Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 19, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | FMAO | |
Entity Registrant Name | FARMERS & MERCHANTS BANCORP INC | |
Entity Central Index Key | 0000792966 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 11,106,183 | |
Entity Address, State or Province | Ohio |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 108,085 | $ 37,492 |
Federal funds sold | 15,193 | 873 |
Total cash and cash equivalents | 123,278 | 38,365 |
Interest-bearing time deposits | 4,509 | 4,019 |
Securities - available-for-sale | 204,415 | 168,447 |
Other securities, at cost | 5,789 | 3,679 |
Loans held for sale | 1,909 | 495 |
Loans, net | 1,084,448 | 839,599 |
Premises and equipment | 26,013 | 22,615 |
Goodwill | 47,340 | 4,074 |
Mortgage servicing rights | 2,465 | 2,385 |
Other real estate owned | 329 | 600 |
Bank owned life insurance | 15,050 | 14,884 |
Other assets | 15,002 | 17,001 |
Total Assets | 1,530,547 | 1,116,163 |
Deposits | ||
Noninterest-bearing | 242,510 | 215,422 |
Interest-bearing | ||
NOW accounts | 430,505 | 298,254 |
Savings | 293,179 | 227,701 |
Time | 276,153 | 187,413 |
Total deposits | 1,242,347 | 928,790 |
Federal funds purchased and securities sold under agreements to repurchase | 27,102 | 32,181 |
Federal Home Loan Bank (FHLB) advances | 24,532 | |
Dividend payable | 1,654 | 1,379 |
Accrued expenses and other liabilities | 10,865 | 10,526 |
Total liabilities | 1,306,500 | 972,876 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Common stock - No par value 20,000,000 shares authorized; issued and outstanding 12,230,000 shares 6/30/19, 10,400,000 shares 12/31/18 | 81,955 | 10,823 |
Treasury stock - 1,123,817 shares 6/30/19, 1,114,739 shares 12/31/18 | (12,707) | (12,409) |
Retained earnings | 153,993 | 147,887 |
Accumulated other comprehensive income (loss) | 806 | (3,014) |
Total stockholders' equity | 224,047 | 143,287 |
Total Liabilities and Stockholders' Equity | $ 1,530,547 | $ 1,116,163 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Common stock, no par value | ||
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 12,230,000 | 10,400,000 |
Common stock, shares outstanding | 12,230,000 | 10,400,000 |
Treasury Stock, shares | 1,123,817 | 1,114,739 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest Income | ||||
Loans, including fees | $ 16,723 | $ 10,521 | $ 31,403 | $ 20,623 |
Debt securities: | ||||
U.S. Treasury and government agencies | 816 | 612 | 1,529 | 1,235 |
Municipalities | 211 | 289 | 422 | 570 |
Dividends | 76 | 53 | 164 | 108 |
Federal funds sold and other | 457 | 62 | 627 | 137 |
Total interest income | 18,283 | 11,537 | 34,145 | 22,673 |
Interest Expense | ||||
Deposits | 3,339 | 1,389 | 5,952 | 2,708 |
Federal funds purchased and securities sold under agreements to repurchase | 141 | 118 | 326 | 242 |
Borrowed funds | 269 | 20 | 556 | 40 |
Total interest expense | 3,749 | 1,527 | 6,834 | 2,990 |
Net Interest Income - Before Provision for Loan Losses | 14,534 | 10,010 | 27,311 | 19,683 |
Provision for Loan Losses | 133 | 132 | 163 | 172 |
Net Interest Income After Provision For Loan Losses | 14,401 | 9,878 | 27,148 | 19,511 |
Noninterest Income | ||||
Net gain on sale of loans | 196 | 301 | 298 | 433 |
Net loss on sale of available-for-sale securities | (26) | |||
Total noninterest income | 2,981 | 2,806 | 5,676 | 5,416 |
Noninterest Expense | ||||
Salaries and wages | 3,830 | 3,225 | 8,142 | 6,535 |
Employee benefits | 1,223 | 848 | 2,817 | 1,984 |
Net occupancy expense | 614 | 441 | 1,281 | 828 |
Furniture and equipment | 763 | 565 | 1,459 | 1,072 |
Data processing | 376 | 305 | 1,675 | 636 |
Franchise taxes | 229 | 228 | 487 | 467 |
ATM expense | 418 | 333 | 865 | 645 |
Advertising | 382 | 247 | 642 | 433 |
Net (gain) loss on sale of other assets owned | 28 | (1) | 43 | 16 |
FDIC assessment | 98 | 81 | 194 | 168 |
Mortgage servicing rights amortization | 105 | 95 | 180 | 180 |
Consulting fees | 95 | 178 | 208 | 288 |
Other general and administrative | 1,551 | 1,093 | 3,230 | 2,026 |
Total noninterest expense | 9,712 | 7,638 | 21,223 | 15,278 |
Income Before Income Taxes | 7,670 | 5,046 | 11,601 | 9,649 |
Income Taxes | 1,490 | 932 | 2,197 | 1,768 |
Net Income | $ 6,180 | $ 4,114 | $ 9,404 | $ 7,881 |
Basic and Diluted Earnings Per Share | $ 0.56 | $ 0.44 | $ 0.85 | $ 0.85 |
Dividends Declared | $ 0.15 | $ 0.14 | $ 0.30 | $ 0.27 |
Customer Service Fees [Member] | ||||
Noninterest Income | ||||
Noninterest income | $ 1,694 | $ 1,465 | $ 3,272 | $ 2,931 |
Other Service Charges and Fees [Member] | ||||
Noninterest Income | ||||
Noninterest income | $ 1,091 | $ 1,040 | $ 2,132 | $ 2,052 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net Income | $ 6,180 | $ 4,114 | $ 9,404 | $ 7,881 |
Other Comprehensive Income (Loss) (Net of Tax): | ||||
Net unrealized gain (loss) on available-for-sale securities | 3,061 | (344) | 4,810 | (2,815) |
Reclassification adjustment for loss on sale of available-for-sale securities | 26 | |||
Net unrealized gain (loss) on available-for-sale securities | 3,061 | (344) | 4,836 | (2,815) |
Tax expense (benefit) | 643 | (72) | 1,016 | (591) |
Other comprehensive income (loss) | 2,418 | (272) | 3,820 | (2,224) |
Comprehensive Income | $ 8,598 | $ 3,842 | $ 13,224 | $ 5,657 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes to Stockholder's Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2017 | $ 134,107 | $ 11,546 | $ (12,160) | $ 136,547 | $ (1,826) |
Beginning balance, shares at Dec. 31, 2017 | 9,265,880 | ||||
Net income | 3,767 | 3,767 | |||
Other comprehensive income (loss) | (1,952) | (1,952) | |||
Adoption of ASU 2018-02 | ASU 2018-02 [Member] | 360 | (360) | |||
Issuance of 100 and 400 shares of restricted stock for the period 3 months ended March 31, 2018 and 2019 respectively, Net of forfeiture - 2040 for the period 3 months ended March 31, 2019 respectively | (12) | $ (16) | 2 | 2 | |
Issuance of 100 and 400 shares of restricted stock for the period 3 months ended March 31, 2018 and 2019 respectively, Net of forfeiture - 2040 for the period 3 months ended March 31, 2019, shares | 100 | ||||
Stock-based compensation expense | 160 | $ 160 | |||
Cash dividends declared - 0.13, 0.15, 0.14 and 0.15 per share for the period 3 months ended March 31, 2018 and 2019 and June 30, 2018 and 2019 respectively | (1,193) | (1,193) | |||
Ending balance at Mar. 31, 2018 | 134,877 | $ 11,690 | (12,158) | 139,483 | (4,138) |
Ending balance, shares at Mar. 31, 2018 | 9,265,980 | ||||
Beginning balance at Dec. 31, 2017 | 134,107 | $ 11,546 | (12,160) | 136,547 | (1,826) |
Beginning balance, shares at Dec. 31, 2017 | 9,265,880 | ||||
Net income | 7,881 | ||||
Ending balance at Jun. 30, 2018 | 137,576 | $ 11,842 | (12,186) | 142,330 | (4,410) |
Ending balance, shares at Jun. 30, 2018 | 9,265,380 | ||||
Beginning balance at Mar. 31, 2018 | 134,877 | $ 11,690 | (12,158) | 139,483 | (4,138) |
Beginning balance, shares at Mar. 31, 2018 | 9,265,980 | ||||
Net income | 4,114 | 4,114 | |||
Other comprehensive income (loss) | (272) | (272) | |||
Forfeiture of 600 and 880 shares of restricted stock for the period 3 months ended June 30, 2018 and 2019 respectively | (13) | $ (2) | (28) | 17 | |
Forfeiture of 600 and 880 shares of restricted stock for the period 3 months ended June 30, 2018 and 2019 respectively, shares | (600) | ||||
Stock-based compensation expense | 154 | $ 154 | |||
Cash dividends declared - 0.13, 0.15, 0.14 and 0.15 per share for the period 3 months ended March 31, 2018 and 2019 and June 30, 2018 and 2019 respectively | (1,284) | (1,284) | |||
Ending balance at Jun. 30, 2018 | 137,576 | $ 11,842 | (12,186) | 142,330 | (4,410) |
Ending balance, shares at Jun. 30, 2018 | 9,265,380 | ||||
Beginning balance at Dec. 31, 2018 | 143,287 | $ 10,823 | (12,409) | 147,887 | (3,014) |
Beginning balance, shares at Dec. 31, 2018 | 9,285,261 | ||||
Net income | 3,224 | 3,224 | |||
Other comprehensive income (loss) | 1,402 | 1,402 | |||
Issuance of 1,830,000 shares of common stock in acquisition | 70,437 | $ 70,437 | |||
Issuance of 1,830,000 shares of common stock in acquisition, shares | 1,830,000 | ||||
Purchase of Treasury stock | (213) | (213) | |||
Purchase of Treasury stock, shares | (6,558) | ||||
Issuance of 100 and 400 shares of restricted stock for the period 3 months ended March 31, 2018 and 2019 respectively, Net of forfeiture - 2040 for the period 3 months ended March 31, 2019 respectively | 17 | $ 66 | (58) | 9 | |
Issuance of 100 and 400 shares of restricted stock for the period 3 months ended March 31, 2018 and 2019 respectively, Net of forfeiture - 2040 for the period 3 months ended March 31, 2019, shares | (1,640) | ||||
Forfeiture of 600 and 880 shares of restricted stock for the period 3 months ended June 30, 2018 and 2019 respectively, shares | (2,040) | ||||
Stock-based compensation expense | 434 | $ 434 | |||
Cash dividends declared - 0.13, 0.15, 0.14 and 0.15 per share for the period 3 months ended March 31, 2018 and 2019 and June 30, 2018 and 2019 respectively | (1,654) | (1,654) | |||
Ending balance at Mar. 31, 2019 | 216,934 | $ 81,760 | (12,680) | 149,466 | (1,612) |
Ending balance, shares at Mar. 31, 2019 | 11,107,063 | ||||
Beginning balance at Dec. 31, 2018 | 143,287 | $ 10,823 | (12,409) | 147,887 | (3,014) |
Beginning balance, shares at Dec. 31, 2018 | 9,285,261 | ||||
Net income | 9,404 | ||||
Ending balance at Jun. 30, 2019 | 224,047 | $ 81,955 | (12,707) | 153,993 | 806 |
Ending balance, shares at Jun. 30, 2019 | 11,106,183 | ||||
Beginning balance at Mar. 31, 2019 | 216,934 | $ 81,760 | (12,680) | 149,466 | (1,612) |
Beginning balance, shares at Mar. 31, 2019 | 11,107,063 | ||||
Net income | 6,180 | 6,180 | |||
Other comprehensive income (loss) | 2,418 | 2,418 | |||
Forfeiture of 600 and 880 shares of restricted stock for the period 3 months ended June 30, 2018 and 2019 respectively | 13 | $ 38 | (27) | 2 | |
Forfeiture of 600 and 880 shares of restricted stock for the period 3 months ended June 30, 2018 and 2019 respectively, shares | (880) | ||||
Stock-based compensation expense | 157 | $ 157 | |||
Cash dividends declared - 0.13, 0.15, 0.14 and 0.15 per share for the period 3 months ended March 31, 2018 and 2019 and June 30, 2018 and 2019 respectively | (1,655) | (1,655) | |||
Ending balance at Jun. 30, 2019 | $ 224,047 | $ 81,955 | $ (12,707) | $ 153,993 | $ 806 |
Ending balance, shares at Jun. 30, 2019 | 11,106,183 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes to Stockholder's Equity (Parenthetical) (Unaudited) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash dividends declared, per share | $ 0.15 | $ 0.13 |
Common Stock [Member] | ||
Issuance of shares of restricted stock, Shares | 400 | 100 |
Issuance of shares of restricted stock, forfeitures | 2,040 | |
Issuance of shares of common stock in acquisition | 1,830,000 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | Jan. 01, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 |
Cash Flows from Operating Activities | ||||||
Net income | $ 9,404 | $ 7,881 | ||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||
Depreciation | 1,317 | 919 | ||||
Amortization of available-for-sale securities, net | 367 | 500 | ||||
Mortgage servicing rights amortization | $ 105 | $ 95 | 180 | 180 | ||
Amortization of core deposit intangible | 364 | 84 | ||||
Net amortization (accretion) of fair value adjustments | (1,680) | 3 | ||||
Stock-based compensation expense | 591 | 314 | ||||
Deferred income taxes | (200) | |||||
Provision for loan loss | 133 | 132 | 163 | 172 | $ 324 | |
Gain on sale of loans held for sale | (196) | (301) | (298) | (433) | ||
Originations of loans held for sale | (25,680) | (27,216) | ||||
Proceeds from sale of loans held for sale | 23,710 | 27,618 | ||||
Loss on sale of other assets owned | 28 | (1) | 43 | 16 | ||
Loss on sales of securities available-for-sale | 26 | |||||
Change in other assets and other liabilities, net | 4,790 | (2,354) | ||||
Net cash provided by operating activities | 13,097 | 7,684 | ||||
Activity in available-for-sale securities: | ||||||
Maturities, prepayments and calls | 4,932 | 8,712 | ||||
Sales | 11,100 | |||||
Purchases | (30,063) | (2,695) | ||||
Activity in other securities, at cost: | ||||||
Sales | 237 | |||||
Change in interest-bearing time deposits | (490) | (1) | ||||
Proceeds from sale of other assets owned | 371 | 9 | ||||
Additions to premises and equipment | (2,169) | (1,153) | ||||
Loan originations and principal collections, net | 14,995 | (7,903) | ||||
Acquisition of Limberlost, net of cash received | (2,089) | |||||
Net cash used in investing activities | (3,176) | (3,031) | ||||
Cash Flows from Financing Activities | ||||||
Net change in deposits | 107,256 | 11,426 | ||||
Net change in federal funds purchased and securities sold under agreements to repurchase | (5,079) | (15,597) | ||||
Repayment of FHLB advances | (23,938) | |||||
Purchase of treasury stock | (213) | |||||
Cash dividends paid on common stock | (3,034) | (2,385) | ||||
Net cash provided by (used in) financing activities | 74,992 | (6,556) | ||||
Net Increase (Decrease) in Cash and Cash Equivalents | 84,913 | (1,903) | ||||
Cash and Cash Equivalents - Beginning of year | $ 38,365 | 38,365 | 34,467 | 34,467 | ||
Cash and Cash Equivalents - End of period | $ 123,278 | $ 32,564 | 123,278 | 32,564 | $ 38,365 | |
Cash paid during the year for: | ||||||
Interest | 6,060 | 2,993 | ||||
Income taxes | 245 | $ 1,307 | ||||
Noncash investing activities: | ||||||
Transfer of loans to other real estate owned | 143 | |||||
Limberlost Bancshares, Inc. [Member] | ||||||
The Company purchased all of the capital stock of Limberlost for $78,902 on January 1, 2019. In conjunction with the acquisition, liabilities were assumed as follows: | ||||||
Fair value of assets acquired | 336,380 | |||||
Less: common stock issued | 70,437 | |||||
Cash paid for the capital stock | $ 8,500 | 8,465 | ||||
Liabilities assumed | $ 257,478 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jan. 01, 2019 | Jun. 30, 2019 |
Limberlost Bancshares, Inc. [Member] | ||
Purchase of capital stock | $ 78,902 | $ 78,902 |
Basis of Presentation and Other
Basis of Presentation and Other | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation and Other | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions for Form 10Q and Rule 10-01 of Regulation S-X; accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2019 are not necessarily indicative of the results that are expected for the year ended December 31, 2019. The condensed consolidated balance sheet of the Company as of December 31, 2018, has been derived from the audited consolidated balance sheet of the Company as of that date. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018. The Company recognizes revenues as they are earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. The Company’s principal source of revenue is interest income from loans and investment securities. The Company also earns noninterest income from various banking and financial services offered primarily through Farmers & Merchants State Bank. Interest income is primarily recognized on an accrual basis according to nondiscretionary formulas written in contracts, such as loan agreements or investment security contracts. The Company also earns noninterest income from various banking and financial services provided to business and consumer clients such as deposit account, debit card, and mortgage banking services. Revenue is recorded for noninterest income based on the contractual terms for the service or transaction performed. Reclassification Certain amounts in the 2018 condensed consolidated financial statements have been reclassified to conform with the 2019 presentation. These reclassifications had no effect on income. |
Business Combination and Asset
Business Combination and Asset Purchase | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Business Combination and Asset Purchase | NOTE 2 BUSINESS COMBINATION AND ASSET PURCHASE On January 1, 2019, the Company acquired Limberlost Bancshares, Inc. (“Limberlost”), the bank holding company for Bank of Geneva, a community bank based in Geneva, Indiana. Bank of Geneva operated six full-service offices in the northeast Indiana communities of Geneva, Berne, Decatur, Monroe, Portland and Monroeville. Shareholders of Limberlost received 1,830 shares of FMAO common stock and $8,465.00 in cash for each share. Limberlost had 1,000 shares outstanding on January 1, 2019. The share price of Farmers & Merchants Bancorp, Inc. (FMAO) stock on January 1, 2019 was $38.49. Total consideration for the acquisition was approximately $78.9 million consisting of $8.5 million in cash and $70.4 million in stock. As a result of the acquisition, the Company will have an opportunity to increase its deposit base and reduce transaction costs. The Company also expects to reduce costs through economies of scale. In 2018, the Company incurred $742.1 thousand of third-party acquisition-related costs. The largest portion of the expenses recognized in 2018 related to consulting fees of $340 thousand, other general and administration expenses of $331.5 thousand and data processing expenses of $58.6 thousand. These three categories of expense accounted for 98.4% of the total acquisition expenses impacting the 2018 financial statements of the Company. In 2019, the Company has incurred additional third-party acquisition-related costs of $1.246 million. These expenses are comprised of data processing of $867.6 thousand, employee benefits of $145.1 thousand, ATM expense of $31.4 thousand, consulting fees of $19.3 thousand and other general and administrative expense of $182.3 thousand in the Company’s consolidated statement of income for the year ended June 30, 2019. Under the acquisition method of accounting, the total purchase is allocated to net tangible and intangible assets based on their current estimated fair values on the date of acquisition. Of the total purchase price of $78.9 million, $3.9 million has been allocated to core deposit intangible included in other assets and will be amortized over seven years on a straight line basis. Goodwill of $43.3 million resulting from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Company and Bank of Geneva. Of that total amount, none of the purchase price is deductible for tax purposes. The following table summarizes the consideration paid for Bank of Geneva and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date. Fair Value of Consideration Transferred (In Thousands) Cash $ 8,465 Common Shares (1,830,000 shares) 70,437 Total $ 78,902 Recognized amounts of identifiable assets acquired and liabilities assumed Assets Cash and cash equivalents $ 6,376 Securities - available-for-sale 17,494 Other securities, at cost 2,347 Loans, net 257,183 Premises and equipment 2,538 Goodwill 43,266 Other assets 7,176 Total Assets Purchased $ 336,380 Liabilities Deposits Noninterest bearing $ 37,822 Interest bearing 168,312 Total deposits 206,134 Federal Home Loan Bank (FHLB) advances 48,196 Accrued expenses and other liabilities 3,148 Total Liabilities Assumed $ 257,478 The fair value of the assets acquired includes loans with a fair value of $257.2 million. The gross principal and contractual interest due under the contracts is $359.2 million, of which $4.7 million is expected to be uncollectible. The loans have a weighted average life of 70 months. The fair value of building and land included in premises and equipment was written down by $1.2 million and will be amortized based on the remaining life of each building. The combined average remaining life is 16.75 years. The fair value for certificates of deposit incorporates a valuation amount of $0.5 million which will be amortized over 1.5 years. The fair value of Federal Home Loan Bank (FHLB) advances includes a valuation amount of $1.3 million which will be amortized over 2.3 years. The Company acquired loans in the acquisition that had evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. Loans purchased with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit impaired. Evidence of credit quality deterioration as of the purchase date may include information such as past-due and nonaccrual status, borrower credit scores and recent loan to value percentages. Purchased credit-impaired loans are accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality (ASC 310-30) and initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loan. Accordingly, an allowance for credit losses related to these loans is not carried over and recorded at the acquisition date. Management estimated the cash flows expected to be collected at acquisition using our internal risk models, which incorporate the estimate of current key assumptions, such as default rates, severity and prepayment speeds. The carrying amount of those loans is included in loans, net on the balance sheet at June 30, 2019. The amounts of loans at June 30, 2019 are as follows: 2019 (In Thousands) Balance - January 1, 2019 Commercial $ 4,094 Consumer RE 231 Consumer 71 Carrying amount, net of allowance of $2,118 $ 2,278 Balance - June 30, 2019 Commercial $ 117 Consumer RE 73 Consumer 32 Carrying amount, net of allowance of $96 $ 126 Loans acquired during 2019 for which it was probable at acquisition that all contractually required payments would not be collected are as follows: (In Thousands) Contractually required payments receivable at acquisition Commercial $ 4,215 Consumer RE 261 Consumer 94 Total required payments receivable $ 4,570 Cash flows expected to be collected at acquisition $ 2,788 Basis in acquired loans at acquisition $ 4,396 During the quarter, two commercial purchased credit-impaired loans were paid off in full after the customer was able to secure financing at another financial institution. The associated credit loss of $1.985 million has been included in loan interest income in the Company’s consolidated statement of income for the quarter and year ended June 30, 2019. The balance of the allowance for loan losses for loans acquired and accounted for under this guidance (ASC 310-30) was $96 thousand at June 30, 2019 and $2.118 million on January 1, 2019, respectively. Changes in accretable yield, or income expected to be collected, are as follows: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 (In Thousands) (In Thousands) Beginning Balance $ 2,436 $ 2,544 Additions 5 6 Accretion (110 ) (219 ) Reclassification from nonaccretable difference - - Disposals (2 ) (2 ) Ending Balance $ 2,329 $ 2,329 The results of operations of Bank of Geneva have been included in the Company’s consolidated financial statements since the acquisition date of January 1, 2019. The following schedule includes pro-forma results for the three and six months ended June 30, 2019 and 2018 as if the Bank of Geneva acquisitions had occurred as of the beginning of the comparable prior reporting period. (in thousands of dollars, except per share data) (in thousands of dollars, except per share data) Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Summary of Operations Net Interest Income - Before Provision for Loan Losses $ 14,534 $ 15,079 $ 27,311 $ 27,718 Provision for Loan Losses 133 252 163 397 Net Interest Income After Provision for Loan Losses 14,401 14,827 27,148 27,321 Noninterest Income 2,981 2,965 5,676 5,727 Noninterest Expense 9,753 9,373 19,977 18,719 Income Before Income Taxes 7,629 8,419 12,847 14,329 Income Taxes 1,480 1,632 2,445 2,740 Net Income $ 6,149 $ 6,787 $ 10,402 $ 11,589 Basic and Diluted Earnings Per Share $ 0.56 $ 0.61 $ 0.94 $ 1.04 The pro-forma information includes adjustments for interest income on loans, amortization of intangibles arising from the transaction, interest expense on deposits acquired, premises expense for the branches acquired and the related income tax effects. The pro-forma information for the quarter ended June 30, 2019 includes approximately $3.5 million, net of tax, of operating revenue from Bank of Geneva since acquisition. The pro-forma financial information is presented for informational purposes only and is not indicative of the results of operations that actually would have been achieved had the acquisition been consummated as of that time, nor is it intended to be a projection of future results. The Company purchased an office on December 13, 2013 in Custar, Ohio. Core deposit intangible assets of $1.17 million were recognized and are being amortized over its remaining economic useful life of the deposits of 7 years on a straight line basis. As mentioned previously, the acquisition of Bank of Geneva resulted in the recognition of $3.9 million in core deposit intangible assets which are being amortized over its remaining life of 7 years on a straight line basis. The amortization expense for the six months ended June 30, 2018 was $84 thousand. Of the $727 thousand to be expensed in 2019, $364 thousand has been expensed for the six months ended June 30, 2019. (In Thousands) (In Thousands) (In Thousands) Custar Geneva Total 2019 $ 167 $ 560 $ 727 2020 161 560 721 2021 - 560 560 2022 - 560 560 2023 - 560 560 2024 - 560 560 2025 - 560 560 $ 328 $ 3,920 $ 4,248 |
Securities
Securities | 6 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | NOTE 3 SECURITIES Mortgage-backed securities, as shown in the following tables, are all government sponsored enterprises. The amortized cost and fair value of securities, with gross unrealized gains and losses at June 30, 2019 and December 31, 2018, follows: (In Thousands) June 30, 2019 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Available-for-Sale: U.S. Treasury $ 24,838 $ 13 $ (56 ) $ 24,795 U.S. Government agencies 95,437 653 (146 ) 95,944 Mortgage-backed securities 44,763 322 (259 ) 44,826 State and local governments 38,357 554 (61 ) 38,850 Total available-for-sale securities $ 203,395 $ 1,542 $ (522 ) $ 204,415 (In Thousands) December 31, 2018 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Available-for-Sale: U.S. Treasury $ 23,078 $ 6 $ (254 ) $ 22,830 U.S. Government agencies 71,235 2 (1,910 ) 69,327 Mortgage-backed securities 37,342 62 (1,142 ) 36,262 State and local governments 40,608 225 (805 ) 40,028 Total available-for-sale securities $ 172,263 $ 295 $ (4,111 ) $ 168,447 Investment securities will at times depreciate to an unrealized loss position. The Company utilizes the following criteria to assess whether impairment is other than temporary. No one item by itself will necessarily signal that a security should be recognized as an other than temporary impairment. 1. The fair value of the security has significantly declined from book value. 2. A downgrade has occurred that lowered the credit rating to below investment grade (below Baa3 by Moody and BBB – by Standard and Poors.) 3. Dividends have been reduced or eliminated or scheduled interest payments have not been made. 4. The underwater security has longer than 10 years to maturity and the loss position had existed for more than 3 years. 5. Management does not possess both the intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. If the impairment is judged to be other than temporary, the cost basis of the individual security shall be written down to fair value, thereby establishing a new cost basis. The new cost basis shall not be changed for subsequent recoveries in fair value. The amount of the write down shall be included in current earnings as a realized loss. The recovery in fair value, if any, shall be recognized in earnings when the security is sold. The table below is presented by category of security and length of time in a continuous loss position. The Company currently does not hold any securities with other than temporary impairment. Information pertaining to securities with gross unrealized losses at June 30, 2019 and December 31, 2018, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows: (In Thousands) June 30, 2019 Less Than Twelve Months Twelve Months & Over Total Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized Fair Losses Value Losses Value Losses Value U.S. Treasury $ (1 ) $ 1,797 $ (55 ) $ 21,008 $ (56 ) $ 22,805 U.S. Government agencies (1 ) 5,004 (145 ) 38,489 (146 ) 43,493 Mortgage-backed securities - - (259 ) 25,712 (259 ) 25,712 State and local governments - - (61 ) 8,553 (61 ) 8,553 Total available-for-sale securities $ (2 ) $ 6,801 $ (520 ) $ 93,762 $ (522 ) $ 100,563 (In Thousands) December 31, 2018 Less Than Twelve Months Twelve Months & Over Total Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized Fair Losses Value Losses Value Losses Value U.S. Treasury $ - $ - $ (254 ) $ 20,861 $ (254 ) $ 20,861 U.S. Government agencies - - (1,910 ) 64,727 (1,910 ) 64,727 Mortgage-backed securities (4 ) 697 (1,138 ) 30,347 (1,142 ) 31,044 State and local governments (22 ) 3,254 (783 ) 29,413 (805 ) 32,667 Total available-for-sale securities $ (26 ) $ 3,951 $ (4,085 ) $ 145,348 $ (4,111 ) $ 149,299 Unrealized losses on securities have not been recognized into income because the issuers’ bonds are of high credit quality, values have only been impacted by rate changes, and the Company has the intent and ability to hold the securities for the foreseeable future. Additionally, the decline in value is primarily due to changes in interest rates since the securities were purchased. The fair value is expected to recover as the bonds approach the maturity date. Below are the gross realized gains and losses for the three and six months ended June 30, 2019 and June 30, 2018. Three Months Six Months (In Thousands) (In Thousands) 2019 2018 2019 2018 Gross realized gains $ - $ - $ 16 $ - Gross realized losses - - (42 ) - Net realized losses $ - $ - $ (26 ) $ - Tax expense related to net realized losses $ - $ - $ (5 ) $ - The net realized losses on sales and related tax expense is a reclassification out of accumulated other comprehensive income (loss). The net realized loss is included in net loss on sale of available-for-sale securities and the related tax expense is included in income taxes in the condensed consolidated statements of income and comprehensive income. The amortized cost and fair value of debt securities at June 30, 2019, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. (In Thousands) Amortized Cost Fair Value One year or less $ 45,762 $ 45,744 After one year through five years 57,593 57,516 After five years through ten years 54,003 55,077 After ten years 1,274 1,252 Total $ 158,632 $ 159,589 Mortgage-backed securities 44,763 44,826 Total $ 203,395 $ 204,415 Investments with a carrying value of $86.2 million and $81.8 million at June 30, 2019 and December 31, 2018, respectively, were pledged to secure public deposits and securities sold under repurchase agreements. Other securities include Federal Home Loan Bank of Cincinnati and Indianapolis stock as of June 30, 2019. As of December 31, 2018, other securities only includes Federal Home Loan Bank of Cincinnati stock. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Loans | NOTE 4 LOANS Loan balances as of June 30, 2019 and December 31, 2018: (In Thousands) Loans: June 30, 2019 December 31, 2018 Consumer Real Estate $ 159,540 $ 80,766 Agricultural Real Estate 193,768 68,609 Agricultural 113,755 108,495 Commercial Real Estate 443,257 419,784 Commercial and Industrial 125,609 121,793 Consumer 48,952 41,953 Other 7,341 5,889 1,092,222 847,289 Less: Net deferred loan fees and costs (1,091 ) (915 ) 1,091,131 846,374 Less: Allowance for loan losses (6,683 ) (6,775 ) Loans - Net $ 1,084,448 $ 839,599 Other loans primarily fund public improvement in the Bank’s service area. The distribution of fixed rate loans and variable rate loans by major loan category is as follows as of June 30, 2019: (In Thousands) Fixed Variable Rate Rate Consumer Real Estate $ 66,403 $ 93,137 Agricultural Real Estate 89,487 104,281 Agricultural 60,789 52,966 Commercial Real Estate 270,572 172,685 Commercial and Industrial 63,473 62,136 Consumer 44,346 4,606 Other 7,242 99 As of June 30, 2019 and December 31, 2018 one to four family residential mortgage loans amounting to $93.4 and $14.9 million, respectively, have been pledged as security for future loans and existing loans the Bank has received from the Federal Home Loan Bank. Unless listed separately, Other loans are included in the Commercial and Industrial category for the remainder of the tables in this Note 4. The following table represents the contractual aging of the recorded investment (in thousands) in past due loans by portfolio classification of loans as of June 30, 2019 and December 31, 2018, net of deferred loan fees and costs: June 30, 2019 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Financing Receivables Recorded Investment > 90 Days and Accruing Consumer Real Estate $ 1,124 $ 47 $ 524 $ 1,695 $ 157,262 $ 158,957 $ - Agricultural Real Estate 771 - 198 969 192,647 193,616 - Agricultural 1,473 - 74 1,547 112,359 113,906 - Commercial Real Estate - - - - 442,538 442,538 - Commercial and Industrial - 14 - 14 133,000 133,014 - Consumer 124 9 13 146 48,954 49,100 - Total $ 3,492 $ 70 $ 809 $ 4,371 $ 1,086,760 $ 1,091,131 $ - December 31, 2018 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Financing Receivables Recorded Investment > 90 Days and Accruing Consumer Real Estate $ 342 $ 24 $ 254 $ 620 $ 79,612 $ 80,232 $ - Agricultural Real Estate - - - - 68,588 68,588 - Agricultural - - - - 108,616 108,616 - Commercial Real Estate - - - - 419,131 419,131 - Commercial and Industrial - - - - 127,752 127,752 - Consumer 85 24 8 117 41,938 42,055 - Total $ 427 $ 48 $ 262 $ 737 $ 845,637 $ 846,374 $ - The following table presents the recorded investment in nonaccrual loans by class of loans as of June 30, 2019 and December 31, 2018: (In Thousands) June 30, 2019 December 31, 2018 Consumer Real Estate $ 953 $ 462 Agricultural Real Estate 198 - Agricultural 74 - Commercial Real Estate - - Commercial & Industrial 67 72 Consumer 36 8 Total $ 1,328 $ 542 Following are the characteristics and underwriting criteria for each major type of loan the Bank offers: Consumer Real Estate: Purchase, refinance, or equity financing of one to four family owner occupied dwelling. Success in repayment is subject to borrower’s income, debt level, character in fulfilling payment obligations, employment, and others. Agricultural Real Estate: Purchase of farm real estate or for permanent improvements to the farm real estate. Cash flow from the farm operation is the repayment source and is therefore subject to the financial success of the farm operation. Agricultural: Loans for the production and housing of crops, fruits, vegetables, and livestock or to fund the purchase or re-finance of capital assets such as machinery and equipment and livestock. The production of crops and livestock is especially vulnerable to commodity prices and weather. The vulnerability to commodity prices is offset by the farmer’s ability to hedge their position by the use of future contracts. The risk related to weather is often mitigated by requiring crop insurance. Commercial Real Estate: Construction, purchase, and refinance of business purpose real estate. Risks include potential construction delays and overruns, vacancies, collateral value subject to market value fluctuations, interest rate, market demands, borrower’s ability to repay in orderly fashion, and others. The Bank does employ stress testing on higher balance loans to mitigate risk by ensuring the customer’s ability to repay in a changing rate environment before granting loan approval. Commercial and Industrial: Loans to proprietorships, partnerships, or corporations to provide temporary working capital and seasonal loans as well as long term loans for capital asset acquisition. Risks include adequacy of cash flow, reasonableness of projections, financial leverage, economic trends, management ability and estimated capital expenditures during the fiscal year. The Bank does employ stress testing on higher balance loans to mitigate risk by ensuring the customer's ability to repay in a changing rate environment before granting loan approval. Other: Primarily funds public improvements in the Bank’s service area. Repayment ability is based on the continuance of the taxation revenue as the source of repayment. Consumer: Funding for individual and family purposes. Success in repayment is subject to borrower’s income, debt level, character in fulfilling payment obligations, employment, and others. The Bank uses a nine tier risk rating system to grade its loans. The grade of a loan may change during the life of the loan. The risk ratings are described as follows. 1. Zero (0) Unclassified. Any loan which has not been assigned a classification. 2. One (1) Excellent. Credit to premier customers having the highest credit rating based on an extremely strong financial condition, which compares favorably with industry standards (upper quartile of Risk Management Association ratios). Financial statements indicate a sound earnings and financial ratio trend for several years with satisfactory profit margins and excellent liquidity exhibited. Prime credits may also be borrowers with loans fully secured by highly liquid collateral such as traded stocks, bonds, certificates of deposit, savings account, etc. No credit or collateral exceptions exist and the loan adheres to the Bank's loan policy in every respect. Financing alternatives would be readily available and would qualify for unsecured credit. This grade is summarized by high liquidity, minimum risk, strong ratios, and low handling costs. 3. Two (2) Good. Desirable loans of somewhat less stature than Grade 1, but with strong financial statements. Loan supported by financial statements containing strong balance sheets, generally with a leverage position less than 1.50, and a history of profitability. Probability of serious financial deterioration is unlikely. Possessing a sound repayment source (and a secondary source), which would allow repayment in a reasonable period of time. Individual loans backed by liquid personal assets, established history and unquestionable character. 4. Three (3) Satisfactory. Satisfactory loans of average or slightly above average risk – having some deficiency or vulnerability to changing economic conditions, but still fully collectible. Projects should normally demonstrate acceptable debt service coverage. Generally, customers should have a leverage position less than 2.00. May be some weakness but with offsetting features of other support readily available. Loans that are meeting the terms of repayment. Loans may be graded 3 when there is no recent information on which to base a current risk evaluation and the following conditions apply: At inception, the loan was properly underwritten and did not possess an unwarranted level of credit risk: a. At inception, the loan was secured with collateral possessing a loan-to-value adequate to protect the Bank from loss; b. The loan exhibited two or more years of satisfactory repayment with a reasonable reduction of the principal balance; c. During the period that the loan has been outstanding, there has been no evidence of any credit weakness. Some examples of weakness include slow payment, lack of cooperation by the borrower, breach of loan covenants, or the business is in an industry which is known to be experiencing problems. If any of these credit weaknesses are observed, a lower risk grade is warranted. 5. Four (4) Satisfactory / Monitored. A “4” (Satisfactory/Monitored) risk grade may be established for a loan considered satisfactory but which is of average credit risk due to financial weakness or uncertainty. The loans warrant a higher than average level of monitoring to ensure that weaknesses do not advance. The level of risk in Satisfactory/Monitored classification is considered acceptable and within normal underwriting guidelines so long as the loan is given management supervision. 