligations is dependent upon the economy in central and northern Pennsylvania. Revenue Recognition The Company generally acts in a principal capacity, on its own behalf, in most contracts with customers. In such transactions, revenue and related costs to provide these services are recognized on a gross basis in the financial statements. In some cases, the Company acts in an agent capacity, deriving revenue through assisting other entities in transactions with its customers. In such transactions, revenue and the related costs to provide the services are recognized on a net basis in the financial statements. These transactions primarily relate to non-deposit product commissions and fees derived from customers’ use of various interchange and ATM/debit card networks. All the Company’s revenue from contracts with customers in the scope of ASC Topic 606, Revenue from Contracts with Customers Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, interest bearing demand deposits with banks and federal funds sold. Generally, federal funds are sold for one-day periods. Interest Bearing Time Deposits with Banks Interest bearing time deposits with banks consist of certificates of deposits in other banks with original maturities of greater than 90 days. These time deposits all have maturities within five years. Securities Debt securities classified as available for sale are stated at fair value, with the unrealized gains and losses, net of tax, reported as a component of other comprehensive income. Securities classified as available for sale are those securities that the Company intends to hold for an indefinite period but not necessarily to maturity. Interest and dividends are recognized as income when earned. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. The Company had no securities classified as held to maturity at December 31, 2021 and 2020. Management evaluates debt securities for other-than-temporary impairment (“OTTI”) on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For debt securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a debt security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: (1) OTTI related to credit loss, which must be recognized in the income statement and (2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. All the Company’ equity securities are within the scope of ASC 321, Investments – Equity Securities Investments – Debt Securities Restricted Investment in Bank Stock The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors and may invest in additional amounts. The Bank also owns restricted stock investments in the Atlantic Community Bankers Bank (“ACBB”). Both the FHLB and ACBB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. The Bank owned $2,116,000 in restricted stock investments with the FHLB at December 31, 2021 and $3,343,000 at December 31, 2020. The Bank owned $80,000 in restricted stock investments with the ACBB at December 31, 2021 and 2020. Loans Loans that the Company has the intent and ability to hold for the foreseeable future or until maturity are stated at the outstanding unpaid principal balances, net of any deferred fees or costs and the allowance for loan losses. Interest income on all loans, other than non-accrual loans, is accrued over the term of the loans based on the amount of principal outstanding. The loan portfolio includes the following classes: (1) commercial, financial and agricultural, (2) real estate - commercial, (3) real estate - construction, (4) real estate – mortgage, (5) obligations of states and political subdivisions, and (6) personal loans. Interest income on consumer, mortgage and commercial loans is discontinued and loans are placed on non-accrual status at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Loans are charged off to the extent principal or interest is deemed uncollectible. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on non-accrual or charged off at an earlier date if collection of principal or interest is considered doubtful. Non-accrual loans and loans past due 90 days still on accrual include both homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan principal balance is reduced to zero. Under the cash-basis method, interest income is recorded when the payment is received in cash. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, the loan has performed in accordance with the contractual terms for a reasonable period and future payments are reasonably assured. Loan Origination Fees and Costs Loan origination fees and related direct origination costs for a given loan are deferred and amortized over the life of the loan on a level-yield basis as an adjustment to interest income over the contractual life of the loan. As of December 31, 2021, the amount of net unamortized origination fees carried as an adjustment to outstanding loan balances was $489,000. As of December 31, 2020, the amount of net unamortized origination fees carried as an adjustment to outstanding loan balances was $298,000. Acquired Loans Loans that Juniata acquires through business combinations are recorded at fair value with no carryover of the related allowance for loan losses. Some of these loans have shown evidence of credit deterioration since origination. These purchased credit impaired (“PCI”) loans are recorded at the amount paid, such that there is no carryover of the seller’s allowance for loan losses. Such purchased credit impaired loans are accounted for individually or aggregated into pools of loans based on common risk characteristics, such as credit score, loan type, and date of origination. Juniata estimates the amount and timing of expected cash flows for each loan or pool, and the expected cash flows in excess of the amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s or pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded as a provision for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. PCI loans that met the criteria for impairment or non-accrual of interest prior to the acquisition may be considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if Juniata expects to fully collect the new carrying value (i.e. fair value) of the loans. As such, Juniata may no longer consider the loan to be non-accrual or nonperforming and may accrue interest on these loans, including the impact of any accretable discount. In addition, charge-offs on such loans would be first applied to the nonaccretable difference portion of the fair value adjustment. Loans acquired through business combinations that do not meet the specific criteria of ASC 310-30, but for which a discount is attributable at least in part to credit quality, are also accounted for in accordance with this guidance. As a result, related discounts are recognized subsequently through accretion based on the contractual cash flows of the acquired loans. Allowance for Loan Losses The allowance for loan losses (“allowance”) represents management’s estimate of losses inherent in the loan portfolio as of the consolidated statement of financial condition date and is recorded as a reduction to loans. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the loan balance is uncollectible. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, as well as other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgement, should be charged off. For financial reporting purposes, the provision for loan losses charged to current operating income is based on management’s estimates, and actual losses may vary from estimates. These estimates are reviewed and adjusted at least quarterly and are reported in earnings in the periods in which they become known. Loans included in any class are considered for charge-off when: ● principal or interest has been in default for 120 days or more and for which no payment has been received during the previous four months; ● all collateral securing the loan has been liquidated and a deficiency balance remains; ● a bankruptcy notice is received for an unsecured loan; ● a confirming loss event has occurred; or ● the loan is deemed to be uncollectible for any other reason. There are two components of the allowance: (1) specific allowances allocated to loans evaluated for impairment under ASC Section 310-10-35; and (2) allowances calculated for pools of loans evaluated collectively for impairment under ASC Subtopic 450-20, Contingencies The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings (“TDRs”) and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all the circumstances surrounding the loans 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. Impairment is measured on a loan by loan basis by the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Impairment for substantially all the Company’s impaired loans is measured based on the estimated fair value of the loan’s collateral. For real estate - commercial loans, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the current appraisal and the condition of the property. Appraised values may be discounted to arrive at the estimated selling price of the collateral, which is considered the estimated fair value. The discounts also include the estimated costs to sell the property. For commercial, financial and agricultural, and obligations of states and political subdivision loans, estimated fair values are determined based on the borrower’s financial statements, inventory reports, aging accounts receivable, equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. For such loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The Company generally does not separately identify individual consumer segment loans for impairment analysis unless such loans are subject to a restructuring agreement. Troubled debt restructurings are individually evaluated for impairment and included in the separately identified impairment disclosures. Loans whose terms are modified are classified as troubled debt restructurings if the Company grants borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a below-market interest rate based on the loan’s risk characteristics, an extension of a loan’s stated maturity date or a significant delay in payment. Non-accrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for a sustained period after modification. For TDRs that subsequently default, the Company determines the amount of the allowance on that loan in accordance with the accounting policy for the allowance for loan losses on loans individually identified as impaired. The Company incorporates recent historical experience related to TDRs, including the performance of TDRs that subsequently default, into the calculation of the allowance by loan portfolio class. The general component of the allowance covers loans that are collectively evaluated for impairment. In accordance with ASC Subtopic 450-20, when measuring estimated credit losses, these loans are grouped into homogenous pools with similar characteristics and evaluated collectively considering both quantitative measures, such as historical loss, and qualitative measures, in the form of environmental adjustments. Quantitative factor determination: An average annual loss rate is calculated for each pool through an analysis of historical losses over a five-year look-back period. Using data for each loan, a loss emergence period is determined within each class pool. The loss emergence period reflects the approximate length of time from the point when a loss is incurred (the loss trigger event) to the point of loss confirmation (the date of eventual charge-off). The loss emergence period is applied to the average annual loss to produce the quantitative factor for each pooled class. Qualitative factor determination: Historical loss rates computed in the quantitative component reflects an estimate of the level of incurred losses in the portfolio based on historical experience. Management considers that the current conditions may deviate from those that prevailed over the historical look-back period. Thus, the quantitative rates are an imperfect estimate, necessitating an evaluation of qualitative considerations to incorporate these risks. Management considered qualitative risk factors including: ● National, regional and local economic and business conditions, and developments that affect the collectability of the portfolio, including the condition of various market segments; ● Changes in the volume and severity of past due loans, the volume of non-accrual loans, and the volume and severity of adversely classified loans; ● Changes in the nature and volume of the portfolio and terms of loans; ● Changes in the experience, ability and depth of lending and credit management and other relevant staff; ● Existence and effect of any concentrations of credit and changes in the level of such concentrations; ● Changes in the quality of the loan review system; ● Changes in lending policies and procedures including changes in underwriting standards and collection, charge-off and recovery practices; ● Changes in the value of underlying collateral for collateral-dependent loans; and ● Effect of external influences, including competition, legal and regulatory requirements. Within each loan class, an analysis was performed over a ten-year look-back period to discover peak historical losses, and with this data, management established ranges of risk from minimal to very high, for each risk factor, to produce a supportable anchor for risk assignment. Based on the framework for risk factor evaluation and range of adjustments established through the anchoring process, a risk assessment and corresponding adjustment was assigned for each class as of December 31, 2021. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. The combination of quantitative and qualitative factors was applied to year-end balances in each class to establish the overall allowance. Reserve for Unfunded Lending Commitments The reserve for unfunded lending commitments represents management’s estimate of probable incurred losses inherent in its unfunded lending commitments and is recorded in other liabilities on the consolidated statement of financial condition, when necessary. The amount of the reserve for unfunded lending commitments is not material to the consolidated financial statements. Loans Held for Sale and Mortgage Servicing Rights The Company has originated residential mortgage loans with the intent to sell. These individual loans were normally sold to the buyer immediately. The Company maintains servicing rights on these loans. When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. Under the fair value measurement method, the Company measures servicing rights at fair value at each reporting date and reports changes in fair value of servicing assets in earnings in the period in which the changes occur, which are included with mortgage banking income on the income statement. The fair values of servicing rights are subject to fluctuations because of changes in estimated and actual prepayment speeds and default rates and losses. The carrying amount of mortgage servicing rights was $120,000 and $158,000 at December 31, 2021 and 2020, respectively. Servicing fee income, which is reported on the income statement as mortgage banking income, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. Servicing fees totaled $80,000 and $76,000 for the years ended December 31, 2021 and 2020, respectively. Late fees and ancillary fees related to loan servicing are not material. Commercial, Financial and Agricultural Lending The Company originates commercial, financial and agricultural loans primarily to businesses located in its primary market area and surrounding areas. These loans are used for various business purposes, which include short-term loans and lines of credit to finance machinery and equipment purchases, inventory and accounts receivable. Generally, the maximum term for loans extended on machinery and equipment is shorter and does not exceed the projected useful life of such machinery and equipment. Most business lines of credit are written with a five year maturity, subject to an annual review. Commercial, financial and agricultural loans are generally secured with short-term assets; however, in many cases, additional collateral, such as real estate, is provided as additional security for the loan. Loan-to-value maximum values have been established by the Company and are specific to the type of collateral. Collateral values may be determined using invoices, inventory reports, accounts receivable aging reports, collateral appraisals, etc. In underwriting commercial, financial and agricultural loans, an analysis of the borrower’s capacity to repay the loan, the adequacy of the borrower’s capital and collateral, as well as an evaluation of conditions affecting the borrower, is performed. Analysis of the borrower’s past, present and future cash flows is also an important aspect of the Company’s analysis. Concentration analysis assists in identifying industry specific risk inherent in commercial, financial and agricultural lending. Mitigants include the identification of secondary and tertiary sources of repayment and appropriate increases in oversight. Commercial, financial and agricultural loans generally present a higher level of risk than certain other types of loans, particularly during slow economic conditions. Real Estate – Commercial Lending The Company engages in real estate – commercial lending in its primary market area and surrounding areas. The Company’s real estate – commercial portfolio is secured primarily by residential housing, commercial buildings, raw land and hotels. Generally, real estate – commercial loans have terms that do not exceed 20 years, have loan-to-value ratios of up to 80% of the appraised value of the property and are typically secured by personal guarantees of the borrowers. As economic conditions deteriorate, the Company reduces its exposure in real estate loans with higher risk characteristics. In underwriting these loans, the Company performs a thorough analysis of the financial condition of the borrower, the borrower’s credit history, and the reliability and predictability of the cash flow generated by the property securing the loan. Appraisals on properties securing real estate – commercial loans originated by the Company are performed by independent appraisers. Real estate – commercial loans generally present a higher level of risk than certain other types of loans, particularly during slow economic conditions. Real Estate – Construction Lending The Company engages in real estate – construction lending in its primary market area and surrounding areas. The Company’s real estate – construction lending consists of commercial and residential site development loans, as well as commercial building construction and residential housing construction loans. The Company’s commercial real estate – construction loans are generally secured with the subject property, and advances are made in conformity with a pre-determined draw schedule supported by independent inspections. Terms of construction loans depend on the specifics of the project, such as estimated absorption rates, estimated time to complete, etc. In underwriting commercial real estate – construction loans, the Company performs a thorough analysis of the financial condition of the borrower, the borrower’s credit history, the reliability and predictability of the cash flow generated by the project using feasibility studies, market data, etc. Appraisals on properties securing real estate – commercial loans originated by the Company are performed by independent appraisers. Real estate – construction loans generally present a higher level of risk than certain other types of loans, particularly during slow economic conditions. The difficulty of estimating total construction costs adds to the risk as well. Real Estate – Mortgage Lending The Company’s real estate – mortgage portfolio is comprised of one-to-four family residential mortgages and commercial loans secured by one-to-four family properties. One-to-four family residential mortgage loan originations, including home equity installment and home equity lines of credit loans, are generated by the Company’s marketing efforts, its present customers, walk-in customers and referrals. These loans originate primarily within the Company’s market area or with customers primarily from the market area. The Company offers fixed-rate and adjustable rate real estate – mortgage loans with terms up to a maximum of 25 years for both permanent structures and those under construction. The Company’s one-to-four family residential mortgage originations are secured primarily by properties located in its primary market area and surrounding areas. Most of the Company’s residential real estate – mortgage loans originate with a loan-to-value of 80% or less. Home equity installment loans are secured by the borrower’s primary residence with a maximum loan-to-value of 80% and a maximum term of 15 years. Home equity lines of credit are secured by the borrower’s primary residence with a maximum loan-to-value of 90% and a maximum term of 20 years. In underwriting one-to-four family residential real estate – mortgage loans, the Company evaluates the borrower’s ability to make monthly payments, the borrower’s repayment history and the value of the property securing the loan. The ability to repay is determined by the borrower’s employment history, current financial conditions, and credit background. The analysis is based primarily on the customer’s ability to repay and secondarily on the collateral or security. Most properties securing real estate – mortgage loans made by the Company are appraised by independent fee appraisers. The Company generally requires real estate – mortgage loan borrowers to obtain an attorney’s title opinion or title insurance, and fire and property insurance (including flood insurance, if necessary) in an amount not less than the amount of the loan. The Company does not engage in sub-prime residential real estate – mortgage originations. Residential real estate – mortgage loans and home equity loans generally present a lower level of risk than certain other types of consumer loans because they are secured by the borrower’s primary residence. Risk is increased when the Company is in a subordinate position for the loan collateral. Obligations of States and Political Subdivisions The Company lends to local municipalities and other tax-exempt organizations. These loans are primarily tax-anticipation notes and, as such, carry little risk. Historically, the Company has never had a loss on any loan of this type. Personal Lending The Company offers a variety of secured and unsecured personal loans, including vehicle loans, mobile home loans and loans secured by savings deposits as well as other types of personal loans. Personal loan terms vary according to the type and value of collateral and creditworthiness of the borrower. In underwriting personal loans, a thorough analysis of the borrower’s willingness and financial ability to repay the loan as agreed is performed. The ability to repay is determined by the borrower’s employment history, current financial conditions and credit background. Personal loans may entail greater credit risk than do residential mortgage loans, particularly in the case of personal loans which are unsecured or are secured by rapidly depreciable assets, such as automobiles or recreational equipment. In such cases, any repossessed collateral for a defaulted personal loan may not provide an adequate source of repayment of the outstanding loan balance because of the greater likelihood of damage, loss or depreciation. In addition, personal loan collections are dependent on the borrower’s continuing financial stability and, thus are more likely to be affected by adverse personal circumstances. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount which can be recovered on such loans. Other Real Estate Owned Assets acquired in settlement of mortgage loan indebtedness are recorded as other real estate owned (“OREO”) at fair value less estimated costs to sell, establishing a new cost basis. Physical possession of residential real estate property collateralizing a consumer mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines after foreclosure, a |
Recent Accounting Standards Upd
Recent Accounting Standards Update (ASU) | 12 Months Ended |
Dec. 31, 2021 | |
Recent Accounting Standards Update ("ASU") | |
Recent Accounting Standards Update ("ASU") | 3. RECENT ACCOUNTING STANDARDS UPDATE (“ASU”) New Accounting Standards Adopted in 2021: None Pending Accounting Standards: ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Issued: Summary: The ASU also replaces the current accounting model for purchased credit impaired loans and debt securities. The allowance for credit losses for purchased financial assets with a more-than insignificant amount of credit deterioration since origination (“PCD financial assets”), should be determined in a similar manner to other financial assets measured on an amortized cost basis. However, upon initial recognition, the allowance for credit losses is added to the purchase price (“gross up approach”) to determine the initial amortized cost basis. The subsequent accounting for PCD financial assets is the same expected loss model described above. Further, the ASU made certain targeted amendments to the existing impairment model for available for sale (“AFS”) debt securities. For an AFS debt security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record credit losses as an allowance rather than a write-down of the amortized cost basis. Effective Date: internal taskforce, gathering pertinent data, participating in training courses, and partnering with a software provider that specializes in ALLL analysis. Management has ascertained that data available is sufficient and is in the process of examining loss drivers, qualitative factors and revision periods for the analysis, and expects to be running parallel analyses by the second quarter of 2022. ASU 2020-04, Reference Rate Report (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Issued: Summary: The new guidance provides the following optional expedients that reduce costs and complexity of accounting for reference rate reform: ● Simplify accounting analyses for contract modifications. ● Allow hedging relationships to continue without de-designation if there are qualifying change in the critical terms of an existing hedging relationship due to reference rate reform. ● Allow a change in the systematic and rational method used to recognize in earnings the components excluded from the assessment of hedge effectiveness. ● Allow a change in the designated benchmark interest rate to a different eligible benchmark interest rate in a fair value hedging relationship. ● Allow the shortcut method for a fair value hedging relationship to continue for the remainder of the hedging relationship. ● Simplify the assessment of hedge effectiveness and provide temporary optional expedients for cash flow hedging relationships affected by reference rate reform. ● Allow a one-time election to sell or transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and are classified as held to maturity before January 1, 2020. Effective Date: |
Restrictions on Cash and Due fr
Restrictions on Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2021 | |
Restrictions on Cash and Due from Banks [Abstract] | |
Restrictions on Cash and Due from Banks | 4. RESTRICTIONS ON CASH AND DUE FROM BANKS The Bank is required to maintain cash reserve balances with the Federal Reserve Bank if vault cash is insufficient to cover the reserve requirement. As of December 31, 2021 and 2020, respectively, no reserves were required to be held at the Federal Reserve Bank. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2021 | |
Securities [Abstract] | |
Securities | 5. SECURITIES Equity Securities Equity securities owned by the Company consist of common stock of various financial services providers (“Bank Stocks”). The Company had $1,124,000 and $1,091,000 in equity securities recorded at fair value on the consolidated statements of financial condition as of December 31, 2021 and December 31, 2020, respectively. During the years ended December 31, 2021 and 2020, the Company recorded a net gain of $151,000 and a net loss of $53,000, respectively, on the consolidated statements of income because of the change in fair value of the Company’s equity securities. The Company redeemed $118,000 in equity securities in 2021. Debt Securities Available for Sale The Company’s investment portfolio includes primarily mortgage-backed securities issued by U.S. Government sponsored agencies backed by residential mortgages (approximately 75%), bonds issued by U.S. Government sponsored agencies (approximately 12%), corporate debt securities (approximately 10%) and municipalities (approximately 3%) as of December 31, 2021. Most of the municipal bonds are general obligation bonds with maturities or pre-refunding dates within 5 years. At December 31, 2021, the Company had holding of securities from two issuers in excess of 10% of stockholders’ equity, other than the U.S. Government and its agencies. Holdings of Federal Farm Credit Bank and Pennsylvania Housing Finance had fair values of $12,379,000 and $7,502,000, respectively, as of December 31, 2021. The Company had holdings of one non-government issuer in excess of 10% of stockholders’ equity on December 31, 2020. Holding of Federal Farm Credit Bank had a fair value of $9,978,000 as of December 31, 2020. The amortized cost and fair value of debt securities available for sale as of December 31, 2021 and 2020, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the securities may be called or prepaid with or without prepayment penalties. (Dollars in thousands) December 31, 2021 Gross Gross Amortized Fair Unrealized Unrealized Debt Securities Available for Sale Cost Value Gains Losses Type and Maturity Obligations of U.S. Government sponsored enterprises After one year but within five years $ 6,000 $ 5,807 $ — $ (193) After five years but within ten years 35,881 34,719 — (1,162) 41,881 40,526 — (1,355) Obligations of state and political subdivisions After one year but within five years 3,810 3,937 129 (2) After five years but within ten years 1,246 1,221 — (25) After ten years 4,118 4,062 — (56) 9,174 9,220 129 (83) Corporate debt securities After one year but within five years 2,000 1,972 — (28) After five years but within ten years 32,408 33,024 805 (189) 34,408 34,996 805 (217) Mortgage-backed securities 254,762 250,682 812 (4,892) Total $ 340,225 $ 335,424 $ 1,746 $ (6,547) (Dollars in thousands) December 31, 2020 Gross Gross Amortized Fair Unrealized Unrealized Debt Securities Available for Sale Cost Value Gains Losses Type and Maturity Obligations of U.S. Government sponsored enterprises After five years but within ten years $ 22,994 $ 22,949 $ 7 $ (52) 22,994 22,949 7 (52) Obligations of state and political subdivisions Within one year 31 31 — — After one year but within five years 4,708 4,767 59 — After five years but within ten years 3,289 3,484 195 — 8,028 8,282 254 — Corporate debt securities Within one year 1,033 1,039 6 — After five years but within ten years 10,058 10,484 485 (59) 11,091 11,523 491 (59) Mortgage-backed securities 239,793 243,661 3,999 (131) Total $ 281,906 $ 286,415 $ 4,751 $ (242) Certain obligations of the U.S. Government and state and political subdivisions are pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law. The carrying value of the pledged assets was $82,656,000 and $74,614,000 at December 31, 2021 and 2020, respectively. In addition to cash received from the scheduled maturities of securities, some investment securities available for sale are sold at current market values through normal operations. Following is a summary of proceeds received from all investment securities transactions and the resulting realized gains and losses: (Dollars in thousands) Year Ended December 31, 2021 2020 Gross proceeds from sales and calls of securities $ 43,115 $ 97,389 Securities available for sale: Gross realized gains from sold and called securities $ 175 $ 944 Gross realized losses from sold and called securities (154) (89) Net gains from sales and calls of securities $ 21 $ 855 The following table shows gross unrealized losses and fair values of debt securities available for sale, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2021: Unrealized Losses at December 31, 2021 Less Than 12 Months 12 Months or More Total (Dollars in thousands) Number Number Number of Fair Unrealized of Fair Unrealized of Fair Unrealized Securities Value Losses Securities Value Losses Securities Value Losses Obligations of U.S. Government sponsored enterprises 5 $ 22,130 $ (752) 3 $ 18,396 $ (603) 8 $ 40,526 $ (1,355) Obligations of state and political subdivisions 7 5,781 (83) — — — 7 5,781 (83) Corporate debt securities 6 10,144 (217) — — — 6 10,144 (217) Mortgage-backed securities 36 182,328 (3,504) 5 26,443 (1,388) 41 208,771 (4,892) Total temporarily impaired securities 54 $ 220,383 $ (4,556) 8 $ 44,839 $ (1,991) 62 $ 265,222 $ (6,547) At December 31, 2021, eight U.S. Government and agency securities, seven obligations of state and political subdivisions, six corporate debt securities and 41 mortgage-backed securities had unrealized losses. Three U.S. Government and agency securities and five mortgage-backed securities were in a continuous loss position for 12 months or more. The mortgage-backed securities in the Company’s portfolio are government sponsored enterprise (“GSE”) pass-through instruments issued by the Federal National Mortgage Association (“FNMA”), which guarantees the timely payment of principal on these investments. The unrealized losses noted above are considered temporary impairments. The decline in the values of the debt securities is due only to interest rate fluctuations, rather than erosion of issuer credit quality. As a result, the payment of contractual cash flows, including principal repayment, is not at risk. None of the debt securities are deemed to be other-than-temporarily impaired because the Company does not intend to sell the securities, does not believe it will be required to sell the securities before recovery and expects to recover the entire amortized cost basis. The following table shows gross unrealized losses and fair values of securities available for sale, aggregated by category and length of time that individual securities had been in a continuous unrealized loss position, at December 31, 2020: Unrealized Losses at December 31, 2020 Less Than 12 Months 12 Months or More Total (Dollars in thousands) Number Number Number of Fair Unrealized of Fair Unrealized of Fair Unrealized Securities Value Losses Securities Value Losses Securities Value Losses Obligations of U.S. Government sponsored enterprises 3 $ 18,948 $ (52) — $ — $ — 3 $ 18,948 $ (52) Corporate debt securities 1 2,972 (59) — — — 1 2,972 (59) Mortgage-backed securities 7 43,583 (131) — — — 7 43,583 (131) Total temporarily impaired securities 11 $ 65,503 $ (242) — $ — $ — 11 $ 65,503 $ (242) |
