Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 21, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | UWHR | ||
Entity Registrant Name | UWHARRIE CAPITAL CORP | ||
Entity Central Index Key | 898,171 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 7,050,315 | ||
Entity Public Float | $ 30,164,193 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 9,422 | $ 7,038 |
Interest-earning deposits with banks | 36,546 | 61,895 |
Securities available for sale, at fair value | 105,899 | 89,258 |
Securities held to maturity (fair value $11,934 and $11,242, respectively) | 11,990 | 11,242 |
Loans held for sale | 5,823 | 5,922 |
Loans: | ||
Loans held for investment | 341,829 | 320,132 |
Less allowance for loan losses | (2,707) | (2,884) |
Net loans held for investment | 339,122 | 317,248 |
Premises and equipment, net | 14,173 | 14,666 |
Interest receivable | 1,629 | 1,564 |
Restricted stock | 1,052 | 1,040 |
Bank owned life insurance | 6,897 | 6,762 |
Other real estate owned | 4,176 | 4,994 |
Prepaid assets | 826 | 764 |
Other assets | 10,675 | 9,809 |
Total assets | 548,230 | 532,202 |
Deposits: | ||
Demand noninterest-bearing | 103,138 | 92,524 |
Interest checking and money market accounts | 272,968 | 252,345 |
Savings deposits | 42,452 | 40,436 |
Time deposits, $250,000 and over | 7,472 | 8,148 |
Other time deposits | 59,689 | 74,280 |
Total deposits | 485,719 | 467,733 |
Short-term borrowed funds | 2,674 | 5,758 |
Long-term debt | 9,534 | 9,547 |
Interest payable | 151 | 168 |
Other liabilities | 6,627 | 5,682 |
Total liabilities | 504,705 | 488,888 |
Off balance sheet items, commitments and contingencies (Note 13) | ||
SHAREHOLDERS’ EQUITY | ||
Common stock, $1.25 par value: 20,000,000 shares authorized; shares issued and outstanding 7,050,315 and 6,983,017, respectively | 8,813 | 8,729 |
Additional paid-in capital | 12,540 | 12,308 |
Undivided profits | 12,867 | 11,893 |
Accumulated other comprehensive loss | (1,318) | (212) |
Total Uwharrie Capital shareholders’ equity | 32,902 | 32,718 |
Noncontrolling interest | 10,623 | 10,596 |
Total shareholders’ equity | 43,525 | 43,314 |
Total liabilities and shareholders’ equity | $ 548,230 | $ 532,202 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Securities held for sale, fair value | $ 11,934 | $ 11,242 |
Common stock, par value | $ 1.25 | $ 1.25 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 7,050,315 | 6,983,017 |
Common stock, shares outstanding | 7,050,315 | 6,983,017 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest Income | |||
Loans, including fees | $ 15,900 | $ 15,725 | $ 16,336 |
Investment securities: | |||
US Treasury | 46 | 212 | 361 |
US Government agencies and corporations | 1,296 | 1,315 | 1,271 |
State and political subdivisions non-taxable | 467 | 410 | 321 |
State and political subdivisions taxable | 33 | ||
Interest-earning deposits with banks and federal funds sold | 304 | 185 | 168 |
Total interest income | 18,046 | 17,847 | 18,457 |
Interest Expense | |||
Interest checking and money market accounts | 310 | 278 | 299 |
Savings deposits | 47 | 44 | 57 |
Time deposits $250,000 and over | 58 | 69 | 49 |
Other time deposits | 308 | 728 | 948 |
Short-term borrowed funds | 37 | 64 | 34 |
Long-term debt | 550 | 550 | 573 |
Total interest expense | 1,310 | 1,733 | 1,960 |
Net interest income | 16,736 | 16,114 | 16,497 |
Provision for (recovery of) loan losses | (88) | (620) | (389) |
Net interest income after provision for loan losses | 16,824 | 16,734 | 16,886 |
Noninterest Income | |||
Service charges on deposit accounts | 1,189 | 1,293 | 1,467 |
Other service fees and commissions | 4,294 | 4,117 | 3,928 |
Gain (loss) on sale of securities (includes reclassification of $544, $536, and ($2) from accumulated comprehensive income in 2016, 2015 and 2014, respectively) | 544 | 536 | (2) |
Income from mortgage loan sales | 3,795 | 2,306 | 1,001 |
Other income | 509 | 318 | 529 |
Total noninterest income | 10,331 | 8,570 | 6,923 |
Noninterest Expense | |||
Salaries and employee benefits | 14,522 | 13,186 | 12,051 |
Net occupancy expense | 1,189 | 1,139 | 1,107 |
Equipment expense | 646 | 678 | 680 |
Data processing costs | 705 | 734 | 729 |
Office supplies and printing | 161 | 217 | 273 |
Foreclosed real estate expense | 501 | 713 | 848 |
Professional fees and services | 703 | 594 | 847 |
Marketing and donations | 941 | 852 | 762 |
Electronic banking expense | 1,170 | 1,083 | 939 |
Software amortization and maintenance | 697 | 578 | 535 |
FDIC insurance | 269 | 375 | 425 |
Other noninterest expense | 2,545 | 2,342 | 2,286 |
Total noninterest expense | 24,049 | 22,491 | 21,482 |
Income before income taxes | 3,106 | 2,813 | 2,327 |
Income taxes (includes reclassification of (($210), ($207), and $1) from accumulated other comprehensive income, respectively) | 895 | 806 | 648 |
Net income | 2,211 | 2,007 | 1,679 |
Less: Net income attributable to noncontrolling interest | (593) | (592) | (591) |
Net income attributable to Uwharrie Capital Corp | 1,618 | 1,415 | 1,088 |
Dividends on preferred stock | 0 | 0 | 0 |
Net Income available to common shareholders | $ 1,618 | $ 1,415 | $ 1,088 |
Net income per common share | |||
Basic | $ 0.23 | $ 0.20 | $ 0.14 |
Diluted | $ 0.23 | $ 0.20 | $ 0.14 |
Weighted average common shares outstanding | |||
Basic | 7,096,969 | 7,193,712 | 7,595,948 |
Diluted | 7,097,075 | 7,193,712 | 7,595,948 |
Consolidated Statements of Inc5
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Reclassification from accumulated other comprehensive income | $ 544 | $ 536 | $ (2) |
Tax effect on amount reclassified from accumulated other comprehensive income | $ (210) | $ (207) | $ 1 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net Income | $ 2,211 | $ 2,007 | $ 1,679 |
Other comprehensive income (loss): | |||
Unrealized gains (losses) on available for sale securities | (1,131) | (248) | 1,311 |
Related tax effect | 359 | 60 | (445) |
Reclassification of losses (gains) recognized in net income | (544) | (536) | 2 |
Related tax effect | 210 | 207 | (1) |
Total other comprehensive income (loss) | (1,106) | (517) | 867 |
Comprehensive income | 1,105 | 1,490 | 2,546 |
Less: Comprehensive income attributable to noncontrolling interest | (593) | (592) | (591) |
Comprehensive income attributable to Uwharrie Capital | $ 512 | $ 898 | $ 1,955 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Number of Common Shares Issued [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Unearned ESOP Compensation [Member] | Undivided Profits [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Beginning balance at Dec. 31, 2013 | $ 40,509 | $ 9,307 | $ 11,922 | $ (989) | $ 10,289 | $ (562) | $ 10,542 | |
Beginning balance, shares at Dec. 31, 2013 | 7,445,931 | |||||||
Net Income | 1,679 | 1,088 | 591 | |||||
Repurchase of common stock | (1,410) | (468) | (942) | |||||
Repurchase of common stock, shares | (374,130) | |||||||
2% stock dividend | 178 | 221 | (399) | |||||
2% stock dividend, shares | 142,129 | |||||||
Cash paid – fractional shares | (4) | (4) | ||||||
Other comprehensive income | 867 | 867 | ||||||
Release of ESOP shares | 21 | 5 | 16 | |||||
Repayment of ESOP notes receivable | 9 | (315) | (649) | $ 973 | ||||
Repayment of ESOP notes receivable, shares | (252,446) | |||||||
Reclass from mezzanine capital | 1,155 | 1,155 | ||||||
Record preferred stock dividend series B (noncontrolling interest) | (416) | (416) | ||||||
Record preferred stock dividend series C (noncontrolling interest) | (148) | (148) | ||||||
Ending balance at Dec. 31, 2014 | 42,262 | 8,702 | 11,712 | 10,974 | 305 | 10,569 | ||
Ending balance, shares at Dec. 31, 2014 | 6,961,484 | |||||||
Net Income | 2,007 | 1,415 | 592 | |||||
Repurchase of common stock | $ (429) | (143) | (286) | |||||
Repurchase of common stock, shares | (114,377) | (114,377) | ||||||
2% stock dividend | 170 | 321 | (491) | |||||
2% stock dividend, shares | 135,910 | |||||||
Cash paid – fractional shares | $ (5) | (5) | ||||||
Other comprehensive income | (517) | (517) | ||||||
Reclass from mezzanine capital | 561 | 561 | ||||||
Record preferred stock dividend series B (noncontrolling interest) | (416) | (416) | ||||||
Record preferred stock dividend series C (noncontrolling interest) | (149) | (149) | ||||||
Ending balance at Dec. 31, 2015 | 43,314 | 8,729 | 12,308 | 11,893 | (212) | 10,596 | ||
Ending balance, shares at Dec. 31, 2015 | 6,983,017 | |||||||
Net Income | 2,211 | 1,618 | 593 | |||||
Repurchase of common stock | $ (322) | (87) | (235) | |||||
Repurchase of common stock, shares | (69,938) | (69,938) | ||||||
2% stock dividend | 171 | 467 | (638) | |||||
2% stock dividend, shares | 137,236 | |||||||
Cash paid – fractional shares | $ (6) | (6) | ||||||
Other comprehensive income | (1,106) | (1,106) | ||||||
Record preferred stock dividend series B (noncontrolling interest) | (417) | (417) | ||||||
Record preferred stock dividend series C (noncontrolling interest) | (149) | (149) | ||||||
Ending balance at Dec. 31, 2016 | $ 43,525 | $ 8,813 | $ 12,540 | $ 12,867 | $ (1,318) | $ 10,623 | ||
Ending balance, shares at Dec. 31, 2016 | 7,050,315 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) | Dec. 31, 2016 | Oct. 17, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Statement Of Stockholders Equity [Abstract] | ||||
Stock dividend, percentage | 2.00% | 2.00% | 2.00% | 2.00% |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | |||
Net Income | $ 2,211 | $ 2,007 | $ 1,679 |
Adjustments to reconcile net income to net cash Provided (used) by operating activities: | |||
Depreciation | 1,003 | 908 | 922 |
Net amortization of security premiums/discounts AFS | 990 | 975 | 1,050 |
Net amortization of security premiums/discounts HTM | 138 | 134 | 2 |
Net amortization of mortgage servicing rights | 751 | 689 | 709 |
Impairment of foreclosed real estate | 272 | 425 | 647 |
Provision for (recovery of) loan losses | (88) | (620) | (389) |
Deferred income taxes | 92 | 336 | 593 |
Net realized (gains) loss on sales / calls available for sale securities | (544) | (536) | 2 |
Income from mortgage loan sales | (3,795) | (2,306) | (1,001) |
Proceeds from sales of loans held for sale | 118,417 | 65,101 | 39,012 |
Origination of loans held for sale | (115,505) | (66,570) | (39,019) |
(Gain) loss on sale of premises, equipment and other assets | 3 | (1) | (142) |
Increase in cash surrender value of life insurance | (135) | (117) | (129) |
Gain on sales of foreclosed real estate | (41) | (140) | (398) |
Release of ESOP Shares | 21 | ||
Net change in interest receivable | (65) | 183 | |
Net change in other assets | (761) | (1,535) | (1,029) |
Net change in interest payable | (17) | (12) | (44) |
Net change in other liabilities | 945 | 899 | 349 |
Net cash provided by operating activities | 3,871 | (180) | 2,835 |
Cash flows from investing activities | |||
Proceeds from sales, maturities, calls and paydowns of securities available for sale | 30,734 | 47,253 | 18,839 |
Proceeds from sales, maturities, calls and paydowns of securities held to maturity | 141 | 154 | |
Purchase of securities available for sale | (49,496) | (24,910) | (31,122) |
Purchase of securities held to maturity | (1,027) | (6,034) | (5,498) |
Net increase in loans | (22,101) | (11,331) | (5,445) |
Proceeds from sale of premises, equipment and other assets | 547 | 1 | 368 |
Purchase of premises and equipment | (657) | (716) | (2,225) |
Proceeds from sales of foreclosed real estate | 899 | 2,404 | 2,028 |
Net change in restricted stock | (12) | (2) | 146 |
Net cash provided (used) by investing activities | (40,972) | 6,819 | (22,909) |
Cash flows from financing activities | |||
Net increase in deposit accounts | 17,986 | 11,298 | 2,727 |
Net decrease in short-term borrowed funds | (3,084) | 1,073 | (824) |
Net decrease in long-term debt | (13) | (11) | (1,605) |
Repurchase of common stock, net | (322) | (429) | (1,401) |
Dividends on preferred stock | (425) | (423) | (422) |
Cash paid for fractional shares | (6) | (5) | (4) |
Net cash provided (used) by financing activities | 14,136 | 11,503 | (1,529) |
Increase (decrease) in cash and cash equivalents | (22,965) | 18,142 | (21,603) |
Cash and cash equivalents, beginning of year | 68,933 | 50,791 | 72,394 |
Cash and cash equivalents, end of year | 45,968 | 68,933 | 50,791 |
Supplemental disclosures of cash flow information | |||
Interest paid | 1,327 | 1,745 | 2,004 |
Income taxes paid | 641 | 459 | 41 |
Supplemental schedule of non-cash activities | |||
Net change in fair value of securities available for sale, net of tax | (1,106) | (517) | 867 |
Loans transferred to foreclosed real estate | 315 | 1,818 | 972 |
Company financed sales of other real estate owned | (256) | (26) | (65) |
Mortgage servicing rights capitalized | 982 | 657 | 386 |
Preferred stock dividend accrued | $ (142) | (142) | (142) |
Net change in ESOP liability | $ (561) | $ 1,155 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 1 - Significant Accounting Policies Nature of Business Uwharrie Capital Corp (the “Company”) was incorporated under North Carolina law for the purpose of becoming the holding company for Bank of Stanly (“Stanly”). On July 1, 1993, Stanly became a wholly-owned subsidiary of the Company through a one-for-one exchange of the common stock of Stanly for common stock of the Company. On September 1, 2013, Bank of Stanly changed its name to Uwharrie Bank (“Uwharrie”). Uwharrie was incorporated on September 28, 1983, under the laws of the State of North Carolina and began operations on January 26, 1984 in Albemarle, North Carolina. Deposits with Uwharrie are insured by the Federal Deposit Insurance Corporation (“FDIC”). Uwharrie is under regulation of the Federal Reserve, the FDIC and the North Carolina Commissioner of Banks. In Stanly County Uwharrie has six branch locations that provide a wide range of deposit accounts, commercial, consumer, home equity and residential mortgage loans, safe deposit boxes and automated banking. In 1987, Uwharrie established a wholly-owned subsidiary, BOS Agency, Inc. (“BOS Agency”), which engages in insurance product sales. In 1989, Uwharrie established a second wholly-owned subsidiary, BOS Financial Corporation, for the purpose of conducting business as a “broker dealer” in securities. During 1993, BOS Financial Corporation changed its name to The Strategic Alliance Corporation (“Strategic Alliance”) and was registered as a “broker dealer” and is regulated by the Financial Industry Regulatory Authority (“FINRA”). The Company formed a new subsidiary, Strategic Investment Advisors, Inc. (“SIA”), during 1998 to provide investment advisory and asset management services. This subsidiary is registered as an investment advisor with the Securities and Exchange Commission. During 2015, SIA changed its name to Uwharrie Investment Advisors, Inc. (“UIA”). On January 19, 2000, the Company completed its acquisition of Anson BanCorp, Inc. and its subsidiary, Anson Savings Bank. The savings bank retained its North Carolina savings bank charter and became a wholly-owned subsidiary of Uwharrie Capital Corp as Anson Bank & Trust Company (“Anson”), operating out of its main office branch in Wadesboro. Anson was consolidated into Uwharrie Bank effective September 1, 2013. On August 4, 2000, Uwharrie acquired another subsidiary, Gateway Mortgage, Inc. (“Gateway”), a mortgage origination company. This company is currently inactive and does not affect the Company’s consolidated financials statements. On April 10, 2003, the Company capitalized a new wholly-owned subsidiary bank, Cabarrus Bank & Trust Company (“Cabarrus”), located in Concord, North Carolina. As of that date, Cabarrus purchased two branch offices located in Cabarrus County from Uwharrie to begin its operation. Cabarrus operated as a commercial bank and provided a full range of banking services. Cabarrus was consolidated into Uwharrie Bank effective September 1, 2013. On April 7, 2004 Uwharrie Mortgage, Inc. was established as a subsidiary of the Company to serve in the capacity of trustee and substitute trustee under deeds of trust. Principles of Consolidation The consolidated financial statements include the accounts of the Company, Uwharrie, UIA and Uwharrie’s subsidiaries, BOS Agency and Strategic Alliance. All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses. Note 1 - Significant Accounting Policies (Continued) Cash and Cash Equivalents For the purpose of presentation in the consolidated statements of cash flows, cash and cash equivalents are defined as those amounts included in the balance sheet captions “Cash and due from banks” and “Interest-earning deposits with banks.” Investment Securities Available for Sale Investment securities available for sale consist of United States Treasuries, United States Government agencies, Government Sponsored Enterprise (GSE) mortgage backed securities and collateralized mortgage obligations (CMOs), corporate bonds and state and political subdivision bonds. Unrealized holding gains and losses on available for sale securities are reported as a net amount in other comprehensive income, net of income taxes. Gains and losses on the sale of available for sale securities are determined using the specific identification method and recorded on a trade basis. Declines in the fair value of individual available for sale securities below their cost that are other than temporary would result in write-downs of the individual securities, to their fair value. Such write-downs would be included in earnings as realized losses to the extent the losses are associated with the credit quality of the issuer. Amortization of premiums and accretion of discounts are recognized in interest income using the interest method over the period to maturity. Investment Securities Held to Maturity Investment securities held to maturity consist of United States Government agencies, corporate bonds and state and political subdivision bonds. The Company has both the intent and ability to hold the securities to maturity. These securities are reported at amortized cost. Loans Held for Sale Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Loans The Company divides the loans it grants into two segments, commercial and noncommercial loans. Commercial loans are broken down into the following classes: commercial loans, real estate commercial loans and other real estate construction loans. Noncommercial loans are divided into the following classes: real estate 1-4 family construction, real estate 1-4 family residential loans, home equity loans, consumer loans and other loans. The ability of the Company’s borrowers to honor their contracts is largely dependent upon the real estate and general economic conditions in the Company’s market area. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the effective interest method. The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the credit is well-secured and in process of collection. Credit card loans and other personal loans are typically charged off no later than 180 days past due. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. The exception to this policy is credit card loans that remain in accrual status 90 days or more until they are paid current or charged off. All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these impaired loans is accounted for on the cash-basis until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Generally a minimum of six months of sustained performance is required. Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses. The provision for loan losses is expensed to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Note 1 - Significant Accounting Policies (Continued) The Company has different specific risks identified within the loan segments. Specific risks within the commercial loan segment arise with borrowers that are experiencing diminished operating cash flows, depreciated collateral values or prolonged sales and rental absorption periods. Concentrations within the portfolio if unmanaged, pose additional risk. Occasionally, the Company will purchase participation loans from other institutions and if not independently underwritten by the Bank, could carry additional risk. Generally, owner-occupied commercial real estate loans carry less risk than non-owner occupied. Specific risks within the non-commercial portfolio tend to be tied to economic factors including high unemployment and decreased real estate values. Risk to the Company is greater as home values deteriorate more rapidly than amortization in a loan, leaving little to no equity in properties, especially in junior lien positions. Concentration in the portfolio, such as home equity lines of credit, could pose additional risk if not appropriately managed. The allowance for loan losses is evaluated both individually and collectively by loan class on a regular basis by management. Loans are collectively evaluated based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. Individually evaluated loans are based upon discounted cash flows or the underlying value of the collateral. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. In addition, regulatory examiners may require the Company to recognize adjustments to the allowance for loan losses based on their judgment about information available to them at the time of their assessment. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Homogeneous loans are collectively evaluated by loan class for impairment. However, homogeneous loans will be evaluated individually for impairment if such a loan is deemed impaired. Troubled debt restructure loans (TDR) are modifications of a loan when a borrower is experiencing financial difficulty and the modification involves providing a concession to the existing loan contract. TDRs are considered to be impaired loans and are individually evaluated for impairment. The portion of the Company’s allowance for loan loss model related to general reserves captures the mean loss of individual loans and the rare event of severe loss that can occur within the loan portfolio. Specifically, the Company calculates probable losses on loans by computing a probability of loss and estimated loss scenario by FDIC call report codes. Together, these components, as well as a level of more extreme unexpected losses form the basis of the allowance model. The loans that are impaired and included in the specific reserve are excluded from these calculations. Mortgage Servicing Rights The Company capitalizes mortgage servicing rights when loans are sold and the loan servicing is retained. The cost of servicing rights is amortized in proportion to and over the estimated period of net servicing revenues is expected to be received based on projections of the amount and timing of estimated future cash flows. The amortization of servicing rights is recognized in the statement of income as an offset to other noninterest income. Servicing assets are periodically evaluated for impairment based upon their fair value. Fair value is based upon discounted cash flows using market-based assumptions. Impairment is recognized through a valuation allowance and charged to other expense. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Note 1 - Significant Accounting Policies (Continued) Foreclosed Real Estate Real estate properties acquired through foreclosure or other proceedings are initially recorded at fair value less costs to sell upon foreclosure, establishing a new cost basis. Annually, valuations are performed and the foreclosed property is adjusted to the lower of cost or fair value of the properties, less costs to sell. Any write-down at the time of transfer to foreclosed properties is charged to the allowance for loan losses. Subsequent write-downs are charged to noninterest expense, and costs related to the improvement of the property are capitalized if the fair value less cost to sell will allow it. If not, these costs are expensed also. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Land is carried at cost. Additions and major replacements or betterments which extend the useful lives of premises and equipment are capitalized. Maintenance, repairs and minor improvements are expensed as incurred. Depreciation is computed principally by the straight-line method over estimated useful lives, except in the case of leasehold improvements, which are amortized over the term of the leases, if shorter. Useful lives range from five to seven years for furniture, fixtures and equipment, to ten to thirty-nine years for leasehold improvements and buildings, respectively. Upon retirement or other disposition of the assets, the cost and the related accumulated depreciation are removed from the accounts and any gains or losses are reflected in income. Restricted Stock As a requirement for membership, the bank invests in the stock of the Federal Home Loan Bank of Atlanta (“FHLB”) and Federal Reserve Bank (“FRB”). These investments are carried at cost. Due to the redemption provisions of these investments, the Company estimated that fair value approximates cost and that this investment was not impaired. Stock-Based Compensation The Company recognizes the cost of employee services received in exchange for an award of equity instruments in the financial statements over the period the employee is required to perform the services in exchange for the award (presumptively the vesting period). Accounting Standards Codification (ASC) 718 also requires measurement of the cost of employee services received in exchange for an award based on the grant-date fair value of the award. Excess tax benefits are reported as financing cash inflows in the consolidated statement of cash flows. Income Taxes The Company and its subsidiaries file a consolidated federal income tax return and separate North Carolina income tax returns. The provision for income taxes in the accompanying consolidated financial statements is provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold. The tax returns for the Company are subject to audit for the 2011 fiscal year and thereafter. It is the Company’s policy to recognize interest and penalties associated with uncertain tax positions as components of other expenses in the income statement; however, if interest becomes a material amount, it would be reclassified as interest expense. There were no interest or penalties accrued during the years ended December 31, 2016, 2015 and 2014. Fair Value of Financial Instruments ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 does not require any new fair value measurements, but clarifies and standardizes some divergent practices that have emerged since prior guidance was issued. ASC 820 creates a three-level hierarchy under which individual fair value estimates are to be ranked based on the relative reliability of the inputs used in the valuation. Note 1 - Significant Accounting Policies (Continued) ASC 820 defines fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, the Company considers the principal or most advantageous market in which those assets or liabilities are sold and considers assumptions that market participants would use when pricing those assets or liabilities. Fair values determined using Level 1 inputs rely on active and observable markets to price identical assets or liabilities. In situations where identical assets and liabilities are not traded in active markets, fair values may be determined based on Level 2 inputs, which exist when observable data exists for similar assets and liabilities. Fair values for assets and liabilities for which identical or similar assets and liabilities are not actively traded in observable markets are based on Level 3 inputs, which are considered to be unobservable. Among the Company’s assets and liabilities, investment securities available for sale are reported at their fair values on a recurring basis. Certain other assets are adjusted to their fair value on a nonrecurring basis, including other real estate owned, impaired loans, loans held for sale, which are carried at the lower of cost or market; and mortgage loan servicing rights, where fair value is determined using similar assets with similar characteristics, when available, or based upon discounted cash flows using market-based assumptions. Deposits, short-term borrowings and long-term obligations are not reported at fair value. Prices for US Treasury securities are readily available in the active markets in which those securities are traded, and the resulting fair values are shown in the ‘Level 1 input’ column. Prices for government agency securities, mortgage-backed securities and for state, county and municipal securities are obtained for similar securities, and the resulting fair values are shown in the ‘Level 2 input’ column. Prices for all other non-marketable investments are determined based on various assumptions that are not observable. The fair values for these investment securities are shown in the ‘Level 3 input’ column. Non-marketable investment securities, which are carried at their purchase price, include those that may only be redeemed by the issuer. The changes in securities between Level 1 and Level 2 were related to the purchase and sale of several securities and not the migration of securities between levels. The Company does not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and an allowance for loan losses is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures impairment by using one of several methods including collateral value, fair value of similar debt or discounted cash flows. Those impaired loans not requiring an allowance represent loans for which the present value of the expected repayments or fair value of collateral exceed the recorded investments in such loans. The Company typically bases the fair value of the collateral on appraised values which the Company considers Level 3 valuations. Foreclosed assets are adjusted to fair value upon transfer of the loans to other real estate owned. Real estate acquired in settlement of loans is recorded initially at the estimated fair value of the property less estimated selling costs at the date of foreclosure. The initial recorded value may be subsequently reduced by additional allowances, which are charged to earnings if the estimated fair value of the property less estimated selling costs declines below the initial recorded value. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. The Company typically bases the fair value of the collateral on appraised values which the Company considers Level 3 valuations. Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate, based on secondary market prices. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. These loans are recorded in Level 2. Note 1 - Significant Accounting Policies (Continued) Comprehensive Income The Company reports as comprehensive income all changes in shareholders’ equity during the year from sources other than shareholders. Other comprehensive income refers to all components (revenues, expenses, gains, and losses) of comprehensive income that are excluded from net income. The Company’s only component of other comprehensive income is unrealized gains and losses, net of income tax, on investment securities available for sale. The following table presents the changes in accumulated other comprehensive income for the years ended December 31, 2016, 2015 and 2014: Year ended December 31, 2016 2015 2014 (dollars in thousands) Beginning Balance $ (212 ) $ 305 $ (562 ) Other comprehensive income (loss) before reclassifications, net of $359, $60 and ($445) tax effect, respectively (772 ) (188 ) 866 Amounts reclassified from accumulated other comprehensive income, net of ($210), ($207), and $1 tax effect, respectively (334 ) (329 ) 1 Net current-period other comprehensive loss (1,106 ) (517 ) 867 Ending Balance $ (1,318 ) $ (212 ) $ 305 Earnings per Common Share The Company had stock options outstanding covering 13,116 shares of common stock at both December 31, 2016 and 2015. All of these options were dilutive because the strike price was lower than the current market price. Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. The Employee Stock Ownership Plan (“ESOP”) effect is the average of the unallocated ESOP shares. On October 18, 2016, the Company’s Board of Directors declared a 2% stock dividend payable on November 23, 2016 to shareholders of record on November 9, 2016. All information presented in the accompanying consolidated financial statements regarding earnings per share and weighted average number of shares outstanding has been computed giving effect to this stock dividend. The computation of weighted average shares used in the calculation of basic and dilutive earnings per share is summarized below: 2016 2015 2014 Weighted average number of common shares used in computing basic net income per common share 7,096,969 7,193,712 7,640,615 Effect of ESOP shares — — (44,667 ) Adjusted weighted average number of common shares used in computing basic net income per common share 7,096,969 7,193,712 7,595,948 Effect of dilutive stock options 106 — — Weighted average number of common shares and dilutive potential common shares used in computing diluted net income per common share 7,097,075 7,193,712 7,595,948 During the first quarter of 2014, the board of directors of the Company voted to terminate the ESOP effective March 1, 2014. As of February 28, 2014, the ESOP held 740,530 shares, or 9.95% of the Company’s total outstanding shares of common stock, of which 252,446 shares were unallocated to participants in the ESOP. Note 1 - Significant Accounting Policies (Continued) The Company filed a request for a favorable determination letter from the Internal Revenue Service as to the tax-qualified status of the ESOP on its termination. The Company received the favorable determination letter dated September 5, 2014 from the Internal Revenue Service and during the fourth quarter of 2014 distributed the allocated shares to the participants. Noncontrolling Interest In January 2013 the Company’s subsidiary banks issued a total of $7.9 million of Fixed Rate Noncumulative Perpetual Preferred Stock, Series B. The preferred stock qualified as Tier 1 capital at each bank and pays dividends at an annual rate of 5.30%. The preferred stock has no voting rights. This capital is presented as noncontrolling interest in the consolidated balance sheets. Dividends declared on this preferred stock are presented as earnings allocated to the noncontrolling interest in the consolidated statements of income. Effective September 1, 2013, the Fixed Rate Noncumulative Perpetual Preferred Stock, Series B was rolled into one issue under Uwharrie Bank in connection with the consolidation and name change. During 2013, the Company’s subsidiary bank, Uwharrie Bank, raised $2.8 million of Fixed Rate Noncumulative Perpetual Preferred Stock, Series C. The preferred stock qualifies as Tier 1 capital at the bank and pays dividends at an annual rate of 5.30%. The preferred stock has no voting rights. Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, Topic 606 (“ASU 2014-09”). The new standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under existing guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In August of 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers, Topic 606: Deferral of the Effective Date, deferring the effective date of ASU 2014-09 until annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The amendments can be applied retrospectively to each prior reporting period or retrospectively with the cumulative effect of initially applying this new guidance recognized at the date of initial application. The Company is currently evaluating the provisions of ASU 2014-09 to determine the potential impact the new standard will have to the Company’s financial statements. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” Note 1 - Significant Accounting Policies (Continued) In February 2016, the FASB issued ASU 2016-02, “Leases, Topic 842 (“ASU 2016-02”)”. This ASU increases the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The key difference between existing standards and this ASU is the requirement for lessees to recognize on their balance sheet all lease contracts with lease terms greater than 12 months, including operating leases. Both a right-of-use asset, representing the right to use the leased asset, and a lease liability, representing the contractual obligation, are required to be recognized on the balance sheet of the lessee at lease commencement. Further, this ASU requires lessees to classify leases as either operating or finance leases, which are substantially similar to the current operating and capital leases classifications. The distinction between these two classifications under the new standard does not relate to balance sheet treatment, but relates to treatment in the statements of income and cash flows. Lessor guidance remains largely unchanged with the exception of how a lessor determines the appropriate lease classification for each lease to better align the lessor guidance with revised lessee classification guidance. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of the new standard, which we anticipate we will adopt during the first quarter of 2019. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. ASU 2016-13 requires an entity to utilize a new impairment model known as the current expected credit loss (“CECL”) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model is expected to result in earlier recognition of credit losses. ASU 2016-13 also requires new disclosures for financial assets measured at amortized cost, loans and available-for-sale debt securities. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. Entities will apply the standard’s provisions as a cumulative effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. We are currently assessing the impact of the new guidance on the Company’s consolidated financial statements. From time to time the FASB issues exposure drafts of proposed statements of financial accounting standards. Such exposure drafts are subject to comment from the p |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | Note 2 - Investment Securities Carrying amounts and fair values of securities available for sale and held to maturity are summarized below: December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Securities available for sale U.S. Treasury $ 4,017 $ — $ 3 $ 4,014 U.S. Government agencies 58,506 28 863 57,671 GSE - Mortgage-backed securities and CMO’s 26,195 39 586 25,648 State and political subdivisions 14,123 71 658 13,536 Corporate bonds 5,054 14 38 5,030 Total securities available for sale $ 107,895 $ 152 $ 2,148 $ 105,899 Note 2 - Investment Securities (Continued) December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Securities held to maturity U.S. Government agencies $ 1,754 $ — $ 17 $ 1,737 State and political subdivisions 6,974 7 60 6,921 Corporate bonds 3,262 14 — 3,276 Total securities held to maturity $ 11,990 $ 21 $ 77 $ 11,934 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Securities available for sale U.S. Treasury $ 4,026 $ — $ 14 $ 4,012 U.S. Government agencies 36,159 99 188 36,070 GSE - Mortgage-backed securities and CMO’s 30,269 53 549 29,773 State and political subdivisions 13,691 351 3 14,039 Corporate bonds 5,435 — 71 5,364 Total securities available for sale $ 89,580 $ 503 $ 825 $ 89,258 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Securities held to maturity U.S. Government agencies $ 1,911 $ — $ 5 $ 1,906 State and political subdivisions 5,993 30 5 6,018 Corporate bonds 3,338 — 20 3,318 Total securities held to maturity $ 11,242 $ 30 $ 30 $ 11,242 At both December 31, 2016 and December 31, 2015, the Company owned Federal Reserve Bank stock reported at cost of $507,000. Also at December 31, 2016 and December 31, 2015, the Company owned Federal Home Loan Bank Stock (FHLB) of $545,000 and $533,000, respectively. The investments in Federal Reserve stock and FHLB stock are required investments related to the Company’s membership in, and borrowings with, these banks and classified as restricted stock on the consolidated balance sheet. These investments are carried at cost since there is no ready market and redemption has historically been made at par value. The Company estimated that the fair value approximated cost and that these investments were not impaired at December 31, 2016. Results from sales and calls of securities available for sale for the years ended December 31, 2016, 2015 and 2014 are as follows: 2016 2015 2014 (dollars in thousands) Gross proceeds from sales and calls $ 20,225 $ 32,780 $ 11,592 Realized gains from sales $ 544 $ 536 $ 28 Realized losses from sales — — (30 ) Net realized gains (losses) $ 544 $ 536 $ (2 ) At December 31, 2016, 2015 and 2014 securities available for sale with a carrying amount of $96.8 million, $68.8 million and $84.7 million, respectively, were pledged as collateral on public deposits and for other purposes as required or permitted by law. Note 2 - Investment Securities (Continued) The following tables show the gross unrealized losses and fair value of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2016 and December 31, 2015. We believe these unrealized losses on investment securities are a result of a volatile market and fluctuations in market prices due to a rise in interest rates, which will adjust if rates decline. Management does not believe these fluctuations are a reflection of the credit quality of the investments. At December 31, 2016, the unrealized losses on available for sale securities less than twelve months related to one U.S. Treasury, seventeen government agency bonds, ten government sponsored enterprise (GSE) mortgage backed securities, one corporate bonds and seven state and political subdivision bond. The Company had six government agency bonds, four GSE mortgage backed securities and one corporate bond that had been in a loss position for more than twelve months. At December 31, 2016, the unrealized losses on held to maturity securities related to one government agency security and eight state and political subdivision bonds. At December 31, 2015, the unrealized losses on available for sale securities related to one United States Treasury note, eleven government agency bonds, twelve GSE mortgage backed securities, three corporate bonds and one state and political subdivision bond. At December 31, 2015, the unrealized losses on held to maturity securities related to one government agency security, two corporate bonds and two state and political subdivision bonds. December 31, 2016 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Securities available for sale temporary impairment U.S. Treasury $ 4,014 $ 3 $ — $ — $ 4,014 $ 3 U.S. Gov’t agencies 48,192 807 4,164 56 52,356 863 GSE-Mortgage-backed securities and CMO’s 16,250 395 5,251 191 21,501 586 State and political 9,994 658 — — 9,994 658 Corporate bonds 1,999 27 800 11 2,799 38 Total securities available for sale $ 80,449 $ 1,890 $ 10,215 $ 258 $ 90,664 $ 2,148 December 31, 2016 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Held to maturity temporary impairment U.S. Gov’t agencies $ 1,895 $ 17 $ — $ — $ 1,895 $ 17 State and political 6,056 60 — — 6,056 60 Total securities held to maturity $ 7,951 $ 77 $ — $ — $ 7,951 $ 77 December 31, 2015 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Securities available for sale temporary impairment U.S. Treasury $ 4,013 $ 14 $ — $ — $ 4,013 $ 14 U.S. Gov’t agencies 16,692 128 5,048 60 21,740 188 GSE-Mortgage-backed securities and CMO’s 15,620 290 7,230 259 22,850 549 State and political 465 3 — — 465 3 Corporate bonds 4,566 55 798 16 5,364 71 Total securities available for sale $ 41,356 $ 490 $ 13,076 $ 335 $ 54,432 $ 825 Note 2 - Investment Securities (Continued) December 31, 2015 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Held to maturity temporary impairment U.S. Gov’t agencies $ 1,906 $ 5 $ — $ — $ 1,906 $ 5 State and political 3,318 5 — — 3,318 5 Corporate bonds 1,312 20 — — 1,312 20 Total securities held to maturity $ 6,536 $ 30 $ — $ — $ 6,536 $ 30 The Company has six government agency securities, four GSE mortgage backed securities and one corporate bond that have been in a loss position for more than twelve months that are in the investments available for sale portfolio at December 31, 2016. Declines in the fair value of the investment portfolio are believed by management to be temporary in nature. When evaluating an investment for other-than-temporary impairment management considers among other things, the length of time and the extent to which the fair value has been in a loss position, the financial condition of the issuer and the intent and the ability of the Company to hold the investment until the loss position is recovered. Any unrealized losses were largely due to increases in market interest rates over the yields available at the time of purchase. The fair value is expected to recover as the bonds approach their maturity date or market yields for such investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality but that the losses are temporary in nature. At December 31, 2016, the Company does not intend to sell and is not likely to be required to sell the available for sale securities that were in a loss position prior to full recovery. The following table shows contractual maturities of the entire investment portfolio as of December 31, 2016: Amortized Cost Estimated Fair Value (dollars in thousands) Due within one year $ — $ — Due after one but within five years 50,029 49,608 Due after five but within ten years 28,586 28,132 Due after ten years 15,075 14,445 Mortgage backed securities 26,195 25,648 $ 119,885 $ 117,833 The mortgage-backed securities are shown separately as they are not due at a single maturity date. |
Loans Held for Investment
Loans Held for Investment | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans Held for Investment | Note 3 – Loans Held for Investment The composition of net loans held for investment by class as of December 31, 2016 and 2015 is as follows: 2016 2015 (dollars in thousands) Commercial Commercial $ 55,752 $ 52,311 Real estate - commercial 109,752 101,198 Other real estate construction loans 26,718 17,692 Noncommercial Real estate 1-4 family construction 5,625 5,629 Real estate - residential 81,700 83,379 Home equity 50,815 49,420 Consumer loans 9,711 8,982 Other loans 1,687 1,481 341,760 320,092 Less: Allowance for loan losses (2,707 ) (2,884 ) Deferred loan costs, net 69 40 Loans held for investment, net $ 339,122 $ 317,248 Although the subsidiary bank loan portfolio is diversified, there is a concentration of mortgage real estate loans, primarily 1 to 4 family residential and construction mortgage loans and home equity loans, which represent 40.42% of total loans. Additionally, there is concentration in commercial loans secured primarily by real estate, shopping center locations, commercial land development, commercial buildings, equipment, and general commercial loans that represent 56.24% of total loans. There is not a concentration of a particular type of credit in this group of commercial loans. Total recorded investment in impaired loans, which consisted of nonaccrual loans and other loans identified by management as impaired, totaled $6.1 million and $5.5 million at December 31, 2016 and 2015, respectively. There were no loans 90 days past due and still accruing at December 31, 2016 or at December 31, 2015. Restructured loans at December 31, 2016 totaled $4.6 million and are included in the impaired loan total, compared to $4.7 million which were included in impaired loans at December 31, 2015. The carrying value of foreclosed properties held as other real estate was $4.2 million and $5.0 million at December 31, 2016 and 2015, respectively. The Company had $1.3 million in foreclosed residential real estate and $680,000 of residential real estate in process of foreclosure at December 31, 2016. The Company had loans of $160.8 million and $135.9 million pledged to borrowings at Federal Home Loan Bank and the Federal Reserve Bank at December 31, 2016 and 2015, respectively. The Company’s loan policies are written to address loan-to-value ratios and collateralization methods with respect to each lending category. Consideration is given to the economic and credit risk of lending areas and customers associated with each category. |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Note 4 - Allowance for Loan Losses Changes in the allowance for loan losses for the years ended December 31, 2016, 2015 and 2014 are presented below: Commercial 2016 2015 2014 (dollars in thousands) Balance, beginning of year $ 1,310 $ 1,716 $ 2,665 Provision (recovery) charged to operations 175 (527 ) (302 ) Charge-offs (146 ) (89 ) (749 ) Recoveries 65 210 102 Net (charge-offs) (81 ) 121 (647 ) Other — — — Balance, end of year $ 1,404 $ 1,310 $ 1,716 Note 4 - Allowance for Loan Losses (Continued) Non-Commercial 2016 2015 2014 (dollars in thousands) Balance, beginning of year $ 1,574 $ 2,022 $ 2,430 Provision (recovery) charged to operations (263 ) (93 ) (87 ) Charge-offs (244 ) (500 ) (482 ) Recoveries 236 145 161 Net (charge-offs) (8 ) (355 ) (321 ) Other — — — Balance, end of year $ 1,303 $ 1,574 $ 2,022 Total 2016 2015 2014 (dollars in thousands) Balance, beginning of year $ 2,884 $ 3,738 $ 5,095 Provision (recovery) charged to operations (88 ) (620 ) (389 ) Charge-offs (390 ) (589 ) (1,231 ) Recoveries 301 355 263 Net (charge-offs) (89 ) (234 ) (968 ) Other — — — Balance, end of year $ 2,707 $ 2,884 $ 3,738 The following table shows period-end loans and reserve balances by loan segment both individually and collectively evaluated for impairment at December 31, 2016 and 2015: December 31, 2016 Individually Evaluated Collectively Evaluated Total Reserve Loans Reserve Loans Reserve Loans (dollars in thousands) Commercial $ 16 $ 1,993 $ 1,388 $ 190,229 $ 1,404 $ 192,222 Non-Commercial 123 4,096 1,180 145,511 1,303 149,607 Total $ 139 $ 6,089 $ 2,568 $ 335,740 $ 2,707 $ 341,829 December 31, 2015 Individually Evaluated Collectively Evaluated Total Reserve Loans Reserve Loans Reserve Loans (dollars in thousands) Commercial $ 18 $ 1,019 $ 1,292 $ 170,182 $ 1,310 $ 171,201 Non-Commercial 163 4,459 1,411 144,472 1,574 148,931 Total $ 181 $ 5,478 $ 2,703 $ 314,654 $ 2,884 $ 320,132 Note 4 - Allowance for Loan Losses (Continued) Past due loan information is used by management when assessing the adequacy of the allowance for loan loss. The following tables summarize the past due information of the loan portfolio by class: December 31, 2016 Loans 30-89 Days Past Due Loans 90 Days or More Past due and Non - Accrual Total Past Due Loans Current Loans Total Loans Accruing Loans 90 or More Days Past Due (dollars in thousands) Commercial $ — $ — $ — $ 55,752 $ 55,752 $ — Real estate - commercial — 392 392 109,360 109,752 — Other real estate construction 106 190 296 26,422 26,718 — Real estate construction — — — 5,625 5,625 — Real estate - residential 510 846 1,356 80,413 81,769 — Home equity 66 22 88 50,727 50,815 — Consumer loan 36 — 36 9,675 9,711 — Other loans — — — 1,687 1,687 — Total $ 718 $ 1,450 $ 2,168 $ 339,661 $ 341,829 $ — December 31, 2015 Loans 30-89 Days Past Due Loans 90 Days or More Past due and Non - Accrual Total Past Due Loans Current Loans Total Loans Accruing Loans 90 or More Days Past Due (dollars in thousands) Commercial $ 46 $ 34 $ 80 $ 52,231 $ 52,311 $ — Real estate - commercial 74 — 74 101,124 101,198 — Other real estate construction 110 195 305 17,387 17,692 — Real estate construction — — — 5,629 5,629 — Real estate - residential 1,580 541 2,121 81,298 83,419 — Home equity 75 13 88 49,332 49,420 — Consumer loan 39 — 39 8,943 8,982 — Other loans — — — 1,481 1,481 — Total $ 1,924 $ 783 $ 2,707 $ 317,425 $ 320,132 $ — Once a loan becomes 90 days past due, the loan is automatically transferred to a nonaccrual status. The exception to this policy is credit card loans that remain in accrual status 90 days or more until they are paid current or charged off. Note 4 - Allowance for Loan Losses (Continued) The composition of nonaccrual loans by class as of December 31, 2016 and 2015 is as follows: 2016 2015 (dollars in thousands) Commercial $ — $ 34 Real estate - commercial 392 — Other real estate construction 190 195 Real estate 1 – 4 family construction — — Real estate – residential 846 541 Home equity 22 13 Consumer loans — — Other loans — — $ 1,450 $ 783 Loans that are in nonaccrual status or 90 days past due and still accruing are considered to be nonperforming. During 2016, nonperforming loans increased from $783,000 at December 31, 2015 to $1.5 million at December 31, 2016, an increase of $667,000. There were three main relationships driving the increase in nonaccruals; one was due to a company’s principal filing bankruptcy and two were in extended processes of foreclosure. Management uses a risk-grading program to facilitate the evaluation of probable inherent loan losses and to measure the adequacy of the allowance for loan losses. In this program, risk grades are initially assigned by the loan officers and reviewed and monitored by the lenders and credit administration on an ongoing basis. The program has eight risk grades summarized in five categories as follows: Pass : Loans that are pass grade credits include loans that are fundamentally sound and risk factors are reasonable and acceptable. They generally conform to policy with only minor exceptions and any major exceptions are clearly mitigated by other economic factors. Watch : Loans that are watch credits include loans on management’s watch list where a risk concern may be anticipated in the near future. Substandard : Loans that are considered substandard are loans that are inadequately protected by current sound net worth, paying capacity of the obligor or the value of the collateral pledged. All nonaccrual loans are graded as substandard. Doubtful: Loans that are considered to be doubtful have all weaknesses inherent in loans classified substandard, plus the added characteristic that the weaknesses make the collection or liquidation in full on the basis of current existing facts, conditions and values highly questionable and improbable. Loss: Loans that are considered to be a loss are considered to be uncollectible and of such little value that their continuance as bankable assets is not warranted. The tables below summarize risk grades of the loan portfolio by class as of December 31, 2016 and 2015: December 31, 2016 Pass Watch Sub- standard Doubtful Total (dollars in thousands) Commercial $ 54,906 $ 827 $ 19 $ — $ 55,752 Real estate - commercial 105,366 1,937 2,449 — 109,752 Other real estate construction 24,312 1,876 530 — 26,718 Real estate 1 - 4 family construction 5,625 — — — 5,625 Real estate - residential 71,105 8,551 2,113 — 81,769 Home equity 49,818 973 24 — 50,815 Consumer loans 9,545 163 3 — 9,711 Other loans 1,687 — — — 1,687 Total $ 322,364 $ 14,327 $ 5,138 $ — $ 341,829 Note 4 - Allowance for Loan Losses (Continued) December 31, 2015 Pass Watch Sub- standard Doubtful Total (dollars in thousands) Commercial $ 52,096 $ 130 $ 85 $ — $ 52,311 Real estate - commercial 97,506 1,161 2,531 — 101,198 Other real estate construction 15,163 1,994 535 — 17,692 Real estate 1 - 4 family construction 5,526 103 — — 5,629 Real estate - residential 71,736 9,398 2,285 — 83,419 Home equity 48,195 1,209 16 — 49,420 Consumer loans 8,583 394 5 — 8,982 Other loans 1,481 — — — 1,481 Total $ 300,286 $ 14,389 $ 5,457 $ — $ 320,132 The following tables show the breakdown between performing and nonperforming loans by class as of December 31, 2016 and 2015: December 31, 2016 Performing Non- Performing Total (dollars in thousands) Commercial $ 55,752 $ — $ 55,752 Real estate - commercial 109,360 392 109,752 Other real estate construction 26,528 190 26,718 Real estate 1 – 4 family construction 5,625 — 5,625 Real estate – residential 80,923 846 81,769 Home equity 50,793 22 50,815 Consumer loans 9,711 — 9,711 Other loans 1,687 — 1,687 Total $ 340,379 $ 1,450 $ 341,829 December 31, 2015 Performing Non- Performing Total (dollars in thousands) Commercial $ 52,277 $ 34 $ 52,311 Real estate - commercial 101,198 — 101,198 Other real estate construction 17,497 195 17,692 Real estate 1 – 4 family construction 5,629 — 5,629 Real estate – residential 82,878 541 83,419 Home equity 49,407 13 49,420 Consumer loans 8,982 — 8,982 Other loans 1,481 — 1,481 Total $ 319,349 $ 783 $ 320,132 Note 4 - Allowance for Loan Losses (Continued) Loans are considered impaired when, based on current information and events it is probable the Company will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement. If a loan is deemed impaired, a valuation analysis is performed and a specific reserve is allocated if necessary. The tables below summarize the loans deemed impaired and the amount of specific reserves allocated by class as of December 31, 2016 and 2015: As of December 31, 2016 Year Ended December 31, 2016 Recorded Recorded Unpaid Investment Investment Average Principal With No With Related Recorded Interest Balance Allowance Allowance Allowance Investment Income (dollars in thousands) Commercial $ 29 $ 13 $ 16 $ 2 $ 31 $ 8 Real estate - commercial 1,671 1,552 119 9 887 64 Other real estate construction 831 190 103 5 296 6 Real estate 1 -4 family construction 6 — 6 — 9 1 Real estate - residential 3,994 2,072 1,922 123 4,434 201 Home equity 35 35 — — 49 1 Consumer loans 61 61 — — 71 6 Other loans — — — — — — Total $ 6,627 $ 3,923 $ 2,166 $ 139 $ 5,777 $ 287 Year Ended As of December 31, 2015 December 31, 2015 Recorded Recorded Unpaid Investment Investment Average Principal With No With Related Recorded Interest Balance Allowance Allowance Allowance Investment Income (dollars in thousands) Commercial $ 97 $ 80 $ 17 $ 2 $ 81 $ 4 Real estate - commercial 620 498 122 9 1,121 42 Other real estate construction 840 195 107 7 281 3 Real estate 1 -4 family construction 13 — 13 — 16 1 Real estate - residential 4,343 1,507 2,836 163 4,798 200 Home equity 28 28 — — 50 1 Consumer loans 75 75 — — 37 2 Other loans — — — — — — Total $ 6,016 $ 2,383 $ 3,095 $ 181 $ 6,384 $ 253 Year Ended As of December 31, 2014 December 31, 2014 Recorded Recorded Unpaid Investment Investment Average Principal With No With Related Recorded Interest Balance Allowance Allowance Allowance Investment Income (dollars in thousands) Commercial $ 98 $ 68 $ 30 $ 30 $ 117 $ 7 Real estate - commercial 1,820 1,242 389 145 2,641 73 Other real estate construction 934 342 54 4 1,108 6 Real estate 1 -4 family construction 20 — 20 1 109 1 Real estate - residential 5,298 1,865 3,433 257 5,865 268 Home equity 49 30 19 19 73 2 Consumer loans 69 29 40 — 83 4 Other loans — — — — — — Total $ 8,288 $ 3,576 $ 3,985 $ 456 $ 9,996 $ 361 |
