Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2019	Mar. 06, 2020	Jun. 30, 2019
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Registrant Name	UNITED BANCORP INC /OH/
Entity Central Index Key	0000731653
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 55,046,501
Trading Symbol	UBCP
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		5,916,951
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Cash and due from banks	$ 5,697	$ 15,573
Interest-bearing demand deposits	9,288	9,680
Cash and cash equivalents	14,985	25,253
Available-for-sale securities	188,785	123,991
Loans, net of allowance for loan losses of $2,231 and $2,043 at December 31, 2019 and 2018, respectively	439,317	407,640
Premises and equipment	12,402	12,117
Federal Home Loan Bank stock	4,012	4,243
Foreclosed assets held for sale, net	819	91
Core deposit and other intangible assets	1,542	1,692
Accrued interest receivable	2,697	1,798
Bank-owned life insurance	17,196	13,115
Other assets	3,951	3,273
Total Assets	685,706	593,213
Deposits
Demand	334,380	309,505
Savings	108,218	111,251
Time	105,471	104,687
Total deposits	548,069	525,443
Securities sold under repurchase agreements	6,915	8,068
Federal Home Loan Bank advances	39,800	106
Subordinated debentures	23,543	4,124
Deferred federal income tax	1,736	219
Interest payable and other liabilities	5,721	4,610
Total liabilities	625,784	542,570
Stockholders' Equity
Preferred stock, no par value, authorized 2,000,000 shares; no shares issued	0	0
Common stock, $1 par value; authorized 10,000,000 shares; issued 2019 - 5,959,351 shares, 2018 - 5,926,851 shares; outstanding 2019 - 5,516,203 2018 - 5,739,203	5,959	5,927
Additional paid-in capital	22,871	22,556
Retained earnings	27,905	24,321
Stock held by deferred compensation plan; 2019 - 176,134 shares, 2018 - 182,457 shares	(1,659)	(1,701)
Unearned ESOP compensation	(228)	(404)
Accumulated other comprehensive income (loss)	5,536	(10)
Treasury stock, at cost 2019 - 42,400 shares, 2018 - 5,744 shares	(462)	(46)
Total stockholders' equity	59,922	50,643
Total liabilities and stockholders' equity	$ 685,706	$ 593,213

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Consolidated Balance Sheets
Loans, allowance for loan losses	$ 2,231	$ 2,043
Preferred stock, no par value	$ 0	$ 0
Preferred stock, authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 1	$ 1
Common stock, authorized	10,000,000	10,000,000
Common stock, issued	5,959,351	5,926,851
Common Stock, Shares, Outstanding	5,516,203	2,018
Stock held by deferred compensation plan, shares	176,134	182,457
Treasury stock, shares	42,400	5,744

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Interest and Dividend Income
Loans	$ 21,790	$ 18,875
Securities
Taxable	996	765
Tax-exempt	3,704	1,234
Federal funds sold	333	197
Dividends on Federal Home Loan Bank and other stock	211	249
Total interest and dividend income	27,034	21,320
Interest Expense
Deposits	4,827	2,591
Borrowings	1,296	587
Total interest expense	6,123	3,178
Net Interest Income	20,911	18,142
Provision for Loan Losses	908	297
Net Interest Income After Provision for Loan Losses	20,003	17,845
Noninterest income
Customer service fees	2,843	2,608
Net gains on loan sales	54	66
Earnings on bank-owned life insurance	533	477
Bank-owned life insurance death benefit	0	100
Other	458	409
Total noninterest income	3,888	3,660
Noninterest Expense
Salaries and employee benefits	8,776	7,964
Net occupancy and equipment expense	2,263	2,140
Provision for losses on foreclosed real estate	0	71
Professional fees	1,292	2,173
Insurance	468	433
Deposit insurance premiums	75	190
Franchise and other taxes	408	364
Marketing expense	383	493
Printing and office supplies	136	165
OREO and repossession losses	5	27
Other	2,676	2,403
Total noninterest expense	16,482	16,423
Income Before Federal Income Taxes	7,409	5,082
Provision for Federal Income Taxes	599	800
Net Income	$ 6,810	$ 4,282
Basic Earnings Per Share	$ 1.19	$ 0.82
Diluted Earnings Per Share	$ 1.19	$ 0.82

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Comprehensive Income
Net income	$ 6,810	$ 4,282
Other comprehensive income (loss), net of tax
Unrealized holding gains on available-for-sale securities during the period, net of taxes of $1,622 and $199 for each respective period	6,107	749
Change in funded status of defined benefit plan, net of tax benefits of $150 and $82 for each respective period	(564)	(309)
Amortization of prior service included in net periodic pension expense, net of tax benefits of $19 and $19 for each respective period	(70)	(70)
Amortization of net loss included in net periodic pension cost, net of taxes of $20 and $11 for each respective period	73	40
Comprehensive income	$ 12,356	$ 4,692

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Comprehensive Income
Unrealized holding gains on available-for-sale securities during the period, net of tax	$ 1,622	$ 199
Change in funded status of defined benefit plan, net of tax benefits	150	82
Amortization of prior service included in net periodic pension expense, net of tax	19	19
Amortization of net loss included in net periodic pension cost, net of tax	$ 20	$ 11

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Treasury Stock And Deferred Compensation	Shares Acquired By ESOP	Retained Earnings	Accumulated Other Comprehensive Loss	Total
Beginning Balance at Dec. 31, 2017	$ 5,435	$ 18,020	$ (1,717)	$ (683)	$ 23,260	$ (420)	$ 43,895
Net income	0	0	0	0	4,282	0	4,282
Other comprehensive income (loss)	0	0	0	0	0	410	410
Share issuance in connection with merger	367	4,344	0	0	0	0	4,711
Cash dividends - per share	0	0	0	0	(3,221)	0	(3,221)
Shares purchased for deferred compensation plan	0	30	(30)	0	0	0	0
Expense related to share-based compensation plans	0	287	0	0	0	0	287
Restricted stock activity	125	(125)	0	0	0	0	0
Amortization of ESOP	0	0	0	279	0	0	279
Ending Balance at Dec. 31, 2018	5,927	22,556	(1,747)	(404)	24,321	(10)	50,643
Net income	0	0	0	0	6,810	0	6,810
Other comprehensive income (loss)	0	0	0	0	0	5,546	5,546
Cash dividends - per share	0	0	0	0	(3,226)	0	(3,226)
Shares purchased for deferred compensation plan	0	(42)	42	0	0	0	0
Shares purchased for treasury stock			(416)				(416)
Expense related to share-based compensation plans	0	293	0	0	0	0	293
Restricted stock activity	32	(32)	0	0	0	0	0
Amortization of ESOP	0	96	0	176	0	0	272
Ending Balance at Dec. 31, 2019	$ 5,959	$ 22,871	$ (2,121)	$ (228)	$ 27,905	$ 5,536	$ 59,922

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Stockholders' Equity
Cash dividends, per share	$ 0.545	$ 0.570

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Operating Activities
Net income	$ 6,810,000	$ 4,282,000
Items not requiring (providing) cash
Depreciation and amortization	1,040,000	974,000
Provision for loan losses	908,000	297,000
Provision for losses on foreclosed real estate	0	70,000
Amortization of premiums and discounts on securities-net	326,000	135,000
Amortization of intangible assets	150,000	42,000
Deferred income taxes	42,000	375,000
Originations of loans held for sale	(2,796,000)	(3,064,000)
Proceeds from sale of loans held for sale	2,850,000	3,130,000
Net gains on sales of loans	(54,000)	(66,000)
Amortization of ESOP	272,000	280,000
Expense related to share-based compensation plans	293,000	287,000
Loss on sale of real estate and other repossessed assets	5,000	27,000
Increase in cash surrender value of bank-owned life insurance	(81,000)	(389,000)
Gain on sale of fixed assets	(8,000)	0
AmortizationOfFinancingCosts	36,000	0
Changes in
Accrued interest receivable	(898,000)	(660,000)
Other assets	(1,188,000)	589,000
Interest payable and other liabilities	910,000	(554,000)
Net cash provided by operating activities	8,617,000	5,755,000
Investing Activities
Purchases of available-for-sale securities	(102,645,000)	(78,117,000)
Sale of available-for-sale securities	45,255,000	23,865,000
Sale of interest-bearing time deposits	0	3,461,000
Net change in loans	(33,403,000)	(34,971,000)
Mandatory redemption of Federal Home Loan Bank Stock	231,000	0
Purchases of bank-owned life insurance	(4,000,000)	0
Purchases of premises and equipment, net	(1,336,000)	(785,000)
Net cash received from acquisition of Powhatan Point Community Bancshares, Inc.	0	23,457,000
Proceeds from sale of premises and equipment	19,000	0
Proceeds from sales of foreclosed assets	86,000	543,000
Net cash used in investing activities	(95,793,000)	(62,547,000)
Financing Activities
Net increase in deposits	22,626,000	83,884,000
Proceeds of Federal Home Loan Bank advances	39,800,000	0
Repayments of Federal Home Loan Bank advances	(106,000)	(9,916,000)
Proceeds from issuance of subordinated debentures, net of origination fees	19,383,000	0
Net change in securities sold under repurchase agreements	(1,153,000)	(3,017,000)
Repurchase of common stock	(416,000)
Cash dividends paid	(3,226,000)	(3,221,000)
Net cash provided by financing activities	76,908,000	67,730,000
Decrease (Increase) in Cash and Cash Equivalents	(10,268,000)	10,938,000
Cash and Cash Equivalents, Beginning of Year	25,253,000	14,315,000
Cash and Cash Equivalents, End of Year	14,985,000	25,253,000
Supplemental Cash Flows Information
Interest paid on deposits and borrowings	6,098,000	3,285,000
Federal income taxes paid	25,000	715,000
Supplemental Disclosure of Non-Cash Investing Activities
Transfers from loans to foreclosed assets held for sale	818,000	$ 280,000
Acquisition, liabilities were assumed
Fair value of assets acquired	62,328
Less common stock issued	4,711
Less cash paid for common stock	1,529
Liabilities assumed	$ 56,088

Nature of Operations and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Nature of Operations and Summary of Significant Accounting Policies
Nature of Operations and Summary of Significant Accounting Policies	Note 1: Nature of Operations and Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of United Bancorp, Inc. (“United” or “the Company”) and its wholly-owned subsidiary, Unified Bank of Martins Ferry, Ohio (“the Bank” or “Unified”). All intercompany transactions and balances have been eliminated in consolidation. Nature of Operations The Company’s revenues, operating income and assets are almost exclusively derived from banking. Accordingly, all of the Company’s banking operations are considered by management to be aggregated in one reportable operating segment. Customers are mainly located in Athens, Belmont, Carroll, Fairfield, Harrison, Jefferson and Tuscarawas Counties and the surrounding localities in northeastern, east-central and southeastern Ohio and include a wide range of individuals, businesses and other organizations. Unified Bank conducts its business through its main office in Martins Ferry, Ohio and branches in Amesville, Bridgeport, Colerain, Dellroy, Dillonvale, Dover, Glouster, Jewett, Lancaster Downtown, Lancaster East, Nelsonville, New Philadelphia, Powhatan Point, St. Clairsville East, St. Clairsville West, Sherrodsville, Strasburg and Tiltonsville, Ohio. The Bank also operates a Loan Production Office in Wheeling, West Virginia. The Company’s primary deposit products are checking, savings and term certificate accounts and its primary lending products are residential mortgage, commercial and installment loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets and real estate. Commercial loans are expected to be repaid from cash flow from operations of businesses. Real estate loans are secured by both residential and commercial real estate. Net interest income is affected by the relative amount of interest-earning assets and interest-bearing liabilities and the interest received or paid on these balances. The level of interest rates paid or received by the Company can be significantly influenced by a number of environmental factors, such as governmental monetary policy, that are outside of management’s control. Revenue Recognition Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers ("ASC 606"), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of our revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as our loans, investment securities, as well as revenue related to our mortgage banking activities, as these activities are subject to other GAAP discussed elsewhere within our disclosures. Descriptions of our revenue-generating activities that are within the scope of ASC 606, which are presented in our income statements as components of non-interest income are as follows: Service charges on deposit accounts - these represent general service fees for monthly account maintenance and activity- or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). Payment for such performance obligations are generally received at the time the performance obligations are satisfied. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans. In connection with the determination of the allowance for loan losses and the valuation of foreclosed assets held for sale, management obtains independent appraisals for significant properties. Cash Equivalents The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. At December 31, 2019 and 2018, cash equivalents consisted primarily of due from accounts with the Federal Reserve and other correspondent banks. Currently, the FDIC’s insurance limits are $250,000. At December 31, 2019 and 2018, the Company’s various cash accounts did not exceed the federally insured limit of $250,000. At December 31, 2019 and 2018, the Company held $7,830,000 and $6,566,000 at the Federal Home Loan Bank and the Federal Reserve Bank, respectively, which are not subject to FDIC limits. Securities Certain debt securities that management has the positive intent and ability to hold to maturity would be classified as “held to maturity” and recorded at amortized cost. Securities not classified as held to maturity, including equity securities with readily determinable fair values, are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. For debt securities with fair value below amortized cost, when the Company does not intend to sell a debt security, and it is more likely than not the Company will not have to sell the security before recovery of its cost basis, it recognizes the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. At December 31, 2019 and 2018, the Company did not have any loans held for sale. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoffs are reported at their outstanding principal balances adjusted for unearned income, charge-offs, the allowance for loan losses, any unamortized deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, as well as premiums and discounts, are deferred and amortized as a level yield adjustment over the respective term of the loan. For all loan classes, the accrual of interest is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. For all loan classes, the entire balance of the loan is considered past due if the minimum payment contractually required to be paid is not received by the contractual due date. For all loan classes, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. Management’s general practice is to proactively charge down loans individually evaluated for impairment to the fair value of the underlying collateral. Consistent with regulatory guidance, charge-offs on all loan segments are taken when specific loans, or portions thereof, are considered uncollectible. The Company’s policy is to promptly charge these loans off in the period the uncollectible loss is reasonably determined. For all loan portfolio segments except residential and consumer loans, the Company promptly charges-off loans, or portions thereof, when available information confirms that specific loans are uncollectible based on information that includes, but is not limited to, (1) the deteriorating financial condition of the borrower, (2) declining collateral values, and/or (3) legal action, including bankruptcy, that impairs the borrower’s ability to adequately meet its obligations. For impaired loans that are considered to be solely collateral dependent, a partial charge-off is recorded when a loss has been confirmed by an updated appraisal or other appropriate valuation of the collateral. The Company charges-off residential and consumer loans when the Company reasonably determines the amount of the loss. The Company adheres to timeframes established by applicable regulatory guidance which provides for the charge-down of 1‑4 family first and junior lien mortgages to the net realizable value less costs to sell when the loan is 120 days past due, charge-off of unsecured open-end loans when the loan is 120 days past due, and charge down to the net realizable value when other secured loans are 120 days past due. Loans at these respective delinquency thresholds for which the Company can clearly document that the loan is both well-secured and in the process of collection, such that collection will occur regardless of delinquency status, need not be charged off. For all classes, all interest accrued but not collected for loans that are placed on nonaccrual or charged off are reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, 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. Nonaccrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collection of interest or principal. The Company requires a period of satisfactory performance of not less than six months before returning a nonaccrual loan to accrual status. When cash payments are received on impaired loans in each loan class, the Company records the payment as interest income unless collection of the remaining recorded principal amount is doubtful, at which time payments are used to reduce the principal balance of the loan. Troubled debt restructured loans recognize interest income on an accrual basis at the renegotiated rate if the loan is in compliance with the modified terms, no principal reduction has been granted and the loan has demonstrated the ability to perform in accordance with the renegotiated terms for a period of at least six months. Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a monthly basis by Bank management and is 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. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-impaired loans and is based on historical charge-off experience by segment. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the prior five years. Management believes the five year historical loss experience methodology is appropriate in the current economic environment. Other adjustments (qualitative/environmental considerations) for each segment may be added to the allowance for each loan segment after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss or risk rating data. 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 based on the loan’s current payment status and the borrower’s financial condition including available sources of cash flows. 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, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for non-homogenous type loans such as commercial, non-owner residential 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. For impaired loans where the Company utilizes the discounted cash flows to determine the level of impairment, the Company includes the entire change in the present value of cash flows as bad debt expense. The fair values of collateral dependent impaired loans are based on independent appraisals of the collateral. In general, the Company acquires an updated appraisal upon identification of impairment and annually thereafter for commercial, commercial real estate and multi-family loans. If the most recent appraisal is over a year old, and a new appraisal is not performed, due to lack of comparable values or other reasons, the existing appraisal is utilized and discounted generally 10% -35% based on the age of the appraisal, condition of the subject property, and overall economic conditions. After determining the collateral value as described, the fair value is calculated based on the determined collateral value less selling expenses. The potential for outdated appraisal values is considered in our determination of the allowance for loan losses through our analysis of various trends and conditions including the local economy, trends in charge-offs and delinquencies, etc. and the related qualitative adjustments assigned by the Company. Segments of loans with similar risk characteristics are collectively evaluated for impairment based on the segment’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. Accordingly, the Company does not separately identify individual consumer and residential loans for impairment measurements, unless such loans are the subject of a restructuring agreement due to financial difficulties of the borrower. In the course of working with borrowers, the Company may choose to restructure the contractual terms of certain loans. In this scenario, the Company attempts to work-out an alternative payment schedule with the borrower in order to optimize collectability of the loan. Any loans that are modified are reviewed by the Company to identify if a troubled debt restructuring (“TDR”) has occurred, which is when, for economic or legal reasons related to a borrower’s financial difficulties, the Company grants a concession to the borrower that it would not otherwise consider. Terms may be modified to fit the ability of the borrower to repay in line with its current financial status and the restructuring of the loan may include the transfer of assets from the borrower to satisfy the debt, a modification of loan terms, or a combination of the two. If such efforts by the Company do not result in a satisfactory arrangement, the loan is referred to legal counsel, at which time foreclosure proceedings are initiated. At any time prior to a sale of the property at foreclosure, the Company may terminate foreclosure proceedings if the borrower is able to work-out a satisfactory payment plan. It is the Company’s policy to have any restructured loans which are on nonaccrual status prior to being restructured remain on nonaccrual status until six months of satisfactory borrower performance at which time management would consider its return to accrual status. If a loan was accruing at the time of restructuring, the Company reviews the loan to determine if it is appropriate to continue the accrual of interest on the restructured loan. With regard to determination of the amount of the allowance for credit losses, trouble debt restructured loans are considered to be impaired. As a result, the determination of the amount of impaired loans for each portfolio segment within troubled debt restructurings is the same as detailed previously. Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. An accelerated method is used for tax purposes. Federal Home Loan Bank Stock Federal Home Loan Bank stock is a required investment for institutions that are members of the Federal Home Loan Bank system. The required investment in the common stock is based on a predetermined formula, carried at cost and evaluated for impairment. Foreclosed Assets Held for Sale Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value, less costs to sell, at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net income or expense from foreclosed assets. Bank-Owned Life Insurance The Company and the Bank have purchased life insurance policies on certain key executives. Company and bank-owned life insurance is recorded at its cash surrender value, or the amount that can be realized. Treasury Stock Common shares repurchased are recorded at cost. Cost of shares retired or reissued is determined using the weighted average cost. Restricted Stock Awards The Company has a share-based employee compensation plan, which is described more fully in Note 14. Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if based on the weight of evidence available it is more likely than not that some portion or all of a deferred tax asset will not be realized. Uncertain tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. At December 31, 2019, the Company had no uncertain tax positions. The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company files consolidated income tax returns with its subsidiary. With a few exceptions, the Company is no longer subject to the examination by tax authorities for years before 2016. Deferred Compensation Plan Directors have the option to defer all or a portion of fees for their services into a deferred stock compensation plan that invests in common shares of the Company. Officers of the Company have the option to defer up to 50% of their annual incentive award into this plan. The plan does not permit diversification and must be settled by the delivery of a fixed number of shares of the Company stock. The stock held in the plan is included in equity as deferred shares and is accounted for in a manner similar to treasury stock. Subsequent changes in the fair value of the Company’s stock are not recognized. The deferred compensation obligation is also classified as an equity instrument and changes in the fair value of the amount owed to the participant are not recognized. The Company has entered into supplemental income agreements for certain individuals. These agreements call for a fixed payment over 180 months after the individual reaches normal retirement age. Stockholders’ Equity and Dividend Restrictions The Bank is subject to certain restrictions on the amount of dividends that it may declare without prior regulatory approval. Generally, the Bank’s payment of dividends is limited to net income for the current year plus the two preceding calendar years, less capital distributions paid over the comparable time period. Dividend payments to the stockholders may be legally paid from additional paid-in capital or retained earnings. Earnings Per Share Basic earnings per share allocated to common stockholders is calculated using the two-class method and is computed by dividing net income allocated to common stockholders by the weighted average number of commons shares outstanding during the period. Diluted earnings per share is adjusted for the dilutive effects of stock based compensation and is calculated using the two-class method or the treasury method. There were no dilutive effects for the years ended December 31, 2019 and 2018. Comprehensive Income Comprehensive income consists of net income and other comprehensive income, net of applicable income taxes. Other comprehensive income includes unrealized appreciation (depreciation) on available-for-sale securities and changes in the funded status of the defined benefit pension plan. Advertising Advertising costs are expensed as incurred.

Restriction on Cash and Due From Banks	12 Months Ended
Restriction on Cash and Due From Banks	Dec. 31, 2019
Restriction on Cash and Due From Banks
Restriction on Cash and Due From Banks	Note 2: Restriction on Cash and Due From Banks The Company is required to maintain reserve funds in cash and/or on deposit with the Federal Reserve Bank. The reserve required at December 31, 2019 and 2018, was $5.8 million and $2.7 million, respectively.

Securities

12 Months Ended

Dec. 31, 2019

Securities

Securities

Note 3: Securities

The amortized cost and approximate fair values, together with gross unrealized gains and losses of securities are as follows:


			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In thousands)
Available-for-sale Securities:
December 31, 2019:
U.S. government agencies	$	40,000	$	––	$	(472)	$	39,528
Subordinated notes		4,500		36		(4)		4,532
State and municipal obligations		135,897	$	8,993		(165)		144,725
Total debt securities	$	180,397	$	9,029	$	(641)	$	188,785
Available-for-sale Securities:
December 31, 2018:
U.S. government agencies	$	45,250	$	—	$	(500)	$	44,750
State and municipal obligations	$	78,083	$	1,194	$	(36)	$	79,241
Total debt securities	$	123,333	$	1,194	$	(536)	$	123,991

The amortized cost and fair value of available-for-sale securities at December 31, 2018, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.



