Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 28, 2018 | Jun. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Entity Registrant Name | FIRST UNITED CORP/MD/ | ||
Entity Central Index Key | 763,907 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Trading Symbol | func | ||
Entity Common Stock, Shares Outstanding | 7,067,425 | ||
Entity Public Float | $ 85,358,102 |
Consolidated Statement of Finan
Consolidated Statement of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 82,273 | $ 60,707 |
Interest bearing deposits in banks | 1,479 | 2,603 |
Cash and cash equivalents | 83,752 | 63,310 |
Investment securities - available-for-sale (at fair value) | 146,470 | 140,000 |
Investment securities - held to maturity (fair value of $95,346 at December 31, 2017 and $97,981 at December 31, 2016) | 93,632 | 97,169 |
Restricted investment in bank stock, at cost | 5,204 | 5,209 |
Loans | 892,518 | 891,926 |
Allowance for loan losses | (9,972) | (9,918) |
Net loans | 882,546 | 882,008 |
Premises and equipment, net | 30,881 | 27,160 |
Goodwill | 11,004 | 11,004 |
Bank owned life insurance | 42,155 | 40,968 |
Deferred tax assets | 9,252 | 19,337 |
Other real estate owned | 10,141 | 10,910 |
Accrued interest receivable and other assets | 25,802 | 21,115 |
Total Assets | 1,340,839 | 1,318,190 |
Liabilities: | ||
Non-interest bearing deposits | 249,593 | 219,158 |
Interest bearing deposits | 789,797 | 795,071 |
Total deposits | 1,039,390 | 1,014,229 |
Short-term borrowings | 48,845 | 36,000 |
Long-term borrowings | 120,929 | 131,737 |
Accrued interest payable and other liabilities | 23,285 | 22,526 |
Total Liabilities | 1,232,449 | 1,204,492 |
Shareholders' Equity: | ||
Preferred stock - no par value; Authorized 2,000,000 shares of which 30,000 shares of Series A, $1,000 per share liquidation preference, 9% cumulative; issued and outstanding 0 shares at December 31, 2017 and 20,000 shares at December 31, 2016 | 0 | 20,000 |
Common Stock - par value $.01 per share; Authorized 25,000,000 shares; issued and outstanding 7,067,425 shares at December 31, 2017 and 6,269,004 shares at December 31, 2016 | 71 | 63 |
Surplus | 31,553 | 22,178 |
Retained earnings | 101,359 | 92,922 |
Accumulated other comprehensive loss | (24,593) | (21,465) |
Total Shareholders' Equity | 108,390 | 113,698 |
Total Liabilities and Shareholders' Equity | $ 1,340,839 | $ 1,318,190 |
Consolidated Statement of Fina3
Consolidated Statement of Financial Condition (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Held-to-maturity Securities, Fair Value | $ 95,346 | $ 97,981 |
Preferred Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Common Stock, Shares, Issued | 7,067,425 | 6,269,004 |
Common Stock, Shares, Outstanding | 7,067,425 | 6,269,004 |
Series A Preferred Stock [Member] | ||
Preferred Stock, Shares Authorized | 30,000,000 | 30,000,000 |
Preferred stock, Liquidation Preference per Share | $ 1,000 | $ 1,000 |
Preferred Stock, Shares Issued | 0 | 20,000,000 |
Preferred Stock, Shares Outstanding | 0 | 20,000 |
Preferred Stock, Dividend Rate, Percentage | 9.00% | 9.00% |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Interest on investment securities | ||
Interest and fees on loans | $ 39,635 | $ 38,948 |
Interest on investment securities: Taxable | 5,554 | 5,611 |
Interest on investment securities: Exempt from federal income tax | 925 | 869 |
Total investment income | 6,479 | 6,480 |
Other | 835 | 435 |
Total interest income | 46,949 | 45,863 |
Interest expense | ||
Interest on deposits | 3,291 | 3,150 |
Interest on short-term borrowings | 73 | 60 |
Interest on long-term borrowings | 4,007 | 5,013 |
Total interest expense | 7,371 | 8,223 |
Net interest income | 39,578 | 37,640 |
Provision for loan losses | 2,534 | 3,122 |
Net interest income after provision for loan losses | 37,044 | 34,518 |
Other operating income | ||
Net (losses)/gains - other | 29 | 526 |
Total net gains | 29 | 526 |
Service charges | 3,145 | 3,281 |
Trust department | 6,246 | 5,837 |
Debit card income | 2,337 | 2,112 |
Bank owned life insurance | 1,187 | 1,426 |
Brokerage commissions | 872 | 849 |
Other | 472 | 622 |
Total other income | 14,259 | 14,127 |
Total other operating income | 14,288 | 14,653 |
Other operating expenses | ||
Salaries and employee benefits | 22,391 | 20,595 |
FDIC premiums | 634 | 940 |
Equipment | 2,610 | 2,437 |
Occupancy | 2,496 | 2,499 |
Data processing | 3,339 | 3,065 |
Professional services | 985 | 1,127 |
Other real estate owned expenses | 190 | 802 |
Contract labor | 683 | 718 |
Line rentals | 663 | 615 |
Other | 5,127 | 6,309 |
Total other operating expenses | 39,118 | 39,107 |
Income before income tax expense | 12,214 | 10,064 |
Provision for income tax expense | 6,945 | 2,783 |
Net Income | 5,269 | 7,281 |
Accumulated preferred stock dividends | (1,215) | (2,025) |
Net Income Available to Common Shareholders | $ 4,054 | $ 5,256 |
Basic and diluted net income per common share | $ 0.58 | $ 0.84 |
Weighted average number of basic and diluted shares outstanding | 6,932 | 6,264 |
Consolidated Statement of Inco5
Consolidated Statement of Income (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Consolidated Statements of Income [Abstract] | |
Provision for income tax expense, tax reform impact | $ 3,226 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||
Net Income | $ 5,269 | $ 7,281 |
Other comprehensive (loss)/income, net of tax and reclassification adjustments: | ||
Net unrealized (losses)/gains on investments with OTTI | (90) | (426) |
Net unrealized (losses)/gains on all other AFS securities | 674 | (1,194) |
Net unrealized gains on HTM securities | 253 | 617 |
Net unrealized gains on cash flow hedges | 59 | 461 |
Net unrealized losses on pension plan liability | 336 | (1,569) |
Net unrealized losses on SERP liability | 23 | (410) |
Other comprehensive (loss)/income, net of tax | 1,255 | (2,521) |
Comprehensive Income | $ 6,524 | $ 4,760 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Balance at Dec. 31, 2015 | $ 30,000 | $ 63 | $ 21,986 | $ 87,666 | $ (18,944) | $ 120,771 |
Net income | 7,281 | 7,281 | ||||
Other comprehensive income/(loss), net of tax | (2,521) | (2,521) | ||||
Stock based compensation | 192 | 192 | ||||
Preferred stock redemption | (10,000) | (10,000) | ||||
Preferred stock dividends paid | (2,025) | (2,025) | ||||
Balance at Dec. 31, 2016 | 20,000 | 63 | 22,178 | 92,922 | (21,465) | 113,698 |
Net income | 5,269 | 5,269 | ||||
Other comprehensive income/(loss), net of tax | 1,255 | 1,255 | ||||
Stock based compensation | 192 | 192 | ||||
Common Stock Issued | 8 | 9,183 | 9,191 | |||
Preferred stock redemption | (20,000) | (20,000) | ||||
Reclassification of certain tax effects | 4,383 | (4,383) | 0 | |||
Preferred stock dividends paid | (1,215) | (1,215) | ||||
Balance at Dec. 31, 2017 | $ 0 | $ 71 | $ 31,553 | $ 101,359 | $ (24,593) | $ 108,390 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities | ||
Net Income | $ 5,269 | $ 7,281 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 2,534 | 3,122 |
Depreciation | 1,898 | 1,693 |
Stock compensation | 192 | 192 |
Gain on sales of other real estate owned | (645) | (189) |
Write-downs of other real estate owned | 398 | 486 |
Gain on loan sales | (75) | (95) |
Origination of loans held for sale | (10,049) | (9,024) |
Proceeds from sale of loans held for sale | 9,973 | 8,838 |
Loss on disposal of fixed assets | (3) | 9 |
Net gain on sales of investment securities - available-for-sale | 49 | (440) |
Amortization of deferred loan fees | (622) | (494) |
(Increase)/decrease in accrued interest receivable and other assets | (7,848) | (5,472) |
Deferred tax expense | 9,257 | 2,117 |
Increase/(decrease) in accrued interest payable and other liabilities | 3,524 | 4,388 |
Earnings on bank owned life insurance | (1,187) | (1,426) |
Net cash provided by operating activities | 12,924 | 11,493 |
Investing activities | ||
Proceeds from maturities/calls of investment securities available-for-sale | 17,878 | 38,387 |
Proceeds from maturities/calls of investment securities held-to-maturity | 7,614 | 19,334 |
Proceeds from sales of investment securities available-for-sale | 18,530 | 43,782 |
Purchases of investment securities available-for-sale | (40,596) | (54,585) |
Purchases of investment securities held-to-maturity | (4,188) | (11,085) |
Proceeds from sales of other real estate owned | 3,076 | 2,614 |
Proceeds from disposal of fixed assets | 945 | 260 |
Proceeds from BOLI death benefit | 0 | 608 |
Net decrease in FHLB stock | 5 | 695 |
Net increase in loans | (4,359) | (24,192) |
Purchases of premises and equipment | (6,561) | (3,924) |
Net cash provided by investing activities | (7,656) | 11,894 |
Financing activities | ||
Net increase in deposits | 25,161 | 15,435 |
Preferred stock dividends paid | (1,215) | (2,025) |
Preferred stock redemption | (20,000) | (10,000) |
Proceeds from issuance of common stock | 9,191 | 0 |
Net increase/(decrease) in short-term borrowings | 12,845 | 172 |
Payments on long-term borrowings | (10,808) | (15,800) |
Net cash used in financing activities | 15,174 | (12,218) |
Increase in cash and cash equivalents | 20,442 | 11,169 |
Cash and cash equivalents at beginning of the year | 63,310 | 52,141 |
Cash and cash equivalents at end of period | 83,752 | 63,310 |
Supplemental information | ||
Interest paid | 7,298 | 8,321 |
Taxes paid | 175 | 540 |
Non-cash investing activities: | ||
Transfers from loans to other real estate owned | 2,060 | 6,938 |
Available-for-sale Securities [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net amortization of investment securities discounts and premiums | 148 | 365 |
Held-to-maturity Securities [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net amortization of investment securities discounts and premiums | $ 111 | $ 142 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Business First United Corporation is a Maryland corporation chartered in 1985 and a bank holding company registered under the federal Bank Holding Company Act of 1956, as amended. First United Corporation’s primary business is serving as the parent company of First United Bank & Trust, a Maryland trust company with commercial banking powers (the “Bank”), First United Statutory Trust I, a Connecticut statutory business trust (“Trust I”), First United Statutory Trust II, a Connecticut statutory business trust (“Trust II” and together with Trust I, the “Trusts”), and First United Statutory Trust III, a Delaware statutory business trust (“Trust III”). Trust I, Trust II and Trust III were formed for the purpose of selling trust preferred securities that qualified as Tier 1 capital. The Bank has four wholly-owned subsidiaries: OakFirst Loan Center, Inc., a West Virginia finance company; OakFirst Loan Center, LLC, a Maryland finance company (collectively, the “OakFirst Loan Centers”); First OREO Trust, a Maryland statutory trust; and FUBT OREO I, LLC, a Maryland limited liability company. The OakFirst Loan Centers are engaged in the consumer finance business, and First OREO Trust and FUBT OREO I, LLC were formed for the purposes of holding, servicing and disposing of the real estate that the Bank acquires through foreclosure or by deed in lieu of foreclosure. The Bank also owns 99.9% of the limited partnership interests in Liberty Mews Limited Partnership, a Maryland limited partnership formed for the purpose of acquiring, developing and operating low-income housing units in Garrett County, Maryland (“Liberty Mews”). First United Corporation and its subsidiaries operate principally in four counties in Western Maryland and four counties in West Virginia. As used in these Notes, the terms “the Corporation”, “we”, “us”, and “our” mean First United Corporation and, unless the context clearly suggests otherwise, its consolidated subsidiaries. Basis of Presentation The accompanying consolidated financial statements of the Corporation have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) as required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) that require management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities at the date of the financial statements as well as the reported amount of revenues and expenses during the reporting period. Actual results could differ from these estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance f or loan losses, the assessment of other-than-temporary impairment (“OTTI”) pertaining to investment securities, potential impairment of goodwill, and the valuation of deferred tax assets. For purposes of comparability, certain prior period amounts have been rec lassified to conform to the 2016 presentation. Such reclassifications had no impact on net income or equity . The Corporation has evaluated events and transactions occurring subsequent to the statement of financial con dition date of December 31, 2017 for items that should potentially be recognized or disclosed in these financial statements as prescribed by ASC Topic 855, Subsequent Events . Principles of Consolidation The consolidated financial statements of the Corporation include the accounts of First United Corporation, the Bank, the OakFirst Loan Centers, First OREO Trust and FUBT OREO I, LLC. All significant inter-company accounts and transactions have been eliminated. First United Corporation determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (“VIE”) in accordance with GAAP. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating decisions. The Corporation consolidates voting interest entities in which it has 100%, or at least a majority, of the voting interest. As defined in applicable accounting standards, a VIE is an entity that either (i) does not have equity investors with voting rights or (ii) has equity investors that do not provide sufficient financial resources for the entity to support its activities. A controlling financial interest in an entity exists when an enterprise has a variable interest, or a combination of variable interests that will absorb a majority of an entity’s expected losses, receive a majority of an entity’s expected residual returns, or both. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. The Corporation accounts for its investment in Liberty Mews utilizing the effective yield method under guidance that applies specifically to investments in limited partnerships that operate qualified affordable housing projects. Under the effective yield method, the investor recognizes tax credits as they are allocated and amortizes the initial cost of the investment to provide a constant effective yield over the period that tax credits are allocated to the investor. The effective yield is the internal rate of return on the investment, based on the cost of the investment and the guaranteed tax credits allocated to the investor. The tax credit allocated, net of the amortization of the investment in the limited partnership, is recognized in the income statement as a component of income taxes attributable to continuing operations. Significant Concentrations of Credit Risk Most of the Corporation’s relationships are with customers located in Western Maryland and Northeastern West Virginia. At December 31, 2017, approximately 12% , or $ 110.5 million, of total loans were secured by real estate acquisition, construction and development projects, with $ 1 09.5 million performing according to their contractual terms and $ 1.0 million considered to be impaired based on management’s concerns about the borrowers’ ability to comply with present repayment terms. Of the $1.0 million in impaired loans, $.8 million were classified as troubled debt restructurings (“TDRs”) performing in accordance with their modified terms, and $ .2 million were classified as non-performing loans at December 31, 2017. Additionally, loans collateralized by commercial rental properties represented 19% of the total loan portfolio as of December 31, 2017. Note 6 discusses the types of securities in which the Corporation invests and Note 7 discusses the Corporat ion’s lending activities. Investments The investment portfolio is classified and accounted for based on the guidance of ASC Topic 320, Investments – Debt and Equity Securities . Securities bought and held principally for the purpose of selling them in the near term are classified as trading account securities and reported at fair value with unrealized gains and losses included in net gains/losses in other operating income. Securities purchased with the intent and ability to hold the securities to maturity are classified as held-to-maturity securities and are recorded at amortized cost. All other investment securities are classified as available-for-sale. These securities are held for an indefinite period of time and may be sold in response to changing market and interest rate conditions or for liquidity purposes as part of our overall asset/liability management strategy. Available-for-sale securities are reported at market value, with unrealized gains and losses excluded from earnings and reported as a separate component of other comprehensive income included in consolidated statement of comprehensive income, net of applicable income taxes. The amortized cost of debt securities is adjusted for the amortization of premiums to the first call date, if applicable, or to maturity, and for the accretion of discounts to maturity, or, in the case of mortgage-backed securities, over the estimated life of the security. Such amortization and accretion is included in interest income from investments. Interest and dividends are included in interest income from investments. Gains and losses on the sale of securities are recorded using the specific identification method. Restricted Investment in Bank Stock Restricted stock, which represents required investments in the common stock of the Federal Home Loan Bank (“FHLB”) of Atlanta, Atlantic Community Bankers Bank (“ACBB”) and Community Bankers Bank (“CBB”), is carried at cost and is considered a long-term investment . Management evaluates the restricted stock for impairment in accordance with ASC Industry Topic 942, Financial Services – Depository and Lending , ( 942-325-35). Management’s evaluation of potential impairment is based on its a ssessment of the ultimate recoverability of the cost of the restricted stock rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability is influenced by criteria such as (i) the significance of the decline in net assets of the issuing bank as compared to the capital stock amount for that bank and the length of time this situation has persisted, (ii) commitments by the issuing bank to make payments required by law or regulation and the level of such payments in relation to the operating performance of that bank, and (iii) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the issuing bank. Management has evaluated the restricted stock for impairment and believes that no impairment charge is n ecessary as of December 31, 2017 or 2016 . The Corporation recognizes dividends on a cash basis. For t he years ended December 31, 2017 and December 31, 2016 , dividends of $ 251,709 and $ 269,694 respectively , were recorded in other operating income. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or full repayment by the borro wer are reported at their unpaid principal balance outstanding, adjusted for any deferred fees or costs pertaining to origination. Loans that management has the intent to sell are reported at the lower of cost or fair value determined on an individual basis. The segments of the Bank’s loan portfolio are disaggregated to a level that allows management to monitor risk and performance. The commercial real estate (“CRE”) loan segment is further disaggregated into two classes. Non-owner occupied CRE loans, which include loans secured by non-owner occupied nonfarm nonresidential properties, generally have a greater risk profile than all other CRE loans, which include loans secured by farmland, multifamily structures and owner-occupied commercial structures. The acquisition and development (“A&D”) loan segment is further disaggregated into two classes. One-to-four family residential construction loans are generally made to individuals for the acquisition of and/or construction on a lot or lots on which a residential dwelling is to be built. All other A&D loans are generally made to developers or investors for the purpose of acquiring, developing and constructing residential or commercial structures. These loans have a higher risk profile because the ultimate buyer, once development is completed, is generally not known at the time of the A&D loan. The commercial and industrial (“C&I”) loan segment consists of loans made for the purpose of financing the activities of commercial customers. The residential mortgage loan segment is further disaggregated into two classes: amortizing term loans, which are primarily first liens, and home equity lines of credit, which are generally second liens. The consumer loan segment consists primarily of installment loans (direct and indirect) and overdraft lines of credit connected with customer deposit accounts. Interest and Fees on Loans Interest on loans (other than those on non-accrual status) is recognized based upon the principal amount outstanding. Loan fees in excess of the costs incurred to originate the loan are recognized as income over the life of the loan utilizing either the interest method or the straight-line method, depending on the type of loan. Generally, fees on loans with a specified maturity date, such as residential mortgages, are recognized using the interest method. Loan fees for lines of credit are recognized using the straight-line method. A loan is considered to be past due when a payment has not been received for 30 days past its contractual due date. For all loan segments, the accrual of interest is discontinued when principal or interest is delinquent for 90 days or more unless the loan is well-secured and in the process of collection. All non-accrual loans are considered to be impaired. Interest payments received on non-accrual loans are applied as a reduction of the loan principal balance. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. The Corporation’s policy for recognizing interest income on impaired loans does not differ from its overall policy for interest recognition. Generally, consumer installment loans are not placed on non-accrual status, but are charged off after they are 120 days contractually past due. Loans other than consumer loans are charged-off based on an evaluation of the facts and circumstances of each individual loan. Allowance for Loan Losses An allowance for loan losses (“ALL”) is maintained to absorb losses from the loan portfolio. The ALL is based on management’s continuing evaluation of the risk characteristics and credit quality of the loan portfolio, assessment of current economic conditions, diversification and size of the portfolio, adequacy of collateral, past and anticipated loss experience, and the amount of non-performing loans. The Corporation’s methodology for determining the ALL is based on the requirements of ASC Section 310-10-35, Receivables-Overall-Subsequent Measurement , for loans individually evaluated for impairment and ASC Subtopic 450-20, Contingencies - Loss Contingencies , for loans collectively evaluated for impairment, as well as the Interagency Policy Statements on the Allowance for Loan and Lease Losses and other bank regulatory guidance. The total of the two components represents the Bank’s ALL. The Corporation maintains an ALL on unfunded commercial lending commitments and letters of credit to provide for the risk of loss inherent in these arrangements. The allowance is determined utilizing a methodology that is similar to that used to determine the ALL, modified to take into account the probability of a draw down on the commitment. This allowance is reported as a liability on the balance sheet within accrued interest payable and other liabilities. The balance in the liability account was $6 4,688 at December 31, 2017 and $ 6 1,174 at December 31, 2016 . Premises and Equipment Land is carried at cost. Premises and equipment are carried at cost, less accumulated depreciation. The provision for depreciation for financial reporting has been made by using the straight-line method based on the estimated useful lives of the assets , which range from 1 0 to 3 1.6 years for buildings and three to 20 years for furniture and equipment. Accelerated depreciation methods are used for income tax purposes. Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired in business combinations. In accordance with ASC Topic 350, Intangibles - Goodwill and Other , goodwill is not amortized but is subject to an annual impairment test. Bank-Owned Life Insurance (“BOLI”) BOLI policies are recorded at their cash surrender values. Changes in the cash surrender values are recorded as other operating income. Other Real Estate Owned (“OREO”) Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less the cost to sell at the date of foreclosure, with any losses charged to the ALL, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Changes in the valuation allowance, sales gains and losses, and revenue and expenses from holding and operating properties are all included in net expenses from other real estate owned . Income Taxes First United Corporation and its subsidiaries file a consolidated federal income tax return. Income taxes are accounted for using the asset and liability method. Under the asset and liability method, the deferred tax liability or asset is determined based on the difference between the financial statement and tax bases of assets and liabilities (temporary differences ) and is measured at the enacted tax rates that will be in effect when these differences reverse. Deferred tax expense is determined by the change in the net liability or asset for deferred taxes adjusted for changes in any deferred tax asset valuation allowance. ASC Topic 740, Taxes, provides clarification on accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. We have not identified any income tax uncertainties. State corporate income tax returns are filed annually. Federal and state returns may be selected for examination by the Internal Revenue Service and the states where we file, subject to statutes of limitations. At any given point in time, the Corporation may have several years of filed tax returns that may be selected for examination or review by taxing authorities. Interest and penalties on income taxes are recognized as a component of income tax expense. Defined Benefit Plans The d efined benefit pension plan and supplemental executive retirement plan are accounted for in accordance with ASC Topic 715, Compensation – Retirement Benefits . Under the provisions of Topic 715, the defined benefit pension plan and the supplemental executive retirement plan are recognized as liabilities in the Consolidated Statement of Financial Condition, and unrecognized net actuarial losses, prior service costs and a net transition asset are recognized as a separate component of other comprehensive loss, net of tax. Actuarial gains and losses in excess of 10 percent of the greater of plan assets or the pension benefit obligation are amortized over a blend of future service of active employees and life expectancy of inactive participants. Refer to Note 18 for a further discussion of the pension plan and supplemental executive retirement plan obligations. Statement of Cash Flows Cash and cash equivalents are defined as cash and due from banks and interest- bearing deposits in banks in the Consolidated Statement of Cash Flows. Trust Assets and Income Assets held in an agency or fiduciary capacity are not the Bank’s assets and, accordingly, are not included in the Consolidated Statement of Financial Condition. Income from the Bank’s trust department represents fees charged to customers. Business Segments The Corporation operates in one segment, community banking, as defined by ASC Topic 280, Segment Reporting . The Corporation in its entirety is managed and evaluated on an ongoing basis by First United Corporation’s Board of Directors and executive management, with no division or subsidiary receiving separate analysis regarding performance or resource allocation. Equity Compensation Plan At the 2007 Annual Meeting of Shareholders, First United Corporation’s shareholders approved the First United Corporation Omnibus Equity Compensation Plan (the “Omnibus Plan”), which authorize d the issuance of up to 185,000 shares of common stock pursuant to the grant of stock options, stock appreciation rights, stock awards, stock units, performance units, dividend equivalents, and other stock-based awards to employees or directors. The Omnibus Plan expired by its terms in the second quarter of 2017. The Corporation applies the provisions of ASC Topic 718, Compensation - Stock Compensation , in measuring and disclosing stock compensation cost. The measurement objective in ASC Paragraph 718-10-30-6 requires public companies to measure the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The cost is recognized in expense over the period in which an employee is required to provide service in exchange for the award (the vesting period). Stock-based awards were made to non-employee directors in the second quarter of 2017 pursuant to First United Corporation’s director compensation policy. Each director receive d an annual retainer of 1,000 shares of First United Corporation common stock, plus $10,000 that was paid, at the director’s election, in cash or additional shares of common stock. In 2017 and 2016, a total of 14,795 and 1 4,384 , respectively, fully-vested shares of common stock were issued to directors, which had a fair market value of $14.48 and $ 10.34 per share, respectively. Director stock compensation expense was $1 92,398 for the year ended December 31, 2017 and $147 ,006 for the year ended December 31, 2016. In January 2015, a one-time stock grant was awarded to one executive officer in the amount of 4,845 shares at a fair market value of $8.63 . In February 2015, a one-time stock grant was awarded to one executive officer in the amount of 5,387 shares at a fair market value of $8.76 . These shares had a two -year vesting period. Executive stock compensation expense related to these awards was $4 5,527 for the year ended December 31, 2016 . There was no executive stock compensation expense remaining at December 31, 2016. Stock Repurchases Under the Maryland General Corporation Law, shares of capital stock that are repurchased are cancelled and treated as authorized but unissued shares. When a share of capital stock is repurchased, the payment of the repurchase price reduces stated capital by the par value of that share (currently, $0.01 for common stock and $0.00 for preferred stock), and any excess over par value reduces capital surplus. There were no stock repurchases in 2017 and 2016 . Adoption of New Accounting Standards and Effects of New Accounting Pronouncements In February 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220) . ASU 2018-02 is an amendment to allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. ASU 2018-02 is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. Early adoption of the amendment in this update is permitted, including adoption in any interim period. The Corporation elected to early adopt the standard effective December 31, 2017 . Deferred tax assets within Accumulated Other Comprehensive Loss (“AOCL”) of $4.4 million were reclassified to retained earnings within the consolidated statement of changes in shareholders’ equity in 2017. In January 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-01, Leases (Topic 842). This update is to provide improvements of transparency and comparability by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing transactions. This update also provides an optional practical expedient that affects entities with land easements that existed or expired before an entity’s adoption of Topic 842, provided that the entity does not account for those land easements as leases under Topic 840. ASU 2018-01 amendments affect the amendments in ASU 2016-02, which are not yet effective. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements in ASU 2016-02. The Corporation is evaluating the provisions of ASU 2018-01 but believes that its adoption will not have a material impact on the Corporation’s financial condition or results of operations. In September 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842). ASU 2017-13 amends guidance on ASU 2014-09, Revenue from Contracts with Customers. ASU 2017-13 is effective for public business entities that are SEC filers for annual periods beginning after December 15, 2017, and interim periods within those annual periods, and for all other entities for annual periods beginning after December 15, 2018 and interim reporting periods within annual reporting periods within annual reporting periods beginning after December 15, 2019. The Corporation is evaluating the provisions of ASU 2017-13 but believes that its adoption will not have a material impact on the Corporation’s financial condition or results of operations. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. ASU 2017-12 amendments better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. For public business entities, AU 2017-12 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. The Corporation is evaluating the provisions of ASU 2017-12 but believes that its adoption will not have a material impact on the Corporation’s financial condition or results of operations. In March 2017, the FASB issued ASU 2017-08, Receivables- Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchases Callable Debt Securities. ASU 2017-08 amends guidance on the amortization period of premiums on certain purchases callable debt securities. The amendments shorten the amortization period of premiums on certain purchases callable debt securities to the earliest call date. ASU 2017-08 is effective for public business entities that are SEC filers for annual periods beginning after December 15, 2018, and interim periods within those annual periods, for public entities that are not SEC filers for annual periods beginning after December 15, 2019 and for all other entities for annual periods beginning after December 15, 2020 with early adoption permitted. The Corporation amortizes to the call date and therefore the adoption will not have any impact on the Corporation’s financial condition or results of operations. In March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . ASU 2017-07 requires an entity to present net periodic pension cost and net periodic postretirement benefit cost as a net amount that may be capitalized as part of an asset when appropriate. ASU 2017-07 is effective for public business entities that are SEC filers for annual periods beginning after December 15, 2017, and interim periods within those annual periods, for public entities that are not SEC filers for annual periods beginning after December 15, 2018 and for all other entities for annual periods beginning after December 15, 2019 with early adoption permitted. The Corporation is evaluating the provisions of ASU 2017-07 but believes that its adoption will not have a material impact on the Corporation’s financial condition or results of operations. In January 2017, the FASB issued ASU 2017-04, Intangibles- Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017-04 simplifies the accounting for goodwill impairments by eliminating step 2 from the goodwill impairment test. Instead, if “the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.” The ASU does not change the qualitative assessment, however, it removes the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform step 2 of the goodwill impairment test. ASU 2017-04 is effective for public business entities that are SEC filers for annual periods beginning after December 15, 2019, and interim periods within those annual periods, for public entities that are not SEC filers for annual periods beginning after December 15, 2020 and for all other entities for annual periods beginning after December 15, 2021 with early adoption permitted. The Corporation is evaluating the provisions of ASU 2017-04 but believes that its adoption will not have a material impact on the Corporation’s financial condition or results of operations. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . ASU 2016-15 addresses the following eight specific cash flow issues: (a) debt prepayment or debt extinguishment costs; (b) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; (c) contingent consideration payments made after a business combination; (d) proceeds from the settlement of insurance claims; (e) proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); (f) distributions received from equity method investees; (g) beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The amendments in this Update apply to all entities, including both business entities and not-for-profit entities that are required to present a statement of cash flows under Topic 230. ASU 2016-15 is effective for public business entities for annual periods beginning after December 15, 2017, and interim periods within those annual periods, and for all other entities for annual periods beginning after December 15, 2018 and interim periods within annual periods beginning after December 15, 2019 with early adoption permitted. The Corporation is evaluating the provisions of ASU 2016-15 but believes that its adoption will not have a material impact on the Corporation’s financial condition or results of operations. In June 2016, the FASB issued ASU 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-13 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchases financial assets with credit deterioration since their origination. The new model referred to as current expected credit losses model, will apply to: (a) financial assets subject to credit losses and measured at amortized cost, and (b) certain off-balance sheet credit exposures. This includes loans, held to maturity debt securities, loan commitments, financial guarantees and net investments in leases as well as reinsurance and trade receivables. The estimate of expected credit losses should consider historical information, current information, and supportable forecasts, including estimates of prepayments. ASU 2016-13 is effective for public business entities for annual periods beginning after December 15, 2019, and interim periods within those annual periods, and for all other entities for annual periods beginning after December 15, 2020 and interim periods within annual |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | 2. Earnings Per Common Share Basic earnings per common share is derived by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period and does not include the effect of any potentially dilutive common stock equivalents. Diluted earnings per share is derived by dividing net income available to common shareholders by the weighted-average number of shares outstanding, adjusted for the dilutive effect of outstanding common stock equivalents. There were no common stock equivalents at December 31, 2017 or December 31, 2016 . The following table sets forth the calculation of basic and diluted earnings per common share for t he years ended December 31, 2017 and 2016 : 2017 2016 Average Per Share Average Per Share (in thousands, except for per share amount) Income Shares Amount Income Shares Amount Basic and Diluted Earnings Per Share: Net income $ 5,269 $ 7,281 Preferred stock dividends paid (1,215) (2,025) Net income available to common shareholders $ 4,054 6,932 $ 0.58 $ 5,256 6,264 $ 0.84 |
Net Gains
Net Gains | 12 Months Ended |
Dec. 31, 2017 | |
Net Gains [Abstract] | |
Net Gains | 3. Net Gains The following table summarizes the gain/(loss) activity for the years ended December 31, 201 7 and 2016 : (in thousands) 2017 2016 Net gains/(losses): Available-for-sale securities: Realized gains $ 52 $ 688 Realized losses (101) (248) Gain on sale of consumer loans 75 95 Gain/(loss) on disposal of fixed assets 3 (9) Net gains $ 29 $ 526 1. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2017 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | 4. Regulatory Capital Requirements We require capital to fund loans, satisfy our obligations under the Bank’s letters of credit, meet the deposit withdrawal demands of the Bank’s customers, and satisfy our other monetary obligations. To the extent that deposits are not adequate to fund our capital requirements, we can rely on a number of funding sources, including an unsecured Fed Funds lines of credit with upstream correspondent banks; secured advances with the FHLB of Atlanta, which are collateralized by eligible one to four family residential mortgage loans, home equity lines of credit, commercial real estate loans, and various securities. Cash may also be pledged as collateral. In addition, First United Corporation has a secured line of credit with the Fed Discount Window for use in borrowing funds up to 90 days, using municipal securities as collateral; brokered deposits, including CDs and money market funds; and One Way Buy CDARS/ ICS funding, which is a form of brokered deposits that has become a viable supplement to brokered deposits obtained directly. At December 31, 2017, the Bank had $75.0 million available through unsecured lines of credit with correspondent banks, $7.0 million through a secured line of credit with the Fed Discount Window and approximately $86.2 million at the FHLB. Management is not aware of any demands, commitments, events or uncertainties that are likely to materially affect our ability to meet our future capital requirements. Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions (in thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2017 Total Capital (to risk-weighted assets) Consolidated $ 158,108 15.98% $ 78,954 8.00% $ 98,693 10.00% First United Bank & Trust 145,921 15.58% 74,739 8.00% 93,424 10.00% Tier 1 Capital (to risk-weighted assets) Consolidated 148,072 14.97% 59,216 6.00% 78,954 8.00% First United Bank & Trust 135,885 14.51% 56,054 6.00% 74,739 8.00% Common Equity Tier 1 Capital (to risk-weighted assets) Consolidated 124,064 12.54% 44,412 4.50% 64,150 6.50% First United Bank & Trust 135,885 14.51% 42,041 4.50% 60,726 6.50% Tier 1 Capital (to average assets) Consolidated 148,072 11.00% 53,646 4.00% 67,058 5.00% First United Bank & Trust 135,885 10.21% 52,801 4.00% 66,001 5.00% Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions (in thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2016 Total Capital (to risk-weighted assets) Consolidated $ 164,081 16.71% $ 78,577 8.00% $ 98,221 10.00% First United Bank & Trust 155,992 16.70% 74,733 8.00% 93,416 10.00% Tier 1 Capital (to risk-weighted assets) Consolidated 145,008 14.76% 58,933 6.00% 78,577 8.00% First United Bank & Trust 146,013 15.63% 56,050 6.00% 74,733 8.00% Common Equity Tier 1 Capital (to risk-weighted assets) Consolidated 105,523 10.74% 44,200 4.50% 63,844 6.50% First United Bank & Trust 146,013 15.63% 42,037 4.50% 60,721 6.50% Tier 1 Capital (to average assets) Consolidated 145,008 10.95% 53,124 4.00% 66,404 5.00% First United Bank & Trust 146,013 11.11% 52,321 4.00% 65,401 5.00% As of December 31, 2017 and 2016 , the most recent notifications from the regulators categorized First United Corporation and the Bank as “well capitalized ” under the regulatory framework for prompt corrective action. On a consolidated basis, there was a slight decline in the capital ratios when comparing December 31, 2017 to December 31, 2016, due primarily to the repayment of $20.0 million of its outstanding Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred Stock”) in 2017. The consolidated total risk-based capital ratios include $30.9 million of First United Corporation’s junior subordinated debentures (“TPS Debentures ”) which qualified as Tier 1 capital at December 31, 201 7 under guidance issued by the Board of Governors of the Federal Reserve System (the “Federal Reserve”). At the Bank level, the ratios also de creased when comparing December 31, 2017 to December 31, 2016 due to the dividend of $20.0 million from the Bank to the Holding Company for the repayment of the $20.0 million of Series A Preferred Stock . At December 31, 2017, we were in compliance with the requirements. First United Corporation’s Board of Directors suspended the payment of dividends on the common stock in December 2010. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 5. Cash and Cash Equivalents Cash and due from banks, which represents vault cash in the retail offices and invested cash balances at the Federal Reserve, is carried at fair value. (in thousands) December 31, 2017 December 31, 2016 Cash and due from banks, weighted average interest rate of 0.82% (at December 31, 2017) $ 82,273 $ 60,707 Interest bearing deposits in banks, which represent funds invested at a correspondent bank, are carried at fair va lue and, as of December 31, 2017 and 2016 , consisted of daily funds invested at the FHLB of Atlanta , and M&T Bank (“M&T”). (in thousands) December 31, 2017 December 31, 2016 FHLB daily investments, interest rate of 1.24% (at December 31, 2017) $ 464 $ 1,590 M&T daily investments, interest rate of 0.15% (at December 31, 2017) 1,015 1,013 $ 1,479 $ 2,603 |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2017 | |
