Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 24, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | EAGLE BANCORP INC | ||
Trading Symbol | egbn | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 33,551,237 | ||
Entity Public Float | $ 1,310,000,000 | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,050,441 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 11,009 | $ 9,097 |
Federal funds sold | 3,791 | 3,516 |
Interest bearing deposits with banks and other short-term investments | 283,563 | 243,412 |
Investment securities available-for-sale, at fair value | 487,869 | 382,343 |
Federal Reserve and Federal Home Loan Bank stock | 16,903 | 22,560 |
Loans held for sale, at fair value | 47,492 | 44,317 |
Loans | 4,998,368 | 4,312,399 |
Less allowance for credit losses | (52,687) | (46,075) |
Loans, net | 4,945,681 | 4,266,324 |
Premises and equipment, net | 18,254 | 19,099 |
Deferred income taxes | 40,311 | 32,511 |
Bank owned life insurance | 58,682 | 56,594 |
Intangible assets, net | 108,542 | 109,908 |
Other real estate owned | 5,852 | 13,224 |
Other assets | 48,700 | 44,975 |
Total Assets | 6,076,649 | 5,247,880 |
Deposits: | ||
Noninterest bearing demand | 1,405,067 | 1,175,799 |
Interest bearing transaction | 178,797 | 143,628 |
Savings and money market | 2,835,325 | 2,302,600 |
Time, $100,000 or more | 406,570 | 393,132 |
Other time | 332,685 | 295,609 |
Total deposits | 5,158,444 | 4,310,768 |
Customer repurchase agreements | 72,356 | 61,120 |
Other short-term borrowings | 100,000 | |
Long-term borrowings | 70,000 | 119,300 |
Other liabilities | 37,248 | 35,933 |
Total Liabilities | 5,338,048 | 4,627,121 |
Preferred stock, par value $.01 per share, shares authorized 1,000,000, Series B, $1,000 per share liquidation preference, shares issued and outstanding -0- at December 31, 2015 and 56,600 at December 31, 2014; | ||
Series C, $1,000 per share liquidation preference, shares issued and outstanding -0- at December 31, 2015, and 15,300 at December 31, 2014 | 71,900 | |
Common stock, par value $.01 per share; shares authorized 100,000,000, shares issued and outstanding 33,467,893 and 30,139,396, respectively | 331 | 296 |
Warrant | 946 | 946 |
Additional paid in capital | 503,529 | 394,933 |
Retained earnings | 233,604 | 150,037 |
Accumulated other comprehensive income | 191 | 2,647 |
Total Shareholders' Equity | 738,601 | 620,759 |
Total Liabilities and Shareholders' Equity | $ 6,076,649 | $ 5,247,880 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 33,467,893 | 33,467,893 |
Common stock, shares outstanding | 30,139,396 | 30,139,396 |
Series B Preferred Stock [Member] | ||
Preferred stock, per share liquidation preference (in Dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, shares issued | 0 | 56,600 |
Preferred stock, shares outstanding | 0 | 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 | 0 | 15,300 |
Preferred stock, shares outstanding | 0 | 15,300 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Income | |||
Interest and fees on loans | $ 242,340 | $ 181,775 | $ 148,801 |
Interest and dividends on investment securities | 10,092 | 9,286 | 7,792 |
Interest on balances with other banks and short-term investments | 732 | 496 | 689 |
Interest on federal funds sold | 16 | 16 | 12 |
Total interest income | 253,180 | 191,573 | 157,294 |
Interest Expense | |||
Interest on deposits | 14,343 | 9,638 | 10,614 |
Interest on customer repurchase agreements | 132 | 143 | 254 |
Interest on short-term borrowings | 86 | 31 | |
Interest on long-term borrowings | 4,677 | 3,283 | 1,636 |
Total interest expense | 19,238 | 13,095 | 12,504 |
Net Interest Income | 233,942 | 178,478 | 144,790 |
Provision for Credit Losses | 14,638 | 10,879 | 9,602 |
Net Interest Income After Provision For Credit Losses | 219,304 | 167,599 | 135,188 |
Noninterest Income | |||
Service charges on deposits | 5,397 | 4,906 | 4,607 |
Gain on sale of loans | 11,973 | 6,886 | 14,578 |
Gain on sale of investment securities | 2,254 | 22 | 19 |
Loss on early extinguishment of debt | (1,130) | ||
Increase in the cash surrender value of bank owned life insurance | 1,589 | 1,283 | 720 |
Other income | 6,545 | 5,248 | 4,792 |
Total noninterest income | 26,628 | 18,345 | 24,716 |
Noninterest Expense | |||
Salaries and employee benefits | 61,749 | 57,268 | 47,481 |
Premises and equipment expenses | 16,026 | 13,317 | 11,923 |
Marketing and advertising | 2,748 | 1,999 | 1,686 |
Data processing | 7,533 | 6,163 | 5,903 |
Legal, accounting and professional fees | 3,729 | 3,439 | 2,969 |
FDIC insurance | 3,154 | 2,333 | 2,263 |
Merger expenses | 141 | 4,699 | |
Other expenses | 15,636 | 10,510 | 12,354 |
Total noninterest expense | 110,716 | 99,728 | 84,579 |
Income Before Income Tax Expense | 135,216 | 86,216 | 75,325 |
Income Tax Expense | 51,049 | 31,958 | 28,318 |
Net Income | 84,167 | 54,258 | 47,007 |
Preferred Stock Dividends | 601 | 614 | 566 |
Net Income Available to Common Shareholders | $ 83,566 | $ 53,644 | $ 46,441 |
Earnings Per Common Share | |||
Basic (in Dollars per share) | $ 2.54 | $ 2.01 | $ 1.81 |
Diluted (in Dollars per share) | $ 2.50 | $ 1.95 | $ 1.76 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Income | $ 84,167 | $ 54,258 | $ 47,007 |
Other comprehensive income (loss), net of tax: | |||
Unrealized (loss) gain on securities available for sale | (254) | 5,979 | (8,773) |
Unrealized loss on derivatives | (850) | ||
Reclassification adjustment for net gains included in net income | (1,352) | (13) | (11) |
Net change other comprehensive income (loss) | (2,456) | 5,966 | (8,784) |
Comprehensive Income | $ 81,711 | $ 60,224 | $ 38,223 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Series C Preferred Stock [Member]Preferred Stock [Member] | Series C Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Warrant [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance January 1, 2013 at Dec. 31, 2012 | $ 56,600 | $ 226 | $ 946 | $ 180,593 | $ 106,146 | $ 5,465 | $ 349,976 | ||
Balance January 1, 2013 (in Shares) at Dec. 31, 2012 | 56,600 | 22,954,889 | |||||||
Balance December 31, at Dec. 31, 2013 | $ 56,600 | $ 253 | 946 | 242,990 | 96,393 | (3,319) | 393,863 | ||
Balance December 31, (in Shares) at Dec. 31, 2013 | 56,600 | 25,885,863 | |||||||