	Amortized		Fair
	Cost		Value
	(In thousands)

Under 1 year	$	6,000	$	5,995
One to five years		38,500		38,065
Over ten years		135,897		144,725
Totals	$	180,397	$	188,785

The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was $46.8 million and $48.4 million at December 31, 2019 and 2018, respectively.

Certain investments in debt securities are reported in the financial statements at an amount less than their historical cost. The total fair value of these investments at December 31, 2019 and 2018, was $50.3 million and $49.9 million, which represented approximately 27% and 40%, respectively, of the Company’s available-for-sale investment portfolio.

Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these securities are temporary.

The following tables show the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2019 and 2018:


	December 31, 2019
	Less than 12 Months				12 Months or More				Total
Description of	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Securities	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
US government agencies	$	39,528	$	(472)	$	—	$	—	$	39,528	$	(472)
Subordinated notes		996	$	(4)	$	—	$	—	$	996	$	(4)
State and municipal obligations	$	9,831	$	(165)	$	––	$	––	$	9,831	$	(165)
Total temporarily impaired securities	$	50,355	$	(641)	$	—	$	—	$	50,355	$	(641)


	December 31, 2018
	Less than 12 Months				12 Months or More				Total
Description of	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Securities	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
US government agencies	$	—	$	—	$	44,750	$	(500)	$	44,750	$	(500)
State and municipal obligations	$	5,182	$	(36)	$	—	$	—	$	5,182	$	(36)
Total temporarily impaired securities	$	5,182	$	(36)	$	44,750	$	(500)	$	49,932	$	(536)

The unrealized losses on the Company’s investments in direct obligations of U. S. Government agencies and state and political obligation were caused by interest rate increases. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at December 31, 2019.

Loans and Allowance for Loan Losses

12 Months Ended

Dec. 31, 2019

Loans and Allowance for Loan Losses

Loans and Allowance for Loan Losses

Note 4: Loans and Allowance for Loan Losses

Categories of loans at December 31, include:


	2019		2018
	(In thousands)

Commercial loans	$	99,995	$	93,690
Commercial real estate		254,651		223,461
Residential real estate		77,205		78,767
Installment loans		9,697		13,765
Total gross loans		441,548		409,683
Less allowance for loan losses		(2,231)		(2,043)
Total loans	$	439,317	$	407,640

The risk characteristics of each loan portfolio segment are as follows:

Commercial

Commercial loans are primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets, such as accounts receivable or inventory, and may include a personal guarantee. Short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers.

Commercial Real Estate

Commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The characteristics of properties securing the Company’s commercial real estate portfolio are diverse, but with geographic location almost entirely in the Company’s market area. Management monitors and evaluates commercial real estate loans based on collateral, geography and risk grade criteria. In general, the Company avoids financing single purpose projects unless other underwriting factors are present to help mitigate risk. In addition, management tracks the level of owner-occupied commercial real estate versus nonowner-occupied loans.

Residential and Consumer

Residential and consumer loans consist of two segments - residential mortgage loans and personal loans. For residential mortgage loans that are secured by 1‑4 family residences and are generally owner-occupied, the Company generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Home equity loans are typically secured by a subordinate interest in 1‑4 family residences, and consumer personal loans are secured by consumer personal assets, such as automobiles or recreational vehicles. Some consumer personal loans are unsecured, such as small installment loans and certain lines of credit. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas, such as unemployment levels. Repayment can also be impacted by changes in property values on residential properties. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers.

The following tables present the balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of December 31, 2019 and 2018:


	2019
			Commercial
	Commercial		Real Estate		Residential		Installment		Unallocated		Total
		(In thousands)
Allowance for loan losses:
Balance, beginning of year	$	389	$	672	$	519	$	463	$	—	$	2,043
Provision charged to expense		196		551		180		(19)		—		908
Losses charged off		(18)		(431)		(141)		(180)		—		(770)
Recoveries		1		––		14		35		—		50
Balance, end of year	$	568	$	792	$	572	$	299	$	—	$	2,231
Ending balance: individually evaluated for impairment	$	––	$	––	$	––	$	––	$	––	$	––
Ending balance: collectively evaluated for impairment	$	568	$	792	$	572	$	299	$	––	$	2,231
Loans:
Ending balance: individually evaluated for impairment	$	71	$	371	$	594	$	––	$	––	$	1,036
Ending balance: collectively evaluated for impairment	$	99,924	$	254,280	$	76,611	$	9,697	$	––	$	440,512


	2018
			Commercial
	Commercial		Real Estate		Residential		Installment		Unallocated		Total
		(In thousands)
Allowance for loan losses:
Balance, beginning of year	$	537	$	843	$	436	$	218	$	88	$	2,122
Provision charged to expense		(151)		(173)		287		422		(88)		297
Losses charged off		––		––		(208)		(241)		––		(449)
Recoveries		3		2		4		64		––		73
Balance, end of year	$	389	$	672	$	519	$	463	$	—	$	2,043
Ending balance: individually evaluated for impairment	$	—	$	85	$	––	$	––	$	––	$	85
Ending balance: collectively evaluated for impairment	$	389	$	587	$	519	$	463	$	––	$	1,958
Loans:
Ending balance: individually evaluated for impairment	$	57	$	809	$	––	$	93	$	––	$	959
Ending balance: collectively evaluated for impairment	$	93,633	$	222,652	$	78,767	$	13,672	$	––	$	408,724

To facilitate the monitoring of credit quality within the loan portfolio, and for purposes of analyzing historical loss rates used in the determination of the allowance for loan loss estimate, the Company utilizes the following categories of credit grades: pass, special mention, substandard, and doubtful. The four categories, which are derived from standard regulatory rating definitions, are assigned upon initial approval of credit to borrowers and updated periodically thereafter. Pass ratings, which are assigned to those borrowers that do not have identified potential or well defined weaknesses and for which there is a high likelihood of orderly repayment, are updated periodically based on the size and credit characteristics of the borrower. All other categories are updated on at least a quarterly basis.

The Company assigns a special mention rating to loans that have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the loan or the Company’s credit position.

The Company assigns a substandard rating to loans that are inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged. Substandard loans have well defined weaknesses or weaknesses that could jeopardize the orderly repayment of the debt. Loans and leases in this grade also are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies noted are not addressed and corrected.

The Company assigns a doubtful rating to loans that have all the attributes of a substandard rating with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonable specific pending factors that may work to the advantage of and strengthen the credit quality of the loan or lease, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors may include a proposed merger or acquisition, liquidation proceeding, capital injection, perfecting liens on additional collateral or refinancing plans.

The following table shows the portfolio quality indicators as of December 31, 2019:


			Commercial
Loan Class	Commercial		Real Estate		Residential		Installment		Total
		(In thousands)

Pass Grade	$	99,924	$	249,563	$	76,611	$	9,697	$	435,795
Special Mention		—		4,016		––		—		4,016
Substandard		71		1,072		594		—		1,737
Doubtful		—		—		––		—		—
	$	99,995	$	254,651	$	77,205	$	9,697	$	441,548

The following table shows the portfolio quality indicators as of December 31, 2018:


			Commercial
Loan Class	Commercial		Real Estate		Residential		Installment		Total
		(In thousands)

Pass Grade	$	93,620	$	219,485	$	78,767	$	13,672	$	405,544
Special Mention		––		2,710		––		––		2,710
Substandard		70		1,266		––		93		1,429
Doubtful		––		––		––		––		––
	$	93,690	$	223,461	$	78,767	$	13,765	$	409,683

The Company evaluates the loan risk grading system definitions and allowance for loan losses methodology on an ongoing basis. No significant methodology changes were made during 2019 and 2018.

The following table shows the loan portfolio aging analysis of the recorded investment in loans as of December 31, 2019:


	30‑59 Days		60‑89 Days		Greater
	Past Due		Past Due		Than 90				Total Past
	and		and		Days and		Non		Due and				Total Loans
	Accruing		Accruing		Accruing		Accrual		Non Accrual		Current		Receivable
	(In thousands)
Commercial	$	129	$	132	$	—	$	30	$	291	$	99,704	$	99,995
Commercial real estate		—		214		197		348		759		253,892		254,651
Residential		448		—		29		1,074		1,551		75,654		77,205
Installment		58		1		—		—		59		9,638		9,697
Total	$	635	$	347	$	226	$	1,452	$	2,660	$	438,888	$	441,548

The following table shows the loan portfolio aging analysis of the recorded investment in loans as of December 31, 2018:


	30‑59 Days		60‑89 Days		Greater
	Past Due		Past Due		Than 90				Total Past
	and		and		Days and		Non		Due and				Total Loans
	Accruing		Accruing		Accruing		Accrual		Non Accrual		Current		Receivable
	(In thousands)
Commercial	$	98	$	94	$	––	$	––	$	192	$	93,498	$	93,690
Commercial real estate		––		––		––		741		741		222,720		223,461
Residential		1,704		262		155		485		2,606		76,161		78,767
Installment		72		4		––		19		95		13,670		13,765
Total	$	1,874	$	360	$	155	$	1,245	$	3,634	$	406,049	$	409,683

A loan is considered impaired, in accordance with the impairment accounting guidance (ASC 310‑10‑35‑16), when based on current information and events, it is probable the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include nonperforming commercial loans but also include loans modified in troubled debt restructurings where concessions have been granted to borrowers experiencing financial difficulties. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection.

The following table presents impaired loans for the year ended December 31, 2019:


							Average
			Unpaid				Investment in		Interest
	Recorded		Principal		Specific		Impaired		Income
	Balance		Balance		Allowance		Loans		Recognized
	(In thousands)
Loans without a specific valuation allowance:
Commercial	$	71	$	71	$	––	$	71	$	13
Commercial real estate		371		371		––		356		8
Real Estate		594		594		––		683		23
		1,036		1,036		—		1,110		44
Loans with a specific valuation allowance:
Commercial	$	—	$	—	$	—	$	—	$	—
Commercial real estate		—		—		—		—		—
Real Estate		—		—		—		—		—
	$	—	$	—	$	—	$	—	$	—

Total:
Commercial	$	71	$	71	$	—	$	71	$	13
Commercial Real Estate	$	371	$	371	$	—	$	356	$	8
Real Estate	$	594	$	594	$	—	$	683	$	23

The following table presents impaired loans for the year ended December 31, 2018:


							Average
			Unpaid				Investment in		Interest
	Recorded		Principal		Specific		Impaired		Income
	Balance		Balance		Allowance		Loans		Recognized
	(In thousands)
Loans without a specific valuation allowance:
Commercial	$	57	$	57	$	––	$	59	$	2
Commercial real estate		409		409		––		444		18
Installment		93		93		––		99		4
		559		559		—		602		24
Loans with a specific valuation allowance:
Commercial	$	—	$	—	$	—	$	—	$	1
Commercial real estate		400		400		85		407		—
Installment		—		—		—		—		—

		400		400		85		407		1
Total:
Commercial	$	57	$	57	$	—	$	59	$	3
Commercial Real Estate	$	809	$	809	$	85	$	851	$	18
Installment	$	93	$	93	$	—	$	99	$	4

At December 31, 2019 and 2018, the Company had certain loans that were modified in troubled debt restructurings and impaired. The modification of terms of such loans included one or a combination of the following: an extension of maturity, a reduction of the stated interest rate or a permanent reduction of the recorded investment in the loan.

The Company did not have any troubled debt restructurings that occurred during the year ended December 31, 2018. The following tables present information regarding troubled debt restructurings by class and by type of modification for the year ended December 31, 2019:


	Year Ended December 31, 2019
		Pre-Modification		Post-Modification
		Outstanding		Outstanding
	Number of	Recorded		Recorded
	Contracts	Investment		Investment
	(In thousands)

Commercial	2	$	83	$	83

Year Ended December 31, 2019

Interest

Total

Only

Term

Combination

Modification

(In thousands)

Commercial

$

––

$

83

$

––

$

83

During the 2019, troubled debt restructurings did not have an impact on the allowance for loan losses. At December 31, 2019 and 2018 and for the years then ended, there were no material defaults of any troubled debt restructurings that were modified in the last 12 months. The Company generally considers TDR’s that become 90 days or more past due under the modified terms as subsequently defaulted.

Premises and Equipment

12 Months Ended

Dec. 31, 2019

Premises and Equipment

Premises and Equipment

Note 5: Premises and Equipment

Major classifications of premises and equipment, stated at cost, are as follows:


	2019		2018
	(In thousands)
Land, buildings and improvements	$	18,297	$	17,839
Furniture and equipment		14,220		13,359
Computer software		2,196		2,164
		34,713		33,362
Less accumulated depreciation		(22,311)		(21,245)
Net premises and equipment	$	12,402	$	12,117

Time Deposits

12 Months Ended

Dec. 31, 2019

Time Deposits

Time Deposits

Note 6: Time Deposits

Time deposits in denominations of $250,000 or more were $14.0 million at December 31, 2019 and $16.0 million at December 31, 2018. At December 31, 2019, the scheduled maturities of time deposits are as follows:


Due during the year ending December 31,	(In thousands)
2020	$	52,902
2021		38,655
2022		12,023
2023		1,161
2024		393
Thereafter		337
	$	105,471

Borrowings

12 Months Ended

Dec. 31, 2019

Borrowings

Borrowings

Note 7: Borrowings

At December 31, advances from the Federal Home Loan Bank were as follows:


	2019		2018
	(In thousands)
Maturities March 2019 through August 2025, primarily at fixed rates ranging from 4.64% to 6.65%, averaging 5.29%	$	—	$	106
Cash Management Advances maturities from January 2020 to March 2020 at floating rates averaging 1.73%		39,800		––
	$	39,800	$	106

At December 31, 2019 and 2018, as a member of the Federal Home Loan Bank system the Bank had the ability to obtain up to $119.0 million and $117.6 million, respectively, in additional borrowings based on securities and certain loans pledged to the FHLB. At December 31, 2019 and 2018, the Bank had approximately $79.7 million and $113.3 million, respectively of one- to four-family residential real estate and commercial real estate loans pledged as collateral for borrowings. Also at December 31, 2019 and 2018, the Company and the Bank have cash management lines of credit with various correspondent banks (excluding FHLB cash management lines of credit) enabling additional borrowings of up to $18.0 million.

Securities sold under repurchase agreements were approximately $6.9 million and $8.1 million at December 31, 2019 and 2018.

Securities sold under agreements to repurchase are financing arrangements whereby the Company sells securities and agrees to repurchase the identical securities at the maturities of the agreements at specified prices. Physical control is maintained for all securities sold under repurchase agreements. Information concerning securities sold under agreements to repurchase is summarized as follows:


	2019			2018
	(Dollars in thousands)

Balance outstanding at year end	$	6,915		$	8,068
Average daily balance during the year	$	9,272		$	12,874
Average interest rate during the year		1.37	%		1.06	%
Maximum month-end balance during the year	$	13,441		$	16,161
Weighted-average interest rate at year end		1.40	%		1.13	%

All repurchase agreements are subject to term and conditions of repurchase/security agreements between the Company and the customer and are accounted for as secured borrowings. The Company’s repurchase agreements reflected in short-term borrowings consist of customer accounts and securities which are pledged on an individual security basis.

The following table presents the Company’s repurchase agreements accounted for as secured borrowings:

Remaining Contractual Maturity of the Agreement


	(In thousands)
	Overnight and						Greater than 90
December 31, 2019	Continuous		Up to 30 Days		30‑90 Days		Days		Total

Repurchase Agreements
U.S government agencies	$	6,915	$	––	$	––	$	––	$	6,915
Total	$	6,915	$	—	$	—	$	—	$	6,915


	(In thousands)
	Overnight and						Greater than 90
December 31, 2018	Continuous		Up to 30 Days		30‑90 Days		Days		Total

Repurchase Agreements
U.S government agencies	$	8,068	$	––	$	––	$	––	$	8,068
Total	$	8,068	$	—	$	—	$	—	$	8,068

Securities with an approximate carrying value of $9.4 million and $18.3 million at December 31, 2019 and 2018, respectively, were pledged as collateral for repurchase borrowings.

Subordinated Debentures	12 Months Ended
Subordinated Debentures	Dec. 31, 2019
Subordinated Debentures
Subordinated Debentures	Note 8: Subordinated Debentures On May 14, 2019 the Company issued $20,000,000 of junior subordinated debentures in denominations of not less than $250,000. The debentures bear interest at a fixed rate of 6.0% until May 2024, which then becomes a floating interest rate equal to the three-month LIBOR (or an equivalent index) plus 3.625%, resetting quarterly. Interest on the subordinated notes will be payable semiannually through May 2024 and quarterly thereafter through the maturity date of May 2029. Principal is due upon maturity. The debentures are unsecured and payable to various investors. For purposes of computing regulatory capital, the debentures are included in Tier 2 Capital. The subordinated notes may not be repaid in whole or in part prior to the fifth anniversary of the issue date (May 2019). Unamortized debt costs were 580,787 as of December 31, 2019. In 2005, a Delaware statutory business trust owned by the Company, United Bancorp Statutory Trust I (“Trust I” or the “Trust”), issued $4.1 million of mandatorily redeemable debt securities. The sale proceeds were utilized to purchase $4.1 million of the Company’s subordinated debentures which mature in 2035. The Company’s subordinated debentures are the sole asset of Trust I. The Company’s investment in Trust I is not consolidated herein as the Company is not deemed the primary beneficiary of the Trust. However, the $4.1 million of mandatorily redeemable debt securities issued by the Trust are includible for regulatory purposes as a component of the Company’s Tier I Capital. Interest on the Company’s subordinated debentures is equal to three month LIBOR plus 1.35% and is payable quarterly. Subordinated debentures, net of unamortized debts costs, totaled $23.5 million and $4.1 million at December 31, 2019 and 2018, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Taxes

Income Taxes

Note 9: Income Taxes

The provision for income taxes includes these components:


	2019		2018
	(In thousands)

Taxes currently payable	$	557	$	425
Deferred income taxes		42		375
Income tax expense	$	599	$	800

A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below:


	2019		2018
	(In thousands)

Computed at the statutory rate (21%)	$	1,556	$	1,067
(Decrease) increase resulting from
Tax exempt interest		(780)		(262)
Earnings on bank-owned life insurance - net		(112)		(121)
Deferred tax re-valuation		—		—
Low income housing credit		(74)		(73)
Merger related expenses		—		55
Other		9		134
Actual tax expense	$	599	$	800

The tax effects of temporary differences related to deferred taxes shown on the balance sheets were:


	2019		2018
	(In thousands)
Deferred tax assets
Allowance for loan losses	$	326	$	292
Stock based compensation		138		282
Allowance for losses on foreclosed real estate		—		11
Deferred compensation and ESOP		494		521
Intangible assets		—		54
Non-accrual loan interest		8		11
Other		13		—
Total deferred tax assets		979		1,171

Deferred tax liabilities
Depreciation		(266)		(208)
Deferred loan costs, net		(73)		(97)
FHLB stock dividends		(321)		(321)
Unrealized gains on securities available for sale		(1,762)		(138)
Prepaid expenses		(48)		(163)
Intangibles		(138)		(280)
Employee benefit expense		(107)		(183)

Total deferred tax liabilities		(2,715)		(1,390)
Net deferred tax (liability) asset	$	(1,736)	$	(219)

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2019

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

Note 10: Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss), included in stockholders’ equity, are as follows:


	2019		2018
	(In thousands)
Net unrealized gain on securities available-for-sale	$	8,389	$	658
Net unrealized loss for funded status of defined benefit plan liability		(1,381)		(671)

		7,008		(13)
Tax effect		(1,472)		3

Net-of-tax amount	$	5,536	$	(10)

Regulatory Matters

12 Months Ended

Dec. 31, 2019

Regulatory Matters

Regulatory Matters

Note 11: Regulatory Matters

The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory–and possibly additional discretionary–actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore, the Company and the Bank’s regulators could require adjustments to regulatory capital not reflected in these financial statements.

In July 2013, the Federal Reserve approved final rules, referred to herein as the Basel III Rules, establishing a new comprehensive capital framework for U.S. banking organizations. The Basel III Rules generally implement the Basel Committee on Banking Supervision’s December 2010 final capital framework referred to as “Basel III” for strengthening international capital standards. The Basel III Rules substantially revise the risk-based capital requirements applicable to bank holding companies and their depository institution subsidiaries, including the Company and Citizens, as compared to the current U.S. general risk-based capital rules. The Basel III Rules revise the definitions and the components of regulatory capital, as well as address other issues affecting the computation of regulatory capital ratios. The Basel III rules added another capital ratio component “Tier 1 Common Capital Ratio” which is a measurement of a bank’s core equity capital compared with its total risk-weighted assets The Basel III Rules also prescribe a new standardized approach for risk weightings that expand the risk-weighting categories from the current categories to a larger more risk-sensitive number of categories, depending on the nature of the assets, generally ranging from 0% for U.S. government and agency securities, to 600% for certain equity exposures, and resulting in higher risk weights for a variety of asset classes.

The Basel III capital rules became effective for the Company and Unified on January 1, 2015, subject to phase-in periods for certain components.The net unrealized gain or loss on available-for-sale securities is not included in computing regulatory capital.

As of December 31, 2019, the Company exceeded its minimum regulatory capital requirements with a total risk-based capital ratio of 16.7%, common equity tier 1 ratio of 13.1%, Tier 1 risk-based capital ratio of 14.0% and a Tier 1 leverage ratio of 9.5%.

As of December 31, 2019, the most recent notification from Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well-capitalized, the Bank must maintain capital ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the Bank’s category.

The Company’s and Bank’s actual capital amounts and ratios are presented in the following table.