Investment Securities [Abstract] | |
Investment Securities | 6. Investment Securities The following table shows a comparison of amortized cost and fair values of investment securities at December 31, 2017 and 2016 : (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCL December 31, 2017 Available for Sale: U.S. government agencies $ 30,000 $ 0 744 $ 29,256 $ 0 Commercial mortgage-backed agencies 41,771 0 880 40,891 0 Collateralized mortgage obligations 41,298 2 916 40,384 0 Obligations of states and political subdivisions 20,772 365 118 21,019 0 Collateralized debt obligations 19,711 0 4,791 14,920 (3,389) Total available for sale $ 153,552 $ 367 $ 7,449 $ 146,470 $ (3,389) Held to Maturity: U.S. government agencies $ 15,876 $ 447 $ 0 $ 16,323 $ 0 Residential mortgage-backed agencies 47,771 94 423 47,442 0 Commercial mortgage-backed agencies 17,288 236 6 17,518 0 Collateralized mortgage obligations 4,187 0 69 4,118 0 Obligations of states and political subdivisions 8,510 1,443 8 9,945 0 Total held to maturity $ 93,632 $ 2,220 $ 506 $ 95,346 $ 0 December 31, 2016 Available for Sale: U.S. government agencies $ 25,000 $ 0 $ 747 $ 24,253 $ 0 Commercial mortgage-backed agencies 52,978 1 757 52,222 0 Collateralized mortgage obligations 19,953 13 399 19,567 0 Obligations of states and political subdivisions 23,700 255 251 23,704 0 Collateralized debt obligations 27,930 0 7,676 20,254 (3,961) Total available for sale $ 149,561 $ 269 $ 9,830 $ 140,000 (3,961) Held to Maturity: U.S. government agencies $ 15,738 $ 512 $ 0 $ 16,250 $ 0 Residential mortgage-backed agencies 50,384 160 279 50,265 0 Commercial mortgage-backed agencies 17,584 248 0 17,832 0 Collateralized mortgage obligations 4,833 0 149 4,684 0 Obligations of states and political subdivisions 8,630 490 170 8,950 0 Total held to maturity $ 97,169 $ 1,410 $ 598 $ 97,981 $ 0 Proceeds from sales of available-for-sale securities and the realized gains and losses for t he years ended December 31, 2017 and 2016 are as follows: (in thousands) 2017 2016 Proceeds $ 18,530 $ 43,782 Realized gains 52 688 Realized losses 101 248 The following table shows the Corporation’s securities with gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized position, at December 31, 201 7 and 2016 : Less than 12 months 12 months or more (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2017 Available for Sale: U.S. government agencies $ 4,931 $ 69 $ 24,325 $ 675 Commercial mortgage-backed agencies 12,593 169 28,298 711 Collateralized mortgage obligations 27,387 472 12,447 443 Obligations of states and political subdivisions 2,683 44 2,747 75 Collateralized debt obligations 0 0 14,920 4,791 Total available for sale $ 47,594 $ 754 $ 82,737 $ 6,695 Held to Maturity: Residential mortgage-backed agencies 15,897 135 10,422 288 Commercial mortgage-backed agencies 9,028 6 0 0 Collateralized mortgage obligations 0 0 4,118 69 Obligations of states and political subdivisions 0 0 2,377 8 Total held to maturity $ 24,925 $ 141 $ 16,917 $ 365 December 31, 2016 Available for Sale: U.S. government agencies $ 24,253 $ 747 $ 0 $ 0 Commercial mortgage-backed agencies 51,604 757 0 0 Collateralized mortgage obligations 14,706 399 0 0 Obligations of states and political subdivisions 8,079 160 2,934 91 Collateralized debt obligations 0 0 20,254 7,676 Total available for sale $ 98,642 $ 2,063 $ 23,188 $ 7,767 Held to Maturity: Residential mortgage-backed agencies 20,899 279 0 0 Commercial mortgage-backed agencies 4,684 149 0 0 Obligations of states and political subdivisions 2,335 170 0 0 Total held to maturity $ 27,918 $ 598 $ 0 $ 0 Management systematically evaluates securities for impairment on a quarterly basis. Based upon application of accounting guidance for subsequent measurement in ASC Topic 320 (ASC Section 320-10-35), management assesses whether (i) the Corporation has the intent to sell a security being evaluated and (ii) it is more likely than not that the Corporation will be required to sell the security prior to its anticipated recovery. If neither applies, then declines in the fair values of securities below their cost that are considered other-than-temporary declines are split into two components. The first is the loss attributable to declining credit quality. Credit losses are recognized in earnings as realized losses in the period in which the impairment determination is made. The second component consists of all other losses, which are recognized in other comprehensive loss. In estimating OTTI losses, management considers (a) the length of time and the extent to which the fair value has been less than cost, (b) adverse conditions specifically related to the security, an industry, or a geographic area, (c) the historic and implied volatility of the fair value of the security, (d) changes in the rating of the security by a rating agency, (e) recoveries or additional declines in fair value subsequent to the balance sheet date, (f) failure of the issuer of the security to make scheduled interest or principal payments, and (g) the payment structure of the debt security and the likelihood of the issuer being able to make payments that increase in the future. Management also monitors cash flow projections for securities that are considered beneficial interests under the guidance of ASC Subtopic 325-40, Investments – Other – Beneficial Interests in Securitized Financial Assets , (ASC Section 325-40-35). Management believes that the valuation of certain securities is a critical accounting policy that requires significant estimates in preparation of its consolidated financial statements. Management utilizes an independent third party to prepare both the impairment valuations and fair value determinations for its collateralized debt obligation (“CDO“) portfolio consisting of pooled trust preferred securities. Management performs due diligence on the third party processes and believes that it has an adequate understanding of the analysis, assumptions and methodology used by the third party to prepare the fair value determination and the OTTI evaluation. Management reviews the qualifications of the third party and believes they are qualified to provide the analysis and pricing determinations. Quarterly, management reviews the third party’s detailed assumptions and analyzes its projected discounted present value results for reasonableness and consistency with the trend of prior projections. Annually, management performs stress tests of the assumptions used in the third party models and performs back tests of the assumptions and prepayment projections to validate the impairment model results. As a result of its due diligence process, management believes that the fair value presented and the OTTI recognized are appropriate. A total of $3.2 million in impairment losses was realized during the time period 2009 through 2011 on the CDO portfoli o remaining at December 31, 2017 . Due to the prior credit impairment, the securities in this portfolio have continued to be evaluated to determine whether any additional OTTI has occurred. Based on management’s review of the third party evaluations, management believes that there were no material differences in the relative valu ations between December 31, 2017 and December 31, 2016 . U.S. Government Agencies – Available for Sale – There was one U.S. government agency in an unrealized loss position for less than 12 months as of December 31, 2017. There were four U.S. government agencies in an unrealized loss position for 12 months or more. The securities are of the highest investment grade and the Corporation does not intend to sell them, and it is not more likely than not that the Corporation will be required to sell them before recovery of their amortized cost basis, which may be at maturity. Accordingly, management does not consider these investments to be other-than-temporarily impaired at December 31, 2017. Commercial Mortgage-Backed Agencies – Available for Sale – There were two commercial mortgage-backed agencies in an unrealized loss position for less than 12 months as of December 31, 2017. There were six commercial mortgage-backed agency securities in an unrealized loss position for 12 months or more. The securities are of the highest investment grade and the Corporation does not intend to sell them, and it is not more likely than not that the Corporation will be required to sell them before recovery of their amortized cost basis, which may be at maturity. Accordingly, management does not consider these investments to be other-than-temporarily impaired at December 31, 2017. Collateralized Mortgage Obligations – Available for Sale – There were six collateralized mortgage obligations in an unrealized loss position for less than 12 months as of December 31, 2017. There were two collateralized mortgage obligations in an unrealized loss position for 12 months or more. The securities are of the highest investment grade and the Corporation does not intend to sell them, and it is not more likely than not that the Corporation will be required to sell them before recovery of the amortized cost basis, which may be at maturity. Accordingly, management does not consider these investments to be other-than-temporarily impaired at December 31, 2017. Obligations of State and Political Subdivisions – Available for Sale – There was one obligation of state and political subdivisions that has been in an unrealized loss position for less than 12 months at December 31, 2017. There were two securities that have been in an unrealized loss position for 12 months or more. These investments are of investment grade as determined by the major rating agencies and management reviews the ratings of the underlying issuers and performs an in-depth credit analysis on the securities. Management believes that this portfolio is well-diversified throughout the United States, and all bonds continue to perform according to their contractual terms. The Corporation does not intend to sell these investments and it is not more likely than not that the Corporation will be required to sell the investments before recovery of their amortized cost basis, which may be at maturity. Accordingly, management does not consider these investments to be other-than-temporarily impaired at December 31, 2017. Collateralized Debt Obligations – Available for Sale - The $ 4.8 million in unrealized losses greater than 12 months at December 31, 2017 relates to ten pooled trust preferred securities that are included in the CDO portfolio. See Note 23 for a discussion of the methodology used by management to determine the fair values of these securities. Based upon a review of credit quality and the cash flow tests performed by the independent third party, management determined that there were no securities that had credit-related non-cash OTTI charges during 2017. The unrealized losses on the remaining securities in the portfolio are primarily attributable to continued depression in market interest rates, marketability, liquidity and the current economic environment. U.S. Government Agencies – Held to Maturity – There were no U.S. government agencies in an unrealized loss position as of December 31, 2017. Residential Mortgage-Backed Agencies – Held to Maturity – There were eleven residential mortgage-backed agencies that have been in an unrealized loss position for less than 12 months as of December 31, 2017. There were eleven residential mortgage-backed agencies in an unrealized loss position for 12 months or more as of December 31, 2017. The securities are of the highest investment grade and the Corporation has the intent and ability to hold the investments to maturity. Accordingly, management does not consider these investments to be other-than-temporarily impaired at December 31, 2017. Commercial Mortgage-Backed Agencies – Held to Maturity – There was one commercial mortgage-backed agency in an unrealized loss position for less than 12 months as of December 31, 2017. The security is of the highest investment grade and the Corporation has the intent and ability to hold the investment to maturity. Accordingly, management does not consider this investment to be other-than-temporarily impaired at December 31, 2017. There were no commercial mortgage-backed agencies in an unrealized loss position for 12 months or more. Collateralized Mortgage Obligations – Held to Maturity – There was one collateralized mortgage obligation in an unrealized loss position for 12 months or more as of December 31, 2017. The security is of the highest investment grade and the Corporation has the intent and ability to hold the investment to maturity. Accordingly, management does not consider this investment to be other-than-temporarily impaired at December 31, 2017. There were no collateralized mortgage obligations in an unrealized loss position for less than 12 months. Obligations of State and Political Subdivisions – Held to Maturity – There was one obligation of state and political subdivision in an unrealized loss position for less than 12 months as of December 31, 2017. This bond is a Tax Increment Fund (TIF) bond. Management performs an in-depth credit analysis on this security. The Corporation has the intent and ability to hold the investment to maturity. Accordingly, management does not consider this investment to be other-than-temporarily impaired at December 31, 2017. There were no obligations of state and political subdivisions in an unrealized loss position for greater than12 months. Due to the duration and market value decline in the pooled trust preferred securities held in our portfolio, we performed more extensive testing on these securities for purposes of evaluating whether or not OTTI has occurred. The market for these se curities as of December 31, 2017 as well as the market for similar securities saw limited activity. The inactivity was evidenced by a decrease in the volume of trades relative to historical levels due to limited supply. In addition, the securities that traded were typically more senior in the capital structure. The new issue market is also inactive, as no new CDOs have been issued since 2007. There are currently very few market participants who are willing to effect transactions in these securities. The market values for these securities, or any securities other than those issued or guaranteed by the Treasury, are depressed relative to historical levels. In the current market, a low market price for a particular bond may only provide evidence of stress in the credit markets in general rather than being an indicator of credit problems with a particular issue. Given the conditions in the current debt markets and the absence of observable transactions in the secondary and new issue markets, management has determined that (i) the few observable transactions and market quotations that are available are not reliable for the purpose of obtaining fair v alue at either December 31, 2016 or 2017 , (ii) an income valuation approach technique (i.e. present value) that maximizes the use of relevant unobservable inputs and minimizes the use of observable inputs will be equally or more representative of fair value than a market approach, and (iii) the CDO segment is appropriately classified within Level 3 of the valuation hierarchy because management determined that significant adjustments were required to determine fair value at the measurement date. Management utilizes an independent third party to prepare both the evaluations of OTTI and the fair value determinations for the CDO portfolio. Management does not believe that there were any material differences in the OTTI evaluations and p ricing between December 31, 2016 and December 31, 201 7 . The approach used by the third party to determine fair value involved several steps, which included detailed credit and structural evaluation of each piece of collateral in each bond, projection of default, recovery and prepayment/amortization probabilities for each piece of collateral in the bond, and discounted cash flow modeling. The discount rate methodology used by the third party combines a baseline current market yield for comparable corporate and structured credit products with adjustments based on evaluations of the differences found in structure and risks associated with actual and projected credit performance of each CDO being valued. Currently, the only active and liquid trading market that exists is for stand-alone trust preferred securities, with a limited market for highly-rated CDO securities that are more senior in the capital structure than the securities in the CDO portfolio. Therefore, adjustments to the baseline discount rate are also made to reflect the additional leverage f ound in structured instruments. On December 10, 2013, to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Treasury, the federal banking regulators including FDIC, and the SEC adopted the Volcker Rule. The Volcker Rule prohibits a banking institution from acquiring or retaining an “ownership interest” in a “covered fund”. A “covered fund” is (a) an entity that would be an investment company under the Investment Company Act of 1940, as amended, but for the exemptions contained in Section 3(c)(1) or Section 3(c)(7) of that Act, (b) a commodity pool with certain characteristics, and/or (c) a non-US entity with certain characteristics that is sponsored or owned by a banking entity located or organized in the US. The term “ownership interest” is defined as “any equity, partnership, or other similar interest.” On January 14, 2014, the federal banking agencies adopted a final interim rule that exempts CDOs from the scope of the Volcker Rule if they were issued in offerings in which, among other things, the proceeds were used primarily to purchase securities issued by depository institutions and their affiliates. In connection with that final interim rule, the agencies published a non-exclusive list of exempt offerings. All of the CDOs included in the Corporation’s investment portfolio at December 31, 2017 were exempt. The following table presents a cumulative roll-forward of the amount of non-cash OTTI charges related to credit losses which have been recognized in earnings for the trust preferred securities in the CDO portfolio held and not intended to be sold for the years ended Decemb er 31, 2017 and 201 6 : (in thousands) 2017 2016 Balance of credit-related OTTI at January 1 $ 3,124 $ 3,133 Decreases for previously recognized credit-related OTTI because there was an intent to sell 0 0 Additions for decreases in cash flows expected to be collected 0 0 Reduction for increases in cash flows expected to be collected (166) (9) Balance of credit-related OTTI at December 31 $ 2,958 $ 3,124 The amortized cost and estimated fair value of securities by contractu al maturity at December 31, 2017 are shown in the following table. Actual maturities will differ from contractual maturities because the issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties . (in thousands) Amortized Cost Fair Value Contractual Maturity Available for sale: Due in one year or less $ 447 $ 452 Due after one year through five years 17,739 17,515 Due after five years through ten years 22,761 22,263 Due after ten years 29,536 24,965 70,483 65,195 Commercial mortgage-backed agencies 41,771 40,891 Collateralized mortgage obligations 41,298 40,384 Total available for sale $ 153,552 $ 146,470 Held to Maturity: Due after one year through five years $ 8,276 $ 8,503 Due after five years through ten years 7,600 $ 7,820 Due after ten years 8,510 9,945 24,386 26,268 Residential mortgage-backed agencies 47,771 47,442 Commercial mortgage-backed agencies 17,288 17,518 Collateralized mortgage obligations 4,187 4,118 Total held to maturity $ 93,632 $ 95,346 At December 31, 2017 and 201 6 , investment securities with a value of $ 125.0 million and $ 121.8 million, respectively, were pledged as permitted or required to secure public deposits, for securities sold under agreements to repurchase as required or permitted by law and as collateral for borrowing capacity . |
Loans and Related Allowance for
Loans and Related Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2017 | |
Loans and Related Allowance for Loan Losses [Abstract] | |
Loans and Related Allowance for Loan Losses | 7. Loans and Related Allowance for Loan Losses The following table summarizes the pri m ary segments of the loan portfolio as of December 31, 2017 and December 31, 2016: (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Total December 31, 2017 Individually evaluated for impairment $ 9,076 $ 976 $ 668 $ 4,201 $ 30 $ 14,951 Collectively evaluated for impairment $ 274,086 $ 109,554 $ 76,055 $ 394,447 $ 23,425 $ 877,567 Total loans $ 283,162 $ 110,530 $ 76,723 $ 398,648 $ 23,455 $ 892,518 December 31, 2016 Individually evaluated for impairment $ 17,210 $ 2,525 $ 290 $ 3,975 $ 0 $ 24,000 Collectively evaluated for impairment $ 280,749 $ 101,757 $ 72,056 $ 389,441 $ 23,923 $ 867,926 Total loans $ 297,959 $ 104,282 $ 72,346 $ 393,416 $ 23,923 $ 891,926 The segments of the Bank’s loan portfolio are disaggregated to a level that allows management to monitor risk and performance. The CRE loan segment is further disaggregated into two classes. Non-owner occupied CRE loans, which include loans secured by non-owner occupied nonfarm nonresidential properties, generally have a greater risk profile than all other CRE loans, which include loans secured by farmland, multifamily structures and owner-occupied commercial structures. The A&D loan segment is further disaggregated into two classes. One-to-four family residential construction loans are generally made to individuals for the acquisition of and/or construction on a lot or lots on which a residential dwelling is to be built. All other A&D loans are generally made to developers or investors for the purpose of acquiring, developing and constructing residential or commercial structures. These loans have a higher risk profile because the ultimate buyer, once development is completed, is generally not known at the time of the A&D loan. The C&I loan segment consists of loans made for the purpose of financing the activities of commercial customers. The residential mortgage loan segment is further disaggregated into two classes: amortizing term loans, which are primarily first liens, and home equity lines of credit, which are generally second liens. The consumer loan segment consists primarily of installment loans (direct and indirect) and overdraft lines of credit connected with customer deposit accounts. In the ordinary course of business, executive officers and directors of the Corporation, including their families and companies in which certain directors are principal owners, were loan customers of the Bank. Pursuant to the Bank’s lending policies, such loans were made on the same terms, including collateral, as those prevailing at the time for comparable transactions with persons who are not related to the Corporation and do not involve more than the normal risk of collectability. Changes in the dollar amount of loans outstanding to officers, directors and their associates were as follows for the year ended December 31: (in thousands) 2017 Balance at January 1 $ 10,292 Loans or advances 633 Repayments (1,876) Balance at December 31 $ 9,049 Management uses a 10-point internal risk rating system to monitor the credit quality of the overall loan portfolio. The first six categories are considered not criticized and are aggregated as “Pass” rated. The criticized rating categories utilized by management generally follow bank regulatory definitions. The Special Mention category includes assets that are currently protected but are potentially weak, resulting in an undue and unwarranted credit risk, but not to the point of justifying a Substandard classification. Loans in the Substandard category have well-defined weaknesses that jeopardize the liquidation of the debt, and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. All loans greater than 90 days past due are considered Substandard. Only the portion of a specific allocation of the allowance for loan losses that management believes is associated with a pending event that could trigger loss in the short term is classified in the Doubtful category. Any portion of a loan that has been charged off is placed in the Loss category. It is possible for a loan to be classified as Substandard in the internal risk rating system, but not considered impaired under GAAP, due to the broader reach of “well-defined weaknesses” in the application of the Substandard definition. To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Bank has a structured loan rating process with several layers of internal and external oversight. Generally, consumer and residential mortgage loans are included in the Pass categories unless a specific action, such as bankruptcy, repossession, or death occurs to raise awareness of a possible credit event. The Bank’s Commercial Loan Officers are responsible for the timely and accurate risk rating of the loans in the commercial segments at origination and on an ongoing basis. The Bank’s experienced Credit Quality and Loan Review Department performs an annual review of all commercial relationships of $500,000 or greater. Confirmation of the appropriate risk grade is included as part of the review process on an ongoing basis. The Credit Quality and Loan Review Department continually reviews and assesses loans within the portfolio. In addition, the Bank engages an external consultant to conduct loan reviews on at least an annual basis. Generally, the external consultant reviews commercial relationships greater than $1,000,000 and/or criticized non-consumer loans greater than $500,000. Detailed reviews, including plans for resolution, are performed on loans classified as Substandard on a quarterly basis. Loans in the Special Mention and Substandard categories that are collectively evaluated for impairment are given separate consideration in the determinat ion of the allowance. The following table presents the classes of the loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention and Substandard. There were no loans classified as Doubtful within the internal risk rating system as of December 31, 20 17 and 2016 : (in thousands) Pass Special Mention Substandard Total December 31, 2017 Commercial real estate Non owner-occupied $ 133,725 $ 0 $ 5,843 $ 139,568 All other CRE 132,003 3,963 7,628 143,594 Acquisition and development 1-4 family residential construction 17,719 0 0 17,719 All other A&D 84,345 7,294 1,172 92,811 Commercial and industrial 75,299 17 1,407 76,723 Residential mortgage Residential mortgage - term 319,059 0 5,326 324,385 Residential mortgage – home equity 73,059 148 1,056 74,263 Consumer 23,391 5 59 23,455 Total $ 858,600 $ 11,427 $ 22,491 $ 892,518 December 31, 2016 Commercial real estate Non owner-occupied $ 137,181 $ 10,620 $ 9,357 $ 157,158 All other CRE 125,720 3,121 11,960 140,801 Acquisition and development 1-4 family residential construction 15,845 0 0 15,845 All other A&D 87,135 65 1,237 88,437 Commercial and industrial 70,613 593 1,140 72,346 Residential mortgage Residential mortgage - term 308,734 113 7,618 316,465 Residential mortgage – home equity 75,710 0 1,241 76,951 Consumer 23,794 0 129 23,923 Total $ 844,732 $ 14,512 $ 32,682 $ 891,926 Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. A loan is considered to be past due when a payment has not been received for 30 days past its contractual due date. For all loan segments, the accrual of interest is discontinued when principal or interest is delinquent for 90 days or more unless the loan is well-secured and in the process of collection. All non-accrual loans are considered to be impaired. Interest payments received on non-accrual loans are applied as a reduction of the loan principal balance. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. The Corporation’s policy for recognizing interest income on impaired loans does not differ from its overall policy for interest recognition. The following table presents the classes of the loan portfolio at December 31, 2017 and December 31, 2016, summarized by the aging categories of performing loans and non-accru al loans : (in thousands) Current 30-59 Day Past Due 60-89 Days Past Due 90 Days+ Past Due Total Past Due and still accruing Non-Accrual Total Loans December 31, 2017 Commercial real estate Non owner-occupied $ 136,134 $ 186 $ 0 $ 0 $ 186 $ 3,248 $ 139,568 All other CRE 141,680 461 248 0 709 1,205 143,594 Acquisition and development 1-4 family residential construction 17,719 0 0 0 0 0 17,719 All other A&D 92,291 0 165 144 309 211 92,811 Commercial and industrial 76,322 0 17 6 23 378 76,723 Residential mortgage Residential mortgage - term 319,633 322 2,534 430 3,286 1,466 324,385 Residential mortgage – home equity 72,683 600 400 0 1,000 580 74,263 Consumer 23,273 115 22 15 152 30 23,455 Total $ 879,735 $ 1,684 $ 3,386 $ 595 $ 5,665 $ 7,118 $ 892,518 December 31, 2016 Commercial real estate Non owner-occupied $ 150,595 $ 182 $ 0 $ 0 $ 182 $ 6,381 $ 157,158 All other CRE 134,931 40 0 0 40 5,830 140,801 Acquisition and development 1-4 family residential construction 15,845 0 0 0 0 0 15,845 All other A&D 88,353 0 39 0 39 45 88,437 Commercial and industrial 72,324 9 2 11 22 0 72,346 Residential mortgage Residential mortgage - term 310,721 517 3,376 312 4,205 1,539 316,465 Residential mortgage – home equity 75,558 974 198 70 1,242 151 76,951 Consumer 23,662 186 48 27 261 0 23,923 Total $ 871,989 $ 1,908 $ 3,663 $ 420 $ 5,991 $ 13,946 $ 891,926 Non-accrual loans which have been subject to a partial charge-off totaled $7.4 million at December 31, 2017 , compared to $ 11.1 million at December 31, 2016 . The amount of l oans secured by 1-4 family residential real estate properties in the process of foreclosure was $0.4 million at December 31, 2017 and $0.5 million at December 31, 2016. The ALL is maintained to absorb losses from the loan portfolio. The ALL is based on management’s continuing evaluation of the risk characteristics and credit quality of the loan portfolio, assessment of current economic conditions, diversification and size of the portfolio, adequacy of collateral, past and anticipated loss experience, and the amount of non-performing loans. The Bank’s methodology for determining the ALL is based on the requirements of ASC Section 310-10-35, Receivables-Overall-Subsequent Measurement , for loans individually evaluated for impairment and ASC Subtopic 450-20, Contingencies - Loss Contingencies , for loans collectively evaluated for impairment, as well as the Interagency Policy Statements on the Allowance for Loan and Lease Losses and other bank regulatory guidance. The total of the two components represents the Bank’s ALL. The following table summarizes the primary segments of the ALL, at December 31, 2017 and December 31, 2016, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for im pairment . (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Unallocated Total December 31, 2017 Individually evaluated for impairment $ 245 $ 40 $ 0 $ 65 $ 12 $ 0 $ 362 Collectively evaluated for impairment $ 3,454 $ 1,217 $ 869 $ 3,379 $ 191 $ 500 $ 9,610 Total ALL $ 3,699 $ 1,257 $ 869 $ 3,444 $ 203 $ 500 $ 9,972 December 31, 2016 Individually evaluated for impairment $ 177 $ 40 $ 0 $ 43 $ 0 $ 0 $ 260 Collectively evaluated for impairment $ 3,736 $ 831 $ 858 $ 3,545 $ 188 $ 500 $ 9,658 Total ALL $ 3,913 $ 871 $ 858 $ 3,588 $ 188 $ 500 $ 9,918 Management evaluates individual loans in all of the commercial segments for possible impairment if the loan is greater than $500,000 or is part of a relationship that is greater than $750,000 and (i) is either in non-accrual status or (ii) is risk-rated Substandard and is greater than 60 days past due. Loans are considered to be impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in evaluating impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Bank does not separately evaluate individual consumer and residential mortgage loans for impairment, unless such loans are part of larger relationship that is impaired; otherwise loans in these segments are considered impaired when they are classified as non-accrual. Once the determination has been made that a loan is impaired, the determination of whether a specific allocation of the allowance is necessary is measured by comparing the recorded investment in the loan to the fair value of the lo an using one of three methods: (i) the present value of expected future cash flows discounted at the loan’s effective interest rate; (ii) the loan’s observable market price; or (iii) the fair value of the collateral less selling costs. The method is selected on a loan-by-loan basis, with management utilizing the fair value of collateral method for all of the analyses. If the fair value of the collateral less selling costs method is utilized for collateral securing loans in the commercial segments, then an updated external appraisal is ordered on the collateral supporting the loan if the loan balance is greater than $500,000 and the existing appraisal is greater than 18 months old. If the loan balance is less than $500,000, then the estimated fair value of the collateral is determined by adjusting the existing appraisal by the appropriate percentage from an internally prepared appraisal discount grid. This gr id considers the age of a third- party appraisal and the geographic region where the collateral is located in order to discount an appraisal. The discount rates in the appraisal discount grid are updated at least annually to reflect the most current knowledge that management has available, including the results of current appraisals. If there is a delay in receiving an updated appraisal or if the appraisal is found to be deficient in our internal appraisal review process and re-ordered, the Bank continues to use a discount factor from the appraisal discount grid based on the collateral location and current appraisal age in order to determine the estimated fair value. If management believes that general market conditions in that geographic market have changed considerably, the property has deteriorated or perhaps lost an income stream, or a recent appraisal for a similar property indicates a significant change, then management may adjust the fair value indicated by the existing appraisal until a new appraisal is obtained. A specific allocation of the ALL is recorded if there is any deficiency in collateral value determined by comparing the estimated fair value to the recorded investment of the loan. When updated appraisals are received and reviewed, adjustments are made to the specific allocation as needed. The evaluation of the need and amount of a specific allocation of the ALL and whether a loan can be removed from impairment status is made on a quarterly basis. The following table presents impaired loans by class, at December 31, 2017 and Decembe r 31, 2016, segregated by those for which a specific allowance was required and those for which a specific allowance was not n ecessary : Impaired Loans with Specific Allowance Impaired Loans with No Specific Allowance Total Impaired Loans (in thousands) Recorded Investment Related Allowances Recorded Investment Recorded Investment Unpaid Principal Balance December 31, 2017 Commercial real estate Non owner-occupied $ 1,711 $ 245 $ 1,907 $ 3,618 $ 10,579 All other CRE 0 0 5,458 5,458 5,731 Acquisition and development 1-4 family residential construction 0 0 527 527 527 All other A&D 295 40 154 449 722 Commercial and industrial 0 0 668 668 2,882 Residential mortgage Residential mortgage - term 598 65 3,023 3,621 3,919 Residential mortgage – home equity 0 0 580 580 593 Consumer 30 12 0 30 30 Total impaired loans $ 2,634 $ 362 $ 12,317 $ 14,951 $ 24,983 December 31, 2016 Commercial real estate Non owner-occupied $ 131 $ 23 $ 6,635 $ 6,766 $ 9,372 All other CRE 432 154 10,012 10,444 11,057 Acquisition and development 1-4 family residential construction 0 0 582 582 628 All other A&D 245 40 1,698 1,943 2,213 Commercial and industrial 0 0 290 290 2,504 Residential mortgage Residential mortgage - term 61 43 3,763 3,824 4,249 Residential mortgage – home equity 0 0 151 151 168 Consumer 0 0 0 0 0 Total impaired loans $ 869 $ 260 $ 23,131 $ 24,000 $ 30,191 Loans that are collectively evaluated for impairment are analyzed with general allowances being made as appropriate. For general allowances, historical loss trends are used in the estimation of losses in the current portfolio. These historical loss amounts are modified by other qualitative factors. The classes described above, which are based on the Federal call code assigned to each loan, provide the starting point for the ALL analysis. Management tracks the historical net charge-off activity (full and partial charge-offs, net of full and partial recoveries) at the call code level. A historical charge-off factor is calculated utilizing a defined number of consecutive historical quarters. Consumer pools currently utilize a rolling 12 quarters, while Commercial pools currently utilize a rolling eight quarters. “Pass” rated credits are segregated from “Criticized” credits for the application of qualitative factors. The un-criticized (“pass”) pools for commercial and residential real estate are further segmented based upon the geographic location of the underlying collateral. There are seven geographic regions utilized – six that represent the Bank’s lending footprint and a seventh for all out-of-market credits. Different economic environments and resultant credit risks exist in each region that are acknowledged in the assignment of qualitative factors. Loans in the criticized pools, which possess certain qualities or characteristics that may lead to collection and loss issues, are closely monitored by management and subject to additional qualitative factors. Management supplements the historical charge-off factor with a number of additional qualitative factors that are likely to cause estimated credit losses associated with the existing loan pools to differ from historical loss experience. The additional factors, which are evaluated quarterly and updated using information obtained from internal, regulatory, and governmental sources, are: (i) national and local economic trends and conditions; (ii) levels of and trends in delinquency rates and non-accrual loans; (iii) trends in volumes and terms of loans; (iv) effects of changes in lending policies; (v) experience, ability, and depth of lending staff; (vi) value of underlying collateral; and (vii) concentrations of credit from a loan type, industry and/or geographic standpoint. Management reviews the loan portfolio on a quarterly basis using a defined, consistently applied process in order to make appropriate and timely adjustments to the ALL. When information confirms all or part of specific loans to be uncollectible, these amounts are promptly charged off against the ALL. Residential mortgage and consumer loans are charged off after they are 120 days contractually past due. All other loans are charged off based on an evaluation of the facts and circumstances of each individual loan. When the Bank believes that its ability to collect is solely dependent on the liquidation of the collateral, a full or partial charge-off is recorded promptly to bring the recorded investment to an amount that the Bank believes is supported by an ability to collect on the collateral. The circumstances that may impact the Bank’s decision to charge-off all or a portion of a loan include default or non-payment by the borrower, scheduled foreclosure actions, and/or prioritization of the Bank’s claim in bankruptcy. There may be circumstances where due to pending events, the Bank will place a specific allocation of the ALL on a loan for which a partial charge-off has been previously recognized. This specific allocation may be either charged-off or removed depending upon the outcome of the pending event. Full or partial charge-offs are not recovered until full principal and interest on the loan have been collected, even if a subsequent appraisal supports a higher value. In most cases, loans with partial charge-offs remain in non-accrual status. Both full and partial charge-offs reduce the recorded investment of the loan and the ALL and are considered to be charge-offs for purposes of all credit loss metrics and trends, including the historical rolling charge-off rates used in the determination of the ALL. Activity in the ALL is presented for the years ended December 31, 2017 and December 31, 2016: (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Unallocated Total ALL balance at January 1, 2017 $ 3,913 $ 871 $ 858 $ 3,588 $ 188 $ 500 $ 9,918 Charge-offs (4,605) (133) (37) (361) (336) 0 (5,472) Recoveries 452 255 1,683 392 210 0 2,992 Provision 3,939 264 (1,635) (175) 141 0 2,534 ALL balance at December 31, 2017 $ 3,699 $ 1,257 $ 869 $ 3,444 $ 203 $ 500 $ 9,972 ALL balance at January 1, 2016 $ 2,580 $ 4,129 $ 722 $ 3,785 $ 206 $ 500 $ 11,922 Charge-offs (5,301) (248) (558) (737) (333) 0 (7,177) Recoveries 90 1,303 52 461 145 0 2,051 Provision 6,544 (4,313) 642 79 170 0 3,122 ALL balance at December 31, 2016 $ 3,913 $ 871 $ 858 $ 3,588 $ 188 $ 500 $ 9,918 The ALL is based on estimates, and actual losses will vary from current estimates. Management believes that the granularity of the homogeneous pools and the related historical loss ratios and other qualitative factors, as well as the consistency in the application of assumptions, result in an ALL that is representative of the risk found in the components of the portfolio at any given date. The following table presents the average recorded investment in impaired loans and related interest income recognized for the years ended December 31, 2017 and 2016: 2017 2016 (in thousands) Average investment Interest income recognized on an accrual basis Interest income recognized on a cash basis Average investment Interest income recognized on an accrual basis Interest income recognized on a cash basis Commercial real estate Non owner-occupied $ 5,727 $ 24 $ 30 $ 6,076 $ 131 $ 0 All other CRE 7,743 205 0 11,802 187 8 Acquisition and development 1-4 family residential construction 571 24 0 629 27 0 All other A&D 1,571 85 0 2,735 95 0 Commercial and industrial 448 13 0 934 37 0 Residential mortgage Residential mortgage - term 3,792 131 8 4,580 163 16 Residential mortgage – home equity 305 0 0 272 0 0 Consumer 15 0 0 0 0 0 Total $ 20,172 $ 482 $ 38 $ 27,028 $ 640 $ 24 In the normal course of business, the Bank modifies loan terms for various reasons. These reasons may include as a retention strategy to compete in the current interest rate environment, and to re-amortize or extend a loan term to better match the loan’s payment stream with the borrower’s cash flows. A modified loan is considered to be a TDR when the Bank has determined that the borrower is troubled (i.e. experiencing financial difficulties). The Bank evaluates the probability that the borrower will be in payment default on any of its debt in the foreseeable future without modification. To make this determination, the Bank performs a global financial review of the borrower and loan guarantors to assess their current ability to meet their financial obligations. When the Bank restructures a loan to a troubled borrower, the loan terms (i.e. interest rate, payment, amortization period and/or maturity date) are modified in such a way to enable the borrower to cover the modified debt service payments based on current financials and cash flow adequacy. If a borrower’s hardship is thought to be temporary, then modified terms are only offered for that time period. Where possible, the Bank obtains additional collateral and/or secondary payment sources at the time of the restructure in order to put the Bank in the best possible position if the borrower is not able to meet the modified terms. To date, the Bank has not forgiven any principal as a restructuring concession. The Bank will not offer modified terms if it believes that modifying the loan terms will only delay an inevitable permanent default. All loans designated as TDRs are considered impaired loans and may be in either accruing or non-accruing status. The Corporation’s policy for recognizing interest income on impaired loans does not differ from its overall policy for interest recognition. Accordingly, the accrual of interest is discontinued when principal or interest is delinquent for 90 days or more unless the loan is well-secured and in the process of collection. If the loan was accruing at the time of the modification, then it continues to be in accruing status subsequent to the modification. Non-accrual TDRs may return to accruing status when there has been sufficient payment performance for a period of at least six months. TDRs are considered to be in payment default if, subsequent to modification, the loans are transferred to non-accrual status or to foreclosure. A loan may be removed from being reported as a TDR in the calendar year following the modification if the interest rate at the time of modification was consistent with the interest rate for a loan with comparable credit risk and the loan has performed according to its modified terms for at least six months. Further, a loan that has been removed from TDR reporting status and has been subsequently re-modified at standard market terms, may be removed from impaired status as well. The volume, type and performance of TDR activity is considered in the assessment of the local economic trend qualitative factor used in the determination of the ALL for loans that are evaluated collectively for impairment. There were 19 loans totaling $6.0 million and 24 loans totaling $ 9.3 million that were classif ied as TDRs at December 31, 2017 and December 31, 2016 , respectively. The following table presents the volume and recorded investment at the time of modification of TDRs by class and type of modification that occurred during the periods indicated: Temporary Rate Modification Extension of Maturity Modification of Payment and Other Terms Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment (Dollars in thousands) For the year ended December 31, 2017 Commercial real estate Non owner-occupied 0 $ 0 0 $ 0 0 $ 0 All other CRE 0 0 0 0 0 0 Acquisition and development 1-4 family residential construction 0 0 0 0 0 0 All other A&D 0 0 1 244 0 0 Commercial and industrial 0 0 0 0 0 0 Residential mortgage Residential mortgage – term 0 0 2 698 0 0 Residential mortgage – home equity 0 0 0 0 0 0 Consumer 0 0 0 0 0 0 Total 0 $ 0 3 $ 942 0 $ 0 For the year ended December 31, 2016 Commercial real estate Non owner-occupied 0 $ 0 0 $ 0 0 $ 0 All other CRE 0 0 1 203 0 0 Acquisition and development 1-4 family residential construction 0 0 1 582 0 0 All other A&D 0 0 1 1,664 0 0 Commercial and industrial 0 0 1 482 1 486 Residential mortgage Residential mortgage – term 3 260 1 61 3 469 Residential mortgage – home equity 0 0 0 0 0 0 Consumer 0 0 0 0 0 0 Total 3 $ 260 5 $ 2,992 4 $ 955 During the year ended December 31, 2017, there were no new TDRs, but three existing TDRs that had reached their original modification maturity were re-modified. These re-modifications did not impact the ALL. During the year ended December 31, 2017, there were no payment defaults. There were no additional funds committed to be advanced in connection with TDRs at December 31, 2017 or 2016 . |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2017 | |