Loans and Related Allowance for
Loans and Related Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2021 | |
Loans and Related Allowance for Credit Losses [Abstract] | |
Loans and Related Allowance for Loan Losses | 6. LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES Loan Portfolio Classification The following table presents the loan portfolio by class at December 31, 2021 and 2020. (Dollars in thousands) December 31, 2021 December 31, 2020 Commercial, financial and agricultural $ 62,639 $ 73,057 Real estate - commercial 159,806 122,698 Real estate - construction 43,281 61,051 Real estate - mortgage 131,754 141,438 Obligations of states and political subdivisions 16,323 18,550 Personal 4,500 5,867 Total $ 418,303 $ 422,661 The Company participated in the PPP and funded 508 PPP loans totaling $32,064,000 in 2020 and 362 second round PPP loans totaling $18,931,000 in 2021. As of December 31, 2021, 194 PPP loans totaling $10,132,000 were outstanding with related unamortized net fees of $485,000. As of December 31, 2020, 461 PPP loans totaling $28,715,000 were outstanding with related unamortized net fees of $475,000. All the Company’s PPP loans are part of the commercial, financial and agricultural loan portfolio. The following tables summarize loans and the activity in the allowance for loan losses by loan class, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of and for the years ended December 31, 2021 and 2020: (Dollars in thousands) Obligations Commercial, of states financial and Real estate- Real estate- and political Real estate- agricultural commercial construction subdivisions mortgage Personal Total Year Ended December 31, 2021 Balance, beginning of period $ 302 $ 908 $ 1,586 $ 28 $ 1,200 $ 70 $ 4,094 Provision for loan losses (58) 76 (788) 17 8 (24) (769) Charge-offs — — — — — (17) (17) Recoveries 7 36 86 — 61 10 200 Balance, end of period $ 251 $ 1,020 $ 884 $ 45 $ 1,269 $ 39 $ 3,508 December 31, 2020 Balance, beginning of period $ 321 $ 754 $ 718 $ 17 $ 1,081 $ 70 $ 2,961 Provision for loan losses (13) 152 442 11 96 33 721 Charge-offs (7) — — — (7) (42) (56) Recoveries 1 2 426 — 30 9 468 Balance, end of period $ 302 $ 908 $ 1,586 $ 28 $ 1,200 $ 70 $ 4,094 (Dollars in thousands) Obligations Commercial, of states financial and Real estate- Real estate- and political Real estate- agricultural commercial construction subdivisions mortgage Personal Total December 31, 2021 Loans allocated by: Individually evaluated for impairment $ — $ 5,262 $ — $ — $ 437 $ — $ 5,699 Acquired with credit deterioration — 357 — — 481 — 838 Collectively evaluated for impairment 62,639 154,187 43,281 16,323 130,836 4,500 411,766 $ 62,639 $ 159,806 $ 43,281 $ 16,323 $ 131,754 $ 4,500 $ 418,303 Allowance for loan losses allocated by: Individually evaluated for impairment $ — $ — $ — $ — $ 2 $ — $ 2 Acquired with credit deterioration — — — — — — — Collectively evaluated for impairment 251 1,020 884 45 1,267 39 3,506 $ 251 $ 1,020 $ 884 $ 45 $ 1,269 $ 39 $ 3,508 December 31, 2020 Loans allocated by: Individually evaluated for impairment $ — $ 3,483 $ — $ — $ 744 $ — $ 4,227 Acquired with credit deterioration — 339 — — 623 — 962 Collectively evaluated for impairment 73,057 118,876 61,051 18,550 140,071 5,867 417,472 $ 73,057 $ 122,698 $ 61,051 $ 18,550 $ 141,438 $ 5,867 $ 422,661 Allowance for loan losses allocated by: Individually evaluated for impairment $ — $ — $ — $ — $ 2 $ — $ 2 Acquired with credit deterioration — — — — — — — Collectively evaluated for impairment 302 908 1,586 28 1,198 70 4,092 $ 302 $ 908 $ 1,586 $ 28 $ 1,200 $ 70 $ 4,094 The following tables summarize information regarding impaired loans by portfolio class as of December 31, 2021 and December 31, 2020: (Dollars in thousands) As of December 31, 2021 As of December 31, 2020 Recorded Unpaid Principal Related Recorded Unpaid Principal Related Investment Balance Allowance Investment Balance Allowance Impaired loans With no related allowance recorded: Real estate - commercial $ 5,262 $ 5,720 $ — $ 3,483 $ 3,580 $ — Acquired with credit deterioration 357 366 — 339 386 — Real estate – construction — 649 — — 894 — Real estate - mortgage 368 1,054 — 666 1,396 — Acquired with credit deterioration 481 660 — 623 801 — With an allowance recorded: Real estate - mortgage $ 69 $ 68 $ 2 $ 78 $ 77 $ 2 Total: Real estate - commercial $ 5,262 $ 5,720 $ — $ 3,483 $ 3,580 $ — Acquired with credit deterioration 357 366 — 339 386 — Real estate - construction — 649 — — 894 — Real estate – mortgage 437 1,122 2 744 1,473 2 Acquired with credit deterioration 481 660 — 623 801 — $ 6,537 $ 8,517 $ 2 $ 5,189 $ 7,134 $ 2 (Dollars in thousands) Year Ended December 31, 2021 Year Ended December 31, 2020 Average Interest Cash Basis Average Interest Cash Basis Recorded Income Interest Recorded Income Interest Investment Recognized Income Investment Recognized Income Impaired Loans With no related allowance recorded: Commercial, financial and agricultural $ — $ — $ — $ 234 $ — $ — Real estate - commercial 4,168 223 — 2,291 20 38 Acquired with credit deterioration 349 — — 352 — — Real estate - mortgage 477 13 40 860 16 44 Acquired with credit deterioration 588 — — 660 — — Personal — — — 2 — — With an allowance recorded: Real estate - mortgage $ 72 $ — $ — $ 98 $ — $ — Total: Commercial, financial and agricultural $ — $ — $ — $ 234 $ — $ — Real estate - commercial 4,168 223 — 2,291 20 38 Acquired with credit deterioration 349 — — 352 — — Real estate - mortgage 549 13 40 958 16 44 Acquired with credit deterioration 588 — — 660 — — Personal — — — 2 — — $ 5,654 $ 236 $ 40 $ 4,497 $ 36 $ 82 The recorded investment in loans excludes accrued interest receivable and loan origination fees, net due to immateriality. For purposes of this disclosure, the unpaid principal balance is not reduced for partial charge-offs. The following table presents non-accrual loans by classes of the loan portfolio as of December 31, 2021 and December 31, 2020: (Dollars in thousands) December 31, 2021 December 31, 2020 Non-accrual loans: Real estate - commercial $ — $ 41 Real estate - mortgage 141 381 Total $ 141 $ 422 Interest income not recorded based on the original contractual terms of the loans for non-accrual loans was $49,000 and $97,000 in 2021 and 2020, respectively. The decline in unrecorded interest income on non-accrual loans in 2021 compared to 2020 was due to the payoff of several non-accrual loans during the year ended December 31, 2021. Consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process at December 30, 2021 and December 31, 2020 totaled $85,000 and $152,000, respectively. The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of December 31, 2021 and December 31, 2020: Loans Past Due Greater (Dollars in thousands) Greater than 89 30 ‑ 59 Days 60 ‑ 89 Days than 89 Total Past Days and Current Past Due(2) Past Due Days Due Total Loans Accruing(1) As of December 31, 2021 Commercial, financial and agricultural $ 62,628 $ 11 $ — $ — $ 11 $ 62,639 $ — Real estate - commercial 159,396 53 — — 53 159,449 — Real estate - construction 43,281 — — — — 43,281 — Real estate - mortgage 130,242 440 488 103 1,031 131,273 85 Obligations of states and political subdivisions 16,323 — — — — 16,323 — Personal 4,492 8 — — 8 4,500 — Subtotal 416,362 512 488 103 1,103 417,465 85 Loans acquired with credit deterioration Real estate - commercial 357 — — — — 357 — Real estate - mortgage 481 — — — — 481 — Subtotal 838 — — — — 838 — $ 417,200 $ 512 $ 488 $ 103 $ 1,103 $ 418,303 $ 85 Loans Past Due Greater (Dollars in thousands) Greater than 89 30 ‑ 59 Days 60 ‑ 89 Days than 89 Total Past Days and Current Past Due(2) Past Due Days Due Total Loans Accruing(1) As of December 31, 2020 Commercial, financial and agricultural $ 73,028 $ 7 $ — $ 22 $ 29 $ 73,057 $ 22 Real estate - commercial 122,318 — — 41 41 122,359 — Real estate - construction 61,051 — — — — 61,051 — Real estate - mortgage 139,842 351 453 169 973 140,815 — Obligations of states and political subdivisions 18,550 — — — — 18,550 — Personal 5,853 — 14 — 14 5,867 — Subtotal 420,642 358 467 232 1,057 421,699 22 Loans acquired with credit deterioration Real estate - commercial 293 — 46 — 46 339 — Real estate - mortgage 481 50 — 92 142 623 92 Subtotal 774 50 46 92 188 962 92 $ 421,416 $ 408 $ 513 $ 324 $ 1,245 $ 422,661 $ 114 (1) These loans are guaranteed, or well secured, and there is an effective means of collection in process. (2) Loans are considered past due when the borrower is in arrears on two or more monthly payments. Troubled Debt Restructurings As of December 31, 2021 and 2020, the Company had a recorded investment in troubled debt restructurings of $5,555,000 and $3,802,000, respectively. There were no specific reserves for those loans on December 31, 2021 and 2020. There were also no commitments to lend additional amounts to these customers as of December 31, 2021 and 2020. The modification of the terms of the real estate - commercial loans that occurred during the years ended December 31, 2021 and December 31, 2020 consisted of declines in the stated rate of interest below the current market rate. As of December 31, 2021, there were no restructured loans in default with respect to the restructured terms. There were no defaults of troubled debt restructurings within 12 months of restructure during 2021 or 2020. The following tables summarize loans whose terms were modified, resulting in troubled debt restructurings during 2021 and 2020. (Dollars in thousands) Pre-Modification Post-Modification Number of Outstanding Outstanding Contracts Recorded Investment Recorded Investment Recorded Investment Year ended December 31, 2021 Accruing troubled debt restructurings: Real estate - commercial 1 $ 2,254 $ 2,254 $ 1,841 1 $ 2,254 $ 2,254 $ 1,841 The troubled debt restructuring described above had no specific allowance for loan losses and resulted in no charge-offs during the year ending December 31, 2021. (Dollars in thousands) Pre-Modification Post-Modification Number of Outstanding Outstanding Contracts Recorded Investment Recorded Investment Recorded Investment Year ended December 31, 2020 Accruing troubled debt restructurings: Real estate - commercial 2 $ 3,161 $ 3,161 $ 3,143 Real estate - mortgage 1 4 4 4 3 $ 3,165 $ 3,165 $ 3,147 The troubled debt restructurings described above had no specific allowance for loan losses and resulted in no charge-offs during the year ending December 31, 2020. The Company worked with borrowers impacted by COVID-19 and provided short-term modifications to include interest and/or principal payment deferrals in 2020 and the beginning of 2021. These modifications were excluded from troubled debt restructuring classification under Section 4013 of the CARES Act or under applicable interagency guidance of the federal banking regulators. As of December 31, 2021, all loans previously placed on deferral under the under Section 4013 or interagency guidance had returned to contractual debt service. Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis includes loans to commercial customers with an aggregate loan exposure greater than $500,000 and for lines of credit in excess of $50,000. This analysis is performed on a continuing basis with all such loans reviewed annually. The Company uses the following definitions for risk ratings: Special Mention Substandard Doubtful Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered pass-rated loans. The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of December 31, 2021 and December 31, 2020. The decrease in the special mention category at December 31, 2021 compared to December 31, 2020 was predominantly the result of upgrading participated hospitality and recreational facility relationships from special mention to pass in 2021 due to their continued performance during the pandemic. (Dollars in thousands) Special As of December 31, 2021 Pass Mention Substandard Doubtful Total Commercial, financial and agricultural $ 61,372 $ 577 $ 690 $ — $ 62,639 Real estate - commercial 137,684 16,429 5,693 — 159,806 Real estate - construction 42,394 — 887 — 43,281 Real estate - mortgage 130,584 252 918 — 131,754 Obligations of states and political subdivisions 16,323 — — — 16,323 Personal 4,500 — — — 4,500 Total $ 392,857 $ 17,258 $ 8,188 $ — $ 418,303 (Dollars in thousands) Special As of December 31, 2020 Pass Mention Substandard Doubtful Total Commercial, financial and agricultural $ 71,983 $ 495 $ 579 $ — $ 73,057 Real estate - commercial 99,828 15,198 7,631 41 122,698 Real estate - construction 36,332 24,644 75 — 61,051 Real estate - mortgage 139,787 289 1,317 45 141,438 Obligations of states and political subdivisions 18,550 — — — 18,550 Personal 5,867 — — — 5,867 Total $ 372,347 $ 40,626 $ 9,602 $ 86 $ 422,661 |
Bank Owned Life Insurance and A
Bank Owned Life Insurance and Annuities | 12 Months Ended |
Dec. 31, 2021 | |
Bank Owned Life Insurance and Annuities [Abstract] | |
Bank Owned Life Insurance and Annuities | 7. BANK OWNED LIFE INSURANCE AND ANNUITIES The Company holds bank-owned life insurance (“BOLI”) and deferred annuities with a combined cash value of $16,852,000 and $16,568,000 at December 31, 2021 and 2020, respectively. As annuitants retire, the deferred annuities may be converted to payout annuities to create payment streams that match certain post-retirement liabilities. The net increase in cash surrender value on the BOLI and annuities was $284,000 and $302,000 in 2021 and 2020, respectively; the net change resulting from premium payments and earnings recorded as non-interest income. The contracts are owned by the Bank in various insurance companies. The crediting rate on the policies varies annually based on the insurance companies’ investment portfolio returns in their general fund and market conditions. Changes in cash value of BOLI and annuities in 2021 and 2020 are shown below: (Dollars in thousands) Life Deferred Insurance Annuities Total Balance as of January 1, 2020 $ 15,741 $ 525 $ 16,266 Earnings 243 20 263 Premiums on existing policies 26 13 39 Balance as of December 31, 2020 16,010 558 16,568 Earnings 225 21 246 Premiums on existing policies 26 12 38 Balance as of December 31, 2021 $ 16,261 $ 591 $ 16,852 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Premises and Equipment [Abstract] | |
Premises and Equipment | 8. PREMISES AND EQUIPMENT Premises and equipment consist of the following: (Dollars in thousands) December 31, 2021 2020 Land $ 294 $ 294 Buildings and improvements 13,486 13,351 Furniture, computer software and equipment 6,940 6,836 20,720 20,481 Less: accumulated depreciation (12,349) (11,673) $ 8,371 $ 8,808 Depreciation expense on premises and equipment charged to operations was $712,000 in 2021 and $806,000 in 2020. The Company had no premises and equipment subject to lease agreements in which it acts as the lessor. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | 9. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill On September 8, 2006, the Company acquired a branch office in Richfield, PA. Goodwill associated with this transaction is carried at $2,046,000. On November 30, 2015, the Company acquired FNBPA and carries goodwill of $3,402,000 relating to the acquisition. On April 30, 2018, Juniata completed the acquisition of the remaining stock of LCB and, as a result, recorded goodwill of $3,599,000. Total goodwill at both December 31, 2021 and December 31, 2020 was $9,047,000. Intangible Assets On November 30, 2015, a core deposit intangible in the amount of $303,000 associated with the FNBPA acquisition was recorded. On April 30, 2018, a core deposit intangible of $289,000 associated with the LCB acquisition was recorded. Both core deposit intangibles are being amortized over a ten-year period using a sum of the years’ digits basis. The following table shows the amortization schedule for each of the intangible assets recorded. (Dollars in thousands) FNBPA LCB Acquisition Acquisition Core Core Deposit Deposit Intangible Intangible Beginning Balance at Acquisition Date $ 303 $ 289 Amortization expense recorded prior to December 31, 2019 190 84 Amortization expense recorded in Years ended: December 31, 2020 33 44 December 31, 2021 27 39 Unamortized balance as of December 31, 2021 $ 53 $ 122 Scheduled Amortization expense for years ended: December 31, 2022 $ 22 $ 33 December 31, 2023 16 28 December 31, 2024 10 23 December 31, 2025 5 17 December 31, 2026 — 12 Thereafter — 9 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Deposits | 10. DEPOSITS The aggregate amount of demand deposit overdrafts that were reclassified as loans was $31,000 at December 31, 2021, compared to $50,000 at December 31, 2020. Deposits consist of the following: (Dollars in thousands) December 31, 2021 2020 Demand, non-interest bearing $ 182,022 $ 168,115 Interest bearing demand and money market 240,974 176,469 Savings 142,187 123,572 Time deposits, $250,000 or more 13,547 13,475 Other time deposits 129,717 141,235 $ 708,447 $ 622,866 Included in interest bearing demand and money markets as of December 31, 2021 was $30,003,000 in brokered demand deposits, while there were no brokered deposits as of December 31, 2020. The aggregate amount of scheduled maturities of time deposits as of December 31, 2021 include the following: (Dollars in thousands) Time Deposits Maturing in: $250,000 or more Other Total Time Deposits 2022 $ 9,135 $ 54,078 $ 63,213 2023 1,599 33,460 35,059 2024 920 11,846 12,766 2025 1,030 10,832 11,862 2026 — 14,571 14,571 Later 863 4,930 5,793 $ 13,547 $ 129,717 $ 143,264 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings [Abstract] | |
Borrowings | 11. BORROWINGS Short term borrowings, and the related maximum amounts outstanding at the end of any month in the years ended December 31, 2021 and 2020, are presented below. (Dollars in thousands) Maximum Outstanding at Years Ended December 31, Any Month End 2021 2020 2021 2020 Repurchase agreements $ 4,227 $ 4,750 $ 4,804 $ 4,889 Short-term borrowings with FHLB: Overnight advances — — 9,000 — 3-month advances — 20,000 20,000 20,000 $ 4,227 $ 24,750 $ 33,804 $ 24,889 The following table presents supplemental information related to short-term borrowings. (Dollars in thousands) Securities sold under agreements to repurchase Short-term borrowings 2021 2020 2021 2020 Amount outstanding as of December 31 $ 4,227 $ 4,750 $ — $ 20,000 Weighted average interest rate as of December 31 0.10 % 0.14 % — % 0.31 % Average amount outstanding during the year 4,249 4,033 6,741 14,521 Weighted average interest rate during the year 0.10 % 0.17 % 0.38 % 0.42 % The Bank has repurchase agreements with some of its depositors, under which customers’ funds are invested daily into an interest bearing account. These funds are carried by the Company as short-term debt. It is the Company’s policy to completely collateralize repurchase agreements with U.S. Government securities. As of December 31, 2021, the securities that serve as collateral for securities sold under agreements to repurchase had a fair value of $7,249,000. The interest rate paid on these funds is variable and subject to change daily. The Company participated in the Federal Reserve Bank’s Paycheck Protection Program Liquidity Facility (“PPPLF”) in 2020 and received $31,298,000 in advances. The advances were collateralized by PPP loans granted by the Company. The maturity date of the PPPLF advances equaled the maturity date of the underlying PPP loans pledged to secure the extension of credit. The maturity date of the PPPLF’s extension of credit was accelerated to the extent of any loan forgiveness reimbursement received by the Company from the SBA. The interest rate on the advances was fixed at 0.35%. As of December 31, 2021, there were no outstanding PPPLF advances as the Company repaid the remaining amount in the first quarter of 2021. As of December 31, 2020, $27,955,000 PPPLF advances were outstanding. Long-term debt is comprised only of FHLB advances with an original maturity of one year or more. Outstanding balances were $20,000,000 as of December 31, 2021 and $35,000,000 as of December 31, 2020. The following table summarizes the scheduled maturities of long-term debt as of December 31, 2021. (Dollars in thousands) Scheduled Weighted Average Year Maturities Interest Rate 2022 $ — — % 2023 — — 2024 15,000 2.29 2025 5,000 2.41 2026 — — Thereafter — — $ 20,000 2.32 % The Bank must maintain sufficient qualifying collateral with the FHLB to secure borrowings. Therefore, a Master Collateral Agreement has been entered into which pledges all mortgage related assets as collateral for future borrowings. Mortgage related assets could include loans or investment securities. As of December 31, 2021, the amount of loans included in qualifying collateral was $253,763,000. As of December 31, 2020, the amount of loans included in qualifying collateral was $229,357,000. No investment securities were included in qualifying collateral as of December 31, 2021 or 2020. The Bank’s maximum borrowing capacity with the FHLB was $182,573,000, with a balance of $20,724,000 outstanding as of December 31, 2021. The Bank’s maximum borrowing capacity with the FHLB was $166,178,000, with a balance of $55,830,000 outstanding as of December 31, 2020. To borrow additional amounts, the FHLB would require the Bank to purchase additional FHLB Stock. The FHLB is a source of both short-term and long-term funding. The Bank must maintain sufficient qualifying collateral to secure all outstanding advances. Qualifying collateral is defined by the FHLB and includes outstanding balances of the Company’s real estate loans, excluding loans with certain risk mitigants, including delinquencies and loans made to insiders, borrowers with low credit scores or loans with high loan-to-value ratios. |
Operating Lease Obligations
Operating Lease Obligations | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Operating Lease Obligations | 12. OPERATING LEASE OBLIGATIONS The Company has four operating leases, of which one is with a related party. The leases are comprised of real estate property for branch and office space with terms extending through 2029. As of December 31, 2021, the Company had operating lease ROU assets lease liabilities The calculated amount of the ROU assets and lease liabilities are impacted by the length of the lease term and the discount rate used to calculate the present value of the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. Topic 842 requires the use of the rate implicit in the lease as the discount rate if that rate is readily determinable. As this rate is rarely determinable, the Company utilized its incremental borrowing rate at lease inception, which is the rate the Company would have incurred to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. Because the four operating leases existed prior to the adoption of Topic 842 on January 1, 2019, the incremental borrowing rate for the remaining lease term at January 1, 2019 was used. As of December 31, 2021, the weighted-average remaining operating lease term was 7.0 years, and the weighted-average discount rate was 5.47%. The Company elected, for the real estate class of underlying assets which is currently its only class, not to separate lease and non-lease components and to account for them as a single lease component. The Company has one operating lease agreement containing a monthly ATM surcharge, which is combined with the property rental payment because of electing the practical expedient. The Company’s total operating lease cost for the years ended December 31, 2021 and 2020 was $119,000 and $116,000, respectively. During the years ended December 31, 2021 and 2020, total operating lease payments made to a related party totaled $24,000. The future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2021 were as follows: (Dollars in thousands) Years ending December 31, Lease Obligation 2022 $ 63 2023 46 2024 47 2025 47 2026 48 2027 and beyond 111 Total Future Minimum Lease Payments 362 Amounts Representing Interest (63) Present Value of Net Future Minimum Lease Payments (Lease Liability) $ 299 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | 13. INCOME TAXES The components of income tax (benefit) expense for the two years ended December 31 were: (Dollars in thousands) Years Ended December 31, 2021 2020 Current tax expense $ 235 $ 105 Deferred tax expense (benefit) 49 (155) Total tax provision (benefit) $ 284 $ (50) Federal credits are available for ten years for Juniata’s investment in two low income housing projects. Tax credits associated with phase I will continue through 2023 2027 The total tax provision during the year ended December 31, 2021 was $284,000 compared to a total tax benefit of $50,000 during the year ended December 31, 2020. In 2020, the Company was able to take advantage of a provision in the CARES Act allowing the carryback of net operating losses (“NOLs”) from a prior period. Prior to the enactment of the CARES Act, Juniata had been carrying a deferred tax asset for an NOL that arose from a previous bank acquisition, which qualified for the new carryback rules and was able to be carried back to years in which the statutory tax rate was 34%, as opposed to the current 21%. The reversal of a portion of the deferred tax asset carried for this NOL, at an amount in excess of its carrying amount, was recorded as a $57,000 credit to income tax expense during 2020. Deductible temporary differences and taxable temporary differences gave rise to a net deferred tax asset for the Company as of December 31, 2021 and a net deferred tax liability as of December 31, 2020. The components are detailed below: A reconciliation of the statutory income tax (benefit) expense computed at 21% to the income tax expense included in the consolidated statements of income follows: (Dollars in thousands) Years Ended December 31, 2021 2020 Income before income taxes $ 6,888 $ 5,552 Statutory tax rate 21 % 21 % Federal tax at statutory rate 1,447 1,166 Tax-exempt interest (208) (205) Net earnings on BOLI (36) (45) Stock-based compensation (2) (4) Federal tax credits (902) (902) CARES Act Loss Carryback — (57) Other permanent differences (15) (3) Total tax provision (benefit) $ 284 $ (50) Effective tax rate 4.1 % (0.9) % Deductible temporary differences and taxable temporary differences gave rise to a net deferred tax asset for the Company as of December 31, 2021 and a net deferred tax liability as of December 31, 2020. The components are detailed below: (Dollars in thousands) Years Ended December 31, 2021 2020 Deferred Tax Assets: Allowance for loan losses $ 741 $ 887 Deferred directors’ compensation 329 333 Employee and director benefits 264 279 Stock-based compensation 59 50 Investment in low income housing project 397 299 Fair value adjustments to acquired assets and liabilities 172 220 Tax credit carryforward 235 173 Lease liability 63 82 Unrealized loss on debt securities available for sale 1,008 — Unrealized loss on derivatives — 12 Total deferred tax assets 3,268 2,335 Deferred Tax Liabilities: Depreciation (165) (227) Right of use asset (62) (80) Loan origination fees and costs (505) (463) Prepaid expenses (20) (20) Unrealized gains on debt securities available for sale — (947) Unrealized gain from securities impairment (58) (44) Unrealized gain on derivatives (114) — Annuity earnings (68) (64) Fair value of mortgage servicing rights (25) (33) Intangible assets (37) (47) Goodwill (429) (411) Other (42) (53) Total deferred tax liabilities (1,525) (2,389) Net deferred tax (liability) asset included in (other liabilities) other assets $ 1,743 $ (54) The Company has concluded that the deferred tax assets are realizable (on a more likely than not basis) through the combination of future reversals of existing taxable temporary differences, certain tax planning strategies and expected future taxable income. It is the Company’s policy to recognize interest and penalties on unrecognized tax benefits in income tax expense in the Consolidated Statements of Income. No significant income tax uncertainties were identified because of the Company’s evaluation of its income tax position. Therefore, the Company recognized no adjustment for unrecognized income tax benefits for the years ended December 31, 2021 and 2020. The Company is no longer subject to examination by taxing authorities for years before 2018. Tax years 2018 through the present, with limited exception, remain open to examination. |
Stockholders' Equity and Regula
Stockholders' Equity and Regulatory Matters | 12 Months Ended |
Dec. 31, 2021 | |
STOCKHOLDERS' EQUITY AND REGULATORY MATTERS | |
Stockholders' Equity and Regulatory Matters | 14. STOCKHOLDERS’ EQUITY AND REGULATORY MATTERS The Company is authorized to issue shares of preferred stock with no par value. The Board has the ability to fix the voting, dividend, redemption and other rights of the preferred stock, which can be issued in one or more series. No shares of preferred stock have been issued. The Company has a dividend reinvestment and stock purchase plan. Under this plan, additional shares of Juniata Valley Financial Corp. stock may be purchased by shareholders at the prevailing market prices through reinvested dividends and voluntary cash payments, within limits. To the extent that shares are not available in the open market, the Company has reserved common stock to be issued under the plan. Any adjustment in capitalization of the Company will result in a proportionate adjustment to the reserved shares for this plan. At December 31, 2021, 141,887 shares were available for issuance under the Dividend Reinvestment Plan. No shares were issued under this plan in 2021 or 2020. The Company periodically repurchases shares of its common stock under a share repurchase program approved by the Board of Directors. In November of 2021, the Board of Directors authorized the repurchase of an additional 200,000 shares of its common stock through its share repurchase program. The program will remain authorized until all approved shares are repurchased, unless terminated by the Board of Directors. Repurchases have typically been through open market transactions and have complied with all regulatory restrictions on the timing and amount of such repurchases. Shares repurchased have been added to treasury stock and accounted for at cost. These shares may be reissued for stock option exercises, stock awards, employee stock purchase plan purchases, to fulfill dividend reinvestment program needs and to supply shares needed for exchange in an acquisition. During 2021 and 2020, 50,482 and 87,712 shares, respectively, were repurchased in conjunction with this program. In 2021 and 2020, 200 and 565 issued shares, respectively, were transferred to treasury due to forfeitures of restricted stock awards. Remaining shares authorized to be repurchased in the program were 209,307 as of December 31, 2021. Regulatory Capital The Bank is subject to risk-based capital standards by which banks are evaluated in terms of capital adequacy. These regulatory capital requirements are administered by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital and classification are also subject to qualitative judgments by the regulators. Management believes that, as of December 31, 2021, the Bank meets all capital adequacy requirements to which it is subject. Prompt corrective action regulations provide five classifications: well-capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At year-end 2021 and 2020, the most recent regulatory notifications categorized the Bank as well-capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s category. In 2019, the federal banking agencies jointly issued a final rule that provides for an optional, simplified measure of capital adequacy, the community bank leverage ratio framework (“CBLR framework”), for qualifying community banking organizations, consistent with Section 201 of the Economic Growth Act. The final rule became effective on January 1, 2020 and by the Bank elected to apply it in 2020. In April 2020, the federal banking agencies issued an interim final rule that makes temporary change to the CBLR framework, pursuant to Section 4012 of the CARES Act, and a second interim final rule that provides a graduated increase in the community bank leverage ratio requirement after the expiration of the temporary changes implemented pursuant to Section 4012 of the CARES Act. The community bank leverage ratio removes the requirement for qualifying banking organizations to calculate and report risk-based capital, and only requires a minimum Tier 1 to average assets (“leverage”) ratio. Qualifying banking organizations that elect to use the CBLR framework and that maintain a leverage ratio of greater than required minimums will be considered to have satisfied the generally applicable risk-based and leverage capital requirements in the agencies’ capital rules (generally applicable rule) and, if applicable, will be considered to have met the well-capitalized ratio requirements for purposes of section 38 of the Federal Deposit Insurance Act. Under the interim final rules, the community bank leverage ratio minimum requirement is 8.0% as of December 31, 2020, 8.5% for calendar year 2021, and 9.0% for calendar year 2022 and beyond. The interim rule allows for a two-quarter grace period to correct a ratio that falls below the required amount, provided the Bank maintains a leverage ratio of 7.0% as of December 31, 2020, 7.5% for calendar year 2021, and 8.0% for calendar year 2022 and beyond. Under the final rule, an eligible banking organization can opt out of the CBLR framework and revert back to the risk-weighting framework without restriction. As of December 31, 2021, the Bank was a qualifying community banking organization as defined by the federal banking agencies but elected to revert back to the risk-weighting framework under the Basel III capital requirements at year-end 2021. In addition, a capital conservation buffer of 2.50% is applicable to all capital ratios except for the Tier 1 Leverage ratio. The capital conservation buffer is equal to the lowest value of the three applicable capital ratios less the regulatory minimum (“adequately capitalized”) for each respective capital measurement. The Bank’s capital conservation buffer at December 31, 2021 was 2.50% and is included in the capital adequacy ratios in the table below. Compliance with the capital conservation buffer is required to avoid limitations on certain capital distributions, especially dividends. Actual and required capital amounts and ratios as of December 31, 2021, are presented below. Minimum Regulatory Requirements to be Well Capitalized Minimum Requirement under Prompt for Capital Corrective Action The Juniata Valley Bank Actual Adequacy Purposes Provisions (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2021: Total Capital (to Risk Weighted Assets) $ 68,382 13.16 % $ 54,580 10.50 % $ 51,981 10.00 % Tier 1 Capital (to Risk Weighted Assets) 64,874 12.48 % 44,184 8.50 % 41,585 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 64,874 12.48 % 36,387 7.00 % 33,788 6.50 % Tier 1 Capital (to Average Assets) Leverage 64,874 7.98 % 32,502 4.00 % 40,627 5.00 % Actual and required capital amounts and ratios under the CBLR Framework as of December 31, 2020, are presented below. To Be Well Capitalized Under Prompt Corrective Action Regulations (Dollars in thousands) Actual (CBLR Framework) The Juniata Valley Bank Amount Ratio Amount Ratio As of December 31, 2020: Tier 1 Capital to Average Total Assets $ 63,074 8.51 % $ 59,284 8.00 % Certain regulatory restrictions exist regarding the ability of the Bank to transfer funds to the Company in the form of cash dividends, loans or advances. As of December 31, 2021, $37,324,000 of undistributed earnings of the Bank, included in the consolidated stockholders’ equity, was available for distribution to the Company as dividends without prior regulatory approval, subject to the regulatory capital requirements above. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
