Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | EAGLE BANCORP INC | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 30,471,363 | ||
Entity Public Float | $768,400,000 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 1050441 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cash and due from banks | $9,097 | $9,577 |
Federal funds sold | 3,516 | 5,695 |
Interest bearing deposits with banks and other short-term investments | 243,412 | 291,688 |
Investment securities available for sale, at fair value | 382,343 | 378,133 |
Federal Reserve and Federal Home Loan Bank stock | 22,560 | 11,272 |
Loans held for sale | 44,317 | 42,030 |
Loans | 4,312,399 | 2,945,158 |
Less allowance for credit losses | -46,075 | -40,921 |
Loans, net | 4,266,324 | 2,904,237 |
Premises and equipment, net | 19,099 | 16,737 |
Deferred income taxes | 32,511 | 28,949 |
Bank owned life insurance | 56,594 | 39,738 |
Intangible assets, net | 109,908 | 3,510 |
Other real estate owned | 13,224 | 9,225 |
Other assets | 44,975 | 30,712 |
Total Assets | 5,247,880 | 3,771,503 |
Deposits: | ||
Noninterest bearing demand | 1,175,799 | 849,409 |
Interest bearing transaction | 143,628 | 118,580 |
Savings and money market | 2,302,600 | 1,811,088 |
Time, $100,000 or more | 393,132 | 203,706 |
Other time | 295,609 | 242,631 |
Total deposits | 4,310,768 | 3,225,414 |
Customer repurchase agreements | 61,120 | 80,471 |
Other short-term borrowings | 100,000 | |
Long-term borrowings | 119,300 | 39,300 |
Other liabilities | 35,933 | 32,455 |
Total Liabilities | 4,627,121 | 3,377,640 |
Shareholders' Equity | ||
Common stock, par value $.01 per share; shares authorized 50,000,000, shares issued and outstanding 30,139,396, and 25,885,863, respectively | 296 | 253 |
Warrant | 946 | 946 |
Additional paid in capital | 394,933 | 242,990 |
Retained earnings | 150,037 | 96,393 |
Accumulated other comprehensive income (loss) | 2,647 | -3,319 |
Total Shareholders' Equity | 620,759 | 393,863 |
Total Liabilities and Shareholders' Equity | 5,247,880 | 3,771,503 |
Series B Preferred Stock [Member] | ||
Shareholders' Equity | ||
Preferred stock, par value $.01 per share, shares authorized 1,000,000, Series B, $1,000 per share liquidation preference, shares issued and outstanding 56,600 at December 31, 2014, and December 31, 2013; Series C, $1,000 per share liquidation preference, shares issued and outstanding 15,300 at December 31, 2014, and -0- at December 31, 2013 | $71,900 | $56,600 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 30,139,396 | 25,885,863 |
Common stock, shares outstanding | 30,139,396 | 25,885,863 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, per share liquidation preference (in Dollars per share) | $1,000 | $1,000 |
Preferred stock, shares issued | 56,600 | 56,600 |
Preferred stock, shares outstanding | 56,600 | 56,600 |
Series C Preferred Stock [Member] | ||
Preferred stock, per share liquidation preference (in Dollars per share) | $1,000 | $1,000 |
Preferred stock, shares issued | 15,300 | 0 |
Preferred stock, shares outstanding | 15,300 | 0 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Income | |||
Interest and fees on loans | $181,775 | $148,801 | $134,600 |
Interest and dividends on investment securities | 9,286 | 7,792 | 6,824 |
Interest on balances with other banks and short-term investments | 496 | 689 | 475 |
Interest on federal funds sold | 16 | 12 | 44 |
Total interest income | 191,573 | 157,294 | 141,943 |
Interest Expense | |||
Interest on deposits | 9,638 | 10,614 | 12,057 |
Interest on customer repurchase agreements | 143 | 254 | 325 |
Interest on short-term borrowings | 31 | 3 | |
Interest on long-term borrowings | 3,283 | 1,636 | 2,029 |
Total interest expense | 13,095 | 12,504 | 14,414 |
Net Interest Income | 178,478 | 144,790 | 127,529 |
Provision for Credit Losses | 10,879 | 9,602 | 16,190 |
Net Interest Income After Provision For Credit Losses | 167,599 | 135,188 | 111,339 |
Noninterest Income | |||
Service charges on deposits | 4,906 | 4,607 | 3,937 |
Gain on sale of loans | 6,886 | 14,578 | 13,942 |
Gain on sale of investment securities | 22 | 19 | 690 |
Loss on early extinguishment of debt | -529 | ||
Increase in the cash surrender value of bank owned life insurance | 1,283 | 720 | 392 |
Other income | 5,248 | 4,792 | 2,932 |
Total noninterest income | 18,345 | 24,716 | 21,364 |
Noninterest Expense | |||
Salaries and employee benefits | 57,268 | 47,481 | 43,684 |
Premises and equipment expenses | 13,317 | 11,923 | 10,218 |
Marketing and advertising | 1,999 | 1,686 | 1,759 |
Data processing | 6,163 | 5,903 | 4,415 |
Legal, accounting and professional fees | 3,439 | 2,969 | 4,253 |
FDIC insurance | 2,333 | 2,263 | 2,089 |
Merger expenses | 4,699 | 24 | |
Other expenses | 10,510 | 12,354 | 10,089 |
Total noninterest expense | 99,728 | 84,579 | 76,531 |
Income Before Income Tax Expense | 86,216 | 75,325 | 56,172 |
Income Tax Expense | 31,958 | 28,318 | 20,883 |
Net Income | 54,258 | 47,007 | 35,289 |
Preferred Stock Dividends | 614 | 566 | 566 |
Net Income Available to Common Shareholders | $53,644 | $46,441 | $34,723 |
Earnings Per Common Share | |||
Basic (in Dollars per share) | $2.01 | $1.81 | $1.50 |
Diluted (in Dollars per share) | $1.95 | $1.76 | $1.46 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Income | $54,258 | $47,007 | $35,289 |
Other comprehensive income (loss), net of tax: | |||
Net unrealized gain (loss) on securities available for sale | 5,979 | -8,773 | 1,004 |
Reclassification adjustment for net gains included in net income | -13 | -11 | -414 |
Net change in unrealized (loss) gains on securities | 5,966 | -8,784 | 590 |
Comprehensive Income | $60,224 | $38,223 | $35,879 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Warrant [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands, except Share data | Preferred Stock [Member] | ||||||||
Balance at Dec. 31, 2011 | $56,600 | $197 | $946 | $132,670 | $71,423 | $4,875 | $266,711 | ||
Net Income | 35,289 | 35,289 | |||||||
Net change in other comprehensive income | 590 | 590 | |||||||
Stock-based compensation | 2,495 | 2,495 | |||||||
Exercise of options for 167,882 shares of common stock | 3 | 1,682 | 1,685 | ||||||
Common stock issued | 26 | 42,930 | 42,956 | ||||||
Tax benefits related to non-qualified stock compensation | 369 | 369 | |||||||
Employee stock purchase plan | 447 | 447 | |||||||
Preferred stock dividends | -566 | -566 | |||||||
Balance at Dec. 31, 2012 | 56,600 | 226 | 946 | 180,593 | 106,146 | 5,465 | 349,976 | ||
Net Income | 47,007 | 47,007 | |||||||
Net change in other comprehensive income | -8,784 | -8,784 | |||||||
10% common stock dividend 2,340,518 shares (in Shares) | 24 | 56,159 | -56,183 | ||||||
Cash paid in lieu of fractional shares | -11 | -11 | |||||||
Stock-based compensation | 3,304 | 3,304 | |||||||
Common stock issued | 3 | 1,981 | 1,984 | ||||||
Tax benefits related to non-qualified stock compensation | 410 | 410 | |||||||
Employee stock purchase plan | 543 | 543 | |||||||
Preferred stock dividends | -566 | -566 | |||||||
Balance at Dec. 31, 2013 | 56,600 | 253 | 946 | 242,990 | 96,393 | -3,319 | 393,863 | ||
Net Income | 54,258 | 54,258 | |||||||
Net change in other comprehensive income | 5,966 | 5,966 | |||||||
Common stock issued to effect merger with Virginia Heritage 4,010,261 shares | 40 | 144,053 | 144,093 | ||||||
Stock-based compensation | 3,981 | 3,981 | |||||||
Common stock issued | 3 | 2,310 | 2,313 | ||||||
Tax benefits related to non-qualified stock compensation | 978 | 978 | |||||||
Employee stock purchase plan | 621 | 621 | |||||||
Issurance of Series C Preferred Stock | 15,300 | 15,300 | |||||||
Preferred stock dividends | -614 | -614 | |||||||
Balance at Dec. 31, 2014 | $71,900 | $296 | $946 | $394,933 | $150,037 | $2,647 | $620,759 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Exercise of options | 157,313 | 198,588 | 167,882 |
Common stock issued | 223,382 | 563,343 | 2,864,495 |
Employee stock purchase plan | 19,890 | 27,113 | 31,248 |
Common stock dividend, shares | 2,340,518 | ||
Common stock dividend | 10.00% | ||
Shares issued to effect merger | 4,010,261 | ||
Common Stock [Member] | |||
Exercise of options | 167,882 | ||
Common stock issued | 223,382 | 563,343 | 2,864,495 |
Employee stock purchase plan | 19,890 | 27,113 | 31,248 |
Shares issued to effect merger | 4,010,261 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows From Operating Activities: | |||
Net Income | $54,258 | $47,007 | $35,289 |
Provision for credit losses | 10,879 | 9,602 | 16,190 |
Depreciation and amortization | 5,049 | 4,227 | 3,390 |
Gains on sale of loans | -6,886 | -14,578 | -13,942 |
Securities premium amortization (discount accretion), net | 3,456 | 3,162 | 8,734 |
Origination of loans held for sale | -572,342 | -983,332 | -1,471,248 |
Proceeds from sale of loans held for sale | 576,941 | 1,182,803 | 1,435,093 |
Net increase in cash surrender value of BOLI | -1,283 | -720 | -392 |
Increase in deferred income taxes | -3,562 | -3,965 | -4,848 |
Decrease in fair value of other real estate owned | 638 | ||
Net loss (gain) on sale of other real estate owned | 153 | 772 | -26 |
Net gain on sale of investment securities | -22 | -19 | -690 |
Loss on early extinguishment of debt | 529 | ||
Stock-based compensation expense | 3,981 | 3,304 | 2,495 |
Excess tax benefits from stock-based compensation | -978 | -410 | -369 |
(Increase) decrease in other assets | -12,631 | -26 | 3,797 |
Increase in other liabilities | 1,856 | 10,850 | 1,818 |
Net cash provided by operating activities | 59,507 | 258,677 | 15,820 |
Cash Flows From Investing Activities: | |||
(Increase) decrease in interest bearing deposits with other banks and short-term investments | -634 | -88 | 11 |
Purchases of available for sale investment securities | -50,404 | -148,373 | -117,554 |
Proceeds from maturities of available for sale securities | 37,571 | 35,985 | 47,007 |
Proceeds from sale/call of available for sale securities | 49,902 | 22,148 | 77,084 |
Purchases of Federal Reserve and Federal Home Loan Bank stock | -5,650 | -731 | -2,776 |
Proceeds from redemption of Federal Reserve and Federal Home Loan Bank stock | 1,374 | 153 | 2,324 |
Net increase in loans | -595,437 | -474,542 | -447,557 |
Proceeds from sale of other real estate owned | 520 | 6,783 | 901 |
Proceeds from redemption of BOLI | 95 | ||
Purchases of BOLI | -1,058 | -25,603 | |
Purchases of annuities | -11,227 | ||
Acquisition of Virginia Heritage, net of cash | -156,581 | ||
Bank premises and equipment acquired | -5,328 | -5,336 | -6,007 |
Net cash used in investing activities | -725,725 | -600,736 | -446,567 |
Cash Flows From Financing Activities: | |||
Increase in deposits | 384,443 | 328,192 | 504,803 |
Decrease in customer repurchase agreements | -19,351 | -20,867 | -2,024 |
Issuance of Series C Preferred Stock | 15,300 | ||
Issuance of common stock | 144,093 | 42,956 | |
Increase in short-term borrowings | 7,500 | ||
Increase (decrease) in long-term borrowings | 80,000 | -10,000 | |
Payment of dividends on preferred stock | -614 | -566 | -566 |
Proceeds from exercise of stock options | 2,313 | 1,984 | 1,685 |
Excess tax benefits from stock-based compensation | 978 | 410 | 369 |
Payment in lieu of fractional shares | -11 | ||
Proceeds from employee stock purchase plan | 621 | 543 | 447 |
Net cash provided by financing activities | 615,283 | 309,685 | 537,670 |
Net (Decrease) Increase In Cash and Cash Equivalents | -50,935 | -32,374 | 106,923 |
Cash and Cash Equivalents at Beginning of Period | 306,960 | 339,334 | 232,411 |
Cash and Cash Equivalents at End of Period | 256,025 | 306,960 | 339,334 |
Supplemental Cash Flows Information: | |||
Interest paid | 11,742 | 12,910 | 14,935 |
Income taxes paid | 33,050 | 23,945 | 18,151 |
Non-Cash Investing Activities | |||
Transfers from loans to other real estate owned | 5,310 | 14,842 | 3,955 |
Transfers from other real estate owned to loans | $3,361 |
Note_1_Summary_of_Significant_
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 1 – Summary of Significant Accounting Policies |
The Consolidated Financial Statements include the accounts of Eagle Bancorp, Inc. and its subsidiaries (the “Company”), EagleBank (the “Bank”), Eagle Commercial Ventures, LLC (“ECV”), Eagle Insurance Services, LLC, and Bethesda Leasing, LLC, with all significant intercompany transactions eliminated. The investment in subsidiaries is recorded on the Company’s books (Parent Only) on the basis of its equity in the net assets of the subsidiary. The accounting and reporting policies of the Company conform to generally accepted accounting principles (“GAAP”) in the United States of America and to general practices in the banking industry. Certain reclassifications have been made to amounts previously reported to conform to the classification made in 2014. The following is a summary of the more significant accounting policies. | |
Nature of Operations | |
The Company, through the Bank, conducts a full service community banking business, primarily in Northern Virginia, Montgomery County, Maryland, and Washington, D.C. On October 31, 2014, the Company completed its acquisition of Virginia Heritage Bank (“Virginia Heritage”). Refer to Note 2 for a full description of this transaction. The primary financial services offered by the Bank include real estate, commercial and consumer lending, as well as traditional deposit and repurchase agreement products. The Bank is also active in the origination and sale of residential mortgage loans and the origination of small business loans. The guaranteed portion of small business loans, guaranteed by the Small Business Administration (“SBA”), is typically sold to third party investors in a transaction apart from the loan’s origination. As of December 31, 2014, the Bank offers its products and services through twenty two banking offices, five lending centers and various electronic capabilities, including remote deposit services and mobile banking services. Eagle Insurance Services, LLC, a subsidiary of the Bank, offers access to insurance products and services through a referral program with a third party insurance broker. Eagle Commercial Ventures, LLC, a direct subsidiary of the Company, provides subordinated financing for the acquisition, development and construction of real estate projects. These transactions involve higher levels of risk, together with commensurate higher returns. Refer to Higher Risk Lending – Revenue Recognition below. | |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results may differ from those estimates and such differences could be material to the financial statements. | |
Business Combinations | |
Business combinations are accounted for by applying the acquisition method in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. Under the acquisition method, identifiable assets acquired and liabilities assumed, and any non-controlling interest in the acquiree at the acquisition date are measured at their fair values as of that date, and are recognized separately from goodwill. Results of operations of the acquired entities are included in the consolidated statement of income from the date of acquisition. | |
Cash Flows | |
For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks, federal funds sold, and interest bearing deposits with other banks which have an original maturity of three months or less. | |
Loans Held for Sale | |
The Company engages in sales of residential mortgage loans and the guaranteed portion of SBA loans originated by the Bank. Loans held for sale are carried at the lower of aggregate cost or fair value. Fair value is derived from secondary market quotations for similar instruments. Gains and losses on sales of these loans are recorded as a component of noninterest income in the consolidated statements of operations. | |
The Company’s current practice is to sell residential mortgage loans on a servicing released basis, and, therefore, it has no intangible asset recorded for the value of such servicing as of December 31, 2014 and December 31, 2013. The sale of the guaranteed portion of SBA loans on a servicing retained basis gives rise to an Excess Servicing Asset, which is computed on a loan by loan basis with the unamortized amount being included in Intangible assets in the consolidated balance sheets. This Excess Servicing Asset is being amortized on a straight-line basis (with adjustment for prepayments) as an offset to servicing fees collected and is included in Other income in the consolidated statement of operations. | |
The Company enters into commitments to originate residential mortgage loans whereby the interest rate on the loan is determined prior to funding (i.e. rate lock commitments). Such rate lock commitments on mortgage loans to be sold in the secondary market are considered to be derivatives. To protect against the price risk inherent in residential mortgage loan commitments, the Company utilizes both “best efforts” and “mandatory delivery” forward loan sale commitments to mitigate the risk of potential decrease in the values of loans that would result from the exercise of the derivative loan commitments. Under a “best efforts” contract, the Company commits to deliver an individual mortgage loan of a specified principal amount and quality to an investor and the investor commits to a price that it will purchase the loan from the Company if the loan to the underlying borrower closes. The Company protects itself from changes in interest rates through the use of best efforts forward delivery commitments, whereby the investor commits to purchase a loan at a price representing a premium on the day the borrower commits to an interest rate with the intent that the buyer/investor has assumed the interest rate risk on the loan. As a result, the Company is not generally exposed to losses on loans sold utilizing best efforts. Nor will it realize gains, related to rate lock commitments due to changes in interest rates. The market values of rate lock commitments and best efforts contracts are not readily ascertainable with precision because rate lock commitments and best efforts contracts are not actively traded. Because of the high correlation between rate lock commitments and best efforts contracts, no gain or loss should occur on the rate lock commitments. Under a “mandatory delivery” contract, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date. If the Company fails to deliver the amount of mortgages necessary to fulfill the commitment by the specified date, it is obligated to pay the investor a “pair-off” fee, based on then-current market prices, to compensate the investor for the shortfall. The rate lock commitments on mortgage loans to be sold in the secondary market are considered to be derivatives the Company manages the interest rate risk on rate lock commitments by entering into forward sale contracts of mortgage backed securities, whereby the Company obtains the right to deliver securities to investors in the future at a specified price . Such contracts are accounted for as derivatives and are recorded at fair value in derivative assets or liabilities, with changes in fair value recorded in other income. The period of time between issuance of a loan commitment to the customer and closing and sale of the loan to an investor generally ranges from 30 to 90 days under current market conditions. | |
In circumstances where the Company does not deliver the whole loan to an investor, but rather elects to retain the loan in its portfolio, the loan is transferred from held for sale at fair value. | |
Investment Securities | |
The Company has no securities classified as trading, nor are any investment securities classified as held to maturity. Marketable equity securities and debt securities not classified as held to maturity or trading are classified as available-for-sale. Securities available-for-sale are acquired as part of the Company’s asset/liability management strategy and may be sold in response to changes in interest rates, current market conditions, loan demand, changes in prepayment risk and other factors. Securities available-for-sale are carried at fair value, with unrealized gains or losses being reported as accumulated other comprehensive income/(loss), a separate component of shareholders’ equity, net of deferred income tax. Realized gains and losses, using the specific identification method, are included as a separate component of noninterest income in the Consolidated Statements of Operations. | |
Premiums and discounts on investment securities are amortized/accreted to the earlier of call or maturity based on expected lives, which lives are adjusted based on prepayments and call optionality. Declines in the fair value of individual available-for-sale securities below their cost that are other-than-temporary in nature result in write-downs of the individual securities to their fair value. Factors affecting the determination of whether other-than-temporary impairment has occurred include a downgrading of the security by a rating agency, a significant deterioration in the financial condition of the issuer, or a change in management’s intent and ability to hold a security for a period of time sufficient to allow for any anticipated recovery in fair value. Management systematically evaluates investment securities for other-than-temporary declines in fair value on a quarterly basis. This analysis requires management to consider various factors, which include: (1) duration and magnitude of the decline in value; (2) the financial condition of the issuer or issuers: and (3) structure of the security. | |
The entire amount of an impairment loss is recognized in earnings only when: (1) the Company intends to sell the debt security; (2) it is more likely than not that the Company will have to sell the security before recovery of its amortized cost basis; or (3) the Company does not expect to recover the entire amortized cost basis of the security. In all other situations, only the portion of the impairment loss representing the credit loss must be recognized in earnings, with the remaining portion being recognized in shareholders’ equity as comprehensive income, net of deferred taxes. | |
Loans | |
Loans are stated at the principal amount outstanding, net of unamortized deferred costs and fees. Interest income on loans is accrued at the contractual rate on the principal amount outstanding. It is the Company’s policy to discontinue the accrual of interest when circumstances indicate that collection is doubtful. Deferred fees and costs on loans are being amortized on the interest method over the term of the loan. | |
Management considers loans impaired when, based on current information, it is probable that the Company will not collect all principal and interest payments according to contractual terms. Loans are evaluated for impairment in accordance with the Company’s portfolio monitoring and ongoing risk assessment procedures. Management considers the financial condition of the borrower, cash flow of the borrower, payment status of the loan, and the value of the collateral, if any, securing the loan. Generally, impaired loans do not include large groups of smaller balance homogeneous loans such as residential real estate and consumer type loans which are evaluated collectively for impairment and are generally placed on nonaccrual when the loan becomes 90 days past due as to principal or interest. Loans specifically reviewed for impairment are not considered impaired during periods of “minimal delay” in payment (ninety days or less) provided eventual collection of all amounts due is expected. The impairment of a loan is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, or the fair value of the collateral if repayment is expected to be provided solely by the collateral. In appropriate circumstances, interest income on impaired loans may be recognized on the cash basis. | |
Higher Risk Lending – Revenue Recognition | |
The Company has occasionally made higher risk acquisition, development, and construction (“ADC”) loans that entail higher risks than ADC loans made following normal underwriting practices (“higher risk loan transactions”). These higher risk loan transactions are currently made through the Company’s subsidiary, ECV. This activity is limited as to individual transaction amount and total exposure amounts, based on capital levels, and is carefully monitored. The loans are carried on the balance sheet at amounts outstanding and meet the loan classification requirements of the Accounting Standard Executive Committee (“AcSEC”) guidance reprinted from the CPA Letter, Special Supplement, dated February 10, 1986 (also referred to as Exhibit 1 to AcSEC Practice Bulletin No. 1). Additional interest earned on these higher risk loan transactions (as defined in the individual loan agreements) is recognized as realized under the provisions contained in AcSEC’s guidance reprinted from the CPA Letter, Special Supplement, dated February 10, 1986 (also referred to as Exhibit 1 to AcSEC Practice Bulletin No.1) and Staff Accounting Bulletin No. 101 (Revenue Recognition in Financial Statements). Certain additional interest is included as a component of noninterest income. ECV recorded no additional interest on higher risk transactions during 2014, 2013 or 2012 (although normal interest income was recorded) and had four higher risk lending transactions outstanding as of December 31, 2014, as compared to five higher risk lending transaction outstanding as of December 31, 2013, amounting to $6.2 million and $7.4 million, respectively. | |
Allowance for Credit Losses | |
The allowance for credit losses represents an amount, which in management’s judgment, is adequate to absorb probable losses on existing loans and other extensions of credit that may become uncollectible. The adequacy of the allowance for credit losses is determined through careful and continuous review and evaluation of the loan portfolio and involves the balancing of a number of factors to establish a prudent level of allowance. Among the factors considered in evaluating the adequacy of the allowance for credit losses are lending risks associated with growth and entry into new markets, loss allocations for specific credits, the level of the allowance to nonperforming loans, historical loss experience, economic conditions, portfolio trends and credit concentrations, changes in the size and character of the loan portfolio, and management’s judgment with respect to current and expected economic conditions and their impact on the existing loan portfolio. Allowances for impaired loans are generally determined based on collateral values. Loans or any portion thereof deemed uncollectible are charged against the allowance, while recoveries are credited to the allowance. Management adjusts the level of the allowance through the provision for credit losses, which is recorded as a current period operating expense. The allowance for credit losses consists of allocated and unallocated components. | |
The components of the allowance for credit losses represent an estimation done pursuant to ASC Topic 450, “Contingencies,” or ASC Topic 310, “Receivables.” Specific allowances are established in cases where management has identified significant conditions or circumstances related to a specific credit that management believes indicate the probability that a loss may be incurred. For potential problem credits for which specific allowance amounts have not been determined, the Company establishes allowances according to the application of credit risk factors. These factors are set by management and approved by the appropriate Board committee to reflect its assessment of the relative level of risk inherent in each risk grade. A third component of the allowance computation, termed a nonspecific or environmental factors allowance, is based upon management’s evaluation of various environmental conditions that are not directly measured in the determination of either the specific allowance or formula allowance. Such conditions include general economic and business conditions affecting key lending areas, credit quality trends (including trends in delinquencies and nonperforming loans expected to result from existing conditions), loan volumes and concentrations, specific industry conditions within portfolio categories, recent loss experience in particular loan categories, duration of the current business cycle, bank regulatory examination results, findings of outside review consultants, and management’s judgment with respect to various other conditions including credit administration and management and the quality of risk identification systems. Executive management reviews these environmental conditions quarterly, and documents the rationale for all changes. | |
Management believes that the allowance for credit losses is adequate; however, determination of the allowance is inherently subjective and requires significant estimates. While management uses available information to recognize losses on loans, future additions to the allowance may be necessary based on changes in economic conditions. Evaluation of the potential effects of these factors on estimated losses involves a high degree of uncertainty, including the strength and timing of economic cycles and concerns over the effects of a prolonged economic downturn in the current cycle. In addition, various regulatory agencies, as an integral part of their examination process, and independent consultants engaged by the Bank, periodically review the Bank’s loan portfolio and allowance for credit losses. Such review may result in recognition of additions to the allowance based on their judgments of information available to them at the time of their examination. | |
Premises and Equipment | |
Premises and equipment are stated at cost less accumulated depreciation and amortization computed using the straight-line method for financial reporting purposes. Premises and equipment are depreciated over the useful lives of the assets, which generally range from seven years for furniture, fixtures and equipment, three to five years for computer software and hardware, and ten to forty years for buildings and building improvements. Leasehold improvements are amortized over the terms of the respective leases, which may include renewal options where management has the positive intent to exercise such options, or the estimated useful lives of the improvements, whichever is shorter. The costs of major renewals and betterments are capitalized, while the costs of ordinary maintenance and repairs are expensed as incurred. These costs are included as a component of premises and equipment expenses on the Consolidated Statements of Operations. | |
Other Real Estate Owned (“OREO”) | |
Assets acquired through loan foreclosure are held for sale and are initially recorded at fair value less estimated selling costs when acquired, establishing a new cost basis. The new basis is supported by recent appraisals. Costs after acquisition are generally expensed. If the fair value of the asset declines, a write-down is recorded through noninterest expense. The valuation of foreclosed assets is subjective in nature and may be adjusted in the future because of changes in market conditions or appraised values. | |
Goodwill and Other Intangible Assets | |
Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights. Intangible assets that have finite lives, such as core deposit intangibles are amortized over their estimated useful lives and subject to periodic impairment testing. Intangible assets (other than goodwill) are amortized to expense using accelerated or straight-line methods over their respective estimated useful lives. | |
Goodwill and other intangibles are subject to impairment testing at the reporting unit level, which must be conducted at least annually. The Company performs impairment testing during the fourth quarter of each year or when events or changes in circumstances indicate the assets might be impaired. | |
The Company performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing updated qualitative factors, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, it does not have to perform the two-step goodwill impairment test. Determining the fair value of a reporting unit under the first step of the goodwill impairment test and determining the fair value of individual assets and liabilities of a reporting unit under the second step of the goodwill impairment test are judgmental and often involve the use of significant estimates and assumptions. Similarly, estimates and assumptions are used in determining the fair value of other intangible assets. Estimates of fair value are primarily determined using discounted cash flows, market comparisons and recent transactions. These approaches use significant estimates and assumptions including projected future cash flows, discount rates reflecting the market rate of return, projected growth rates and determination and evaluation of appropriate market comparables. Based on the results of quantitative assessments of all reporting units, the Company concluded that no impairment existed at December 31, 2014. However, future events could cause the Company to conclude that goodwill or other intangibles have become impaired, which would result in recording an impairment loss. Any resulting impairment loss could have a material adverse impact on the Company’s financial condition and results of operations. | |
Customer Repurchase Agreements | |
The Company enters into agreements under which it sells securities subject to an obligation to repurchase the same securities. Under these arrangements, the Company may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Company to repurchase the assets. As a result, securities sold under agreements to repurchase are accounted for as collateralized financing arrangements and not as a sale and subsequent repurchase of securities. The agreements are entered into primarily as accommodations for large commercial deposit customers. The obligation to repurchase the securities is reflected as a liability in the Company’s Consolidated Balance Sheets, while the securities underlying the securities sold under agreements to repurchase remain in the respective assets accounts and are delivered to and held as collateral by third party trustees. | |
Marketing and Advertising | |
Marketing and advertising costs are generally expensed as incurred. | |
Income Taxes | |
The Company employs the liability method of accounting for income taxes as required by ASC Topic 740, “Income Taxes.” Under the liability method, deferred-tax assets and liabilities are determined based on differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities (i.e., temporary timing differences) and are measured at the enacted rates that will be in effect when these differences reverse. The Company utilizes statutory requirements for its income tax accounting, and avoids risks associated with potentially problematic tax positions that may incur challenge upon audit, where an adverse outcome is more likely than not. Therefore, no provisions are made in the Company’s tax reserves for uncertain tax positions or accompanying potential tax penalties and interest for underpayments of income taxes. In accordance with ASC Topic 740, the Company may establish a reserve against deferred tax assets in those cases where realization is less than certain, although no such reserves exist at either December 31, 2014 or December 31, 2013. | |
Transfer of Financial Assets | |
Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when: (1) the assets have been isolated from the Company; (2) the transferee obtain the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets; and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. In certain cases, the recourse to the Bank to repurchase assets may exist but be deemed immaterial based on the specific facts and circumstances. | |
Earnings per Common Share | |
Basic net income per common share is derived by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period measured. Diluted earnings per common share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period measured including the potential dilutive effects of common stock equivalents. Earnings per share amounts for periods ending prior to June 30, 2013 have been adjusted to reflect a 10% stock dividend paid on June 14, 2013. | |
Stock-Based Compensation | |
In accordance with ASC Topic 718, “Compensation,” the Company records as compensation expense an amount equal to the amortization (over the remaining service period) of the fair value (computed at the date of option grant) of any outstanding fixed stock option grant and restricted stock award. Compensation expense on variable stock option grants (i.e. performance based grants) if any, is recorded based on the probability of achievement of the goals underlying the performance grant. Refer to Note 13 for a description of stock-based compensation awards, activity and expense for the years ended December 31, 2014, 2013 and 2012. | |
New Authoritative Accounting Guidance | |
In January 2014, the FASB issued ASU No. 2014-01, "Accounting for Investments in Qualified Affordable Housing Projects." ASU No. 2014-01 permits reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognize the net investment performance in the income statement as a component of income tax expense. This new guidance also requires new disclosures for all investors in these projects. ASU No. 2014-01 is effective for interim and annual reporting periods beginning after December 15, 2014. Upon adoption, the guidance must be applied retrospectively to all periods presented. However, entities that use the effective yield method to account for investments in these projects before adoption may continue to do so for these pre-existing investments. The Company currently accounts for such investments using the effective yield method and plans to continue to do so for these pre-existing investments after adopting ASU No. 2014-01 on January 1, 2015. The Company expects investments made after January 1, 2015 to meet the criteria required for the proportional amortization method and plans to make such an accounting policy election. The adoption of ASU No. 2014-01 is not expected to have a material impact on the Company's consolidated financial statements. | |
In January 2014, the FASB issued ASU No. 2014-04, "Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure." The objective of this guidance is to clarify when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. ASU No. 2014-04 states that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, ASU No. 2014-04 requires interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. ASU No. 2014-04 is effective for interim and annual reporting periods beginning after December 15, 2014. The adoption of ASU No. 2014-04 is not expected to have a material impact on the Company's consolidated financial statements. |
Note_2_Mergers_and_Acquisition
Note 2 - Mergers and Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Business Combination Disclosure [Text Block] | Note 2 – Mergers and Acquisitions | ||||||||
On October 31, 2014, the Company completed its acquisition of Virginia Heritage, a banking institution based in FairFax County, Virginia. The acquisition of Virginia Heritage was effected through the merger (the “Merger”) of Virginia Heritage with and into EagleBank, in accordance with the Agreement and Plan of Reorganization (the “Merger Agreement”) among the Company, EagleBank and Virginia Heritage, dated June 9, 2014. Pursuant to the Merger Agreement, each share of Virginia Heritage common stock was converted into the right to receive 0.6632 shares of Company common stock and $7.50 in cash, plus cash in lieu of fractional shares. Outstanding options to acquire Virginia Heritage common stock were converted into fully vested options to purchase an aggregate of 401,497 shares of Company common stock. In connection with the Merger, the Company paid an aggregate of $45.4 million in cash to former shareholders of Virginia Heritage and issued 4,010,261 shares of Company common stock were issued. On the acquisition date, the estimated fair values of Virginia Heritage included $914 million in assets, $800 million in loans and $645 million in deposits. The acquisition was valued at $189 million Additionally, pursuant to the Merger Agreement, each of the 15,300 shares of Virginia Heritage’s Senior Non-Cumulative Perpetual Preferred Stock, Series A, $1,000 liquidation amount per share (“Virginia Heritage Series A Preferred Stock”), which was issued to the U.S. Treasury pursuant to the Small Business Lending Fund Program (“SBLF”), was exchanged for one share of a new series of the Company’s Senior Non-Cumulative Perpetual Preferred Stock, Series C, liquidation amount $1,000 per share (the “Series C Preferred Stock”), which ranks equally with and has substantially identical terms and conditions as the Company’s existing Senior Non-Cumulative Perpetual Preferred Stock, Series B, liquidation amount $1,000 per share (“Series B Preferred Stock”). The Series C Preferred Stock has a dividend rate of 1.00%. The assets acquired and liabilities assumed were accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their fair value as of October 31, 2014, based on management’s best estimates using the information available as of the merger date. The Company incurred $4.7 million of acquisition related expenses during the year ended December 31, 2014 related to the acquisition of Virginia Heritage, included within “Merger expenses” in the Consolidated Statements of Operations. | |||||||||
Virginia Heritage’s results of operations have been included in the Company’s consolidated statements of income and comprehensive income for the two months ended December 31, 2014. Based on a purchase price allocation, the Company recorded $102.3 million in goodwill and $4.6 million in core deposit intangibles as a result of the acquisition. These fair value estimates are provisional amounts, include third party valuations, and will continue to be reviewed by the Company. Goodwill is not amortized for book purposes; however, it is reviewed at least annually for impairment, and is not deductible for tax purposes. | |||||||||
Except for collateral dependent loans, the fair values for loans acquired from Virginia Heritage were estimated using cash flow projections based on the remaining maturity and repricing terms. Cash flows were adjusted by estimating future credit losses and the rate of prepayments. Projected monthly cash flows were then discounted to present value using a risk-adjusted market rate for similar loans. For collateral dependent loans with deteriorated credit quality, fair value was estimated by analyzing the value of the underlying collateral, assuming the fair values of the loans were derived from the eventual sale of the collateral. These values were discounted using market derived rates of return, with consideration given to the period of time and costs associated with the foreclosure and disposition of the collateral. | |||||||||
The acquired loan portfolio subject to purchased credit impairment accounting guidance (ASC 310-30) as well as those excluded from ASC 310-30 accounting as of October 31, 2014 is as follows: | |||||||||
(dollars in thousands) | |||||||||
Accounted for under ASC 310-30: | |||||||||
Contractual principal balance at acquisition | $ | 4,448 | |||||||
Contractual cash flows not expected to be collected (nonaccretable discount) | 1,191 | ||||||||