Other Real Estate Owned [Abstract] | |
Other Real Estate Owned | 8. Other Real Estate Owned The following table presents the components of OREO, net of related valuation allowance, as of December 31, 2017 and 2016 : (in thousands) 2017 2016 Commercial real estate $ 3,605 $ 3,779 Acquisition and development 5,295 5,944 Commercial & Industrial 24 24 Residential mortgage 1,217 1,163 Total OREO $ 10,141 $ 10,910 The following table presents the activity in the OREO valuation allowance for the years ended Dece mber 31, 2017 and 2016 : (in thousands) 2017 2016 Balance January 1 $ 3,535 $ 4,430 Fair value write-down 398 486 Sales of OREO (1,193) (1,381) Balance December 31 $ 2,740 $ 3,535 The following table presents the components of OREO expenses, net , for t he years ended December 31, 2017 and 2016 : (in thousands) 2017 2016 Gains on real estate, net $ (645) $ (189) Fair value write-down 398 486 Expenses, net 616 603 Rental and other income (179) (98) Total OREO expenses, net $ 190 $ 802 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Premises and Equipment [Abstract] | |
Premises and Equipment | 9 . Premises and Equipment The following table presents the components of premises an d equipment at December 31, 2017 and 201 6 : (in thousands) 2017 2016 Land $ 7,035 $ 7,383 Land Improvements 1,203 1,201 Premises 25,150 25,696 Furniture and Equipment 20,246 17,506 Capital Lease 534 534 54,168 52,320 Less accumulated depreciation (23,287) (25,160) Total $ 30,881 $ 27,160 The Corporation recorded depreciation expense of $ 1.9 million in 2017 and $1. 7 million in 2016 . Pursuant to the terms of non-cancelable operating lease agreements for banking and subsidiaries’ offices and for data processing and telecommunications equipment in effect at December 31, 2017, future minimum rent commitments under these leases for future years are as follows: (i) $ 3.4 million for 2018; (ii) $3.1 million for 2019; (iii) $ 3.1 million for 2020; (iv) $ 3.0 million for 2021; (v) $ 3.0 million for 2022; and (vi) $6.0 million thereafter. The leases contain options to extend for periods from one to five years, which are not included in the aforementioned amounts. Total building and land rental expense amounted to $ .5 million in 2017 and 201 6 . |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill [Abstract] | |
Goodwill | 10. Goodwill ASC Topic 350, Intangibles - Goodwill and Other , establishes standards for the amortization of acquired intangible assets and impairment assessment of goodwill. The $11.0 million in record ed goodwill at December 31, 2017 is related to the Bank’s 2003 acquisition of Huntington National Bank branches and is not subject to periodic amortization , but evaluated annually for impairment . Goodwill arising from business combinations represents the value attributable to unidentifiable intangible elements in the business acquired. Goodwill is not amortized but is tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. Impairment testing requires that the fair value of each of an entity’s reporting units be compared to the carrying amount of its net assets, including goodwill. If the estimated current fair value of the reporting unit exceeds its carrying value, then no additional testing is required and an impairment loss is not recorded. Otherwise, additional testing is performed and, to the extent such additional testing results in a conclusion that the carrying value of goodwill exceeds its implied fair value, an impairment loss is recognized. For evaluation purposes, the Corporation is considered to be a single reporting unit. Accordingly, our goodwill relates to value inherent in the banking business and the value is dependent upon our ability to provide quality, cost effective services in a highly competitive local market. This ability relies upon continuing investments in processing systems, the development of value-added service features and the ease of use of our services. As such, goodwill value is supported ultimately by revenue that is driven by the volume of business transacted. A decline in earnings as a result of a lack of growth or the inability to deliver cost effective services over sustained periods can lead to impairment of goodwill, which could adversely impact earnings in future periods. ASC Topic 350 requires an annual evaluation of goodwill for impairment. The determination of whether or not these assets are impaired involves significant judgments and estimates. At December 31, 201 7 , the date of the Corporation’s annual impairment evaluation, the estimated fair value of the Corporation, as determined by the price of its common stock, exceeded the carrying amount of the Corporation’s common equity. Based on this analysis, management concluded that the recorded value of goodwill at December 31, 2017 was not impaired. However, future changes in strategy and/or market conditions could significantly impact this conclusion and require adjustments to recorded asset balances. Management will continue to evaluate goodwill for impairment on an annual basis and as events occur or circumstances change. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Deposits [Abstract] | |
Deposits | 11. Deposits The aggregate amount of time deposits in denomination of $250,000 or more was $66.9 million at December 31, 2017 and $45.6 million at December 31, 2016. The aggregate amount of time deposits with a minimum denomination of $100,000 was $ 126.5 million and $ 123.9 million at December 31, 2017 and 2016, respectively. At December 31, 2017, $ . 2 millio n of deposit overdrafts were re-classified as loans. The following is a summary of the scheduled maturities of all time deposits as of December 31, 2017 (in thousands): 2018 $ 97,039 2019 36,164 2020 33,238 2021 41,328 2022 26,358 Thereafter 0 Total $ 234,127 In the ordinary course of business, executive officers and directors of the Corporation, including their families and companies in which certain directors are principal owners, were deposit customers of the Bank. Pursuant to the Bank’s policies, such deposits are on the same terms as those prevailing at the time for comparable deposits with persons who are not related to the Cor poration. At December 31, 2017 , executive officers and directors had approximately $7.9 million in deposits with the Bank. |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2017 | |
Borrowed Funds [Abstract] | |
Borrowed Funds | 12. Borrowed Funds The following is a summary of short-term borrowings at December 31, 2017 and 2016 with original maturities of less than one year : (Dollars in thousands) 2017 2016 Securities sold under agreements to repurchase: Outstanding at end of year $ 48,845 $ 36,000 Weighted average interest rate at year end 0.15% 0.16% Maximum amount outstanding as of any month end $ 58,438 $ 39,456 Average amount outstanding $ 37,326 $ 30,899 Approximate weighted average rate during the year 0.19% 0.19% At December 31, 2017 , the repurchase agreements were secured by $ 60.5 million in investment securities . The following is a summary of long-term borrowings at December 31, 2017 and 2016 with original maturities exceeding one year: (In thousands) 2017 2016 FHLB advances, bearing fixed interest rates ranging from 1.54% to 3.69% at December 31, 2017 $ 90,000 $ 90,007 Junior subordinated debt, bearing variable interest rate of 3.74% at December 31, 2017 30,929 30,929 Junior subordinated debt, bearing fixed interest rate of 9.88% at December 31, 2016 0 10,801 Total long-term debt $ 120,929 $ 131,737 At December 31, 2017 , the long-term FHLB advances were secured by $176.2 million in loans. The contractual maturities of long-term borrowings at December 31, 2017 and 2016 are as follows: 2017 Fixed Floating 2016 (in thousands) Rate Rate Total Total Due in 2018 $ 20,000 $ 0 $ 20,000 $ 20,000 Due in 2019 20,000 0 20,000 20,000 Due in 2020 30,000 0 30,000 30,000 Due in 2021 20,000 0 20,000 20,000 Thereafter 0 30,929 30,929 41,737 Total long-term debt $ 90,000 $ 30,929 $ 120,929 $ 131,737 The Bank has a borrowing capacity agreement with the FHLB in an amount equal to 30% of the Bank ’s assets. At December 31, 2017 , the available line of credit equaled $ 395.9 million. This line of credit , which can be used for both short and long-term funding, can only be utilized to the extent of available collateral. The line is secured by certain qualified mortgage, commercial and home equity loans and investment securities as follows (in thousands): 1-4 family mortgage loans $ 119,482 Commercial loans 26,069 Multi-family loans 3,422 Home equity loans 27,274 $ 176,247 At December 31, 2017, $ 86.2 million was available for additional borrowings. The Bank also has various unsecured lines of credit totaling $ 75.0 million with various financial institutions and a $ 7.0 million secured line with the Federal Reserve to meet daily liquidity requirements. As of December 31, 2017, there were no borrowings under these credit facilities. In addition, there was approximately $103.9 million of available funding through brokered money market funds at December 31, 2017. Repurchase Agreements - The Bank has retail repurchase agreements with customers within its local market areas. Repurchase agreements generally have maturities of one to four days from the transaction date. These borrowings are collateralized with securities that we own and are held in safekeeping at independent correspondent banks. FHLB Advances - The FHLB advances consist of various borrowings with maturities generally ranging from five to 10 years with initial fixed rate periods of one, two or three years. After the initial fixed rate period, the FHLB has one or more options to convert each advance to a LIBOR based, variable rate advance, but the Bank may repay the advance in whole or in part, without a penalty, if the FHLB exercises its option. At all other times, the Bank’s early repayment of any advance could be subject to a prepayment penalty . |
Junior Subordinated Debentures
Junior Subordinated Debentures and Restrictions on Dividends | 12 Months Ended |
Dec. 31, 2017 | |
Junior Subordinated Debentures and Restrictions on Dividends [Abstract] | |
Junior Subordinated Debentures and Restrictions on Dividends | 13. Junior Subordinated Debentures and Restrictions on Dividends In March 2004 , the Trusts issued preferred securities with an aggregate liquidation amount of $ 30.0 million to third-party investors and issued common equity with an aggregate liquidation amount of $ .9 million to First United Corporation. The Trusts used the proceeds of these offerings to purchase an equal amount of TPS Debentures, as follows: $ 20.6 million —floating rate payable quarterly based on three-month LIBOR plus 275 basis points ( 4.35 % at December 31, 2017), maturing in 2034 , became redeemable five years after issuance at First United Corporation’s option. $ 10.3 million --floating rate payable quarterly based on three-month LIBOR plus 275 basis points ( 4.35 % at December 31, 2017) maturing in 2034 , became redeemable five years after issuance at First United Corporation’s option. In December 2009 , Trust III issued 9.875 % fixed-rate preferred securities with an aggregate liquidation amount of approximately $ 7.0 million to private investors and issued common securities to First United Corporation with an aggregate liquidation amount of approximately $ .2 million. Trust III used the proceeds of the offering to purchase approximately $ 7.2 million of 9.875 % fixed-rate TPS Debentures. Interest on these TPS Debentures are payable quarterly, and the TPS Debentures mature in 2040 but are redeemable five years after issuance at First United Corporation’s option. In January 2010 , Trust III issued an additional $ 3.5 million of 9.875 % fixed-rate preferred securities to private investors and issued common securities to First United Corporation with an aggregate liquidation amount of $ .1 million. Trust III used the proceeds of the offering to purchase $ 3.6 million of 9.875 % fixed-rate TPS Debentures. Interest on these TPS Debentures are payable quarterly, and the TPS Debentures mature in 2040 but are redeemable five years after issuance at First United Corporation’s option. In March 2017, the Corporation repaid all of the outstanding TPS Debentures issued to and held by Trust III, and Trust III in turn redeemed all of its outstanding securities from its security holders. The $10.8 million repayment was consummated following the Corporation’s common stock rights offering that closed on March 20, 2017. The TPS Debentures issued to each of the Trusts represent the sole assets of that Trust, and payments of the TPS Debentures by First United Corporation are the only sources of cash flow for the Trust. First United Corporation has the right, without triggering a default, to defer interest on all of the TPS Debentures for up to 20 quarterly periods, in which case distributions on the preferred securities will also be deferred. Should this occur, the Corporation may not pay dividends or distributions on, or repurchase, redeem or acquire any shares of its capital stock. Refer to Note 4 for further details. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2017 | |
Preferred Stock [Abstract] | |
Preferred Stock | 14. Preferred Stock On January 30, 2009, pursuant to the Troubled Asset Relief program Capital Purchase Program adopted by the U.S. Department of the Treasury (the “Treasury”), First United Corporation issued to the Treasury 30,000 shares of its Series A Preferred Stock and a Warrant to purchase 326,323 shares of common stock at an exercise price of $13.79 per share, for an aggregate consideration of $30.0 million. The proceeds from this transaction qualified as Tier 1 capital and the Warrant qualified as tangible common equity. On December 4, 2014, the Treasury sold all of its shares of Series A Preferred stock to third-party investors. On May 26, 2015, the Corporation repurchased the warrant from the Treasury for $120,786 , which is included in other expense. The warrant was canceled and as a result of the repurchase, the Treasury has no remaining equity investment in the Corporation. First United Corporation redeemed all outstanding shares of Series A Preferred Stock as follows: (i) 10,000 shares, having an aggregate liquidation amount of $10.0 million, on February 14, 2016, (ii) 10,000 shares, having an aggregate liquidation amount of $10.0 million, on March 21, 2017; and (iii) 10,000 shares, having an aggregate liquidation amount of $10.0 million, on November 15, 2017. The holders of the Series A Preferred Stock were entitled to receive, if and when declared by the Board of Directors, out of assets legally available for payment, cumulative cash dividends at a rate per annum of 5% per share on a liquidation amount of $1,000 per share of Series A Preferred Stock with respect to each dividend period from January 30, 2009 to, but excluding, February 15, 2014. From and after February 15, 2014, holders of Series A Preferred Stock were entitled to receive cumulative cash dividends at a rate per annum of 9% per share on a liquidation amount of $1,000 per share with respect to each dividend period thereafter. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2017 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | 15. Variable Interest Entities As noted in Note 14, First United Corporation created the Trusts for the purposes of raising regulatory capital through the sale of mandatorily redeemable preferred capital securities to third party investors and common equity interests to First United Corporation. The Trusts are considered VIEs, but are not consolidated because First United Corporation is not the primary beneficiary of the Trusts. At December 31 , 2017 , the Corporation reported all of the $30.9 million of TPS Debentures issued in connection with these offerings as long-term borrowings, and it reported its $.9 million equity interest in the Trusts as “Other Assets”. In November 2009, the Bank became a 99.99% limited partner in Liberty Mews . Liberty Mews was financed with a total of $10.6 million of funding, including a $6.1 million equity contribution from the Bank as the limited partner. Liberty Mews used the proceeds from these sources to purchase land and construct thereon a 36-unit low income housing rental complex at a total cost of $10.6 million. The total assets of Liberty Mews were $8.6 million at December 31, 2017 and $8.8 million at December 31, 2016 . Through December 31, 2017 , the Bank had made contributions to Liberty Mews totaling $6.1 million. The project for which Liberty Mews was formed was completed in June 2011, and the Bank is entitled to $8.4 million in federal investment tax credits over a 10 -year period as long as certain qualifying hurdles are maintained. The Bank will also receive the benefit of tax operating losses from Liberty Mews the extent of its capital contribution. The investment in Liberty Mews assists the Bank in achieving its community reinvestment initiatives. Because Liberty Mews is considered to be a VIE, management performed an analysis to determine whether its involvement with Liberty Mews would lead it to determine that it must consolidate Liberty Mews. In performing its analysis, management evaluated the risks creating the variability in Liberty Mews and identified which activities most significantly impact the VIE’s economic performance. Finally, it examined each of the variable interest holders to determine which, if any, of the holders was the primary beneficiary based on their power to direct the most significant activities and their obligation to absorb potentially significant losses of Liberty Mews. The Bank, as a limited partner, generally has no voting rights. The Bank is not in any way involved in the daily management of Liberty Mews and has no other rights that provide it with the power to direct the activities that most significantly impact Liberty Mews’ economic performance, which are to develop and operate the housing project in such a manner that complies with specific tax credit guidelines. As a limited partner, there is no recourse to the Bank by the creditors of Liberty Mews. The tax credits that result from the Bank’s investment in Liberty Mews are generally subject to recapture should the partnership fail to comply with the applicable government regulations. The Bank has not provided any financial or other support to Liberty Mews beyond its required capital contributions and does not anticipate providing such support in the future. Management currently believes that no material losses are probable as a result of the Bank’s investment in Liberty Mews. On the basis of management’s analysis, the general partner is deemed to be the primary beneficiary of Liberty Mews. Because the Bank is not the primary beneficiary, Liberty Mews has not been included in the Corporation’s consolidated financial statements. The Corporation accounts for the Bank’s investment in Liberty Mews utilizing the effective yield method under guidance that applies specifically to investments in limited partnerships that operate qualified affordable housing projects. Under the effective yield method, the investor recognizes tax credits as they are allocated and amortizes the initial cost of the investment to provide a constant effective yield over the period that tax credits are allocated to the investor. The effective yield is the internal rate of return on the investment, based on the cost of the investment and the guaranteed tax credits allocated to the investor. The tax credit allocated, net of the amortization of the investment in the limited partnership, is recognized in the income statement as a component of income taxes attributable to continuing operations. The Corporation’s tax expense for the year ended December 31, 2017 was approximately $.8 million lower as a result of the impact of the tax credits and the tax losses relating to the partnership. At December 31, 2017 and December 31, 2016 , the Corporation included the Bank’s total investment in Liberty Mews in “Other Assets” in its Consolidated Statements of Financial Con dition. As of December 31, 2017, the Corporation’s commitment in Liberty Mews is fully funded. The following table presents details of the Bank’s involvement with Liberty Mews at the dates indicated: (In thousands) 2017 2016 Investment in LIHTC Partnership Carrying amount on Balance Sheet of: Investment (Other Assets) $ 2,562 $ 3,223 Maximum exposure to loss 2,562 3,223 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss ("AOCL") | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Loss ("AOCL") [Abstract] | |
Accumulated Other Comprehensive Loss ("AOCL") | 16. Accumulated Other Comprehensive Loss (“AOCL”) The following table presents the changes in each component of accumulated other comprehensive loss for the years ended December 31 , 2017 and 2016 : Investment Investment Investment securities- securities- securities- Cash Flow Pension (in thousands) with OTTI AFS all other AFS HTM Hedge Plan SERP Total Accumulated OCL, net: Balance - January 1, 2016 $ (1,942) $ (2,024) $ (1,971) $ (39) $ (12,663) $ (305) $ (18,944) Other comprehensive income/(loss) before reclassifications (421) (929) 0 461 (2,086) (466) (3,441) Amounts reclassified from accumulated other comprehensive loss (5) (265) 617 0 517 56 920 Balance - December 31, 2016 $ (2,368) $ (3,218) $ (1,354) $ 422 $ (14,232) $ (715) $ (21,465) Other comprehensive income/(loss) before reclassifications 31 638 0 59 (445) (82) 201 Amounts reclassified from accumulated other comprehensive loss (121) 36 253 0 781 105 1,054 Reclassification of certain tax effects 1 (481) (435) (246) 101 (3,170) (152) (4,383) Balance - December 31, 2017 $ (2,939) $ (2,979) $ (1,347) $ 582 $ (17,066) $ (844) $ (24,593) (1) Refer to Note 1 for more discussion of tax reform The following tables present the components of other comprehensive income/(loss) for t he years ended December 31, 2017 and 2016: Components of Other Comprehensive Income (in thousands) Before Tax Amount Tax (Expense) Benefit Net For the year ended December 31, 2017 Available for sale (AFS) securities with OTTI: Unrealized holding gains $ 42 $ (11) $ 31 Less: accretable yield recognized in income 166 (45) 121 Net unrealized losses on investments with OTTI (124) 34 (90) Available for sale securities – all other: Unrealized holding gains 874 (236) 638 Plus: losses recognized in income (49) 13 (36) Net unrealized gains on all other AFS securities 923 (249) 674 Held to maturity securities: Unrealized holding gains 0 0 0 Less: amortization recognized in income (346) 93 (253) Net unrealized gains on HTM securities 346 (93) 253 Cash flow hedges: Unrealized holding gains 81 (22) 59 Net unrealized gains on cash flow hedges 81 (22) 59 Pension Plan: Unrealized net actuarial loss (609) 164 (445) Less: amortization of unrecognized loss (1,057) 285 (772) Less: amortization of transition asset 0 0 0 Less: amortization of prior service costs (12) 3 (9) Net pension plan liability adjustment 460 (124) 336 SERP: Unrealized net actuarial loss (112) 30 (82) Less: amortization of unrecognized loss (146) 39 (107) Less: amortization of prior service costs 3 (1) 2 Net SERP liability adjustment 31 (8) 23 Other comprehensive income $ 1,717 $ (462) $ 1,255 Components of Other Comprehensive Loss (in thousands) Before Tax Amount Tax (Expense) Benefit Net For the year ended December 31, 2016 Available for sale (AFS) securities with OTTI: Unrealized holding losses $ (700) $ 279 $ (421) Less: accretable yield recognized in income 9 (4) 5 Net unrealized losses on investments with OTTI (709) 283 (426) Available for sale securities – all other: Unrealized holding losses (1,545) 616 (929) Plus: gains recognized in income 440 (175) 265 Net unrealized losses on all other AFS securities (1,985) 791 (1,194) Held to maturity securities: Unrealized holding gains 0 0 0 Less: amortization recognized in income (1,026) 409 (617) Net unrealized gains on HTM securities 1,026 (409) 617 Cash flow hedges: Unrealized holding gains 766 (305) 461 Pension Plan: Unrealized net actuarial loss (3,468) 1,382 (2,086) Less: amortization of unrecognized loss (848) 338 (510) Less: amortization of transition asset 0 0 0 Less: amortization of prior service costs (12) 5 (7) Net pension plan liability adjustment (2,608) 1,039 (1,569) SERP: Unrealized net actuarial loss (775) 309 (466) Less: amortization of unrecognized loss (73) 29 (44) Less: amortization of prior service costs (20) 8 (12) Net SERP liability adjustment (682) 272 (410) Other comprehensive loss $ (4,192) $ 1,671 $ (2,521) The following tables present the details of accu mulated other comprehensive loss components for the years ended December 31, 2017 and 2016: Amount Reclassified from Accumulated Other Comprehensive Loss Details of Accumulated Other Comprehensive Loss Components (in thousands) 2017 Affected Line Item in the Statement Where Net Income is Presented Net unrealized losses on investment securities with OTTI: Accretable Yield $ 166 Interest income on taxable investment securities Taxes (45) Tax expense Reclassification of certain tax effects 481 Retained Earnings $ 602 Net of tax Net unrealized gains on available for sale investment securities - all other: Losses on sales $ (49) Net gains - other Taxes 13 Tax benefit Reclassification of certain tax effects 435 Retained Earnings $ 399 Net of tax Net unrealized gains on held to maturity investment securities: Amortization $ (346) Interest income on taxable investment securities Taxes 93 Tax benefit Reclassification of certain tax effects 246 Retained Earnings $ (7) Net of tax Net unrealized gains on cash flow hedges: Reclassification of certain tax effects (101) Retained Earnings $ (101) Net of tax Net pension plan liability adjustment: Amortization of unrecognized loss $ (1,057) Salaries and employee benefits Amortization of transition asset 0 Salaries and employee benefits Amortization of prior service costs (12) Salaries and employee benefits Taxes 288 Tax benefit Reclassification of certain tax effects 3,170 Retained Earnings $ 2,389 Net of tax Net SERP liability adjustment: Amortization of unrecognized loss $ (146) Salaries and employee benefits Amortization of prior service costs 3 Salaries and employee benefits Taxes 38 Tax benefit Reclassification of certain tax effects 152 Retained Earnings $ 47 Net of tax Total reclassifications for the period $ 3,329 Net of tax Amount Reclassified from Accumulated Other Comprehensive Loss Details of Accumulated Other Comprehensive Loss Components (in thousands) 2016 Affected Line Item in the Statement Where Net Income is Presented Net unrealized losses on investment securities with OTTI: Accretable Yield 9 Interest income on taxable investment securities Taxes (4) Tax expense $ 5 Net of tax Net unrealized losses on available for sale investment securities - all other: Gain on Sales $ 440 Net gains - other Taxes (175) Tax expense $ 265 Net of tax Net unrealized gains on held to maturity investment securities: Amortization $ (1,026) Interest income on taxable investment securities Taxes 409 Tax benefit $ (617) Net of tax Net pension plan liability adjustment: Amortization of unrecognized loss (848) Salaries and employee benefits Amortization of transition asset 0 Salaries and employee benefits Amortization of prior service costs (12) Salaries and employee benefits Taxes 343 Tax benefit $ (517) Net of tax Net SERP liability adjustment: Amortization of unrecognized loss (73) Salaries and employee benefits Amortization of prior service costs (20) Salaries and employee benefits Taxes 37 Tax benefit $ (56) Net of tax Total reclassifications for the period $ (920) Net of tax |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | 17. Income Taxes The provision for income taxes consists of the following for t he years ended December 31, 2017 and 2016 : (In thousands) 2017 2016 Current Tax (benefit)/expense: Federal $ (2,803) $ 622 State 491 44 $ (2,312) $ 666 Deferred tax expense: Federal $ 6,038 $ 1,694 State (7) 423 Tax Reform impact 3,226 0 $ 9,257 $ 2,117 Income tax expense for the year $ 6,945 $ 2,783 The reconciliation between the statutory federal income tax rate and effective income tax rate for the years ended December 31, 2 017 and 2016 is as follows: 2017 2016 Federal statutory rate 35.0% 35.0% Tax-exempt income on securities and loans (2.8) (2.9) Tax-exempt BOLI income (3.4) (5.0) State income tax, net of federal tax benefit 4.7 4.5 Tax credits (3.4) (4.4) Tax Reform impact 26.4 0.0 Other 0.3 0.4 56.8% 27.6% Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Corporation’s temporary dif ferences as of December 31, 2017 and 2016 are as follows: (In thousands) 2017 2016 Deferred tax assets: Allowance for loan losses $ 2,695 $ 3,952 Deferred loan fees 126 164 Deferred compensation 666 912 Federal and state tax loss carry forwards 3,370 4,849 AMT and other carry forwards 2,525 5,147 Unrealized loss on investment securities 2,429 4,705 Pension/SERP 1,485 2,883 Other than temporary impairment on investment securities 800 1,244 Other real estate owned 741 1,408 Other 78 222 Total deferred tax assets 14,915 25,486 Valuation allowance (2,380) (1,856) Total deferred tax assets less valuation allowance 12,535 23,630 Deferred tax liabilities: Amortization of goodwill (2,424) (3,197) Depreciation (690) (730) Other (169) (366) Total deferred tax liabilities (3,283) (4,293) Net deferred tax assets $ 9,252 $ 19,337 The Tax Cuts and Jobs Act was enacted on December 22, 2017 and, among things, reduces the U.S. federal income tax rate for C Corporations from 35% to 21% . As described below, the Corporation has made a reasonable estimate of the effects on its existing net deferred tax assets as of December 31, 2017. The Corporation revalued all of its deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future. The Corporation recognized a tax expense of $3.2 million in its tax provision for the year ended December 31, 2017 as a result of adjusting its deferred tax balance to reflect the new corporate income tax rate. Deferred tax assets and liabilities related to available for sale securities gains/(losses), pension and SERP, and interest rate SWAPs that were evaluated as of December 31, 2017 noted above created a “stranded tax effect” in Accumulated Other Comprehensive Loss (“AOCL”) due to the enactment of the Tax Act. The issue arose due to the nature of GAAP recognition of tax rate change effects on the AFS (DTA/DTL) revaluation as an adjustment to income tax provision. In February 2018, FASB issued ASU 2018-02 – Income Statement – Reporting Comprehensive Income (Topic 220). The Corporation early adopted the provisions of ASU 2018-02 and recorded a one-time reclassification of $4.4 million from AOCL to retained earnings for the stranded tax effects resulting from the newly enacted tax rate. The amount of the reclassification was the difference between the 35 percent historical corporate tax rate and the newly enacted 21 percent corporate tax rate. See Statement of Changes in Shareholders’ Equity for details of the reclassification. In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income of the appropriate character (for example, ordinary income or capital gain) within the carry-back or carry-forward period available under the tax law during the periods in which temporary differences are deductible. The Corporation has considered future market growth, forecasted earnings, future taxable income, and feasible and permissible tax planning strategies in determining whether it will be able to realize the deferred tax asset. If the Corporation were to determine that it will not be able to realize a portion of its net deferred tax asset in the future for which there is currently no valuation allowance, an adjustment to the net deferred tax asset would be charged to earnings in the period such determination was made. Conversely, if the Corporation were to make a determination that it is more likely than not that the deferred tax assets for which there is a valuation allowance will be realized, the related valuation allowance would be reduced and a benefit would be recorded. At December 31, 2017, the Corporation had federal net operating losses (“NOLs”) of approximately $3.8 million and West Virginia NOLs of approximately $3.9 million for which deferred tax assets of $.8 million and $.2 million, respectively, have been recorded at December 31, 2017. The federal NOLs were created in 2014 and 2016 and will begin to expire in 2037 . West Virginia NOLs were created in 2010, 2012, 2014 and 2016 and will begin to expire in 2031. Management has determined that a deferred tax valuation allowance for these NOLs is not required for 2017 because management believes it is more likely than not (defined a level of likelihood that is more than 50%) that these deferred tax assets will be realized prior to the expiration of their carry-forward periods. At December 31, 2017, the Corporation had Maryland NOLs of $39.5 million for which a deferred tax asset of $2.4 million has been recorded. There has been and continues to be a full valuation allowance on these NOLs based on the fact that management’s belief that it is more likely than not that these NOLs will not be realized prior to the expiration of their carry-forward periods because the Corporation files a separate Maryland income tax return, the Corporation has recurring tax losses, and management believes the Corporation will not generate sufficient taxable income in the future to fully utilize the NOLs. The valuation allowance of $2.4 million at December 31, 2017 reflects an increase of $.5 million from the level at December 31, 2016. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 18. Employee Benefit Plans First United Corporation sponsors a noncontributory defined benefit pension plan (the “Pension Plan”) covering the employees who were hired prior to the freeze and others who were grandfathered into the plan. The benefits are based on years of service and the employees’ compensation during the last five years of employment. Effective April 30, 2010, the Pension Plan was amended, resulting in a “soft freeze”, the effect of which prohibits new entrants into the plan and ceases crediting of additional years of service, after that date. Effective January 1, 2013, the Pension Plan was amended to unfreeze it for those employees for whom the sum of (i) their ages, at their closest birthday, plus (ii) years of service for vesting purposes equals 80 or greater. The “soft freeze” continues to apply to all other plan participants. Pension benefits for these participants will be managed through discretionary contributions to the First United Corporation 401(k) Profit Sharing Plan (the “401(k) Plan”). During 2001, the Bank established an unfunded supplemental executive retirement plan (the “SERP”). The SERP is available only to a select group of management or highly compensated employees to provide supplemental retirement benefits in excess of limits imposed on qualified plans by federal tax law. Concurrent with the establishment of the SERP, the Bank acquired BOLI policies on the senior management personnel and officers of the Bank. The benefits resulting from the favorable tax treatment accorded the earnings on the BOLI policies are intended to provide a source of funds for the future payment of the SERP benefits as well as other employee benefit costs. The benefit obligation activity for both the Pension Plan and SERP was calculated using an actuarial measurement date of January 1. Plan assets and the benefit obligations were calculated using an actuarial measurement date of December 31. On January 9, 2015, First United Corporation and members of management who do not participate in the SERP entered into participation agreements under the Deferred Compensation Plan, each styled as a SERP Alternative Participation Agreement (the “Participation Agreement”). Pursuant to each Participation Agreement, First United Corporation agreed, for each Plan Year (as defined in the Deferred Compensation Plan) in which it determines that it has been Profitable (as defined in the Participation Agreement), to make a discretionary contribution to the participant’s Employer Account in an amount equal to 15% of the participant’s base salary level for such Plan Year, with the first Plan Year being the year ending December 31, 2015. The Participation Agreement provides that the participant will become 100% vested in the amount maintained in his or her Employer Account upon the earliest to occur of the following events: (i) Normal Retirement (as defined in the Participation Agreement); (ii) Separation from Service (as defined in the Participation Agreement) following a Change of Control (as defined in the Deferred Compensation Plan) and subsequent Triggering Event (as defined in the Participation Agreement); (iii) Separation from Service due to a Disability (as defined in the Participation Agreement); (iv) with respect to a particular award of Employer Contribution Credits, the participant’s completion of two consecutive Years of Service (as defined in the Participation Agreement) immediately following the Plan Year for which such award was made; or (v) death. Notwithstanding the foregoing, however, a participant will lose entitlement to the amount maintained in his or her Employer Account in the event employment is terminated for Cause (as defined in the Participation Agreement). In addition, the Participation Agreement conditions entitlement to the amounts held in the Employer Account on the participant (a) refraining from engaging in Competitive Employment (as defined in the Participation Agreement) for three years following his or her Separation from Service, (b) refraining from injurious disclosure of confidential information concerning the Corporation, and (c) remaining available, at the First United Corporation’s reasonable request, to provide at least six hours of transition services per month for 12 months following his or her Separation from Service (except in the case of death or Disability), except that only item (b) will apply in the event of a Separation from Service following a Change of Control and subsequent Triggering Event. In January 2016, the Board of Directors of First United Corporation approved a discretionary contribution in the amount of $63,500 on two participants . The contribution had a two - year vesting period and $31,770 of SERP Alternative expense was recorded in 201 7 and 2016, respectively . In January 2017, a discretionary contribution in the amount of $112,708, on four participants, was approved by the Board of Directors of First United Corporation. The contribution also has a two -year vesting period and $56,354 of SERP Alternative expense was recorded in 2017. In January 2018, a discretionary contribution in the amount of $119,252 on four participants was approved by the Board of Directors of First United Corporation. This contribution will be expensed through 2019. The following tables summarize benefit obligation and funded status, plan asset activity, components of net pension cost, and weighted average assumptions for the Pension Plan and the SERP : Pension SERP (in thousands) 2017 2016 2017 2016 Change in Benefit Obligation Obligation at the beginning of the year $ 41,086 $ 39,416 $ 7,302 $ 6,289 Service cost 278 305 113 100 Interest cost 1,650 1,740 293 279 Change in discount rate and mortality assumptions 3,285 3,127 0 0 Actuarial losses 450 149 112 775 Settlement losses 0 (268) 0 0 Benefits paid (1,774) (3,383) (207) (141) Obligation at the end of the year 44,975 41,086 7,613 7,302 Change in Plan Assets Fair value at the beginning of the year 40,989 39,200 0 0 Actual return on plan assets 5,001 2,172 0 0 Employer contribution 3,000 3,000 207 141 Benefits paid (1,774) (3,383) (207) (141) Fair value at the end of the year 47,216 40,989 0 0 Funded/(Unfunded) Status $ 2,241 $ (97) $ (7,613) $ (7,302) Pension SERP (in thousands) 2017 2016 2017 2016 Components of Net Pension Cost Service cost $ 278 $ 305 $ 113 $ 100 Interest cost 1,650 1,740 293 279 Expected return on assets (3,002) (2,796) 0 0 Amortization of transition asset 0 0 0 0 Amortization of recognized loss 1,057 848 146 73 Amortization of prior service cost 12 12 (3) 20 Net pension (income)/expense in employee benefits $ (5) $ 109 $ 549 $ 472 Weighted Average Assumptions used to determine benefit obligations: Discount rate for benefit obligations 3.60% 4.10% 4.00% 4.00% Discount rate for net pension cost 4.10% 4.50% 0 0 Expected long-term return on assets 7.00% 7.00% 0 0 Rate of compensation increase 3.00% 3.00% 3.00% 3.00% Mortality tables RP-2014 RP-2014 N/A N/A The accumulated benefit obligation for the Pension Plan was $41.8 million and $ 38.2 million at December 31, 2017 and 2016 , respectively. The accumulated benefit obligation for the SERP was $ 7.6 m illion and $6.3 million at December 31, 2017 and 2016 , respectively. During the fourth quarter of 2016, the Corporation offered a temporary lump sum window in its Pension Plan under which terminated employees who had not yet started to receive their pension benefits could elect to receive lump sum payments in lieu of any future pension benefits. Approximately 90 participants elected to receive lump sum payments, and lump sum payments totaling $1.7 million were made from the Pension Plan. This window closed on December 1, 2016. The investment assets of a defined benefit plan are managed with the goal of providing for retiree distributions while also supporting long-term plan obligations with a moderate level of portfolio risk. In order to address the variability over time of both risk and return, the plan investment strategy entails a dynamic approach to asset allocation, providing for normalized targets for major asset classes, with the ability to tactically adjust within the following specified ranges around those targets. Asset Class Normalized Target Range Cash 5% 0% - 20% Fixed Income 40% 30% - 50% Equities 55% 45% - 65% Decisions regarding tactical adjustments within the above noted ranges for asset classes are based on a top down review of factors expected to have material impact on the risk and reward dynamics of the portfolio as a whole. Such factors include, but are not limited to, the following: · Anticipated domestic and international economic growth as a whole; · The position of the economy within its longer term economic cycle; and · The expected impact of economic vitality, cycle positioning, financial market risks, industry/demographic trends and political forces on the various market sectors and investment styles. With respect to individual company securities, additional company specific matters are considered, which could include management track record and guidance, future earnings expectations, current relative price expectations and the impact of identified risks on expected performance, among others. A core equity position of large cap stocks will be maintained, with more aggressive or volatile sectors meaningfully represented in the asset mix in pursuit of higher returns. Strategic and specific investment decisions are guided by an in-house investment committee as well as a number of outside institutional resources that provide economic, industry and company data and analytics. It is management’s intent to give the Plan’s investment managers flexibility with respect to investment decisions and their timing within the overall guidelines. However, certain investments require specific review and approval by management. Management is also informed of anticipated changes in nonproprietary investment managers, significant modifications of any previously approved investment, or the anticipated use of derivatives to execute investment strategies. Portfolio risk is managed in large part by a focus on diversification across multiple levels as well as an emphasis on financial strength. For example, current investment policies restrict initial investments in debt securities to be rated investment grade at the time of purchase. Also, with the exception of the highest rated securities (e.g. - U.S. Treasury or government-backed agency securities), no more than 10% of the portfolio may be invested in a single entity’s securities. As a result of the previously noted approaches to controlling portfolio risk, any concentrations of risk would be associated with general systemic risks faced by industry sectors or the portfolio as a whole. Assets in the Pension Plan are valued by the Corporation’s accounting syste m provider who utilizes a third- party pricing service. Valuation data is based on actual market data for stocks and mutual funds (Level 1) and matrix pricing for bonds (Level 2). Cash and cash equivalents are also considered Level 1 within the fair value hierarchy . As of December 31, 2017 and 2016 , the value of Pension Plan investments was as follows: December 31, 2017 Fair Value Hierarchy (Dollars in thousands) Assets at Fair Value % of Portfolio Level 1 Level 2 Cash and cash equivalents $ 1,887 4.0% $ 1,887 $ 0 Fixed income securities: U.S. Government and Agencies 508 1.1% 0 508 Taxable municipal bonds and notes 4,070 8.6% 0 4,070 Corporate bonds and notes 10,483 22.2% 0 10,483 Preferred stock 540 1.1% 0 540 Fixed income mutual funds 3,031 6.4% 3,031 0 Total fixed income 18,632 39.4% 3,031 15,601 Equities: Large Cap 16,840 35.7% 16,840 0 Mid Cap 2,077 4.4% 2,077 0 Small Cap 1,974 4.2% 1,974 0 International 5,806 12.3% 5,806 0 Total equities 26,697 56.6% 26,697 0 Total market value $ 47,216 100.0% $ 31,615 $ 15,601 December 31, 2016 Fair Value Hierarchy (Dollars in thousands) Assets at Fair Value % of Portfolio Level 1 Level 2 Cash and cash equivalents $ 1,951 4.8% $ 1,951 $ 0 Fixed income securities: U.S. Government and Agencies 227 0.5% 0 227 Taxable municipal bonds and notes 3,630 8.9% 0 3,630 Corporate bonds and notes 9,500 23.2% 0 9,500 Preferred stock 492 1.2% 0 492 Fixed income mutual funds 2,682 6.5% 2,682 0 Total fixed income 16,531 40.3% 2,682 13,849 Equities: Large Cap 16,917 41.3% 16,917 0 Mid Cap 2,477 6.0% 2,477 0 Small Cap 1,199 2.9% 1,199 0 International 1,914 4.7% 1,914 0 Total equities 22,507 54.9% 22,507 0 Total market value $ 40,989 100.0% $ 27,140 $ 13,849 The expected rate of return on Pension Plan assets is based on a combination of the following: · Historical returns of the portfolio of assets; · Monte Carlo simulations of expected returns for a portfolio with strategic asset targets similar to the normalized targets; and · Market impact adjustments to reflect expected future investment environment considerations. At December 31, 2017, the 25-year average return on pension portfolio assets was 7.42 %, exceeding the expected long-term return of 7.00 % utilized for 2017. Considering that future equity returns are partially a function of current starting valuations and the general level of interest rates is at a historically low point, one could start to build a case for lower expected returns going forward. However, according to a recent Vanguard Global Economics Team white paper, over half of the volatility in expected returns is not explained by current valuations. As potential returns remain widely dispersed and expected returns are based on a time horizon that will likely exceed the timing of current concerns, it is considered appropriate to maintain the forward expected long-term rate of return of 7.00%. The Pension Plan did not hold any shares of First United Corporation common st ock at December 31, 2017 or 2016 . Estimated cash flows related to expected future benefit payments from the Pension Plan and SERP are as follows : (In thousands) Pension Plan SERP 2018 $ 1,850 $ 238 2019 1,971 308 2020 2,059 307 2021 2,192 363 2022 2,273 365 2023-2027 12,944 2,189 First United Corporation funded an annual contribution of $3.0 million to the pension plan in the first quarter of 2017. First United Corporation will continue to evaluate future annual contributions to the Pension Plan based upon its funded status and an evaluation of the future benefits to be provided thereunder. The Bank expects to fund the annual projected benefit payments for the SERP from operations. Amounts included in accumulated other comprehens ive loss as of December 31, 2017 and 201 6 , net of tax, are as follows: 2017 2016 (In thousands) Pension SERP Pension SERP Unrecognized net actuarial loss $ 17,883 $ 860 $ 14,335 $ 729 Unrecognized prior service costs 7 (8) 13 (8) $ 17,890 $ 852 $ 14,348 $ 721 The estimated costs that will be amortized from accumulated other comprehensive loss into net periodic pension cost during the next fiscal year are as follows: (In thousands) Pension SERP Prior service costs $ 9 $ (3) Net actuarial loss 1,200 161 $ 1,209 $ 158 |