EARNINGS PER SHARE | |
Earnings Per Share | 15. EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Potential common shares that may be issued by the Company relate solely to outstanding stock options and are determined using the treasury stock method. Restricted stock is participating, and therefore, is included in the basic EPS calculation. The following table sets forth the computation of basic and diluted earnings per share: (Amounts in thousands, except earnings per share data) Year ended December 31, 2021 2020 Net income $ 6,604 $ 5,602 Weighted-average common shares outstanding 5,004 5,074 Basic earnings per share 1.32 1.10 Weighted-average common shares outstanding $ 5,004 $ 5,074 Common stock equivalents due to effect of stock options 9 6 Total weighted-average common shares and equivalents $ 5,013 $ 5,080 Diluted earnings per share 1.32 1.10 Anti-dilutive stock options outstanding — 1 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | 16. ACCUMULATED OTHER COMPREHENSIVE INCOME The following tables show changes in accumulated other comprehensive income by component, net of tax, for the years ending December 31, 2021 and 2020: (Dollars in thousands) December 31, 2021 Gains and (Losses) on Cash Flow Hedges Unrealized Gains and (Losses) on Available for Sale Securities Total Beginning balance, December 31, 2020 $ (45) $ 3,563 $ 3,518 Current period other comprehensive income (loss): Other comprehensive income (loss) before reclassification 425 (7,338) (6,913) Amounts reclassified from accumulated other comprehensive income (loss) 47 (17) 30 Net current period other comprehensive income (loss) 472 (7,355) (6,883) Ending balance, December 31, 2021 $ 427 $ (3,792) $ (3,365) (Dollars in thousands) December 31, 2020 Gains and (Losses) on Cash Flow Hedges Unrealized Gains and (Losses) on Available for Sale Securities Total Beginning balance, December 31, 2019 $ — $ 516 $ 516 Current period other comprehensive income (loss): Other comprehensive income (loss) before reclassification (38) 3,727 3,689 Amounts reclassified from accumulated other comprehensive loss (7) (675) (682) Net current period other comprehensive income (loss) (45) 3,052 3,007 Reclassification for ASU 2018-02 — (5) (5) Ending balance, December 31, 2020 $ (45) $ 3,563 $ 3,518 The following table shows significant amounts reclassified out of each component of accumulated other comprehensive income for the year ending December 31, 2021: (Dollars in thousands) Details About Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified From Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statements of Income Unrealized gains and losses on available for sale securities Realized gains on securities available for sale $ 21 Gain (loss) on sales and calls of securities Total before tax 21 Tax effect (4) Income tax (provision) benefit Net of tax 17 Unrealized gains and losses on cash flow hedges Realized losses on cash flow hedges $ (60) Short-term borrowings and repurchase agreements Total before tax (60) Tax effect 13 Income tax (provision) benefit Net of tax (47) Total reclassifications for the period, net of tax $ (30) The following table shows significant amounts reclassified out of each component of accumulated other comprehensive loss for the year ending December 31, 2020: (Dollars in thousands) Details About Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified From Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statements of Income Unrealized gains and losses on available for sale securities Realized gains on securities available for sale $ 855 Gain (loss) on sales and calls of securities Total before tax 855 Tax effect (180) Income tax (provision) benefit Net of tax 675 Unrealized gains and losses on cash flow hedges Realized gains on cash flow hedges 9 Short-term borrowings and repurchase agreements Total before tax 9 Tax effect (2) Income tax (provision) benefit Net of tax 7 Total reclassifications for the period, net of tax $ 682 |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurement | 17. FAIR VALUE MEASUREMENT Fair value measurement and disclosure guidance defines fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability is not adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact and (iv) willing to transact. Additional guidance is provided on determining when the volume and level of activity for the asset or liability has significantly decreased. The guidance also includes guidance on identifying circumstances when a transaction may not be considered orderly. Fair value measurement and disclosure guidance provides a list of factors that a reporting entity should evaluate to determine whether there has been a significant decrease in the volume and level of activity for the asset or liability in relation to normal market activity for the asset or liability. When the reporting entity concludes there has been a significant decrease in the volume and level of activity for the asset or liability, further analysis of the information from that market is needed, and significant adjustments to the related prices may be necessary to estimate fair value in accordance with fair value measurement and disclosure guidance. This guidance clarifies that, when there has been a significant decrease in the volume and level of activity for the asset or liability, some transactions may not be orderly. In those situations, the entity must evaluate the weight of the evidence to determine whether the transaction is orderly. The guidance provides a list of circumstances that may indicate that a transaction is not orderly. A transaction price that is not associated with an orderly transaction is given little, if any, weight when estimating fair value. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, the guidance establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 Inputs Level 2 Inputs Level 3 Inputs An asset’s or liability’s placement in the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality, the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Equities Securities The fair value of equity securities is based upon quoted prices in active markets and is reported using Level 1 inputs. Debt Securities Available for Sale For debt securities available for sale where quoted prices are not available, fair values are calculated based on market prices of similar securities and are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurement from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the debt securities’ terms and conditions, among other things. For debt securities available for sale where quoted prices or market prices of similar securities are not available, fair values are calculated using other market indicators and are reported at fair value utilizing Level 3 inputs. Derivatives The fair values of derivatives are based on valuation models using observable market data as of the measurement date utilizing Level 2 inputs. The Company’s derivatives are comprised of interest rate swaps traded in an over-the-counter market where quoted market prices are not always available; therefore, the fair values are determined using quantitative models that utilize multiple market inputs. The inputs will vary based on the type of curves, prepayment rates and volatility factors used to value the position. Most market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Impaired Loans Certain impaired loans are reported on a non-recurring basis at the fair value of the underlying collateral since repayment is expected solely from the collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included in the Level 3 fair value classification, based upon the lowest level of input that is significant to the fair value measurements. Other Real Estate Owned Certain assets included in other real estate owned are carried at fair value because of impairment and accordingly are measured on a non-recurring basis as they are carried at the lower of cost or fair value. These assets are subsequently accounted for at the lower of cost or fair value less estimated costs to sell. Values are estimated using Level 3 inputs, based on appraisals that consider the sales prices of property in the proximate vicinity less estimated costs to sell. Mortgage Servicing Rights The fair value of servicing assets is based on the present value of estimated future cash flows on pools of mortgages stratified by rate and maturity date and are considered Level 3 inputs. The following tables summarize financial assets and financial liabilities measured at fair value as of December 31, 2021 and December 31, 2020, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Significant (Dollars in thousands) Active Markets Other Other for Identical Observable Unobservable December 31, 2021 Assets Inputs Inputs Total Assets measured at fair value on a recurring basis: Debt securities available for sale: Obligations of U.S. Government agencies and corporations $ — $ 40,526 $ — $ 40,526 Obligations of state and political subdivisions — 9,220 — 9,220 Corporate debt securities — 30,476 4,520 34,996 Mortgage-backed securities — 250,682 — 250,682 Total debt securities available for sale $ — $ 330,904 $ 4,520 $ 335,424 Equity securities $ 1,124 $ — $ — $ 1,124 Mortgage servicing rights $ — $ — $ 120 $ 120 Interest rate swaps $ — $ 541 $ — $ 541 (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Significant (Dollars in thousands) Active Markets Other Other for Identical Observable Unobservable December 31, 2020 Assets Inputs Inputs Total Assets measured at fair value on a recurring basis: Debt securities available for sale: Obligations of U.S. Government agencies and corporations $ — $ 22,949 $ — $ 22,949 Obligations of state and political subdivisions — 8,282 — 8,282 Corporate debt securities — 9,523 2,000 11,523 Mortgage-backed securities — 243,661 — 243,661 Total debt securities available for sale $ — $ 284,415 $ 2,000 $ 286,415 Equity securities $ 1,091 $ — $ — $ 1,091 Mortgage servicing rights $ — $ — $ 158 $ 158 Liabilities measured at fair value on a recurring basis: Interest rate swaps $ — $ 57 $ — $ 57 Assets measured at fair value on a non-recurring basis: Impaired loans $ — $ — $ 84 $ 84 The table below presents a reconciliation of the beginning and ending balances of investment securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2021 and 2020. Year Ended (Dollars in thousands) December 31, 2021 2020 Investment Securities: Beginning balance $ 2,000 $ — Total gains (loss) included in OCI 20 — Purchases 2,500 2,000 Principal payments and other — — Sales — — Balance, end of period $ 4,520 $ 2,000 Mortgage servicing rights and assets measured at fair value on a nonrecurring basis for which Level 3 inputs have been used to determine fair value are immaterial to the Company’s consolidated financial statements. Fair Value of Financial Instruments Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in sales transactions on the dates indicated. The estimated fair value amounts have been measured as of their respective year ends and have not been re-evaluated or updated for purposes of these consolidated financial statements after those respective dates. As such, the estimated fair values of these financial instruments after the respective reporting dates may be different from the amounts reported at each year end. The information presented below should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is provided only for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The carrying amounts and estimated fair values of the Company’s financial instruments are as follows: Financial Instruments (Dollars in thousands) December 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Value Value Value Value Financial assets: Cash and due from banks $ 12,928 $ 12,928 $ 11,868 $ 11,868 Interest bearing deposits with banks 598 598 19,753 19,753 Interest bearing time deposits with banks 735 735 735 735 Securities 336,548 336,548 287,506 287,506 Restricted investment in bank stock 2,116 N/A 3,423 N/A Loans, net of allowance for loan losses 414,795 414,984 418,567 424,791 Interest rate swaps 541 541 — — Accrued interest receivable 1,814 1,814 2,105 2,105 Financial liabilities: Non-interest bearing deposits $ 182,022 $ 182,022 $ 168,115 $ 168,115 Interest bearing deposits 526,425 528,952 454,751 459,224 Securities sold under agreements to repurchase 4,227 N/A 4,750 N/A Short-term borrowings — — 20,000 20,002 FRB advances — — 27,955 27,955 Long-term debt 20,000 20,520 35,000 37,365 Interest rate swaps — — 57 57 Other interest bearing liabilities 1,568 1,568 1,584 1,585 Accrued interest payable 252 252 448 448 Off-balance sheet financial instruments: Commitments to extend credit $ — $ — $ — $ — Letters of credit — — — — The following tables present the carrying amount, fair value and placement in the fair value hierarchy of the Company’s financial instruments not previously disclosed as of December 31, 2021 and December 31, 2020. These tables exclude financial instruments for which the carrying amount approximates fair value. (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Significant (Dollars in thousands) Active Markets Other Other Carrying for Identical Observable Unobservable Amount Fair Value Assets or Liabilities Inputs Inputs December 31, 2021 Financial instruments - Assets Interest bearing time deposits with banks $ 735 $ 735 $ — $ 735 $ — Loans, net of allowance for loan losses 414,795 414,984 — — 414,984 Financial instruments - Liabilities Interest bearing deposits $ 526,425 $ 528,952 $ — $ 528,952 $ — Long-term debt 20,000 20,520 — 20,520 — Other interest bearing liabilities 1,568 1,568 — 1,568 — (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Significant (Dollars in thousands) Active Markets Other Other Carrying for Identical Observable Unobservable Amount Fair Value Assets or Liabilities Inputs Inputs December 31, 2020 Financial instruments - Assets Interest bearing time deposits with banks $ 735 $ 735 $ — $ 735 $ — Loans, net of allowance for loan losses 418,567 424,791 — — 424,791 Financial instruments - Liabilities Interest bearing deposits $ 454,751 $ 459,224 $ — $ 459,224 $ — Long-term debt 35,000 37,365 — 37,365 — Other interest bearing liabilities 1,584 1,585 — 1,585 — |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 18. REVENUE RECOGNITION The Company adopted ASU 2014-09, Revenue from Contracts with Customers The Company generally acts in a principal capacity, on its own behalf, in most contracts with customers. In such transactions, revenue and related costs to provide these services are recognized on a gross basis in the financial statements. In some cases, the Company acts in an agent capacity, deriving revenue through assisting other entities in transactions with its customers. In such transactions, revenue and the related costs to provide the services are recognized on a net basis in the financial statements. These transactions primarily relate to non-deposit product commissions and fees derived from customer’s use of various interchange and ATM/debit card networks. All the Company’s revenue from contracts with customers in the scope of ASC 606 are recognized within non-interest income on the consolidated statements of income. Revenue streams not within the scope of ASC 606 included in non-interest income on the consolidated statements of income include earnings on bank-owned life insurance and annuities, fees derived from loan activity, mortgage banking income, gain/loss on sales and calls of securities, and the change in value of equity securities. A description of the Company’s sources of revenue accounted for under ASC 606 are as follows: Customer Service Fees Debit Card Fee Income Trust Fees Commissions From Sales Of Non-Deposit Products Other Non-Interest Income Gains/Losses On Sales Of Other Real Estate Owned Contract Balances A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due from the customer). The company’s non-interest revenue streams are largely based on transactional activity, or standard month-end revenue accruals such as asset management fees based on month-end market values. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company does not typically enter longer-term revenue contracts with customers, and therefore, does not experience significant contract balances. Contract Acquisition Costs The Company expenses all contract acquisition costs as costs are incurred. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
EMPLOYEE BENEFIT PLANS | |
Employee Benefit Plans | 19. EMPLOYEE BENEFIT PLANS Long-Term Incentive Plan The Company maintains the 2016 Long-Term Incentive Plan (the “Plan”), that amended and restated the former 2011 Stock Option Plan (the “2011 Plan”). The Plan continues in effect for any outstanding awards under the 2011 Plan in accordance with the terms and conditions governing such awards immediately prior to the effective date of the Plan but expanded the types of awards authorized to include, among others, restricted stock. Under the provisions of the Plan, while active, awards may consist of grants of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock and performance shares to officers and key employees of the Company, as well as directors. Compensation expense for stock options granted and restricted stock awarded is measured using the fair value of the award on the grant date and is recognized over the vesting period. The Company recognized $158,000 and $128,000 of expense for the years ended December 31, 2021 and 2020, respectively, for stock-based compensation. The Plan is administered by a committee of the Board of Directors. The Committee determines, among other things, the recipients of stock compensation, the number of shares to be subject to each award, the option price, the duration of the option and the restricted period, as appropriate. A recipient of the restricted shares will forfeit those shares in their entirety if employment is terminated prior to the vesting date for reasons other than retirement, death or disability. Forfeited awards are returned to the pool of shares available for grant for future awards. The maximum number of shares of common stock that may be issued under the Plan is 300,000 shares, and 162,051 shares were available for grant as of December 31, 2021. Shares of common stock issued under the Plan may be treasury shares or authorized but unissued shares. During 2021, a total of 8,839 restricted shares was awarded to certain officers and all directors. In 2020, a total of 9,530 shares of restricted stock was awarded to certain officers. Each award vests after three-years, with interim vesting in the case of death, disability or retirement as approved by the board of directors. The following table presents compensation expense and related tax benefits for restricted stock awards recognized on the consolidated statement of income. (Dollars in thousands) 2021 2020 Compensation expense $ 158 $ 128 Tax benefit (33) (27) Net income effect $ 125 $ 101 At December 31, 2021, there was $162,000 of unrecognized compensation cost related to all non-vested restricted stock awards. This cost is expected to be recognized through February 2024. The following table presents a summary of non-vested restricted shares activity for 2021. Weighted Average Grant Date Shares Fair Value Non-vested at January 1, 2021 20,175 $ 19.62 Vested (6,025) 19.50 Forfeited (200) 17.90 Granted 8,839 16.55 Non-vested at December 31, 2021 22,789 $ 18.48 No stock options were awarded in 2021. Outstanding options granted prior to 2021 have all vested and are exercisable at the grant price, which is at least the fair market value of the stock on the grant date. The Plan provides that the option price per share is not to be less than the fair market value of the stock on the day the option was granted, but in no event less than the par value of such stock. Options granted under the Plan are exercisable no earlier than one year after the date of grant and expire ten years after the date of the grant. All options previously granted under the Plans are scheduled to expire through February 17, 2025. Total options outstanding as of December 31, 2021 have exercise prices between $17.65 and $18.00, with a weighted average exercise price of $17.78 and a weighted average remaining contractual life of 2.05 years. As of December 31, 2021, there was no unrecognized compensation cost related to options granted under the Plan. No options were exercised under the Plans for the years ended December 31, 2021 and 2020. A summary of the status of the outstanding stock options as of December 31, 2021 and 2020, and changes during the years ending on those dates is presented below: Weighted Weighted Average Average Exercise Exercise Shares Price Shares Price Outstanding at beginning of year 81,547 $ 17.78 93,147 $ 17.76 Granted — — — — Exercised — — — — Expired (9,600) 17.75 (11,600) 17.78 Outstanding at end of year 71,947 $ 17.78 81,547 $ 17.78 Options exercisable at year-end 71,947 81,547 Weighted-average fair value of options granted during the year $ — $ — Intrinsic value of options exercised during the year $ — $ — Intrinsic value of options cancelled during the year $ — Intrinsic value of options outstanding and exercisable at December 31, 2021 $ — Defined Contribution Plan (“401(k) Plan”) The Company has a 401(k) Plan under which employees, through payroll deductions, are able to defer portions of their compensation. The Company makes an annual non-elective fully vested contribution equal to 3% of compensation to each eligible participant. For the year ended December 31, 2021, the contribution amount totaled $252,000, which was credited to employee’s accounts by January 31, 2022. This liability at December 31, 2020 totaled $249,000 and was credited to employee accounts by January 31, 2021. Expense incurred under this plan was $250,000 and $247,000 in 2021 and 2020, respectively. The 401(k) Plan also includes an employer matching contribution for employees that elect to defer compensation into this program. The matching contribution in 2021 and 2020 was $222,000 and $214,000, respectively. Employee Stock Purchase Plan The Company has an Employee Stock Purchase Plan under which employees, through payroll deductions, are able to purchase shares of Company stock annually. The option price of the stock purchases is between 95% and 100% of the fair market value of the stock on the offering termination date as determined annually by the Board of Directors. The maximum number of shares which employees may purchase under the Plan is 250,000; however, the annual issuance of shares may not exceed 5,000 shares plus any unissued shares from prior offerings. There were 4,944 shares issued in 2021 and 4,459 shares issued in 2020 under this plan. As of December 31, 2021, there were 161,676 shares reserved for issuance under the Employee Stock Purchase Plan. Supplemental Retirement Plans The Company has non-qualified supplemental retirement plans for directors and key employees. At December 31, 2021 and 2020, the present value of the future liability associated with these plans was $112,000 and $135,000, respectively. For the years ended December 31, 2021 and 2020, $11,000 was charged to expense in connection with these plans. The Company offsets the cost of these plans through the purchase of bank-owned life insurance and annuities. See Note 7. Deferred Compensation Plans The Company has entered into deferred compensation agreements with certain directors to provide each director with an additional retirement benefit, or to provide their beneficiary with a benefit, in the event of pre-retirement death. At December 31, 2021 and 2020, the present value of the future liability was $1,568,000 and $1,584,000, respectively. For the years ended December 31, 2021 and 2020, $13,000 and $20,000, respectively, was charged to expense in connection with these plans. Separate accounts are maintained for each participating director with interest credited on a quarterly basis at the then current rate offered on long-term certificates of deposit. The Company offsets the cost of these plans through the purchase of bank-owned life insurance. See Note 7. Salary Continuation Plans The Company has non-qualified salary continuation plans for key employees. At December 31, 2021 and 2020, the present value of the future liability was $1,146,000 and $1,194,000, respectively. For the years ended December 31, 2021 and 2020, $85,000 and $94,000, respectively, was charged to expense in connection with these plans. The Company offsets the cost of these plans through the purchase of bank-owned life insurance. See Note 7. |
Financial Instruments with Off-
Financial Instruments with Off-Balance Sheet Risk | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments with off-Balance Sheet Risk [Abstract] | |
Financial Instruments with Off-Balance Sheet Risk | 20. FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments may include commitments to extend credit and letters of credit. Because many commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. These instruments involve, to varying degrees, elements of credit risk that are not recognized in the consolidated financial statements. Exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and letters of credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making these commitments and conditional obligations as it does for on-balance sheet instruments. The Company controls the credit risk of its financial instruments through credit approvals, limits and monitoring procedures; however, it does not generally require collateral for such financial instruments since there is no principal credit risk. A summary of the Company’s financial instrument commitments is as follows: (Dollars in thousands) December 31, 2021 2020 Commitments to grant loans $ 94,349 $ 81,997 Unfunded commitments under lines of credit 12,714 13,092 Outstanding letters of credit 5,724 3,906 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since portions of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained by the Bank upon extension of credit is based on management’s credit evaluation of the counterparty. Collateral held varies but may include personal or commercial real estate, accounts receivable, inventory and equipment. Outstanding letters of credit are instruments issued by the Bank that guarantee payment to the beneficiary by the Bank in the event of default by the Bank’s customer in the non-performance of an obligation or service. Most letters of credit are extended for one year periods. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank holds collateral supporting those commitments for which collateral is deemed necessary. The amount of the liability as of December 31, 2021 and 2020 for guarantees under letters of credit issued is not material. The maximum undiscounted exposure related to these guarantees on December 31, 2021 was $5,724,000, and the approximate value of underlying collateral upon liquidation that would be expected to cover this maximum potential exposure was $33,517,000. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related-Party Transactions [Abstract] | |
Related-Party Transactions | 21. RELATED-PARTY TRANSACTIONS The Bank has granted loans to certain of its executive officers, directors and their related interests. The aggregate dollar amount of these loans was $4,655,000 and $4,321,000 at December 31, 2021 and 2020, respectively. During 2021, $716,000 in new loans and advances were added, while repayments totaled $362,000. Additionally, a loan for $20,000 was removed in 2021 due to the retirement of an officer. None of these loans were past due, in non-accrual status or restructured on December 31, 2021 or 2020. Deposits and other funds from related parties held by Juniata amounted to $2,533,000 and $1,699,000 at December 31, 2021 and 2020, respectively. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2021 | |
Derivatives | |
Derivatives | 22. DERIVATIVES The Company entered into interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position in 2020. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements. Interest rate swaps with a notional amount totaling $40,000,000 as of December 31, 2021, were designated as cash flow hedges, of which $20,000,000 were on hedges of brokered deposits, and the other $20,000,000 were hedges of certain FHLB long-term advances. Interest rate swaps with a notional amount totaling $40,000,000 as of December 31, 2020, were designated as cash flow hedges on certain short- and long-term FHLB advances. The interest rate swaps were determined to be fully effective during the 2021 and 2020 year-end periods presented, and as such, no amount of ineffectiveness has been included in net income. The aggregate fair value of the swaps is recorded in either other assets or other liabilities on the Consolidated Statements of Condition with changes in fair value recorded in other comprehensive income. The Company expects the hedges to remain fully effective during the remaining terms of the swaps. The Company presents derivative positions gross on the balance sheet. The following table reflects the derivatives recorded on the Consolidated Statements of Condition as of December 31, 2021 and 2020. (Dollars in thousands) December 31, 2021 December 31, 2020 Fair Fair Value Value Notional Asset Notional Asset Derivatives designated as hedges: Amount (Liability) Amount (Liability) Interest rate swap - pay fixed / receive floating on 3-month brokered deposit $ 20,000 $ 52 $ — $ — Interest rate swap - pay fixed / receive floating on 3-month FHLB advance — — 20,000 (123) Interest rate swaps - forward-starting on long-term FHLB advances 20,000 489 20,000 66 The effect of cash flow hedge accounting, before income taxes, on accumulated other comprehensive income for the period ended December 31, 2021 is as follows: (Dollars in thousands) December 31, 2021 Amount of Gain Location of (Gain) Amount of (Gain) (Loss) Recognized in Loss Reclassified Loss Reclassified OCI on Derivatives from OCI into Income from OCI into Income Interest rate contracts $ 538 Interest expense on short-term borrowings and repurchase agreements $ 60 (Dollars in thousands) December 31, 2020 Amount of Gain Location of (Gain) Amount of (Gain) (Loss) Recognized in Loss Reclassified Loss Reclassified OCI on Derivatives from OCI into Income from OCI into Income Interest rate contracts $ (48) Interest expense on short-term borrowings and repurchase agreements $ (9) The effect of cash flow hedge accounting on the Consolidated Statements of Income for the years ended December 31, 2021 and 2020 were as follows: Location and Amount of Gain or Loss Recognized in Income on Fair Value and Cash Flow Hedging Relationships Interest Income (Expense) Year Ended December 31, (Dollars in thousands) 2021 2020 Effects of cash flow hedging: Gain (loss) on cash flow hedging relationships: Amount reclassified from AOCI into income $ (60) $ 9 Total $ (60) $ 9 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingent Liabilities [Abstract] | |
Commitments and Contingent Liabilities | 23. COMMITMENTS AND CONTINGENT LIABILITIES In 2017 and 2021, the Company executed renewal agreements for technology outsourcing services through two outside service bureaus. Both agreements provide for termination fees if the Company cancels the services prior to the end of the commitment periods that run through May 31, 2024 and May 31, 2026, respectively. At December 31, 2021, potential termination fees on the two contracts were estimated to be approximately $1,405,000 and $1,272,000, respectively. Since the Company does not expect to terminate these services with either vendor prior to the end of the commitment periods, no liability has been recorded as of December 31, 2021. The Company, from time to time, may be a defendant in legal proceedings relating to the conduct of its banking business. Most of such legal proceedings are a normal part of the banking business and, in management’s opinion, the consolidated financial condition and results of operations of the Company would not be materially affected by the outcome of such legal proceedings. Additionally, the Company has sold qualifying residential mortgage loans to the FHLB as part of its Mortgage Partnership Finance Program (“Program”). Under the terms of the Program, there is limited recourse back to the Company for loans that do not perform in accordance with the terms of the loan agreement. Each loan sold under the Program is “credit enhanced” such that the individual loan’s rating is raised to “BBB”, as determined by the FHLB. The Program can be terminated by either the FHLB or the Company, without cause, by giving notice to the other party. The FHLB has no obligation to commit to purchase any mortgage through, or from, the Company. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 24. SUBSEQUENT EVENT In January 2022 |
Juniata Valley Financial Corp.