Net Income | 47,007 | 47,007 | |||||||
Net change in other comprehensive income, net of tax | (8,784) | (8,784) | |||||||
Common stock issued to effect merger with | |||||||||
10% common stock dividend | $ 24 | 56,159 | (56,183) | ||||||
10% common stock dividend (in Shares) | 2,340,518 | ||||||||
Cash paid in lieu of fractional shares | (11) | (11) | |||||||
Stock-based compensation | 3,304 | 3,304 | |||||||
Common stock issued, under equity compensation plans | $ 2 | 1,982 | 1,984 | ||||||
Common stock issued, under equity compensation plans (in Shares) | 191,612 | ||||||||
Tax benefits related to non-qualified stock compensation | 410 | 410 | |||||||
Vesting of restricted stock awards issued at date of grant, net of shares withheld for payroll taxes | $ 1 | (1) | |||||||
Vesting of restricted stock awards issued at date of grant, net of shares withheld for payroll taxes (in Shares) | (14,161) | ||||||||
Restricted stock awards granted (in Shares) | 385,892 | ||||||||
Issuance of common stock related to employee stock purchase plan | 543 | 543 | |||||||
Issuance of common stock related to employee stock purchase plan (in Shares) | 27,113 | ||||||||
Preferred stock dividends | (566) | (566) | |||||||
Balance December 31, at Dec. 31, 2014 | $ 71,900 | $ 296 | 946 | 394,933 | 150,037 | 2,647 | 620,759 | ||
Balance December 31, (in Shares) at Dec. 31, 2014 | 71,900 | 30,139,396 | |||||||
Net Income | 54,258 | 54,258 | |||||||
Net change in other comprehensive income, net of tax | 5,966 | 5,966 | |||||||
Common stock issued to effect merger with | |||||||||
Virginia Heritage | $ 40 | 144,053 | 144,093 | ||||||
Virginia Heritage (in Shares) | 4,010,261 | ||||||||
Stock-based compensation | 3,981 | 3,981 | |||||||
Common stock issued, under equity compensation plans | $ 1 | 2,312 | 2,313 | ||||||
Common stock issued, under equity compensation plans (in Shares) | 157,313 | ||||||||
Tax benefits related to non-qualified stock compensation | 978 | 978 | |||||||
Vesting of restricted stock awards issued at date of grant, net of shares withheld for payroll taxes | $ 2 | (2) | |||||||
Vesting of restricted stock awards issued at date of grant, net of shares withheld for payroll taxes (in Shares) | (21,858) | ||||||||
Restricted stock awards granted (in Shares) | 87,927 | ||||||||
Issuance of common stock related to employee stock purchase plan | 621 | 621 | |||||||
Issuance of common stock related to employee stock purchase plan (in Shares) | 19,890 | ||||||||
Common stock issued | $ 15,300 | $ 15,300 | |||||||
Common stock issued (in Shares) | 15,300 | ||||||||
Preferred stock dividends | (614) | (614) | |||||||
Balance December 31, at Dec. 31, 2015 | $ 331 | $ 946 | 503,529 | 233,604 | 191 | 738,601 | |||
Balance December 31, (in Shares) at Dec. 31, 2015 | 33,467,893 | ||||||||
Net Income | 84,167 | 84,167 | |||||||
Net change in other comprehensive income, net of tax | $ (2,456) | (2,456) | |||||||
Common stock issued to effect merger with | |||||||||
Cash paid in lieu of fractional shares | (4) | (4) | |||||||
Stock-based compensation | 5,073 | 5,073 | |||||||
Common stock issued, under equity compensation plans | $ 5 | 5,171 | 5,176 | ||||||
Common stock issued, under equity compensation plans (in Shares) | 439,582 | ||||||||
Tax benefits related to non-qualified stock compensation | 2,984 | 2,984 | |||||||
Vesting of restricted stock awards issued at date of grant, net of shares withheld for payroll taxes | $ 2 | (2) | |||||||
Vesting of restricted stock awards issued at date of grant, net of shares withheld for payroll taxes (in Shares) | (26,701) | ||||||||
Restricted stock awards granted (in Shares) | 78,070 | ||||||||
Issuance of common stock related to employee stock purchase plan | 769 | 769 | |||||||
Issuance of common stock related to employee stock purchase plan (in Shares) | 20,646 | ||||||||
Common stock issued | $ 28 | $ 94,605 | 94,633 | ||||||
Common stock issued (in Shares) | 2,816,900 | ||||||||
Preferred stock dividends | $ (600) | (600) | |||||||
Redemption of Series B & C Preferred Stock | $ (71,900) | $ (71,900) | |||||||
Redemption of Series B & C Preferred Stock (in Shares) | (71,900) |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Shares issued in public offering, net of issuance costs | $ 5,302 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows From Operating Activities: | |||
Net Income | $ 84,167,000 | $ 54,258,000 | $ 47,007,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 14,638,000 | 10,879,000 | 9,602,000 |
Depreciation and amortization | 7,780,000 | 9,027,000 | 4,227,000 |
Gains on sale of loans | (11,973,000) | (6,886,000) | (14,578,000) |
Securities premium amortization (discount accretion), net | 3,514,000 | 3,456,000 | 3,162,000 |
Origination of loans held for sale | (910,595,000) | (572,342,000) | (983,332,000) |
Proceeds from sale of loans held for sale | 919,393,000 | 576,941,000 | 1,182,803,000 |
Net increase in cash surrender value of BOLI | (1,589,000) | (1,283,000) | (720,000) |
Increase in deferred income taxes | (6,729,000) | (7,540,000) | (3,965,000) |
Decrease in value of other real estate owned | 1,100,000 | 638,000 | |
Net loss on sale of other real estate owned | 328,000 | 154,000 | 772,000 |
Net gain on sale of investment securities | (2,254,000) | (22,000) | (19,000) |
Loss on early extinguishment of debt | 1,130,000 | ||
Stock-based compensation expense | 5,073,000 | 3,981,000 | 3,304,000 |
Tax benefits realized from stock compensation | (2,984,000) | (978,000) | (410,000) |
Increase in other assets | (3,725,000) | (12,631,000) | (26,000) |
Increase in other liabilities | 1,315,000 | 1,856,000 | 10,850,000 |
Net cash provided by operating activities | 98,589,000 | 59,508,000 | 258,677,000 |
Cash Flows From Investing Activities: | |||
Decrease (increase) in interest bearing deposits with other banks and short-term investments | 3,058,000 | (634,000) | (88,000) |
Purchases of available for sale investment securities | (274,904,000) | (50,404,000) | (148,373,000) |
Proceeds from maturities of available for sale securities | 53,966,000 | 37,571,000 | 35,985,000 |
Proceeds from sale/call of available for sale securities | 111,696,000 | 49,902,000 | 22,148,000 |