6. Five (5) Special Mention. Loans that possess some credit deficiency or potential weakness which deserve close attention but do not yet warrant substandard classification. Such loans pose unwarranted financial risk that if not corrected could weaken the loan and increase risk in the future. The key distinctions of a 5 (Special Mention) classification are that (1) it is indicative of an unwarranted level of risk, and (2) weaknesses are considered “potential” versus “defined” impairments to the primary source of loan repayment and collateral. 7. Six (6) Substandard. One or more of the following characteristics may be exhibited in loans classified substandard: a. Loans which possess a defined credit weakness and the likelihood that a loan will be paid from the primary source and are uncertain. Financial deterioration is underway and very close attention is warranted to ensure that the loan is collected without loss. b. Loans are inadequately protected by the current net worth and paying capacity of the borrower. c. The primary source of repayment is weakened and the Bank is forced to rely on a secondary source of repayment such as collateral liquidation or guarantees. d. Loans are characterized by the distinct possibility that the Bank will sustain some loss if deficiencies are not corrected. e. Unusual courses of action are needed to maintain a high probability of repayment. f. The borrower is not generating enough cash flow to repay loan principal but continues to make interest payments. g. The lender is forced into a subordinate position or unsecured collateral position due to flaws in documentation. h. Loans have been restructured so that payment schedules, terms and collateral represent concessions to the borrower when compared to the normal loan terms. i. The lender is seriously contemplating foreclosure or legal action due to the apparent deterioration in the loan. j. There is significant deterioration in the market conditions and the borrower is highly vulnerable to these conditions. 8. Seven (7) Doubtful. One or more of the following characteristics may be exhibited in loans classified Doubtful: a. Loans have all of the weaknesses of those classified as Substandard. Additionally, these weaknesses make collection or liquidation in full based on existing conditions improbable. b. The primary source of repayment is gone, and there is considerable doubt as to the quality of the secondary source of repayment. c. The possibility of loss is high, but because of certain important pending factors which may strengthen the loan, loss classification is deferred until its exact status is known. A Doubtful classification is established deferring the realization of the loss. 9. Eight (8) Loss. Loans are considered uncollectable and of such little value that continuing to carry them as assets on the institution’s financial statements is not feasible. Loans will be classified Loss when it is neither practical nor desirable to defer writing off or reserving all or a portion of a basically worthless asset, even though partial recovery may be possible at some time in the future. [ Remainder of this page intentionally left blank ] The following table represents the risk category of loans by portfolio class, net of deferred fees and costs, based on the most recent analysis performed as of June 30, 2019 and December 31, 2018: (In Thousands) Agricultural Commercial Commercial Real Estate Agricultural Real Estate and Industrial Other June 30, 2019 1-2 $ 33,993 $ 7,892 $ 7,724 $ 4,394 $ - 3 53,521 40,275 83,706 19,312 2,463 4 84,260 60,437 341,424 95,720 4,878 5 17,548 5,055 8,046 4,753 - 6 4,294 247 1,638 615 - 7 - - - 879 - 8 - - - - - Total $ 193,616 $ 113,906 $ 442,538 $ 125,673 $ 7,341 Agricultural Commercial Commercial Real Estate Agricultural Real Estate and Industrial Other December 31, 2018 1-2 $ 4,442 $ 5,753 $ 4,698 $ 3,199 $ - 3 14,118 38,852 64,341 16,284 3,135 4 49,596 63,380 346,072 100,644 2,754 5 422 631 2,171 308 - 6 10 - 1,849 542 - 7 - - - 886 - 8 - - - - - Total $ 68,588 $ 108,616 $ 419,131 $ 121,863 $ 5,889 For consumer residential real estate, and other, the Company also evaluates credit quality based on the aging status of the loan, as was previously stated, and by payment activity. The following tables present the recorded investment in those classes based on payment activity and assigned risk grading as of June 30, 2019 and December 31, 2018. (In Thousands) Consumer Consumer Real Estate Real Estate June 30, 2019 December 31, 2018 Grade Pass $ 156,743 $ 79,121 Special Mention (5) 228 232 Substandard (6) 1,986 879 Doubtful (7) - - Total $ 158,957 $ 80,232 (In Thousands) Consumer - Credit Consumer - Other June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Performing $ 3,858 $ 3,909 $ 45,144 $ 38,073 Nonperforming 33 19 65 54 Total $ 3,891 $ 3,928 $ 45,209 $ 38,127 Information about impaired loans as of June 30, 2019, December 31, 2018 and June 30, 2018 are as follows: (In Thousands) June 30, 2019 December 31, 2018 June 30, 2018 Impaired loans without a valuation allowance $ 1,071 $ 1,808 $ 804 Impaired loans with a valuation allowance 1,105 246 648 Total impaired loans $ 2,176 $ 2,054 $ 1,452 Valuation allowance related to impaired loans $ 235 $ 31 $ 132 Total non-accrual loans $ 1,328 $ 542 $ 903 Total loans past-due ninety days or more and still accruing $ - $ - $ - Quarter ended average investment in impaired loans $ 2,201 $ 2,533 $ 1,452 Year to date average investment in impaired loans $ 2,168 $ 1,958 $ 1,570 There were no additional funds available to be advanced in connection with impaired loans. The Bank had approximately $981 thousand of its impaired loans classified as troubled debt restructured (TDR) as of June 30, 2019, $178 thousand as of December 31, 2018 and $218 thousand as of June 30, 2018. During the year to date 2019, there were 4 new loans considered TDR. There were no new loans considered TDR year to date 2018. The following table represents three and six months ended June 30, 2019: Pre- Post- Pre- Post- Three Months Number of Modification Modification Six Months Number of Modification Modification June 30, 2019 Contracts Outstanding Outstanding June 30, 2019 Contracts Outstanding Outstanding (in thousands) Modified in the Recorded Recorded (in thousands) Modified in the Recorded Recorded Troubled Debt Restructurings Last Three Months Investment Investment Troubled Debt Restructurings Last Six Months Investment Investment Commercial and Industrial 4 $ 812 $ 812 Commercial and Industrial 4 $ 812 $ 812 For the three and six month period ended June 30, 2019 and 2018, there were no TDRs that subsequently defaulted after modification. For the three and six month period ended June 30, 2019, there were no impaired loans classified as TDR paid off. For the majority of the Bank’s impaired loans, the Bank will apply the fair value of collateral or use a measurement incorporating the present value of expected future cash flows discounted at the loan’s effective rate of interest. To determine fair value of collateral, collateral asset values securing an impaired loan are periodically evaluated. Maximum time of re-evaluation is every 12 months for chattels and titled vehicles and every two years for real estate. In this process, third party evaluations are obtained. Until such time that updated appraisals are received, the Bank may discount the collateral value used. The Bank uses the following guidelines as stated in policy to determine when to realize a charge-off, whether a partial or full loan balance. A charge-off in whole or in part is realized when unsecured consumer loans, credit card credits and overdraft lines of credit reach 90 days delinquency. At 120 days delinquent, secured consumer loans are charged down to the value of the collateral, if repossession of the collateral is assured and/or in the process of repossession. Consumer mortgage loan deficiencies are charged down upon the sale of the collateral or sooner upon the recognition of collateral deficiency. Commercial and agricultural credits are charged down at 120 days delinquency, unless an established and approved work-out plan is in place or litigation of the credit will likely result in recovery of the loan balance. Upon notification of bankruptcy, unsecured debt is charged off. Additional charge-off may be realized as further unsecured positions are recognized. The following tables present loans individually evaluated for impairment by class of loans for three months ended June 30, 2019 and June 30, 2018. (In Thousands) QTD QTD QTD Interest Three Months Ended June 30, 2019 Unpaid Average Interest Income Recorded Principal Related Recorded Income Recognized Investment Balance Allowance Investment Recognized Cash Basis With no related allowance recorded: Consumer Real Estate $ 643 $ 643 $ - $ 644 $ 8 $ 3 Agricultural Real Estate - - - - - - Agricultural - - - - - - Commercial Real Estate 191 191 - 191 3 - Commercial and Industrial 237 237 - 787 3 - Consumer - - - - - - With a specific allowance recorded: Consumer Real Estate 219 219 54 235 - - Agricultural Real Estate - - - - - - Agricultural 74 74 26 74 - - Commercial Real Estate - - - - - - Commercial and Industrial 812 812 155 270 12 - Consumer - - - - - - Totals: Consumer Real Estate $ 862 $ 862 $ 54 $ 879 $ 8 $ 3 Agricultural Real Estate $ - $ - $ - $ - $ - $ - Agricultural $ 74 $ 74 $ 26 $ 74 $ - $ - Commercial Real Estate $ 191 $ 191 $ - $ 191 $ 3 $ - Commercial and Industrial $ 1,049 $ 1,049 $ 155 $ 1,057 $ 15 $ - Consumer $ - $ - $ - $ - $ - $ - (In Thousands) QTD QTD QTD Interest Three Months Ended June 30, 2018 Unpaid Average Interest Income Recorded Principal Related Recorded Income Recognized Investment Balance Allowance Investment Recognized Cash Basis With no related allowance recorded: Consumer Real Estate $ 606 $ 606 $ - $ 526 $ 6 $ 4 Agricultural Real Estate - - - - - - Agricultural - - - - - - Commercial Real Estate 198 198 - 199 3 - Commercial and Industrial - - - - - - Consumer - - - - - - With a specific allowance recorded: Consumer Real Estate 254 254 46 152 - - Agricultural Real Estate - - - - - - Agricultural - - - - - - Commercial Real Estate - - - 139 - - Commercial and Industrial 394 394 86 436 4 - Consumer - - - - - - Totals: Consumer Real Estate $ 860 $ 860 $ 46 $ 678 $ 6 $ 4 Agricultural Real Estate $ - $ - $ - $ - $ - $ - Agricultural $ - $ - $ - $ - $ - $ - Commercial Real Estate $ 198 $ 198 $ - $ 338 $ 3 $ - Commercial and Industrial $ 394 $ 394 $ 86 $ 436 $ 4 $ - Consumer $ - $ - $ - $ - $ - $ - (In Thousands) YTD YTD YTD Interest Six Months Ended June 30, 2019 Unpaid Average Interest Income Recorded Principal Related Recorded Income Recognized Investment Balance Allowance Investment Recognized Cash Basis With no related allowance recorded: Consumer Real Estate $ 643 $ 643 $ - $ 624 $ 15 $ 4 Agricultural Real Estate - - - - - - Agricultural - - - - - - Commercial Real Estate 191 191 - 192 7 - Commercial and Industrial 237 237 - 936 6 - Consumer - - - - - - With a specific allowance recorded: Consumer Real Estate 219 219 54 244 - - Agricultural Real Estate - - - - - - Agricultural 74 74 26 37 - - Commercial Real Estate - - - - - - Commercial and Industrial 812 812 155 135 23 - Consumer - - - - - - Totals: Consumer Real Estate $ 862 $ 862 $ 54 $ 868 $ 15 $ 4 Agricultural Real Estate $ - $ - $ - $ - $ - $ - Agricultural $ 74 $ 74 $ 26 $ 37 $ - $ - Commercial Real Estate $ 191 $ 191 $ - $ 192 $ 7 $ - Commercial and Industrial $ 1,049 $ 1,049 $ 155 $ 1,071 $ 29 $ - Consumer $ - $ - $ - $ - $ - $ - (In Thousands) YTD YTD YTD Interest Six Months Ended June 30, 2018 Unpaid Average Interest Income Recorded Principal Related Recorded Income Recognized Investment Balance Allowance Investment Recognized Cash Basis With no related allowance recorded: Consumer Real Estate $ 606 $ 606 $ - $ 509 $ 14 $ 10 Agricultural Real Estate - - - 34 - - Agricultural - - - - - - Commercial Real Estate 198 198 - 200 5 - Commercial and Industrial - - - 104 - - Consumer - - - - - - With a specific allowance recorded: Consumer Real Estate 254 254 46 116 - - Agricultural Real Estate - - - - - - Agricultural - - - - - - Commercial Real Estate - - - 279 - - Commercial and Industrial 394 394 86 328 8 - Consumer - - - - - - Totals: Consumer Real Estate $ 860 $ 860 $ 46 $ 625 $ 14 $ 10 Agricultural Real Estate $ - $ - $ - $ 34 $ - $ - Agricultural $ - $ - $ - $ - $ - $ - Commercial Real Estate $ 198 $ 198 $ - $ 479 $ 5 $ - Commercial and Industrial $ 394 $ 394 $ 86 $ 432 $ 8 $ - Consumer $ - $ - $ - $ - $ - $ - As of June 30, 2019, the Company had [ Remainder of this page intentionally left blank ] The Allowance for Loan and Lease Losses (ALLL) has a direct impact on the provision expense. An increase in the ALLL is funded through recoveries and provision expense. The following tables summarize the activities in the allowance for credit losses. (In Thousands) Six Months Ended Twelve Months Ended June 30, 2019 December 31, 2018 Allowance for Loan & Lease Losses Balance at beginning of year $ 6,775 $ 6,868 Provision for loan loss 163 324 Loans charged off (335 ) (580 ) Recoveries 80 163 Allowance for Loan & Lease Losses $ 6,683 $ 6,775 Allowance for Unfunded Loan Commitments & Letters of Credit $ 370 $ 274 Total Allowance for Credit Losses $ 7,053 $ 7,049 The Company segregates its ALLL into two reserves: The ALLL and the Allowance for Unfunded Loan Commitments and Letters of Credit (AULC). When combined, these reserves constitute the total Allowance for Credit Losses (ACL). The AULC is reported within other liabilities on the balance sheet while the ALLL is netted within the loans, net asset line. The ACL presented above represents the full amount of reserves available to absorb possible credit losses. [ Remainder of this page intentionally left blank ] The following table breaks down the activity within ACL for each loan portfolio classification and shows the contribution provided by both the recoveries and the provision along with the reduction of the allowance caused by charge-offs. Additional analysis, presented in thousands, related to the allowance for credit losses for three months ended June 30, 2019 and June 30, 2018 in addition to the ending balances as of December 31, 2018 is as follows: Consumer Real Estate Agricultural Real Estate Agricultural Commercial Real Estate Commercial and Industrial Consumer Unfunded Loan Commitment & Letters of Credit Unallocated Total Three Months Ended June 30, 2019 ALLOWANCE FOR CREDIT LOSSES: Beginning balance $ 268 $ 270 $ 706 $ 3,203 $ 1,490 $ 496 $ 346 $ 203 $ 6,982 Charge Offs (14 ) - - - - (114 ) - - (128 ) Recoveries - - 1 3 5 33 - - 42 Provision (Credit) 21 70 49 114 (34 ) 111 - (198 ) 133 Other Non-interest expense related to unfunded - - - - - - 24 - 24 Ending Balance $ 275 $ 340 $ 756 $ 3,320 $ 1,461 $ 526 $ 370 $ 5 $ 7,053 Ending balance: individually evaluated for impairment $ 54 $ - $ 26 $ - $ 155 $ - $ - $ - $ 235 Ending balance: collectively evaluated for impairment $ 221 $ 340 $ 730 $ 3,320 $ 1,306 $ 526 $ 370 $ 5 $ 6,818 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - $ - FINANCING RECEIVABLES: Ending balance $ 158,957 $ 193,616 $ 113,906 $ 442,538 $ 133,014 $ 49,100 $ - $ - $ 1,091,131 Ending balance: individually evaluated for impairment $ 862 $ - $ 74 $ 191 $ 1,049 $ - $ - $ - $ 2,176 Ending balance: collectively evaluated for impairment $ 157,909 $ 193,616 $ 113,832 $ 442,347 $ 131,848 $ 49,068 $ - $ - $ 1,088,620 Ending balance: loans acquired with deteriorated credit quality $ 186 $ - $ - $ - $ 117 $ 32 $ - $ - $ 335 December 31, 2018 Consumer Real Estate Agricultural Real Estate Agricultural Commercial Real Estate Commercial and Industrial Consumer Unfunded Loan Commitment & Letters of Credit Unallocated Total ALLOWANCE FOR CREDIT LOSSES: Ending Balance $ 247 $ 250 $ 768 $ 3,217 $ 1,305 $ 484 $ 274 $ 504 $ 7,049 Ending balance: individually evaluated for impairment $ 26 $ - $ - $ - $ 5 $ - $ - $ - $ 31 Ending balance: collectively evaluated for impairment $ 221 $ 250 $ 768 $ 3,217 $ 1,300 $ 484 $ 274 $ 504 $ 7,018 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - $ - FINANCING RECEIVABLES: Ending balance $ 80,232 $ 68,588 $ 108,616 $ 419,131 $ 127,752 $ 42,055 $ - $ - $ 846,374 Ending balance: individually evaluated for impairment $ 757 $ - $ - $ 194 $ 1,103 $ - $ - $ - $ 2,054 Ending balance: collectively evaluated for impairment $ 79,359 $ 68,588 $ 108,616 $ 418,937 $ 126,649 $ 42,055 $ - $ - $ 844,204 Ending balance: loans acquired with deteriorated credit quality $ 116 $ - $ - $ - $ - $ - $ - $ - $ 116 Consumer Real Estate Agricultural Real Estate Agricultural Commercial Real Estate Commercial and Industrial Consumer Unfunded Loan Commitment & Letters of Credit Unallocated Total Three Months Ended June 30, 2018 ALLOWANCE FOR CREDIT LOSSES: Beginning balance $ 254 $ 263 $ 706 $ 3,674 $ 1,443 $ 431 $ 265 $ 29 $ 7,065 Charge Offs - - - (1 ) (100 ) (81 ) - - (182 ) Recoveries - - 3 2 3 31 - - 39 Provision (Credit) (3 ) (8 ) 42 (415 ) 74 78 - 364 132 Other Non-interest expense related to unfunded - - - - - - 50 - 50 Ending Balance $ 251 $ 255 $ 751 $ 3,260 $ 1,420 $ 459 $ 315 $ 393 $ 7,104 Ending balance: individually evaluated for impairment $ 46 $ - $ - $ - $ 86 $ - $ - $ - $ 132 Ending balance: collectively evaluated for impairment $ 205 $ 255 $ 751 $ 3,260 $ 1,334 $ 459 $ 315 $ 393 $ 6,972 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - $ - FINANCING RECEIVABLES: Ending balance $ 82,368 $ 69,676 $ 104,980 $ 410,886 $ 122,510 $ 40,595 $ - $ - $ 831,015 Ending balance: individually evaluated for impairment $ 860 $ - $ - $ 198 $ 394 $ - $ - $ - $ 1,452 Ending balance: collectively evaluated for impairment $ 81,389 $ 69,676 $ 104,980 $ 410,688 $ 122,116 $ 40,595 $ - $ - $ 829,444 Ending balance: loans acquired with deteriorated credit quality $ 119 $ - $ - $ - $ - $ - $ - $ - $ 119 Consumer Real Estate Agricultural Real Estate Agricultural Commercial Real Estate Commercial and Industrial Consumer Unfunded Loan Commitment & Letters of Credit Unallocated Total Six Months Ended June 30, 2019 ALLOWANCE FOR CREDIT LOSSES: Beginning balance $ 247 $ 250 $ 768 $ 3,217 $ 1,305 $ 484 $ 274 $ 504 $ 7,049 Charge Offs (56 ) - - - - (279 ) - - (335 ) Recoveries - - 2 5 8 65 - - 80 Provision (Credit) 84 90 (14 ) 98 148 256 - (499 ) 163 Other Non-interest expense related to unfunded - - - - - - 96 - 96 Ending Balance $ 275 $ 340 $ 756 $ 3,320 $ 1,461 $ 526 $ 370 $ 5 $ 7,053 Ending balance: individually evaluated for impairment $ 54 $ - $ 26 $ - $ 155 $ - $ - $ - $ 235 Ending balance: collectively evaluated for impairment $ 221 $ 340 $ 730 $ 3,320 $ 1,306 $ 526 $ 370 $ 5 $ 6,818 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - $ - FINANCING RECEIVABLES: Ending balance $ 158,957 $ 193,616 $ 113,906 $ 442,538 $ 133,014 $ 49,100 $ - $ - $ 1,091,131 Ending balance: individually evaluated for impairment $ 862 $ - $ 74 $ 191 $ 1,049 $ - $ - $ - $ 2,176 Ending balance: collectively evaluated for impairment $ 157,909 $ 193,616 $ 113,832 $ 442,347 $ 131,848 $ 49,068 $ - $ - $ 1,088,620 Ending balance: loans acquired with deteriorated credit quality $ 186 $ - $ - $ - $ 117 $ 32 $ - $ - $ 335 Consumer Real Estate Agricultural Real Estate Agricultural Commercial Real Estate Commercial and Industrial Consumer Unfunded Loan Commitment & Letters of Credit Unallocated Total Six Months Ended June 30, 2018 ALLOWANCE FOR CREDIT LOSSES: Beginning balance $ 343 $ 244 $ 667 $ 3,149 $ 1,546 $ 441 $ 227 $ 478 $ 7,095 Charge Offs (34 ) - - (16 ) (100 ) (177 ) - - (327 ) Recoveries - - 6 4 6 60 - - 76 Provision (Credit) (58 ) 11 78 123 (32 ) 135 - (85 ) 172 Other Non-interest expense related to unfunded - - - - - - 88 - 88 Ending Balance $ 251 $ 255 $ 751 $ 3,260 $ 1,420 $ 459 $ 315 $ 393 $ 7,104 Ending balance: individually evaluated for impairment $ 46 $ - $ - $ - $ 86 $ - $ - $ - $ 132 Ending balance: collectively evaluated for impairment $ 205 $ 255 $ 751 $ 3,260 $ 1,334 $ 459 $ 315 $ 393 $ 6,972 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - $ - FINANCING RECEIVABLES: Ending balance $ 82,368 $ 69,676 $ 104,980 $ 410,886 $ 122,510 $ 40,595 $ - $ - $ 831,015 