Juniata Valley Financial Corp. (Parent Company Only) Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Juniata Valley Financial Corp. (Parent Company Only) Financial Information [Abstract] | |
Juniata Valley Financial Corp. (Parent Company Only) Financial Information | 25. JUNIATA VALLEY FINANCIAL CORP. (PARENT COMPANY ONLY) FINANCIAL INFORMATION CONDENSED BALANCE SHEETS (Dollars in thousands) December 31, 2021 2020 ASSETS Cash and cash equivalents $ 85 $ 145 Investment in bank subsidiary 70,265 75,441 Equity securities 914 935 Other assets 38 77 TOTAL ASSETS $ 71,302 $ 76,598 LIABILITIES Accounts payable and other liabilities $ 12 $ 1 STOCKHOLDERS’ EQUITY 71,290 76,597 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 71,302 $ 76,598 CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Dollars in thousands) Years Ended December 31, 2021 2020 INCOME Interest and dividends on investment securities available for sale $ 43 $ 46 Dividends from bank subsidiary 5,074 5,750 Change in value of equity securities 97 (12) TOTAL INCOME 5,214 5,784 EXPENSE Other non-interest expense 184 166 TOTAL EXPENSE 184 166 INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED NET INCOME OF SUBSIDIARY 5,030 5,618 Income tax benefit (25) (32) 5,055 5,650 Undistributed net (loss) income of subsidiary 1,549 (48) NET INCOME $ 6,604 $ 5,602 COMPREHENSIVE INCOME $ (279) $ 8,609 CONDENSED STATEMENTS OF CASH FLOWS (Dollars in thousands) Years Ended December 31, 2021 2020 Cash flows from operating activities: Net income $ 6,604 $ 5,602 Adjustments to reconcile net income to net cash provided by operating activities: Undistributed net (income) loss of subsidiary (1,549) 48 Change in value of equity securities (97) 12 Increase in other assets 39 (13) Increase in other liabilities 11 13 Net cash provided by operating activities 5,008 5,662 Cash flows from investing activities: Proceeds from the maturity of available for sale investment securities 118 250 Net cash used in investing activities 118 250 Cash flows from financing activities: Cash dividends (4,402) (4,465) Purchase of treasury stock (861) (1,452) Treasury stock issued for stock plans 77 70 Net cash used in financing activities (5,186) (5,847) Net increase in cash and cash equivalents (60) 65 Cash and cash equivalents at beginning of year 145 80 Cash and cash equivalents at end of year $ 85 $ 145 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2021 | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Juniata Valley Financial Corp. and its wholly owned subsidiary, The Juniata Valley Bank. All significant intercompany transactions and balances have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Significant Group Concentrations of Credit Risk | Significant Group Concentrations of Credit Risk Most of the Company’s activities are with customers located within Juniata’s footprint in central and northern Pennsylvania. Note 5 discusses the types of securities in which the Company invests. Note 6 discusses the types of lending in which the Company engages. As of December 31, 2021, credit exposure to lessors of non-residential buildings and dwellings represented 48% of capital, credit exposure to residential buildings and dwellings represented 58% of capital, credit exposure to hotels and motels represented 39% of capital, and credit exposure to continuing care retirement communities represented 21% of capital. Otherwise, there were no concentrations of credit to any industry equaling more than 15% of total capital. The Bank’s business activities are geographically concentrated in the counties of Juniata, Mifflin, Perry, Huntingdon, Centre, Franklin, McKean, Potter and Snyder, Pennsylvania. The Bank has a diversified loan portfolio; however, a substantial portion of its debtors’ ability to honor their obligations is dependent upon the economy in central and northern Pennsylvania. |
Revenue Recognition | Revenue Recognition The Company generally acts in a principal capacity, on its own behalf, in most contracts with customers. In such transactions, revenue and related costs to provide these services are recognized on a gross basis in the financial statements. In some cases, the Company acts in an agent capacity, deriving revenue through assisting other entities in transactions with its customers. In such transactions, revenue and the related costs to provide the services are recognized on a net basis in the financial statements. These transactions primarily relate to non-deposit product commissions and fees derived from customers’ use of various interchange and ATM/debit card networks. All the Company’s revenue from contracts with customers in the scope of ASC Topic 606, Revenue from Contracts with Customers |
Cash Flows | Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, interest bearing demand deposits with banks and federal funds sold. Generally, federal funds are sold for one-day periods. |
Interest Bearing Time Deposits with Banks | Interest Bearing Time Deposits with Banks Interest bearing time deposits with banks consist of certificates of deposits in other banks with original maturities of greater than 90 days. These time deposits all have maturities within five years. |
Securities | Securities Debt securities classified as available for sale are stated at fair value, with the unrealized gains and losses, net of tax, reported as a component of other comprehensive income. Securities classified as available for sale are those securities that the Company intends to hold for an indefinite period but not necessarily to maturity. Interest and dividends are recognized as income when earned. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. The Company had no securities classified as held to maturity at December 31, 2021 and 2020. Management evaluates debt securities for other-than-temporary impairment (“OTTI”) on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For debt securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a debt security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: (1) OTTI related to credit loss, which must be recognized in the income statement and (2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. All the Company’ equity securities are within the scope of ASC 321, Investments – Equity Securities Investments – Debt Securities |
Restricted Investment in Bank Stock | Restricted Investment in Bank Stock The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors and may invest in additional amounts. The Bank also owns restricted stock investments in the Atlantic Community Bankers Bank (“ACBB”). Both the FHLB and ACBB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. The Bank owned $2,116,000 in restricted stock investments with the FHLB at December 31, 2021 and $3,343,000 at December 31, 2020. The Bank owned $80,000 in restricted stock investments with the ACBB at December 31, 2021 and 2020. |
Loans | Loans Loans that the Company has the intent and ability to hold for the foreseeable future or until maturity are stated at the outstanding unpaid principal balances, net of any deferred fees or costs and the allowance for loan losses. Interest income on all loans, other than non-accrual loans, is accrued over the term of the loans based on the amount of principal outstanding. The loan portfolio includes the following classes: (1) commercial, financial and agricultural, (2) real estate - commercial, (3) real estate - construction, (4) real estate – mortgage, (5) obligations of states and political subdivisions, and (6) personal loans. Interest income on consumer, mortgage and commercial loans is discontinued and loans are placed on non-accrual status at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Loans are charged off to the extent principal or interest is deemed uncollectible. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on non-accrual or charged off at an earlier date if collection of principal or interest is considered doubtful. Non-accrual loans and loans past due 90 days still on accrual include both homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan principal balance is reduced to zero. Under the cash-basis method, interest income is recorded when the payment is received in cash. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, the loan has performed in accordance with the contractual terms for a reasonable period and future payments are reasonably assured. |
Loan Origination Fees and Costs | Loan Origination Fees and Costs Loan origination fees and related direct origination costs for a given loan are deferred and amortized over the life of the loan on a level-yield basis as an adjustment to interest income over the contractual life of the loan. As of December 31, 2021, the amount of net unamortized origination fees carried as an adjustment to outstanding loan balances was $489,000. As of December 31, 2020, the amount of net unamortized origination fees carried as an adjustment to outstanding loan balances was $298,000. |
Acquired Loans | Acquired Loans Loans that Juniata acquires through business combinations are recorded at fair value with no carryover of the related allowance for loan losses. Some of these loans have shown evidence of credit deterioration since origination. These purchased credit impaired (“PCI”) loans are recorded at the amount paid, such that there is no carryover of the seller’s allowance for loan losses. Such purchased credit impaired loans are accounted for individually or aggregated into pools of loans based on common risk characteristics, such as credit score, loan type, and date of origination. Juniata estimates the amount and timing of expected cash flows for each loan or pool, and the expected cash flows in excess of the amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s or pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded as a provision for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. PCI loans that met the criteria for impairment or non-accrual of interest prior to the acquisition may be considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if Juniata expects to fully collect the new carrying value (i.e. fair value) of the loans. As such, Juniata may no longer consider the loan to be non-accrual or nonperforming and may accrue interest on these loans, including the impact of any accretable discount. In addition, charge-offs on such loans would be first applied to the nonaccretable difference portion of the fair value adjustment. Loans acquired through business combinations that do not meet the specific criteria of ASC 310-30, but for which a discount is attributable at least in part to credit quality, are also accounted for in accordance with this guidance. As a result, related discounts are recognized subsequently through accretion based on the contractual cash flows of the acquired loans. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses (“allowance”) represents management’s estimate of losses inherent in the loan portfolio as of the consolidated statement of financial condition date and is recorded as a reduction to loans. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the loan balance is uncollectible. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, as well as other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgement, should be charged off. For financial reporting purposes, the provision for loan losses charged to current operating income is based on management’s estimates, and actual losses may vary from estimates. These estimates are reviewed and adjusted at least quarterly and are reported in earnings in the periods in which they become known. Loans included in any class are considered for charge-off when: ● principal or interest has been in default for 120 days or more and for which no payment has been received during the previous four months; ● all collateral securing the loan has been liquidated and a deficiency balance remains; ● a bankruptcy notice is received for an unsecured loan; ● a confirming loss event has occurred; or ● the loan is deemed to be uncollectible for any other reason. There are two components of the allowance: (1) specific allowances allocated to loans evaluated for impairment under ASC Section 310-10-35; and (2) allowances calculated for pools of loans evaluated collectively for impairment under ASC Subtopic 450-20, Contingencies The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings (“TDRs”) and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all the circumstances surrounding the loans 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. Impairment is measured on a loan by loan basis by the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Impairment for substantially all the Company’s impaired loans is measured based on the estimated fair value of the loan’s collateral. For real estate - commercial loans, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the current appraisal and the condition of the property. Appraised values may be discounted to arrive at the estimated selling price of the collateral, which is considered the estimated fair value. The discounts also include the estimated costs to sell the property. For commercial, financial and agricultural, and obligations of states and political subdivision loans, estimated fair values are determined based on the borrower’s financial statements, inventory reports, aging accounts receivable, equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. For such loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The Company generally does not separately identify individual consumer segment loans for impairment analysis unless such loans are subject to a restructuring agreement. Troubled debt restructurings are individually evaluated for impairment and included in the separately identified impairment disclosures. Loans whose terms are modified are classified as troubled debt restructurings if the Company grants borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a below-market interest rate based on the loan’s risk characteristics, an extension of a loan’s stated maturity date or a significant delay in payment. Non-accrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for a sustained period after modification. For TDRs that subsequently default, the Company determines the amount of the allowance on that loan in accordance with the accounting policy for the allowance for loan losses on loans individually identified as impaired. The Company incorporates recent historical experience related to TDRs, including the performance of TDRs that subsequently default, into the calculation of the allowance by loan portfolio class. The general component of the allowance covers loans that are collectively evaluated for impairment. In accordance with ASC Subtopic 450-20, when measuring estimated credit losses, these loans are grouped into homogenous pools with similar characteristics and evaluated collectively considering both quantitative measures, such as historical loss, and qualitative measures, in the form of environmental adjustments. Quantitative factor determination: An average annual loss rate is calculated for each pool through an analysis of historical losses over a five-year look-back period. Using data for each loan, a loss emergence period is determined within each class pool. The loss emergence period reflects the approximate length of time from the point when a loss is incurred (the loss trigger event) to the point of loss confirmation (the date of eventual charge-off). The loss emergence period is applied to the average annual loss to produce the quantitative factor for each pooled class. Qualitative factor determination: Historical loss rates computed in the quantitative component reflects an estimate of the level of incurred losses in the portfolio based on historical experience. Management considers that the current conditions may deviate from those that prevailed over the historical look-back period. Thus, the quantitative rates are an imperfect estimate, necessitating an evaluation of qualitative considerations to incorporate these risks. Management considered qualitative risk factors including: ● National, regional and local economic and business conditions, and developments that affect the collectability of the portfolio, including the condition of various market segments; ● Changes in the volume and severity of past due loans, the volume of non-accrual loans, and the volume and severity of adversely classified loans; ● Changes in the nature and volume of the portfolio and terms of loans; ● Changes in the experience, ability and depth of lending and credit management and other relevant staff; ● Existence and effect of any concentrations of credit and changes in the level of such concentrations; ● Changes in the quality of the loan review system; ● Changes in lending policies and procedures including changes in underwriting standards and collection, charge-off and recovery practices; ● Changes in the value of underlying collateral for collateral-dependent loans; and ● Effect of external influences, including competition, legal and regulatory requirements. Within each loan class, an analysis was performed over a ten-year look-back period to discover peak historical losses, and with this data, management established ranges of risk from minimal to very high, for each risk factor, to produce a supportable anchor for risk assignment. Based on the framework for risk factor evaluation and range of adjustments established through the anchoring process, a risk assessment and corresponding adjustment was assigned for each class as of December 31, 2021. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. The combination of quantitative and qualitative factors was applied to year-end balances in each class to establish the overall allowance. |
Reserve for Unfunded Lending Commitments | Reserve for Unfunded Lending Commitments The reserve for unfunded lending commitments represents management’s estimate of probable incurred losses inherent in its unfunded lending commitments and is recorded in other liabilities on the consolidated statement of financial condition, when necessary. The amount of the reserve for unfunded lending commitments is not material to the consolidated financial statements. |
Loans Held for Sale and Mortgage Servicing Rights | Loans Held for Sale and Mortgage Servicing Rights The Company has originated residential mortgage loans with the intent to sell. These individual loans were normally sold to the buyer immediately. The Company maintains servicing rights on these loans. When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. Under the fair value measurement method, the Company measures servicing rights at fair value at each reporting date and reports changes in fair value of servicing assets in earnings in the period in which the changes occur, which are included with mortgage banking income on the income statement. The fair values of servicing rights are subject to fluctuations because of changes in estimated and actual prepayment speeds and default rates and losses. The carrying amount of mortgage servicing rights was $120,000 and $158,000 at December 31, 2021 and 2020, respectively. Servicing fee income, which is reported on the income statement as mortgage banking income, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. Servicing fees totaled $80,000 and $76,000 for the years ended December 31, 2021 and 2020, respectively. Late fees and ancillary fees related to loan servicing are not material. |
Other Real Estate Owned | Other Real Estate Owned Assets acquired in settlement of mortgage loan indebtedness are recorded as other real estate owned (“OREO”) at fair value less estimated costs to sell, establishing a new cost basis. Physical possession of residential real estate property collateralizing a consumer mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines after foreclosure, a valuation allowance is recorded through expense. Operating costs after acquisition are expensed. |
Goodwill and Intangibles | Goodwill and Other Intangibles Goodwill arises from business combinations and is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interest in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized but tested for impairment at least annually or more frequently if events and circumstances exists that indicate that a goodwill impairment test should be performed. Juniata has selected December 31 as the date to perform the annual impairment test. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on our balance sheet. Other intangible assets consist of core deposit intangible assets arising from whole bank acquisitions and are amortized on an accelerated method over their estimated useful lives. There were no impairment losses recognized because of periodic impairment testing in the years ended December 31, 2021 and 2020. |
Derivatives | Derivatives At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to its likely effectiveness as a hedge. These three types are (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“Fair value hedge”), (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), or (3) an instrument with no hedging designation (“Stand-alone derivative”). For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in current earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. Change in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as non-interest income. Net cash settlements on derivative that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value of cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company will discontinue hedge accounting if it determines the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value, and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. The Company is exposed to losses if a counterparty fails to make its payments under a contract in which the Company is in the net receiving position. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements. All the contracts to which the Company is a party settle monthly or quarterly. In addition, the Company obtains collateral above certain thresholds of the fair value of its hedges for each counterparty based upon their credit standing, and the Company has netting agreements with the dealers with which it does business. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed principally using the straight-line method over the estimated useful lives of the related assets, which range from 3 to 10 years for furniture and equipment and 25 to 40 years for buildings. Expenditures for maintenance and repairs are charged against income as incurred. Costs of major additions and improvements are capitalized. Amortization of leasehold improvements is computed on a straight-line basis over the shorter of the assets’ useful life or the related lease term. |
Trust Assets and Revenues | Trust Assets and Revenues Assets held in a fiduciary capacity are not assets of the Bank or the Bank’s Trust Department and are, therefore, not included in the consolidated financial statements. Trust revenues are recorded on the accrual basis as the related obligations are satisfied. |
Bank Owned Life Insurance, Annuities and Split-dollar Arrangements | Bank Owned Life Insurance, Annuities and Split-dollar Arrangements The Company has purchased life insurance policies on certain key executives. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. |
Investments in Low-income Housing Partnerships | Investments in Low-income Housing Partnerships Juniata has invested as a limited partner in two partnerships that provide low-income housing in Lewistown, Pennsylvania. The carrying value of the investment in the limited partnerships was $2,306,000 at December 31, 2021 and $3,105,000 at December 31, 2020. The decline in carrying value in 2021 was the result of amortization since the final remaining draw occurred in 2019. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance ASC Topic 740, Income Taxes Current income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of the evidence available, it is more likely than not that some, or all, of a deferred tax asset will not be realized. The Company recognizes a benefit for uncertain tax positions if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term “more likely than not” means a likelihood of more than 50 percent; the terms “examined” and “upon examination” also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. The Company recognizes interest and penalties on income taxes, if any, as a component of income tax expense. |
Advertising | Advertising The Company follows a policy of charging costs of advertising to expense as incurred. Advertising expenses were $228,000 and $270,000 in 2021 and 2020, respectively, and included in other non-interest expense. |
Off-balance Sheet Financial Instruments | Off-balance Sheet Financial Instruments In the ordinary course of business, the Bank has entered into off-balance sheet financial instruments consisting of commitments to extend credit and letters of credit. Such financial instruments are recorded on the consolidated statement of financial condition when they are funded. |
Transfer of Financial Assets | Transfer of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share is net income divided by weighted average number of common shares outstanding during the period. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock options. |
Comprehensive Income | Comprehensive Income Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes changes in unrealized gains and losses on securities available for sale and unrealized gains and losses on cash flow hedges arising during the period, as well as reclassification adjustments for realized gains and losses on securities available for sale and cash flow hedges included in net income. |
Loss Contingencies | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable, and an amount or range of loss can be reasonably estimated. Management believes that there are no such matters that will have a material effect on the financial statements. |
Dividend Restrictions | Dividend Restrictions Banking regulations require maintaining certain capital levels and may limit the dividends paid by the Bank to the Company or by the Company to shareholders. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate footnote. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Stock-based Compensation | Stock-based Compensation The Company sponsors a stock compensation plan for certain key officers which allows, among other stock-based compensation methods, for stock options and restricted stock awards. Prior to 2016, stock options were used exclusively for long-term compensation. Beginning in 2016, restricted shares awards have been used. Compensation expense for stock options granted and restricted stock awarded is measured using the fair value of the award on the grant date and is recognized over the vesting period. The stock-based compensation expense amounts for stock options were derived based on the fair value of options using the Black-Scholes option-pricing model. |
Segment Reporting | Segment Reporting Management does not separately allocate expenses, including the cost of funding loan demand, between the commercial, retail and trust operations of the Company. As such, discrete financial information is not available, and segment reporting would not be meaningful. |
Reclassifications | Reclassifications Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or shareholders’ equity. |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | |
Loans | Commercial, Financial and Agricultural Lending The Company originates commercial, financial and agricultural loans primarily to businesses located in its primary market area and surrounding areas. These loans are used for various business purposes, which include short-term loans and lines of credit to finance machinery and equipment purchases, inventory and accounts receivable. Generally, the maximum term for loans extended on machinery and equipment is shorter and does not exceed the projected useful life of such machinery and equipment. Most business lines of credit are written with a five year maturity, subject to an annual review. Commercial, financial and agricultural loans are generally secured with short-term assets; however, in many cases, additional collateral, such as real estate, is provided as additional security for the loan. Loan-to-value maximum values have been established by the Company and are specific to the type of collateral. Collateral values may be determined using invoices, inventory reports, accounts receivable aging reports, collateral appraisals, etc. In underwriting commercial, financial and agricultural loans, an analysis of the borrower’s capacity to repay the loan, the adequacy of the borrower’s capital and collateral, as well as an evaluation of conditions affecting the borrower, is performed. Analysis of the borrower’s past, present and future cash flows is also an important aspect of the Company’s analysis. Concentration analysis assists in identifying industry specific risk inherent in commercial, financial and agricultural lending. Mitigants include the identification of secondary and tertiary sources of repayment and appropriate increases in oversight. Commercial, financial and agricultural loans generally present a higher level of risk than certain other types of loans, particularly during slow economic conditions. |
Obligations of State and Political Subdivisions [Member] | Commercial Portfolio Segment [Member] | |