Purchases of Federal Reserve and Federal Home Loan Bank stock | (2,443,000) | (5,650,000) | (731,000) |
Proceeds from redemption of Federal Reserve and Federal Home Loan Bank stock | 8,100,000 | 1,374,000 | 153,000 |
Net increase in loans | (695,720,000) | (595,543,000) | (474,542,000) |
Proceeds from sale of other real estate owned | 5,477,000 | 520,000 | 6,783,000 |
Proceeds from redemption of BOLI | 95,000 | ||
Purchases of BOLI | (499,000) | (1,058,000) | (25,603,000) |
Purchases of annuities | (992,000) | (11,227,000) | |
Acquisition of Virginia Heritage, net of cash | (156,581,000) | ||
Bank premises and equipment acquired | (4,660,000) | (5,223,000) | (5,336,000) |
Net cash used in investing activities | (796,921,000) | (725,726,000) | (600,736,000) |
Cash Flows From Financing Activities: | |||
Increase in deposits | 847,676,000 | 384,443,000 | 328,192,000 |
Increase (decrease) in customer repurchase agreements | 11,236,000 | (19,351,000) | (20,867,000) |
Issuance of Series C Preferred Stock | 15,300,000 | ||
Issuance of common stock | 94,633,000 | 144,093,000 | |
(Decrease) increase in short-term borrowings | (100,000,000) | 7,500,000 | |
(Decrease) increase in long-term borrowings | (49,300,000) | 80,000,000 | |
Payment of dividends on preferred stock | (600,000) | (614,000) | (566,000) |
Proceeds from exercise of equity compensation plans | 5,176,000 | 2,313,000 | 1,984,000 |
Tax benefits realized from stock compensation | 2,984,000 | 978,000 | 410,000 |
Payment in lieu of fractional shares | (4,000) | (11,000) | |
Proceeds from employee stock purchase plan | 769,000 | 621,000 | 543,000 |
Net cash provided by financing activities | 740,670,000 | 615,283,000 | 309,685,000 |
Net Increase (Decrease) In Cash and Cash Equivalents | 42,338,000 | (50,935,000) | (32,374,000) |
Cash and Cash Equivalents at Beginning of Year | 256,025,000 | 306,960,000 | 339,334,000 |
Cash and Cash Equivalents at End of Year | 298,363,000 | 256,025,000 | 306,960,000 |
Supplemental Cash Flows Information: | |||
Interest paid | 19,586,000 | 11,742,000 | 12,910,000 |
Income taxes paid | 52,650,000 | 33,050,000 | 23,945,000 |
Non-Cash Investing Activities | |||
Transfers from loans to other real estate owned | 1,725,000 | $ 5,311,000 | 14,842,000 |
Transfers from other real estate owned to loans | 2,192,000 | $ 3,361,000 | |
Series B Preferred Stock [Member] | |||
Cash Flows From Financing Activities: | |||
Redemption of preferred stock | (56,600,000) | ||
Series C Preferred Stock [Member] | |||
Cash Flows From Financing Activities: | |||
Redemption of preferred stock | $ (15,300,000) |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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 2015. 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. 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, 2015, the Bank offers its products and services through twenty one 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 Refer to Note 2 for information relating to the Company’s acquisition of Virginia heritage Bank (“Virginia Heritage”). 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 regularly 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 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, 2015 and December 31, 2014. 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. interest rate lock commitments). Such interest 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 decreases 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 Bank 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 interest 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 interest 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 Company manages the interest rate risk on interest 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, carried on the Consolidated Balance Sheet within other assets or other liabilities with changes in fair value recorded in other income within the Consolidated Statement of 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. The gross gains on loan sales are recognized based on new loan commitments with adjustment for price and pair-off activity. Commission expenses on loans held for sale are recognized based on loans closed. 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 to loans at fair value at date of transfer. Investment Securities The Company has no securities classified as trading, or 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 prepayment assumptions and call optionality, if any. 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 security; or (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 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 (90 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 a cash basis. Higher Risk Lending – Revenue Recognition T he 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 loan transactions during 2015, 2014 or 2013 (although normal interest income was recorded) and had four higher risk loan transactions outstanding as of December 31, 2015, as compared to four higher risk loan transactions outstanding as of December 31, 2014, amounting to $9.2 million and $6.2 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 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 ,” ASC Topic 310, “Receivables.” 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 banking 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. The review of the adequacy of the Allowance for Credit Losses includes an assessment of the fair value adjustment for acquired loans in accordance with generally accepted accounting principles. 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 five to 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 recorded at fair value less estimated selling costs when acquired, establishing a new cost basis. The new basis is supported by appraisals that are generally no more than twelve months old. 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, 2015. 