Troubled Debt Restructures
Troubled Debt Restructures | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Troubled Debt Restructures | Note 5 – Troubled Debt Restructures A modification of a loan constitutes a troubled debt restructuring (“TDR”) when a borrower is experiencing financial difficulty and the modification involves providing a concession to the existing loan contract. The Company offers various types of concessions when modifying loans to troubled borrowers, however, forgiveness of principal is rarely granted. Concessions offered are term extensions, capitalizing accrued interest, reducing interest rates to below current market rates or a combination of any of these. Combinations from time to time may include allowing a customer to be placed on interest-only payments. The presentations below in the “other” category are TDR’s with a combination of concessions. At the time of a TDR, additional collateral or a guarantor may be requested. Loans modified as TDRs are typically already on nonaccrual status and in some cases, partial chargeoffs may have already been taken against the outstanding loan balance. The Company classifies TDR loans as impaired loans and evaluates the need for an allowance for loan loss on a loan-by-loan basis. An allowance is based on either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the estimated fair value of the underlying collateral less any selling costs, if the loan is deemed to be collateral dependent. For the twelve months ended December 31, 2016, 2015 and 2014, the following table presents a breakdown of the types of concessions made by loan class: Year Ended December 31, 2016 Pre-Modification Post-Modification Number Outstanding Recorded Outstanding Recorded of Contracts Investment Investment (dollars in thousands) Extend payment terms: Commercial — $ — $ — Real estate - commercial — — — Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential — — — Home equity — — — Consumer loans — — — Other loans — — — — $ — $ — Other: Commercial — $ — $ — Real estate - commercial — — — Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential 4 482 328 Home equity — — — Consumer loans — — — Other loans — — — 4 $ 482 $ 328 Total 4 $ 482 $ 328 Note 5 – Troubled Debt Restructures (Continued) Year Ended December 31, 2015 Pre-Modification Post-Modification Number Outstanding Recorded Outstanding Recorded of Contracts Investment Investment (dollars in thousands) Extend payment terms: Commercial — $ — $ — Real estate - commercial — — — Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential — — — Home equity — — — Consumer loans — — — Other loans — — — — $ — $ — Other: Commercial 2 $ 46 $ 44 Real estate - commercial — — — Other real estate construction 1 55 55 Real estate 1 – 4 family construction — — — Real estate – residential 6 530 521 Home equity — — — Consumer loans — — — Other loans 1 53 53 10 $ 684 $ 673 Total 10 $ 684 $ 673 Year Ended December 31, 2014 Pre-Modification Post-Modification Number Outstanding Recorded Outstanding Recorded of Contracts Investment Investment (dollars in thousands) Extend payment terms: Commercial — $ — $ — Real estate - commercial — — — Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential — — — Home equity — — — Consumer loans 1 32 32 Other loans — — — 1 $ 32 $ 32 Other: Commercial — $ — $ — Real estate - commercial 3 424 424 Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential 6 870 870 Home equity — — — Consumer loans — — — Other loans — — — 9 $ 1,294 $ 1,294 Total 10 $ 1,326 $ 1,326 Note 5 – Troubled Debt Restructures (Continued) During the twelve months ended December 31, 2016 there was one TDR for which there was a payment default. There were no payment defaults on TDRs in 2015 and 2014. The outstanding balance of TDRs at December 31, 2016 is $4.8 million with $4.6 million still accruing compared to an outstanding balance at December 31, 2015 of $4.5 million with $4.2 million still accruing. A default on a troubled debt restructure is defined as being past due 90 days or being out of compliance with the modification agreement. As previously mentioned, the Company considers TDRs to be impaired loans and has $98,000 in the allowance for loan loss as of December 31, 2016, as a direct result of these TDRs. At December 31, 2015 and 2014 there was $177,000 and $373,000 in the allowance for loan loss related to TDRs, respectively. The following table presents the successes and failures of the types of modifications within the previous twelve months as of December 31, 2016, 2015 and 2014: Paid In Full Paying as restructured Converted to nonaccrual Foreclosure/ Default Number of Recorded Number of Recorded Number of Recorded Number of Recorded Loans Investments Loans Investments Loans Investments Loans Investments (dollars in thousands) December 31, 2016 Extended payment terms — $ — — $ — — $ — — $ — Other 6 844 4 482 — — 4 419 Total 6 $ 844 4 $ 482 — $ — 4 $ 419 Paid In Full Paying as restructured Converted to nonaccrual Foreclosure/ Default Number of Recorded Number of Recorded Number of Recorded Number of Recorded Loans Investments Loans Investments Loans Investments Loans Investments (dollars in thousands) December 31, 2015 Extended payment terms — $ — — $ — — $ — — $ — Other — — 10 684 — — — — Total — $ — 10 $ 684 — $ — — $ — Paid In Full Paying as restructured Converted to nonaccrual Foreclosure/ Default Number of Recorded Number of Recorded Number of Recorded Number of Recorded Loans Investments Loans Investments Loans Investments Loans Investments (dollars in thousands) December 31, 2014 Extended payment terms — $ — 1 $ 32 — $ — — $ — Other 1 112 8 1,182 — — — — Total 1 $ 112 9 $ 1,214 — $ — — $ — |
Mortgage Servicing Assets
Mortgage Servicing Assets | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Banking [Abstract] | |
Mortgage Servicing Assets | Note 6 – Mortgage Servicing Assets The principal balance of loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of mortgage and other loans serviced for others were approximately $436 million and $406 million at December 31, 2016 and 2015, respectively. The carrying value of capitalized servicing rights, net of valuation allowances, is included in other assets. A summary of mortgage servicing rights follows: 2016 2015 2014 (dollars in thousands) Beginning of year mortgage servicing rights: $ 2,040 $ 2,072 $ 2,356 Amounts capitalized 983 657 386 Amortization (752 ) (689 ) (709 ) Impairment — — 39 End of year $ 2,271 $ 2,040 $ 2,072 Note 6 – Mortgage Servicing Assets (Continued) Amortization expense is estimated as follows: Year ending December 31, (dollars in thousands) 2017 $ 536 2018 465 2019 393 2020 320 2021 248 Thereafter 309 Total $ 2,271 The amortization does not anticipate or pro-forma loan prepayments. The fair value of mortgage servicing rights was $3.3 million at both December 31, 2016 and 2015. The key assumptions used to value mortgage servicing rights were as follows: 2016 2015 Weighted average remaining life 262 months 257 months Weighted average discount rate 14 % 10 % Weighted average coupon 3.89 % 3.95 % Weighted average prepayment speed 145 % 171 % |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment | Note 7 - Premises and Equipment The major classes of premises and equipment and the total accumulated depreciation at December 31, 2016 and 2015 are listed below: 2016 2015 (dollars in thousands) Land $ 3,215 $ 3,302 Building and improvements 12,882 12,808 Furniture and equipment 9,209 8,901 Total fixed assets 25,306 25,011 Less accumulated depreciation 11,133 10,345 Net fixed assets $ 14,173 $ 14,666 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Leases | Note 8 – Leases During 2015, Uwharrie Bank entered into a lease for a loan production office in Charlotte. This lease was a month-to-month lease with monthly rental payments of $2,888. In August 2016, this lease was expanded to a five-year lease period expiring in September of 2021 with two five-year renewal options at the expiration of the initial term. Monthly rental payments of $12,656 are due for the first year. The payments then escalate 2.625% each year on the anniversary. Total rental expense related to the operating leases was $89,369, $25,529, and $16,230 for the years ended December 31, 2016, 2015 and 2014, respectively, and is included in net occupancy expense. A table detailing the lease expense associated with the aforementioned property is below. Year ending December 31, (dollars in thousands) 2017 $ 156 2018 156 2019 156 2020 156 2021 117 Thereafter — Total $ 741 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Banking And Thrift [Abstract] | |
Deposits | Note 9 - Deposits The composition of deposits at December 31, 2016 and 2015 is as follows: 2016 2015 Amount Percentage of Total Amount Percentage of Total (dollars in thousands) Demand noninterest-bearing $ 103,138 21 % $ 92,524 20 % Interest checking and money market 272,968 56 % 252,345 54 % Savings 42,452 9 % 40,436 8 % Time deposits $250,000 and over 7,472 2 % 8,148 2 % Other time deposits 59,689 12 % 74,280 16 % Total $ 485,719 100 % $ 467,733 100 % The maturities of fixed-rate time deposits at December 31, 2015 are reflected in the table below: Time Deposits Other Year ending December 31, $250,000 and Over Time Deposits (dollars in thousands) 2017 6,002 36,832 2018 555 6,730 2019 — 3,488 2020 — 4,451 2021 915 8,168 Thereafter — 20 Total $ 7,472 $ 59,689 |
Short-Term Borrowed Funds
Short-Term Borrowed Funds | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowed Funds | Note 10 - Short-Term Borrowed Funds The following tables set forth certain information regarding the amounts, year-end weighted average rates, average balances, weighted average rate, and maximum month-end balances for short-term borrowed funds, at and during 2016 and 2015: 2016 2015 Amount Rate Amount Rate (dollars in thousands) At year-end Master notes and other short term borrowing $ 2,162 0.25 % $ 3,396 0.25 % Notes payable 12 6.00 % 12 6.00 % Short-term line of credit 500 3.75 % 2,350 3.50 % $ 2,674 0.93 % $ 5,758 1.59 % 2016 2015 Amount Rate Amount Rate (dollars in thousands) Average for the year Federal funds purchased $ 2 1.48 % $ 2 0.79 % Master notes and other short term borrowing 2,540 0.25 % 3,280 0.25 % Notes payable 12 6.31 % 18 6.00 % Short-term line of credit 803 3.67 % 1,598 3.51 % $ 3,357 1.09 % $ 4,898 1.32 % Note 10 - Short-Term Borrowed Funds (Continued) 2016 2015 (dollars in thousands) Maximum month-end balance Master notes and other short term borrowing 4,325 4,736 Notes payable 12 12 Short-term line of credit 2,350 2,350 Master notes and other secured borrowings represent an overnight investment in commercial paper issued by the Company to customers of its subsidiary bank, where an agreement is in place. The Company has a short-term line of credit with $500,000 outstanding at December 31, 2016. The line of credit has an interest rate of 3.75% and matures July 5, 2017. The line is collateralized by Uwharrie Bank Stock. The subsidiary bank has combined available lines of credit for federal funds and Federal Reserve discount window availability in the amount of $55.4 million at December 31, 2016. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 11 - Long-Term Debt The Company has a line of credit with the Federal Home Loan Bank secured by qualifying first lien and second mortgage loans and commercial real estate loans with eligible collateral value of $76.7 million with remaining availability of $54.2 million at December 31, 2016. There were no long-term advances under this line at December 31, 2016 and at December 31, 2015. The subsidiary bank also has standby letters of credit issued by the Federal Home Loan Bank to be used as collateral for public funds deposits. The aggregate amount of the letters of credit was $22.5 million at December 31, 2016. During the first quarter of 2014, the Company conducted a private placement offering of fixed rate junior subordinated debt securities at $1,000 per security with a required minimum investment of $50,000. The offering raised $9.5 million, of which the entire $9.5 million was outstanding at December 31, 2014. These securities have a final maturity date of March 31, 2024 and may be redeemed by the Company after March 31, 2019. The junior subordinated debt pays interest quarterly at an annual fixed rate of 5.75%. All proceeds of this private placement qualify and are included in the calculation of Tier 2 capital. Once the final maturity drops under five years, the Company must impose a twenty percent annual reduction per year of the amount of the proceeds from the sale of these securities that are eligible to be counted as Tier 2 capital. The Company would have a twenty percent reduction beginning at March 31, 2019. As of December 31, 2016, the scheduled maturities of these long term borrowings are as follows: Year ending December 31, (dollars in thousands) 2017 $ — 2018 — 2019 9,534 2020 — 2021 — Thereafter — Total $ 9,534 |
Income Tax Matters
Income Tax Matters | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Matters | Note 12 - Income Tax Matters The significant components of income tax expense (benefit) for the years ended December 31, 2016, 2015 and 2014 are summarized as follows: 2016 2015 2014 (dollars in thousands) Current tax expense (benefit): Federal $ 674 $ 389 $ 11 State 129 81 44 Total 803 470 55 Deferred tax expense (benefit): Federal 47 228 458 State 45 108 135 Total 92 336 593 Net provision for income taxes $ 895 $ 806 $ 648 The difference between the provision for income taxes and the amounts computed by applying the statutory federal income tax rate of 34% to income before income taxes is summarized below: 2016 2015 2014 (dollars in thousands) Tax computed at the statutory federal rate $ 1,056 $ 956 $ 791 Increases (decrease) resulting from: Tax exempt interest, net (298 ) (280 ) (252 ) State income taxes, net of federal benefit 115 125 118 Other 22 5 (9 ) Provision for income taxes $ 895 $ 806 $ 648 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of deferred taxes at December 31, 2016, 2015 and 2014 are as follows: 2016 2015 2014 (dollars in thousands) Deferred tax assets relating to: Allowance for loan losses $ 974 $ 1,057 $ 1,395 Deferred compensation 1,243 1,080 975 Other 396 555 701 Net unrealized loss on securities available for sale 678 109 — Total deferred tax assets 3,291 2,801 3,071 Deferred tax liabilities relating to: Net unrealized gain on securities available for sale — — (157 ) Premises and equipment (295 ) (319 ) (371 ) Deferred loans fees and costs (233 ) (213 ) (198 ) Loan servicing (193 ) (176 ) (182 ) Total deferred tax liabilities (721 ) (708 ) (908 ) Net recorded deferred tax asset $ 2,570 $ 2,093 $ 2,163 The net deferred tax asset is included in other assets on the accompanying consolidated balance sheets. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13 - Commitments and Contingencies Financial Instruments with Off-Balance Sheet Risk The subsidiary bank is party to financial instruments with off-balance sheet risks in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, lines of credit and standby letters of credit. These instruments involve elements of credit risk in excess of amounts recognized in the accompanying financial statements. The subsidiary bank’s risk of loss with the unfunded loans and lines of credit or standby letters of credit is represented by the contractual amount of these instruments. The Bank uses the same credit policies in making commitments under such instruments as it does for on-balance sheet instruments. The amount of collateral obtained, if any, is based on management’s credit evaluation of the borrower. Collateral held varies, but may include accounts receivable, inventory, real estate and time deposits with financial institutions. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Credit card commitments are unsecured. As of December 31, 2016 and 2015, outstanding financial instruments whose contract amounts represent credit risk were as follows: 2016 2015 (dollars in thousands) Commitments to extend credit $ 86,651 $ 82,417 Credit card commitments 9,870 9,269 Standby letters of credit 1,628 2,255 $ 98,149 $ 93,941 Contingencies In the normal course of business, the Company is involved in various legal proceedings. In the opinion of management, any liability resulting from such proceedings would not have a material adverse effect on the consolidated financial statements. Financial Instruments with Concentration of Credit Risk The subsidiary bank makes commercial, agricultural, real estate mortgage, home equity and consumer loans primarily in Stanly, Anson, Cabarrus and Mecklenburg counties. A substantial portion of the Company’s customers’ ability to honor their contracts is dependent on the economy in these counties. Although the Company’s composition of loans is diversified, there is some concentration of mortgage real estate loans, primarily 1-to-4 family residential mortgage loans and in commercial loans secured primarily by real estate, shopping center locations, commercial land development, commercial buildings and equipment in the total portfolio. The Bank’s policy is to abide by real estate loan-to-value margin limits corresponding to guidelines issued by the federal supervisory agencies on March 19, 1993. Lending policy for all loans requires that they be supported by sufficient cash flows at the time of origination. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 14 - Related Party Transactions The Company has granted loans to certain directors and executive officers and their related interests. Such loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other borrowers and, in management’s opinion, do not involve more than the normal risk of collectability. All loans to directors and executive officers or their interests are submitted to the Board of Directors for approval. A summary of loans to directors, executive officers and their related interests follows: 2016 2015 (dollars in thousands) Balance, at beginning of the year $ 19,208 $ 21,720 Disbursements during the year 3,798 4,722 Collections during the year (8,191 ) (7,234 ) Balance, at end of the year $ 14,815 $ 19,208 At December 31, 2016, the Company had approved, but unused lines of credit, totaling $3.4 million to executive officers and directors, and their related interests. In addition, at December 31, 2016, the Company had $12.3 million of deposits for executive officers and directors, and their related interest. |
Shareholders' Equity and Regula
Shareholders' Equity and Regulatory Matters | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Shareholders' Equity and Regulatory Matters | Note 15 – Shareholders’ Equity and Regulatory Matters The Company and its banking subsidiary are subject to certain requirements imposed by state and federal banking statutes and regulations. These requirements, among other things, establish minimum levels of capital, restrict the amount of dividends that may be distributed, and require that reserves on deposit liabilities be maintained in the form of vault cash or deposits with the Federal Reserve Bank. For the reserve maintenance period in effect at December 31, 2016, the subsidiary bank was required to maintain reserve balances in cash or on deposit with the Federal Reserve Bank in the aggregate amount of $1.0 million as reserves on deposit liabilities. The Company and its subsidiary bank are subject to federal regulatory risk-based capital guidelines for banks and bank holding companies. Each must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices which measure Total Capital, Tier 1 Capital and Common Equity Tier 1 Capital to risk-weighted assets and Tier 1 Capital to average assets. Bank regulatory agencies approved regulatory capital guidelines (“Basel III”) aimed at strengthening existing capital requirements for banking organizations. Under the final rules, minimum requirements increase for both the quantity and quality of capital held by the Company. The rules include a new common equity Tier 1 capital to risk-weighted assets minimum ratio of 4.50%, raise the minimum ratio of Tier 1 capital to risk-weighted assets from 4.00% to 6.00%, require a minimum ratio of total capital to risk-weighted assets of 8.00%, and require a minimum Tier 1 leverage ratio of 4.00%. A new capital conservation buffer, comprised of common equity Tier 1 capital, was also established above the regulatory minimum capital requirements. This capital conservation buffer will be phased in beginning January 1, 2016 at 0.625% of risk-weighted assets and increase each subsequent year by an additional 0.625% until reaching its final level of 2.50% on January 1, 2019. Strict eligibility criteria for regulatory capital instruments were also implemented under the final rules. The final rules also revise the definition and calculation of Tier 1 capital, total capital, and risk-weighted assets. The phase-in period for the final rules became effective for the Company and its subsidiary bank on January 1, 2015, with full compliance of all the final rules’ requirements phased in over a multi-year schedule, to be fully phased-in by January 1, 2019. As of December 31, 2016, the Company and its subsidiary bank continue to exceed minimum capital standards and remain well-capitalized under the new rules. Quantitative measures established by regulation to ensure capital adequacy and the Company’s consolidated capital ratios are set forth in the table below. The Company expects to meet or exceed these minimums without altering current operations or strategy. Minimum to Be Well Minimum Capitalized Under For Capital Prompt Corrective Actual Requirement Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2016 Total Capital to Risk Weighted Assets: Consolidated $ 57,084 14.8 % $ 30,910 8.0 % $ 38,637 10.0 % Uwharrie Bank 56,007 14.6 % 30,691 8.0 % 38,364 10.0 % Tier 1 Capital to Risk Weighted Assets: Consolidated 44,843 11.6 % 23,182 6.0 % 30,910 8.0 % Uwharrie Bank 53,300 13.9 % 23,018 6.0 % 30,691 8.0 % Common Equity Tier 1 Capital to Risk Weighted Assets: Consolidated 34,220 8.9 % 17,387 4.5 % 25,114 6.5 % Uwharrie Bank 42,677 11.1 % 17,264 4.5 % 24,937 6.5 % Tier 1 Capital to Average Assets: Consolidated 44,843 8.4 % 21,372 4.0 % 26,715 5.0 % Uwharrie Bank 53,300 10.0 % 21,312 4.0 % 26,640 5.0 % Note 15 – Shareholders’ Equity and Regulatory Matters (Continued) Minimum to Be Well Minimum Capitalized Under For Capital Prompt Corrective Actual Requirement Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2015 Total Capital to Risk Weighted Assets: Consolidated $ 55,945 15.6 % $ 28,708 8.0 % $ 35,885 10.0 % Uwharrie Bank 56,221 15.8 % 28,549 8.0 % 35,686 10.0 % Tier 1 Capital to Risk Weighted Assets: Consolidated 43,527 12.1 % 21,531 6.0 % 28,708 8.0 % Uwharrie Bank 53,337 15.0 % 21,412 6.0 % 28,549 8.0 % Common Equity Tier 1 Capital to Risk Weighted Assets: Consolidated 32,931 9.2 % 16,148 4.5 % 23,325 6.5 % Uwharrie Bank 42,741 12.0 % 17,843 4.5 % 23,196 6.5 % Tier 1 Capital to Average Assets: Consolidated 43,527 8.2 % 21,225 4.0 % 26,531 5.0 % Uwharrie Bank 53,337 10.1 % 21,156 4.0 % 26,445 5.0 % As of December 31, 2016, the most recent notification from the Federal Deposit Insurance Corporation categorized the Company’s subsidiary bank as being well capitalized under the regulatory framework for prompt corrective action. There have been no conditions or events since such notification that management believes would have changed the categorization. In January 2013, the Company’s subsidiary bank issued $7.9 million of Fixed Rate Noncumulative Perpetual Preferred Stock, Series B. The preferred stock qualifies as Tier 1 capital at the subsidiary bank and pays dividends at a rate of 5.30%. The offering raised $7.9 million less issuance costs of $113,000. During 2013, the Company’s subsidiary bank raised $2.8 million of Fixed Rate Noncumulative Perpetual Preferred Stock, Series C. The preferred stock qualifies as Tier 1 capital at the bank and pays dividends at an annual rate of 5.30%. The preferred stock has no voting rights. The offering raised $2.8 million in new capital less total issuance costs of $23,000. The total net amount of capital raised from Fixed Rate Noncumulative Perpetual Preferred Stock, Series B and Series C issued at the subsidiary bank level is presented as noncontrolling interest in the consolidated balance sheets. All of the Company’s aforementioned investment in its subsidiary bank qualifies for Tier 1 capital treatment for the bank and is included as such in its year end capital ratios. Stock Repurchase Program On February 21, 1995, the Company’s Board of Directors authorized and approved a Stock Repurchase Program, to be reaffirmed annually, pursuant to which the Company may repurchase shares of the Company’s common stock for the primary purpose of providing liquidity to its shareholders. During 2016 the Company repurchased 69,938 shares of outstanding common stock and repurchased 114,377 during 2015. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | Note 16 - Stock Based Compensation During 2006, the Company adopted the 2006 Incentive Stock Option Plan (“SOP II”) and the Employee Stock Purchase Plan (“SPP II”), under which options to purchase shares of the Company’s common stock may be granted to officers and eligible employees. Options granted under the SOP II are exercisable in established increments according to vesting schedules, generally three to five years, and will expire if not exercised within ten years of the date of grant. Options granted under the SPP II are fully vested at the date of grant and expire if not exercised within two years of the grant date. At December 31, 2016, the SOP II had 13,116 options outstanding and the SPP II had no options outstanding. Employee Stock Plans The following is a summary of stock option activity for the year ended December 31, 2016: Weighted Average Aggregate Exercise Intrinsic Value Shares Price (in thousands) Options outstanding at the beginning of the year 13,116 $ 5.03 $ — Options granted — — Options exercised — — Forfeitures — — Options outstanding at the end of the year 13,116 $ 5.03 $ 2,230 Options exercisable at the end of the year 13,116 $ 5.03 $ 2,230 Total options outstanding and exercisable at December 31, 2016 were 13,116 at an exercise price of $5.03 per share with a weighted average expected term of 1.12 years. At December 31, 2016, there were no authorized shares of common stock reserved for future grants of options under the SOP II and the SPP II as the plans have expired. The fair market value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. There were no shares granted during the years ended December 31, 2016 and 2015 under the SOP II. As of December 31, 2016, there was no unrecognized compensation cost related to non-vested share-based compensation arrangements granted under all of the Company’s stock benefit plans. The Company funds the option shares from authorized but unissued shares. The Company does not typically purchase shares to fulfill the obligations of the stock benefit plans. Company policy does allow option holders to exercise options with seasoned shares. There were no options exercised in 2014, 2015 or 2016. |
Employee and Director Benefit P
Employee and Director Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Postemployment Benefits [Abstract] | |