401(k) Profit Sharing Plan
401(k) Profit Sharing Plan | 12 Months Ended |
Dec. 31, 2017 | |
401(k) Profit Sharing Plan [Abstract] | |
401(k) Profit Sharing Plan | 19. 401(k) Profit Sharing Plan In furtherance of First United Corporation’s belief that every employee should have the ability to accrue retirement benefits, it adopted the 401(k) Profit Sharing Plan, which is available to all employees, including executive officers. Employees are automatically entered in the plan on the first of the month following completion of 30 days of service to First United Corporation and/or its subsidiaries. Employees have the opportunity to opt out of participation or change their deferral amounts under the plan at any time. In addition to contributions by participants, the plan contemplates employer matching and the potential of discretionary contributions to the accounts of participants. First United Corporation believes that matching contributions encourage employees to participate and thereby plan for their post-retirement financial future. Beginning with the 2008 plan year, First United Corporation enhanced the match formula to 100 % on the first 1% of salary reduction and 50% on the next 5% of salary reduction. This match is accrued for all participants, including executive officers, immediately upon entering the plan on the first day of the month following the completion of 30 days of employment. The employee must be a plan participant and be actively employed on the last day of the plan year to share in the employer matching contribution, except in the case of death, disability or retirement of the participant. Additionally, First United Corporation accrued a non-elective employer contribution during 2017 for all employees other than employees who participate in the SERP and SERP Alternative and those employees meeting the age plus service requirement in the Pension Plan equal to 4.0% of each employee’s salary, and .5% of each employee’s salary hired before January 1, 2010, which will be paid in the first quarter of 2018. Expense charged to operations for the 401(k) Plan was $ 1.1 million in 2017 and $1.0 million in 2016. |
Federal Reserve Requirements
Federal Reserve Requirements | 12 Months Ended |
Dec. 31, 2017 | |
Federal Reserve Requirements [Abstract] | |
Federal Reserve Requirements | 20. Federal Reserve Requirements During 2013, the Federal Reserve modified its structure for institutions to calculate their reserve requirements with the Reserve Bank. Under these new calculations, the Bank was not required to maintain certain cash reserve levels as its vault cash exceeded the levels for reserve. |
Restrictions on Subsidiary Divi
Restrictions on Subsidiary Dividends, Loans or Advances | 12 Months Ended |
Dec. 31, 2017 | |
Restrictions on Subsidiary Dividends, Loans or Advances [Abstract] | |
Restrictions on Subsidiary Dividends, Loans or Advances | 2 1 . Restrictions on Subsidiary Dividends, Loans or Advances Federal and state banking regulations place certain restrictions on the amount of dividends paid and loans or advances made by the Bank to First United Corporation. The total amount of dividends that may be paid at any date is generally limited to the retained earnings of the Bank, and loans or advances are limited to 10 % of the Bank’s capital stock and surplus on a secured basis. In addition, dividends paid by the Bank to First United Corporation would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below applicable minimum capital requirements. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingent Liabilities [Abstract] | |
Commitments and Contingent Liabilities | 2 2 . Commitments and Contingent Liabilities We are at times, and in the ordinary course of business, subject to legal actions. Management believes that losses, if any, resulting from current legal actions will not have a material adverse effect on our financial condition or results of operations. Loan commitments are made to accommodate the financial needs of our customers. Loan commitments have credit risk essentially the same as that involved in extending loans to customers and are subject to normal credit policies. Commitments to extend credit generally have fixed expiration dates, may require payment of a fee, and contain cancellation clauses in the event of an adverse change in the customer’s credit quality. We do not issue any guarantees that would require liability recognition or disclosure other than the standby letters of credit issued by the Bank. Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party to support contractual obligations and to ensure job performance . Generally, the Bank’s letters of credit are issued with expiration dates within one year. Historically, most letters of credit expire unfunded, and therefore, cash requirements are substantially less than the total commitment. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank generally holds collateral and/or personal guarantees supporting letters of credit. Management believes that the proceeds obtained through a liquidation of collateral and the enforcement of guarantees would be sufficient to cover the potential amount of future payment required by the letters of credit. Management does not believe that the amount of the liability associated with guarantees under standby letters of credit outstanding at December 31, 201 7 and December 31, 201 6 is material. The following table is a summary of commitments as of December 31, 201 7 and 201 6 : (In thousands) 2017 2016 Loan commitments $ 126,742 $ 120,786 Commercial letters of credit 2,633 1,562 Total $ 129,375 $ 122,348 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | 2 3 . Fair Value of Financial Instruments The Corporation complies with the guidance of ASC Topic 820, Fair Value Measurements and Disclosures , which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements required under other accounting pronouncements . The Corporation also follows the guidance on matters relating to all financial instruments found in ASC Subtopic 825-10, Financial Instruments – Overall . Fair value is defined as the price to sell an asset or to transfer a liability in an orderly transaction between willing market participants as of the measurement date. Fair value is best determined by values quoted through active trading markets. Active trading markets are characterized by numerous transactions of similar financial instruments between willing buyers and willing sellers. Because no active trading market exists for various types of financial instruments, many of the fair values disclosed were derived using present value discounted cash flows or other valuation techniques described below. As a result, the Corporation’s ability to actually realize these derived values cannot be assumed. T he Corporation measures fair values based on the fair value hierarchy established in ASC Paragraph 820-10-35-37. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of inputs that may be used to measure fair value under the hierarchy are as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets and liabilities. This level is the most reliable source of valuation. Level 2: Quoted prices that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. Level 2 inputs include inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates). It also includes inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). Several sources are utilized for valuing these assets, including a contracted valuation service, Standard & Poor’s (“S&P”) evaluations and pricing services, and other valuation matrices. Level 3: Prices or valuation techniques that require inputs that are both significant to the valuation assumptions and not readily observable in the market (i.e. supported with little or no market activity). Level 3 instruments are valued based on the best available data, some of which is internally developed, and consider risk premiums that a market participant would require. The level established within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Transfers in and out of Level 1, 2 or 3 are recorded at fair value at the beginning of the reporting period. Management believes that the Corporation’s valuation techniques are appropriate and consistent with the techniques used by other market participants. However, the use of different methodologies and assumptions could result in a different estimate of fair values at the reporting date. T he following valuation techniques were used to measure the fair value of assets in the table below which are measured on a recurring and non-recurring basis as o f December 31, 2017 . Investments – The investment portfolio is classified and accounted for based on the guidance of ASC Topic 320, Investments – Debt and Equity Securities . The fair value of investments available-for-sale is determined using a market ap proach. As of December 31, 2017 , the U.S. Government agencies and treasuries, residential and commercial mortgage-backed securities, private label residential mortgage-backed securities, and municipal bonds segments are classified as Level 2 within the valuation hierarchy. Their fair values were determined based upon market-corroborated inputs and valuation matrices, which were obtained through third party data service providers or securities brokers through which we have historically transacted both purchases and sales of investment securities. The CDO segment, which consists of pooled trust preferred securities issued by banks, thrifts and insurance companies, is classified as Level 3 within the valuation hierarchy. At December 31, 2017, the Corporation owned 10 pooled trust preferred securities with an amortized cost of $19.7 million and a fair value of $14.9 million. The market for these securities at December 31, 2017 is not active and markets for similar securities are also not active. The inactivity was evidenced first by a significant widening of the bid-ask spread in the brokered markets in which these securities trade and then by a significant decrease in the volume of trades relative to historical levels. The new issue market is also inactive, as few CDOs have been issued since 2007. There are currently very few market participants who are willing to effect transactions in these securities. The market values for these securities or any securities other than those issued or guaranteed by the Treasury are depressed relative to historical levels. Therefore, in the current market, a low market price for a particular bond may only provide evidence of stress in the credit markets in general rather than being an indicator of credit problems with a particular issue. Given the conditions in the current debt markets and the absence of observable transactions in the secondary and new issue markets, management has determined that (i) the few observable transactions and market quotations that are available are not reliable for the purpose of obtaining fair value at December 31 , 2017 , (ii) an income valuation approach technique (i.e. present value) that maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs will be equally or more representative of fair value than a market approach, and (iii) the CDO segment is appropriately classified within Level 3 of the valuation hierarchy because management determined that significant adjustments were required to determine fair value at the measurement date. Management believes that the valuation of certain securities is a critical accounting policy that requires significant estimates in preparation of its consolidated financial statements. Management utilizes an independent third party to prepare both the impairment valuations and fair value determinations for its CDO portfolio consisting of pooled trust preferred securities. Management perf orms due diligence on the third- party processes and believes that it has an adequate understanding of the analysis, assumptions and methodology used by the third party to prepare the fair value determination and the OTTI evaluation. Management reviews the qualifications of the third party and believes they are qualified to provide the analysis and pricing determinations. Quarterly, management reviews the third party’s detailed assumptions and analyzes its projected discounted present value results for reasonableness and consistency with the trend of prior projections. Annually, management performs stress tests of the assumptions used in the third party models and performs back tests of the assumptions and prepayment projections to validate the impairment model results. As a result of its due diligence process, management believes that the fair value presented and the OTTI recognized are appropriate. A total of $3.2 million in impairment losses were realized during the time period 2009 through 2011 on the CDO portfoli o remaining at December 31, 2017 . Due to the prior credit impairment, the securities in this portfolio have continued to be evaluated to determine whether any additional OTTI has occurred. Based on m anagement’s review of the third- party evaluations, management believes that there were no material differences in the valu ations between December 31, 2017 and December 31, 2016 . The approach used by the third party to determine fair value involved several steps, which included detailed credit and structural evaluation of each piece of collateral in each bond, projection of default, recovery and prepayment/amortization probabilities for each piece of collateral in the bond, and discounted cash flow modeling. The discount rate methodology used by the third party combines a baseline current market yield for comparable corporate and structured credit products with adjustments based on evaluations of the differences found in structure and risks associated with actual and projected credit performance of each CDO being valued. Currently, the only active and liquid trading market that exists is for stand-alone trust preferred securities, with a limited market for highly-rated CDO securities that are more senior in the capital structure than the securities in the CDO portfolio. Therefore, adjustments to the baseline discount rate are also made to reflect the additional leverage found in structured instruments. Derivative financial instruments (Cash flow hedge) – The Corporation’s open derivative positions are interest rate swap agreements. Those classified as Level 2 open derivative positions are valued using externally developed pricing models based on observable market inputs provided by a third party and validated by management. The Corporation has considered counterparty credit risk in the valuation of its interest rate swap assets. Impaired loans – Loans included in the table below are those that are considered impaired with a specific allocation based upon the guidance of the loan impairment subsection of the Receivables Topic, ASC Section 310-10-35, under which the Corporation has measured impairment generally based on the fair value of the loan’s collateral. Fair value consists of the loan balance less its valuation allowance and is generally determined based on independent third-party appraisals of the collateral or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values based upon the lowest level of input that is significant to the fair value measurements. Other real estate owned – Fair value of other real estate owned was based on independent third-party appraisals of the properties. These values were determined based on the sales prices of similar properties in the approximate geographic area. These assets are included as Level 3 fair values based upon the lowest level of input that is significant to the fair value measurements. For Level 3 assets and liabilities measured at fair value on a recurring and non-recurri ng basis as of December 31, 2017 and 2016 , the significant unobservable inputs used in the fair value measurements were as follows: (in thousands) Fair Value at December 31, 2017 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Recurring: Investment Securities – available for sale - CDO $ 14,920 Discounted Cash Flow Discount Rate Range of Libor+ 4.5% to 5.5% Non-recurring: Impaired Loans $ 2,507 Market Comparable Properties Marketability Discount 10.0% to 15.0% (1) (weighted avg 10.9% ) OREO $ 1,841 Market Comparable Properties Marketability Discount 10.0% to 15.0% (1) (weighted avg 13.3% ) (in thousands) Fair Value at December 31, 2016 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Recurring: Investment Securities – available for sale - CDO $ 20,254 Discounted Cash Flow Discount Rate Range of Libor+ 4.5% to 5.5% Non-recurring: Impaired Loans $ 14,537 Market Comparable Properties Marketability Discount 4.6% to 31.0% (1) (weighted avg 6.5% ) OREO $ 1,201 Market Comparable Properties Marketability Discount 15% (1) Range would include discounts taken since appraisal and estimated values For assets measured at fair value on a recurring and non-recurring basis, the fair value measurements by level within the fair value hie rarchy used at December 31, 2017 and 2016 are as follows: Fair Value Measurements at December 31, 2017 Using (In Thousands) Assets Measured at Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 12/31/2017 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 29,256 $ 29,256 Commercial mortgage-backed agencies $ 40,891 $ 40,891 Collateralized mortgage obligations $ 40,384 $ 40,384 Obligations of states and political subdivisions $ 21,019 $ 21,019 Collateralized debt obligations $ 14,920 $ 14,920 Financial Derivative $ 781 $ 781 Non-recurring: Impaired loans $ 2,507 $ 2,507 Other real estate owned $ 1,841 $ 1,841 Fair Value Measurements at December 31, 2016 Using (In Thousands) Assets Measured at Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 12/31/2016 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 24,253 $ 24,253 Commercial mortgage-backed agencies $ 52,222 $ 52,222 Collateralized mortgage obligations $ 19,567 $ 19,567 Obligations of states and political subdivisions $ 23,704 $ 23,704 Collateralized debt obligations $ 20,254 $ 20,254 Financial Derivative $ 700 $ 700 Non-recurring: Impaired loans $ 14,537 $ 14,537 Other real estate owned $ 1,201 $ 1,201 There were no transfers of assets between any of the levels of the fair value hierarchy for t he years ended December 31, 2017 o r December 31, 2016 . The following tables show a reconciliation of the beginning and ending balances for fair valued assets measured using Level 3 significant unobservable inputs for the years ended December 31, 2017 and 2016 : Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (In Thousands) Investment Securities Available for Sale Beginning balance January 1, 2017 $ 20,254 Total gains/(losses) realized/unrealized: Included in earnings 0 Calls/maturities of investments (5,810) Included in other comprehensive income 476 Ending balance December 31, 2017 $ 14,920 The amount of total gains or losses for the period included in earnings attributable to the change in realized/unrealized gains or losses related to assets still held at the reporting date $ 0 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (In Thousands) Investment Securities Available for Sale Cash Flow Hedge Beginning balance January 1, 2016 $ 22,211 $ (66) Total gains/(losses) realized/unrealized: Included in earnings 0 0 Included in other comprehensive loss (1,957) 66 Ending balance December 31, 2016 $ 20,254 $ 0 The amount of total gains or losses for the period included in earnings attributable to the change in realized/unrealized gains or losses related to assets still held at the reporting date $ 0 $ 0 Gains and losses (realized and unrealized) included in earnings for the periods above are reported in the Consolidated Statement of Income in other operating income. The fair values disclosed may vary significantly between institutions based on the estimates and assumptions used in the various valuation methodologies. The derived fair values are subjective in nature and involve uncertainties and significant judgment. Therefore, they cannot be determined with precision. Changes in the assumptions could significantly impact the derived estimates of fair value. Disclosure of non-financial assets such as buildings as well as certain financial instruments such as leases is not required. Accordingly, the aggregate fair values presented do not represent the underlying value of the Corporation. We use the following methods and assumptions in estimating fair value disclosures for financial instruments: Cash and due from banks: The carrying amounts as reported in the statement of financial condition for cash and due from banks approximate their fair values. Interest bearing deposits in banks: The carrying amount of interest bearing deposits approximates their fair values. Restricted investment in Bank stock: The carrying value of stock issued by the FHLB of Atlanta, ACBB and CBB approximates fair value based on the redemption provisions of the stock. Loans (excluding impaired loans with specific loss allowances): For variable-rate loans that reprice frequently or “in one year or less”, and with no significant change in credit risk, fair values are based on carrying values. Fair values for fixed-rate loans that do not reprice frequently are estimated using a discounted cash flow calculation that applies current market interest rates being offered on the various loan products. Deposits: The fair values disclosed for demand deposits (e.g., interest and non-interest checking, savings, and certain types of money market accounts, etc.) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on the various certificates of deposit to the cash flow stream. Short-term borrowings : The carrying amount of short-term borrowings approximates their fair values. Borrowed funds: The fair value of the Bank’s FHLB borrowings and First United Corporation’s TPS Debentures is calculated based on the discounted value of contractual cash flows, using rates currently existing for borrowings with similar remaining maturities. The carrying amounts of federal funds purchased and securities sold under agreements to repurchase approximate their fair values. Accrued interest: The carrying amount of accrued interest receivable and payable approximates their fair values. Off-balance-sheet financial instruments: In the normal course of business, the Bank makes commitments to extend credit and issues standby letters of credit. The Bank expects most of these commitments to expire without being drawn upon; therefore, the commitment amounts do not necessarily represent future cash requirements. Due to the uncertainty of cash flows and difficulty in the predicting the timing of such cash flows, fair values were not estimated for these instruments. The following table presents fair value information about financial instruments, whether or not recognized in the statement of financial condition, for which it is practicable to estimate that value. The actual carrying amounts and estimated fair values of the Corporation’s financial instruments that are included in the statement of financial condition are as follows: December 31, 2017 Fair Value Measurements Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Carrying Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and due from banks $ 82,273 $ 82,273 $ 82,273 Interest bearing deposits in banks 1,479 1,479 1,479 Investment securities - AFS 146,470 146,470 $ 131,550 $ 14,920 Investment securities - HTM 93,632 95,346 86,836 8,510 Restricted Bank stock 5,204 5,204 5,204 Loans, net 882,546 883,936 883,936 Financial derivative 781 781 781 Accrued interest receivable 3,814 3,814 3,814 Financial Liabilities: Deposits – non-maturity 805,263 805,263 805,263 Deposits – time deposits 234,127 235,489 235,489 Short-term borrowed funds 48,845 48,845 48,845 Long-term borrowed funds 120,929 123,906 123,906 Accrued interest payable 453 453 453 Off balance sheet financial instruments 0 0 0 December 31, 2016 Fair Value Measurements Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Carrying Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and due from banks $ 60,707 $ 60,707 $ 60,707 Interest bearing deposits in banks 2,603 2,603 2,603 Investment securities - AFS 140,000 140,000 $ 119,746 $ 20,254 Investment securities - HTM 97,169 97,981 89,031 8,950 Restricted Bank stock 5,209 5,209 5,209 Loans, net 882,008 886,712 886,712 Financial derivative 700 700 700 Accrued interest receivable 3,862 3,862 3,862 Financial Liabilities: Deposits – non-maturity 773,119 773,119 773,119 Deposits – time deposits 241,110 245,762 245,762 Short-term borrowed funds 36,000 36,000 36,000 Long-term borrowed funds 131,737 133,397 133,397 Accrued interest payable 380 380 380 Off balance sheet financial instruments 0 0 0 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | 2 4 . Derivative Financial Instruments As a part of managing interest rate risk, the Corporation entered into interest rate swap agreements to modify the re-pricing characteristics of certain interest-bearing liabilities. The Corporation has designated its interest rate swap agreements as cash flow hedges under the guidance of ASC Subtopic 815-30, Derivatives and Hedging – Cash Flow Hedges . Cash flow hedges have the effective portion of changes in the fair value of the derivative, net of taxes, recorded in net accumulated other comprehensive income. In July 2009, the Corporation entered into three interest rate swap contracts totaling $20.0 million notional amount, hedging future cash flows associated with floating rate trust preferred debt. The final contract matured on June 17, 2016 , ending the agreement. In March 2016, the Corporation entered into four new interest rate swap contracts totaling $30.0 million notional amount, hedging future cash flows associated with floating rate trust preferred debt. These contracts are a three-year $5.0 million contract maturing June 17, 2019 , a five-year $5.0 million contract maturing March 17, 2021 , a seven-year $5.0 million contract maturing March 17, 2023 and a 10-year $15.0 million contract maturing March 17, 2026 . The fair value of the interest rate swap contracts was $.8 million at December 31, 2017 and was reported in Other Assets on the Consolidated Statement of Financial Condition. The fair value at December 31, 2016 was $.7 million and was reported in Other Liabilities on the Consolidated Statement of Financial Condition. For the year ended December 31, 2017, the Corporation recorded an increase in the value of the derivatives of $81 thousand and the related deferred tax of $22 thousand in net accum ulated other comprehensive loss to reflect the effective portion of cash flow hedges. ASC Subtopic 815-30 requires this amount to be reclassified to earnings if the hedge becomes ineffective or is terminated. There was no hedge ineffectiveness recorded for the twelve months ending December 31, 2017 . The Corporation does not expect any losses relating to these hedges to be reclassified into earnings within the next 12 months. Interest rate swap agreements are entered into with counterparties that meet established credit standards and the Corporation believes that the credit risk inherent in these contracts is not significant as of December 31, 2017. The table below discloses the impact of derivative financial instruments on the Corporation’s Consolidated Financial Statements for the years ended Decembe r 31, 2017 and December 31, 2016 . Derivative in Cash Flow Hedging Relationships (In thousands) Amount of gain (loss) recognized in OCI on derivative (effective portion) Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) (1) Amount of gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) (2) Interest rate contracts: December 31, 2017 $ 59 $ 0 $ 0 December 31, 2016 $ 461 $ 0 $ 0 Notes : (1) Reported as interest expense (2) Reported as other income |
Assets and Liabilities Subject
Assets and Liabilities Subject to Enforceable Master Netting Agreements | 12 Months Ended |
Dec. 31, 2017 | |
Assets and Liabilities Subject to Enforceable Master Netting Arrangements [Abstract] | |
Assets and Liabilities Subject to Enforceable Master Netting Arrangements | 2 5 . Assets and Liabilities Subject to Enforceable Master Netting Arrangements Interest Rate Swap Agreements (“Swap Agreements”) The Corporation has entered into interest rate swap agreements to modify the re-pricing characteristics of certain interest-bearing liabilities as a part of managing interest rate risk. The swap agreements have been designated as cash flow hedges, and accordingly, the fair value of the interest rate swap contracts is reported in Other Liabilities on the Consolidated Statement of Financial Condition. The swap agreements were entered into with a third party financial institution. The Corporation is party to master netting arrangements with its financial institution counterparty; however the Corporation does not offset assets and liabilities under these arrangements for financial statement presentation purposes. The master netting arrangements provide for a single net settlement of all swap agreements, as well as collateral, in the event of default on, or termination of, any one contract. Collateral, in the form of cash, is posted by the Corporation as the counterparty with net liability positions in accordance with contract thresholds. See Note 2 4 to the Consolidated Financial Statements for more information. Securities Sold Under Agreements to Repurchase (“Repurchase Agreements”) The Bank enters into agreements under which it sells interests in U.S. Securities to certain customers subject to an obligation to repurchase, and on the part of the customers to resell, such interests. Under these arrangements, the Bank may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Bank to repurchase the assets. As a result, these repurchase agreements are accounted for as collateralized financing arrangements (i.e. secured borrowings) and not as a sale and subsequent repurchase of securities. The obligation to repurchase the securities is reflected as a liability in the consolidated statement of condition, while the securities underlying the repurchase agreements remain in the respective investment securities asset accounts. There is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities. In addition, as the Bank does not enter into reverse repurchase agreements, there is no such offsetting to be done with the repurchase agreements. The right of setoff for a repurchase agreement resembles a secured borrowing, whereby the collateral would be used to settle the fair value of the repurchase agreement should the Bank be in default (i.e. fails to repurchase the U.S. Securities on the maturity date of the agreement). The investment security collateral is held by a third party financial institution in the counterparty’s custodial account. The following table presents the liabilities subject to an enforceable master netting arrangement or repurchase agreements as of Decembe r 31, 2017 and December 31, 2016 . Gross Amounts Not Offset in the Statement of Condition (In thousands) Gross Amounts of Recognized (Assets)/Liabilities Gross Amounts Offset in the Statement of Condition Net Amounts of (Assets)/Liabilities Presented in the Statement of Condition Financial Instruments Cash Collateral Pledged Net Amount December 31, 2017 Interest Rate Swap Agreements $ (781) $ 0 $ (781) $ 781 $ 0 $ 0 Repurchase Agreements $ 48,845 $ 0 $ 48,845 $ (48,845) $ 0 $ 0 December 31, 2016 Interest Rate Swap Agreements $ (700) $ 0 $ (700) $ 700 $ 0 $ 0 Repurchase Agreements $ 36,000 $ 0 $ 36,000 $ (36,000) $ 0 $ 0 |
Parent Company Only Financial I
Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Parent Company Only Financial Information | |
Parent Company Only Financial Information | 26 . Parent Company Only Financial Information Condensed Statement of Financial Condition December 31, (In thousands) 2017 2016 Assets Cash $ 29 $ 541 Investment securities 12,770 12,401 Investment in bank subsidiary 122,505 137,831 Investment in non-bank subsidiaries 929 1,255 Other assets 7,709 7,618 Total Assets $ 143,942 $ 159,646 Liabilities and Shareholders' Equity Accrued interest and other liabilities $ 4,623 $ 4,218 Junior subordinated debt 30,929 41,730 Shareholders' equity 108,390 113,698 Total Liabilities and Shareholders' Equity $ 143,942 $ 159,646 Condensed Statement of Income Year Ended December 31, (In thousands) 2017 2016 Income: Dividend income from bank subsidiary $ 22,250 $ 1,000 Interest income on investments 625 573 Other income 73 128 Total other income 698 701 Total Income 22,948 1,701 Expenses: Interest expense 1,621 2,429 Other expenses 219 207 Total Expenses 1,840 2,636 Income/(loss) before income taxes and equity in undistributed net (loss)/income of subsidiaries 21,108 (935) Applicable income tax benefit 486 693 Net income/(loss) before equity in undistributed net (loss)/income of subsidiaries 21,594 (242) Equity in undistributed net (loss)/income of subsidiaries: Bank (16,325) 7,523 Net Income $ 5,269 $ 7,281 Condensed Statement of Comprehensive Income Year Ended December 31, Components of Comprehensive Income (in thousands) 2017 2016 Net Income $ 5,269 $ 7,281 Unrealized gains/(losses) on AFS Securities, net of tax 457 (478) Unrealized gains on cash flow hedges, net of tax 59 461 Other comprehensive income/(loss), net of tax 516 (17) Comprehensive income $ 5,785 $ 7,264 Condensed Statement of Cash Flows Year Ended December 31, (In thousands) 2017 2016 Operating Activities Net Income $ 5,269 $ 7,281 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed loss/(net income) of subsidiaries 16,325 (7,523) Increase in other assets (581) (575) Increase in accrued interest payable and other liabilities 552 2,089 Tax Cuts and Jobs Act- reclassification items 380 0 Stock Compensation 192 192 Net cash provided by operating activities 22,137 1,464 Investing Activities Net investment in subsidiaries (150) 0 Net cash (used in)/ provided by investing activities (150) 0 Financing Activities Repayment of Long-term debt (10,475) Proceeds from issuance of common stock 9,191 0 Preferred Stock Redemption (20,000) (10,000) Dividends - preferred stock paid (1,215) (2,025) Net cash used in financing activities (22,499) (12,025) Decrease in cash and cash equivalents (512) (10,561) Cash and cash equivalents at beginning of year 541 11,102 Cash and cash equivalents at end of year $ 29 $ 541 Accumulated Other Comprehensive Loss Components of Other Comprehensive Income/(Loss) (in thousands) Before Tax Amount Tax (Expense) Benefit Net For the year ended December 31, 2017 Available for Sale Securities: Unrealized holding gains $ 594 $ (137) $ 457 Cash flow hedges: Unrealized holding gains 81 (22) 59 Other comprehensive income $ 675 $ (159) $ 516 For the year ended December 31, 2016 Available for Sale Securities: Unrealized holding losses (795) 317 (478) Cash flow hedges: Unrealized holding gains $ 766 $ (305) $ 461 Other comprehensive loss $ (29) $ 12 $ (17) |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements of the Corporation have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) as required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) that require management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities at the date of the financial statements as well as the reported amount of revenues and expenses during the reporting period. Actual results could differ from these estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance f or loan losses, the assessment of other-than-temporary impairment (“OTTI”) pertaining to investment securities, potential impairment of goodwill, and the valuation of deferred tax assets. For purposes of comparability, certain prior period amounts have been rec lassified to conform to the 2016 presentation. Such reclassifications had no impact on net income or equity . The Corporation has evaluated events and transactions occurring subsequent to the statement of financial con dition date of December 31, 2017 for items that should potentially be recognized or disclosed in these financial statements as prescribed by ASC Topic 855, Subsequent Events . |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements of the Corporation include the accounts of First United Corporation, the Bank, the OakFirst Loan Centers, First OREO Trust and FUBT OREO I, LLC. All significant inter-company accounts and transactions have been eliminated. First United Corporation determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (“VIE”) in accordance with GAAP. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating decisions. The Corporation consolidates voting interest entities in which it has 100%, or at least a majority, of the voting interest. As defined in applicable accounting standards, a VIE is an entity that either (i) does not have equity investors with voting rights or (ii) has equity investors that do not provide sufficient financial resources for the entity to support its activities. A controlling financial interest in an entity exists when an enterprise has a variable interest, or a combination of variable interests that will absorb a majority of an entity’s expected losses, receive a majority of an entity’s expected residual returns, or both. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. The Corporation accounts for its investment in Liberty Mews utilizing the effective yield method under guidance that applies specifically to investments in limited partnerships that operate qualified affordable housing projects. Under the effective yield method, the investor recognizes tax credits as they are allocated and amortizes the initial cost of the investment to provide a constant effective yield over the period that tax credits are allocated to the investor. The effective yield is the internal rate of return on the investment, based on the cost of the investment and the guaranteed tax credits allocated to the investor. The tax credit allocated, net of the amortization of the investment in the limited partnership, is recognized in the income statement as a component of income taxes attributable to continuing operations. |
Significant Concentrations of Credit Risk | Significant Concentrations of Credit Risk Most of the Corporation’s relationships are with customers located in Western Maryland and Northeastern West Virginia. At December 31, 2017, approximately 12% , or $ 110.5 million, of total loans were secured by real estate acquisition, construction and development projects, with $ 1 09.5 million performing according to their contractual terms and $ 1.0 million considered to be impaired based on management’s concerns about the borrowers’ ability to comply with present repayment terms. Of the $1.0 million in impaired loans, $.8 million were classified as troubled debt restructurings (“TDRs”) performing in accordance with their modified terms, and $ .2 million were classified as non-performing loans at December 31, 2017. Additionally, loans collateralized by commercial rental properties represented 19% of the total loan portfolio as of December 31, 2017. Note 6 discusses the types of securities in which the Corporation invests and Note 7 discusses the Corporat ion’s lending activities. |
