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Loans (Tables) | 6 Months Ended
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Jun. 30, 2015
Loans [Abstract] |
Summary of loan portfolio and allowance for loan losses | The following table summarizes the primary segments of the loan portfolio and how those segments are analyzed within the allowance for loan losses as of June 30, 2015 and December 31, 2014 (in thousands):
June 30, 2015 |  | Total Loans | Individually evaluated for impairment | Collectively evaluated for impairment
Real estate loans: |  |  |  |
Residential |  | $ 181,566 | $ 333 | $ 181,233
Commercial and agricultural |  | 224,450 | 5,578 | 218,872
Construction |  | 8,025 | - | 8,025
Consumer |  | 8,374 | - | 8,374
Other commercial and agricultural loans | 64,506 | 2,248 | 62,258
State and political subdivision loans |  | 84,730 | - | 84,730
Total |  | 571,651 | $ 8,159 | $ 563,492
Allowance for loan losses |  | 6,959 |  |
Net loans |  | $ 564,692 |  |
December 31, 2014 |  |  |  |
Real estate loans: |  |  |  |
Residential |  | $ 185,438 | $ 316 | $ 185,122
Commercial and agricultural |  | 215,584 | 6,112 | 209,472
Construction |  | 6,353 | - | 6,353
Consumer |  | 8,497 | - | 8,497
Other commercial and agricultural loans |  | 58,516 | 2,394 | 56,122
State and political subdivision loans |  | 79,717 | - | 79,717
Total |  | 554,105 | $ 8,822 | $ 545,283
Allowance for loan losses |  | 6,815 |  |
Net loans |  | $ 547,290 |  |
Impaired financing receivables with associated allowance amount | The following table includes the recorded investment and unpaid principal balances for impaired financing receivables by class, with the associated allowance amount, if applicable (in thousands):
|  | Recorded | Recorded |  |
| Unpaid | Investment | Investment | Total |
| Principal | With No | With | Recorded | Related
June 30, 2015 | Balance | Allowance | Allowance | Investment | Allowance
Real estate loans: |  |  |  |  |
Mortgages | $ 305 | $ 118 | $ 152 | $ 270 | $ 29
Home Equity | 63 | - | 63 | 63 | 12
Commercial | 8,051 | 5,469 | 109 | 5,578 | 48
Agricultural | - | - | - | - | -
Construction | - | - | - | - | -
Consumer | - | - | - | - | -
Other commercial loans | 2,354 | 1,164 | 1,084 | 2,248 | 185
Other agricultural loans | - | - | - | - | -
State and political subdivision loans | - | - | - | - | -
Total | $ 10,773 | $ 6,751 | $ 1,408 | $ 8,159 | $ 274
December 31, 2014 |  |  |  |  |
Real estate loans: |  |  |  |  |
Mortgages | $ 222 | $ 125 | $ 66 | $ 191 | $ 13
Home Equity | 130 | 60 | 65 | 125 | 12
Commercial | 8,433 | 5,708 | 404 | 6,112 | 72
Agricultural | - | - | - | - | -
Construction | - | - | - | - | -
Consumer | - | - | - | - | -
Other commercial loans | 2,480 | 2,346 | 48 | 2,394 | 1
Other agricultural loans | - | - | - | - | -
State and political subdivision loans | - | - | - | - | -
Total | $ 11,265 | $ 8,239 | $ 583 | $ 8,822 | $ 98
The following tables includes the average balance of impaired financing receivables by class and the income recognized on impaired loans for the three and six month periods ended June 30, 2015 and 2014(in thousands):
| For the Six Months ended
| June 30, 2015 | June 30, 2014
|  |  | Interest |  |  | Interest
| Average | Interest | Income | Average | Interest | Income
| Recorded | Income | Recognized | Recorded | Income | Recognized
| Investment | Recognized | Cash Basis | Investment | Recognized | Cash Basis
Real estate loans: |  |  |  |  |  |
Mortgages | $ 224 | $ 4 | $ 5 | $ 202 | $ 4 | $ -
Home Equity | 114 | 2 | - | 132 | 2 | -
Commercial | 5,862 | 32 | - | 8,039 | 44 | -
Agricultural | - | - | - | - | - | -
Construction | - | - | - | - | - | -
Consumer | - | - | - | 15 | - | -
Other commercial loans | 2,678 | 49 | 3 | 2,000 | 46 | -
Other agricultural loans | - | - | - | - | - | -
State and political |  |  |  |  |  |