									To Be Well Capitalized
					For Capital Adequacy				Under Prompt Corrective
	Actual				Purposes				Action Provisions
	Amount		Ratio		Amount		Ratio		Amount		Ratio
	(Dollars in thousands)
As of December 31, 2019
Total Capital
(to Risk-Weighted Assets)
Consolidated	$	83,653	16.7	%	$	40,027	8.0	%		N/A	N/A
Unified		68,953	13.8			39,972	8.0		$	49,776	10.0	%

Common Equity Tier 1 Capital
(to Risk-Weighted Assets)
Consolidated	$	57,422	11.5	%	$	22,515	4.5	%		N/A	N/A
Unified		66,722	13.4			22,484	4.5		$	32,355	6.5	%

Tier I Capital
(to Risk-Weighted Assets)
Consolidated	$	61,422	12.3	%	$	30,020	6.0	%		N/A	N/A
Unified		66,722	13.4			29,979	6.0		$	39,821	8.0	%

Tier I Capital
(to Average Assets)
Consolidated	$	61,422	9.5	%	$	30,020	4.0	%		N/A	N/A
Unified		66,722	10.1			29,979	4.0		$	33,10	5.0	%

As of December 31, 2018
Total Capital
(to Risk-Weighted Assets)
Consolidated	$	53,461	12.0	%	$	35,720	8.0	%		N/A	N/A
Unified		50,690	11.4			35,643	8.0		$	44,554	10.0	%

Common Equity Tier 1 Capital
(to Risk-Weighted Assets)
Consolidated	$	47,418	10.6	%	$	20,092	4.5	%		N/A	N/A
Unified		48,647	10.9			20,049	4.5		$	28,960	6.5	%

Tier I Capital
(to Risk-Weighted Assets)
Consolidated	$	51,418	11.5	%	$	26,790	6.0	%		N/A	N/A
Unified		48,647	10.9			26,733	6.0		$	35,643	8.0	%

Tier I Capital
(to Average Assets)
Consolidated	$	51,418	8.8	%	$	23,275	4.0	%		N/A	N/A
Unified		48,647	8.4			23,189	4.0		$	28,986	5.0	%

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1C
-URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958572-112826

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958570-112826

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 942
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-URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958577-112826

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1F
-URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958575-112826

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958574-112826

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-URI http://asc.fasb.org/extlink&oid=117337116&loc=d3e65071-112826

+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2019

Related Party Transactions

Related Party Transactions

Note 12: Related Party Transactions

At December 31, 2019 and 2018, the Bank had loan commitments outstanding to executive officers, directors, significant stockholders and their affiliates (related parties). In management’s opinion, such loans and other extensions of credit and deposits were made in the ordinary course of business and were made on substantially the same terms (including interest rates and collateral) as those prevailing at the time for comparable transactions with other persons. Further, in management’s opinion, these loans did not involve more than normal risk of collectibility or present other unfavorable features. Such loans are summarized below.


	2019		2018
	(In thousands)

Aggregate balance – January 1	$	14,106	$	12,996
New loans		4,459		2,386
Repayments		(797)		(1,276)

Aggregate balance – December 31	$	17,768	$	14,106

Deposits from related parties held by the Bank at December 31, 2018 and 2018, totaled approximately $2.5 million and $2.3 million, respectively.

Benefit Plans

12 Months Ended

Dec. 31, 2019

Benefit Plans

Benefit Plans

Note 13: Benefit Plans

Pension and Other Postretirement Benefit Plans

The Company has a noncontributory defined benefit pension plan covering all employees who meet the eligibility requirements. The Company’s funding policy is to make the minimum annual contribution that is required by applicable regulations, plus such amounts as the Company may determine to be appropriate from time to time. The Company expects to contribute $378,000 to the plan in 2020.

In connection with the acquisition of Powhatan Point Community Bancshares, Inc., the Company assumed supplemental income agreements for certain individuals. The agreements provide for a fixed number of payments once the individual reaches normal retirement age. At December 31, 2019, the present value of these future payments was approximately $429,000.

The Company uses a December 31st measurement date for the plan. Information about the plan’s funded status and pension cost follows:


	Pension Benefits
	2019		2018
	(In thousands)
Change in benefit obligation
Beginning of year	$	(4,157)	$	(4,672)
Service cost		(299)		(302)
Interest cost		(218)		(221)
Actuarial (loss) gain		(1,276)		470
Benefits paid		362		568

End of year		(5,588)		(4,157)

Change in fair value of plan assets
Beginning of year		5,041		5,605
Actual return on plan assets		967		(417)
Employer contribution		465		421
Benefits paid		(362)		(568)

End of year		6,111		5,041

Funded status at end of year	$	523	$	884

Amounts recognized in accumulated other comprehensive loss not yet recognized as components of net periodic benefit cost consist of:


	Pension Benefits
	2019		2018
	(In thousands)

Unamortized net loss	$	2,009	$	1,388
Unamortized prior service		(581)		(670)

	$	1,428	$	718

The estimated net loss and prior service credit for the defined benefit pension plan that will be amortized from accumulated other comprehensive income as a credit into net periodic benefit cost over the next fiscal year is approximately $56,000. The accumulated benefit obligation for the defined benefit pension plan was $5.0 million and $3.8 million at December 31, 2019 and 2018, respectively.

Information for the pension plan with respect to accumulated benefit obligation and plan assets is as follows:


	December 31,
	2019		2018
	(In thousands)

Projected benefit obligation	$	5,588	$	4,157
Accumulated benefit obligation	$	5,032	$	3,840
Fair value of plan assets	$	6,111	$	5,041


	December 31,
	2019		2018
	(In thousands)

Components of net periodic benefit cost
Service cost	$	299	$	302
Interest cost		218		221
Expected return on plan assets		(468)		(445)
Amortization of prior service (credit) cost		(89)		(89)
Amortization of net loss		145		51

Net periodic benefit cost	$	105	$	40

Significant assumptions include:


	Pension Benefits
	2019		2018

Weighted-average assumptions used to determine benefit obligation:
Discount rate	4.39	%	5.37	%
Rate of compensation increase	3.50	%	3.00	%

Weighted-average assumptions used to determine benefit cost:
Discount rate	4.39	%	5.37	%
Expected return on plan assets	7.50	%	7.50	%
Rate of compensation increase	3.00	%	3.00	%

The Company has estimated the long-term rate of return on plan assets based primarily on historical returns on plan assets, adjusted for changes in target portfolio allocations and recent changes in long-term interest rates based on publicly available information. The long-term rate of return did not change from 2018 to 2019.

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of December 31, 2019:


	Pension
	Benefits
	(In thousands)

2020	$	516
2021		639
2022		412
2023		329
2024		339
2025‑2029		3,055

Total	$	5,290

Plan assets are held by an outside trustee which invests the plan assets in accordance with the provisions of the plan agreement. All equity and fixed income investments are held in various mutual funds with quoted market prices. Mutual fund equity securities primarily include investment funds that are comprised of large-cap, mid-cap and international companies. Fixed income mutual funds primarily include investments in corporate bonds, mortgage-backed securities and U.S. Treasuries. Other types of investments include a prime money market fund.

The asset allocation strategy of the plan is designed to allow flexibility in the determination of the appropriate investment allocations between equity and fixed income investments. This strategy is designed to help achieve the actuarial long term rate on plan assets of 7.5%. The target asset allocation percentages for both 2019 and 2018 are as follows:


Large-Cap stocks		Not to exceed 68%
Small-Cap stocks		Not to exceed 23%
Mid-Cap stocks		Not to exceed 23%
International equity securities		Not to exceed 30%
Fixed income investments		Not to exceed 35%
Alternative investments		Not to exceed 19%

At December 31, 2019 and 2018, the fair value of plan assets as a percentage of the total was invested in the following:


	December 31,
	2019		2018

Equity securities	70.6	%	71.8	%
Debt securities	29.1		27.0
Cash and cash equivalents	0.3		1.2

	100.0	%	100.0	%

Pension Plan Assets

Following is a description of the valuation methodologies used for pension plan assets measured at fair value on a recurring basis, as well as the general classification of pension plan assets pursuant to the valuation hierarchy.

Where quoted market prices are available in an active market, plan assets are classified within Level 1 of the valuation hierarchy. Level 1 plan assets include investments in mutual funds that involve equity, bond and money market investments. All of the Plan’s assets are classified as Level 1. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of plan assets with similar characteristics or discounted cash flows. In certain cases where Level 1 or Level 2 inputs are not available, plan assets are classified within Level 3 of the hierarchy. At December 31, 2019 and 2018, the Plan did not contain Level 2 or Level 3 investments.

The fair values of Company’s pension plan assets at December 31st, by asset category are as follows:

December 31, 2019

Fair Value Measurements Using

Quoted Prices

Significant

in Active

Other

Significant

Markets for

Observable

Unobservable

Identical Assets

Inputs

Asset Category

Total Fair Value

(Level 1)

(Level 2)

(Level 3)

(In thousands)

Mutual money market

$

186

$

186

$

––

$

––

Mutual funds – equities

ETF mutual funds

3,404

––

Large and small Cap

317

––

International

419

Commodities

178

––

Mutual funds – fixed income

Fixed income

1,324

––

ETF fixed income

283

––

Total

$

6,111

$

6,111

$

—

$

—

December 31, 2018

Fair Value Measurements Using

Quoted Prices

Significant

in Active

Other

Significant

Markets for

Observable

Unobservable

Identical Assets

Inputs

Asset Category

Total Fair Value

(Level 1)

(Level 2)

(Level 3)

(In thousands)

Mutual money market

$

63

$

63

$

––

$

––

Mutual funds – equities

ETF mutual funds

2,860

––

Large and small Cap

260

––

International

346

Commodities

149

––

Mutual funds – fixed income

Fixed income

996

––

ETF fixed income

367

––

Total

$

5,041

$

5,041

$

—

$

—

Employee Stock Ownership Plan

The Company has an Employee Stock Ownership Plan (“ESOP”) with an integrated 401(k) plan covering substantially all employees of the Company. The ESOP acquired 354,551 shares of Company common stock at $9.64 per share in 2005 with funds provided by a loan from the Company. Accordingly, $3.4 million of common stock acquired by the ESOP was shown as a reduction of stockholders’ equity. Shares are released to participants proportionately as the loan is repaid. Dividends on allocated shares are recorded as dividends and charged to retained earnings. Compensation expense is recorded equal to the fair market value of the stock when contributions, which are determined annually by the Board of Directors of the Company, are made to the ESOP. The Company’s 401(k) matching percentage was 50% of the employees’ first 6% of contributions for 2019 and 2018.

ESOP and 401(k) expense for the years ended December 31, 2019 and 2018 was approximately $272,000 and $280,000, respectively.

Share information for the ESOP is as follows at December 31, 2019 and 2018:


	2019		2018

Allocated shares at beginning of the year	$	416,982	$	407,268
Shares released for allocation during the year		23,635		23,635
Net shares distributed due to retirement/diversification		(52,841)		(61,192)
Unearned shares		23,635		47,271

Total ESOP shares		411,411		416,982

Fair value of unearned shares at December 31st	$	338,000	$	539,000

At December 31, 2019, the fair value of the 387,776 allocated shares held by the ESOP was approximately $5,545,000.

Split Dollar Life Insurance Arrangements

The Company has split-dollar life insurance arrangements with its executive officers and certain directors that provide certain death benefits to the executive’s beneficiaries upon his or her death. The agreements provide a pre- and post-retirement death benefit payable to the beneficiaries of the executive in the event of the executive’s death. The Company has purchased life insurance policies on the lives of all participants covered by these agreements in amounts sufficient to provide the sums necessary to pay the beneficiaries, and the Company pays all premiums due on the policies. In the case of an early separation from the Company, the nonvested executive portion of the death benefit is retained by the Company. The accumulated post retirement benefit obligation was $1.6 million at December 31, 2019 and December 31, 2018.

Restricted Stock Plan

12 Months Ended

Dec. 31, 2019

Restricted Stock Plan

Restricted Stock Plan

Note 14: Restricted Stock Plan

During 2018, the Company’s stockholders authorized the adoption of the United Bancorp, Inc. 2018 Stock Incentive Plan (the “2018 Plan”). No more than 500,000 shares of the Company’s common stock may be issued under the 2018 Plan. As of December 31, 2019, 32,500 shares have been issued under this plan. The shares that may be issued can be authorized but unissued shares or treasury shares. The 2018 Plan permits the grant of incentive awards in the form of options, stock appreciation rights, restricted share and share unit awards, and performance share awards. The 2018 Plan contains annual limits on certain types of awards to individual participants. In any calendar year, no participant may be granted awards covering more than 25,000 shares.

During 2008, the Company’s stockholders authorized the adoption of the United Bancorp, Inc. 2008 Stock Incentive Plan (the “2008 Plan”). No more than 500,000 shares of the Company’s common stock may be issued under the 2008 Plan. The shares that may be issued can be authorized but unissued shares or treasury shares. The 2008 Plan permits the grant of incentive awards in the form of options, stock appreciation rights, restricted share and share unit awards, and performance share awards. The 2008 Plan contains annual limits on certain types of awards to individual participants. In any calendar year, no participant may be granted awards covering more than 25,000 shares. As of December 31, 2018, no additional shares can be awarded under the 2008 Plan.

The Company believes that such awards better align the interests of its employees with those of its stockholders. Stock options are generally granted with an exercise price, and restricted stock awards are valued, equal to the market price of the Company’s stock at the date of grant; stock option awards generally vest within 9.25 years of continuous service and have a 9.5 year contractual term. Restricted stock awards generally vest over a 9.5 year contractual term, or over the period to retirement, whichever is shorter. Restricted stock awards have no post-vesting restrictions. Restricted stock awards provide for accelerated vesting if there is a change in control (as defined in the Plans).

A summary of the status of the Company’s nonvested restricted shares as of December 31, 2019, and changes during the year then ended, is presented below:


		Weighted-
		Average
		Grant-Date
	Shares	Fair Value

Nonvested, beginning of year	300,000	$	10.23
Granted	32,500		11.35
Vested	(95,000)		8.40
Forfeited	—		—
Nonvested, end of year	237,500	$	11.15

Total compensation cost recognized in the income statement for share-based payment arrangements during the years ended December 31, 2019 and 2018 was $293,000 and $287,000, respectively.

The recognized tax benefits related thereto were $62,000 and $55,000, for the years ended December 31, 2019 and 2018, respectively.

As of December 31, 2019 and 2018, there was $2,114,000 and $1,918,000, respectively, of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of 7.2 years.

Earnings Per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share

Earnings Per Share

Note 15: Earnings Per Share

Earnings per share (EPS) were computed as follows:


	Year Ended December 31, 2019
			Weighted-
	Net		Average	Per Share
	Income		Shares	Amount
	(In thousands)

Net income	$	6,810

Less allocated earnings on non-vested restricted stock		(111)
Less allocated dividends on non-vested restricted stock		(145)
Net income allocated to common stockholders		6,554
			5,525,965
Basic and diluted earnings per share				$	1.19


	Year Ended December 31, 2018
			Weighted-
	Net		Average	Per Share
	Income		Shares	Amount
	(In thousands)

Net income	$	4,282

Less allocated earnings on non-vested restricted stock		(59)
Less allocated dividends on non-vested restricted stock		(155)
Net income allocated to common stockholders		4,068
			4,952,471
Basic and diluted earnings per share				$	0.82

Disclosures about Fair Value of Financial Instruments and Other Assets and Liabilities

12 Months Ended

Dec. 31, 2019

Disclosures about Fair Value of Financial Instruments and Other Assets and Liabilities

Disclosures about Fair Value of Financial Instruments and Other Assets and Liabilities

Note 16: Disclosures about Fair Value of Financial Instruments and Other Assets and Liabilities

The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company also utilizes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1 Quoted prices in active markets for identical assets or liabilities

Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities

Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities

Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy.

Available-for-sale Securities

Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sourced market parameters, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Such securities are classified in Level 2 of the valuation hierarchy.

The following tables present the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2019 and 2018:


			December 31, 2019
			Fair Value Measurements Using
			Quoted Prices in		Significant
			Active Markets		Other		Significant
			for Identical		Observable		Unobservable
	Fair		Assets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
U.S government agencies	$	39,528	$	––	$	39,528	$	––
Subordinated notes	$	4,500		—	$	4,532		—
State and Municipal Obligations	$	144,725		—	$	144,725		—

December 31, 2018

Fair Value Measurements Using

Quoted Prices in

Significant

Active Markets

Other

Significant

for Identical

Observable

Unobservable

Fair

Assets

Inputs

Value

(Level 1)

(Level 2)

(Level 3)

(In thousands)

U.S government agencies

$

44,750

$

––

$

44,750

$

––

State and Municipal Obligations

$

79,241

—

$

79,241

—

Following is a description of the valuation methodologies used for instruments measured at fair value on a non-recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy.

Impaired Loans (Collateral Dependent)

Collateral dependent impaired loans consisted primarily of loans secured by nonresidential real estate. Management has determined fair value measurements on impaired loans primarily through evaluations of appraisals performed. Due to the nature of the valuation inputs, impaired loans are classified within Level 3 of the hierarchy.

The Company considers the appraisal or evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Appraisals of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral-dependent and subsequently as deemed necessary by the Company’s Chief Lender. Appraisals are reviewed for accuracy and consistency by the Company’s Chief Lender. Appraisers are selected from the list of approved appraisers maintained by management. The appraised values are reduced by discounts to consider lack of marketability and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. These discounts and estimates are developed by the Company’s Chief Lender by comparison to historical results.

Foreclosed Assets Held for Sale

Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value (based on current appraised value) at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Management has determined fair value measurements on other real estate owned primarily through evaluations of appraisals performed, and current and past offers for the other real estate under evaluation. Due to the nature of the valuation inputs, foreclosed assets held for sale are classified within Level 3 of the hierarchy.

Appraisals of other real estate owned (OREO) are obtained when the real estate is acquired and subsequently as deemed necessary by the Company’s Chief Lender. Appraisals are reviewed for accuracy and consistency by the Company’s Chief Lender and are selected from the list of approved appraisers maintained by management.

The following tables present the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a non-recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2019 and 2018:

December 31, 2019

Fair Value Measurements Using

Quoted Prices in

Significant

Active Markets

Other

Significant

for Identical

Observable

Unobservable

Fair

Assets

Inputs

Value

(Level 1)

(Level 2)

(Level 3)

(In thousands)

Collateral dependent impaired loans

$

—

$

––

$

––

$

—

Foreclosed assets held for sale

—

––

—

December 31, 2018

Fair Value Measurements Using

Quoted Prices in

Significant

Active Markets

Other

Significant

for Identical

Observable

Unobservable

Fair

Assets

Inputs

Value

(Level 1)

(Level 2)

(Level 3)

(In thousands)

Collateral dependent impaired loans

$

314

$

––

$

––

$

314

Foreclosed assets held for sale

91

––

91

Unobservable (Level 3) Inputs

The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements.


	Fair Value at		Valuation
	12/31/19		Technique	Unobservable Inputs	Range
	(In thousands)

Collateral-dependent impaired loans	$	—	Market comparable properties	Comparability adjustments	Not available
Foreclosed assets held for sale		—	Market comparable properties	Marketability discount	10% – 35%


	Fair Value at		Valuation
	12/31/18		Technique	Unobservable Inputs	Range
	(In thousands)

Collateral-dependent impaired loans	$	314	Market comparable properties	Comparability adjustments	Not available
Foreclosed assets held for sale		91	Market comparable properties	Marketability discount	10% – 35%

There were no significant changes in the valuation techniques used during 2019.

The following table presents estimated fair values of the Company’s financial instruments. The fair values of certain of these instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Fair value is the estimated amount at which financial assets or liabilities could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Because no market exists for certain of these financial instruments and because management does not intend to sell these financial instruments, the Company does not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate.

Fair Value Measurements Using

Quoted Prices

in Active

Markets for

Significant

Identical

Other

Unobservable

Carrying

Assets

Observable Inputs

Inputs

Amount

(Level 1)

(Level 2)

(Level 3)

(In thousands)

December 31, 2019

Financial assets

Cash and cash equivalents

$

14,985

$

14,985

$

––

$

––

Loans, net of allowance

439,317

––

437,688

Federal Home Loan Bank stock

4,012

––

4,012

––

Accrued interest receivable

2,697

––

2,697

––

Financial liabilities

Deposits

548,069

––

548,130

––

Short term borrowings

6,915

––

6,915

––

Federal Home Loan Bank advances

39,800

––

39,800

––

Subordinated debentures

23,543

––

22,857

––

Interest payable

213

––

213

––

The classification of the assets and liabilities pursuant to the valuation hierarchy as of December 31, 2018 in the following table have not been audited. The fair value has been derived from the December 31, 2018 audited consolidated financial statements.

Fair Value Measurements Using

Quoted Prices

in Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Carrying

Assets

Inputs

Amount

(Level 1)

(Level 2)

(Level 3)

(In thousands)

December 31, 2018

Financial assets

Cash and cash equivalents

$

25,253

$

25,253

$

––

$

––

Loans, net of allowance

407,640

––

405,033

Federal Home Loan Bank stock

4,243

––

4,243

––

Accrued interest receivable

1,798

––

1,798

––

Financial liabilities

Deposits

525,443

––

524,010

––

Short term borrowings

8,068

––

8,068

––

Federal Home Loan Bank advances

106

––

101

––

Subordinated debentures

4,124

––

3,647

––

Interest payable

188

––

188

––

The following methods and assumptions were used to estimate the fair value of each class of financial instruments.

Cash and Cash Equivalents, Accrued Interest Receivable and Federal Home Loan Bank Stock

The carrying amounts approximate fair value.

Loans

Fair values of loans and leases are estimated on an exit price basis incorporating discounts for credit, liquidity and marketability factors.

Deposits

Deposits include demand deposits, savings accounts, NOW accounts and certain money market deposits. The carrying amount approximates fair value. The fair value of fixed-maturity time deposits is estimated using a discounted cash flow calculation that applies the rates currently offered for deposits of similar remaining maturities.

Interest Payable

The carrying amount approximates fair value.

Short-term Borrowings, Federal Home Loan Bank Advances and Subordinated Debentures

Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt.

Commitments to Originate Loans, Letters of Credit and Lines of Credit

The fair value of commitments to originate loans is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. Fair values of commitments were not material at December 31, 2019 and 2018.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Significant Estimates and Concentrations	12 Months Ended
Significant Estimates and Concentrations	Dec. 31, 2019
Significant Estimates and Concentrations
Significant Estimates and Concentrations	Note 17: Significant Estimates and Concentrations Accounting principles generally accepted in the United States of America require disclosure of certain significant estimates and current vulnerabilities due to certain concentrations. Estimates related to the allowance for loan losses are reflected in the footnote regarding loans. Current vulnerabilities due to certain concentrations of credit risk are discussed in the footnote on commitments and credit risk. The company invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is possible that changes in the values of investment securities may occur and that such changes could affect the amounts reported in the accompanying statements of financial position.