Ending balance: individually evaluated for impairment $ 860 $ - $ - $ 198 $ 394 $ - $ - $ - $ 1,452 Ending balance: collectively evaluated for impairment $ 81,389 $ 69,676 $ 104,980 $ 410,688 $ 122,116 $ 40,595 $ - $ - $ 829,444 Ending balance: loans acquired with deteriorated credit quality $ 119 $ - $ - $ - $ - $ - $ - $ - $ 119 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 5 EARNINGS PER SHARE Basic earnings per share are calculated using the two-class method. The two-class method is an earnings allocation formula under which earnings per share is calculated from common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings distributed and undistributed, are allocated to participating securities and common shares based on their respective rights to receive dividends. Unvested share-based payment awards that contain non-forfeitable rights to dividends are considered participating securities (i.e. unvested restricted stock), not subject to performance based measures. Basic earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding. Application of the two-class method for participating securities results a more dilutive basic earnings per share as the participating securities are allocated the same amount of income as if they are outstanding for purposes of basic earnings per share. There is no additional potential dilution in calculating diluted earnings per share, therefore basic and diluted earnings per share are the same amounts. Other than the restricted stock plan, the Company has no other stock based compensation plans. (in thousands of dollars) (in thousands of dollars) Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Earnings per share Net income $ 6,180 $ 4,114 $ 9,404 $ 7,881 Less: distributed earnings allocated to participating securities (11 ) (13 ) (23 ) (25 ) Less: undistributed earnings allocated to participating securities (33 ) (28 ) (45 ) (54 ) Net earnings available to common shareholders $ 6,136 $ 4,073 $ 9,336 $ 7,802 Weighted average common shares outstanding including participating securities 11,106,367 9,265,898 11,098,149 9,265,928 Less: average unvested restricted shares (77,304 ) (92,368 ) (80,343 ) (92,398 ) Weighted average common shares outstanding 11,029,063 9,173,530 11,017,806 9,173,530 Basic earnings and diluted per share $ 0.56 $ 0.44 $ 0.85 $ 0.85 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | NOTE 6 FAIR VALUE OF FINANCIAL INSTRUMENTS Fair values of financial instruments are management's estimate of the values at which the instruments could be exchanged in a transaction between willing parties. These estimates are subjective and may vary significantly from amounts that would be realized in actual transactions. In addition, other significant assets are not considered financial assets including deferred tax assets, premises, equipment and intangibles. Further, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on the fair value estimates and have not been considered in any of the estimates. The following assumptions and methods were used in estimating the fair value for financial instruments: Cash and Cash Equivalents The carrying amounts reported in the balance sheet for cash, cash equivalents and federal funds sold approximate their fair values. Also included in this line item are the carrying amounts of interest-bearing deposits maturing within ninety days which approximate their fair values. Fair values of other interest-bearing deposits are estimated using discounted cash flow analyses based on current rates for similar types of deposits. Interest Bearing Time Deposits Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow analysis that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. Securities – Available-for-sale Fair values for securities, excluding Federal Home Loan Bank are based on quoted market price, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. Other Securities The carrying value of Federal Home Loan Bank stock of Cincinnati and Indianapolis, approximates fair value based on the redemption provisions of the respective Federal Home Loan Bank. Loans Held for Sale The carrying amount approximates fair value due to insignificant amount of time between origination and date of sale. Loans, net The fair values of the loans are estimated using a credit mark adjustment along with discounted cash flow analysis, using interest rates currently being offered for loans with similar terms to borrowers with similar credit quality. The credit mark adjustment was estimated using merger and acquisition analysis of nationwide bank and thrift deals and/or the Bank’s most recent acquisition experience. Deposits The fair values disclosed for deposits with no defined maturities are equal to their carrying amounts, which represent the amount payable on demand. The carrying amounts for variable-rate, fixed term money market accounts and certificates of deposit approximate their fair value at the reporting date. Fair value for fixed-rate certificates of deposit are estimated using a discounted cash flow analysis that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. Federal Funds Purchased and Securities Sold Under Agreements to Repurchase The carrying value of federal funds purchased and securities sold under agreements to repurchase approximates fair values. FHLB Advances Fair values or FHLB advances are estimated using discounted cash flow analysis based on the Company’s current incremental borrowing rates for similar types or borrowing arrangements. Accrued Interest Receivable and Payable The carrying amounts of accrued interest approximate their fair values. Off Balance Sheet Financial Instruments Fair values for off-balance sheet, credit related financial instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counter-parties' credit standing. The estimated fair values, and related carrying or notional amounts, for on and off-balance sheet financial instruments as of June 30, 2019 and December 31, 2018 are reflected below. (In Thousands) June 30, 2019 Carrying Fair Amount Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 123,278 $ 123,278 $ 123,278 $ - $ - Interest-bearing time deposits 4,509 4,509 - 4,509 - Securities - available-for-sale 204,415 204,415 24,795 178,115 1,505 Other securities 5,789 5,789 - - 5,789 Loans held for sale 1,909 1,909 - - 1,909 Loans, net 1,084,448 1,064,236 - - 1,064,236 Interest receivable 6,862 6,832 - - 6,862 Financial Liabilities: Interest bearing deposits $ 723,684 $ 723,738 $ - $ - $ 723,738 Non-interest bearing deposits 242,510 242,510 - 242,510 - Time deposits 276,153 276,861 - - 276,861 Total Deposits 1,242,347 1,243,109 - 242,510 1,000,599 Federal funds purchased and securities sold under agreement to repurchase 27,102 27,102 - - 27,102 Federal Home Loan Bank advances 24,532 24,393 - - 24,393 Interest payable 750 750 - - 750 (In Thousands) December 31, 2018 Carrying Fair Amount Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 38,365 $ 38,365 $ 38,365 $ - $ - Interest-bearing time deposits 4,019 3,954 - 3,954 - Securities - available-for-sale 168,447 168,447 36,935 130,085 1,427 Other securities 3,679 3,679 - - 3,679 Loans held for sale 495 495 - - 495 Loans, net 839,599 823,914 - - 823,914 Interest receivable 4,542 4,542 - - 4,542 Financial Liabilities: Interest bearing deposits $ 525,955 $ 525,955 $ - $ - $ 525,955 Non-interest bearing deposits 215,422 215,422 - 215,422 - Time deposits 187,413 187,545 - - 187,545 Total Deposits 928,790 928,922 - 215,422 713,500 Federal funds purchased and securities sold under agreement to repurchase 32,181 3,181 - - 32,181 Federal Home Loan Bank advances - - - - - Interest payable 418 418 - - 418 Fair Value Measurements In general, fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities in active markets that the Company has the ability to access. Available-for-sale securities, when quoted prices are available in an active market, securities are valued using the quoted price and are classified as Level 1. Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and other inputs such as interest rates and yield curves that are observable at commonly quoted intervals. Available-for-sale securities classified as Level 2 are valued using the prices obtained from an independent pricing service. The prices are not adjusted. Securities of obligations of state and political subdivisions are valued using a type of matrix, or grid, pricing in which securities are benchmarked against the treasury rate based on credit rating. Substantially all assumptions used by the independent pricing service are observable in the marketplace, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace. Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related asset or liability. The Bank holds some local municipals that the Bank evaluates based on the credit strength of the underlying project. The fair value is determined by valuing similar credit payment streams at similar rates. In instances where inputs used to measure fair value fall into different levels in the above fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The Company's assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset. The following summarizes financial assets measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018, segregated by level or the valuation inputs within the fair value hierarchy utilized to measure fair value: Assets and Liabilities Measured at Fair Value on a Recurring Basis (In Thousands) June 30, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Observable Inputs (Level 3) Assets - (Securities Available-for-Sale) U.S. Treasury $ 24,795 $ - $ - U.S. Government agencies - 95,944 - Mortgage-backed securities - 44,826 - State and local governments - 37,345 1,505 Total Securities Available-for-Sale $ 24,795 $ 178,115 $ 1,505 December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Observable Inputs (Level 3) Assets - (Securities Available-for-Sale) U.S. Treasury $ 22,830 $ - $ - U.S. Government agencies 14,105 55,222 - Mortgage-backed securities - 36,262 - State and local governments - 38,601 1,427 Total Securities Available-for-Sale $ 36,935 $ 130,085 $ 1,427 The following table represents the changes in the Level 3 fair-value category of which unobservable inputs are relied upon as of June 30, 2019 and June 30, 2018. (In Thousands) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) State and Local Governments Tax-Exempt State and Local Governments Taxable State and Local Governments Total Balance at January 1, 2019 $ - $ 1,427 $ 1,427 Change in Market Value - 78 78 Payments & Maturities - - - Balance at June 30, 2019 $ - $ 1,505 $ 1,505 (In Thousands) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) State and Local Governments Tax-Exempt State and Local Governments Taxable State and Local Governments Total Balance at January 1, 2018 $ - $ 1,428 $ 1,428 Change in Market Value - (18 ) (18 ) Payments & Maturities - - - Balance at June 30, 2018 $ - $ 1,410 $ 1,410 Most of the Company's available-for-sale securities, including any bonds issued by local municipalities, have CUSIP numbers or have similar characteristics of those in the municipal markets, making them marketable and comparable as Level 2. The Company also has assets that, under certain conditions, are subject to measurement at fair value on a non-recurring basis. At June 30, 2019 and December 31, 2018, such assets consist primarily of collateral dependent impaired loans. Collateral dependent impaired loans categorized as Level 3 assets consist of non-homogeneous loans that are considered impaired. The Company estimates the fair value of the loans based on the present value of expected future cash flows using management's best estimate of key assumptions. These assumptions include future payment ability, timing of payment streams, and estimated realizable values of available collateral (typically based on outside appraisals.) At June 30, 2019 and December 31, 2018, fair value of collateral dependent impaired loans categorized as Level 3 was $159 and $215 thousand, respectively. The specific allocation for impaired loans was $50 and $31 thousand as of June 30, 2019 and December 31, 2018, respectively, which are accounted for in the allowance for loan losses (see Note 4). Other real estate is reported at either the lower of the fair value of the real estate minus the estimated costs to sell the asset or the cost of the asset. The determination of fair value of the real estate relies primarily on appraisals from third parties. If the fair value of the real estate, minus the estimated costs to sell the asset, is less than the asset's cost, the deficiency is recognized as a valuation allowance against the asset through a charge to expense. The valuation allowance is therefore increased or decreased, through charges or credits to expense, for changes in the asset's fair value or estimated selling costs. The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements: (In Thousands) Range Fair Value at (Weighted June 30, 2019 Valuation Technique Unobservable Inputs Average) State and local government $ 1,505 Discounted Cash Flow Credit strength of underlying project or entity / Discount rate 0-5% (2.53%) Collateral dependent impaired loans 159 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 0-50% (23.82%) Other real estate owned - commercial 29 Appraisals Discount to reflect current market 0-20% (48.67% ) (In Thousands) Range Fair Value at (Weighted December 31, 2018 Valuation Technique Unobservable Inputs Average) State and local government $ 1,427 Discounted Cash Flow Credit strength of underlying project or entity / Discount rate 0-5% (3.51%) Collateral dependent impaired loans 215 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 0-50% (12.38%) Other real estate owned - commercial - Appraisals Discount to reflect current market — % ( — ) The following table presents impaired loans and other real estate owned as recorded at fair value on June 30, 2019 and December 31, 2018 Assets Measured at Fair Value on a Nonrecurring Basis at June 30, 2019 (In Thousands) Balance at June 30, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent impaired loans $ 159 $ - $ - $ 159 Other real estate owned - commercial 29 - - 29 Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2018 (In Thousands) Balance at December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent impaired loans $ 215 $ - $ - $ 215 Other real estate owned - commercial - - - - |
Federal Funds Purchased and Sec
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | 6 Months Ended |
Jun. 30, 2019 | |
Brokers And Dealers [Abstract] | |
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | NOTE 7 FEDERAL FUNDS PURCHASED AND SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE The Company had no Federal Funds purchased as of June 30, 2019 and $6.5 million as of December 31, 2018, respectively. During the same time periods, the company also had $27.1 million and $25.7 million in securities sold under agreement to repurchase. June 30, 2019 Remaining Contractual Maturity of the Agreements (In Thousands) Overnight & Continuous Up to 30 days 30-90 Greater Than 90 days Total Federal funds purchased $ - $ - $ - $ - $ - Repurchase agreements US Treasury & agency securities 1,530 - - 25,572 27,102 $ 1,530 $ - $ - $ 25,572 $ 27,102 December 31, 2018 Remaining Contractual Maturity of the Agreements (In Thousands) Overnight & Continuous Up to 30 days 30-90 Greater Than 90 days Total Federal funds purchased $ 6,486 $ - $ - $ - $ 6,486 Repurchase agreements US Treasury & agency securities 806 - - 24,889 25,695 $ 7,292 $ - $ - $ 24,889 $ 32,181 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | NOTE 8 RECENT ACCOUNTING PRONOUNCEMENTS In February 2016, the FASB issued ASU No. 2016-02 “Leases (Topic 842).” In June Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The ASU is effective for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 (i.e., January 1, 2020, for calendar year entities). Early application will be permitted for all organizations for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company has contracted with an external advisor and has formed a committee to determine the methodology to be used. Most importantly, the Company is gathering as much data as possible to enable review scenarios and determine which calculations will produce the most reliable results. The Company is in the early stages of CECL conversion analysis with use of a third party service provider and is working to run parallel for a minimum of the last two quarters of 2019. In January 2017, the FASB issued ASU No. 2017-04 “Intangibles – Goodwill and other (Topic 350) – Simplifying the Test for Goodwill Impairment.” In August 2018, the FASB issued ASU No. 2018-13 “Fair Value Measurement (Topic 820) - Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measuremen |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | NOTE 8 RECENT ACCOUNTING PRONOUNCEMENTS In February 2016, the FASB issued ASU No. 2016-02 “Leases (Topic 842).” In June Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The ASU is effective for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 (i.e., January 1, 2020, for calendar year entities). Early application will be permitted for all organizations for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company has contracted with an external advisor and has formed a committee to determine the methodology to be used. Most importantly, the Company is gathering as much data as possible to enable review scenarios and determine which calculations will produce the most reliable results. The Company is in the early stages of CECL conversion analysis with use of a third party service provider and is working to run parallel for a minimum of the last two quarters of 2019. In January 2017, the FASB issued ASU No. 2017-04 “Intangibles – Goodwill and other (Topic 350) – Simplifying the Test for Goodwill Impairment.” In August 2018, the FASB issued ASU No. 2018-13 “Fair Value Measurement (Topic 820) - Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measuremen |
Business Combination and Asse_2
Business Combination and Asset Purchase (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed Recognized | The following table summarizes the consideration paid for Bank of Geneva and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date. Fair Value of Consideration Transferred (In Thousands) Cash $ 8,465 Common Shares (1,830,000 shares) 70,437 Total $ 78,902 Recognized amounts of identifiable assets acquired and liabilities assumed Assets Cash and cash equivalents $ 6,376 Securities - available-for-sale 17,494 Other securities, at cost 2,347 Loans, net 257,183 Premises and equipment 2,538 Goodwill 43,266 Other assets 7,176 Total Assets Purchased $ 336,380 Liabilities Deposits Noninterest bearing $ 37,822 Interest bearing 168,312 Total deposits 206,134 Federal Home Loan Bank (FHLB) advances 48,196 Accrued expenses and other liabilities 3,148 Total Liabilities Assumed $ 257,478 |
Summary of Carrying Amount of Loans | The carrying amount of those loans is included in loans, net on the balance sheet at June 30, 2019. The amounts of loans at June 30, 2019 are as follows: 2019 (In Thousands) Balance - January 1, 2019 Commercial $ 4,094 Consumer RE 231 Consumer 71 Carrying amount, net of allowance of $2,118 $ 2,278 Balance - June 30, 2019 Commercial $ 117 Consumer RE 73 Consumer 32 Carrying amount, net of allowance of $96 $ 126 |
Summary of Loans Acquired and Contractually Required Payments Receivable | Loans acquired during 2019 for which it was probable at acquisition that all contractually required payments would not be collected are as follows: (In Thousands) Contractually required payments receivable at acquisition Commercial $ 4,215 Consumer RE 261 Consumer 94 Total required payments receivable $ 4,570 Cash flows expected to be collected at acquisition $ 2,788 Basis in acquired loans at acquisition $ 4,396 |