Expected cash flows at acquisition at acquisition | 3,257 | ||||||||
Interest component of expected cash flows (accretable discount) | - | ||||||||
Fair value at acquisition | $ | 3,257 | |||||||
Excluded under ASC 310-30 accounting: | |||||||||
Unpaid principal balance | $ | 812,681 | |||||||
Fair value discount | 11,618 | ||||||||
Fair value at acquisition | 801,063 | ||||||||
Total fair value at acquisition | $ | 804,320 | |||||||
The core deposit intangible asset recognized is being amortized on an accelerated basis over the estimated life, currently expected to be 6 years. | |||||||||
Goodwill is not amortized for book purposes; however, it is reviewed at least annually for impairment and is not deductible for tax purposes. | |||||||||
The fair value of premises and equipment and other real estate owned was estimated using appraisals of like kind properties and assets. Premises, equipment and leasehold improvements will be amortized or depreciated over their estimated useful lives ranging from one to five years for equipment or over the life of the lease for leasehold improvements. Other real estate owned is not amortized and is carried at estimated fair value determined by the appraised value less costs to sell. | |||||||||
The fair value of retail demand and interest bearing deposit accounts was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. The fair value of time deposits was estimated by discounting the contractual future cash flows using market rates offered for time deposits of similar remaining maturities. The fair value of borrowed funds was estimated by discounting the future cash flows using market rates for similar borrowings. | |||||||||
The following unaudited pro forma financial information presents the consolidated results of operations of the Company and Virginia Heritage as if the acquisition had occurred as of January 1, 2013 with pro forma adjustments to give effect of any changes in interest income due to the accretion of the discount (premium) associated with the fair value adjustments to acquired loans, any changes in interest expenses due to estimated premium amortization/discount accretion associated with the fair value adjustment to acquired time deposits and the amortization of the core deposit intangible that would have resulted had the deposits been acquired as of January 1, 2013. | |||||||||
For the years ended December 31, | |||||||||
(dollars in thousands) | 2014 | 2013 | |||||||
Net interest income | $ | 206,721 | $ | 174,509 | |||||
Net income | 58,756 | 55,973 | |||||||
Earnings per share: | |||||||||
Basic | $ | 1.89 | $ | 1.86 | |||||
Diluted | $ | 1.82 | $ | 1.81 | |||||
Note_3_Cash_and_Due_from_Banks
Note 3 - Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2014 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure [Text Block] | Note 3 - Cash and Due from Banks |
Regulation D of the Federal Reserve Act requires that banks maintain reserve balances with the Federal Reserve Bank based principally on the type and amount of their deposits. During 2014, the Bank maintained balances at the Federal Reserve (in addition to vault cash) to meet the reserve requirements as well as balances to partially compensate for services. Late in 2008, the Federal Reserve in connection with the Emergency Economic Stabilization Act of 2008 began paying a nominal amount of interest on balances held, which interest on excess reserves was increased under provisions of the Dodd Frank Wall Street Reform and Consumer Protection Act passed in July 2010. Additionally, the Bank maintains interest-bearing balances with the Federal Home Loan Bank of Atlanta and noninterest bearing balances with seven domestic correspondent banks as compensation for services they provide to the Bank. |
Note_4_Investment_Securities_A
Note 4 - Investment Securities Available-for-Sale | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 4 - Investment Securities Available-for-Sale | ||||||||||||||||||||||||
The amortized cost and estimated fair values of investments available-for-sale at December 31, 2014 and 2013 are as follows: | |||||||||||||||||||||||||
31-Dec-14 | Gross Unrealized | Gross Unrealized | Estimated Fair | ||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Gains | Losses | Value | |||||||||||||||||||||
U. S. Government agency securities | $ | 29,434 | $ | 500 | $ | 40 | $ | 29,894 | |||||||||||||||||
Residential mortgage backed securities | 241,120 | 1,716 | 2,516 | 240,320 | |||||||||||||||||||||
Municipal bonds | 106,983 | 4,850 | 121 | 111,712 | |||||||||||||||||||||
Other equity investments | 396 | 21 | - | 417 | |||||||||||||||||||||
$ | 377,933 | $ | 7,087 | $ | 2,677 | $ | 382,343 | ||||||||||||||||||
31-Dec-13 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
U. S. Government agency securities | $ | 46,640 | $ | 843 | $ | 148 | $ | 47,335 | |||||||||||||||||
Residential mortgage backed securities | 234,206 | 1,143 | 6,675 | 228,674 | |||||||||||||||||||||
Municipal bonds | 102,423 | 2,017 | 2,700 | 101,740 | |||||||||||||||||||||
Other equity investments | 396 | - | 12 | 384 | |||||||||||||||||||||
$ | 383,665 | $ | 4,003 | $ | 9,535 | $ | 378,133 | ||||||||||||||||||
The unrealized losses that exist are generally the result of changes in market interest rates and interest spread relationships since original purchases. The weighted average duration of debt securities, which comprise 99.9% of total investment securities, is relatively short at 4.0 years. The gross unrealized gain on other equity investments represents common stock of one local banking company owned by the Company, and traded on a broker “bulletin board” exchange. The estimated fair value is determined by broker quoted prices. If quoted prices are not available, fair value is measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. The Company does not believe that the investment securities that were in an unrealized loss position as of December 31, 2014 represent an other-than-temporary impairment for the reasons noted. The Company does not intend to sell the investments and it is more likely than not that the Company will not have to sell the securities before recovery of its amortized cost basis, which may be at maturity. In addition, at December 31, 2014, the Company held $22.6 million in equity securities in a combination of Federal Reserve Bank (“FRB”) and Federal Home Loan Bank (“FHLB”) stocks, which are held for regulatory purposes and are not marketable. | |||||||||||||||||||||||||
Gross unrealized losses and fair value by length of time that the individual available-for-sale securities have been in a continuous unrealized loss position as of December 31, 2014 and 2013 are as follows: | |||||||||||||||||||||||||
31-Dec-14 | Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
(dollars in thousands) | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | |||||||||||||||||||
U. S. Government agency securities | $ | 2,001 | $ | 7 | $ | 1,750 | $ | 33 | $ | 3,751 | $ | 40 | |||||||||||||
Residential mortgage backed securities | 49,644 | 221 | 86,028 | 2,295 | 135,672 | 2,516 | |||||||||||||||||||
Municipal bonds | 4,974 | 14 | 10,915 | 107 | 15,889 | 121 | |||||||||||||||||||
$ | 56,619 | $ | 242 | $ | 98,693 | $ | 2,435 | $ | 155,312 | $ | 2,677 | ||||||||||||||
31-Dec-13 | Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
(dollars in thousands) | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | |||||||||||||||||||
U. S. Government agency securities | $ | 4,782 | $ | 148 | $ | - | $ | - | $ | 4,782 | $ | 148 | |||||||||||||
Residential mortgage backed securities | 155,475 | 5,992 | 15,658 | 683 | 171,133 | 6,675 | |||||||||||||||||||
Municipal bonds | 50,450 | 2,512 | 3,196 | 188 | 53,646 | 2,700 | |||||||||||||||||||
Other equity investments | - | - | 165 | 12 | 165 | 12 | |||||||||||||||||||
$ | 210,707 | $ | 8,652 | $ | 19,019 | $ | 883 | $ | 229,726 | $ | 9,535 | ||||||||||||||
The amortized cost and estimated fair values of investments available-for-sale at December 31, 2014 and 2013 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||||||||||
U. S. Government agency securities maturing: | |||||||||||||||||||||||||
One year or less | $ | 2,998 | $ | 3,051 | $ | 19,025 | $ | 19,133 | |||||||||||||||||
After one year through five years | 19,947 | 20,276 | 27,615 | 28,202 | |||||||||||||||||||||
Five years through ten years | 6,489 | 6,567 | - | - | |||||||||||||||||||||
Residential mortgage backed securities | 241,120 | 240,320 | 234,206 | 228,674 | |||||||||||||||||||||
Municipal bonds maturing: | |||||||||||||||||||||||||
One year or less | 2,410 | 2,438 | - | - | |||||||||||||||||||||
After one year through five years | 47,038 | 49,607 | 25,718 | 26,008 | |||||||||||||||||||||
Five years through ten years | 54,983 | 56,927 | 76,705 | 75,732 | |||||||||||||||||||||
After ten years | 2,552 | 2,740 | - | - | |||||||||||||||||||||
Other equity investments | 396 | 417 | 396 | 384 | |||||||||||||||||||||
$ | 377,933 | $ | 382,343 | $ | 383,665 | $ | 378,133 | ||||||||||||||||||
In 2014, gross realized gains on sales of investment securities were $298 thousand and gross realized losses on sales of investment securities were $276 thousand. In 2013, gross realized gains on sales of investment securities were $237 thousand and gross realized losses on sales of investment securities were $218 thousand. In 2012, gross realized gains on sales of investment securities were $941 thousand and gross realized losses on sales of investment securities were $251 thousand. | |||||||||||||||||||||||||
Proceeds from sales and calls of investment securities in 2014 were $49.91 million, in 2013 were $22.1 million, and in 2012 were $77.1 million. | |||||||||||||||||||||||||
At December 31, 2014, $257.2 million (fair value) of securities were pledged as collateral for certain government deposits, securities sold under agreement to repurchase, and other related purposes. The outstanding balance of no single issuer, except for U.S. Government and U.S. Government agency securities, exceeded ten percent of shareholders’ equity at December 31, 2014 or 2013. |
Note_5_Loans_and_Allowance_for
Note 5 - Loans and Allowance for Credit Losses | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 5 - Loans and Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||
The Bank makes loans to customers primarily in the Washington, D.C. metropolitan area and surrounding communities. A substantial portion of the Bank’s loan portfolio consists of loans to businesses secured by real estate and other business assets. | |||||||||||||||||||||||||||||||||||||
Loans, net of unamortized net deferred fees, at December 31, 2014 and 2013 are summarized by type as follows: | |||||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | % | Amount | % | |||||||||||||||||||||||||||||||||
Commercial | $ | 916,226 | 21 | % | $ | 694,350 | 24 | % | |||||||||||||||||||||||||||||
Income producing - commercial real estate | 1,703,172 | 40 | % | 1,119,800 | 38 | % | |||||||||||||||||||||||||||||||
Owner occupied - commercial real estate | 461,581 | 11 | % | 317,491 | 11 | % | |||||||||||||||||||||||||||||||
Real estate mortgage - residential | 148,018 | 3 | % | 90,418 | 3 | % | |||||||||||||||||||||||||||||||
Construction - commercial and residential | 793,432 | 18 | % | 574,167 | 19 | % | |||||||||||||||||||||||||||||||
Construction - C&I (owner occupied) | 58,032 | 1 | % | 34,659 | 1 | % | |||||||||||||||||||||||||||||||
Home equity | 122,536 | 3 | % | 110,242 | 4 | % | |||||||||||||||||||||||||||||||
Other consumer | 109,402 | 3 | % | 4,031 | - | ||||||||||||||||||||||||||||||||
Total loans | 4,312,399 | 100 | % | 2,945,158 | 100 | % | |||||||||||||||||||||||||||||||
Less: Allowance for Credit Losses | (46,075 | ) | (40,921 | ) | |||||||||||||||||||||||||||||||||
Net loans | $ | 4,266,324 | $ | 2,904,237 | |||||||||||||||||||||||||||||||||
Unamortized net deferred fees amounted to $15.6 million and $12.7 million at December 31, 2014 and 2013, of which $182 thousand and $235 thousand at December 31, 2014 and 2013, respectively, represented net deferred costs on home equity loans. | |||||||||||||||||||||||||||||||||||||
Loans acquired from Virginia Heritage totaled $804 million at fair value, comprised of $801 million of loans that were not considered impaired at the acquisition date and $3.0 million of loans that were determined to be impaired at the time of acquisition. The impaired loans were accounted for in accordance with ASC Topic 310-30 “Accounting for Certain Loans or Debt Securities Acquired in a Transfer” (“ASC 310-30”). At December 31, 2014, the net recorded amount of loans accounted for under ASC 310-30 was $2.9 million. Loans acquired in the Merger that were determined to be purchased credit impaired loans were all considered collateral dependent loans. Therefore, estimated fair value calculations and projected cash flows included only return of principal and no interest income. There was no accretable yield associated with these loans during the year ended 2014. | |||||||||||||||||||||||||||||||||||||
As of December 31, 2014 and 2013, the Bank serviced $67.9 million and $67.6 million, respectively, of loan participations which are not reflected as loan balances on the Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||||||||
Loan Origination/Risk Management | |||||||||||||||||||||||||||||||||||||
The Company’s goal is to mitigate risks in the event of unforeseen threats to the loan portfolio as a result of economic downturn or other negative influences. Plans for mitigating inherent risks in managing loan assets include carefully enforcing loan policies and procedures, evaluating each borrower’s business plan during the underwriting process and throughout the loan term, identifying and monitoring primary and alternative sources for loan repayment, and obtaining collateral to mitigate economic loss in the event of liquidation. Specific loan reserves are established based upon credit and/or collateral risks on an individual loan basis. A risk rating system is employed to proactively estimate loss exposure and provide a measuring system for setting general and specific reserve allocations. | |||||||||||||||||||||||||||||||||||||
The composition of the Company’s loan portfolio is heavily weighted toward commercial real estate, both owner occupied and investment real estate. The combination of owner occupied commercial real estate and owner occupied commercial real estate construction represent 12% of the loan portfolio. At December 31, 2014, the combination of commercial real estate and real estate construction loans represent approximately 70% of the loan portfolio. When owner occupied commercial real estate and owner occupied commercial construction loans are excluded, the percentage of commercial real estate and construction loans to total loans decreases to 58%. These loans are underwritten to mitigate lending risks typical of this type of loan such as declines in real estate values, changes in borrower cash flow and general economic conditions. The Bank typically requires a maximum loan to value of 80% and minimum cash flow debt service coverage of 1.15 to 1.00. Personal guarantees are generally required, but may be limited. In making real estate commercial mortgage loans, the Bank generally requires that interest rates adjust not less frequently than five years. | |||||||||||||||||||||||||||||||||||||
The Company is also an active traditional commercial lender providing loans for a variety of purposes, including cash flow, equipment and account receivable financing. This loan category represents approximately 21% of the loan portfolio at December 31, 2014 and was generally variable or adjustable rate. Commercial loans meet reasonable underwriting standards, including appropriate collateral and cash flow necessary to support debt service. Personal guarantees are generally required, but may be limited. SBA loans represent 2% of the commercial loan category of loans. In originating SBA loans, the Company assumes the risk of non-payment on the unguaranteed portion of the credit. The Company generally sells the guaranteed portion of the loan generating noninterest income from the gains on sale, as well as servicing income on the portion participated. SBA loans are subject to the same cash flow analyses as other commercial loans. SBA loans are subject to a maximum loan size established by the SBA. | |||||||||||||||||||||||||||||||||||||
Approximately 6% of the loan portfolio at December 31, 2014 consists of home equity loans and lines of credit and other consumer loans, consisting primarily of indirect automobile loans acquired in the Merger. These credits, while making up a smaller portion of the loan portfolio, demand the same emphasis on underwriting and credit evaluation as other types of loans advanced by the Bank. | |||||||||||||||||||||||||||||||||||||
Approximately 3% of the loan portfolio consists of residential mortgage loans. These are typically loans underwritten to the same underwriting standards as residential loans held for sale but for shorter terms, generally less than 10 years. | |||||||||||||||||||||||||||||||||||||
Loans are secured primarily by duly recorded first deeds of trust. In some cases, the Bank may accept a recorded junior trust position. In general, borrowers will have a proven ability to build, lease, manage and/or sell a commercial or residential project and demonstrate satisfactory financial condition. Additionally, an equity contribution toward the project is customarily required. | |||||||||||||||||||||||||||||||||||||
Construction loans require that the financial condition and experience of the general contractor and major subcontractors be satisfactory to the Bank. Guaranteed, fixed price contracts are required whenever appropriate, along with payment and performance bonds or completion bonds for larger scale projects. | |||||||||||||||||||||||||||||||||||||
Loans intended for residential land acquisition, lot development and construction are made on the premise that the land: 1) is or will be developed for building sites for residential structures, and; 2) will ultimately be utilized for construction or improvement of residential zoned real properties, including the creation of housing. Residential development and construction loans will finance projects such as single family subdivisions, planned unit developments, townhouses, and condominiums. Residential land acquisition, development and construction loans generally are underwritten with a maximum term of 36 months, including extensions approved at origination. | |||||||||||||||||||||||||||||||||||||
Commercial land acquisition and construction loans are secured by real property where loan funds will be used to acquire land and to construct or improve appropriately zoned real property for the creation of income producing or owner user commercial properties. Borrowers are generally required to put equity into each project at levels determined by the appropriate Loan Committee. Commercial land acquisition and construction loans generally are underwritten with a maximum term of 24 months. | |||||||||||||||||||||||||||||||||||||
Substantially all construction draw requests must be presented in writing on American Institute of Architects documents and certified either by the contractor, the borrower and/or the borrower’s architect. Each draw request shall also include the borrower’s soft cost breakdown certified by the borrower or its Chief Financial Officer. Prior to an advance, the Bank or its contractor inspects the project to determine that the work has been completed, to justify the draw requisition. | |||||||||||||||||||||||||||||||||||||
Commercial permanent loans are secured by improved real property which is generating income in the normal course of operation. Debt service coverage, assuming stabilized occupancy, must be satisfactory to support a permanent loan. The debt service coverage ratio is ordinarily at least 1.15 to 1.00. As part of the underwriting process, debt service coverage ratios are stress tested assuming a 200 basis point increase in interest rates from their current levels. | |||||||||||||||||||||||||||||||||||||
Commercial permanent loans generally are underwritten with a term not greater than 10 years or the remaining useful life of the property, whichever is lower. The preferred term is between 5 to 7 years, with amortization to a maximum of 25 years. | |||||||||||||||||||||||||||||||||||||
The Company’s loan portfolio includes ADC real estate loans including both investment and owner occupied projects. ADC loans amounted to $851.5 million at December 31, 2014. A portion of the ADC portfolio, both speculative and non-speculative, includes loan funded interest reserves at origination. ADC loans containing loan funded interest reserves represent approximately 31% of the outstanding ADC loan portfolio at December 31, 2014. The decision to establish a loan-funded interest reserve is made upon origination of the ADC loan and is based upon a number of factors considered during underwriting of the credit including: (i) the feasibility of the project; (ii) the experience of the sponsor; (iii) the creditworthiness of the borrower and guarantors; (iv) borrower equity contribution; and (v) the level of collateral protection. When appropriate, an interest reserve provides an effective means of addressing the cash flow characteristics of a properly underwritten ADC loan. The Company does not significantly utilize interest reserves in other loan products. The Company recognizes that one of the risks inherent in the use of interest reserves is the potential masking of underlying problems with the project and/or the borrower’s ability to repay the loan. In order to mitigate this inherent risk, the Company employs a series of reporting and monitoring mechanisms on all ADC loans, whether or not an interest reserve is provided, including: (i) construction and development timelines which are monitored on an ongoing basis which track the progress of a given project to the timeline projected at origination; (ii) a construction loan administration department independent of the lending function; (iii) third party independent construction loan inspection reports; (iv) monthly interest reserve monitoring reports detailing the balance of the interest reserves approved at origination and the days of interest carry represented by the reserve balances as compared to the then current anticipated time to completion and/or sale of speculative projects; and (v) quarterly commercial real estate construction meetings among senior Company management, which includes monitoring of current and projected real estate market conditions. If a project has not performed as expected, it is not the customary practice of the Company to increase loan funded interest reserves. | |||||||||||||||||||||||||||||||||||||
From time to time the Company may make loans for its own portfolio or through its higher risk loan affiliate, ECV. Such loans, which are made to finance projects (which may also be financed at the Bank level), may have higher risk characteristics than loans made by the Bank, such as lower priority interests and/or higher loan to value ratios. The Company seeks an overall financial return on these transactions commensurate with the risks and structure of each individual loan. Certain transactions may bear current interest at a rate with a significant premium to normal market rates. Other loan transactions may carry a standard rate of current interest, but also earn additional interest based on a percentage of the profits of the underlying project or a fixed accrued rate of interest. | |||||||||||||||||||||||||||||||||||||
The following tables detail activity in the allowance for credit losses by portfolio segment for the years ended December 31, 2014 and 2013. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial | Income Producing Commercial Real Estate | Owner Occupied Commercial Real Estate | Real Estate Mortgage Residential | Construction Commercial and Residential | Home Equity | Other Consumer | Total | |||||||||||||||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 9,780 | $ | 10,359 | $ | 3,899 | $ | 944 | $ | 13,934 | $ | 1,871 | $ | 134 | $ | 40,921 | |||||||||||||||||||||
Loans charged-off | (2,634 | ) | (121 | ) | (752 | ) | (138 | ) | (2,721 | ) | (379 | ) | (189 | ) | (6,934 | ) | |||||||||||||||||||||
Recoveries of loans previously charged-off | 977 | 42 | 7 | - | 83 | 10 | 90 | 1,209 | |||||||||||||||||||||||||||||
Net loans charged-off | (1,657 | ) | (79 | ) | (745 | ) | (138 | ) | (2,638 | ) | (369 | ) | (99 | ) | (5,725 | ) | |||||||||||||||||||||
Provision for credit losses | 5,099 | 1,162 | (200 | ) | 453 | 4,329 | (33 | ) | 69 | 10,879 | |||||||||||||||||||||||||||
Ending balance | $ | 13,222 | $ | 11,442 | $ | 2,954 | $ | 1,259 | $ | 15,625 | $ | 1,469 | $ | 104 | $ | 46,075 | |||||||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 5,334 | $ | 751 | $ | 577 | $ | - | $ | 927 | $ | 430 | $ | 45 | $ | 8,064 | |||||||||||||||||||||
Collectively evaluated for impairment | 7,888 | 10,691 | 2,377 | 1,259 | 14,698 | 1,039 | 59 | 38,011 | |||||||||||||||||||||||||||||
Ending balance | $ | 13,222 | $ | 11,442 | $ | 2,954 | $ | 1,259 | $ | 15,625 | $ | 1,469 | $ | 104 | $ | 46,075 | |||||||||||||||||||||
(dollars in thousands) | Commercial | Income Producing Commercial Real Estate | Owner Occupied Commercial Real Estate | Real Estate Mortgage Residential | Construction Commercial and Residential | Home Equity | Other Consumer | Total | |||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 9,412 | $ | 9,148 | $ | 2,781 | $ | 659 | $ | 13,391 | $ | 1,730 | $ | 371 | $ | 37,492 | |||||||||||||||||||||
Loans charged-off | (4,275 | ) | (602 | ) | - | - | (2,010 | ) | (89 | ) | (63 | ) | (7,039 | ) | |||||||||||||||||||||||
Recoveries of loans previously charged-off | 161 | - | - | - | 688 | 11 | 6 | 866 | |||||||||||||||||||||||||||||
Net loans charged-off | (4,114 | ) | (602 | ) | - | - | (1,322 | ) | (78 | ) | (57 | ) | (6,173 | ) | |||||||||||||||||||||||
Provision for credit losses | 4,482 | 1,813 | 1,118 | 285 | 1,865 | 219 | (180 | ) | 9,602 | ||||||||||||||||||||||||||||
Ending balance | $ | 9,780 | $ | 10,359 | $ | 3,899 | $ | 944 | $ | 13,934 | $ | 1,871 | $ | 134 | $ | 40,921 | |||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,323 | $ | 1,098 | $ | 1,853 | $ | 27 | $ | 1,625 | $ | 526 | $ | 68 | $ | 6,520 | |||||||||||||||||||||
Collectively evaluated for impairment | 8,457 | 9,261 | 2,046 | 917 | 12,309 | 1,345 | 66 | 34,401 | |||||||||||||||||||||||||||||
Ending balance | $ | 9,780 | $ | 10,359 | $ | 3,899 | $ | 944 | $ | 13,934 | $ | 1,871 | $ | 134 | $ | 40,921 | |||||||||||||||||||||
There was no amount included in the allowance for loan losses associated with purchased credit impaired loans at December 31, 2014, as there was no further deterioration in the credit quality of these loans since the Merger date. | |||||||||||||||||||||||||||||||||||||
The Company’s recorded investments in loans as of December 31, 2014 and December 31, 2013 related to each balance in the allowance for loan losses by portfolio segment and disaggregated on the basis of the Company’s impairment methodology was as follows: | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial | Income Producing Commercial Real Estate | Owner Occupied Commercial Real Estate | Real Estate Mortgage Residential | Construction Commercial and Residential | Home Equity | Other Consumer | Total | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||
Recorded investment in loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 17,612 | $ | 5,109 | $ | 6,891 | $ | - | $ | 14,241 | $ | 1,398 | $ | 59 | $ | 45,310 | |||||||||||||||||||||
Collectively evaluated for impairment | 898,614 | 1,698,063 | 454,690 | 148,018 | 837,223 | 121,138 | 109,343 | 4,267,089 | |||||||||||||||||||||||||||||
Ending balance | $ | 916,226 | $ | 1,703,172 | $ | 461,581 | $ | 148,018 | $ | 851,464 | $ | 122,536 | $ | 109,402 | $ | 4,312,399 | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Recorded investment in loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 9,614 | $ | 2,682 | $ | 7,574 | $ | 113 | $ | 13,862 | $ | 682 | $ | 70 | $ | 34,597 | |||||||||||||||||||||
Collectively evaluated for impairment | 684,736 | 1,117,118 | 309,917 | 90,305 | 594,964 | 109,560 | 3,961 | 2,910,561 | |||||||||||||||||||||||||||||
Ending balance | $ | 694,350 | $ | 1,119,800 | $ | 317,491 | $ | 90,418 | $ | 608,826 | $ | 110,242 | $ | 4,031 | $ | 2,945,158 | |||||||||||||||||||||
At December 31, 2014, the nonperforming loans acquired from Fidelity and Virginia Heritage have a carrying value of $529 thousand and $2.9 million, and an unpaid principal balance of $586 thousand and $4.0 million, and were evaluated separately in accordance with ASC Topic 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” The various impaired loans were recorded at estimated fair value with any excess being charged-off or treated as a non-accretable discount. Subsequent downward adjustments to the valuation of impaired loans acquired will result in additional loan loss provisions and related allowance for credit losses. Subsequent upward adjustments to the valuation of impaired loans acquired will result in accretable discount. No adjustments have been made to the fair value amounts of impaired loans subsequent to the allowable period of adjustment from the date of acquisition. | |||||||||||||||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||||||||||||||
The Company uses several credit quality indicators to manage credit risk in an ongoing manner. The Company's primary credit quality indicators are to use an internal credit risk rating system that categorizes loans into pass, watch, special mention, or classified categories. Credit risk ratings are applied individually to those classes of loans that have significant or unique credit characteristics that benefit from a case-by-case evaluation. These are typically loans to businesses or individuals in the classes which comprise the commercial portfolio segment. Groups of loans that are underwritten and structured using standardized criteria and characteristics, such as statistical models (e.g., credit scoring or payment performance), are typically risk rated and monitored collectively. These are typically loans to individuals in the classes which comprise the consumer portfolio segment. | |||||||||||||||||||||||||||||||||||||
The following are the definitions of the Company's credit quality indicators: | |||||||||||||||||||||||||||||||||||||
Pass: | Loans in all classes that comprise the commercial and consumer portfolio segments that are not adversely rated, are contractually current as to principal and interest, and are otherwise in compliance with the contractual terms of the loan agreement. Management believes that there is a low likelihood of loss related to those loans that are considered pass. | ||||||||||||||||||||||||||||||||||||
Watch: | Loan paying as agreed with generally acceptable asset quality; however the obligor’s performance has not met expectations. Balance sheet and/or income statement has shown deterioration to the point that the obligor could not sustain any further setbacks. Credit is expected to be strengthened through improved obligor performance and/or additional collateral within a reasonable period of time. | ||||||||||||||||||||||||||||||||||||
Special Mention: | Loans in the classes that comprise the commercial portfolio segment that have potential weaknesses that deserve management's close attention. If not addressed, these potential weaknesses may result in deterioration of the repayment prospects for the loan. The special mention credit quality indicator is not used for classes of loans that comprise the consumer portfolio segment. Management believes that there is a moderate likelihood of some loss related to those loans that are considered special mention. | ||||||||||||||||||||||||||||||||||||
Classified: | Classified (a) Substandard - Loans inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the company will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard loans, does not have to exist in individual loans classified substandard. | ||||||||||||||||||||||||||||||||||||
Classified (b) Doubtful - Loans that have all the weaknesses inherent in a loan classified substandard, 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 reasonably specific pending factors, which may work to the advantage and strengthening of the assets, its classification as an estimated loss is deferred until its more exact status may be determined. | |||||||||||||||||||||||||||||||||||||
The Company's credit quality indicators are updated generally on a quarterly basis, but no less frequently than annually. The following table presents by class and by credit quality indicator, the recorded investment in the Company's loans and leases as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Pass | Watch and Special Mention | Substandard | Doubtful | Total Loans | ||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 875,102 | $ | 23,512 | $ | 17,612 | $ | - | $ | 916,226 | |||||||||||||||||||||||||||
Income producing - commercial real estate | 1,679,101 | 18,962 | 5,109 | - | 1,703,172 | ||||||||||||||||||||||||||||||||
Owner occupied - commercial real estate | 445,013 | 9,677 | 6,891 | - | 461,581 | ||||||||||||||||||||||||||||||||
Real estate mortgage – residential | 147,262 | 756 | - | - | 148,018 | ||||||||||||||||||||||||||||||||
Construction - commercial and residential | 827,503 | 9,720 | 14,241 | - | 851,464 | ||||||||||||||||||||||||||||||||
Home equity | 119,420 | 1,718 | 1,398 | - | 122,536 | ||||||||||||||||||||||||||||||||
Other consumer | 109,343 | - | 59 | - | 109,402 | ||||||||||||||||||||||||||||||||
Total | $ | 4,202,744 | $ | 64,345 | $ | 45,310 | $ | - | $ | 4,312,399 | |||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 655,409 | $ | 29,327 | $ | 9,614 | $ | - | $ | 694,350 | |||||||||||||||||||||||||||
Income producing - commercial real estate | 1,095,285 | 21,833 | 2,682 | - | 1,119,800 | ||||||||||||||||||||||||||||||||
Owner occupied - commercial real estate | 294,337 | 15,580 | 7,574 | - | 317,491 | ||||||||||||||||||||||||||||||||
Real estate mortgage – residential | 89,501 | 804 | 113 | - | 90,418 | ||||||||||||||||||||||||||||||||
Construction - commercial and residential | 575,321 | 19,643 | 13,862 | - | 608,826 | ||||||||||||||||||||||||||||||||
Home equity | 107,415 | 2,145 | 682 | - | 110,242 | ||||||||||||||||||||||||||||||||
Other consumer | 3,961 | - | 70 | - | 4,031 | ||||||||||||||||||||||||||||||||
Total | $ | 2,821,229 | $ | 89,332 | $ | 34,597 | $ | - | $ | 2,945,158 | |||||||||||||||||||||||||||
Nonaccrual and Past Due Loans | |||||||||||||||||||||||||||||||||||||
Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on nonaccrual status when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. Loans may be placed on nonaccrual status regardless of whether or not such loans are considered past due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | |||||||||||||||||||||||||||||||||||||
The following presents by class of loan, information related to nonaccrual loans as of the year ended December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
Commercial | $ | 12,975 | $ | 6,779 | |||||||||||||||||||||||||||||||||
Income producing - commercial real estate | 2,645 | 2,525 | |||||||||||||||||||||||||||||||||||
Owner occupied - commercial real estate | 1,324 | 5,452 | |||||||||||||||||||||||||||||||||||
Real estate mortgage - residential | 346 | 887 | |||||||||||||||||||||||||||||||||||
Construction - commercial and residential | 3,697 | 8,366 | |||||||||||||||||||||||||||||||||||
Home equity | 1,398 | 623 | |||||||||||||||||||||||||||||||||||
Other consumer | 58 | 70 | |||||||||||||||||||||||||||||||||||
Total nonaccrual loans (1)(2) | $ | 22,443 | $ | 24,702 | |||||||||||||||||||||||||||||||||
-1 | Excludes troubled debt restructurings (“TDRs”) that were performing under their restructured terms totaling $13.5 million at December 31, 2014, and $7.9 million at December 31, 2013. | ||||||||||||||||||||||||||||||||||||
-2 | Gross interest income that would have been recorded in 2014 if nonaccrual loans shown above had been current and in accordance with their original terms was $1.5 million, while interest actually recorded on such loans was $1.7 million. See Note 1 to the Consolidated Financial Statements for a description of the Company’s policy for placing loans on nonaccrual status. | ||||||||||||||||||||||||||||||||||||
The following table presents by class, an aging analysis and the recorded investments in loans past due as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Loans 30-59 Days Past Due | Loans 60-89 Days Past Due | Loans 90 Days or More Past Due | Total Past Due Loans | Current Loans | Total Recorded Investment in Loans | |||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 1,505 | $ | 4,032 | $ | 12,975 | $ | 18,512 | $ | 897,714 | $ | 916,226 | |||||||||||||||||||||||||
Income producing - commercial real estate | 1,825 | 5,376 | 2,645 | 9,846 | 1,693,326 | 1,703,172 | |||||||||||||||||||||||||||||||
Owner occupied - commercial real estate | 1,089 | 214 | 1,324 | 2,627 | 458,954 | 461,581 | |||||||||||||||||||||||||||||||
Real estate mortgage – residential | - | - | 346 | 346 | 147,672 | 148,018 | |||||||||||||||||||||||||||||||
Construction - commercial and residential | - | - | 3,697 | 3,697 | 847,767 | 851,464 | |||||||||||||||||||||||||||||||
Home equity | - | 1,365 | 1,398 | 2,763 | 119,773 | 122,536 | |||||||||||||||||||||||||||||||
Other consumer | 284 | 81 | 58 | 423 | 108,979 | 109,402 | |||||||||||||||||||||||||||||||
Total | $ | 4,703 | $ | 11,068 | $ | 22,443 | $ | 38,214 | $ | 4,274,182 | $ | 4,312,399 | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 1,698 | $ | 11,146 | $ | 6,779 | $ | 19,623 | $ | 674,727 | $ | 694,350 | |||||||||||||||||||||||||
Income producing - commercial real estate | 818 | - | 2,525 | 3,343 | 1,116,457 | 1,119,800 | |||||||||||||||||||||||||||||||
Owner occupied - commercial real estate | 360 | 2,121 | 5,452 | 7,933 | 309,558 | 317,491 | |||||||||||||||||||||||||||||||
Real estate mortgage – residential | - | - | 887 | 887 | 89,531 | 90,418 | |||||||||||||||||||||||||||||||
Construction - commercial and residential | - | - | 8,366 | 8,366 | 600,460 | 608,826 | |||||||||||||||||||||||||||||||
Home equity | 626 | 359 | 623 | 1,608 | 108,634 | 110,242 | |||||||||||||||||||||||||||||||
Other consumer | - | 15 | 70 | 85 | 3,946 | 4,031 | |||||||||||||||||||||||||||||||
Total | $ | 3,502 | $ | 13,641 | $ | 24,702 | $ | 41,845 | $ | 2,903,313 | $ | 2,945,158 | |||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||||||
Loans are considered impaired when, based on current information and events, it is probable the Company will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement, including scheduled principal and interest payments. Impairment is evaluated in total for smaller-balance loans of a similar nature and on an individual loan basis for other loans. If a loan is impaired, a specific valuation allowance is allocated, if necessary, so that the loan is reported net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured, in which case interest is recognized on a cash basis. Impaired loans, or portions thereof, are charged off when deemed uncollectible. | |||||||||||||||||||||||||||||||||||||
The following table presents by class, information related to impaired loans for the years ended December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||
Unpaid Contractual | Recorded Investment | Recorded Investment | Total | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Principal Balance | With No Allowance | With Allowance | Recorded Investment | Related Allowance | Quarter To Date | Year To Date | Quarter To Date | Year To Date | ||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 14,075 | $ | 1,603 | $ | 11,372 | $ | 12,975 | $ | 5,334 | $ | 14,203 | $ | 13,681 | $ | 20 | $ | 251 | |||||||||||||||||||
Income producing - commercial real estate | 10,869 | 8,952 | 1,542 | 10,494 | 751 | 8,202 | 7,021 | 196 | 203 | ||||||||||||||||||||||||||||
Owner occupied - commercial real estate | 1,889 | 1,038 | 851 | 1,889 | 577 | 2,696 | 3,986 | - | 6 | ||||||||||||||||||||||||||||
Real estate mortgage – residential | 346 | 346 | - | 346 | - | 348 | 529 | - | - | ||||||||||||||||||||||||||||
Construction - commercial and residential | 8,785 | 8,176 | 609 | 8,785 | 927 | 10,113 | 10,967 | 436 | 1,147 | ||||||||||||||||||||||||||||
Home equity | 1,398 | 339 | 1,059 | 1,398 | 430 | 993 | 747 | 32 | 36 | ||||||||||||||||||||||||||||
Other consumer | 58 | - | 58 | 58 | 45 | 29 | 30 | 7 | 7 | ||||||||||||||||||||||||||||
Total | $ | 37,420 | $ | 20,454 | $ | 15,491 | $ | 35,945 | $ | 8,064 | $ | 36,584 | $ | 36,961 | $ | 691 | $ | 1,650 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 6,779 | $ | 2,327 | $ | 4,452 | $ | 6,779 | $ | 1,323 | $ | 8,193 | $ | 8,877 | $ | 53 | $ | 131 | |||||||||||||||||||
Income producing - commercial real estate | 5,902 | 1,322 | 4,580 | 5,902 | 1,098 | 6,183 | 5,755 | 38 | 175 | ||||||||||||||||||||||||||||
Owner occupied - commercial real estate | 5,452 | 111 | 5,341 | 5,452 | 1,853 | 5,939 | 6,285 | 52 | 108 | ||||||||||||||||||||||||||||
Real estate mortgage – residential | 887 | 774 | 113 | 887 | 27 | 891 | 792 | 2 | 2 | ||||||||||||||||||||||||||||
Construction - commercial and residential | 13,233 | 5,358 | 7,575 | 12,933 | 1,625 | 13,405 | 17,298 | 44 | 169 | ||||||||||||||||||||||||||||
Home equity | 623 | - | 623 | 623 | 526 | 567 | 508 | 2 | 4 | ||||||||||||||||||||||||||||
Other consumer | 70 | - | 70 | 70 | 68 | 58 | 34 | 1 | 2 | ||||||||||||||||||||||||||||
Total | $ | 32,946 | $ | 9,892 | $ | 22,754 | $ | 32,646 | $ | 6,520 | $ | 35,236 | $ | 39,549 | $ | 192 | $ | 591 | |||||||||||||||||||
Modifications | |||||||||||||||||||||||||||||||||||||
A modification of a loan constitutes a troubled debt restructuring (“TDR”) when a borrower is experiencing financial difficulty and the modification constitutes a concession. The Company offers various types of concessions when modifying a loan. Commercial and industrial loans modified in a TDR often involve temporary interest-only payments, term extensions, and converting revolving credit lines to term loans. Additional collateral, a co-borrower, or a guarantor is often requested. Commercial mortgage and construction loans modified in a TDR often involve reducing the interest rate for the remaining term of the loan, extending the maturity date at an interest rate lower than the current market rate for new debt with similar risk, or substituting or adding a new borrower or guarantor. Construction loans modified in a TDR may also involve extending the interest-only payment period. | |||||||||||||||||||||||||||||||||||||
Loans modified in a TDR for the Company may have the financial effect of increasing the specific allowance associated with the loan. An allowance for impaired consumer and commercial loans that have been modified in a TDR is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the estimated fair value of the collateral, less any selling costs, if the loan is collateral dependent. Management exercises significant judgment in developing these estimates. | |||||||||||||||||||||||||||||||||||||