Commitments and Credit Risk	12 Months Ended
Commitments and Credit Risk	Dec. 31, 2019
Commitments and Credit Risk
Commitments and Credit Risk	Note 18: Commitments and Credit Risk At December 31, 2019 and 2018, total commercial and commercial real estate loans made up 80.3% and 77.4%, respectively, of the loan portfolio. Installment loans account for 2.2% and 3.4%, respectively, of the loan portfolio. Real estate loans comprise 17.5% and 19.2% of the loan portfolio as of December 31, 2019 and 2018, respectively, and primarily include first mortgage loans on residential properties and home equity lines of credit. Commitments to Originate Loans Commitments to originate loans are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. At December 31, 2019 and 2018, the Company had outstanding commitments to originate variable rate loans aggregating approximately $38.7 million and $21.3 million, respectively. The commitments extended over varying periods of time with the majority being disbursed within a one-year period. Mortgage loans in the process of origination represent amounts that the Company plans to fund within a normal period of 60 to 90 days, some of which are intended for sale to investors in the secondary market. The Company did not have any mortgage loans in the process of origination which are intended for sale at December 31, 2019 or 2018. Standby Letters of Credit Standby letters of credit are irrevocable conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Financial standby letters of credit are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing and similar transactions. Performance standby letters of credit are issued to guarantee performance of certain customers under non-financial contractual obligations. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loans to customers. Fees for letters of credit are initially recorded by the Company as deferred revenue and are included in earnings at the termination of the respective agreements. Should the Company be obligated to perform under the standby letters of credit, the Company may seek recourse from the customer for reimbursement of amounts paid. The Company had $46,000 at both December 31, 2018 and 2019 in outstanding standby letters of credit. At both December 31, 2019 and 2018, the Company had no deferred revenue under standby letter of credit agreements. Lines of Credit and Other Lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Lines of credit generally have fixed expiration dates. Since a portion of the line may expire without being drawn upon, the total unused lines do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. Management uses the same credit policies in granting lines of credit as it does for on-balance-sheet instruments. At December 31, 2019, the Company had granted unused lines of credit to borrowers aggregating approximately $40.5 million and $38.6 million for commercial lines and open-end consumer lines, respectively. At December 31, 2018, the Company had granted unused lines of credit to borrowers aggregating approximately $34.1 million and $38.0 million for commercial lines and open-end consumer lines, respectively.

Recent Accounting Pronouncements

12 Months Ended

Dec. 31, 2019

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Note 19: Recent Accounting Pronouncements

On February 25, 2016, the FASB issued ASU 2016-02 “Leases (Topic 842).” ASU 2016-02 is intended to improve financial reporting about leasing transactions. This ASU affects all companies and other organization that lease assets such as real estate, airplanes, and manufacturing equipment.

Under the current accounting model, an organization applies a classification test to determine the accounting for the lease arrangement:

(a)

Some leases are classified as capital where by the lessee would recognize lease assets and liabilities on the balance sheet.

(b)

Other leases are classified as operating leases whereby the lessee would not recognize lease assets and liabilities on the balance sheet.

Under the new guidance, a lessee will be required to recognize assets and liabilities for all leases with lease terms of more than 12 months. Consistent with Generally Accepted Accounting Principles (GAAP), the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease.

However, unlike current GAAP—which requires only capital leases to be recognized on the balance sheet—the new ASU will require both types of leases to be recognized on the balance sheet. Right of use assets represents the Company’s right to use the underlying assets for their lease terms and lease liabilities represent the obligation to make lease payments.

The Company adopted ASU 2016-02 January 1, 2019. The right of use asset and lease obligation recorded as of March 31, 2019 was approximately $126,000 and is reflected in other assets and interest payable and other liabilities, respectively on the balance sheet. The modified retrospective method was applied. Due to the immateriality of the impact, certain disclosures under ASU 842 have been omitted.

In June 2016, the FASB issued ASU No. 2016‑13, “Financial Instruments-Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments.” The provisions of ASU 2016‑13 were issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other commitments to extend credit held by a reporting entity at each reporting date. ASU 2016‑13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016‑13 eliminate the probable incurred loss recognition in current GAAP and reflect an entity’s current estimate of all expected credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets.

For purchased financial assets with a more-than-insignificant amount of credit deterioration since origination (“PCD assets”) that are measured at amortized cost, the initial allowance for credit losses is added to the purchase price rather than being reported as a credit loss expense. Subsequent changes in the allowance for credit losses on PCD assets are recognized through the statement of income as a credit loss expense.

Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security.

On October 16, 2019, FASB approved a final ASU delaying the effective date of ASU 2016-13 for small reporting companies to interim and annual periods beginning after December 15, 2022. The Company is currently evaluating the impact of these amendments to the Company’s financial position and results of operations and currently does not know or cannot reasonably quantify the impact of the adoption of the amendments as a result of the complexity and extensive changes from the amendments. The Allowance for Loan Losses (ALL) estimate is material to the Company and given the change from an incurred loss model to a methodology that considers the credit loss over the life of the loan, there is the potential for an increase in the ALL at adoption date. The Company is anticipating a significant change in the processes and procedures to calculate the ALL, including changes in assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In addition, the current accounting policy and procedures for the other-than-temporary impairment on available-for-sale securities will be replaced with an allowance approach. The Company continues to run projections and review segmentation to ensure it is fully compliant with the amendments at adoption date. Additional work will be needed once additional guidance or clarification in the standard is given during the delay. For additional information on the allowance for loan losses, see Note 3.

Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information (Parent Company Only)

Condensed Financial Information (Parent Company Only)

Note 20: Condensed Financial Information (Parent Company Only)

Presented below is condensed financial information as to financial position, results of operations and cash flows of the Company:

Condensed Balance Sheets


	December 31,
	2019		2018
	(In thousands)
Assets
Cash and cash equivalents	$	6,846	$	1,595
Investment in the Bank		74,890		50,813
Other assets		2,719		2,913

Total assets	$	84,455	$	55,321

Liabilities and Stockholders’ Equity
Subordinated debentures	$	23,543	$	4,124
Other liabilities		990		555
Stockholders’ equity		59,922		50,642

Total liabilities and stockholders’ equity	$	84,455	$	55,321

Condensed Statements of Income and Comprehensive Income


	Years Ended December 31,
	2019		2018
	(In thousands)

Operating Income
Dividends from subsidiary	$	7,625	$	5,501
Interest and dividend income from securities and federal funds		1		—

Total operating income		7,626		5,501

Merger related expenses		—		1,306
General, Administrative and Other Expenses		3,456		2,220

Income Before Income Taxes and Equity in Undistributed Income of Subsidiary		4,170		1,975

Income Tax Benefits		710		750

Income Before Equity in Undistributed Income of Subsidiary		4,880		2,725

Equity in Undistributed Income of Subsidiary		1,930		1,557

Net Income	$	6,810	$	4,282

Comprehensive Income	$	12,356	$	4,692

Condensed Statements of Cash Flows


	Years Ended December 31,
	2019		2018
	(In thousands)

Operating Activities
Net income	$	6,810	$	4,282
Items not requiring (providing) cash
Equity in undistributed income of subsidiary		(1,930)		(1,557)
Amortization of ESOP and share-based compensation plans		565		567
Net change in other assets and other liabilities		65		282

Net cash provided by operating activities		5,510		3,574

Investing Activities
Equity infusion into the Bank		(16,000)		—
Cash paid for acquisition of Powhatan Point Community Bancshares, Inc.		—		(1,529)

Net cash used in investing activities		(16,000)		(1,529)

Financing Activities
Proceeds from issuance of subordinated debentures, net of origination fees		19,383		—
Repurchase of Common Stock		(416)		—
Dividends paid to stockholders		(3,226)		(3,221)

Net cash provided by (used in) financing activities		15,741		(3,221)

Net Change in Cash and Cash Equivalents		5,251		(1,176)

Cash and Cash Equivalents at Beginning of Year		1,595		2,771

Cash and Cash Equivalents at End of Year	$	6,846	$	1,595

Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Data (Unaudited)

Quarterly Financial Data (Unaudited)

Note 21: Quarterly Financial Data (Unaudited)

The following tables summarize the Company’s quarterly results of operations for the years ended December 31, 2019 and 2018.


	Three Months Ended
2019:	March 31,		June 30,		September 30,		December 31,
	(In thousands, except per share data)

Total interest income	$	6,315	$	6,648	$	6,921	$	7,150
Total interest expense		1,207		1,469		1,727		1,721

Net interest income		5,108		5,179		5,194		5,429

Provision for loan losses		90		120		120		578
Other income		945		947		1,003		993
General, administrative and other expense		4,162		4,172		4,162		3,986

Income before income taxes		1,801		1,834		1,916		1,858
Federal income taxes		187		188		135		89

Net income	$	1,614	$	1,646	$	1,781	$	1,769

Earnings per share
Basic	$	0.28	$	0.29	$	0.31	$	0.31
Diluted	$	0.28	$	0.29	$	0.31	$	0.31


	Three Months Ended
2018:	March 31,		June 30,		September 30,		December 31,
	(In thousands, except per share data)

Total interest income	$	4,625	$	5,107	$	5,523	$	6,065
Total interest expense		523		707		893		1,055

Net interest income		4,102		4,400		4,630		5,010

Provision for loan losses		57		72		72		96
Other income		880		888		897		995
General, administrative and other expense		3,579		3,754		3,855		5,235

Income before income taxes		1,346		1,462		1,600		674
Federal income taxes		198		250		269		83

Net income	$	1,148	$	1,212	$	1,331	$	591

Earnings per share
Basic	$	0.23	$	0.23	$	0.25	$	0.11
Diluted	$	0.23	$	0.23	$	0.25	$	0.11

Core Deposits and Other Intangible Assets

12 Months Ended

Dec. 31, 2019

Core Deposits and Other Intangible Assets

Core Deposits and Other Intangible Assets

Note 22: Core Deposits and Other Intangible Assets

The following table shows the changes in the carrying amount of goodwill for the years ended December 31, 2019 and 2018 (in thousands):


	2019		2018
Balance beginning of year	$	682	$	—
Additions from acquisition		—		682
Balance, end of year	$	682	$	682

Intangible assets in the consolidated balance sheets at December 31, 2019 and 2018 were as follows (in thousands):

2019

2018

Gross

Intangible

Accumulated

Net Intangible

Intangible

Accumulated

Net Intangible

Assets

Amortization

Assets

Amortization

Assets

Core deposit intangibles

$

1,041

181

860

1,041

31

1,010

The estimated aggregate future amortization expense for each of the next five years for intangible assets remaining as of December 31, 2019 is as follows (in thousands):


2020	$	181
2021		181
2022		181
2023		181
2024		136

Acquisition

12 Months Ended

Dec. 31, 2019

Acquisition

Acquisition

Note 23: Acquisition

On June 14, 2018, the Company and Powhatan Point Community Bancshares, Inc. (“Powhatan Point”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) pursuant to which Powhatan Point merged with and into the Company on October 15, 2018. The First National Bank of Powhatan Point, wholly-owned subsidiary of Powhatan Point, operated from one full-service office located in Powhatan Point, Ohio. That office became a branch of Unified Bank after the merger.

Under the terms of the Merger Agreement, the shareholders of Powhatan Point received 6.9233 shares of common stock of United Bancorp and $28.52 in cash per outstanding share of Powhatan Point stock.

The merger with Powhatan Point was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed and consideration paid were recorded at their estimated fair values as of the merger date. The following table summarizes the allocation purchase prices for Powhatan Point.


(in thousands)
ASSETS			LIABILITIES
Cash and cash equivalents	$	24,986	Deposits
Deposits in other banks		3,461	Non interest bearing	$	19,287
FHLB stock		78	Savings		30,533
Investments		23,865	Certificates of Deposit		5,772

Commercial		3,019	Total Deposits		55,592
Residential		2,403
Installment		1,357
Total loans		6,779

Premise and equipment, net		548	Interest payable and other liabilities		496
Core deposit intangible		1,028
Goodwill		682
Bank owned life insurance		612
Accrued interest receivable		145
Deferred federal income taxes		20
Other assets		124
Total assets purchased	$	62,328	Total liabilities assumed
Common shares issued	$	4,711		$	56,088
Cash paid		1,529
Estimated purchase price	$	6,240

Of the total purchase price of $6.2 million, $1.0 million has been allocated to core deposit intangible. Additionally, $682,000 has been allocated to goodwill. The core deposit will be amortized over 7 years on a straight line basis. Direct costs related to the acquisition were expensed as incurred and reflected in other noninterest expense in the consolidated statement of income for the year ended December 31, 2018. The amount of goodwill reflects the Company’s expansion in the Powhatan Point market and related synergies that are expected to result from the acquisition and represent the excess purchase price over the estimated fair value of the net assets acquired. The goodwill will not be amortizable in the Company’s financial statements and will not be deductible for tax purposes. Goodwill will be subject to an annual test for impairment and the amount impaired, if any, will be charged to expense at the time of impairment.

The Company acquired various loans in the acquisition for which none had evidence of deterioration of credit quality since origination. The fair value of assets acquired includes loans with a fair value of $6,779,000. The gross principal and contractual interest due under the contracts is $6,875,000, of which $86,000 is expected to be uncollectible.

The results of Powhatan Point have been included in the Company’s consolidated financial statements since the October 15, 2018 acquisition date. The following schedule includes pro-forma results for the period ended December 31, 2018 and 2017 as if Powhatan Point had occurred as of the beginning of the comparable prior-reporting periods.



Summary of Operations
(Unaudited):	Dec 31, 2018		Dec 31, 2017
Net Interest Income	$	19,409	$	16,977
Provision for Loan Losses		302		110

Net Interest Income after Provision for Loan Losses		19,107		16,817
Non-interest Income		3,736		3,547
Non-interest Expense		16,017		14,500

Income before Income Taxes		6,826		5,914
Income Tax Expense		563		2,088

Net Income		6,263		3,825
Net Income Available to Common Shareholders	$	6,049	$	3,710

Basic and Diluted Earnings Per Share	$	1.22	$	0.79

The pro forma information includes adjustments for merger related expenses, amortization of intangible, adjustments to accruals and related tax effects. The pro-forma information for the year ended 2018 includes approximately $220,000, net of tax operating revenue from Powhatan Point since the acquisition, $1.1 million of non-recurring expenses directly related to the acquisition, and approximately $156,000 net of tax related to an accrual adjustment for retirement benefits.

The pro-forma financial information is presented for informational purposes as is not indicative of the results of operations that actually would of have been achieved had the acquisition been consummated as of that time, nor is it intended to be a projection of future results.

Nature of Operations and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Nature of Operations and Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of United Bancorp, Inc. (“United” or “the Company”) and its wholly-owned subsidiary, Unified Bank of Martins Ferry, Ohio (“the Bank” or “Unified”). All intercompany transactions and balances have been eliminated in consolidation.
Nature of Operations	Nature of Operations The Company’s revenues, operating income and assets are almost exclusively derived from banking. Accordingly, all of the Company’s banking operations are considered by management to be aggregated in one reportable operating segment. Customers are mainly located in Athens, Belmont, Carroll, Fairfield, Harrison, Jefferson and Tuscarawas Counties and the surrounding localities in northeastern, east-central and southeastern Ohio and include a wide range of individuals, businesses and other organizations. Unified Bank conducts its business through its main office in Martins Ferry, Ohio and branches in Amesville, Bridgeport, Colerain, Dellroy, Dillonvale, Dover, Glouster, Jewett, Lancaster Downtown, Lancaster East, Nelsonville, New Philadelphia, Powhatan Point, St. Clairsville East, St. Clairsville West, Sherrodsville, Strasburg and Tiltonsville, Ohio. The Bank also operates a Loan Production Office in Wheeling, West Virginia. The Company’s primary deposit products are checking, savings and term certificate accounts and its primary lending products are residential mortgage, commercial and installment loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets and real estate. Commercial loans are expected to be repaid from cash flow from operations of businesses. Real estate loans are secured by both residential and commercial real estate. Net interest income is affected by the relative amount of interest-earning assets and interest-bearing liabilities and the interest received or paid on these balances. The level of interest rates paid or received by the Company can be significantly influenced by a number of environmental factors, such as governmental monetary policy, that are outside of management’s control.
Revenue Recognition	Revenue Recognition Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers ("ASC 606"), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of our revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as our loans, investment securities, as well as revenue related to our mortgage banking activities, as these activities are subject to other GAAP discussed elsewhere within our disclosures. Descriptions of our revenue-generating activities that are within the scope of ASC 606, which are presented in our income statements as components of non-interest income are as follows: Service charges on deposit accounts - these represent general service fees for monthly account maintenance and activity- or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). Payment for such performance obligations are generally received at the time the performance obligations are satisfied.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans. In connection with the determination of the allowance for loan losses and the valuation of foreclosed assets held for sale, management obtains independent appraisals for significant properties.
Cash Equivalents	Cash Equivalents The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. At December 31, 2019 and 2018, cash equivalents consisted primarily of due from accounts with the Federal Reserve and other correspondent banks. Currently, the FDIC’s insurance limits are $250,000. At December 31, 2019 and 2018, the Company’s various cash accounts did not exceed the federally insured limit of $250,000. At December 31, 2019 and 2018, the Company held $7,830,000 and $6,566,000 at the Federal Home Loan Bank and the Federal Reserve Bank, respectively, which are not subject to FDIC limits.
Securities	Securities Certain debt securities that management has the positive intent and ability to hold to maturity would be classified as “held to maturity” and recorded at amortized cost. Securities not classified as held to maturity, including equity securities with readily determinable fair values, are classified as “available for sale” and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. For debt securities with fair value below amortized cost, when the Company does not intend to sell a debt security, and it is more likely than not the Company will not have to sell the security before recovery of its cost basis, it recognizes the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income.
Loans Held for Sale	Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. At December 31, 2019 and 2018, the Company did not have any loans held for sale.
Loans	Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoffs are reported at their outstanding principal balances adjusted for unearned income, charge-offs, the allowance for loan losses, any unamortized deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, as well as premiums and discounts, are deferred and amortized as a level yield adjustment over the respective term of the loan. For all loan classes, the accrual of interest is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. For all loan classes, the entire balance of the loan is considered past due if the minimum payment contractually required to be paid is not received by the contractual due date. For all loan classes, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. Management’s general practice is to proactively charge down loans individually evaluated for impairment to the fair value of the underlying collateral. Consistent with regulatory guidance, charge-offs on all loan segments are taken when specific loans, or portions thereof, are considered uncollectible. The Company’s policy is to promptly charge these loans off in the period the uncollectible loss is reasonably determined. For all loan portfolio segments except residential and consumer loans, the Company promptly charges-off loans, or portions thereof, when available information confirms that specific loans are uncollectible based on information that includes, but is not limited to, (1) the deteriorating financial condition of the borrower, (2) declining collateral values, and/or (3) legal action, including bankruptcy, that impairs the borrower’s ability to adequately meet its obligations. For impaired loans that are considered to be solely collateral dependent, a partial charge-off is recorded when a loss has been confirmed by an updated appraisal or other appropriate valuation of the collateral. The Company charges-off residential and consumer loans when the Company reasonably determines the amount of the loss. The Company adheres to timeframes established by applicable regulatory guidance which provides for the charge-down of 1‑4 family first and junior lien mortgages to the net realizable value less costs to sell when the loan is 120 days past due, charge-off of unsecured open-end loans when the loan is 120 days past due, and charge down to the net realizable value when other secured loans are 120 days past due. Loans at these respective delinquency thresholds for which the Company can clearly document that the loan is both well-secured and in the process of collection, such that collection will occur regardless of delinquency status, need not be charged off. For all classes, all interest accrued but not collected for loans that are placed on nonaccrual or charged off are reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, 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. Nonaccrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collection of interest or principal. The Company requires a period of satisfactory performance of not less than six months before returning a nonaccrual loan to accrual status. When cash payments are received on impaired loans in each loan class, the Company records the payment as interest income unless collection of the remaining recorded principal amount is doubtful, at which time payments are used to reduce the principal balance of the loan. Troubled debt restructured loans recognize interest income on an accrual basis at the renegotiated rate if the loan is in compliance with the modified terms, no principal reduction has been granted and the loan has demonstrated the ability to perform in accordance with the renegotiated terms for a period of at least six months.
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 charged to income. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a monthly basis by Bank management and is 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. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-impaired loans and is based on historical charge-off experience by segment. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the prior five years. Management believes the five year historical loss experience methodology is appropriate in the current economic environment. Other adjustments (qualitative/environmental considerations) for each segment may be added to the allowance for each loan segment after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss or risk rating data. 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 based on the loan’s current payment status and the borrower’s financial condition including available sources of cash flows. 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, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for non-homogenous type loans such as commercial, non-owner residential 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. For impaired loans where the Company utilizes the discounted cash flows to determine the level of impairment, the Company includes the entire change in the present value of cash flows as bad debt expense. The fair values of collateral dependent impaired loans are based on independent appraisals of the collateral. In general, the Company acquires an updated appraisal upon identification of impairment and annually thereafter for commercial, commercial real estate and multi-family loans. If the most recent appraisal is over a year old, and a new appraisal is not performed, due to lack of comparable values or other reasons, the existing appraisal is utilized and discounted generally 10% -35% based on the age of the appraisal, condition of the subject property, and overall economic conditions. After determining the collateral value as described, the fair value is calculated based on the determined collateral value less selling expenses. The potential for outdated appraisal values is considered in our determination of the allowance for loan losses through our analysis of various trends and conditions including the local economy, trends in charge-offs and delinquencies, etc. and the related qualitative adjustments assigned by the Company. Segments of loans with similar risk characteristics are collectively evaluated for impairment based on the segment’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. Accordingly, the Company does not separately identify individual consumer and residential loans for impairment measurements, unless such loans are the subject of a restructuring agreement due to financial difficulties of the borrower. In the course of working with borrowers, the Company may choose to restructure the contractual terms of certain loans. In this scenario, the Company attempts to work-out an alternative payment schedule with the borrower in order to optimize collectability of the loan. Any loans that are modified are reviewed by the Company to identify if a troubled debt restructuring (“TDR”) has occurred, which is when, for economic or legal reasons related to a borrower’s financial difficulties, the Company grants a concession to the borrower that it would not otherwise consider. Terms may be modified to fit the ability of the borrower to repay in line with its current financial status and the restructuring of the loan may include the transfer of assets from the borrower to satisfy the debt, a modification of loan terms, or a combination of the two. If such efforts by the Company do not result in a satisfactory arrangement, the loan is referred to legal counsel, at which time foreclosure proceedings are initiated. At any time prior to a sale of the property at foreclosure, the Company may terminate foreclosure proceedings if the borrower is able to work-out a satisfactory payment plan. It is the Company’s policy to have any restructured loans which are on nonaccrual status prior to being restructured remain on nonaccrual status until six months of satisfactory borrower performance at which time management would consider its return to accrual status. If a loan was accruing at the time of restructuring, the Company reviews the loan to determine if it is appropriate to continue the accrual of interest on the restructured loan. With regard to determination of the amount of the allowance for credit losses, trouble debt restructured loans are considered to be impaired. As a result, the determination of the amount of impaired loans for each portfolio segment within troubled debt restructurings is the same as detailed previously.
Premises and Equipment	Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. An accelerated method is used for tax purposes.
Federal Home Loan Bank Stock	Federal Home Loan Bank Stock Federal Home Loan Bank stock is a required investment for institutions that are members of the Federal Home Loan Bank system. The required investment in the common stock is based on a predetermined formula, carried at cost and evaluated for impairment.
Foreclosed Assets Held for Sale	Foreclosed Assets Held for Sale Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value, less costs to sell, at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net income or expense from foreclosed assets.
Bank-Owned Life Insurance	Bank-Owned Life Insurance The Company and the Bank have purchased life insurance policies on certain key executives. Company and bank-owned life insurance is recorded at its cash surrender value, or the amount that can be realized.
Treasury Stock	Treasury Stock Common shares repurchased are recorded at cost. Cost of shares retired or reissued is determined using the weighted average cost.
Restricted Stock Awards	Restricted Stock Awards The Company has a share-based employee compensation plan, which is described more fully in Note 14.
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if based on the weight of evidence available it is more likely than not that some portion or all of a deferred tax asset will not be realized. Uncertain tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. At December 31, 2019, the Company had no uncertain tax positions. The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company files consolidated income tax returns with its subsidiary. With a few exceptions, the Company is no longer subject to the examination by tax authorities for years before 2016.
Deferred Compensation Plan	Deferred Compensation Plan Directors have the option to defer all or a portion of fees for their services into a deferred stock compensation plan that invests in common shares of the Company. Officers of the Company have the option to defer up to 50% of their annual incentive award into this plan. The plan does not permit diversification and must be settled by the delivery of a fixed number of shares of the Company stock. The stock held in the plan is included in equity as deferred shares and is accounted for in a manner similar to treasury stock. Subsequent changes in the fair value of the Company’s stock are not recognized. The deferred compensation obligation is also classified as an equity instrument and changes in the fair value of the amount owed to the participant are not recognized. The Company has entered into supplemental income agreements for certain individuals. These agreements call for a fixed payment over 180 months after the individual reaches normal retirement age.
Stockholders' Equity and Dividend Restrictions	Stockholders’ Equity and Dividend Restrictions The Bank is subject to certain restrictions on the amount of dividends that it may declare without prior regulatory approval. Generally, the Bank’s payment of dividends is limited to net income for the current year plus the two preceding calendar years, less capital distributions paid over the comparable time period. Dividend payments to the stockholders may be legally paid from additional paid-in capital or retained earnings.
Earnings Per Share	Earnings Per Share Basic earnings per share allocated to common stockholders is calculated using the two-class method and is computed by dividing net income allocated to common stockholders by the weighted average number of commons shares outstanding during the period. Diluted earnings per share is adjusted for the dilutive effects of stock based compensation and is calculated using the two-class method or the treasury method. There were no dilutive effects for the years ended December 31, 2019 and 2018.
Comprehensive Income	Comprehensive Income Comprehensive income consists of net income and other comprehensive income, net of applicable income taxes. Other comprehensive income includes unrealized appreciation (depreciation) on available-for-sale securities and changes in the funded status of the defined benefit pension plan.
Advertising	Advertising Advertising costs are expensed as incurred.