Summary of Changes in Accretable Yield or Income Expected to be Collected | Changes in accretable yield, or income expected to be collected, are as follows: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 (In Thousands) (In Thousands) Beginning Balance $ 2,436 $ 2,544 Additions 5 6 Accretion (110 ) (219 ) Reclassification from nonaccretable difference - - Disposals (2 ) (2 ) Ending Balance $ 2,329 $ 2,329 |
Schedule of Pro-forma Results | The following schedule includes pro-forma results for the three and six months ended June 30, 2019 and 2018 as if the Bank of Geneva acquisitions had occurred as of the beginning of the comparable prior reporting period. (in thousands of dollars, except per share data) (in thousands of dollars, except per share data) Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Summary of Operations Net Interest Income - Before Provision for Loan Losses $ 14,534 $ 15,079 $ 27,311 $ 27,718 Provision for Loan Losses 133 252 163 397 Net Interest Income After Provision for Loan Losses 14,401 14,827 27,148 27,321 Noninterest Income 2,981 2,965 5,676 5,727 Noninterest Expense 9,753 9,373 19,977 18,719 Income Before Income Taxes 7,629 8,419 12,847 14,329 Income Taxes 1,480 1,632 2,445 2,740 Net Income $ 6,149 $ 6,787 $ 10,402 $ 11,589 Basic and Diluted Earnings Per Share $ 0.56 $ 0.61 $ 0.94 $ 1.04 |
Amortization Expense of Core Deposit Intangible Assets | (In Thousands) (In Thousands) (In Thousands) Custar Geneva Total 2019 $ 167 $ 560 $ 727 2020 161 560 721 2021 - 560 560 2022 - 560 560 2023 - 560 560 2024 - 560 560 2025 - 560 560 $ 328 $ 3,920 $ 4,248 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost and Fair Value of Securities with Gross Unrealized Gains and Losses | The amortized cost and fair value of securities, with gross unrealized gains and losses at June 30, 2019 and December 31, 2018, follows (In Thousands) June 30, 2019 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Available-for-Sale: U.S. Treasury $ 24,838 $ 13 $ (56 ) $ 24,795 U.S. Government agencies 95,437 653 (146 ) 95,944 Mortgage-backed securities 44,763 322 (259 ) 44,826 State and local governments 38,357 554 (61 ) 38,850 Total available-for-sale securities $ 203,395 $ 1,542 $ (522 ) $ 204,415 (In Thousands) December 31, 2018 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Available-for-Sale: U.S. Treasury $ 23,078 $ 6 $ (254 ) $ 22,830 U.S. Government agencies 71,235 2 (1,910 ) 69,327 Mortgage-backed securities 37,342 62 (1,142 ) 36,262 State and local governments 40,608 225 (805 ) 40,028 Total available-for-sale securities $ 172,263 $ 295 $ (4,111 ) $ 168,447 |
Gross Unrealized Losses, Aggregated by Investment Category and Length of Time | Information pertaining to securities with gross unrealized losses at June 30, 2019 and December 31, 2018, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows: (In Thousands) June 30, 2019 Less Than Twelve Months Twelve Months & Over Total Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized Fair Losses Value Losses Value Losses Value U.S. Treasury $ (1 ) $ 1,797 $ (55 ) $ 21,008 $ (56 ) $ 22,805 U.S. Government agencies (1 ) 5,004 (145 ) 38,489 (146 ) 43,493 Mortgage-backed securities - - (259 ) 25,712 (259 ) 25,712 State and local governments - - (61 ) 8,553 (61 ) 8,553 Total available-for-sale securities $ (2 ) $ 6,801 $ (520 ) $ 93,762 $ (522 ) $ 100,563 (In Thousands) December 31, 2018 Less Than Twelve Months Twelve Months & Over Total Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized Fair Losses Value Losses Value Losses Value U.S. Treasury $ - $ - $ (254 ) $ 20,861 $ (254 ) $ 20,861 U.S. Government agencies - - (1,910 ) 64,727 (1,910 ) 64,727 Mortgage-backed securities (4 ) 697 (1,138 ) 30,347 (1,142 ) 31,044 State and local governments (22 ) 3,254 (783 ) 29,413 (805 ) 32,667 Total available-for-sale securities $ (26 ) $ 3,951 $ (4,085 ) $ 145,348 $ (4,111 ) $ 149,299 |
Gross Realized Gains and Losses | Below are the gross realized gains and losses for the three and six months ended June 30, 2019 and June 30, 2018. Three Months Six Months (In Thousands) (In Thousands) 2019 2018 2019 2018 Gross realized gains $ - $ - $ 16 $ - Gross realized losses - - (42 ) - Net realized losses $ - $ - $ (26 ) $ - Tax expense related to net realized losses $ - $ - $ (5 ) $ - |
Amortized Cost and Fair Value of Debt Securities, by Contractual Maturity | The amortized cost and fair value of debt securities at June 30, 2019, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. (In Thousands) Amortized Cost Fair Value One year or less $ 45,762 $ 45,744 After one year through five years 57,593 57,516 After five years through ten years 54,003 55,077 After ten years 1,274 1,252 Total $ 158,632 $ 159,589 Mortgage-backed securities 44,763 44,826 Total $ 203,395 $ 204,415 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Loans | Loan balances as of June 30, 2019 and December 31, 2018: (In Thousands) Loans: June 30, 2019 December 31, 2018 Consumer Real Estate $ 159,540 $ 80,766 Agricultural Real Estate 193,768 68,609 Agricultural 113,755 108,495 Commercial Real Estate 443,257 419,784 Commercial and Industrial 125,609 121,793 Consumer 48,952 41,953 Other 7,341 5,889 1,092,222 847,289 Less: Net deferred loan fees and costs (1,091 ) (915 ) 1,091,131 846,374 Less: Allowance for loan losses (6,683 ) (6,775 ) Loans - Net $ 1,084,448 $ 839,599 |
Distribution of Fixed Rate Loans and Variable Rate Loans by Major Loan Category | The distribution of fixed rate loans and variable rate loans by major loan category is as follows as of June 30, 2019: (In Thousands) Fixed Variable Rate Rate Consumer Real Estate $ 66,403 $ 93,137 Agricultural Real Estate 89,487 104,281 Agricultural 60,789 52,966 Commercial Real Estate 270,572 172,685 Commercial and Industrial 63,473 62,136 Consumer 44,346 4,606 Other 7,242 99 |
Contractual Aging of the Recorded Investment in Past Due Loans by Portfolio Classification of Loans | The following table represents the contractual aging of the recorded investment (in thousands) in past due loans by portfolio classification of loans as of June 30, 2019 and December 31, 2018, net of deferred loan fees and costs: June 30, 2019 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Financing Receivables Recorded Investment > 90 Days and Accruing Consumer Real Estate $ 1,124 $ 47 $ 524 $ 1,695 $ 157,262 $ 158,957 $ - Agricultural Real Estate 771 - 198 969 192,647 193,616 - Agricultural 1,473 - 74 1,547 112,359 113,906 - Commercial Real Estate - - - - 442,538 442,538 - Commercial and Industrial - 14 - 14 133,000 133,014 - Consumer 124 9 13 146 48,954 49,100 - Total $ 3,492 $ 70 $ 809 $ 4,371 $ 1,086,760 $ 1,091,131 $ - December 31, 2018 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Financing Receivables Recorded Investment > 90 Days and Accruing Consumer Real Estate $ 342 $ 24 $ 254 $ 620 $ 79,612 $ 80,232 $ - Agricultural Real Estate - - - - 68,588 68,588 - Agricultural - - - - 108,616 108,616 - Commercial Real Estate - - - - 419,131 419,131 - Commercial and Industrial - - - - 127,752 127,752 - Consumer 85 24 8 117 41,938 42,055 - Total $ 427 $ 48 $ 262 $ 737 $ 845,637 $ 846,374 $ - |
Recorded Investment in Nonaccrual Loans by Portfolio Class of Loans | The following table presents the recorded investment in nonaccrual loans by class of loans as of June 30, 2019 and December 31, 2018: (In Thousands) June 30, 2019 December 31, 2018 Consumer Real Estate $ 953 $ 462 Agricultural Real Estate 198 - Agricultural 74 - Commercial Real Estate - - Commercial & Industrial 67 72 Consumer 36 8 Total $ 1,328 $ 542 |
Risk Category of Loans by Portfolio Class | The following table represents the risk category of loans by portfolio class, net of deferred fees and costs, based on the most recent analysis performed as of June 30, 2019 and December 31, 2018: (In Thousands) Agricultural Commercial Commercial Real Estate Agricultural Real Estate and Industrial Other June 30, 2019 1-2 $ 33,993 $ 7,892 $ 7,724 $ 4,394 $ - 3 53,521 40,275 83,706 19,312 2,463 4 84,260 60,437 341,424 95,720 4,878 5 17,548 5,055 8,046 4,753 - 6 4,294 247 1,638 615 - 7 - - - 879 - 8 - - - - - Total $ 193,616 $ 113,906 $ 442,538 $ 125,673 $ 7,341 Agricultural Commercial Commercial Real Estate Agricultural Real Estate and Industrial Other December 31, 2018 1-2 $ 4,442 $ 5,753 $ 4,698 $ 3,199 $ - 3 14,118 38,852 64,341 16,284 3,135 4 49,596 63,380 346,072 100,644 2,754 5 422 631 2,171 308 - 6 10 - 1,849 542 - 7 - - - 886 - 8 - - - - - Total $ 68,588 $ 108,616 $ 419,131 $ 121,863 $ 5,889 |
Recorded Investment for Consumer Loans, Credit Quality based on Status of Loan and Payment Activity | The following tables present the recorded investment in those classes based on payment activity and assigned risk grading as of June 30, 2019 and December 31, 2018. (In Thousands) Consumer Consumer Real Estate Real Estate June 30, 2019 December 31, 2018 Grade Pass $ 156,743 $ 79,121 Special Mention (5) 228 232 Substandard (6) 1,986 879 Doubtful (7) - - Total $ 158,957 $ 80,232 (In Thousands) Consumer - Credit Consumer - Other June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Performing $ 3,858 $ 3,909 $ 45,144 $ 38,073 Nonperforming 33 19 65 54 Total $ 3,891 $ 3,928 $ 45,209 $ 38,127 |
Schedule of Impaired Loans | Information about impaired loans as of June 30, 2019, December 31, 2018 and June 30, 2018 are as follows: (In Thousands) June 30, 2019 December 31, 2018 June 30, 2018 Impaired loans without a valuation allowance $ 1,071 $ 1,808 $ 804 Impaired loans with a valuation allowance 1,105 246 648 Total impaired loans $ 2,176 $ 2,054 $ 1,452 Valuation allowance related to impaired loans $ 235 $ 31 $ 132 Total non-accrual loans $ 1,328 $ 542 $ 903 Total loans past-due ninety days or more and still accruing $ - $ - $ - Quarter ended average investment in impaired loans $ 2,201 $ 2,533 $ 1,452 Year to date average investment in impaired loans $ 2,168 $ 1,958 $ 1,570 |
Impaired Loans Classified as Troubled Debt Restructured | The following table represents three and six months ended June 30, 2019: Pre- Post- Pre- Post- Three Months Number of Modification Modification Six Months Number of Modification Modification June 30, 2019 Contracts Outstanding Outstanding June 30, 2019 Contracts Outstanding Outstanding (in thousands) Modified in the Recorded Recorded (in thousands) Modified in the Recorded Recorded Troubled Debt Restructurings Last Three Months Investment Investment Troubled Debt Restructurings Last Six Months Investment Investment Commercial and Industrial 4 $ 812 $ 812 Commercial and Industrial 4 $ 812 $ 812 |
Loans Individually Evaluated for Impairment by Portfolio Class of Loans | The following tables present loans individually evaluated for impairment by class of loans for three months ended June 30, 2019 and June 30, 2018. (In Thousands) QTD QTD QTD Interest Three Months Ended June 30, 2019 Unpaid Average Interest Income Recorded Principal Related Recorded Income Recognized Investment Balance Allowance Investment Recognized Cash Basis With no related allowance recorded: Consumer Real Estate $ 643 $ 643 $ - $ 644 $ 8 $ 3 Agricultural Real Estate - - - - - - Agricultural - - - - - - Commercial Real Estate 191 191 - 191 3 - Commercial and Industrial 237 237 - 787 3 - Consumer - - - - - - With a specific allowance recorded: Consumer Real Estate 219 219 54 235 - - Agricultural Real Estate - - - - - - Agricultural 74 74 26 74 - - Commercial Real Estate - - - - - - Commercial and Industrial 812 812 155 270 12 - Consumer - - - - - - Totals: Consumer Real Estate $ 862 $ 862 $ 54 $ 879 $ 8 $ 3 Agricultural Real Estate $ - $ - $ - $ - $ - $ - Agricultural $ 74 $ 74 $ 26 $ 74 $ - $ - Commercial Real Estate $ 191 $ 191 $ - $ 191 $ 3 $ - Commercial and Industrial $ 1,049 $ 1,049 $ 155 $ 1,057 $ 15 $ - Consumer $ - $ - $ - $ - $ - $ - (In Thousands) QTD QTD QTD Interest Three Months Ended June 30, 2018 Unpaid Average Interest Income Recorded Principal Related Recorded Income Recognized Investment Balance Allowance Investment Recognized Cash Basis With no related allowance recorded: Consumer Real Estate $ 606 $ 606 $ - $ 526 $ 6 $ 4 Agricultural Real Estate - - - - - - Agricultural - - - - - - Commercial Real Estate 198 198 - 199 3 - Commercial and Industrial - - - - - - Consumer - - - - - - With a specific allowance recorded: Consumer Real Estate 254 254 46 152 - - Agricultural Real Estate - - - - - - Agricultural - - - - - - Commercial Real Estate - - - 139 - - Commercial and Industrial 394 394 86 436 4 - Consumer - - - - - - Totals: Consumer Real Estate $ 860 $ 860 $ 46 $ 678 $ 6 $ 4 Agricultural Real Estate $ - $ - $ - $ - $ - $ - Agricultural $ - $ - $ - $ - $ - $ - Commercial Real Estate $ 198 $ 198 $ - $ 338 $ 3 $ - Commercial and Industrial $ 394 $ 394 $ 86 $ 436 $ 4 $ - Consumer $ - $ - $ - $ - $ - $ - (In Thousands) YTD YTD YTD Interest Six Months Ended June 30, 2019 Unpaid Average Interest Income Recorded Principal Related Recorded Income Recognized Investment Balance Allowance Investment Recognized Cash Basis With no related allowance recorded: Consumer Real Estate $ 643 $ 643 $ - $ 624 $ 15 $ 4 Agricultural Real Estate - - - - - - Agricultural - - - - - - Commercial Real Estate 191 191 - 192 7 - Commercial and Industrial 237 237 - 936 6 - Consumer - - - - - - With a specific allowance recorded: Consumer Real Estate 219 219 54 244 - - Agricultural Real Estate - - - - - - Agricultural 74 74 26 37 - - Commercial Real Estate - - - - - - Commercial and Industrial 812 812 155 135 23 - Consumer - - - - - - Totals: Consumer Real Estate $ 862 $ 862 $ 54 $ 868 $ 15 $ 4 Agricultural Real Estate $ - $ - $ - $ - $ - $ - Agricultural $ 74 $ 74 $ 26 $ 37 $ - $ - Commercial Real Estate $ 191 $ 191 $ - $ 192 $ 7 $ - Commercial and Industrial $ 1,049 $ 1,049 $ 155 $ 1,071 $ 29 $ - Consumer $ - $ - $ - $ - $ - $ - (In Thousands) YTD YTD YTD Interest Six Months Ended June 30, 2018 Unpaid Average Interest Income Recorded Principal Related Recorded Income Recognized Investment Balance Allowance Investment Recognized Cash Basis With no related allowance recorded: Consumer Real Estate $ 606 $ 606 $ - $ 509 $ 14 $ 10 Agricultural Real Estate - - - 34 - - Agricultural - - - - - - Commercial Real Estate 198 198 - 200 5 - Commercial and Industrial - - - 104 - - Consumer - - - - - - With a specific allowance recorded: Consumer Real Estate 254 254 46 116 - - Agricultural Real Estate - - - - - - Agricultural - - - - - - Commercial Real Estate - - - 279 - - Commercial and Industrial 394 394 86 328 8 - Consumer - - - - - - Totals: Consumer Real Estate $ 860 $ 860 $ 46 $ 625 $ 14 $ 10 Agricultural Real Estate $ - $ - $ - $ 34 $ - $ - Agricultural $ - $ - $ - $ - $ - $ - Commercial Real Estate $ 198 $ 198 $ - $ 479 $ 5 $ - Commercial and Industrial $ 394 $ 394 $ 86 $ 432 $ 8 $ - Consumer $ - $ - $ - $ - $ - $ - |
Summary of Activities in Allowance for Credit Losses | The following tables summarize the activities in the allowance for credit losses. (In Thousands) Six Months Ended Twelve Months Ended June 30, 2019 December 31, 2018 Allowance for Loan & Lease Losses Balance at beginning of year $ 6,775 $ 6,868 Provision for loan loss 163 324 Loans charged off (335 ) (580 ) Recoveries 80 163 Allowance for Loan & Lease Losses $ 6,683 $ 6,775 Allowance for Unfunded Loan Commitments & Letters of Credit $ 370 $ 274 Total Allowance for Credit Losses $ 7,053 $ 7,049 |
Analysis of Allowance for Credit Losses | Additional analysis, presented in thousands, related to the allowance for credit losses for three months ended June 30, 2019 and June 30, 2018 in addition to the ending balances as of December 31, 2018 is as follows: Consumer Real Estate Agricultural Real Estate Agricultural Commercial Real Estate Commercial and Industrial Consumer Unfunded Loan Commitment & Letters of Credit Unallocated Total Three Months Ended June 30, 2019 ALLOWANCE FOR CREDIT LOSSES: Beginning balance $ 268 $ 270 $ 706 $ 3,203 $ 1,490 $ 496 $ 346 $ 203 $ 6,982 Charge Offs (14 ) - - - - (114 ) - - (128 ) Recoveries - - 1 3 5 33 - - 42 Provision (Credit) 21 70 49 114 (34 ) 111 - (198 ) 133 Other Non-interest expense related to unfunded - - - - - - 24 - 24 Ending Balance $ 275 $ 340 $ 756 $ 3,320 $ 1,461 $ 526 $ 370 $ 5 $ 7,053 Ending balance: individually evaluated for impairment $ 54 $ - $ 26 $ - $ 155 $ - $ - $ - $ 235 Ending balance: collectively evaluated for impairment $ 221 $ 340 $ 730 $ 3,320 $ 1,306 $ 526 $ 370 $ 5 $ 6,818 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - $ - FINANCING RECEIVABLES: Ending balance $ 158,957 $ 193,616 $ 113,906 $ 442,538 $ 133,014 $ 49,100 $ - $ - $ 1,091,131 Ending balance: individually evaluated for impairment $ 862 $ - $ 74 $ 191 $ 1,049 $ - $ - $ - $ 2,176 Ending balance: collectively evaluated for impairment $ 157,909 $ 193,616 $ 113,832 $ 442,347 $ 131,848 $ 49,068 $ - $ - $ 1,088,620 Ending balance: loans acquired with deteriorated credit quality $ 186 $ - $ - $ - $ 117 $ 32 $ - $ - $ 335 December 31, 2018 Consumer Real Estate Agricultural Real Estate Agricultural Commercial Real Estate Commercial and Industrial Consumer Unfunded Loan Commitment & Letters of Credit Unallocated Total ALLOWANCE FOR CREDIT LOSSES: Ending Balance $ 247 $ 250 $ 768 $ 3,217 $ 1,305 $ 484 $ 274 $ 504 $ 7,049 Ending balance: individually evaluated for impairment $ 26 $ - $ - $ - $ 5 $ - $ - $ - $ 31 Ending balance: collectively evaluated for impairment $ 221 $ 250 $ 768 $ 3,217 $ 1,300 $ 484 $ 274 $ 504 $ 7,018 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - $ - FINANCING RECEIVABLES: Ending balance $ 80,232 $ 68,588 $ 108,616 $ 419,131 $ 127,752 $ 42,055 $ - $ - $ 846,374 Ending balance: individually evaluated for impairment $ 757 $ - $ - $ 194 $ 1,103 $ - $ - $ - $ 2,054 Ending balance: collectively evaluated for impairment $ 79,359 $ 68,588 $ 108,616 $ 418,937 $ 126,649 $ 42,055 $ - $ - $ 844,204 Ending balance: loans acquired with deteriorated credit quality $ 116 $ - $ - $ - $ - $ - $ - $ - $ 116 Consumer Real Estate Agricultural Real Estate Agricultural Commercial Real Estate Commercial and Industrial Consumer Unfunded Loan Commitment & Letters of Credit Unallocated Total Three Months Ended June 30, 2018 ALLOWANCE FOR CREDIT LOSSES: Beginning balance $ 254 $ 263 $ 706 $ 3,674 $ 1,443 $ 431 $ 265 $ 29 $ 7,065 Charge Offs - - - (1 ) (100 ) (81 ) - - (182 ) Recoveries - - 3 2 3 31 - - 39 Provision (Credit) (3 ) (8 ) 42 (415 ) 74 78 - 364 132 Other Non-interest expense related to unfunded - - - - - - 50 - 50 Ending Balance $ 251 $ 255 $ 751 $ 3,260 $ 1,420 $ 459 $ 315 $ 393 $ 7,104 Ending balance: individually evaluated for impairment $ 46 $ - $ - $ - $ 86 $ - $ - $ - $ 132 Ending balance: collectively evaluated for impairment $ 205 $ 255 $ 751 $ 3,260 $ 1,334 $ 459 $ 315 $ 393 $ 6,972 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - $ - FINANCING RECEIVABLES: Ending balance $ 82,368 $ 69,676 $ 104,980 $ 410,886 $ 122,510 $ 40,595 $ - $ - $ 831,015 Ending balance: individually evaluated for impairment $ 860 $ - $ - $ 198 $ 394 $ - $ - $ - $ 1,452 Ending balance: collectively evaluated for impairment $ 81,389 $ 69,676 $ 104,980 $ 410,688 $ 122,116 $ 40,595 $ - $ - $ 829,444 Ending balance: loans acquired with deteriorated credit quality $ 119 $ - $ - $ - $ - $ - $ - $ - $ 119 Consumer Real Estate Agricultural Real Estate Agricultural Commercial Real Estate Commercial and Industrial Consumer Unfunded Loan Commitment & Letters of Credit Unallocated Total Six Months Ended June 30, 2019 ALLOWANCE FOR CREDIT LOSSES: Beginning balance $ 247 $ 250 $ 768 $ 3,217 $ 1,305 $ 484 $ 274 $ 504 $ 7,049 Charge Offs (56 ) - - - - (279 ) - - (335 ) Recoveries - - 2 5 8 65 - - 80 Provision (Credit) 84 90 (14 ) 98 148 256 - (499 ) 163 Other Non-interest expense related to unfunded - - - - - - 96 - 96 Ending Balance $ 275 $ 340 $ 756 $ 3,320 $ 1,461 $ 526 $ 370 $ 5 $ 7,053 Ending balance: individually evaluated for impairment $ 54 $ - $ 26 $ - $ 155 $ - $ - $ - $ 235 Ending balance: collectively evaluated for impairment $ 221 $ 340 $ 730 $ 3,320 $ 1,306 $ 526 $ 370 $ 5 $ 6,818 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - $ - FINANCING RECEIVABLES: Ending balance $ 158,957 $ 193,616 $ 113,906 $ 442,538 $ 133,014 $ 49,100 $ - $ - $ 1,091,131 Ending balance: individually evaluated for impairment $ 862 $ - $ 74 $ 191 $ 1,049 $ - $ - $ - $ 2,176 Ending balance: collectively evaluated for impairment $ 157,909 $ 193,616 $ 113,832 $ 442,347 $ 131,848 $ 49,068 $ - $ - $ 1,088,620 Ending balance: loans acquired with deteriorated credit quality $ 186 $ - $ - $ - $ 117 $ 32 $ - $ - $ 335 Consumer Real Estate Agricultural Real Estate Agricultural Commercial Real Estate Commercial and Industrial Consumer Unfunded Loan Commitment & Letters of Credit Unallocated Total Six Months Ended June 30, 2018 ALLOWANCE FOR CREDIT LOSSES: Beginning balance $ 343 $ 244 $ 667 $ 3,149 $ 1,546 $ 441 $ 227 $ 478 $ 7,095 Charge Offs (34 ) - - (16 ) (100 ) (177 ) - - (327 ) Recoveries - - 6 4 6 60 - - 76 Provision (Credit) (58 ) 11 78 123 (32 ) 135 - (85 ) 172 Other Non-interest expense related to unfunded - - - - - - 88 - 88 Ending Balance $ 251 $ 255 $ 751 $ 3,260 $ 1,420 $ 459 $ 315 $ 393 $ 7,104 Ending balance: individually evaluated for impairment $ 46 $ - $ - $ - $ 86 $ - $ - $ - $ 132 Ending balance: collectively evaluated for impairment $ 205 $ 255 $ 751 $ 3,260 $ 1,334 $ 459 $ 315 $ 393 $ 6,972 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - $ - FINANCING RECEIVABLES: Ending balance $ 82,368 $ 69,676 $ 104,980 $ 410,886 $ 122,510 $ 40,595 $ - $ - $ 831,015 Ending balance: individually evaluated for impairment $ 860 $ - $ - $ 198 $ 394 $ - $ - $ - $ 1,452 Ending balance: collectively evaluated for impairment $ 81,389 $ 69,676 $ 104,980 $ 410,688 $ 122,116 $ 40,595 $ - $ - $ 829,444 Ending balance: loans acquired with deteriorated credit quality $ 119 $ - $ - $ - $ - $ - $ - $ - $ 119 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Calculation of Basic Earnings Per Share | (in thousands of dollars) (in thousands of dollars) Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Earnings per share Net income $ 6,180 $ 4,114 $ 9,404 $ 7,881 Less: distributed earnings allocated to participating securities (11 ) (13 ) (23 ) (25 ) Less: undistributed earnings allocated to participating securities (33 ) (28 ) (45 ) (54 ) Net earnings available to common shareholders $ 6,136 $ 4,073 $ 9,336 $ 7,802 Weighted average common shares outstanding including participating securities 11,106,367 9,265,898 11,098,149 9,265,928 Less: average unvested restricted shares (77,304 ) (92,368 ) (80,343 ) (92,398 ) Weighted average common shares outstanding 11,029,063 9,173,530 11,017,806 9,173,530 Basic earnings and diluted per share $ 0.56 $ 0.44 $ 0.85 $ 0.85 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values and Related Carrying or Notional Amounts | The estimated fair values, and related carrying or notional amounts, for on and off-balance sheet financial instruments as of June 30, 2019 and December 31, 2018 are reflected below. (In Thousands) June 30, 2019 Carrying Fair Amount Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 123,278 $ 123,278 $ 123,278 $ - $ - Interest-bearing time deposits 4,509 4,509 - 4,509 - Securities - available-for-sale 204,415 204,415 24,795 178,115 1,505 Other securities 5,789 5,789 - - 5,789 Loans held for sale 1,909 1,909 - - 1,909 Loans, net 1,084,448 1,064,236 - - 1,064,236 Interest receivable 6,862 6,832 - - 6,862 Financial Liabilities: Interest bearing deposits $ 723,684 $ 723,738 $ - $ - $ 723,738 Non-interest bearing deposits 242,510 242,510 - 242,510 - Time deposits 276,153 276,861 - - 276,861 Total Deposits 1,242,347 1,243,109 - 242,510 1,000,599 Federal funds purchased and securities sold under agreement to repurchase 27,102 27,102 - - 27,102 Federal Home Loan Bank advances 24,532 24,393 - - 24,393 Interest payable 750 750 - - 750 (In Thousands) December 31, 2018 Carrying Fair Amount Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 38,365 $ 38,365 $ 38,365 $ - $ - Interest-bearing time deposits 4,019 3,954 - 3,954 - Securities - available-for-sale 168,447 168,447 36,935 130,085 1,427 Other securities 3,679 3,679 - - 3,679 Loans held for sale 495 495 - - 495 Loans, net 839,599 823,914 - - 823,914 Interest receivable 4,542 4,542 - - 4,542 Financial Liabilities: Interest bearing deposits $ 525,955 $ 525,955 $ - $ - $ 525,955 Non-interest bearing deposits 215,422 215,422 - 215,422 - Time deposits 187,413 187,545 - - 187,545 Total Deposits 928,790 928,922 - 215,422 713,500 Federal funds purchased and securities sold under agreement to repurchase 32,181 3,181 - - 32,181 Federal Home Loan Bank advances - - - - - Interest payable 418 418 - - 418 |
Financial Assets Measured at Fair Value on Recurring Basis | The following summarizes financial assets measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018, segregated by level or the valuation inputs within the fair value hierarchy utilized to measure fair value: Assets and Liabilities Measured at Fair Value on a Recurring Basis (In Thousands) June 30, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Observable Inputs (Level 3) Assets - (Securities Available-for-Sale) U.S. Treasury $ 24,795 $ - $ - U.S. Government agencies - 95,944 - Mortgage-backed securities - 44,826 - State and local governments - 37,345 1,505 Total Securities Available-for-Sale $ 24,795 $ 178,115 $ 1,505 December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Observable Inputs (Level 3) Assets - (Securities Available-for-Sale) U.S. Treasury $ 22,830 $ - $ - U.S. Government agencies 14,105 55,222 - Mortgage-backed securities - 36,262 - State and local governments - 38,601 1,427 Total Securities Available-for-Sale $ 36,935 $ 130,085 $ 1,427 |
Changes in the Level 3 Fair-Value Category of Which Unobservable Inputs | The following table represents the changes in the Level 3 fair-value category of which unobservable inputs are relied upon as of June 30, 2019 and June 30, 2018. (In Thousands) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) State and Local Governments Tax-Exempt State and Local Governments Taxable State and Local Governments Total Balance at January 1, 2019 $ - $ 1,427 $ 1,427 Change in Market Value - 78 78 Payments & Maturities - - - Balance at June 30, 2019 $ - $ 1,505 $ 1,505 (In Thousands) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) State and Local Governments Tax-Exempt State and Local Governments Taxable State and Local Governments Total Balance at January 1, 2018 $ - $ 1,428 $ 1,428 Change in Market Value - (18 ) (18 ) Payments & Maturities - - - Balance at June 30, 2018 $ - $ 1,410 $ 1,410 |
Quantitative Information about Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements | The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements: (In Thousands) Range Fair Value at (Weighted June 30, 2019 Valuation Technique Unobservable Inputs Average) State and local government $ 1,505 Discounted Cash Flow Credit strength of underlying project or entity / Discount rate 0-5% (2.53%) Collateral dependent impaired loans 159 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 0-50% (23.82%) Other real estate owned - commercial 29 Appraisals Discount to reflect current market 0-20% (48.67% ) (In Thousands) Range Fair Value at (Weighted December 31, 2018 Valuation Technique Unobservable Inputs Average) State and local government $ 1,427 Discounted Cash Flow Credit strength of underlying project or entity / Discount rate 0-5% (3.51%) Collateral dependent impaired loans 215 Collateral based measurements Discount to reflect current market conditions and ultimate collectability 0-50% (12.38%) Other real estate owned - commercial - Appraisals Discount to reflect current market — % ( — ) |
Impaired Loans and Other Real Estate | The following table presents impaired loans and other real estate owned as recorded at fair value on June 30, 2019 and December 31, 2018 Assets Measured at Fair Value on a Nonrecurring Basis at June 30, 2019 (In Thousands) Balance at June 30, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent impaired loans $ 159 $ - $ - $ 159 Other real estate owned - commercial 29 - - 29 Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2018 (In Thousands) Balance at December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent impaired loans $ 215 $ - $ - $ 215 Other real estate owned - commercial - - - - |
Federal Funds Purchased and S_2
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Brokers And Dealers [Abstract] | |
Schedule of Remaining Contractual Maturity in Repurchase Agreements | June 30, 2019 Remaining Contractual Maturity of the Agreements (In Thousands) Overnight & Continuous Up to 30 days 30-90 Greater Than 90 days Total Federal funds purchased $ - $ - $ - $ - $ - Repurchase agreements US Treasury & agency securities 1,530 - - 25,572 27,102 $ 1,530 $ - $ - $ 25,572 $ 27,102 December 31, 2018 Remaining Contractual Maturity of the Agreements (In Thousands) Overnight & Continuous Up to 30 days 30-90 Greater Than 90 days Total Federal funds purchased $ 6,486 $ - $ - $ - $ 6,486 Repurchase agreements US Treasury & agency securities 806 - - 24,889 25,695 $ 7,292 $ - $ - $ 24,889 $ 32,181 |
Basis of Presentation and Oth_2
Basis of Presentation and Other - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Accounting Policies [Abstract] | |
Amount of reclassification effect | $ 0 |
Business Combination and Asse_3
Business Combination and Asset Purchase - Additional Information (Detail) | Jan. 01, 2019USD ($)Office$ / sharesshares | Dec. 13, 2013USD ($) | Jun. 30, 2019USD ($)Loanshares | Jun. 30, 2019USD ($)shares | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($)shares |
Business Acquisition [Line Items] | ||||||
Common stock, shares outstanding | shares | 12,230,000 | 12,230,000 | 10,400,000 | |||
Business combination, acquisition related costs | $ 1,246,000 | $ 742,100 | ||||
Business combination, acquisition related costs percentage | 98.40% | |||||
Recognition of core deposit intangible asset with acquired purchase | $ 3,900,000 | |||||
Remaining economic useful life | 7 years | |||||
Goodwill | $ 47,340,000 | $ 47,340,000 | $ 4,074,000 | |||
Fair value of assets acquired | 257,200,000 | 257,200,000 | ||||
Gross principal and contractual interest | 359,200,000 | 359,200,000 | ||||
Acquisition expected to be uncollectible | 4,700,000 | $ 4,700,000 | ||||
Loan receivable weighted average life | 70 months | |||||
Business combination, premises and equipment written down value | $ 1,200,000 | |||||
Business combination, average remaining life | 16 years 9 months | |||||
Fair value for certificate of deposit, valuation amount | 500,000 | $ 500,000 | ||||
Fair value for certificate of deposit, amortization period | 1 year 6 months | |||||
Fair value of Federal Home Loan Bank (FHLB) advances, valuation amount | 1,300,000 | $ 1,300,000 | ||||
Fair value of Federal Home Loan Bank (FHLB) advances, amortization period | 2 years 3 months 18 days | |||||
Carrying amount, allowance | $ 2,118,000 | $ 96,000 | $ 96,000 | |||
Number of commercial purchased credit impaired loans paid off | Loan | 2 | |||||
Credit loss related to commercial purchased credit impaired loans | $ 1,985,000 | 1,985,000 | ||||
Amortization expense | 364,000 | $ 84,000 | ||||
Amortization expense | 727,000 | 727,000 | ||||
Core Deposits [Member] | Custar [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Recognition of core deposit intangible asset with acquired purchase | $ 1,170,000 | |||||
Limberlost Bancshares, Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Common stock issued in exchange of each outstanding share | shares | 1,830,000 | |||||
Total consideration for acquisition | $ 78,902,000 | 78,902,000 | ||||
Cash paid for acquisition | 8,465,000 | |||||
Stock issued for acquisition | 70,437,000 | |||||
Goodwill | 43,266,000 | |||||
Limberlost Bancshares, Inc. [Member] | Core Deposits [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Recognition of core deposit intangible asset with acquired purchase | $ 3,900,000 | |||||
Remaining economic useful life | 7 years | |||||
Consulting Fees [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, acquisition related costs | 19,300 | 340,000 | ||||
Other General and Administrative Expenses [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, acquisition related costs | 182,300 | 331,500 | ||||
Data Processing [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, acquisition related costs | 867,600 | $ 58,600 | ||||
Employee Benefits [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, acquisition related costs | 145,100 | |||||
ATM Expense [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, acquisition related costs | 31,400 | |||||
Bank of Geneva [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of full-service offices | Office | 6 | |||||
Pro-forma operating revenue, net of tax | $ 3,500,000 | |||||
Limberlost Bancshares, Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Common stock issued in exchange of each outstanding share | shares | 1,830 | |||||
Cash payment for exchange of each share | $ / shares | $ 8,465 | |||||
Common stock, shares outstanding | shares | 1,000 | |||||
Share price | $ / shares | $ 38.49 | |||||
Total consideration for acquisition | $ 78,900,000 | |||||
Cash paid for acquisition | 8,500,000 | $ 8,465,000 | ||||
Stock issued for acquisition | $ 70,400,000 |
Business Combination and Asse_4
Business Combination and Asset Purchase - Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed Recognized (Detail) - USD ($) $ in Thousands | Jan. 01, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | |||
Goodwill | $ 47,340 | $ 4,074 | |
Limberlost Bancshares, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Cash | 8,465 | ||
Common Shares (1,830,000 shares) | 70,437 | ||
Total | $ 78,902 | $ 78,902 | |
Assets | |||
Cash and cash equivalents | 6,376 | ||
Securities - available-for-sale | 17,494 | ||
Other securities, at cost | 2,347 | ||
Loans, net | 257,183 | ||
Premises and equipment | 2,538 | ||
Goodwill | 43,266 | ||
Other assets | 7,176 | ||
Total Assets Purchased | 336,380 | ||
Deposits | |||
Noninterest bearing | 37,822 | ||
Interest bearing | 168,312 | ||
Total deposits | 206,134 | ||
Federal Home Loan Bank (FHLB) advances | 48,196 | ||
Accrued expenses and other liabilities | 3,148 | ||
Total Liabilities Assumed | $ 257,478 |
Business Combination and Asse_5
Business Combination and Asset Purchase - Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed Recognized (Parenthetical) (Detail) | Jan. 01, 2019shares |
Limberlost Bancshares, Inc. [Member] | |
Business Acquisition [Line Items] | |
Common stock issued in exchange of each outstanding share | 1,830,000 |
Business Combination and Asse_6
Business Combination and Asset Purchase - Summary of Carrying Amount of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||
Carrying amount, net of allowance | $ 126 | $ 2,278 |
Commercial [Member] | ||
Business Acquisition [Line Items] | ||
Carrying amount, net of allowance | 117 | 4,094 |
Consumer RE [Member] | ||
Business Acquisition [Line Items] | ||
Carrying amount, net of allowance | 73 | 231 |
Consumer [Member] | ||
Business Acquisition [Line Items] | ||
Carrying amount, net of allowance | $ 32 | $ 71 |
Business Combination and Asse_7
Business Combination and Asset Purchase - Summary of Carrying Amount of Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Business Combinations [Abstract] | ||
Carrying amount, allowance | $ 96 | $ 2,118 |
Business Combination and Asse_8
Business Combination and Asset Purchase - Summary of Loans Acquired and Contractually Required Payments Receivable (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Business Acquisition [Line Items] | |
Total required payments receivable | $ 4,570 |
Cash flows expected to be collected at acquisition | 2,788 |
Basis in acquired loans at acquisition | 4,396 |
Commercial [Member] | |
Business Acquisition [Line Items] | |
Total required payments receivable | 4,215 |
Consumer RE [Member] | |
Business Acquisition [Line Items] | |
Total required payments receivable | 261 |
Consumer [Member] | |
Business Acquisition [Line Items] | |
Total required payments receivable | $ 94 |
Business Combination and Asse_9
Business Combination and Asset Purchase - Summary of Changes in Accretable Yield or Income Expected to be Collected (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Business Combinations [Abstract] | ||
Beginning Balance | $ 2,436 | $ 2,544 |
Additions | 5 | 6 |
Accretion | (110) | (219) |
Disposals | (2) | (2) |
Ending Balance | $ 2,329 | $ 2,329 |
Business Combination and Ass_10
Business Combination and Asset Purchase - Schedule of Pro-forma Results (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Summary of Operations | ||||
Net Interest Income - Before Provision for Loan Losses | $ 14,534 | $ 15,079 | $ 27,311 | $ 27,718 |
Provision for Loan Losses | 133 | 252 | 163 | 397 |
Net Interest Income After Provision for Loan Losses | 14,401 | 14,827 | 27,148 | 27,321 |
Noninterest Income | 2,981 | 2,965 | 5,676 | 5,727 |
Noninterest Expense | 9,753 | 9,373 | 19,977 | 18,719 |
Income Before Income Taxes | 7,629 | 8,419 | 12,847 | 14,329 |
Income Taxes | 1,480 | 1,632 | 2,445 | 2,740 |
Net Income | $ 6,149 | $ 6,787 | $ 10,402 | $ 11,589 |
Basic and Diluted Earnings Per Share | $ 0.56 | $ 0.61 | $ 0.94 | $ 1.04 |
Business Combination and Ass_11
Business Combination and Asset Purchase - Amortization Expense of Core Deposit Intangible Assets (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Business Acquisition [Line Items] | |
2019 | $ 727 |
2020 | 721 |
2021 | 560 |
2022 | 560 |
2023 | 560 |
2024 | 560 |
2025 | 560 |
Total | 4,248 |
Custar [Member] | |
Business Acquisition [Line Items] | |
2019 | 167 |
2020 | 161 |
Total | 328 |
Geneva [Member] | |
Business Acquisition [Line Items] | |
2019 | 560 |
2020 | 560 |
2021 | 560 |
2022 | 560 |
2023 | 560 |
2024 | 560 |
2025 | 560 |
Total | $ 3,920 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities with Gross Unrealized Gains and Losses (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 203,395 | $ 172,263 |
Gross Unrealized Gains | 1,542 | 295 |
Gross Unrealized Losses | (522) | (4,111) |
Fair Value | 204,415 | 168,447 |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 24,838 | 23,078 |
Gross Unrealized Gains | 13 | 6 |
Gross Unrealized Losses | (56) | (254) |
Fair Value | 24,795 | 22,830 |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 95,437 | 71,235 |
Gross Unrealized Gains | 653 | 2 |
Gross Unrealized Losses | (146) | (1,910) |
Fair Value | 95,944 | 69,327 |
Mortgage-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 44,763 | 37,342 |
Gross Unrealized Gains | 322 | 62 |
Gross Unrealized Losses | (259) | (1,142) |
Fair Value | 44,826 | 36,262 |
State and Local Governments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 38,357 | 40,608 |
Gross Unrealized Gains | 554 | 225 |
Gross Unrealized Losses | (61) | (805) |
Fair Value | $ 38,850 | $ 40,028 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Investments pledged, carrying value | $ 86.2 | $ 81.8 |
Minimum [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Underwater security | 10 years | |
Loss position existed | 3 years |
Securities - Gross Unrealized L
Securities - Gross Unrealized Losses, Aggregated by Investment Category and Length of Time (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | $ (2) | $ (26) |
Fair Value, Less Than Twelve Months | 6,801 | 3,951 |
Gross Unrealized Losses, Twelve Months and Over | (520) | (4,085) |
Fair Value, Twelve Months and Over | 93,762 | 145,348 |
Gross Unrealized Losses, Total | (522) | (4,111) |
Fair Value, Total | 100,563 | 149,299 |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | (1) | |
Fair Value, Less Than Twelve Months | 1,797 | |
Gross Unrealized Losses, Twelve Months and Over | (55) | (254) |
Fair Value, Twelve Months and Over | 21,008 | 20,861 |
Gross Unrealized Losses, Total | (56) | (254) |
Fair Value, Total | 22,805 | 20,861 |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | (1) | |