Loans | Real Estate – Commercial Lending The Company engages in real estate – commercial lending in its primary market area and surrounding areas. The Company’s real estate – commercial portfolio is secured primarily by residential housing, commercial buildings, raw land and hotels. Generally, real estate – commercial loans have terms that do not exceed 20 years, have loan-to-value ratios of up to 80% of the appraised value of the property and are typically secured by personal guarantees of the borrowers. As economic conditions deteriorate, the Company reduces its exposure in real estate loans with higher risk characteristics. In underwriting these loans, the Company performs a thorough analysis of the financial condition of the borrower, the borrower’s credit history, and the reliability and predictability of the cash flow generated by the property securing the loan. Appraisals on properties securing real estate – commercial loans originated by the Company are performed by independent appraisers. Real estate – commercial loans generally present a higher level of risk than certain other types of loans, particularly during slow economic conditions. Real Estate – Construction Lending The Company engages in real estate – construction lending in its primary market area and surrounding areas. The Company’s real estate – construction lending consists of commercial and residential site development loans, as well as commercial building construction and residential housing construction loans. The Company’s commercial real estate – construction loans are generally secured with the subject property, and advances are made in conformity with a pre-determined draw schedule supported by independent inspections. Terms of construction loans depend on the specifics of the project, such as estimated absorption rates, estimated time to complete, etc. In underwriting commercial real estate – construction loans, the Company performs a thorough analysis of the financial condition of the borrower, the borrower’s credit history, the reliability and predictability of the cash flow generated by the project using feasibility studies, market data, etc. Appraisals on properties securing real estate – commercial loans originated by the Company are performed by independent appraisers. Real estate – construction loans generally present a higher level of risk than certain other types of loans, particularly during slow economic conditions. The difficulty of estimating total construction costs adds to the risk as well. Real Estate – Mortgage Lending The Company’s real estate – mortgage portfolio is comprised of one-to-four family residential mortgages and commercial loans secured by one-to-four family properties. One-to-four family residential mortgage loan originations, including home equity installment and home equity lines of credit loans, are generated by the Company’s marketing efforts, its present customers, walk-in customers and referrals. These loans originate primarily within the Company’s market area or with customers primarily from the market area. The Company offers fixed-rate and adjustable rate real estate – mortgage loans with terms up to a maximum of 25 years for both permanent structures and those under construction. The Company’s one-to-four family residential mortgage originations are secured primarily by properties located in its primary market area and surrounding areas. Most of the Company’s residential real estate – mortgage loans originate with a loan-to-value of 80% or less. Home equity installment loans are secured by the borrower’s primary residence with a maximum loan-to-value of 80% and a maximum term of 15 years. Home equity lines of credit are secured by the borrower’s primary residence with a maximum loan-to-value of 90% and a maximum term of 20 years. In underwriting one-to-four family residential real estate – mortgage loans, the Company evaluates the borrower’s ability to make monthly payments, the borrower’s repayment history and the value of the property securing the loan. The ability to repay is determined by the borrower’s employment history, current financial conditions, and credit background. The analysis is based primarily on the customer’s ability to repay and secondarily on the collateral or security. Most properties securing real estate – mortgage loans made by the Company are appraised by independent fee appraisers. The Company generally requires real estate – mortgage loan borrowers to obtain an attorney’s title opinion or title insurance, and fire and property insurance (including flood insurance, if necessary) in an amount not less than the amount of the loan. The Company does not engage in sub-prime residential real estate – mortgage originations. Residential real estate – mortgage loans and home equity loans generally present a lower level of risk than certain other types of consumer loans because they are secured by the borrower’s primary residence. Risk is increased when the Company is in a subordinate position for the loan collateral. Obligations of States and Political Subdivisions The Company lends to local municipalities and other tax-exempt organizations. These loans are primarily tax-anticipation notes and, as such, carry little risk. Historically, the Company has never had a loss on any loan of this type. |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | |
Loans | Personal Lending The Company offers a variety of secured and unsecured personal loans, including vehicle loans, mobile home loans and loans secured by savings deposits as well as other types of personal loans. Personal loan terms vary according to the type and value of collateral and creditworthiness of the borrower. In underwriting personal loans, a thorough analysis of the borrower’s willingness and financial ability to repay the loan as agreed is performed. The ability to repay is determined by the borrower’s employment history, current financial conditions and credit background. Personal loans may entail greater credit risk than do residential mortgage loans, particularly in the case of personal loans which are unsecured or are secured by rapidly depreciable assets, such as automobiles or recreational equipment. In such cases, any repossessed collateral for a defaulted personal loan may not provide an adequate source of repayment of the outstanding loan balance because of the greater likelihood of damage, loss or depreciation. In addition, personal loan collections are dependent on the borrower’s continuing financial stability and, thus are more likely to be affected by adverse personal circumstances. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount which can be recovered on such loans. |
Recent Accounting Standards U_2
Recent Accounting Standards Update (Policy) | 12 Months Ended |
Dec. 31, 2021 | |
Recent Accounting Standards Update ("ASU") | |
Adoption of New Accounting Standards | New Accounting Standards Adopted in 2021: None Pending Accounting Standards: ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Issued: Summary: The ASU also replaces the current accounting model for purchased credit impaired loans and debt securities. The allowance for credit losses for purchased financial assets with a more-than insignificant amount of credit deterioration since origination (“PCD financial assets”), should be determined in a similar manner to other financial assets measured on an amortized cost basis. However, upon initial recognition, the allowance for credit losses is added to the purchase price (“gross up approach”) to determine the initial amortized cost basis. The subsequent accounting for PCD financial assets is the same expected loss model described above. Further, the ASU made certain targeted amendments to the existing impairment model for available for sale (“AFS”) debt securities. For an AFS debt security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record credit losses as an allowance rather than a write-down of the amortized cost basis. Effective Date: internal taskforce, gathering pertinent data, participating in training courses, and partnering with a software provider that specializes in ALLL analysis. Management has ascertained that data available is sufficient and is in the process of examining loss drivers, qualitative factors and revision periods for the analysis, and expects to be running parallel analyses by the second quarter of 2022. |
Borrowings (Policy)
Borrowings (Policy) | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings [Abstract] | |
Repurchase Agreements, Policy | The Bank has repurchase agreements with some of its depositors, under which customers’ funds are invested daily into an interest bearing account. These funds are carried by the Company as short-term debt. It is the Company’s policy to completely collateralize repurchase agreements with U.S. Government securities. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Securities [Abstract] | |
Debt Securities Available for Sale | The amortized cost and fair value of debt securities available for sale as of December 31, 2021 and 2020, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the securities may be called or prepaid with or without prepayment penalties. (Dollars in thousands) December 31, 2021 Gross Gross Amortized Fair Unrealized Unrealized Debt Securities Available for Sale Cost Value Gains Losses Type and Maturity Obligations of U.S. Government sponsored enterprises After one year but within five years $ 6,000 $ 5,807 $ — $ (193) After five years but within ten years 35,881 34,719 — (1,162) 41,881 40,526 — (1,355) Obligations of state and political subdivisions After one year but within five years 3,810 3,937 129 (2) After five years but within ten years 1,246 1,221 — (25) After ten years 4,118 4,062 — (56) 9,174 9,220 129 (83) Corporate debt securities After one year but within five years 2,000 1,972 — (28) After five years but within ten years 32,408 33,024 805 (189) 34,408 34,996 805 (217) Mortgage-backed securities 254,762 250,682 812 (4,892) Total $ 340,225 $ 335,424 $ 1,746 $ (6,547) (Dollars in thousands) December 31, 2020 Gross Gross Amortized Fair Unrealized Unrealized Debt Securities Available for Sale Cost Value Gains Losses Type and Maturity Obligations of U.S. Government sponsored enterprises After five years but within ten years $ 22,994 $ 22,949 $ 7 $ (52) 22,994 22,949 7 (52) Obligations of state and political subdivisions Within one year 31 31 — — After one year but within five years 4,708 4,767 59 — After five years but within ten years 3,289 3,484 195 — 8,028 8,282 254 — Corporate debt securities Within one year 1,033 1,039 6 — After five years but within ten years 10,058 10,484 485 (59) 11,091 11,523 491 (59) Mortgage-backed securities 239,793 243,661 3,999 (131) Total $ 281,906 $ 286,415 $ 4,751 $ (242) |
Summary of Proceeds Received from Sales or Calls of Available for Sale Securities | In addition to cash received from the scheduled maturities of securities, some investment securities available for sale are sold at current market values through normal operations. Following is a summary of proceeds received from all investment securities transactions and the resulting realized gains and losses: (Dollars in thousands) Year Ended December 31, 2021 2020 Gross proceeds from sales and calls of securities $ 43,115 $ 97,389 Securities available for sale: Gross realized gains from sold and called securities $ 175 $ 944 Gross realized losses from sold and called securities (154) (89) Net gains from sales and calls of securities $ 21 $ 855 |
Schedule of Gross Unrealized Losses and Fair Value | The following table shows gross unrealized losses and fair values of debt securities available for sale, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2021: Unrealized Losses at December 31, 2021 Less Than 12 Months 12 Months or More Total (Dollars in thousands) Number Number Number of Fair Unrealized of Fair Unrealized of Fair Unrealized Securities Value Losses Securities Value Losses Securities Value Losses Obligations of U.S. Government sponsored enterprises 5 $ 22,130 $ (752) 3 $ 18,396 $ (603) 8 $ 40,526 $ (1,355) Obligations of state and political subdivisions 7 5,781 (83) — — — 7 5,781 (83) Corporate debt securities 6 10,144 (217) — — — 6 10,144 (217) Mortgage-backed securities 36 182,328 (3,504) 5 26,443 (1,388) 41 208,771 (4,892) Total temporarily impaired securities 54 $ 220,383 $ (4,556) 8 $ 44,839 $ (1,991) 62 $ 265,222 $ (6,547) The following table shows gross unrealized losses and fair values of securities available for sale, aggregated by category and length of time that individual securities had been in a continuous unrealized loss position, at December 31, 2020: Unrealized Losses at December 31, 2020 Less Than 12 Months 12 Months or More Total (Dollars in thousands) Number Number Number of Fair Unrealized of Fair Unrealized of Fair Unrealized Securities Value Losses Securities Value Losses Securities Value Losses Obligations of U.S. Government sponsored enterprises 3 $ 18,948 $ (52) — $ — $ — 3 $ 18,948 $ (52) Corporate debt securities 1 2,972 (59) — — — 1 2,972 (59) Mortgage-backed securities 7 43,583 (131) — — — 7 43,583 (131) Total temporarily impaired securities 11 $ 65,503 $ (242) — $ — $ — 11 $ 65,503 $ (242) |
Loans and Related Allowance f_2
Loans and Related Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Loans and Related Allowance for Credit Losses [Abstract] | |
Loan Portfolio by Class | The following table presents the loan portfolio by class at December 31, 2021 and 2020. (Dollars in thousands) December 31, 2021 December 31, 2020 Commercial, financial and agricultural $ 62,639 $ 73,057 Real estate - commercial 159,806 122,698 Real estate - construction 43,281 61,051 Real estate - mortgage 131,754 141,438 Obligations of states and political subdivisions 16,323 18,550 Personal 4,500 5,867 Total $ 418,303 $ 422,661 |
Activity in the Allowance for Loan Losses by Loan Class | The following tables summarize loans and the activity in the allowance for loan losses by loan class, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of and for the years ended December 31, 2021 and 2020: (Dollars in thousands) Obligations Commercial, of states financial and Real estate- Real estate- and political Real estate- agricultural commercial construction subdivisions mortgage Personal Total Year Ended December 31, 2021 Balance, beginning of period $ 302 $ 908 $ 1,586 $ 28 $ 1,200 $ 70 $ 4,094 Provision for loan losses (58) 76 (788) 17 8 (24) (769) Charge-offs — — — — — (17) (17) Recoveries 7 36 86 — 61 10 200 Balance, end of period $ 251 $ 1,020 $ 884 $ 45 $ 1,269 $ 39 $ 3,508 December 31, 2020 Balance, beginning of period $ 321 $ 754 $ 718 $ 17 $ 1,081 $ 70 $ 2,961 Provision for loan losses (13) 152 442 11 96 33 721 Charge-offs (7) — — — (7) (42) (56) Recoveries 1 2 426 — 30 9 468 Balance, end of period $ 302 $ 908 $ 1,586 $ 28 $ 1,200 $ 70 $ 4,094 (Dollars in thousands) Obligations Commercial, of states financial and Real estate- Real estate- and political Real estate- agricultural commercial construction subdivisions mortgage Personal Total December 31, 2021 Loans allocated by: Individually evaluated for impairment $ — $ 5,262 $ — $ — $ 437 $ — $ 5,699 Acquired with credit deterioration — 357 — — 481 — 838 Collectively evaluated for impairment 62,639 154,187 43,281 16,323 130,836 4,500 411,766 $ 62,639 $ 159,806 $ 43,281 $ 16,323 $ 131,754 $ 4,500 $ 418,303 Allowance for loan losses allocated by: Individually evaluated for impairment $ — $ — $ — $ — $ 2 $ — $ 2 Acquired with credit deterioration — — — — — — — Collectively evaluated for impairment 251 1,020 884 45 1,267 39 3,506 $ 251 $ 1,020 $ 884 $ 45 $ 1,269 $ 39 $ 3,508 December 31, 2020 Loans allocated by: Individually evaluated for impairment $ — $ 3,483 $ — $ — $ 744 $ — $ 4,227 Acquired with credit deterioration — 339 — — 623 — 962 Collectively evaluated for impairment 73,057 118,876 61,051 18,550 140,071 5,867 417,472 $ 73,057 $ 122,698 $ 61,051 $ 18,550 $ 141,438 $ 5,867 $ 422,661 Allowance for loan losses allocated by: Individually evaluated for impairment $ — $ — $ — $ — $ 2 $ — $ 2 Acquired with credit deterioration — — — — — — — Collectively evaluated for impairment 302 908 1,586 28 1,198 70 4,092 $ 302 $ 908 $ 1,586 $ 28 $ 1,200 $ 70 $ 4,094 |
Impaired Loans by Loan Portfolio Class | The following tables summarize information regarding impaired loans by portfolio class as of December 31, 2021 and December 31, 2020: (Dollars in thousands) As of December 31, 2021 As of December 31, 2020 Recorded Unpaid Principal Related Recorded Unpaid Principal Related Investment Balance Allowance Investment Balance Allowance Impaired loans With no related allowance recorded: Real estate - commercial $ 5,262 $ 5,720 $ — $ 3,483 $ 3,580 $ — Acquired with credit deterioration 357 366 — 339 386 — Real estate – construction — 649 — — 894 — Real estate - mortgage 368 1,054 — 666 1,396 — Acquired with credit deterioration 481 660 — 623 801 — With an allowance recorded: Real estate - mortgage $ 69 $ 68 $ 2 $ 78 $ 77 $ 2 Total: Real estate - commercial $ 5,262 $ 5,720 $ — $ 3,483 $ 3,580 $ — Acquired with credit deterioration 357 366 — 339 386 — Real estate - construction — 649 — — 894 — Real estate – mortgage 437 1,122 2 744 1,473 2 Acquired with credit deterioration 481 660 — 623 801 — $ 6,537 $ 8,517 $ 2 $ 5,189 $ 7,134 $ 2 (Dollars in thousands) Year Ended December 31, 2021 Year Ended December 31, 2020 Average Interest Cash Basis Average Interest Cash Basis Recorded Income Interest Recorded Income Interest Investment Recognized Income Investment Recognized Income Impaired Loans With no related allowance recorded: Commercial, financial and agricultural $ — $ — $ — $ 234 $ — $ — Real estate - commercial 4,168 223 — 2,291 20 38 Acquired with credit deterioration 349 — — 352 — — Real estate - mortgage 477 13 40 860 16 44 Acquired with credit deterioration 588 — — 660 — — Personal — — — 2 — — With an allowance recorded: Real estate - mortgage $ 72 $ — $ — $ 98 $ — $ — Total: Commercial, financial and agricultural $ — $ — $ — $ 234 $ — $ — Real estate - commercial 4,168 223 — 2,291 20 38 Acquired with credit deterioration 349 — — 352 — — Real estate - mortgage 549 13 40 958 16 44 Acquired with credit deterioration 588 — — 660 — — Personal — — — 2 — — $ 5,654 $ 236 $ 40 $ 4,497 $ 36 $ 82 |
Nonaccrual Loans by Classes of the Loan Portfolio | The following table presents non-accrual loans by classes of the loan portfolio as of December 31, 2021 and December 31, 2020: (Dollars in thousands) December 31, 2021 December 31, 2020 Non-accrual loans: Real estate - commercial $ — $ 41 Real estate - mortgage 141 381 Total $ 141 $ 422 |
Loan Portfolio Summarized by the Past Due Status | The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of December 31, 2021 and December 31, 2020: Loans Past Due Greater (Dollars in thousands) Greater than 89 30 ‑ 59 Days 60 ‑ 89 Days than 89 Total Past Days and Current Past Due(2) Past Due Days Due Total Loans Accruing(1) As of December 31, 2021 Commercial, financial and agricultural $ 62,628 $ 11 $ — $ — $ 11 $ 62,639 $ — Real estate - commercial 159,396 53 — — 53 159,449 — Real estate - construction 43,281 — — — — 43,281 — Real estate - mortgage 130,242 440 488 103 1,031 131,273 85 Obligations of states and political subdivisions 16,323 — — — — 16,323 — Personal 4,492 8 — — 8 4,500 — Subtotal 416,362 512 488 103 1,103 417,465 85 Loans acquired with credit deterioration Real estate - commercial 357 — — — — 357 — Real estate - mortgage 481 — — — — 481 — Subtotal 838 — — — — 838 — $ 417,200 $ 512 $ 488 $ 103 $ 1,103 $ 418,303 $ 85 Loans Past Due Greater (Dollars in thousands) Greater than 89 30 ‑ 59 Days 60 ‑ 89 Days than 89 Total Past Days and Current Past Due(2) Past Due Days Due Total Loans Accruing(1) As of December 31, 2020 Commercial, financial and agricultural $ 73,028 $ 7 $ — $ 22 $ 29 $ 73,057 $ 22 Real estate - commercial 122,318 — — 41 41 122,359 — Real estate - construction 61,051 — — — — 61,051 — Real estate - mortgage 139,842 351 453 169 973 140,815 — Obligations of states and political subdivisions 18,550 — — — — 18,550 — Personal 5,853 — 14 — 14 5,867 — Subtotal 420,642 358 467 232 1,057 421,699 22 Loans acquired with credit deterioration Real estate - commercial 293 — 46 — 46 339 — Real estate - mortgage 481 50 — 92 142 623 92 Subtotal 774 50 46 92 188 962 92 $ 421,416 $ 408 $ 513 $ 324 $ 1,245 $ 422,661 $ 114 (1) These loans are guaranteed, or well secured, and there is an effective means of collection in process. (2) Loans are considered past due when the borrower is in arrears on two or more monthly payments. |
Summary of Loans Whose Terms Have Been Modified | The following tables summarize loans whose terms were modified, resulting in troubled debt restructurings during 2021 and 2020. (Dollars in thousands) Pre-Modification Post-Modification Number of Outstanding Outstanding Contracts Recorded Investment Recorded Investment Recorded Investment Year ended December 31, 2021 Accruing troubled debt restructurings: Real estate - commercial 1 $ 2,254 $ 2,254 $ 1,841 1 $ 2,254 $ 2,254 $ 1,841 The troubled debt restructuring described above had no specific allowance for loan losses and resulted in no charge-offs during the year ending December 31, 2021. (Dollars in thousands) Pre-Modification Post-Modification Number of Outstanding Outstanding Contracts Recorded Investment Recorded Investment Recorded Investment Year ended December 31, 2020 Accruing troubled debt restructurings: Real estate - commercial 2 $ 3,161 $ 3,161 $ 3,143 Real estate - mortgage 1 4 4 4 3 $ 3,165 $ 3,165 $ 3,147 |
Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating | The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of December 31, 2021 and December 31, 2020. The decrease in the special mention category at December 31, 2021 compared to December 31, 2020 was predominantly the result of upgrading participated hospitality and recreational facility relationships from special mention to pass in 2021 due to their continued performance during the pandemic. (Dollars in thousands) Special As of December 31, 2021 Pass Mention Substandard Doubtful Total Commercial, financial and agricultural $ 61,372 $ 577 $ 690 $ — $ 62,639 Real estate - commercial 137,684 16,429 5,693 — 159,806 Real estate - construction 42,394 — 887 — 43,281 Real estate - mortgage 130,584 252 918 — 131,754 Obligations of states and political subdivisions 16,323 — — — 16,323 Personal 4,500 — — — 4,500 Total $ 392,857 $ 17,258 $ 8,188 $ — $ 418,303 (Dollars in thousands) Special As of December 31, 2020 Pass Mention Substandard Doubtful Total Commercial, financial and agricultural $ 71,983 $ 495 $ 579 $ — $ 73,057 Real estate - commercial 99,828 15,198 7,631 41 122,698 Real estate - construction 36,332 24,644 75 — 61,051 Real estate - mortgage 139,787 289 1,317 45 141,438 Obligations of states and political subdivisions 18,550 — — — 18,550 Personal 5,867 — — — 5,867 Total $ 372,347 $ 40,626 $ 9,602 $ 86 $ 422,661 |
Bank Owned Life Insurance and_2
Bank Owned Life Insurance and Annuities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Bank Owned Life Insurance and Annuities [Abstract] | |
Summary of Changes in Cash Value of BOLI and Annuities | (Dollars in thousands) Life Deferred Insurance Annuities Total Balance as of January 1, 2020 $ 15,741 $ 525 $ 16,266 Earnings 243 20 263 Premiums on existing policies 26 13 39 Balance as of December 31, 2020 16,010 558 16,568 Earnings 225 21 246 Premiums on existing policies 26 12 38 Balance as of December 31, 2021 $ 16,261 $ 591 $ 16,852 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Premises and Equipment [Abstract] | |
Premises and Equipment | Premises and equipment consist of the following: (Dollars in thousands) December 31, 2021 2020 Land $ 294 $ 294 Buildings and improvements 13,486 13,351 Furniture, computer software and equipment 6,940 6,836 20,720 20,481 Less: accumulated depreciation (12,349) (11,673) $ 8,371 $ 8,808 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Other Intangible Assets [Abstract] | |
Amortization Schedule for Intangible Assets | The following table shows the amortization schedule for each of the intangible assets recorded. (Dollars in thousands) FNBPA LCB Acquisition Acquisition Core Core Deposit Deposit Intangible Intangible Beginning Balance at Acquisition Date $ 303 $ 289 Amortization expense recorded prior to December 31, 2019 190 84 Amortization expense recorded in Years ended: December 31, 2020 33 44 December 31, 2021 27 39 Unamortized balance as of December 31, 2021 $ 53 $ 122 Scheduled Amortization expense for years ended: December 31, 2022 $ 22 $ 33 December 31, 2023 16 28 December 31, 2024 10 23 December 31, 2025 5 17 December 31, 2026 — 12 Thereafter — 9 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Schedule of Deposits | Deposits consist of the following: (Dollars in thousands) December 31, 2021 2020 Demand, non-interest bearing $ 182,022 $ 168,115 Interest bearing demand and money market 240,974 176,469 Savings 142,187 123,572 Time deposits, $250,000 or more 13,547 13,475 Other time deposits 129,717 141,235 $ 708,447 $ 622,866 |
Schedule of Maturities of Time Deposits | The aggregate amount of scheduled maturities of time deposits as of December 31, 2021 include the following: (Dollars in thousands) Time Deposits Maturing in: $250,000 or more Other Total Time Deposits 2022 $ 9,135 $ 54,078 $ 63,213 2023 1,599 33,460 35,059 2024 920 11,846 12,766 2025 1,030 10,832 11,862 2026 — 14,571 14,571 Later 863 4,930 5,793 $ 13,547 $ 129,717 $ 143,264 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings [Abstract] | |
Schedule of Borrowings | Short term borrowings, and the related maximum amounts outstanding at the end of any month in the years ended December 31, 2021 and 2020, are presented below. (Dollars in thousands) Maximum Outstanding at Years Ended December 31, Any Month End 2021 2020 2021 2020 Repurchase agreements $ 4,227 $ 4,750 $ 4,804 $ 4,889 Short-term borrowings with FHLB: Overnight advances — — 9,000 — 3-month advances — 20,000 20,000 20,000 $ 4,227 $ 24,750 $ 33,804 $ 24,889 The following table presents supplemental information related to short-term borrowings. (Dollars in thousands) Securities sold under agreements to repurchase Short-term borrowings 2021 2020 2021 2020 Amount outstanding as of December 31 $ 4,227 $ 4,750 $ — $ 20,000 Weighted average interest rate as of December 31 0.10 % 0.14 % — % 0.31 % Average amount outstanding during the year 4,249 4,033 6,741 14,521 Weighted average interest rate during the year 0.10 % 0.17 % 0.38 % 0.42 % |
Scheduled Maturities of Long-Term Debt | The following table summarizes the scheduled maturities of long-term debt as of December 31, 2021. (Dollars in thousands) Scheduled Weighted Average Year Maturities Interest Rate 2022 $ — — % 2023 — — 2024 15,000 2.29 2025 5,000 2.41 2026 — — Thereafter — — $ 20,000 2.32 % |
Operating Lease Obligations (Ta
Operating Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Summary of future minimum payments for operating leases | The future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2021 were as follows: (Dollars in thousands) Years ending December 31, Lease Obligation 2022 $ 63 2023 46 2024 47 2025 47 2026 48 2027 and beyond 111 Total Future Minimum Lease Payments 362 Amounts Representing Interest (63) Present Value of Net Future Minimum Lease Payments (Lease Liability) $ 299 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Components of Income Tax Expense | The components of income tax (benefit) expense for the two years ended December 31 were: (Dollars in thousands) Years Ended December 31, 2021 2020 Current tax expense $ 235 $ 105 Deferred tax expense (benefit) 49 (155) Total tax provision (benefit) $ 284 $ (50) |
Effective Income Tax Rate Reconciliation | A reconciliation of the statutory income tax (benefit) expense computed at 21% to the income tax expense included in the consolidated statements of income follows: (Dollars in thousands) Years Ended December 31, 2021 2020 Income before income taxes $ 6,888 $ 5,552 Statutory tax rate 21 % 21 % Federal tax at statutory rate 1,447 1,166 Tax-exempt interest (208) (205) Net earnings on BOLI (36) (45) Stock-based compensation (2) (4) Federal tax credits (902) (902) CARES Act Loss Carryback — (57) Other permanent differences (15) (3) Total tax provision (benefit) $ 284 $ (50) Effective tax rate 4.1 % (0.9) % |
Schedule of Deferred Tax Assets and Liabilities | Deductible temporary differences and taxable temporary differences gave rise to a net deferred tax asset for the Company as of December 31, 2021 and a net deferred tax liability as of December 31, 2020. The components are detailed below: (Dollars in thousands) Years Ended December 31, 2021 2020 Deferred Tax Assets: Allowance for loan losses $ 741 $ 887 Deferred directors’ compensation 329 333 Employee and director benefits 264 279 Stock-based compensation 59 50 Investment in low income housing project 397 299 Fair value adjustments to acquired assets and liabilities 172 220 Tax credit carryforward 235 173 Lease liability 63 82 Unrealized loss on debt securities available for sale 1,008 — Unrealized loss on derivatives — 12 Total deferred tax assets 3,268 2,335 Deferred Tax Liabilities: Depreciation (165) (227) Right of use asset (62) (80) Loan origination fees and costs (505) (463) Prepaid expenses (20) (20) Unrealized gains on debt securities available for sale — (947) Unrealized gain from securities impairment (58) (44) Unrealized gain on derivatives (114) — Annuity earnings (68) (64) Fair value of mortgage servicing rights (25) (33) Intangible assets (37) (47) Goodwill (429) (411) Other (42) (53) Total deferred tax liabilities (1,525) (2,389) Net deferred tax (liability) asset included in (other liabilities) other assets $ 1,743 $ (54) |
Stockholders' Equity and Regu_2
Stockholders' Equity and Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
STOCKHOLDERS' EQUITY AND REGULATORY MATTERS | |
Schedule of Compliance with Regulatory Capital Requirements | Actual and required capital amounts and ratios as of December 31, 2021, are presented below. Minimum Regulatory Requirements to be Well Capitalized Minimum Requirement under Prompt for Capital Corrective Action The Juniata Valley Bank Actual Adequacy Purposes Provisions (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2021: Total Capital (to Risk Weighted Assets) $ 68,382 13.16 % $ 54,580 10.50 % $ 51,981 10.00 % Tier 1 Capital (to Risk Weighted Assets) 64,874 12.48 % 44,184 8.50 % 41,585 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 64,874 12.48 % 36,387 7.00 % 33,788 6.50 % Tier 1 Capital (to Average Assets) Leverage 64,874 7.98 % 32,502 4.00 % 40,627 5.00 % Actual and required capital amounts and ratios under the CBLR Framework as of December 31, 2020, are presented below. To Be Well Capitalized Under Prompt Corrective Action Regulations (Dollars in thousands) Actual (CBLR Framework) The Juniata Valley Bank Amount Ratio Amount Ratio As of December 31, 2020: Tier 1 Capital to Average Total Assets $ 63,074 8.51 % $ 59,284 8.00 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
EARNINGS PER SHARE | |
Computation of Basic and Diluted Earnings per Share | The following table sets forth the computation of basic and diluted earnings per share: (Amounts in thousands, except earnings per share data) Year ended December 31, 2021 2020 Net income $ 6,604 $ 5,602 Weighted-average common shares outstanding 5,004 5,074 Basic earnings per share 1.32 1.10 Weighted-average common shares outstanding $ 5,004 $ 5,074 Common stock equivalents due to effect of stock options 9 6 Total weighted-average common shares and equivalents $ 5,013 $ 5,080 Diluted earnings per share 1.32 1.10 Anti-dilutive stock options outstanding — 1 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income [Abstract] | |
Components of Accumulated Other Comprehensive Income | The following tables show changes in accumulated other comprehensive income by component, net of tax, for the years ending December 31, 2021 and 2020: (Dollars in thousands) December 31, 2021 Gains and (Losses) on Cash Flow Hedges Unrealized Gains and (Losses) on Available for Sale Securities Total Beginning balance, December 31, 2020 $ (45) $ 3,563 $ 3,518 Current period other comprehensive income (loss): Other comprehensive income (loss) before reclassification 425 (7,338) (6,913) Amounts reclassified from accumulated other comprehensive income (loss) 47 (17) 30 Net current period other comprehensive income (loss) 472 (7,355) (6,883) Ending balance, December 31, 2021 $ 427 $ (3,792) $ (3,365) (Dollars in thousands) December 31, 2020 Gains and (Losses) on Cash Flow Hedges Unrealized Gains and (Losses) on Available for Sale Securities Total Beginning balance, December 31, 2019 $ — $ 516 $ 516 Current period other comprehensive income (loss): Other comprehensive income (loss) before reclassification (38) 3,727 3,689 Amounts reclassified from accumulated other comprehensive loss (7) (675) (682) Net current period other comprehensive income (loss) (45) 3,052 3,007 Reclassification for ASU 2018-02 — (5) (5) Ending balance, December 31, 2020 $ (45) $ 3,563 $ 3,518 |
Schedule of reclassification out of each component of accumulated other comprehensive income | The following table shows significant amounts reclassified out of each component of accumulated other comprehensive income for the year ending December 31, 2021: (Dollars in thousands) Details About Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified From Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statements of Income Unrealized gains and losses on available for sale securities Realized gains on securities available for sale $ 21 Gain (loss) on sales and calls of securities Total before tax 21 Tax effect (4) Income tax (provision) benefit Net of tax 17 Unrealized gains and losses on cash flow hedges Realized losses on cash flow hedges $ (60) Short-term borrowings and repurchase agreements Total before tax (60) Tax effect 13 Income tax (provision) benefit Net of tax (47) Total reclassifications for the period, net of tax $ (30) The following table shows significant amounts reclassified out of each component of accumulated other comprehensive loss for the year ending December 31, 2020: (Dollars in thousands) Details About Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified From Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statements of Income Unrealized gains and losses on available for sale securities Realized gains on securities available for sale $ 855 Gain (loss) on sales and calls of securities Total before tax 855 Tax effect (180) Income tax (provision) benefit Net of tax 675 Unrealized gains and losses on cash flow hedges Realized gains on cash flow hedges 9 Short-term borrowings and repurchase agreements Total before tax 9 Tax effect (2) Income tax (provision) benefit Net of tax 7 Total reclassifications for the period, net of tax $ 682 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurement [Abstract] | |