Securities (Tables)

12 Months Ended

Dec. 31, 2019

Securities

Schedule of Amortized Cost and Approximate Fair Values, Together with Gross Unrealized Gains and Losses of Securities

The amortized cost and approximate fair values, together with gross unrealized gains and losses of securities are as follows:


			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In thousands)
Available-for-sale Securities:
December 31, 2019:
U.S. government agencies	$	40,000	$	––	$	(472)	$	39,528
Subordinated notes		4,500		36		(4)		4,532
State and municipal obligations		135,897	$	8,993		(165)		144,725
Total debt securities	$	180,397	$	9,029	$	(641)	$	188,785
Available-for-sale Securities:
December 31, 2018:
U.S. government agencies	$	45,250	$	—	$	(500)	$	44,750
State and municipal obligations	$	78,083	$	1,194	$	(36)	$	79,241
Total debt securities	$	123,333	$	1,194	$	(536)	$	123,991

Schedule of Amortized Cost and Fair Value of available-for-Sale Securities by Contractual Maturity

The amortized cost and fair value of available-for-sale securities at December 31, 2018, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.



	Amortized		Fair
	Cost		Value
	(In thousands)

Under 1 year	$	6,000	$	5,995
One to five years		38,500		38,065
Over ten years		135,897		144,725
Totals	$	180,397	$	188,785

Schedule of Investments' Gross Unrealized Losses and Fair Value, aggregated by investment category and length of time

The following tables show the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2019 and 2018:


	December 31, 2019
	Less than 12 Months				12 Months or More				Total
Description of	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Securities	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
US government agencies	$	39,528	$	(472)	$	—	$	—	$	39,528	$	(472)
Subordinated notes		996	$	(4)	$	—	$	—	$	996	$	(4)
State and municipal obligations	$	9,831	$	(165)	$	––	$	––	$	9,831	$	(165)
Total temporarily impaired securities	$	50,355	$	(641)	$	—	$	—	$	50,355	$	(641)


	December 31, 2018
	Less than 12 Months				12 Months or More				Total
Description of	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Securities	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
US government agencies	$	—	$	—	$	44,750	$	(500)	$	44,750	$	(500)
State and municipal obligations	$	5,182	$	(36)	$	—	$	—	$	5,182	$	(36)
Total temporarily impaired securities	$	5,182	$	(36)	$	44,750	$	(500)	$	49,932	$	(536)

Loans and Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 31, 2019

Loans and Allowance for Loan Losses

Schedule of Categories of Loans

Categories of loans at December 31, include:


	2019		2018
	(In thousands)

Commercial loans	$	99,995	$	93,690
Commercial real estate		254,651		223,461
Residential real estate		77,205		78,767
Installment loans		9,697		13,765
Total gross loans		441,548		409,683
Less allowance for loan losses		(2,231)		(2,043)
Total loans	$	439,317	$	407,640

Schedule of Allowance for Loan Losses and Recorded Investment in Loans

The following tables present the balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of December 31, 2019 and 2018:


	2019
			Commercial
	Commercial		Real Estate		Residential		Installment		Unallocated		Total
		(In thousands)
Allowance for loan losses:
Balance, beginning of year	$	389	$	672	$	519	$	463	$	—	$	2,043
Provision charged to expense		196		551		180		(19)		—		908
Losses charged off		(18)		(431)		(141)		(180)		—		(770)
Recoveries		1		––		14		35		—		50
Balance, end of year	$	568	$	792	$	572	$	299	$	—	$	2,231
Ending balance: individually evaluated for impairment	$	––	$	––	$	––	$	––	$	––	$	––
Ending balance: collectively evaluated for impairment	$	568	$	792	$	572	$	299	$	––	$	2,231
Loans:
Ending balance: individually evaluated for impairment	$	71	$	371	$	594	$	––	$	––	$	1,036
Ending balance: collectively evaluated for impairment	$	99,924	$	254,280	$	76,611	$	9,697	$	––	$	440,512


	2018
			Commercial
	Commercial		Real Estate		Residential		Installment		Unallocated		Total
		(In thousands)
Allowance for loan losses:
Balance, beginning of year	$	537	$	843	$	436	$	218	$	88	$	2,122
Provision charged to expense		(151)		(173)		287		422		(88)		297
Losses charged off		––		––		(208)		(241)		––		(449)
Recoveries		3		2		4		64		––		73
Balance, end of year	$	389	$	672	$	519	$	463	$	—	$	2,043
Ending balance: individually evaluated for impairment	$	—	$	85	$	––	$	––	$	––	$	85
Ending balance: collectively evaluated for impairment	$	389	$	587	$	519	$	463	$	––	$	1,958
Loans:
Ending balance: individually evaluated for impairment	$	57	$	809	$	––	$	93	$	––	$	959
Ending balance: collectively evaluated for impairment	$	93,633	$	222,652	$	78,767	$	13,672	$	––	$	408,724

Schedule of Portfolio Quality Indicators

The following table shows the portfolio quality indicators as of December 31, 2019:


			Commercial
Loan Class	Commercial		Real Estate		Residential		Installment		Total
		(In thousands)

Pass Grade	$	99,924	$	249,563	$	76,611	$	9,697	$	435,795
Special Mention		—		4,016		––		—		4,016
Substandard		71		1,072		594		—		1,737
Doubtful		—		—		––		—		—
	$	99,995	$	254,651	$	77,205	$	9,697	$	441,548

The following table shows the portfolio quality indicators as of December 31, 2018:


			Commercial
Loan Class	Commercial		Real Estate		Residential		Installment		Total
		(In thousands)

Pass Grade	$	93,620	$	219,485	$	78,767	$	13,672	$	405,544
Special Mention		––		2,710		––		––		2,710
Substandard		70		1,266		––		93		1,429
Doubtful		––		––		––		––		––
	$	93,690	$	223,461	$	78,767	$	13,765	$	409,683

Schedule of Loan Portfolio Aging Analysis

The following table shows the loan portfolio aging analysis of the recorded investment in loans as of December 31, 2019:


	30‑59 Days		60‑89 Days		Greater
	Past Due		Past Due		Than 90				Total Past
	and		and		Days and		Non		Due and				Total Loans
	Accruing		Accruing		Accruing		Accrual		Non Accrual		Current		Receivable
	(In thousands)
Commercial	$	129	$	132	$	—	$	30	$	291	$	99,704	$	99,995
Commercial real estate		—		214		197		348		759		253,892		254,651
Residential		448		—		29		1,074		1,551		75,654		77,205
Installment		58		1		—		—		59		9,638		9,697
Total	$	635	$	347	$	226	$	1,452	$	2,660	$	438,888	$	441,548

The following table shows the loan portfolio aging analysis of the recorded investment in loans as of December 31, 2018:


	30‑59 Days		60‑89 Days		Greater
	Past Due		Past Due		Than 90				Total Past
	and		and		Days and		Non		Due and				Total Loans
	Accruing		Accruing		Accruing		Accrual		Non Accrual		Current		Receivable
	(In thousands)
Commercial	$	98	$	94	$	––	$	––	$	192	$	93,498	$	93,690
Commercial real estate		––		––		––		741		741		222,720		223,461
Residential		1,704		262		155		485		2,606		76,161		78,767
Installment		72		4		––		19		95		13,670		13,765
Total	$	1,874	$	360	$	155	$	1,245	$	3,634	$	406,049	$	409,683

Schedule of Impaired Loans

The following table presents impaired loans for the year ended December 31, 2019:


							Average
			Unpaid				Investment in		Interest
	Recorded		Principal		Specific		Impaired		Income
	Balance		Balance		Allowance		Loans		Recognized
	(In thousands)
Loans without a specific valuation allowance:
Commercial	$	71	$	71	$	––	$	71	$	13
Commercial real estate		371		371		––		356		8
Real Estate		594		594		––		683		23
		1,036		1,036		—		1,110		44
Loans with a specific valuation allowance:
Commercial	$	—	$	—	$	—	$	—	$	—
Commercial real estate		—		—		—		—		—
Real Estate		—		—		—		—		—
	$	—	$	—	$	—	$	—	$	—

Total:
Commercial	$	71	$	71	$	—	$	71	$	13
Commercial Real Estate	$	371	$	371	$	—	$	356	$	8
Real Estate	$	594	$	594	$	—	$	683	$	23

The following table presents impaired loans for the year ended December 31, 2018:


							Average
			Unpaid				Investment in		Interest
	Recorded		Principal		Specific		Impaired		Income
	Balance		Balance		Allowance		Loans		Recognized
	(In thousands)
Loans without a specific valuation allowance:
Commercial	$	57	$	57	$	––	$	59	$	2
Commercial real estate		409		409		––		444		18
Installment		93		93		––		99		4
		559		559		—		602		24
Loans with a specific valuation allowance:
Commercial	$	—	$	—	$	—	$	—	$	1
Commercial real estate		400		400		85		407		—
Installment		—		—		—		—		—

		400		400		85		407		1
Total:
Commercial	$	57	$	57	$	—	$	59	$	3
Commercial Real Estate	$	809	$	809	$	85	$	851	$	18
Installment	$	93	$	93	$	—	$	99	$	4

Schedule of Troubled Debt Restructurings on Financing Receivables

The following tables present information regarding troubled debt restructurings by class and by type of modification for the year ended December 31, 2019:


	Year Ended December 31, 2019
		Pre-Modification		Post-Modification
		Outstanding		Outstanding
	Number of	Recorded		Recorded
	Contracts	Investment		Investment
	(In thousands)

Commercial	2	$	83	$	83

Year Ended December 31, 2019

Interest

Total

Only

Term

Combination

Modification

(In thousands)

Commercial

$

––

$

83

$

––

$

83

Premises and Equipment (Tables)

12 Months Ended

Dec. 31, 2019

Premises and Equipment

Schedule of Major Classifications of Premises and Equipment

Major classifications of premises and equipment, stated at cost, are as follows:


	2019		2018
	(In thousands)
Land, buildings and improvements	$	18,297	$	17,839
Furniture and equipment		14,220		13,359
Computer software		2,196		2,164
		34,713		33,362
Less accumulated depreciation		(22,311)		(21,245)
Net premises and equipment	$	12,402	$	12,117

Time Deposits (Tables)

12 Months Ended

Dec. 31, 2019

Time Deposits

Scheduled Of Maturities Of Time Deposits

At December 31, 2019, the scheduled maturities of time deposits are as follows:


Due during the year ending December 31,	(In thousands)
2020	$	52,902
2021		38,655
2022		12,023
2023		1,161
2024		393
Thereafter		337
	$	105,471

Borrowings (Tables)

12 Months Ended

Dec. 31, 2019

Borrowings

Schedule of Advances from the Federal Home Loan Bank

At December 31, advances from the Federal Home Loan Bank were as follows:


	2019		2018
	(In thousands)
Maturities March 2019 through August 2025, primarily at fixed rates ranging from 4.64% to 6.65%, averaging 5.29%	$	—	$	106
Cash Management Advances maturities from January 2020 to March 2020 at floating rates averaging 1.73%		39,800		––
	$	39,800	$	106

Summary of Information Concerning Securities Sold Under Agreements to Repurchase

Information concerning securities sold under agreements to repurchase is summarized as follows:


	2019			2018
	(Dollars in thousands)

Balance outstanding at year end	$	6,915		$	8,068
Average daily balance during the year	$	9,272		$	12,874
Average interest rate during the year		1.37	%		1.06	%
Maximum month-end balance during the year	$	13,441		$	16,161
Weighted-average interest rate at year end		1.40	%		1.13	%

Schedule of Repurchase Agreements

The following table presents the Company’s repurchase agreements accounted for as secured borrowings:

Remaining Contractual Maturity of the Agreement


	(In thousands)
	Overnight and						Greater than 90
December 31, 2019	Continuous		Up to 30 Days		30‑90 Days		Days		Total

Repurchase Agreements
U.S government agencies	$	6,915	$	––	$	––	$	––	$	6,915
Total	$	6,915	$	—	$	—	$	—	$	6,915


	(In thousands)
	Overnight and						Greater than 90
December 31, 2018	Continuous		Up to 30 Days		30‑90 Days		Days		Total

Repurchase Agreements
U.S government agencies	$	8,068	$	––	$	––	$	––	$	8,068
Total	$	8,068	$	—	$	—	$	—	$	8,068

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of Components of Income Tax Expense

The provision for income taxes includes these components:


	2019		2018
	(In thousands)

Taxes currently payable	$	557	$	425
Deferred income taxes		42		375
Income tax expense	$	599	$	800

Schedule of Reconciliation of Income Tax Expense at the Statutory Rate to the Company's Actual Income Tax Expense

A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below:


	2019		2018
	(In thousands)

Computed at the statutory rate (21%)	$	1,556	$	1,067
(Decrease) increase resulting from
Tax exempt interest		(780)		(262)
Earnings on bank-owned life insurance - net		(112)		(121)
Deferred tax re-valuation		—		—
Low income housing credit		(74)		(73)
Merger related expenses		—		55
Other		9		134
Actual tax expense	$	599	$	800

Schedule of Tax Effects of Temporary Differences Related to Deferred Taxes Shown on the Balance Sheets

The tax effects of temporary differences related to deferred taxes shown on the balance sheets were:


	2019		2018
	(In thousands)
Deferred tax assets
Allowance for loan losses	$	326	$	292
Stock based compensation		138		282
Allowance for losses on foreclosed real estate		—		11
Deferred compensation and ESOP		494		521
Intangible assets		—		54
Non-accrual loan interest		8		11
Other		13		—
Total deferred tax assets		979		1,171

Deferred tax liabilities
Depreciation		(266)		(208)
Deferred loan costs, net		(73)		(97)
FHLB stock dividends		(321)		(321)
Unrealized gains on securities available for sale		(1,762)		(138)
Prepaid expenses		(48)		(163)
Intangibles		(138)		(280)
Employee benefit expense		(107)		(183)

Total deferred tax liabilities		(2,715)		(1,390)
Net deferred tax (liability) asset	$	(1,736)	$	(219)

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2019

Accumulated Other Comprehensive Income (Loss)

Schedule of Accumulated Other Comprehensive income (loss), included in Stockholders Equity

The components of accumulated other comprehensive income (loss), included in stockholders’ equity, are as follows:


	2019		2018
	(In thousands)
Net unrealized gain on securities available-for-sale	$	8,389	$	658
Net unrealized loss for funded status of defined benefit plan liability		(1,381)		(671)

		7,008		(13)
Tax effect		(1,472)		3

Net-of-tax amount	$	5,536	$	(10)

Regulatory Matters (Tables)

12 Months Ended

Dec. 31, 2019

Regulatory Matters

Summary of Company's and Bank's Actual Capital Amounts and Ratios

The Company’s and Bank’s actual capital amounts and ratios are presented in the following table.


									To Be Well Capitalized
					For Capital Adequacy				Under Prompt Corrective
	Actual				Purposes				Action Provisions
	Amount		Ratio		Amount		Ratio		Amount		Ratio
	(Dollars in thousands)
As of December 31, 2019
Total Capital
(to Risk-Weighted Assets)
Consolidated	$	83,653	16.7	%	$	40,027	8.0	%		N/A	N/A
Unified		68,953	13.8			39,972	8.0		$	49,776	10.0	%

Common Equity Tier 1 Capital
(to Risk-Weighted Assets)
Consolidated	$	57,422	11.5	%	$	22,515	4.5	%		N/A	N/A
Unified		66,722	13.4			22,484	4.5		$	32,355	6.5	%

Tier I Capital
(to Risk-Weighted Assets)
Consolidated	$	61,422	12.3	%	$	30,020	6.0	%		N/A	N/A
Unified		66,722	13.4			29,979	6.0		$	39,821	8.0	%

Tier I Capital
(to Average Assets)
Consolidated	$	61,422	9.5	%	$	30,020	4.0	%		N/A	N/A
Unified		66,722	10.1			29,979	4.0		$	33,10	5.0	%

As of December 31, 2018
Total Capital
(to Risk-Weighted Assets)
Consolidated	$	53,461	12.0	%	$	35,720	8.0	%		N/A	N/A
Unified		50,690	11.4			35,643	8.0		$	44,554	10.0	%

Common Equity Tier 1 Capital
(to Risk-Weighted Assets)
Consolidated	$	47,418	10.6	%	$	20,092	4.5	%		N/A	N/A
Unified		48,647	10.9			20,049	4.5		$	28,960	6.5	%

Tier I Capital
(to Risk-Weighted Assets)
Consolidated	$	51,418	11.5	%	$	26,790	6.0	%		N/A	N/A
Unified		48,647	10.9			26,733	6.0		$	35,643	8.0	%

Tier I Capital
(to Average Assets)
Consolidated	$	51,418	8.8	%	$	23,275	4.0	%		N/A	N/A
Unified		48,647	8.4			23,189	4.0		$	28,986	5.0	%

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2019

Related Party Transactions

Summary of Loans Outstanding

Such loans are summarized below.