The following table presents by class, the recorded investment of loans modified in TDRs during the years ended December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of Contracts | TDRs Performing to Modified Terms | TDRs Not Performing to Modified Terms | Total TDRs | |||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||
Commercial | 1 | $ | - | $ | 227 | $ | 227 | ||||||||||||||||||||||||||||||
Income producing - commercial real estate | 3 | 7,849 | - | 7,849 | |||||||||||||||||||||||||||||||||
Owner occupied - commercial real estate | 1 | 565 | - | 565 | |||||||||||||||||||||||||||||||||
Construction - commercial and residential | 1 | 5,088 | - | 5,088 | |||||||||||||||||||||||||||||||||
Total | 6 | $ | 13,502 | $ | 227 | $ | 13,729 | ||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Commercial | 3 | $ | - | $ | 4,042 | $ | 4,042 | ||||||||||||||||||||||||||||||
Income producing - commercial real estate | 3 | 3,377 | 217 | 3,594 | |||||||||||||||||||||||||||||||||
Owner occupied - commercial real estate | 1 | - | 4,081 | 4,081 | |||||||||||||||||||||||||||||||||
Construction - commercial and residential | 2 | 4,567 | 912 | 5,479 | |||||||||||||||||||||||||||||||||
Total | 9 | $ | 7,944 | $ | 9,252 | $ | 17,196 | ||||||||||||||||||||||||||||||
During the year ended December 31, 2014, eight performing TDR loans totaling approximately $11.6 million experienced defaults on their modified terms. These eight previously performing TDRs were reclassified as follows; four nonperforming TDRs totaling $9.1 million were sold during the year, one nonperforming TDR totaling approximately $2.0 million was reclassified to OREO after the Company took possession of the underlying collateral, the Company was paid off on another TDR totaling $217 thousand, one to nonperforming loans totaling $227 thousand was reclassified to nonperforming loans, one TDR totaling $95 thousand was charged-off. A default is considered to have occurred once the TDR is past due 90 days or more, or it has been placed on nonaccrual. Commercial and consumer loans modified in a TDR are closely monitored for delinquency as an early indicator of possible future default. If loans modified in a TDR subsequently default, the Company evaluates the loan for possible further impairment. The allowance may be increased, adjustments may be made in the allocation of the allowance, or partial charge-offs may be taken to further write-down the carrying value of the loan. There were four loans totaling approximately $8.0 million modified in a TDR during the year ended December 31 2014, as compared to one loan totaling $1.2 million was modified during the year ended December 31, 2013. | |||||||||||||||||||||||||||||||||||||
Related Party Loans | |||||||||||||||||||||||||||||||||||||
Certain directors and executive officers have had loan transactions with the Company. Such loans were made in the ordinary course of business on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with outsiders. The following table summarizes changes in amounts of loans outstanding, both direct and indirect, to those persons during 2014 and 2013. | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 30,123 | $ | 31,435 | |||||||||||||||||||||||||||||||||
Additions | 10,000 | 7,091 | |||||||||||||||||||||||||||||||||||
Repayments | (23,041 | ) | (8,403 | ) | |||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 17,082 | $ | 30,123 | |||||||||||||||||||||||||||||||||
Note_6_Premises_and_Equipment
Note 6 - Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | Note 6 - Premises and Equipment | ||||||||
Premises and equipment include the following at December 31: | |||||||||
(dollars in thousands) | 2014 | 2013 | |||||||
Leasehold improvements | $ | 23,050 | $ | 18,213 | |||||
Furniture and equipment | 20,931 | 18,289 | |||||||
Less accumulated depreciation and amortization | (24,882 | ) | (19,765 | ) | |||||
Total premises and equipment, net | $ | 19,099 | $ | 16,737 | |||||
Total depreciation and amortization expense for the years ended December 31, 2014, 2013, and 2012, was $4.6 million, $3.9 million, and $3.1 million, respectively. | |||||||||
The Company leases banking and office space in thirty three locations under non-cancelable lease arrangements accounted for as operating leases. The initial lease periods range from five to ten years and provide for one or more five year renewal options. The leases in some cases provide for scheduled annual rent escalations and require that the Bank (lessee) pay certain operating expenses applicable to the leased space. Rent expense applicable to operating leases amounted to $7.5 million for 2014, $6.9 million in 2013, and $6.1 million in 2012. The Company subleased two leased premises during 2014, 2013, and 2012 and recorded $114 thousand, $57 thousand, and $99 thousand respectively, as a reduction of rent expense during 2014, 2013, and 2012. | |||||||||
At December 31, 2014, future minimum lease payments under non-cancelable operating leases having an initial term in excess of one year are as follows: | |||||||||
Years ending December 31: | |||||||||
(dollars in thousands) | |||||||||
2015 | $ | 8,610 | |||||||
2016 | 7,927 | ||||||||
2017 | 7,046 | ||||||||
2018 | 6,384 | ||||||||
2019 | 5,999 | ||||||||
Thereafter | 12,394 | ||||||||
Total minimum lease payments | $ | 48,360 | |||||||
Note_7_Intangible_Assets
Note 7 - Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||
Intangible Assets Disclosure [Text Block] | Note 7 – Intangible Assets | ||||||||||||||||
Intangible assets are included in the Consolidated Balance Sheets as a separate line item, net of accumulated amortization and consist of the following items: | |||||||||||||||||
(dollars in thousands) | Gross Intangible Assets | Additions | Accumulated Amortization | Net Intangible Assets | |||||||||||||
2014 | |||||||||||||||||
Goodwill (1) | $ | 2,163 | $ | 102,262 | $ | - | $ | 104,425 | |||||||||
Core deposit (2) | 2,520 | 4,550 | (1,869 | ) | 5,201 | ||||||||||||
Excess servicing (3) | 865 | 330 | (913 | ) | 282 | ||||||||||||
$ | 5,548 | $ | 107,142 | $ | (2,782 | ) | $ | 109,908 | |||||||||
2013 | |||||||||||||||||
Goodwill (1) | $ | 2,163 | $ | - | $ | - | $ | 2,163 | |||||||||
Core deposit (2) | 2,520 | - | (1,407 | ) | 1,113 | ||||||||||||
Excess servicing (3) | 526 | 339 | (631 | ) | 234 | ||||||||||||
$ | 5,209 | $ | 339 | $ | (2,038 | ) | $ | 3,510 | |||||||||
-1 | The Company recorded an initial amount of unidentified intangible (goodwill) incident to the acquisition of Fidelity & Trust Financial Corporation (“Fidelity”) of approximately $360 thousand. Based on allowable adjustments through August 31, 2009, the unidentified intangible (goodwill) amounted to approximately $2.2 million. The Company recorded an initial amount of unidentified intangible (goodwill) incident to the acquisition of Virginia Heritage of approximately $102.3 million. | ||||||||||||||||
-2 | In connection with the Fidelity acquisition (August 2008), one branch purchase (January 2011), and the Virginia Heritage acquisition, the Company made an allocation of the purchase price to the core deposit intangibles which were $2.3 million, $215 thousand, and $4.6 million respectively based on an independent evaluation. The amount of the core deposit intangible relating to the one branch acquisition was fully amortized at December 31, 2013. The amount of the core deposit intangible relating to the Fidelity acquisition at December 31, 2014 was $804 thousand, which is being amortized over its remaining economic life of 1.2 years as a component of other noninterest expense. The amount of the core deposit intangible relating to the Virginia Heritage acquisition at December 31, 2014 was $4.4 million, which is being amortized over its remaining economic life of 6 years as a component of other noninterest expense. | ||||||||||||||||
-3 | The Company recognizes a servicing asset for the computed value of servicing fees on the sale of the guaranteed portion of SBA loans, which is in excess of a normal servicing fee. Assumptions related to the loan term and amortization period are made to arrive at the initial recorded value. | ||||||||||||||||
The future estimated annual amortization expense is presented below: | |||||||||||||||||
Years ending December 31: | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
2015 | $ | 1,215 | |||||||||||||||
2016 | 1,207 | ||||||||||||||||
2017 | 1,064 | ||||||||||||||||
2018 | 957 | ||||||||||||||||
2019 | 715 | ||||||||||||||||
Thereafter | 43 | ||||||||||||||||
Total | $ | 5,201 | |||||||||||||||
Note_8_Derivatives
Note 8 - Derivatives | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Derivatives and Fair Value [Text Block] | Note 8 – Derivatives |
As part of its mortgage banking activities, the Bank enters into interest rate lock commitments, which are commitments to originate loans where the interest rate on the loan is determined prior to funding and the customers have locked into that interest rate. The Bank then locks in the loan and interest rate with an investor and commits to deliver the loan if settlement occurs (“best efforts”) or commits to deliver the locked loan in a binding (“mandatory”) delivery program with an investor. Certain loans under interest rate lock commitments are covered under forward sales contracts of mortgage backed securities (“MBS”). Forward sales contracts of MBS are recorded at fair value with changes in fair value recorded in noninterest income. Interest rate lock commitments and commitments to deliver loans to investors are considered derivatives. The market value of interest rate lock commitments and best efforts contracts are not readily ascertainable with precision because they are not actively traded in stand-alone markets. The Bank determines the fair value of interest rate lock commitments and delivery contracts by measuring the fair value of the underlying asset, which is impacted by current interest rates, taking into consideration the probability that the interest rate lock commitments will close or will be funded. | |
Certain additional risks arise from these forward delivery contracts in that the counterparties to the contracts may not be able to meet the terms of the contracts. The Bank does not expect any counterparty to any MBS to fail to meet its obligation. Additional risks inherent in mandatory delivery programs include the risk that, if the Bank does not close the loans subject to interest rate risk lock commitments, it will still be obligated to deliver MBS to the counterparty under the forward sales agreement. Should this be required, the Bank could incur significant costs in acquiring replacement loans or MBS and such costs could have an adverse effect on mortgage banking operations. | |
The fair value of the derivatives is recorded as a freestanding asset or liability with the change in value being recognized in current earnings during the period of change. | |
At December 31, 2014 the Bank had derivative financial instruments with a notional value of $45.1 million related to its forward contracts. The fair value of these derivative instruments at December 31, 2014 were $146 thousand included in other assets and $250 thousand included in other liabilities. There were no derivative instruments in 2013. | |
Included in other noninterest income for the year ended December 31, 2014 was a net gain of $140 thousand, relating to derivative instruments. The amount included in other noninterest income for year ended December 31, 2014 pertaining to its hedging activities was a net realized loss of $108 thousand. There were no derivative instruments or hedging activities in 2013. |
Note_9_Deposits
Note 9 - Deposits | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||
Deposit Liabilities Disclosures [Text Block] | Note 9 – Deposits | ||||||||||||||||||||||||
The following table provides information regarding the Bank’s deposit composition and shows the average rate being paid on the interest bearing deposits at December 31, 2014, 2013 and 2012. | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(dollars in thousands) | Balance | Average Rate | Balance | Average Rate | Balance | Average Rate | |||||||||||||||||||
Noninterest bearing demand | $ | 1,175,799 | - | $ | 849,409 | - | $ | 881,390 | - | ||||||||||||||||
Interest bearing transaction | 143,628 | 0.13 | % | 118,580 | 0.26 | % | 113,813 | 0.34 | % | ||||||||||||||||
Savings and money market | 2,302,600 | 0.32 | % | 1,811,088 | 0.35 | % | 1,374,869 | 0.48 | % | ||||||||||||||||
Time, $100,000 or more | 393,132 | 0.68 | % | 203,706 | 0.88 | % | 232,875 | 1.12 | % | ||||||||||||||||
Other time | 295,609 | 0.7 | % | 242,631 | 0.54 | % | 294,275 | 0.71 | % | ||||||||||||||||
Total | $ | 4,310,768 | $ | 3,225,414 | $ | 2,897,222 | |||||||||||||||||||
The remaining maturity of time deposits at December 31, 2014, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Three months or less | $ | 104,482 | $ | 82,790 | $ | 102,022 | |||||||||||||||||||
More than three months through six months | 106,861 | 109,101 | 88,156 | ||||||||||||||||||||||
More than six months through twelve months | 182,187 | 118,646 | 104,122 | ||||||||||||||||||||||
Over twelve months | 295,211 | 135,800 | 232,850 | ||||||||||||||||||||||
Total | $ | 688,741 | $ | 446,337 | $ | 527,150 | |||||||||||||||||||
Interest expense on deposits for the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Interest bearing transaction | $ | 178 | $ | 298 | $ | 289 | |||||||||||||||||||
Savings and money market | 6,265 | 5,765 | 5,946 | ||||||||||||||||||||||
Time, $100,000 or more | 2,830 | 2,080 | 2,729 | ||||||||||||||||||||||
Other time | 365 | 2,471 | 3,093 | ||||||||||||||||||||||
Total | $ | 9,638 | $ | 10,614 | $ | 12,057 | |||||||||||||||||||
Note_10_Borrowings
Note 10 - Borrowings | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||
Debt Disclosure [Text Block] | Note 10 – Borrowings | ||||||||||||||||||||||||
Information relating to short-term and long-term borrowings is as follows for the years ended December 31: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(dollars in thousands) | Amount | Rate | Amount | Rate | Amount | Rate | |||||||||||||||||||
Short-term: | |||||||||||||||||||||||||
At Year-End: | |||||||||||||||||||||||||
Customer repurchase agreements and federal funds purchased | $ | 61,120 | 0.25 | % | $ | 80,471 | 0.28 | % | $ | 101,338 | 0.31 | % | |||||||||||||
Total | $ | 61,120 | $ | 80,471 | $ | 101,338 | |||||||||||||||||||
Average Daily Balance: | |||||||||||||||||||||||||
Customer repurchase agreements and federal funds purchased | $ | 63,490 | 0.23 | % | $ | 94,566 | 0.27 | % | $ | 96,141 | 0.34 | % | |||||||||||||
Federal Home Loan Bank – current portion | 7,288 | 0.42 | % | - | - | 503 | 0.41 | % | |||||||||||||||||
Maximum Month-end Balance: | |||||||||||||||||||||||||
Customer repurchase agreements and federal funds purchased | $ | 80,471 | 0.28 | % | $ | 106,975 | 0.23 | % | $ | 111,580 | 0.34 | % | |||||||||||||
Federal Home Loan Bank – current portion | 100,000 | 0.38 | % | - | - | 10,000 | 2.98 | % | |||||||||||||||||
Long-term: | |||||||||||||||||||||||||
At Year-End: | |||||||||||||||||||||||||
Federal Home Loan Bank | $ | 40,000 | 2.62 | % | $ | 30,000 | 2.46 | % | $ | 30,000 | 2.43 | % | |||||||||||||
Subordinated Notes | 79,300 | 6.4 | % | 9,300 | 8.5 | % | 9,300 | 10 | % | ||||||||||||||||
United Bank Line of Credit | - | - | - | - | - | - | |||||||||||||||||||
Average Daily Balance: | |||||||||||||||||||||||||
Federal Home Loan Bank | $ | 39,205 | 2 | % | $ | 30,000 | 2.46 | % | $ | 37,404 | 2.9 | % | |||||||||||||
Subordinated Notes | 37,875 | 6.59 | % | 9,300 | 9.64 | % | 9,300 | 10 | % | ||||||||||||||||
United Bank Line of Credit | - | - | - | - | - | - | |||||||||||||||||||
Maximum Month-end Balance: | |||||||||||||||||||||||||
Federal Home Loan Bank | $ | 122,500 | 0.68 | % | $ | 30,000 | 2.46 | % | $ | 40,000 | 2.96 | % | |||||||||||||
Subordinated Notes | 79,300 | 6.52 | % | 9,300 | 10 | % | 9,300 | 10 | % | ||||||||||||||||
United Bank Line of Credit | - | - | - | - | - | - | |||||||||||||||||||
The Company offers its business customers a repurchase agreement sweep account in which it collateralizes these funds with U.S. Government agency and mortgage backed securities segregated in its investment portfolio for this purpose. By entering into the agreement, the customer agrees to have the Bank repurchase the designated securities on the business day following the initial transaction in consideration of the payment of interest at the rate prevailing on the day of the transaction. | |||||||||||||||||||||||||
The Bank has commitments from correspondent banks under which it can purchase up to $137.5 million in federal funds on an unsecured basis, against which there were no amounts outstanding at December 31, 2014 and can borrow unsecured funds under one-way Certificates of Deposit Account Registry Service (“CDARS”) brokered deposits in the amount of $784.4 million, against which there was $14.3 million outstanding at December 31, 2014. The Bank has a commitment at December 31, 2014 from Promontory to place up to $300.0 million of brokered deposits from its Insured Network Deposit (“IND”) program with the Bank in amounts requested by the Bank, against which there was $246.9 million outstanding at December 31, 2014. At December 31, 2014, the Bank was also eligible to make advances from the FHLB up to $576.4 million based on collateral at the FHLB, of which $185.3 million was outstanding at December 31, 2014. The Bank may enter into repurchase agreements as well as obtain additional borrowing capabilities from the FHLB provided adequate collateral exists to secure these lending relationships. The Bank also has a back-up borrowing facility through the Discount Window at the Federal Reserve Bank of Richmond (“Federal Reserve Bank”). This facility, which amounts to approximately $409.0 million, is collateralized with specific loan assets identified to the Federal Reserve Bank. It is anticipated that, except for periodic testing, this facility would be utilized for contingency funding only. | |||||||||||||||||||||||||
In December 2014, the Company renewed its Loan Agreement and related Stock Security Agreement and Promissory Note (the “credit facility”) with a regional bank, pursuant to which the Company may borrow, on a revolving basis, up to $50 million for working capital purposes, or to finance capital contributions to the Bank in whole and to ECV in part. This facility was originally entered into in August 2008 and has been renegotiated over the past six years to its current terms. The credit facility is secured by a first lien on a portion of the stock of the Bank, and bears interest at a floating rate equal to the Wall Street Journal Prime Rate minus 0.25% with a floor interest rate of 3.50%. Interest is payable on a monthly basis. The term of the credit facility expires on September 30, 2015. There were no amounts outstanding under this credit at December 31, 2014 or December 31, 2013. | |||||||||||||||||||||||||
On September 3, 2013 the Company amended the terms of the $9.3 million of subordinated notes dated August 30, 2010. Under the amendment, the maturity date is extended from September 30, 2016 to September 30, 2021 and the interest rate is changed from 10%, to a fixed interest rate of 8.5% until August 30, 2016 and thereafter at a fixed rate of interest equal to the then current yield on the 5 year U.S. Treasury Note plus 7.03%. The notes are intended to qualify as Tier 2 capital for regulatory purposes to the fullest extent permitted under capital regulations applicable through December 31, 2014. The notes will not qualify for capital treatment upon implementation of recently adopted Basel III capital requirements. The payment of principal on the notes may only be accelerated upon the occurrence of certain bankruptcy or receivership related events relating to the Company or, to the extent permitted under capital rules to be adopted by the Federal Reserve Board pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, a major bank subsidiary of the Company. | |||||||||||||||||||||||||
Under capital rules in effect at December 31, 2014, the capital treatment of the notes must be phased out, at a rate of 20% of the original principal amount per year during the last five years of the term of the notes, commencing on October 1, 2016. Through December 31, 2014, $9.3 million of subordinated notes are includible as Tier 2 capital. | |||||||||||||||||||||||||
On August 5, 2014, the Company completed the sale of $70.0 million of its 5.75% subordinated notes, due September 1, 2024 (the “Notes”). The Notes were offered to the public at par. The net proceeds were approximately $68.8 million, net of $1.2 million in deferred financing costs which will be amortized over the life of the Notes. |
Note_11_Preferred_Stock_and_Wa
Note 11 - Preferred Stock and Warrants | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Preferred Stock [Text Block] | Note 11 – Preferred Stock and Warrants |
On July 14, 2011, the Company entered into and consummated a Securities Purchase Agreement (the “Purchase Agreement”) with the Secretary of the Treasury of the United States (the “Secretary”) under the Small Business Lending Fund program. Pursuant to the Purchase Agreement, the Company issued 56,600 shares of the Company’s Senior Non-Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”), having a liquidation amount per share equal to $1,000, for a total purchase price of $56,600,000. | |
The Series B Preferred Stock was entitled to receive non-cumulative dividends beginning October 1, 2011. The dividend rate, as a percentage of the liquidation amount, could fluctuate on a quarterly basis during the first ten quarters during which the Series B Preferred Stock is outstanding, based upon changes in the level of “Qualified Small Business Lending” or “QSBL” (as defined in the Purchase Agreement) by the Bank. The dividend rate for the first ten dividend periods was one percent (1%). For the eleventh calendar quarter through four and one half years after issuance, the dividend rate is fixed at one percent (1%) based upon the increase in QBSL as compared to the baseline. After four and one half years from issuance, the dividend rate will increase to nine percent (9%) if the stock has not been redeemed. | |
The Series B Preferred Stock may be redeemed at any time at the Company’s option, at a redemption price of 100% of the liquidation amount plus accrued but unpaid dividends to the date of redemption for the current period, subject to the approval of its federal banking regulator. | |
On November 18, 2011 under provisions of the CPP the Company issued to the Treasury warrants for 423,977 shares (as adjusted reflect the 10% stock dividend paid on June 14, 2013) of Company common stock at $6.76 per share (as adjusted for the 10% stock dividend paid on June 14, 2013) were sold by the Treasury. At December 31, 2014 those warrants remain outstanding and have an expiration date of December 8, 2018. Upon exercise, which is at the option of the holder, the Company will issue a number of shares of Company common stock in exchange for the warrants equal to the number of shares subject to the warrant less the number of shares determined by multiplying the number of shares subject to the warrant by the strike price and dividing the result by the current share price. | |
Pursuant to the Merger Agreement, each of the 15,300 shares of Virginia Heritage Series A Preferred Stock, was exchanged for one share of the Company’s Series C Preferred Stock, which ranks equally with and has substantially identical terms and conditions as the Company’s existing Series B Preferred Stock. |
Note_12_Income_Taxes
Note 12 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Disclosure [Text Block] | Note 12 – Income Taxes | ||||||||||||
Federal and state income tax expense consists of the following for the years ended December 31: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Current federal income tax | $ | 32,384 | $ | 26,136 | $ | 20,937 | |||||||
Current state income tax | 7,114 | 6,147 | 4,543 | ||||||||||
Total current | 39,498 | 32,283 | 25,480 | ||||||||||
Deferred federal income tax benefit | (7,494 | ) | (3,909 | ) | (4,564 | ) | |||||||
Deferred state income tax benefit | (46 | ) | (56 | ) | (33 | ) | |||||||
Total deferred | (7,540 | ) | (3,965 | ) | (4,597 | ) | |||||||
Total income tax expense | $ | 31,958 | $ | 28,318 | $ | 20,883 | |||||||
Temporary timing differences between the amounts reported in the financial statements and the tax bases of assets and liabilities result in deferred taxes. Gross deferred tax assets and liabilities, shown as the sum of the appropriate tax effect for each significant type of temporary difference, is presented below for the years ended December 31: | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Deferred tax assets | |||||||||||||
Allowance for credit losses | $ | 18,544 | $ | 16,440 | $ | 15,035 | |||||||
Deferred loan fees and costs | 10,337 | 5,039 | 3,020 | ||||||||||
Stock-based compensation | 1,714 | 1,370 | 829 | ||||||||||
Net operating loss | 3,198 | 3,449 | 3,952 | ||||||||||
Unrealized loss on securities available for sale | - | 2,213 | - | ||||||||||
SERP | 1,421 | - | - | ||||||||||
Premises and equipment | 1,590 | 1,283 | 989 | ||||||||||
Other | 71 | 4 | 4 | ||||||||||
Total deferred tax assets | 36,875 | 29,798 | 23,829 | ||||||||||
Deferred tax liabilities | |||||||||||||
Unrealized gain on securities available for sale | (1,765 | ) | - | (3,643 | ) | ||||||||
Excess servicing | (114 | ) | (95 | ) | (58 | ) | |||||||
Deferred rent | (162 | ) | (264 | ) | (322 | ) | |||||||
Intangible assets | (2,323 | ) | (490 | ) | (678 | ) | |||||||
Total deferred tax liabilities | (4,364 | ) | (849 | ) | (4,701 | ) | |||||||
Net deferred income tax amount | $ | 32,511 | $ | 28,949 | $ | 19,128 | |||||||
A reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate for the years ended December 31 follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Increase (decrease) due to | |||||||||||||
State income taxes, net of federal income tax benefit | 5.33 | 5.26 | 5.22 | ||||||||||
Tax exempt interest and dividend income | (2.28 | ) | (2.17 | ) | (2.46 | ) | |||||||
Stock-based compensation expense | 0.04 | 0.06 | 0.08 | ||||||||||
Other | (1.02 | ) | (0.56 | ) | (0.66 | ) | |||||||
Effective tax rates | 37.07 | % | 37.59 | % | 37.18 | % | |||||||
The net operating loss carry forward acquired in conjunction with the Fidelity acquisition is subject to annual limits under Section 382 of the Internal Revenue Code of $718 thousand and expires in 2027. The Company remains subject to examination for the years ending after December 31, 2010. |
Note_13_Net_Income_Per_Common_
Note 13 - Net Income Per Common Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share [Text Block] | Note 13 – Net Income per Common Share | ||||||||||||
The calculation of net income per common share for the years ended December 31 was as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(dollars and shares in thousands, except per share data) | |||||||||||||
Basic: | |||||||||||||
Net income available to common shareholders | $ | 53,644 | $ | 46,441 | $ | 34,723 | |||||||
Average common shares outstanding | 26,684 | 25,726 | 23,136 | ||||||||||
Basic net income per common share | $ | 2.01 | $ | 1.81 | $ | 1.5 | |||||||
Diluted: | |||||||||||||
Net income available to common shareholders | $ | 53,644 | $ | 46,441 | $ | 34,723 | |||||||
Average common shares outstanding | 26,684 | 25,726 | 23,136 | ||||||||||
Adjustment for common share equivalents | 867 | 633 | 608 | ||||||||||
Average common shares outstanding-diluted | 27,551 | 26,359 | 23,744 | ||||||||||
Diluted net income per common share | $ | 1.95 | $ | 1.76 | $ | 1.46 | |||||||
Anti-dilutive shares | 13,000 | 35,079 | 131,182 | ||||||||||
The Company paid a 10% stock dividend on June 14, 2013. Per share amounts and the number of outstanding shares for periods ended prior to June 30, 2013 have been adjusted to give effect to the 10% common stock dividend. |
Note_14_Related_Party_Transact
Note 14 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 14 – Related Party Transactions |
During 2014, approximately $801 thousand in interest was paid to the current or former directors of the Company or accounts for the benefit of such persons in respect of subordinated notes, which were amended in 2013. See Note 10 for additional information regarding the subordinated notes. | |
The Bank leases office space, at a current monthly base rental of $132,938, excluding certain pass through expenses, from limited liability companies in which a trust for the benefit of an executive officer’s children has an 85% interest in one instance and a 51% interest in another. | |
A director is a partner in the law firm Shulman, Rogers, Gandal, Pordy & Ecker, P.A. which has provided, and continues to provide, legal services to the Company and its subsidiaries. During 2014, the Company and its subsidiaries paid aggregate fees of $907,603 to that firm. Under the director’s arrangement with his firm, he does not participate in the profits or revenues resulting from the provision of legal services to the Company and its subsidiaries, and he receives no other compensation or benefits in lieu of such participation. |
Note_15_StockBased_Compensatio
Note 15 - Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 15 – Stock-Based Compensation | ||||||||||||||||||||||||
The Company maintains the 1998 Stock Option Plan (“1998 Plan”), the 2006 Stock Plan (“2006 Plan”) and the 2011 Employee Stock Purchase Plan (“2011 ESPP”). | |||||||||||||||||||||||||
In connection with the acquisition of Fidelity, the Company assumed the Fidelity 2004 Long Term Incentive Plan and the 2005 Long Term Incentive Plan (the “Fidelity Plans”). | |||||||||||||||||||||||||
In connection with the acquisition of Virginia Heritage, the Company assumed the Virginia Heritage 2006 Stock Option Plan and the 2010 Long Term Incentive Plan (the “Virginia Heritage Plans”). | |||||||||||||||||||||||||
No additional options may be granted under the 1998 Plan, the Fidelity Plans or the Virginia Heritage Plans. | |||||||||||||||||||||||||
The 2006 Plan provides for the issuance of awards of incentive stock options, non-qualifying stock options, restricted stock and stock appreciation rights to selected key employees and members of the Board. As amended, 1,996,500 shares of common stock are subject to issuance pursuant to awards under the 2006 Plan. Stock options and restricted stock awards are made with an exercise price equal to the average of the high and low price of the Company’s shares at the date of grant. | |||||||||||||||||||||||||
For awards that are service based, compensation expense is being recognized over the service (vesting) period based on fair value, which for stock option grants is computed using the Black-Scholes model, and for restricted stock awards is based on the average of the high and low stock price of the Company’s shares on the date of grant. For awards that are performance-based, compensation expense is recorded based on the probability of achievement of the goals underlying the grant. No performance-based awards are outstanding at December 31, 2014. | |||||||||||||||||||||||||
In February 2014, the Company awarded three employees stock options to purchase 21,000 shares which have a ten-year term and vest in five substantially equal installments beginning on the first anniversary of the date of grant. | |||||||||||||||||||||||||
In February 2014, the Company awarded 58,187 shares of restricted stock to senior officers and employees. The shares vest in three substantially equal installments beginning on the first anniversary of the date of grant. | |||||||||||||||||||||||||
In March 2014, the Company awarded 20,760 shares of restricted stock to directors. The shares vest in three substantially equal installments beginning on the first anniversary of the date of grant. | |||||||||||||||||||||||||
On October 31, 2014, in connection with the Merger, the Company assumed the outstanding options under the Virginia Heritage Plans, which were converted into fully vested options to acquire 401,497 shares of the Company’s common stock at exercise prices ranging from $9.22 to $22.70 per share and terms ranging from twenty-five months to one-hundred-twelve months. | |||||||||||||||||||||||||
In November 2014, the Company awarded 8,680 shares of restricted stock to a senior officer and an employee. The shares vest in two substantially equal installments on the first and second anniversary from the date of grant. | |||||||||||||||||||||||||
In December 2014, the Company awarded 300 shares of restricted stock to an employee. The shares vest in five substantially equal installments beginning on the first anniversary of the date of grant. | |||||||||||||||||||||||||
Below is a summary of stock option activity for the twelve months ended December 31, 2014, 2013 and 2012. The information excludes restricted stock units and awards. | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Shares | Weighted-Average Exercise Price | Shares | Weighted-Average Exercise Price | Shares | Weighted-Average Exercise Price | ||||||||||||||||||||
Beginning balance | 501,334 | $ | 10.34 | 722,155 | $ | 10.18 | 919,371 | $ | 10.23 | ||||||||||||||||
Issued | 21,000 | 32.77 | 3,300 | 20.03 | 5,500 | 15.48 | |||||||||||||||||||
Assumed from | |||||||||||||||||||||||||
Virginia Heritage | 401,497 | 13.16 | - | - | - | - | |||||||||||||||||||
Exercised | (157,313 | ) | 14.71 | (198,588 | ) | 9.99 | (167,882 | ) | 10.01 | ||||||||||||||||
Forfeited | (8,110 | ) | 33.06 | (2,420 | ) | 7.4 | (3,493 | ) | 6.22 | ||||||||||||||||
Expired | (1,225 | ) | 9 | (23,113 | ) | 10.05 | (31,341 | ) | 13.92 | ||||||||||||||||
Ending balance | 757,183 | $ | 11.31 | 501,334 | $ | 10.34 | 722,155 | $ | 10.18 | ||||||||||||||||
The following summarizes information about stock options outstanding at December 31, 2014. The information excludes restricted stock units and awards. | |||||||||||||||||||||||||
Outstanding: | Stock Options Outstanding | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Life | ||||||||||||||||||||||
Range of Exercise Prices | |||||||||||||||||||||||||
$ | 5.76 $ 9.22 | 249,788 | $ | 5.95 | 3.73 | ||||||||||||||||||||
$ | 9.22 $ 15.47 | 365,467 | 11.18 | 1.74 | |||||||||||||||||||||
$ | 15.48 $ 24.41 | 119,052 | 19.57 | 3.5 | |||||||||||||||||||||
$ | 24.42 $ 32.36 | 22,876 | 28.94 | 5.85 | |||||||||||||||||||||
757,183 | $ | 11.31 | 2.8 | ||||||||||||||||||||||
Exercisable: | Stock Options Exercisable | Weighted-Average Exercise Price | |||||||||||||||||||||||
Range of Exercise Prices | |||||||||||||||||||||||||
$ | 5.76 $ 9.22 | 192,878 | $ | 6 | |||||||||||||||||||||
$ | 9.22 $ 15.47 | 348,429 | 11.2 | ||||||||||||||||||||||
$ | 15.48 $ 24.41 | 113,112 | 19.68 | ||||||||||||||||||||||
$ | 24.42 $ 32.36 | 9,876 | 24.43 | ||||||||||||||||||||||
664,295 | $ | 11.33 | |||||||||||||||||||||||
The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model with the assumptions as shown in the table below used for grants during the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Expected volatility | 34.25 | % | 34.12 | % | 36.64 | % | |||||||||||||||||||
Weighted-Average volatility | 34.25 | % | 34.12 | % | 36.64 | % | |||||||||||||||||||
Expected dividends | 0 | % | 0 | % | 0 | % | |||||||||||||||||||
Expected term (in years) | 9.4 | 7.5 | 7.5 | ||||||||||||||||||||||
Risk-free rate | 2.26 | % | 1.31 | % | 1.13 | % | |||||||||||||||||||
Weighted-average fair value (grant date) | $ | 13.49 | $ | 7.83 | $ | 6.35 | |||||||||||||||||||
Weighted-average fair value (grant date) for VHB options assumed | $ | 24.89 | n/a | n/a | |||||||||||||||||||||
The expected lives are based on the “simplified” method allowed by ASC Topic 718“Compensation,” whereby the expected term is equal to the midpoint between the vesting date and the end of the contractual term of the award. | |||||||||||||||||||||||||
The total intrinsic value of outstanding stock options and outstanding exercisable stock options was $18.5 million and $10.2 million, respectively, at December 31, 2014 and 2013. The total intrinsic value of stock options exercised during the years ended December 31, 2014, 2013 and 2012 was $3.2 million, $3.1 million and $1.1 million, respectively. The total fair value of stock options vested was $10.1 million (including $10.0 million of stock options assumed from Virginia Heritage), $133 thousand and $136 thousand for 2014, 2013 and 2012, respectively. Unrecognized stock-based compensation expense related to stock options totaled $324 thousand at December 31, 2014. At such date, the weighted-average period over which this unrecognized expense was expected to be recognized was 3.67 years. | |||||||||||||||||||||||||
Cash proceeds, tax benefits and intrinsic value related to total stock options exercised is as follows: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Proceeds from stock options exercised | $ | 2,313 | $ | 1,984 | $ | 1,685 | |||||||||||||||||||
Tax benefits related to stock options exercised | 978 | 410 | 369 | ||||||||||||||||||||||
Intrinsic value of stock options exercised | 3,184 | 3,060 | 1,100 | ||||||||||||||||||||||
The Company has unvested restricted stock award grants of 509,336 shares from the 2006 Plan at December 31, 2014. Unrecognized stock based compensation expense related to restricted stock awards totaled $7.6 million at December 31, 2014. At such date, the weighted-average period over which this unrecognized expense was expected to be recognized was 2.0 years. The following table summarizes the unvested restricted stock awards at December 31, 2014 and 2013: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Shares | Weighted-Average Grant Date Fair Value | Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||||||||||
Unvested at beginning | 614,580 | $ | 18.71 | 348,350 | $ | 13.79 | |||||||||||||||||||
Issued | 87,927 | 33.5 | 424,450 | 20.64 | |||||||||||||||||||||
Forfeited | (8,250 | ) | 25.28 | (1,318 | ) | 15.73 | |||||||||||||||||||
Vested | (184,921 | ) | 17.54 | (156,902 | ) | 13.04 | |||||||||||||||||||
Unvested at end | 509,336 | $ | 21.58 | 614,580 | $ | 18.71 | |||||||||||||||||||
Approved by shareholders in May 2011, the 2011 ESPP reserved 550,000 shares of common stock for issuance to employees. Whole shares are sold to participants in the plan at 85% of the lower of the stock price at the beginning or end of each quarterly offering period. The 2011 ESPP is available to all eligible employees who have completed at least one year of continuous employment, work at least 20 hours per week and at least five months a year. Participants may contribute a minimum of $10 per pay period to a maximum of $6,250 per offering period or $25,000 annually (not to exceed more than 10% of compensation per pay period). At December 31, 2014, the 2011 ESPP had 453,606 shares remaining for issuance. | |||||||||||||||||||||||||
Included in salaries and employee benefits the Company recognized $4.1 million, $3.4 million and $2.6 million in stock-based compensation expense (including the ESPP) for 2014, 2013 and 2012, respectively. Stock-based compensation expense is recognized ratably over the requisite service period for all awards. |
Note_16_Employee_Benefit_Plans
Note 16 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Note 16 – Employee Benefit Plans |
The Company has a qualified 401(k) Plan which covers all employees who have reached the age of 21 and have completed at least one month of service as defined by the Plan. The Company makes contributions to the Plan based on a matching formula, which is annually reviewed. For years 2014, 2013 and 2012, the Company recognized $833 thousand, $878 thousand, and $780 thousand in expense, respectively. These amounts are included in salaries and employee benefits in the accompanying Consolidated Statements of Operations. |
Note_17_Supplemental_Executive
Note 17 - Supplemental Executive Retirement Plan | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 17 – Supplemental Executive Retirement Plan |
In February 2013, the Compensation Committee authorized Supplemental Executive Retirement and Death Benefit Agreements (the “SERP Agreements”) with each of the Bank’s executive officers other than Mr. Paul, which upon the executive’s retirement, will provide for a stated monthly payment for such executive’s lifetime or alternatively, a lump sum payment at the option of the executive. The retirement benefit is computed as a percentage of each executive’s projected average base salary over the five years preceding retirement, assuming retirement at age 67. The SERP Agreements provide that (a) the benefits vest ratably over six years of service to the Bank, with the executive receiving credit for years of service prior to entering into the SERP Agreement (b) death, disability and change-in-control shall result in immediate vesting, and (c) the monthly amount will be reduced if retirement occurs earlier than age 67 for any reason other than death, disability or change-in-control. The SERP Agreements further provide for a death benefit in the event the retired executive dies prior to receiving 180 monthly installments, paid either in a lump sum payment or continued monthly installment payments, such that the executive’s beneficiary has received payment(s) sufficient to equate to a cumulative 180 monthly installments. | |
The SERP Agreements are unfunded arrangements maintained primarily to provide supplemental retirement benefits and comply with Section 409A of the Internal Revenue Code. The Bank elected to finance the retirement benefits by purchasing fixed annuity contracts with three insurance carriers totaling $10.7 million that have been designed to provide a future source of funds for the lifetime retirement benefits of the SERP Agreements. The primary impetus for utilizing fixed annuities is a substantial savings in compensation expenses for the Bank as opposed to a traditional SERP Agreement. The annuity contracts accrued $50 thousand and $551 thousand respectively of income for the years ended December 31, 2014 and 2013, which is included in other noninterest income on the Consolidated Statement of Operations. The cash surrender value of the annuity contracts is $11.3 million at December 31, 2014 and is included in Other assets on the Consolidated Balance Sheet. For the years ended December 31, 2014 and 2013, the Company recorded benefit expense of $1.9 and $1.7 million respectively for this post retirement benefit. | |
Upon death of an executive, the annuity contract related to such executive terminates. The Bank purchased in 2013 additional bank owned life insurance contracts, which would effectively fund its minimum payment obligation (up to the 15 year certain amount) to the executives’ named beneficiaries. |
Note_18_Financial_Instruments_
Note 18 - Financial Instruments with Off-Balance Sheet Risk | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Financial Instruments Disclosure [Text Block] | Note 18 – Financial Instruments with Off-Balance Sheet Risk | ||||||||
Various commitments to extend credit are made in the normal course of banking business. Letters of credit are also issued for the benefit of customers. These commitments are subject to loan underwriting standards and geographic boundaries consistent with the Company’s loans outstanding. | |||||||||
Commitments to extend credit 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 some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. | |||||||||