Investments | Investments The investment portfolio is classified and accounted for based on the guidance of ASC Topic 320, Investments – Debt and Equity Securities . Securities bought and held principally for the purpose of selling them in the near term are classified as trading account securities and reported at fair value with unrealized gains and losses included in net gains/losses in other operating income. Securities purchased with the intent and ability to hold the securities to maturity are classified as held-to-maturity securities and are recorded at amortized cost. All other investment securities are classified as available-for-sale. These securities are held for an indefinite period of time and may be sold in response to changing market and interest rate conditions or for liquidity purposes as part of our overall asset/liability management strategy. Available-for-sale securities are reported at market value, with unrealized gains and losses excluded from earnings and reported as a separate component of other comprehensive income included in consolidated statement of comprehensive income, net of applicable income taxes. The amortized cost of debt securities is adjusted for the amortization of premiums to the first call date, if applicable, or to maturity, and for the accretion of discounts to maturity, or, in the case of mortgage-backed securities, over the estimated life of the security. Such amortization and accretion is included in interest income from investments. Interest and dividends are included in interest income from investments. Gains and losses on the sale of securities are recorded using the specific identification method. |
Restricted Investment in Bank Stock | Restricted Investment in Bank Stock Restricted stock, which represents required investments in the common stock of the Federal Home Loan Bank (“FHLB”) of Atlanta, Atlantic Community Bankers Bank (“ACBB”) and Community Bankers Bank (“CBB”), is carried at cost and is considered a long-term investment . Management evaluates the restricted stock for impairment in accordance with ASC Industry Topic 942, Financial Services – Depository and Lending , ( 942-325-35). Management’s evaluation of potential impairment is based on its a ssessment of the ultimate recoverability of the cost of the restricted stock rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability is influenced by criteria such as (i) the significance of the decline in net assets of the issuing bank as compared to the capital stock amount for that bank and the length of time this situation has persisted, (ii) commitments by the issuing bank to make payments required by law or regulation and the level of such payments in relation to the operating performance of that bank, and (iii) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the issuing bank. Management has evaluated the restricted stock for impairment and believes that no impairment charge is n ecessary as of December 31, 2017 or 2016 . The Corporation recognizes dividends on a cash basis. For t he years ended December 31, 2017 and December 31, 2016 , dividends of $ 251,709 and $ 269,694 respectively , were recorded in other operating income. |
Loans and Interest and Fees on Loans | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or full repayment by the borro wer are reported at their unpaid principal balance outstanding, adjusted for any deferred fees or costs pertaining to origination. Loans that management has the intent to sell are reported at the lower of cost or fair value determined on an individual basis. The segments of the Bank’s loan portfolio are disaggregated to a level that allows management to monitor risk and performance. The commercial real estate (“CRE”) loan segment is further disaggregated into two classes. Non-owner occupied CRE loans, which include loans secured by non-owner occupied nonfarm nonresidential properties, generally have a greater risk profile than all other CRE loans, which include loans secured by farmland, multifamily structures and owner-occupied commercial structures. The acquisition and development (“A&D”) loan segment is further disaggregated into two classes. One-to-four family residential construction loans are generally made to individuals for the acquisition of and/or construction on a lot or lots on which a residential dwelling is to be built. All other A&D loans are generally made to developers or investors for the purpose of acquiring, developing and constructing residential or commercial structures. These loans have a higher risk profile because the ultimate buyer, once development is completed, is generally not known at the time of the A&D loan. The commercial and industrial (“C&I”) loan segment consists of loans made for the purpose of financing the activities of commercial customers. The residential mortgage loan segment is further disaggregated into two classes: amortizing term loans, which are primarily first liens, and home equity lines of credit, which are generally second liens. The consumer loan segment consists primarily of installment loans (direct and indirect) and overdraft lines of credit connected with customer deposit accounts. Interest and Fees on Loans Interest on loans (other than those on non-accrual status) is recognized based upon the principal amount outstanding. Loan fees in excess of the costs incurred to originate the loan are recognized as income over the life of the loan utilizing either the interest method or the straight-line method, depending on the type of loan. Generally, fees on loans with a specified maturity date, such as residential mortgages, are recognized using the interest method. Loan fees for lines of credit are recognized using the straight-line method. A loan is considered to be past due when a payment has not been received for 30 days past its contractual due date. For all loan segments, the accrual of interest is discontinued when principal or interest is delinquent for 90 days or more unless the loan is well-secured and in the process of collection. All non-accrual loans are considered to be impaired. Interest payments received on non-accrual loans are applied as a reduction of the loan principal balance. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. The Corporation’s policy for recognizing interest income on impaired loans does not differ from its overall policy for interest recognition. Generally, consumer installment loans are not placed on non-accrual status, but are charged off after they are 120 days contractually past due. Loans other than consumer loans are charged-off based on an evaluation of the facts and circumstances of each individual loan. |
Allowance for Loan Losses | Allowance for Loan Losses An allowance for loan losses (“ALL”) is maintained to absorb losses from the loan portfolio. The ALL is based on management’s continuing evaluation of the risk characteristics and credit quality of the loan portfolio, assessment of current economic conditions, diversification and size of the portfolio, adequacy of collateral, past and anticipated loss experience, and the amount of non-performing loans. The Corporation’s methodology for determining the ALL is based on the requirements of ASC Section 310-10-35, Receivables-Overall-Subsequent Measurement , for loans individually evaluated for impairment and ASC Subtopic 450-20, Contingencies - Loss Contingencies , for loans collectively evaluated for impairment, as well as the Interagency Policy Statements on the Allowance for Loan and Lease Losses and other bank regulatory guidance. The total of the two components represents the Bank’s ALL. The Corporation maintains an ALL on unfunded commercial lending commitments and letters of credit to provide for the risk of loss inherent in these arrangements. The allowance is determined utilizing a methodology that is similar to that used to determine the ALL, modified to take into account the probability of a draw down on the commitment. This allowance is reported as a liability on the balance sheet within accrued interest payable and other liabilities. The balance in the liability account was $6 4,688 at December 31, 2017 and $ 6 1,174 at December 31, 2016 . |
Premises and Equipment | Premises and Equipment Land is carried at cost. Premises and equipment are carried at cost, less accumulated depreciation. The provision for depreciation for financial reporting has been made by using the straight-line method based on the estimated useful lives of the assets , which range from 1 0 to 3 1.6 years for buildings and three to 20 years for furniture and equipment. Accelerated depreciation methods are used for income tax purposes. |
Goodwill | Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired in business combinations. In accordance with ASC Topic 350, Intangibles - Goodwill and Other , goodwill is not amortized but is subject to an annual impairment test. |
Bank-Owned Life Insurance ("BOLI") | Bank-Owned Life Insurance (“BOLI”) BOLI policies are recorded at their cash surrender values. Changes in the cash surrender values are recorded as other operating income. |
Other Real Estate Owned | Other Real Estate Owned (“OREO”) Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less the cost to sell at the date of foreclosure, with any losses charged to the ALL, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Changes in the valuation allowance, sales gains and losses, and revenue and expenses from holding and operating properties are all included in net expenses from other real estate owned . |
Income Taxes | Income Taxes First United Corporation and its subsidiaries file a consolidated federal income tax return. Income taxes are accounted for using the asset and liability method. Under the asset and liability method, the deferred tax liability or asset is determined based on the difference between the financial statement and tax bases of assets and liabilities (temporary differences ) and is measured at the enacted tax rates that will be in effect when these differences reverse. Deferred tax expense is determined by the change in the net liability or asset for deferred taxes adjusted for changes in any deferred tax asset valuation allowance. ASC Topic 740, Taxes, provides clarification on accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. We have not identified any income tax uncertainties. State corporate income tax returns are filed annually. Federal and state returns may be selected for examination by the Internal Revenue Service and the states where we file, subject to statutes of limitations. At any given point in time, the Corporation may have several years of filed tax returns that may be selected for examination or review by taxing authorities. Interest and penalties on income taxes are recognized as a component of income tax expense. |
Defined Benefit Plans | Defined Benefit Plans The d efined benefit pension plan and supplemental executive retirement plan are accounted for in accordance with ASC Topic 715, Compensation – Retirement Benefits . Under the provisions of Topic 715, the defined benefit pension plan and the supplemental executive retirement plan are recognized as liabilities in the Consolidated Statement of Financial Condition, and unrecognized net actuarial losses, prior service costs and a net transition asset are recognized as a separate component of other comprehensive loss, net of tax. Actuarial gains and losses in excess of 10 percent of the greater of plan assets or the pension benefit obligation are amortized over a blend of future service of active employees and life expectancy of inactive participants. Refer to Note 18 for a further discussion of the pension plan and supplemental executive retirement plan obligations. |
Statement of Cash Flows | Statement of Cash Flows Cash and cash equivalents are defined as cash and due from banks and interest- bearing deposits in banks in the Consolidated Statement of Cash Flows. |
Trust Assets and Income | Trust Assets and Income Assets held in an agency or fiduciary capacity are not the Bank’s assets and, accordingly, are not included in the Consolidated Statement of Financial Condition. Income from the Bank’s trust department represents fees charged to customers. |
Business Segments | Business Segments The Corporation operates in one segment, community banking, as defined by ASC Topic 280, Segment Reporting . The Corporation in its entirety is managed and evaluated on an ongoing basis by First United Corporation’s Board of Directors and executive management, with no division or subsidiary receiving separate analysis regarding performance or resource allocation. |
Equity Compensation Plan | Equity Compensation Plan At the 2007 Annual Meeting of Shareholders, First United Corporation’s shareholders approved the First United Corporation Omnibus Equity Compensation Plan (the “Omnibus Plan”), which authorize d the issuance of up to 185,000 shares of common stock pursuant to the grant of stock options, stock appreciation rights, stock awards, stock units, performance units, dividend equivalents, and other stock-based awards to employees or directors. The Omnibus Plan expired by its terms in the second quarter of 2017. The Corporation applies the provisions of ASC Topic 718, Compensation - Stock Compensation , in measuring and disclosing stock compensation cost. The measurement objective in ASC Paragraph 718-10-30-6 requires public companies to measure the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The cost is recognized in expense over the period in which an employee is required to provide service in exchange for the award (the vesting period). Stock-based awards were made to non-employee directors in the second quarter of 2017 pursuant to First United Corporation’s director compensation policy. Each director receive d an annual retainer of 1,000 shares of First United Corporation common stock, plus $10,000 that was paid, at the director’s election, in cash or additional shares of common stock. In 2017 and 2016, a total of 14,795 and 1 4,384 , respectively, fully-vested shares of common stock were issued to directors, which had a fair market value of $14.48 and $ 10.34 per share, respectively. Director stock compensation expense was $1 92,398 for the year ended December 31, 2017 and $147 ,006 for the year ended December 31, 2016. In January 2015, a one-time stock grant was awarded to one executive officer in the amount of 4,845 shares at a fair market value of $8.63 . In February 2015, a one-time stock grant was awarded to one executive officer in the amount of 5,387 shares at a fair market value of $8.76 . These shares had a two -year vesting period. Executive stock compensation expense related to these awards was $4 5,527 for the year ended December 31, 2016 . There was no executive stock compensation expense remaining at December 31, 2016. |
Stock Repurchases | Stock Repurchases Under the Maryland General Corporation Law, shares of capital stock that are repurchased are cancelled and treated as authorized but unissued shares. When a share of capital stock is repurchased, the payment of the repurchase price reduces stated capital by the par value of that share (currently, $0.01 for common stock and $0.00 for preferred stock), and any excess over par value reduces capital surplus. There were no stock repurchases in 2017 and 2016 . |
Adoption of New Accounting Standards and Effects of New Accounting Pronouncements | Adoption of New Accounting Standards and Effects of New Accounting Pronouncements In February 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220) . ASU 2018-02 is an amendment to allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. ASU 2018-02 is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. Early adoption of the amendment in this update is permitted, including adoption in any interim period. The Corporation elected to early adopt the standard effective December 31, 2017 . Deferred tax assets within Accumulated Other Comprehensive Loss (“AOCL”) of $4.4 million were reclassified to retained earnings within the consolidated statement of changes in shareholders’ equity in 2017. In January 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-01, Leases (Topic 842). This update is to provide improvements of transparency and comparability by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing transactions. This update also provides an optional practical expedient that affects entities with land easements that existed or expired before an entity’s adoption of Topic 842, provided that the entity does not account for those land easements as leases under Topic 840. ASU 2018-01 amendments affect the amendments in ASU 2016-02, which are not yet effective. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements in ASU 2016-02. The Corporation is evaluating the provisions of ASU 2018-01 but believes that its adoption will not have a material impact on the Corporation’s financial condition or results of operations. In September 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842). ASU 2017-13 amends guidance on ASU 2014-09, Revenue from Contracts with Customers. ASU 2017-13 is effective for public business entities that are SEC filers for annual periods beginning after December 15, 2017, and interim periods within those annual periods, and for all other entities for annual periods beginning after December 15, 2018 and interim reporting periods within annual reporting periods within annual reporting periods beginning after December 15, 2019. The Corporation is evaluating the provisions of ASU 2017-13 but believes that its adoption will not have a material impact on the Corporation’s financial condition or results of operations. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. ASU 2017-12 amendments better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. For public business entities, AU 2017-12 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. The Corporation is evaluating the provisions of ASU 2017-12 but believes that its adoption will not have a material impact on the Corporation’s financial condition or results of operations. In March 2017, the FASB issued ASU 2017-08, Receivables- Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchases Callable Debt Securities. ASU 2017-08 amends guidance on the amortization period of premiums on certain purchases callable debt securities. The amendments shorten the amortization period of premiums on certain purchases callable debt securities to the earliest call date. ASU 2017-08 is effective for public business entities that are SEC filers for annual periods beginning after December 15, 2018, and interim periods within those annual periods, for public entities that are not SEC filers for annual periods beginning after December 15, 2019 and for all other entities for annual periods beginning after December 15, 2020 with early adoption permitted. The Corporation amortizes to the call date and therefore the adoption will not have any impact on the Corporation’s financial condition or results of operations. In March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . ASU 2017-07 requires an entity to present net periodic pension cost and net periodic postretirement benefit cost as a net amount that may be capitalized as part of an asset when appropriate. ASU 2017-07 is effective for public business entities that are SEC filers for annual periods beginning after December 15, 2017, and interim periods within those annual periods, for public entities that are not SEC filers for annual periods beginning after December 15, 2018 and for all other entities for annual periods beginning after December 15, 2019 with early adoption permitted. The Corporation is evaluating the provisions of ASU 2017-07 but believes that its adoption will not have a material impact on the Corporation’s financial condition or results of operations. In January 2017, the FASB issued ASU 2017-04, Intangibles- Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017-04 simplifies the accounting for goodwill impairments by eliminating step 2 from the goodwill impairment test. Instead, if “the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.” The ASU does not change the qualitative assessment, however, it removes the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform step 2 of the goodwill impairment test. ASU 2017-04 is effective for public business entities that are SEC filers for annual periods beginning after December 15, 2019, and interim periods within those annual periods, for public entities that are not SEC filers for annual periods beginning after December 15, 2020 and for all other entities for annual periods beginning after December 15, 2021 with early adoption permitted. The Corporation is evaluating the provisions of ASU 2017-04 but believes that its adoption will not have a material impact on the Corporation’s financial condition or results of operations. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . ASU 2016-15 addresses the following eight specific cash flow issues: (a) debt prepayment or debt extinguishment costs; (b) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; (c) contingent consideration payments made after a business combination; (d) proceeds from the settlement of insurance claims; (e) proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); (f) distributions received from equity method investees; (g) beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The amendments in this Update apply to all entities, including both business entities and not-for-profit entities that are required to present a statement of cash flows under Topic 230. ASU 2016-15 is effective for public business entities for annual periods beginning after December 15, 2017, and interim periods within those annual periods, and for all other entities for annual periods beginning after December 15, 2018 and interim periods within annual periods beginning after December 15, 2019 with early adoption permitted. The Corporation is evaluating the provisions of ASU 2016-15 but believes that its adoption will not have a material impact on the Corporation’s financial condition or results of operations. In June 2016, the FASB issued ASU 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-13 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchases financial assets with credit deterioration since their origination. The new model referred to as current expected credit losses model, will apply to: (a) financial assets subject to credit losses and measured at amortized cost, and (b) certain off-balance sheet credit exposures. This includes loans, held to maturity debt securities, loan commitments, financial guarantees and net investments in leases as well as reinsurance and trade receivables. The estimate of expected credit losses should consider historical information, current information, and supportable forecasts, including estimates of prepayments. ASU 2016-13 is effective for public business entities for annual periods beginning after December 15, 2019, and interim periods within those annual periods, and for all other entities for annual periods beginning after December 15, 2020 and interim periods within annual periods beginning after December 15, 2018 with early adoption permitted. Management currently intends to adopt the guidance on January 1, 2020 and is assessing the impact of this guidance on the Corporation’s financial condition and results of operations. Management has formed a focus group consisting of multiple members from areas including credit, finance, and information systems. The focus group is evaluating the requirements of the new standard and the impact it will have on our processes. The Corporation is in the process of determining the impact on the Corporation’s financial condition or results of operations. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . ASU 2016-02 is intended to improve financial reporting about leasing transactions by requiring organizations that lease assets – referred to as “lessees” – to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Under the new guidance, a lessee will be required to recognize assets and liabilities related to certain operating leases on the balance sheet. The amendments will require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 applies to all public business entities for annual and interim periods after December 15, 2018, and for all other entities for annual periods beginning after December 15, 2019 and interim periods beginning after December 15, 2020 with early adoption permitted. Management is currently assessing the impact of the new guidance but expects to report higher assets and liabilities as a result of including additional leases on the consolidated statement of financial condition. In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10). The update requires all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The update also requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the update eliminates the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities and the requirement for to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measure at amortized cost on the balance sheet for public entities. For public business entities, the amendments are effective for annual periods beginning after December 15, 2017, including interim periods within the annual period, and for all other entities, effective for annual periods beginning after December 15, 2018 and interim periods within annual periods beginning after December 15, 2019. Early application is permitted. The Corporation is evaluating the provisions of ASU 2016-01, but believes that its adoption will not have a material impact on the Corporation’s financial condition or results of operations. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which establishes a comprehensive revenue recognition standard for virtually all industries under U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate, construction and software industries. ASU 2014-09 specifies that an entity shall recognize revenue when, or as, the entity satisfies a performance obligation by transferring a promised good or service (i.e. an asset) to a customer. An asset is transferred when, or as, the customer obtains control of the asset. Entities are required to disclose qualitative and quantitative information on the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance is effective for us on January 1, 2018. We have elected to implement using the modified retrospective application, with the cumulative effect recorded as an adjustment to opening retained earnings at January 1, 2018. Financial instruments which are the sources of the majority of our operating revenue are excluded from the scope of this amended guidance, which includes interest income and securities gains/losses. The following revenue streams were identified to be in scope of ASC 606: Wealth Management, includes trust and brokerage services, service charges on deposit accounts, and interchange fee income – debit card income. The Company adopted ASU 2014-09 on January 1, 2018 and did not identify any significant changes in the timing of revenue recognition when considering the amended accounting guidance. The Company will have additional disclosures beginning in the first quarter of 2018 as required by the guidance. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Common Share [Abstract] | |
Basic and Diluted Earnings Per Share | 2017 2016 Average Per Share Average Per Share (in thousands, except for per share amount) Income Shares Amount Income Shares Amount Basic and Diluted Earnings Per Share: Net income $ 5,269 $ 7,281 Preferred stock dividends paid (1,215) (2,025) Net income available to common shareholders $ 4,054 6,932 $ 0.58 $ 5,256 6,264 $ 0.84 |
Net Gains (Tables)
Net Gains (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Net Gains [Abstract] | |
Schedule of Net Gains | (in thousands) 2017 2016 Net gains/(losses): Available-for-sale securities: Realized gains $ 52 $ 688 Realized losses (101) (248) Gain on sale of consumer loans 75 95 Gain/(loss) on disposal of fixed assets 3 (9) Net gains $ 29 $ 526 |
Regulatory Capital Requiremen38
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions (in thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2017 Total Capital (to risk-weighted assets) Consolidated $ 158,108 15.98% $ 78,954 8.00% $ 98,693 10.00% First United Bank & Trust 145,921 15.58% 74,739 8.00% 93,424 10.00% Tier 1 Capital (to risk-weighted assets) Consolidated 148,072 14.97% 59,216 6.00% 78,954 8.00% First United Bank & Trust 135,885 14.51% 56,054 6.00% 74,739 8.00% Common Equity Tier 1 Capital (to risk-weighted assets) Consolidated 124,064 12.54% 44,412 4.50% 64,150 6.50% First United Bank & Trust 135,885 14.51% 42,041 4.50% 60,726 6.50% Tier 1 Capital (to average assets) Consolidated 148,072 11.00% 53,646 4.00% 67,058 5.00% First United Bank & Trust 135,885 10.21% 52,801 4.00% 66,001 5.00% Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions (in thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2016 Total Capital (to risk-weighted assets) Consolidated $ 164,081 16.71% $ 78,577 8.00% $ 98,221 10.00% First United Bank & Trust 155,992 16.70% 74,733 8.00% 93,416 10.00% Tier 1 Capital (to risk-weighted assets) Consolidated 145,008 14.76% 58,933 6.00% 78,577 8.00% First United Bank & Trust 146,013 15.63% 56,050 6.00% 74,733 8.00% Common Equity Tier 1 Capital (to risk-weighted assets) Consolidated 105,523 10.74% 44,200 4.50% 63,844 6.50% First United Bank & Trust 146,013 15.63% 42,037 4.50% 60,721 6.50% Tier 1 Capital (to average assets) Consolidated 145,008 10.95% 53,124 4.00% 66,404 5.00% First United Bank & Trust 146,013 11.11% 52,321 4.00% 65,401 5.00% |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Schedules of Cash and Cash Equivalents | Cash and due from banks, which represents vault cash in the retail offices and invested cash balances at the Federal Reserve, is carried at fair value. (in thousands) December 31, 2017 December 31, 2016 Cash and due from banks, weighted average interest rate of 0.82% (at December 31, 2017) $ 82,273 $ 60,707 Interest bearing deposits in banks, which represent funds invested at a correspondent bank, are carried at fair va lue and, as of December 31, 2017 and 2016 , consisted of daily funds invested at the FHLB of Atlanta , and M&T Bank (“M&T”). (in thousands) December 31, 2017 December 31, 2016 FHLB daily investments, interest rate of 1.24% (at December 31, 2017) $ 464 $ 1,590 M&T daily investments, interest rate of 0.15% (at December 31, 2017) 1,015 1,013 $ 1,479 $ 2,603 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investment Securities [Abstract] | |
Unrealized Gain (Loss) on Investments | The following table shows a comparison of amortized cost and fair values of investment securities at December 31, 2017 and 2016 : (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCL December 31, 2017 Available for Sale: U.S. government agencies $ 30,000 $ 0 744 $ 29,256 $ 0 Commercial mortgage-backed agencies 41,771 0 880 40,891 0 Collateralized mortgage obligations 41,298 2 916 40,384 0 Obligations of states and political subdivisions 20,772 365 118 21,019 0 Collateralized debt obligations 19,711 0 4,791 14,920 (3,389) Total available for sale $ 153,552 $ 367 $ 7,449 $ 146,470 $ (3,389) Held to Maturity: U.S. government agencies $ 15,876 $ 447 $ 0 $ 16,323 $ 0 Residential mortgage-backed agencies 47,771 94 423 47,442 0 Commercial mortgage-backed agencies 17,288 236 6 17,518 0 Collateralized mortgage obligations 4,187 0 69 4,118 0 Obligations of states and political subdivisions 8,510 1,443 8 9,945 0 Total held to maturity $ 93,632 $ 2,220 $ 506 $ 95,346 $ 0 December 31, 2016 Available for Sale: U.S. government agencies $ 25,000 $ 0 $ 747 $ 24,253 $ 0 Commercial mortgage-backed agencies 52,978 1 757 52,222 0 Collateralized mortgage obligations 19,953 13 399 19,567 0 Obligations of states and political subdivisions 23,700 255 251 23,704 0 Collateralized debt obligations 27,930 0 7,676 20,254 (3,961) Total available for sale $ 149,561 $ 269 $ 9,830 $ 140,000 (3,961) Held to Maturity: U.S. government agencies $ 15,738 $ 512 $ 0 $ 16,250 $ 0 Residential mortgage-backed agencies 50,384 160 279 50,265 0 Commercial mortgage-backed agencies 17,584 248 0 17,832 0 Collateralized mortgage obligations 4,833 0 149 4,684 0 Obligations of states and political subdivisions 8,630 490 170 8,950 0 Total held to maturity $ 97,169 $ 1,410 $ 598 $ 97,981 $ 0 |
Proceeds from Sales and Realized Gain and Losses | (in thousands) 2017 2016 Proceeds $ 18,530 $ 43,782 Realized gains 52 688 Realized losses 101 248 |
Gross Unrealized Losses and Fair Values of Securities | Less than 12 months 12 months or more (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2017 Available for Sale: U.S. government agencies $ 4,931 $ 69 $ 24,325 $ 675 Commercial mortgage-backed agencies 12,593 169 28,298 711 Collateralized mortgage obligations 27,387 472 12,447 443 Obligations of states and political subdivisions 2,683 44 2,747 75 Collateralized debt obligations 0 0 14,920 4,791 Total available for sale $ 47,594 $ 754 $ 82,737 $ 6,695 Held to Maturity: Residential mortgage-backed agencies 15,897 135 10,422 288 Commercial mortgage-backed agencies 9,028 6 0 0 Collateralized mortgage obligations 0 0 4,118 69 Obligations of states and political subdivisions 0 0 2,377 8 Total held to maturity $ 24,925 $ 141 $ 16,917 $ 365 December 31, 2016 Available for Sale: U.S. government agencies $ 24,253 $ 747 $ 0 $ 0 Commercial mortgage-backed agencies 51,604 757 0 0 Collateralized mortgage obligations 14,706 399 0 0 Obligations of states and political subdivisions 8,079 160 2,934 91 Collateralized debt obligations 0 0 20,254 7,676 Total available for sale $ 98,642 $ 2,063 $ 23,188 $ 7,767 Held to Maturity: Residential mortgage-backed agencies 20,899 279 0 0 Commercial mortgage-backed agencies 4,684 149 0 0 Obligations of states and political subdivisions 2,335 170 0 0 Total held to maturity $ 27,918 $ 598 $ 0 $ 0 |
Non-Cash OTTI Credit Losses Recognized in Earnings | (in thousands) 2017 2016 Balance of credit-related OTTI at January 1 $ 3,124 $ 3,133 Decreases for previously recognized credit-related OTTI because there was an intent to sell 0 0 Additions for decreases in cash flows expected to be collected 0 0 Reduction for increases in cash flows expected to be collected (166) (9) Balance of credit-related OTTI at December 31 $ 2,958 $ 3,124 |
Amortized Cost and Fair Values Classified by Contractual Maturity Date | The amortized cost and estimated fair value of securities by contractu al maturity at December 31, 2017 are shown in the following table. Actual maturities will differ from contractual maturities because the issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties . (in thousands) Amortized Cost Fair Value Contractual Maturity Available for sale: Due in one year or less $ 447 $ 452 Due after one year through five years 17,739 17,515 Due after five years through ten years 22,761 22,263 Due after ten years 29,536 24,965 70,483 65,195 Commercial mortgage-backed agencies 41,771 40,891 Collateralized mortgage obligations 41,298 40,384 Total available for sale $ 153,552 $ 146,470 Held to Maturity: Due after one year through five years $ 8,276 $ 8,503 Due after five years through ten years 7,600 $ 7,820 Due after ten years 8,510 9,945 24,386 26,268 Residential mortgage-backed agencies 47,771 47,442 Commercial mortgage-backed agencies 17,288 17,518 Collateralized mortgage obligations 4,187 4,118 Total held to maturity $ 93,632 $ 95,346 |
Loans And Related Allowances Fo
Loans And Related Allowances For Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Loans and Related Allowances for Loan Losses [Abstract] | |
Loan Portfolio Segments | The following table summarizes the pri m ary segments of the loan portfolio as of December 31, 2017 and December 31, 2016: (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Total December 31, 2017 Individually evaluated for impairment $ 9,076 $ 976 $ 668 $ 4,201 $ 30 $ 14,951 Collectively evaluated for impairment $ 274,086 $ 109,554 $ 76,055 $ 394,447 $ 23,425 $ 877,567 Total loans $ 283,162 $ 110,530 $ 76,723 $ 398,648 $ 23,455 $ 892,518 December 31, 2016 Individually evaluated for impairment $ 17,210 $ 2,525 $ 290 $ 3,975 $ 0 $ 24,000 Collectively evaluated for impairment $ 280,749 $ 101,757 $ 72,056 $ 389,441 $ 23,923 $ 867,926 Total loans $ 297,959 $ 104,282 $ 72,346 $ 393,416 $ 23,923 $ 891,926 |
Schedule of Related Party Transactions | Changes in the dollar amount of loans outstanding to officers, directors and their associates were as follows for the year ended December 31: (in thousands) 2017 Balance at January 1 $ 10,292 Loans or advances 633 Repayments (1,876) Balance at December 31 $ 9,049 |
Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating | (in thousands) Pass Special Mention Substandard Total December 31, 2017 Commercial real estate Non owner-occupied $ 133,725 $ 0 $ 5,843 $ 139,568 All other CRE 132,003 3,963 7,628 143,594 Acquisition and development 1-4 family residential construction 17,719 0 0 17,719 All other A&D 84,345 7,294 1,172 92,811 Commercial and industrial 75,299 17 1,407 76,723 Residential mortgage Residential mortgage - term 319,059 0 5,326 324,385 Residential mortgage – home equity 73,059 148 1,056 74,263 Consumer 23,391 5 59 23,455 Total $ 858,600 $ 11,427 $ 22,491 $ 892,518 December 31, 2016 Commercial real estate Non owner-occupied $ 137,181 $ 10,620 $ 9,357 $ 157,158 All other CRE 125,720 3,121 11,960 140,801 Acquisition and development 1-4 family residential construction 15,845 0 0 15,845 All other A&D 87,135 65 1,237 88,437 Commercial and industrial 70,613 593 1,140 72,346 Residential mortgage Residential mortgage - term 308,734 113 7,618 316,465 Residential mortgage – home equity 75,710 0 1,241 76,951 Consumer 23,794 0 129 23,923 Total $ 844,732 $ 14,512 $ 32,682 $ 891,926 |
Loan Portfolio Summarized by the Past Due Status | (in thousands) Current 30-59 Day Past Due 60-89 Days Past Due 90 Days+ Past Due Total Past Due and still accruing Non-Accrual Total Loans December 31, 2017 Commercial real estate Non owner-occupied $ 136,134 $ 186 $ 0 $ 0 $ 186 $ 3,248 $ 139,568 All other CRE 141,680 461 248 0 709 1,205 143,594 Acquisition and development 1-4 family residential construction 17,719 0 0 0 0 0 17,719 All other A&D 92,291 0 165 144 309 211 92,811 Commercial and industrial 76,322 0 17 6 23 378 76,723 Residential mortgage Residential mortgage - term 319,633 322 2,534 430 3,286 1,466 324,385 Residential mortgage – home equity 72,683 600 400 0 1,000 580 74,263 Consumer 23,273 115 22 15 152 30 23,455 Total $ 879,735 $ 1,684 $ 3,386 $ 595 $ 5,665 $ 7,118 $ 892,518 December 31, 2016 Commercial real estate Non owner-occupied $ 150,595 $ 182 $ 0 $ 0 $ 182 $ 6,381 $ 157,158 All other CRE 134,931 40 0 0 40 5,830 140,801 Acquisition and development 1-4 family residential construction 15,845 0 0 0 0 0 15,845 All other A&D 88,353 0 39 0 39 45 88,437 Commercial and industrial 72,324 9 2 11 22 0 72,346 Residential mortgage Residential mortgage - term 310,721 517 3,376 312 4,205 1,539 316,465 Residential mortgage – home equity 75,558 974 198 70 1,242 151 76,951 Consumer 23,662 186 48 27 261 0 23,923 Total $ 871,989 $ 1,908 $ 3,663 $ 420 $ 5,991 $ 13,946 $ 891,926 |
Primary Segments of the Allowance for Loan Loss | (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Unallocated Total December 31, 2017 Individually evaluated for impairment $ 245 $ 40 $ 0 $ 65 $ 12 $ 0 $ 362 Collectively evaluated for impairment $ 3,454 $ 1,217 $ 869 $ 3,379 $ 191 $ 500 $ 9,610 Total ALL $ 3,699 $ 1,257 $ 869 $ 3,444 $ 203 $ 500 $ 9,972 December 31, 2016 Individually evaluated for impairment $ 177 $ 40 $ 0 $ 43 $ 0 $ 0 $ 260 Collectively evaluated for impairment $ 3,736 $ 831 $ 858 $ 3,545 $ 188 $ 500 $ 9,658 Total ALL $ 3,913 $ 871 $ 858 $ 3,588 $ 188 $ 500 $ 9,918 |
Impaired Loans and Related Interest Income by Loan Portfolio Class | Impaired Loans with Specific Allowance Impaired Loans with No Specific Allowance Total Impaired Loans (in thousands) Recorded Investment Related Allowances Recorded Investment Recorded Investment Unpaid Principal Balance December 31, 2017 Commercial real estate Non owner-occupied $ 1,711 $ 245 $ 1,907 $ 3,618 $ 10,579 All other CRE 0 0 5,458 5,458 5,731 Acquisition and development 1-4 family residential construction 0 0 527 527 527 All other A&D 295 40 154 449 722 Commercial and industrial 0 0 668 668 2,882 Residential mortgage Residential mortgage - term 598 65 3,023 3,621 3,919 Residential mortgage – home equity 0 0 580 580 593 Consumer 30 12 0 30 30 Total impaired loans $ 2,634 $ 362 $ 12,317 $ 14,951 $ 24,983 December 31, 2016 Commercial real estate Non owner-occupied $ 131 $ 23 $ 6,635 $ 6,766 $ 9,372 All other CRE 432 154 10,012 10,444 11,057 Acquisition and development 1-4 family residential construction 0 0 582 582 628 All other A&D 245 40 1,698 1,943 2,213 Commercial and industrial 0 0 290 290 2,504 Residential mortgage Residential mortgage - term 61 43 3,763 3,824 4,249 Residential mortgage – home equity 0 0 151 151 168 Consumer 0 0 0 0 0 Total impaired loans $ 869 $ 260 $ 23,131 $ 24,000 $ 30,191 |
Allowance for Loan Losses Summarized by Loan Portfolio Segments | Activity in the ALL is presented for the years ended December 31, 2017 and December 31, 2016: (in thousands) Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Unallocated Total ALL balance at January 1, 2017 $ 3,913 $ 871 $ 858 $ 3,588 $ 188 $ 500 $ 9,918 Charge-offs (4,605) (133) (37) (361) (336) 0 (5,472) Recoveries 452 255 1,683 392 210 0 2,992 Provision 3,939 264 (1,635) (175) 141 0 2,534 ALL balance at December 31, 2017 $ 3,699 $ 1,257 $ 869 $ 3,444 $ 203 $ 500 $ 9,972 ALL balance at January 1, 2016 $ 2,580 $ 4,129 $ 722 $ 3,785 $ 206 $ 500 $ 11,922 Charge-offs (5,301) (248) (558) (737) (333) 0 (7,177) Recoveries 90 1,303 52 461 145 0 2,051 Provision 6,544 (4,313) 642 79 170 0 3,122 ALL balance at December 31, 2016 $ 3,913 $ 871 $ 858 $ 3,588 $ 188 $ 500 $ 9,918 |
Average of Impaired Loans and Related Interest Income by Loan Portfolio Class | The following table presents the average recorded investment in impaired loans and related interest income recognized for the years ended December 31, 2017 and 2016: 2017 2016 (in thousands) Average investment Interest income recognized on an accrual basis Interest income recognized on a cash basis Average investment Interest income recognized on an accrual basis Interest income recognized on a cash basis Commercial real estate Non owner-occupied $ 5,727 $ 24 $ 30 $ 6,076 $ 131 $ 0 All other CRE 7,743 205 0 11,802 187 8 Acquisition and development 1-4 family residential construction 571 24 0 629 27 0 All other A&D 1,571 85 0 2,735 95 0 Commercial and industrial 448 13 0 934 37 0 Residential mortgage Residential mortgage - term 3,792 131 8 4,580 163 16 Residential mortgage – home equity 305 0 0 272 0 0 Consumer 15 0 0 0 0 0 Total $ 20,172 $ 482 $ 38 $ 27,028 $ 640 $ 24 |
Modification of Troubled Debt Restructuring by Class | The following table presents the volume and recorded investment at the time of modification of TDRs by class and type of modification that occurred during the periods indicated: Temporary Rate Modification Extension of Maturity Modification of Payment and Other Terms Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment (Dollars in thousands) For the year ended December 31, 2017 Commercial real estate Non owner-occupied 0 $ 0 0 $ 0 0 $ 0 All other CRE 0 0 0 0 0 0 Acquisition and development 1-4 family residential construction 0 0 0 0 0 0 All other A&D 0 0 1 244 0 0 Commercial and industrial 0 0 0 0 0 0 Residential mortgage Residential mortgage – term 0 0 2 698 0 0 Residential mortgage – home equity 0 0 0 0 0 0 Consumer 0 0 0 0 0 0 Total 0 $ 0 3 $ 942 0 $ 0 For the year ended December 31, 2016 Commercial real estate Non owner-occupied 0 $ 0 0 $ 0 0 $ 0 All other CRE 0 0 1 203 0 0 Acquisition and development 1-4 family residential construction 0 0 1 582 0 0 All other A&D 0 0 1 1,664 0 0 Commercial and industrial 0 0 1 482 1 486 Residential mortgage Residential mortgage – term 3 260 1 61 3 469 Residential mortgage – home equity 0 0 0 0 0 0 Consumer 0 0 0 0 0 0 Total 3 $ 260 5 $ 2,992 4 $ 955 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Real Estate Owned [Abstract] | |
Schedule of Real Estate Properties | (in thousands) 2017 2016 Commercial real estate $ 3,605 $ 3,779 Acquisition and development 5,295 5,944 Commercial & Industrial 24 24 Residential mortgage 1,217 1,163 Total OREO $ 10,141 $ 10,910 |
Other Real Estate, Roll Forward | (in thousands) 2017 2016 Balance January 1 $ 3,535 $ 4,430 Fair value write-down 398 486 Sales of OREO (1,193) (1,381) Balance December 31 $ 2,740 $ 3,535 |
Schedule of Components of OREO | The following table presents the components of OREO expenses, net , for t he years ended December 31, 2017 and 2016 : (in thousands) 2017 2016 Gains on real estate, net $ (645) $ (189) Fair value write-down 398 486 Expenses, net 616 603 Rental and other income (179) (98) Total OREO expenses, net $ 190 $ 802 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Premises and Equipment [Abstract] | |
Composition of Premises and Equipment | The following table presents the components of premises an d equipment at December 31, 2017 and 201 6 : (in thousands) 2017 2016 Land $ 7,035 $ 7,383 Land Improvements 1,203 1,201 Premises 25,150 25,696 Furniture and Equipment 20,246 17,506 Capital Lease 534 534 54,168 52,320 Less accumulated depreciation (23,287) (25,160) Total $ 30,881 $ 27,160 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deposits [Abstract] | |
Schedule of Time Deposit Maturities | The following is a summary of the scheduled maturities of all time deposits as of December 31, 2017 (in thousands): 2018 $ 97,039 2019 36,164 2020 33,238 2021 41,328 2022 26,358 Thereafter 0 Total $ 234,127 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Borrowed Funds [Abstract] | |