Fair Value Measurements by Level of Valuation Inputs | The following tables summarize financial assets and financial liabilities measured at fair value as of December 31, 2021 and December 31, 2020, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Significant (Dollars in thousands) Active Markets Other Other for Identical Observable Unobservable December 31, 2021 Assets Inputs Inputs Total Assets measured at fair value on a recurring basis: Debt securities available for sale: Obligations of U.S. Government agencies and corporations $ — $ 40,526 $ — $ 40,526 Obligations of state and political subdivisions — 9,220 — 9,220 Corporate debt securities — 30,476 4,520 34,996 Mortgage-backed securities — 250,682 — 250,682 Total debt securities available for sale $ — $ 330,904 $ 4,520 $ 335,424 Equity securities $ 1,124 $ — $ — $ 1,124 Mortgage servicing rights $ — $ — $ 120 $ 120 Interest rate swaps $ — $ 541 $ — $ 541 (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Significant (Dollars in thousands) Active Markets Other Other for Identical Observable Unobservable December 31, 2020 Assets Inputs Inputs Total Assets measured at fair value on a recurring basis: Debt securities available for sale: Obligations of U.S. Government agencies and corporations $ — $ 22,949 $ — $ 22,949 Obligations of state and political subdivisions — 8,282 — 8,282 Corporate debt securities — 9,523 2,000 11,523 Mortgage-backed securities — 243,661 — 243,661 Total debt securities available for sale $ — $ 284,415 $ 2,000 $ 286,415 Equity securities $ 1,091 $ — $ — $ 1,091 Mortgage servicing rights $ — $ — $ 158 $ 158 Liabilities measured at fair value on a recurring basis: Interest rate swaps $ — $ 57 $ — $ 57 Assets measured at fair value on a non-recurring basis: Impaired loans $ — $ — $ 84 $ 84 |
Reconciliation of Investment Securities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs | The table below presents a reconciliation of the beginning and ending balances of investment securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2021 and 2020. Year Ended (Dollars in thousands) December 31, 2021 2020 Investment Securities: Beginning balance $ 2,000 $ — Total gains (loss) included in OCI 20 — Purchases 2,500 2,000 Principal payments and other — — Sales — — Balance, end of period $ 4,520 $ 2,000 |
Carrying Amounts and Estimated Fair Values of Financial Instruments | The carrying amounts and estimated fair values of the Company’s financial instruments are as follows: Financial Instruments (Dollars in thousands) December 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Value Value Value Value Financial assets: Cash and due from banks $ 12,928 $ 12,928 $ 11,868 $ 11,868 Interest bearing deposits with banks 598 598 19,753 19,753 Interest bearing time deposits with banks 735 735 735 735 Securities 336,548 336,548 287,506 287,506 Restricted investment in bank stock 2,116 N/A 3,423 N/A Loans, net of allowance for loan losses 414,795 414,984 418,567 424,791 Interest rate swaps 541 541 — — Accrued interest receivable 1,814 1,814 2,105 2,105 Financial liabilities: Non-interest bearing deposits $ 182,022 $ 182,022 $ 168,115 $ 168,115 Interest bearing deposits 526,425 528,952 454,751 459,224 Securities sold under agreements to repurchase 4,227 N/A 4,750 N/A Short-term borrowings — — 20,000 20,002 FRB advances — — 27,955 27,955 Long-term debt 20,000 20,520 35,000 37,365 Interest rate swaps — — 57 57 Other interest bearing liabilities 1,568 1,568 1,584 1,585 Accrued interest payable 252 252 448 448 Off-balance sheet financial instruments: Commitments to extend credit $ — $ — $ — $ — Letters of credit — — — — |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present the carrying amount, fair value and placement in the fair value hierarchy of the Company’s financial instruments not previously disclosed as of December 31, 2021 and December 31, 2020. These tables exclude financial instruments for which the carrying amount approximates fair value. (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Significant (Dollars in thousands) Active Markets Other Other Carrying for Identical Observable Unobservable Amount Fair Value Assets or Liabilities Inputs Inputs December 31, 2021 Financial instruments - Assets Interest bearing time deposits with banks $ 735 $ 735 $ — $ 735 $ — Loans, net of allowance for loan losses 414,795 414,984 — — 414,984 Financial instruments - Liabilities Interest bearing deposits $ 526,425 $ 528,952 $ — $ 528,952 $ — Long-term debt 20,000 20,520 — 20,520 — Other interest bearing liabilities 1,568 1,568 — 1,568 — (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Significant (Dollars in thousands) Active Markets Other Other Carrying for Identical Observable Unobservable Amount Fair Value Assets or Liabilities Inputs Inputs December 31, 2020 Financial instruments - Assets Interest bearing time deposits with banks $ 735 $ 735 $ — $ 735 $ — Loans, net of allowance for loan losses 418,567 424,791 — — 424,791 Financial instruments - Liabilities Interest bearing deposits $ 454,751 $ 459,224 $ — $ 459,224 $ — Long-term debt 35,000 37,365 — 37,365 — Other interest bearing liabilities 1,584 1,585 — 1,585 — |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
EMPLOYEE BENEFIT PLANS | |
Compensation Expense and Related Tax Benefits for Restricted Stock | The following table presents compensation expense and related tax benefits for restricted stock awards recognized on the consolidated statement of income. (Dollars in thousands) 2021 2020 Compensation expense $ 158 $ 128 Tax benefit (33) (27) Net income effect $ 125 $ 101 |
Summary of Non-Vested Restricted Shares Activity | The following table presents a summary of non-vested restricted shares activity for 2021. Weighted Average Grant Date Shares Fair Value Non-vested at January 1, 2021 20,175 $ 19.62 Vested (6,025) 19.50 Forfeited (200) 17.90 Granted 8,839 16.55 Non-vested at December 31, 2021 22,789 $ 18.48 |
Schedule of Stock Options Activity | A summary of the status of the outstanding stock options as of December 31, 2021 and 2020, and changes during the years ending on those dates is presented below: Weighted Weighted Average Average Exercise Exercise Shares Price Shares Price Outstanding at beginning of year 81,547 $ 17.78 93,147 $ 17.76 Granted — — — — Exercised — — — — Expired (9,600) 17.75 (11,600) 17.78 Outstanding at end of year 71,947 $ 17.78 81,547 $ 17.78 Options exercisable at year-end 71,947 81,547 Weighted-average fair value of options granted during the year $ — $ — Intrinsic value of options exercised during the year $ — $ — Intrinsic value of options cancelled during the year $ — Intrinsic value of options outstanding and exercisable at December 31, 2021 $ — |
Financial Instruments with Of_2
Financial Instruments with Off-Balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments with off-Balance Sheet Risk [Abstract] | |
Summary of Financial Instrument Commitments | A summary of the Company’s financial instrument commitments is as follows: (Dollars in thousands) December 31, 2021 2020 Commitments to grant loans $ 94,349 $ 81,997 Unfunded commitments under lines of credit 12,714 13,092 Outstanding letters of credit 5,724 3,906 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivatives | |
Schedule of Derivatives Recorded on the Consolidated Statements of Condition | The Company presents derivative positions gross on the balance sheet. The following table reflects the derivatives recorded on the Consolidated Statements of Condition as of December 31, 2021 and 2020. (Dollars in thousands) December 31, 2021 December 31, 2020 Fair Fair Value Value Notional Asset Notional Asset Derivatives designated as hedges: Amount (Liability) Amount (Liability) Interest rate swap - pay fixed / receive floating on 3-month brokered deposit $ 20,000 $ 52 $ — $ — Interest rate swap - pay fixed / receive floating on 3-month FHLB advance — — 20,000 (123) Interest rate swaps - forward-starting on long-term FHLB advances 20,000 489 20,000 66 |
Schedule of Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income | The effect of cash flow hedge accounting, before income taxes, on accumulated other comprehensive income for the period ended December 31, 2021 is as follows: (Dollars in thousands) December 31, 2021 Amount of Gain Location of (Gain) Amount of (Gain) (Loss) Recognized in Loss Reclassified Loss Reclassified OCI on Derivatives from OCI into Income from OCI into Income Interest rate contracts $ 538 Interest expense on short-term borrowings and repurchase agreements $ 60 (Dollars in thousands) December 31, 2020 Amount of Gain Location of (Gain) Amount of (Gain) (Loss) Recognized in Loss Reclassified Loss Reclassified OCI on Derivatives from OCI into Income from OCI into Income Interest rate contracts $ (48) Interest expense on short-term borrowings and repurchase agreements $ (9) |
Schedule of Effect of Cash Flow Hedge Accounting on the Consolidated Statements of Income | The effect of cash flow hedge accounting on the Consolidated Statements of Income for the years ended December 31, 2021 and 2020 were as follows: Location and Amount of Gain or Loss Recognized in Income on Fair Value and Cash Flow Hedging Relationships Interest Income (Expense) Year Ended December 31, (Dollars in thousands) 2021 2020 Effects of cash flow hedging: Gain (loss) on cash flow hedging relationships: Amount reclassified from AOCI into income $ (60) $ 9 Total $ (60) $ 9 |
Juniata Valley Financial Corp_2
Juniata Valley Financial Corp. (Parent Company Only) Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Juniata Valley Financial Corp. (Parent Company Only) Financial Information [Abstract] | |
Condensed Balance Sheets | CONDENSED BALANCE SHEETS (Dollars in thousands) December 31, 2021 2020 ASSETS Cash and cash equivalents $ 85 $ 145 Investment in bank subsidiary 70,265 75,441 Equity securities 914 935 Other assets 38 77 TOTAL ASSETS $ 71,302 $ 76,598 LIABILITIES Accounts payable and other liabilities $ 12 $ 1 STOCKHOLDERS’ EQUITY 71,290 76,597 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 71,302 $ 76,598 |
Condensed Statements of Income and Comprehensive Income | CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Dollars in thousands) Years Ended December 31, 2021 2020 INCOME Interest and dividends on investment securities available for sale $ 43 $ 46 Dividends from bank subsidiary 5,074 5,750 Change in value of equity securities 97 (12) TOTAL INCOME 5,214 5,784 EXPENSE Other non-interest expense 184 166 TOTAL EXPENSE 184 166 INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED NET INCOME OF SUBSIDIARY 5,030 5,618 Income tax benefit (25) (32) 5,055 5,650 Undistributed net (loss) income of subsidiary 1,549 (48) NET INCOME $ 6,604 $ 5,602 COMPREHENSIVE INCOME $ (279) $ 8,609 |
Condensed Statements of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS (Dollars in thousands) Years Ended December 31, 2021 2020 Cash flows from operating activities: Net income $ 6,604 $ 5,602 Adjustments to reconcile net income to net cash provided by operating activities: Undistributed net (income) loss of subsidiary (1,549) 48 Change in value of equity securities (97) 12 Increase in other assets 39 (13) Increase in other liabilities 11 13 Net cash provided by operating activities 5,008 5,662 Cash flows from investing activities: Proceeds from the maturity of available for sale investment securities 118 250 Net cash used in investing activities 118 250 Cash flows from financing activities: Cash dividends (4,402) (4,465) Purchase of treasury stock (861) (1,452) Treasury stock issued for stock plans 77 70 Net cash used in financing activities (5,186) (5,847) Net increase in cash and cash equivalents (60) 65 Cash and cash equivalents at beginning of year 145 80 Cash and cash equivalents at end of year $ 85 $ 145 |
Nature of Operations (Narrative
Nature of Operations (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021locationOfficesegment | |
Nature of Operations [Abstract] | |
Number of branches | location | 16 |
Number of offices maintained | Office | 4 |
Number of reportable segment | segment | 1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Summary of Significant Accounting Policies [Line Items] | ||
Concentration of credit, benchmark description | Otherwise, there were no concentrations of credit to any industry equaling more than 15% of total capital. | |
Maturity of interest-bearing time deposits | 5 years | |
Held-to-maturity securities | $ 0 | $ 0 |
Net unamortized origination costs | $ 489,000 | 298,000 |
Usual period of lines of credit for commercial, financial and agricultural lending | 5 years | |
Restricted stock investments with the FHLB | $ 2,116,000 | 3,343,000 |
Restricted stock investments with the ACBB | 80,000 | 80,000 |
Other real estate owned | 87,000 | 0 |
Goodwill impairment loss | 0 | 0 |
Mortgage servicing rights | 120,000 | 158,000 |
Investment in low-income housing limited partnership | 2,306,000 | 3,105,000 |
Accrued benefit liability | 1,198,000 | 1,146,000 |
Other postretirement benefit | 52,000 | 29,000 |
Advertising expense | 228,000 | 270,000 |
Shareholder Service [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Trust and Estate fees recognized | $ 80,000 | 76,000 |
Leasehold Improvements [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Estimated useful life of property and equipment, description | shorter of the assets’ useful life or the related lease term | |
Residential Portfolio Segment [Member] | Credit Exposure [Member] | Credit Concentration Risk [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Percentage of capital representing credit exposure to lessors | 58.00% | |
Real Estate Portfolio Segment [Member] | Credit Exposure [Member] | Credit Concentration Risk [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Percentage of capital representing credit exposure to lessors | 21.00% | |
Real Estate Portfolio Segment [Member] | Commercial Loan [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Loan period for lending, maximum | 20 years | |
Maximum loan-to-value ratio | 80.00% | |
Real Estate Portfolio Segment [Member] | Home Equity Lines of Credit [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Loan period for lending, maximum | 20 years | |
Maximum loan-to-value ratio | 90.00% | |
Real Estate Portfolio Segment [Member] | Home Equity Installments [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Loan period for lending, maximum | 15 years | |
Maximum loan-to-value ratio | 80.00% | |
Commercial Portfolio Segment [Member] | Credit Exposure [Member] | Credit Concentration Risk [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Percentage of capital representing credit exposure to lessors | 39.00% | |
Consumer Portfolio Segment [Member] | Mortgage Loan [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Loan period for lending, maximum | 25 years | |
Maximum loan-to-value ratio | 80.00% | |
Loan balance in the process of foreclosure | $ 85,000 | $ 152,000 |
Non-Residential Portfolio [Member] | Credit Exposure [Member] | Credit Concentration Risk [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Percentage of capital representing credit exposure to lessors | 48.00% | |
Maximum [Member] | Furniture and Equipment [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Estimated useful life of property and equipment | 10 years | |
Maximum [Member] | Building [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Estimated useful life of property and equipment | 40 years | |
Minimum [Member] | Furniture and Equipment [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Estimated useful life of property and equipment | 3 years | |
Minimum [Member] | Building [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Estimated useful life of property and equipment | 25 years |
Securities (Narrative) (Details
Securities (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)security | Dec. 31, 2020USD ($)security | |
Redemption of equity securities | $ | $ 118,000 | $ 0 |
Debt securities available for sale | $ | $ 335,424,000 | $ 286,415,000 |
Securities in unrealized loss position | 62 | 11 |
Equity securities | $ | $ 1,124,000 | $ 1,091,000 |
Other than temporary impairment | $ | 0 | |
Realized gain (loss) on equity securities | $ | $ 151,000 | $ (53,000) |
Number of Securities, 12 Months or More | 8 | 0 |
Obligations of U.S. Government Agencies and Corporations [Member] | ||
Debt securities available for sale | $ | $ 40,526,000 | $ 22,949,000 |
Securities in unrealized loss position | 8 | 3 |
Number of Securities, 12 Months or More | 3 | 0 |
U.S. Government Sponsored Agencies [Member] | ||
Investment portfolio percentage | 12.00% | |
Carrying value of pledged assets | $ | $ 82,656,000 | $ 74,614,000 |
Securities in unrealized loss position | 8 | |
Number of Securities, 12 Months or More | 3 | |
Obligations of State and Political Subdivisions [Member] | ||
Debt securities available for sale | $ | $ 9,220,000 | 8,282,000 |
Securities in unrealized loss position | 7 | |
Number of Securities, 12 Months or More | 0 | |
Corporate Debt Securities [Member] | ||
Investment portfolio percentage | 10.00% | |
Debt securities available for sale | $ | $ 34,996,000 | $ 11,523,000 |
Securities in unrealized loss position | 6 | 1 |
Number of Securities, 12 Months or More | 0 | 0 |
Mortgage-Backed Securities [Member] | ||
Investment portfolio percentage | 75.00% | |
Securities in unrealized loss position | 41 | 7 |
Number of Securities, 12 Months or More | 5 | 0 |
Municipal Bonds [Member] | ||
Investment portfolio percentage | 3.00% | |
Debt Securities Maturity Term | 5 years | |
Federal Farm Credit Bank [Member] | ||
Debt securities available for sale | $ | $ 12,379,000 | $ 9,978,000 |
Pennsylvania Housing Finance [Member] | ||
Debt securities available for sale | $ | $ 7,502,000 |
Securities (Debt Securities Ava
Securities (Debt Securities Available for Sale) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of AFS Securities, Total | $ 340,225 | $ 281,906 |
Fair Value of AFS Securities, Total | 335,424 | 286,415 |
Gross Unrealized Gains on AFS Securities, Total | 1,746 | 4,751 |
Gross Unrealized Losses on AFS Securities, Total | (6,547) | (242) |
Obligations of U.S. Government Agencies and Corporations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of AFS Securities Maturing After One Year But Within Five Years | 6,000 | |
Amortized Cost of AFS Securities Maturing After Five Years But Within Ten Years | 35,881 | 22,994 |
Amortized Cost of AFS Securities, Total | 41,881 | 22,994 |
Fair Value of AFS Securities Maturing After One Year But Within Five Years | 5,807 | |
Fair Value of AFS Securities Maturing After Five Years But Within Ten Years | 34,719 | 22,949 |
Fair Value of AFS Securities, Total | 40,526 | 22,949 |
Gross Unrealized Gains on AFS Securities Maturing After One Year But Within Five Years | 0 | |
Gross Unrealized Gains on AFS Securities Maturing After Five Years But Within ten Years | 0 | 7 |
Gross Unrealized Gains on AFS Securities, Total | 0 | 7 |
Gross Unrealized Losses on AFS Securities Maturing After One Year But Within Five Years | (193) | |
Gross Unrealized Losses on AFS Securities Maturing After Five Years But Within Ten Years | (1,162) | (52) |
Gross Unrealized Losses on AFS Securities, Total | (1,355) | (52) |
Obligations of State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of AFS Securities Maturing Within One Year | 31 | |
Amortized Cost of AFS Securities Maturing After One Year But Within Five Years | 3,810 | 4,708 |
Amortized Cost of AFS Securities Maturing After Five Years But Within Ten Years | 1,246 | 3,289 |
Amortized Cost of AFS Securities Maturing After Ten Years | 4,118 | |
Amortized Cost of AFS Securities, Total | 9,174 | 8,028 |
Fair Value of AFS Securities Maturing Within One Year | 31 | |
Fair Value of AFS Securities Maturing After One Year But Within Five Years | 3,937 | 4,767 |
Fair Value of AFS Securities Maturing After Five Years But Within Ten Years | 1,221 | 3,484 |
Fair Value of AFS Securities Maturing After Ten Years | 4,062 | |
Fair Value of AFS Securities, Total | 9,220 | 8,282 |
Gross Unrealized Gains on AFS Securities Maturing Within One Year | 0 | |
Gross Unrealized Gains on AFS Securities Maturing After One Year But Within Five Years | 129 | 59 |
Gross Unrealized Gains on AFS Securities Maturing After Five Years But Within ten Years | 0 | 195 |
Gross Unrealized Gains on AFS Securities Maturing After ten Years | 0 | |
Gross Unrealized Gains on AFS Securities, Total | 129 | 254 |
Gross Unrealized Losses On AFS Securities Maturing Within One Year | 0 | |
Gross Unrealized Losses on AFS Securities Maturing After One Year But Within Five Years | (2) | 0 |
Gross Unrealized Losses on AFS Securities Maturing After Five Years But Within Ten Years | (25) | 0 |
Gross Unrealized Losses on AFS Securities Maturing After Ten Years | (56) | |
Gross Unrealized Losses on AFS Securities, Total | (83) | 0 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of AFS Securities Maturing Within One Year | 1,033 | |
Amortized Cost of AFS Securities Maturing After One Year But Within Five Years | 2,000 | |
Amortized Cost of AFS Securities Maturing After Five Years But Within Ten Years | 32,408 | 10,058 |
Amortized Cost of AFS Securities, Total | 34,408 | 11,091 |
Fair Value of AFS Securities Maturing Within One Year | 1,039 | |
Fair Value of AFS Securities Maturing After One Year But Within Five Years | 1,972 | |
Fair Value of AFS Securities Maturing After Five Years But Within Ten Years | 33,024 | 10,484 |
Fair Value of AFS Securities, Total | 34,996 | 11,523 |
Gross Unrealized Gains on AFS Securities Maturing Within One Year | 6 | |
Gross Unrealized Gains on AFS Securities Maturing After One Year But Within Five Years | 0 | |
Gross Unrealized Gains on AFS Securities Maturing After Five Years But Within ten Years | 805 | 485 |
Gross Unrealized Gains on AFS Securities, Total | 805 | 491 |
Gross Unrealized Losses On AFS Securities Maturing Within One Year | 0 | |
Gross Unrealized Losses on AFS Securities Maturing After One Year But Within Five Years | (28) | |
Gross Unrealized Losses on AFS Securities Maturing After Five Years But Within Ten Years | (189) | (59) |
Gross Unrealized Losses on AFS Securities, Total | (217) | (59) |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost of AFS Securities Without Single Maturity Date | 254,762 | 239,793 |
Fair Value of AFS Securities Without Single Maturity Date | 250,682 | 243,661 |
Gross Unrealized Gains on AFS Securities Without Single Maturity Date | 812 | 3,999 |
Gross Unrealized Losses on AFS Securities Without Single Maturity Date | $ (4,892) | $ (131) |
Securities (Summary of Proceeds
Securities (Summary of Proceeds Received from Sales or Calls of Available for Sale Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Securities [Abstract] | ||
Gross proceeds from sales and calls of securities | $ 43,115 | $ 97,389 |
Gross realized gains from sold and called securities | 175 | 944 |
Gross realized losses from sold and called securities | (154) | (89) |
Net gains from sales and calls of securities | $ 21 | $ 855 |
Securities (Schedule of Unreali
Securities (Schedule of Unrealized Losses) (Details) $ in Thousands | Dec. 31, 2021USD ($)security | Dec. 31, 2020USD ($)security |
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 54 | 11 |
Fair Value, Less Than 12 Months | $ 220,383 | $ 65,503 |
Unrealized Losses, Less Than 12 Months | $ (4,556) | $ (242) |
Number of Securities, 12 Months or More | security | 8 | 0 |
Fair Value, 12 Months or More | $ 44,839 | $ 0 |
Unrealized Losses, 12 Months or More | $ (1,991) | $ 0 |
Number of Securities, Total | security | 62 | 11 |
Fair Value, Total | $ 265,222 | $ 65,503 |
Unrealized Losses, Total | $ (6,547) | $ (242) |
Obligations of U.S. Government Agencies and Corporations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 5 | 3 |
Fair Value, Less Than 12 Months | $ 22,130 | $ 18,948 |
Unrealized Losses, Less Than 12 Months | $ (752) | $ (52) |
Number of Securities, 12 Months or More | security | 3 | 0 |
Fair Value, 12 Months or More | $ 18,396 | $ 0 |
Unrealized Losses, 12 Months or More | $ (603) | $ 0 |
Number of Securities, Total | security | 8 | 3 |
Fair Value, Total | $ 40,526 | $ 18,948 |
Unrealized Losses, Total | $ (1,355) | $ (52) |
Obligations of State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 7 | |
Fair Value, Less Than 12 Months | $ 5,781 | |
Unrealized Losses, Less Than 12 Months | $ (83) | |
Number of Securities, 12 Months or More | security | 0 | |
Fair Value, 12 Months or More | $ 0 | |
Unrealized Losses, 12 Months or More | $ 0 | |
Number of Securities, Total | security | 7 | |
Fair Value, Total | $ 5,781 | |
Unrealized Losses, Total | $ (83) | |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 6 | 1 |
Fair Value, Less Than 12 Months | $ 10,144 | $ 2,972 |
Unrealized Losses, Less Than 12 Months | $ (217) | $ (59) |
Number of Securities, 12 Months or More | security | 0 | 0 |
Fair Value, 12 Months or More | $ 0 | $ 0 |
Unrealized Losses, 12 Months or More | $ 0 | $ 0 |
Number of Securities, Total | security | 6 | 1 |
Fair Value, Total | $ 10,144 | $ 2,972 |
Unrealized Losses, Total | $ (217) | $ (59) |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities, Less Than 12 Months | security | 36 | 7 |
Fair Value, Less Than 12 Months | $ 182,328 | $ 43,583 |
Unrealized Losses, Less Than 12 Months | $ (3,504) | $ (131) |
Number of Securities, 12 Months or More | security | 5 | 0 |
Fair Value, 12 Months or More | $ 26,443 | $ 0 |
Unrealized Losses, 12 Months or More | $ (1,388) | $ 0 |
Number of Securities, Total | security | 41 | 7 |
Fair Value, Total | $ 208,771 | $ 43,583 |
Unrealized Losses, Total | $ (4,892) | $ (131) |
Loans and Related Allowance f_3
Loans and Related Allowance for Loan Losses (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 418,303,000 | $ 422,661,000 |
Interest income on nonaccrual loans | 49,000 | 97,000 |
Reserves relating to TDR | 0 | 0 |
Restructured loan balance in default status | 0 | |
Recorded charge-offs | 17,000 | 56,000 |
Restructured loan balance in default status | $ 0 | 0 |
Credit quality indicators information | This analysis includes loans to commercial customers with an aggregate loan exposure greater than $500,000 and for lines of credit in excess of $50,000 | |
Aggregate amount of demand deposits reclassified as loan balances | $ 31,000 | 50,000 |
Financing receivable - Allowance for loan losses | $ 3,508,000 | $ 4,094,000 |
Paycheck Protection Program [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans Funded under Paycheck Protection Program | loan | 194 | 461 |
Net amount of PPP loans | $ 10,132,000 | $ 28,715,000 |
Deferred fees of PPP loans | $ 485,000 | $ 475,000 |
First Round PPP Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans Funded under Paycheck Protection Program | 508 | |
Amount of Loan Funded under Paycheck Protection Program | $ 32,064,000 | |
Second Round PPP Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans Funded under Paycheck Protection Program | loan | 362 | |
Amount of Loan Funded under Paycheck Protection Program | $ 18,931,000 | |
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 159,806,000 | 122,698,000 |
Recorded charge-offs | 0 | 0 |
Financing receivable - Allowance for loan losses | 1,020,000 | 908,000 |
Consumer Portfolio Segment [Member] | Mortgage Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 131,754,000 | 141,438,000 |
Recorded charge-offs | $ 0 | 7,000 |
Maximum loan-to-value ratio | 80.00% | |
Financing receivable - Allowance for loan losses | $ 1,269,000 | 1,200,000 |
Loan balance in the process of foreclosure | 85,000 | 152,000 |
Accruing Troubled Debt Restructurings [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded charge-offs | 0 | 0 |
Financing receivable - Allowance for loan losses | $ 0 | $ 0 |
Loans and Related Allowance f_4
Loans and Related Allowance for Loan Losses (Loan Portfolio by Class) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 418,303 | $ 422,661 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 62,639 | 73,057 |
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 159,806 | 122,698 |
Construction Loan [Member] | Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 43,281 | 61,051 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 131,754 | 141,438 |
Obligations of State and Political Subdivisions [Member] | Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 16,323 | 18,550 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 4,500 | $ 5,867 |
Loans and Related Allowance f_5
Loans and Related Allowance for Loan Losses (Activity in the Allowance for Loan Losses by Loan Class) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | $ 4,094 | $ 2,961 |
Provision for loan losses | (769) | 721 |
Charge-offs | (17) | (56) |
Recoveries | 200 | 468 |
Ending balance | 3,508 | 4,094 |
Loans allocated by: individually evaluated for impairment | 5,699 | 4,227 |
Loans allocated by: collectively evaluated for impairment | 411,766 | 417,472 |
Financing receivable - Loans allocated | 418,303 | 422,661 |
Allowance for loan losses allocated by: individually evaluated for impairment | 2 | 2 |
Allowance for loan losses allocated by: collectively evaluated for impairment | 3,506 | 4,092 |
Financing receivable - Allowance for loan losses | 3,508 | 4,094 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 302 | 321 |
Provision for loan losses | (58) | (13) |
Charge-offs | 0 | (7) |
Recoveries | 7 | 1 |
Ending balance | 251 | 302 |
Loans allocated by: individually evaluated for impairment | 0 | 0 |
Loans allocated by: collectively evaluated for impairment | 62,639 | 73,057 |
Financing receivable - Loans allocated | 62,639 | 73,057 |
Allowance for loan losses allocated by: individually evaluated for impairment | 0 | 0 |
Allowance for loan losses allocated by: collectively evaluated for impairment | 251 | 302 |
Financing receivable - Allowance for loan losses | 251 | 302 |
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 908 | 754 |
Provision for loan losses | 76 | 152 |
Charge-offs | 0 | 0 |
Recoveries | 36 | 2 |
Ending balance | 1,020 | 908 |
Loans allocated by: individually evaluated for impairment | 5,262 | 3,483 |
Loans allocated by: collectively evaluated for impairment | 154,187 | 118,876 |
Financing receivable - Loans allocated | 159,806 | 122,698 |
Allowance for loan losses allocated by: individually evaluated for impairment | 0 | 0 |
Allowance for loan losses allocated by: collectively evaluated for impairment | 1,020 | 908 |
Financing receivable - Allowance for loan losses | 1,020 | 908 |
Construction Loan [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 1,586 | 718 |
Provision for loan losses | (788) | 442 |
Charge-offs | 0 | 0 |
Recoveries | 86 | 426 |
Ending balance | 884 | 1,586 |
Loans allocated by: individually evaluated for impairment | 0 | 0 |
Loans allocated by: collectively evaluated for impairment | 43,281 | 61,051 |
Financing receivable - Loans allocated | 43,281 | 61,051 |