Loan commitments outstanding and lines and letters of credit at December 31, 2014 and 2013 are as follows: | |||||||||
(dollars in thousands) | 2014 | 2013 | |||||||
Unfunded loan commitments | $ | 1,625,957 | $ | 1,150,556 | |||||
Unfunded lines of credit | 105,895 | 79,786 | |||||||
Letters of credit | 75,615 | 51,768 | |||||||
Total | $ | 1,807,467 | $ | 1,282,110 | |||||
Because most of the Company’s business activity is with customers located in the Washington, D.C., metropolitan area, a geographic concentration of credit risk exists within the loan portfolio, the performance of which will be influenced by the economy of the region. | |||||||||
The Bank maintains a reserve for the potential repurchase of residential mortgage loans, which amounted to $101 thousand at December 31, 2014 and $57 thousand at December 31, 2013. These amounts are included in Other liabilities in the accompanying Consolidated Balance Sheets. Changes in the balance of the reserve are a component of Other expenses in the accompanying Consolidated Statements of Operations. The reserve is available to absorb losses on the repurchase of loans sold related to document and other fraud, early payment default and early payoff. Through December 31, 2014, no reserve charges have occurred related to fraud or early payment default. | |||||||||
The Company enters into interest rate lock commitments, which are commitments to originate loans whereby the interest rate on the loan is determined prior to funding and the customers have locked into that interest rate. The residential mortgage division either locks the loan and rate in with an investor and commits to deliver the loan if settlement occurs under best efforts or commits to deliver the locked loan in a binding mandatory delivery program with an investor. Certain loans under rate lock commitments are covered under forward sales contracts of mortgage backed securities. Forward sales contracts of mortgage backed securities are recorded at fair value with changes in fair value recorded in noninterest income. Interest rate lock commitments and commitments to deliver loans to investors are considered derivatives. The market value of interest rate lock commitments and best efforts contracts are not readily ascertainable with precision because they are not actively traded in stand-alone markets. The Company determines the fair value of rate lock commitments and delivery contracts by measuring the fair value of the underlying asset, which is impacted by current interest rates and taking into consideration the probability that the rate lock commitments will close or will be funded. |
Note_19_Litigation
Note 19 - Litigation | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Legal Matters and Contingencies [Text Block] | Note 19 – Litigation |
In the normal course of its business, the Company is involved in litigation arising from banking, financial, and other activities it conducts. Management, after consultation with legal counsel, does not anticipate that the ultimate liability, if any, arising out of these matters will have a material effect on the Company’s financial condition, operating results or liquidity. |
Note_20_Regulatory_Matters
Note 20 - Regulatory Matters | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 20 – Regulatory Matters | ||||||||||||||||||||||||
The Company and 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 financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and 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 weighting, and other factors. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company and Bank to maintain amounts and ratios (set forth in the table below) of total capital and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined). Management believes, as of December 31, 2014 and 2013, that the Company and Bank met all capital adequacy requirements to which they are subject. | |||||||||||||||||||||||||
The actual capital amounts and ratios for the Company and Bank as of December 31, 2014 and 2013 are presented in the table below: | |||||||||||||||||||||||||
Company | Bank | For Capital | To Be Well Capitalized Under | ||||||||||||||||||||||
Adequacy | |||||||||||||||||||||||||
(dollars in thousands) | Actual | Ratio | Actual | Ratio | Purposes Ratio | Prompt Corrective Action | |||||||||||||||||||
Amount | Amount | Provision Ratio * | |||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 631,340 | 12.97 | % | $ | 568,637 | 11.73 | % | 8 | % | 10 | % | |||||||||||||
Tier 1 capital (to risk weighted assets) | 505,864 | 10.39 | % | 522,637 | 10.78 | % | 4 | % | 6 | % | |||||||||||||||
Tier 1 capital (to average assets) | 505,864 | 10.69 | % | 522,637 | 11.09 | % | 3 | % | 5 | % | |||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 440,332 | 13.01 | % | $ | 403,910 | 12 | % | 8 | % | 10 | % | |||||||||||||
Tier 1 capital (to risk weighted assets) | 390,111 | 11.53 | % | 363,166 | 10.79 | % | 4 | % | 6 | % | |||||||||||||||
Tier 1 capital (to average assets) | 390,111 | 10.93 | % | 363,166 | 10.22 | % | 3 | % | 5 | % | |||||||||||||||
* Applies to Bank only | |||||||||||||||||||||||||
Bank and holding company regulations, as well as Maryland law, impose certain restrictions on dividend payments by the Bank, as well as restricting extensions of credit and transfers of assets between the Bank and the Company. At December 31, 2014, the Bank could pay dividends to the parent to the extent of its earnings so long as it maintained required capital ratios. |
Note_21_Other_Comprehensive_In
Note 21 - Other Comprehensive Income | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure Text Block [Abstract] | ||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | Note 21 – Other Comprehensive Income | |||||||||||||
The following table presents the components of other comprehensive income (loss) for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||
(dollars in thousands) | Before Tax | Tax Effect | Net of Tax | |||||||||||
Year Ended December 31, 2014 | ||||||||||||||
Net unrealized gain on securities available-for-sale | $ | 9,965 | $ | 3,986 | $ | 5,979 | ||||||||
Less: Reclassification adjustment for net gains included in net income | (22 | ) | (9 | ) | (13 | ) | ||||||||
Other Comprehensive Income | $ | 9,943 | $ | 3,977 | $ | 5,966 | ||||||||
Year Ended December 31, 2013 | ||||||||||||||
Net unrealized loss on securities available-for-sale | $ | (14,622 | ) | $ | (5,849 | ) | $ | (8,773 | ) | |||||
Less: Reclassification adjustment for net gains included in net income | (19 | ) | (8 | ) | (11 | ) | ||||||||
Other Comprehensive Loss | $ | (14,641 | ) | $ | (5,857 | ) | $ | (8,784 | ) | |||||
Year Ended December 31, 2012 | ||||||||||||||
Net unrealized gain on securities available-for-sale | $ | 1,673 | $ | 669 | $ | 1,004 | ||||||||
Less: Reclassification adjustment for net gains included in net income | (690 | ) | (276 | ) | (414 | ) | ||||||||
Other Comprehensive Income | $ | 983 | $ | 393 | $ | 590 | ||||||||
The following table presents the changes in securities available for sale the only component of accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||
(dollars in thousands) | Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Year Ended December 31, 2014 | ||||||||||||||
Balance at Beginning of Period | $ | (3,319 | ) | |||||||||||
Other comprehensive gain before reclassifications | 5,979 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | (13 | ) | ||||||||||||
Net other comprehensive income during period | 5,966 | |||||||||||||
Balance at End of Period | $ | 2,647 | ||||||||||||
Year Ended December 31, 2013 | ||||||||||||||
Balance at Beginning of Period | $ | 5,465 | ||||||||||||
Other comprehensive (loss) before reclassifications | (8,773 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | (11 | ) | ||||||||||||
Net other comprehensive (loss) during period | (8,784 | ) | ||||||||||||
Balance at End of Period | $ | (3,319 | ) | |||||||||||
Year Ended December 31, 2012 | ||||||||||||||
Balance at Beginning of Period | $ | 4,875 | ||||||||||||
Other comprehensive income before reclassifications | 1,004 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | (414 | ) | ||||||||||||
Net other comprehensive income during period | 590 | |||||||||||||
Balance at End of Period | $ | 5,465 | ||||||||||||
The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||
Details about Accumulated Other Comprehensive Income Components (dollars in thousands) | Amount Reclassified from Accumulated Other Comprehensive (Loss) Income | Affected Line Item in the Statement Where Net Income is Presented | ||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Realized gain on sale of investment securities | $ | 22 | $ | 19 | $ | 690 | Gain on sale of investment securities | |||||||
(9 | ) | (8 | ) | (276 | ) | Tax Expense | ||||||||
Total Reclassifications for the Period | $ | 13 | $ | 11 | $ | 414 | Net of Tax | |||||||
Note_22_Fair_Value_Measurement
Note 22 - Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||
Fair Value, Measurement Inputs, Disclosure [Text Block] | Note 22 – Fair Value Measurements | ||||||||||||||||||||
The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. ASC Topic 820, “Fair Value Measurements and Disclosures,” establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: | |||||||||||||||||||||
Level 1 | Quoted prices in active exchange markets for identical assets or liabilities; also includes certain U.S. Treasury and other U.S. Government and agency securities actively traded in over-the-counter markets. | ||||||||||||||||||||
Level 2 | Observable inputs other than Level 1 including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data; also includes derivative contracts whose value is determined using a pricing model with observable market inputs or can be derived principally from or corroborated by observable market data. This category generally includes certain U.S. Government and agency securities, corporate debt securities, derivative instruments, and residential mortgage loans held for sale. | ||||||||||||||||||||
Level 3 | Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs for single dealer nonbinding quotes not corroborated by observable market data. This category generally includes certain private equity investments, retained interests from securitizations, and certain collateralized debt obligations. | ||||||||||||||||||||
Assets and Liabilities Recorded as Fair Value on a Recurring Basis | |||||||||||||||||||||
The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 and 2013: | |||||||||||||||||||||
(dollars in thousands) | Quoted Prices (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | Total | |||||||||||||||||
(Fair Value) | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||
U. S. Government agency securities | $ | - | $ | 29,894 | $ | - | $ | 29,894 | |||||||||||||
Residential mortgage backed securities | - | 240,320 | - | 240,320 | |||||||||||||||||
Municipal bonds | - | 111,712 | - | 111,712 | |||||||||||||||||
Other equity investments | 198 | - | 219 | 417 | |||||||||||||||||
Residential mortgage loans held for sale | - | 44,317 | - | 44,317 | |||||||||||||||||
Derivative assets | - | - | 146 | 146 | |||||||||||||||||
Total assets measured at fair value on a recurring basis as of December 31, 2014 | $ | 198 | $ | 426,243 | $ | 365 | $ | 426,806 | |||||||||||||
(dollars in thousands) | Quoted Prices (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | Total | |||||||||||||||||
(Fair Value) | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||
U. S. Government agency securities | $ | - | $ | 47,335 | $ | - | $ | 47,335 | |||||||||||||
Residential mortgage backed securities | - | 228,674 | - | 228,674 | |||||||||||||||||
Municipal bonds | - | 101,740 | - | 101,740 | |||||||||||||||||
Other equity investments | 165 | - | 219 | 384 | |||||||||||||||||
Residential mortgage loans held for sale | - | 42,030 | - | 42,030 | |||||||||||||||||
Total assets measured at fair value on a recurring basis as of December 31, 2013 | $ | 165 | $ | 419,779 | $ | 219 | $ | 420,163 | |||||||||||||
Investment Securities Available-for-Sale | |||||||||||||||||||||
Investment securities available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair value is measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange such as the New York Stock Exchange, Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include U.S. Government agency debt securities, mortgage backed securities issued by government sponsored entities and municipal bonds. Securities classified as Level 3 include securities in less liquid markets, the carrying amount approximate the fair value. | |||||||||||||||||||||
The Company’s residential loans held for sale are reported on an aggregate basis at the lower of cost or fair value. | |||||||||||||||||||||
The following is a reconciliation of activity for assets measured at fair value based on Significant Other Unobservable Inputs (Level 3): | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||||||||||||
Balance, beginning of period - other equity investments | $ | 219 | $ | 230 | |||||||||||||||||
Realized and unrealized gain (loss) included in earnings - net derivatives | (104 | ) | - | ||||||||||||||||||
Principal redemption | - | (11 | ) | ||||||||||||||||||
Balance, end of period | $ | 115 | $ | 219 | |||||||||||||||||
Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis | |||||||||||||||||||||
The Company measures certain assets at fair value on a nonrecurring basis and the following is a general description of the methods used to value such assets. | |||||||||||||||||||||
Loans held for sale: Loans held for sale are carried at the lower of cost or market value. The fair value of loans held for sale is based on what secondary markets are currently offering for portfolios with similar characteristics. As such, the Company classifies loans subjected to nonrecurring fair value adjustments as Level 2 valuation. | |||||||||||||||||||||
Impaired loans: The Company considers a loan impaired when it is probable that the Company will be unable to collect all amounts due according to the original contractual terms of the note agreement, including both principal and interest. Management has determined that nonaccrual loans and loans that have had their terms restructured in a troubled debt restructuring meet this impaired loan definition. For individually evaluated impaired loans, the amount of impairment is based upon the present value of expected future cash flows discounted at the loan’s effective interest rate or the estimated fair value of the underlying collateral for collateral-dependent loans, which the Company classifies as a Level 3 valuation. | |||||||||||||||||||||
Other real estate owned: Other real estate owned is initially recorded at the lower of carrying value or fair value. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral, which the Company classifies as a Level 3 valuation. Assets measured at fair value on a nonrecurring basis are included in the table below: | |||||||||||||||||||||
(dollars in thousands) | Quoted Prices (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | Total | |||||||||||||||||
(Fair Value) | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial | $ | - | $ | 781 | $ | 7,171 | $ | 7,952 | |||||||||||||
Income producing - commercial real estate | - | 703 | 1,199 | 1,902 | |||||||||||||||||
Owner occupied - commercial real estate | - | - | 824 | 824 | |||||||||||||||||
Real estate mortgage - residential | - | - | 346 | 346 | |||||||||||||||||
Construction - commercial and residential | - | - | 3,297 | 3,297 | |||||||||||||||||
Home equity | - | 5 | 963 | 968 | |||||||||||||||||
Other consumer | - | - | 13 | 13 | |||||||||||||||||
Other real estate owned | - | 9,184 | 4,040 | 13,224 | |||||||||||||||||
Derivative liabilites | - | - | 250 | 250 | |||||||||||||||||
Total assets measured at fair value on a nonrecurring basis as of December 31, 2014 | $ | - | $ | 10,673 | $ | 18,103 | $ | 28,776 | |||||||||||||
(dollars in thousands) | Quoted Prices (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | Total | |||||||||||||||||
(Fair Value) | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial | $ | - | $ | 4,367 | $ | 1,089 | $ | 5,456 | |||||||||||||
Income producing - commercial real estate | - | 2,806 | 1,998 | 4,804 | |||||||||||||||||
Owner occupied - commercial real estate | - | 2,712 | 887 | 3,599 | |||||||||||||||||
Real estate mortgage - residential | - | 86 | 774 | 860 | |||||||||||||||||
Construction - commercial and residential | - | 4,228 | 7,080 | 11,308 | |||||||||||||||||
Home equity | - | 50 | 47 | 97 | |||||||||||||||||
Other consumer | - | - | 2 | 2 | |||||||||||||||||
Other real estate owned | - | 9,225 | - | 9,225 | |||||||||||||||||
Total assets measured at fair value on a nonrecurring basis as of December 31, 2013 | $ | - | $ | 23,474 | $ | 11,877 | $ | 35,351 | |||||||||||||
Loans | |||||||||||||||||||||
The Company does not record loans at fair value on a recurring basis, however, from time to time, a loan is considered impaired and an allowance for loan loss is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan are considered impaired. Once a loan is identified as individually impaired, management measures impairment in accordance with ASC Topic 310, “Receivables.” The fair value of impaired loans is estimated using one of several methods, including the collateral value, market value of similar debt, enterprise value, liquidation value and discounted cash flows. Those impaired loans not requiring a specific allowance represent loans for which the fair value of expected repayments or collateral exceed the recorded investment in such loans. At December 31, 2014, substantially all of the totally impaired loans were evaluated based upon the fair value of the collateral. In accordance with ASC Topic 820, impaired loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the loan as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the Company records the loan as nonrecurring Level 3. | |||||||||||||||||||||
Except for collateral dependent loans, the fair values for loans acquired from Virginia Heritage were estimated using cash flow projections based on the remaining maturity and repricing terms. Cash flows were adjusted by estimating future credit losses and the rate of prepayments. Projected monthly cash flows were then discounted to present value using a risk-adjusted market rate for similar loans. For collateral dependent loans with deteriorated credit quality, fair value was estimated by analyzing the value of the underlying collateral, assuming the fair values of the loans were derived from the eventual sale of the collateral. These values were discounted using market derived rates of return, with consideration given to the period of time and costs associated with the foreclosure and disposition of the collateral. | |||||||||||||||||||||
The Company discloses fair value information about financial instruments for which it is practicable to estimate the value, whether or not such financial instruments are recognized on the balance sheet. Fair value is the amount at which a financial instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation, and is best evidenced by quoted market price, if one exists. | |||||||||||||||||||||
Quoted market prices, if available, are shown as estimates of fair value. Because no quoted market prices exist for a portion of the Company’s financial instruments, the fair value of such instruments has been derived based on management’s assumptions with respect to future economic conditions, the amount and timing of future cash flows and estimated discount rates. Different assumptions could significantly affect these estimates. Accordingly, the net realizable value could be materially different from the estimates presented below. In addition, the estimates are only indicative of individual financial instrument values and should not be considered an indication of the fair value of the Company taken as a whole. | |||||||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each category of financial instrument for which it is practicable to estimate value: | |||||||||||||||||||||
Cash due from banks and federal funds sold: For cash and due from banks and federal funds sold the carrying amount approximates fair value. | |||||||||||||||||||||
Interest bearing deposits with other banks: Values are estimated by discounting the future cash flows using the current rates at which similar deposits would be earning. | |||||||||||||||||||||
Investment securities: For these instruments, fair values are based upon quoted prices, if available. If quoted prices are not available, fair value is measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. | |||||||||||||||||||||
Federal Reserve and Federal Home Loan Bank stock: The carrying amount approximate the fair values at the reporting date. | |||||||||||||||||||||
Loans held for sale: Fair values are at the carrying value (lower of cost or market) since such loans are typically committed to be sold (servicing released) at a profit. | |||||||||||||||||||||
Loans: For variable rate loans that re-price on a scheduled basis, fair values are based on carrying values. The fair value of the remaining loans are estimated by discounting the estimated future cash flows using the current interest rate at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term. | |||||||||||||||||||||
Bank owned life insurance: The fair value of bank owned life insurance is the current cash surrender value, which is the carrying value. | |||||||||||||||||||||
Annuity investment: The fair value of the annuity investments is the carrying amount at the reporting date. | |||||||||||||||||||||
Derivative financial instruments: Derivative instruments are used to hedge residential mortgage loans held for sale that utilize mandatory delivery and the related interest rate lock commitments and include forward commitments to sell those loans. The fair values of derivative financial instruments are based on derivative market data inputs as of the valuation date and the underlying value of mortgage loans for interest rate lock commitments. | |||||||||||||||||||||
Noninterest bearing deposits: The fair value of these deposits is the amount payable on demand at the reporting date, since generally accepted accounting standards do not permit an assumption of core deposit value. | |||||||||||||||||||||
Interest bearing deposits: The fair value of interest bearing transaction, savings, and money market deposits with no defined maturity is the amount payable on demand at the reporting date, since generally accepted accounting standards do not permit an assumption of core deposit value. | |||||||||||||||||||||
Certificates of deposit: The fair value of certificates of deposit is estimated by discounting the future cash flows using the current rates at which similar deposits with remaining maturities would be accepted. | |||||||||||||||||||||
Customer repurchase agreements and federal funds purchased: The carrying amount approximates the fair values at the reporting date. | |||||||||||||||||||||
Borrowings: The carrying amount for variable rate borrowings approximate the fair values at the reporting date. The fair value of fixed rate FHLB advances and the subordinated notes are estimated by computing the discounted value of contractual cash flows payable at current interest rates for obligations with similar remaining terms. The fair value of variable rate FHLB advances is estimated to be carrying value since these liabilities are based on a spread to a current pricing index. | |||||||||||||||||||||
Off-balance sheet items: Management has reviewed the unfunded portion of commitments to extend credit, as well as standby and other letters of credit, and has determined that the fair value of such instruments is equal to the fee, if any, collected and unamortized for the commitment made. | |||||||||||||||||||||
The estimated fair values of the Company’s financial instruments at December 31, 2014 and 2013 are as follows: | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
(dollars in thousands) | Carrying Value | Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and due from banks | $ | 9,097 | $ | 9,097 | $ | - | $ | 9,097 | $ | - | |||||||||||
Federal funds sold | 3,516 | 3,516 | - | 3,516 | - | ||||||||||||||||
Interest bearing deposits with other banks | 243,412 | 243,412 | - | 243,412 | - | ||||||||||||||||
Investment securities | 382,343 | 382,343 | 198 | 381,926 | 219 | ||||||||||||||||
Federal Reserve and Federal Home Loan Bank stock | 22,560 | 22,560 | - | 22,560 | - | ||||||||||||||||
Loans held for sale | 44,317 | 44,669 | - | 44,669 | - | ||||||||||||||||
Loans | 4,312,399 | 4,314,618 | - | 1,489 | 4,313,129 | ||||||||||||||||
Bank owned life insurance | 56,594 | 56,594 | - | 56,594 | - | ||||||||||||||||
Annuity investment | 11,277 | 11,277 | - | 11,277 | - | ||||||||||||||||
Derivative assets | 146 | 146 | - | 146 | - | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Noninterest bearing deposits | 1,175,799 | 1,175,799 | - | 1,175,799 | - | ||||||||||||||||
Interest bearing deposits | 3,134,969 | 3,134,295 | - | 3,134,295 | - | ||||||||||||||||
Borrowings | 280,420 | 281,958 | - | 281,958 | - | ||||||||||||||||
Derivative liabilites | 250 | 250 | - | - | 250 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and due from banks | $ | 9,577 | $ | 9,577 | $ | - | $ | 9,577 | $ | - | |||||||||||
Federal funds sold | 5,695 | 5,695 | - | 5,695 | - | ||||||||||||||||
Interest bearing deposits with other banks | 291,688 | 291,688 | - | 291,688 | - | ||||||||||||||||
Investment securities | 378,133 | 378,133 | 165 | 377,749 | 219 | ||||||||||||||||
Federal Reserve and Federal Home Loan Bank stock | 11,272 | 11,272 | - | 11,272 | - | ||||||||||||||||
Loans held for sale | 42,030 | 42,030 | - | 42,030 | - | ||||||||||||||||
Loans | 2,945,158 | 2,979,180 | - | 14,249 | 2,964,931 | ||||||||||||||||
Bank owned life insurance | 39,738 | 39,738 | - | 39,738 | - | ||||||||||||||||
Annuity investment | 11,227 | 11,227 | - | 11,227 | - | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Noninterest bearing deposits | 849,409 | 849,409 | - | 849,409 | - | ||||||||||||||||
Interest bearing deposits | 2,376,005 | 2,375,861 | - | 2,375,861 | - | ||||||||||||||||
Borrowings | 119,771 | 120,764 | - | 120,764 | - | ||||||||||||||||
Note_23_Quarterly_Results_of_O
Note 23 - Quarterly Results of Operations (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information [Text Block] | Note 23 – Quarterly Results of Operations (unaudited) | ||||||||||||||||
The following table reports quarterly results of operations (unaudited) for 2014, 2013 and 2012: | |||||||||||||||||
2014 | |||||||||||||||||
(dollars in thousands except per share data) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||
Total interest income | $ | 56,091 | $ | 47,886 | $ | 44,759 | $ | 42,837 | |||||||||
Total interest expense | 4,275 | 3,251 | 2,739 | 2,830 | |||||||||||||
Net interest income | 51,816 | 44,635 | 42,020 | 40,007 | |||||||||||||
Provision for credit losses | 3,700 | 2,111 | 3,134 | 1,934 | |||||||||||||
Net interest income after provision for credit losses | 48,116 | 42,524 | 38,886 | 38,073 | |||||||||||||
Noninterest income | 5,310 | 4,761 | 3,811 | 4,463 | |||||||||||||
Noninterest expense | 29,352 | 25,143 | 22,135 | 23,098 | |||||||||||||
Income before income tax expense | 24,074 | 22,142 | 20,562 | 19,438 | |||||||||||||
Income tax expense | 9,347 | 8,054 | 7,618 | 6,939 | |||||||||||||
Net income | 14,727 | 14,088 | 12,944 | 12,499 | |||||||||||||
Preferred stock dividends and discount accretion | 180 | 151 | 142 | 141 | |||||||||||||
Net income available to common shareholders | $ | 14,547 | $ | 13,937 | $ | 12,802 | $ | 12,358 | |||||||||
Earnings per common share | |||||||||||||||||
Basic (1) | $ | 0.51 | $ | 0.54 | $ | 0.49 | $ | 0.48 | |||||||||
Diluted (1) | $ | 0.49 | $ | 0.52 | $ | 0.48 | $ | 0.47 | |||||||||
2013 | |||||||||||||||||
(dollars in thousands except per share data) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||
Total interest income | $ | 41,652 | $ | 39,724 | $ | 37,985 | $ | 37,933 | |||||||||
Total interest expense | 2,938 | 3,021 | 3,121 | 3,424 | |||||||||||||
Net interest income | 38,714 | 36,703 | 34,864 | 34,509 | |||||||||||||
Provision for credit losses | 2,508 | 1,372 | 2,357 | 3,365 | |||||||||||||
Net interest income after provision for credit losses | 36,206 | 35,331 | 32,507 | 31,144 | |||||||||||||
Noninterest income | 4,304 | 5,236 | 7,065 | 8,111 | |||||||||||||
Noninterest expense | 21,524 | 21,673 | 20,685 | 20,697 | |||||||||||||
Income before income tax expense | 18,986 | 18,894 | 18,887 | 18,558 | |||||||||||||
Income tax expense | 6,983 | 7,137 | 7,212 | 6,986 | |||||||||||||
Net income | 12,003 | 11,757 | 11,675 | 11,572 | |||||||||||||
Preferred stock dividends and discount accretion | 141 | 142 | 142 | 141 | |||||||||||||
Net income available to common shareholders | $ | 11,862 | $ | 11,615 | $ | 11,533 | $ | 11,431 | |||||||||
Earnings per common share | |||||||||||||||||
Basic (1 & 2) | $ | 0.46 | $ | 0.45 | $ | 0.45 | $ | 0.45 | |||||||||
Diluted (1 & 2) | $ | 0.45 | $ | 0.44 | $ | 0.44 | $ | 0.44 | |||||||||
2012 | |||||||||||||||||
(dollars in thousands except per share data) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||
Total interest income | $ | 38,164 | $ | 36,636 | $ | 34,575 | $ | 32,568 | |||||||||
Total interest expense | 3,427 | 3,328 | 3,561 | 4,098 | |||||||||||||
Net interest income | 34,737 | 33,308 | 31,014 | 28,470 | |||||||||||||
Provision for credit losses | 4,139 | 3,638 | 4,443 | 3,970 | |||||||||||||
Net interest income after provision for credit losses | 30,598 | 29,670 | 26,571 | 24,500 | |||||||||||||
Noninterest income | 6,060 | 4,851 | 4,441 | 6,012 | |||||||||||||
Noninterest expense | 20,325 | 19,107 | 18,537 | 18,562 | |||||||||||||
Income before income tax expense | 16,333 | 15,414 | 12,475 | 11,950 | |||||||||||||
Income tax expense | 6,135 | 5,739 | 4,692 | 4,317 | |||||||||||||
Net income | 10,198 | 9,675 | 7,783 | 7,633 | |||||||||||||
Preferred stock dividends and discount accretion | 141 | 142 | 142 | 141 | |||||||||||||
Net income available to common shareholders | $ | 10,057 | $ | 9,533 | $ | 7,641 | $ | 7,492 | |||||||||
Earnings per common share | |||||||||||||||||
Basic (1 & 2) | $ | 0.4 | $ | 0.41 | $ | 0.34 | $ | 0.34 | |||||||||
Diluted (1 & 2) | $ | 0.39 | $ | 0.4 | $ | 0.33 | $ | 0.33 | |||||||||
-1 | Earnings per common share are calculated on a quarterly basis and may not be additive to the year to date amount. | ||||||||||||||||
-2 | Per share amounts have been adjusted to give effect to the 10% common stock dividend paid on June 14, 2013. | ||||||||||||||||
Note_24_Parent_Company_Financi
Note 24 - Parent Company Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 24 – Parent Company Financial Information | ||||||||||||
Condensed financial information for Eagle Bancorp, Inc. (Parent Company only) is as follows: | |||||||||||||
Condensed Balance Sheets | |||||||||||||
(dollars in thousands) | 31-Dec-14 | 31-Dec-13 | |||||||||||
Assets | |||||||||||||
Cash | $ | 42,810 | $ | 17,140 | |||||||||
Cash equivalents | 8,739 | 8,693 | |||||||||||
Investment securities available for sale, at fair value | 300 | 265 | |||||||||||
Investment in subsidiaries | 647,633 | 376,416 | |||||||||||
Other assets | 2,731 | 1,000 | |||||||||||
Total Assets | $ | 702,213 | $ | 403,514 | |||||||||
Liabilities | |||||||||||||
Other liabilities | $ | 2,154 | $ | 351 | |||||||||
Long-term borrowings | 79,300 | 9,300 | |||||||||||
Total liabilities | 81,454 | 9,651 | |||||||||||
Shareholders' Equity | |||||||||||||
Preferred stock, Series B | 71,900 | 56,600 | |||||||||||
Common stock | 296 | 253 | |||||||||||
Warrant | 946 | 946 | |||||||||||
Additional paid in capital | 394,933 | 242,990 | |||||||||||
Retained earnings | 150,037 | 96,393 | |||||||||||
Accumulated other comprehensive income (loss) | 2,647 | (3,319 | ) | ||||||||||
Total shareholders’ equity | 620,759 | 393,863 | |||||||||||
Total Liabilities and Shareholders' Equity | $ | 702,213 | $ | 403,514 | |||||||||
Condensed Statements of Operations | |||||||||||||
Years Ended December 31, | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Income | |||||||||||||
Other interest and dividends | $ | 171 | $ | 117 | $ | 78 | |||||||
Gain on sale of investment securities | - | - | - | ||||||||||
Total Income | 171 | 117 | 78 | ||||||||||
Expenses | |||||||||||||
Interest expense | 2,497 | 897 | 946 | ||||||||||
Legal and professional | 108 | 142 | 192 | ||||||||||
Directors’ fees | 257 | 187 | 237 | ||||||||||
Other | 1,086 | 946 | 816 | ||||||||||
Total Expenses | 3,948 | 2,172 | 2,191 | ||||||||||
Loss Before Income Tax (Benefit) and Equity in Undistributed Income of Subsidiaries | (3,777 | ) | (2,055 | ) | (2,113 | ) | |||||||
Income Tax Benefit | (1,490 | ) | (810 | ) | (838 | ) | |||||||
Loss Before Equity in Undistributed Income of Subsidiaries | (2,287 | ) | (1,245 | ) | (1,275 | ) | |||||||
Equity in Undistributed Income of Subsidiaries | 56,545 | 48,252 | 36,564 | ||||||||||
Net Income | 54,258 | 47,007 | 35,289 | ||||||||||
Preferred Stock Dividends and Discount Accretion | 614 | 566 | 566 | ||||||||||
Net Income Available to Common Shareholders | $ | 53,644 | $ | 46,441 | $ | 34,723 | |||||||
Condensed Statements of Cash Flows | |||||||||||||
Years Ended December 31, | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Cash Flows From Operating Activities | |||||||||||||
Net Income | $ | 54,258 | $ | 47,007 | $ | 35,289 | |||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||||
Equity in undistributed income of subsidiary | (56,545 | ) | (48,252 | ) | (36,564 | ) | |||||||
Excess tax benefit on stock-based compensation | (978 | ) | (410 | ) | (369 | ) | |||||||
(Increase) decrease in other assets | (1,731 | ) | 353 | (34 | ) | ||||||||
Increase (decrease) in other liabilities | 1,803 | 67 | (50 | ) | |||||||||
Net cash (used in) operating activities | (3,193 | ) | (1,235 | ) | (1,728 | ) | |||||||
Cash Flows From Investing Activities | |||||||||||||
Investment in subsidiary (net) | (203,782 | ) | (810 | ) | (34,143 | ) | |||||||
Net cash used in investing activities | (203,782 | ) | (810 | ) | (34,143 | ) | |||||||
Cash Flows From Financing Activities | |||||||||||||
Issuance of common stock | 144,093 | ||||||||||||
Issuance of Series C Preferred Stock | 15,300 | - | - | ||||||||||
Issuance in long-term borrowings | 70,000 | - | - | ||||||||||
Cash paid in lieu of fractional shares | - | (11 | ) | - | |||||||||
Issuance of common stock | - | - | 42,956 | ||||||||||
Proceeds from exercise of stock options | 2,313 | 1,984 | 1,685 | ||||||||||
Preferred stock dividends | (614 | ) | (566 | ) | (566 | ) | |||||||
Excess tax benefit on stock-based compensation | 978 | 410 | 369 | ||||||||||
Proceeds from employee stock purchase plan | 621 | 543 | 447 | ||||||||||
Net cash provided by financing activities | 232,691 | 2,360 | 44,891 | ||||||||||
Net Increase in Cash | 25,716 | 315 | 9,020 | ||||||||||
Cash and Cash Equivalents at Beginning of Year | 25,833 | 25,518 | 16,498 | ||||||||||
Cash and Cash Equivalents at End of Year | $ | 51,549 | $ | 25,833 | $ | 25,518 | |||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Nature of Operations [Text Block] | Nature of Operations |
The Company, through the Bank, conducts a full service community banking business, primarily in Northern Virginia, Montgomery County, Maryland, and Washington, D.C. On October 31, 2014, the Company completed its acquisition of Virginia Heritage Bank (“Virginia Heritage”). Refer to Note 2 for a full description of this transaction. The primary financial services offered by the Bank include real estate, commercial and consumer lending, as well as traditional deposit and repurchase agreement products. The Bank is also active in the origination and sale of residential mortgage loans and the origination of small business loans. The guaranteed portion of small business loans, guaranteed by the Small Business Administration (“SBA”), is typically sold to third party investors in a transaction apart from the loan’s origination. As of December 31, 2014, the Bank offers its products and services through twenty two banking offices, five lending centers and various electronic capabilities, including remote deposit services and mobile banking services. Eagle Insurance Services, LLC, a subsidiary of the Bank, offers access to insurance products and services through a referral program with a third party insurance broker. Eagle Commercial Ventures, LLC, a direct subsidiary of the Company, provides subordinated financing for the acquisition, development and construction of real estate projects. These transactions involve higher levels of risk, together with commensurate higher returns. Refer to Higher Risk Lending – Revenue Recognition below. | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results may differ from those estimates and such differences could be material to the financial statements. | |
Business Combinations Policy [Policy Text Block] | Business Combinations |
Business combinations are accounted for by applying the acquisition method in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. Under the acquisition method, identifiable assets acquired and liabilities assumed, and any non-controlling interest in the acquiree at the acquisition date are measured at their fair values as of that date, and are recognized separately from goodwill. Results of operations of the acquired entities are included in the consolidated statement of income from the date of acquisition. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Flows |
For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks, federal funds sold, and interest bearing deposits with other banks which have an original maturity of three months or less. | |
Trade and Loan Receivables, Nonmortgage Loans Held-for-sale, Policy [Policy Text Block] | Loans Held for Sale |
The Company engages in sales of residential mortgage loans and the guaranteed portion of SBA loans originated by the Bank. Loans held for sale are carried at the lower of aggregate cost or fair value. Fair value is derived from secondary market quotations for similar instruments. Gains and losses on sales of these loans are recorded as a component of noninterest income in the consolidated statements of operations. | |
The Company’s current practice is to sell residential mortgage loans on a servicing released basis, and, therefore, it has no intangible asset recorded for the value of such servicing as of December 31, 2014 and December 31, 2013. The sale of the guaranteed portion of SBA loans on a servicing retained basis gives rise to an Excess Servicing Asset, which is computed on a loan by loan basis with the unamortized amount being included in Intangible assets in the consolidated balance sheets. This Excess Servicing Asset is being amortized on a straight-line basis (with adjustment for prepayments) as an offset to servicing fees collected and is included in Other income in the consolidated statement of operations. | |
The Company enters into commitments to originate residential mortgage loans whereby the interest rate on the loan is determined prior to funding (i.e. rate lock commitments). Such rate lock commitments on mortgage loans to be sold in the secondary market are considered to be derivatives. To protect against the price risk inherent in residential mortgage loan commitments, the Company utilizes both “best efforts” and “mandatory delivery” forward loan sale commitments to mitigate the risk of potential decrease in the values of loans that would result from the exercise of the derivative loan commitments. Under a “best efforts” contract, the Company commits to deliver an individual mortgage loan of a specified principal amount and quality to an investor and the investor commits to a price that it will purchase the loan from the Company if the loan to the underlying borrower closes. The Company protects itself from changes in interest rates through the use of best efforts forward delivery commitments, whereby the investor commits to purchase a loan at a price representing a premium on the day the borrower commits to an interest rate with the intent that the buyer/investor has assumed the interest rate risk on the loan. As a result, the Company is not generally exposed to losses on loans sold utilizing best efforts. Nor will it realize gains, related to rate lock commitments due to changes in interest rates. The market values of rate lock commitments and best efforts contracts are not readily ascertainable with precision because rate lock commitments and best efforts contracts are not actively traded. Because of the high correlation between rate lock commitments and best efforts contracts, no gain or loss should occur on the rate lock commitments. Under a “mandatory delivery” contract, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date. If the Company fails to deliver the amount of mortgages necessary to fulfill the commitment by the specified date, it is obligated to pay the investor a “pair-off” fee, based on then-current market prices, to compensate the investor for the shortfall. The rate lock commitments on mortgage loans to be sold in the secondary market are considered to be derivatives the Company manages the interest rate risk on rate lock commitments by entering into forward sale contracts of mortgage backed securities, whereby the Company obtains the right to deliver securities to investors in the future at a specified price . Such contracts are accounted for as derivatives and are recorded at fair value in derivative assets or liabilities, with changes in fair value recorded in other income. The period of time between issuance of a loan commitment to the customer and closing and sale of the loan to an investor generally ranges from 30 to 90 days under current market conditions. | |
In circumstances where the Company does not deliver the whole loan to an investor, but rather elects to retain the loan in its portfolio, the loan is transferred from held for sale at fair value. | |
Marketable Securities, Policy [Policy Text Block] | Investment Securities |
The Company has no securities classified as trading, nor are any investment securities classified as held to maturity. Marketable equity securities and debt securities not classified as held to maturity or trading are classified as available-for-sale. Securities available-for-sale are acquired as part of the Company’s asset/liability management strategy and may be sold in response to changes in interest rates, current market conditions, loan demand, changes in prepayment risk and other factors. Securities available-for-sale are carried at fair value, with unrealized gains or losses being reported as accumulated other comprehensive income/(loss), a separate component of shareholders’ equity, net of deferred income tax. Realized gains and losses, using the specific identification method, are included as a separate component of noninterest income in the Consolidated Statements of Operations. | |