Summary of Short Term Borrowings | (Dollars in thousands) 2017 2016 Securities sold under agreements to repurchase: Outstanding at end of year $ 48,845 $ 36,000 Weighted average interest rate at year end 0.15% 0.16% Maximum amount outstanding as of any month end $ 58,438 $ 39,456 Average amount outstanding $ 37,326 $ 30,899 Approximate weighted average rate during the year 0.19% 0.19% |
Summary of Long Term Borrowings | The following is a summary of long-term borrowings at December 31, 2017 and 2016 with original maturities exceeding one year: (In thousands) 2017 2016 FHLB advances, bearing fixed interest rates ranging from 1.54% to 3.69% at December 31, 2017 $ 90,000 $ 90,007 Junior subordinated debt, bearing variable interest rate of 3.74% at December 31, 2017 30,929 30,929 Junior subordinated debt, bearing fixed interest rate of 9.88% at December 31, 2016 0 10,801 Total long-term debt $ 120,929 $ 131,737 |
Contractual Maturities of All Long Term Borrowings | The contractual maturities of long-term borrowings at December 31, 2017 and 2016 are as follows: 2017 Fixed Floating 2016 (in thousands) Rate Rate Total Total Due in 2018 $ 20,000 $ 0 $ 20,000 $ 20,000 Due in 2019 20,000 0 20,000 20,000 Due in 2020 30,000 0 30,000 30,000 Due in 2021 20,000 0 20,000 20,000 Thereafter 0 30,929 30,929 41,737 Total long-term debt $ 90,000 $ 30,929 $ 120,929 $ 131,737 |
Schedule of Pledged Collateral on Line of Credit | The line is secured by certain qualified mortgage, commercial and home equity loans and investment securities as follows (in thousands): 1-4 family mortgage loans $ 119,482 Commercial loans 26,069 Multi-family loans 3,422 Home equity loans 27,274 $ 176,247 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Variable Interest Entities [Abstract] | |
Investment in LIHTC Partnership | (In thousands) 2017 2016 Investment in LIHTC Partnership Carrying amount on Balance Sheet of: Investment (Other Assets) $ 2,562 $ 3,223 Maximum exposure to loss 2,562 3,223 |
Accumulated Other Comprehensi47
Accumulated Other Comprehensive Loss ("AOCL") (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Loss ("AOCL") [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following table presents the changes in each component of accumulated other comprehensive loss for the years ended December 31 , 2017 and 2016 : Investment Investment Investment securities- securities- securities- Cash Flow Pension (in thousands) with OTTI AFS all other AFS HTM Hedge Plan SERP Total Accumulated OCL, net: Balance - January 1, 2016 $ (1,942) $ (2,024) $ (1,971) $ (39) $ (12,663) $ (305) $ (18,944) Other comprehensive income/(loss) before reclassifications (421) (929) 0 461 (2,086) (466) (3,441) Amounts reclassified from accumulated other comprehensive loss (5) (265) 617 0 517 56 920 Balance - December 31, 2016 $ (2,368) $ (3,218) $ (1,354) $ 422 $ (14,232) $ (715) $ (21,465) Other comprehensive income/(loss) before reclassifications 31 638 0 59 (445) (82) 201 Amounts reclassified from accumulated other comprehensive loss (121) 36 253 0 781 105 1,054 Reclassification of certain tax effects 1 (481) (435) (246) 101 (3,170) (152) (4,383) Balance - December 31, 2017 $ (2,939) $ (2,979) $ (1,347) $ 582 $ (17,066) $ (844) $ (24,593) (1) Refer to Note 1 for more discussion of tax reform |
Components of Comprehensive Income | The following tables present the components of other comprehensive income/(loss) for t he years ended December 31, 2017 and 2016: Components of Other Comprehensive Income (in thousands) Before Tax Amount Tax (Expense) Benefit Net For the year ended December 31, 2017 Available for sale (AFS) securities with OTTI: Unrealized holding gains $ 42 $ (11) $ 31 Less: accretable yield recognized in income 166 (45) 121 Net unrealized losses on investments with OTTI (124) 34 (90) Available for sale securities – all other: Unrealized holding gains 874 (236) 638 Plus: losses recognized in income (49) 13 (36) Net unrealized gains on all other AFS securities 923 (249) 674 Held to maturity securities: Unrealized holding gains 0 0 0 Less: amortization recognized in income (346) 93 (253) Net unrealized gains on HTM securities 346 (93) 253 Cash flow hedges: Unrealized holding gains 81 (22) 59 Net unrealized gains on cash flow hedges 81 (22) 59 Pension Plan: Unrealized net actuarial loss (609) 164 (445) Less: amortization of unrecognized loss (1,057) 285 (772) Less: amortization of transition asset 0 0 0 Less: amortization of prior service costs (12) 3 (9) Net pension plan liability adjustment 460 (124) 336 SERP: Unrealized net actuarial loss (112) 30 (82) Less: amortization of unrecognized loss (146) 39 (107) Less: amortization of prior service costs 3 (1) 2 Net SERP liability adjustment 31 (8) 23 Other comprehensive income $ 1,717 $ (462) $ 1,255 Components of Other Comprehensive Loss (in thousands) Before Tax Amount Tax (Expense) Benefit Net For the year ended December 31, 2016 Available for sale (AFS) securities with OTTI: Unrealized holding losses $ (700) $ 279 $ (421) Less: accretable yield recognized in income 9 (4) 5 Net unrealized losses on investments with OTTI (709) 283 (426) Available for sale securities – all other: Unrealized holding losses (1,545) 616 (929) Plus: gains recognized in income 440 (175) 265 Net unrealized losses on all other AFS securities (1,985) 791 (1,194) Held to maturity securities: Unrealized holding gains 0 0 0 Less: amortization recognized in income (1,026) 409 (617) Net unrealized gains on HTM securities 1,026 (409) 617 Cash flow hedges: Unrealized holding gains 766 (305) 461 Pension Plan: Unrealized net actuarial loss (3,468) 1,382 (2,086) Less: amortization of unrecognized loss (848) 338 (510) Less: amortization of transition asset 0 0 0 Less: amortization of prior service costs (12) 5 (7) Net pension plan liability adjustment (2,608) 1,039 (1,569) SERP: Unrealized net actuarial loss (775) 309 (466) Less: amortization of unrecognized loss (73) 29 (44) Less: amortization of prior service costs (20) 8 (12) Net SERP liability adjustment (682) 272 (410) Other comprehensive loss $ (4,192) $ 1,671 $ (2,521) |
Reclassification out of Accumulated Other Comprehensive Income | The following tables present the details of accu mulated other comprehensive loss components for the years ended December 31, 2017 and 2016: Amount Reclassified from Accumulated Other Comprehensive Loss Details of Accumulated Other Comprehensive Loss Components (in thousands) 2017 Affected Line Item in the Statement Where Net Income is Presented Net unrealized losses on investment securities with OTTI: Accretable Yield $ 166 Interest income on taxable investment securities Taxes (45) Tax expense Reclassification of certain tax effects 481 Retained Earnings $ 602 Net of tax Net unrealized gains on available for sale investment securities - all other: Losses on sales $ (49) Net gains - other Taxes 13 Tax benefit Reclassification of certain tax effects 435 Retained Earnings $ 399 Net of tax Net unrealized gains on held to maturity investment securities: Amortization $ (346) Interest income on taxable investment securities Taxes 93 Tax benefit Reclassification of certain tax effects 246 Retained Earnings $ (7) Net of tax Net unrealized gains on cash flow hedges: Reclassification of certain tax effects (101) Retained Earnings $ (101) Net of tax Net pension plan liability adjustment: Amortization of unrecognized loss $ (1,057) Salaries and employee benefits Amortization of transition asset 0 Salaries and employee benefits Amortization of prior service costs (12) Salaries and employee benefits Taxes 288 Tax benefit Reclassification of certain tax effects 3,170 Retained Earnings $ 2,389 Net of tax Net SERP liability adjustment: Amortization of unrecognized loss $ (146) Salaries and employee benefits Amortization of prior service costs 3 Salaries and employee benefits Taxes 38 Tax benefit Reclassification of certain tax effects 152 Retained Earnings $ 47 Net of tax Total reclassifications for the period $ 3,329 Net of tax Amount Reclassified from Accumulated Other Comprehensive Loss Details of Accumulated Other Comprehensive Loss Components (in thousands) 2016 Affected Line Item in the Statement Where Net Income is Presented Net unrealized losses on investment securities with OTTI: Accretable Yield 9 Interest income on taxable investment securities Taxes (4) Tax expense $ 5 Net of tax Net unrealized losses on available for sale investment securities - all other: Gain on Sales $ 440 Net gains - other Taxes (175) Tax expense $ 265 Net of tax Net unrealized gains on held to maturity investment securities: Amortization $ (1,026) Interest income on taxable investment securities Taxes 409 Tax benefit $ (617) Net of tax Net pension plan liability adjustment: Amortization of unrecognized loss (848) Salaries and employee benefits Amortization of transition asset 0 Salaries and employee benefits Amortization of prior service costs (12) Salaries and employee benefits Taxes 343 Tax benefit $ (517) Net of tax Net SERP liability adjustment: Amortization of unrecognized loss (73) Salaries and employee benefits Amortization of prior service costs (20) Salaries and employee benefits Taxes 37 Tax benefit $ (56) Net of tax Total reclassifications for the period $ (920) Net of tax |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Schedule of Components of Income Tax Expense | The provision for income taxes consists of the following for t he years ended December 31, 2017 and 2016 : (In thousands) 2017 2016 Current Tax (benefit)/expense: Federal $ (2,803) $ 622 State 491 44 $ (2,312) $ 666 Deferred tax expense: Federal $ 6,038 $ 1,694 State (7) 423 Tax Reform impact 3,226 0 $ 9,257 $ 2,117 Income tax expense for the year $ 6,945 $ 2,783 |
Reconciliation of Federal Income Tax Rate to Effective Income Tax Rate | The reconciliation between the statutory federal income tax rate and effective income tax rate for the years ended December 31, 2 017 and 2016 is as follows: 2017 2016 Federal statutory rate 35.0% 35.0% Tax-exempt income on securities and loans (2.8) (2.9) Tax-exempt BOLI income (3.4) (5.0) State income tax, net of federal tax benefit 4.7 4.5 Tax credits (3.4) (4.4) Tax Reform impact 26.4 0.0 Other 0.3 0.4 56.8% 27.6% |
Components of Deferred Tax Assets and Liabilities | Significant components of the Corporation’s temporary dif ferences as of December 31, 2017 and 2016 are as follows: (In thousands) 2017 2016 Deferred tax assets: Allowance for loan losses $ 2,695 $ 3,952 Deferred loan fees 126 164 Deferred compensation 666 912 Federal and state tax loss carry forwards 3,370 4,849 AMT and other carry forwards 2,525 5,147 Unrealized loss on investment securities 2,429 4,705 Pension/SERP 1,485 2,883 Other than temporary impairment on investment securities 800 1,244 Other real estate owned 741 1,408 Other 78 222 Total deferred tax assets 14,915 25,486 Valuation allowance (2,380) (1,856) Total deferred tax assets less valuation allowance 12,535 23,630 Deferred tax liabilities: Amortization of goodwill (2,424) (3,197) Depreciation (690) (730) Other (169) (366) Total deferred tax liabilities (3,283) (4,293) Net deferred tax assets $ 9,252 $ 19,337 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Employee Benefit Plans [Abstract] | |
Schedule of Net Funded Status | The following tables summarize benefit obligation and funded status, plan asset activity, components of net pension cost, and weighted average assumptions for the Pension Plan and the SERP : Pension SERP (in thousands) 2017 2016 2017 2016 Change in Benefit Obligation Obligation at the beginning of the year $ 41,086 $ 39,416 $ 7,302 $ 6,289 Service cost 278 305 113 100 Interest cost 1,650 1,740 293 279 Change in discount rate and mortality assumptions 3,285 3,127 0 0 Actuarial losses 450 149 112 775 Settlement losses 0 (268) 0 0 Benefits paid (1,774) (3,383) (207) (141) Obligation at the end of the year 44,975 41,086 7,613 7,302 Change in Plan Assets Fair value at the beginning of the year 40,989 39,200 0 0 Actual return on plan assets 5,001 2,172 0 0 Employer contribution 3,000 3,000 207 141 Benefits paid (1,774) (3,383) (207) (141) Fair value at the end of the year 47,216 40,989 0 0 Funded/(Unfunded) Status $ 2,241 $ (97) $ (7,613) $ (7,302) |
Components of Net Periodic Pension Plan Cost | Pension SERP (in thousands) 2017 2016 2017 2016 Components of Net Pension Cost Service cost $ 278 $ 305 $ 113 $ 100 Interest cost 1,650 1,740 293 279 Expected return on assets (3,002) (2,796) 0 0 Amortization of transition asset 0 0 0 0 Amortization of recognized loss 1,057 848 146 73 Amortization of prior service cost 12 12 (3) 20 Net pension (income)/expense in employee benefits $ (5) $ 109 $ 549 $ 472 Weighted Average Assumptions used to determine benefit obligations: Discount rate for benefit obligations 3.60% 4.10% 4.00% 4.00% Discount rate for net pension cost 4.10% 4.50% 0 0 Expected long-term return on assets 7.00% 7.00% 0 0 Rate of compensation increase 3.00% 3.00% 3.00% 3.00% Mortality tables RP-2014 RP-2014 N/A N/A |
Schedule of Target Asset Allocations | Asset Class Normalized Target Range Cash 5% 0% - 20% Fixed Income 40% 30% - 50% Equities 55% 45% - 65% |
Actual Plan Asset Allocations | As of December 31, 2017 and 2016 , the value of Pension Plan investments was as follows: December 31, 2017 Fair Value Hierarchy (Dollars in thousands) Assets at Fair Value % of Portfolio Level 1 Level 2 Cash and cash equivalents $ 1,887 4.0% $ 1,887 $ 0 Fixed income securities: U.S. Government and Agencies 508 1.1% 0 508 Taxable municipal bonds and notes 4,070 8.6% 0 4,070 Corporate bonds and notes 10,483 22.2% 0 10,483 Preferred stock 540 1.1% 0 540 Fixed income mutual funds 3,031 6.4% 3,031 0 Total fixed income 18,632 39.4% 3,031 15,601 Equities: Large Cap 16,840 35.7% 16,840 0 Mid Cap 2,077 4.4% 2,077 0 Small Cap 1,974 4.2% 1,974 0 International 5,806 12.3% 5,806 0 Total equities 26,697 56.6% 26,697 0 Total market value $ 47,216 100.0% $ 31,615 $ 15,601 December 31, 2016 Fair Value Hierarchy (Dollars in thousands) Assets at Fair Value % of Portfolio Level 1 Level 2 Cash and cash equivalents $ 1,951 4.8% $ 1,951 $ 0 Fixed income securities: U.S. Government and Agencies 227 0.5% 0 227 Taxable municipal bonds and notes 3,630 8.9% 0 3,630 Corporate bonds and notes 9,500 23.2% 0 9,500 Preferred stock 492 1.2% 0 492 Fixed income mutual funds 2,682 6.5% 2,682 0 Total fixed income 16,531 40.3% 2,682 13,849 Equities: Large Cap 16,917 41.3% 16,917 0 Mid Cap 2,477 6.0% 2,477 0 Small Cap 1,199 2.9% 1,199 0 International 1,914 4.7% 1,914 0 Total equities 22,507 54.9% 22,507 0 Total market value $ 40,989 100.0% $ 27,140 $ 13,849 |
Expected Future Benefit Payments | Estimated cash flows related to expected future benefit payments from the Pension Plan and SERP are as follows : (In thousands) Pension Plan SERP 2018 $ 1,850 $ 238 2019 1,971 308 2020 2,059 307 2021 2,192 363 2022 2,273 365 2023-2027 12,944 2,189 |
Schedule of Amounts in Accumulated Other Comprehensive Income | Amounts included in accumulated other comprehens ive loss as of December 31, 2017 and 201 6 , net of tax, are as follows: 2017 2016 (In thousands) Pension SERP Pension SERP Unrecognized net actuarial loss $ 17,883 $ 860 $ 14,335 $ 729 Unrecognized prior service costs 7 (8) 13 (8) $ 17,890 $ 852 $ 14,348 $ 721 |
Schedule of Amounts that Will Be Amortized from Other Comprehensive Loss | The estimated costs that will be amortized from accumulated other comprehensive loss into net periodic pension cost during the next fiscal year are as follows: (In thousands) Pension SERP Prior service costs $ 9 $ (3) Net actuarial loss 1,200 161 $ 1,209 $ 158 |
Commitments and Contingent Li50
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingent Liabilities [Abstract] | |
Schedule of Commitments | The following table is a summary of commitments as of December 31, 201 7 and 201 6 : (In thousands) 2017 2016 Loan commitments $ 126,742 $ 120,786 Commercial letters of credit 2,633 1,562 Total $ 129,375 $ 122,348 |
Fair Value of Financial Instr51
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | For Level 3 assets and liabilities measured at fair value on a recurring and non-recurri ng basis as of December 31, 2017 and 2016 , the significant unobservable inputs used in the fair value measurements were as follows: (in thousands) Fair Value at December 31, 2017 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Recurring: Investment Securities – available for sale - CDO $ 14,920 Discounted Cash Flow Discount Rate Range of Libor+ 4.5% to 5.5% Non-recurring: Impaired Loans $ 2,507 Market Comparable Properties Marketability Discount 10.0% to 15.0% (1) (weighted avg 10.9% ) OREO $ 1,841 Market Comparable Properties Marketability Discount 10.0% to 15.0% (1) (weighted avg 13.3% ) (in thousands) Fair Value at December 31, 2016 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Recurring: Investment Securities – available for sale - CDO $ 20,254 Discounted Cash Flow Discount Rate Range of Libor+ 4.5% to 5.5% Non-recurring: Impaired Loans $ 14,537 Market Comparable Properties Marketability Discount 4.6% to 31.0% (1) (weighted avg 6.5% ) OREO $ 1,201 Market Comparable Properties Marketability Discount 15% (1) Range would include discounts taken since appraisal and estimated values |
Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | For assets measured at fair value on a recurring and non-recurring basis, the fair value measurements by level within the fair value hie rarchy used at December 31, 2017 and 2016 are as follows: Fair Value Measurements at December 31, 2017 Using (In Thousands) Assets Measured at Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 12/31/2017 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 29,256 $ 29,256 Commercial mortgage-backed agencies $ 40,891 $ 40,891 Collateralized mortgage obligations $ 40,384 $ 40,384 Obligations of states and political subdivisions $ 21,019 $ 21,019 Collateralized debt obligations $ 14,920 $ 14,920 Financial Derivative $ 781 $ 781 Non-recurring: Impaired loans $ 2,507 $ 2,507 Other real estate owned $ 1,841 $ 1,841 Fair Value Measurements at December 31, 2016 Using (In Thousands) Assets Measured at Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 12/31/2016 (Level 1) (Level 2) (Level 3) Recurring: Investment securities available-for-sale: U.S. government agencies $ 24,253 $ 24,253 Commercial mortgage-backed agencies $ 52,222 $ 52,222 Collateralized mortgage obligations $ 19,567 $ 19,567 Obligations of states and political subdivisions $ 23,704 $ 23,704 Collateralized debt obligations $ 20,254 $ 20,254 Financial Derivative $ 700 $ 700 Non-recurring: Impaired loans $ 14,537 $ 14,537 Other real estate owned $ 1,201 $ 1,201 |
Reconciliation of Fair Valued Assets Measured on a Recurring Basis | The following tables show a reconciliation of the beginning and ending balances for fair valued assets measured using Level 3 significant unobservable inputs for the years ended December 31, 2017 and 2016 : Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (In Thousands) Investment Securities Available for Sale Beginning balance January 1, 2017 $ 20,254 Total gains/(losses) realized/unrealized: Included in earnings 0 Calls/maturities of investments (5,810) Included in other comprehensive income 476 Ending balance December 31, 2017 $ 14,920 The amount of total gains or losses for the period included in earnings attributable to the change in realized/unrealized gains or losses related to assets still held at the reporting date $ 0 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (In Thousands) Investment Securities Available for Sale Cash Flow Hedge Beginning balance January 1, 2016 $ 22,211 $ (66) Total gains/(losses) realized/unrealized: Included in earnings 0 0 Included in other comprehensive loss (1,957) 66 Ending balance December 31, 2016 $ 20,254 $ 0 The amount of total gains or losses for the period included in earnings attributable to the change in realized/unrealized gains or losses related to assets still held at the reporting date $ 0 $ 0 |
Fair Value by Balance Sheet Grouping | The following table presents fair value information about financial instruments, whether or not recognized in the statement of financial condition, for which it is practicable to estimate that value. The actual carrying amounts and estimated fair values of the Corporation’s financial instruments that are included in the statement of financial condition are as follows: December 31, 2017 Fair Value Measurements Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Carrying Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and due from banks $ 82,273 $ 82,273 $ 82,273 Interest bearing deposits in banks 1,479 1,479 1,479 Investment securities - AFS 146,470 146,470 $ 131,550 $ 14,920 Investment securities - HTM 93,632 95,346 86,836 8,510 Restricted Bank stock 5,204 5,204 5,204 Loans, net 882,546 883,936 883,936 Financial derivative 781 781 781 Accrued interest receivable 3,814 3,814 3,814 Financial Liabilities: Deposits – non-maturity 805,263 805,263 805,263 Deposits – time deposits 234,127 235,489 235,489 Short-term borrowed funds 48,845 48,845 48,845 Long-term borrowed funds 120,929 123,906 123,906 Accrued interest payable 453 453 453 Off balance sheet financial instruments 0 0 0 December 31, 2016 Fair Value Measurements Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Carrying Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets: Cash and due from banks $ 60,707 $ 60,707 $ 60,707 Interest bearing deposits in banks 2,603 2,603 2,603 Investment securities - AFS 140,000 140,000 $ 119,746 $ 20,254 Investment securities - HTM 97,169 97,981 89,031 8,950 Restricted Bank stock 5,209 5,209 5,209 Loans, net 882,008 886,712 886,712 Financial derivative 700 700 700 Accrued interest receivable 3,862 3,862 3,862 Financial Liabilities: Deposits – non-maturity 773,119 773,119 773,119 Deposits – time deposits 241,110 245,762 245,762 Short-term borrowed funds 36,000 36,000 36,000 Long-term borrowed funds 131,737 133,397 133,397 Accrued interest payable 380 380 380 Off balance sheet financial instruments 0 0 0 |
Derivative Financial Instrume52
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Financial Instruments [Abstract] | |
Impact Of Derivative Financial Instruments | The table below discloses the impact of derivative financial instruments on the Corporation’s Consolidated Financial Statements for the years ended Decembe r 31, 2017 and December 31, 2016 . Derivative in Cash Flow Hedging Relationships (In thousands) Amount of gain (loss) recognized in OCI on derivative (effective portion) Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) (1) Amount of gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) (2) Interest rate contracts: December 31, 2017 $ 59 $ 0 $ 0 December 31, 2016 $ 461 $ 0 $ 0 Notes : (1) Reported as interest expense Reported as other income |
Assets and Liabilities Subjec53
Assets and Liabilities Subject to Enforceable Master Netting Agreements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Assets and Liabilities Subject to Enforceable Master Netting Arrangements [Abstract] | |
Schedule of Liabilities Subject to an Enforceable Master Netting Arrangement or Repurchase Agreements | The following table presents the liabilities subject to an enforceable master netting arrangement or repurchase agreements as of Decembe r 31, 2017 and December 31, 2016 . Gross Amounts Not Offset in the Statement of Condition (In thousands) Gross Amounts of Recognized (Assets)/Liabilities Gross Amounts Offset in the Statement of Condition Net Amounts of (Assets)/Liabilities Presented in the Statement of Condition Financial Instruments Cash Collateral Pledged Net Amount December 31, 2017 Interest Rate Swap Agreements $ (781) $ 0 $ (781) $ 781 $ 0 $ 0 Repurchase Agreements $ 48,845 $ 0 $ 48,845 $ (48,845) $ 0 $ 0 December 31, 2016 Interest Rate Swap Agreements $ (700) $ 0 $ (700) $ 700 $ 0 $ 0 Repurchase Agreements $ 36,000 $ 0 $ 36,000 $ (36,000) $ 0 $ 0 |
Parent Company Only Financial54
Parent Company Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Parent Company Only Financial Information | |
Condensed Statement of Financial Condition | December 31, (In thousands) 2017 2016 Assets Cash $ 29 $ 541 Investment securities 12,770 12,401 Investment in bank subsidiary 122,505 137,831 Investment in non-bank subsidiaries 929 1,255 Other assets 7,709 7,618 Total Assets $ 143,942 $ 159,646 Liabilities and Shareholders' Equity Accrued interest and other liabilities $ 4,623 $ 4,218 Junior subordinated debt 30,929 41,730 Shareholders' equity 108,390 113,698 Total Liabilities and Shareholders' Equity $ 143,942 $ 159,646 |
Condensed Statements of Income | Year Ended December 31, (In thousands) 2017 2016 Income: Dividend income from bank subsidiary $ 22,250 $ 1,000 Interest income on investments 625 573 Other income 73 128 Total other income 698 701 Total Income 22,948 1,701 Expenses: Interest expense 1,621 2,429 Other expenses 219 207 Total Expenses 1,840 2,636 Income/(loss) before income taxes and equity in undistributed net (loss)/income of subsidiaries 21,108 (935) Applicable income tax benefit 486 693 Net income/(loss) before equity in undistributed net (loss)/income of subsidiaries 21,594 (242) Equity in undistributed net (loss)/income of subsidiaries: Bank (16,325) 7,523 Net Income $ 5,269 $ 7,281 |
Condensed Statement of Comprehensive Income | Year Ended December 31, Components of Comprehensive Income (in thousands) 2017 2016 Net Income $ 5,269 $ 7,281 Unrealized gains/(losses) on AFS Securities, net of tax 457 (478) Unrealized gains on cash flow hedges, net of tax 59 461 Other comprehensive income/(loss), net of tax 516 (17) Comprehensive income $ 5,785 $ 7,264 |
Condensed Cash Flow Statement | Condensed Statement of Cash Flows Year Ended December 31, (In thousands) 2017 2016 Operating Activities Net Income $ 5,269 $ 7,281 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed loss/(net income) of subsidiaries 16,325 (7,523) Increase in other assets (581) (575) Increase in accrued interest payable and other liabilities 552 2,089 Tax Cuts and Jobs Act- reclassification items 380 0 Stock Compensation 192 192 Net cash provided by operating activities 22,137 1,464 Investing Activities Net investment in subsidiaries (150) 0 Net cash (used in)/ provided by investing activities (150) 0 Financing Activities Repayment of Long-term debt (10,475) Proceeds from issuance of common stock 9,191 0 Preferred Stock Redemption (20,000) (10,000) Dividends - preferred stock paid (1,215) (2,025) Net cash used in financing activities (22,499) (12,025) Decrease in cash and cash equivalents (512) (10,561) Cash and cash equivalents at beginning of year 541 11,102 Cash and cash equivalents at end of year $ 29 $ 541 |
Condensed Statement of Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Loss Components of Other Comprehensive Income/(Loss) (in thousands) Before Tax Amount Tax (Expense) Benefit Net For the year ended December 31, 2017 Available for Sale Securities: Unrealized holding gains $ 594 $ (137) $ 457 Cash flow hedges: Unrealized holding gains 81 (22) 59 Other comprehensive income $ 675 $ (159) $ 516 For the year ended December 31, 2016 Available for Sale Securities: Unrealized holding losses (795) 317 (478) Cash flow hedges: Unrealized holding gains $ 766 $ (305) $ 461 Other comprehensive loss $ (29) $ 12 $ (17) |
Summary of Significant Accoun55
Summary of Significant Accounting Policies (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2015 | Jan. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loans and leases receivable, net of deferred income | $ 892,518,000 | $ 891,926,000 | ||
Dividend income, operating | 251,709 | 269,694 | ||
Allowance for unfunded loan commitments | $ 64,688 | 61,174 | ||
Property, plant and equipment, depreciation methods | straight-line method based on the estimated useful lives of the assets | |||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 185,000 | |||
Share-based compensation | $ 192,000 | $ 192,000 | ||
Common stock, par or stated value per share | $ 0.01 | $ 0.01 | ||
Preferred Stock, par or stated value per share | $ 0 | $ 0 | ||
Stock repurchased during period, shares | 0 | 0 | ||
Reclassification of certain tax effects | $ 0 | |||
Director [Member] | ||||
Immediate vested shares | 14,795 | 14,384 | ||
Immediate vested shares, per share value | $ 14.48 | $ 10.34 | ||
Stock compensation expense | $ 192,398 | $ 147,006 | ||
Director [Member] | Scenario, Plan [Member] | ||||
Non-employee annual retainer paid in stock awards | $ 10,000 | |||
Immediate vested shares | 1,000 | |||
Executive Officer [Member] | ||||
Stock compensation expense | 45,527 | |||
One-time stock grant, shares | 5,387 | 4,845 | ||
One-time stock grant, price per share | $ 8.76 | $ 8.63 | ||
Stock grant, vesting period | 2 years | 2 years | ||
Stock compensation expense remaining | 0 | |||
Parent Company [Member] | ||||
Share-based compensation | $ 192,000 | $ 192,000 | ||
Liberty Mews Limited Partnership [Member] | ||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 99.90% | |||
Maximum [Member] | Premises [Member] | ||||
Property, plant and equipment, useful life | 31 years 7 months 6 days | |||
Maximum [Member] | Furniture and Equipment [Member] | ||||
Property, plant and equipment, useful life | 20 years | |||
Minimum [Member] | Premises [Member] | ||||
Property, plant and equipment, useful life | 10 years | |||
Minimum [Member] | Furniture and Equipment [Member] | ||||
Property, plant and equipment, useful life | 3 years | |||
Western Maryland and Northeasten Virginia [Member] | Loans Receivable [Member] | ||||
Concentration risk, percentage | 12.00% | |||
Loans and leases receivable, net of deferred income | $ 110,500,000 | |||
Western Maryland and Northeasten Virginia [Member] | Loans Receivable [Member] | Performing Financing Receivable [Member] | ||||
Loans and leases receivable, net of deferred income | 109,500,000 | |||
Western Maryland and Northeasten Virginia [Member] | Loans Receivable [Member] | Performing According to Modified Terms [Member] | ||||
Loans and leases receivable, net of deferred income | 1,000,000 | |||
Western Maryland and Northeasten Virginia [Member] | Loans Receivable [Member] | Nonperforming Troubled Debt Restructuring [Member] | ||||
Loans and leases receivable, net of deferred income | $ 200,000 | |||
Western Maryland and Northeasten Virginia [Member] | Real Estate [Member] | ||||
Concentration risk, percentage | 19.00% |
Earnings Per Common Share - (Ba
Earnings Per Common Share - (Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Common Share [Abstract] | ||
Net Income | $ 5,269 | $ 7,281 |
Preferred stock dividends | (1,215) | (2,025) |
Net income available to common shareholders | $ 4,054 | $ 5,256 |
Weighted average number of shares outstanding, basic and diluted | 6,932 | 6,264 |
Earnings per share, basic and diluted | $ 0.58 | $ 0.84 |
Net Gains (Schedule of Net Gain
Net Gains (Schedule of Net Gains) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net Gains [Abstract] | ||
Available-for-sale securities: Realized gains | $ 52 | $ 688 |
Available-for-sale Securities: Realized losses | (101) | (248) |
Gain on sale of consumer loans | 75 | 95 |
Loss on disposal of fixed assets | 3 | (9) |
Net gains - other | 29 | 526 |
Total Gains Loss | $ 29 | $ 526 |
Regulatory Capital Requiremen58
Regulatory Capital Requirements (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
FHLB available credit | $ 86,200 | |
Tier One Risk Based Capital | 148,072 | $ 145,008 |
Repayment of outsanding Cumulative Preferred Stock | 20,000 | 10,000 |
Unsecured Debt [Member] | ||
Line of credit facility, current borrowing capacity | 75,000 | |
Secured Debt [Member] | ||
Line of credit facility, current borrowing capacity | 7,000 | |
TPS Debentures [Member] | ||
Tier One Risk Based Capital | 30,900 | |
Cumulative Preferred Stock [Member] | ||
Repayment of outsanding Cumulative Preferred Stock | 20,000 | |
Parent Company [Member] | ||
Repayment of outsanding Cumulative Preferred Stock | $ 20,000 | $ 10,000 |
Regulatory Capital Requiremen59
Regulatory Capital Requirements (Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital | $ 158,108 | $ 164,081 |
Capital to Risk Weighted Assets | 15.98% | 16.71% |
Capital Required for Capital Adequacy | $ 78,954 | $ 78,577 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 98,693 | $ 98,221 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Risk Based Capital | $ 148,072 | $ 145,008 |
Tier One Risk Based Capital to Risk Weighted Assets | 14.97% | 14.76% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 59,216 | $ 58,933 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 78,954 | $ 78,577 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Common equity, Amount | $ 124,064 | $ 105,523 |
Common equity, Ratio | 12.54% | 10.74% |
Common equity, Required For Capital Adequacy Purposes, Amount | $ 44,412 | $ 44,200 |
Common equity, Required For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Common equity, Required To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 64,150 | $ 63,844 |
Common equity, Required To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Tier One Leverage Capital | $ 148,072 | $ 145,008 |
Tier One Leverage Capital to Average Assets | 11.00% | 10.95% |
Tier One Leverage Capital Required for Capital Adequacy | $ 53,646 | $ 53,124 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 67,058 | $ 66,404 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
First United Bank & Trust [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital | $ 145,921 | $ 155,992 |
Capital to Risk Weighted Assets | 15.58% | 16.70% |
Capital Required for Capital Adequacy | $ 74,739 | $ 74,733 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 93,424 | $ 93,416 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Risk Based Capital | $ 135,885 | $ 146,013 |
Tier One Risk Based Capital to Risk Weighted Assets | 14.51% | 15.63% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 56,054 | $ 56,050 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 74,739 | $ 74,733 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Common equity, Amount | $ 135,885 | $ 146,013 |
Common equity, Ratio | 14.51% | 15.63% |
Common equity, Required For Capital Adequacy Purposes, Amount | $ 42,041 | $ 42,037 |
Common equity, Required For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Common equity, Required To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 60,726 | $ 60,721 |
Common equity, Required To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Tier One Leverage Capital | $ 135,885 | $ 146,013 |
Tier One Leverage Capital to Average Assets | 10.21% | 11.11% |
Tier One Leverage Capital Required for Capital Adequacy | $ 52,801 | $ 52,321 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 66,001 | $ 65,401 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Cash and Cash Equivalents (Sche
Cash and Cash Equivalents (Schedules of Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Line Items] | ||
Cash and due from banks | $ 82,273 | $ 60,707 |
Interest bearing deposits in banks | $ 1,479 | 2,603 |
Cash and Due from Banks [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Interest rate | 0.82% | |
FHLB [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Interest bearing deposits in banks | $ 464 | 1,590 |
Interest rate | 1.24% | |
M&T Fed Funds sold [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Interest bearing deposits in banks | $ 1,015 | $ 1,013 |
Interest rate | 0.15% |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)security | Dec. 31, 2016USD ($) | |
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | $ | $ 754 | $ 2,063 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | $ | 6,695 | 7,767 |
Available-for-sale securities pledged as collateral | $ | $ 125,000 | 121,800 |
US government agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Nature | U.S. Government Agencies – Available for Sale – There was one U.S. government agency in an unrealized loss position for less than 12 months as of December 31, 2017. There were four U.S. government agencies in an unrealized loss position for 12 months or more. The securities are of the highest investment grade and the Corporation does not intend to sell them, and it is not more likely than not that the Corporation will be required to sell them before recovery of their amortized cost basis, which may be at maturity. Accordingly, management does not consider these investments to be other-than-temporarily impaired at December 31, 2017. | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 1 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 4 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | $ | $ 69 | 747 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | $ | $ 675 | 0 |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Nature | U.S. Government Agencies – Held to Maturity – There were no U.S. government agencies in an unrealized loss position as of December 31, 2017. | |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 0 | |
Residential mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Nature | Residential Mortgage-Backed Agencies – Held to Maturity – There were eleven residential mortgage-backed agencies that have been in an unrealized loss position for less than 12 months as of December 31, 2017. There were eleven residential mortgage-backed agencies in an unrealized loss position for 12 months or more as of December 31, 2017. The securities are of the highest investment grade and the Corporation has the intent and ability to hold the investments to maturity. Accordingly, management does not consider these investments to be other-than-temporarily impaired at December 31, 2017. | |
Held To Maturity Securities in unrealized loss positions qualitative disclosure number of positions less than one year | 11 | |
Held to maturity securities in unrealized loss positions qualitative disclosure number of positions greater than or equal to one year | 11 | |
Commercial mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Nature | Commercial Mortgage-Backed Agencies – Available for Sale – There were two commercial mortgage-backed agencies in an unrealized loss position for less than 12 months as of December 31, 2017. There were six commercial mortgage-backed agency securities in an unrealized loss position for 12 months or more. The securities are of the highest investment grade and the Corporation does not intend to sell them, and it is not more likely than not that the Corporation will be required to sell them before recovery of their amortized cost basis, which may be at maturity. Accordingly, management does not consider these investments to be other-than-temporarily impaired at December 31, 2017. | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 2 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 6 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | $ | $ 169 | 757 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | $ | $ 711 | 0 |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Nature | Commercial Mortgage-Backed Agencies – Held to Maturity – There was one commercial mortgage-backed agency in an unrealized loss position for less than 12 months as of December 31, 2017. The security is of the highest investment grade and the Corporation has the intent and ability to hold the investment to maturity. Accordingly, management does not consider this investment to be other-than-temporarily impaired at December 31, 2017. There were no commercial mortgage-backed agencies in an unrealized loss position for 12 months or more. | |
Held To Maturity Securities in unrealized loss positions qualitative disclosure number of positions less than one year | 1 | |
Held to maturity securities in unrealized loss positions qualitative disclosure number of positions greater than or equal to one year | 0 | |
Collateralized mortgage obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Nature | Collateralized Mortgage Obligations – Available for Sale – There were six collateralized mortgage obligations in an unrealized loss position for less than 12 months as of December 31, 2017. There were two collateralized mortgage obligations in an unrealized loss position for 12 months or more. The securities are of the highest investment grade and the Corporation does not intend to sell them, and it is not more likely than not that the Corporation will be required to sell them before recovery of the amortized cost basis, which may be at maturity. Accordingly, management does not consider these investments to be other-than-temporarily impaired at December 31, 2017. | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 6 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 2 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | $ | $ 472 | 399 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | $ | $ 443 | 0 |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Nature | Collateralized Mortgage Obligations – Held to Maturity – There was one collateralized mortgage obligation in an unrealized loss position for 12 months or more as of December 31, 2017. The security is of the highest investment grade and the Corporation has the intent and ability to hold the investment to maturity. Accordingly, management does not consider this investment to be other-than-temporarily impaired at December 31, 2017. There were no collateralized mortgage obligations in an unrealized loss position for less than 12 months. | |
Held To Maturity Securities in unrealized loss positions qualitative disclosure number of positions less than one year | 1 | |
Held to maturity securities in unrealized loss positions qualitative disclosure number of positions greater than or equal to one year | 0 | |
Obligations of states and political subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Nature | Obligations of State and Political Subdivisions – Available for Sale – There was one obligation of state and political subdivisions that has been in an unrealized loss position for less than 12 months at December 31, 2017. There were two securities that have been in an unrealized loss position for 12 months or more. These investments are of investment grade as determined by the major rating agencies and management reviews the ratings of the underlying issuers and performs an in-depth credit analysis on the securities. Management believes that this portfolio is well-diversified throughout the United States, and all bonds continue to perform according to their contractual terms. The Corporation does not intend to sell these investments and it is not more likely than not that the Corporation will be required to sell the investments before recovery of their amortized cost basis, which may be at maturity. Accordingly, management does not consider these investments to be other-than-temporarily impaired at December 31, 2017. | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 1 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 2 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | $ | $ 44 | 160 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | $ | $ 75 | 91 |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Nature | Obligations of State and Political Subdivisions – Held to Maturity – There was one obligation of state and political subdivision in an unrealized loss position for less than 12 months as of December 31, 2017. This bond is a Tax Increment Fund (TIF) bond. Management performs an in-depth credit analysis on this security. The Corporation has the intent and ability to hold the investment to maturity. Accordingly, management does not consider this investment to be other-than-temporarily impaired at December 31, 2017. There were no obligations of state and political subdivisions in an unrealized loss position for greater than12 months. | |
Held To Maturity Securities in unrealized loss positions qualitative disclosure number of positions less than one year | 1 | |
Held to maturity securities in unrealized loss positions qualitative disclosure number of positions greater than or equal to one year | 0 | |
Collateralized debt obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Impairment losses | $ | $ 3,200 | 3,200 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Nature | Collateralized Debt Obligations – Available for Sale - The $4.8 million in unrealized losses greater than 12 months at December 31, 2017 relates to ten pooled trust preferred securities that are included in the CDO portfolio. See Note 23 for a discussion of the methodology used by management to determine the fair values of these securities. Based upon a review of credit quality and the cash flow tests performed by the independent third party, management determined that there were no securities that had credit-related non-cash OTTI charges during 2017. The unrealized losses on the remaining securities in the portfolio are primarily attributable to continued depression in market interest rates, marketability, liquidity and the current economic environment. | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 10 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | $ | $ 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | $ | $ 4,791 | $ 7,676 |
Investment Securities (Unrealiz
Investment Securities (Unrealized Gain (Loss) on Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 153,552 | $ 149,561 |
Gross Unrealized Gains | 367 | 269 |