	2019		2018
	(In thousands)

Aggregate balance – January 1	$	14,106	$	12,996
New loans		4,459		2,386
Repayments		(797)		(1,276)

Aggregate balance – December 31	$	17,768	$	14,106

Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Benefit Plans

Schedule of Information About the Plan's Funded Status and Pension Cost

The Company uses a December 31st measurement date for the plan. Information about the plan’s funded status and pension cost follows:


	Pension Benefits
	2019		2018
	(In thousands)
Change in benefit obligation
Beginning of year	$	(4,157)	$	(4,672)
Service cost		(299)		(302)
Interest cost		(218)		(221)
Actuarial (loss) gain		(1,276)		470
Benefits paid		362		568

End of year		(5,588)		(4,157)

Change in fair value of plan assets
Beginning of year		5,041		5,605
Actual return on plan assets		967		(417)
Employer contribution		465		421
Benefits paid		(362)		(568)

End of year		6,111		5,041

Funded status at end of year	$	523	$	884

Schedule of Components of Net Periodic Benefit Cost

Amounts recognized in accumulated other comprehensive loss not yet recognized as components of net periodic benefit cost consist of:


	Pension Benefits
	2019		2018
	(In thousands)

Unamortized net loss	$	2,009	$	1,388
Unamortized prior service		(581)		(670)

	$	1,428	$	718

Schedule of Information For the Pension Plan With Respect To Accumulated Benefit Obligation And Plan Assets

Information for the pension plan with respect to accumulated benefit obligation and plan assets is as follows:


	December 31,
	2019		2018
	(In thousands)

Projected benefit obligation	$	5,588	$	4,157
Accumulated benefit obligation	$	5,032	$	3,840
Fair value of plan assets	$	6,111	$	5,041

Schedule of pension expense


	December 31,
	2019		2018
	(In thousands)

Components of net periodic benefit cost
Service cost	$	299	$	302
Interest cost		218		221
Expected return on plan assets		(468)		(445)
Amortization of prior service (credit) cost		(89)		(89)
Amortization of net loss		145		51

Net periodic benefit cost	$	105	$	40

Summary of Significant Assumptions

Significant assumptions include:


	Pension Benefits
	2019		2018

Weighted-average assumptions used to determine benefit obligation:
Discount rate	4.39	%	5.37	%
Rate of compensation increase	3.50	%	3.00	%

Weighted-average assumptions used to determine benefit cost:
Discount rate	4.39	%	5.37	%
Expected return on plan assets	7.50	%	7.50	%
Rate of compensation increase	3.00	%	3.00	%

Summary of Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of December 31, 2019:


	Pension
	Benefits
	(In thousands)

2020	$	516
2021		639
2022		412
2023		329
2024		339
2025‑2029		3,055

Total	$	5,290

Schedule of Target Asset Allocation Percentages

The target asset allocation percentages for both 2019 and 2018 are as follows:


Large-Cap stocks		Not to exceed 68%
Small-Cap stocks		Not to exceed 23%
Mid-Cap stocks		Not to exceed 23%
International equity securities		Not to exceed 30%
Fixed income investments		Not to exceed 35%
Alternative investments		Not to exceed 19%

Schedule of Investment of Fair Value of Plan Assets as a Percentage of the Total

At December 31, 2019 and 2018, the fair value of plan assets as a percentage of the total was invested in the following:


	December 31,
	2019		2018

Equity securities	70.6	%	71.8	%
Debt securities	29.1		27.0
Cash and cash equivalents	0.3		1.2

	100.0	%	100.0	%

Schedule of Fair Values of Company's Pension Plan By Asset Category

The fair values of Company’s pension plan assets at December 31st, by asset category are as follows:

December 31, 2019

Fair Value Measurements Using

Quoted Prices

Significant

in Active

Other

Significant

Markets for

Observable

Unobservable

Identical Assets

Inputs

Asset Category

Total Fair Value

(Level 1)

(Level 2)

(Level 3)

(In thousands)

Mutual money market

$

186

$

186

$

––

$

––

Mutual funds – equities

ETF mutual funds

3,404

––

Large and small Cap

317

––

International

419

Commodities

178

––

Mutual funds – fixed income

Fixed income

1,324

––

ETF fixed income

283

––

Total

$

6,111

$

6,111

$

—

$

—

December 31, 2018

Fair Value Measurements Using

Quoted Prices

Significant

in Active

Other

Significant

Markets for

Observable

Unobservable

Identical Assets

Inputs

Asset Category

Total Fair Value

(Level 1)

(Level 2)

(Level 3)

(In thousands)

Mutual money market

$

63

$

63

$

––

$

––

Mutual funds – equities

ETF mutual funds

2,860

––

Large and small Cap

260

––

International

346

Commodities

149

––

Mutual funds – fixed income

Fixed income

996

––

ETF fixed income

367

––

Total

$

5,041

$

5,041

$

—

$

—

Schedule of Share Information for the ESOP

Share information for the ESOP is as follows at December 31, 2019 and 2018:


	2019		2018

Allocated shares at beginning of the year	$	416,982	$	407,268
Shares released for allocation during the year		23,635		23,635
Net shares distributed due to retirement/diversification		(52,841)		(61,192)
Unearned shares		23,635		47,271

Total ESOP shares		411,411		416,982

Fair value of unearned shares at December 31st	$	338,000	$	539,000

Restricted Stock Plan (Tables)

12 Months Ended

Dec. 31, 2019

Restricted Stock Plan

Schedule of Nonvested Restricted Stock Units Activity

A summary of the status of the Company’s nonvested restricted shares as of December 31, 2019, and changes during the year then ended, is presented below:


		Weighted-
		Average
		Grant-Date
	Shares	Fair Value

Nonvested, beginning of year	300,000	$	10.23
Granted	32,500		11.35
Vested	(95,000)		8.40
Forfeited	—		—
Nonvested, end of year	237,500	$	11.15

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share

Schedule of Earnings Per Share, Basic and Diluted

Earnings per share (EPS) were computed as follows:


	Year Ended December 31, 2019
			Weighted-
	Net		Average	Per Share
	Income		Shares	Amount
	(In thousands)

Net income	$	6,810

Less allocated earnings on non-vested restricted stock		(111)
Less allocated dividends on non-vested restricted stock		(145)
Net income allocated to common stockholders		6,554
			5,525,965
Basic and diluted earnings per share				$	1.19


	Year Ended December 31, 2018
			Weighted-
	Net		Average	Per Share
	Income		Shares	Amount
	(In thousands)

Net income	$	4,282

Less allocated earnings on non-vested restricted stock		(59)
Less allocated dividends on non-vested restricted stock		(155)
Net income allocated to common stockholders		4,068
			4,952,471
Basic and diluted earnings per share				$	0.82

Disclosures about Fair Value of Financial Instruments and Other Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Disclosures about Fair Value of Financial Instruments and Other Assets and Liabilities

Schedule of Fair Value Measurements of Assets Recognized in Consolidated Balance Sheets Measured at Fair Value on Recurring Basis

The following tables present the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2019 and 2018:


			December 31, 2019
			Fair Value Measurements Using
			Quoted Prices in		Significant
			Active Markets		Other		Significant
			for Identical		Observable		Unobservable
	Fair		Assets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
U.S government agencies	$	39,528	$	––	$	39,528	$	––
Subordinated notes	$	4,500		—	$	4,532		—
State and Municipal Obligations	$	144,725		—	$	144,725		—

December 31, 2018

Fair Value Measurements Using

Quoted Prices in

Significant

Active Markets

Other

Significant

for Identical

Observable

Unobservable

Fair

Assets

Inputs

Value

(Level 1)

(Level 2)

(Level 3)

(In thousands)

U.S government agencies

$

44,750

$

––

$

44,750

$

––

State and Municipal Obligations

$

79,241

—

$

79,241

—

Schedule of Fair Value Measurements of Assets Recognized in Consolidated Balance Sheets Measured at Fair Value on Nonrecurring Basis

The following tables present the fair value measurements of assets recognized in the accompanying balance sheets measured at fair value on a non-recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2019 and 2018:

December 31, 2019

Fair Value Measurements Using

Quoted Prices in

Significant

Active Markets

Other

Significant

for Identical

Observable

Unobservable

Fair

Assets

Inputs

Value

(Level 1)

(Level 2)

(Level 3)

(In thousands)

Collateral dependent impaired loans

$

—

$

––

$

––

$

—

Foreclosed assets held for sale

—

––

—

December 31, 2018

Fair Value Measurements Using

Quoted Prices in

Significant

Active Markets

Other

Significant

for Identical

Observable

Unobservable

Fair

Assets

Inputs

Value

(Level 1)

(Level 2)

(Level 3)

(In thousands)

Collateral dependent impaired loans

$

314

$

––

$

––

$

314

Foreclosed assets held for sale

91

––

91

Schedule of information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements

The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements.


	Fair Value at		Valuation
	12/31/19		Technique	Unobservable Inputs	Range
	(In thousands)

Collateral-dependent impaired loans	$	—	Market comparable properties	Comparability adjustments	Not available
Foreclosed assets held for sale		—	Market comparable properties	Marketability discount	10% – 35%


	Fair Value at		Valuation
	12/31/18		Technique	Unobservable Inputs	Range
	(In thousands)

Collateral-dependent impaired loans	$	314	Market comparable properties	Comparability adjustments	Not available
Foreclosed assets held for sale		91	Market comparable properties	Marketability discount	10% – 35%

Schedule of Estimated Fair Values of Company's Financial Instruments

The following table presents estimated fair values of the Company’s financial instruments. The fair values of certain of these instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Fair value is the estimated amount at which financial assets or liabilities could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Because no market exists for certain of these financial instruments and because management does not intend to sell these financial instruments, the Company does not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate.

Fair Value Measurements Using

Quoted Prices

in Active

Markets for

Significant

Identical

Other

Unobservable

Carrying

Assets

Observable Inputs

Inputs

Amount

(Level 1)

(Level 2)

(Level 3)

(In thousands)

December 31, 2019

Financial assets

Cash and cash equivalents

$

14,985

$

14,985

$

––

$

––

Loans, net of allowance

439,317

––

437,688

Federal Home Loan Bank stock

4,012

––

4,012

––

Accrued interest receivable

2,697

––

2,697

––

Financial liabilities

Deposits

548,069

––

548,130

––

Short term borrowings

6,915

––

6,915

––

Federal Home Loan Bank advances

39,800

––

39,800

––

Subordinated debentures

23,543

––

22,857

––

Interest payable

213

––

213

––

The classification of the assets and liabilities pursuant to the valuation hierarchy as of December 31, 2018 in the following table have not been audited. The fair value has been derived from the December 31, 2018 audited consolidated financial statements.

Fair Value Measurements Using

Quoted Prices

in Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Carrying

Assets

Inputs

Amount

(Level 1)

(Level 2)

(Level 3)

(In thousands)

December 31, 2018

Financial assets

Cash and cash equivalents

$

25,253

$

25,253

$

––

$

––

Loans, net of allowance

407,640

––

405,033

Federal Home Loan Bank stock

4,243

––

4,243

––

Accrued interest receivable

1,798

––

1,798

––

Financial liabilities

Deposits

525,443

––

524,010

––

Short term borrowings

8,068

––

8,068

––

Federal Home Loan Bank advances

106

––

101

––

Subordinated debentures

4,124

––

3,647

––

Interest payable

188

––

188

––

Condensed Financial Information (Parent Company Only) (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information (Parent Company Only)

Condensed Balance Sheets

Presented below is condensed financial information as to financial position, results of operations and cash flows of the Company:

Condensed Balance Sheets


	December 31,
	2019		2018
	(In thousands)
Assets
Cash and cash equivalents	$	6,846	$	1,595
Investment in the Bank		74,890		50,813
Other assets		2,719		2,913

Total assets	$	84,455	$	55,321

Liabilities and Stockholders’ Equity
Subordinated debentures	$	23,543	$	4,124
Other liabilities		990		555
Stockholders’ equity		59,922		50,642

Total liabilities and stockholders’ equity	$	84,455	$	55,321

Condensed Statements of Income and Comprehensive Income


	Years Ended December 31,
	2019		2018
	(In thousands)

Operating Income
Dividends from subsidiary	$	7,625	$	5,501
Interest and dividend income from securities and federal funds		1		—

Total operating income		7,626		5,501

Merger related expenses		—		1,306
General, Administrative and Other Expenses		3,456		2,220

Income Before Income Taxes and Equity in Undistributed Income of Subsidiary		4,170		1,975

Income Tax Benefits		710		750

Income Before Equity in Undistributed Income of Subsidiary		4,880		2,725

Equity in Undistributed Income of Subsidiary		1,930		1,557

Net Income	$	6,810	$	4,282

Comprehensive Income	$	12,356	$	4,692

Condensed Statements of Cash Flows


	Years Ended December 31,
	2019		2018
	(In thousands)

Operating Activities
Net income	$	6,810	$	4,282
Items not requiring (providing) cash
Equity in undistributed income of subsidiary		(1,930)		(1,557)
Amortization of ESOP and share-based compensation plans		565		567
Net change in other assets and other liabilities		65		282

Net cash provided by operating activities		5,510		3,574

Investing Activities
Equity infusion into the Bank		(16,000)		—
Cash paid for acquisition of Powhatan Point Community Bancshares, Inc.		—		(1,529)

Net cash used in investing activities		(16,000)		(1,529)

Financing Activities
Proceeds from issuance of subordinated debentures, net of origination fees		19,383		—
Repurchase of Common Stock		(416)		—
Dividends paid to stockholders		(3,226)		(3,221)

Net cash provided by (used in) financing activities		15,741		(3,221)

Net Change in Cash and Cash Equivalents		5,251		(1,176)

Cash and Cash Equivalents at Beginning of Year		1,595		2,771

Cash and Cash Equivalents at End of Year	$	6,846	$	1,595

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Data (Unaudited)

Schedule Of Quarterly Financial Information

The following tables summarize the Company’s quarterly results of operations for the years ended December 31, 2019 and 2018.


	Three Months Ended
2019:	March 31,		June 30,		September 30,		December 31,
	(In thousands, except per share data)

Total interest income	$	6,315	$	6,648	$	6,921	$	7,150
Total interest expense		1,207		1,469		1,727		1,721

Net interest income		5,108		5,179		5,194		5,429

Provision for loan losses		90		120		120		578
Other income		945		947		1,003		993
General, administrative and other expense		4,162		4,172		4,162		3,986

Income before income taxes		1,801		1,834		1,916		1,858
Federal income taxes		187		188		135		89

Net income	$	1,614	$	1,646	$	1,781	$	1,769

Earnings per share
Basic	$	0.28	$	0.29	$	0.31	$	0.31
Diluted	$	0.28	$	0.29	$	0.31	$	0.31


	Three Months Ended
2018:	March 31,		June 30,		September 30,		December 31,
	(In thousands, except per share data)

Total interest income	$	4,625	$	5,107	$	5,523	$	6,065
Total interest expense		523		707		893		1,055

Net interest income		4,102		4,400		4,630		5,010

Provision for loan losses		57		72		72		96
Other income		880		888		897		995
General, administrative and other expense		3,579		3,754		3,855		5,235

Income before income taxes		1,346		1,462		1,600		674
Federal income taxes		198		250		269		83

Net income	$	1,148	$	1,212	$	1,331	$	591

Earnings per share
Basic	$	0.23	$	0.23	$	0.25	$	0.11
Diluted	$	0.23	$	0.23	$	0.25	$	0.11

Core Deposits and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Core Deposits and Other Intangible Assets

Summary of changes in the carrying amount of goodwill

The following table shows the changes in the carrying amount of goodwill for the years ended December 31, 2019 and 2018 (in thousands):


	2019		2018
Balance beginning of year	$	682	$	—
Additions from acquisition		—		682
Balance, end of year	$	682	$	682

Summary of intangible assets

Intangible assets in the consolidated balance sheets at December 31, 2019 and 2018 were as follows (in thousands):

2019

2018

Gross

Intangible

Accumulated

Net Intangible

Intangible

Accumulated

Net Intangible

Assets

Amortization

Assets

Amortization

Assets

Core deposit intangibles

$

1,041

181

860

1,041

31

1,010

Summary of estimated aggregate future amortization expense for each of the next five years for intangible assets remaining

The estimated aggregate future amortization expense for each of the next five years for intangible assets remaining as of December 31, 2019 is as follows (in thousands):


2020	$	181
2021		181
2022		181
2023		181
2024		136

Acquisition (Tables)

12 Months Ended

Dec. 31, 2019

Acquisition

Schedule of allocation purchase prices for Powhatan Point

The following table summarizes the allocation purchase prices for Powhatan Point.


(in thousands)
ASSETS			LIABILITIES
Cash and cash equivalents	$	24,986	Deposits
Deposits in other banks		3,461	Non interest bearing	$	19,287
FHLB stock		78	Savings		30,533
Investments		23,865	Certificates of Deposit		5,772

Commercial		3,019	Total Deposits		55,592
Residential		2,403
Installment		1,357
Total loans		6,779

Premise and equipment, net		548	Interest payable and other liabilities		496
Core deposit intangible		1,028
Goodwill		682
Bank owned life insurance		612
Accrued interest receivable		145
Deferred federal income taxes		20
Other assets		124
Total assets purchased	$	62,328	Total liabilities assumed
Common shares issued	$	4,711		$	56,088
Cash paid		1,529
Estimated purchase price	$	6,240

Business Acquistions Proforma Income Statement Table Text Block [Table Text Block]

The following schedule includes pro-forma results for the period ended December 31, 2018 and 2017 as if Powhatan Point had occurred as of the beginning of the comparable prior-reporting periods.



Summary of Operations
(Unaudited):	Dec 31, 2018		Dec 31, 2017
Net Interest Income	$	19,409	$	16,977
Provision for Loan Losses		302		110

Net Interest Income after Provision for Loan Losses		19,107		16,817
Non-interest Income		3,736		3,547
Non-interest Expense		16,017		14,500

Income before Income Taxes		6,826		5,914
Income Tax Expense		563		2,088

Net Income		6,263		3,825
Net Income Available to Common Shareholders	$	6,049	$	3,710

Basic and Diluted Earnings Per Share	$	1.22	$	0.79

Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Summary Of Significant Accounting Policies [Line Items]
Cash, FDIC Insured Amount	$ 250,000
Accounts Payable, Interest-bearing	$ 250,000	$ 250,000
Maximum Deferrable Under Annual Incentive Award Percent	50.00%
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount	$ 0	0
Federal Home Loan and Reserve Bank Stock
Summary Of Significant Accounting Policies [Line Items]
Cash, Uninsured Amount	$ 7,830,000	$ 6,566,000

Restriction on Cash and Due From Banks (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Restriction on Cash and Due From Banks
Cash Reserve Deposit Required and Made	$ 5.8	$ 2.7

Securities - Amortized Cost and Approximate Fair Values, Together with Gross Unrealized Gains and Losses of Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Gain (Loss) on Investments [Line Items]
Available-for-sale Securities, Amortized Cost	$ 180,397	$ 123,333
Available-for-sale Securities, Gross Unrealized Gains	9,029	1,194
Available-for-sale Securities, Gross Unrealized Losses	(641)	(536)
Available-for-sale securities, Fair Value	188,785	123,991
U.S. government agencies
Gain (Loss) on Investments [Line Items]
Available-for-sale Securities, Amortized Cost	40,000	45,250
Available-for-sale Securities, Gross Unrealized Gains	0	0
Available-for-sale Securities, Gross Unrealized Losses	(472)	(500)
Available-for-sale securities, Fair Value	39,528	44,750
Subordinated notes
Gain (Loss) on Investments [Line Items]
Available-for-sale Securities, Amortized Cost	4,500
Available-for-sale Securities, Gross Unrealized Gains	36
Available-for-sale Securities, Gross Unrealized Losses	(4)
Available-for-sale securities, Fair Value	4,532
State and municipal obligations
Gain (Loss) on Investments [Line Items]
Available-for-sale Securities, Amortized Cost	135,897	78,083
Available-for-sale Securities, Gross Unrealized Gains	8,993	1,194
Available-for-sale Securities, Gross Unrealized Losses	(165)	(36)
Available-for-sale securities, Fair Value	$ 144,725	$ 79,241

Securities - Amortized Cost and Fair Value of Available-for-Sale Securities and Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Available-for-sale, Amortized Cost
Under 1 year	$ 6,000
One to five years	38,500
Over ten years	135,897
Totals	180,397	$ 123,333
Available-for-sale, Fair Value
Under 1 year	5,995
One to five years	38,065
Over ten years	144,725
Totals	$ 188,785	$ 123,991

Securities - Gross Unrealized Losses and Fair Value, Aggregated by Investment Category and Length of Time that Individual Securities have been in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Gain (Loss) on Investments [Line Items]
Less than 12 Months, Fair Value	$ 50,355	$ 5,182
Less than 12 Months, Unrealized Losses	(641)	(36)
12 Months or More, Fair Value	0	44,750
12 Months or More, Unrealized Losses	0	(500)
Total, Fair Value	50,355	49,932
Total, Unrealized Losses	(641)	(536)
U.S. government agencies
Gain (Loss) on Investments [Line Items]
Less than 12 Months, Fair Value	39,528	0
Less than 12 Months, Unrealized Losses	(472)	0
12 Months or More, Fair Value	0	44,750
12 Months or More, Unrealized Losses	0	(500)
Total, Fair Value	39,528	44,750
Total, Unrealized Losses	(472)	(500)
Subordinated notes
Gain (Loss) on Investments [Line Items]
Less than 12 Months, Fair Value	996
Less than 12 Months, Unrealized Losses	(4)
12 Months or More, Fair Value	0
12 Months or More, Unrealized Losses	0
Total, Fair Value	996
Total, Unrealized Losses	(4)
State and municipal obligations
Gain (Loss) on Investments [Line Items]
Less than 12 Months, Fair Value	9,831	5,182
Less than 12 Months, Unrealized Losses	(165)	(36)
12 Months or More, Fair Value	0	0
12 Months or More, Unrealized Losses	0	0
Total, Fair Value	9,831	5,182
Total, Unrealized Losses	$ (165)	$ (36)

Securities - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Securities
Debt Securities, Available-for-sale, Restricted	$ 46.8	$ 48.4
Fair Value of Investment in debt securities	$ 50.3	$ 49.9
Percentage of fair value of investment in debt	27.00%	40.00%

Loans and Allowance for Loan Losses - Schedule of Categories of Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounts Notes And Loans Receivable [Line Items]
Total gross loans	$ 441,548	$ 409,683
Less allowance for loan losses	(2,231)	(2,043)	$ (2,122)
Total loans	439,317	407,640
Commercial loans
Accounts Notes And Loans Receivable [Line Items]
Total gross loans	99,995	93,690
Less allowance for loan losses	(568)	(389)	(537)
Commercial real estate
Accounts Notes And Loans Receivable [Line Items]
Total gross loans	254,651	223,461
Less allowance for loan losses	(792)	(672)	(843)
Residential real estate
Accounts Notes And Loans Receivable [Line Items]
Total gross loans	77,205	78,767
Less allowance for loan losses	(572)	(519)	$ (436)
Installment loans
Accounts Notes And Loans Receivable [Line Items]
Total gross loans	$ 9,697	$ 13,765