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. Interest Rate Swap Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and through the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. With the exception of forward commitment contracts discussed above under “Loans Held for Sale”, the Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to certain variable rate deposits. At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to the likely effectiveness as a hedge. These three types are (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”), (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), or (3) an instrument with no hedging designation (“stand-alone derivative”). The Company has no fair value hedges or stand-alone derivatives, only cash flow hedges. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income (a Consolidated Balance Sheet component of shareholders’ equity) and is reclassified into earnings in the same period(s) during which the hedged transaction affects earnings (i.e. the period when cash flows are exchanged between counterparties). For both fair value and cash flow hedges, changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as noninterest income. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in noninterest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as noninterest income or expense. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods in which the hedged transactions will affect earnings. Please refer to Note 10 to the Consolidated Financial Statements for further detail. 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 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 obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets; and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. In certain cases, the recourse to the Bank to repurchase assets may exist but is 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. Stock-Based Compensation I n accordance with ASC Topic 718, “Compensation,” New Authoritative Accounting Guidance In April 2015, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplif ying the Presentation of Debt Issuance Costs.” In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805) – Simplifying the Accounting for Measurement-Period Adjustments.” In January 2016, the FASB issued ASU 2016-1, “No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. |
Note 2 - Mergers and Acquisitio
Note 2 - Mergers and Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
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. 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 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%. On November 2, 2015, the Company redeemed all Series B and Series C Preferred Stock as detailed in Note 13. 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. Based on allowable adjustments through October 31, 2015, the unidentified intangible (goodwill) was reduced by approximately $257 thousand. 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 core deposit intangible asset recognized is being amortized on an accelerated basis over the remaining estimated life, currently expected to be 5 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. |
Note 3 - Cash and Due from Bank
Note 3 - Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2015 | |
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 of Richmond (“Federal Reserve Bank”) based principally on the type and amount of their deposits. During 2015, the Bank maintained balances at the Federal Reserve sufficient to meet the reserve requirements as well as significant excess reserves. 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 nine domestic correspondent banks as compensation for services they provide to the Bank. |
Note 4 - Investment Securities
Note 4 - Investment Securities Available-for-sale | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 are as follows: Gross Gross Estimated December 31, 2015 Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gains Losses Value U. S. agency securities $ 56,775 $ 477 $ 277 $ 56,975 Residential mortgage backed securities 299,709 692 3,160 297,241 Municipal bonds 114,253 4,131 3 118,381 Corporate bonds 15,090 - 152 14,938 Other equity investments 307 27 - 334 $ 486,134 $ 5,327 $ 3,592 $ 487,869 Gross Gross Estimated December 31, 2014 Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gains Losses Value U. S. 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 In addition, at December 31, 2015 and December 31, 2014, the Company held $16.9 million and $22.6 million in equity securities in a combination of Federal Reserve Bank and Federal Home Loan Bank (“FHLB”) stocks, which are required to be held for regulatory purposes and which are not marketable, and therefore are carried at cost. 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 3.9 years. 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, 2015 represent an other-than-temporary impairment. 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. 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, 2015 and 2014 are as follows: Less than 12 Months 12 Months or Greater Total Estimated Estimated Estimated December 31, 2015 Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) Value Losses Value Losses Value Losses U. S. Government agency securities $ 32,927 $ 277 $ - $ - $ 32,927 $ 277 Residential mortgage backed securities 157,871 1,438 58,954 1,722 216,825 3,160 Municipal bonds 1,559 3 - - 1,559 3 Corporate bonds 14,938 152 - - 14,938 152 $ 207,295 $ 1,870 $ 58,954 $ 1,722 $ 266,249 $ 3,592 Less than 12 Months 12 Months or Greater Total Estimated Estimated Estimated December 31, 2014 Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) Value Losses Value Losses Value Losses U. S. 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 The amortized cost and estimated fair values of investments available-for-sale at December 31, 2015 and 2014 by contractual maturity are shown in the table 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. December 31, 2015 December 31, 2014 Amortized Estimated Amortized Estimated (dollars in thousands) Cost Fair Value Cost Fair Value U. S. agency securities maturing: One year or less $ 31,436 $ 31,361 $ 2,998 $ 3,051 After one year through five years 18,826 19,047 19,947 20,276 Five years through ten years 6,513 6,567 6,489 6,567 Residential mortgage backed securities 299,709 297,241 241,120 240,320 Municipal bonds maturing: One year or less 4,450 4,478 2,410 2,438 After one year through five years 41,213 43,720 47,038 49,607 Five years through ten years 66,001 67,398 54,983 56,927 After ten years 2,589 2,785 2,552 2,740 Corporate bonds After one year through five years 15,090 14,938 - - Other equity investments 307 334 396 417 $ 486,134 $ 487,869 $ 377,933 $ 382,343 In 2015, gross realized gains on sales of investment securities were $2.7 million and gross realized losses on sales of investment securities were $475 thousand. 