Premiums and discounts on investment securities are amortized/accreted to the earlier of call or maturity based on expected lives, which lives are adjusted based on prepayments and call optionality. Declines in the fair value of individual available-for-sale securities below their cost that are other-than-temporary in nature result in write-downs of the individual securities to their fair value. Factors affecting the determination of whether other-than-temporary impairment has occurred include a downgrading of the security by a rating agency, a significant deterioration in the financial condition of the issuer, or a change in management’s intent and ability to hold a security for a period of time sufficient to allow for any anticipated recovery in fair value. Management systematically evaluates investment securities for other-than-temporary declines in fair value on a quarterly basis. This analysis requires management to consider various factors, which include: (1) duration and magnitude of the decline in value; (2) the financial condition of the issuer or issuers: and (3) structure of the security. | |
The entire amount of an impairment loss is recognized in earnings only when: (1) the Company intends to sell the debt security; (2) it is more likely than not that the Company will have to sell the security before recovery of its amortized cost basis; or (3) the Company does not expect to recover the entire amortized cost basis of the security. In all other situations, only the portion of the impairment loss representing the credit loss must be recognized in earnings, with the remaining portion being recognized in shareholders’ equity as comprehensive income, net of deferred taxes. | |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans |
Loans are stated at the principal amount outstanding, net of unamortized deferred costs and fees. Interest income on loans is accrued at the contractual rate on the principal amount outstanding. It is the Company’s policy to discontinue the accrual of interest when circumstances indicate that collection is doubtful. Deferred fees and costs on loans are being amortized on the interest method over the term of the loan. | |
Management considers loans impaired when, based on current information, it is probable that the Company will not collect all principal and interest payments according to contractual terms. Loans are evaluated for impairment in accordance with the Company’s portfolio monitoring and ongoing risk assessment procedures. Management considers the financial condition of the borrower, cash flow of the borrower, payment status of the loan, and the value of the collateral, if any, securing the loan. Generally, impaired loans do not include large groups of smaller balance homogeneous loans such as residential real estate and consumer type loans which are evaluated collectively for impairment and are generally placed on nonaccrual when the loan becomes 90 days past due as to principal or interest. Loans specifically reviewed for impairment are not considered impaired during periods of “minimal delay” in payment (ninety days or less) provided eventual collection of all amounts due is expected. The impairment of a loan is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, or the fair value of the collateral if repayment is expected to be provided solely by the collateral. In appropriate circumstances, interest income on impaired loans may be recognized on the cash basis. | |
Revenue Recognition, Policy [Policy Text Block] | Higher Risk Lending – Revenue Recognition |
The Company has occasionally made higher risk acquisition, development, and construction (“ADC”) loans that entail higher risks than ADC loans made following normal underwriting practices (“higher risk loan transactions”). These higher risk loan transactions are currently made through the Company’s subsidiary, ECV. This activity is limited as to individual transaction amount and total exposure amounts, based on capital levels, and is carefully monitored. The loans are carried on the balance sheet at amounts outstanding and meet the loan classification requirements of the Accounting Standard Executive Committee (“AcSEC”) guidance reprinted from the CPA Letter, Special Supplement, dated February 10, 1986 (also referred to as Exhibit 1 to AcSEC Practice Bulletin No. 1). Additional interest earned on these higher risk loan transactions (as defined in the individual loan agreements) is recognized as realized under the provisions contained in AcSEC’s guidance reprinted from the CPA Letter, Special Supplement, dated February 10, 1986 (also referred to as Exhibit 1 to AcSEC Practice Bulletin No.1) and Staff Accounting Bulletin No. 101 (Revenue Recognition in Financial Statements). Certain additional interest is included as a component of noninterest income. ECV recorded no additional interest on higher risk transactions during 2014, 2013 or 2012 (although normal interest income was recorded) and had four higher risk lending transactions outstanding as of December 31, 2014, as compared to five higher risk lending transaction outstanding as of December 31, 2013, amounting to $6.2 million and $7.4 million, respectively. | |
Financing Receivable, Allowance for Credit Losses, Policy or Methodology Change [Policy Text Block] | Allowance for Credit Losses |
The allowance for credit losses represents an amount, which in management’s judgment, is adequate to absorb probable losses on existing loans and other extensions of credit that may become uncollectible. The adequacy of the allowance for credit losses is determined through careful and continuous review and evaluation of the loan portfolio and involves the balancing of a number of factors to establish a prudent level of allowance. Among the factors considered in evaluating the adequacy of the allowance for credit losses are lending risks associated with growth and entry into new markets, loss allocations for specific credits, the level of the allowance to nonperforming loans, historical loss experience, economic conditions, portfolio trends and credit concentrations, changes in the size and character of the loan portfolio, and management’s judgment with respect to current and expected economic conditions and their impact on the existing loan portfolio. Allowances for impaired loans are generally determined based on collateral values. Loans or any portion thereof deemed uncollectible are charged against the allowance, while recoveries are credited to the allowance. Management adjusts the level of the allowance through the provision for credit losses, which is recorded as a current period operating expense. The allowance for credit losses consists of allocated and unallocated components. | |
The components of the allowance for credit losses represent an estimation done pursuant to ASC Topic 450, “Contingencies,” or ASC Topic 310, “Receivables.” Specific allowances are established in cases where management has identified significant conditions or circumstances related to a specific credit that management believes indicate the probability that a loss may be incurred. For potential problem credits for which specific allowance amounts have not been determined, the Company establishes allowances according to the application of credit risk factors. These factors are set by management and approved by the appropriate Board committee to reflect its assessment of the relative level of risk inherent in each risk grade. A third component of the allowance computation, termed a nonspecific or environmental factors allowance, is based upon management’s evaluation of various environmental conditions that are not directly measured in the determination of either the specific allowance or formula allowance. Such conditions include general economic and business conditions affecting key lending areas, credit quality trends (including trends in delinquencies and nonperforming loans expected to result from existing conditions), loan volumes and concentrations, specific industry conditions within portfolio categories, recent loss experience in particular loan categories, duration of the current business cycle, bank regulatory examination results, findings of outside review consultants, and management’s judgment with respect to various other conditions including credit administration and management and the quality of risk identification systems. Executive management reviews these environmental conditions quarterly, and documents the rationale for all changes. | |
Management believes that the allowance for credit losses is adequate; however, determination of the allowance is inherently subjective and requires significant estimates. While management uses available information to recognize losses on loans, future additions to the allowance may be necessary based on changes in economic conditions. Evaluation of the potential effects of these factors on estimated losses involves a high degree of uncertainty, including the strength and timing of economic cycles and concerns over the effects of a prolonged economic downturn in the current cycle. In addition, various regulatory agencies, as an integral part of their examination process, and independent consultants engaged by the Bank, periodically review the Bank’s loan portfolio and allowance for credit losses. Such review may result in recognition of additions to the allowance based on their judgments of information available to them at the time of their examination. | |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment |
Premises and equipment are stated at cost less accumulated depreciation and amortization computed using the straight-line method for financial reporting purposes. Premises and equipment are depreciated over the useful lives of the assets, which generally range from seven years for furniture, fixtures and equipment, three to five years for computer software and hardware, and ten to forty years for buildings and building improvements. Leasehold improvements are amortized over the terms of the respective leases, which may include renewal options where management has the positive intent to exercise such options, or the estimated useful lives of the improvements, whichever is shorter. The costs of major renewals and betterments are capitalized, while the costs of ordinary maintenance and repairs are expensed as incurred. These costs are included as a component of premises and equipment expenses on the Consolidated Statements of Operations. | |
Real Estate, Policy [Policy Text Block] | Other Real Estate Owned (“OREO”) |
Assets acquired through loan foreclosure are held for sale and are initially recorded at fair value less estimated selling costs when acquired, establishing a new cost basis. The new basis is supported by recent appraisals. Costs after acquisition are generally expensed. If the fair value of the asset declines, a write-down is recorded through noninterest expense. The valuation of foreclosed assets is subjective in nature and may be adjusted in the future because of changes in market conditions or appraised values. | |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and Other Intangible Assets |
Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights. Intangible assets that have finite lives, such as core deposit intangibles are amortized over their estimated useful lives and subject to periodic impairment testing. Intangible assets (other than goodwill) are amortized to expense using accelerated or straight-line methods over their respective estimated useful lives. | |
Goodwill and other intangibles are subject to impairment testing at the reporting unit level, which must be conducted at least annually. The Company performs impairment testing during the fourth quarter of each year or when events or changes in circumstances indicate the assets might be impaired. | |
The Company performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing updated qualitative factors, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, it does not have to perform the two-step goodwill impairment test. Determining the fair value of a reporting unit under the first step of the goodwill impairment test and determining the fair value of individual assets and liabilities of a reporting unit under the second step of the goodwill impairment test are judgmental and often involve the use of significant estimates and assumptions. Similarly, estimates and assumptions are used in determining the fair value of other intangible assets. Estimates of fair value are primarily determined using discounted cash flows, market comparisons and recent transactions. These approaches use significant estimates and assumptions including projected future cash flows, discount rates reflecting the market rate of return, projected growth rates and determination and evaluation of appropriate market comparables. Based on the results of quantitative assessments of all reporting units, the Company concluded that no impairment existed at December 31, 2014. However, future events could cause the Company to conclude that goodwill or other intangibles have become impaired, which would result in recording an impairment loss. Any resulting impairment loss could have a material adverse impact on the Company’s financial condition and results of operations. | |
Repurchase and Resale Agreements Policy [Policy Text Block] | Customer Repurchase Agreements |
The Company enters into agreements under which it sells securities subject to an obligation to repurchase the same securities. Under these arrangements, the Company may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Company to repurchase the assets. As a result, securities sold under agreements to repurchase are accounted for as collateralized financing arrangements and not as a sale and subsequent repurchase of securities. The agreements are entered into primarily as accommodations for large commercial deposit customers. The obligation to repurchase the securities is reflected as a liability in the Company’s Consolidated Balance Sheets, while the securities underlying the securities sold under agreements to repurchase remain in the respective assets accounts and are delivered to and held as collateral by third party trustees. | |
Advertising Cost, Policy, Expensed Advertising Cost [Policy Text Block] | Marketing and Advertising |
Marketing and advertising costs are generally expensed as incurred. | |
Income Tax, Policy [Policy Text Block] | Income Taxes |
The Company employs the liability method of accounting for income taxes as required by ASC Topic 740, “Income Taxes.” Under the liability method, deferred-tax assets and liabilities are determined based on differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities (i.e., temporary timing differences) and are measured at the enacted rates that will be in effect when these differences reverse. The Company utilizes statutory requirements for its income tax accounting, and avoids risks associated with potentially problematic tax positions that may incur challenge upon audit, where an adverse outcome is more likely than not. Therefore, no provisions are made in the Company’s tax reserves for uncertain tax positions or accompanying potential tax penalties and interest for underpayments of income taxes. In accordance with ASC Topic 740, the Company may establish a reserve against deferred tax assets in those cases where realization is less than certain, although no such reserves exist at either December 31, 2014 or December 31, 2013. | |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfer of Financial Assets |
Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when: (1) the assets have been isolated from the Company; (2) the transferee obtain the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets; and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. In certain cases, the recourse to the Bank to repurchase assets may exist but be deemed immaterial based on the specific facts and circumstances. | |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Common Share |
Basic net income per common share is derived by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period measured. Diluted earnings per common share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period measured including the potential dilutive effects of common stock equivalents. Earnings per share amounts for periods ending prior to June 30, 2013 have been adjusted to reflect a 10% stock dividend paid on June 14, 2013. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation |
In accordance with ASC Topic 718, “Compensation,” the Company records as compensation expense an amount equal to the amortization (over the remaining service period) of the fair value (computed at the date of option grant) of any outstanding fixed stock option grant and restricted stock award. Compensation expense on variable stock option grants (i.e. performance based grants) if any, is recorded based on the probability of achievement of the goals underlying the performance grant. Refer to Note 13 for a description of stock-based compensation awards, activity and expense for the years ended December 31, 2014, 2013 and 2012. | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Authoritative Accounting Guidance |
In January 2014, the FASB issued ASU No. 2014-01, "Accounting for Investments in Qualified Affordable Housing Projects." ASU No. 2014-01 permits reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognize the net investment performance in the income statement as a component of income tax expense. This new guidance also requires new disclosures for all investors in these projects. ASU No. 2014-01 is effective for interim and annual reporting periods beginning after December 15, 2014. Upon adoption, the guidance must be applied retrospectively to all periods presented. However, entities that use the effective yield method to account for investments in these projects before adoption may continue to do so for these pre-existing investments. The Company currently accounts for such investments using the effective yield method and plans to continue to do so for these pre-existing investments after adopting ASU No. 2014-01 on January 1, 2015. The Company expects investments made after January 1, 2015 to meet the criteria required for the proportional amortization method and plans to make such an accounting policy election. The adoption of ASU No. 2014-01 is not expected to have a material impact on the Company's consolidated financial statements. | |
In January 2014, the FASB issued ASU No. 2014-04, "Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure." The objective of this guidance is to clarify when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. ASU No. 2014-04 states that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, ASU No. 2014-04 requires interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. ASU No. 2014-04 is effective for interim and annual reporting periods beginning after December 15, 2014. The adoption of ASU No. 2014-04 is not expected to have a material impact on the Company's consolidated financial statements |
Note_2_Mergers_and_Acquisition1
Note 2 - Mergers and Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Certain Loans Acquired in Transfer [Table Text Block] | (dollars in thousands) | ||||||||
Accounted for under ASC 310-30: | |||||||||
Contractual principal balance at acquisition | $ | 4,448 | |||||||
Contractual cash flows not expected to be collected (nonaccretable discount) | 1,191 | ||||||||
Expected cash flows at acquisition at acquisition | 3,257 | ||||||||
Interest component of expected cash flows (accretable discount) | - | ||||||||
Fair value at acquisition | $ | 3,257 | |||||||
Excluded under ASC 310-30 accounting: | |||||||||
Unpaid principal balance | $ | 812,681 | |||||||
Fair value discount | 11,618 | ||||||||
Fair value at acquisition | 801,063 | ||||||||
Total fair value at acquisition | $ | 804,320 | |||||||
Business Acquisition, Pro Forma Information [Table Text Block] | For the years ended December 31, | ||||||||
(dollars in thousands) | 2014 | 2013 | |||||||
Net interest income | $ | 206,721 | $ | 174,509 | |||||
Net income | 58,756 | 55,973 | |||||||
Earnings per share: | |||||||||
Basic | $ | 1.89 | $ | 1.86 | |||||
Diluted | $ | 1.82 | $ | 1.81 |
Note_4_Investment_Securities_A1
Note 4 - Investment Securities Available-for-Sale (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | 31-Dec-14 | Gross Unrealized | Gross Unrealized | Estimated Fair | |||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Gains | Losses | Value | |||||||||||||||||||||
U. S. Government agency securities | $ | 29,434 | $ | 500 | $ | 40 | $ | 29,894 | |||||||||||||||||
Residential mortgage backed securities | 241,120 | 1,716 | 2,516 | 240,320 | |||||||||||||||||||||
Municipal bonds | 106,983 | 4,850 | 121 | 111,712 | |||||||||||||||||||||
Other equity investments | 396 | 21 | - | 417 | |||||||||||||||||||||
$ | 377,933 | $ | 7,087 | $ | 2,677 | $ | 382,343 | ||||||||||||||||||
31-Dec-13 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
U. S. Government agency securities | $ | 46,640 | $ | 843 | $ | 148 | $ | 47,335 | |||||||||||||||||
Residential mortgage backed securities | 234,206 | 1,143 | 6,675 | 228,674 | |||||||||||||||||||||
Municipal bonds | 102,423 | 2,017 | 2,700 | 101,740 | |||||||||||||||||||||
Other equity investments | 396 | - | 12 | 384 | |||||||||||||||||||||
$ | 383,665 | $ | 4,003 | $ | 9,535 | $ | 378,133 | ||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | 31-Dec-14 | Less than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||
(dollars in thousands) | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | |||||||||||||||||||
U. S. Government agency securities | $ | 2,001 | $ | 7 | $ | 1,750 | $ | 33 | $ | 3,751 | $ | 40 | |||||||||||||
Residential mortgage backed securities | 49,644 | 221 | 86,028 | 2,295 | 135,672 | 2,516 | |||||||||||||||||||
Municipal bonds | 4,974 | 14 | 10,915 | 107 | 15,889 | 121 | |||||||||||||||||||
$ | 56,619 | $ | 242 | $ | 98,693 | $ | 2,435 | $ | 155,312 | $ | 2,677 | ||||||||||||||
31-Dec-13 | Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
(dollars in thousands) | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | |||||||||||||||||||
U. S. Government agency securities | $ | 4,782 | $ | 148 | $ | - | $ | - | $ | 4,782 | $ | 148 | |||||||||||||
Residential mortgage backed securities | 155,475 | 5,992 | 15,658 | 683 | 171,133 | 6,675 | |||||||||||||||||||
Municipal bonds | 50,450 | 2,512 | 3,196 | 188 | 53,646 | 2,700 | |||||||||||||||||||
Other equity investments | - | - | 165 | 12 | 165 | 12 | |||||||||||||||||||
$ | 210,707 | $ | 8,652 | $ | 19,019 | $ | 883 | $ | 229,726 | $ | 9,535 | ||||||||||||||
Available-for-sale Securities [Table Text Block] | 31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
(dollars in thousands) | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||||||||||
U. S. Government agency securities maturing: | |||||||||||||||||||||||||
One year or less | $ | 2,998 | $ | 3,051 | $ | 19,025 | $ | 19,133 | |||||||||||||||||
After one year through five years | 19,947 | 20,276 | 27,615 | 28,202 | |||||||||||||||||||||
Five years through ten years | 6,489 | 6,567 | - | - | |||||||||||||||||||||
Residential mortgage backed securities | 241,120 | 240,320 | 234,206 | 228,674 | |||||||||||||||||||||
Municipal bonds maturing: | |||||||||||||||||||||||||
One year or less | 2,410 | 2,438 | - | - | |||||||||||||||||||||
After one year through five years | 47,038 | 49,607 | 25,718 | 26,008 | |||||||||||||||||||||
Five years through ten years | 54,983 | 56,927 | 76,705 | 75,732 | |||||||||||||||||||||
After ten years | 2,552 | 2,740 | - | - | |||||||||||||||||||||
Other equity investments | 396 | 417 | 396 | 384 | |||||||||||||||||||||
$ | 377,933 | $ | 382,343 | $ | 383,665 | $ | 378,133 |
Note_5_Loans_and_Allowance_for1
Note 5 - Loans and Allowance for Credit Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | % | Amount | % | |||||||||||||||||||||||||||||||||
Commercial | $ | 916,226 | 21 | % | $ | 694,350 | 24 | % | |||||||||||||||||||||||||||||
Income producing - commercial real estate | 1,703,172 | 40 | % | 1,119,800 | 38 | % | |||||||||||||||||||||||||||||||
Owner occupied - commercial real estate | 461,581 | 11 | % | 317,491 | 11 | % | |||||||||||||||||||||||||||||||
Real estate mortgage - residential | 148,018 | 3 | % | 90,418 | 3 | % | |||||||||||||||||||||||||||||||
Construction - commercial and residential | 793,432 | 18 | % | 574,167 | 19 | % | |||||||||||||||||||||||||||||||
Construction - C&I (owner occupied) | 58,032 | 1 | % | 34,659 | 1 | % | |||||||||||||||||||||||||||||||
Home equity | 122,536 | 3 | % | 110,242 | 4 | % | |||||||||||||||||||||||||||||||
Other consumer | 109,402 | 3 | % | 4,031 | - | ||||||||||||||||||||||||||||||||
Total loans | 4,312,399 | 100 | % | 2,945,158 | 100 | % | |||||||||||||||||||||||||||||||
Less: Allowance for Credit Losses | (46,075 | ) | (40,921 | ) | |||||||||||||||||||||||||||||||||
Net loans | $ | 4,266,324 | $ | 2,904,237 | |||||||||||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (dollars in thousands) | Commercial | Income Producing Commercial Real Estate | Owner Occupied Commercial Real Estate | Real Estate Mortgage Residential | Construction Commercial and Residential | Home Equity | Other Consumer | Total | ||||||||||||||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 9,780 | $ | 10,359 | $ | 3,899 | $ | 944 | $ | 13,934 | $ | 1,871 | $ | 134 | $ | 40,921 | |||||||||||||||||||||
Loans charged-off | (2,634 | ) | (121 | ) | (752 | ) | (138 | ) | (2,721 | ) | (379 | ) | (189 | ) | (6,934 | ) | |||||||||||||||||||||
Recoveries of loans previously charged-off | 977 | 42 | 7 | - | 83 | 10 | 90 | 1,209 | |||||||||||||||||||||||||||||
Net loans charged-off | (1,657 | ) | (79 | ) | (745 | ) | (138 | ) | (2,638 | ) | (369 | ) | (99 | ) | (5,725 | ) | |||||||||||||||||||||
Provision for credit losses | 5,099 | 1,162 | (200 | ) | 453 | 4,329 | (33 | ) | 69 | 10,879 | |||||||||||||||||||||||||||
Ending balance | $ | 13,222 | $ | 11,442 | $ | 2,954 | $ | 1,259 | $ | 15,625 | $ | 1,469 | $ | 104 | $ | 46,075 | |||||||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 5,334 | $ | 751 | $ | 577 | $ | - | $ | 927 | $ | 430 | $ | 45 | $ | 8,064 | |||||||||||||||||||||
Collectively evaluated for impairment | 7,888 | 10,691 | 2,377 | 1,259 | 14,698 | 1,039 | 59 | 38,011 | |||||||||||||||||||||||||||||
Ending balance | $ | 13,222 | $ | 11,442 | $ | 2,954 | $ | 1,259 | $ | 15,625 | $ | 1,469 | $ | 104 | $ | 46,075 | |||||||||||||||||||||
(dollars in thousands) | Commercial | Income Producing Commercial Real Estate | Owner Occupied Commercial Real Estate | Real Estate Mortgage Residential | Construction Commercial and Residential | Home Equity | Other Consumer | Total | |||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 9,412 | $ | 9,148 | $ | 2,781 | $ | 659 | $ | 13,391 | $ | 1,730 | $ | 371 | $ | 37,492 | |||||||||||||||||||||
Loans charged-off | (4,275 | ) | (602 | ) | - | - | (2,010 | ) | (89 | ) | (63 | ) | (7,039 | ) | |||||||||||||||||||||||
Recoveries of loans previously charged-off | 161 | - | - | - | 688 | 11 | 6 | 866 | |||||||||||||||||||||||||||||
Net loans charged-off | (4,114 | ) | (602 | ) | - | - | (1,322 | ) | (78 | ) | (57 | ) | (6,173 | ) | |||||||||||||||||||||||
Provision for credit losses | 4,482 | 1,813 | 1,118 | 285 | 1,865 | 219 | (180 | ) | 9,602 | ||||||||||||||||||||||||||||
Ending balance | $ | 9,780 | $ | 10,359 | $ | 3,899 | $ | 944 | $ | 13,934 | $ | 1,871 | $ | 134 | $ | 40,921 | |||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,323 | $ | 1,098 | $ | 1,853 | $ | 27 | $ | 1,625 | $ | 526 | $ | 68 | $ | 6,520 | |||||||||||||||||||||
Collectively evaluated for impairment | 8,457 | 9,261 | 2,046 | 917 | 12,309 | 1,345 | 66 | 34,401 | |||||||||||||||||||||||||||||
Ending balance | $ | 9,780 | $ | 10,359 | $ | 3,899 | $ | 944 | $ | 13,934 | $ | 1,871 | $ | 134 | $ | 40,921 | |||||||||||||||||||||
Schedule Of Recorded Investment In Loans [Table Text Block] | (dollars in thousands) | Commercial | Income Producing Commercial Real Estate | Owner Occupied Commercial Real Estate | Real Estate Mortgage Residential | Construction Commercial and Residential | Home Equity | Other Consumer | Total | ||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||
Recorded investment in loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 17,612 | $ | 5,109 | $ | 6,891 | $ | - | $ | 14,241 | $ | 1,398 | $ | 59 | $ | 45,310 | |||||||||||||||||||||
Collectively evaluated for impairment | 898,614 | 1,698,063 | 454,690 | 148,018 | 837,223 | 121,138 | 109,343 | 4,267,089 | |||||||||||||||||||||||||||||
Ending balance | $ | 916,226 | $ | 1,703,172 | $ | 461,581 | $ | 148,018 | $ | 851,464 | $ | 122,536 | $ | 109,402 | $ | 4,312,399 | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Recorded investment in loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 9,614 | $ | 2,682 | $ | 7,574 | $ | 113 | $ | 13,862 | $ | 682 | $ | 70 | $ | 34,597 | |||||||||||||||||||||
Collectively evaluated for impairment | 684,736 | 1,117,118 | 309,917 | 90,305 | 594,964 | 109,560 | 3,961 | 2,910,561 | |||||||||||||||||||||||||||||
Ending balance | $ | 694,350 | $ | 1,119,800 | $ | 317,491 | $ | 90,418 | $ | 608,826 | $ | 110,242 | $ | 4,031 | $ | 2,945,158 | |||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | (dollars in thousands) | Pass | Watch and Special Mention | Substandard | Doubtful | Total Loans | |||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 875,102 | $ | 23,512 | $ | 17,612 | $ | - | $ | 916,226 | |||||||||||||||||||||||||||
Income producing - commercial real estate | 1,679,101 | 18,962 | 5,109 | - | 1,703,172 | ||||||||||||||||||||||||||||||||
Owner occupied - commercial real estate | 445,013 | 9,677 | 6,891 | - | 461,581 | ||||||||||||||||||||||||||||||||
Real estate mortgage – residential | 147,262 | 756 | - | - | 148,018 | ||||||||||||||||||||||||||||||||
Construction - commercial and residential | 827,503 | 9,720 | 14,241 | - | 851,464 | ||||||||||||||||||||||||||||||||
Home equity | 119,420 | 1,718 | 1,398 | - | 122,536 | ||||||||||||||||||||||||||||||||
Other consumer | 109,343 | - | 59 | - | 109,402 | ||||||||||||||||||||||||||||||||
Total | $ | 4,202,744 | $ | 64,345 | $ | 45,310 | $ | - | $ | 4,312,399 | |||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 655,409 | $ | 29,327 | $ | 9,614 | $ | - | $ | 694,350 | |||||||||||||||||||||||||||
Income producing - commercial real estate | 1,095,285 | 21,833 | 2,682 | - | 1,119,800 | ||||||||||||||||||||||||||||||||
Owner occupied - commercial real estate | 294,337 | 15,580 | 7,574 | - | 317,491 | ||||||||||||||||||||||||||||||||
Real estate mortgage – residential | 89,501 | 804 | 113 | - | 90,418 | ||||||||||||||||||||||||||||||||
Construction - commercial and residential | 575,321 | 19,643 | 13,862 | - | 608,826 | ||||||||||||||||||||||||||||||||
Home equity | 107,415 | 2,145 | 682 | - | 110,242 | ||||||||||||||||||||||||||||||||
Other consumer | 3,961 | - | 70 | - | 4,031 | ||||||||||||||||||||||||||||||||
Total | $ | 2,821,229 | $ | 89,332 | $ | 34,597 | $ | - | $ | 2,945,158 | |||||||||||||||||||||||||||
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | (dollars in thousands) | 31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||
Commercial | $ | 12,975 | $ | 6,779 | |||||||||||||||||||||||||||||||||
Income producing - commercial real estate | 2,645 | 2,525 | |||||||||||||||||||||||||||||||||||
Owner occupied - commercial real estate | 1,324 | 5,452 | |||||||||||||||||||||||||||||||||||
Real estate mortgage - residential | 346 | 887 | |||||||||||||||||||||||||||||||||||
Construction - commercial and residential | 3,697 | 8,366 | |||||||||||||||||||||||||||||||||||
Home equity | 1,398 | 623 | |||||||||||||||||||||||||||||||||||
Other consumer | 58 | 70 | |||||||||||||||||||||||||||||||||||
Total nonaccrual loans (1)(2) | $ | 22,443 | $ | 24,702 | |||||||||||||||||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | (dollars in thousands) | Loans 30-59 Days Past Due | Loans 60-89 Days Past Due | Loans 90 Days or More Past Due | Total Past Due Loans | Current Loans | Total Recorded Investment in Loans | ||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 1,505 | $ | 4,032 | $ | 12,975 | $ | 18,512 | $ | 897,714 | $ | 916,226 | |||||||||||||||||||||||||
Income producing - commercial real estate | 1,825 | 5,376 | 2,645 | 9,846 | 1,693,326 | 1,703,172 | |||||||||||||||||||||||||||||||
Owner occupied - commercial real estate | 1,089 | 214 | 1,324 | 2,627 | 458,954 | 461,581 | |||||||||||||||||||||||||||||||
Real estate mortgage – residential | - | - | 346 | 346 | 147,672 | 148,018 | |||||||||||||||||||||||||||||||
Construction - commercial and residential | - | - | 3,697 | 3,697 | 847,767 | 851,464 | |||||||||||||||||||||||||||||||
Home equity | - | 1,365 | 1,398 | 2,763 | 119,773 | 122,536 | |||||||||||||||||||||||||||||||
Other consumer | 284 | 81 | 58 | 423 | 108,979 | 109,402 | |||||||||||||||||||||||||||||||
Total | $ | 4,703 | $ | 11,068 | $ | 22,443 | $ | 38,214 | $ | 4,274,182 | $ | 4,312,399 | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 1,698 | $ | 11,146 | $ | 6,779 | $ | 19,623 | $ | 674,727 | $ | 694,350 | |||||||||||||||||||||||||
Income producing - commercial real estate | 818 | - | 2,525 | 3,343 | 1,116,457 | 1,119,800 | |||||||||||||||||||||||||||||||
Owner occupied - commercial real estate | 360 | 2,121 | 5,452 | 7,933 | 309,558 | 317,491 | |||||||||||||||||||||||||||||||
Real estate mortgage – residential | - | - | 887 | 887 | 89,531 | 90,418 | |||||||||||||||||||||||||||||||
Construction - commercial and residential | - | - | 8,366 | 8,366 | 600,460 | 608,826 | |||||||||||||||||||||||||||||||
Home equity | 626 | 359 | 623 | 1,608 | 108,634 | 110,242 | |||||||||||||||||||||||||||||||
Other consumer | - | 15 | 70 | 85 | 3,946 | 4,031 | |||||||||||||||||||||||||||||||
Total | $ | 3,502 | $ | 13,641 | $ | 24,702 | $ | 41,845 | $ | 2,903,313 | $ | 2,945,158 | |||||||||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | Unpaid Contractual | Recorded Investment | Recorded Investment | Total | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||
(dollars in thousands) | Principal Balance | With No Allowance | With Allowance | Recorded Investment | Related Allowance | Quarter To Date | Year To Date | Quarter To Date | Year To Date | ||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 14,075 | $ | 1,603 | $ | 11,372 | $ | 12,975 | $ | 5,334 | $ | 14,203 | $ | 13,681 | $ | 20 | $ | 251 | |||||||||||||||||||
Income producing - commercial real estate | 10,869 | 8,952 | 1,542 | 10,494 | 751 | 8,202 | 7,021 | 196 | 203 | ||||||||||||||||||||||||||||
Owner occupied - commercial real estate | 1,889 | 1,038 | 851 | 1,889 | 577 | 2,696 | 3,986 | - | 6 | ||||||||||||||||||||||||||||
Real estate mortgage – residential | 346 | 346 | - | 346 | - | 348 | 529 | - | - | ||||||||||||||||||||||||||||
Construction - commercial and residential | 8,785 | 8,176 | 609 | 8,785 | 927 | 10,113 | 10,967 | 436 | 1,147 | ||||||||||||||||||||||||||||
Home equity | 1,398 | 339 | 1,059 | 1,398 | 430 | 993 | 747 | 32 | 36 | ||||||||||||||||||||||||||||
Other consumer | 58 | - | 58 | 58 | 45 | 29 | 30 | 7 | 7 | ||||||||||||||||||||||||||||
Total | $ | 37,420 | $ | 20,454 | $ | 15,491 | $ | 35,945 | $ | 8,064 | $ | 36,584 | $ | 36,961 | $ | 691 | $ | 1,650 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Commercial | $ | 6,779 | $ | 2,327 | $ | 4,452 | $ | 6,779 | $ | 1,323 | $ | 8,193 | $ | 8,877 | $ | 53 | $ | 131 | |||||||||||||||||||
Income producing - commercial real estate | 5,902 | 1,322 | 4,580 | 5,902 | 1,098 | 6,183 | 5,755 | 38 | 175 | ||||||||||||||||||||||||||||
Owner occupied - commercial real estate | 5,452 | 111 | 5,341 | 5,452 | 1,853 | 5,939 | 6,285 | 52 | 108 | ||||||||||||||||||||||||||||
Real estate mortgage – residential | 887 | 774 | 113 | 887 | 27 | 891 | 792 | 2 | 2 | ||||||||||||||||||||||||||||
Construction - commercial and residential | 13,233 | 5,358 | 7,575 | 12,933 | 1,625 | 13,405 | 17,298 | 44 | 169 | ||||||||||||||||||||||||||||
Home equity | 623 | - | 623 | 623 | 526 | 567 | 508 | 2 | 4 | ||||||||||||||||||||||||||||
Other consumer | 70 | - | 70 | 70 | 68 | 58 | 34 | 1 | 2 | ||||||||||||||||||||||||||||
Total | $ | 32,946 | $ | 9,892 | $ | 22,754 | $ | 32,646 | $ | 6,520 | $ | 35,236 | $ | 39,549 | $ | 192 | $ | 591 | |||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | (dollars in thousands) | Number of Contracts | TDRs Performing to Modified Terms | TDRs Not Performing to Modified Terms | Total TDRs | ||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||
Commercial | 1 | $ | - | $ | 227 | $ | 227 | ||||||||||||||||||||||||||||||
Income producing - commercial real estate | 3 | 7,849 | - | 7,849 | |||||||||||||||||||||||||||||||||
Owner occupied - commercial real estate | 1 | 565 | - | 565 | |||||||||||||||||||||||||||||||||
Construction - commercial and residential | 1 | 5,088 | - | 5,088 | |||||||||||||||||||||||||||||||||
Total | 6 | $ | 13,502 | $ | 227 | $ | 13,729 | ||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
Commercial | 3 | $ | - | $ | 4,042 | $ | 4,042 | ||||||||||||||||||||||||||||||
Income producing - commercial real estate | 3 | 3,377 | 217 | 3,594 | |||||||||||||||||||||||||||||||||
Owner occupied - commercial real estate | 1 | - | 4,081 | 4,081 | |||||||||||||||||||||||||||||||||
Construction - commercial and residential | 2 | 4,567 | 912 | 5,479 | |||||||||||||||||||||||||||||||||
Total | 9 | $ | 7,944 | $ | 9,252 | $ | 17,196 | ||||||||||||||||||||||||||||||
Changes in Amounts of Loans Outstanding [Table Text Block] | (dollars in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 30,123 | $ | 31,435 | |||||||||||||||||||||||||||||||||
Additions | 10,000 | 7,091 | |||||||||||||||||||||||||||||||||||
Repayments | (23,041 | ) | (8,403 | ) | |||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 17,082 | $ | 30,123 |
Note_6_Premises_and_Equipment_
Note 6 - Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | (dollars in thousands) | 2014 | 2013 | ||||||
Leasehold improvements | $ | 23,050 | $ | 18,213 | |||||
Furniture and equipment | 20,931 | 18,289 | |||||||
Less accumulated depreciation and amortization | (24,882 | ) | (19,765 | ) | |||||
Total premises and equipment, net | $ | 19,099 | $ | 16,737 | |||||
Operating Leases of Lessee Disclosure [Table Text Block] | Years ending December 31: | ||||||||
(dollars in thousands) | |||||||||
2015 | $ | 8,610 | |||||||
2016 | 7,927 | ||||||||
2017 | 7,046 | ||||||||
2018 | 6,384 | ||||||||
2019 | 5,999 | ||||||||
Thereafter | 12,394 | ||||||||
Total minimum lease payments | $ | 48,360 |
Note_7_Intangible_Assets_Table
Note 7 - Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | (dollars in thousands) | Gross Intangible Assets | Additions | Accumulated Amortization | Net Intangible Assets | ||||||||||||
2014 | |||||||||||||||||
Goodwill (1) | $ | 2,163 | $ | 102,262 | $ | - | $ | 104,425 | |||||||||
Core deposit (2) | 2,520 | 4,550 | (1,869 | ) | 5,201 | ||||||||||||
Excess servicing (3) | 865 | 330 | (913 | ) | 282 | ||||||||||||
$ | 5,548 | $ | 107,142 | $ | (2,782 | ) | $ | 109,908 | |||||||||
2013 | |||||||||||||||||
Goodwill (1) | $ | 2,163 | $ | - | $ | - | $ | 2,163 | |||||||||
Core deposit (2) | 2,520 | - | (1,407 | ) | 1,113 | ||||||||||||
Excess servicing (3) | 526 | 339 | (631 | ) | 234 | ||||||||||||
$ | 5,209 | $ | 339 | $ | (2,038 | ) | $ | 3,510 | |||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years ending December 31: | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
2015 | $ | 1,215 | |||||||||||||||
2016 | 1,207 | ||||||||||||||||
2017 | 1,064 | ||||||||||||||||
2018 | 957 | ||||||||||||||||
2019 | 715 | ||||||||||||||||
Thereafter | 43 | ||||||||||||||||
Total | $ | 5,201 |
Note_9_Deposits_Tables
Note 9 - Deposits (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||
Deposit Composition and Interest Rate [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||||||
(dollars in thousands) | Balance | Average Rate | Balance | Average Rate | Balance | Average Rate | |||||||||||||||||||
Noninterest bearing demand | $ | 1,175,799 | - | $ | 849,409 | - | $ | 881,390 | - | ||||||||||||||||
Interest bearing transaction | 143,628 | 0.13 | % | 118,580 | 0.26 | % | 113,813 | 0.34 | % | ||||||||||||||||
Savings and money market | 2,302,600 | 0.32 | % | 1,811,088 | 0.35 | % | 1,374,869 | 0.48 | % | ||||||||||||||||
Time, $100,000 or more | 393,132 | 0.68 | % | 203,706 | 0.88 | % | 232,875 | 1.12 | % | ||||||||||||||||
Other time | 295,609 | 0.7 | % | 242,631 | 0.54 | % | 294,275 | 0.71 | % | ||||||||||||||||
Total | $ | 4,310,768 | $ | 3,225,414 | $ | 2,897,222 | |||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | (dollars in thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||||
Three months or less | $ | 104,482 | $ | 82,790 | $ | 102,022 | |||||||||||||||||||
More than three months through six months | 106,861 | 109,101 | 88,156 | ||||||||||||||||||||||
More than six months through twelve months | 182,187 | 118,646 | 104,122 | ||||||||||||||||||||||
Over twelve months | 295,211 | 135,800 | 232,850 | ||||||||||||||||||||||
Total | $ | 688,741 | $ | 446,337 | $ | 527,150 | |||||||||||||||||||
Interest Expense on Deposits [Table Text Block] | (dollars in thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||||
Interest bearing transaction | $ | 178 | $ | 298 | $ | 289 | |||||||||||||||||||
Savings and money market | 6,265 | 5,765 | 5,946 | ||||||||||||||||||||||
Time, $100,000 or more | 2,830 | 2,080 | 2,729 | ||||||||||||||||||||||
Other time | 365 | 2,471 | 3,093 | ||||||||||||||||||||||
Total | $ | 9,638 | $ | 10,614 | $ | 12,057 |
Note_10_Borrowings_Tables
Note 10 - Borrowings (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Debt [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||||||
(dollars in thousands) | Amount | Rate | Amount | Rate | Amount | Rate | |||||||||||||||||||
Short-term: | |||||||||||||||||||||||||
At Year-End: | |||||||||||||||||||||||||
Customer repurchase agreements and federal funds purchased | $ | 61,120 | 0.25 | % | $ | 80,471 | 0.28 | % | $ | 101,338 | 0.31 | % | |||||||||||||
Total | $ | 61,120 | $ | 80,471 | $ | 101,338 | |||||||||||||||||||
Average Daily Balance: | |||||||||||||||||||||||||
Customer repurchase agreements and federal funds purchased | $ | 63,490 | 0.23 | % | $ | 94,566 | 0.27 | % | $ | 96,141 | 0.34 | % | |||||||||||||
Federal Home Loan Bank – current portion | 7,288 | 0.42 | % | - | - | 503 | 0.41 | % | |||||||||||||||||
Maximum Month-end Balance: | |||||||||||||||||||||||||
Customer repurchase agreements and federal funds purchased | $ | 80,471 | 0.28 | % | $ | 106,975 | 0.23 | % | $ | 111,580 | 0.34 | % | |||||||||||||
Federal Home Loan Bank – current portion | 100,000 | 0.38 | % | - | - | 10,000 | 2.98 | % | |||||||||||||||||
Long-term: | |||||||||||||||||||||||||
At Year-End: | |||||||||||||||||||||||||
Federal Home Loan Bank | $ | 40,000 | 2.62 | % | $ | 30,000 | 2.46 | % | $ | 30,000 | 2.43 | % | |||||||||||||
Subordinated Notes | 79,300 | 6.4 | % | 9,300 | 8.5 | % | 9,300 | 10 | % | ||||||||||||||||
United Bank Line of Credit | - | - | - | - | - | - | |||||||||||||||||||
Average Daily Balance: | |||||||||||||||||||||||||
Federal Home Loan Bank | $ | 39,205 | 2 | % | $ | 30,000 | 2.46 | % | $ | 37,404 | 2.9 | % | |||||||||||||
Subordinated Notes | 37,875 | 6.59 | % | 9,300 | 9.64 | % | 9,300 | 10 | % | ||||||||||||||||
United Bank Line of Credit | - | - | - | - | - | - | |||||||||||||||||||
Maximum Month-end Balance: | |||||||||||||||||||||||||
Federal Home Loan Bank | $ | 122,500 | 0.68 | % | $ | 30,000 | 2.46 | % | $ | 40,000 | 2.96 | % | |||||||||||||
Subordinated Notes | 79,300 | 6.52 | % | 9,300 | 10 | % | 9,300 | 10 | % | ||||||||||||||||