subdivision loans | - | - | - | - | - | -
Total | $ 8,878 | $ 87 | $ 8 | $ 10,388 | $ 96 | $ -
| For the Three Months Ended
| June 30, 2015 | June 30, 2014
Real estate loans: |  |  |  |  |  |
Mortgages | $ 259 | $ 2 | $ 5 | $ 200 | $ 2 | $ -
Home Equity | 103 | 1 | - | 131 | 1 | -
Commercial | 5,700 | 19 | - | 7,544 | 18 | -
Agricultural | - | - | - | - | - | -
Construction | - | - | - | - | - | -
Consumer | - | - | - | 15 | - | -
Other commercial loans | 2,629 | 24 | 2 | 2,108 | 13 | -
Other agricultural loans | - | - | - | - | - | -
State and political |  |  |  |  |  |
subdivision loans | - | - | - | - | - | -
Total | $ 8,691 | $ 46 | $ 7 | $ 9,998 | $ 34 | $ -
Summary of financing receivable credit exposures by internally assigned grades | The following tables represent credit exposures by internally assigned grades as of June 30, 2015 and December 31, 2014 (in thousands):
June 30, 2015 | Pass | Special Mention | Substandard | Doubtful | Loss | Ending Balance
Real estate loans: |  |  |  |  |  |
Commercial | $ 177,073 | $ 4,390 | $ 12,220 | $ 44 | $ - | $ 193,727
Agricultural | 27,638 | 2,600 | 485 | - | - | 30,723
Construction | 8,025 | - | - | - | - | 8,025
Other commercial loans | 45,715 | 817 | 5,443 | 145 | - | 52,120
Other agricultural loans | 11,989 | 397 | - | - | - | 12,386
State and political |  |  |  |  |  |
subdivision loans | 84,730 | - | - | - | - | 84,730
Total | $ 355,170 | $ 8,204 | $ 18,148 | $ 189 | $ - | $ 381,711
December 31, 2014 |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |
Commercial | $ 169,383 | $ 8,948 | $ 12,614 | $ - | $ - | $ 190,945
Agricultural | 19,575 | 3,394 | 1,670 | - | - | 24,639
Construction | 6,353 | - | - | - | - | 6,353
Other commercial loans | 40,683 | 4,413 | 2,355 | - | - | 47,451
Other agricultural loans | 9,221 | 727 | 1,117 | - | - | 11,065
State and political |  |  |  |  |  |
subdivision loans | 79,717 | - | - | - | - | 79,717
Total | $ 324,932 | $ 17,482 | $ 17,756 | $ - | $ - | $ 360,170
The following table presents the recorded investment in those loan classes based on payment activity as of June 30, 2015 and December 31, 2014 (in thousands):
June 30, 2015 | Performing | Non-performing | Total
Real estate loans: |  |  |
Mortgages | $ 119,649 | $ 1,160 | $ 120,809
Home Equity | 60,608 | 149 | 60,757
Consumer | 8,320 | 54 | 8,374
Total | $ 188,577 | $ 1,363 | $ 189,940
December 31, 2014 |  |  |
Real estate loans: |  |  |
Mortgages | $ 121,968 | $ 890 | $ 122,858
Home Equity | 62,296 | 284 | 62,580
Consumer | 8,444 | 53 | 8,497
Total | $ 192,708 | $ 1,227 | $ 193,935
Aging analysis of past due financing receivables | The following table includes an aging analysis of the recorded investment of past due financing receivables as of June 30, 2015 and December 31, 2014 (in thousands):
|  |  |  |  |  |  |  | 90 Days or
|  | 30-59 Days | 60-89 Days | 90 Days | Total Past |  | Total Financing | Greater and
June 30, 2015 | Past Due | Past Due | Or Greater | Due | Current | Receivables | Accruing
Real estate loans: |  |  |  |  |  |  |
Mortgages | $ 502 | $ 154 | $ 866 | $ 1,522 | $ 119,287 | $ 120,809 | $ 380
Home Equity | 395 | 84 | 136 | 615 | 60,142 | 60,757 | 80
Commercial | 114 | 524 | 4,034 | 4,672 | 189,055 | 193,727 | 104
Agricultural | 39 | 170 | - | 209 | 30,514 | 30,723 | -
Construction | - | - | - | - | 8,025 | 8,025 | -
Consumer | 38 | 30 | 12 | 80 | 8,294 | 8,374 | 1
Other commercial loans | 526 | 56 | 919 | 1,501 | 50,619 | 52,120 | 261
Other agricultural loans | - | 97 | - | 97 | 12,289 | 12,386 | -
State and political subdivision loans | - | - | - | - | 84,730 | 84,730 | -
| Total | $ 1,614 | $ 1,115 | $ 5,967 | $ 8,696 | $ 562,955 | $ 571,651 | $ 826
Loans considered non-accrual | $ 524 | $ 496 | $ 5,141 | $ 6,161 | $ 406 | $ 6,567 |
Loans still accruing | 1,090 | 619 | 826 | 2,535 | 562,549 | 565,084 |