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. Proceeds from sales and calls of investment securities for 2015, 2014 and 2013 were $111.7 million, $49.9 million, and $22.1 million, respectively. The carrying value of securities pledged as collateral for certain government deposits, securities sold under agreements to repurchase, and certain lines of credit with correspondent banks at December 31, 2015 was $416.5 million, which is well in excess of required amounts in order to operationally provide significant reserve amounts for new business. As of December 31, 2015 and December 31, 2014, there were no holdings of securities of any one issuer, other than the U.S. Government and U.S. agency securities, which exceeded ten percent of shareholders’ equity. |
Note 5 - Loans and Allowance fo
Note 5 - Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 are summarized by type as follows: December 31, 2015 December 31, 2014 (dollars in thousands) Amount % Amount % Commercial $ 1,052,257 21 % $ 916,226 21 % Income producing - commercial real estate 2,115,478 42 % 1,703,172 40 % Owner occupied - commercial real estate 498,103 10 % 461,581 11 % Real estate mortgage - residential 147,365 3 % 148,018 3 % Construction - commercial and residential 985,607 20 % 793,432 18 % Construction - C&I (owner occupied) 79,769 2 % 58,032 1 % Home equity 112,885 2 % 122,536 3 % Other consumer 6,904 - 109,402 3 % Total loans 4,998,368 100 % 4,312,399 100 % Less: Allowance for Credit Losses (52,687 ) (46,075 ) Net loans $ 4,945,681 $ 4,266,324 Unamortized net deferred fees amounted to $18.4 million and $15.6 million at December 31, 2015 and 2014, of which $144 thousand and $182 thousand at December 31, 2015 and 2014, 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” The Company sold the indirect consumer loan portfolio acquired in the Merger, amounting to approximately $80.3 million as of the time of sale. The sale of this non-strategic loan class allows the Company to deploy the funds into commercial and commercial real estate loans, its core competency, improve its yield on earning assets and reduce operating expenses. The estimated loss of approximately $900 thousand has been included as an adjustment to the intangibles established in the Merger. The transaction closed on July 24, 2015. As of December 31, 2015 and 2014, the Bank serviced $78.8 million and $67.9 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 Bank’s loan portfolio is heavily weighted toward commercial real estate, both owner occupied and income producing real estate. At December 31, 2015, owner occupied commercial real estate and owner occupied commercial real estate construction represent 12% of the loan portfolio. At December 31, 2015, non-owner occupied commercial real estate and real estate construction represented approximately 62% of the loan portfolio. The combined owner occupied and commercial real estate loans represent 74% of the loan portfolio. 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, 2015 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 approximately 1% 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 2% of the loan portfolio at December 31, 2015 consists of home equity loans and lines of credit and other consumer loans. 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 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 $1.07 million at December 31, 2015. 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 49% of the outstanding ADC loan portfolio at December 31, 2015. 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, 2015 and 2014. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Construction Income Producing Owner Occupied Real Estate Commercial Commercial Commercial Mortgage and Home Other (dollars in thousands) Commercial Real Estate Real Estate Residential Residential Equity Consumer Total For the Year Ended December 31, 2015 Allowance for credit losses: Balance at beginning of period $ 13,222 $ 11,442 $ 2,954 $ 1,259 $ 15,625 $ 1,469 $ 104 $ 46,075 Loans charged-off (4,693 ) (651 ) - - (1,884 ) (1,142 ) (228 ) (8,598 ) Recoveries of loans previously charged-off 195 26 3 7 206 25 110 572 Net loans (charged-off) recoveries (4,498 ) (625 ) 3 7 (1,678 ) (1,117 ) (118 ) (8,026 ) Provision for credit losses 2,839 3,305 322 2 7,141 940 89 14,638 Ending balance $ 11,563 $ 14,122 $ 3,279 $ 1,268 $ 21,088 $ 1,292 $ 75 $ 52,687 For the Year Ended December 31, 2015 Allowance for credit losses: Individually evaluated for impairment $ 3,478 $ 1,033 $ 400 $ - $ 950 $ 38 $ 3 $ 5,902 Collectively evaluated for impairment 8,085 13,089 2,879 1,268 20,138 1,254 72 46,785 Ending balance $ 11,563 $ 14,122 $ 3,279 $ 1,268 $ 21,088 $ 1,292 $ 75 $ 52,687 Construction Income Producing Owner Occupied Real Estate Commercial Commercial Commercial Mortgage and Home Other (dollars in thousands) Commercial Real Estate Real Estate Residential Residential Equity 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 At December 31, 2015, the allowance for loan losses included $3 thousand associated with purchased credit impaired loans, as there was minimal further deterioration in the credit quality of these loans since the Merger date. The Company’s recorded investments in loans as of December 31, 2015 and December 31, 2014 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: Construction Income Producing Owner occupied Real Estate Commercial Commercial Commercial Mortgage and Home Other (dollars in thousands) Commercial Real Estate Real Estate Residential Residential Equity Consumer Total December 31, 2015 Recorded investment in loans: Individually evaluated for impairment $ 13,008 $ 6,118 $ 1,753 $ - $ 10,454 $ 161 $ 22 $ 31,516 Collectively evaluated for impairment 1,039,249 2,109,360 496,350 147,365 1,054,922 112,724 6,882 4,966,852 Ending balance $ 1,052,257 $ 2,115,478 $ 498,103 $ 147,365 $ 1,065,376 $ 112,885 $ 6,904 $ 4,998,368 December 31, 2014 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 At December 31, 2015, the nonperforming loans acquired from Fidelity and Virginia Heritage have a carrying value of $509 thousand and $1.3 million, and an unpaid principal balance of $566 thousand and $2.3 million, and were evaluated separately in accordance with ASC Topic 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality 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 discounts. 