Allowance for loan losses allocated by: individually evaluated for impairment | 0 | 0 |
Allowance for loan losses allocated by: collectively evaluated for impairment | 884 | 1,586 |
Financing receivable - Allowance for loan losses | 884 | 1,586 |
Obligations of State and Political Subdivisions [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 28 | 17 |
Provision for loan losses | 17 | 11 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending balance | 45 | 28 |
Loans allocated by: individually evaluated for impairment | 0 | 0 |
Loans allocated by: collectively evaluated for impairment | 16,323 | 18,550 |
Financing receivable - Loans allocated | 16,323 | 18,550 |
Allowance for loan losses allocated by: individually evaluated for impairment | 0 | 0 |
Allowance for loan losses allocated by: collectively evaluated for impairment | 45 | 28 |
Financing receivable - Allowance for loan losses | 45 | 28 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 1,200 | 1,081 |
Provision for loan losses | 8 | 96 |
Charge-offs | 0 | (7) |
Recoveries | 61 | 30 |
Ending balance | 1,269 | 1,200 |
Loans allocated by: individually evaluated for impairment | 437 | 744 |
Loans allocated by: collectively evaluated for impairment | 130,836 | 140,071 |
Financing receivable - Loans allocated | 131,754 | 141,438 |
Allowance for loan losses allocated by: individually evaluated for impairment | 2 | 2 |
Allowance for loan losses allocated by: collectively evaluated for impairment | 1,267 | 1,198 |
Financing receivable - Allowance for loan losses | 1,269 | 1,200 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 70 | 70 |
Provision for loan losses | (24) | 33 |
Charge-offs | (17) | (42) |
Recoveries | 10 | 9 |
Ending balance | 39 | 70 |
Loans allocated by: individually evaluated for impairment | 0 | 0 |
Loans allocated by: collectively evaluated for impairment | 4,500 | 5,867 |
Financing receivable - Loans allocated | 4,500 | 5,867 |
Allowance for loan losses allocated by: individually evaluated for impairment | 0 | 0 |
Allowance for loan losses allocated by: collectively evaluated for impairment | 39 | 70 |
Financing receivable - Allowance for loan losses | 39 | 70 |
Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans allocated by: individually evaluated for impairment | 838 | 962 |
Allowance for loan losses allocated by: individually evaluated for impairment | 0 | 0 |
Acquired with Credit Deterioration [Member] | Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans allocated by: individually evaluated for impairment | 0 | 0 |
Allowance for loan losses allocated by: individually evaluated for impairment | 0 | 0 |
Acquired with Credit Deterioration [Member] | Commercial Loan [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans allocated by: individually evaluated for impairment | 357 | 339 |
Allowance for loan losses allocated by: individually evaluated for impairment | 0 | 0 |
Acquired with Credit Deterioration [Member] | Construction Loan [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans allocated by: individually evaluated for impairment | 0 | 0 |
Allowance for loan losses allocated by: individually evaluated for impairment | 0 | 0 |
Acquired with Credit Deterioration [Member] | Obligations of State and Political Subdivisions [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans allocated by: individually evaluated for impairment | 0 | 0 |
Allowance for loan losses allocated by: individually evaluated for impairment | 0 | 0 |
Acquired with Credit Deterioration [Member] | Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans allocated by: individually evaluated for impairment | 481 | 623 |
Allowance for loan losses allocated by: individually evaluated for impairment | 0 | 0 |
Acquired with Credit Deterioration [Member] | Personal Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans allocated by: individually evaluated for impairment | 0 | 0 |
Allowance for loan losses allocated by: individually evaluated for impairment | $ 0 | $ 0 |
Loans and Related Allowance f_6
Loans and Related Allowance for Loan Losses (Impaired Loans by Loan Portfolio Class) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans: Related Allowance | $ 2 | $ 2 |
Recorded Investment, Total | 6,537 | 5,189 |
Unpaid Principal Balance, Total | 8,517 | 7,134 |
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Recorded Investment | 5,262 | 3,483 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 5,720 | 3,580 |
Impaired Loans: Related Allowance | 0 | 0 |
Recorded Investment, Total | 5,262 | 3,483 |
Unpaid Principal Balance, Total | 5,720 | 3,580 |
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Recorded Investment | 357 | 339 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 366 | 386 |
Impaired Loans: Related Allowance | 0 | 0 |
Recorded Investment, Total | 357 | 339 |
Unpaid Principal Balance, Total | 366 | 386 |
Construction Loan [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Recorded Investment | 0 | 0 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 649 | 894 |
Impaired Loans: Related Allowance | 0 | 0 |
Recorded Investment, Total | 0 | 0 |
Unpaid Principal Balance, Total | 649 | 894 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Recorded Investment | 368 | 666 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 1,054 | 1,396 |
Impaired Loans with an Allowance: Recorded Investment | 69 | 78 |
Impaired Loans with an Allowance: Unpaid Principal Balance | 68 | 77 |
Impaired Loans: Related Allowance | 2 | 2 |
Recorded Investment, Total | 437 | 744 |
Unpaid Principal Balance, Total | 1,122 | 1,473 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance: Recorded Investment | 481 | 623 |
Impaired Loans with No Allowance: Unpaid Principal Balance | 660 | 801 |
Impaired Loans: Related Allowance | 0 | 0 |
Recorded Investment, Total | 481 | 623 |
Unpaid Principal Balance, Total | $ 660 | $ 801 |
Loans and Related Allowance f_7
Loans and Related Allowance for Loan Losses (Impaired Loans and Related Interest Income by Loan Portfolio Class) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment, Total | $ 5,654 | $ 4,497 |
Interest Income Recognized, Total | 236 | 36 |
Cash Basis Interest Income, Total | 40 | 82 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance, Average Recorded Investment | 0 | 234 |
Impaired Loans with No Allowance, Interest Income Recognized | 0 | 0 |
Impaired Loans with No Allowance, Cash Basis Interest Income | 0 | 0 |
Average Recorded Investment, Total | 0 | 234 |
Interest Income Recognized, Total | 0 | 0 |
Cash Basis Interest Income, Total | 0 | 0 |
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance, Average Recorded Investment | 4,168 | 2,291 |
Impaired Loans with No Allowance, Interest Income Recognized | 223 | 20 |
Impaired Loans with No Allowance, Cash Basis Interest Income | 0 | 38 |
Average Recorded Investment, Total | 4,168 | 2,291 |
Interest Income Recognized, Total | 223 | 20 |
Cash Basis Interest Income, Total | 0 | 38 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance, Average Recorded Investment | 477 | 860 |
Impaired Loans with No Allowance, Interest Income Recognized | 13 | 16 |
Impaired Loans with No Allowance, Cash Basis Interest Income | 40 | 44 |
Impaired Loans with an Allowance, Average Recorded Investment | 72 | 98 |
Impaired Loans with an Allowance, Interest Income Recognized | 0 | 0 |
Impaired Loans with an Allowance, Cash Basis Interest Income | 0 | 0 |
Average Recorded Investment, Total | 549 | 958 |
Interest Income Recognized, Total | 13 | 16 |
Cash Basis Interest Income, Total | 40 | 44 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance, Average Recorded Investment | 0 | 2 |
Impaired Loans with No Allowance, Interest Income Recognized | 0 | 0 |
Impaired Loans with No Allowance, Cash Basis Interest Income | 0 | 0 |
Average Recorded Investment, Total | 0 | 2 |
Interest Income Recognized, Total | 0 | 0 |
Cash Basis Interest Income, Total | 0 | 0 |
Acquired with Credit Deterioration [Member] | Commercial Loan [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment, Total | 349 | 352 |
Interest Income Recognized, Total | 0 | 0 |
Cash Basis Interest Income, Total | 0 | 0 |
Acquired with Credit Deterioration [Member] | Construction Loan [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance, Average Recorded Investment | 349 | 352 |
Impaired Loans with No Allowance, Interest Income Recognized | 0 | 0 |
Impaired Loans with No Allowance, Cash Basis Interest Income | 0 | 0 |
Acquired with Credit Deterioration [Member] | Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with No Allowance, Average Recorded Investment | 588 | 660 |
Impaired Loans with No Allowance, Interest Income Recognized | 0 | 0 |
Impaired Loans with No Allowance, Cash Basis Interest Income | 0 | 0 |
Average Recorded Investment, Total | 588 | 660 |
Interest Income Recognized, Total | 0 | 0 |
Cash Basis Interest Income, Total | $ 0 | $ 0 |
Loans and Related Allowance f_8
Loans and Related Allowance for Loan Losses (Nonaccrual Loans by Classes of the Loan Portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Impaired [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | $ 141 | $ 422 |
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 0 | 41 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | $ 141 | $ 381 |
Loans and Related Allowance f_9
Loans and Related Allowance for Loan Losses (Loan Portfolio Summarized by the Past Due Status) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | $ 418,303 | $ 422,661 |
Total loans | 418,303 | 422,661 |
Loans Past Due Greater than 89 Days and Accruing | 85 | 114 |
Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 417,465 | 421,699 |
Loans Past Due Greater than 89 Days and Accruing | 85 | 22 |
Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 838 | 962 |
Loans Past Due Greater than 89 Days and Accruing | 0 | 92 |
Current [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 417,200 | 421,416 |
Current [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 416,362 | 420,642 |
Current [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 838 | 774 |
Total Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 1,103 | 1,245 |
Total Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 1,103 | 1,057 |
Total Past Due [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 0 | 188 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 512 | 408 |
30-59 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 512 | 358 |
30-59 Days Past Due [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 0 | 50 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 488 | 513 |
60-89 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 488 | 467 |
60-89 Days Past Due [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 0 | 46 |
Greater than 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 103 | 324 |
Greater than 89 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 103 | 232 |
Greater than 89 Days Past Due [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 0 | 92 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 62,639 | 73,057 |
Total loans | 62,639 | 73,057 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 62,639 | 73,057 |
Loans Past Due Greater than 89 Days and Accruing | 0 | 22 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | Current [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 62,628 | 73,028 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | Total Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 11 | 29 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 11 | 7 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 0 | 0 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | Greater than 89 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 0 | 22 |
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 159,806 | 122,698 |
Total loans | 159,806 | 122,698 |
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 159,449 | 122,359 |
Loans Past Due Greater than 89 Days and Accruing | 0 | 0 |
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 357 | 339 |
Loans Past Due Greater than 89 Days and Accruing | 0 | 0 |
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | Current [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 159,396 | 122,318 |
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | Current [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 357 | 293 |
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | Total Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 53 | 41 |
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | Total Past Due [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 0 | 46 |
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 53 | 0 |
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 0 | 0 |
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 0 | 0 |
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 0 | 46 |
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | Greater than 89 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 0 | 41 |
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | Greater than 89 Days Past Due [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 0 | 0 |
Construction Loan [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 43,281 | 61,051 |
Total loans | 43,281 | 61,051 |
Construction Loan [Member] | Commercial Portfolio Segment [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 43,281 | 61,051 |
Loans Past Due Greater than 89 Days and Accruing | 0 | 0 |
Construction Loan [Member] | Commercial Portfolio Segment [Member] | Current [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 43,281 | 61,051 |
Construction Loan [Member] | Commercial Portfolio Segment [Member] | Total Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 0 | 0 |
Construction Loan [Member] | Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 0 | 0 |
Construction Loan [Member] | Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 0 | 0 |
Construction Loan [Member] | Commercial Portfolio Segment [Member] | Greater than 89 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 0 | 0 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 131,754 | 141,438 |
Total loans | 131,754 | 141,438 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 131,273 | 140,815 |
Loans Past Due Greater than 89 Days and Accruing | 85 | 0 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 481 | 623 |
Loans Past Due Greater than 89 Days and Accruing | 0 | 92 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | Current [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 130,242 | 139,842 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | Current [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 481 | 481 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | Total Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 1,031 | 973 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | Total Past Due [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 0 | 142 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 440 | 351 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 0 | 50 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 488 | 453 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 0 | 0 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | Greater than 89 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 103 | 169 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | Greater than 89 Days Past Due [Member] | Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 0 | 92 |
Obligations of State and Political Subdivisions [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 16,323 | 18,550 |
Total loans | 16,323 | 18,550 |
Obligations of State and Political Subdivisions [Member] | Commercial Portfolio Segment [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 16,323 | 18,550 |
Loans Past Due Greater than 89 Days and Accruing | 0 | 0 |
Obligations of State and Political Subdivisions [Member] | Commercial Portfolio Segment [Member] | Current [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 16,323 | 18,550 |
Obligations of State and Political Subdivisions [Member] | Commercial Portfolio Segment [Member] | Total Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 0 | 0 |
Obligations of State and Political Subdivisions [Member] | Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 0 | 0 |
Obligations of State and Political Subdivisions [Member] | Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 0 | 0 |
Obligations of State and Political Subdivisions [Member] | Commercial Portfolio Segment [Member] | Greater than 89 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 0 | 0 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 4,500 | 5,867 |
Total loans | 4,500 | 5,867 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 4,500 | 5,867 |
Loans Past Due Greater than 89 Days and Accruing | 0 | 0 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | Current [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 4,492 | 5,853 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | Total Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 8 | 14 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 8 | 0 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | 0 | 14 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | Greater than 89 Days Past Due [Member] | Excluding Loans Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables, gross | $ 0 | $ 0 |
Loans and Related Allowance _10
Loans and Related Allowance for Loan Losses (Troubled Debt Restructurings on Financing Receivables) (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($)item | |
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Recorded Investment | $ 5,555,000 | $ 3,802,000 |
Restructured Loan [Member] | Accruing Troubled Debt Restructurings [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | item | 1 | 3 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 2,254,000 | $ 3,165,000 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 2,254,000 | 3,165,000 |
Financing Receivable, Modifications, Recorded Investment | $ 1,841,000 | $ 3,147,000 |
Restructured Loan [Member] | Commercial Loan [Member] | Commercial Portfolio Segment [Member] | Accruing Troubled Debt Restructurings [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | item | 1 | 2 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 2,254,000 | $ 3,161,000 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 2,254,000 | 3,161,000 |
Financing Receivable, Modifications, Recorded Investment | $ 1,841,000 | $ 3,143,000 |
Restructured Loan [Member] | Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | Accruing Troubled Debt Restructurings [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | item | 1 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 4,000 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 4,000 | |
Financing Receivable, Modifications, Recorded Investment | $ 4,000 |
Loans and Related Allowance _11
Loans and Related Allowance for Loan Losses (Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 418,303 | $ 422,661 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 392,857 | 372,347 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 17,258 | 40,626 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 8,188 | 9,602 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 86 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 62,639 | 73,057 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 61,372 | 71,983 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 577 | 495 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 690 | 579 |
Commercial, Financial and Agricultural [Member] | Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 159,806 | 122,698 |
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 137,684 | 99,828 |
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 16,429 | 15,198 |
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,693 | 7,631 |
Commercial Loan [Member] | Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 41 |
Construction Loan [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 43,281 | 61,051 |
Construction Loan [Member] | Commercial Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 42,394 | 36,332 |
Construction Loan [Member] | Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 24,644 |
Construction Loan [Member] | Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 887 | 75 |
Construction Loan [Member] | Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 131,754 | 141,438 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 130,584 | 139,787 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 252 | 289 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 918 | 1,317 |
Mortgage Loan [Member] | Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 45 |
Obligations of State and Political Subdivisions [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 16,323 | 18,550 |
Obligations of State and Political Subdivisions [Member] | Commercial Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 16,323 | 18,550 |
Obligations of State and Political Subdivisions [Member] | Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Obligations of State and Political Subdivisions [Member] | Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Obligations of State and Political Subdivisions [Member] | Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,500 | 5,867 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,500 | 5,867 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 0 | $ 0 |
Bank Owned Life Insurance and_3
Bank Owned Life Insurance and Annuities (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Bank Owned Life Insurance and Annuities [Abstract] | |||
Bank owned life insurance and annuities | $ 16,852,000 | $ 16,568,000 | $ 16,266,000 |
Increase in cash surrender value of bank-owned life insurance | $ 284,000 | $ 302,000 |
Bank Owned Life Insurance and_4
Bank Owned Life Insurance and Annuities (Summary of Changes in Cash Value of BOLI and Annuities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 16,568 | $ 16,266 |
Earnings | 246 | 263 |
Premiums on existing policies | 38 | 39 |
Balance | 16,852 | 16,568 |
Life Insurance [Member] | ||
Balance | 16,010 | 15,741 |
Earnings | 225 | 243 |
Premiums on existing policies | 26 | 26 |
Balance | 16,261 | 16,010 |
Deferred Annuities [Member] | ||
Balance | 558 | 525 |
Earnings | 21 | 20 |
Premiums on existing policies | 12 | 13 |
Balance | $ 591 | $ 558 |
Premises and Equipment (Narrati
Premises and Equipment (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Premises and Equipment [Abstract] | ||
Depreciation expense on premises and equipment | $ 712,000 | $ 806,000 |
Premises and Equipment (Premise
Premises and Equipment (Premises and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 20,720 | $ 20,481 |
Less: accumulated depreciation | (12,349) | (11,673) |
Property, Plant and Equipment, Net, Total | 8,371 | 8,808 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 294 | 294 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 13,486 | 13,351 |
Furniture, Computer Software and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 6,940 | $ 6,836 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) | Apr. 30, 2018 | Nov. 30, 2015 | Sep. 08, 2006 | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill included in acquisition price | $ 9,047,000 | $ 9,047,000 | |||
Amortization of intangible assets | 66,000 | 77,000 | |||
Other intangible assets | 120,000 | 158,000 | |||
Goodwill impairment loss | $ 0 | $ 0 | |||
Branch Office in Richfield, PA [Member] | |||||
Acquisition date | Sep. 8, 2006 | ||||
Goodwill included in acquisition price | $ 2,046,000 | ||||
FNBPA Bancorp, Inc [Member] | |||||
Acquisition date | Nov. 30, 2015 | ||||
Goodwill included in acquisition price | $ 3,402,000 | ||||
Intangible assets included in purchase price | $ 303,000 | ||||
Liverpool Community Bank [Member] | |||||
Acquisition date | Apr. 30, 2018 | ||||
Goodwill included in acquisition price | $ 3,599,000 | ||||
Intangible assets included in purchase price | $ 289,000 | ||||
Intangible assets amortization period | 10 years |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Amortization Schedule for Intangible Assets) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2018 | Nov. 30, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | $ 66,000 | $ 77,000 | |||
FNBPA Bancorp, Inc [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Beginning Balance at Acquisition Date | $ 303,000 | ||||
FNBPA Bancorp, Inc [Member] | Core Deposits [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Beginning Balance at Acquisition Date | $ 303,000 | ||||
Amortization of intangible assets | 27,000 | 33,000 | $ 190,000 | ||
Unamortized balance | 53,000 | ||||
Scheduled remaining amortization expense for years ended: | |||||
December 31, 2022 | 22,000 | ||||
December 31, 2023 | 16,000 | ||||
December 31, 2024 | 10,000 | ||||
December 31, 2025 | 5,000 | ||||
December 31, 2026 | 0 | ||||
After December 31, 2026 | 0 | ||||
Liverpool Community Bank [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Beginning Balance at Acquisition Date | $ 289,000 | ||||
Liverpool Community Bank [Member] | Core Deposits [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Beginning Balance at Acquisition Date | $ 289,000 | ||||
Amortization of intangible assets | 39,000 | $ 44,000 | $ 84,000 | ||
Unamortized balance | 122,000 | ||||
Scheduled remaining amortization expense for years ended: | |||||
December 31, 2022 | 33,000 | ||||
December 31, 2023 | 28,000 | ||||
December 31, 2024 | 23,000 | ||||
December 31, 2025 | 17,000 | ||||
December 31, 2026 | 12,000 | ||||
After December 31, 2026 | $ 9,000 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Aggregate amount of demand deposits reclassified as loan balances | $ 31,000 | $ 50,000 |
Brokered demand deposit | $ 30,003,000 | $ 0 |
Deposits (Schedule of Deposits)
Deposits (Schedule of Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Demand, non-interest bearing | $ 182,022 | $ 168,115 |
Interest-bearing demand and money market | 240,974 | 176,469 |
Savings | 142,187 | 123,572 |
Time deposits, 250,000 or more | 13,547 | 13,475 |
Other time deposits | 129,717 | 141,235 |
Total deposits | $ 708,447 | $ 622,866 |
Deposits (Schedule of Maturitie
Deposits (Schedule of Maturities of Time Deposits) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Time Deposits 250000 or More [Member] | |
Maturities of Time Deposits | |
2022 | $ 9,135 |
2023 | 1,599 |
2024 | 920 |
2025 | 1,030 |
Later | 863 |
Total time deposits | 13,547 |
Time Deposits Other [Member] | |
Maturities of Time Deposits | |
2022 | 54,078 |
2023 | 33,460 |
2024 | 11,846 |
2025 | 10,832 |
2026 | 14,571 |
Later | 4,930 |
Total time deposits | 129,717 |
Certificates of Deposit [Member] | |
Maturities of Time Deposits | |
2022 | 63,213 |
2023 | 35,059 |
2024 | 12,766 |
2025 | 11,862 |
2026 | 14,571 |
Later | 5,793 |
Total time deposits | $ 143,264 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Federal Home Loan Bank, Advances [Line Items] | ||
Maximum borrowing capacity with the Federal Home Loan Bank of Pittsburgh ("FHLB") | $ 182,573,000 | $ 166,178,000 |
Long-term debt | 20,000,000 | 35,000,000 |
Federal Home Loan Bank Advances | 20,724,000 | 55,830,000 |
Federal Reserve Bank advances | 0 | 27,955,000 |
Issuance of FRB advances | 0 | 31,298,000 |
FHLB advances, repayment of debt | 15,000,000 | 10,000,000 |
FHLB advances, prepayment penalty | (691,000) | (524,000) |
Securities Sold under Agreements to Repurchase [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Fair value of pledged assets | 7,249,000 | |
Paycheck Protection Program Liquidity Facility [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Short-term debt with FHLB | 0 | $ 27,955,000 |
Issuance of FRB advances | $ 31,298,000 | |
FHLB advances, fixed interest rate | 0.35% |
Borrowings (Schedule of Borrowi
Borrowings (Schedule of Borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Short-term borrowings | $ 4,227 | $ 24,750 |
Maximum outstanding at any month end | 33,804 | 24,889 |
Securities Sold under Agreements to Repurchase [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Short-term borrowings | 4,227 | 4,750 |
Maximum outstanding at any month end | $ 4,804 | $ 4,889 |
Weighted average interest rate as of December 31 | 0.10% | 0.14% |
Average amount outstanding during the year | $ 4,249 | $ 4,033 |
Weighted average interest rate during the year | 0.10% | 0.17% |
Overnight Advances [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Short-term borrowings | $ 0 | $ 0 |
Maximum outstanding at any month end | 9,000 | 0 |
Three Month Advances [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Short-term borrowings | 0 | 20,000 |
Maximum outstanding at any month end | 20,000 | 20,000 |
Short-term borrowings with Federal Home Loan Bank [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Short-term borrowings | $ 0 | $ 20,000 |
Weighted average interest rate as of December 31 | 0.00% | 0.31% |
Average amount outstanding during the year | $ 6,741 | $ 14,521 |
Weighted average interest rate during the year | 0.38% | 0.42% |
Borrowings (Summary of the Sche
Borrowings (Summary of the Scheduled Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract] | ||
2022 | $ 0 | |
2023 | 0 | |
2024 | 15,000 | |
2025 | 5,000 | |
2026 | 0 | |
Thereafter | 0 | |
Long-term Debt, Total | $ 20,000 | $ 35,000 |
Weighted Average Interest Rate | ||
2022 | 0.00% | |
2023 | 0.00% | |
2024 | 2.29% | |
2025 | 2.41% | |
2026 | 0.00% | |
Thereafter | 0.00% | |
Weighted average interest rate | 2.32% |
Borrowings (Pledged Assets) (De
Borrowings (Pledged Assets) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Pledged Assets [Abstract] | ||
Amount of loans included in qualifying collateral | $ 253,763,000 | $ 229,357,000 |
Securities pledged as collateral | 0 | 0 |
Maximum borrowing capacity with the Federal Home Loan Bank of Pittsburgh ("FHLB") | $ 182,573,000 | $ 166,178,000 |
Operating Lease Obligations (RO
Operating Lease Obligations (ROU Assets and Lease Liabilities) (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)lease | Dec. 31, 2020USD ($) | |
Leases [Abstract] | ||
Number of Operating Lease Obligations | lease | 4 | |
Consolidated statements of condition classification of the Company's ROU assets and lease liabilities | ||
Operating lease ROU assets | $ 293,000 | |
Operating lease ROU assets, statement of financial position | Accrued interest receivable and other assets | |
Lease liability | $ 299,000 | |
Operating lease liabilities, statement of financial position | Accrued interest payable and other liabilities | |
Options to renew | true | |
Weighted-average remaining operating lease term | 7 years | |
Weighted-average discount rate | 5.47% | |
Total operating cost | $ 119,000 | $ 116,000 |
Total operating lease payment to related parties | $ 24,000 |
Operating Lease Obligations (Fu
Operating Lease Obligations (Future Minimum Payments for Operating Leases) (Details) | Dec. 31, 2021USD ($) |
Operating Lease Liabilities, Payments Due [Abstract] | |
2022 | $ 63,000 |
2023 | 46,000 |
2024 | 47,000 |
2025 | 47,000 |
2026 | 48,000 |
2027 and beyond | 111,000 |
Total Future Minimum Lease Payments | 362,000 |
Amounts Representing Interest | (63,000) |
Present Value of Net Future Minimum Lease Payments (Lease Liability) | $ 299,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2017 | |
Income tax credits and adjustments period | 10 years | ||
CARES Act Loss Carryback | $ 0 | $ (57,000) | |
Income tax provision (benefit) | $ (284,000) | $ 50,000 | |
Federal statutory income tax rate | 21.00% | 21.00% | 34.00% |
Adjustments to unrecognized tax benefits | $ 0 | $ 0 | |
Tax credit carryforward | $ 57,000 | ||
Phase I [Member] | |||
Tax credit expiration date related to investment in two low income housing | Dec. 31, 2023 | ||
Phase II [Member] | |||