| Total | $ 1,614 | $ 1,115 | $ 5,967 | $ 8,696 | $ 562,955 | $ 571,651 |
December 31, 2014 |  |  |  |  |  |  |
Real estate loans: |  |  |  |  |  |  |
Mortgages | $ 318 | $ 230 | $ 675 | $ 1,223 | $ 121,635 | $ 122,858 | $ 214
Home Equity | 442 | 99 | 260 | 801 | 61,779 | 62,580 | 132
Commercial | 97 | 231 | 1,432 | 1,760 | 189,185 | 190,945 | 310
Agricultural | - | - | - | - | 24,639 | 24,639 | -
Construction | - | - | - | - | 6,353 | 6,353 | -
Consumer | 119 | 4 | 7 | 130 | 8,367 | 8,497 | 6
Other commercial loans | 503 | 258 | 476 | 1,237 | 46,214 | 47,451 | 174
Other agricultural loans | - | - | - | - | 11,065 | 11,065 | -
State and political subdivision loans | - | - | - | - | 79,717 | 79,717 | -
| Total | $ 1,479 | $ 822 | $ 2,850 | $ 5,151 | $ 548,954 | $ 554,105 | $ 836
Loans considered non-accrual | $ 48 | $ 181 | $ 2,014 | $ 2,243 | $ 4,356 | $ 6,599 |
Loans still accruing | 1,431 | 641 | 836 | 2,908 | 544,598 | 547,506 |
| Total | $ 1,479 | $ 822 | $ 2,850 | $ 5,151 | $ 548,954 | $ 554,105 |
Summary of financing receivables on nonaccrual status | The following table reflects the financing receivables on non-accrual status as of June 30, 2015 and December 31, 2014, respectively. The balances are presented by class of financing receivable (in thousands):
|  | June 30, 2015 |  | December 31, 2014
Real estate loans: |  |  |
Mortgages | $ 780 |  | $ 676
Home Equity | 69 |  | 152
Commercial | 4,547 |  | 5,010
Agricultural | - |  | -
Construction | - |  | -
Consumer | 53 |  | 47
Other commercial loans | 1,118 |  | 714
Other agricultural loans | - |  | -
State and political subdivision loans | - |  | -
|  | $ 6,567 |  | $ 6,599
Summary of troubled debt restructurings on financing receivables | Loan modifications that are considered TDRs completed during the three and six months ended June 30, 2015 and 2014 were as follows (dollars in thousands):
| For the Three Months Ended June 30, 2015
| Number of contracts | Pre-modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment
| Interest Modification | Term Modification | Interest Modification | Term Modification | Interest Modification | Term Modification
Real estate loans: |  |  |  |  |  |
Mortgages | - | 1 | $ - | $ 19 | $ - | $ 19
Total | - | 1 | $ - | $ 19 | $ - | $ 19
| For the Six Months Ended June 30, 2015
| Number of contracts | Pre-modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment
| Interest Modification | Term Modification | Interest Modification | Term Modification | Interest Modification | Term Modification
Real estate loans: |  |  |  |  |  |
Mortgages | 1 | 1 | $ 71 | $ 19 | $ 71 | $ 19
Total | 1 | 1 | $ 71 | $ 19 | $ 71 | $ 19
| For the Three Months Ended June 30, 2014
| Number of contracts | Pre-modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment
| Interest Modification | Term Modification | Interest Modification | Term Modification | Interest Modification | Term Modification
Real estate loans: |  |  |  |  |  |
Commercial | - | 1 | $ - | $ 28 | $ - | $ 28
Total | - | 1 | $ - | $ 28 | $ - | $ 28
| For the Six Months Ended June 30, 2014
| Number of contracts | Pre-modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment
| Interest Modification | Term Modification | Interest Modification | Term Modification | Interest Modification | Term Modification
Real estate loans: |  |  |  |  |  |
Commercial | - | 2 | $ - | $ 153 | $ - | $ 153
Total | - | 2 | $ - | $ 153 | $ - | $ 153
The following table presents the recorded investment in loans that were modified as TDRs during each 12-month period prior to the current reporting periods, which begin January 1, 2015 and 2014 (six month periods) and April 1, 2015 and 2014 (3 month periods), respectively, and that subsequently defaulted during these reporting periods (dollars in thousands):