Gross Unrealized Losses | 7,449 | 9,830 |
Investment securities - available-for-sale (at fair value) | 146,470 | 140,000 |
OTTI in AOCL | (3,389) | (3,961) |
Held-to-maturity Amortized cost | 93,632 | 97,169 |
Held-to-maturity Gross Unrealized Gains | 2,220 | 1,410 |
Held-to-maturity Gross Unrealized Losses | 506 | 598 |
Investment securities - HTM | 95,346 | 97,981 |
Held-to-maturity OTTI in AOCI | 0 | 0 |
US government agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 30,000 | 25,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 744 | 747 |
Investment securities - available-for-sale (at fair value) | 29,256 | 24,253 |
OTTI in AOCL | 0 | 0 |
Held-to-maturity Amortized cost | 15,876 | 15,738 |
Held-to-maturity Gross Unrealized Gains | 447 | 512 |
Held-to-maturity Gross Unrealized Losses | 0 | 0 |
Investment securities - HTM | 16,323 | 16,250 |
Held-to-maturity OTTI in AOCI | 0 | 0 |
Residential mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Held-to-maturity Amortized cost | 47,771 | 50,384 |
Held-to-maturity Gross Unrealized Gains | 94 | 160 |
Held-to-maturity Gross Unrealized Losses | 423 | 279 |
Investment securities - HTM | 47,442 | 50,265 |
Held-to-maturity OTTI in AOCI | 0 | 0 |
Commercial mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 41,771 | 52,978 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | 880 | 757 |
Investment securities - available-for-sale (at fair value) | 40,891 | 52,222 |
OTTI in AOCL | 0 | 0 |
Held-to-maturity Amortized cost | 17,288 | 17,584 |
Held-to-maturity Gross Unrealized Gains | 236 | 248 |
Held-to-maturity Gross Unrealized Losses | 6 | 0 |
Investment securities - HTM | 17,518 | 17,832 |
Held-to-maturity OTTI in AOCI | 0 | 0 |
Collateralized mortgage obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 41,298 | 19,953 |
Gross Unrealized Gains | 2 | 13 |
Gross Unrealized Losses | 916 | 399 |
Investment securities - available-for-sale (at fair value) | 40,384 | 19,567 |
OTTI in AOCL | 0 | 0 |
Held-to-maturity Amortized cost | 4,187 | 4,833 |
Held-to-maturity Gross Unrealized Gains | 0 | 0 |
Held-to-maturity Gross Unrealized Losses | 69 | 149 |
Investment securities - HTM | 4,118 | 4,684 |
Held-to-maturity OTTI in AOCI | 0 | 0 |
Obligations of states and political subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 20,772 | 23,700 |
Gross Unrealized Gains | 365 | 255 |
Gross Unrealized Losses | 118 | 251 |
Investment securities - available-for-sale (at fair value) | 21,019 | 23,704 |
OTTI in AOCL | 0 | 0 |
Held-to-maturity Amortized cost | 8,510 | 8,630 |
Held-to-maturity Gross Unrealized Gains | 1,443 | 490 |
Held-to-maturity Gross Unrealized Losses | 8 | 170 |
Investment securities - HTM | 9,945 | 8,950 |
Held-to-maturity OTTI in AOCI | 0 | 0 |
Collateralized debt obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 19,711 | 27,930 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 4,791 | 7,676 |
Investment securities - available-for-sale (at fair value) | 14,920 | 20,254 |
OTTI in AOCL | $ (3,389) | $ (3,961) |
Investment Securities (Proceeds
Investment Securities (Proceeds from Sales and Realized Gains and Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Investment Securities [Abstract] | ||
Proceeds | $ 18,530 | $ 43,782 |
Realized gains | 52 | 688 |
Realized losses | $ 101 | $ 248 |
Investment Securities (Gross Un
Investment Securities (Gross Unrealized Losses and Fair Values of Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 47,594 | $ 98,642 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 754 | 2,063 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 82,737 | 23,188 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 6,695 | 7,767 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 24,925 | 27,918 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | 141 | 598 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 16,917 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 365 | 0 |
US government agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 4,931 | 24,253 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 69 | 747 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 24,325 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 675 | 0 |
Residential mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 15,897 | 20,899 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | 135 | 279 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 10,422 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 288 | 0 |
Commercial mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 12,593 | 51,604 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 169 | 757 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 28,298 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 711 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 9,028 | 4,684 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | 6 | 149 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | 0 |
Collateralized mortgage obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 27,387 | 14,706 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 472 | 399 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 12,447 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 443 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,118 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 69 | |
Obligations of states and political subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,683 | 8,079 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 44 | 160 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,747 | 2,934 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 75 | 91 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 2,335 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | 0 | 170 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,377 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 8 | 0 |
Collateralized debt obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 14,920 | 20,254 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | $ 4,791 | $ 7,676 |
Investment Securities (Non-Cash
Investment Securities (Non-Cash OTTI Credit Losses Recognized in Earnings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Investment Securities [Abstract] | ||
Balance of credit-related OTTI, Beginning | $ 3,124 | $ 3,133 |
Decreases for previously recognized credit-related OTTI because there was an intent to sell | 0 | 0 |
Additions for decreases in cash flows expected to be collected | 0 | 0 |
Reduction for increases in cash flows expected to be collected | (166) | (9) |
Balance of credit-related OTTI, Ending | $ 2,958 | $ 3,124 |
Investment Securities (Amortize
Investment Securities (Amortized Cost and Fair Values Classified by Contractual Maturity Date) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Investments [Line Items] | ||
Amortized Cost: Due in one year or less | $ 447 | |
Amortized Cost: Due after one year through five years | 17,739 | |
Amortized Cost: Due after five years through ten years | 22,761 | |
Amortized Cost: Due after ten years | 29,536 | |
Amortized Cost, Single Maturity Date, Total | 70,483 | |
Fair Value: Due in one year or less | 452 | |
Fair Value: Due after one year through five years | 17,515 | |
Fair Value: Due after five years through ten years | 22,263 | |
Fair Value: Due after ten years | 24,965 | |
Fair Value: Single Maturity Date, Total | 65,195 | |
Available for sale debt maturities fair value sub total | 146,470 | |
Available For Sale Debt Maturities Amortized Cost Total | 153,552 | |
Available-for-sale Securities, Amortized Cost Basis | 153,552 | $ 149,561 |
Available-for-sale Securities | 146,470 | 140,000 |
Amortized Cost: Due after one through five years, Held to maturity | 8,276 | |
Amortized Cost: Due after five years through ten years, Held to maturity | 7,600 | |
Amortized Cost: Due after ten years, Held to maturity | 8,510 | |
Amortized Cost: Total, Held to maturity | 24,386 | |
Fair Value: Due after one through five years, Held to maturity | 8,503 | |
Fair Value: Due after five years through ten years, Held to maturity | 7,820 | |
Fair Value: Due after ten years, Held to maturity | 9,945 | |
Fair Value: Total, Held to maturity | 26,268 | |
Held-to-maturity Securities | 93,632 | 97,169 |
Held-to-maturity Securities, Fair Value | 95,346 | 97,981 |
Residential mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Held-to-maturity Securities | 47,771 | 50,384 |
Held-to-maturity Securities, Fair Value | 47,442 | 50,265 |
Commercial mortgage-backed agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost: without Single Maturity Date | 41,771 | |
Fair Value: without Single Maturity Date | 40,891 | |
Available-for-sale Securities, Amortized Cost Basis | 41,771 | 52,978 |
Available-for-sale Securities | 40,891 | 52,222 |
Held-to-maturity Securities | 17,288 | 17,584 |
Held-to-maturity Securities, Fair Value | 17,518 | 17,832 |
Collateralized mortgage obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost: without Single Maturity Date | 41,298 | |
Fair Value: without Single Maturity Date | 40,384 | |
Available-for-sale Securities, Amortized Cost Basis | 41,298 | 19,953 |
Available-for-sale Securities | 40,384 | 19,567 |
Held-to-maturity Securities | 4,187 | 4,833 |
Held-to-maturity Securities, Fair Value | $ 4,118 | $ 4,684 |
Loans And Related Allowances 67
Loans And Related Allowances For Loan Losses (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2017USD ($)loancontract | Dec. 31, 2016USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Commercial amount benchmark minimum for internal annual review | $ 500,000 | |
Commercial amount benchmark minimum for annual review by independent reviewer | 1,000,000 | |
Commercial relationship amount benchmark for evaluation | 750,000 | |
Nonaccrual loans subject to partial charge off | $ 7,118,000 | $ 13,946,000 |
Financing receivable, modifications, number of contracts | loan | 19 | 24 |
Financing receivable, modifications, recorded investment | $ 6,000,000 | $ 9,300,000 |
Transfers from loans to OREO | 2,060,000 | 6,938,000 |
Partial Charge Off [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Nonaccrual loans subject to partial charge off | $ 7,400,000 | 11,100,000 |
New TDR [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing receivable, modifications, number of contracts | contract | 0 | |
Pre-Existing Troubled Debt Restructuring Loans Remodified After Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing receivable, modifications, number of contracts | contract | 3 | |
Troubled Debt Restructuring [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Unused commitments to extend credit | $ 0 | 0 |
Foreclosure 1-4 Family Real Estate Properties [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Loans secured by real estate properties in process of foreclosure | 400,000 | 500,000 |
Commercial real estate- non owner-occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Nonaccrual loans subject to partial charge off | 3,248,000 | 6,381,000 |
Commercial real estate- all other CRE [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Nonaccrual loans subject to partial charge off | 1,205,000 | 5,830,000 |
Acquisition and development- 1-4 family residential construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Nonaccrual loans subject to partial charge off | 0 | 0 |
Acquisition and development- All other A&D [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Nonaccrual loans subject to partial charge off | 211,000 | 45,000 |
Commercial and industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Nonaccrual loans subject to partial charge off | 378,000 | 0 |
Residential mortgage- term [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Nonaccrual loans subject to partial charge off | 1,466,000 | 1,539,000 |
Residential mortgage- home equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Nonaccrual loans subject to partial charge off | 580,000 | 151,000 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Nonaccrual loans subject to partial charge off | $ 30,000 | $ 0 |
Loans And Related Allowances 68
Loans And Related Allowances For Loan Losses (Loan Portfolio Segments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | $ 14,951 | $ 24,000 |
Collectively evaluated for impairment | 877,567 | 867,926 |
Total Loans | 892,518 | 891,926 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 9,076 | 17,210 |
Collectively evaluated for impairment | 274,086 | 280,749 |
Total Loans | 283,162 | 297,959 |
Acquisition and Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 976 | 2,525 |
Collectively evaluated for impairment | 109,554 | 101,757 |
Total Loans | 110,530 | 104,282 |
Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 668 | 290 |
Collectively evaluated for impairment | 76,055 | 72,056 |
Total Loans | 76,723 | 72,346 |
Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 4,201 | 3,975 |
Collectively evaluated for impairment | 394,447 | 389,441 |
Total Loans | 398,648 | 393,416 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 30 | 0 |
Collectively evaluated for impairment | 23,425 | 23,923 |
Total Loans | $ 23,455 | $ 23,923 |
Loans And Related Allowances 69
Loans And Related Allowances for Loan Losses (Related Party Loans) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Loans and Related Allowance for Loan Losses [Abstract] | |
Beginning Balance | $ 10,292 |
Loans or advances | 633 |
Repayments | (1,876) |
Ending Balance | $ 9,049 |
Loans And Related Allowances 70
Loans And Related Allowances For Loan Losses (Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 892,518 | $ 891,926 |
Commercial real estate- non owner-occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 139,568 | 157,158 |
Commercial real estate- all other CRE [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 143,594 | 140,801 |
Acquisition and development- 1-4 family residential construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 17,719 | 15,845 |
Acquisition and development- All other A&D [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 92,811 | 88,437 |
Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 76,723 | 72,346 |
Residential mortgage- term [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 324,385 | 316,465 |
Residential mortgage- home equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 74,263 | 76,951 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 23,455 | 23,923 |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 858,600 | 844,732 |
Pass [Member] | Commercial real estate- non owner-occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 133,725 | 137,181 |
Pass [Member] | Commercial real estate- all other CRE [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 132,003 | 125,720 |
Pass [Member] | Acquisition and development- 1-4 family residential construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 17,719 | 15,845 |
Pass [Member] | Acquisition and development- All other A&D [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 84,345 | 87,135 |
Pass [Member] | Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 75,299 | 70,613 |
Pass [Member] | Residential mortgage- term [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 319,059 | 308,734 |
Pass [Member] | Residential mortgage- home equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 73,059 | 75,710 |
Pass [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 23,391 | 23,794 |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 11,427 | 14,512 |
Special Mention [Member] | Commercial real estate- non owner-occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 10,620 |
Special Mention [Member] | Commercial real estate- all other CRE [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,963 | 3,121 |
Special Mention [Member] | Acquisition and development- 1-4 family residential construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Special Mention [Member] | Acquisition and development- All other A&D [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 7,294 | 65 |
Special Mention [Member] | Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 17 | 593 |
Special Mention [Member] | Residential mortgage- term [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 113 |
Special Mention [Member] | Residential mortgage- home equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 148 | 0 |
Special Mention [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5 | 0 |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 22,491 | 32,682 |
Substandard [Member] | Commercial real estate- non owner-occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,843 | 9,357 |
Substandard [Member] | Commercial real estate- all other CRE [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 7,628 | 11,960 |
Substandard [Member] | Acquisition and development- 1-4 family residential construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Substandard [Member] | Acquisition and development- All other A&D [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,172 | 1,237 |
Substandard [Member] | Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,407 | 1,140 |
Substandard [Member] | Residential mortgage- term [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,326 | 7,618 |
Substandard [Member] | Residential mortgage- home equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,056 | 1,241 |
Substandard [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 59 | $ 129 |
Loans And Related Allowances 71
Loans And Related Allowances For Loan Losses (Loan Portfolio Summarized by the Past Due Status) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 879,735 | $ 871,989 |
Total Past Due and Still Accruing | 5,665 | 5,991 |
Non-Accrual | 7,118 | 13,946 |
Loans | 892,518 | 891,926 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 1,684 | 1,908 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 3,386 | 3,663 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 595 | 420 |
Commercial real estate- non owner-occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 136,134 | 150,595 |
Total Past Due and Still Accruing | 186 | 182 |
Non-Accrual | 3,248 | 6,381 |
Loans | 139,568 | 157,158 |
Commercial real estate- non owner-occupied [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 186 | 182 |
Commercial real estate- non owner-occupied [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Commercial real estate- non owner-occupied [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Commercial real estate- all other CRE [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 141,680 | 134,931 |
Total Past Due and Still Accruing | 709 | 40 |
Non-Accrual | 1,205 | 5,830 |
Loans | 143,594 | 140,801 |
Commercial real estate- all other CRE [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 461 | 40 |
Commercial real estate- all other CRE [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 248 | 0 |
Commercial real estate- all other CRE [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Acquisition and development- 1-4 family residential construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 17,719 | 15,845 |
Total Past Due and Still Accruing | 0 | 0 |
Non-Accrual | 0 | 0 |
Loans | 17,719 | 15,845 |
Acquisition and development- 1-4 family residential construction [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Acquisition and development- 1-4 family residential construction [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Acquisition and development- 1-4 family residential construction [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Acquisition and development- All other A&D [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 92,291 | 88,353 |
Total Past Due and Still Accruing | 309 | 39 |
Non-Accrual | 211 | 45 |
Loans | 92,811 | 88,437 |
Acquisition and development- All other A&D [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 0 |
Acquisition and development- All other A&D [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 165 | 39 |
Acquisition and development- All other A&D [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 144 | 0 |
Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 76,322 | 72,324 |
Total Past Due and Still Accruing | 23 | 22 |
Non-Accrual | 378 | 0 |
Loans | 76,723 | 72,346 |
Commercial and industrial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 9 |
Commercial and industrial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 17 | 2 |
Commercial and industrial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 6 | 11 |
Residential mortgage- term [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 319,633 | 310,721 |
Total Past Due and Still Accruing | 3,286 | 4,205 |
Non-Accrual | 1,466 | 1,539 |
Loans | 324,385 | 316,465 |
Residential mortgage- term [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 322 | 517 |
Residential mortgage- term [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 2,534 | 3,376 |
Residential mortgage- term [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 430 | 312 |
Residential mortgage- home equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 72,683 | 75,558 |
Total Past Due and Still Accruing | 1,000 | 1,242 |
Non-Accrual | 580 | 151 |
Loans | 74,263 | 76,951 |
Residential mortgage- home equity [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 600 | 974 |
Residential mortgage- home equity [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 400 | 198 |
Residential mortgage- home equity [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 0 | 70 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 23,273 | 23,662 |
Total Past Due and Still Accruing | 152 | 261 |
Non-Accrual | 30 | 0 |
Loans | 23,455 | 23,923 |
Consumer [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 115 | 186 |
Consumer [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | 22 | 48 |
Consumer [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past due | $ 15 | $ 27 |
Loans And Related Allowances 72
Loans And Related Allowances For Loan Losses (Primary Segments of the Allowance for Loan Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Individually evaluated for impairment | $ 362 | $ 260 | |
Collectively evaluated for impairment | 9,610 | 9,658 | |
Total Allowance For Loan Losses | 9,972 | 9,918 | $ 11,922 |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Individually evaluated for impairment | 245 | 177 | |
Collectively evaluated for impairment | 3,454 | 3,736 | |
Total Allowance For Loan Losses | 3,699 | 3,913 | 2,580 |
Acquisition and Development [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Individually evaluated for impairment | 40 | 40 | |
Collectively evaluated for impairment | 1,217 | 831 | |
Total Allowance For Loan Losses | 1,257 | 871 | 4,129 |
Commercial and industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 869 | 858 | |
Total Allowance For Loan Losses | 869 | 858 | 722 |
Residential Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Individually evaluated for impairment | 65 | 43 | |
Collectively evaluated for impairment | 3,379 | 3,545 | |
Total Allowance For Loan Losses | 3,444 | 3,588 | 3,785 |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Individually evaluated for impairment | 12 | 0 | |
Collectively evaluated for impairment | 191 | 188 | |
Total Allowance For Loan Losses | 203 | 188 | 206 |
Unallocated [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 500 | 500 | |
Total Allowance For Loan Losses | $ 500 | $ 500 | $ 500 |
Loans And Related Allowances 73
Loans And Related Allowances For Loan Losses (Impaired Loans and Related Interest Income by Loan Portfolio Class) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance: Recorded Investment | $ 2,634 | $ 869 |
Impaired Loans with Specific Allowance: Related Allowance | 362 | 260 |
Impaired Loans with No Specific Allowance: Recorded Investment | 12,317 | 23,131 |
Total Impaired Loans: Recorded Investment | 14,951 | 24,000 |
Unpaid Principal Balance | 24,983 | 30,191 |
Commercial real estate- non owner-occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance: Recorded Investment | 1,711 | 131 |
Impaired Loans with Specific Allowance: Related Allowance | 245 | 23 |
Impaired Loans with No Specific Allowance: Recorded Investment | 1,907 | 6,635 |
Total Impaired Loans: Recorded Investment | 3,618 | 6,766 |
Unpaid Principal Balance | 10,579 | 9,372 |
Commercial real estate- all other CRE [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance: Recorded Investment | 0 | 432 |
Impaired Loans with Specific Allowance: Related Allowance | 0 | 154 |
Impaired Loans with No Specific Allowance: Recorded Investment | 5,458 | 10,012 |
Total Impaired Loans: Recorded Investment | 5,458 | 10,444 |
Unpaid Principal Balance | 5,731 | 11,057 |
Acquisition and development- 1-4 family residential construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance: Recorded Investment | 0 | 0 |
Impaired Loans with Specific Allowance: Related Allowance | 0 | 0 |
Impaired Loans with No Specific Allowance: Recorded Investment | 527 | 582 |
Total Impaired Loans: Recorded Investment | 527 | 582 |
Unpaid Principal Balance | 527 | 628 |
Acquisition and development- All other A&D [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance: Recorded Investment | 295 | 245 |
Impaired Loans with Specific Allowance: Related Allowance | 40 | 40 |
Impaired Loans with No Specific Allowance: Recorded Investment | 154 | 1,698 |
Total Impaired Loans: Recorded Investment | 449 | 1,943 |
Unpaid Principal Balance | 722 | 2,213 |
Commercial and industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance: Recorded Investment | 0 | 0 |
Impaired Loans with Specific Allowance: Related Allowance | 0 | 0 |
Impaired Loans with No Specific Allowance: Recorded Investment | 668 | 290 |
Total Impaired Loans: Recorded Investment | 668 | 290 |
Unpaid Principal Balance | 2,882 | 2,504 |
Residential mortgage- term [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance: Recorded Investment | 598 | 61 |
Impaired Loans with Specific Allowance: Related Allowance | 65 | 43 |
Impaired Loans with No Specific Allowance: Recorded Investment | 3,023 | 3,763 |
Total Impaired Loans: Recorded Investment | 3,621 | 3,824 |
Unpaid Principal Balance | 3,919 | 4,249 |
Residential mortgage- home equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance: Recorded Investment | 0 | 0 |
Impaired Loans with Specific Allowance: Related Allowance | 0 | 0 |
Impaired Loans with No Specific Allowance: Recorded Investment | 580 | 151 |
Total Impaired Loans: Recorded Investment | 580 | 151 |
Unpaid Principal Balance | 593 | 168 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance: Recorded Investment | 30 | 0 |
Impaired Loans with Specific Allowance: Related Allowance | 12 | 0 |
Impaired Loans with No Specific Allowance: Recorded Investment | 0 | 0 |
Total Impaired Loans: Recorded Investment | 30 | 0 |
Unpaid Principal Balance | $ 30 | $ 0 |
Loans And Related Allowances 74
Loans And Related Allowances For Loan Losses (Allowance for Loan Losses Summarized by Loan Portfolio Segments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
ALL Beginning Balance | $ 9,918 | $ 11,922 |
Charge-offs | (5,472) | (7,177) |
Recoveries | 2,992 | 2,051 |
Provision for loan losses | 2,534 | 3,122 |
ALL Ending Balance | 9,972 | 9,918 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
ALL Beginning Balance | 3,913 | 2,580 |
Charge-offs | (4,605) | (5,301) |
Recoveries | 452 | 90 |
Provision for loan losses | 3,939 | 6,544 |
ALL Ending Balance | 3,699 | 3,913 |
Acquisition and Development [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
ALL Beginning Balance | 871 | 4,129 |
Charge-offs | (133) | (248) |
Recoveries | 255 | 1,303 |
Provision for loan losses | 264 | (4,313) |
ALL Ending Balance | 1,257 | 871 |
Commercial and industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
ALL Beginning Balance | 858 | 722 |
Charge-offs | (37) | (558) |
Recoveries | 1,683 | 52 |
Provision for loan losses | (1,635) | 642 |
ALL Ending Balance | 869 | 858 |
Residential Mortgage [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
ALL Beginning Balance | 3,588 | 3,785 |
Charge-offs | (361) | (737) |
Recoveries | 392 | 461 |
Provision for loan losses | (175) | 79 |
ALL Ending Balance | 3,444 | 3,588 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
ALL Beginning Balance | 188 | 206 |
Charge-offs | (336) | (333) |
Recoveries | 210 | 145 |
Provision for loan losses | 141 | 170 |
ALL Ending Balance | 203 | 188 |
Unallocated [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
ALL Beginning Balance | 500 | 500 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for loan losses | 0 | 0 |
ALL Ending Balance | $ 500 | $ 500 |
Loans And Related Allowances 75
Loans And Related Allowances For Loan Losses (Average of Impaired Loans and Related Interest Income by Loan Portfolio Class) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | ||
Average Investment | $ 20,172 | $ 27,028 |
Interest income recognized on an accrual basis | 482 | 640 |
Interest income recognized on a cash basis | 38 | 24 |
Commercial real estate- non owner-occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Investment | 5,727 | 6,076 |
Interest income recognized on an accrual basis | 24 | 131 |
Interest income recognized on a cash basis | 30 | 0 |
Commercial real estate- all other CRE [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Investment | 7,743 | 11,802 |
Interest income recognized on an accrual basis | 205 | 187 |
Interest income recognized on a cash basis | 0 | 8 |
Acquisition and development- 1-4 family residential construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Investment | 571 | 629 |
Interest income recognized on an accrual basis | 24 | 27 |
Interest income recognized on a cash basis | 0 | 0 |
Acquisition and development- All other A&D [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Investment | 1,571 | 2,735 |
Interest income recognized on an accrual basis | 85 | 95 |
Interest income recognized on a cash basis | 0 | 0 |
Commercial and industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Investment | 448 | 934 |
Interest income recognized on an accrual basis | 13 | 37 |
Interest income recognized on a cash basis | 0 | 0 |
Residential mortgage- term [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Investment | 3,792 | 4,580 |
Interest income recognized on an accrual basis | 131 | 163 |
Interest income recognized on a cash basis | 8 | 16 |
Residential mortgage- home equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Investment | 305 | 272 |
Interest income recognized on an accrual basis | 0 | 0 |
Interest income recognized on a cash basis | 0 | 0 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Investment | 15 | 0 |
Interest income recognized on an accrual basis | 0 | 0 |
Interest income recognized on a cash basis | $ 0 | $ 0 |
Loans And Related Allowances 76
Loans And Related Allowances For Loan Losses (Modification of Troubled Debt Restructuring by Class) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)contract | Dec. 31, 2016USD ($)contract | |
Temporary Rate Modification [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 3 |
Recorded Investment | $ | $ 0 | $ 260 |
Temporary Rate Modification [Member] | Commercial real estate- non owner-occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Temporary Rate Modification [Member] | Commercial real estate- all other CRE [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Temporary Rate Modification [Member] | Acquisition and development- 1-4 family residential construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Temporary Rate Modification [Member] | Acquisition and development- All other A&D [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Temporary Rate Modification [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Temporary Rate Modification [Member] | Residential mortgage- term [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 3 |
Recorded Investment | $ | $ 0 | $ 260 |
Temporary Rate Modification [Member] | Residential mortgage- home equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Temporary Rate Modification [Member] | Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Extension Of Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 3 | 5 |
Recorded Investment | $ | $ 942 | $ 2,992 |
Extension Of Maturity [Member] | Commercial real estate- non owner-occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Extension Of Maturity [Member] | Commercial real estate- all other CRE [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 203 |
Extension Of Maturity [Member] | Acquisition and development- 1-4 family residential construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 582 |
Extension Of Maturity [Member] | Acquisition and development- All other A&D [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 1 | 1 |
Recorded Investment | $ | $ 244 | $ 1,664 |
Extension Of Maturity [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 482 |
Extension Of Maturity [Member] | Residential mortgage- term [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 2 | 1 |
Recorded Investment | $ | $ 698 | $ 61 |
Extension Of Maturity [Member] | Residential mortgage- home equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Extension Of Maturity [Member] | Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Modification Of Payment And Other Terms [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 4 |
Recorded Investment | $ | $ 0 | $ 955 |
Modification Of Payment And Other Terms [Member] | Commercial real estate- non owner-occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Modification Of Payment And Other Terms [Member] | Commercial real estate- all other CRE [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Modification Of Payment And Other Terms [Member] | Acquisition and development- 1-4 family residential construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Modification Of Payment And Other Terms [Member] | Acquisition and development- All other A&D [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Modification Of Payment And Other Terms [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 486 |
Modification Of Payment And Other Terms [Member] | Residential mortgage- term [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 3 |
Recorded Investment | $ | $ 0 | $ 469 |
Modification Of Payment And Other Terms [Member] | Residential mortgage- home equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Modification Of Payment And Other Terms [Member] | Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Other Real Estate Owned (Schedu
Other Real Estate Owned (Schedule of Real Estate Properties) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Total OREO | $ 10,141 | $ 10,910 |
Commercial Real Estate [Member] | ||
Total OREO | 3,605 | 3,779 |
Acquisition and Development [Member] | ||
Total OREO | 5,295 | 5,944 |
Commercial and industrial [Member] | ||
Total OREO | 24 | 24 |
Residential Mortgage [Member] | ||
Total OREO | $ 1,217 | $ 1,163 |
Other Real Estate Owned (Other
Other Real Estate Owned (Other Real Estate, Roll Forward) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Other Real Estate Owned [Abstract] | ||
Beginning Balance | $ 3,535 | $ 4,430 |
Fair value write-down | 398 | 486 |
Sales of OREO | (1,193) | (1,381) |
Ending Balance | $ 2,740 | $ 3,535 |
Other Real Estate Owned (Sche79
Other Real Estate Owned (Schedule of Components of OREO) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Other Real Estate Owned [Abstract] | ||
Gain on sales of other real estate owned | $ (645) | $ (189) |
Fair value write-down | 398 | 486 |
OREO Expenses, net | 616 | 603 |
Rental and other income | (179) | (98) |
Total OREO expenses, net | $ 190 | $ 802 |
Premises and Equipment (Narrati
Premises and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Premises and Equipment [Abstract] | ||
Depreciation Expense | $ 1,898 | $ 1,693 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 3,400 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 3,100 | |
Operating Leases, Future Minimum Payments, Due in Three Years | 3,100 | |
Operating Leases, Future Minimum Payments, Due in Four Years | 3,000 | |
Operating Leases, Future Minimum Payments, Due in Five Years | 3,000 | |
Operating Leases, Future Minimum Payments, Due Thereafter | 6,000 | |
Operating Leases, Rent Expense, Net | $ 500 | $ 500 |
Premises and Equipment (Composi
Premises and Equipment (Composition of Premises and Equipment) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | $ 54,168 | $ 52,320 |
Less accumulated depreciation | (23,287) | (25,160) |
Premises and equipment, net | 30,881 | 27,160 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 7,035 | 7,383 |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 1,203 | 1,201 |
Premises [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 25,150 | 25,696 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | 20,246 | 17,506 |
Capital Lease [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment | $ 534 | $ 534 |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Goodwill [Abstract] | ||
Goodwill | $ 11,004 | $ 11,004 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Deposits [Abstract] | ||
Time Deposits, $250,000 or More | $ 66.9 | $ 45.6 |
Time Deposits, $100,000 or More | 126.5 | $ 123.9 |
Deposit Liabilities Reclassified as Loans Receivable | 0.2 | |
Related Party Deposit Liabilities | $ 7.9 |
Deposits (Schedule of Time Depo
Deposits (Schedule of Time Deposit Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deposits [Abstract] | ||
2,018 | $ 97,039 | |
2,019 | 36,164 | |
2,020 | 33,238 | |
2,021 | 41,328 | |
2,022 | 26,358 | |
Thereafter | 0 | |
Time Deposits | $ 234,127 | $ 241,110 |
Borrowed Funds (Narrative) (Det
Borrowed Funds (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Repurchase agreements secured by available for sale securities | $ 125,000 | $ 121,800 |
FHLB, available funds | 395,900 | |
FHLB available credit | $ 86,200 | |
Borrowing capacity to assets, percentage | 30.00% | |
Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
FHLB advances secured by loans receivable | $ 176,200 | |
Securities Sold under Agreements to Repurchase [Member] | ||
Debt Instrument [Line Items] | ||
Repurchase agreements secured by available for sale securities | 60,500 | |
Various Financial Institutions [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, available funding | 75,000 | |
Line of Credit Facility, Amount Outstanding | 0 | |
Federal Reserve Bank [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, available funding | 7,000 | |
Line of Credit Facility, Amount Outstanding | 0 | |
Brokered Money Market Funds [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, available funding | $ 103,900 | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, term | 10 years | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, term | 5 years |
Borrowed Funds (Summary of Shor
Borrowed Funds (Summary of Short Term Borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Short-term Debt [Line Items] | ||
Outstanding at end of year | $ 48,845 | $ 36,000 |
Weighted average interest rate at year end | 0.15% | 0.16% |
Maximum amount outstanding as of any month end | $ 58,438 | $ 39,456 |
Average amount outstanding | $ 37,326 | $ 30,899 |
Securities Sold under Agreements to Repurchase [Member] | ||
Short-term Debt [Line Items] | ||
Approximate weighted average rate during the period | 0.19% | 0.19% |
Borrowed Funds (Summary of Long
Borrowed Funds (Summary of Long Term Borrowings) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
FHLB advances | $ 90,000 | $ 90,007 |
Junior subordinated debt, bearing variable interest rates | 30,929 | 30,929 |
Junior subordinated debt, bearing fixed interest rate | 0 | 10,801 |
Total long-term debt | $ 120,929 | $ 131,737 |
Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, effective percentage | 3.74% | 9.88% |
Federal Home Loan Bank Advances [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, effective percentage | 1.54% | |
Federal Home Loan Bank Advances [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, effective percentage | 3.69% |
Borrowed Funds (Contractual Mat
Borrowed Funds (Contractual Maturities of All Long Term Borrowings) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Due in 2018 | $ 20,000 | $ 20,000 |
Due in 2019 | 20,000 | 20,000 |
Due in 2020 | 30,000 | 30,000 |
Due in 2021 | 20,000 | 20,000 |
Thereafter | 30,929 | 41,737 |
Total long-term debt | 120,929 | $ 131,737 |
Fixed Rate [Member] | ||
Debt Instrument [Line Items] | ||
Due in 2018 | 20,000 | |
Due in 2019 | 20,000 | |
Due in 2020 | 30,000 | |
Due in 2021 | 20,000 | |
Thereafter | 0 | |
Total long-term debt | 90,000 | |
Floating Rate [Member] | ||
Debt Instrument [Line Items] | ||
Due in 2018 | 0 | |
Due in 2019 | 0 | |
Due in 2020 | 0 | |
Due in 2021 | 0 | |
Thereafter | 30,929 | |
Total long-term debt | $ 30,929 |
Borrowed Funds (Schedule of Ple
Borrowed Funds (Schedule of Pledged Collateral on Line of Credit) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Pledged assets for secured line of credit | $ 176,247 |
Residential Mortgage [Member] | |
Loans pledged as collateral | 119,482 |
Commercial Real Estate [Member] | |
Loans pledged as collateral | 26,069 |
Multi-family Loans [Member] | |
Loans pledged as collateral | 3,422 |
Residential mortgage- home equity [Member] | |
Loans pledged as collateral | $ 27,274 |
Junior Subordinated Debenture90
Junior Subordinated Debentures And Restrictions On Dividends (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Aggregated liquidation amount | $ 71 | $ 63 | |
Maximum allowable period of interest deferment, in quarterly periods | 20 | ||
Proceeds from issuance of common stock | $ 9,191 | 0 | |
Repayment of TPS debentures | $ 10,800 | ||
First United Statutory Trust I And II Member | |||
Trust preferred securities | 30,000 | ||
Aggregated liquidation amount | $ 900 | ||
Debenture issue date | March 2,004 | ||
Parent Company [Member] | |||
Proceeds from issuance of common stock | $ (9,191) | $ 0 | |
Junior Subordinated Debt [Member] | |||
Reporting date interest rate | 3.74% | 9.88% | |
Junior Subordinated Debt [Member] | First United Statutory Trust I Member | |||
Debenture issued to unconsolidated subsidiary | $ 20,600 | ||
Variable interest rate | three-month LIBOR plus 275 basis points | ||
Reporting date interest rate | 4.35% | ||
Maturity date | 2,034 | ||
Earliest availability for redemption | 5 years | ||
Junior Subordinated Debt [Member] | First United Statutory Trust II Member | |||
Debenture issued to unconsolidated subsidiary | $ 10,300 | ||
Variable interest rate | three-month LIBOR plus 275 basis points | ||
Reporting date interest rate | 4.35% | ||
Maturity date | 2,034 | ||
Earliest availability for redemption | 5 years | ||
Junior Subordinated Debt [Member] | December 2009 First United Statutory Trust III Member | |||
Trust preferred securities | $ 7,000 | ||
Aggregated liquidation amount | $ 200 | ||
Debenture issue date | December 2,009 | ||
Fixed interest rate | 9.875% | ||
Junior Subordinated Debt [Member] | January 2010 First United Statutory Trust III Member | |||
Trust preferred securities | $ 3,500 | ||
Aggregated liquidation amount | $ 100 | ||
Debenture issue date | January 2,010 | ||
Fixed interest rate | 9.875% | ||
TPS Debentures [Member] | December 2009 First United Statutory Trust III Member | |||
Debenture issued to unconsolidated subsidiary | $ 7,200 | ||
Maturity date | 2,040 | ||
Earliest availability for redemption | 5 years | ||
Fixed interest rate | 9.875% | ||
TPS Debentures [Member] | January 2010 First United Statutory Trust III Member | |||
Debenture issued to unconsolidated subsidiary | $ 3,600 | ||
Maturity date | 2,040 | ||
Earliest availability for redemption | 5 years | ||
Fixed interest rate | 9.875% |
Preferred Stock (Narrative) (De
Preferred Stock (Narrative) (Details) - USD ($) | Nov. 15, 2017 | Mar. 27, 2017 | Feb. 14, 2016 | Feb. 15, 2014 | Feb. 14, 2014 | Jan. 30, 2009 | Dec. 31, 2017 | Dec. 31, 2016 | May 26, 2015 |
Preferred stock, shares issued | 30,000 | ||||||||
Class of warrant or right, number of securities called by warrants or rights | 326,323 | ||||||||
Class of warrant or right, exercise price of warrants or rights | $ 13.79 | ||||||||
Proceeds from issuance of preferred stock and preference stock | $ 30,000,000 | ||||||||
Repurchase of warrant | $ 120,786 | ||||||||
Preferred stock, dividend rate, percentage | 9.00% | 5.00% | |||||||
Preferred stock, liquidation preference per share | $ 1,000 | $ 1,000 | |||||||
Aggregate liquidation amount of Preferred Stock | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | ||||||
Preferred stock redeemed, shares | 10,000 | 10,000 | 10,000 | ||||||
Proceeds from issuance of common stock | $ 9,191,000 | $ 0 | |||||||
Series A Preferred Stock [Member] | |||||||||
Preferred stock, shares issued | 0 | 20,000,000 | |||||||
Preferred stock, shares outstanding | 0 | 20,000 | |||||||
Preferred stock, dividend rate, percentage | 9.00% | 9.00% | |||||||
Preferred stock, liquidation preference per share | $ 1,000 | $ 1,000 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2009 | Dec. 31, 2017 | Dec. 31, 2016 | |
Variable Interest Entity [Line Items] | |||
Long-term debt | $ 120,929 | $ 131,737 | |
Equity method investments | 900 | ||