United Bank Line of Credit | - | - | - | - | - | - |
Note_12_Income_Taxes_Tables
Note 12 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (dollars in thousands) | 2014 | 2013 | 2012 | |||||||||
Current federal income tax | $ | 32,384 | $ | 26,136 | $ | 20,937 | |||||||
Current state income tax | 7,114 | 6,147 | 4,543 | ||||||||||
Total current | 39,498 | 32,283 | 25,480 | ||||||||||
Deferred federal income tax benefit | (7,494 | ) | (3,909 | ) | (4,564 | ) | |||||||
Deferred state income tax benefit | (46 | ) | (56 | ) | (33 | ) | |||||||
Total deferred | (7,540 | ) | (3,965 | ) | (4,597 | ) | |||||||
Total income tax expense | $ | 31,958 | $ | 28,318 | $ | 20,883 | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (dollars in thousands) | 2014 | 2013 | 2012 | |||||||||
Deferred tax assets | |||||||||||||
Allowance for credit losses | $ | 18,544 | $ | 16,440 | $ | 15,035 | |||||||
Deferred loan fees and costs | 10,337 | 5,039 | 3,020 | ||||||||||
Stock-based compensation | 1,714 | 1,370 | 829 | ||||||||||
Net operating loss | 3,198 | 3,449 | 3,952 | ||||||||||
Unrealized loss on securities available for sale | - | 2,213 | - | ||||||||||
SERP | 1,421 | - | - | ||||||||||
Premises and equipment | 1,590 | 1,283 | 989 | ||||||||||
Other | 71 | 4 | 4 | ||||||||||
Total deferred tax assets | 36,875 | 29,798 | 23,829 | ||||||||||
Deferred tax liabilities | |||||||||||||
Unrealized gain on securities available for sale | (1,765 | ) | - | (3,643 | ) | ||||||||
Excess servicing | (114 | ) | (95 | ) | (58 | ) | |||||||
Deferred rent | (162 | ) | (264 | ) | (322 | ) | |||||||
Intangible assets | (2,323 | ) | (490 | ) | (678 | ) | |||||||
Total deferred tax liabilities | (4,364 | ) | (849 | ) | (4,701 | ) | |||||||
Net deferred income tax amount | $ | 32,511 | $ | 28,949 | $ | 19,128 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Increase (decrease) due to | |||||||||||||
State income taxes, net of federal income tax benefit | 5.33 | 5.26 | 5.22 | ||||||||||
Tax exempt interest and dividend income | (2.28 | ) | (2.17 | ) | (2.46 | ) | |||||||
Stock-based compensation expense | 0.04 | 0.06 | 0.08 | ||||||||||
Other | (1.02 | ) | (0.56 | ) | (0.66 | ) | |||||||
Effective tax rates | 37.07 | % | 37.59 | % | 37.18 | % |
Note_13_Net_Income_Per_Common_1
Note 13 - Net Income Per Common Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
(dollars and shares in thousands, except per share data) | |||||||||||||
Basic: | |||||||||||||
Net income available to common shareholders | $ | 53,644 | $ | 46,441 | $ | 34,723 | |||||||
Average common shares outstanding | 26,684 | 25,726 | 23,136 | ||||||||||
Basic net income per common share | $ | 2.01 | $ | 1.81 | $ | 1.5 | |||||||
Diluted: | |||||||||||||
Net income available to common shareholders | $ | 53,644 | $ | 46,441 | $ | 34,723 | |||||||
Average common shares outstanding | 26,684 | 25,726 | 23,136 | ||||||||||
Adjustment for common share equivalents | 867 | 633 | 608 | ||||||||||
Average common shares outstanding-diluted | 27,551 | 26,359 | 23,744 | ||||||||||
Diluted net income per common share | $ | 1.95 | $ | 1.76 | $ | 1.46 | |||||||
Anti-dilutive shares | 13,000 | 35,079 | 131,182 |
Note_15_StockBased_Compensatio1
Note 15 - Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Shares | Weighted-Average Exercise Price | Shares | Weighted-Average Exercise Price | Shares | Weighted-Average Exercise Price | ||||||||||||||||||||
Beginning balance | 501,334 | $ | 10.34 | 722,155 | $ | 10.18 | 919,371 | $ | 10.23 | ||||||||||||||||
Issued | 21,000 | 32.77 | 3,300 | 20.03 | 5,500 | 15.48 | |||||||||||||||||||
Assumed from | |||||||||||||||||||||||||
Virginia Heritage | 401,497 | 13.16 | - | - | - | - | |||||||||||||||||||
Exercised | (157,313 | ) | 14.71 | (198,588 | ) | 9.99 | (167,882 | ) | 10.01 | ||||||||||||||||
Forfeited | (8,110 | ) | 33.06 | (2,420 | ) | 7.4 | (3,493 | ) | 6.22 | ||||||||||||||||
Expired | (1,225 | ) | 9 | (23,113 | ) | 10.05 | (31,341 | ) | 13.92 | ||||||||||||||||
Ending balance | 757,183 | $ | 11.31 | 501,334 | $ | 10.34 | 722,155 | $ | 10.18 | ||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Outstanding: | Stock Options Outstanding | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Life | |||||||||||||||||||||
Range of Exercise Prices | |||||||||||||||||||||||||
$ | 5.76 $ 9.22 | 249,788 | $ | 5.95 | 3.73 | ||||||||||||||||||||
$ | 9.22 $ 15.47 | 365,467 | 11.18 | 1.74 | |||||||||||||||||||||
$ | 15.48 $ 24.41 | 119,052 | 19.57 | 3.5 | |||||||||||||||||||||
$ | 24.42 $ 32.36 | 22,876 | 28.94 | 5.85 | |||||||||||||||||||||
757,183 | $ | 11.31 | 2.8 | ||||||||||||||||||||||
Exercisable: | Stock Options Exercisable | Weighted-Average Exercise Price | |||||||||||||||||||||||
Range of Exercise Prices | |||||||||||||||||||||||||
$ | 5.76 $ 9.22 | 192,878 | $ | 6 | |||||||||||||||||||||
$ | 9.22 $ 15.47 | 348,429 | 11.2 | ||||||||||||||||||||||
$ | 15.48 $ 24.41 | 113,112 | 19.68 | ||||||||||||||||||||||
$ | 24.42 $ 32.36 | 9,876 | 24.43 | ||||||||||||||||||||||
664,295 | $ | 11.33 | |||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Expected volatility | 34.25 | % | 34.12 | % | 36.64 | % | |||||||||||||||||||
Weighted-Average volatility | 34.25 | % | 34.12 | % | 36.64 | % | |||||||||||||||||||
Expected dividends | 0 | % | 0 | % | 0 | % | |||||||||||||||||||
Expected term (in years) | 9.4 | 7.5 | 7.5 | ||||||||||||||||||||||
Risk-free rate | 2.26 | % | 1.31 | % | 1.13 | % | |||||||||||||||||||
Weighted-average fair value (grant date) | $ | 13.49 | $ | 7.83 | $ | 6.35 | |||||||||||||||||||
Weighted-average fair value (grant date) for VHB options assumed | $ | 24.89 | n/a | n/a | |||||||||||||||||||||
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] | Years Ended December 31, | ||||||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Proceeds from stock options exercised | $ | 2,313 | $ | 1,984 | $ | 1,685 | |||||||||||||||||||
Tax benefits related to stock options exercised | 978 | 410 | 369 | ||||||||||||||||||||||
Intrinsic value of stock options exercised | 3,184 | 3,060 | 1,100 | ||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Shares | Weighted-Average Grant Date Fair Value | Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||||||||||
Unvested at beginning | 614,580 | $ | 18.71 | 348,350 | $ | 13.79 | |||||||||||||||||||
Issued | 87,927 | 33.5 | 424,450 | 20.64 | |||||||||||||||||||||
Forfeited | (8,250 | ) | 25.28 | (1,318 | ) | 15.73 | |||||||||||||||||||
Vested | (184,921 | ) | 17.54 | (156,902 | ) | 13.04 | |||||||||||||||||||
Unvested at end | 509,336 | $ | 21.58 | 614,580 | $ | 18.71 |
Note_18_Financial_Instruments_1
Note 18 - Financial Instruments with Off-Balance Sheet Risk (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | (dollars in thousands) | 2014 | 2013 | ||||||
Unfunded loan commitments | $ | 1,625,957 | $ | 1,150,556 | |||||
Unfunded lines of credit | 105,895 | 79,786 | |||||||
Letters of credit | 75,615 | 51,768 | |||||||
Total | $ | 1,807,467 | $ | 1,282,110 |
Note_20_Regulatory_Matters_Tab
Note 20 - Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Company | Bank | For Capital | To Be Well Capitalized Under | |||||||||||||||||||||
Adequacy | |||||||||||||||||||||||||
(dollars in thousands) | Actual | Ratio | Actual | Ratio | Purposes Ratio | Prompt Corrective Action | |||||||||||||||||||
Amount | Amount | Provision Ratio * | |||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 631,340 | 12.97 | % | $ | 568,637 | 11.73 | % | 8 | % | 10 | % | |||||||||||||
Tier 1 capital (to risk weighted assets) | 505,864 | 10.39 | % | 522,637 | 10.78 | % | 4 | % | 6 | % | |||||||||||||||
Tier 1 capital (to average assets) | 505,864 | 10.69 | % | 522,637 | 11.09 | % | 3 | % | 5 | % | |||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 440,332 | 13.01 | % | $ | 403,910 | 12 | % | 8 | % | 10 | % | |||||||||||||
Tier 1 capital (to risk weighted assets) | 390,111 | 11.53 | % | 363,166 | 10.79 | % | 4 | % | 6 | % | |||||||||||||||
Tier 1 capital (to average assets) | 390,111 | 10.93 | % | 363,166 | 10.22 | % | 3 | % | 5 | % |
Note_21_Other_Comprehensive_In1
Note 21 - Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure Text Block [Abstract] | ||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | (dollars in thousands) | Before Tax | Tax Effect | Net of Tax | ||||||||||
Year Ended December 31, 2014 | ||||||||||||||
Net unrealized gain on securities available-for-sale | $ | 9,965 | $ | 3,986 | $ | 5,979 | ||||||||
Less: Reclassification adjustment for net gains included in net income | (22 | ) | (9 | ) | (13 | ) | ||||||||
Other Comprehensive Income | $ | 9,943 | $ | 3,977 | $ | 5,966 | ||||||||
Year Ended December 31, 2013 | ||||||||||||||
Net unrealized loss on securities available-for-sale | $ | (14,622 | ) | $ | (5,849 | ) | $ | (8,773 | ) | |||||
Less: Reclassification adjustment for net gains included in net income | (19 | ) | (8 | ) | (11 | ) | ||||||||
Other Comprehensive Loss | $ | (14,641 | ) | $ | (5,857 | ) | $ | (8,784 | ) | |||||
Year Ended December 31, 2012 | ||||||||||||||
Net unrealized gain on securities available-for-sale | $ | 1,673 | $ | 669 | $ | 1,004 | ||||||||
Less: Reclassification adjustment for net gains included in net income | (690 | ) | (276 | ) | (414 | ) | ||||||||
Other Comprehensive Income | $ | 983 | $ | 393 | $ | 590 | ||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (dollars in thousands) | Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Year Ended December 31, 2014 | ||||||||||||||
Balance at Beginning of Period | $ | (3,319 | ) | |||||||||||
Other comprehensive gain before reclassifications | 5,979 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | (13 | ) | ||||||||||||
Net other comprehensive income during period | 5,966 | |||||||||||||
Balance at End of Period | $ | 2,647 | ||||||||||||
Year Ended December 31, 2013 | ||||||||||||||
Balance at Beginning of Period | $ | 5,465 | ||||||||||||
Other comprehensive (loss) before reclassifications | (8,773 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | (11 | ) | ||||||||||||
Net other comprehensive (loss) during period | (8,784 | ) | ||||||||||||
Balance at End of Period | $ | (3,319 | ) | |||||||||||
Year Ended December 31, 2012 | ||||||||||||||
Balance at Beginning of Period | $ | 4,875 | ||||||||||||
Other comprehensive income before reclassifications | 1,004 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | (414 | ) | ||||||||||||
Net other comprehensive income during period | 590 | |||||||||||||
Balance at End of Period | $ | 5,465 | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about Accumulated Other Comprehensive Income Components (dollars in thousands) | Amount Reclassified from Accumulated Other Comprehensive (Loss) Income | Affected Line Item in the Statement Where Net Income is Presented | |||||||||||
Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Realized gain on sale of investment securities | $ | 22 | $ | 19 | $ | 690 | Gain on sale of investment securities | |||||||
(9 | ) | (8 | ) | (276 | ) | Tax Expense | ||||||||
Total Reclassifications for the Period | $ | 13 | $ | 11 | $ | 414 | Net of Tax |
Note_22_Fair_Value_Measurement1
Note 22 - Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | (dollars in thousands) | Quoted Prices (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | Total | ||||||||||||||||
(Fair Value) | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||
U. S. Government agency securities | $ | - | $ | 29,894 | $ | - | $ | 29,894 | |||||||||||||
Residential mortgage backed securities | - | 240,320 | - | 240,320 | |||||||||||||||||
Municipal bonds | - | 111,712 | - | 111,712 | |||||||||||||||||
Other equity investments | 198 | - | 219 | 417 | |||||||||||||||||
Residential mortgage loans held for sale | - | 44,317 | - | 44,317 | |||||||||||||||||
Derivative assets | - | - | 146 | 146 | |||||||||||||||||
Total assets measured at fair value on a recurring basis as of December 31, 2014 | $ | 198 | $ | 426,243 | $ | 365 | $ | 426,806 | |||||||||||||
(dollars in thousands) | Quoted Prices (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | Total | |||||||||||||||||
(Fair Value) | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||
U. S. Government agency securities | $ | - | $ | 47,335 | $ | - | $ | 47,335 | |||||||||||||
Residential mortgage backed securities | - | 228,674 | - | 228,674 | |||||||||||||||||
Municipal bonds | - | 101,740 | - | 101,740 | |||||||||||||||||
Other equity investments | 165 | - | 219 | 384 | |||||||||||||||||
Residential mortgage loans held for sale | - | 42,030 | - | 42,030 | |||||||||||||||||
Total assets measured at fair value on a recurring basis as of December 31, 2013 | $ | 165 | $ | 419,779 | $ | 219 | $ | 420,163 | |||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Years Ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | |||||||||||||||||||
Balance, beginning of period - other equity investments | $ | 219 | $ | 230 | |||||||||||||||||
Realized and unrealized gain (loss) included in earnings - net derivatives | (104 | ) | - | ||||||||||||||||||
Principal redemption | - | (11 | ) | ||||||||||||||||||
Balance, end of period | $ | 115 | $ | 219 | |||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | (dollars in thousands) | Quoted Prices (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | Total | ||||||||||||||||
(Fair Value) | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial | $ | - | $ | 781 | $ | 7,171 | $ | 7,952 | |||||||||||||
Income producing - commercial real estate | - | 703 | 1,199 | 1,902 | |||||||||||||||||
Owner occupied - commercial real estate | - | - | 824 | 824 | |||||||||||||||||
Real estate mortgage - residential | - | - | 346 | 346 | |||||||||||||||||
Construction - commercial and residential | - | - | 3,297 | 3,297 | |||||||||||||||||
Home equity | - | 5 | 963 | 968 | |||||||||||||||||
Other consumer | - | - | 13 | 13 | |||||||||||||||||
Other real estate owned | - | 9,184 | 4,040 | 13,224 | |||||||||||||||||
Derivative liabilites | - | - | 250 | 250 | |||||||||||||||||
Total assets measured at fair value on a nonrecurring basis as of December 31, 2014 | $ | - | $ | 10,673 | $ | 18,103 | $ | 28,776 | |||||||||||||
(dollars in thousands) | Quoted Prices (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | Total | |||||||||||||||||
(Fair Value) | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Commercial | $ | - | $ | 4,367 | $ | 1,089 | $ | 5,456 | |||||||||||||
Income producing - commercial real estate | - | 2,806 | 1,998 | 4,804 | |||||||||||||||||
Owner occupied - commercial real estate | - | 2,712 | 887 | 3,599 | |||||||||||||||||
Real estate mortgage - residential | - | 86 | 774 | 860 | |||||||||||||||||
Construction - commercial and residential | - | 4,228 | 7,080 | 11,308 | |||||||||||||||||
Home equity | - | 50 | 47 | 97 | |||||||||||||||||
Other consumer | - | - | 2 | 2 | |||||||||||||||||
Other real estate owned | - | 9,225 | - | 9,225 | |||||||||||||||||
Total assets measured at fair value on a nonrecurring basis as of December 31, 2013 | $ | - | $ | 23,474 | $ | 11,877 | $ | 35,351 | |||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements | ||||||||||||||||||||
(dollars in thousands) | Carrying Value | Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and due from banks | $ | 9,097 | $ | 9,097 | $ | - | $ | 9,097 | $ | - | |||||||||||
Federal funds sold | 3,516 | 3,516 | - | 3,516 | - | ||||||||||||||||
Interest bearing deposits with other banks | 243,412 | 243,412 | - | 243,412 | - | ||||||||||||||||
Investment securities | 382,343 | 382,343 | 198 | 381,926 | 219 | ||||||||||||||||
Federal Reserve and Federal Home Loan Bank stock | 22,560 | 22,560 | - | 22,560 | - | ||||||||||||||||
Loans held for sale | 44,317 | 44,669 | - | 44,669 | - | ||||||||||||||||
Loans | 4,312,399 | 4,314,618 | - | 1,489 | 4,313,129 | ||||||||||||||||
Bank owned life insurance | 56,594 | 56,594 | - | 56,594 | - | ||||||||||||||||
Annuity investment | 11,277 | 11,277 | - | 11,277 | - | ||||||||||||||||
Derivative assets | 146 | 146 | - | 146 | - | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Noninterest bearing deposits | 1,175,799 | 1,175,799 | - | 1,175,799 | - | ||||||||||||||||
Interest bearing deposits | 3,134,969 | 3,134,295 | - | 3,134,295 | - | ||||||||||||||||
Borrowings | 280,420 | 281,958 | - | 281,958 | - | ||||||||||||||||
Derivative liabilites | 250 | 250 | - | - | 250 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and due from banks | $ | 9,577 | $ | 9,577 | $ | - | $ | 9,577 | $ | - | |||||||||||
Federal funds sold | 5,695 | 5,695 | - | 5,695 | - | ||||||||||||||||
Interest bearing deposits with other banks | 291,688 | 291,688 | - | 291,688 | - | ||||||||||||||||
Investment securities | 378,133 | 378,133 | 165 | 377,749 | 219 | ||||||||||||||||
Federal Reserve and Federal Home Loan Bank stock | 11,272 | 11,272 | - | 11,272 | - | ||||||||||||||||
Loans held for sale | 42,030 | 42,030 | - | 42,030 | - | ||||||||||||||||
Loans | 2,945,158 | 2,979,180 | - | 14,249 | 2,964,931 | ||||||||||||||||
Bank owned life insurance | 39,738 | 39,738 | - | 39,738 | - | ||||||||||||||||
Annuity investment | 11,227 | 11,227 | - | 11,227 | - | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Noninterest bearing deposits | 849,409 | 849,409 | - | 849,409 | - | ||||||||||||||||
Interest bearing deposits | 2,376,005 | 2,375,861 | - | 2,375,861 | - | ||||||||||||||||
Borrowings | 119,771 | 120,764 | - | 120,764 | - |
Note_23_Quarterly_Results_of_O1
Note 23 - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | 2014 | ||||||||||||||||
(dollars in thousands except per share data) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||
Total interest income | $ | 56,091 | $ | 47,886 | $ | 44,759 | $ | 42,837 | |||||||||
Total interest expense | 4,275 | 3,251 | 2,739 | 2,830 | |||||||||||||
Net interest income | 51,816 | 44,635 | 42,020 | 40,007 | |||||||||||||
Provision for credit losses | 3,700 | 2,111 | 3,134 | 1,934 | |||||||||||||
Net interest income after provision for credit losses | 48,116 | 42,524 | 38,886 | 38,073 | |||||||||||||
Noninterest income | 5,310 | 4,761 | 3,811 | 4,463 | |||||||||||||
Noninterest expense | 29,352 | 25,143 | 22,135 | 23,098 | |||||||||||||
Income before income tax expense | 24,074 | 22,142 | 20,562 | 19,438 | |||||||||||||
Income tax expense | 9,347 | 8,054 | 7,618 | 6,939 | |||||||||||||
Net income | 14,727 | 14,088 | 12,944 | 12,499 | |||||||||||||
Preferred stock dividends and discount accretion | 180 | 151 | 142 | 141 | |||||||||||||
Net income available to common shareholders | $ | 14,547 | $ | 13,937 | $ | 12,802 | $ | 12,358 | |||||||||
Earnings per common share | |||||||||||||||||
Basic (1) | $ | 0.51 | $ | 0.54 | $ | 0.49 | $ | 0.48 | |||||||||
Diluted (1) | $ | 0.49 | $ | 0.52 | $ | 0.48 | $ | 0.47 | |||||||||
2013 | |||||||||||||||||
(dollars in thousands except per share data) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||
Total interest income | $ | 41,652 | $ | 39,724 | $ | 37,985 | $ | 37,933 | |||||||||
Total interest expense | 2,938 | 3,021 | 3,121 | 3,424 | |||||||||||||
Net interest income | 38,714 | 36,703 | 34,864 | 34,509 | |||||||||||||
Provision for credit losses | 2,508 | 1,372 | 2,357 | 3,365 | |||||||||||||
Net interest income after provision for credit losses | 36,206 | 35,331 | 32,507 | 31,144 | |||||||||||||
Noninterest income | 4,304 | 5,236 | 7,065 | 8,111 | |||||||||||||
Noninterest expense | 21,524 | 21,673 | 20,685 | 20,697 | |||||||||||||
Income before income tax expense | 18,986 | 18,894 | 18,887 | 18,558 | |||||||||||||
Income tax expense | 6,983 | 7,137 | 7,212 | 6,986 | |||||||||||||
Net income | 12,003 | 11,757 | 11,675 | 11,572 | |||||||||||||
Preferred stock dividends and discount accretion | 141 | 142 | 142 | 141 | |||||||||||||
Net income available to common shareholders | $ | 11,862 | $ | 11,615 | $ | 11,533 | $ | 11,431 | |||||||||
Earnings per common share | |||||||||||||||||
Basic (1 & 2) | $ | 0.46 | $ | 0.45 | $ | 0.45 | $ | 0.45 | |||||||||
Diluted (1 & 2) | $ | 0.45 | $ | 0.44 | $ | 0.44 | $ | 0.44 | |||||||||
2012 | |||||||||||||||||
(dollars in thousands except per share data) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||
Total interest income | $ | 38,164 | $ | 36,636 | $ | 34,575 | $ | 32,568 | |||||||||
Total interest expense | 3,427 | 3,328 | 3,561 | 4,098 | |||||||||||||
Net interest income | 34,737 | 33,308 | 31,014 | 28,470 | |||||||||||||
Provision for credit losses | 4,139 | 3,638 | 4,443 | 3,970 | |||||||||||||
Net interest income after provision for credit losses | 30,598 | 29,670 | 26,571 | 24,500 | |||||||||||||
Noninterest income | 6,060 | 4,851 | 4,441 | 6,012 | |||||||||||||
Noninterest expense | 20,325 | 19,107 | 18,537 | 18,562 | |||||||||||||
Income before income tax expense | 16,333 | 15,414 | 12,475 | 11,950 | |||||||||||||
Income tax expense | 6,135 | 5,739 | 4,692 | 4,317 | |||||||||||||
Net income | 10,198 | 9,675 | 7,783 | 7,633 | |||||||||||||
Preferred stock dividends and discount accretion | 141 | 142 | 142 | 141 | |||||||||||||
Net income available to common shareholders | $ | 10,057 | $ | 9,533 | $ | 7,641 | $ | 7,492 | |||||||||
Earnings per common share | |||||||||||||||||
Basic (1 & 2) | $ | 0.4 | $ | 0.41 | $ | 0.34 | $ | 0.34 | |||||||||
Diluted (1 & 2) | $ | 0.39 | $ | 0.4 | $ | 0.33 | $ | 0.33 |
Note_24_Parent_Company_Financi1
Note 24 - Parent Company Financial Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Balance Sheet [Table Text Block] | (dollars in thousands) | 31-Dec-14 | 31-Dec-13 | ||||||||||
Assets | |||||||||||||
Cash | $ | 42,810 | $ | 17,140 | |||||||||
Cash equivalents | 8,739 | 8,693 | |||||||||||
Investment securities available for sale, at fair value | 300 | 265 | |||||||||||
Investment in subsidiaries | 647,633 | 376,416 | |||||||||||
Other assets | 2,731 | 1,000 | |||||||||||
Total Assets | $ | 702,213 | $ | 403,514 | |||||||||
Liabilities | |||||||||||||
Other liabilities | $ | 2,154 | $ | 351 | |||||||||
Long-term borrowings | 79,300 | 9,300 | |||||||||||
Total liabilities | 81,454 | 9,651 | |||||||||||
Shareholders' Equity | |||||||||||||
Preferred stock, Series B | 71,900 | 56,600 | |||||||||||
Common stock | 296 | 253 | |||||||||||
Warrant | 946 | 946 | |||||||||||
Additional paid in capital | 394,933 | 242,990 | |||||||||||
Retained earnings | 150,037 | 96,393 | |||||||||||
Accumulated other comprehensive income (loss) | 2,647 | (3,319 | ) | ||||||||||
Total shareholders’ equity | 620,759 | 393,863 | |||||||||||
Total Liabilities and Shareholders' Equity | $ | 702,213 | $ | 403,514 | |||||||||
Condensed Income Statement [Table Text Block] | Years Ended December 31, | ||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Income | |||||||||||||
Other interest and dividends | $ | 171 | $ | 117 | $ | 78 | |||||||
Gain on sale of investment securities | - | - | - | ||||||||||
Total Income | 171 | 117 | 78 | ||||||||||
Expenses | |||||||||||||
Interest expense | 2,497 | 897 | 946 | ||||||||||
Legal and professional | 108 | 142 | 192 | ||||||||||
Directors’ fees | 257 | 187 | 237 | ||||||||||
Other | 1,086 | 946 | 816 | ||||||||||
Total Expenses | 3,948 | 2,172 | 2,191 | ||||||||||
Loss Before Income Tax (Benefit) and Equity in Undistributed Income of Subsidiaries | (3,777 | ) | (2,055 | ) | (2,113 | ) | |||||||
Income Tax Benefit | (1,490 | ) | (810 | ) | (838 | ) | |||||||
Loss Before Equity in Undistributed Income of Subsidiaries | (2,287 | ) | (1,245 | ) | (1,275 | ) | |||||||
Equity in Undistributed Income of Subsidiaries | 56,545 | 48,252 | 36,564 | ||||||||||
Net Income | 54,258 | 47,007 | 35,289 | ||||||||||
Preferred Stock Dividends and Discount Accretion | 614 | 566 | 566 | ||||||||||
Net Income Available to Common Shareholders | $ | 53,644 | $ | 46,441 | $ | 34,723 | |||||||
Condensed Cash Flow Statement [Table Text Block] | Years Ended December 31, | ||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Cash Flows From Operating Activities | |||||||||||||
Net Income | $ | 54,258 | $ | 47,007 | $ | 35,289 | |||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||||
Equity in undistributed income of subsidiary | (56,545 | ) | (48,252 | ) | (36,564 | ) | |||||||
Excess tax benefit on stock-based compensation | (978 | ) | (410 | ) | (369 | ) | |||||||
(Increase) decrease in other assets | (1,731 | ) | 353 | (34 | ) | ||||||||
Increase (decrease) in other liabilities | 1,803 | 67 | (50 | ) | |||||||||
Net cash (used in) operating activities | (3,193 | ) | (1,235 | ) | (1,728 | ) | |||||||
Cash Flows From Investing Activities | |||||||||||||
Investment in subsidiary (net) | (203,782 | ) | (810 | ) | (34,143 | ) | |||||||
Net cash used in investing activities | (203,782 | ) | (810 | ) | (34,143 | ) | |||||||
Cash Flows From Financing Activities | |||||||||||||
Issuance of common stock | 144,093 | ||||||||||||
Issuance of Series C Preferred Stock | 15,300 | - | - | ||||||||||
Issuance in long-term borrowings | 70,000 | - | - | ||||||||||
Cash paid in lieu of fractional shares | - | (11 | ) | - | |||||||||
Issuance of common stock | - | - | 42,956 | ||||||||||
Proceeds from exercise of stock options | 2,313 | 1,984 | 1,685 | ||||||||||
Preferred stock dividends | (614 | ) | (566 | ) | (566 | ) | |||||||
Excess tax benefit on stock-based compensation | 978 | 410 | 369 | ||||||||||
Proceeds from employee stock purchase plan | 621 | 543 | 447 | ||||||||||
Net cash provided by financing activities | 232,691 | 2,360 | 44,891 | ||||||||||
Net Increase in Cash | 25,716 | 315 | 9,020 | ||||||||||
Cash and Cash Equivalents at Beginning of Year | 25,833 | 25,518 | 16,498 | ||||||||||
Cash and Cash Equivalents at End of Year | $ | 51,549 | $ | 25,833 | $ | 25,518 |
Note_1_Summary_of_Significant_1
Note 1 - Summary of Significant Accounting Policies (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Jun. 14, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Number of Stores | 33 | |||
Trading Securities | 0 | |||
Held-to-maturity Securities | 0 | |||
Deferred Tax Assets, Valuation Allowance | 0 | 0 | ||
Common Stock Dividend Rate | 10.00% | 10.00% | ||
Furniture and Fixtures [Member] | ||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
Computer Software, Intangible Asset [Member] | Maximum [Member] | ||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 5 years | |||
Building and Building Improvements [Member] | Minimum [Member] | ||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Building and Building Improvements [Member] | Maximum [Member] | ||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 40 years | |||
Banking Services [Member] | ||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Number of Stores | 22 | |||
Lending Services [Member] | ||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Number of Stores | 5 | |||
Servicing Contracts [Member] | ||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Other Intangible Assets, Net | 0 | 0 | ||
Computer Software, Intangible Asset [Member] | Minimum [Member] | ||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Risk Level, High [Member] | ||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Interest Income, Other | 0 | 0 | 0 | |
Loans Receivable, Net | $6,200,000 | 7,400,000 | ||
Minimum [Member] | ||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Loan Period | 30 days | |||
Maximum [Member] | ||||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Loan Period | 90 days |
Note_2_Mergers_and_Acquisition2
Note 2 - Mergers and Acquisitions (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 30 Months Ended | 10 Months Ended | ||||
Jun. 14, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | Oct. 31, 2014 | Mar. 31, 2014 | Oct. 31, 2014 | Oct. 30, 2014 | Dec. 31, 2013 | Jul. 14, 2011 | |
Note 2 - Mergers and Acquisitions (Details) [Line Items] | |||||||||
Share Based Compensation Arrangement by Share Based Payment Award Options Acquired in Business Combination (in Shares) | 401,497 | ||||||||
Preferred Stock, Dividend Rate, Percentage | 10.00% | ||||||||
Business Combination, Acquisition Related Costs | $4,699,000 | $24,000 | |||||||
Series A Preferred Stock [Member] | Virginia Heritage Bank [Member] | |||||||||
Note 2 - Mergers and Acquisitions (Details) [Line Items] | |||||||||
Preferred Stock, Shares Outstanding (in Shares) | 15,300 | ||||||||
Preferred Stock, Liquidation Preference Per Share (in Dollars per share) | $1,000 | ||||||||
Series C Preferred Stock [Member] | Virginia Heritage Bank [Member] | |||||||||
Note 2 - Mergers and Acquisitions (Details) [Line Items] | |||||||||
Business Combination, Shares Issued for Each Acquiree's Share Converted (in Shares) | 1 | ||||||||
Series C Preferred Stock [Member] | |||||||||
Note 2 - Mergers and Acquisitions (Details) [Line Items] | |||||||||
Preferred Stock, Shares Outstanding (in Shares) | 15,300 | 0 | |||||||
Preferred Stock, Liquidation Preference Per Share (in Dollars per share) | $1,000 | $1,000 | $1,000 | ||||||
Preferred Stock, Dividend Rate, Percentage | 1.00% | ||||||||
Series B Preferred Stock [Member] | |||||||||
Note 2 - Mergers and Acquisitions (Details) [Line Items] | |||||||||
Preferred Stock, Shares Outstanding (in Shares) | 56,600 | 56,600 | |||||||
Preferred Stock, Liquidation Preference Per Share (in Dollars per share) | $1,000 | $1,000 | $1,000 | $1,000 | |||||
Preferred Stock, Dividend Rate, Percentage | 1.00% | ||||||||
Core Deposits [Member] | Virginia Heritage Bank [Member] | |||||||||
Note 2 - Mergers and Acquisitions (Details) [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 4,400,000 | 4,600,000 | 4,600,000 | ||||||
Finite-Lived Intangible Asset, Useful Life | 6 years | ||||||||
Virginia Heritage Bank [Member] | Minimum [Member] | |||||||||
Note 2 - Mergers and Acquisitions (Details) [Line Items] | |||||||||
Property, Plant and Equipment, Useful Life | 1 year | ||||||||
Virginia Heritage Bank [Member] | Maximum [Member] | |||||||||
Note 2 - Mergers and Acquisitions (Details) [Line Items] | |||||||||
Property, Plant and Equipment, Useful Life | 5 years | ||||||||
Virginia Heritage Bank [Member] | |||||||||
Note 2 - Mergers and Acquisitions (Details) [Line Items] | |||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in Shares) | 0.6632 | 0.6632 | |||||||
Convertible Stock Cash Received Per Share (in Dollars per share) | $7.50 | ||||||||
Share Based Compensation Arrangement by Share Based Payment Award Options Acquired in Business Combination (in Shares) | 401,497 | ||||||||
Payments to Acquire Businesses, Gross | 45,400,000 | ||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 4,010,261 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 914,000,000 | 914,000,000 | |||||||
Loans Fair Value at Acquisition | 804,320,000 | 800,000,000 | 800,000,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposit Liabilities | 645,000,000 | 645,000,000 | |||||||
Business Combination, Consideration Transferred | 189,000,000 | ||||||||
Business Combination, Acquisition Related Costs | 4,700,000 | ||||||||
Goodwill | $102,300,000 | $102,300,000 | $102,300,000 |
Note_2_Mergers_and_Acquisition3
Note 2 - Mergers and Acquisitions (Details) - Acquired Loan Portfolio (Virginia Heritage Bank [Member], USD $) | Dec. 31, 2014 | Oct. 31, 2014 |
In Thousands, unless otherwise specified | ||
Virginia Heritage Bank [Member] | ||
Accounted for under ASC 310-30: | ||
Contractual principal balance at acquisition | $4,448 | |
Contractual cash flows not expected to be collected (nonaccretable discount) | 1,191 | |
Expected cash flows at acquisition at acquisition | 3,257 | |
Interest component of expected cash flows (accretable discount) | ||
Fair value at acquisition | 3,257 | |
Excluded under ASC 310-30 accounting: | ||
Unpaid principal balance | 812,681 | |
Fair value discount | 11,618 | |
Fair value at acquisition | 801,063 | |
Total fair value at acquisition | $804,320 | $800,000 |
Note_2_Mergers_and_Acquisition4
Note 2 - Mergers and Acquisitions (Details) - Unaudited Proforma Information (Virginia Heritage Bank [Member], USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Virginia Heritage Bank [Member] | ||
Note 2 - Mergers and Acquisitions (Details) - Unaudited Proforma Information [Line Items] | ||
Net interest income | $206,721 | $174,509 |
Net income | $58,756 | $55,973 |
Earnings per share: | ||
Basic | $1.89 | $1.86 |
Diluted | $1.82 | $1.81 |
Note_4_Investment_Securities_A2
Note 4 - Investment Securities Available-for-Sale (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 4 - Investment Securities Available-for-Sale (Details) [Line Items] | |||
Debt Securities Weighted Average Duration | 4 years | ||
Federal Home Loan Bank Stock and Federal Reserve Bank Stock | $22,560,000 | $11,272,000 | |
Available-for-sale Securities, Gross Realized Gains | 298,000 | 237,000 | 941,000 |
Available-for-sale Securities, Gross Realized Losses | 276,000 | 218,000 | 251,000 |
Proceeds from Sale and Maturity of Marketable Securities | 49,910,000 | 22,100,000 | 77,100,000 |
Available-for-sale Securities Pledged as Collateral | $257,200,000 | ||
Percent Of Shareholders' Equity | 10.00% | 10.00% | |
Debt Securities [Member] | Total Investment Securities [Member] | Investment Securities Concentration Risk [Member] | |||
Note 4 - Investment Securities Available-for-Sale (Details) [Line Items] | |||
Concentration Risk, Percentage | 99.90% |
Note_4_Investment_Securities_A3
Note 4 - Investment Securities Available-for-Sale (Details) - Securities Available-for-sale (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 4 - Investment Securities Available-for-Sale (Details) - Securities Available-for-sale [Line Items] | ||
Amortized Cost | $377,933 | $383,665 |
Gross Unrealized Gains | 7,087 | 4,003 |
Gross Unrealized Losses | 2,677 | 9,535 |
Estimated Fair Value | 382,343 | 378,133 |
US Government Agencies Debt Securities [Member] | ||
Note 4 - Investment Securities Available-for-Sale (Details) - Securities Available-for-sale [Line Items] | ||
Amortized Cost | 29,434 | 46,640 |
Gross Unrealized Gains | 500 | 843 |
Gross Unrealized Losses | 40 | 148 |
Estimated Fair Value | 29,894 | 47,335 |
Residential Mortgage Backed Securities [Member] | ||
Note 4 - Investment Securities Available-for-Sale (Details) - Securities Available-for-sale [Line Items] | ||
Amortized Cost | 241,120 | 234,206 |
Gross Unrealized Gains | 1,716 | 1,143 |
Gross Unrealized Losses | 2,516 | 6,675 |
Estimated Fair Value | 240,320 | 228,674 |
US States and Political Subdivisions Debt Securities [Member] | ||
Note 4 - Investment Securities Available-for-Sale (Details) - Securities Available-for-sale [Line Items] | ||
Amortized Cost | 106,983 | 102,423 |
Gross Unrealized Gains | 4,850 | 2,017 |
Gross Unrealized Losses | 121 | 2,700 |
Estimated Fair Value | 111,712 | 101,740 |
Equity Investment Other [Member] | ||
Note 4 - Investment Securities Available-for-Sale (Details) - Securities Available-for-sale [Line Items] | ||
Amortized Cost | 396 | 396 |
Gross Unrealized Gains | 21 | |
Gross Unrealized Losses | 12 | |
Estimated Fair Value | $417 | $384 |
Note_4_Investment_Securities_A4
Note 4 - Investment Securities Available-for-Sale (Details) - Securities in Continuous Unrealized Loss Position (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 4 - Investment Securities Available-for-Sale (Details) - Securities in Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 Months Estimated Fair Value | $56,619 | $210,707 |
Less than 12 Months Unrealized Losses | 242 | 8,652 |
12 Months or Greater Estimated Fair Value | 98,693 | 19,019 |
12 Months or Greater Unrealized Losses | 2,435 | 883 |
Total Estimated Fair Value | 155,312 | 229,726 |
Total Unrealized Losses | 2,677 | 9,535 |
US Government Agencies Debt Securities [Member] | ||
Note 4 - Investment Securities Available-for-Sale (Details) - Securities in Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 Months Estimated Fair Value | 2,001 | 4,782 |
Less than 12 Months Unrealized Losses | 7 | 148 |
12 Months or Greater Estimated Fair Value | 1,750 | |
12 Months or Greater Unrealized Losses | 33 | |
Total Estimated Fair Value | 3,751 | 4,782 |
Total Unrealized Losses | 40 | 148 |
Residential Mortgage Backed Securities [Member] | ||
Note 4 - Investment Securities Available-for-Sale (Details) - Securities in Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 Months Estimated Fair Value | 49,644 | 155,475 |
Less than 12 Months Unrealized Losses | 221 | 5,992 |
12 Months or Greater Estimated Fair Value | 86,028 | 15,658 |
12 Months or Greater Unrealized Losses | 2,295 | 683 |
Total Estimated Fair Value | 135,672 | 171,133 |
Total Unrealized Losses | 2,516 | 6,675 |
US States and Political Subdivisions Debt Securities [Member] | ||
Note 4 - Investment Securities Available-for-Sale (Details) - Securities in Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 Months Estimated Fair Value | 4,974 | 50,450 |
Less than 12 Months Unrealized Losses | 14 | 2,512 |
12 Months or Greater Estimated Fair Value | 10,915 | 3,196 |
12 Months or Greater Unrealized Losses | 107 | 188 |
Total Estimated Fair Value | 15,889 | 53,646 |
Total Unrealized Losses | 121 | 2,700 |
Equity Investment Other [Member] | ||
Note 4 - Investment Securities Available-for-Sale (Details) - Securities in Continuous Unrealized Loss Position [Line Items] | ||
12 Months or Greater Estimated Fair Value | 165 | |
12 Months or Greater Unrealized Losses | 12 | |
Total Estimated Fair Value | 165 | |
Total Unrealized Losses | $12 |
Note_4_Investment_Securities_A5
Note 4 - Investment Securities Available-for-Sale (Details) - Securities Available-for-sale by Contractual Maturity (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
U. S. Government agency securities maturing: | ||
Residential mortgage backed securities, amortized cost | $377,933 | $383,665 |
Residential mortgage backed securities, estimated fair value | 382,343 | 378,133 |
US Government Agencies Debt Securities [Member] | ||
U. S. Government agency securities maturing: | ||
One year or less, amortized cost | 2,998 | 19,025 |
One year or less, estimated fair value | 3,051 | 19,133 |
After one year through five years, amortized cost | 19,947 | 27,615 |
After one year through five years, estimated fair value | 20,276 | 28,202 |
Five years through ten years, amortized cost | 6,489 | |
Five years through ten years, estimated fair value | 6,567 | |
US States and Political Subdivisions Debt Securities [Member] | ||
U. S. Government agency securities maturing: | ||
One year or less, amortized cost | 2,410 | |
One year or less, estimated fair value | 2,438 | |
After one year through five years, amortized cost | 47,038 | 25,718 |
After one year through five years, estimated fair value | 49,607 | 26,008 |
Five years through ten years, amortized cost | 54,983 | 76,705 |
Five years through ten years, estimated fair value | 56,927 | 75,732 |
After ten years | 2,552 | |
After ten years | 2,740 | |
Equity Investment Other [Member] | ||
U. S. Government agency securities maturing: | ||
Residential mortgage backed securities, amortized cost | 396 | 396 |
Residential mortgage backed securities, estimated fair value | 417 | 384 |
Residential Mortgage Backed Securities [Member] | ||
U. S. Government agency securities maturing: | ||
Residential mortgage backed securities, amortized cost | 241,120 | 234,206 |
Residential mortgage backed securities, estimated fair value | $240,320 | $228,674 |
Note_5_Loans_and_Allowance_for2
Note 5 - Loans and Allowance for Credit Losses (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2014 | |
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Loans and Leases Receivable, Deferred Income | $15,600,000 | $12,700,000 | |
Servicing Asset at Fair Value, Amount | 67,900,000 | 67,600,000 | |
Stress Test Assumption Increase Interest Rates | 2.00% | ||
Financing Receivable, Net | 4,312,399,000 | 2,945,158,000 | |
Loan Percent | 100.00% | 100.00% | |
Financing Receivable, Modifications, Recorded Investment | 8,000,000 | 1,200,000 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 8 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 11,600,000 | ||
Financing Receivable, Modifications, Number of Contracts | 4 | 1 | |
Performing Under Restructured Terms [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 13,500,000 | 7,900,000 | |
Home Equity Line of Credit [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Loans and Leases Receivable, Deferred Income | 182,000 | 235,000 | |
Percent Of Loan Portfolio | 6.00% | ||
Financing Receivable, Net | 122,536,000 | 110,242,000 | |
Commercial Real Estate Owner Occupied [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Percent Of Loan Portfolio | 12.00% | ||
Financing Receivable, Net | 461,581,000 | 317,491,000 | |
Commercial Real Estate and Real Estate Construction Loans [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Percent Of Loan Portfolio | 70.00% | ||
Excluding Owner Occupied Commercial Real Estate And Commercial Construction Loans [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Percent Of Loan Portfolio | 58.00% | ||
Commercial Loan [Member] | Preferred Term [Member] | Maximum [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Length Of Loan | 7 years | ||
Commercial Loan [Member] | Preferred Term [Member] | Minimum [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Length Of Loan | 5 years | ||
Commercial Loan [Member] | Maximum [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Length Of Loan | 10 years | ||
Amortization Term | 25 years | ||
Commercial Loan [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Percent Of Loan Portfolio | 21.00% | ||
Financing Receivable, Net | 916,226,000 | 694,350,000 | |
SBA Loans [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Percent Of Loan Portfolio | 2.00% | ||
Residential Mortgage Loan [Member] | Maximum [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Length Of Loan | 10 years | ||
Residential Mortgage Loan [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Percent Of Loan Portfolio | 3.00% | ||
Commercial Land Acquisition Loans [Member] | Maximum [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Length Of Loan | 24 months | ||
ADC Loans [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Financing Receivable, Net | 851,500,000 | ||
Loan Percent | 31.00% | ||
Nonaccrual Loans [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 1,700,000 | ||
Loans Not Impaired [Member] | Virginia Heritage Bank [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Loans Fair Value at Acquisition | 801,000,000 | ||
Nonaccrual Loans Current and in Accordance with Original Terms [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 1,500,000 | ||
Sold [Member] | Nonperforming Financing Receivable [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 9,100,000 | ||
Financing Receivable, Modifications, Number of Contracts | 4 | ||
Reclassified to OREO [Member] | Nonperforming Financing Receivable [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 2,000,000 | ||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Paid Off [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 217,000 | ||
Reclassified to Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 227,000 | ||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Charged Off [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 95,000 | ||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Construction Loans [Member] | Maximum [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Length Of Loan | 36 months | ||
Construction Loans [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Financing Receivable, Net | 851,464,000 | 608,826,000 | |