Employee and Director Benefit Plans | Note 17 - Employee and Director Benefit Plans Employees’ 401(k) Retirement Plan The Company has established an associate tax deferred savings plan under Section 401(k) of the Internal Revenue Code of 1986. All associates are eligible to make elective deferrals on the first day of the calendar month coincident or next following the date the associate attains the age of 18, completes one year of eligibility service and completes at least 1,000 hours of service and is 100% vested in the plan once they enroll. The Company’s annual contribution to the plan was $355,648 in 2016, $319,340 in 2015 and $330,448 in 2014, determined as follows: • The Company will contribute a safe harbor matching contribution in an amount equal to: (i) 100% of the matched employee contributions that are not in excess of 3% of compensation, plus (ii) 50% of the amount of the matched employee contributions that exceed 3% of compensation, but do not exceed 5% of compensation. • A discretionary contribution, subject to approval by the Board of Directors, limited to an amount not to exceed the maximum amount deductible for income tax purposes. Note 17 - Employee and Director Benefit Plans (Continued) Employee Stock Ownership Plan During the first quarter of 2014, the board of directors of the Company voted to terminate the ESOP effective March 1, 2014. As of February 28, 2014, the ESOP held 740,530 shares, or 9.95% of the Company’s total outstanding shares of common stock, of which 252,446 shares were unallocated to participants in the ESOP. The Company filed a request for a favorable determination letter from the Internal Revenue Service as to the tax-qualified status of the ESOP on its termination. The Company received the favorable determination letter dated September 5, 2014 from the Internal Revenue Service and during the fourth quarter all shares under the ESOP were distributed to the participants. The Company had expense of approximately $ 45,693 as a contribution to the ESOP Plan during the first part of 2014. The ESOP had a put option that allowed the employee to put their shares back to the Company. At December 31, 2014, the Company had a liability set aside at fair value in the amount of approximately $561,000 for shares that can be put back to the Company during the first half of 2015. The put option has expired and there will no longer be a liability for the Company. This liability that had been reclassified from additional paid in capital and was presented separately on the Company’s balance sheet, has now been returned to additional paid in capital. Supplemental Executive Retirement Plan The Company has implemented a non-qualifying deferred compensation plan for certain executive officers. Certain of the plan benefits will accrue and vest during the period of employment and will be paid in fixed monthly benefit payments for up to ten years upon separation from service. The plan also provides for payment of death benefits and for payment of disability benefits in the event the officer becomes permanently disabled prior to separation from service. Effective December 31, 2008, this plan was amended and restated to comply with Section 409A of the Internal Revenue Code. The participants’ account liability balances as of December 31, 2008 could be transferred into a trust fund, where investments will be participant-directed. The plan is structured as a defined contribution plan and the Company’s expected annual funding contribution for the participants has been calculated through the participant’s expected retirement date. Under terms of the agreement, the Company has reserved the absolute right, at its sole discretion, to either fund or refrain from funding the plan. The plan also provides for payment of death benefits and for payment of disability benefits in the event the officer becomes permanently disabled prior to separation from service. The plans assets are maintained in a rabbi trust and are recorded at fair value with the corresponding liability adjusted to the same fair value. During 2016, 2015 and 2014, $336,800, $331,800 and $316,800, respectively was expensed each year for benefits provided under the plans. The liability accrued for deferred compensation under the plan amounted to $4.1 million and $3.7 million at December 31, 2016 and 2015, respectively. Note 17 - Employee and Director Benefit Plans (Continued) Split-Dollar Life Insurance The Company has entered into Life Insurance Endorsement Method Split-Dollar Agreements with certain officers. Under these agreements, upon death of the officer, the Company first recovers the cash surrender value of the contract and then shares the remaining death benefits from insurance contracts, which are written with different carriers, with the designated beneficiaries of the officers. The death benefit to the officers’ beneficiaries is a multiple of base salary at the time of the agreements. The Company, as owner of the policies, retains an interest in the life insurance proceeds and a 100% interest in the cash surrender value of the policies. During 2016, 2015, and 2014, the expense associated with these policies was $27,111, $86,346, and $112,176 respectively. Stock Grant Plan During 2015, the Company adopted the 2015 Stock Grant Plan (“SGP”), under which the Company, at its discretion, may choose to make grants or awards of Uwharrie Capital Corp common stock (the “Common Stock”) to employees, directors or independent contractors of the Company or its subsidiaries as an alternate form of compensation or as a performance bonus. Shares of Common Stock to be used for Stock Grants under this Plan will be outstanding shares purchased by a revocable trust formed by the Company (the “Trust”). The Participant will be 100% vested in the shares purchased on their behalf as soon as the Trust’s purchase is completed. The Company recognizes expense for the value of the shares at the time they are purchased by the Trust. The SGP allows for 520,000 shares to be granted and at December 31, 2016, the availability under the SGP was 487,749 shares. During 2016 there were 13,809 shares granted at an expense of $55,029. |
Fair Values of Financial Instru
Fair Values of Financial Instruments and Interest Rate Risk | 12 Months Ended |
Dec. 31, 2016 | |
Investments All Other Investments [Abstract] | |
Fair Values of Financial Instruments and Interest Rate Risk | Note 18 - Fair Values of Financial Instruments and Interest Rate Risk ASC 825, “Disclosures about Fair Value of Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those that are not measured and reported at fair value on a recurring basis or non-recurring basis. The fair value estimates presented at December 31, 2016 and December 31, 2015, are based on relevant market information and information about the financial instruments. Fair value estimates are intended to represent the price an asset could be sold at or the price a liability could be settled for. However, given there is no active market or observable market transactions for many of the Company’s financial instruments, the Company has made estimates of many of these fair values which are subjective in nature, involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimated values. The estimated fair values disclosed in the following table do not represent market values of all assets and liabilities of the Company and should not be interpreted to represent the underlying value of the Company. The following table reflects a comparison of carrying amounts and the estimated fair value of the financial instruments as of December 31, 2016 and December 31, 2015: Carrying Estimated December 31, 2016 Value Fair Value Level 1 Level 2 Level 3 (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 45,968 $ 45,995 $ 43,478 $ 2,517 $ — Securities available for sale 105,899 105,899 4,014 101,885 — Securities held to maturity 11,990 11,934 — 11,934 — Loans held for investment, net 339,122 337,348 — — 337,348 Loans held for sale 5,823 5,685 — 5,685 — Restricted stock 1,052 1,052 1,052 — — Accrued interest receivable 1,629 1,629 — — 1,629 FINANCIAL LIABILITIES Deposits $ 485,719 $ 447,784 $ — $ 447,784 $ — Short-term borrowings 2,674 2,674 — 2,674 — Long-term borrowings — — — — — Junior subordinated debt 9,534 9,673 — — 9,673 Accrued interest payable 151 151 — — 151 Note 18 - Fair Values of Financial Instruments and Interest Rate Risk (Continued) Carrying Estimated December 31, 2015 Value Fair Value Level 1 Level 2 Level 3 (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 68,933 $ 68,973 $ 65,198 $ 3,775 $ — Securities available for sale 89,258 89,258 4,012 85,246 — Securities held to maturity 11,242 11,242 — 11,242 — Loans held for investment, net 317,248 313,649 — — 313,649 Loans held for sale 5,922 5,922 — 5,922 — Restricted stock 1,040 1,040 1,040 — — Accrued interest receivable 1,564 1,564 — — 1,564 FINANCIAL LIABILITIES Deposits $ 467,733 $ 442,619 $ — $ 442,619 $ — Short-term borrowings 5,758 5,758 — 5,758 — Long-term borrowings 13 13 — 13 Junior subordinated debt 9,534 9,688 — — 9,688 Accrued interest payable 168 168 — — 168 The following methods and assumptions were used by the Company in estimating the fair value of financial instruments: • Cash and cash equivalents – The carrying amount of cash and cash equivalents approximate their fair values due to the short period of time until their expected realization and are recorded in Level 1. • Securities available for sale – Securities available for sale are carried at fair value based on quoted and observable market prices and are recorded in Levels 1 and 2. Also see discussion in note 1 • Loans – The fair value of loans is estimated based on discounted expected cash flows using the current interest rates at which similar loans would be made and carried in level 3. Loans held for sale, which represent current mortgage production forward sales not yet delivered, are valued based on secondary market prices. The fair value of loans does not consider the lack of liquidity and uncertainty in the market that would affect the valuation. Loans held for sale are recorded in Level 2. • Restricted stock – It is not practicable to determine fair value of restricted stock which is comprised of Federal Home Loan Bank and Federal Reserve Bank stock due to restrictions placed on its transferability and it is presented at its carrying value and is recorded in Level 1 due to the redemption provisions of the Federal Home Loan Bank and the Federal Reserve Bank. • Accrued interest receivable and payable – Both accrued interest receivable and payable are recorded in Level 3, as there are not active markets for these. • Deposits – The fair value of deposits is estimated based on discounted cash flow analyses using offered market rates and is recorded in Level 2. The fair value of deposits does not consider any customer related intangibles. • Borrowings – The fair value disclosed for short-term borrowings, which are composed of overnight borrowings and debt due within one year approximate the carrying value for such debt and is recorded in Level 2. The estimated fair value for long-term borrowings are estimated based on discounted cash flow analyses using offered market rates. Total borrowings are carried in Level 2. Junior subordinated debt is fair valued based on discounted cash flow analyses and is recorded in Level 3. At December 31, 2016, the subsidiary bank had outstanding standby letters of credit and commitments to extend credit. These off-balance sheet financial instruments are generally exercisable at the market rate prevailing at the date the underlying transaction will be completed; therefore, they were deemed to have no current fair value. See Note 13. Note 18 - Fair Values of Financial Instruments and Interest Rate Risk (Continued) The following table provides fair value information for assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 and 2015: December 31, 2016 (dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale: US Treasury $ 4,014 $ 4,014 $ — $ — US Gov’t 57,671 — 57,671 — Mortgage-backed securities and CMO’s 25,648 — 25,648 — State and political subdivisions 13,536 — 13,536 — Corporate bonds 5,030 — 5,030 — Total assets at fair value $ 105,899 $ 4,014 $ 101,885 $ — Total liabilities at fair value $ — $ — $ — $ — December 31, 2015 (dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale: US Treasury $ 4,012 $ 4,012 $ — $ — US Gov’t 36,070 — 36,070 — Mortgage-backed securities and CMO’s 29,773 — 29,773 — State and political subdivisions 14,039 — 14,039 — Corporate bonds 5,364 — 5,364 — Total assets at fair value $ 89,258 $ 4,012 $ 85,246 $ — Total liabilities at fair value $ — $ — $ — $ — The Company may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with U.S. generally accepted accounting principles. These include assets that are measured at the lower of cost or market that were recognized at fair value below cost at the end of the period. Assets measured at fair value on a nonrecurring basis are included in the table below as of December 31, 2016 and December 31, 2015: December 31, 2016 (dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans $ 2,217 $ — $ — $ 2,217 Other real estate owned 3,130 — — 3,130 Total assets at fair value $ 5,347 $ — $ — $ 5,347 Total liabilities at fair value $ — $ — $ — $ — December 31, 2015 (dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans $ 3,108 $ — $ — $ 3,108 Other real estate owned 2,909 — — 2,909 Total assets at fair value $ 6,017 $ — $ — $ 6,017 Total liabilities at fair value $ — $ — $ — $ — Quantitative Information about Level 3 Fair Value Measurements Note 18 - Fair Values of Financial Instruments and Interest Rate Risk (Continued) General December 31, 2016 Valuation Technique Unobservable Input Range Nonrecurring measurements: Impaired loans Discounted appraisals Collateral discounts and Estimated costs to sell 0 – 25% Discounted cash flows Discount rates 4%-8.75% OREO Discounted appraisals Collateral discounts and Estimated costs to sell 0 – 10% General December 31, 2015 Valuation Technique Unobservable Input Range Nonrecurring measurements: Impaired loans Discounted appraisals Collateral discounts and Estimated costs to sell 0 – 25% Discounted cash flows Discount rates 4%-8.75% OREO Discounted appraisals Collateral discounts and Estimated costs to sell 0 – 10% At December 31, 2016 and 2015, impaired loans were being evaluated with discounted expected cash flows and discounted appraisals were being used on collateral dependent loans. |
Parent Company Financial Data
Parent Company Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Parent Company Financial Data | Note 19 - Parent Company Financial Data The following is a summary of the condensed financial statements of Uwharrie Capital Corp: Condensed Balance Sheets December 31, 2016 2015 (dollars in thousands) Assets Cash and demand deposits $ 269 $ 246 Interest-earning deposits 2,161 3,396 Investments in: Bank subsidiaries 41,358 42,528 Nonbank subsidiaries 494 648 Other assets 1,316 1,342 Total assets $ 45,598 $ 48,160 Liabilities and shareholders’ equity Master notes $ 2,162 $ 3,396 Short term debt 500 2,350 Junior subordinated debentures 9,534 9,534 Other liabilities 501 163 Total liabilities 12,697 15,443 Shareholders’ equity 32,901 32,717 Total liabilities and shareholders’ equity $ 45,598 $ 48,160 Note 19 - Parent Company Financial Data (Continued) Condensed Statements of Income 2016 2015 2014 (dollars in thousands) Equity in undistributed earnings (loss) of subsidiaries $ 375 $ 2,760 $ 1,456 Dividends received from subsidiaries 2,500 — 1,000 Interest income 6 8 11 Other income 77 81 87 Interest expense (585 ) (612 ) (583 ) Other operating expense (445 ) (555 ) (624 ) Income tax benefit 283 325 332 Net income $ 2,211 $ 2,007 $ 1,679 Consolidated net income $ 2,211 $ 2,007 $ 1,679 Less: Net income attributable to noncontrolling interest (593 ) (592 ) (591 ) Net income attributable to Uwharrie Capital Corp 1,618 1,415 1,088 Net Income (loss) available to common shareholders $ 1,618 $ 1,415 $ 1,088 Net income (loss) per common share Basic $ 0.23 $ 0.20 $ 0.14 Diluted $ 0.23 $ 0.20 $ 0.14 Weighted average shares outstanding Basic 7,096,969 7,193,712 7,595,948 Diluted 7,097,075 7,193,712 7,595,948 Condensed Statements of Cash Flows 2016 2015 2014 (dollars in thousands) Cash flows from operating activities Net income $ 2,211 $ 2,007 $ 1,679 Adjustments to reconcile net income to net cash used by operating activities: Equity in undistributed (earnings) loss of subsidiaries (375 ) (2,760 ) (1,456 ) (Increase) decrease in other assets 26 (228 ) 136 Increase (decrease) in other liabilities 338 14 78 Net cash provided (used) by operating activities 2,200 (967 ) 437 Cash flows from financing activities Net decrease in master notes (1,234 ) (278 ) (324 ) Net increase in short-term debt (1,850 ) 1,350 1,000 Net repayments of issuance of junior subordinated debentures — — (1,593 ) Repurchase of common stock, net (322 ) (429 ) (1,401 ) Cash paid for fractional shares (6 ) (5 ) (4 ) Net cash used by financing activities (3,412 ) 638 (2,322 ) Net decrease in cash and cash equivalents (1,212 ) (329 ) (1,885 ) Cash and cash equivalents at beginning of year 3,642 3,971 5,856 Cash and cash equivalents at end of year $ 2,430 $ 3,642 $ 3,971 |
Significant Accounting Polici29
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business Uwharrie Capital Corp (the “Company”) was incorporated under North Carolina law for the purpose of becoming the holding company for Bank of Stanly (“Stanly”). On July 1, 1993, Stanly became a wholly-owned subsidiary of the Company through a one-for-one exchange of the common stock of Stanly for common stock of the Company. On September 1, 2013, Bank of Stanly changed its name to Uwharrie Bank (“Uwharrie”). Uwharrie was incorporated on September 28, 1983, under the laws of the State of North Carolina and began operations on January 26, 1984 in Albemarle, North Carolina. Deposits with Uwharrie are insured by the Federal Deposit Insurance Corporation (“FDIC”). Uwharrie is under regulation of the Federal Reserve, the FDIC and the North Carolina Commissioner of Banks. In Stanly County Uwharrie has six branch locations that provide a wide range of deposit accounts, commercial, consumer, home equity and residential mortgage loans, safe deposit boxes and automated banking. In 1987, Uwharrie established a wholly-owned subsidiary, BOS Agency, Inc. (“BOS Agency”), which engages in insurance product sales. In 1989, Uwharrie established a second wholly-owned subsidiary, BOS Financial Corporation, for the purpose of conducting business as a “broker dealer” in securities. During 1993, BOS Financial Corporation changed its name to The Strategic Alliance Corporation (“Strategic Alliance”) and was registered as a “broker dealer” and is regulated by the Financial Industry Regulatory Authority (“FINRA”). The Company formed a new subsidiary, Strategic Investment Advisors, Inc. (“SIA”), during 1998 to provide investment advisory and asset management services. This subsidiary is registered as an investment advisor with the Securities and Exchange Commission. During 2015, SIA changed its name to Uwharrie Investment Advisors, Inc. (“UIA”). On January 19, 2000, the Company completed its acquisition of Anson BanCorp, Inc. and its subsidiary, Anson Savings Bank. The savings bank retained its North Carolina savings bank charter and became a wholly-owned subsidiary of Uwharrie Capital Corp as Anson Bank & Trust Company (“Anson”), operating out of its main office branch in Wadesboro. Anson was consolidated into Uwharrie Bank effective September 1, 2013. On August 4, 2000, Uwharrie acquired another subsidiary, Gateway Mortgage, Inc. (“Gateway”), a mortgage origination company. This company is currently inactive and does not affect the Company’s consolidated financials statements. On April 10, 2003, the Company capitalized a new wholly-owned subsidiary bank, Cabarrus Bank & Trust Company (“Cabarrus”), located in Concord, North Carolina. As of that date, Cabarrus purchased two branch offices located in Cabarrus County from Uwharrie to begin its operation. Cabarrus operated as a commercial bank and provided a full range of banking services. Cabarrus was consolidated into Uwharrie Bank effective September 1, 2013. On April 7, 2004 Uwharrie Mortgage, Inc. was established as a subsidiary of the Company to serve in the capacity of trustee and substitute trustee under deeds of trust. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company, Uwharrie, UIA and Uwharrie’s subsidiaries, BOS Agency and Strategic Alliance. All significant intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses. 1 |
Cash and Cash Equivalents | Cash and Cash Equivalents For the purpose of presentation in the consolidated statements of cash flows, cash and cash equivalents are defined as those amounts included in the balance sheet captions “Cash and due from banks” and “Interest-earning deposits with banks.” |
Investment Securities Available for Sale | Investment Securities Available for Sale Investment securities available for sale consist of United States Treasuries, United States Government agencies, Government Sponsored Enterprise (GSE) mortgage backed securities and collateralized mortgage obligations (CMOs), corporate bonds and state and political subdivision bonds. Unrealized holding gains and losses on available for sale securities are reported as a net amount in other comprehensive income, net of income taxes. Gains and losses on the sale of available for sale securities are determined using the specific identification method and recorded on a trade basis. Declines in the fair value of individual available for sale securities below their cost that are other than temporary would result in write-downs of the individual securities, to their fair value. Such write-downs would be included in earnings as realized losses to the extent the losses are associated with the credit quality of the issuer. Amortization of premiums and accretion of discounts are recognized in interest income using the interest method over the period to maturity. |
Investment Securities Held to Maturity | Investment Securities Held to Maturity Investment securities held to maturity consist of United States Government agencies, corporate bonds and state and political subdivision bonds. The Company has both the intent and ability to hold the securities to maturity. These securities are reported at amortized cost. |
Loans Held for Sale | Loans Held for Sale Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. |
Loans | Loans The Company divides the loans it grants into two segments, commercial and noncommercial loans. Commercial loans are broken down into the following classes: commercial loans, real estate commercial loans and other real estate construction loans. Noncommercial loans are divided into the following classes: real estate 1-4 family construction, real estate 1-4 family residential loans, home equity loans, consumer loans and other loans. The ability of the Company’s borrowers to honor their contracts is largely dependent upon the real estate and general economic conditions in the Company’s market area. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the effective interest method. The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the credit is well-secured and in process of collection. Credit card loans and other personal loans are typically charged off no later than 180 days past due. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. The exception to this policy is credit card loans that remain in accrual status 90 days or more until they are paid current or charged off. All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these impaired loans is accounted for on the cash-basis until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Generally a minimum of six months of sustained performance is required. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses. The provision for loan losses is expensed to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Note 1 - Significant Accounting Policies (Continued) The Company has different specific risks identified within the loan segments. Specific risks within the commercial loan segment arise with borrowers that are experiencing diminished operating cash flows, depreciated collateral values or prolonged sales and rental absorption periods. Concentrations within the portfolio if unmanaged, pose additional risk. Occasionally, the Company will purchase participation loans from other institutions and if not independently underwritten by the Bank, could carry additional risk. Generally, owner-occupied commercial real estate loans carry less risk than non-owner occupied. Specific risks within the non-commercial portfolio tend to be tied to economic factors including high unemployment and decreased real estate values. Risk to the Company is greater as home values deteriorate more rapidly than amortization in a loan, leaving little to no equity in properties, especially in junior lien positions. Concentration in the portfolio, such as home equity lines of credit, could pose additional risk if not appropriately managed. The allowance for loan losses is evaluated both individually and collectively by loan class on a regular basis by management. Loans are collectively evaluated based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. Individually evaluated loans are based upon discounted cash flows or the underlying value of the collateral. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. In addition, regulatory examiners may require the Company to recognize adjustments to the allowance for loan losses based on their judgment about information available to them at the time of their assessment. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Homogeneous loans are collectively evaluated by loan class for impairment. However, homogeneous loans will be evaluated individually for impairment if such a loan is deemed impaired. Troubled debt restructure loans (TDR) are modifications of a loan when a borrower is experiencing financial difficulty and the modification involves providing a concession to the existing loan contract. TDRs are considered to be impaired loans and are individually evaluated for impairment. The portion of the Company’s allowance for loan loss model related to general reserves captures the mean loss of individual loans and the rare event of severe loss that can occur within the loan portfolio. Specifically, the Company calculates probable losses on loans by computing a probability of loss and estimated loss scenario by FDIC call report codes. Together, these components, as well as a level of more extreme unexpected losses form the basis of the allowance model. The loans that are impaired and included in the specific reserve are excluded from these calculations. |
Mortgage Servicing Rights | Mortgage Servicing Rights The Company capitalizes mortgage servicing rights when loans are sold and the loan servicing is retained. The cost of servicing rights is amortized in proportion to and over the estimated period of net servicing revenues is expected to be received based on projections of the amount and timing of estimated future cash flows. The amortization of servicing rights is recognized in the statement of income as an offset to other noninterest income. Servicing assets are periodically evaluated for impairment based upon their fair value. Fair value is based upon discounted cash flows using market-based assumptions. Impairment is recognized through a valuation allowance and charged to other expense. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Foreclosed Real Estate | Foreclosed Real Estate Real estate properties acquired through foreclosure or other proceedings are initially recorded at fair value less costs to sell upon foreclosure, establishing a new cost basis. Annually, valuations are performed and the foreclosed property is adjusted to the lower of cost or fair value of the properties, less costs to sell. Any write-down at the time of transfer to foreclosed properties is charged to the allowance for loan losses. Subsequent write-downs are charged to noninterest expense, and costs related to the improvement of the property are capitalized if the fair value less cost to sell will allow it. If not, these costs are expensed also. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Land is carried at cost. Additions and major replacements or betterments which extend the useful lives of premises and equipment are capitalized. Maintenance, repairs and minor improvements are expensed as incurred. Depreciation is computed principally by the straight-line method over estimated useful lives, except in the case of leasehold improvements, which are amortized over the term of the leases, if shorter. Useful lives range from five to seven years for furniture, fixtures and equipment, to ten to thirty-nine years for leasehold improvements and buildings, respectively. Upon retirement or other disposition of the assets, the cost and the related accumulated depreciation are removed from the accounts and any gains or losses are reflected in income. |
Restricted Stock | Restricted Stock As a requirement for membership, the bank invests in the stock of the Federal Home Loan Bank of Atlanta (“FHLB”) and Federal Reserve Bank (“FRB”). These investments are carried at cost. Due to the redemption provisions of these investments, the Company estimated that fair value approximates cost and that this investment was not impaired. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes the cost of employee services received in exchange for an award of equity instruments in the financial statements over the period the employee is required to perform the services in exchange for the award (presumptively the vesting period). Accounting Standards Codification (ASC) 718 also requires measurement of the cost of employee services received in exchange for an award based on the grant-date fair value of the award. Excess tax benefits are reported as financing cash inflows in the consolidated statement of cash flows. |