Fair Value, Less Than Twelve Months | 5,004 | |
Gross Unrealized Losses, Twelve Months and Over | (145) | (1,910) |
Fair Value, Twelve Months and Over | 38,489 | 64,727 |
Gross Unrealized Losses, Total | (146) | (1,910) |
Fair Value, Total | 43,493 | 64,727 |
Mortgage-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | (4) | |
Fair Value, Less Than Twelve Months | 697 | |
Gross Unrealized Losses, Twelve Months and Over | (259) | (1,138) |
Fair Value, Twelve Months and Over | 25,712 | 30,347 |
Gross Unrealized Losses, Total | (259) | (1,142) |
Fair Value, Total | 25,712 | 31,044 |
State and Local Governments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses, Less Than Twelve Months | (22) | |
Fair Value, Less Than Twelve Months | 3,254 | |
Gross Unrealized Losses, Twelve Months and Over | (61) | (783) |
Fair Value, Twelve Months and Over | 8,553 | 29,413 |
Gross Unrealized Losses, Total | (61) | (805) |
Fair Value, Total | $ 8,553 | $ 32,667 |
Securities - Gross Realized Gai
Securities - Gross Realized Gains and Losses (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Available For Sale Securities Gross Realized Gain Loss [Abstract] | |
Gross realized gains | $ 16 |
Gross realized losses | (42) |
Net realized losses | (26) |
Tax expense related to net realized losses | $ (5) |
Securities - Amortized Cost a_2
Securities - Amortized Cost and Fair Value of Debt Securities, by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Available For Sale Securities Debt Maturities [Abstract] | ||
Amortized Cost, One year or less | $ 45,762 | |
Amortized Cost, After one year through five years | 57,593 | |
Amortized Cost, After five years through ten years | 54,003 | |
Amortized Cost, After ten years | 1,274 | |
Amortized Cost, Total | 158,632 | |
Amortized Cost, Mortgage-backed securities | 44,763 | |
Amortized Cost | 203,395 | $ 172,263 |
Fair Value, One year or less | 45,744 | |
Fair Value, After one year through five years | 57,516 | |
Fair Value, After five years through ten years | 55,077 | |
Fair Value, After ten years | 1,252 | |
Fair Value, Total | 159,589 | |
Fair Value, Mortgage-backed securities | 44,826 | |
Total, Fair Value | $ 204,415 | $ 168,447 |
Loans - Loans (Detail)
Loans - Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Loans: | ||||
Loans - Gross | $ 1,092,222 | $ 847,289 | ||
Less: Net deferred loan fees and costs | (1,091) | (915) | ||
Loans after net deferred loan fees and costs | 1,091,131 | 846,374 | $ 831,015 | |
Less: Allowance for loan losses | (6,683) | (6,775) | $ (6,868) | |
Loans - Net | 1,084,448 | 839,599 | ||
Consumer Real Estate [Member] | ||||
Loans: | ||||
Loans - Gross | 159,540 | 80,766 | ||
Loans after net deferred loan fees and costs | 158,957 | 80,232 | 82,368 | |
Agricultural Real Estate [Member] | ||||
Loans: | ||||
Loans - Gross | 193,768 | 68,609 | ||
Loans after net deferred loan fees and costs | 193,616 | 68,588 | 69,676 | |
Agricultural [Member] | ||||
Loans: | ||||
Loans - Gross | 113,755 | 108,495 | ||
Loans after net deferred loan fees and costs | 113,906 | 108,616 | 104,980 | |
Commercial Real Estate [Member] | ||||
Loans: | ||||
Loans - Gross | 443,257 | 419,784 | ||
Loans after net deferred loan fees and costs | 442,538 | 419,131 | 410,886 | |
Commercial and Industrial [Member] | ||||
Loans: | ||||
Loans - Gross | 125,609 | 121,793 | ||
Loans after net deferred loan fees and costs | 125,673 | 121,863 | ||
Consumer [Member] | ||||
Loans: | ||||
Loans - Gross | 48,952 | 41,953 | ||
Loans after net deferred loan fees and costs | 49,100 | 42,055 | $ 40,595 | |
Other Loan [Member] | ||||
Loans: | ||||
Loans - Gross | 7,341 | 5,889 | ||
Loans after net deferred loan fees and costs | $ 7,341 | $ 5,889 |
Loans - Distribution of Fixed R
Loans - Distribution of Fixed Rate Loans and Variable Rate Loans by Major Loan Category (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Consumer Real Estate [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Distribution of fixed rate loans by major loan category, Fixed Rate | $ 66,403 |
Distribution of variable rate loans by major loan category, Variable Rate | 93,137 |
Agricultural Real Estate [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Distribution of fixed rate loans by major loan category, Fixed Rate | 89,487 |
Distribution of variable rate loans by major loan category, Variable Rate | 104,281 |
Agricultural [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Distribution of fixed rate loans by major loan category, Fixed Rate | 60,789 |
Distribution of variable rate loans by major loan category, Variable Rate | 52,966 |
Commercial Real Estate [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Distribution of fixed rate loans by major loan category, Fixed Rate | 270,572 |
Distribution of variable rate loans by major loan category, Variable Rate | 172,685 |
Commercial and Industrial [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Distribution of fixed rate loans by major loan category, Fixed Rate | 63,473 |
Distribution of variable rate loans by major loan category, Variable Rate | 62,136 |
Consumer [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Distribution of fixed rate loans by major loan category, Fixed Rate | 44,346 |
Distribution of variable rate loans by major loan category, Variable Rate | 4,606 |
Other Loan [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Distribution of fixed rate loans by major loan category, Fixed Rate | 7,242 |
Distribution of variable rate loans by major loan category, Variable Rate | $ 99 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Residential mortgage loan | $ 93.4 | $ 14.9 |
Loans - Contractual Aging of Re
Loans - Contractual Aging of Recorded Investment in Past Due Loans by Portfolio Classification of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | $ 4,371 | $ 737 | |
Current | 1,086,760 | 845,637 | |
Loans after net deferred loan fees and costs | 1,091,131 | 846,374 | $ 831,015 |
Recorded Investment > 90 Days and Accruing | 0 | 0 | 0 |
30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 3,492 | 427 | |
60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 70 | 48 | |
Greater Than 90 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 809 | 262 | |
Consumer Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 1,695 | 620 | |
Current | 157,262 | 79,612 | |
Loans after net deferred loan fees and costs | 158,957 | 80,232 | 82,368 |
Consumer Real Estate [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 1,124 | 342 | |
Consumer Real Estate [Member] | 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 47 | 24 | |
Consumer Real Estate [Member] | Greater Than 90 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 524 | 254 | |
Agricultural Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 969 | ||
Current | 192,647 | 68,588 | |
Loans after net deferred loan fees and costs | 193,616 | 68,588 | 69,676 |
Agricultural Real Estate [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 771 | ||
Agricultural Real Estate [Member] | Greater Than 90 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 198 | ||
Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 1,547 | ||
Current | 112,359 | 108,616 | |
Loans after net deferred loan fees and costs | 113,906 | 108,616 | 104,980 |
Agricultural [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 1,473 | ||
Agricultural [Member] | Greater Than 90 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 74 | ||
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Current | 442,538 | 419,131 | |
Loans after net deferred loan fees and costs | 442,538 | 419,131 | 410,886 |
Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 14 | ||
Current | 133,000 | 127,752 | |
Loans after net deferred loan fees and costs | 133,014 | 127,752 | 122,510 |
Commercial and Industrial [Member] | 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 14 | ||
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 146 | 117 | |
Current | 48,954 | 41,938 | |
Loans after net deferred loan fees and costs | 49,100 | 42,055 | $ 40,595 |
Consumer [Member] | 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 124 | 85 | |
Consumer [Member] | 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 9 | 24 | |
Consumer [Member] | Greater Than 90 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | $ 13 | $ 8 |
Loans - Recorded Investment in
Loans - Recorded Investment in Nonaccrual Loans by Portfolio Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment in nonaccrual loans | $ 1,328 | $ 542 | $ 903 |
Consumer Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment in nonaccrual loans | 953 | 462 | |
Agricultural Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment in nonaccrual loans | 198 | ||
Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment in nonaccrual loans | 74 | ||
Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment in nonaccrual loans | 67 | 72 | |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment in nonaccrual loans | $ 36 | $ 8 |
Loans (Tier Risk Rating System)
Loans (Tier Risk Rating System) - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019 | |
Minimum [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Repayment period of loan with a reasonable reduction of principal balance | 2 years |
Good [Member] | Maximum [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Leverage position | 1.50% |
Satisfactory [Member] | Maximum [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Leverage position | 2.00% |
Loans - Risk Category of Loans
Loans - Risk Category of Loans by Portfolio Class (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | $ 1,091,131 | $ 846,374 | $ 831,015 |
Agricultural Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 193,616 | 68,588 | 69,676 |
Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 113,906 | 108,616 | 104,980 |
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 442,538 | 419,131 | $ 410,886 |
Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 125,673 | 121,863 | |
Other Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 7,341 | 5,889 | |
1-2 [Member] | Agricultural Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 33,993 | 4,442 | |
1-2 [Member] | Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 7,892 | 5,753 | |
1-2 [Member] | Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 7,724 | 4,698 | |
1-2 [Member] | Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 4,394 | 3,199 | |
3 [Member] | Agricultural Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 53,521 | 14,118 | |
3 [Member] | Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 40,275 | 38,852 | |
3 [Member] | Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 83,706 | 64,341 | |
3 [Member] | Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 19,312 | 16,284 | |
3 [Member] | Other Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 2,463 | 3,135 | |
4 [Member] | Agricultural Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 84,260 | 49,596 | |
4 [Member] | Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 60,437 | 63,380 | |
4 [Member] | Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 341,424 | 346,072 | |
4 [Member] | Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 95,720 | 100,644 | |
4 [Member] | Other Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 4,878 | 2,754 | |
5 [Member] | Agricultural Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 17,548 | 422 | |
5 [Member] | Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 5,055 | 631 | |
5 [Member] | Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 8,046 | 2,171 | |
5 [Member] | Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 4,753 | 308 | |
6 [Member] | Agricultural Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 4,294 | 10 | |
6 [Member] | Agricultural [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 247 | ||
6 [Member] | Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 1,638 | 1,849 | |
6 [Member] | Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 615 | 542 | |
7 [Member] | Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | $ 879 | $ 886 |
Loans - Recorded Investment for
Loans - Recorded Investment for Consumer Loans, Credit Quality based on Status of Loan and Payment Activity (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | $ 1,091,131 | $ 846,374 | $ 831,015 |
Performing | 335 | 116 | 119 |
Consumer - Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Performing | 3,891 | 3,928 | |
Consumer - Credit [Member] | Performing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Performing | 3,858 | 3,909 | |
Consumer - Credit [Member] | Nonperforming [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Performing | 33 | 19 | |
Consumer - Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Performing | 45,209 | 38,127 | |
Consumer - Other [Member] | Performing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Performing | 45,144 | 38,073 | |
Consumer - Other [Member] | Nonperforming [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Performing | 65 | 54 | |
Consumer Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 158,957 | 80,232 | 82,368 |
Performing | 186 | 116 | $ 119 |
Pass [Member] | Consumer Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 156,743 | 79,121 | |
5 [Member] | Consumer Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | 228 | 232 | |
6 [Member] | Consumer Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans after net deferred loan fees and costs | $ 1,986 | $ 879 |
Loans - Schedule of Impaired Lo
Loans - Schedule of Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Receivables [Abstract] | ||||||
Impaired loans without a valuation allowance | $ 1,071 | $ 1,808 | $ 804 | $ 1,071 | $ 804 | $ 1,808 |
Impaired loans with a valuation allowance | 1,105 | 246 | 648 | 1,105 | 648 | 246 |
Total impaired loans | 2,176 | 2,054 | 1,452 | 2,176 | 1,452 | 2,054 |
Valuation allowance related to impaired loans | 235 | 31 | 132 | 235 | 132 | 31 |
Total non-accrual loans | 1,328 | 542 | 903 | 1,328 | 903 | 542 |
Total loans past-due ninety days or more and still accruing | 0 | 0 | 0 | 0 | 0 | 0 |
Average investment in impaired loans | $ 2,201 | $ 2,533 | $ 1,452 | $ 2,168 | $ 1,570 | $ 1,958 |
Loans (Impaired Loans) - Additi
Loans (Impaired Loans) - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)Loan | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($)Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Additional funds available to be advanced in connection with impaired loans | $ 0 | $ 0 | |||
Impaired loans classified as troubled debt restructured | $ 981,000 | $ 218,000 | $ 981,000 | $ 218,000 | $ 178,000 |
Number of new loans considered TDR | Loan | 4 | 0 | |||
TDR loans, subsequently defaulted during the period | 0 | 0 | 0 | 0 | |
TDR impaired loans paid off | $ 0 | $ 0 | |||
Maximum time for re-evaluation (in months) | 12 months | ||||
Re-evaluation period for real estate | 2 years | ||||
Unsecured consumer loans, credit card credits and overdraft lines of credit reach | 90 days | ||||
Delinquent period for charging down consumer loans | 120 days | ||||
Delinquent period for charging down commercial and agricultural credits | 120 days | ||||
Foreclosed residential real estate property | 329,000 | $ 329,000 | $ 600,000 | ||
Consumer Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Foreclosed residential real estate property | 143,000 | $ 0 | 143,000 | $ 0 | |
Residential real estate properties foreclosure proceedings | $ 571,000 | $ 255,000 | $ 571,000 | $ 255,000 |
Loans - Impaired Loans Classifi
Loans - Impaired Loans Classified as Troubled Debt Restructured (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019USD ($)Contract | Jun. 30, 2019USD ($)LoanContract | Dec. 31, 2018Loan | |
Financing Receivable Modifications [Line Items] | |||
Number of Contracts Modified in the Last three Months | Loan | 4 | 0 | |
Commercial and Industrial [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of Contracts Modified in the Last three Months | Contract | 4 | 4 | |
Pre-Modification Outstanding Recorded Investment | $ 812 | $ 812 | |
Post-Modification Outstanding Recorded Investment | $ 812 | $ 812 |
Loans - Loans Individually Eval
Loans - Loans Individually Evaluated for Impairment by Portfolio Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | ||||||
With no related allowance recorded, Recorded Investment | $ 1,071 | $ 1,808 | $ 804 | $ 1,071 | $ 804 | $ 1,808 |
With a specific allowance recorded, Recorded Investment | 1,105 | 246 | 648 | 1,105 | 648 | 246 |
Related Allowance | 235 | 31 | 132 | 235 | 132 | 31 |
Recorded Investment | 2,176 | 2,054 | 1,452 | 2,176 | 1,452 | 2,054 |
Average Recorded Investment | 2,201 | $ 2,533 | 1,452 | 2,168 | 1,570 | $ 1,958 |
Consumer Real Estate [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
With no related allowance recorded, Recorded Investment | 643 | 606 | 643 | 606 | ||
With no related allowance recorded, Unpaid Principal Balance | 643 | 606 | 643 | 606 | ||
With no related allowance recorded, Average Recorded Investment | 644 | 526 | 624 | 509 | ||
With no related allowance recorded, Interest Income Recognized | 8 | 6 | 15 | 14 | ||
With no related allowance recorded, Interest Income Recognized Cash Basis | 3 | 4 | 4 | 10 | ||
With a specific allowance recorded, Recorded Investment | 219 | 254 | 219 | 254 | ||
With a specific allowance recorded, Unpaid Principal Balance | 219 | 254 | 219 | 254 | ||
Related Allowance | 54 | 46 | 54 | 46 | ||
With a specific allowance recorded, Average Recorded Investment | 235 | 152 | 244 | 116 | ||
Recorded Investment | 862 | 860 | 862 | 860 | ||
Unpaid Principal Balance | 862 | 860 | 862 | 860 | ||
Average Recorded Investment | 879 | 678 | 868 | 625 | ||
Interest Income Recognized | 8 | 6 | 15 | 14 | ||
Interest Income Recognized Cash Basis | 3 | 4 | 4 | 10 | ||
Agricultural Real Estate [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
With no related allowance recorded, Average Recorded Investment | 34 | |||||
Average Recorded Investment | 34 | |||||
Agricultural [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
With a specific allowance recorded, Recorded Investment | 74 | 74 | ||||
With a specific allowance recorded, Unpaid Principal Balance | 74 | 74 | ||||
Related Allowance | 26 | 26 | ||||
With a specific allowance recorded, Average Recorded Investment | 74 | 37 | ||||
Recorded Investment | 74 | 74 | ||||
Unpaid Principal Balance | 74 | 74 | ||||
Average Recorded Investment | 74 | 37 | ||||
Commercial Real Estate [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
With no related allowance recorded, Recorded Investment | 191 | 198 | 191 | 198 | ||
With no related allowance recorded, Unpaid Principal Balance | 191 | 198 | 191 | 198 | ||
With no related allowance recorded, Average Recorded Investment | 191 | 199 | 192 | 200 | ||
With no related allowance recorded, Interest Income Recognized | 3 | 3 | 7 | 5 | ||
With a specific allowance recorded, Average Recorded Investment | 139 | 279 | ||||
Recorded Investment | 191 | 198 | 191 | 198 | ||
Unpaid Principal Balance | 191 | 198 | 191 | 198 | ||
Average Recorded Investment | 191 | 338 | 192 | 479 | ||
Interest Income Recognized | 3 | 3 | 7 | 5 | ||
Commercial and Industrial [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
With no related allowance recorded, Recorded Investment | 237 | 237 | ||||
With no related allowance recorded, Unpaid Principal Balance | 237 | 237 | ||||
With no related allowance recorded, Average Recorded Investment | 787 | 936 | 104 | |||
With no related allowance recorded, Interest Income Recognized | 3 | 6 | ||||
With a specific allowance recorded, Recorded Investment | 812 | 394 | 812 | 394 | ||
With a specific allowance recorded, Unpaid Principal Balance | 812 | 394 | 812 | 394 | ||
Related Allowance | 155 | 86 | 155 | 86 | ||
With a specific allowance recorded, Average Recorded Investment | 270 | 436 | 135 | 328 | ||
With a specific allowance recorded, Interest Income Recognized | 12 | 4 | 23 | 8 | ||
Recorded Investment | 1,049 | 394 | 1,049 | 394 | ||