Loans and Allowance for Loan Losses - Allowance for Loan Losses and Recorded Investment in Loans (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Allowance for loan losses:
Beginning Balance				$ 2,043				$ 2,122	$ 2,043	$ 2,122
Provision charged to expense	$ 578	$ 120	$ 120	90	$ 96	$ 72	$ 72	57	908	297
Losses charged off									(770)	(449)
Recoveries									50	73
Ending Balance	2,231				2,043				2,231	2,043
Ending balance: individually evaluated for impairment	0				85				0	85
Ending balance: collectively evaluated for impairment	2,231				1,958				2,231	1,958
Loans:
Ending balance: individually evaluated for impairment	1,036				959				1,036	959
Ending balance: collectively evaluated for impairment	440,512				408,724				440,512	408,724
Commercial loans
Allowance for loan losses:
Beginning Balance				389				537	389	537
Provision charged to expense									196	(151)
Losses charged off									(18)	0
Recoveries									1	3
Ending Balance	568				389				568	389
Ending balance: individually evaluated for impairment	0				0				0	0
Ending balance: collectively evaluated for impairment	568				389				568	389
Loans:
Ending balance: individually evaluated for impairment	71				57				71	57
Ending balance: collectively evaluated for impairment	99,924				93,633				99,924	93,633
Commercial real estate
Allowance for loan losses:
Beginning Balance				672				843	672	843
Provision charged to expense									551	(173)
Losses charged off									(431)	0
Recoveries									0	2
Ending Balance	792				672				792	672
Ending balance: individually evaluated for impairment	0				85				0	85
Ending balance: collectively evaluated for impairment	792				587				792	587
Loans:
Ending balance: individually evaluated for impairment	371				809				371	809
Ending balance: collectively evaluated for impairment	254,280				222,652				254,280	222,652
Residential real estate
Allowance for loan losses:
Beginning Balance				519				436	519	436
Provision charged to expense									180	287
Losses charged off									(141)	(208)
Recoveries									14	4
Ending Balance	572				519				572	519
Ending balance: individually evaluated for impairment	0				0				0	0
Ending balance: collectively evaluated for impairment	572				519				572	519
Loans:
Ending balance: individually evaluated for impairment	594				0				594	0
Ending balance: collectively evaluated for impairment	76,611				78,767				76,611	78,767
Installment
Allowance for loan losses:
Beginning Balance				463				218	463	218
Provision charged to expense									(19)	422
Losses charged off									(180)	(241)
Recoveries									35	64
Ending Balance	299				463				299	463
Ending balance: individually evaluated for impairment	0				0				0	0
Ending balance: collectively evaluated for impairment	299				463				299	463
Loans:
Ending balance: individually evaluated for impairment	0				93				0	93
Ending balance: collectively evaluated for impairment	9,697				13,672				9,697	13,672
Unallocated
Allowance for loan losses:
Beginning Balance				$ 0				$ 88	0	88
Provision charged to expense									0	(88)
Losses charged off									0	0
Recoveries									0	0
Ending Balance	0				0				0	0
Ending balance: individually evaluated for impairment	0				0				0	0
Ending balance: collectively evaluated for impairment	0				0				0	0
Loans:
Ending balance: individually evaluated for impairment	0				0				0	0
Ending balance: collectively evaluated for impairment	$ 0				$ 0				$ 0	$ 0

Loans and Allowance for Loan Losses - Schedule of Portfolio Quality Indicators (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Recorded Investment [Line Items]
Total Loans Receivable	$ 441,548	$ 409,683
Commercial loans
Financing Receivable, Recorded Investment [Line Items]
Total Loans Receivable	99,995	93,690
Commercial real estate
Financing Receivable, Recorded Investment [Line Items]
Total Loans Receivable	254,651	223,461
Residential real estate
Financing Receivable, Recorded Investment [Line Items]
Total Loans Receivable	77,205	78,767
Installment loans
Financing Receivable, Recorded Investment [Line Items]
Total Loans Receivable	9,697	13,765
Pass Grade
Financing Receivable, Recorded Investment [Line Items]
Total Loans Receivable	435,795	405,544
Pass Grade \| Commercial loans
Financing Receivable, Recorded Investment [Line Items]
Total Loans Receivable	99,924	93,620
Pass Grade \| Commercial real estate
Financing Receivable, Recorded Investment [Line Items]
Total Loans Receivable	249,563	219,485
Pass Grade \| Residential real estate
Financing Receivable, Recorded Investment [Line Items]
Total Loans Receivable	76,611	78,767
Pass Grade \| Installment loans
Financing Receivable, Recorded Investment [Line Items]
Total Loans Receivable	9,697	13,672
Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total Loans Receivable	4,016	2,710
Special Mention \| Commercial loans
Financing Receivable, Recorded Investment [Line Items]
Total Loans Receivable	0	0
Special Mention \| Commercial real estate
Financing Receivable, Recorded Investment [Line Items]
Total Loans Receivable	4,016	2,710
Special Mention \| Residential real estate
Financing Receivable, Recorded Investment [Line Items]
Total Loans Receivable	0	0
Special Mention \| Installment loans
Financing Receivable, Recorded Investment [Line Items]
Total Loans Receivable	0	0
Substandard
Financing Receivable, Recorded Investment [Line Items]
Total Loans Receivable	1,737	1,429
Substandard \| Commercial loans
Financing Receivable, Recorded Investment [Line Items]
Total Loans Receivable	71	70
Substandard \| Commercial real estate
Financing Receivable, Recorded Investment [Line Items]
Total Loans Receivable	1,072	1,266
Substandard \| Residential real estate
Financing Receivable, Recorded Investment [Line Items]
Total Loans Receivable	594	0
Substandard \| Installment loans
Financing Receivable, Recorded Investment [Line Items]
Total Loans Receivable	0	93
Doubtful
Financing Receivable, Recorded Investment [Line Items]
Total Loans Receivable	0	0
Doubtful \| Commercial loans
Financing Receivable, Recorded Investment [Line Items]
Total Loans Receivable	0	0
Doubtful \| Commercial real estate
Financing Receivable, Recorded Investment [Line Items]
Total Loans Receivable	0	0
Doubtful \| Residential real estate
Financing Receivable, Recorded Investment [Line Items]
Total Loans Receivable	0	0
Doubtful \| Installment loans
Financing Receivable, Recorded Investment [Line Items]
Total Loans Receivable	$ 0	$ 0

Loans and Allowance for Loan Losses - Schedule of Loan Portfolio Aging Analysis (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non Accrual	$ 1,452	$ 1,245
Total Past Due and Non Accrual	2,660	3,634
Current	438,888	406,049
Total gross loans	441,548	409,683
Financing Receivables, 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due and Non Accrual	635	1,874
Financing Receivables, 60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due and Non Accrual	347	360
Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due and Non Accrual	226	155
Commercial loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non Accrual	30	0
Total Past Due and Non Accrual	291	192
Current	99,704	93,498
Total gross loans	99,995	93,690
Commercial loans \| Financing Receivables, 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due and Non Accrual	129	98
Commercial loans \| Financing Receivables, 60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due and Non Accrual	132	94
Commercial loans \| Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due and Non Accrual	0	0
Commercial real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non Accrual	348	741
Total Past Due and Non Accrual	759	741
Current	253,892	222,720
Total gross loans	254,651	223,461
Commercial real estate \| Financing Receivables, 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due and Non Accrual	0	0
Commercial real estate \| Financing Receivables, 60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due and Non Accrual	214	0
Commercial real estate \| Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due and Non Accrual	197	0
Residential real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non Accrual	1,074	485
Total Past Due and Non Accrual	1,551	2,606
Current	75,654	76,161
Total gross loans	77,205	78,767
Residential real estate \| Financing Receivables, 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due and Non Accrual	448	1,704
Residential real estate \| Financing Receivables, 60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due and Non Accrual	0	262
Residential real estate \| Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due and Non Accrual	29	155
Installment
Financing Receivable, Recorded Investment, Past Due [Line Items]
Non Accrual	0	19
Total Past Due and Non Accrual	59	95
Current	9,638	13,670
Total gross loans	9,697	13,765
Installment \| Financing Receivables, 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due and Non Accrual	58	72
Installment \| Financing Receivables, 60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due and Non Accrual	1	4
Installment \| Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due and Non Accrual	$ 0	$ 0

Loans and Allowance for Loan Losses - Schedule of Impaired Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Recorded Balance
Recorded balance, loans without a specific valuation allowance	$ 1,036	$ 559
Recorded balance, loans with a specific valuation allowance	0	400
Unpaid Principal Balance
Unpaid principal balance, loans without a specific valuation allowance	1,036	559
Unpaid principal balance, loans with a specific valuation allowance	0	400
Specific Allowance	0	85
Average Investment in Impaired Loans
Average investment in impaired loans, loans without a specific valuation allowance	1,110	602
Average investment in impaired loans, loans with a specific valuation allowance	0	407
Interest Income Recognized
Interest income recognized, loans without a specific valuation allowance	44	24
Interest income recognized, loans with a specific valuation allowance	0	1
Commercial loans
Recorded Balance
Recorded balance, loans without a specific valuation allowance	71	57
Recorded balance, loans with a specific valuation allowance	0	0
Recorded balance, total	71	57
Unpaid Principal Balance
Unpaid principal balance, loans without a specific valuation allowance	71	57
Unpaid principal balance, loans with a specific valuation allowance	0	0
Unpaid principal balance, total	71	57
Specific Allowance	0	0
Average Investment in Impaired Loans
Average investment in impaired loans, loans without a specific valuation allowance	71	59
Average investment in impaired loans, loans with a specific valuation allowance	0	0
Average investment in impaired loans, total	71	59
Interest Income Recognized
Interest income recognized, loans without a specific valuation allowance	13	2
Interest income recognized, loans with a specific valuation allowance	0	1
Interest income recognized, total	13	3
Commercial real estate
Recorded Balance
Recorded balance, loans without a specific valuation allowance	371	409
Recorded balance, loans with a specific valuation allowance	0	400
Recorded balance, total	371	809
Unpaid Principal Balance
Unpaid principal balance, loans without a specific valuation allowance	371	409
Unpaid principal balance, loans with a specific valuation allowance	0	400
Unpaid principal balance, total	371	809
Specific Allowance	0	85
Average Investment in Impaired Loans
Average investment in impaired loans, loans without a specific valuation allowance	356	444
Average investment in impaired loans, loans with a specific valuation allowance	0	407
Average investment in impaired loans, total	356	851
Interest Income Recognized
Interest income recognized, loans without a specific valuation allowance	8	18
Interest income recognized, loans with a specific valuation allowance	0	0
Interest income recognized, total	8	18
Installment loans
Recorded Balance
Recorded balance, loans without a specific valuation allowance	594	93
Recorded balance, loans with a specific valuation allowance	0	0
Recorded balance, total	594	93
Unpaid Principal Balance
Unpaid principal balance, loans without a specific valuation allowance	594	93
Unpaid principal balance, loans with a specific valuation allowance	0	0
Unpaid principal balance, total	594	93
Specific Allowance	0	0
Average Investment in Impaired Loans
Average investment in impaired loans, loans without a specific valuation allowance	683	99
Average investment in impaired loans, loans with a specific valuation allowance	0	0
Average investment in impaired loans, total	683	99
Interest Income Recognized
Interest income recognized, loans without a specific valuation allowance	23	4
Interest income recognized, loans with a specific valuation allowance	0	0
Interest income recognized, total	$ 23	$ 4

Loans and Allowance for Loan Losses - Schedule of Troubled Debt Restructurings on Financing Receivables (Details) - Commercial loans contract in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) contract
Financing Receivable, Modifications [Line Items]
Number of Contracts \| contract	2
Pre- Modification Outstanding Recorded Investment	$ 83
Post-Modification Outstanding Recorded Investment	83
Interest Only	0
Term	83
Combination	0
Total Modification	$ 83

Premises and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 34,713	$ 33,362
Less accumulated depreciation	(22,311)	(21,245)
Net premises and equipment	12,402	12,117
Land, buildings and improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	18,297	17,839
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	14,220	13,359
Computer software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 2,196	$ 2,164

Time Deposits - Maturities of Time Deposits (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Time Deposits
2020	$ 52,902
2021	38,655
2022	12,023
2023	1,161
2024	393
Thereafter	337
Time deposits maturities, after next twelve months	$ 105,471

Time Deposits - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Time Deposits
Time deposits, $250,000 or more	$ 14.0	$ 16.0

Borrowings - Advances of Federal Home Loan Bank (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Short-term Debt [Line Items]
Advances from Federal Home Loan Banks	$ 39,800	$ 106
Federal Home Loan Bank Advances [Member]
Short-term Debt [Line Items]
Advances from Federal Home Loan Banks	0	106
Federal Home Loan Bank Advances One [Member]
Short-term Debt [Line Items]
Advances from Federal Home Loan Banks	$ 39,800	$ 0

Borrowings - Securities Sold Under Agreements to Repurchase (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Borrowings
Balance outstanding at year end	$ 6,915	$ 8,068
Average daily balance during the year	$ 9,272	$ 12,874
Average interest rate during the year	1.37%	1.06%
Maximum month-end balance during the year	$ 13,441	$ 16,161
Weighted-average interest rate at year end	1.40%	1.13%

Borrowings - Repurchase Agreements (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Securities Sold under Agreements to Repurchase	$ 6,915	$ 8,068
U.S. Government Corporations and Agencies Securities [Member]
Securities Sold under Agreements to Repurchase	6,915	8,068
Overnight and Continuous [Member]
Securities Sold under Agreements to Repurchase	6,915	8,068
Overnight and Continuous [Member] \| U.S. Government Corporations and Agencies Securities [Member]
Securities Sold under Agreements to Repurchase	6,915	8,068
Up to 30 Days [Member]
Securities Sold under Agreements to Repurchase	0	0
Up to 30 Days [Member] \| U.S. Government Corporations and Agencies Securities [Member]
Securities Sold under Agreements to Repurchase	0	0
30-90 Days [Member]
Securities Sold under Agreements to Repurchase	0	0
30-90 Days [Member] \| U.S. Government Corporations and Agencies Securities [Member]
Securities Sold under Agreements to Repurchase	0	0
Greater than 90 Days [Member]
Securities Sold under Agreements to Repurchase	0	0
Greater than 90 Days [Member] \| U.S. Government Corporations and Agencies Securities [Member]
Securities Sold under Agreements to Repurchase	$ 0	$ 0

Borrowings - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Short-term Debt [Line Items]
Federal home loan bank additional borrowings capacity	$ 119,000	$ 117,600
Loans Pledged as Collateral	79,700	113,300
Cash management lines of credit, additional borrowings	18,000
Securities Sold under Agreements to Repurchase	6,915	8,068
Security Owned and Pledged as Collateral, Fair Value	$ 9,400	$ 18,300
Federal Home Loan Bank Advances One [Member] \| Weighted Average [Member]
Short-term Debt [Line Items]
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate	1.73%
Federal Home Loan Bank Advances [Member] \| Minimum
Short-term Debt [Line Items]
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate	4.64%
Federal Home Loan Bank Advances [Member] \| Maximum
Short-term Debt [Line Items]
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate	6.65%
Federal Home Loan Bank Advances [Member] \| Weighted Average [Member]
Short-term Debt [Line Items]
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate	5.29%

Subordinated Debentures (Details) - USD ($)		12 Months Ended
Subordinated Debentures (Details) - USD ($)	May 14, 2019	Dec. 31, 2019	Dec. 31, 2018
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Debt Instrument Unamortized Debt Costs		580,787
Debt Instrument, Unamortized Discount (Premium), Net		$ 23,500,000	$ 4,100,000
Subordinated debentures
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Proceeds from Issuance of Long-term Debt	$ 4,100,000
Repayments of Subordinated Debt	$ 4,100,000
Subordinated debentures \| LIBOR
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.35%
Junior Subordinated Debt [Member]
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items]
Debt Instrument, Face Amount	$ 20,000,000
Denomination Of Subordinated Debenture	$ 250,000
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Debt Instrument, Maturity Date	May 31, 2024
Debt Instrument, Description of Variable Rate Basis	three-month LIBOR
Debt Instrument, Basis Spread on Variable Rate	3.625%

Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
Taxes currently payable									$ 557	$ 425
Deferred Income Tax Expense (Benefit)									42	375
Provision for Federal Income Taxes	$ 89	$ 135	$ 188	$ 187	$ 83	$ 269	$ 250	$ 198	$ 599	$ 800

Income Taxes - Reconciliation of Income Tax Expense at the Statutory Rate to the Company's Actual Income Tax Expense (Details).. - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
Computed at the statutory rate (21%)									$ 1,556,000	$ 1,067,000
(Decrease) increase resulting from
(Decrease) increase resulting from Tax exempt interest									(780,000)	(262,000)
Earnings on bank-owned life insurance - net									(112,000)	(121,000)
Deferred tax re-valuation									0	0
Low income housing credit									(74,000)	(73,000)
Merger related expenses									0	55,000
Other									9,000	134,000
Actual tax expense	$ 89,000	$ 135,000	$ 188,000	$ 187,000	$ 83,000	$ 269,000	$ 250,000	$ 198,000	$ 599,000	$ 800,000

Income Taxes - Tax Effects of Temporary Differences Related to Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets
Allowance for loan losses	$ 326	$ 292
Stock based compensation	138	282
Allowance for losses on foreclosed real estate	0	11
Deferred compensation and ESOP	494	521
Intangible assets	0	54
Non-accrual loan interest	8	11
Other	13	0
Total deferred tax assets	979	1,171
Deferred tax liabilities
Depreciation	(266)	(208)
Deferred loan costs, net	(73)	(97)
FHLB stock dividends	(321)	(321)
Unrealized gains on securities available for sale	(1,762)	(138)
Prepaid expenses	(48)	(163)
Intangibles	(138)	(280)
Employee benefit expense	(107)	(183)
Total deferred tax liabilities	(2,715)	(1,390)
Net deferred tax (liability) asset	$ (1,736)	$ (219)

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss)
Net unrealized gain on securities available-for-sale	$ 8,389	$ 658
Net unrealized loss for funded status of defined benefit plan liability	(1,381)	(671)
Accumulated other comprehensive income (Loss), before taxes, total	7,008	(13)
Tax effect	(1,472)	3
Net-of-tax amount	$ 5,536	$ (10)

Regulatory Matters - Summary of Company's and Bank's Actual Capital Amounts and Ratios (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Consolidated Entities [Member]
Total Capital (to Risk-Weighted Assets)
Actual	$ 83,653	$ 53,461
For Capital Adequacy Purposes	40,027	35,720
Common Equity Tier 1 Capital (to Risk-Weighted Assets)
Actual	57,422	47,418
For Capital Adequacy Purposes	22,515	20,092
Tier I Capital (to Risk-Weighted Assets)
Actual	61,422	51,418
For Capital Adequacy Purposes	30,020	26,790
Tier I Capital (to Average Assets)
Actual	61,422	51,418
For Capital Adequacy Purposes	$ 30,020	$ 23,275
Total Capital (to Risk-Weighted Assets), Ratio
Actual, Ratio	16.70%	12.00%
For Capital Adequacy Purposes, Ratio	8.00%	8.00%
Actual, Ratio	11.50%	10.60%
For Capital Adequacy Purposes, Ratio	4.50%	4.50%
Actual, Ratio	12.30%	11.50%
For Capital Adequacy Purposes, Ratio	6.00%	6.00%
Tier I Capital (to Average Assets), Ratio
Actual, Ratio	9.50%	8.80%
For Capital Adequacy Purposes, Ratio	4.00%	4.00%
Unified
Total Capital (to Risk-Weighted Assets)
Actual	$ 68,953	$ 50,690
For Capital Adequacy Purposes	39,972	35,643
To Be Well Capitalized Under Prompt Corrective Action Provisions	49,776	44,554
Common Equity Tier 1 Capital (to Risk-Weighted Assets)
Actual	66,722	48,647
For Capital Adequacy Purposes	22,484	20,049
To Be Well Capitalized Under Prompt Corrective Action Provisions	32,355	28,960
Tier I Capital (to Risk-Weighted Assets)
Actual	66,722	48,647
For Capital Adequacy Purposes	29,979	26,733
To Be Well Capitalized Under Prompt Corrective Action Provisions	39,821	35,643
Tier I Capital (to Average Assets)
Actual	66,722	48,647
For Capital Adequacy Purposes	29,979	23,189
To Be Well Capitalized Under Prompt Corrective Action Provisions	$ 3,310	$ 28,986
Total Capital (to Risk-Weighted Assets), Ratio
Actual, Ratio	13.80%	11.40%
For Capital Adequacy Purposes, Ratio	8.00%	8.00%
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	10.00%	10.00%
Actual, Ratio	13.40%	10.90%
For Capital Adequacy Purposes, Ratio	4.50%	4.50%
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	6.50%	6.50%
Actual, Ratio	13.40%	10.90%
For Capital Adequacy Purposes, Ratio	6.00%	6.00%
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	8.00%	8.00%
Tier I Capital (to Average Assets), Ratio
Actual, Ratio	10.10%	8.40%
For Capital Adequacy Purposes, Ratio	4.00%	4.00%
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	5.00%	5.00%

Regulatory Matters - Additional Information (Details)	Dec. 31, 2019	Dec. 31, 2018
US Government Debt Securities [Member]
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Tier One Risk Based Capital to Risk Weighted Assets	0.00%
Equity securities
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Tier One Risk Based Capital to Risk Weighted Assets	600.00%
Consolidated Entities [Member]
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Capital to Risk Weighted Assets	16.70%	12.00%
Common Equity Tier One Capital Ratio	11.50%	10.60%
Tier One Risk Based Capital to Risk Weighted Assets	12.30%	11.50%
Tier One Leverage Capital to Average Assets	9.50%	8.80%

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Related Party Transactions
Aggregate balance - January 1	$ 14,106	$ 12,996
New loans	4,459	2,386
Repayments	(797)	(1,276)
Aggregate balance - December 31	$ 17,768	$ 14,106

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Related Party Transactions
Related Party Deposit Liabilities	$ 2.5	$ 2.3

Benefit Plans - Information About the Plan's Funded Status and Pension Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Change in benefit obligation
Beginning of year	$ (4,157)	$ (4,672)
Service cost	(299)	(302)
Interest cost	(218)	(221)
Actuarial (loss) gain	(1,276)	470
Benefits paid	362	568
End of year	(5,588)	(4,157)
Change in fair value of plan assets
Beginning of year	5,041	5,605
Actual return on plan assets	967	(417)
Employer contribution	465	421
Benefits paid	(362)	(568)
End of year	6,111	5,041
Funded status at end of year	$ 523	$ 884

Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Benefit Plans
Unamortized net loss	$ 2,009	$ 1,388
Unamortized prior service	(581)	(670)
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax	$ 1,428	$ 718

Benefit Plans - Information For the Pension Plan With Respect To Accumulated Benefit Obligation and Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Benefit Plans
Projected benefit obligation	$ 5,588	$ 4,157
Accumulated benefit obligation	5,032	3,840
Fair value of plan assets	$ 6,111	$ 5,041

Benefit Plans - Pension Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Components of net periodic benefit cost
Service cost	$ 299	$ 302
Interest cost	218	221
Expected return on assets	(468)	(445)
Amortization of prior service (credit) cost	(89)	(89)
Amortization of net loss	145	51
Net periodic benefit cost	$ 105	$ 40

Benefit Plans - Summary of Significant Assumptions (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Weighted-average assumptions used to determine benefit obligation:
Discount rate	4.39%	5.37%
Rate of compensation increase	3.50%	3.00%
Weighted-average assumptions used to determine benefit cost:
Discount rate	4.39%	5.37%
Expected return on plan assets	7.50%	7.50%
Rate of compensation increase	3.00%	3.00%