Partnership total assets | 8,600 | $ 8,800 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Long-term debt | 30,900 | ||
Subsidiaries [Member] | |||
Variable Interest Entity [Line Items] | |||
Equity method investments | $ 6,100 | ||
Ownership in Liberty Mews Limited Partnership | 99.99% | ||
VIE financing | $ 10,600 | ||
Purchase of land for low income housing by Liberty Mews | $ 10,600 | ||
Federal investment tax credits | $ 8,400 | ||
Federal investment tax credit duration | 10 years | ||
Liberty Mews Limited Partnership [Member] | |||
Variable Interest Entity [Line Items] | |||
Ownership in Liberty Mews Limited Partnership | 99.90% | ||
Impact of tax credits on total tax expense | $ (800) |
Variable Interest Entities (Inv
Variable Interest Entities (Investment in LIHTC Partnership) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Variable Interest Entities [Abstract] | ||
Investment (Other Assets) | $ 2,562 | $ 3,223 |
Maximum exposure to loss | $ 2,562 | $ 3,223 |
Accumulated Other Comprehensi94
Accumulated Other Comprehensive Loss ("AOCL") (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance, Beginning | $ (21,465) | ||
Reclassification of certain tax effects | 0 | ||
Balance, Ending | (24,593) | $ (21,465) | |
Investment securities- with OTTI [Member] | |||
Balance, Beginning | (2,368) | $ (1,942) | |
Other comprehensive income/(loss) before reclassifications | 31 | (421) | |
Amounts reclassified from accumulated other comprehensive loss | (121) | (5) | |
Reclassification of certain tax effects | (481) | ||
Balance, Ending | (2,939) | (2,368) | |
Investment Securities -All Other AFS [Member] | |||
Balance, Beginning | (3,218) | (2,024) | |
Other comprehensive income/(loss) before reclassifications | 638 | (929) | |
Amounts reclassified from accumulated other comprehensive loss | 36 | (265) | |
Reclassification of certain tax effects | (435) | ||
Balance, Ending | (2,979) | (3,218) | |
Investment Securities HTM [Member] | |||
Balance, Beginning | (1,354) | (1,971) | |
Other comprehensive income/(loss) before reclassifications | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive loss | 253 | 617 | |
Reclassification of certain tax effects | (246) | ||
Balance, Ending | (1,347) | (1,354) | |
Cash Flow Hedge (OCI) [Member] | |||
Balance, Beginning | 422 | (39) | |
Other comprehensive income/(loss) before reclassifications | 59 | 461 | |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |
Reclassification of certain tax effects | 101 | ||
Balance, Ending | 582 | 422 | |
Pension Plan [Member] | |||
Balance, Beginning | (14,232) | (12,663) | |
Other comprehensive income/(loss) before reclassifications | (445) | (2,086) | |
Amounts reclassified from accumulated other comprehensive loss | 781 | 517 | |
Reclassification of certain tax effects | (3,170) | ||
Balance, Ending | (17,066) | (14,232) | |
SERP [Member] | |||
Balance, Beginning | (715) | (305) | |
Other comprehensive income/(loss) before reclassifications | (82) | (466) | |
Amounts reclassified from accumulated other comprehensive loss | 105 | 56 | |
Reclassification of certain tax effects | (152) | ||
Balance, Ending | (844) | (715) | |
Accumulated Other Comprehensive Loss [Member] | |||
Balance, Beginning | (21,465) | (18,944) | |
Other comprehensive income/(loss) before reclassifications | 201 | (3,441) | |
Amounts reclassified from accumulated other comprehensive loss | $ 1,054 | 920 | |
Reclassification of certain tax effects | (4,383) | ||
Balance, Ending | $ (24,593) | $ (21,465) |
Accumulated Other Comprehensi95
Accumulated Other Comprehensive Loss ("AOCL") (Components of Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Available for sale securities - all other: Net unrealized losses on all other AFS securities, Net of tax | $ 674 | $ (1,194) |
Cash flow hedges: Unrealized holding gains, Before Tax | 81 | 766 |
Cash flow hedges: Unrealized holding gains, Tax Effect | (22) | (305) |
Cash flow hedges: Unrealized holding gains, Net of Tax | 59 | 461 |
Unrealized net actuarial gain (loss), Net of Tax | 336 | (1,569) |
Other Comprehensive Income, Before Tax Amount | 1,717 | (4,192) |
Other Comprehensive Income, Tax (Expense) Benefit | (462) | 1,671 |
Other Comprehensive Income, Net | 1,255 | (2,521) |
Investment securities- with OTTI [Member] | ||
Available for sale (AFS) securities with OTTI: Unrealized holding gains, Before Tax Amount | 42 | (700) |
Available for sale (AFS) securities with OTTI: Unrealized holding gains, tax effect | (11) | 279 |
Available for sale (AFS) securities with OTTI: Unrealized holding gains, Net of Tax | 31 | (421) |
Available for sale (AFS) securities with OTTI: Less: accretable yield recognized in income, Before Tax Amount | 166 | 9 |
Available for sale (AFS) securities with OTTI: Less: accretable yield recognized in income, Tax Effect | (45) | (4) |
Available for sale (AFS) securities with OTTI: Less: accretable yield recognized in income, Net of Tax | 121 | 5 |
Available for sale (AFS) securities with OTTI: Net unrealized gains on investments with OTTI: Net unrealized gains on investments with OTTI, Tax Effect | 34 | 283 |
Available for sale (AFS) securities with OTTI: Net unrealized gains on investments with OTTI, Before Tax Amount | (124) | (709) |
Available for sale (AFS) securities with OTTI: Net unrealized gains on investments with OTTI, Net of Tax | (90) | (426) |
Investment Securities -All Other AFS [Member] | ||
Securities: Unrealized holding gains (losses), Before Tax | 874 | (1,545) |
Securities: Unrealized holding gains (losses), Tax Effect | (236) | 616 |
Securities: Unrealized holding gains (losses), Net of Tax | 638 | (929) |
Securities: Less: gains (losses) recognized in income, Before Tax | (49) | 440 |
Securities: Less: gains (losses) recognized in income, Tax Effect | 13 | (175) |
Securities: Less: gains (losses) recognized in income, Net of Tax | (36) | 265 |
Available for sale securities - all other: Net unrealized losses on all other AFS securities, Before Tax | 923 | (1,985) |
Available for sale securities - all other: Net unrealized losses on all other AFS securities, Tax Effect | (249) | 791 |
Available for sale securities - all other: Net unrealized losses on all other AFS securities, Net of tax | 674 | (1,194) |
Investment Securities HTM [Member] | ||
Securities: Unrealized holding gains (losses), Before Tax | 0 | 0 |
Securities: Unrealized holding gains (losses), Tax Effect | 0 | 0 |
Securities: Unrealized holding gains (losses), Net of Tax | 0 | 0 |
Securities: Less: gains (losses) recognized in income, Before Tax | (346) | (1,026) |
Securities: Less: gains (losses) recognized in income, Tax Effect | 93 | 409 |
Securities: Less: gains (losses) recognized in income, Net of Tax | (253) | (617) |
Held to maturity securities: Net unrealized gains (losses) on all HTM securities, Before tax | 346 | 1,026 |
Held to maturity securities: Net unrealized gains (losses) on all HTM securities, Tax | (93) | (409) |
Held to maturity securities: Net unrealized gains (losses) on all HTM securities, After tax | 253 | 617 |
Pension Plan [Member] | ||
Unrealized net actuarial gain (loss), Before Tax | (609) | (3,468) |
Unrealized net actuarial gain (loss), Tax Effect | 164 | 1,382 |
Unrealized net actuarial gain (loss), Net of Tax | (445) | (2,086) |
Less: amortization of unrecognized net gain (loss), Before Tax | (1,057) | (848) |
Less: amortization of unrecognized net gain (loss), Tax Effect | 285 | 338 |
Less: amortization of unrecognized net gain (loss), Net of Tax | (772) | (510) |
Less: amortization of transition asset, Before Tax | 0 | 0 |
Less: amortization of transition asset, Tax Effect | 0 | 0 |
Less: amortization of transition asset, Net of Tax | 0 | 0 |
Less: amortization of prior service costs, Before Tax | (12) | (12) |
Less: amortization of prior service costs, Tax Effect | 3 | 5 |
Less: amortization of prior service costs, Net of Tax | (9) | (7) |
Net plan liability adjustment, Before Tax | 460 | (2,608) |
Net plan liability adjustment, Tax Effect | (124) | 1,039 |
Net plan liability adjustment, Net of Tax | 336 | (1,569) |
SERP [Member] | ||
Unrealized net actuarial gain (loss), Before Tax | (112) | (775) |
Unrealized net actuarial gain (loss), Tax Effect | 30 | 309 |
Unrealized net actuarial gain (loss), Net of Tax | (82) | (466) |
Less: amortization of unrecognized net gain (loss), Before Tax | (146) | (73) |
Less: amortization of unrecognized net gain (loss), Tax Effect | 39 | 29 |
Less: amortization of unrecognized net gain (loss), Net of Tax | (107) | (44) |
Less: amortization of prior service costs, Before Tax | 3 | (20) |
Less: amortization of prior service costs, Tax Effect | (1) | 8 |
Less: amortization of prior service costs, Net of Tax | 2 | (12) |
Net plan liability adjustment, Before Tax | 31 | (682) |
Net plan liability adjustment, Tax Effect | (8) | 272 |
Net plan liability adjustment, Net of Tax | 23 | (410) |
Parent Company [Member] | ||
Available for sale securities - all other: Net unrealized losses on all other AFS securities, Before Tax | 594 | (795) |
Available for sale securities - all other: Net unrealized losses on all other AFS securities, Tax Effect | (137) | 317 |
Available for sale securities - all other: Net unrealized losses on all other AFS securities, Net of tax | $ 457 | $ (478) |
Accumulated Other Comprehensi96
Accumulated Other Comprehensive Loss ("AOCL") (Reclassification out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest on investment securities: Taxable | $ 5,554 | $ 5,611 |
Gain (loss) - other | 29 | 526 |
Salaries and employee benefits | (22,391) | (20,595) |
Tax (expense) benefit | (6,945) | (2,783) |
Reclassification of certain tax effects | 0 | |
Net income | 5,269 | 7,281 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net income | 3,329 | (920) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Cash Flow Hedge [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassification of certain tax effects | (101) | |
Net income | (101) | |
Parent Company [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Tax (expense) benefit | (486) | (693) |
Net income | 5,269 | 7,281 |
Investment securities- with OTTI [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassification of certain tax effects | (481) | |
Investment securities- with OTTI [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest on investment securities: Taxable | 166 | 9 |
Tax (expense) benefit | (45) | (4) |
Reclassification of certain tax effects | 481 | |
Net income | 602 | 5 |
Investment securities- all other [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Gain (loss) - other | (49) | 440 |
Tax (expense) benefit | 13 | (175) |
Reclassification of certain tax effects | 435 | |
Net income | 399 | 265 |
Investment Securities HTM [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassification of certain tax effects | (246) | |
Investment Securities HTM [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest on investment securities: Taxable | (346) | (1,026) |
Tax (expense) benefit | 93 | 409 |
Reclassification of certain tax effects | 246 | |
Net income | (7) | (617) |
Pension Plan [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassification of certain tax effects | (3,170) | |
Pension Plan [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Tax (expense) benefit | (288) | 343 |
Reclassification of certain tax effects | (3,170) | |
Net income | 2,389 | (517) |
Pension Plan [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Amortization of Unrecognized Loss [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Salaries and employee benefits | (1,057) | (848) |
Pension Plan [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Amortization of Transition Asset [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Salaries and employee benefits | 0 | 0 |
Pension Plan [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Amortization of Prior Service Costs [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Salaries and employee benefits | (12) | (12) |
SERP [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassification of certain tax effects | (152) | |
SERP [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Tax (expense) benefit | (38) | 37 |
Reclassification of certain tax effects | (152) | |
Net income | 47 | (56) |
SERP [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Amortization of Unrecognized Loss [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Salaries and employee benefits | (146) | (73) |
SERP [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Amortization of Prior Service Costs [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Salaries and employee benefits | $ 3 | $ (20) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Federal statutory rate | 35.00% | 35.00% | ||
Reclassification from AOCL to retained earnings resulting from Tax Act | $ 0 | |||
Subsequent Event [Member] | ||||
Reclassification from AOCL to retained earnings resulting from Tax Act | $ 4,400 | |||
Scenario, Plan [Member] | ||||
Federal statutory rate | 21.00% | |||
Tax expense resulting from adjustment of deferred tax balance to reflect new statutory rate | 3,200 | |||
MARYLAND [Member] | ||||
Operating loss carryforwards | 39,500 | |||
Deferred tax assets, operating loss carryforwards, state and local | 2,400 | |||
Operating loss carryforward, valuation allowance | 2,400 | |||
Valuation allowance, deferred tax asset, change in amount | 500 | |||
WEST VIRGINIA [Member] | ||||
Operating loss carryforwards | 3,900 | |||
Deferred tax assets, operating loss carryforwards, state and local | 200 | |||
Internal Revenue Service (IRS) [Member] | ||||
Operating loss carryforwards | 3,800 | |||
Deferred tax assets, operating loss carryforwards, domestic | $ 800 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | ||
Current Tax Expense: Federal | $ (2,803) | $ 622 |
Current Tax Expense: State | 491 | 44 |
Current Income Tax Expense | (2,312) | 666 |
Deferred Tax Expense: Federal | 6,038 | 1,694 |
Deferred Tax Expense: State | (7) | 423 |
Tax Reform Reclassification impact | 3,226 | 0 |
Deferred Income Tax Expense | 9,257 | 2,117 |
Income tax expense for the year | $ 6,945 | $ 2,783 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Federal Income Tax Rate to Effective Income Tax Rate) (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | ||
Federal statutory rate | 35.00% | 35.00% |
Tax-exempt income on securities and loans | (2.80%) | (2.90%) |
Tax-exempt BOLI income | (3.40%) | (5.00%) |
State income tax, net of federal tax benefit | 4.70% | 4.50% |
Tax credits | (3.40%) | (4.40%) |
Tax Reform impact | 26.40% | 0.00% |
Other | 0.30% | 0.40% |
Effective Income Tax Rate Reconciliation, Percent, Total | 56.80% | 27.60% |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Income Taxes [Abstract] | ||
Deferred tax assets, allowance for loan losses | $ 2,695 | $ 3,952 |
Deferred tax assets, deferred loan fees | 126 | 164 |
Deferred tax assets, deferred compensation | 666 | 912 |
Deferred tax assets, federal and state tax loss carry forwards | 3,370 | 4,849 |
Deferred tax assets, AMT and Other carry forwards | 2,525 | 5,147 |
Deferred tax assets, unrealized loss on investment securities | 2,429 | 4,705 |
Deferred tax assets, Pension/SERP | 1,485 | 2,883 |
Deferred tax assets, other than temporary impairment on investment securities | 800 | 1,244 |
Deferred tax assets, other real estate owned | 741 | 1,408 |
Deferred tax assets, other | 78 | 222 |
Total deferred tax assets | 14,915 | 25,486 |
Deferred tax assets, valuation allowance | (2,380) | (1,856) |
Total deferred tax assets less valuation allowance | 12,535 | 23,630 |
Deferred tax liabilities, amortization of goodwill | (2,424) | (3,197) |
Deferred tax liabilities, depreciation | (690) | (730) |
Deferred tax liabilities, other | (169) | (366) |
Total deferred tax liabilities | (3,283) | (4,293) |
Net deferred tax assets | $ 9,252 | $ 19,337 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Discretionary contribution as percentage of employee's base pay | 15.00% | ||||||
Employer discretionary contribution | $ 112,708 | $ 63,500 | |||||
Vesting period of employer discretionary contribution | 2 years | 2 years | |||||
Defined Contribution Plan, Cost Recognized | $ 56,354 | $ 1,100,000 | $ 1,000,000 | ||||
Lump sum paid in lieu of pension benefits | $ 1,700,000 | ||||||
Subsequent Event [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Employer discretionary contribution | $ 119,252 | ||||||
Pension [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Accumulated Benefit Obligation | 38,200,000 | $ 41,800,000 | 38,200,000 | ||||
Average return on pension portfolio assets | 7.42% | ||||||
Expected long-term return on pension portfolio assets | 7.00% | ||||||
Defined Benefit Plan, Contributions by Employer | $ 3,000,000 | $ 3,000,000 | 3,000,000 | ||||
SERP [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Contribution Plan, Cost Recognized | $ 31,770 | ||||||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 6,300,000 | 7,600,000 | 6,300,000 | ||||
Defined Benefit Plan, Contributions by Employer | $ 207,000 | $ 141,000 |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule of Net Funded Status) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | $ 40,989 | $ 40,989 | |
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 47,216 | $ 40,989 | |
Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | 41,086 | 41,086 | 39,416 |
Defined Benefit Plan, Service Cost | 278 | 305 | |
Defined Benefit Plan, Interest Cost | 1,650 | 1,740 | |
Defined Benefit Plan, Other Changes | 3,285 | 3,127 | |
Defined Benefit Plan, Actuarial Gain (Loss) | 450 | 149 | |
Defined Benefit Plan, Settlement Losses | 0 | (268) | |
Defined Benefit Plan, Benefits Paid | (1,774) | (3,383) | |
Defined Benefit Plan, Benefit Obligation, Ending Balance | 44,975 | 41,086 | |
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 40,989 | 40,989 | 39,200 |
Defined Benefit Plan, Actual Return on Plan Assets | 5,001 | 2,172 | |
Defined Benefit Plan, Contributions by Employer | 3,000 | 3,000 | 3,000 |
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 47,216 | 40,989 | |
Defined Benefit Plan, Unfunded Status of Plan | 2,241 | (97) | |
SERP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | 7,302 | 7,302 | 6,289 |
Defined Benefit Plan, Service Cost | 113 | 100 | |
Defined Benefit Plan, Interest Cost | 293 | 279 | |
Defined Benefit Plan, Other Changes | 0 | 0 | |
Defined Benefit Plan, Actuarial Gain (Loss) | 112 | 775 | |
Defined Benefit Plan, Settlement Losses | 0 | 0 | |
Defined Benefit Plan, Benefits Paid | (207) | (141) | |
Defined Benefit Plan, Benefit Obligation, Ending Balance | 7,613 | 7,302 | |
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | $ 0 | 0 | 0 |
Defined Benefit Plan, Actual Return on Plan Assets | 0 | 0 | |
Defined Benefit Plan, Contributions by Employer | 207 | 141 | |
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | |
Defined Benefit Plan, Unfunded Status of Plan | $ (7,613) | $ (7,302) |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of Net Periodic Pension Plan Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Pension [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Service Cost | $ 278 | $ 305 |
Defined Benefit Plan, Interest Cost | 1,650 | 1,740 |
Expected return on assets | (3,002) | (2,796) |
Defined Benefit Plan, Amortization of Transition Obligations (Assets) | 0 | 0 |
Amortization of recognized loss | 1,057 | 848 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 12 | 12 |
Net pension credit included in employee benefits | $ (5) | $ 109 |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.60% | 4.10% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.10% | 4.50% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.00% | 7.00% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.00% | 3.00% |
SERP [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Service Cost | $ 113 | $ 100 |
Defined Benefit Plan, Interest Cost | 293 | 279 |
Expected return on assets | 0 | 0 |
Defined Benefit Plan, Amortization of Transition Obligations (Assets) | 0 | 0 |
Amortization of recognized loss | 146 | 73 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (3) | 20 |
Net pension credit included in employee benefits | $ 549 | $ 472 |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 4.00% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 0.00% | 0.00% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 0.00% | 0.00% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.00% | 3.00% |
Employee Benefit Plans (Sche104
Employee Benefit Plans (Schedule of Target Asset Allocations) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Cash and Cash Equivalents [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 5.00% |
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 0.00% |
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 20.00% |
Fixed Income Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 40.00% |
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 30.00% |
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 50.00% |
Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 55.00% |
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 45.00% |
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 65.00% |
Employee Benefit Plans (Actual
Employee Benefit Plans (Actual Plan Asset Allocations) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 47,216 | $ 40,989 |
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 31,615 | $ 27,140 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 15,601 | 13,849 |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 1,887 | $ 1,951 |
Defined Benefit Plan, Actual Plan Asset Allocations | 4.00% | 4.80% |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 1,887 | $ 1,951 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 18,632 | $ 16,531 |
Defined Benefit Plan, Actual Plan Asset Allocations | 39.40% | 40.30% |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 3,031 | $ 2,682 |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 15,601 | 13,849 |
US Treasury and Government [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 508 | $ 227 |
Defined Benefit Plan, Actual Plan Asset Allocations | 1.10% | 0.50% |
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 508 | 227 |
Obligations of states and political subdivisions [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 4,070 | $ 3,630 |
Defined Benefit Plan, Actual Plan Asset Allocations | 8.60% | 8.90% |
Obligations of states and political subdivisions [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 |
Obligations of states and political subdivisions [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 4,070 | 3,630 |
Corporate Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 10,483 | $ 9,500 |
Defined Benefit Plan, Actual Plan Asset Allocations | 22.20% | 23.20% |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 10,483 | 9,500 |
Preferred Stock [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 540 | $ 492 |
Defined Benefit Plan, Actual Plan Asset Allocations | 1.10% | 1.20% |
Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 |
Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 540 | 492 |
Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 3,031 | $ 2,682 |
Defined Benefit Plan, Actual Plan Asset Allocations | 6.40% | 6.50% |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 3,031 | $ 2,682 |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 26,697 | $ 22,507 |
Defined Benefit Plan, Actual Plan Asset Allocations | 56.60% | 54.90% |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 26,697 | $ 22,507 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Large Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 16,840 | $ 16,917 |
Defined Benefit Plan, Actual Plan Asset Allocations | 35.70% | 41.30% |
Large Cap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 16,840 | $ 16,917 |
Large Cap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Mid Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 2,077 | $ 2,477 |
Defined Benefit Plan, Actual Plan Asset Allocations | 4.40% | 6.00% |
Mid Cap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 2,077 | $ 2,477 |
Mid Cap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Small Cap [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 1,974 | $ 1,199 |
Defined Benefit Plan, Actual Plan Asset Allocations | 4.20% | 2.90% |
Small Cap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 1,974 | $ 1,199 |
Small Cap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 5,806 | $ 1,914 |
Defined Benefit Plan, Actual Plan Asset Allocations | 12.30% | 4.70% |
International [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 5,806 | $ 1,914 |
International [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 |
Employee Benefit Plans (Expecte
Employee Benefit Plans (Expected Future Benefit Payments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Pension [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 1,850 |
2,019 | 1,971 |
2,020 | 2,059 |
2,021 | 2,192 |
2,022 | 2,273 |
2023-2027 | 12,944 |
SERP [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 238 |
2,019 | 308 |
2,020 | 307 |
2,021 | 363 |
2,022 | 365 |
2023-2027 | $ 2,189 |
Employee Benefit Plans (Sche107
Employee Benefit Plans (Schedule of Amounts in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Pension [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income Net Gains (Losses), after Tax | $ 17,883 | $ 14,335 |
Defined Benefit Plan, Accumulated Other Comprehensive Income Net Prior Service Cost (Credit), after Tax | 7 | 13 |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax, Total | 17,890 | 14,348 |
SERP [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income Net Gains (Losses), after Tax | 860 | 729 |
Defined Benefit Plan, Accumulated Other Comprehensive Income Net Prior Service Cost (Credit), after Tax | (8) | (8) |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax, Total | $ 852 | $ 721 |
Employee Benefit Plans (Sche108
Employee Benefit Plans (Schedule of Amounts that Will Be Amortized from Other Comprehensive Loss) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Pension [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | $ 9 |
Defined Benefit Plan, Future Amortization of Gain (Loss) | 1,200 |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year, Total | 1,209 |
SERP [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | (3) |
Defined Benefit Plan, Future Amortization of Gain (Loss) | 161 |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year, Total | $ 158 |
401(k) Profit Sharing Plan (Nar
401(k) Profit Sharing Plan (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match, First One Percent of Contributions | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match, Next Five Percent of Contributions | 50.00% | ||
Defined Contribution Plan, Cost Recognized | $ 56,354 | $ 1,100,000 | $ 1,000,000 |
Other Than SERP Hired Prior to 2010 [Member] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 0.50% | ||
Other Than SERP Hired Since Jan 1 2010 [Member] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 4.00% |
Restrictions on Subsidiary D110
Restrictions on Subsidiary Dividends, Loans or Advances (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Restrictions on Subsidiary Dividends, Loans or Advances [Abstract] | |
Percentage of capital stock and surplus on secured basis | 10.00% |
Commitments and Contingent L111
Commitments and Contingent Liabilities (Schedule of Commitments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Supply Commitment [Line Items] | ||
Contractual Obligation | $ 129,375 | $ 122,348 |
Loan Origination Commitments [Member] | ||
Supply Commitment [Line Items] | ||
Contractual Obligation | 126,742 | 120,786 |
Commitments to Extend Credit [Member] | ||
Supply Commitment [Line Items] | ||
Contractual Obligation | $ 2,633 | $ 1,562 |
Fair Value of Financial Inst112
Fair Value of Financial Instruments (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)security | Dec. 31, 2016USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Acquired Trust Preferred Securities, Number of Securities | security | 10 | |
Trust Preferred Securities, Amortized Cost | $ 19,700 | |
Trust Preferred Securities, Fair Value | 14,900 | |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | $ 0 |
Collateralized debt obligations [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Impairment losses | $ 3,200 | $ 3,200 |
Fair Value of Financial Inst113
Fair Value of Financial Instruments (Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Collateralized debt obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Recurring | $ 14,920 | $ 20,254 | |||
Significant Unoservable Inputs | Discount Rate | ||||
Valuation Technique | Discounted Cash Flow | ||||
Impaired Loans [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | $ 2,507 | $ 14,537 | |||
Significant Unoservable Inputs | Marketability Discount | ||||
Valuation Technique | Market Comparable Properties | ||||
Fair Value Inputs, Comparability Adjustments, Weighted Average | 10.90% | 6.50% | |||
Other Real Estate Owned [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | $ 1,841 | $ 1,201 | |||
Significant Unoservable Inputs | Marketability Discount | ||||
Valuation Technique | Market Comparable Properties | ||||
Fair Value Inputs, Comparability Adjustments | 15.00% | ||||
Fair Value Inputs, Comparability Adjustments, Weighted Average | 13.30% | ||||
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | $ 2,507 | $ 14,537 | |||
Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure, Nonrecurring | $ 1,841 | $ 1,201 | |||
Minimum [Member] | Collateralized debt obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value Inputs, Discount Rate | 4.50% | 4.50% | |||
Minimum [Member] | Impaired Loans [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value Inputs, Comparability Adjustments | [1] | 10.00% | 4.60% | ||
Minimum [Member] | Other Real Estate Owned [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value Inputs, Comparability Adjustments | [1] | 10.00% | 15.00% | ||
Maximum [Member] | Collateralized debt obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value Inputs, Discount Rate | 5.50% | 5.50% | |||
Maximum [Member] | Impaired Loans [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value Inputs, Comparability Adjustments | 15.00% | 31.00% | [1] | ||
Maximum [Member] | Other Real Estate Owned [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value Inputs, Comparability Adjustments | [1] | 15.00% | |||
[1] | Range would include discounts taken since appraisal and estimated values |
Fair Value of Financial Inst114
Fair Value of Financial Instruments (Assets And Liabilities Measured At Fair Value On A Recurring And Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 146,470 | $ 140,000 |
Financial Derivative | (781) | (700) |
Cash Flow Hedge [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Deriviative, Asset | 781 | |
Financial Derivative | 700 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 131,550 | 119,746 |
Financial Derivative | (781) | (700) |
Fair Value, Inputs, Level 2 [Member] | Cash Flow Hedge [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Deriviative, Asset | 781 | |
Financial Derivative | 700 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 14,920 | 20,254 |
US government agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 29,256 | 24,253 |
US government agencies [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 29,256 | 24,253 |
Commercial mortgage-backed agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 40,891 | 52,222 |
Commercial mortgage-backed agencies [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 40,891 | 52,222 |
Collateralized mortgage obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 40,384 | 19,567 |
Collateralized mortgage obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 40,384 | 19,567 |
Obligations of states and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 21,019 | 23,704 |
Obligations of states and political subdivisions [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 21,019 | 23,704 |
Collateralized debt obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 14,920 | 20,254 |
Collateralized debt obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 14,920 | 20,254 |
Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 2,507 | 14,537 |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 2,507 | 14,537 |
Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,841 | 1,201 |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 1,841 | $ 1,201 |
Fair Value of Financial Inst115
Fair Value of Financial Instruments (Reconciliation Of Fair Valued Assets Measured On A Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Collateralized debt obligations [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset beginning balance | $ 20,254 | $ 22,211 |
Included in earnings | 0 | 0 |
Included in other comprehensive income | 476 | (1,957) |
Asset ending balance | 14,920 | 20,254 |
The amount of total gains or losses for the period included in earnings attributable to the change in realized/unrealized gains or losses related to assets still held at the reporting date | 0 | 0 |
Cash Flow Hedge [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Liability Beginning balance | $ 0 | (66) |
Included in earnings | 0 | |
Included in other comprehensive income | 66 | |
Liability ending balance | 0 | |
The amount of total gains or losses for the period included in earnings attributable to the change in realized/unrealized gains or losses related to assets still held at the reporting date | $ 0 |
Fair Value of Financial Inst116
Fair Value of Financial Instruments (Fair Value By Balance Sheet Grouping) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | $ 82,273 | $ 60,707 |
Interest bearing deposits | 1,479 | 2,603 |
Investment securities - AFS, Fair Value | 146,470 | 140,000 |
Investment securities - HTM | 95,346 | 97,981 |
Restricted Bank Stock | 5,204 | 5,209 |
Loans, net | 883,936 | 886,712 |
Financial derivative, fair value | 781 | 700 |
Accrued interest receivable | 3,814 | 3,862 |
Deposits - non-maturity | 805,263 | 773,119 |
Deposits - time deposits | 235,489 | 245,762 |
Short-term borrowed funds | 48,845 | 36,000 |
Long-term borrowed funds | 123,906 | 133,397 |
Accrued interest payable | 453 | 380 |
Off balance sheet financial instruments | 0 | 0 |
Cash and due from banks, Carrying Amount | 82,273 | 60,707 |
Interest bearing deposits in banks, Carrying Amount | 1,479 | 2,603 |
Investment securities - AFS, Carrying Amount | 146,470 | 140,000 |
Investment securities - HTM, carrying amount | 93,632 | 97,169 |
Restricted Bank stock, Carrying Amount | 5,204 | 5,209 |
Loans, net, Carrying Amount | 882,546 | 882,008 |
Financial deriviative, carrying amount | 781 | 700 |
Accrued interest receivable, Carrying Amount | 3,814 | 3,862 |
Deposits - non-maturity, Carrying Amount | 805,263 | 773,119 |
Deposits - time deposits, Carrying Amount | 234,127 | 241,110 |
Short-term borrowed funds, carrying amount | 48,845 | 36,000 |
Long-term borrowed funds, carrying amount | 120,929 | 131,737 |
Accrued interest payable, Carrying Amount | 453 | 380 |
Off balance sheet financial instruments, carrying amount | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 82,273 | 60,707 |
Interest bearing deposits | 1,479 | 2,603 |
Off balance sheet financial instruments | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - HTM | 86,836 | 89,031 |
Restricted Bank Stock | 5,204 | 5,209 |
Financial derivative, fair value | 781 | 700 |
Accrued interest receivable | 3,814 | 3,862 |
Deposits - non-maturity | 805,263 | 773,119 |
Deposits - time deposits | 235,489 | 245,762 |
Short-term borrowed funds | 48,845 | 36,000 |
Long-term borrowed funds | 123,906 | 133,397 |
Accrued interest payable | 453 | 380 |
Investment securities - AFS, Carrying Amount | 131,550 | 119,746 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - HTM | 8,510 | 8,950 |
Loans, net | 883,936 | 886,712 |
Investment securities - AFS, Carrying Amount | $ 14,920 | $ 20,254 |
Derivative Financial Instrum117
Derivative Financial Instruments (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)contract | Dec. 31, 2016USD ($) | |
Derivative [Line Items] | ||
Interest rate swap fair value (asset) | $ 800 | $ 700 |
Gain on derivative | 81 | |
Deferred tax asset on gain on derivative | $ 22 | |
Cash flow hedge ineffectiveness | Interest rate swap agreements are entered into with counterparties that meet established credit standards and the Corporation believes that the credit risk inherent in these contracts is not significant as of December 31, 2017. | |
Cash Flow Hedge [Member] | ||
Derivative [Line Items] | ||
Interest rate swap notional amount | $ 30,000 | |
Number of interest rate swap contracts | contract | 4 | |
Derivative Matured [Member] | ||
Derivative [Line Items] | ||
Interest rate swap notional amount | $ 20,000 | |
Number of interest rate swap contracts | contract | 3 | |
Derivative, maturity date | Jun. 17, 2016 | |
Swap Contract 3 Year 5 Million [Member] | ||
Derivative [Line Items] | ||
Interest rate swap notional amount | $ 5,000 | |
Derivative, maturity date | Jun. 17, 2019 | |
Swap Contract 5 Year $5 Million [Member] | ||
Derivative [Line Items] | ||
Interest rate swap notional amount | $ 5,000 | |
Derivative, maturity date | Mar. 17, 2021 | |
Swap Contract- 7 year $5 Million [Member] | ||
Derivative [Line Items] | ||
Interest rate swap notional amount | $ 5,000 | |
Derivative, maturity date | Mar. 17, 2023 | |
Swap Contract 10 Year $15 Million [Member] | ||
Derivative [Line Items] | ||
Interest rate swap notional amount | $ 15,000 | |
Derivative, maturity date | Mar. 17, 2026 |
Derivative Financial Instrum118
Derivative Financial Instruments (Impact Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Derivative Financial Instruments [Abstract] | |||
Amount of gain or (loss) recognized in OCI on derivative (effective portion) | $ 59 | $ 461 | |
Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) | [1] | 0 | 0 |
Amount of gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | [2] | $ 0 | $ 0 |
[1] | Reported as interest expense | ||
[2] | Reported as other income |
Assets and Liabilities Subje119
Assets and Liabilities Subject to Enforceable Master Netting Agreements (Schedule of Liabilities Subject to an Enforceable Master Netting Arrangement or Repurchase Agreements) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Cash Flow Hedge [Member] | ||
Gross Amounts of Recognized Liabilities | $ (781) | $ (700) |
Gross Amounts Offset in the Statement of Condition | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Condition | (781) | (700) |
Gross Amounts Not Offset in the Statment of Condition: Financial Instruments | 781 | 700 |
Gross Amounts Not Offset in the Statment of Condition: Cash Collateral Pledged | 0 | 0 |
Net amount | 0 | 0 |
Repurchase Agreements [Member] | ||
Gross Amounts of Recognized Liabilities | 48,845 | 36,000 |
Gross Amounts Offset in the Statement of Condition | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Condition | 48,845 | 36,000 |
Gross Amounts Not Offset in the Statment of Condition: Financial Instruments | (48,845) | (36,000) |
Gross Amounts Not Offset in the Statment of Condition: Cash Collateral Pledged | 0 | 0 |
Net amount | $ 0 | $ 0 |
Parent Company Only Financia120
Parent Company Only Financial Information (Condensed Statement of Financial Condition) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash | $ 83,752 | $ 63,310 | $ 52,141 |
Investment in bank subsidiary | 900 | ||
Other Assets | 25,802 | 21,115 | |
Assets | 1,340,839 | 1,318,190 | |
Shareholders' equity | 108,390 | 113,698 | 120,771 |
Liabilities and Stockholders' Equity | 1,340,839 | 1,318,190 | |
Parent Company [Member] | |||
Cash | 29 | 541 | $ 11,102 |
Investment securities | 12,770 | 12,401 | |
Investment in bank subsidiary | 122,505 | 137,831 | |
Investment in non-bank subsidiaries | 929 | 1,255 | |
Other Assets | 7,709 | 7,618 | |
Assets | 143,942 | 159,646 | |
Accrued interest and other liabilities | 4,623 | 4,218 | |
Junior subordinated debt | 30,929 | 41,730 | |
Shareholders' equity | 108,390 | 113,698 | |
Liabilities and Stockholders' Equity | $ 143,942 | $ 159,646 |
Parent Company Only Financia121
Parent Company Only Financial Information (Condensed Statements of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net loss/gain on investments - available for sale | $ (49) | $ 440 |
Total other income | 14,259 | 14,127 |
Interest expense | 7,371 | 8,223 |
Other expenses | 5,127 | 6,309 |
Income before income taxes and equity in undistributed net loss of subsidiaries | 12,214 | 10,064 |
Income Tax Expense (Benefit) | 6,945 | 2,783 |
Net income | 5,269 | 7,281 |
Parent Company [Member] | ||
Dividend income from bank subsidiary | 22,250 | 1,000 |
Interest income on investments | 625 | 573 |
Other income | 73 | 128 |
Total other income | 698 | 701 |
Total Income | 22,948 | 1,701 |
Interest expense | 1,621 | 2,429 |
Other expenses | 219 | 207 |
Total expenses | 1,840 | 2,636 |
Income before income taxes and equity in undistributed net loss of subsidiaries | 21,108 | (935) |
Income Tax Expense (Benefit) | 486 | 693 |
Net loss before equity in undistributed net loss of subsidiaries | 21,594 | (242) |
Income (Loss) from Equity Method Investments | (16,325) | 7,523 |
Net income | 5,269 | 7,281 |
Parent Company [Member] | First United Bank & Trust [Member] | ||
Income (Loss) from Equity Method Investments | $ (16,325) | $ 7,523 |
Parent Company Only Financia122
Parent Company Only Financial Information (Condensed Statements of Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 5,269 | $ 7,281 |
Unrealized losses on AFS Securities, net of tax | 674 | (1,194) |
Other comprehensive loss | 1,255 | (2,521) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 6,524 | 4,760 |
Parent Company [Member] | ||
Net income | 5,269 | 7,281 |
Unrealized losses on AFS Securities, net of tax | 457 | (478) |
Net unrealized gains on cash flow hedges | 59 | 461 |
Other comprehensive loss | 516 | (17) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 5,785 | $ 7,264 |
Parent Company Only Financia123
Parent Company Only Financial Information (Condensed Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 5,269 | $ 7,281 |
(Increase)/decrease in accrued interest receivable and other assets | (7,848) | (5,472) |
Equity in undistributed net income of subsidiaries | 3,524 | 4,388 |
Share-based compensation | 192 | 192 |
Net Cash Provided by (Used in) Operating Activities | 12,924 | 11,493 |
Net Cash Provided by (Used in) Investing Activities | (7,656) | 11,894 |
Payments on long-term borrowings | (10,808) | (15,800) |
Preferred stock redemption | (20,000) | (10,000) |
Proceeds from issuance of common stock | 9,191 | 0 |
Net Cash Provided by (Used in) Financing Activities | 15,174 | (12,218) |
Cash and Cash Equivalents, Period Increase (Decrease) | 20,442 | 11,169 |
Cash and cash equivalents at beginning of the year | 63,310 | 52,141 |
Cash and cash equivalents at end of period | 83,752 | 63,310 |
Parent Company [Member] | ||
Net income | 5,269 | 7,281 |
Income (Loss) from Equity Method Investments | 16,325 | (7,523) |
(Increase)/decrease in accrued interest receivable and other assets | (581) | (575) |
Equity in undistributed net income of subsidiaries | 552 | 2,089 |
Tax Cuts and Jobs Act - reclassification items | 380 | 0 |
Share-based compensation | 192 | 192 |
Net Cash Provided by (Used in) Operating Activities | 22,137 | 1,464 |
Net investment in subsidiaries | (150) | 0 |
Net Cash Provided by (Used in) Investing Activities | (150) | 0 |
Payments on long-term borrowings | (10,475) | |
Preferred stock redemption | (20,000) | (10,000) |
Dividends - preferred stock paid | (1,215) | (2,025) |
Proceeds from issuance of common stock | (9,191) | 0 |
Net Cash Provided by (Used in) Financing Activities | (22,499) | (12,025) |
Cash and Cash Equivalents, Period Increase (Decrease) | (512) | (10,561) |
Cash and cash equivalents at beginning of the year | 541 | 11,102 |
Cash and cash equivalents at end of period | $ 29 | $ 541 |
Parent Company Only Financia124
Parent Company Only Financial Information (Condensed Statement of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Unrealized losses on AFS Securities, net of tax | $ 674 | $ (1,194) |
Other Comprehensive Income (Loss), Net of Tax | 1,255 | (2,521) |
Parent Company [Member] | ||
Available for Sale Securities, unrealized holding losses, before tax | 594 | (795) |
Available for Sale Securities, Unrealized holding losses, tax effect | (137) | 317 |
Unrealized losses on AFS Securities, net of tax | 457 | (478) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | 81 | 766 |
Taxes | (22) | (305) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 59 | 461 |
Other Comprehensive Income (Loss), before Tax | 675 | (29) |
Other Comprehensive Income (Loss), Tax | (159) | 12 |
Other Comprehensive Income (Loss), Net of Tax | $ 516 | $ (17) |
Uncategorized Items - func-2017
Label | Element | Value |
Loans Receivable [Member] | Western Maryland And Northeasten Virginia [Member] | Performing According To Modified Terms [Member] | ||
Loans and leases receivable, net of deferred income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | $ 800,000 |