Income Taxes | Income Taxes The Company and its subsidiaries file a consolidated federal income tax return and separate North Carolina income tax returns. The provision for income taxes in the accompanying consolidated financial statements is provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold. The tax returns for the Company are subject to audit for the 2011 fiscal year and thereafter. It is the Company’s policy to recognize interest and penalties associated with uncertain tax positions as components of other expenses in the income statement; however, if interest becomes a material amount, it would be reclassified as interest expense. There were no interest or penalties accrued during the years ended December 31, 2016, 2015 and 2014. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 does not require any new fair value measurements, but clarifies and standardizes some divergent practices that have emerged since prior guidance was issued. ASC 820 creates a three-level hierarchy under which individual fair value estimates are to be ranked based on the relative reliability of the inputs used in the valuation. Note 1 - Significant Accounting Policies (Continued) ASC 820 defines fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, the Company considers the principal or most advantageous market in which those assets or liabilities are sold and considers assumptions that market participants would use when pricing those assets or liabilities. Fair values determined using Level 1 inputs rely on active and observable markets to price identical assets or liabilities. In situations where identical assets and liabilities are not traded in active markets, fair values may be determined based on Level 2 inputs, which exist when observable data exists for similar assets and liabilities. Fair values for assets and liabilities for which identical or similar assets and liabilities are not actively traded in observable markets are based on Level 3 inputs, which are considered to be unobservable. Among the Company’s assets and liabilities, investment securities available for sale are reported at their fair values on a recurring basis. Certain other assets are adjusted to their fair value on a nonrecurring basis, including other real estate owned, impaired loans, loans held for sale, which are carried at the lower of cost or market; and mortgage loan servicing rights, where fair value is determined using similar assets with similar characteristics, when available, or based upon discounted cash flows using market-based assumptions. Deposits, short-term borrowings and long-term obligations are not reported at fair value. Prices for US Treasury securities are readily available in the active markets in which those securities are traded, and the resulting fair values are shown in the ‘Level 1 input’ column. Prices for government agency securities, mortgage-backed securities and for state, county and municipal securities are obtained for similar securities, and the resulting fair values are shown in the ‘Level 2 input’ column. Prices for all other non-marketable investments are determined based on various assumptions that are not observable. The fair values for these investment securities are shown in the ‘Level 3 input’ column. Non-marketable investment securities, which are carried at their purchase price, include those that may only be redeemed by the issuer. The changes in securities between Level 1 and Level 2 were related to the purchase and sale of several securities and not the migration of securities between levels. The Company does not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and an allowance for loan losses is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures impairment by using one of several methods including collateral value, fair value of similar debt or discounted cash flows. Those impaired loans not requiring an allowance represent loans for which the present value of the expected repayments or fair value of collateral exceed the recorded investments in such loans. The Company typically bases the fair value of the collateral on appraised values which the Company considers Level 3 valuations. Foreclosed assets are adjusted to fair value upon transfer of the loans to other real estate owned. Real estate acquired in settlement of loans is recorded initially at the estimated fair value of the property less estimated selling costs at the date of foreclosure. The initial recorded value may be subsequently reduced by additional allowances, which are charged to earnings if the estimated fair value of the property less estimated selling costs declines below the initial recorded value. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. The Company typically bases the fair value of the collateral on appraised values which the Company considers Level 3 valuations. Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate, based on secondary market prices. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. These loans are recorded in Level 2. |
Comprehensive Income | Comprehensive Income The Company reports as comprehensive income all changes in shareholders’ equity during the year from sources other than shareholders. Other comprehensive income refers to all components (revenues, expenses, gains, and losses) of comprehensive income that are excluded from net income. The Company’s only component of other comprehensive income is unrealized gains and losses, net of income tax, on investment securities available for sale. The following table presents the changes in accumulated other comprehensive income for the years ended December 31, 2016, 2015 and 2014: Year ended December 31, 2016 2015 2014 (dollars in thousands) Beginning Balance $ (212 ) $ 305 $ (562 ) Other comprehensive income (loss) before reclassifications, net of $359, $60 and ($445) tax effect, respectively (772 ) (188 ) 866 Amounts reclassified from accumulated other comprehensive income, net of ($210), ($207), and $1 tax effect, respectively (334 ) (329 ) 1 Net current-period other comprehensive loss (1,106 ) (517 ) 867 Ending Balance $ (1,318 ) $ (212 ) $ 305 |
Earnings per Common Share | Earnings per Common Share The Company had stock options outstanding covering 13,116 shares of common stock at both December 31, 2016 and 2015. All of these options were dilutive because the strike price was lower than the current market price. Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. The Employee Stock Ownership Plan (“ESOP”) effect is the average of the unallocated ESOP shares. On October 18, 2016, the Company’s Board of Directors declared a 2% stock dividend payable on November 23, 2016 to shareholders of record on November 9, 2016. All information presented in the accompanying consolidated financial statements regarding earnings per share and weighted average number of shares outstanding has been computed giving effect to this stock dividend. The computation of weighted average shares used in the calculation of basic and dilutive earnings per share is summarized below: 2016 2015 2014 Weighted average number of common shares used in computing basic net income per common share 7,096,969 7,193,712 7,640,615 Effect of ESOP shares — — (44,667 ) Adjusted weighted average number of common shares used in computing basic net income per common share 7,096,969 7,193,712 7,595,948 Effect of dilutive stock options 106 — — Weighted average number of common shares and dilutive potential common shares used in computing diluted net income per common share 7,097,075 7,193,712 7,595,948 During the first quarter of 2014, the board of directors of the Company voted to terminate the ESOP effective March 1, 2014. As of February 28, 2014, the ESOP held 740,530 shares, or 9.95% of the Company’s total outstanding shares of common stock, of which 252,446 shares were unallocated to participants in the ESOP. Note 1 - Significant Accounting Policies (Continued) The Company filed a request for a favorable determination letter from the Internal Revenue Service as to the tax-qualified status of the ESOP on its termination. The Company received the favorable determination letter dated September 5, 2014 from the Internal Revenue Service and during the fourth quarter of 2014 distributed the allocated shares to the participants. |
Noncontrolling Interest | Noncontrolling Interest In January 2013 the Company’s subsidiary banks issued a total of $7.9 million of Fixed Rate Noncumulative Perpetual Preferred Stock, Series B. The preferred stock qualified as Tier 1 capital at each bank and pays dividends at an annual rate of 5.30%. The preferred stock has no voting rights. This capital is presented as noncontrolling interest in the consolidated balance sheets. Dividends declared on this preferred stock are presented as earnings allocated to the noncontrolling interest in the consolidated statements of income. Effective September 1, 2013, the Fixed Rate Noncumulative Perpetual Preferred Stock, Series B was rolled into one issue under Uwharrie Bank in connection with the consolidation and name change. During 2013, the Company’s subsidiary bank, Uwharrie Bank, raised $2.8 million of Fixed Rate Noncumulative Perpetual Preferred Stock, Series C. The preferred stock qualifies as Tier 1 capital at the bank and pays dividends at an annual rate of 5.30%. The preferred stock has no voting rights. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, Topic 606 (“ASU 2014-09”). The new standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under existing guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In August of 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers, Topic 606: Deferral of the Effective Date, deferring the effective date of ASU 2014-09 until annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The amendments can be applied retrospectively to each prior reporting period or retrospectively with the cumulative effect of initially applying this new guidance recognized at the date of initial application. The Company is currently evaluating the provisions of ASU 2014-09 to determine the potential impact the new standard will have to the Company’s financial statements. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” Note 1 - Significant Accounting Policies (Continued) In February 2016, the FASB issued ASU 2016-02, “Leases, Topic 842 (“ASU 2016-02”)”. This ASU increases the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The key difference between existing standards and this ASU is the requirement for lessees to recognize on their balance sheet all lease contracts with lease terms greater than 12 months, including operating leases. Both a right-of-use asset, representing the right to use the leased asset, and a lease liability, representing the contractual obligation, are required to be recognized on the balance sheet of the lessee at lease commencement. Further, this ASU requires lessees to classify leases as either operating or finance leases, which are substantially similar to the current operating and capital leases classifications. The distinction between these two classifications under the new standard does not relate to balance sheet treatment, but relates to treatment in the statements of income and cash flows. Lessor guidance remains largely unchanged with the exception of how a lessor determines the appropriate lease classification for each lease to better align the lessor guidance with revised lessee classification guidance. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of the new standard, which we anticipate we will adopt during the first quarter of 2019. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. ASU 2016-13 requires an entity to utilize a new impairment model known as the current expected credit loss (“CECL”) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model is expected to result in earlier recognition of credit losses. ASU 2016-13 also requires new disclosures for financial assets measured at amortized cost, loans and available-for-sale debt securities. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. Entities will apply the standard’s provisions as a cumulative effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. We are currently assessing the impact of the new guidance on the Company’s consolidated financial statements. From time to time the FASB issues exposure drafts of proposed statements of financial accounting standards. Such exposure drafts are subject to comment from the public, to revisions by the FASB and to final issuance by the FASB as statements of financial accounting standards. Management considers the effect of the proposed statements on the consolidated financial statements of the Company and monitors the status of changes to and proposed effective dates of exposure drafts. |
Reclassification | Reclassification Certain amounts in the 2015 and 2014 financial statements have been reclassified to conform to the 2016 presentation. These reclassifications do not have a material impact on net income or shareholders’ equity. |
Significant Accounting Polici30
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Accumulated Other Comprehensive Income | The following table presents the changes in accumulated other comprehensive income for the years ended December 31, 2016, 2015 and 2014: Year ended December 31, 2016 2015 2014 (dollars in thousands) Beginning Balance $ (212 ) $ 305 $ (562 ) Other comprehensive income (loss) before reclassifications, net of $359, $60 and ($445) tax effect, respectively (772 ) (188 ) 866 Amounts reclassified from accumulated other comprehensive income, net of ($210), ($207), and $1 tax effect, respectively (334 ) (329 ) 1 Net current-period other comprehensive loss (1,106 ) (517 ) 867 Ending Balance $ (1,318 ) $ (212 ) $ 305 |
Computation of Weighted Average Shares Used in the Calculation of Basic and Dilutive Earnings Per Share | The computation of weighted average shares used in the calculation of basic and dilutive earnings per share is summarized below: 2016 2015 2014 Weighted average number of common shares used in computing basic net income per common share 7,096,969 7,193,712 7,640,615 Effect of ESOP shares — — (44,667 ) Adjusted weighted average number of common shares used in computing basic net income per common share 7,096,969 7,193,712 7,595,948 Effect of dilutive stock options 106 — — Weighted average number of common shares and dilutive potential common shares used in computing diluted net income per common share 7,097,075 7,193,712 7,595,948 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Carrying Amounts and Fair Values of Securities Available for Sale and Held to Maturity | Carrying amounts and fair values of securities available for sale and held to maturity are summarized below: December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Securities available for sale U.S. Treasury $ 4,017 $ — $ 3 $ 4,014 U.S. Government agencies 58,506 28 863 57,671 GSE - Mortgage-backed securities and CMO’s 26,195 39 586 25,648 State and political subdivisions 14,123 71 658 13,536 Corporate bonds 5,054 14 38 5,030 Total securities available for sale $ 107,895 $ 152 $ 2,148 $ 105,899 Note 2 - Investment Securities (Continued) December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Securities held to maturity U.S. Government agencies $ 1,754 $ — $ 17 $ 1,737 State and political subdivisions 6,974 7 60 6,921 Corporate bonds 3,262 14 — 3,276 Total securities held to maturity $ 11,990 $ 21 $ 77 $ 11,934 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Securities available for sale U.S. Treasury $ 4,026 $ — $ 14 $ 4,012 U.S. Government agencies 36,159 99 188 36,070 GSE - Mortgage-backed securities and CMO’s 30,269 53 549 29,773 State and political subdivisions 13,691 351 3 14,039 Corporate bonds 5,435 — 71 5,364 Total securities available for sale $ 89,580 $ 503 $ 825 $ 89,258 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Securities held to maturity U.S. Government agencies $ 1,911 $ — $ 5 $ 1,906 State and political subdivisions 5,993 30 5 6,018 Corporate bonds 3,338 — 20 3,318 Total securities held to maturity $ 11,242 $ 30 $ 30 $ 11,242 |
Sales and Calls of Securities Available for Sale | Results from sales and calls of securities available for sale for the years ended December 31, 2016, 2015 and 2014 are as follows: 2016 2015 2014 (dollars in thousands) Gross proceeds from sales and calls $ 20,225 $ 32,780 $ 11,592 Realized gains from sales $ 544 $ 536 $ 28 Realized losses from sales — — (30 ) Net realized gains (losses) $ 544 $ 536 $ (2 ) |
Gross Unrealized Losses and Fair Value of Investments | At December 31, 2015, the unrealized losses on held to maturity securities related to one government agency security, two corporate bonds and two state and political subdivision bonds. December 31, 2016 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Securities available for sale temporary impairment U.S. Treasury $ 4,014 $ 3 $ — $ — $ 4,014 $ 3 U.S. Gov’t agencies 48,192 807 4,164 56 52,356 863 GSE-Mortgage-backed securities and CMO’s 16,250 395 5,251 191 21,501 586 State and political 9,994 658 — — 9,994 658 Corporate bonds 1,999 27 800 11 2,799 38 Total securities available for sale $ 80,449 $ 1,890 $ 10,215 $ 258 $ 90,664 $ 2,148 December 31, 2016 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Held to maturity temporary impairment U.S. Gov’t agencies $ 1,895 $ 17 $ — $ — $ 1,895 $ 17 State and political 6,056 60 — — 6,056 60 Total securities held to maturity $ 7,951 $ 77 $ — $ — $ 7,951 $ 77 December 31, 2015 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Securities available for sale temporary impairment U.S. Treasury $ 4,013 $ 14 $ — $ — $ 4,013 $ 14 U.S. Gov’t agencies 16,692 128 5,048 60 21,740 188 GSE-Mortgage-backed securities and CMO’s 15,620 290 7,230 259 22,850 549 State and political 465 3 — — 465 3 Corporate bonds 4,566 55 798 16 5,364 71 Total securities available for sale $ 41,356 $ 490 $ 13,076 $ 335 $ 54,432 $ 825 Note 2 - Investment Securities (Continued) December 31, 2015 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Held to maturity temporary impairment U.S. Gov’t agencies $ 1,906 $ 5 $ — $ — $ 1,906 $ 5 State and political 3,318 5 — — 3,318 5 Corporate bonds 1,312 20 — — 1,312 20 Total securities held to maturity $ 6,536 $ 30 $ — $ — $ 6,536 $ 30 |
Amortized Cost and Estimated Fair Value of Available for Sale and Held to Maturity Securities Portfolio | The following table shows contractual maturities of the entire investment portfolio as of December 31, 2016: Amortized Cost Estimated Fair Value (dollars in thousands) Due within one year $ — $ — Due after one but within five years 50,029 49,608 Due after five but within ten years 28,586 28,132 Due after ten years 15,075 14,445 Mortgage backed securities 26,195 25,648 $ 119,885 $ 117,833 |
Loans Held for Investment (Tabl
Loans Held for Investment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Composition of Net Loans Held for Investment by Class | The composition of net loans held for investment by class as of December 31, 2016 and 2015 is as follows: 2016 2015 (dollars in thousands) Commercial Commercial $ 55,752 $ 52,311 Real estate - commercial 109,752 101,198 Other real estate construction loans 26,718 17,692 Noncommercial Real estate 1-4 family construction 5,625 5,629 Real estate - residential 81,700 83,379 Home equity 50,815 49,420 Consumer loans 9,711 8,982 Other loans 1,687 1,481 341,760 320,092 Less: Allowance for loan losses (2,707 ) (2,884 ) Deferred loan costs, net 69 40 Loans held for investment, net $ 339,122 $ 317,248 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Changes in Allowance for Loan Losses | Changes in the allowance for loan losses for the years ended December 31, 2016, 2015 and 2014 are presented below: Commercial 2016 2015 2014 (dollars in thousands) Balance, beginning of year $ 1,310 $ 1,716 $ 2,665 Provision (recovery) charged to operations 175 (527 ) (302 ) Charge-offs (146 ) (89 ) (749 ) Recoveries 65 210 102 Net (charge-offs) (81 ) 121 (647 ) Other — — — Balance, end of year $ 1,404 $ 1,310 $ 1,716 Non-Commercial 2016 2015 2014 (dollars in thousands) Balance, beginning of year $ 1,574 $ 2,022 $ 2,430 Provision (recovery) charged to operations (263 ) (93 ) (87 ) Charge-offs (244 ) (500 ) (482 ) Recoveries 236 145 161 Net (charge-offs) (8 ) (355 ) (321 ) Other — — — Balance, end of year $ 1,303 $ 1,574 $ 2,022 Total 2016 2015 2014 (dollars in thousands) Balance, beginning of year $ 2,884 $ 3,738 $ 5,095 Provision (recovery) charged to operations (88 ) (620 ) (389 ) Charge-offs (390 ) (589 ) (1,231 ) Recoveries 301 355 263 Net (charge-offs) (89 ) (234 ) (968 ) Other — — — Balance, end of year $ 2,707 $ 2,884 $ 3,738 |
Schedule of Loans and Reserve Balances by Loan Segment Both Individually and Collectively Evaluated for Impairment | The following table shows period-end loans and reserve balances by loan segment both individually and collectively evaluated for impairment at December 31, 2016 and 2015: December 31, 2016 Individually Evaluated Collectively Evaluated Total Reserve Loans Reserve Loans Reserve Loans (dollars in thousands) Commercial $ 16 $ 1,993 $ 1,388 $ 190,229 $ 1,404 $ 192,222 Non-Commercial 123 4,096 1,180 145,511 1,303 149,607 Total $ 139 $ 6,089 $ 2,568 $ 335,740 $ 2,707 $ 341,829 December 31, 2015 Individually Evaluated Collectively Evaluated Total Reserve Loans Reserve Loans Reserve Loans (dollars in thousands) Commercial $ 18 $ 1,019 $ 1,292 $ 170,182 $ 1,310 $ 171,201 Non-Commercial 163 4,459 1,411 144,472 1,574 148,931 Total $ 181 $ 5,478 $ 2,703 $ 314,654 $ 2,884 $ 320,132 |
Past Due Information of Loan Portfolio by Class | Past due loan information is used by management when assessing the adequacy of the allowance for loan loss. The following tables summarize the past due information of the loan portfolio by class: December 31, 2016 Loans 30-89 Days Past Due Loans 90 Days or More Past due and Non - Accrual Total Past Due Loans Current Loans Total Loans Accruing Loans 90 or More Days Past Due (dollars in thousands) Commercial $ — $ — $ — $ 55,752 $ 55,752 $ — Real estate - commercial — 392 392 109,360 109,752 — Other real estate construction 106 190 296 26,422 26,718 — Real estate construction — — — 5,625 5,625 — Real estate - residential 510 846 1,356 80,413 81,769 — Home equity 66 22 88 50,727 50,815 — Consumer loan 36 — 36 9,675 9,711 — Other loans — — — 1,687 1,687 — Total $ 718 $ 1,450 $ 2,168 $ 339,661 $ 341,829 $ — December 31, 2015 Loans 30-89 Days Past Due Loans 90 Days or More Past due and Non - Accrual Total Past Due Loans Current Loans Total Loans Accruing Loans 90 or More Days Past Due (dollars in thousands) Commercial $ 46 $ 34 $ 80 $ 52,231 $ 52,311 $ — Real estate - commercial 74 — 74 101,124 101,198 — Other real estate construction 110 195 305 17,387 17,692 — Real estate construction — — — 5,629 5,629 — Real estate - residential 1,580 541 2,121 81,298 83,419 — Home equity 75 13 88 49,332 49,420 — Consumer loan 39 — 39 8,943 8,982 — Other loans — — — 1,481 1,481 — Total $ 1,924 $ 783 $ 2,707 $ 317,425 $ 320,132 $ — |
Composition of Nonaccrual Loans by Class | The composition of nonaccrual loans by class as of December 31, 2016 and 2015 is as follows: 2016 2015 (dollars in thousands) Commercial $ — $ 34 Real estate - commercial 392 — Other real estate construction 190 195 Real estate 1 – 4 family construction — — Real estate – residential 846 541 Home equity 22 13 Consumer loans — — Other loans — — $ 1,450 $ 783 |
Summary of Risk Grades of Portfolio by Class | The tables below summarize risk grades of the loan portfolio by class as of December 31, 2016 and 2015: December 31, 2016 Pass Watch Sub- standard Doubtful Total (dollars in thousands) Commercial $ 54,906 $ 827 $ 19 $ — $ 55,752 Real estate - commercial 105,366 1,937 2,449 — 109,752 Other real estate construction 24,312 1,876 530 — 26,718 Real estate 1 - 4 family construction 5,625 — — — 5,625 Real estate - residential 71,105 8,551 2,113 — 81,769 Home equity 49,818 973 24 — 50,815 Consumer loans 9,545 163 3 — 9,711 Other loans 1,687 — — — 1,687 Total $ 322,364 $ 14,327 $ 5,138 $ — $ 341,829 December 31, 2015 Pass Watch Sub- standard Doubtful Total (dollars in thousands) Commercial $ 52,096 $ 130 $ 85 $ — $ 52,311 Real estate - commercial 97,506 1,161 2,531 — 101,198 Other real estate construction 15,163 1,994 535 — 17,692 Real estate 1 - 4 family construction 5,526 103 — — 5,629 Real estate - residential 71,736 9,398 2,285 — 83,419 Home equity 48,195 1,209 16 — 49,420 Consumer loans 8,583 394 5 — 8,982 Other loans 1,481 — — — 1,481 Total $ 300,286 $ 14,389 $ 5,457 $ — $ 320,132 |
Summary of Performing and Nonperforming Loans by Class | The following tables show the breakdown between performing and nonperforming loans by class as of December 31, 2016 and 2015: December 31, 2016 Performing Non- Performing Total (dollars in thousands) Commercial $ 55,752 $ — $ 55,752 Real estate - commercial 109,360 392 109,752 Other real estate construction 26,528 190 26,718 Real estate 1 – 4 family construction 5,625 — 5,625 Real estate – residential 80,923 846 81,769 Home equity 50,793 22 50,815 Consumer loans 9,711 — 9,711 Other loans 1,687 — 1,687 Total $ 340,379 $ 1,450 $ 341,829 December 31, 2015 Performing Non- Performing Total (dollars in thousands) Commercial $ 52,277 $ 34 $ 52,311 Real estate - commercial 101,198 — 101,198 Other real estate construction 17,497 195 17,692 Real estate 1 – 4 family construction 5,629 — 5,629 Real estate – residential 82,878 541 83,419 Home equity 49,407 13 49,420 Consumer loans 8,982 — 8,982 Other loans 1,481 — 1,481 Total $ 319,349 $ 783 $ 320,132 |
Summary of Loans Deemed Impaired and Specific Reserves Allocated by Class | The tables below summarize the loans deemed impaired and the amount of specific reserves allocated by class as of December 31, 2016 and 2015: As of December 31, 2016 Year Ended December 31, 2016 Recorded Recorded Unpaid Investment Investment Average Principal With No With Related Recorded Interest Balance Allowance Allowance Allowance Investment Income (dollars in thousands) Commercial $ 29 $ 13 $ 16 $ 2 $ 31 $ 8 Real estate - commercial 1,671 1,552 119 9 887 64 Other real estate construction 831 190 103 5 296 6 Real estate 1 -4 family construction 6 — 6 — 9 1 Real estate - residential 3,994 2,072 1,922 123 4,434 201 Home equity 35 35 — — 49 1 Consumer loans 61 61 — — 71 6 Other loans — — — — — — Total $ 6,627 $ 3,923 $ 2,166 $ 139 $ 5,777 $ 287 Year Ended As of December 31, 2015 December 31, 2015 Recorded Recorded Unpaid Investment Investment Average Principal With No With Related Recorded Interest Balance Allowance Allowance Allowance Investment Income (dollars in thousands) Commercial $ 97 $ 80 $ 17 $ 2 $ 81 $ 4 Real estate - commercial 620 498 122 9 1,121 42 Other real estate construction 840 195 107 7 281 3 Real estate 1 -4 family construction 13 — 13 — 16 1 Real estate - residential 4,343 1,507 2,836 163 4,798 200 Home equity 28 28 — — 50 1 Consumer loans 75 75 — — 37 2 Other loans — — — — — — Total $ 6,016 $ 2,383 $ 3,095 $ 181 $ 6,384 $ 253 Year Ended As of December 31, 2014 December 31, 2014 Recorded Recorded Unpaid Investment Investment Average Principal With No With Related Recorded Interest Balance Allowance Allowance Allowance Investment Income (dollars in thousands) Commercial $ 98 $ 68 $ 30 $ 30 $ 117 $ 7 Real estate - commercial 1,820 1,242 389 145 2,641 73 Other real estate construction 934 342 54 4 1,108 6 Real estate 1 -4 family construction 20 — 20 1 109 1 Real estate - residential 5,298 1,865 3,433 257 5,865 268 Home equity 49 30 19 19 73 2 Consumer loans 69 29 40 — 83 4 Other loans — — — — — — Total $ 8,288 $ 3,576 $ 3,985 $ 456 $ 9,996 $ 361 |
Troubled Debt Restructures (Tab
Troubled Debt Restructures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Breakdown of Types of Concessions Made by Loan Class | For the twelve months ended December 31, 2016, 2015 and 2014, the following table presents a breakdown of the types of concessions made by loan class: Year Ended December 31, 2016 Pre-Modification Post-Modification Number Outstanding Recorded Outstanding Recorded of Contracts Investment Investment (dollars in thousands) Extend payment terms: Commercial — $ — $ — Real estate - commercial — — — Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential — — — Home equity — — — Consumer loans — — — Other loans — — — — $ — $ — Other: Commercial — $ — $ — Real estate - commercial — — — Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential 4 482 328 Home equity — — — Consumer loans — — — Other loans — — — 4 $ 482 $ 328 Total 4 $ 482 $ 328 Year Ended December 31, 2015 Pre-Modification Post-Modification Number Outstanding Recorded Outstanding Recorded of Contracts Investment Investment (dollars in thousands) Extend payment terms: Commercial — $ — $ — Real estate - commercial — — — Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential — — — Home equity — — — Consumer loans — — — Other loans — — — — $ — $ — Other: Commercial 2 $ 46 $ 44 Real estate - commercial — — — Other real estate construction 1 55 55 Real estate 1 – 4 family construction — — — Real estate – residential 6 530 521 Home equity — — — Consumer loans — — — Other loans 1 53 53 10 $ 684 $ 673 Total 10 $ 684 $ 673 Year Ended December 31, 2014 Pre-Modification Post-Modification Number Outstanding Recorded Outstanding Recorded of Contracts Investment Investment (dollars in thousands) Extend payment terms: Commercial — $ — $ — Real estate - commercial — — — Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential — — — Home equity — — — Consumer loans 1 32 32 Other loans — — — 1 $ 32 $ 32 Other: Commercial — $ — $ — Real estate - commercial 3 424 424 Other real estate construction — — — Real estate 1 – 4 family construction — — — Real estate – residential 6 870 870 Home equity — — — Consumer loans — — — Other loans — — — 9 $ 1,294 $ 1,294 Total 10 $ 1,326 $ 1,326 |