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 Classified (b) Doubtful The Company's credit quality indicators are generally updated 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, 2015 and 2014. Watch and Total (dollars in thousands) Pass Special Mention Substandard Doubtful Loans December 31, 2015 Commercial $ 1,021,427 $ 17,822 $ 13,008 $ - $ 1,052,257 Income producing - commercial real estate 2,096,032 13,328 6,118 - 2,115,478 Owner occupied - commercial real estate 488,496 7,854 1,753 - 498,103 Real estate mortgage – residential 146,651 714 - - 147,365 Construction - commercial and residential 1,049,926 4,996 10,454 - 1,065,376 Home equity 110,870 1,854 161 - 112,885 Other consumer 6,877 5 22 - 6,904 Total $ 4,920,279 $ 46,573 $ 31,516 $ - $ 4,998,368 December 31, 2014 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 Non a ccrual 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 December 31, 2015 and 2014. (dollars in thousands) December 31, 2015 December 31, 2014 Commercial $ 4,940 $ 12,975 Income producing - commercial real estate 5,961 2,645 Owner occupied - commercial real estate 1,268 1,324 Real estate mortgage - residential 329 346 Construction - commercial and residential 557 3,697 Home equity 161 1,398 Other consumer 23 58 Total nonaccrual loans (1)(2) $ 13,239 $ 22,443 (1) Excludes troubled debt restructurings (“TDRs”) that were performing under their restructured terms totaling $11.8 million at December 31, 2015, and $13.5 million at December 31, 2014. (2) Gross interest income of $1.0 million would have been recorded in 2015 if nonaccrual loans shown above had been current and in accordance with their original terms, while interest actually recorded on such loans was $629 thousand. 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, 2015 and 2014. Loans Loans Loans Total Recorded 30-59 Days 60-89 Days 90 Days or Total Past Current Investment in (dollars in thousands) Past Due Past Due More Past Due Due Loans Loans Loans December 31, 2015 Commercial $ 4,130 $ 1,364 $ 4,940 $ 10,434 $ 1,041,823 $ 1,052,257 Income producing - commercial real estate 2,841 - 5,961 8,802 2,106,676 2,115,478 Owner occupied - commercial real estate 3,189 902 1,268 5,359 492,744 498,103 Real estate mortgage – residential - - 329 329 147,036 147,365 Construction - commercial and residential - 5,020 557 5,577 1,059,799 1,065,376 Home equity - 77 161 238 112,647 112,885 Other consumer 56 60 23 139 6,765 6,904 Total $ 10,216 $ 7,423 $ 13,239 $ 30,878 $ 4,967,490 $ 4,998,368 December 31, 2014 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 $ 4,274,185 $ 4,312,399 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, 2015 and 2014. Unpaid Recorded Recorded Average Recorded Interest Income Contractual Investment Investment Total Investment Recognized Principal With No With Recorded Related Quarter Year Quarter Year (dollars in thousands) Balance Allowance Allowance Investment Allowance To Date To Date To Date To Date December 31, 2015 Commercial $ 16,123 $ 2,396 $ 10,283 $ 12,679 $ 3,478 $ 9,340 $ 9,973 $ 21 $ 69 Income producing - commercial real estate 6,811 1,190 4,928 6,118 1,033 10,675 10,294 95 354 Owner occupied - commercial real estate 1,753 946 807 1,753 400 1,772 1,810 - - Real estate mortgage – residential 329 329 - 329 - 331 336 - - Construction - commercial and residential 10,454 4,877 5,577 10,454 950 8,031 7,594 (93 ) 205 Home equity 161 116 45 161 38 411 650 - - Other consumer 22 19 3 22 3 47 31 (1 ) 1 Total $ 35,653 $ 9,873 $ 21,643 $ 31,516 $ 5,902 $ 30,607 $ 30,688 $ 22 $ 629 December 31, 2014 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 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 TDR loans for the years ended December 31, 2015 and 2014. Number of TDRs Performing to Modified TDRs Not Performing to Modified Total (dollars in thousands) Contracts Terms Terms TDRs December 31, 2015 Commercial 4 $ 1,171 $ 211 $ 1,382 Income producing - commercial real estate 2 5,160 - 5,160 Owner occupied - commercial real estate 1 485 - 485 Construction - commercial and residential 1 5,020 - 5,020 Total 8 $ 11,836 $ 211 $ 12,047 December 31, 2014 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 During the year ended December 31, 2015, there were no defaults on restructured loans, as compared to the year ended December 31, 2014, which had eight performing TDR loans totaling approximately $11.6 million that experienced defaults on their modified terms. During 2014, these eight previously performing TDRs were reclassified as follows: (a) four nonperforming TDRs totaling $9.1 million were sold during the year; (b) one nonperforming TDR totaling approximately $2.0 million was reclassified to OREO after the Company took possession of the underlying collateral; (c) the Company was paid off on another TDR totaling $217 thousand; (d) one TDR totaling $227 thousand was reclassified to nonperforming loans; (e) and 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. There were no nonperforming TDRs reclassified to nonperforming loans during the year ended December 31, 2015. 