Benefit Plans - Summary of Benefit Payments (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Benefit Plans
2020	$ 516
2021	639
2022	412
2023	329
2024	339
2025-2029	3,055
Total	$ 5,290

Benefit Plans - Target Asset Allocation Percentages (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Large Cap [Member]
Defined Benefit Plan Plan Assets At Fair Value Valuation Techniques And Inputs [Line Items]
Defined Benefit Plan, Target Allocation Percentage	Not to exceed 68%	Not to exceed 68%
Small Cap Stocks [Member]
Defined Benefit Plan Plan Assets At Fair Value Valuation Techniques And Inputs [Line Items]
Defined Benefit Plan, Target Allocation Percentage	Not to exceed 23%	Not to exceed 23%
Mid Cap Stocks [Member]
Defined Benefit Plan Plan Assets At Fair Value Valuation Techniques And Inputs [Line Items]
Defined Benefit Plan, Target Allocation Percentage	Not to exceed 23%	Not to exceed 23%
International Equity Securities [Member]
Defined Benefit Plan Plan Assets At Fair Value Valuation Techniques And Inputs [Line Items]
Defined Benefit Plan, Target Allocation Percentage	Not to exceed 30%	Not to exceed 30%
Fixed Income Fund [Member]
Defined Benefit Plan Plan Assets At Fair Value Valuation Techniques And Inputs [Line Items]
Defined Benefit Plan, Target Allocation Percentage	Not to exceed 35%	Not to exceed 35%
Alternative Investment [Member]
Defined Benefit Plan Plan Assets At Fair Value Valuation Techniques And Inputs [Line Items]
Defined Benefit Plan, Target Allocation Percentage	Not to exceed 19%	Not to exceed 19%

Benefit Plans - Investment of Fair Value of Plan Assets as a Percentage of the Total (Details)	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Funded Percentage [Line Items]
Fair value of plan assets as a percentage of the total was invested	100.00%	100.00%
Equity securities
Defined Benefit Plan Funded Percentage [Line Items]
Fair value of plan assets as a percentage of the total was invested	70.60%	71.80%
Debt securities
Defined Benefit Plan Funded Percentage [Line Items]
Fair value of plan assets as a percentage of the total was invested	29.10%	27.00%
Cash and cash equivalents
Defined Benefit Plan Funded Percentage [Line Items]
Fair value of plan assets as a percentage of the total was invested	0.30%	1.20%

Benefit Plans - Fair Values of Company's Pension Plan By Asset Category (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	$ 6,111	$ 5,041	$ 5,605
Estimate of Fair Value Measurement [Member]
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	6,111	5,041
Estimate of Fair Value Measurement [Member] \| Money Market Funds
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	186	63
Estimate of Fair Value Measurement [Member] \| ETF Mutual Fund [Member]
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	3,404	2,860
Estimate of Fair Value Measurement [Member] \| International
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	419	346
Estimate of Fair Value Measurement [Member] \| Fixed Income Funds [Member]
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	1,324	996
Estimate of Fair Value Measurement [Member] \| ETF Fixed Income [Member]
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	283	367
Estimate of Fair Value Measurement [Member] \| Commodities [Member]
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	178	149
Estimate of Fair Value Measurement [Member] \| Large and small Cap [Member]
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	317	260
Fair Value, Inputs, Level 1
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	6,111	5,041
Fair Value, Inputs, Level 1 \| Money Market Funds
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	186	63
Fair Value, Inputs, Level 1 \| ETF Mutual Fund [Member]
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	3,404	2,860
Fair Value, Inputs, Level 1 \| International
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	419	346
Fair Value, Inputs, Level 1 \| Fixed Income Funds [Member]
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	1,324	996
Fair Value, Inputs, Level 1 \| ETF Fixed Income [Member]
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	283	367
Fair Value, Inputs, Level 1 \| Commodities [Member]
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	178	149
Fair Value, Inputs, Level 1 \| Large and small Cap [Member]
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	317	260
Fair Value, Inputs, Level 2
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Fair Value, Inputs, Level 2 \| Money Market Funds
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Fair Value, Inputs, Level 2 \| ETF Mutual Fund [Member]
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Fair Value, Inputs, Level 2 \| International
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Fair Value, Inputs, Level 2 \| Fixed Income Funds [Member]
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Fair Value, Inputs, Level 2 \| ETF Fixed Income [Member]
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Fair Value, Inputs, Level 2 \| Commodities [Member]
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Fair Value, Inputs, Level 2 \| Large and small Cap [Member]
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Fair Value, Inputs, Level 3
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Fair Value, Inputs, Level 3 \| Money Market Funds
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Fair Value, Inputs, Level 3 \| ETF Mutual Fund [Member]
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Fair Value, Inputs, Level 3 \| International
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Fair Value, Inputs, Level 3 \| Fixed Income Funds [Member]
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Fair Value, Inputs, Level 3 \| ETF Fixed Income [Member]
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Fair Value, Inputs, Level 3 \| Commodities [Member]
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Fair Value, Inputs, Level 3 \| Large and small Cap [Member]
Schedule Of Fair Value Of Plan Assets [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	$ 0	$ 0

Benefit Plans - Share Information for the ESOP (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Benefit Plans
Allocated shares at beginning of the year	416,982	407,268
Shares released for allocation during the year	23,635	23,635
Net shares distributed due to retirement/diversification	(52,841)	(61,192)
Unearned shares	23,635	47,271
Total ESOP shares	411,411	416,982
Fair value of unearned shares at December 31st	$ 338,000	$ 539,000

Benefit Plans - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award	354,551
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased	$ 9.64
Stockholders' Equity, Period Increase (Decrease)	$ 3,400,000
Employee Stock Ownership Plan (ESOP), Compensation Expense	$ 272,000	$ 280,000
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares	387,776	416,982	407,268
Employer contribution	$ 465,000	$ 421,000
Accumulated benefit obligation for the defined benefit pension plan	5,032,000	$ 3,840,000
Present value Of Defined Benefit Future Plan	429,000
Defined Benefit Plan, Expected Amortization, Next Fiscal Year	56,000
Employee Stock Option [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer contribution	5,545,000
Postretirement Life Insurance [Member]
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	1,600,000
Employer contribution	$ 378,000

Restricted Stock Plan - Summarized status of Company's nonvested restricted shares (Details)	12 Months Ended
	Dec. 31, 2019 $ / shares shares
Shares
Nonvested, beginning of year \| shares	300,000
Granted \| shares	32,500
Vested \| shares	(95,000)
Forfeited \| shares	0
Nonvested, end of year \| shares	237,500
Weighted - Average Grant-Date Fair Value
Nonvested, beginning of year \| $ / shares	$ 10.23
Granted \| $ / shares	11.35
Vested \| $ / shares	8.40
Forfeited \| $ / shares	0
Nonvested, end of year \| $ / shares	$ 11.15

Restricted Stock Plan - Additional Information (Details) - USD ($)	1 Months Ended		12 Months Ended
	Dec. 31, 2018	Dec. 31, 2008	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award Contractual Period			9 years 6 months
Maximum number of shares shares base stock option award granted to per employee	25,000	25,000
Stock option awards vest period			9 years 3 months
Allocated Share-based Compensation Expense			$ 293,000	$ 287,000
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense			62,000	55,000
Total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan	$ 1,918,000		$ 2,114,000	$ 1,918,000
Total unrecognized compensation cost related to nonvested share-based compensatiocost is expected to be recognized over a weighted-average period			7 years 2 months 12 days
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award Contractual Period			9 years 6 months
Stock Incentive Plan
Number of shares authorized under plan	500,000	500,000		500,000
Number of shares issued under plan			32,500

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share
Net income	$ 1,769	$ 1,781	$ 1,646	$ 1,614	$ 591	$ 1,331	$ 1,212	$ 1,148	$ 6,810	$ 4,282
Less allocated earnings on non-vested restricted stock									(111)	(59)
Less allocated dividends on non-vested restricted stock									(145)	(155)
Net income allocated to common stockholders									$ 6,554	$ 4,068
Weighted Average Number of Shares Outstanding, Basic and Diluted (Shares)									5,525,965	4,952,471
Basic and diluted earnings per share									$ 1.19	$ 0.82

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Disclosures about Fair Value of Financial Instruments and Other Assets and Liabilities- Fair Value Measurements of Assets Recognized in Consolidated Balance Sheets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair value of asset, recurring basis	$ 39,528	$ 44,750
Subordinated notes
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair value of asset, recurring basis	4,500
State and municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair value of asset, recurring basis	144,725	79,241
Fair Value, Inputs, Level 1 \| U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair value of asset, recurring basis	0	0
Fair Value, Inputs, Level 1 \| Subordinated notes
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair value of asset, recurring basis	0
Fair Value, Inputs, Level 1 \| State and municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair value of asset, recurring basis	0	0
Fair Value, Inputs, Level 2 \| U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair value of asset, recurring basis	39,528	44,750
Fair Value, Inputs, Level 2 \| Subordinated notes
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair value of asset, recurring basis	4,532
Fair Value, Inputs, Level 2 \| State and municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair value of asset, recurring basis	144,725	79,241
Fair Value, Inputs, Level 3 \| U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair value of asset, recurring basis	0	0
Fair Value, Inputs, Level 3 \| Subordinated notes
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair value of asset, recurring basis	0
Fair Value, Inputs, Level 3 \| State and municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Fair value of asset, recurring basis	$ 0	$ 0

Disclosures about Fair Value of Financial Instruments and Other Assets and Liabilities - Fair Value Measurements of Assets Recognized in Consolidated Balance Sheets Measured at Fair Value on Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral dependent impaired loans	$ 0	$ 314
Foreclosed assets held for sale	0	91
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral dependent impaired loans	0	0
Foreclosed assets held for sale	0	0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral dependent impaired loans	0	0
Foreclosed assets held for sale	0	0
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral dependent impaired loans	0	314
Foreclosed assets held for sale	$ 0	$ 91

Disclosures about Fair Value of Financial Instruments and Other Assets and Liabilities - Quantitative Information About Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Collateral-dependent impaired loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 0	$ 314
Valuation Technique	Market comparableproperties	Market comparableproperties
Unobservable Inputs	Comparability adjustments	Comparability adjustments
Foreclosed assets held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 0	$ 91
Valuation Technique	Market comparableproperties	Market comparableproperties
Unobservable Inputs	Marketability discount	Marketability discount
Foreclosed assets held for sale \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	10.00%	10.00%
Foreclosed assets held for sale \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	35.00%	35.00%

Disclosures about Fair Value of Financial Instruments and Other Assets and Liabilities - Estimated Fair Values of Company's Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Financial assets
Cash and cash equivalents	$ 14,985	$ 25,253
Loans, net of allowance	439,317	407,640
Federal Home Loan Bank stock	4,012	4,243
Accrued interest receivable	2,697	1,798
Financial liabilities
Deposits	548,069	525,443
Short term borrowings	6,915	8,068
Federal Home Loan Bank Advances	39,800	106
Subordinated debentures	23,543	4,124
Interest payable	213	188
Fair Value, Inputs, Level 1
Financial assets
Cash and cash equivalents	14,985	25,253
Loans, net of allowance	0	0
Federal Home Loan Bank stock	0	0
Accrued interest receivable	0	0
Financial liabilities
Deposits	0	0
Short term borrowings	0	0
Federal Home Loan Bank Advances	0	0
Subordinated debentures	0	0
Interest payable	0	0
Fair Value, Inputs, Level 2
Financial assets
Cash and cash equivalents	0	0
Loans, net of allowance	0	0
Federal Home Loan Bank stock	4,012	4,243
Accrued interest receivable	2,697	1,798
Financial liabilities
Deposits	548,130	524,010
Short term borrowings	6,915	8,068
Federal Home Loan Bank Advances	39,800	101
Subordinated debentures	22,857	3,647
Interest payable	213	188
Fair Value, Inputs, Level 3
Financial assets
Cash and cash equivalents	0	0
Loans, net of allowance	437,688	405,033
Federal Home Loan Bank stock	0	0
Accrued interest receivable	0	0
Financial liabilities
Deposits	0	0
Short term borrowings	0	0
Federal Home Loan Bank Advances	0	0
Subordinated debentures	0	0
Interest payable	$ 0	$ 0

Commitments and Credit Risk (Details) - USD ($)	12 Months Ended
Commitments and Credit Risk (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Commitments and Credit Risk [Line Items]
Loans and Leases Receivable, Commitments, Variable Rates	$ 38,700,000	$ 21,300,000
Standby lines of credit
Commitments and Credit Risk [Line Items]
Outstanding standby letters of credit	$ 46,000	$ 46,000
Minimum
Commitments and Credit Risk [Line Items]
Time to fund mortgage loan	60 days
Maximum
Commitments and Credit Risk [Line Items]
Time to fund mortgage loan	90 days
Installment
Commitments and Credit Risk [Line Items]
Concentration risk percentage credit risk loan products	2.20%	3.40%
Real Estate Loans
Commitments and Credit Risk [Line Items]
Concentration risk percentage credit risk loan products	17.50%	19.20%
Commercial Line
Commitments and Credit Risk [Line Items]
Lines Of credit granted	$ 40,500,000	$ 34,100,000
Consumer Lines
Commitments and Credit Risk [Line Items]
Lines Of credit granted	$ 38,600,000	$ 38,000,000
Commercial Real Estate Other Receivable
Commitments and Credit Risk [Line Items]
Concentration risk percentage credit risk loan products	80.30%	77.40%

Recent Accounting Pronouncements - Additional Information (Details)	Mar. 31, 2019 USD ($)
Recent Accounting Pronouncements
Operating Lease, Right-of-Use Asset	$ 126,000

Condensed Financial Information (Parent Company Only) - Condensed Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 14,985	$ 25,253
Other assets	3,951	3,273
Total assets	685,706	593,213
Liabilities and Stockholders' Equity
Subordinated debentures	23,543	4,124
Stockholders' equity	59,922	50,643	$ 43,895
Total liabilities and stockholders' equity	685,706	593,213
Parent Company
Assets
Cash and cash equivalents	6,846	1,595
Investment in the Bank	74,890	50,813
Other assets	2,719	2,913
Total assets	84,455	55,321
Liabilities and Stockholders' Equity
Subordinated debentures	23,543	4,124
Other liabilities	990	555
Stockholders' equity	59,922	50,642
Total liabilities and stockholders' equity	$ 84,455	$ 55,321

Condensed Financial Information (Parent Company Only) - Condensed Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Operating Income
General, Administrative and Other Expenses	$ 3,986	$ 4,162	$ 4,172	$ 4,162	$ 5,235	$ 3,855	$ 3,754	$ 3,579
Income Before Income Taxes and Equity in Undistributed Income of Subsidiary	1,858	1,916	1,834	1,801	674	1,600	1,462	1,346	$ 7,409	$ 5,082
Income Tax Benefits	89	135	188	187	83	269	250	198	599	800
Net Income	$ 1,769	$ 1,781	$ 1,646	$ 1,614	$ 591	$ 1,331	$ 1,212	$ 1,148	6,810	4,282
Comprehensive Income									12,356	4,692
Parent Company
Operating Income
Dividends from subsidiary									7,625	5,501
Interest and dividend income from securities and federal funds									1	0
Total operating income									7,626	5,501
Merger related expenses									0	1,306
General, Administrative and Other Expenses									3,456	2,220
Income Before Income Taxes and Equity in Undistributed Income of Subsidiary									4,170	1,975
Income Tax Benefits									710	750
Income Before Equity in Undistributed Income of Subsidiary									4,880	2,725
Equity in Undistributed Income of Subsidiary									1,930	1,557
Net Income									6,810	4,282
Comprehensive Income									$ 12,356	$ 4,692

Condensed Financial Information (Parent Company Only) - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
	Oct. 15, 2018	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Operating Activities
Net income		$ 1,769	$ 1,781	$ 1,646	$ 1,614	$ 591	$ 1,331	$ 1,212	$ 1,148	$ 6,810	$ 4,282
Items not requiring (providing) cash
Amortization of ESOP and share-based compensation plans										293	287
Net cash provided by operating activities										8,617	5,755
Investing Activities
Cash paid for acquisition of Powhatan Point Community Bancshares, Inc.	$ (1,529)
Net cash used in investing activities										(95,793)	(62,547)
Financing Activities
Proceeds from issuance of subordinated debentures, net of origination fees										19,383	0
Repurchase of common stock										(416)
Dividends paid to stockholders										(3,226)	(3,221)
Net cash provided by (used in) financing activities										76,908	67,730
Net Change in Cash and Cash Equivalents										(10,268)	10,938
Cash and Cash Equivalents, Beginning of Year					25,253				14,315	25,253	14,315
Cash and Cash Equivalents, End of Year		14,985				25,253				14,985	25,253
Parent Company
Operating Activities
Net income										6,810	4,282
Items not requiring (providing) cash
Equity in undistributed income of subsidiary										(1,930)	(1,557)
Amortization of ESOP and share-based compensation plans										565	567
Net change in other assets and other liabilities										65	282
Net cash provided by operating activities										5,510	3,574
Investing Activities
Equity infusion into the Bank										(16,000)
Cash paid for acquisition of Powhatan Point Community Bancshares, Inc.										0	(1,529)
Net cash used in investing activities										(16,000)	(1,529)
Financing Activities
Proceeds from issuance of subordinated debentures, net of origination fees										19,383
Repurchase of common stock										(416)
Dividends paid to stockholders										(3,226)	(3,221)
Net cash provided by (used in) financing activities										15,741	(3,221)
Net Change in Cash and Cash Equivalents										5,251	(1,176)
Cash and Cash Equivalents, Beginning of Year					$ 1,595				$ 2,771	1,595	2,771
Cash and Cash Equivalents, End of Year		$ 6,846				$ 1,595				$ 6,846	$ 1,595

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Data (Unaudited)
Total interest income	$ 7,150	$ 6,921	$ 6,648	$ 6,315	$ 6,065	$ 5,523	$ 5,107	$ 4,625
Total interest expense	1,721	1,727	1,469	1,207	1,055	893	707	523	$ 6,123	$ 3,178
Net interest income	5,429	5,194	5,179	5,108	5,010	4,630	4,400	4,102	20,911	18,142
Provision for loan losses	578	120	120	90	96	72	72	57	908	297
Other income	993	1,003	947	945	995	897	888	880	3,888	3,660
General, administrative and other expense	3,986	4,162	4,172	4,162	5,235	3,855	3,754	3,579
Income before income taxes	1,858	1,916	1,834	1,801	674	1,600	1,462	1,346	7,409	5,082
Federal income taxes	89	135	188	187	83	269	250	198	599	800
Net income	$ 1,769	$ 1,781	$ 1,646	$ 1,614	$ 591	$ 1,331	$ 1,212	$ 1,148	$ 6,810	$ 4,282
Earnings per share
Basic	$ 0.31	$ 0.31	$ 0.29	$ 0.28	$ 0.11	$ 0.25	$ 0.23	$ 0.23	$ 1.19	$ 0.82
Diluted	$ 0.31	$ 0.31	$ 0.29	$ 0.28	$ 0.11	$ 0.25	$ 0.23	$ 0.23	$ 1.19	$ 0.82

Core Deposits and Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Changes in the carrying amount of goodwill
Balance beginning of year	$ 682	$ 0
Additions from acquisition	0	682
Balance, end of year	$ 682	$ 682

Core Deposits and Other Intangible Assets - Intangible assets (Details) - Core deposit intangibles - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Intangible assets
Gross Intangible Assets	$ 1,041	$ 1,041
Accumulated Amortization	181	31
Net Intangible Assets	$ 860	$ 1,010

Core Deposits and Other Intangible Assets - Future amortization expense (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Estimated aggregate future amortization expense
2020	$ 181
2021	181
2022	181
2023	181
2024	$ 136

Acquisition - Allocation purchase prices for Powhatan Point (Details) - USD ($)	Oct. 15, 2018	Oct. 15, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 24,986,000	$ 24,986,000
Deposits in other bank	3,461,000	3,461,000
FHLB stock	78,000	78,000
Investments	23,865,000	23,865,000
Total loans	6,779,000	6,779,000
Premise and equipment, net	548,000	548,000
Goodwill	682,000	682,000	$ 682,000	$ 682,000	$ 0
Bank owned life insurance	612,000	612,000
Accrued interest receivable	145,000	145,000
Deferred federal income taxes	20,000	20,000
Other assets	124,000	124,000
Total assets purchased	62,328,000	62,328,000
Common shares issued	4,711,000
Cash paid	1,529,000
Estimated purchase price	6,240,000	6,200,000
Deposits
Non interest bearing	19,287,000	19,287,000
Savings	30,533,000	30,533,000
Certificate of Deposit	5,772,000	5,772,000
Total Deposits	55,592,000	55,592,000
Interest payable and other liabilities	496,000	496,000
Total liabilities assumed	56,088,000	56,088,000
Core
Assets
Core deposit intangible	1,028,000	1,028,000
Commercial loans
Assets
Total loans	3,019,000	3,019,000
Residential real estate
Assets
Total loans	2,403,000	2,403,000
Installment Loan
Assets
Total loans	$ 1,357,000	$ 1,357,000

Acquisition - Summary of operations (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Acquisition
Net Interest Income	$ 19,409	$ 16,977
Provision for Loan Losses	302	110
Net Interest Income after Provision for Loan Losses	19,107	16,817
Non-interest Income	3,736	3,547
Non-interest Expense	16,017	14,500
Income before Income Taxes	6,826	5,914
Income Tax Expense	563	2,088
Net Income	6,263	3,825
Net Income Available to Common Shareholders	$ 6,049	$ 3,710
Basic and Diluted Earnings Per Share	$ 1.22	$ 0.79

Acquisition - Additional Information (Details) - USD ($)	Oct. 15, 2018	Oct. 15, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares		6.9233
Business Combination Cash Paid For Acquisition \| shares		28.52
Business Combination, Consideration Transferred	$ 6,240,000	$ 6,200,000
Goodwill	682,000	$ 682,000	$ 682,000	$ 682,000	$ 0
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		7 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets	6,779,000	$ 6,779,000
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition	$ 6,875,000	6,875,000
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses		86,000
Business Acquisition, Pro Forma Revenue		220,000
Business Acquisitions Pro Forma Non Recurring Expense		1,100,000
Business Acquisitions Pro Forma Adjustments for Retirement benefits		156,000
Core deposit intangibles
Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired		$ 1,000,000