| For the Three Months Ended | For the Six Months Ended
| June 30, 2015 | June 30, 2014 | June 30, 2015 | June 30, 2014
| Number of contracts | Recorded investment | Number of contracts | Recorded investment | Number of contracts | Recorded investment | Number of contracts | Recorded investment
Real estate loans: |  |  |  |  |  |  |  |
Commercial | - | $ - | - | $ - | - | $ - | 1 | $ 483
Total recidivism | - | $ - | - | $ - | - | $ - | 1 | $ 483
Allowance for loan losses by impairment method | The following table segregates the allowance for loan losses (ALLL) into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of June 30,2015 and December 31, 2014, respectively (in thousands):
| June 30, 2015 |  | December 31, 2014
| Individually evaluated for impairment | Collectively evaluated for impairment | Total |  | Individually evaluated for impairment | Collectively evaluated for impairment | Total
Real estate loans: |  |  |  |  |  |  |
Residential | $ 41 | $ 890 | $ 931 |  | $ 25 | $ 853 | $ 878
Commercial and agricultural | 48 | 3,631 | 3,679 |  | 72 | 3,798 | 3,870
Construction | - | 14 | 14 |  | - | 26 | 26
Consumer | - | 89 | 89 |  | - | 84 | 84
Other commercial and agricultural loans | 185 | 1,317 | 1,502 |  | 1 | 1,223 | 1,224
State and political subdivision loans | - | 568 | 568 |  | - | 545 | 545
Unallocated | - | 176 | 176 |  | - | 188 | 188
Total | $ 274 | $ 6,685 | $ 6,959 |  | $ 98 | $ 6,717 | $ 6,815
Roll forward of allowance for loan losses by portfolio segment | The following tables roll forward the balance of the ALLL by portfolio segment for the three and six month periods ended June 30, 2015 and 2014, respectively (in thousands):
| Balance at March 31, 2015 | Charge-offs | Recoveries | Provision | Balance at June 30, 2015
Real estate loans: |  |  |  |  |
Residential | $ 923 | $ (17) | $ - | $ 25 | $ 931
Commercial and agricultural | 3,699 | (56) | 3 | 33 | 3,679
Construction | 11 | - | - | 3 | 14
Consumer | 82 | (17) | 4 | 20 | 89
Other commercial and agricultural loans | 1,286 | - | - | 216 | 1,502
State and political subdivision loans | 572 | - | - | (4) | 568
Unallocated | 349 | - | - | (173) | 176
Total | $ 6,922 | $ (90) | $ 7 | $ 120 | $ 6,959
| Balance at December 31, 2014 | Charge-offs | Recoveries | Provision | Balance at June 30, 2015
Real estate loans: |  |  |  |  |
Residential | $ 878 | $ (34) | $ - | $ 87 | $ 931
Commercial and agricultural | 3,870 | (56) | 7 | (142) | 3,679
Construction | 26 | - | - | (12) | 14
Consumer | 84 | (24) | 12 | 17 | 89
Other commercial and agricultural loans | 1,224 | (1) | - | 279 | 1,502
State and political subdivision loans | 545 | - | - | 23 | 568
Unallocated | 188 | - | - | (12) | 176
Total | $ 6,815 | $ (115) | $ 19 | $ 240 | $ 6,959
| Balance at March 31, 2014 | Charge-offs | Recoveries | Provision | Balance at June 30, 2014
Real estate loans: |  |  |  |  |
Residential | $ 886 | $ (7) | $ - | $ - | $ 879
Commercial and agricultural | 4,530 | (465) | 3 | (259) | 3,809
Construction | 8 | - | - | 5 | 13
Consumer | 83 | (6) | 6 | 3 | 86
Commercial and other loans | 1,173 | (163) | - | 141 | 1,151
State and political subdivision loans | 396 | - | - | 59 | 455
Unallocated | 157 | - | - | 201 | 358
Total | $ 7,233 | $ (641) | $ 9 | $ 150 | $ 6,751
| Balance at December 31, 2013 | Charge-offs | Recoveries | Provision | Balance at June 30, 2014
Real estate loans: |  |  |  |  |
Residential | $ 946 | $ (45) | $ - | $ (22) | $ 879
Commercial and agricultural | 4,558 | (475) | 5 | (279) | 3,809
Construction | 50 | - | - | (37) | 13
Consumer | 105 | (14) | 15 | (20) | 86
Commercial and other loans | 942 | (163) | - | 372 | 1,151
State and political subdivision loans | 330 | - | - | 125 | 455
Unallocated | 167 | - | - | 191 | 358
Total | $ 7,098 | $ (697) | $ 20 | $ 330 | $ 6,751

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