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. During 2015, there were four loans modified in a TDR totaling approximately $1.9 million, and two performing TDR loans aggregating approximately $3.3 million were paid off and removed from TDR status. There were four loans totaling approximately $8.0 million modified in a TDR during the year ended December 31, 2014. The criteria used to determine if a loan should be considered for charge off relates to its ultimate collectability includes the following: ● All or a portion of the loan is deemed uncollectible; ● Repayment is dependent upon secondary sources, such as liquidation of collateral, other assets, or judgment liens that may require an indefinite time period to collect. Loans may be identified for charge off in whole or in part based upon an impairment analysis consistent with ASC 310. If all or a portion of a loan is deemed uncollectible, such amount shall be charged off in the month in which the loan or portion thereof is determined to be uncollectible. Loans approved for non-accrual status, or charge off, should be managed by the Chief Credit Officer or as dictated by the Directors Loan Committee and/or Credit Review Committee. The Chief Credit Officer is expected to position the loan in the best possible posture for recovery, including, among other actions, liquidating collateral, obtaining additional collateral, filing suit to obtain judgment or restructuring of repayment terms. A review of charged off loans should be made on a monthly basis to assess the possibility of recovery from renewed collection efforts. All charged off loans that are deemed to have the possibility of recovery, whether partial or full, shall be actively pursued. Charged off loans that are deemed uncollectible will be placed in an inactive file with documentation supporting the suspension of further collection efforts. In the process of collecting problem loans the Bank may resort to the acquisition of collateral through foreclosure and repossession actions, or may accept the transfer of assets in partial or full satisfaction of the debt. These actions may in turn result in the necessity of carrying real property or chattels as an asset of the Company pending sale. For purchased loans acquired that are not deemed impaired at acquisition, credit marks representing the principal losses expected over the life of the loans are a component of the initial fair value. Subsequent to the purchase date, the methods utilized to estimate the required allowance for credit losses for these loans is similar to originated loans; however, the Company records a provision for loan losses only when the required allowance exceeds any remaining credit mark. The remaining differences between the purchase price and the unpaid princi |
Note 6 - Premises and Equipment
Note 6 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
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) 2015 2014 Leasehold improvements $ 26,987 $ 23,050 Furniture and equipment 22,217 20,931 Less accumulated depreciation and amortization (30,950 ) (24,882 ) Total premises and equipment, net $ 18,254 $ 19,099 Total depreciation and amortization expense for the years ended December 31, 2015, 2014 and 2013, was $6.1 million, $4.6 million and $3.9 million, respectively. The Company leases banking and office space in 35 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 $8.5 million for 2015, $7.5 million in 2014, and $6.9 million in 2013. The Company subleased six leased premises during 2015 and two leased premises during 2014 and 2013. The Company recorded $435 thousand, $114 thousand, and $57 thousand as a reduction of rent expense during 2015, 2014, and 2013, respectively. At December 31, 2015, 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) 2016 $ 8,061 2017 7,186 2018 6,756 2019 6,448 2020 5,954 Thereafter 11,398 Total minimum lease payments $ 45,803 |
Note 7 - Intangible Assets
Note 7 - Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
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: Gross Net Intangible Additions/ Accumulated Intangible (dollars in thousands) Assets (Adjustments) Amortization Assets December 31, 2015 Goodwill (1) $ 104,425 $ (257 ) $ - $ 104,168 Core deposit (2) 7,070 - (3,084 ) 3,986 Excess servicing (3) 282 379 (274 ) 387 $ 111,777 $ 122 $ (3,358 ) $ 108,541 December 31, 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 The aggregate amortization expense was $1.5 million, $743 thousand, and $614 thousand for the years ended December 31, 2015, 2014 and 2013, respectively. (1) The Company recorded an initial amount of unidentified intangible (goodwill) incident to the acquisition of 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. Based on allowable adjustments through October 31, 2015, the unidentified intangible (goodwill) was reduced by $257 thousand. (2) In connection with the Fidelity and Virginia Heritage acquisitions, the Company made an allocation of the purchase price of $2.3 million and $4.6 million, respectively, to the core deposit intangibles. These allocations were based on independent evaluations, and are included in intangible assets, net of the Consolidated Balances Sheets. The amount of the core deposit intangible relating to the Fidelity acquisition at December 31, 2015 was $502 thousand, which is being amortized over its remaining economic life through 2018 as a component of other noninterest expense. The amount of the core deposit intangible relating to the Virginia Heritage acquisition at December 31, 2015 was $3.5 million, which is being amortized over its remaining economic life through 2020 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) 2016 $ 1,207 2017 1,064 2018 957 2019 715 2020 43 Thereafter - Total $ 3,986 |
Note 8 - Other Real Estate Owne
Note 8 - Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Real Estate Owned [Text Block] | Note 8 – Other Real Estate Owned The activity within OREO for the twelve months ended December 31, 2015 and 2014 is presented in the table below. There were no residential real estate loans in the process of foreclosure as of December 31, 2015. For the year ended December 31, 2015 and 2014, proceeds on sales of OREO were $5.5 million and $520 thousand, respectively. For the year ended December 31, 2015 and 2014, the net losses on sales were $328 thousand and $154 thousand, respectively. Year Ended December 31, (dollars in thousands) 2015 2014 Balance beginning of period $ 13,224 $ 9,225 Real estate acquired from borrowers 1,725 5,310 Valuation allowance (1,100 ) (554 ) Properties sold (7,997 ) (757 ) Balance end of period $ 5,852 $ 13,224 |
Note 9 - Mortgage Banking Deriv