Schedule of Successes and Failures of Types of Debt Restructuring | The following table presents the successes and failures of the types of modifications within the previous twelve months as of December 31, 2016, 2015 and 2014: Paid In Full Paying as restructured Converted to nonaccrual Foreclosure/ Default Number of Recorded Number of Recorded Number of Recorded Number of Recorded Loans Investments Loans Investments Loans Investments Loans Investments (dollars in thousands) December 31, 2016 Extended payment terms — $ — — $ — — $ — — $ — Other 6 844 4 482 — — 4 419 Total 6 $ 844 4 $ 482 — $ — 4 $ 419 Paid In Full Paying as restructured Converted to nonaccrual Foreclosure/ Default Number of Recorded Number of Recorded Number of Recorded Number of Recorded Loans Investments Loans Investments Loans Investments Loans Investments (dollars in thousands) December 31, 2015 Extended payment terms — $ — — $ — — $ — — $ — Other — — 10 684 — — — — Total — $ — 10 $ 684 — $ — — $ — Paid In Full Paying as restructured Converted to nonaccrual Foreclosure/ Default Number of Recorded Number of Recorded Number of Recorded Number of Recorded Loans Investments Loans Investments Loans Investments Loans Investments (dollars in thousands) December 31, 2014 Extended payment terms — $ — 1 $ 32 — $ — — $ — Other 1 112 8 1,182 — — — — Total 1 $ 112 9 $ 1,214 — $ — — $ — |
Mortgage Servicing Assets (Tabl
Mortgage Servicing Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Banking [Abstract] | |
Summary of Mortgage Servicing Rights | A summary of mortgage servicing rights follows: 2016 2015 2014 (dollars in thousands) Beginning of year mortgage servicing rights: $ 2,040 $ 2,072 $ 2,356 Amounts capitalized 983 657 386 Amortization (752 ) (689 ) (709 ) Impairment — — 39 End of year $ 2,271 $ 2,040 $ 2,072 |
Estimated Amortization Expense | Amortization expense is estimated as follows: Year ending December 31, (dollars in thousands) 2017 $ 536 2018 465 2019 393 2020 320 2021 248 Thereafter 309 Total $ 2,271 |
Key Assumptions Used to Value Mortgage Servicing Rights | The key assumptions used to value mortgage servicing rights were as follows: 2016 2015 Weighted average remaining life 262 months 257 months Weighted average discount rate 14 % 10 % Weighted average coupon 3.89 % 3.95 % Weighted average prepayment speed 145 % 171 % |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Major Classes of Premises and Equipment and the Total Accumulated Depreciation | The major classes of premises and equipment and the total accumulated depreciation at December 31, 2016 and 2015 are listed below: 2016 2015 (dollars in thousands) Land $ 3,215 $ 3,302 Building and improvements 12,882 12,808 Furniture and equipment 9,209 8,901 Total fixed assets 25,306 25,011 Less accumulated depreciation 11,133 10,345 Net fixed assets $ 14,173 $ 14,666 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases Operating [Abstract] | |
Schedule of Operating Lease Expense | A table detailing the lease expense associated with the aforementioned property is below. Year ending December 31, (dollars in thousands) 2017 $ 156 2018 156 2019 156 2020 156 2021 117 Thereafter — Total $ 741 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking And Thrift [Abstract] | |
Schedule of Composition of Time Deposits | The composition of deposits at December 31, 2016 and 2015 is as follows: 2016 2015 Amount Percentage of Total Amount Percentage of Total (dollars in thousands) Demand noninterest-bearing $ 103,138 21 % $ 92,524 20 % Interest checking and money market 272,968 56 % 252,345 54 % Savings 42,452 9 % 40,436 8 % Time deposits $250,000 and over 7,472 2 % 8,148 2 % Other time deposits 59,689 12 % 74,280 16 % Total $ 485,719 100 % $ 467,733 100 % |
Maturities of Fixed-Rate Time Deposits | The maturities of fixed-rate time deposits at December 31, 2015 are reflected in the table below: Time Deposits Other Year ending December 31, $250,000 and Over Time Deposits (dollars in thousands) 2017 6,002 36,832 2018 555 6,730 2019 — 3,488 2020 — 4,451 2021 915 8,168 Thereafter — 20 Total $ 7,472 $ 59,689 |
Short-Term Borrowed Funds (Tabl
Short-Term Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Short-Term Borrowed Funds | The following tables set forth certain information regarding the amounts, year-end weighted average rates, average balances, weighted average rate, and maximum month-end balances for short-term borrowed funds, at and during 2016 and 2015: 2016 2015 Amount Rate Amount Rate (dollars in thousands) At year-end Master notes and other short term borrowing $ 2,162 0.25 % $ 3,396 0.25 % Notes payable 12 6.00 % 12 6.00 % Short-term line of credit 500 3.75 % 2,350 3.50 % $ 2,674 0.93 % $ 5,758 1.59 % 2016 2015 Amount Rate Amount Rate (dollars in thousands) Average for the year Federal funds purchased $ 2 1.48 % $ 2 0.79 % Master notes and other short term borrowing 2,540 0.25 % 3,280 0.25 % Notes payable 12 6.31 % 18 6.00 % Short-term line of credit 803 3.67 % 1,598 3.51 % $ 3,357 1.09 % $ 4,898 1.32 % 2016 2015 (dollars in thousands) Maximum month-end balance Master notes and other short term borrowing 4,325 4,736 Notes payable 12 12 Short-term line of credit 2,350 2,350 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Scheduled Maturities of Advances and Notes Payable | As of December 31, 2016, the scheduled maturities of these long term borrowings are as follows: Year ending December 31, (dollars in thousands) 2017 $ — 2018 — 2019 9,534 2020 — 2021 — Thereafter — Total $ 9,534 |
Income Tax Matters (Tables)
Income Tax Matters (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Significant Components of Income Tax Expense (Benefit) | The significant components of income tax expense (benefit) for the years ended December 31, 2016, 2015 and 2014 are summarized as follows: 2016 2015 2014 (dollars in thousands) Current tax expense (benefit): Federal $ 674 $ 389 $ 11 State 129 81 44 Total 803 470 55 Deferred tax expense (benefit): Federal 47 228 458 State 45 108 135 Total 92 336 593 Net provision for income taxes $ 895 $ 806 $ 648 |
Provision for Income Taxes and the Amounts Computed by Applying the Statutory Federal Income Tax Rate of 34% to Income Before Income Taxes | The difference between the provision for income taxes and the amounts computed by applying the statutory federal income tax rate of 34% to income before income taxes is summarized below: 2016 2015 2014 (dollars in thousands) Tax computed at the statutory federal rate $ 1,056 $ 956 $ 791 Increases (decrease) resulting from: Tax exempt interest, net (298 ) (280 ) (252 ) State income taxes, net of federal benefit 115 125 118 Other 22 5 (9 ) Provision for income taxes $ 895 $ 806 $ 648 |
Significant Components of Deferred Taxes | Significant components of deferred taxes at December 31, 2016, 2015 and 2014 are as follows: 2016 2015 2014 (dollars in thousands) Deferred tax assets relating to: Allowance for loan losses $ 974 $ 1,057 $ 1,395 Deferred compensation 1,243 1,080 975 Other 396 555 701 Net unrealized loss on securities available for sale 678 109 — Total deferred tax assets 3,291 2,801 3,071 Deferred tax liabilities relating to: Net unrealized gain on securities available for sale — — (157 ) Premises and equipment (295 ) (319 ) (371 ) Deferred loans fees and costs (233 ) (213 ) (198 ) Loan servicing (193 ) (176 ) (182 ) Total deferred tax liabilities (721 ) (708 ) (908 ) Net recorded deferred tax asset $ 2,570 $ 2,093 $ 2,163 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Outstanding Financial Instruments Whose Contract Amounts Represent Credit Risk | As of December 31, 2016 and 2015, outstanding financial instruments whose contract amounts represent credit risk were as follows: 2016 2015 (dollars in thousands) Commitments to extend credit $ 86,651 $ 82,417 Credit card commitments 9,870 9,269 Standby letters of credit 1,628 2,255 $ 98,149 $ 93,941 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Summary of Loans to Directors, Executive Officers and Their Related Interests | A summary of loans to directors, executive officers and their related interests follows: 2016 2015 (dollars in thousands) Balance, at beginning of the year $ 19,208 $ 21,720 Disbursements during the year 3,798 4,722 Collections during the year (8,191 ) (7,234 ) Balance, at end of the year $ 14,815 $ 19,208 |
Shareholders' Equity and Regu44
Shareholders' Equity and Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Company's Consolidated Capital Ratios | The Company expects to meet or exceed these minimums without altering current operations or strategy. Minimum to Be Well Minimum Capitalized Under For Capital Prompt Corrective Actual Requirement Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2016 Total Capital to Risk Weighted Assets: Consolidated $ 57,084 14.8 % $ 30,910 8.0 % $ 38,637 10.0 % Uwharrie Bank 56,007 14.6 % 30,691 8.0 % 38,364 10.0 % Tier 1 Capital to Risk Weighted Assets: Consolidated 44,843 11.6 % 23,182 6.0 % 30,910 8.0 % Uwharrie Bank 53,300 13.9 % 23,018 6.0 % 30,691 8.0 % Common Equity Tier 1 Capital to Risk Weighted Assets: Consolidated 34,220 8.9 % 17,387 4.5 % 25,114 6.5 % Uwharrie Bank 42,677 11.1 % 17,264 4.5 % 24,937 6.5 % Tier 1 Capital to Average Assets: Consolidated 44,843 8.4 % 21,372 4.0 % 26,715 5.0 % Uwharrie Bank 53,300 10.0 % 21,312 4.0 % 26,640 5.0 % Minimum to Be Well Minimum Capitalized Under For Capital Prompt Corrective Actual Requirement Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2015 Total Capital to Risk Weighted Assets: Consolidated $ 55,945 15.6 % $ 28,708 8.0 % $ 35,885 10.0 % Uwharrie Bank 56,221 15.8 % 28,549 8.0 % 35,686 10.0 % Tier 1 Capital to Risk Weighted Assets: Consolidated 43,527 12.1 % 21,531 6.0 % 28,708 8.0 % Uwharrie Bank 53,337 15.0 % 21,412 6.0 % 28,549 8.0 % Common Equity Tier 1 Capital to Risk Weighted Assets: Consolidated 32,931 9.2 % 16,148 4.5 % 23,325 6.5 % Uwharrie Bank 42,741 12.0 % 17,843 4.5 % 23,196 6.5 % Tier 1 Capital to Average Assets: Consolidated 43,527 8.2 % 21,225 4.0 % 26,531 5.0 % Uwharrie Bank 53,337 10.1 % 21,156 4.0 % 26,445 5.0 % |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | The following is a summary of stock option activity for the year ended December 31, 2016: Weighted Average Aggregate Exercise Intrinsic Value Shares Price (in thousands) Options outstanding at the beginning of the year 13,116 $ 5.03 $ — Options granted — — Options exercised — — Forfeitures — — Options outstanding at the end of the year 13,116 $ 5.03 $ 2,230 Options exercisable at the end of the year 13,116 $ 5.03 $ 2,230 |
Fair Values of Financial Inst46
Fair Values of Financial Instruments and Interest Rate Risk (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Comparison of Carrying Amounts and Estimated Fair Value of Financial Instruments | The following table reflects a comparison of carrying amounts and the estimated fair value of the financial instruments as of December 31, 2016 and December 31, 2015: Carrying Estimated December 31, 2016 Value Fair Value Level 1 Level 2 Level 3 (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 45,968 $ 45,995 $ 43,478 $ 2,517 $ — Securities available for sale 105,899 105,899 4,014 101,885 — Securities held to maturity 11,990 11,934 — 11,934 — Loans held for investment, net 339,122 337,348 — — 337,348 Loans held for sale 5,823 5,685 — 5,685 — Restricted stock 1,052 1,052 1,052 — — Accrued interest receivable 1,629 1,629 — — 1,629 FINANCIAL LIABILITIES Deposits $ 485,719 $ 447,784 $ — $ 447,784 $ — Short-term borrowings 2,674 2,674 — 2,674 — Long-term borrowings — — — — — Junior subordinated debt 9,534 9,673 — — 9,673 Accrued interest payable 151 151 — — 151 Carrying Estimated December 31, 2015 Value Fair Value Level 1 Level 2 Level 3 (dollars in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 68,933 $ 68,973 $ 65,198 $ 3,775 $ — Securities available for sale 89,258 89,258 4,012 85,246 — Securities held to maturity 11,242 11,242 — 11,242 — Loans held for investment, net 317,248 313,649 — — 313,649 Loans held for sale 5,922 5,922 — 5,922 — Restricted stock 1,040 1,040 1,040 — — Accrued interest receivable 1,564 1,564 — — 1,564 FINANCIAL LIABILITIES Deposits $ 467,733 $ 442,619 $ — $ 442,619 $ — Short-term borrowings 5,758 5,758 — 5,758 — Long-term borrowings 13 13 — 13 Junior subordinated debt 9,534 9,688 — — 9,688 Accrued interest payable 168 168 — — 168 |
Fair Value Information for Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table provides fair value information for assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 and 2015: December 31, 2016 (dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale: US Treasury $ 4,014 $ 4,014 $ — $ — US Gov’t 57,671 — 57,671 — Mortgage-backed securities and CMO’s 25,648 — 25,648 — State and political subdivisions 13,536 — 13,536 — Corporate bonds 5,030 — 5,030 — Total assets at fair value $ 105,899 $ 4,014 $ 101,885 $ — Total liabilities at fair value $ — $ — $ — $ — December 31, 2015 (dollars in thousands) Total Level 1 Level 2 Level 3 Securities available for sale: US Treasury $ 4,012 $ 4,012 $ — $ — US Gov’t 36,070 — 36,070 — Mortgage-backed securities and CMO’s 29,773 — 29,773 — State and political subdivisions 14,039 — 14,039 — Corporate bonds 5,364 — 5,364 — Total assets at fair value $ 89,258 $ 4,012 $ 85,246 $ — Total liabilities at fair value $ — $ — $ — $ — |
Assets Measured at Fair Value on Nonrecurring Basis | Assets measured at fair value on a nonrecurring basis are included in the table below as of December 31, 2016 and December 31, 2015: December 31, 2016 (dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans $ 2,217 $ — $ — $ 2,217 Other real estate owned 3,130 — — 3,130 Total assets at fair value $ 5,347 $ — $ — $ 5,347 Total liabilities at fair value $ — $ — $ — $ — December 31, 2015 (dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans $ 3,108 $ — $ — $ 3,108 Other real estate owned 2,909 — — 2,909 Total assets at fair value $ 6,017 $ — $ — $ 6,017 Total liabilities at fair value $ — $ — $ — $ — |
Quantitative Information about Level 3 Fair Value Measurements | Quantitative Information about Level 3 Fair Value Measurements General December 31, 2016 Valuation Technique Unobservable Input Range Nonrecurring measurements: Impaired loans Discounted appraisals Collateral discounts and Estimated costs to sell 0 – 25% Discounted cash flows Discount rates 4%-8.75% OREO Discounted appraisals Collateral discounts and Estimated costs to sell 0 – 10% General December 31, 2015 Valuation Technique Unobservable Input Range Nonrecurring measurements: Impaired loans Discounted appraisals Collateral discounts and Estimated costs to sell 0 – 25% Discounted cash flows Discount rates 4%-8.75% OREO Discounted appraisals Collateral discounts and Estimated costs to sell 0 – 10% |
Parent Company Financial Data (
Parent Company Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets December 31, 2016 2015 (dollars in thousands) Assets Cash and demand deposits $ 269 $ 246 Interest-earning deposits 2,161 3,396 Investments in: Bank subsidiaries 41,358 42,528 Nonbank subsidiaries 494 648 Other assets 1,316 1,342 Total assets $ 45,598 $ 48,160 Liabilities and shareholders’ equity Master notes $ 2,162 $ 3,396 Short term debt 500 2,350 Junior subordinated debentures 9,534 9,534 Other liabilities 501 163 Total liabilities 12,697 15,443 Shareholders’ equity 32,901 32,717 Total liabilities and shareholders’ equity $ 45,598 $ 48,160 |
Condensed Statements of Income | Condensed Statements of Income 2016 2015 2014 (dollars in thousands) Equity in undistributed earnings (loss) of subsidiaries $ 375 $ 2,760 $ 1,456 Dividends received from subsidiaries 2,500 — 1,000 Interest income 6 8 11 Other income 77 81 87 Interest expense (585 ) (612 ) (583 ) Other operating expense (445 ) (555 ) (624 ) Income tax benefit 283 325 332 Net income $ 2,211 $ 2,007 $ 1,679 Consolidated net income $ 2,211 $ 2,007 $ 1,679 Less: Net income attributable to noncontrolling interest (593 ) (592 ) (591 ) Net income attributable to Uwharrie Capital Corp 1,618 1,415 1,088 Net Income (loss) available to common shareholders $ 1,618 $ 1,415 $ 1,088 Net income (loss) per common share Basic $ 0.23 $ 0.20 $ 0.14 Diluted $ 0.23 $ 0.20 $ 0.14 Weighted average shares outstanding Basic 7,096,969 7,193,712 7,595,948 Diluted 7,097,075 7,193,712 7,595,948 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows 2016 2015 2014 (dollars in thousands) Cash flows from operating activities Net income $ 2,211 $ 2,007 $ 1,679 Adjustments to reconcile net income to net cash used by operating activities: Equity in undistributed (earnings) loss of subsidiaries (375 ) (2,760 ) (1,456 ) (Increase) decrease in other assets 26 (228 ) 136 Increase (decrease) in other liabilities 338 14 78 Net cash provided (used) by operating activities 2,200 (967 ) 437 Cash flows from financing activities Net decrease in master notes (1,234 ) (278 ) (324 ) Net increase in short-term debt (1,850 ) 1,350 1,000 Net repayments of issuance of junior subordinated debentures — — (1,593 ) Repurchase of common stock, net (322 ) (429 ) (1,401 ) Cash paid for fractional shares (6 ) (5 ) (4 ) Net cash used by financing activities (3,412 ) 638 (2,322 ) Net decrease in cash and cash equivalents (1,212 ) (329 ) (1,885 ) Cash and cash equivalents at beginning of year 3,642 3,971 5,856 Cash and cash equivalents at end of year $ 2,430 $ 3,642 $ 3,971 |
Significant Accounting Polici48
Significant Accounting Policies - Additional Information (Detail) | Oct. 17, 2016 | Jan. 31, 2013USD ($) | Dec. 31, 2016USD ($)BranchSegmentshares | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | Feb. 28, 2014shares |
Business Acquisition [Line Items] | |||||||
Common stock exchange | 1 | ||||||
Number of branch locations | Branch | 6 | ||||||
Number of branch offices | Branch | 2 | ||||||
Number of segments | Segment | 2 | ||||||
Mortgage and commercial loans period | 90 years | ||||||
Credit card and personal loans period | 180 years | ||||||
Credit card loan accrual period | 90 years | ||||||
Minimum required sustained performance | 6 months | ||||||
Interest or penalties accrued | $ | $ 0 | $ 0 | $ 0 | ||||
Stock options outstanding | shares | 13,116 | 13,116 | |||||
Stock dividend, percentage | 2.00% | 2.00% | 2.00% | 2.00% | |||
Dividends Payable, date declared | Oct. 18, 2016 | ||||||
Dividends Payable, date to be paid | Nov. 23, 2016 | ||||||
Dividends Payable, date of record | Nov. 9, 2016 | ||||||
Shares held by ESOP | shares | 740,530 | ||||||
Shares held by ESOP, Percentage | 9.95% | ||||||
Shares unallocated to participants in the ESOP | shares | 252,446 | ||||||
Preferred Stock Series B [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Preferred stock issued | $ | $ 7,900,000 | ||||||
Dividends rate | 5.30% | ||||||
Voting rights | The preferred stock has no voting rights | ||||||
Preferred Stock Series C [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Preferred stock issued | $ | $ 2,800,000 | ||||||
Dividends rate | 5.30% | ||||||
Voting rights | The preferred stock has no voting rights | ||||||
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Useful lives | 5 years | ||||||
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Useful lives | 7 years | ||||||
Equipment [Member] | Minimum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Useful lives | 5 years | ||||||
Equipment [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Useful lives | 7 years | ||||||
Building [Member] | Minimum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Useful lives | 10 years | ||||||
Building [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Useful lives | 39 years | ||||||
Leasehold Improvements [Member] | Minimum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Useful lives | 10 years | ||||||
Leasehold Improvements [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Useful lives | 39 years | ||||||
Anson BanCorp Inc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition | Jan. 19, 2000 | ||||||
Gateway Mortgage Inc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition | Aug. 4, 2000 | ||||||
Cabarrus Bank and Trust Company [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Date of capitalization of new wholly-owned subsidiary | Apr. 10, 2003 | ||||||
Uwharrie Mortgage Inc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Date of subsidiary incorporation | Apr. 7, 2004 |
Significant Accounting Polici49
Significant Accounting Policies - Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | $ 43,314 | $ 42,262 | $ 40,509 |
Total other comprehensive income (loss) | (1,106) | (517) | 867 |
Ending balance | 43,525 | 43,314 | 42,262 |
Unrealized Holding Gains on Available-for-Sale Securities (Net) [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (212) | 305 | (562) |
Other comprehensive income (loss) before reclassifications, net of $359, $60 and ($445) tax effect, respectively | (772) | (188) | 866 |
Amounts reclassified from accumulated other comprehensive income, net of ($210), ($207), and $1 tax effect, respectively | (334) | (329) | 1 |
Total other comprehensive income (loss) | (1,106) | (517) | 867 |
Ending balance | $ (1,318) | $ (212) | $ 305 |
Significant Accounting Polici50
Significant Accounting Policies - Accumulated Other Comprehensive Income (Parenthetical) (Detail) - Unrealized Holding Gains on Available-for-Sale Securities (Net) [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Tax effect on Other Comprehensive income before reclassifications | $ 359 | $ 60 | $ (445) |
Tax effect on amount reclassified from accumulated Other comprehensive income | $ (210) | $ (207) | $ 1 |
Significant Accounting Polici51
Significant Accounting Policies - Computation of Weighted Average Shares Used in the Calculation of Basic and Dilutive Earnings Per Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Weighted average number of common shares used in computing basic net income per common share | 7,096,969 | 7,193,712 | 7,640,615 |
Effect of ESOP shares | (44,667) | ||
Adjusted weighted average number of common shares used in computing basic net income per common share | 7,096,969 | 7,193,712 | 7,595,948 |
Effect of dilutive stock options | 106 | 0 | 0 |
Weighted average number of common shares and dilutive potential common shares used in computing diluted net income per common share | 7,097,075 | 7,193,712 | 7,595,948 |
Investment Securities - Carryin
Investment Securities - Carrying Amounts and Fair Values of Securities Available for Sale and Held to Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | $ 107,895 | $ 89,580 |
Available-for-sale Securities, Gross Unrealized Gains | 152 | 503 |
Available-for-sale Securities, Gross Unrealized Losses | 2,148 | 825 |
Available-for-sale Securities, Fair Value | 105,899 | 89,258 |
Held-to-maturity Securities, Amortized Cost | 11,990 | 11,242 |
Held-to-maturity Securities, Gross Unrealized Gains | 21 | 30 |
Held-to-maturity Securities, Gross Unrealized Losses | 77 | 30 |
Held-to-maturity Securities, Fair Value | 11,934 | 11,242 |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 4,017 | 4,026 |
Available-for-sale Securities, Gross Unrealized Losses | 3 | 14 |
Available-for-sale Securities, Fair Value | 4,014 | 4,012 |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 58,506 | 36,159 |
Available-for-sale Securities, Gross Unrealized Gains | 28 | 99 |
Available-for-sale Securities, Gross Unrealized Losses | 863 | 188 |
Available-for-sale Securities, Fair Value | 57,671 | 36,070 |
Held-to-maturity Securities, Amortized Cost | 1,754 | 1,911 |
Held-to-maturity Securities, Gross Unrealized Losses | 17 | 5 |
Held-to-maturity Securities, Fair Value | 1,737 | 1,906 |
GSE - Mortgage-backed Securities and CMO's [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 26,195 | 30,269 |
Available-for-sale Securities, Gross Unrealized Gains | 39 | 53 |
Available-for-sale Securities, Gross Unrealized Losses | 586 | 549 |
Available-for-sale Securities, Fair Value | 25,648 | 29,773 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 14,123 | 13,691 |
Available-for-sale Securities, Gross Unrealized Gains | 71 | 351 |
Available-for-sale Securities, Gross Unrealized Losses | 658 | 3 |
Available-for-sale Securities, Fair Value | 13,536 | 14,039 |
Held-to-maturity Securities, Amortized Cost | 6,974 | 5,993 |
Held-to-maturity Securities, Gross Unrealized Gains | 7 | 30 |
Held-to-maturity Securities, Gross Unrealized Losses | 60 | 5 |
Held-to-maturity Securities, Fair Value | 6,921 | 6,018 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 5,054 | 5,435 |
Available-for-sale Securities, Gross Unrealized Gains | 14 | |
Available-for-sale Securities, Gross Unrealized Losses | 38 | 71 |
Available-for-sale Securities, Fair Value | 5,030 | 5,364 |
Held-to-maturity Securities, Amortized Cost | 3,262 | 3,338 |
Held-to-maturity Securities, Gross Unrealized Gains | 14 | |
Held-to-maturity Securities, Gross Unrealized Losses | 20 | |
Held-to-maturity Securities, Fair Value | $ 3,276 | $ 3,318 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2016USD ($)Security | Dec. 31, 2015USD ($)Security | Dec. 31, 2014USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||
Federal Reserve stock owned by Company | $ | $ 507,000 | $ 507,000 | |
Federal Home Loan Bank stock | $ | 545,000 | 533,000 | |
Securities available for sale pledged as collateral on public deposits | $ | $ 96,800,000 | $ 68,800,000 | $ 84,700,000 |
Corporate Bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of available for sale securities related to unrealized losses less than twelve months | 1 | ||
Number of available for sale securities related to unrealized losses more than twelve months | 1 | ||
Number of securities related to unrealized losses | 8 | 2 | |
Number of available for sale securities related to unrealized losses | 3 | ||
U.S. Treasury [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of available for sale securities related to unrealized losses less than twelve months | 1 | ||
Number of available for sale securities related to unrealized losses | 1 | ||
U.S. Government Agencies [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of available for sale securities related to unrealized losses less than twelve months | 17 | ||
Number of available for sale securities related to unrealized losses more than twelve months | 6 | ||
Number of securities related to unrealized losses | 1 | 1 | |
Number of available for sale securities related to unrealized losses | 11 | ||
GSE - Mortgage-backed Securities and CMO's [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of available for sale securities related to unrealized losses less than twelve months | 10 | ||
Number of available for sale securities related to unrealized losses more than twelve months | 4 | ||
Number of available for sale securities related to unrealized losses | 12 | ||
Available for sale securities | $ | $ 0 | ||
State and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of available for sale securities related to unrealized losses less than twelve months | 7 | ||
Number of securities related to unrealized losses | 8 | 2 | |
Number of available for sale securities related to unrealized losses | 1 |
Investment Securities - Sales a
Investment Securities - Sales and Calls of Securities Available for Sale (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investments Debt And Equity Securities [Abstract] | |||
Gross proceeds from sales and calls | $ 20,225 | $ 32,780 | $ 11,592 |
Realized gains from sales | 544 | 536 | 28 |
Realized losses from sales | 0 | (30) | |
Net realized gains (losses) | $ 544 | $ 536 | $ (2) |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Fair Value of Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | $ 80,449 | $ 41,356 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 1,890 | 490 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 10,215 | 13,076 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 258 | 335 |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 90,664 | 54,432 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | 2,148 | 825 |
Held-to-maturity Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 7,951 | 6,536 |
Held-to-maturity-Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 77 | 30 |
Held-to-maturity Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 0 | |
Held-to-maturity Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 0 | |
Held-to-maturity Securities, Gross unrealized losses, Fair Value | 7,951 | 6,536 |
Held-to-maturity Securities, Gross unrealized losses, Unrealized Losses | 77 | 30 |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 4,014 | 4,013 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 3 | 14 |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 4,014 | 4,013 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | 3 | 14 |
U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 48,192 | 16,692 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 807 | 128 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 4,164 | 5,048 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 56 | 60 |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 52,356 | 21,740 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | 863 | 188 |
Held-to-maturity Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 1,895 | 1,906 |
Held-to-maturity-Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 17 | 5 |
Held-to-maturity Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 0 | |
Held-to-maturity Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 0 | |
Held-to-maturity Securities, Gross unrealized losses, Fair Value | 1,895 | 1,906 |