Nonperforming Financing Receivable [Member] | Virginia Heritage Bank [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 2,900,000 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 4,000,000 | ||
Nonperforming Financing Receivable [Member] | Fidelity [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 529,000 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 586,000 | ||
Virginia Heritage Bank [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Loans Fair Value at Acquisition | 804,320,000 | 800,000,000 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 4,448,000 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 2,900,000 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield | $0 | ||
Maximum [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Loan To Value Ratio | 80.00% | ||
Minimum [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||
Minimum Debt Service Coverage | 1.15 | ||
Interest Rate Adjustment Frequency | 5 years |
Note_5_Loans_and_Allowance_for3
Note 5 - Loans and Allowance for Credit Losses (Details) - Loans (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | $4,312,399 | $2,945,158 |
Loans, percent | 100.00% | 100.00% |
Less: Allowance for Credit Losses | -46,075 | -40,921 |
Net loans | 4,266,324 | 2,904,237 |
Secured Loan [Member] | Commercial Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | 916,226 | 694,350 |
Loans, percent | 21.00% | 24.00% |
Secured Loan [Member] | Commercial Real Estate Investment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | 1,703,172 | 1,119,800 |
Loans, percent | 40.00% | 38.00% |
Secured Loan [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | 461,581 | 317,491 |
Loans, percent | 11.00% | 11.00% |
Secured Loan [Member] | Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | 148,018 | 90,418 |
Loans, percent | 3.00% | 3.00% |
Secured Loan [Member] | Home Equity Line of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | 122,536 | 110,242 |
Loans, percent | 3.00% | 4.00% |
Secured Loan [Member] | Consumer, Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | 109,402 | 4,031 |
Loans, percent | 3.00% | |
Secured Loan [Member] | Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | 793,432 | 574,167 |
Loans, percent | 18.00% | 19.00% |
Secured Loan [Member] | Construction - C&I (owner occupied) [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | 58,032 | 34,659 |
Loans, percent | 1.00% | 1.00% |
Commercial Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | 916,226 | 694,350 |
Less: Allowance for Credit Losses | -13,222 | -9,780 |
Commercial Real Estate Investment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | 1,703,172 | 1,119,800 |
Less: Allowance for Credit Losses | -11,442 | -10,359 |
Commercial Real Estate Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | 461,581 | 317,491 |
Less: Allowance for Credit Losses | -2,954 | -3,899 |
Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | 148,018 | 90,418 |
Less: Allowance for Credit Losses | -1,259 | -944 |
Home Equity Line of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | 122,536 | 110,242 |
Less: Allowance for Credit Losses | -1,469 | -1,871 |
Consumer, Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | 109,402 | 4,031 |
Less: Allowance for Credit Losses | -104 | -134 |
Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | 851,464 | 608,826 |
Less: Allowance for Credit Losses | ($15,625) | ($13,934) |
Note_5_Loans_and_Allowance_for4
Note 5 - Loans and Allowance for Credit Losses (Details) - Allowance for Credit Losses by Portfolio Segment (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | $40,921 | $37,492 |
Loans charged-off | -6,934 | -7,039 |
Recoveries of loans previously charged-off | 1,209 | 866 |
Net loan charged-off | -5,725 | -6,173 |
Provision for credit losses | 10,879 | 9,602 |
Ending balance | 46,075 | 40,921 |
For the Year Ended December 31, 2014 | ||
Individually evaluated for impairment | 8,064 | 6,520 |
Collectively evaluated for impairment | 38,011 | 34,401 |
Ending balance | 46,075 | 40,921 |
Commercial Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 9,780 | 9,412 |
Loans charged-off | -2,634 | -4,275 |
Recoveries of loans previously charged-off | 977 | 161 |
Net loan charged-off | -1,657 | -4,114 |
Provision for credit losses | 5,099 | 4,482 |
Ending balance | 13,222 | 9,780 |
For the Year Ended December 31, 2014 | ||
Individually evaluated for impairment | 5,334 | 1,323 |
Collectively evaluated for impairment | 7,888 | 8,457 |
Ending balance | 13,222 | 9,780 |
Commercial Real Estate Investment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 10,359 | 9,148 |
Loans charged-off | -121 | -602 |
Recoveries of loans previously charged-off | 42 | |
Net loan charged-off | -79 | -602 |
Provision for credit losses | 1,162 | 1,813 |
Ending balance | 11,442 | 10,359 |
For the Year Ended December 31, 2014 | ||
Individually evaluated for impairment | 751 | 1,098 |
Collectively evaluated for impairment | 10,691 | 9,261 |
Ending balance | 11,442 | 10,359 |
Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 3,899 | 2,781 |
Loans charged-off | -752 | |
Recoveries of loans previously charged-off | 7 | |
Net loan charged-off | -745 | |
Provision for credit losses | -200 | 1,118 |
Ending balance | 2,954 | 3,899 |
For the Year Ended December 31, 2014 | ||
Individually evaluated for impairment | 577 | 1,853 |
Collectively evaluated for impairment | 2,377 | 2,046 |
Ending balance | 2,954 | 3,899 |
Residential Mortgage [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 944 | 659 |
Loans charged-off | -138 | |
Net loan charged-off | -138 | |
Provision for credit losses | 453 | 285 |
Ending balance | 1,259 | 944 |
For the Year Ended December 31, 2014 | ||
Individually evaluated for impairment | 27 | |
Collectively evaluated for impairment | 1,259 | 917 |
Ending balance | 1,259 | 944 |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 1,871 | 1,730 |
Loans charged-off | -379 | -89 |
Recoveries of loans previously charged-off | 10 | 11 |
Net loan charged-off | -369 | -78 |
Provision for credit losses | -33 | 219 |
Ending balance | 1,469 | 1,871 |
For the Year Ended December 31, 2014 | ||
Individually evaluated for impairment | 430 | 526 |
Collectively evaluated for impairment | 1,039 | 1,345 |
Ending balance | 1,469 | 1,871 |
Consumer, Other [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 134 | 371 |
Loans charged-off | -189 | -63 |
Recoveries of loans previously charged-off | 90 | 6 |
Net loan charged-off | -99 | -57 |
Provision for credit losses | 69 | -180 |
Ending balance | 104 | 134 |
For the Year Ended December 31, 2014 | ||
Individually evaluated for impairment | 45 | 68 |
Collectively evaluated for impairment | 59 | 66 |
Ending balance | 104 | 134 |
Construction Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at beginning of period | 13,934 | 13,391 |
Loans charged-off | -2,721 | -2,010 |
Recoveries of loans previously charged-off | 83 | 688 |
Net loan charged-off | -2,638 | -1,322 |
Provision for credit losses | 4,329 | 1,865 |
Ending balance | 15,625 | 13,934 |
For the Year Ended December 31, 2014 | ||
Individually evaluated for impairment | 927 | 1,625 |
Collectively evaluated for impairment | 14,698 | 12,309 |
Ending balance | $15,625 | $13,934 |
Note_5_Loans_and_Allowance_for5
Note 5 - Loans and Allowance for Credit Losses (Details) - Recorded Investment in Loans by Impairment Method (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 5 - Loans and Allowance for Credit Losses (Details) - Recorded Investment in Loans by Impairment Method [Line Items] | ||
Individually evaluated for impairment | $45,310 | $34,597 |
Collectively evaluated for impairment | 4,267,089 | 2,910,561 |
Ending balance | 4,312,399 | 2,945,158 |
Commercial Loan [Member] | ||
Note 5 - Loans and Allowance for Credit Losses (Details) - Recorded Investment in Loans by Impairment Method [Line Items] | ||
Individually evaluated for impairment | 17,612 | 9,614 |
Collectively evaluated for impairment | 898,614 | 684,736 |
Ending balance | 916,226 | 694,350 |
Commercial Real Estate Investment [Member] | ||
Note 5 - Loans and Allowance for Credit Losses (Details) - Recorded Investment in Loans by Impairment Method [Line Items] | ||
Individually evaluated for impairment | 5,109 | 2,682 |
Collectively evaluated for impairment | 1,698,063 | 1,117,118 |
Ending balance | 1,703,172 | 1,119,800 |
Commercial Real Estate Owner Occupied [Member] | ||
Note 5 - Loans and Allowance for Credit Losses (Details) - Recorded Investment in Loans by Impairment Method [Line Items] | ||
Individually evaluated for impairment | 6,891 | 7,574 |
Collectively evaluated for impairment | 454,690 | 309,917 |
Ending balance | 461,581 | 317,491 |
Residential Mortgage [Member] | ||
Note 5 - Loans and Allowance for Credit Losses (Details) - Recorded Investment in Loans by Impairment Method [Line Items] | ||
Individually evaluated for impairment | 113 | |
Collectively evaluated for impairment | 148,018 | 90,305 |
Ending balance | 148,018 | 90,418 |
Home Equity Line of Credit [Member] | ||
Note 5 - Loans and Allowance for Credit Losses (Details) - Recorded Investment in Loans by Impairment Method [Line Items] | ||
Individually evaluated for impairment | 1,398 | 682 |
Collectively evaluated for impairment | 121,138 | 109,560 |
Ending balance | 122,536 | 110,242 |
Consumer, Other [Member] | ||
Note 5 - Loans and Allowance for Credit Losses (Details) - Recorded Investment in Loans by Impairment Method [Line Items] | ||
Individually evaluated for impairment | 59 | 70 |
Collectively evaluated for impairment | 109,343 | 3,961 |
Ending balance | 109,402 | 4,031 |
Construction Loans [Member] | ||
Note 5 - Loans and Allowance for Credit Losses (Details) - Recorded Investment in Loans by Impairment Method [Line Items] | ||
Individually evaluated for impairment | 14,241 | 13,862 |
Collectively evaluated for impairment | 837,223 | 594,964 |
Ending balance | $851,464 | $608,826 |
Note_5_Loans_and_Allowance_for6
Note 5 - Loans and Allowance for Credit Losses (Details) - Loans and Leases by Credit Quality Indicator (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | $4,312,399 | $2,945,158 |
Commercial Loan [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 875,102 | 655,409 |
Commercial Loan [Member] | Watch and Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 23,512 | 29,327 |
Commercial Loan [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 17,612 | 9,614 |
Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 916,226 | 694,350 |
Commercial Real Estate Investment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 1,679,101 | 1,095,285 |
Commercial Real Estate Investment [Member] | Watch and Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 18,962 | 21,833 |
Commercial Real Estate Investment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 5,109 | 2,682 |
Commercial Real Estate Investment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 1,703,172 | 1,119,800 |
Commercial Real Estate Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 445,013 | 294,337 |
Commercial Real Estate Owner Occupied [Member] | Watch and Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 9,677 | 15,580 |
Commercial Real Estate Owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 6,891 | 7,574 |
Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 461,581 | 317,491 |
Residential Mortgage [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 147,262 | 89,501 |
Residential Mortgage [Member] | Watch and Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 756 | 804 |
Residential Mortgage [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 113 | |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 148,018 | 90,418 |
Home Equity Line of Credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 119,420 | 107,415 |
Home Equity Line of Credit [Member] | Watch and Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 1,718 | 2,145 |
Home Equity Line of Credit [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 1,398 | 682 |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 122,536 | 110,242 |
Consumer, Other [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 109,343 | 3,961 |
Consumer, Other [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 59 | 70 |
Consumer, Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 109,402 | 4,031 |
Construction Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 827,503 | 575,321 |
Construction Loans [Member] | Watch and Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 9,720 | 19,643 |
Construction Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 14,241 | 13,862 |
Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 851,464 | 608,826 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 4,202,744 | 2,821,229 |
Watch and Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 64,345 | 89,332 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | $45,310 | $34,597 |
Note_5_Loans_and_Allowance_for7
Note 5 - Loans and Allowance for Credit Losses (Details) - Nonaccrual Loans (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Note 5 - Loans and Allowance for Credit Losses (Details) - Nonaccrual Loans [Line Items] | ||||
Nonaccrual loan, recorded investment | $22,443 | [1],[2] | $24,702 | [1],[2] |
Commercial Loan [Member] | ||||
Note 5 - Loans and Allowance for Credit Losses (Details) - Nonaccrual Loans [Line Items] | ||||
Nonaccrual loan, recorded investment | 12,975 | 6,779 | ||
Commercial Real Estate Investment [Member] | ||||
Note 5 - Loans and Allowance for Credit Losses (Details) - Nonaccrual Loans [Line Items] | ||||
Nonaccrual loan, recorded investment | 2,645 | 2,525 | ||
Commercial Real Estate Owner Occupied [Member] | ||||
Note 5 - Loans and Allowance for Credit Losses (Details) - Nonaccrual Loans [Line Items] | ||||
Nonaccrual loan, recorded investment | 1,324 | 5,452 | ||
Residential Mortgage [Member] | ||||
Note 5 - Loans and Allowance for Credit Losses (Details) - Nonaccrual Loans [Line Items] | ||||
Nonaccrual loan, recorded investment | 346 | 887 | ||
Home Equity Line of Credit [Member] | ||||
Note 5 - Loans and Allowance for Credit Losses (Details) - Nonaccrual Loans [Line Items] | ||||
Nonaccrual loan, recorded investment | 1,398 | 623 | ||
Consumer, Other [Member] | ||||
Note 5 - Loans and Allowance for Credit Losses (Details) - Nonaccrual Loans [Line Items] | ||||
Nonaccrual loan, recorded investment | 58 | 70 | ||
Construction Loans [Member] | ||||
Note 5 - Loans and Allowance for Credit Losses (Details) - Nonaccrual Loans [Line Items] | ||||
Nonaccrual loan, recorded investment | $3,697 | $8,366 | ||
[1] | Excludes troubled debt restructurings ("TDRs") that were performing under their restructured terms totaling $13.5 million at December 31, 2014, and $7.9 million at December 31, 2013. | |||
[2] | Gross interest income that would have been recorded in 2014 if nonaccrual loans shown above had been current and in accordance with their original terms was $1.5 million, while interest actually recorded on such loans was $1.7 million. See Note 1 to the Consolidated Financial Statements for a description of the Company's policy for placing loans on nonaccrual status. |
Note_5_Loans_and_Allowance_for8
Note 5 - Loans and Allowance for Credit Losses (Details) - Loans Past Due (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-59 Days Past Due | $4,703 | $3,502 |
Loans 60-89 Days Past Due | 11,068 | 13,641 |
Loans 90 Days or More Past Due | 22,443 | 24,702 |
Total Past Due Loans | 38,214 | 41,845 |
Current Loans | 4,274,182 | 2,903,313 |
Total Recorded Investment in Loans | 4,312,399 | 2,945,158 |
Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-59 Days Past Due | 1,505 | 1,698 |
Loans 60-89 Days Past Due | 4,032 | 11,146 |
Loans 90 Days or More Past Due | 12,975 | 6,779 |
Total Past Due Loans | 18,512 | 19,623 |
Current Loans | 897,714 | 674,727 |
Total Recorded Investment in Loans | 916,226 | 694,350 |
Commercial Real Estate Investment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-59 Days Past Due | 1,825 | 818 |
Loans 60-89 Days Past Due | 5,376 | |
Loans 90 Days or More Past Due | 2,645 | 2,525 |
Total Past Due Loans | 9,846 | 3,343 |
Current Loans | 1,693,326 | 1,116,457 |
Total Recorded Investment in Loans | 1,703,172 | 1,119,800 |
Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-59 Days Past Due | 1,089 | 360 |
Loans 60-89 Days Past Due | 214 | 2,121 |
Loans 90 Days or More Past Due | 1,324 | 5,452 |
Total Past Due Loans | 2,627 | 7,933 |
Current Loans | 458,954 | 309,558 |
Total Recorded Investment in Loans | 461,581 | 317,491 |
Real Estate Mortgage Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 90 Days or More Past Due | 346 | 887 |
Total Past Due Loans | 346 | 887 |
Current Loans | 147,672 | 89,531 |
Total Recorded Investment in Loans | 148,018 | 90,418 |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-59 Days Past Due | 626 | |
Loans 60-89 Days Past Due | 1,365 | 359 |
Loans 90 Days or More Past Due | 1,398 | 623 |
Total Past Due Loans | 2,763 | 1,608 |
Current Loans | 119,773 | 108,634 |
Total Recorded Investment in Loans | 122,536 | 110,242 |
Consumer, Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-59 Days Past Due | 284 | |
Loans 60-89 Days Past Due | 81 | 15 |
Loans 90 Days or More Past Due | 58 | 70 |
Total Past Due Loans | 423 | 85 |
Current Loans | 108,979 | 3,946 |
Total Recorded Investment in Loans | 109,402 | 4,031 |
Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 90 Days or More Past Due | 3,697 | 8,366 |
Total Past Due Loans | 3,697 | 8,366 |
Current Loans | 847,767 | 600,460 |
Total Recorded Investment in Loans | $851,464 | $608,826 |
Note_5_Loans_and_Allowance_for9
Note 5 - Loans and Allowance for Credit Losses (Details) - Impaired Loans (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | $37,420 | $32,946 |
Recorded Investment With No Allowance | 20,454 | 9,892 |
Recorded Investment With Allowance | 15,491 | 22,754 |
Total Recorded Investment | 35,945 | 32,646 |
Related Allowance | 8,064 | 6,520 |
Commercial Loan [Member] | Quarter to Date [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 14,203 | 8,193 |
Interest Income Recognized | 20 | 53 |
Commercial Loan [Member] | Year to Date [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 13,681 | 8,877 |
Interest Income Recognized | 251 | 131 |
Commercial Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 14,075 | 6,779 |
Recorded Investment With No Allowance | 1,603 | 2,327 |
Recorded Investment With Allowance | 11,372 | 4,452 |
Total Recorded Investment | 12,975 | 6,779 |
Related Allowance | 5,334 | 1,323 |
Commercial Real Estate Investment [Member] | Quarter to Date [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 8,202 | 6,183 |
Interest Income Recognized | 196 | 38 |
Commercial Real Estate Investment [Member] | Year to Date [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 7,021 | 5,755 |
Interest Income Recognized | 203 | 175 |
Commercial Real Estate Investment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 10,869 | 5,902 |
Recorded Investment With No Allowance | 8,952 | 1,322 |
Recorded Investment With Allowance | 1,542 | 4,580 |
Total Recorded Investment | 10,494 | 5,902 |
Related Allowance | 751 | 1,098 |
Commercial Real Estate Owner Occupied [Member] | Quarter to Date [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 2,696 | 5,939 |
Interest Income Recognized | 52 | |
Commercial Real Estate Owner Occupied [Member] | Year to Date [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 3,986 | 6,285 |
Interest Income Recognized | 6 | 108 |
Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 1,889 | 5,452 |
Recorded Investment With No Allowance | 1,038 | 111 |
Recorded Investment With Allowance | 851 | 5,341 |
Total Recorded Investment | 1,889 | 5,452 |
Related Allowance | 577 | 1,853 |
Residential Mortgage [Member] | Quarter to Date [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 348 | 891 |
Interest Income Recognized | 2 | |
Residential Mortgage [Member] | Year to Date [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 529 | 792 |
Interest Income Recognized | 2 | |
Residential Mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 346 | 887 |
Recorded Investment With No Allowance | 346 | 774 |
Recorded Investment With Allowance | 113 | |
Total Recorded Investment | 346 | 887 |
Related Allowance | 27 | |
Home Equity Line of Credit [Member] | Quarter to Date [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 993 | 567 |
Interest Income Recognized | 32 | 2 |
Home Equity Line of Credit [Member] | Year to Date [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 747 | 508 |
Interest Income Recognized | 36 | 4 |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 1,398 | 623 |
Recorded Investment With No Allowance | 339 | |
Recorded Investment With Allowance | 1,059 | 623 |
Total Recorded Investment | 1,398 | 623 |
Related Allowance | 430 | 526 |
Consumer, Other [Member] | Quarter to Date [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 29 | 58 |
Interest Income Recognized | 7 | 1 |
Consumer, Other [Member] | Year to Date [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 30 | 34 |
Interest Income Recognized | 7 | 2 |
Consumer, Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 58 | 70 |
Recorded Investment With Allowance | 58 | 70 |
Total Recorded Investment | 58 | 70 |
Related Allowance | 45 | 68 |
Quarter to Date [Member] | Construction Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 10,113 | 13,405 |
Interest Income Recognized | 436 | 44 |
Quarter to Date [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 36,584 | 35,236 |
Interest Income Recognized | 691 | 192 |
Year to Date [Member] | Construction Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 10,967 | 17,298 |
Interest Income Recognized | 1,147 | 169 |
Year to Date [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 36,961 | 39,549 |
Interest Income Recognized | 1,650 | 591 |
Construction Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 8,785 | 13,233 |
Recorded Investment With No Allowance | 8,176 | 5,358 |
Recorded Investment With Allowance | 609 | 7,575 |
Total Recorded Investment | 8,785 | 12,933 |
Related Allowance | $927 | $1,625 |
Recovered_Sheet1
Note 5 - Loans and Allowance for Credit Losses (Details) - Troubled Debt Restructurings (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 4 | 1 |
Troubled Debt Restructuring [Member] | Commercial Loan [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 227 | 4,042 |
Troubled Debt Restructuring [Member] | Commercial Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 1 | 3 |
TDRs | 227 | 4,042 |
Troubled Debt Restructuring [Member] | Commercial Real Estate Investment [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 7,849 | 3,377 |
Troubled Debt Restructuring [Member] | Commercial Real Estate Investment [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 217 | |
Troubled Debt Restructuring [Member] | Commercial Real Estate Investment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 3 | 3 |
TDRs | 7,849 | 3,594 |
Troubled Debt Restructuring [Member] | Commercial Real Estate Owner Occupied [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 565 | |
Troubled Debt Restructuring [Member] | Commercial Real Estate Owner Occupied [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 4,081 | |
Troubled Debt Restructuring [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 1 | 1 |
TDRs | 565 | 4,081 |
Troubled Debt Restructuring [Member] | Construction, Commercial And Residential [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 5,088 | 4,567 |
Troubled Debt Restructuring [Member] | Construction, Commercial And Residential [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 912 | |
Troubled Debt Restructuring [Member] | Construction, Commercial And Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 1 | 2 |
TDRs | 5,088 | 5,479 |
Troubled Debt Restructuring [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 13,502 | 7,944 |
Troubled Debt Restructuring [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 227 | 9,252 |
Troubled Debt Restructuring [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 6 | 9 |
TDRs | 13,729 | 17,196 |
Recovered_Sheet2
Note 5 - Loans and Allowance for Credit Losses (Details) - Changes in Amounts of Loans Outstanding, Direct and Indirect (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Changes in Amounts of Loans Outstanding, Direct and Indirect [Abstract] | ||
Balance at January 1, | $30,123 | $31,435 |
Additions | 10,000 | 7,091 |
Repayments | -23,041 | -8,403 |
Balance at December 31, | $17,082 | $30,123 |
Note_6_Premises_and_Equipment_1
Note 6 - Premises and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 6 - Premises and Equipment (Details) [Line Items] | |||
Depreciation | $4,600,000 | $3,900,000 | $3,100,000 |
Number of Stores | 33 | ||
Lessor Leasing Arrangements, Operating Leases, Renewal Term | 5 years | ||
Operating Leases, Rent Expense, Net | 7,500,000 | 6,900,000 | 6,100,000 |
Reduction of Rent Expense | $114,000 | $57,000 | $99,000 |
Minimum [Member] | |||
Note 6 - Premises and Equipment (Details) [Line Items] | |||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 5 years | ||
Maximum [Member] | |||
Note 6 - Premises and Equipment (Details) [Line Items] | |||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 10 years |
Note_6_Premises_and_Equipment_2
Note 6 - Premises and Equipment (Details) - Premises and Equipment (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Premises and Equipment [Abstract] | ||
Leasehold improvements | $23,050 | $18,213 |
Furniture and equipment | 20,931 | 18,289 |
Less accumulated depreciation and amortization | -24,882 | -19,765 |
Total premises and equipment, net | $19,099 | $16,737 |
Note_6_Premises_and_Equipment_3
Note 6 - Premises and Equipment (Details) - Future Minimum Lease Payments Under Non-cancelable Operating Leases (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future Minimum Lease Payments Under Non-cancelable Operating Leases [Abstract] | |
2015 | $8,610 |
2016 | 7,927 |
2017 | 7,046 |
2018 | 6,384 |
2019 | 5,999 |
Thereafter | 12,394 |
Total minimum lease payments | $48,360 |
Note_7_Intangible_Assets_Detai
Note 7 - Intangible Assets (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Aug. 31, 2008 | Oct. 31, 2014 | Jan. 31, 2011 | Aug. 31, 2009 |
Core Deposits [Member] | Fidelity [Member] | |||||
Note 7 - Intangible Assets (Details) [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $804 | $2,300 | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 1 year 73 days | ||||
Core Deposits [Member] | Virginia Heritage Bank [Member] | |||||
Note 7 - Intangible Assets (Details) [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 4,400 | 4,600 | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 years | ||||
Core Deposits [Member] | Branch Office [Member] | |||||
Note 7 - Intangible Assets (Details) [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 215 | ||||
Fidelity [Member] | |||||
Note 7 - Intangible Assets (Details) [Line Items] | |||||
Goodwill | 2,200 | 360 | |||
Virginia Heritage Bank [Member] | |||||
Note 7 - Intangible Assets (Details) [Line Items] | |||||
Goodwill | $102,300 | $102,300 |
Note_7_Intangible_Assets_Detai1
Note 7 - Intangible Assets (Details) - Intangible Assets (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Note 7 - Intangible Assets (Details) - Intangible Assets [Line Items] | ||||
Core deposit, additions | $107,142 | $339 | ||
Core deposit, accumulated amoritization | -2,782 | -2,038 | ||
Core deposit, net intangible assets | 109,908 | 3,510 | ||
Excess servicing, additions | 107,142 | 339 | ||
Excess servicing, accumulated amoritization | -2,782 | -2,038 | ||
Excess servicing, net intangible assets | 109,908 | 3,510 | ||
Gross intangible assets | 5,548 | 5,209 | ||
Additions | 107,142 | 339 | ||
Accumulated amoritization | -2,782 | -2,038 | ||
Net intangible assets | 109,908 | 3,510 | ||
Core Deposits [Member] | ||||
Note 7 - Intangible Assets (Details) - Intangible Assets [Line Items] | ||||
Core deposit, gross intangible assets | 2,520 | [1] | 2,520 | [1] |
Core deposit, additions | 4,550 | [1] | [1] | |
Core deposit, accumulated amoritization | -1,869 | [1] | -1,407 | [1] |
Core deposit, net intangible assets | 5,201 | [1] | 1,113 | [1] |
Excess servicing, additions | 4,550 | [1] | [1] | |
Excess servicing, accumulated amoritization | -1,869 | [1] | -1,407 | [1] |
Excess servicing, net intangible assets | 5,201 | [1] | 1,113 | [1] |
Additions | 4,550 | [1] | [1] | |
Accumulated amoritization | -1,869 | [1] | -1,407 | [1] |
Net intangible assets | 5,201 | [1] | 1,113 | [1] |
Excess Servicing [Member] | ||||
Note 7 - Intangible Assets (Details) - Intangible Assets [Line Items] | ||||
Core deposit, additions | 330 | [2] | 339 | [2] |
Core deposit, accumulated amoritization | -913 | [2] | -631 | [2] |
Core deposit, net intangible assets | 282 | [2] | 234 | [2] |
Excess servicing, gross intangible assets | 865 | [2] | 526 | [2] |
Excess servicing, additions | 330 | [2] | 339 | [2] |
Excess servicing, accumulated amoritization | -913 | [2] | -631 | [2] |
Excess servicing, net intangible assets | 282 | [2] | 234 | [2] |
Additions | 330 | [2] | 339 | [2] |
Accumulated amoritization | -913 | [2] | -631 | [2] |
Net intangible assets | 282 | [2] | 234 | [2] |
Goodwill [Member] | ||||
Note 7 - Intangible Assets (Details) - Intangible Assets [Line Items] | ||||
Gross intangible assets, goodwill | 2,163 | [3] | 2,163 | [3] |
Additions, goodwill | 102,262 | [3] | [3] | |
Accumulated amoritization, goodwill | [3] | [3] | ||
Net intangible assets, goodwill | $104,425 | [3] | $2,163 | [3] |
[1] | In connection with the Fidelity acquisition (August 2008), one branch purchase (January 2011), and the Virginia Heritage acquisition, the Company made anallocation of the purchase price to the core deposit intangibles which were $2.3 million, $215 thousand, and $4.6 million respectively based on an independentevaluation. The amount of the core deposit intangible relating to the one branch acquisition was fully amortized at December 31, 2013. The amount of the coredeposit intangible relating to the Fidelity acquisition at December 31, 2014 was $804 thousand, which is being amortized over its remaining economic life of 1.2years as a component of other noninterest expense. The amount of the core deposit intangible relating to the Virginia Heritage acquisition at December 31,2014 was $4.4 million, which is being amortized over its remaining economic life of 6 years as a component of other noninterest expense. | |||
[2] | The Company recognizes a servicing asset for the computed value of servicing fees on the sale of the guaranteed portion of SBA loans, which is in excess ofa normal servicing fee. Assumptions related to the loan term and amortization period are made to arrive at the initial recorded value. | |||
[3] | The Company recorded an initial amount of unidentified intangible (goodwill) incident to the acquisition of Fidelity & Trust Financial Corporation ("Fidelity")of approximately $360 thousand. Based on allowable adjustments through August 31, 2009, the unidentified intangible (goodwill) amounted to approximately $2.2 million. The Company recorded an initial amount of unidentified intangible (goodwill) incident to the acquisition of Virginia Heritage of approximately $102.3 million. |
Note_7_Intangible_Assets_Detai2
Note 7 - Intangible Assets (Details) - Future Estimated Annual Amortization Expense (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future Estimated Annual Amortization Expense [Abstract] | |
2015 | $1,215 |
2016 | 1,207 |
2017 | 1,064 |
2018 | 957 |
2019 | 715 |
Thereafter | 43 |
Total | $5,201 |
Note_8_Derivatives_Details
Note 8 - Derivatives (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 8 - Derivatives (Details) [Line Items] | ||
Derivative, Notional Amount | $45,100,000 | |
Derivative Asset | 146,000 | 0 |
Derivative Liability | 250,000 | 0 |
Derivative Instruments and Hedges, Assets | 0 | |
Derivative Instruments [Member] | ||
Note 8 - Derivatives (Details) [Line Items] | ||
Noninterest Income, Other | 140,000 | |
Hedging Activities [Member] | ||
Note 8 - Derivatives (Details) [Line Items] | ||
Noninterest Income, Other | -108,000 | |
Other Assets [Member] | ||
Note 8 - Derivatives (Details) [Line Items] | ||
Derivative Asset | 146,000 | |
Other Liabilities [Member] | ||
Note 8 - Derivatives (Details) [Line Items] | ||
Derivative Liability | $250,000 |
Note_9_Deposits_Details_Deposi
Note 9 - Deposits (Details) - Deposit Composition and Interest Rate (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Deposit Composition and Interest Rate [Abstract] | |||
Noninterest bearing demand | $1,175,799 | $849,409 | $881,390 |
Interest bearing transaction | 143,628 | 118,580 | 113,813 |
Interest bearing transaction | 0.13% | 0.26% | 0.34% |
Savings and money market | 2,302,600 | 1,811,088 | 1,374,869 |
Savings and money market | 0.32% | 0.35% | 0.48% |
Time, $100,000 or more | 393,132 | 203,706 | 232,875 |
Time, $100,000 or more | 0.68% | 0.88% | 1.12% |
Other time | 295,609 | 242,631 | 294,275 |
Other time | 0.70% | 0.54% | 0.71% |
Total | $4,310,768 | $3,225,414 | $2,897,222 |
Note_9_Deposits_Details_Remain
Note 9 - Deposits (Details) - Remaining Maturity of Time Deposits (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Remaining Maturity of Time Deposits [Abstract] | |||
Three months or less | $104,482 | $82,790 | $102,022 |
More than three months through six months | 106,861 | 109,101 | 88,156 |
More than six months through twelve months | 182,187 | 118,646 | 104,122 |
Over twelve months | 295,211 | 135,800 | 232,850 |
Total | $688,741 | $446,337 | $527,150 |
Note_9_Deposits_Details_Intere
Note 9 - Deposits (Details) - Interest Expense on Deposits (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Expense on Deposits [Abstract] | |||
Interest bearing transaction | $178 | $298 | $289 |
Savings and money market | 6,265 | 5,765 | 5,946 |
Time, $100,000 or more | 2,830 | 2,080 | 2,729 |
Other time | 365 | 2,471 | 3,093 |
Total | $9,638 | $10,614 | $12,057 |
Note_10_Borrowings_Details
Note 10 - Borrowings (Details) (USD $) | 16 Months Ended | 37 Months Ended | 12 Months Ended | 0 Months Ended | |
Dec. 31, 2014 | Sep. 02, 2013 | Dec. 31, 2014 | Aug. 05, 2014 | Dec. 31, 2013 | |
Note 10 - Borrowings (Details) [Line Items] | |||||
Long-term Line of Credit | $105,895,000 | 105,895,000 | $79,786,000 | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 185,300,000 | 185,300,000 | |||
Subordinated Debt | 9,300,000 | 9,300,000 | |||
Subordinated Borrowing, Interest Rate | 8.50% | 10.00% | |||
Phase Out of New Notes Capital Treatment | 20.00% | 20.00% | |||
Subordinated Notes [Member] | Current Yield on 5 Year U.S. Treasury Note [Member] | |||||
Note 10 - Borrowings (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 7.03% | ||||
Subordinated Notes [Member] | |||||
Note 10 - Borrowings (Details) [Line Items] | |||||
Proceeds from Issuance of Long-term Debt | 70,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||||
Proceeds from Issuance of Subordinated Long-term Debt | 68,800,000 | ||||
Deferred Finance Costs, Net | 1,200,000 | ||||
Federal Funds [Member] | |||||
Note 10 - Borrowings (Details) [Line Items] | |||||
Debt Instrument, Unused Borrowing Capacity, Amount | 137,500,000 | 137,500,000 | |||
Federal Funds [Member] | |||||
Note 10 - Borrowings (Details) [Line Items] | |||||
Long-term Line of Credit | 0 | 0 | |||
CDARS [Member] | |||||
Note 10 - Borrowings (Details) [Line Items] | |||||
Long-term Line of Credit | 14,300,000 | 14,300,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 784,400,000 | 784,400,000 | |||
IND [Member] | |||||
Note 10 - Borrowings (Details) [Line Items] | |||||
Long-term Line of Credit | 246,900,000 | 246,900,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 300,000,000 | 300,000,000 | |||
Federal Reserve Bank of Richmond [Member] | |||||
Note 10 - Borrowings (Details) [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 409,000,000 | 409,000,000 | |||
Loan Agreement and Related Stock Security Agreement [Member] | Prime Rate [Member] | |||||
Note 10 - Borrowings (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||||
Loan Agreement and Related Stock Security Agreement [Member] | |||||
Note 10 - Borrowings (Details) [Line Items] | |||||
Long-term Line of Credit | 0 | 0 | 0 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000,000 | 50,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 3.50% | ||||
Maximum [Member] | |||||
Note 10 - Borrowings (Details) [Line Items] | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $576,400,000 | 576,400,000 |
Note_10_Borrowings_Details_Sho
Note 10 - Borrowings (Details) - Short-Term and Long-Term Borrowings (USD $) | 16 Months Ended | 37 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 02, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 |
At Year-End: | |||||
Subordinated notes | $9,300 | $9,300 | |||
Subordinated notes, rate | 8.50% | 10.00% | |||
Current Portion [Member] | Average Daily Balance [Member] | |||||
At Year-End: | |||||
Average daily balance, federal home loan bank | 7,288 | 503 | |||
Average daily balance, federal home loan bank, rate | 0.42% | 0.41% | |||
Current Portion [Member] | Month End Balance [Member] | Maximum [Member] | |||||
At Year-End: | |||||
Maximum month-end balance, federal home loan bank | 100,000 | 100,000 | 10,000 | ||
Maximum month-end balance, federal home loan bank, rate | 0.38% | 0.38% | 2.98% | ||
At Year-End: | |||||
Federal Home Loan Bank | 0.38% | 0.38% | 2.98% | ||
Year End [Member] | |||||
At Year-End: | |||||
Customer repurchase agreements and federal funds purchased | 61,120 | 61,120 | 101,338 | 80,471 | |
Customer repurchase agreements and federal funds purchased, rate | 0.25% | 0.25% | 0.31% | 0.28% | |
Maximum month-end balance, federal home loan bank, rate | 2.62% | 2.62% | 2.43% | 2.46% | |
Total | 61,120 | 61,120 | 101,338 | 80,471 | |
At Year-End: | |||||
Federal Home Loan Bank | 40,000 | 40,000 | 30,000 | 30,000 | |
Federal Home Loan Bank | 2.62% | 2.62% | 2.43% | 2.46% | |
Subordinated notes | 79,300 | 79,300 | 9,300 | 9,300 | |
Subordinated notes, rate | 6.40% | 10.00% | 8.50% | ||
Average Daily Balance [Member] | |||||
At Year-End: | |||||
Customer repurchase agreements and federal funds purchased | 63,490 | 63,490 | 96,141 | 94,566 | |
Customer repurchase agreements and federal funds purchased, rate | 0.23% | 0.23% | 0.34% | 0.27% | |
Average daily balance, federal home loan bank | 39,205 | 37,404 | 30,000 | ||
Average daily balance, federal home loan bank, rate | 2.00% | 2.90% | 2.46% | ||
At Year-End: | |||||
Subordinated notes | 37,875 | 37,875 | 9,300 | 9,300 | |
Subordinated notes, rate | 6.59% | 10.00% | 9.64% | ||
Month End Balance [Member] | Maximum [Member] | |||||
At Year-End: | |||||
Customer repurchase agreements and federal funds purchased | 80,471 | 80,471 | 111,580 | 106,975 | |
Customer repurchase agreements and federal funds purchased, rate | 0.28% | 0.28% | 0.34% | 0.23% | |
Maximum month-end balance, federal home loan bank | 122,500 | 122,500 | 40,000 | 30,000 | |
Maximum month-end balance, federal home loan bank, rate | 0.68% | 0.68% | 2.96% | 2.46% | |
At Year-End: | |||||
Federal Home Loan Bank | 0.68% | 0.68% | 2.96% | 2.46% | |
Subordinated notes | $79,300 | $79,300 | $9,300 | $9,300 | |
Subordinated notes, rate | 6.52% | 10.00% | 10.00% |
Note_11_Preferred_Stock_and_Wa1
Note 11 - Preferred Stock and Warrants (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 24 Months Ended | 0 Months Ended | 30 Months Ended | 0 Months Ended | ||||
Jun. 14, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 02, 2016 | Mar. 31, 2016 | Jul. 14, 2011 | Mar. 31, 2014 | Oct. 31, 2014 | Nov. 18, 2011 | Oct. 30, 2014 | |
Note 11 - Preferred Stock and Warrants (Details) [Line Items] | |||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 223,382 | 563,343 | 2,864,495 | ||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock (in Dollars) | $15,300,000 | ||||||||||
Preferred Stock, Dividend Rate, Percentage | 10.00% | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 423,977 | ||||||||||
Common Stock Dividend Rate | 10.00% | 10.00% | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $6.76 | ||||||||||
Series B Preferred Stock [Member] | Scenario, Forecast [Member] | |||||||||||
Note 11 - Preferred Stock and Warrants (Details) [Line Items] | |||||||||||
Preferred Stock, Dividend Rate, Percentage | 9.00% | 1.00% | |||||||||
Series B Preferred Stock [Member] | |||||||||||
Note 11 - Preferred Stock and Warrants (Details) [Line Items] | |||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 56,600 | ||||||||||
Preferred Stock, Liquidation Preference Per Share (in Dollars per share) | $1,000 | 1,000 | $1,000 | $1,000 | |||||||
Proceeds from Issuance of Preferred Stock and Preference Stock (in Dollars) | $56,600,000 | ||||||||||
Preferred Stock, Dividend Rate, Percentage | 1.00% | ||||||||||
Preferred Stock Redemption Price Percentage | 100.00% | ||||||||||
Preferred Stock, Shares Outstanding (in Shares) | 56,600 | 56,600 | |||||||||
Series A Preferred Stock [Member] | Virginia Heritage Bank [Member] | |||||||||||
Note 11 - Preferred Stock and Warrants (Details) [Line Items] | |||||||||||
Preferred Stock, Liquidation Preference Per Share (in Dollars per share) | $1,000 | ||||||||||
Preferred Stock, Shares Outstanding (in Shares) | 15,300 | ||||||||||
Series C Preferred Stock [Member] | Virginia Heritage Bank [Member] | |||||||||||
Note 11 - Preferred Stock and Warrants (Details) [Line Items] | |||||||||||
BusinessCombinationSharesPerAcquireesCommonStock (in Dollars per share) | $1 | ||||||||||
Series C Preferred Stock [Member] | |||||||||||
Note 11 - Preferred Stock and Warrants (Details) [Line Items] | |||||||||||
Preferred Stock, Liquidation Preference Per Share (in Dollars per share) | $1,000 | 1,000 | $1,000 | ||||||||
Preferred Stock, Dividend Rate, Percentage | 1.00% | ||||||||||
Preferred Stock, Shares Outstanding (in Shares) | 15,300 | 0 |
Note_12_Income_Taxes_Details
Note 12 - Income Taxes (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Income Tax Disclosure [Abstract] | |
Operating Loss Carryforwards | $718 |
Note_12_Income_Taxes_Details_F
Note 12 - Income Taxes (Details) - Federal and State Income Tax Expense (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Federal and State Income Tax Expense [Abstract] | |||||||||||||||
Current federal income tax | $32,384 | $26,136 | $20,937 | ||||||||||||
Current state income tax | 7,114 | 6,147 | 4,543 | ||||||||||||
Total current | 39,498 | 32,283 | 25,480 | ||||||||||||
Deferred federal income tax benefit | -7,494 | -3,909 | -4,564 | ||||||||||||
Deferred state income tax benefit | -46 | -56 | -33 | ||||||||||||
Total deferred | -7,540 | -3,965 | -4,597 | ||||||||||||
Total income tax expense | $9,347 | $8,054 | $7,618 | $6,939 | $6,983 | $7,137 | $7,212 | $6,986 | $6,135 | $5,739 | $4,692 | $4,317 | $31,958 | $28,318 | $20,883 |
Note_12_Income_Taxes_Details_G
Note 12 - Income Taxes (Details) - Gross Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Deferred tax assets | |||
Allowance for credit losses | $18,544 | $16,440 | $15,035 |
Deferred loan fees and costs | 10,337 | 5,039 | 3,020 |
Stock-based compensation | 1,714 | 1,370 | 829 |
Net operating loss | 3,198 | 3,449 | 3,952 |
Unrealized loss on securities available for sale | 2,213 | ||
SERP | 1,421 | ||
Premises and equipment | 1,590 | 1,283 | 989 |
Other | 71 | 4 | 4 |
Total deferred tax assets | 36,875 | 29,798 | 23,829 |