Tax credit expiration date related to investment in two low income housing | Dec. 31, 2027 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | ||
Current tax expense | $ 235,000 | $ 105,000 |
Deferred income tax (benefit) expense | 49,000 | (155,000) |
Total tax expense (benefit) | $ 284,000 | $ (50,000) |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
Income before income taxes | $ 6,888,000 | $ 5,552,000 | |
Statutory tax rate | 21.00% | 21.00% | 34.00% |
Federal tax at statutory rate | $ 1,447,000 | $ 1,166,000 | |
Tax-exempt interest | (208,000) | (205,000) | |
Net earnings on BOLI | (36,000) | (45,000) | |
Stock-based compensation | (2,000) | (4,000) | |
Federal tax credits | (902,000) | (902,000) | |
CARES Act Loss Carryback | 0 | (57,000) | |
Other permanent differences | (15,000) | (3,000) | |
Total tax expense (benefit) | $ 284,000 | $ (50,000) | |
Effective tax rate | 4.10% | (0.90%) |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Tax Assets | ||
Allowance for loan losses | $ 741 | $ 887 |
Deferred directors' compensation | 329 | 333 |
Employee and director benefits | 264 | 279 |
Stock-based compensation | 59 | 50 |
Investment in low income housing project | 397 | 299 |
Fair value adjustments to acquired assets and liabilities | 172 | 220 |
Tax credit carryforward | 235 | 173 |
Lease liability | 63 | 82 |
Unrealized losses on securities available for sale | 1,008 | 0 |
Unrealized loss on derivatives | 0 | 12 |
Total deferred tax assets | 3,268 | 2,335 |
Deferred Tax Liabilities | ||
Depreciation | (165) | (227) |
Right of use asset | (62) | (80) |
Loan origination fees and costs | (505) | (463) |
Prepaid expenses | (20) | (20) |
Unrealized gains on debt securities available for sale | 0 | (947) |
Unrealized gain from securities impairment | (58) | (44) |
Unrealized gain on derivatives | (114) | 0 |
Annuity earnings | (68) | (64) |
Fair value of mortgage servicing rights | (25) | (33) |
Intangible assets | (37) | (47) |
Goodwill | (429) | (411) |
Other | (42) | (53) |
Total deferred tax liabilities | (1,525) | (2,389) |
Net deferred tax (liability) asset included in (other liabilities) other assets | $ 1,743 | |
Net deferred tax (liability) asset included in (other liabilities) other assets | $ (54) |
Stockholders' Equity and Regu_3
Stockholders' Equity and Regulatory Matters (Narrative) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020$ / sharesshares | Nov. 30, 2021shares | |
STOCKHOLDERS' EQUITY AND REGULATORY MATTERS | |||
Preferred stock, authorized | 500,000 | 500,000 | |
Preferred stock, no par value | $ / shares | $ 0 | $ 0 | |
Preferred Stock, Issued | 0 | 0 | |
Shares available for issuance under Dividend Reinvestment Plan | 141,887 | ||
Capital conservation buffer ratio | 2.50 | ||
Stock issued under Dividend Reinvestment Plan | 0 | 0 | |
Shares repurchase program, number of shares authorized to be repurchased | 200,000 | ||
Shares repurchase program, number of shares repurchased | 50,482 | 87,712 | |
Forfeiture of restricted stock, Shares | 200 | 565 | |
Shares repurchase program, number of shares remaining | 209,307 | ||
Undistributed Earnings of Subsidiary, Available for Distribution | $ | $ 37,324 |
Stockholders' Equity and Regu_4
Stockholders' Equity and Regulatory Matters (Schedule of Compliance with Regulatory Capital Requirements) (Details) - The Juniata Valley Bank [Member] $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital, Amount | $ 68,382 | |
Total Capital, Ratio | 13.16 | |
Total Capital, Minimum Requirement for Capital Adequacy Purposes, Amount | $ 54,580 | |
Total Capital, Minimum Requirement for Capital Adequacy Purposes, Ratio | 10.50 | |
Total Capital, Minimum Regulatory Requirements to be "Well Capitalized", Amount | $ 51,981 | |
Total Capital, Minimum Regulatory Requirements to be "Well Capitalized", Ratio | 10 | |
Tier 1 Capital, Amount | $ 64,874 | |
Tier 1 Capital, Ratio | 12.48 | |
Tier 1 Capital, Minimum Requirement for Capital Adequacy Purposes, Amount | $ 44,184 | |
Tier 1 Capital, Minimum Requirement for Capital Adequacy Purposes, Ratio | 8.50 | |
Tier 1 Capital, Minimum Regulatory Requirements to be "Well Capitalized", Amount | $ 41,585 | |
Tier 1 Capital, Minimum Regulatory Requirements to be "Well Capitalized", Ratio | 8 | |
Common Equity Tier 1 Capital, Amount | $ 64,874 | |
Common Equity Tier 1 Capital, Ratio | 12.48 | |
Common Equity Tier 1 Capital, Minimum Requirement for Capital Adequacy Purposes, Amount | $ 36,387 | |
Common Equity Tier 1 Capital, Minimum Requirement for Capital Adequacy Purposes, Ratio | 7 | |
Common Equity Tier 1 Capital, Minimum Regulatory Requirements to be "Well Capitalized", Amount | $ 33,788 | |
Common Equity Tier 1 Capital, Minimum Regulatory Requirements to be "Well Capitalized", Ratio | 6.50 | |
Tier 1, Leverage Capital to Average Assets, Amount | $ 64,874 | $ 63,074 |
Tier 1, Leverage Capital to Average Assets, Ratio | 7.98 | 8.51 |
Tier 1, Leverage Capital to Average Assets, Minimum Requirement for Capital Adequacy Purposes, Amount | $ 32,502 | |
Tier 1, Leverage Capital to Average Assets, Minimum Requirement for Capital Adequacy Purposes, Ratio | 4 | |
Tier 1, Leverage Capital to Average Assets, Minimum Regulatory Requirements to be "Well Capitalized", Amount | $ 40,627 | $ 59,284 |
Tier 1, Leverage Capital to Average Assets, Minimum Regulatory Requirements to be "Well Capitalized", Ratio | 5 | 8 |
Earnings Per Share (Computation
Earnings Per Share (Computation of Basic and Diluted Earnings per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
EARNINGS PER SHARE | ||
Net income | $ 6,604 | $ 5,602 |
Weighted-average common shares outstanding | 5,004 | 5,074 |
Basic earnings per share | $ 1.32 | $ 1.10 |
Common stock equivalents due to effect of stock options | 9 | 6 |
Total weighted-average common shares and equivalents | 5,013 | 5,080 |
Diluted earnings per share | $ 1.32 | $ 1.10 |
Anti-dilutive stock options outstanding | 0 | 1 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Beginning balance | $ 76,597 | $ 73,707 |
Net current period other comprehensive income (loss) | (6,883) | 3,007 |
Reclassification for ASU | 47,298 | 45,096 |
Ending balance | 71,290 | 76,597 |
Accumulated Other Comprehensive Loss [Member] | ||
Beginning balance | 3,518 | 516 |
Other comprehensive income (loss) before reclassification | (6,913) | 3,689 |
Amounts reclassified from accumulated other comprehensive income (loss) | 30 | (682) |
Net current period other comprehensive income (loss) | (6,883) | 3,007 |
Ending balance | (3,365) | 3,518 |
Unrealized Gains and Losses on Cash Flow Hedges [Member] | ||
Beginning balance | (45) | 0 |
Other comprehensive income (loss) before reclassification | 425 | (38) |
Amounts reclassified from accumulated other comprehensive income (loss) | 47 | (7) |
Net current period other comprehensive income (loss) | 472 | (45) |
Ending balance | 427 | (45) |
Unrealized Gains and Losses on Available for Sale Securities [Member] | ||
Beginning balance | 3,563 | 516 |
Other comprehensive income (loss) before reclassification | (7,338) | 3,727 |
Amounts reclassified from accumulated other comprehensive income (loss) | (17) | (675) |
Net current period other comprehensive income (loss) | (7,355) | 3,052 |
Ending balance | $ (3,792) | 3,563 |
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | ASU 2018-02 [Member] | Accumulated Other Comprehensive Loss [Member] | ||
Reclassification for ASU | (5) | |
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | ASU 2018-02 [Member] | Unrealized Gains and Losses on Cash Flow Hedges [Member] | ||
Reclassification for ASU | 0 | |
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | ASU 2018-02 [Member] | Unrealized Gains and Losses on Available for Sale Securities [Member] | ||
Reclassification for ASU | $ (5) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Accumulated Other Comprehensive Loss) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Realized gains on securities available for sale | $ 21,000 | $ 855,000 |
Realized gains on cash flow hedges | 90,000 | 68,000 |
Actuarial losses | 2,286,000 | 2,331,000 |
Income before income taxes | 6,888,000 | 5,552,000 |
Net Income: Tax Effect | (284,000) | 50,000 |
Net income | 6,604,000 | 5,602,000 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net income | (30,000) | 682,000 |
Unrealized Gains and Losses on Available for Sale Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Realized gains on securities available for sale | 21,000 | 855,000 |
Income before income taxes | 21,000 | 855,000 |
Net Income: Tax Effect | (4,000) | (180,000) |
Net income | 17,000 | 675,000 |
Unrealized Gains and Losses on Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Realized gains on cash flow hedges | (60,000) | 9,000 |
Income before income taxes | (60,000) | 9,000 |
Net Income: Tax Effect | 13,000 | (2,000) |
Net income | $ (47,000) | $ 7,000 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements by Level of Valuation Inputs) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | $ 335,424 | $ 286,415 |
Other real estate owned | 87 | 0 |
Equity securities | 1,124 | 1,091 |
Impaired loans | 6,537 | 5,189 |
Obligations of U.S. Government Agencies and Corporations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 40,526 | 22,949 |
Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 9,220 | 8,282 |
Corporate Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 34,996 | 11,523 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 335,424 | 286,415 |
Interest rate swaps, assets | 541 | |
Fair Value, Measurements, Recurring [Member] | Obligations of U.S. Government Agencies and Corporations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 40,526 | 22,949 |
Fair Value, Measurements, Recurring [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 9,220 | 8,282 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 1,124 | 1,091 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 34,996 | 11,523 |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 250,682 | 243,661 |
Fair Value, Measurements, Recurring [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 0 | 0 |
Interest rate swaps, assets | 0 | |
Fair Value, Measurements, Recurring [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Obligations of U.S. Government Agencies and Corporations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 1,124 | 1,091 |
Fair Value, Measurements, Recurring [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | (Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 330,904 | 284,415 |
Interest rate swaps, assets | 541 | |
Fair Value, Measurements, Recurring [Member] | (Level 2) Significant Other Observable Inputs [Member] | Obligations of U.S. Government Agencies and Corporations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 40,526 | 22,949 |
Fair Value, Measurements, Recurring [Member] | (Level 2) Significant Other Observable Inputs [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 9,220 | 8,282 |
Fair Value, Measurements, Recurring [Member] | (Level 2) Significant Other Observable Inputs [Member] | Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | (Level 2) Significant Other Observable Inputs [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 30,476 | 9,523 |
Fair Value, Measurements, Recurring [Member] | (Level 2) Significant Other Observable Inputs [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 250,682 | 243,661 |
Fair Value, Measurements, Recurring [Member] | (Level 3) Significant Other Unobservable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 4,520 | 2,000 |
Interest rate swaps, assets | 0 | |
Fair Value, Measurements, Recurring [Member] | (Level 3) Significant Other Unobservable Inputs [Member] | Obligations of U.S. Government Agencies and Corporations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | (Level 3) Significant Other Unobservable Inputs [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | (Level 3) Significant Other Unobservable Inputs [Member] | Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | (Level 3) Significant Other Unobservable Inputs [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 4,520 | 2,000 |
Fair Value, Measurements, Recurring [Member] | (Level 3) Significant Other Unobservable Inputs [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage servicing rights | 120 | 158 |
Fair Value, Measurements, Recurring [Member] | Mortgage Servicing Rights [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage servicing rights | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Mortgage Servicing Rights [Member] | (Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage servicing rights | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Mortgage Servicing Rights [Member] | (Level 3) Significant Other Unobservable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage servicing rights | $ 120 | 158 |
Measured at Fair Value on a Non-Recurring Basis [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps, liabilities | 57 | |
Measured at Fair Value on a Non-Recurring Basis [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps, liabilities | 0 | |
Measured at Fair Value on a Non-Recurring Basis [Member] | (Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps, liabilities | 57 | |
Measured at Fair Value on a Non-Recurring Basis [Member] | (Level 3) Significant Other Unobservable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps, liabilities | 0 | |
Measured at Fair Value on a Non-Recurring Basis [Member] | Impaired Loans [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans | 84 | |
Measured at Fair Value on a Non-Recurring Basis [Member] | Impaired Loans [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans | 0 | |
Measured at Fair Value on a Non-Recurring Basis [Member] | Impaired Loans [Member] | (Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans | 0 | |
Measured at Fair Value on a Non-Recurring Basis [Member] | Impaired Loans [Member] | (Level 3) Significant Other Unobservable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans | $ 84 |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation of Investment Securities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Measurement [Abstract] | ||
Beginning balance | $ 2,000 | $ 0 |
Total gains (loss) included in OCI | 20 | 0 |
Purchases | 2,500 | 2,000 |
Principal payments and other | 0 | 0 |
Sales | 0 | 0 |
Ending balance | $ 4,520 | $ 2,000 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Interest bearing deposits with banks | $ 598 | $ 19,753 |
Interest bearing time deposits with banks | 735 | 735 |
Restricted investment in bank stock | 2,116 | 3,423 |
Financial liabilities: | ||
Non-interest bearing deposits | 182,022 | 168,115 |
Interest bearing deposits | 526,425 | 454,751 |
Short-term borrowings | 4,227 | 24,750 |
Federal Reserve Bank ("FRB") advances | 0 | 27,955 |
Long-term debt | 20,000 | 35,000 |
Other interest bearing liabilities | 1,568 | 1,584 |
Carrying Value [Member] | ||
Financial assets: | ||
Cash and due from banks | 12,928 | 11,868 |
Interest bearing deposits with banks | 598 | 19,753 |
Interest bearing time deposits with banks | 735 | 735 |
Securities | 336,548 | 287,506 |
Restricted investment in bank stock | 2,116 | 3,423 |
Loans, net of allowance for loan losses | 414,795 | 418,567 |
Interest rate swaps, assets | 541 | |
Accrued interest receivable | 1,814 | 2,105 |
Financial liabilities: | ||
Non-interest bearing deposits | 182,022 | 168,115 |
Interest bearing deposits | 526,425 | 454,751 |
Securities sold under agreements to repurchase | 4,227 | 4,750 |
Short-term borrowings | 20,000 | |
Federal Reserve Bank ("FRB") advances | 27,955 | |
Long-term debt | 20,000 | 35,000 |
Interest rate swaps | 57 | |
Other interest bearing liabilities | 1,568 | 1,584 |
Accrued interest payable | 252 | 448 |
Off-balance sheet financial instruments: | ||
Commitments to extend credit | 0 | 0 |
Letters of credit | 0 | 0 |
Fair Value [Member] | ||
Financial assets: | ||
Cash and due from banks | 12,928 | 11,868 |
Interest bearing deposits with banks | 598 | 19,753 |
Interest bearing time deposits with banks | 735 | 735 |
Securities | 336,548 | 287,506 |
Loans, net of allowance for loan losses | 414,984 | 424,791 |
Interest rate swaps, assets | 541 | |
Accrued interest receivable | 1,814 | 2,105 |
Financial liabilities: | ||
Non-interest bearing deposits | 182,022 | 168,115 |
Interest bearing deposits | 528,952 | 459,224 |
Short-term borrowings | 20,002 | |
Federal Reserve Bank ("FRB") advances | 27,955 | |
Long-term debt | 20,520 | 37,365 |
Interest rate swaps | 57 | |
Other interest bearing liabilities | 1,568 | 1,585 |
Accrued interest payable | 252 | 448 |
Off-balance sheet financial instruments: | ||
Commitments to extend credit | 0 | 0 |
Letters of credit | $ 0 | $ 0 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest bearing time deposits with banks | $ 735 | $ 735 |
Interest bearing deposits | 526,425 | 454,751 |
Long-term debt | 20,000 | 35,000 |
Other interest bearing liabilities | 1,568 | 1,584 |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest bearing time deposits with banks | 0 | 0 |
Loans, net of allowance for loan losses | 0 | 0 |
Interest bearing deposits | 0 | 0 |
Long-term debt | 0 | 0 |
Other interest bearing liabilities | 0 | 0 |
(Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest bearing time deposits with banks | 735 | 735 |
Loans, net of allowance for loan losses | 0 | 0 |
Interest bearing deposits | 528,952 | 459,224 |
Long-term debt | 20,520 | 37,365 |
Other interest bearing liabilities | 1,568 | 1,585 |
(Level 3) Significant Other Unobservable Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest bearing time deposits with banks | 0 | 0 |
Loans, net of allowance for loan losses | 414,984 | 424,791 |
Interest bearing deposits | 0 | 0 |
Long-term debt | 0 | 0 |
Other interest bearing liabilities | 0 | 0 |
Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest bearing time deposits with banks | 735 | 735 |
Loans, net of allowance for loan losses | 414,795 | 418,567 |
Interest bearing deposits | 526,425 | 454,751 |
Long-term debt | 20,000 | 35,000 |
Other interest bearing liabilities | 1,568 | 1,584 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest bearing time deposits with banks | 735 | 735 |
Loans, net of allowance for loan losses | 414,984 | 424,791 |
Interest bearing deposits | 528,952 | 459,224 |
Long-term debt | 20,520 | 37,365 |
Other interest bearing liabilities | $ 1,568 | $ 1,585 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Asset Management Services [Member] | ||
Trust and Estate fees recognized | $ 372,000 | $ 358,000 |
Estate Management Services [Member] | ||
Trust and Estate fees recognized | $ 73,000 | $ 50,000 |
Percentage of total estate fee recognized when all estate assets are collected and debts paid | 25.00% | |
Percentage of total estate fee recognized when the inheritance tax return is filed | 50.00% | |
Percentage of total estate fee recognized when the first and final account is confirmed | 25.00% |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Stock-based compensation expense | $ 158,000 | $ 128,000 | |
Weighted average exercise price | $ 17.78 | $ 17.78 | $ 17.76 |
Employer's safe harbor contribution rate | 3.00% | ||
Employer's safe harbor contribution payable | $ 252,000 | ||
Prior year contribution payable credited in current year | $ 249,000 | ||
Defined contribution plan, cost recognized | 250,000 | 247,000 | |
Employer's matching contribution | 222,000 | 214,000 | |
Deferred compensation liability | 1,568,000 | 1,584,000 | |
Deferred compensation, compensation expense | 13,000 | 20,000 | |
Salary continuation liability | 1,146,000 | 1,194,000 | |
Salary continuation period expense | 85,000 | 94,000 | |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Present value of future plan liability | 112,000 | 135,000 | |
Supplemental retirement plans, cost recognized during period | $ 11,000 | $ 11,000 | |
Employee Stock Option [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Shares authorized under share-based payment awards | 300,000 | ||
Shares available for grant | 162,051 | ||
Restricted Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of shares awarded | 8,839 | 9,530 | |
Award vesting period | 3 years | ||
Unrecognized compensation cost related to non-vested awards | $ 162,000 | ||
Employee Stock Purchase Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Shares authorized under share-based payment awards | 250,000 | ||
Stock options awarded | 0 | ||
Award expiration period | 10 years | ||
Award expiration date | Feb. 17, 2025 | ||
Number of share per year in addition to prior unissued shares | 5,000 | ||
Shares issued during period under employee stock purchase plans | 4,944 | 4,459 | |
Shares reserved for future issuance | 161,676 | ||
Employee Stock Purchase Plan [Member] | Employee Stock Option [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Exercise price, lower range limit | $ 17.65 | ||
Exercise price, upper range limit | 18 | ||
Weighted average exercise price | $ 17.78 | ||
Weighted average remaining contractual life | 2 years 18 days | ||
Stock Options compensation costs not yet recognized | $ 0 | ||
Shares issued during period under employee stock purchase plans | 0 | 0 | |
Maximum [Member] | Employee Stock Purchase Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Option price as a percentage of fair value | 100.00% | ||
Minimum [Member] | Employee Stock Purchase Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Option price as a percentage of fair value | 95.00% |
Employee Benefit Plans (Compens
Employee Benefit Plans (Compensation Expense and Related Tax Benefits for Restricted Stock) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Net income effect | $ (158) | $ 4,465 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation expense | 158 | 128 |
Tax benefit | (33) | (27) |
Net income effect | $ 125 | $ 101 |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary of Non-Vested Restricted Shares Activity) (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Number of shares | ||
Non-vested at January 1, 2021 | 20,175 | |
Vested | (6,025) | |
Forfeited | (200) | |
Granted | 8,839 | 9,530 |
Non-vested at December 31, 2021 | 22,789 | 20,175 |
Weighted Average Grant Date Fair Value | ||
Non-vested at January 1, 2021 | $ 19.62 | |
Vested | 19.50 | |
Forfeited | 17.90 | |
Granted | 16.55 | |
Non-vested at December 31, 2021 | $ 18.48 | $ 19.62 |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule of Stock Option Activity) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
EMPLOYEE BENEFIT PLANS | ||
Outstanding at beginning of year, Shares | 81,547 | 93,147 |
Granted, Shares | 0 | 0 |
Exercised, Shares | 0 | 0 |
Expired, Shares | (9,600) | (11,600) |
Outstanding at end of period, Shares | 71,947 | 81,547 |
Options exercisable at year-end, Shares | 71,947 | 81,547 |
Weighted average exercise price | $ 17.78 | $ 17.76 |
Granted, Weighted average exercise price | 0 | 0 |
Exercised, Weighted average exercise price | 0 | 0 |
Expired, Weighted average exercise price | 17.75 | 17.78 |
Outstanding at end of year, Weighted average exercise price | 17.78 | 17.78 |
Weighted-average fair value of options granted during the year | $ 0 | $ 0 |
Intrinsic value of options exercised during the year | $ 0 | $ 0 |
Intrinsic value of options cancelled during the year | 0 | |
Intrinsic value of options outstanding and exercisable at December 31, 2021 | $ 0 |
Financial Instruments with Of_3
Financial Instruments with Off-Balance Sheet Risk (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Financial Instruments with off-Balance Sheet Risk [Abstract] | |
Maximum undiscounted exposure | $ 5,724,000 |
Underlying collateral upon liquidation | $ 33,517,000 |
Financial Instruments with Of_4
Financial Instruments with Off-Balance Sheet Risk (Summary of Financial Instrument Commitments) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments to Grant Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding letters of credit | $ 94,349 | $ 81,997 |
Unfunded Commitments Under Lines of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding letters of credit | 12,714 | 13,092 |
Outstanding Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding letters of credit | $ 5,724 | $ 3,906 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related-Party Transactions [Abstract] | ||
Due from related parties | $ 4,655,000 | $ 4,321,000 |
Due from related parties, new loans in period | 716,000 | |
Due from related parties, repayments in period | 362,000 | |
Related parties, deposits | 2,533,000 | $ 1,699,000 |
Loan removed or waived | $ 20,000 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - Designated as Hedging Instrument [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Notional Amount | $ 40,000,000 | $ 40,000,000 |
Interest rate swaps, ineffectiveness | no amount of ineffectiveness has been included in net income | no amount of ineffectiveness has been included in net income |
Interest Rate Swap Three Months Brokered Deposit [Member] | ||
Notional Amount | $ 20,000,000 | $ 0 |
Interest Rate Swap Three Months FHLB Advance [Member] | ||
Notional Amount | 0 | 20,000,000 |
Interest Rate Swap Forward Long Term FHLB Advances [Member] | ||
Notional Amount | $ 20,000,000 | $ 20,000,000 |
Derivatives (Derivatives Record
Derivatives (Derivatives Recorded on the Consolidated Statements of Condition) (Details) - Designated as Hedging Instrument [Member] - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 40,000,000 | $ 40,000,000 |
Interest Rate Swap Three Months Brokered Deposit [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 20,000,000 | 0 |
Fair Value Asset (Liability) | 52,000 | 0 |
Interest Rate Swap Three Months FHLB Advance [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 0 | 20,000,000 |
Fair Value Asset (Liability) | 0 | (123,000) |
Interest Rate Swap Forward Long Term FHLB Advances [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 20,000,000 | 20,000,000 |
Fair Value Asset (Liability) | $ 489,000 | $ 66,000 |
Derivatives (Effect of Cash Flo
Derivatives (Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivatives | $ (538) | $ 48 | |
Amount reclassified from AOCI into income (expense) | [1],[2] | (60) | 9 |
Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivatives | 538 | (48) | |
Amount reclassified from AOCI into income (expense) | $ 60 | $ (9) | |
[1] | Amounts are included in interest expense on short-term borrowings and repurchase agreements on the consolidated statements of income. | ||
[2] | Amounts are included in the computation of net periodic benefit cost and are included in employee benefits expense on the Consolidated Statements of Income as a separate element within total non-interest expense. |
Derivatives (Effect of Cash F_2
Derivatives (Effect of Cash Flow Hedge Accounting on the Consolidated Statements of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount reclassified from AOCI into income (expense) | [1],[2] | $ (60) | $ 9 |
Interest Income (Expense) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount reclassified from AOCI into income (expense) | (60) | 9 | |
Total | $ (60) | $ 9 | |
[1] | Amounts are included in interest expense on short-term borrowings and repurchase agreements on the consolidated statements of income. | ||
[2] | Amounts are included in the computation of net periodic benefit cost and are included in employee benefits expense on the Consolidated Statements of Income as a separate element within total non-interest expense. |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Narrative) (Details) | Dec. 31, 2021USD ($) |
Service Bureau One [Member] | |
Loss Contingencies [Line Items] | |
Technology outsourcing services, estimated contract termination fees | $ 1,405,000 |
Service Bureau Two [Member] | |
Loss Contingencies [Line Items] | |
Technology outsourcing services, estimated contract termination fees | $ 1,272,000 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] | 1 Months Ended |
Jan. 31, 2022$ / shares | |
Subsequent Event [Line Items] | |
Dividends payable, date declared | Jan. 31, 2022 |
Dividends payable per share | $ 0.22 |
Dividends payable, date of record | Feb. 15, 2022 |
Dividends payable, date to be paid | Mar. 1, 2022 |
Juniata Valley Financial Corp_3
Juniata Valley Financial Corp. (Parent Company Only) Financial Information (Schedule of Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | $ 13,526 | $ 41,621 | |
Equity securities | 1,124 | 1,091 | |
Total assets | 810,518 | 793,718 | |
Stockholders' equity | 71,290 | 76,597 | $ 73,707 |
Total liabilities and stockholders' equity | 810,518 | 793,718 | |
Parent Company [Member] | |||
Cash and cash equivalents | 85 | 145 | |
Investment in bank subsidiary | 70,265 | 75,441 | |
Equity securities | 914 | 935 | |
Other assets | 38 | 77 | |
Total assets | 71,302 | 76,598 | |
Accounts payable and other liabilities | 12 | 1 | |
Stockholders' equity | 71,290 | 76,597 | |
Total liabilities and stockholders' equity | $ 71,302 | $ 76,598 |
Juniata Valley Financial Corp_4
Juniata Valley Financial Corp. (Parent Company Only) Financial Information (Schedule of Condensed Statements of Income and Comprehensive Income) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Other non-interest expense | $ 20,370,000 | $ 19,293,000 |
Income tax (benefit) expense | 284,000 | (50,000) |
Net income | 6,604,000 | 5,602,000 |
Comprehensive income | (279,000) | 8,609,000 |
Parent Company [Member] | ||
Interest and dividends on investment securities available for sale | 43,000 | 46,000 |
Dividends from bank subsidiary | 5,074,000 | 5,750,000 |
Change in value of equity securities | 97,000 | (12,000) |
Total income | 5,214,000 | 5,784,000 |
Other non-interest expense | 184,000 | 166,000 |
Total expense | 184,000 | 166,000 |
Income before income taxes and equity in undistributed net income of subsidiary | 5,030,000 | 5,618,000 |
Income tax (benefit) expense | (25,000) | (32,000) |
Income before undistributed net (loss) income of subsidiary | 5,055,000 | 5,650,000 |
Undistributed net (loss) income of subsidiary | 1,549,000 | (48,000) |
Net income | 6,604,000 | 5,602,000 |
Comprehensive income | $ (279,000) | $ 8,609,000 |
Juniata Valley Financial Corp_5
Juniata Valley Financial Corp. (Parent Company Only) Financial Information (Schedule of Condensed Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 6,604 | $ 5,602 |
Net cash provided by operating activities | 8,866 | 6,775 |
Proceeds from the maturity of available for sale investment securities | 78,608 | 98,539 |
Net cash used in investing activities | (53,874) | (92,548) |
Cash dividends | (4,402) | (4,465) |
Purchase of treasury stock | (861) | (1,452) |
Treasury stock issued for stock plans | 77 | 70 |
Net cash provided by financing activities | 16,913 | 114,654 |
Net decrease in cash and cash equivalents | (28,095) | 28,881 |
Cash and cash equivalents at end of period | 13,526 | 41,621 |
Cash and cash equivalents at beginning of year | 41,621 | 12,740 |
Parent Company [Member] | ||
Net income | 6,604 | 5,602 |
Undistributed net (income) loss of subsidiary | (1,549) | 48 |
Change in value of equity securities | (97) | 12 |
Increase in other assets | 39 | (13) |
Increase in other liabilities | 11 | 13 |
Net cash provided by operating activities | 5,008 | 5,662 |
Proceeds from the maturity of available for sale investment securities | 118 | 250 |
Net cash used in investing activities | 118 | 250 |
Cash dividends | (4,402) | (4,465) |
Purchase of treasury stock | (861) | (1,452) |
Treasury stock issued for stock plans | 77 | 70 |
Net cash provided by financing activities | (5,186) | (5,847) |
Net decrease in cash and cash equivalents | (60) | 65 |
Cash and cash equivalents at end of period | 85 | 145 |
Cash and cash equivalents at beginning of year | $ 145 | $ 80 |