Held-to-maturity Securities, Gross unrealized losses, Unrealized Losses | 17 | 5 |
GSE - Mortgage-backed Securities and CMO's [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 16,250 | 15,620 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 395 | 290 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 5,251 | 7,230 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 191 | 259 |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 21,501 | 22,850 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | 586 | 549 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 9,994 | 465 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 658 | 3 |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 9,994 | 465 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | 658 | 3 |
Held-to-maturity Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 6,056 | 3,318 |
Held-to-maturity-Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 60 | 5 |
Held-to-maturity Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 0 | |
Held-to-maturity Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 0 | |
Held-to-maturity Securities, Gross unrealized losses, Fair Value | 6,056 | 3,318 |
Held-to-maturity Securities, Gross unrealized losses, Unrealized Losses | 60 | 5 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 1,999 | 4,566 |
Available-for-sale Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 27 | 55 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 800 | 798 |
Available-for-sale Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 11 | 16 |
Available-for-sale Securities, Gross unrealized losses, Fair Value | 2,799 | 5,364 |
Available-for-sale Securities, Gross unrealized losses, Unrealized Losses | $ 38 | 71 |
Held-to-maturity Securities, Gross unrealized losses, Less than Twelve Months, Fair Value | 1,312 | |
Held-to-maturity-Securities, Gross unrealized losses, Less than Twelve Months, Unrealized Losses | 20 | |
Held-to-maturity Securities, Gross unrealized losses, Twelve Months or More, Fair Value | 0 | |
Held-to-maturity Securities, Gross unrealized losses, Twelve Months or More, Unrealized Losses | 0 | |
Held-to-maturity Securities, Gross unrealized losses, Fair Value | 1,312 | |
Held-to-maturity Securities, Gross unrealized losses, Unrealized Losses | $ 20 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Available for Sale and Held to Maturity Securities Portfolio (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Due after one but within five years, Amortized Cost | $ 50,029 |
Due after five but within ten years, Amortized Cost | 28,586 |
Due after ten years, Amortized Cost | 15,075 |
Mortgage backed securities, Amortized Cost | 26,195 |
Available-for-sale Securities, Amortized Cost | 119,885 |
Due after one but within five years, Estimated Fair Value | 49,608 |
Due after five but within ten years, Estimated Fair Value | 28,132 |
Due after ten years, Estimated Fair Value | 14,445 |
Mortgage backed securities, Estimated Fair Value | 25,648 |
Fair Value | $ 117,833 |
Loans Held for Investment - Com
Loans Held for Investment - Composition of Net Loans Held for Investment by Class (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | $ 341,760 | $ 320,092 | ||
Less: | ||||
Allowance for loan losses | (2,707) | (2,884) | $ (3,738) | $ (5,095) |
Deferred loan costs, net | 69 | 40 | ||
Net loans held for investment | 339,122 | 317,248 | ||
Commercial [Member] | ||||
Less: | ||||
Allowance for loan losses | (1,404) | (1,310) | (1,716) | (2,665) |
Commercial [Member] | Commercial Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 55,752 | 52,311 | ||
Commercial [Member] | Real Estate - Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 109,752 | 101,198 | ||
Commercial [Member] | Other Real Estate Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 26,718 | 17,692 | ||
Non-Commercial [Member] | ||||
Less: | ||||
Allowance for loan losses | (1,303) | (1,574) | $ (2,022) | $ (2,430) |
Non-Commercial [Member] | Consumer Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 9,711 | 8,982 | ||
Non-Commercial [Member] | Real Estate 1 - 4 Family Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 5,625 | 5,629 | ||
Non-Commercial [Member] | Real Estate - Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 81,700 | 83,379 | ||
Non-Commercial [Member] | Home Equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | 50,815 | 49,420 | ||
Non-Commercial [Member] | Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans, Total | $ 1,687 | $ 1,481 |
Loans Held for Investment - Add
Loans Held for Investment - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Noncommercial segment Loans | $ 6,100,000 | $ 5,500,000 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Restructured loans | 4,600,000 | 4,700,000 |
Restructured loans included in impaired loans | 4,600,000 | 4,700,000 |
Carrying value of foreclosed properties | 4,200,000 | 5,000,000 |
Amount pledged to borrowings at Federal Home Loan Bank | 160,800,000 | 135,900,000 |
Amount pledged to borrowings at Federal Reserve Bank | 160,800,000 | $ 135,900,000 |
Real Estate - Residential [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Accruing Loans 90 or More Days Past Due | 0 | |
Foreclosed residential real estate, loan amount | 1,300,000 | |
Real estate in process of foreclosure, loan amount | $ 680,000 | |
Mortgages [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Concentrations of Loans as Percentage of Net Loans | 40.42% | |
Commercial Loan [Member] | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Concentrations of Loans as Percentage of Net Loans | 56.24% | |
Accruing Loans 90 or More Days Past Due | $ 0 |
Allowance for Loan Losses - Cha
Allowance for Loan Losses - Changes in Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of year | $ 2,884 | $ 3,738 | $ 5,095 |
Provision (recovery) charged to operations | (88) | (620) | (389) |
Charge-offs | (390) | (589) | (1,231) |
Recoveries | 301 | 355 | 263 |
Net (charge-offs) | (89) | (234) | (968) |
Balance, end of year | 2,707 | 2,884 | 3,738 |
Commercial [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of year | 1,310 | 1,716 | 2,665 |
Provision (recovery) charged to operations | 175 | (527) | (302) |
Charge-offs | (146) | (89) | (749) |
Recoveries | 65 | 210 | 102 |
Net (charge-offs) | (81) | 121 | (647) |
Balance, end of year | 1,404 | 1,310 | 1,716 |
Non-Commercial [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of year | 1,574 | 2,022 | 2,430 |
Provision (recovery) charged to operations | (263) | (93) | (87) |
Charge-offs | (244) | (500) | (482) |
Recoveries | 236 | 145 | 161 |
Net (charge-offs) | (8) | (355) | (321) |
Balance, end of year | $ 1,303 | $ 1,574 | $ 2,022 |
Allowance for Loan Losses - Sch
Allowance for Loan Losses - Schedule of Loans and Reserve Balances by Loan Segment Both Individually and Collectively Evaluated for Impairment (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Individually Evaluated, Reserve | $ 139 | $ 181 | ||
Individually Evaluated, Loans | 6,089 | 5,478 | ||
Collectively Evaluated, Reserve | 2,568 | 2,703 | ||
Collectively Evaluated, Loans | 335,740 | 314,654 | ||
Total Reserve | 2,707 | 2,884 | $ 3,738 | $ 5,095 |
Total Loans | 341,829 | 320,132 | ||
Commercial [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Individually Evaluated, Reserve | 16 | 18 | ||
Individually Evaluated, Loans | 1,993 | 1,019 | ||
Collectively Evaluated, Reserve | 1,388 | 1,292 | ||
Collectively Evaluated, Loans | 190,229 | 170,182 | ||
Total Reserve | 1,404 | 1,310 | 1,716 | 2,665 |
Total Loans | 192,222 | 171,201 | ||
Non-Commercial [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Individually Evaluated, Reserve | 123 | 163 | ||
Individually Evaluated, Loans | 4,096 | 4,459 | ||
Collectively Evaluated, Reserve | 1,180 | 1,411 | ||
Collectively Evaluated, Loans | 145,511 | 144,472 | ||
Total Reserve | 1,303 | 1,574 | $ 2,022 | $ 2,430 |
Total Loans | $ 149,607 | $ 148,931 |
Allowance for Loan Losses - Pas
Allowance for Loan Losses - Past Due Information of Loan Portfolio by Class (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | $ 2,168 | $ 2,707 |
Current Loans | 339,661 | 317,425 |
Total Loans | 341,829 | 320,132 |
Accruing Loans 90 or More Days Past Due | 0 | 0 |
Loans 30-89 Days Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 718 | 1,924 |
Loans 90 Days or More Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 1,450 | 783 |
Real Estate - Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 392 | 74 |
Current Loans | 109,360 | 101,124 |
Total Loans | 109,752 | 101,198 |
Accruing Loans 90 or More Days Past Due | 0 | |
Real Estate - Commercial [Member] | Loans 30-89 Days Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 74 | |
Real Estate - Commercial [Member] | Loans 90 Days or More Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 392 | |
Other Real Estate Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 296 | 305 |
Current Loans | 26,422 | 17,387 |
Total Loans | 26,718 | 17,692 |
Accruing Loans 90 or More Days Past Due | 0 | |
Other Real Estate Construction [Member] | Loans 30-89 Days Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 106 | 110 |
Other Real Estate Construction [Member] | Loans 90 Days or More Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 190 | 195 |
Real Estate Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Current Loans | 5,625 | 5,629 |
Total Loans | 5,625 | 5,629 |
Accruing Loans 90 or More Days Past Due | 0 | |
Real Estate - Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 1,356 | 2,121 |
Current Loans | 80,413 | 81,298 |
Total Loans | 81,769 | 83,419 |
Accruing Loans 90 or More Days Past Due | 0 | |
Real Estate - Residential [Member] | Loans 30-89 Days Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 510 | 1,580 |
Real Estate - Residential [Member] | Loans 90 Days or More Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 846 | 541 |
Home Equity [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 88 | 88 |
Current Loans | 50,727 | 49,332 |
Total Loans | 50,815 | 49,420 |
Accruing Loans 90 or More Days Past Due | 0 | |
Home Equity [Member] | Loans 30-89 Days Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 66 | 75 |
Home Equity [Member] | Loans 90 Days or More Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 22 | 13 |
Other Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Current Loans | 1,687 | 1,481 |
Total Loans | 1,687 | 1,481 |
Accruing Loans 90 or More Days Past Due | 0 | |
Commercial Loan [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 80 | |
Current Loans | 55,752 | 52,231 |
Total Loans | 55,752 | 52,311 |
Accruing Loans 90 or More Days Past Due | 0 | |
Commercial Loan [Member] | Loans 30-89 Days Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 46 | |
Commercial Loan [Member] | Loans 90 Days or More Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 34 | |
Consumer Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | 36 | 39 |
Current Loans | 9,675 | 8,943 |
Total Loans | 9,711 | 8,982 |
Accruing Loans 90 or More Days Past Due | 0 | |
Consumer Loans [Member] | Loans 30-89 Days Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total Past Due Loans | $ 36 | $ 39 |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Receivables [Abstract] | ||
Financing receivable recorded investment number of days past due | 90 days | |
Non-performing loans | $ 1,500,000 | $ 783,000 |
Increase of non-performing loans | $ 667,000 |
Allowance for Loan Losses - Com
Allowance for Loan Losses - Composition of Nonaccrual Loans by Class (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable Impaired [Line Items] | ||
Increase in non-performing loans | $ 2,168 | $ 2,707 |
Real Estate - Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Increase in non-performing loans | 392 | 74 |
Other Real Estate Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Increase in non-performing loans | 296 | 305 |
Real Estate - Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Increase in non-performing loans | 1,356 | 2,121 |
Home Equity [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Increase in non-performing loans | 88 | 88 |
Commercial Loan [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Increase in non-performing loans | 80 | |
Consumer Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Increase in non-performing loans | 36 | 39 |
Loans 90 Days or More Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Increase in non-performing loans | 1,450 | 783 |
Loans 90 Days or More Past Due [Member] | Real Estate - Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Increase in non-performing loans | 392 | |
Loans 90 Days or More Past Due [Member] | Other Real Estate Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Increase in non-performing loans | 190 | 195 |
Loans 90 Days or More Past Due [Member] | Real Estate - Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Increase in non-performing loans | 846 | 541 |
Loans 90 Days or More Past Due [Member] | Home Equity [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Increase in non-performing loans | $ 22 | 13 |
Loans 90 Days or More Past Due [Member] | Commercial Loan [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Increase in non-performing loans | $ 34 |
Allowance for Loan Losses - Sum
Allowance for Loan Losses - Summary of Risk Grades of Portfolio by Class (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans | $ 341,829 | $ 320,132 |
Real Estate - Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 109,752 | 101,198 |
Other Real Estate Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 26,718 | 17,692 |
Real Estate 1 - 4 Family Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 5,625 | 5,629 |
Real Estate - Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 81,769 | 83,419 |
Home Equity [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 50,815 | 49,420 |
Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 1,687 | 1,481 |
Commercial Loan [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 55,752 | 52,311 |
Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 9,711 | 8,982 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 322,364 | 300,286 |
Pass [Member] | Real Estate - Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 105,366 | 97,506 |
Pass [Member] | Other Real Estate Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 24,312 | 15,163 |
Pass [Member] | Real Estate 1 - 4 Family Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 5,625 | 5,526 |
Pass [Member] | Real Estate - Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 71,105 | 71,736 |
Pass [Member] | Home Equity [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 49,818 | 48,195 |
Pass [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 1,687 | 1,481 |
Pass [Member] | Commercial Loan [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 54,906 | 52,096 |
Pass [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 9,545 | 8,583 |
Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 14,327 | 14,389 |
Watch [Member] | Real Estate - Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 1,937 | 1,161 |
Watch [Member] | Other Real Estate Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 1,876 | 1,994 |
Watch [Member] | Real Estate 1 - 4 Family Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 103 | |
Watch [Member] | Real Estate - Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 8,551 | 9,398 |
Watch [Member] | Home Equity [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 973 | 1,209 |
Watch [Member] | Commercial Loan [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 827 | 130 |
Watch [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 163 | 394 |
Sub-standard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 5,138 | 5,457 |
Sub-standard [Member] | Real Estate - Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 2,449 | 2,531 |
Sub-standard [Member] | Other Real Estate Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 530 | 535 |
Sub-standard [Member] | Real Estate - Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 2,113 | 2,285 |
Sub-standard [Member] | Home Equity [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 24 | 16 |
Sub-standard [Member] | Commercial Loan [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 19 | 85 |
Sub-standard [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | $ 3 | $ 5 |
Allowance for Loan Losses - S65
Allowance for Loan Losses - Summary of Performing and Nonperforming Loans by Class (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans | $ 341,829 | $ 320,132 |
Real Estate - Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 109,752 | 101,198 |
Other Real Estate Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 26,718 | 17,692 |
Real Estate 1 - 4 Family Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 5,625 | 5,629 |
Real Estate - Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 81,769 | 83,419 |
Home Equity [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 50,815 | 49,420 |
Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 1,687 | 1,481 |
Commercial Loan [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 55,752 | 52,311 |
Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 9,711 | 8,982 |
Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 340,379 | 319,349 |
Performing [Member] | Real Estate - Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 109,360 | 101,198 |
Performing [Member] | Other Real Estate Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 26,528 | 17,497 |
Performing [Member] | Real Estate 1 - 4 Family Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 5,625 | 5,629 |
Performing [Member] | Real Estate - Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 80,923 | 82,878 |
Performing [Member] | Home Equity [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 50,793 | 49,407 |
Performing [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 1,687 | 1,481 |
Performing [Member] | Commercial Loan [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 55,752 | 52,277 |
Performing [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 9,711 | 8,982 |
Non-Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 1,450 | 783 |
Non-Performing [Member] | Real Estate - Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 392 | |
Non-Performing [Member] | Other Real Estate Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 190 | 195 |
Non-Performing [Member] | Real Estate - Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | 846 | 541 |
Non-Performing [Member] | Home Equity [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | $ 22 | 13 |
Non-Performing [Member] | Commercial Loan [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans | $ 34 |
Allowance for Loan Losses - S66
Allowance for Loan Losses - Summary of Loans Deemed Impaired and Specific Reserves Allocated by Class (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable Impaired [Line Items] | |||
Unpaid Principal Balance | $ 6,627 | $ 6,016 | $ 8,288 |
Recorded Investment With No Allowance | 3,923 | 2,383 | 3,576 |
Recorded Investment With Allowance | 2,166 | 3,095 | 3,985 |
Related Allowance | 139 | 181 | 456 |
Average Recorded Investment | 5,777 | 6,384 | 9,996 |
Interest Income | 287 | 253 | 361 |
Real Estate - Commercial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Principal Balance | 1,671 | 620 | 1,820 |
Recorded Investment With No Allowance | 1,552 | 498 | 1,242 |
Recorded Investment With Allowance | 119 | 122 | 389 |
Related Allowance | 9 | 9 | 145 |
Average Recorded Investment | 887 | 1,121 | 2,641 |
Interest Income | 64 | 42 | 73 |
Other Real Estate Construction [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Principal Balance | 831 | 840 | 934 |
Recorded Investment With No Allowance | 190 | 195 | 342 |
Recorded Investment With Allowance | 103 | 107 | 54 |
Related Allowance | 5 | 7 | 4 |
Average Recorded Investment | 296 | 281 | 1,108 |
Interest Income | 6 | 3 | 6 |
Real Estate 1 - 4 Family Construction [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Principal Balance | 6 | 13 | 20 |
Recorded Investment With Allowance | 6 | 13 | 20 |
Related Allowance | 1 | ||
Average Recorded Investment | 9 | 16 | 109 |
Interest Income | 1 | 1 | 1 |
Real Estate - Residential [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Principal Balance | 3,994 | 4,343 | 5,298 |
Recorded Investment With No Allowance | 2,072 | 1,507 | 1,865 |
Recorded Investment With Allowance | 1,922 | 2,836 | 3,433 |
Related Allowance | 123 | 163 | 257 |
Average Recorded Investment | 4,434 | 4,798 | 5,865 |
Interest Income | 201 | 200 | 268 |
Home Equity [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Principal Balance | 35 | 28 | 49 |
Recorded Investment With No Allowance | 35 | 28 | 30 |
Recorded Investment With Allowance | 19 | ||
Related Allowance | 19 | ||
Average Recorded Investment | 49 | 50 | 73 |
Interest Income | 1 | 1 | 2 |
Commercial Loan [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Principal Balance | 29 | 97 | 98 |
Recorded Investment With No Allowance | 13 | 80 | 68 |
Recorded Investment With Allowance | 16 | 17 | 30 |
Related Allowance | 2 | 2 | 30 |
Average Recorded Investment | 31 | 81 | 117 |
Interest Income | 8 | 4 | 7 |
Consumer Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Principal Balance | 61 | 75 | 69 |
Recorded Investment With No Allowance | 61 | 75 | 29 |
Recorded Investment With Allowance | 40 | ||
Average Recorded Investment | 71 | 37 | 83 |
Interest Income | $ 6 | $ 2 | $ 4 |
Troubled Debt Restructures - Br
Troubled Debt Restructures - Breakdown of Types of Concessions Made by Loan Class (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)Contract | Dec. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 4 | 10 | 10 |
Pre-Modification Outstanding Recorded Investment | $ 482 | $ 684 | $ 1,326 |
Post-Modification Outstanding Recorded Investment | $ 328 | $ 673 | $ 1,326 |
Extended Maturity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 32 | ||
Post-Modification Outstanding Recorded Investment | $ 32 | ||
Extended Maturity [Member] | Consumer Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 32 | ||
Post-Modification Outstanding Recorded Investment | $ 32 | ||
Other Payment Terms [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 4 | 10 | 9 |
Pre-Modification Outstanding Recorded Investment | $ 482 | $ 684 | $ 1,294 |
Post-Modification Outstanding Recorded Investment | $ 328 | $ 673 | $ 1,294 |
Other Payment Terms [Member] | Commercial Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 46 | ||
Post-Modification Outstanding Recorded Investment | $ 44 | ||
Other Payment Terms [Member] | Real Estate - Commercial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 3 | ||
Pre-Modification Outstanding Recorded Investment | $ 424 | ||
Post-Modification Outstanding Recorded Investment | $ 424 | ||
Other Payment Terms [Member] | Other Real Estate Construction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 55 | ||
Post-Modification Outstanding Recorded Investment | $ 55 | ||
Other Payment Terms [Member] | Real Estate - Residential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 4 | 6 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 482 | $ 530 | $ 870 |
Post-Modification Outstanding Recorded Investment | $ 328 | $ 521 | $ 870 |
Other Payment Terms [Member] | Other Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 53 | ||
Post-Modification Outstanding Recorded Investment | $ 53 |
Troubled Debt Restructures - Ad
Troubled Debt Restructures - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2016USD ($)Contract | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Receivables [Abstract] | |||
Number of TDR's which was default payment | Contract | 1 | ||
TDR's which was default payment | $ 0 | $ 0 | |
Outstanding balance of TDRs | $ 4,800,000 | 4,500,000 | |
Outstanding balance of TDRs still accruing | $ 4,600,000 | 4,200,000 | |
TDR is defined as being past due | 90 days | ||
Allowance for loan loss on TDR | $ 98,000 | $ 177,000 | $ 373,000 |
Troubled Debt Restructures - Sc
Troubled Debt Restructures - Schedule of Successes and Failures of Types of Debt Restructuring (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)ContractLoan | Dec. 31, 2015USD ($)ContractLoan | Dec. 31, 2014USD ($)ContractLoan | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Contract | 4 | 10 | 10 |
Recorded Investments | $ 4,800 | $ 4,500 | |
Paid In Full [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Loan | 6 | 1 | |
Recorded Investments | $ 844 | $ 112 | |
Paying as Restructured [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Loan | 4 | 10 | 9 |
Recorded Investments | $ 482 | $ 684 | $ 1,214 |
Foreclosure/ Default [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Loan | 4 | ||
Recorded Investments | $ 419 | ||
Extended Maturity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Contract | 1 | ||
Extended Maturity [Member] | Paying as Restructured [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Loan | 1 | ||
Recorded Investments | $ 32 | ||
Other Loans [Member] | Paid In Full [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Loan | 6 | 1 | |
Recorded Investments | $ 844 | $ 112 | |
Other Loans [Member] | Paying as Restructured [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Loan | 4 | 10 | 8 |
Recorded Investments | $ 482 | $ 684 | $ 1,182 |
Other Loans [Member] | Foreclosure/ Default [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Loan | 4 | ||
Recorded Investments | $ 419 |
Mortgage Servicing Assets - Add
Mortgage Servicing Assets - Additional Information (Detail) - Mortgage Servicing Assets [Member] - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Unpaid principal balances of mortgage and other loans serviced for others | $ 436 | $ 406 |
Fair value of mortgage servicing rights | $ 3.3 | $ 3.3 |
Mortgage Servicing Assets - Sum
Mortgage Servicing Assets - Summary of Mortgage Servicing Rights (Detail) - Mortgage Servicing Assets [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Beginning of year mortgage servicing rights | $ 2,040 | $ 2,072 | $ 2,356 |
Amounts capitalized | 983 | 657 | 386 |
Amortization | (752) | (689) | (709) |
Impairment | 39 | ||
End of year | $ 2,271 | $ 2,040 | $ 2,072 |
Mortgage Servicing Assets - Est
Mortgage Servicing Assets - Estimated Amortization Expense (Detail) - Mortgage Servicing Assets [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ||||
2,017 | $ 536 | |||
2,018 | 465 | |||
2,019 | 393 | |||
2,020 | 320 | |||
2,021 | 248 | |||
Thereafter | 309 | |||
Total | $ 2,271 | $ 2,040 | $ 2,072 | $ 2,356 |
Mortgage Servicing Assets - Key
Mortgage Servicing Assets - Key Assumptions Used to Value Mortgage Servicing Rights (Detail) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Transfers And Servicing [Abstract] | ||
Weighted average remaining life | 262 months | 257 months |
Weighted average discount rate | 14.00% | 10.00% |
Weighted average coupon | 3.89% | 3.95% |
Weighted average prepayment speed | 145.00% | 171.00% |
Premises and Equipment - Major
Premises and Equipment - Major Classes of Premises and Equipment and the Total Accumulated Depreciation (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | $ 25,306 | $ 25,011 |
Less accumulated depreciation | 11,133 | 10,345 |
Net fixed assets | 14,173 | 14,666 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | 3,215 | 3,302 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | 12,882 | 12,808 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | $ 9,209 | $ 8,901 |
Leases - Additional Information
Leases - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2016USD ($)Option | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Lease Disclosure [Line Items] | ||||
Rental expense related to the operating leases | $ 89,369 | $ 25,529 | $ 16,230 | |
Charlotte [Member] | ||||
Lease Disclosure [Line Items] | ||||
Rental expense related to the operating leases | $ 2,888 | |||
Non-cancellable operating lease expiration period | 2021-09 | |||
Number of times to renew amended office lease option | Option | 2 | |||
Operating lease renewal options, renewal term | 5 years | |||
Lease monthly rental payments | $ 12,656 | |||
Lease annual escalate percentage | 2.625% |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Expense (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Leases Operating [Abstract] | |
2,017 | $ 156 |
2,018 | 156 |
2,019 | 156 |
2,020 | 156 |
2,021 | 117 |
Total | $ 741 |
Deposits - Schedule of Composit
Deposits - Schedule of Composition of Time Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Banking And Thrift [Abstract] | ||
Demand noninterest-bearing | $ 103,138 | $ 92,524 |
Interest checking and money market | 272,968 | 252,345 |
Savings | 42,452 | 40,436 |
Time deposits $250,000 and over | 7,472 | 8,148 |
Other time deposits | 59,689 | 74,280 |
Total deposits | $ 485,719 | $ 467,733 |
Demand noninterest-bearing, percentage | 21.00% | 20.00% |
Interest checking and money market, percentage | 56.00% | 54.00% |
Savings, percentage | 9.00% | 8.00% |
Time deposits $250,000 and over, percentage | 2.00% | 2.00% |
Other time deposits, percentage | 12.00% | 16.00% |
Total, percentage | 100.00% | 100.00% |
Deposits - Maturities of Fixed-
Deposits - Maturities of Fixed-Rate Time Deposits (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Time Deposits $250,000 and Over [Member] | |