Unpaid Principal Balance | 1,049 | 394 | 1,049 | 394 | ||
Average Recorded Investment | 1,057 | 436 | 1,071 | 432 | ||
Interest Income Recognized | $ 15 | $ 4 | $ 29 | $ 8 |
Loans - Summary of Activities i
Loans - Summary of Activities in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2017 | |
Allowance for Loan Losses | ||||||||
Balance at beginning of year | $ 6,775 | $ 6,868 | $ 6,868 | |||||
Provision for loan loss | $ 133 | $ 132 | 163 | 172 | 324 | |||
Loans charged off | (128) | (182) | (335) | (327) | (580) | |||
Recoveries | 42 | 39 | 80 | 76 | 163 | |||
Balance at ending of year | 6,683 | 6,683 | 6,775 | |||||
Allowance for Unfunded Loan Commitments & Letters of Credit | 370 | 370 | 274 | |||||
Total Allowance for Credit Losses | $ 7,053 | $ 7,104 | $ 7,053 | $ 7,104 | $ 7,049 | $ 6,982 | $ 7,065 | $ 7,095 |
Loans - Analysis of Allowance f
Loans - Analysis of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
ALLOWANCE FOR CREDIT LOSSES: | |||||
Beginning balance | $ 6,982 | $ 7,065 | $ 7,049 | $ 7,095 | $ 7,095 |
Charge Offs | (128) | (182) | (335) | (327) | (580) |
Recoveries | 42 | 39 | 80 | 76 | 163 |
Provision (Credit) | 133 | 132 | 163 | 172 | 324 |
Other Non-interest expense related to unfunded | 24 | 50 | 96 | 88 | |
Ending Balance | 7,053 | 7,104 | 7,053 | 7,104 | 7,049 |
Ending balance: individually evaluated for impairment | 235 | 132 | 235 | 132 | 31 |
Ending balance: collectively evaluated for impairment | 6,818 | 6,972 | 6,818 | 6,972 | 7,018 |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 |
FINANCING RECEIVABLES: | |||||
Ending balance | 1,091,131 | 831,015 | 1,091,131 | 831,015 | 846,374 |
Ending balance: individually evaluated for impairment | 2,176 | 1,452 | 2,176 | 1,452 | 2,054 |
Ending balance: collectively evaluated for impairment | 1,088,620 | 829,444 | 1,088,620 | 829,444 | 844,204 |
Ending balance: loans acquired with deteriorated credit quality | 335 | 119 | 335 | 119 | 116 |
Consumer Real Estate [Member] | |||||
ALLOWANCE FOR CREDIT LOSSES: | |||||
Beginning balance | 268 | 254 | 247 | 343 | 343 |
Charge Offs | (14) | (56) | (34) | ||
Provision (Credit) | 21 | (3) | 84 | (58) | |
Ending Balance | 275 | 251 | 275 | 251 | 247 |
Ending balance: individually evaluated for impairment | 54 | 46 | 54 | 46 | 26 |
Ending balance: collectively evaluated for impairment | 221 | 205 | 221 | 205 | 221 |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 |
FINANCING RECEIVABLES: | |||||
Ending balance | 158,957 | 82,368 | 158,957 | 82,368 | 80,232 |
Ending balance: individually evaluated for impairment | 862 | 860 | 862 | 860 | 757 |
Ending balance: collectively evaluated for impairment | 157,909 | 81,389 | 157,909 | 81,389 | 79,359 |
Ending balance: loans acquired with deteriorated credit quality | 186 | 119 | 186 | 119 | 116 |
Agricultural Real Estate [Member] | |||||
ALLOWANCE FOR CREDIT LOSSES: | |||||
Beginning balance | 270 | 263 | 250 | 244 | 244 |
Provision (Credit) | 70 | (8) | 90 | 11 | |
Ending Balance | 340 | 255 | 340 | 255 | 250 |
Ending balance: collectively evaluated for impairment | 340 | 255 | 340 | 255 | 250 |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 |
FINANCING RECEIVABLES: | |||||
Ending balance | 193,616 | 69,676 | 193,616 | 69,676 | 68,588 |
Ending balance: collectively evaluated for impairment | 193,616 | 69,676 | 193,616 | 69,676 | 68,588 |
Agricultural [Member] | |||||
ALLOWANCE FOR CREDIT LOSSES: | |||||
Beginning balance | 706 | 706 | 768 | 667 | 667 |
Recoveries | 1 | 3 | 2 | 6 | |
Provision (Credit) | 49 | 42 | (14) | 78 | |
Ending Balance | 756 | 751 | 756 | 751 | 768 |
Ending balance: individually evaluated for impairment | 26 | 26 | |||
Ending balance: collectively evaluated for impairment | 730 | 751 | 730 | 751 | 768 |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 |
FINANCING RECEIVABLES: | |||||
Ending balance | 113,906 | 104,980 | 113,906 | 104,980 | 108,616 |
Ending balance: individually evaluated for impairment | 74 | 74 | |||
Ending balance: collectively evaluated for impairment | 113,832 | 104,980 | 113,832 | 104,980 | 108,616 |
Commercial Real Estate [Member] | |||||
ALLOWANCE FOR CREDIT LOSSES: | |||||
Beginning balance | 3,203 | 3,674 | 3,217 | 3,149 | 3,149 |
Charge Offs | (1) | (16) | |||
Recoveries | 3 | 2 | 5 | 4 | |
Provision (Credit) | 114 | (415) | 98 | 123 | |
Ending Balance | 3,320 | 3,260 | 3,320 | 3,260 | 3,217 |
Ending balance: collectively evaluated for impairment | 3,320 | 3,260 | 3,320 | 3,260 | 3,217 |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 |
FINANCING RECEIVABLES: | |||||
Ending balance | 442,538 | 410,886 | 442,538 | 410,886 | 419,131 |
Ending balance: individually evaluated for impairment | 191 | 198 | 191 | 198 | 194 |
Ending balance: collectively evaluated for impairment | 442,347 | 410,688 | 442,347 | 410,688 | 418,937 |
Commercial and Industrial [Member] | |||||
ALLOWANCE FOR CREDIT LOSSES: | |||||
Beginning balance | 1,490 | 1,443 | 1,305 | 1,546 | 1,546 |
Charge Offs | (100) | (100) | |||
Recoveries | 5 | 3 | 8 | 6 | |
Provision (Credit) | (34) | 74 | 148 | (32) | |
Ending Balance | 1,461 | 1,420 | 1,461 | 1,420 | 1,305 |
Ending balance: individually evaluated for impairment | 155 | 86 | 155 | 86 | 5 |
Ending balance: collectively evaluated for impairment | 1,306 | 1,334 | 1,306 | 1,334 | 1,300 |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 |
FINANCING RECEIVABLES: | |||||
Ending balance | 133,014 | 122,510 | 133,014 | 122,510 | 127,752 |
Ending balance: individually evaluated for impairment | 1,049 | 394 | 1,049 | 394 | 1,103 |
Ending balance: collectively evaluated for impairment | 131,848 | 122,116 | 131,848 | 122,116 | 126,649 |
Ending balance: loans acquired with deteriorated credit quality | 117 | 117 | |||
Consumer [Member] | |||||
ALLOWANCE FOR CREDIT LOSSES: | |||||
Beginning balance | 496 | 431 | 484 | 441 | 441 |
Charge Offs | (114) | (81) | (279) | (177) | |
Recoveries | 33 | 31 | 65 | 60 | |
Provision (Credit) | 111 | 78 | 256 | 135 | |
Ending Balance | 526 | 459 | 526 | 459 | 484 |
Ending balance: collectively evaluated for impairment | 526 | 459 | 526 | 459 | 484 |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 |
FINANCING RECEIVABLES: | |||||
Ending balance | 49,100 | 40,595 | 49,100 | 40,595 | 42,055 |
Ending balance: collectively evaluated for impairment | 49,068 | 40,595 | 49,068 | 40,595 | 42,055 |
Ending balance: loans acquired with deteriorated credit quality | 32 | 32 | |||
Unallocated [Member] | |||||
ALLOWANCE FOR CREDIT LOSSES: | |||||
Beginning balance | 203 | 29 | 504 | 478 | 478 |
Provision (Credit) | (198) | 364 | (499) | (85) | |
Ending Balance | 5 | 393 | 5 | 393 | 504 |
Ending balance: collectively evaluated for impairment | 5 | 393 | 5 | 393 | 504 |
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 |
Unfunded Loan Commitment & Letters of Credit [Member] | |||||
ALLOWANCE FOR CREDIT LOSSES: | |||||
Beginning balance | 346 | 265 | 274 | 227 | 227 |
Other Non-interest expense related to unfunded | 24 | 50 | 96 | 88 | |
Ending Balance | 370 | 315 | 370 | 315 | 274 |
Ending balance: collectively evaluated for impairment | 370 | 315 | 370 | 315 | 274 |
Ending balance: loans acquired with deteriorated credit quality | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Earnings Per Share - Calculatio
Earnings Per Share - Calculation of Basic Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||||
Net income | $ 6,180 | $ 3,224 | $ 4,114 | $ 3,767 | $ 9,404 | $ 7,881 |
Less: distributed earnings allocated to participating securities | (11) | (13) | (23) | (25) | ||
Less: undistributed earnings allocated to participating securities | (33) | (28) | (45) | (54) | ||
Net earnings available to common shareholders | $ 6,136 | $ 4,073 | $ 9,336 | $ 7,802 | ||
Weighted average common shares outstanding including participating securities | 11,106,367 | 9,265,898 | 11,098,149 | 9,265,928 | ||
Less: average unvested restricted shares | (77,304) | (92,368) | (80,343) | (92,398) | ||
Weighted average common shares outstanding | 11,029,063 | 9,173,530 | 11,017,806 | 9,173,530 | ||
Basic earnings and diluted per share | $ 0.56 | $ 0.44 | $ 0.85 | $ 0.85 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest-bearing deposits maturing date | 90 days | ||
Collateral dependent impaired loans categorized as Level 3 | $ 2,176 | $ 2,054 | $ 1,452 |
Specific allocation for collateral dependent impaired loans | 235 | 31 | $ 132 |
Collateral Dependent [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Specific allocation for collateral dependent impaired loans | 50 | 31 | |
Level 3 [Member] | Collateral Dependent [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral dependent impaired loans categorized as Level 3 | $ 159 | $ 215 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Estimated Fair Values and Related Carrying or Notional Amounts (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financial Assets: | ||
Securities - available-for-sale | $ 204,415 | $ 168,447 |
Reported Value Measurement [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 123,278 | 38,365 |
Interest-bearing time deposits | 4,509 | 4,019 |
Securities - available-for-sale | 204,415 | 168,447 |
Other securities | 5,789 | 3,679 |
Loans held for sale | 1,909 | 495 |
Loans, net | 1,084,448 | 839,599 |
Interest receivable | 6,862 | 4,542 |
Financial Liabilities: | ||
Total Deposits | 1,242,347 | 928,790 |
Federal funds purchased and securities sold under agreement to repurchase | 27,102 | 32,181 |
Federal Home Loan Bank advances | 24,532 | |
Interest payable | 750 | 418 |
Fair Value [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 123,278 | 38,365 |
Interest-bearing time deposits | 4,509 | 3,954 |
Securities - available-for-sale | 204,415 | 168,447 |
Other securities | 5,789 | 3,679 |
Loans held for sale | 1,909 | 495 |
Loans, net | 1,064,236 | 823,914 |
Interest receivable | 6,832 | 4,542 |
Financial Liabilities: | ||
Total Deposits | 1,243,109 | 928,922 |
Federal funds purchased and securities sold under agreement to repurchase | 27,102 | 3,181 |
Federal Home Loan Bank advances | 24,393 | |
Interest payable | 750 | 418 |
Interest Bearing Deposits [Member] | Reported Value Measurement [Member] | ||
Financial Liabilities: | ||
Total Deposits | 723,684 | 525,955 |
Interest Bearing Deposits [Member] | Fair Value [Member] | ||
Financial Liabilities: | ||
Total Deposits | 723,738 | 525,955 |
Non Interest Bearing Deposits [Member] | Reported Value Measurement [Member] | ||
Financial Liabilities: | ||
Total Deposits | 242,510 | 215,422 |
Non Interest Bearing Deposits [Member] | Fair Value [Member] | ||
Financial Liabilities: | ||
Total Deposits | 242,510 | 215,422 |
Time Deposits [Member] | Reported Value Measurement [Member] | ||
Financial Liabilities: | ||
Total Deposits | 276,153 | 187,413 |
Time Deposits [Member] | Fair Value [Member] | ||
Financial Liabilities: | ||
Total Deposits | 276,861 | 187,545 |
Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 123,278 | 38,365 |
Securities - available-for-sale | 24,795 | 36,935 |
Level 2 [Member] | ||
Financial Assets: | ||
Interest-bearing time deposits | 4,509 | 3,954 |
Securities - available-for-sale | 178,115 | 130,085 |
Financial Liabilities: | ||
Total Deposits | 242,510 | 215,422 |
Level 2 [Member] | Non Interest Bearing Deposits [Member] | ||
Financial Liabilities: | ||
Total Deposits | 242,510 | 215,422 |
Level 3 [Member] | ||
Financial Assets: | ||
Securities - available-for-sale | 1,505 | 1,427 |
Other securities | 5,789 | 3,679 |
Loans held for sale | 1,909 | 495 |
Loans, net | 1,064,236 | 823,914 |
Interest receivable | 6,862 | 4,542 |
Financial Liabilities: | ||
Total Deposits | 1,000,599 | 713,500 |
Federal funds purchased and securities sold under agreement to repurchase | 27,102 | 32,181 |
Federal Home Loan Bank advances | 24,393 | |
Interest payable | 750 | 418 |
Level 3 [Member] | Interest Bearing Deposits [Member] | ||
Financial Liabilities: | ||
Total Deposits | 723,738 | 525,955 |
Level 3 [Member] | Time Deposits [Member] | ||
Financial Liabilities: | ||
Total Deposits | $ 276,861 | $ 187,545 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | $ 204,415 | $ 168,447 |
Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 24,795 | 36,935 |
Level 1 [Member] | Fair Value on a Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 24,795 | 36,935 |
Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 178,115 | 130,085 |
Level 2 [Member] | Fair Value on a Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 178,115 | 130,085 |
Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 1,505 | 1,427 |
Level 3 [Member] | Fair Value on a Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 1,505 | 1,427 |
U.S. Treasury [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 24,795 | 22,830 |
U.S. Treasury [Member] | Level 1 [Member] | Fair Value on a Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 24,795 | 22,830 |
U.S. Government Agencies [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 95,944 | 69,327 |
U.S. Government Agencies [Member] | Level 1 [Member] | Fair Value on a Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 14,105 | |
U.S. Government Agencies [Member] | Level 2 [Member] | Fair Value on a Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 95,944 | 55,222 |
Mortgage-backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 44,826 | 36,262 |
Mortgage-backed Securities [Member] | Level 2 [Member] | Fair Value on a Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 44,826 | 36,262 |
State and Local Governments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 38,850 | 40,028 |
State and Local Governments [Member] | Level 2 [Member] | Fair Value on a Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 37,345 | 38,601 |
State and Local Governments [Member] | Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | 1,505 | 1,427 |
State and Local Governments [Member] | Level 3 [Member] | Fair Value on a Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Total Securities Available-for-Sale | $ 1,505 | $ 1,427 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Changes in the Level 3 Fair Value Category of Unobservable Inputs (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
State and Local Governments Taxable[Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 1,427 | $ 1,428 |
Change in Market Value | 78 | (18) |
Payments & Maturities | 0 | 0 |
Ending Balance | 1,505 | 1,410 |
State and Local Governments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 1,427 | 1,428 |
Change in Market Value | 78 | (18) |
Payments & Maturities | 0 | 0 |
Ending Balance | $ 1,505 | $ 1,410 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Quantitative Information about Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements (Detail) $ in Thousands | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 204,415 | $ 168,447 |
State and Local Governments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 38,850 | 40,028 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,505 | 1,427 |
Level 3 [Member] | State and Local Governments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 1,505 | $ 1,427 |
Valuation Technique | us-gaap:ValuationTechniqueDiscountedCashFlowMember | us-gaap:ValuationTechniqueDiscountedCashFlowMember |
Unobservable Inputs | us-gaap:MeasurementInputDiscountRateMember | us-gaap:MeasurementInputDiscountRateMember |
Level 3 [Member] | Collateral Dependent Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 159 | $ 215 |
Valuation Technique | us-gaap:MarketApproachValuationTechniqueMember | us-gaap:MarketApproachValuationTechniqueMember |
Unobservable Inputs | fmao:MeasurementInputCollateralBasedPriceMember | fmao:MeasurementInputCollateralBasedPriceMember |
Level 3 [Member] | Other Real Estate Owned-Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 29 | |
Valuation Technique | us-gaap:MarketApproachValuationTechniqueMember | us-gaap:MarketApproachValuationTechniqueMember |
Unobservable Inputs | us-gaap:MeasurementInputAppraisedValueMember | us-gaap:MeasurementInputAppraisedValueMember |
Level 3 [Member] | Minimum [Member] | State and Local Governments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 0 | 0 |
Level 3 [Member] | Minimum [Member] | Collateral Dependent Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 0 | 0 |
Level 3 [Member] | Minimum [Member] | Other Real Estate Owned-Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 0 | |
Level 3 [Member] | Maximum [Member] | State and Local Governments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 5 | 5 |
Level 3 [Member] | Maximum [Member] | Collateral Dependent Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 50 | 50 |
Level 3 [Member] | Maximum [Member] | Other Real Estate Owned-Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 20 | |
Level 3 [Member] | Weighted Average [Member] | State and Local Governments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 2.53 | 3.51 |
Level 3 [Member] | Weighted Average [Member] | Collateral Dependent Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 23.82 | 12.38 |
Level 3 [Member] | Weighted Average [Member] | Other Real Estate Owned-Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 48.67 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Impaired Loans and Other Real Estate (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Level 3 [Member] | Collateral Dependent Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis, Total | $ 159 | $ 215 |
Other Real Estate Owned-Commercial [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis, Total | 29 | |
Fair Value on Nonrecurring Basis [Member] | Collateral Dependent Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis, Total | 159 | 215 |
Fair Value on Nonrecurring Basis [Member] | Level 3 [Member] | Collateral Dependent Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis, Total | 159 | $ 215 |
Fair Value on Nonrecurring Basis [Member] | Other Real Estate Owned-Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis, Total | 29 | |
Fair Value on Nonrecurring Basis [Member] | Other Real Estate Owned-Commercial [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis, Total | $ 29 |
Federal Funds Purchased and S_3
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase - Additional Information (Detail) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Fees And Commissions Income [Abstract] | ||
Federal funds purchased | $ 0 | $ 6,486,000 |
Securities sold under agreements to repurchase | $ 27,100,000 | $ 25,700,000 |
Federal Funds Purchased and S_4
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase - Schedule of Remaining Contractual Maturity in Repurchase Agreements (Detail) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Federal funds purchased | $ 0 | $ 6,486,000 |
Repurchase agreements, Remaining contractual maturity of the agreements | 27,100,000 | 25,700,000 |
Total | 27,102,000 | 32,181,000 |
Overnight & Continuous [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Federal funds purchased | 6,486,000 | |
Total | 1,530,000 | 7,292,000 |
Greater Than 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total | 25,572,000 | 24,889,000 |
US Treasury & Agency Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements, Remaining contractual maturity of the agreements | 27,102,000 | 25,695,000 |
US Treasury & Agency Securities [Member] | Overnight & Continuous [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements, Remaining contractual maturity of the agreements | 1,530,000 | 806,000 |
US Treasury & Agency Securities [Member] | Greater Than 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements, Remaining contractual maturity of the agreements | $ 25,572,000 | $ 24,889,000 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements - Additional Information (Detail) - ASU 2016-02 [Member] | Jan. 01, 2019USD ($) |
Summary Of Significant Accounting Policies [Line Items] | |
Right of use assets | $ 491,700 |
Liability related to lease | $ 491,700 |