Deferred tax liabilities | |||
Unrealized gain on securities available for sale | -1,765 | -3,643 | |
Excess servicing | -114 | -95 | -58 |
Deferred rent | -162 | -264 | -322 |
Intangible assets | -2,323 | -490 | -678 |
Total deferred tax liabilities | -4,364 | -849 | -4,701 |
Net deferred income tax amount | $32,511 | $28,949 | $19,128 |
Note_12_Income_Taxes_Details_R
Note 12 - Income Taxes (Details) - Reconciliation of the Statutory Federal Income Tax Rate to the Company's Effective Income Tax Rate | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Reconciliation of the Statutory Federal Income Tax Rate to the Company's Effective Income Tax Rate [Abstract] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) due to | |||
State income taxes, net of federal income tax benefit | 5.33% | 5.26% | 5.22% |
Tax exempt interest and dividend income | -2.28% | -2.17% | -2.46% |
Stock-based compensation expense | 0.04% | 0.06% | 0.08% |
Other | -1.02% | -0.56% | -0.66% |
Effective tax rates | 37.07% | 37.59% | 37.18% |
Note_13_Net_Income_Per_Common_2
Note 13 - Net Income Per Common Share (Details) | 0 Months Ended |
Jun. 14, 2013 | |
Earnings Per Share [Abstract] | |
Preferred Stock, Dividend Rate, Percentage | 10.00% |
Note_13_Net_Income_Per_Common_3
Note 13 - Net Income Per Common Share (Details) - Net Income Per Common Share Calculation (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||
Net Income Per Common Share Calculation [Abstract] | |||||||||||||||||||||||||||
Net income available to common shareholders (in Dollars) | $14,547 | $13,937 | $12,802 | $12,358 | $11,862 | $11,615 | $11,533 | $11,431 | $10,057 | $9,533 | $7,641 | $7,492 | $53,644 | $46,441 | $34,723 | ||||||||||||
Average common shares outstanding | 26,684 | 25,726 | 23,136 | ||||||||||||||||||||||||
Basic net income per common share (in Dollars per share) | $0.51 | [1] | $0.54 | [1] | $0.49 | [1] | $0.48 | [1] | $0.46 | [1],[2] | $0.45 | [1],[2] | $0.45 | [1],[2] | $0.45 | [1],[2] | $0.40 | [1],[2] | $0.41 | [1],[2] | $0.34 | [1],[2] | $0.34 | [1],[2] | $2.01 | $1.81 | $1.50 |
Adjustment for common share equivalents | 867 | 633 | 608 | ||||||||||||||||||||||||
Average common shares outstanding-diluted | 27,551 | 26,359 | 23,744 | ||||||||||||||||||||||||
Diluted net income per common share (in Dollars per share) | $0.49 | [1] | $0.52 | [1] | $0.48 | [1] | $0.47 | [1] | $0.45 | [1],[2] | $0.44 | [1],[2] | $0.44 | [1],[2] | $0.44 | [1],[2] | $0.39 | [1],[2] | $0.40 | [1],[2] | $0.33 | [1],[2] | $0.33 | [1],[2] | $1.95 | $1.76 | $1.46 |
Anti-dilutive shares | 13,000 | 35,079 | 131,182 | ||||||||||||||||||||||||
[1] | Earnings per common share are calculated on a quarterly basis and may not be additive to the year to date amount. | ||||||||||||||||||||||||||
[2] | Per share amounts have been adjusted to give effect to the 10% common stock dividend paid on June 14, 2013. |
Note_14_Related_Party_Transact1
Note 14 - Related Party Transactions (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Director [Member] | Interest [Member] | |
Note 14 - Related Party Transactions (Details) [Line Items] | |
Related Party Transaction, Expenses from Transactions with Related Party | $801,000 |
Limited Liability Company [Member] | Monthly Base Rental [Member] | |
Note 14 - Related Party Transactions (Details) [Line Items] | |
Related Party Transaction, Expenses from Transactions with Related Party | 132,938 |
Limited Liability Company A [Member] | |
Note 14 - Related Party Transactions (Details) [Line Items] | |
Ownership Interest in Trust | 85.00% |
Limited Liability Company B [Member] | |
Note 14 - Related Party Transactions (Details) [Line Items] | |
Ownership Interest in Trust | 51.00% |
Mr Rogers [Member] | |
Note 14 - Related Party Transactions (Details) [Line Items] | |
Related Party Transaction, Amounts of Transaction | $907,603 |
Note_15_StockBased_Compensatio2
Note 15 - Stock-Based Compensation (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||
11-May-11 | Feb. 28, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Nov. 30, 2014 | Mar. 31, 2014 | Oct. 31, 2014 | |
Note 15 - Stock-Based Compensation (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 453,606 | 453,606 | |||||||
Number of Employees | 3 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 21,000 | 21,000 | 3,300 | 5,500 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | 9 years 146 days | 7 years 6 months | 7 years 6 months | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $18,500,000 | $10,200,000 | 18,500,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 3,184,000 | 3,060,000 | 1,100,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 10,100,000 | 133,000 | 136,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 324,000 | 324,000 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 244 days | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in Shares) | 550,000 | ||||||||
Employee Stock Purchase Plan Percentage Of Market Value | 85.00% | 85.00% | |||||||
Allocated Share-based Compensation Expense | 3,981,000 | 3,304,000 | 2,495,000 | ||||||
Salaries and Employee Benefits [Member] | |||||||||
Note 15 - Stock-Based Compensation (Details) [Line Items] | |||||||||
Allocated Share-based Compensation Expense | 4,100,000 | 3,400,000 | 2,600,000 | ||||||
Performance Shares [Member] | |||||||||
Note 15 - Stock-Based Compensation (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number (in Shares) | 0 | 0 | |||||||
Employee Stock Option [Member] | |||||||||
Note 15 - Stock-Based Compensation (Details) [Line Items] | |||||||||
Share Based Compensation Arrangement by Share Based Payment Award Award Number of Vesting Periods | 5 | ||||||||
Restricted Stock [Member] | 2006 Stock Plan [Member] | |||||||||
Note 15 - Stock-Based Compensation (Details) [Line Items] | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in Shares) | 509,336 | 509,336 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 7,600,000 | 7,600,000 | |||||||
Restricted Stock [Member] | |||||||||
Note 15 - Stock-Based Compensation (Details) [Line Items] | |||||||||
Share Based Compensation Arrangement by Share Based Payment Award Award Number of Vesting Periods | 3 | 5 | 5 | 2 | 3 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 58,187 | 87,927 | 424,450 | 300 | 8,680 | 20,760 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in Shares) | 509,336 | 614,580 | 348,350 | 509,336 | |||||
Minimum [Member] | Pay Period [Member] | |||||||||
Note 15 - Stock-Based Compensation (Details) [Line Items] | |||||||||
Amount Contributed To ESPP | 10 | ||||||||
Minimum [Member] | Virginia Heritage Plans [Member] | |||||||||
Note 15 - Stock-Based Compensation (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 25 months | ||||||||
Minimum [Member] | |||||||||
Note 15 - Stock-Based Compensation (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year | ||||||||
Maximum [Member] | Offering Period [Member] | |||||||||
Note 15 - Stock-Based Compensation (Details) [Line Items] | |||||||||
Amount Contributed To ESPP | 6,250 | ||||||||
Maximum [Member] | Annually [Member] | |||||||||
Note 15 - Stock-Based Compensation (Details) [Line Items] | |||||||||
Amount Contributed To ESPP | 25,000 | ||||||||
Maximum [Member] | Virginia Heritage Plans [Member] | |||||||||
Note 15 - Stock-Based Compensation (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 112 months | ||||||||
Maximum [Member] | |||||||||
Note 15 - Stock-Based Compensation (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 10.00% | 10.00% | |||||||
Minimum Hours Per Week [Member] | |||||||||
Note 15 - Stock-Based Compensation (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 20 hours | ||||||||
Minimum Months Per Year [Member] | |||||||||
Note 15 - Stock-Based Compensation (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 5 months | ||||||||
Virginia Heritage Plans [Member] | |||||||||
Note 15 - Stock-Based Compensation (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 0 | 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Period Increase (Decrease) (in Shares) | 401,497 | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit (in Dollars per share) | 9.22 | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit (in Dollars per share) | 22.7 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $10,000,000 | ||||||||
The 1998 Stock Option Plan [Member] | |||||||||
Note 15 - Stock-Based Compensation (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 0 | 0 | |||||||
The Fidelity Plans [Member] | |||||||||
Note 15 - Stock-Based Compensation (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 0 | 0 | |||||||
2006 Stock Plan [Member] | |||||||||
Note 15 - Stock-Based Compensation (Details) [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 1,996,500 | 1,996,500 |
Note_15_StockBased_Compensatio3
Note 15 - Stock-Based Compensation (Details) - Changes in Shares Under Option Plans (USD $) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Changes in Shares Under Option Plans [Abstract] | ||||
Beginning balance | 501,334 | 722,155 | 919,371 | |
Beginning balance | $10.34 | $10.18 | $10.23 | |
Issued | 21,000 | 21,000 | 3,300 | 5,500 |
Issued | $32.77 | $20.03 | $15.48 | |
Virginia Heritage | 401,497 | |||
Virginia Heritage | $13.16 | |||
Exercised | -157,313 | -198,588 | -167,882 | |
Exercised | $14.71 | $9.99 | $10.01 | |
Forfeited | -8,110 | -2,420 | -3,493 | |
Forfeited | $33.06 | $7.40 | $6.22 | |
Expired | -1,225 | -23,113 | -31,341 | |
Expired | $9 | $10.05 | $13.92 | |
Ending balance | 757,183 | 501,334 | 722,155 | |
Ending balance | $11.31 | $10.34 | $10.18 |
Note_15_StockBased_Compensatio4
Note 15 - Stock-Based Compensation (Details) - Stock Options Outstanding and Exercisable (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Prices | ||||
Stock options outstanding (in Shares) | 757,183 | 501,334 | 722,155 | 919,371 |
Outstanding options, weighted-average exercise price | $11.31 | $10.34 | $10.18 | $10.23 |
Outstanding options, weighted-average remaining contractual life | 2 years 292 days | |||
Exercisable options Stock Options Exercisable (in Shares) | 664,295 | |||
Exercisable options Weighted-Average Exercise Price | $11.33 | |||
Range 1 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding options, exercise price range, lower limit | $5.76 | |||
Outstanding options, exercise price range, upper limit | $9.22 | |||
Stock options outstanding (in Shares) | 249,788 | |||
Outstanding options, weighted-average exercise price | $5.95 | |||
Outstanding options, weighted-average remaining contractual life | 3 years 266 days | |||
Exercisable options, exercise price range, lower limit | $5.76 | |||
Exercisable options, exercise price range, upper limit | $9.22 | |||
Exercisable options Stock Options Exercisable (in Shares) | 192,878 | |||
Exercisable options Weighted-Average Exercise Price | $6 | |||
Range 2 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding options, exercise price range, lower limit | $9.22 | |||
Outstanding options, exercise price range, upper limit | $15.47 | |||
Stock options outstanding (in Shares) | 365,467 | |||
Outstanding options, weighted-average exercise price | $11.18 | |||
Outstanding options, weighted-average remaining contractual life | 1 year 270 days | |||
Exercisable options, exercise price range, lower limit | $9.22 | |||
Exercisable options, exercise price range, upper limit | $15.47 | |||
Exercisable options Stock Options Exercisable (in Shares) | 348,429 | |||
Exercisable options Weighted-Average Exercise Price | $11.20 | |||
Range 3 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding options, exercise price range, lower limit | $15.48 | |||
Outstanding options, exercise price range, upper limit | $24.41 | |||
Stock options outstanding (in Shares) | 119,052 | |||
Outstanding options, weighted-average exercise price | $19.57 | |||
Outstanding options, weighted-average remaining contractual life | 3 years 6 months | |||
Exercisable options, exercise price range, lower limit | $15.48 | |||
Exercisable options, exercise price range, upper limit | $24.41 | |||
Exercisable options Stock Options Exercisable (in Shares) | 113,112 | |||
Exercisable options Weighted-Average Exercise Price | $19.68 | |||
Range 4 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding options, exercise price range, lower limit | $24.42 | |||
Outstanding options, exercise price range, upper limit | $32.36 | |||
Stock options outstanding (in Shares) | 22,876 | |||
Outstanding options, weighted-average exercise price | $28.94 | |||
Outstanding options, weighted-average remaining contractual life | 5 years 310 days | |||
Exercisable options, exercise price range, lower limit | $24.42 | |||
Exercisable options, exercise price range, upper limit | $32.36 | |||
Exercisable options Stock Options Exercisable (in Shares) | 9,876 | |||
Exercisable options Weighted-Average Exercise Price | $24.43 |
Note_15_StockBased_Compensatio5
Note 15 - Stock-Based Compensation (Details) - Fair Value of Each Stock Option Grant (USD $) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value of Each Stock Option Grant [Abstract] | ||||
Expected volatility | 34.25% | 34.12% | 36.64% | |
Weighted-Average volatility | 34.25% | 34.12% | 36.64% | |
Expected dividends | 0.00% | 0.00% | 0.00% | |
Expected term (in years) | 10 years | 9 years 146 days | 7 years 6 months | 7 years 6 months |
Risk-free rate | 2.26% | 1.31% | 1.13% | |
Weighted-average fair value (grant date) (in Dollars per share) | $13.49 | $7.83 | $6.35 | |
Weighted-average fair value (grant date) for VHB options assumed (in Dollars per share) | $24.89 |
Note_15_StockBased_Compensatio6
Note 15 - Stock-Based Compensation (Details) - Cash Proceeds, Tax Benefits and Intrinsic Value Related to Stock Options (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Proceeds, Tax Benefits and Intrinsic Value Related to Stock Options [Abstract] | |||
Proceeds from stock options exercised | $2,313 | $1,984 | $1,685 |
Tax benefits related to stock options exercised | 978 | 410 | 369 |
Intrinsic value of stock options exercised | $3,184 | $3,060 | $1,100 |
Note_15_StockBased_Compensatio7
Note 15 - Stock-Based Compensation (Details) - Unvested Restricted Stock Award Grants (Restricted Stock [Member], USD $) | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Nov. 30, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock [Member] | ||||||
Note 15 - Stock-Based Compensation (Details) - Unvested Restricted Stock Award Grants [Line Items] | ||||||
Unvested at beginning | 614,580 | 348,350 | ||||
Unvested at beginning | $18.71 | $13.79 | ||||
Issued | 300 | 8,680 | 20,760 | 58,187 | 87,927 | 424,450 |
Issued | $33.50 | $20.64 | ||||
Forfeited | -8,250 | -1,318 | ||||
Forfeited | $25.28 | $15.73 | ||||
Vested | -184,921 | -156,902 | ||||
Vested | $17.54 | $13.04 | ||||
Unvested at end | 509,336 | 509,336 | 614,580 | |||
Unvested at end | $21.58 | $21.58 | $18.71 |
Note_16_Employee_Benefit_Plans1
Note 16 - Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure Text Block Supplement [Abstract] | |||
Deferred Compensation Arrangement with Individual, Minimum Age | 21 years | ||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 1 month | ||
Defined Contribution Plan, Cost Recognized | $833 | $878 | $780 |
Note_17_Supplemental_Executive1
Note 17 - Supplemental Executive Retirement Plan (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 17 - Supplemental Executive Retirement Plan (Details) [Line Items] | |||
Cash Surrender Value of Life Insurance | $11,277,000 | $11,227,000 | |
Purchased Fixed Annuity for Financing Retirement Benefits [Member] | Other Assets [Member] | Supplemental Executive Retirement and Death Benefit Agreements [Member] | |||
Note 17 - Supplemental Executive Retirement Plan (Details) [Line Items] | |||
Cash Surrender Value of Life Insurance | 11,300,000 | ||
Purchased Fixed Annuity for Financing Retirement Benefits [Member] | Supplemental Executive Retirement and Death Benefit Agreements [Member] | |||
Note 17 - Supplemental Executive Retirement Plan (Details) [Line Items] | |||
Other Investments | 10,700,000 | ||
Noninterest Income, Other | 50,000 | 551,000 | |
Supplemental Executive Retirement and Death Benefit Agreements [Member] | |||
Note 17 - Supplemental Executive Retirement Plan (Details) [Line Items] | |||
Time Period for Calculating Base Salary Under SERP Agreements | 5 years | ||
Retirement Age | 67 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 6 years | ||
Retirement Plan Monthly Installments | 180 | ||
Defined Benefit Plan, Net Periodic Benefit Cost | $1,900,000 | $1,700,000 |
Note_18_Financial_Instruments_2
Note 18 - Financial Instruments with Off-Balance Sheet Risk (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Disclosure Text Block Supplement [Abstract] | ||
Mortgage Loans on Real Estate, Write-down or Reserve, Amount | $101 | $57 |
Note_18_Financial_Instruments_3
Note 18 - Financial Instruments with Off-Balance Sheet Risk (Details) - Loan Commitments Outstanding and Lines and Letters of Credit (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Loan Commitments Outstanding and Lines and Letters of Credit [Abstract] | ||
Unfunded loan commitments | $1,625,957 | $1,150,556 |
Unfunded lines of credit | 105,895 | 79,786 |
Letters of credit | 75,615 | 51,768 |
Total | $1,807,467 | $1,282,110 |
Note_20_Regulatory_Matters_Det
Note 20 - Regulatory Matters (Details) - Capital Amounts and Ratios for the Company and Bank (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Total capital (to risk weighted assets) for capital adequacy purposes ratio | 8.00% | 8.00% | ||
Total capital (to risk weighted assets) to be well capitalized under prompt corrective action provision ratio | 10.00% | [1] | 10.00% | [1] |
Tier 1 capital (to risk weighted assets) for capital adequacy purposes ratio | 4.00% | 4.00% | ||
Tier 1 capital (to risk weighted assets) to be well capitalized under prompt corrective action provision ratio | 6.00% | [1] | 6.00% | [1] |
Tier 1 capital (to average assets) for capital adequacy purposes ratio | 3.00% | 3.00% | ||
Tier 1 capital (to average assets) to be well capitalized under prompt corrective action provision ratio | 5.00% | [1] | 5.00% | [1] |
Parent Company [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Total capital (to risk weighted assets) actual amount (in Dollars) | 631,340 | 440,332 | ||
Total capital (to risk weighted assets) actual ratio | 12.97% | 13.01% | ||
Tier 1 capital (to risk weighted assets) actual amount (in Dollars) | 505,864 | 390,111 | ||
Tier 1 capital (to risk weighted assets) actual ratio | 10.39% | 11.53% | ||
Tier 1 capital (to average assets) actual amount (in Dollars) | 505,864 | 390,111 | ||
Tier 1 capital (to average assets) actual ratio | 10.69% | 10.93% | ||
Bank [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Total capital (to risk weighted assets) actual amount (in Dollars) | 568,637 | 403,910 | ||
Total capital (to risk weighted assets) actual ratio | 11.73% | 12.00% | ||
Tier 1 capital (to risk weighted assets) actual amount (in Dollars) | 522,637 | 363,166 | ||
Tier 1 capital (to risk weighted assets) actual ratio | 10.78% | 10.79% | ||
Tier 1 capital (to average assets) actual amount (in Dollars) | 522,637 | 363,166 | ||
Tier 1 capital (to average assets) actual ratio | 11.09% | 10.22% | ||
[1] | Applies to Bank only |
Note_21_Other_Comprehensive_In2
Note 21 - Other Comprehensive Income (Details) - Components of Other Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of Other Comprehensive Income (Loss) [Abstract] | |||
Net unrealized gain (loss) on securities available-for-sale, before tax | $9,965 | ($14,622) | $1,673 |
Net unrealized gain (loss) on securities available-for-sale, tax effect | 3,986 | -5,849 | 669 |
Net unrealized gain (loss) on securities available-for-sale, net of tax | 5,979 | -8,773 | 1,004 |
Less: Reclassification adjustment for net gains included in net income, before tax | -22 | -19 | -690 |
Less: Reclassification adjustment for net gains included in net income, tax effect | -9 | -8 | -276 |
Less: Reclassification adjustment for net gains included in net income, net of tax | -13 | -11 | -414 |
Other Comprehensive Income (Loss), before tax | 9,943 | -14,641 | 983 |
Other Comprehensive Income (Loss), tax effect | 3,977 | -5,857 | 393 |
Other Comprehensive Income (Loss), net of tax | $5,966 | ($8,784) | $590 |
Note_21_Other_Comprehensive_In3
Note 21 - Other Comprehensive Income (Details) - Changes in Each Component of Accumulated Other Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in Each Component of Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Balance at Beginning of Period | ($3,319) | $5,465 | $4,875 |
Other comprehensive income gain (loss) before reclassifications | 5,979 | -8,773 | 1,004 |
Amounts reclassified from accumulated other comprehensive income | -13 | -11 | -414 |
Net other comprehensive income (loss) during period | 5,966 | -8,784 | 590 |
Balance at End of Period | $2,647 | ($3,319) | $5,465 |
Note_21_Other_Comprehensive_In4
Note 21 - Other Comprehensive Income (Details) - Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Realized gain on sale of investment securities | $22 | $19 | $690 |
-9 | -8 | -276 | |
Total Reclassifications for the Period | $13 | $11 | $414 |
Note_22_Fair_Value_Measurement2
Note 22 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On a Recurring Basis (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 22 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On a Recurring Basis [Line Items] | ||
Available for Sale Securities | $426,806 | $420,163 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On a Recurring Basis [Line Items] | ||
Available for Sale Securities | 29,894 | 47,335 |
US Government Agencies Debt Securities [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On a Recurring Basis [Line Items] | ||
Available for Sale Securities | 29,894 | 47,335 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On a Recurring Basis [Line Items] | ||
Available for Sale Securities | 240,320 | 228,674 |
Residential Mortgage Backed Securities [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On a Recurring Basis [Line Items] | ||
Available for Sale Securities | 240,320 | 228,674 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On a Recurring Basis [Line Items] | ||
Available for Sale Securities | 198 | 165 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On a Recurring Basis [Line Items] | ||
Available for Sale Securities | 219 | 219 |
Equity Securities [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On a Recurring Basis [Line Items] | ||
Available for Sale Securities | 417 | 384 |
Residential Mortgage Loan Long-Term [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On a Recurring Basis [Line Items] | ||
Available for Sale Securities | 44,317 | 42,030 |
Residential Mortgage Loan Long-Term [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On a Recurring Basis [Line Items] | ||
Available for Sale Securities | 44,317 | 42,030 |
Derivative Instruments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On a Recurring Basis [Line Items] | ||
Available for Sale Securities | 146 | |
Derivative Instruments [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On a Recurring Basis [Line Items] | ||
Available for Sale Securities | 146 | |
Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On a Recurring Basis [Line Items] | ||
Available for Sale Securities | 111,712 | 101,740 |
Municipal Bonds [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On a Recurring Basis [Line Items] | ||
Available for Sale Securities | 111,712 | 101,740 |
Fair Value, Inputs, Level 1 [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On a Recurring Basis [Line Items] | ||
Available for Sale Securities | 198 | 165 |
Fair Value, Inputs, Level 2 [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On a Recurring Basis [Line Items] | ||
Available for Sale Securities | 426,243 | 419,779 |
Fair Value, Inputs, Level 3 [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On a Recurring Basis [Line Items] | ||
Available for Sale Securities | $365 | $219 |
Note_22_Fair_Value_Measurement3
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value Based on Significant Unobservable Inputs (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Equity Method Investments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance, beginning of period - other equity investments | $219 | |
Realized and unrealized gain (loss) included in earnings - net derivatives | -104 | |
Balance, end of period | 115 | |
Derivative Financial Instruments, Assets [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance, beginning of period - other equity investments | 230 | |
Principal redemption | -11 | |
Balance, end of period | $219 |
Note_22_Fair_Value_Measurement4
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | $35,945,000 | $32,646,000 |
Derivative liabilites | 250,000 | 0 |
Commercial Loan [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 781,000 | 4,367,000 |
Commercial Loan [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 7,171,000 | 1,089,000 |
Commercial Loan [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 12,975,000 | 6,779,000 |
Commercial Loan [Member] | Estimate of Fair Value Measurement [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 7,952,000 | 5,456,000 |
Commercial Real Estate Investment [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 703,000 | 2,806,000 |
Commercial Real Estate Investment [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,199,000 | 1,998,000 |
Commercial Real Estate Investment [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 10,494,000 | 5,902,000 |
Commercial Real Estate Investment [Member] | Estimate of Fair Value Measurement [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,902,000 | 4,804,000 |
Commercial Real Estate Owner Occupied [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 2,712,000 | |
Commercial Real Estate Owner Occupied [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 824,000 | 887,000 |
Commercial Real Estate Owner Occupied [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,889,000 | 5,452,000 |
Commercial Real Estate Owner Occupied [Member] | Estimate of Fair Value Measurement [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 824,000 | 3,599,000 |
Residential Mortgage [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 86,000 | |
Residential Mortgage [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 346,000 | 774,000 |
Residential Mortgage [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 346,000 | 887,000 |
Residential Mortgage [Member] | Estimate of Fair Value Measurement [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 346,000 | 860,000 |
Home Equity Line of Credit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 5,000 | 50,000 |
Home Equity Line of Credit [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 963,000 | 47,000 |
Home Equity Line of Credit [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,398,000 | 623,000 |
Home Equity Line of Credit [Member] | Estimate of Fair Value Measurement [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 968,000 | 97,000 |
Consumer, Other [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 13,000 | 2,000 |
Consumer, Other [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 58,000 | 70,000 |
Consumer, Other [Member] | Estimate of Fair Value Measurement [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 13,000 | 2,000 |
Construction Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 4,228,000 | |
Construction Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 3,297,000 | 7,080,000 |
Construction Loans [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 8,785,000 | 12,933,000 |
Construction Loans [Member] | Estimate of Fair Value Measurement [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Impaired loans | 3,297,000 | 11,308,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Other real estate owned | 9,184,000 | 9,225,000 |
Total assets measured at fair value on a nonrecurring basis | 10,673,000 | 23,474,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Other real estate owned | 4,040,000 | |
Derivative liabilites | 250,000 | |
Total assets measured at fair value on a nonrecurring basis | 18,103,000 | 11,877,000 |
Estimate of Fair Value Measurement [Member] | ||
Note 22 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis [Line Items] | ||
Other real estate owned | 13,224,000 | 9,225,000 |
Derivative liabilites | 250,000 | |
Total assets measured at fair value on a nonrecurring basis | $28,776,000 | $35,351,000 |
Note_22_Fair_Value_Measurement5
Note 22 - Fair Value Measurements (Details) - Fair Values of Financial Instruments (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | |||
Cash and due from banks, carrying value | $9,097,000 | $9,577,000 | |
Cash and due from banks, fair value | 9,097,000 | 9,577,000 | |
Federal funds sold, carrying value | 3,516,000 | 5,695,000 | |
Federal funds sold, fair value | 3,516,000 | 5,695,000 | |
Interest bearing deposits with other banks, carrying value | 243,412,000 | 291,688,000 | |
Interest bearing deposits with other banks, fair value | 243,412,000 | 291,688,000 | |
Investment securities, carrying value | 382,343,000 | 378,133,000 | |
Investment securities, fair value | 382,343,000 | 378,133,000 | |
Federal Reserve and Federal Home Loan Bank stock, carrying value | 22,560,000 | 11,272,000 | |
Federal Reserve and Federal Home Loan Bank stock, fair value | 22,560,000 | 11,272,000 | |
Loans held for sale, carrying value | 44,317,000 | 42,030,000 | |
Loans held for sale, fair value | 44,669,000 | 42,030,000 | |
Loans, carrying value | 4,312,399,000 | 2,945,158,000 | |
Loans, fair value | 4,314,618,000 | 2,979,180,000 | |
Bank owned life insurance, carrying value | 56,594,000 | 39,738,000 | |
Bank owned life insurance, fair value | 56,594,000 | 39,738,000 | |
Annuity investment, carrying value | 11,277,000 | 11,227,000 | |
Annuity investment, fair value | 11,277,000 | 11,227,000 | |
Derivative assets | 146,000 | 0 | |
Derivative assets | 146,000 | 0 | |
Liabilities | |||
Deposits, carrying value | 4,310,768,000 | 3,225,414,000 | 2,897,222,000 |
Borrowings, carrying value | 280,420,000 | 119,771,000 | |
Borrowings, fair value | 281,958,000 | 120,764,000 | |
Derivative liabilites | 250,000 | 0 | |
Derivative liabilites | 250,000 | 0 | |
Fair Value, Inputs, Level 1 [Member] | |||
Assets | |||
Investment securities, carrying value | 198,000 | 165,000 | |
Investment securities, fair value | 198,000 | 165,000 | |
Fair Value, Inputs, Level 2 [Member] | Noninterest-bearing Deposits [Member] | |||
Liabilities | |||
Deposits, fair value | 1,175,799,000 | 849,409,000 | |
Fair Value, Inputs, Level 2 [Member] | Interest-bearing Deposits [Member] | |||
Liabilities | |||
Deposits, fair value | 3,134,295,000 | 2,375,861,000 | |
Fair Value, Inputs, Level 2 [Member] | |||
Assets | |||
Cash and due from banks, fair value | 9,097,000 | 9,577,000 | |
Federal funds sold, carrying value | 3,516,000 | 5,695,000 | |
Federal funds sold, fair value | 3,516,000 | 5,695,000 | |
Interest bearing deposits with other banks, carrying value | 243,412,000 | 291,688,000 | |
Interest bearing deposits with other banks, fair value | 243,412,000 | 291,688,000 | |
Investment securities, carrying value | 381,926,000 | 377,749,000 | |
Investment securities, fair value | 381,926,000 | 377,749,000 | |
Federal Reserve and Federal Home Loan Bank stock, fair value | 22,560,000 | 11,272,000 | |
Loans held for sale, fair value | 44,669,000 | 42,030,000 | |
Loans, fair value | 1,489,000 | 14,249,000 | |
Bank owned life insurance, carrying value | 56,594,000 | 39,738,000 | |
Bank owned life insurance, fair value | 56,594,000 | 39,738,000 | |
Annuity investment, fair value | 11,277,000 | 11,227,000 | |
Derivative assets | 146,000 | ||
Derivative assets | 146,000 | ||
Liabilities | |||
Borrowings, fair value | 281,958,000 | 120,764,000 | |
Fair Value, Inputs, Level 3 [Member] | |||
Assets | |||
Investment securities, carrying value | 219,000 | 219,000 | |
Investment securities, fair value | 219,000 | 219,000 | |
Loans, fair value | 4,313,129,000 | 2,964,931,000 | |
Liabilities | |||
Derivative liabilites | 250,000 | ||
Derivative liabilites | 250,000 | ||
Noninterest-bearing Deposits [Member] | |||
Liabilities | |||
Deposits, carrying value | 1,175,799,000 | 849,409,000 | |
Deposits, fair value | 1,175,799,000 | 849,409,000 | |
Interest-bearing Deposits [Member] | |||
Liabilities | |||
Deposits, carrying value | 3,134,969,000 | 2,376,005,000 | |
Deposits, fair value | $3,134,295,000 | $2,375,861,000 |
Note_23_Quarterly_Results_of_O2
Note 23 - Quarterly Results of Operations (Unaudited) (Details) | 0 Months Ended | 12 Months Ended |
Jun. 14, 2013 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | ||
Common Stock Dividend Rate | 10.00% | 10.00% |
Note_23_Quarterly_Results_of_O3
Note 23 - Quarterly Results of Operations (Unaudited) (Details) - Quarterly Results of Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||
Quarterly Results of Operations [Abstract] | |||||||||||||||||||||||||||
Total interest income | $56,091 | $47,886 | $44,759 | $42,837 | $41,652 | $39,724 | $37,985 | $37,933 | $38,164 | $36,636 | $34,575 | $32,568 | $191,573 | $157,294 | $141,943 | ||||||||||||
Total interest expense | 4,275 | 3,251 | 2,739 | 2,830 | 2,938 | 3,021 | 3,121 | 3,424 | 3,427 | 3,328 | 3,561 | 4,098 | 13,095 | 12,504 | 14,414 | ||||||||||||
Net interest income | 51,816 | 44,635 | 42,020 | 40,007 | 38,714 | 36,703 | 34,864 | 34,509 | 34,737 | 33,308 | 31,014 | 28,470 | 178,478 | 144,790 | 127,529 | ||||||||||||
Provision for credit losses | 3,700 | 2,111 | 3,134 | 1,934 | 2,508 | 1,372 | 2,357 | 3,365 | 4,139 | 3,638 | 4,443 | 3,970 | |||||||||||||||
Net interest income after provision for credit losses | 48,116 | 42,524 | 38,886 | 38,073 | 36,206 | 35,331 | 32,507 | 31,144 | 30,598 | 29,670 | 26,571 | 24,500 | 167,599 | 135,188 | 111,339 | ||||||||||||
Noninterest income | 5,310 | 4,761 | 3,811 | 4,463 | 4,304 | 5,236 | 7,065 | 8,111 | 6,060 | 4,851 | 4,441 | 6,012 | 18,345 | 24,716 | 21,364 | ||||||||||||
Noninterest expense | 29,352 | 25,143 | 22,135 | 23,098 | 21,524 | 21,673 | 20,685 | 20,697 | 20,325 | 19,107 | 18,537 | 18,562 | 99,728 | 84,579 | 76,531 | ||||||||||||
Income before income tax expense | 24,074 | 22,142 | 20,562 | 19,438 | 18,986 | 18,894 | 18,887 | 18,558 | 16,333 | 15,414 | 12,475 | 11,950 | 86,216 | 75,325 | 56,172 | ||||||||||||
Income tax expense | 9,347 | 8,054 | 7,618 | 6,939 | 6,983 | 7,137 | 7,212 | 6,986 | 6,135 | 5,739 | 4,692 | 4,317 | 31,958 | 28,318 | 20,883 | ||||||||||||
Net income | 14,727 | 14,088 | 12,944 | 12,499 | 12,003 | 11,757 | 11,675 | 11,572 | 10,198 | 9,675 | 7,783 | 7,633 | 54,258 | 47,007 | 35,289 | ||||||||||||
Preferred stock dividends and discount accretion | 180 | 151 | 142 | 141 | 141 | 142 | 142 | 141 | 141 | 142 | 142 | 141 | 614 | 566 | 566 | ||||||||||||
Net income available to common shareholders | $14,547 | $13,937 | $12,802 | $12,358 | $11,862 | $11,615 | $11,533 | $11,431 | $10,057 | $9,533 | $7,641 | $7,492 | $53,644 | $46,441 | $34,723 | ||||||||||||
Earnings per common share | |||||||||||||||||||||||||||
Basic (1) (in Dollars per share) | $0.51 | [1] | $0.54 | [1] | $0.49 | [1] | $0.48 | [1] | $0.46 | [1],[2] | $0.45 | [1],[2] | $0.45 | [1],[2] | $0.45 | [1],[2] | $0.40 | [1],[2] | $0.41 | [1],[2] | $0.34 | [1],[2] | $0.34 | [1],[2] | $2.01 | $1.81 | $1.50 |
Diluted (1) (in Dollars per share) | $0.49 | [1] | $0.52 | [1] | $0.48 | [1] | $0.47 | [1] | $0.45 | [1],[2] | $0.44 | [1],[2] | $0.44 | [1],[2] | $0.44 | [1],[2] | $0.39 | [1],[2] | $0.40 | [1],[2] | $0.33 | [1],[2] | $0.33 | [1],[2] | $1.95 | $1.76 | $1.46 |
[1] | Earnings per common share are calculated on a quarterly basis and may not be additive to the year to date amount. | ||||||||||||||||||||||||||
[2] | Per share amounts have been adjusted to give effect to the 10% common stock dividend paid on June 14, 2013. |
Note_24_Parent_Company_Financi2
Note 24 - Parent Company Financial Information (Details) - Condensed Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets | ||||
Cash equivalents | $256,025 | $306,960 | $339,334 | $232,411 |
Investment securities available for sale, at fair value | 382,343 | 378,133 | ||
Other assets | 44,975 | 30,712 | ||
Total Assets | 5,247,880 | 3,771,503 | ||
Liabilities | ||||
Other liabilities | 35,933 | 32,455 | ||
Long-term borrowings | 119,300 | 39,300 | ||
Total liabilities | 4,627,121 | 3,377,640 | ||
Shareholders' Equity | ||||
Common stock | 296 | 253 | ||
Warrant | 946 | 946 | ||
Additional paid in capital | 394,933 | 242,990 | ||
Retained earnings | 150,037 | 96,393 | ||
Accumulated other comprehensive income (loss) | 2,647 | -3,319 | ||
Total shareholdersb equity | 620,759 | 393,863 | 349,976 | 266,711 |
Total Liabilities and Shareholders' Equity | 5,247,880 | 3,771,503 | ||
Series B Preferred Stock [Member] | Parent Company [Member] | ||||
Shareholders' Equity | ||||
Preferred stock, Series B | 71,900 | 56,600 | ||
Series B Preferred Stock [Member] | ||||
Shareholders' Equity | ||||
Preferred stock, Series B | 71,900 | 56,600 | ||
Parent Company [Member] | ||||
Assets | ||||
Cash | 42,810 | 17,140 | ||
Cash equivalents | 8,739 | 8,693 | ||
Investment securities available for sale, at fair value | 300 | 265 | ||
Investment in subsidiaries | 647,633 | 376,416 | ||
Other assets | 2,731 | 1,000 | ||
Total Assets | 702,213 | 403,514 | ||
Liabilities | ||||
Other liabilities | 2,154 | 351 | ||
Long-term borrowings | 79,300 | 9,300 | ||
Total liabilities | 81,454 | 9,651 | ||
Shareholders' Equity | ||||
Common stock | 296 | 253 | ||
Warrant | 946 | 946 | ||
Additional paid in capital | 394,933 | 242,990 | ||
Retained earnings | 150,037 | 96,393 | ||
Accumulated other comprehensive income (loss) | 2,647 | -3,319 | ||
Total shareholdersb equity | 620,759 | 393,863 | ||
Total Liabilities and Shareholders' Equity | $702,213 | $403,514 |
Note_24_Parent_Company_Financi3
Note 24 - Parent Company Financial Information (Details) - Condensed Statements of Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Expenses | |||||||||||||||
Interest expense | $4,275 | $3,251 | $2,739 | $2,830 | $2,938 | $3,021 | $3,121 | $3,424 | $3,427 | $3,328 | $3,561 | $4,098 | $13,095 | $12,504 | $14,414 |
Legal and professional | 3,439 | 2,969 | 4,253 | ||||||||||||
Other | 10,510 | 12,354 | 10,089 | ||||||||||||
Loss Before Income Tax (Benefit) and Equity in Undistributed Income of Subsidiaries | 24,074 | 22,142 | 20,562 | 19,438 | 18,986 | 18,894 | 18,887 | 18,558 | 16,333 | 15,414 | 12,475 | 11,950 | 86,216 | 75,325 | 56,172 |
Income Tax Benefit | 9,347 | 8,054 | 7,618 | 6,939 | 6,983 | 7,137 | 7,212 | 6,986 | 6,135 | 5,739 | 4,692 | 4,317 | 31,958 | 28,318 | 20,883 |
Net Income | 14,727 | 14,088 | 12,944 | 12,499 | 12,003 | 11,757 | 11,675 | 11,572 | 10,198 | 9,675 | 7,783 | 7,633 | 54,258 | 47,007 | 35,289 |
Preferred Stock Dividends and Discount Accretion | 180 | 151 | 142 | 141 | 141 | 142 | 142 | 141 | 141 | 142 | 142 | 141 | 614 | 566 | 566 |
Net Income Available to Common Shareholders | 14,547 | 13,937 | 12,802 | 12,358 | 11,862 | 11,615 | 11,533 | 11,431 | 10,057 | 9,533 | 7,641 | 7,492 | 53,644 | 46,441 | 34,723 |
Parent Company [Member] | |||||||||||||||
Income | |||||||||||||||
Other interest and dividends | 171 | 117 | 78 | ||||||||||||
Total Income | 171 | 117 | 78 | ||||||||||||
Expenses | |||||||||||||||
Interest expense | 2,497 | 897 | 946 | ||||||||||||
Legal and professional | 108 | 142 | 192 | ||||||||||||
Directorsb fees | 257 | 187 | 237 | ||||||||||||
Other | 1,086 | 946 | 816 | ||||||||||||
Total Expenses | 3,948 | 2,172 | 2,191 | ||||||||||||
Loss Before Income Tax (Benefit) and Equity in Undistributed Income of Subsidiaries | -3,777 | -2,055 | -2,113 | ||||||||||||
Income Tax Benefit | -1,490 | -810 | -838 | ||||||||||||
Loss Before Equity in Undistributed Income of Subsidiaries | -2,287 | -1,245 | -1,275 | ||||||||||||
Equity in Undistributed Income of Subsidiaries | 56,545 | 48,252 | 36,564 | ||||||||||||
Net Income | 54,258 | 47,007 | 35,289 | ||||||||||||
Preferred Stock Dividends and Discount Accretion | 614 | 566 | 566 | ||||||||||||
Net Income Available to Common Shareholders | $53,644 | $46,441 | $34,723 |
Note_24_Parent_Company_Financi4
Note 24 - Parent Company Financial Information (Details) - Condensed Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash Flows From Operating Activities | |||
Net Income | $54,258,000 | $47,007,000 | $35,289,000 |
Excess tax benefit on stock-based compensation | -978,000 | -410,000 | -369,000 |
(Increase) decrease in other assets | -12,631,000 | -26,000 | 3,797,000 |
Increase (decrease) in other liabilities | 1,856,000 | 10,850,000 | 1,818,000 |
Net cash (used in) operating activities | 59,507,000 | 258,677,000 | 15,820,000 |
Cash Flows From Investing Activities | |||
Net cash used in investing activities | -725,725,000 | -600,736,000 | -446,567,000 |
Cash Flows From Financing Activities | |||
Issuance of common stock | 144,093,000 | 42,956,000 | |
Issuance of Series C Preferred Stock | 15,300,000 | ||
Cash paid in lieu of fractional shares | 11,000 | ||
Proceeds from exercise of stock options | 2,313,000 | 1,984,000 | 1,685,000 |
Preferred stock dividends | -614,000 | -566,000 | -566,000 |
Excess tax benefit on stock-based compensation | 978,000 | 410,000 | 369,000 |
Proceeds from employee stock purchase plan | 621,000 | 543,000 | 447,000 |
Net cash provided by financing activities | 615,283,000 | 309,685,000 | 537,670,000 |
Net Increase in Cash | -50,935,000 | -32,374,000 | 106,923,000 |
Cash and Cash Equivalents | 256,025,000 | 306,960,000 | 339,334,000 |
Beginning of Period [Member] | Parent Company [Member] | |||
Cash Flows From Financing Activities | |||
Cash and Cash Equivalents | 25,833,000 | 25,518,000 | 16,498,000 |
End of Period [Member] | Parent Company [Member] | |||
Cash Flows From Financing Activities | |||
Cash and Cash Equivalents | 51,549,000 | 25,833,000 | 25,518,000 |
Parent Company [Member] | |||
Cash Flows From Operating Activities | |||
Net Income | 54,258,000 | 47,007,000 | 35,289,000 |
Equity in undistributed income of subsidiary | -56,545,000 | -48,252,000 | -36,564,000 |
Excess tax benefit on stock-based compensation | -978,000 | -410,000 | -369,000 |
(Increase) decrease in other assets | -1,731,000 | 353,000 | -34,000 |
Increase (decrease) in other liabilities | 1,803,000 | 67,000 | -50,000 |
Net cash (used in) operating activities | -3,193,000 | -1,235,000 | -1,728,000 |
Cash Flows From Investing Activities | |||
Investment in subsidiary (net) | -203,782,000 | -810,000 | -34,143,000 |
Net cash used in investing activities | -203,782,000 | -810,000 | -34,143,000 |
Cash Flows From Financing Activities | |||
Issuance of common stock | 144,093,000 | 42,956,000 | |
Issuance of Series C Preferred Stock | 15,300,000 | ||
Issuance in long-term borrowings | 70,000,000 | ||
Cash paid in lieu of fractional shares | -11,000 | ||
Proceeds from exercise of stock options | 2,313,000 | 1,984,000 | 1,685,000 |
Preferred stock dividends | -614,000 | -566,000 | -566,000 |
Excess tax benefit on stock-based compensation | 978,000 | 410,000 | 369,000 |
Proceeds from employee stock purchase plan | 621,000 | 543,000 | 447,000 |
Net cash provided by financing activities | 232,691,000 | 2,360,000 | 44,891,000 |
Net Increase in Cash | 25,716,000 | 315,000 | 9,020,000 |
Cash and Cash Equivalents | $8,739,000 | $8,693,000 |