Time Deposits By Maturity [Line Items] | |
2,017 | $ 6,002 |
2,018 | 555 |
2,021 | 915 |
Total | 7,472 |
Other Time Deposits [Member] | |
Time Deposits By Maturity [Line Items] | |
2,017 | 36,832 |
2,018 | 6,730 |
2,019 | 3,488 |
2,020 | 4,451 |
2,021 | 8,168 |
Thereafter | 20 |
Total | $ 59,689 |
Short-Term Borrowed Funds - Sum
Short-Term Borrowed Funds - Summary of Short-Term Borrowed Funds (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Short-term Debt [Line Items] | ||
Short-term borrowed funds, balance at year end | $ 2,674,000 | $ 5,758,000 |
Short-term borrowed funds, weighted average rates at year end | 0.93% | 1.59% |
Short-term borrowed funds, average balance during year | $ 3,357,000 | $ 4,898,000 |
Short-term borrowed funds, weighted average rate during year | 1.09% | 1.32% |
Federal Funds Purchased [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowed funds, average balance during year | $ 2,000 | $ 2,000 |
Short-term borrowed funds, weighted average rate during year | 1.48% | 0.79% |
Master Notes and Other Short Term Borrowing [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowed funds, balance at year end | $ 2,162,000 | $ 3,396,000 |
Short-term borrowed funds, weighted average rates at year end | 0.25% | 0.25% |
Short-term borrowed funds, average balance during year | $ 2,540,000 | $ 3,280,000 |
Short-term borrowed funds, weighted average rate during year | 0.25% | 0.25% |
Short-term borrowed funds, maximum month-end balance | $ 4,325,000 | $ 4,736,000 |
Notes Payable [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowed funds, balance at year end | $ 12,000 | $ 12,000 |
Short-term borrowed funds, weighted average rates at year end | 6.00% | 6.00% |
Short-term borrowed funds, average balance during year | $ 12,000 | $ 18,000 |
Short-term borrowed funds, weighted average rate during year | 6.31% | 6.00% |
Short-term borrowed funds, maximum month-end balance | $ 12,000 | $ 12,000 |
Short-term Line of Credit [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowed funds, balance at year end | $ 500,000 | $ 2,350,000 |
Short-term borrowed funds, weighted average rates at year end | 3.75% | 3.50% |
Short-term borrowed funds, average balance during year | $ 803,000 | $ 1,598,000 |
Short-term borrowed funds, weighted average rate during year | 3.67% | 3.51% |
Short-term borrowed funds, maximum month-end balance | $ 2,350,000 | $ 2,350,000 |
Short Term-Borrowed Funds - Add
Short Term-Borrowed Funds - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Debt Disclosure [Abstract] | |
Line of credit, outstanding amount | $ 500,000 |
Interest rate | 3.75% |
Line of credit facility, maturity date | Jul. 5, 2017 |
Federal Reserve discount | $ 55,400,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |
Debt Instrument [Line Items] | ||||
Line of credit | $ 76,700,000 | |||
Remaining borrowing availability | 54,200,000 | |||
Long term advances | 0 | $ 0 | ||
Proceeds from Private placement, outstanding balance | $ 9,534,000 | $ 9,547,000 | ||
Junior Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Fixed rate junior subordinated debt securities per security | $ 1,000 | |||
Minimum investment required under private placement | $ 50,000 | |||
Debt securities final maturity date | Mar. 31, 2024 | |||
Proceeds from Private placement, outstanding balance | $ 9,500,000 | |||
Debt instrument earliest redemption date | Mar. 31, 2019 | |||
Interest rate of private placement | 5.75% | |||
Final maturity drops period | 5 years | |||
Percentage of proceeds from sale of securities imposed as reduction | 20.00% | |||
Standby Letters of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Long term advances | $ 22,500,000 |
Long-Term Debt - Scheduled Matu
Long-Term Debt - Scheduled Maturities of Advances and Notes Payable (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
2,018 | $ 0 | |
2,019 | 9,534 | |
2,020 | 0 | |
2,021 | 0 | |
Thereafter | 0 | |
Total | $ 9,534 | $ 9,547 |
Income Tax Matters - Significan
Income Tax Matters - Significant Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current tax expense (benefit): | |||
Federal | $ 674 | $ 389 | $ 11 |
State | 129 | 81 | 44 |
Total | 803 | 470 | 55 |
Deferred tax expense (benefit): | |||
Federal | 47 | 228 | 458 |
State | 45 | 108 | 135 |
Total | 92 | 336 | 593 |
Net provision for income taxes | $ 895 | $ 806 | $ 648 |
Income Tax Matters - Additional
Income Tax Matters - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Statutory federal income tax rate | 34.00% |
Income Tax Matters - Provision
Income Tax Matters - Provision for Income Taxes and the Amounts Computed by Applying the Statutory Federal Income Tax Rate of 34% to Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Provision for income taxes and the amounts computed by applying the statutory federal income tax rate of 34% to income before income taxes | |||
Tax computed at the statutory federal rate | $ 1,056 | $ 956 | $ 791 |
Increases (decrease) resulting from: | |||
Tax exempt interest, net | (298) | (280) | (252) |
State income taxes, net of federal benefit | 115 | 125 | 118 |
Other | 22 | 5 | (9) |
Net provision for income taxes | $ 895 | $ 806 | $ 648 |
Income Tax Matters - Signific86
Income Tax Matters - Significant Components of Deferred Taxes (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets relating to: | |||
Allowance for loan losses | $ 974 | $ 1,057 | $ 1,395 |
Deferred compensation | 1,243 | 1,080 | 975 |
Other | 396 | 555 | 701 |
Net unrealized loss on securities available for sale | 678 | 109 | |
Total deferred tax assets | 3,291 | 2,801 | 3,071 |
Deferred tax liabilities relating to: | |||
Net unrealized gain on securities available for sale | (157) | ||
Premises and equipment | (295) | (319) | (371) |
Deferred loans fees and costs | (233) | (213) | (198) |
Loan servicing | (193) | (176) | (182) |
Total deferred tax liabilities | (721) | (708) | (908) |
Net recorded deferred tax asset | $ 2,570 | $ 2,093 | $ 2,163 |
Commitments and Contingencies -
Commitments and Contingencies - Outstanding Financial Instruments Whose Contract Amounts Represent Credit Risk (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loss Contingencies [Line Items] | ||
Total commitments | $ 98,149 | $ 93,941 |
Commitments to Extend Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Total commitments | 86,651 | 82,417 |
Credit Card Commitments [Member] | ||
Loss Contingencies [Line Items] | ||
Total commitments | 9,870 | 9,269 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Total commitments | $ 1,628 | $ 2,255 |
Related Party Transactions - Su
Related Party Transactions - Summary of Loans to Directors, Executive Officers and Their Related Interests (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transactions [Abstract] | ||
Balance, at beginning of the year | $ 19,208 | $ 21,720 |
Disbursements during the year | 3,798 | 4,722 |
Collections during the year | (8,191) | (7,234) |
Balance, at end of the year | $ 14,815 | $ 19,208 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - Executive Officers and Directors [Member] $ in Millions | Dec. 31, 2016USD ($) |
Related Party Transaction [Line Items] | |
Unused lines of credit | $ 3.4 |
Deposits for related party | $ 12.3 |
Shareholders' Equity and Regu90
Shareholders' Equity and Regulatory Matters - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2013 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Reserve on deposit liabilities | $ 1,000,000 | |||
Shares repurchased during period | 69,938 | 114,377 | ||
Preferred Stock Series B [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Issued | $ 7,900,000 | |||
Dividends rate | 5.30% | |||
Sale | $ 7,900,000 | |||
Total issuance costs | $ 113,000 | |||
Voting rights | The preferred stock has no voting rights | |||
Preferred Stock Series C [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Issued | $ 2,800,000 | |||
Dividends rate | 5.30% | |||
Sale | $ 2,800,000 | |||
Total issuance costs | $ 23,000 | |||
Voting rights | The preferred stock has no voting rights | |||
Basel III [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
capital to risk-weighted assets | 8.00% | |||
Tier 1 leverage ratio | 4.00% | |||
capital conservation buffer risk-weighted assets | 0.625% | |||
capital conservation buffer risk-weighted assets addition per year | 0.625% | |||
capital conservation buffer risk-weighted assets, 2019 | 2.50% | |||
capital conservation buffer risk-weighted assets end date | Jan. 1, 2016 | |||
Basel III [Member] | Minimum [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
common equity Tier 1 capital to risk-weighted assets | 4.50% | |||
Tier 1 capital to risk-weighted asset | 4.00% | |||
Basel III [Member] | Maximum [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Tier 1 capital to risk-weighted asset | 6.00% |
Shareholders' Equity and Regu91
Shareholders' Equity and Regulatory Matters - Company's Consolidated Capital Ratios (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Consolidated [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Actual (Amount) | $ 57,084 | $ 55,945 |
Total Capital to Risk Weighted Assets, Actual (Ratio) | 14.80% | 15.60% |
Total Capital to Risk Weighted Assets, Minimum For Capital Requirement (Amount) | $ 30,910 | $ 28,708 |
Total Capital to Risk Weighted Assets, Minimum For Capital Requirement (Ratio) | 8.00% | 8.00% |
Total Capital to Risk Weighted Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Amount) | $ 38,637 | $ 35,885 |
Total Capital to Risk Weighted Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Ratio) | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Actual (Amount) | $ 44,843 | $ 43,527 |
Tier 1 Capital to Risk Weighted Assets, Actual (Ratio) | 11.60% | 12.10% |
Tier 1 Capital to Risk Weighted Assets, Minimum For Capital Requirement (Amount) | $ 23,182 | $ 21,531 |
Tier 1 Capital to Risk Weighted Assets, Minimum For Capital Requirement (Ratio) | 6.00% | 6.00% |
Tier 1 Capital to Risk Weighted Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Amount) | $ 30,910 | $ 28,708 |
Tier 1 Capital to Risk Weighted Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Ratio) | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Actual (Amount) | $ 34,220 | $ 32,931 |
Common Equity Tier 1 Capital to Risk Weighted Assets, Actual (Ratio) | 8.90% | 9.20% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum For Capital Requirement (Amount) | $ 17,387 | $ 16,148 |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum For Capital Requirement (Ratio) | 4.50% | 4.50% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Amount) | $ 25,114 | $ 23,325 |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Ratio) | 6.50% | 6.50% |
Tier 1 Capital to Average Assets, Actual (Amount) | $ 44,843 | $ 43,527 |
Tier 1 Capital to Average Assets, Actual (Ratio) | 8.40% | 8.20% |
Tier 1 Capital to Average Assets, Minimum For Capital Requirement (Amount) | $ 21,372 | $ 21,225 |
Tier 1 Capital to Average Assets, Minimum For Capital Requirement (Ratio) | 4.00% | 4.00% |
Tier 1 Capital to Average Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Amount) | $ 26,715 | $ 26,531 |
Tier 1 Capital to Average Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Ratio) | 5.00% | 5.00% |
Uwharrie Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Actual (Amount) | $ 56,007 | $ 56,221 |
Total Capital to Risk Weighted Assets, Actual (Ratio) | 14.60% | 15.80% |
Total Capital to Risk Weighted Assets, Minimum For Capital Requirement (Amount) | $ 30,691 | $ 28,549 |
Total Capital to Risk Weighted Assets, Minimum For Capital Requirement (Ratio) | 8.00% | 8.00% |
Total Capital to Risk Weighted Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Amount) | $ 38,364 | $ 35,686 |
Total Capital to Risk Weighted Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Ratio) | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Actual (Amount) | $ 53,300 | $ 53,337 |
Tier 1 Capital to Risk Weighted Assets, Actual (Ratio) | 13.90% | 15.00% |
Tier 1 Capital to Risk Weighted Assets, Minimum For Capital Requirement (Amount) | $ 23,018 | $ 21,412 |
Tier 1 Capital to Risk Weighted Assets, Minimum For Capital Requirement (Ratio) | 6.00% | 6.00% |
Tier 1 Capital to Risk Weighted Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Amount) | $ 30,691 | $ 28,549 |
Tier 1 Capital to Risk Weighted Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Ratio) | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Actual (Amount) | $ 42,677 | $ 42,741 |
Common Equity Tier 1 Capital to Risk Weighted Assets, Actual (Ratio) | 11.10% | 12.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum For Capital Requirement (Amount) | $ 17,264 | $ 17,843 |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum For Capital Requirement (Ratio) | 4.50% | 4.50% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Amount) | $ 24,937 | $ 23,196 |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Ratio) | 6.50% | 6.50% |
Tier 1 Capital to Average Assets, Actual (Amount) | $ 53,300 | $ 53,337 |
Tier 1 Capital to Average Assets, Actual (Ratio) | 10.00% | 10.10% |
Tier 1 Capital to Average Assets, Minimum For Capital Requirement (Amount) | $ 21,312 | $ 21,156 |
Tier 1 Capital to Average Assets, Minimum For Capital Requirement (Ratio) | 4.00% | 4.00% |
Tier 1 Capital to Average Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Amount) | $ 26,640 | $ 26,445 |
Tier 1 Capital to Average Assets, Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions (Ratio) | 5.00% | 5.00% |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options outstanding | 13,116 | 13,116 | |
Options outstanding and exercisable | 13,116 | ||
Exercise price range of options outstanding | $ 5.03 | $ 5.03 | |
Options outstanding weighted average expected term | 1 year 1 month 13 days | ||
Options granted under SOP II | 0 | ||
Unrecognized compensation cost | $ 0 | ||
Options exercised, Shares | 0 | 0 | 0 |
2006 Incentive Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation arrangement by share based payment award, expiration period | 10 years | ||
Number of options outstanding | 13,116 | ||
Common stock reserved for future grants of options | 0 | ||
Options granted under SOP II | 0 | 0 | |
Employee Stock Purchase Plan II [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation arrangement by share based payment award, expiration period | 2 years | ||
Number of options outstanding | 0 | ||
Common stock reserved for future grants of options | 0 | ||
Minimum [Member] | 2006 Incentive Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
SOP vesting schedules | 3 years | ||
Maximum [Member] | 2006 Incentive Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
SOP vesting schedules | 5 years |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Options outstanding at the beginning of the year, Shares | 13,116 | ||
Options granted, Shares | 0 | ||
Options exercised, Shares | 0 | 0 | 0 |
Forfeitures, Shares | 0 | ||
Options outstanding at the end of the year, Shares | 13,116 | 13,116 | |
Options exercisable at the end of the year, Shares | 13,116 | ||
Options outstanding at the beginning of the year, Weighted Average Exercise Price | $ 5.03 | ||
Options granted, Weighted Average Exercise Price | 0 | ||
Options exercised, Weighted Average Exercise Price | 0 | ||
Forfeitures, Weighted Average Exercise Price | 0 | ||
Options outstanding at the end of the year, Weighted Average Exercise Price | 5.03 | $ 5.03 | |
Options exercisable at the end of the year, Weighted Average Exercise Price | $ 5.03 | ||
Options outstanding at the end of the year | $ 2,230 | ||
Options exercisable at the end of the year | $ 2,230 |
Employee and Director Benefit94
Employee and Director Benefit Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 28, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Associate minimum age to make elective deferrals | 18 years | ||||
Associate minimum service period to make elective deferrals | 1 year | ||||
Associate minimum hours of service make elective deferrals | 1000 hours | ||||
Percentage of employee deferrals vested | 100.00% | ||||
Annual contribution to plan | $ 355,648 | $ 319,340 | $ 330,448 | ||
Employee contributions | 100.00% | ||||
Defined contribution plan, maximum annual contribution per employee for first compensation slab percentage | 50.00% | ||||
Employee contributions benchmark | 3.00% | ||||
Shares held by ESOP | 740,530 | ||||
Shares held by ESOP, Percentage | 9.95% | ||||
Shares unallocated to participants in the ESOP | 252,446 | ||||
Expense as contribution to ESOP plan | $ 45,693 | ||||
Liability set aside for total allocated shares, fair value | $ 0 | 561,000 | |||
2015 Stock Grant Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Percentage of share vested | 100.00% | ||||
Number of shares authorized | 520,000 | ||||
Number of shares available for grant | 487,749 | ||||
Number of shares granted | 13,809 | ||||
Share based compensation expenses | $ 55,029 | ||||
Supplemental Executive Retirement Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fixed monthly benefit payments | 10 years | ||||
Provision expensed for benefits | $ 336,800 | $ 331,800 | 316,800 | ||
Liability accrued for compensation deferred under the plan | $ 4,100,000 | 3,700,000 | |||
Split-Dollar Life Insurance [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest in cash surrender value of policies | 100.00% | ||||
Expense income associated with policies | $ 27,111 | $ 86,346 | $ 112,176 | ||
Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employee contributions benchmark | 5.00% | ||||
Employee contributions benchmark | 3.00% |
Fair Values of Financial Inst95
Fair Values of Financial Instruments and Interest Rate Risk - Comparison of Carrying Amounts and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
FINANCIAL ASSETS | ||
Securities held to maturity | $ 11,934 | $ 11,242 |
Loans held for investment, net | 339,122 | 317,248 |
Accrued interest receivable | 1,629 | 1,564 |
FINANCIAL LIABILITIES | ||
Accrued interest payable | 151 | 168 |
Carrying Value [Member] | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 45,968 | 68,933 |
Securities available for sale | 105,899 | 89,258 |
Securities held to maturity | 11,990 | 11,242 |
Loans held for investment, net | 339,122 | 317,248 |
Loans held for sale | 5,823 | 5,922 |
Restricted stock | 1,052 | 1,040 |
Accrued interest receivable | 1,629 | 1,564 |
FINANCIAL LIABILITIES | ||
Deposits | 485,719 | 467,733 |
Short-term borrowings | 2,674 | 5,758 |
Long-term borrowings | 13 | |
Junior subordinated debt | 9,534 | 9,534 |
Accrued interest payable | 151 | 168 |
Estimated Fair Value [Member] | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 45,995 | 68,973 |
Securities available for sale | 105,899 | 89,258 |
Securities held to maturity | 11,934 | 11,242 |
Loans held for investment, net | 337,348 | 313,649 |
Loans held for sale | 5,685 | 5,922 |
Restricted stock | 1,052 | 1,040 |
Accrued interest receivable | 1,629 | 1,564 |
FINANCIAL LIABILITIES | ||
Deposits | 447,784 | 442,619 |
Short-term borrowings | 2,674 | 5,758 |
Long-term borrowings | 13 | |
Junior subordinated debt | 9,673 | 9,688 |
Accrued interest payable | 151 | 168 |
Level 1 [Member] | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 43,478 | 65,198 |
Securities available for sale | 4,014 | 4,012 |
Restricted stock | 1,052 | 1,040 |
Level 2 [Member] | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 2,517 | 3,775 |
Securities available for sale | 101,885 | 85,246 |
Securities held to maturity | 11,934 | 11,242 |
Loans held for sale | 5,685 | 5,922 |
FINANCIAL LIABILITIES | ||
Deposits | 447,784 | 442,619 |
Short-term borrowings | 2,674 | 5,758 |
Long-term borrowings | 13 | |
Level 3 [Member] | ||
FINANCIAL ASSETS | ||
Loans held for investment, net | 337,348 | 313,649 |
Accrued interest receivable | 1,629 | 1,564 |
FINANCIAL LIABILITIES | ||
Junior subordinated debt | 9,673 | 9,688 |
Accrued interest payable | $ 151 | $ 168 |
Fair Values of Financial Inst96
Fair Values of Financial Instruments and Interest Rate Risk - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract] | |
Short term borrowings due period | 1 year |
Current fair value of off-balance sheet financial instruments | $ 0 |
Fair Values of Financial Inst97
Fair Values of Financial Instruments and Interest Rate Risk - Fair Value Information for Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 105,899 | $ 89,258 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 5,030 | 5,364 |
Fair Value on a Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 105,899 | 89,258 |
Total liabilities at fair value | 0 | 0 |
Fair Value on a Recurring Basis [Member] | U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 4,014 | 4,012 |
Fair Value on a Recurring Basis [Member] | U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 57,671 | 36,070 |
Fair Value on a Recurring Basis [Member] | GSE - Mortgage-backed Securities and CMO's [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 25,648 | 29,773 |
Fair Value on a Recurring Basis [Member] | State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 13,536 | 14,039 |
Fair Value on a Recurring Basis [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 4,014 | 4,012 |
Total liabilities at fair value | 0 | 0 |
Fair Value on a Recurring Basis [Member] | Level 1 [Member] | U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 4,014 | 4,012 |
Fair Value on a Recurring Basis [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 101,885 | 85,246 |
Total liabilities at fair value | 0 | 0 |
Fair Value on a Recurring Basis [Member] | Level 2 [Member] | U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 57,671 | 36,070 |
Fair Value on a Recurring Basis [Member] | Level 2 [Member] | GSE - Mortgage-backed Securities and CMO's [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 25,648 | 29,773 |
Fair Value on a Recurring Basis [Member] | Level 2 [Member] | State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 13,536 | 14,039 |
Fair Value on a Recurring Basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | 0 | 0 |
Fair Value on a Recurring Basis [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 5,030 | 5,364 |
Fair Value on a Recurring Basis [Member] | Corporate Bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 5,030 | $ 5,364 |
Fair Values of Financial Inst98
Fair Values of Financial Instruments and Interest Rate Risk - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 105,899 | $ 89,258 |
Fair Value on a Nonrecurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 2,217 | 3,108 |
Other real estate owned | 3,130 | 2,909 |
Fair Value | 5,347 | 6,017 |
Total liabilities at fair value | 0 | 0 |
Fair Value on a Nonrecurring Basis [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | 0 | 0 |
Fair Value on a Nonrecurring Basis [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at fair value | 0 | 0 |
Fair Value on a Nonrecurring Basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 2,217 | 3,108 |
Other real estate owned | 3,130 | 2,909 |
Fair Value | 5,347 | 6,017 |
Total liabilities at fair value | $ 0 | $ 0 |
Fair Values of Financial Inst99
Fair Values of Financial Instruments and Interest Rate Risk - Quantitative Information about Level 3 Fair Value Measurements (Detail) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Discounted Cash Flows [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Valuation Technique | Discounted cash flows | |
Discounted Cash Flows [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 4.00% | 4.00% |
Discounted Cash Flows [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 8.75% | 8.75% |
Impaired Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Valuation Technique | Discounted appraisals | |
Impaired Loans [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 0.00% | 0.00% |
Impaired Loans [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 25.00% | 25.00% |
OREO [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Valuation Technique | Discounted appraisals | |
OREO [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 0.00% | 0.00% |
OREO [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs discount rate and estimated costs to sell | 10.00% | 10.00% |
Parent Company Financial Data -
Parent Company Financial Data - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and demand deposits | $ 9,422 | $ 7,038 |
Interest-earning deposits | 36,546 | 61,895 |
Investments in: | ||
Other assets | 10,675 | 9,809 |
Total assets | 548,230 | 532,202 |
Liabilities and shareholders’ equity | ||
Short term debt | 2,674 | 5,758 |
Other liabilities | 6,627 | 5,682 |
Total liabilities | 504,705 | 488,888 |
Shareholders’ equity | 32,902 | 32,718 |
Total liabilities and shareholders’ equity | 548,230 | 532,202 |
Consolidated [Member] | ||
ASSETS | ||
Cash and demand deposits | 269 | 246 |
Interest-earning deposits | 2,161 | 3,396 |
Investments in: | ||
Bank subsidiaries | 41,358 | 42,528 |
Nonbank subsidiaries | 494 | 648 |
Other assets | 1,316 | 1,342 |
Total assets | 45,598 | 48,160 |
Liabilities and shareholders’ equity | ||
Master notes | 2,162 | 3,396 |
Short term debt | 500 | 2,350 |
Junior subordinated debentures | 9,534 | 9,534 |
Other liabilities | 501 | 163 |
Total liabilities | 12,697 | 15,443 |
Shareholders’ equity | 32,901 | 32,717 |
Total liabilities and shareholders’ equity | $ 45,598 | $ 48,160 |
Parent Company Financial Dat101
Parent Company Financial Data - Condensed Statements of Income (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Income Statements, Captions [Line Items] | |||
Other income | $ 509 | $ 318 | $ 529 |
Interest expense | (1,310) | (1,733) | (1,960) |
Other operating expense | (2,545) | (2,342) | (2,286) |
Income tax benefit | (895) | (806) | (648) |
Net income | 2,211 | 2,007 | 1,679 |
Consolidated net income | 2,211 | 2,007 | 1,679 |
Less: Net income attributable to noncontrolling interest | (593) | (592) | (591) |
Net income attributable to Uwharrie Capital Corp | 1,618 | 1,415 | 1,088 |
Net Income available to common shareholders | $ 1,618 | $ 1,415 | $ 1,088 |
Net income (loss) per common share | |||
Basic | $ 0.23 | $ 0.20 | $ 0.14 |
Diluted | $ 0.23 | $ 0.20 | $ 0.14 |
Weighted average shares outstanding | |||
Basic | 7,096,969 | 7,193,712 | 7,595,948 |
Diluted | 7,097,075 | 7,193,712 | 7,595,948 |
Consolidated [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Equity in undistributed earnings (loss) of subsidiaries | $ 375 | $ 2,760 | $ 1,456 |
Dividends received from subsidiaries | 2,500 | 1,000 | |
Interest income | 6 | 8 | 11 |
Other income | 77 | 81 | 87 |
Interest expense | (585) | (612) | (583) |
Other operating expense | (445) | (555) | (624) |
Income tax benefit | 283 | 325 | 332 |
Net income | 2,211 | 2,007 | 1,679 |
Consolidated net income | 2,211 | 2,007 | 1,679 |
Less: Net income attributable to noncontrolling interest | (593) | (592) | (591) |
Net income attributable to Uwharrie Capital Corp | 1,618 | 1,415 | 1,088 |
Net Income available to common shareholders | $ 1,618 | $ 1,415 | $ 1,088 |
Net income (loss) per common share | |||
Basic | $ 0.23 | $ 0.20 | $ 0.14 |
Diluted | $ 0.23 | $ 0.20 | $ 0.14 |
Weighted average shares outstanding | |||
Basic | 7,096,969 | 7,193,712 | 7,595,948 |
Diluted | 7,097,075 | 7,193,712 | 7,595,948 |
Parent Company Financial Dat102
Parent Company Financial Data - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | |||
Net Income | $ 2,211 | $ 2,007 | $ 1,679 |
Adjustments to reconcile net income to net cash used by operating activities: | |||
(Increase) decrease in other assets | (761) | (1,535) | (1,029) |
Increase (decrease) in other liabilities | 945 | 899 | 349 |
Net cash provided by operating activities | 3,871 | (180) | 2,835 |
Cash flows from financing activities | |||
Repurchase of common stock, net | (322) | (429) | (1,401) |
Cash paid for fractional shares | (6) | (5) | (4) |
Net cash provided (used) by financing activities | 14,136 | 11,503 | (1,529) |
Increase (decrease) in cash and cash equivalents | (22,965) | 18,142 | (21,603) |
Cash and cash equivalents, beginning of year | 68,933 | 50,791 | 72,394 |
Cash and cash equivalents, end of year | 45,968 | 68,933 | 50,791 |
Consolidated [Member] | |||
Cash flows from operating activities | |||
Net Income | 2,211 | 2,007 | 1,679 |
Adjustments to reconcile net income to net cash used by operating activities: | |||
Equity in undistributed (earnings) loss of subsidiaries | (375) | (2,760) | (1,456) |
(Increase) decrease in other assets | 26 | (228) | 136 |
Increase (decrease) in other liabilities | 338 | 14 | 78 |
Net cash provided by operating activities | 2,200 | (967) | 437 |
Cash flows from financing activities | |||
Net decrease in master notes | (1,234) | (278) | (324) |
Net increase in short-term debt | (1,850) | 1,350 | 1,000 |
Net repayments of issuance of junior subordinated debentures | (1,593) | ||
Repurchase of common stock, net | (322) | (429) | (1,401) |
Cash paid for fractional shares | (6) | (5) | (4) |
Net cash provided (used) by financing activities | (3,412) | 638 | (2,322) |
Increase (decrease) in cash and cash equivalents | (1,212) | (329) | (1,885) |
Cash and cash equivalents, beginning of year | 3,642 | 3,971 | 5,856 |
Cash and cash equivalents, end of year | $ 2,430 | $ 3,642 | $ 3,971 |