Note 9 - Mortgage Banking Derivatives | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Derivatives and Fair Value [Text Block] | Note 9 – Mortgage Banking 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 mortgage banking 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, 2015 the Bank had mortgage banking derivative financial instruments with a notional value of $39.6 million related to its forward contracts. The fair value of these mortgage banking derivative instruments at December 31, 2015 were $24 thousand included in other assets and $30 thousand included in other liabilities. At December 31, 2014 the Bank had mortgage banking derivative financial instruments with a notional value of $45.1 million related to its forward contracts. The fair value of these mortgage banking derivative instruments at December 31, 2014 were $146 thousand included in other assets and $250 thousand included in other liabilities. Included in other noninterest income for the year ended December 31, 2015 and 2014 was a net loss of $155 thousand and a net gain of $140 thousand, respectively, relating to mortgage banking derivative instruments. The amount included in other noninterest income for year ended December 31, 2015 and 2014 pertaining to its mortgage banking hedging activities was a net realized gain of $202 thousand and a net realized loss of $108 thousand, respectively. |
Note 10 - Interest Rate Swap De
Note 10 - Interest Rate Swap Derivatives | 12 Months Ended |
Dec. 31, 2015 | |
Interest Rate Swap [Member] | |
Note 10 - Interest Rate Swap Derivatives [Line Items] | |
Discussion of Hybrid Instruments and Embedded Derivatives [Text Block] | Note 10 – Interest Rate Swap Derivatives The Company uses interest rate swap agreements to assist in its interest rate risk management. The notional amounts of the interest rate swaps do not represent amounts exchanged by the counterparties, but rather, the notional amount is used to determine, along with other terms of the derivative, the amounts to be exchanged between the counterparties. The Company’s objectives in using interest rate derivatives are to add stability to interest income and expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company entered into forward starting interest rate swaps in April 2015 as part of its interest rate risk management strategy intended to mitigate the potential risk of rising interest rates on the Bank’s cost of funds. The interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from two counterparties in exchange for the Company making fixed payments beginning in April 2016. As of December 31, 2015, the Company had three forward starting interest rate swap transactions outstanding that had a notional amount of $250 million associated with the Company’s variable rate deposits. The net unrealized loss before income tax on the swaps was $1.4 million at December 31, 2015. The unrealized loss is due to the increase in spread between short and longer term interest rates between the date the forward starting swap was entered into and year end 2015. There were no interest rate swap derivative instruments as of December 31, 2014. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings), net of tax, and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in cash flows of the interest rate swap derivative hedging instrument with the changes in cash flows of the designated hedged transactions. The Company did not recognize any hedge ineffectiveness in earnings during the year ended December 31, 2015. The Company is hedging its exposure to the variability in future cash flows for forecasted transactions over a maximum period of ten months (excluding forecasted transactions related to the payment of variable interest on existing financial instruments) and as such existing hedges are deemed forward starting swaps and no net settlements of cash flows is occurring. Amounts reported in accumulated other comprehensive income related to interest rate swap derivatives will be reclassified to interest income/expense as interest payments are made/received on the Company’s variable-rate assets/liabilities. During the year ended December 31, 2015, the Company did not have any reclassifications to interest expense. During the next twelve months, the Company estimates (based on existing interest rates) that $1.8 million will be reclassified as an increase in interest expense. The Company is exposed to credit risk in the event of nonperformance by the interest rate swap counterparty. The Company minimizes this risk by entering into interest rate swap derivative contracts with only large, stable financial institutions, and the Company has not experienced, and does not expect, any losses from counterparty nonperformance on the interest rate swaps. The Company monitors counterparty risk in accordance with the provisions of ASC Topic 815, “Derivatives and Hedging.” The interest rate swap agreements detail: the requirement that collateral be posted when the market value exceeds certain threshold limits associated with the secured party’s exposure; that if the Company defaults on any of its indebtedness (including default where repayment of the indebtedness has not been accelerated by the lender), then the Company could also be declared in default on its derivative obligations; and that if the Company fails to maintain its status as a well/adequate capitalized institution then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements. As of December 31, 2015, the aggregate fair value of all derivative contracts with credit risk contingent features (i.e., those containing collateral posting or termination provisions based on our capital status) that were in a net liability position totaled $1.4 million. As of December 31, 2015, the Company has minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral of $2.9 million against its obligations under these agreements. If the Company had breached any of these provisions at December 31, 2015, it could have been required to settle its obligations under the agreements at the termination value. The table below identifies the balance sheet category and fair values of the Company’s interest rate swap derivative instruments designated as cash flow hedges as of December 31, 2015. There were no interest rate swap derivative instruments as of December 31, 2014. Swap Notional Balance Sheet December 31, 2015 Number Amount Fair Value Category Receive Rate Pay Rate Maturity (dollars in thousands) Interest rate swap (1) $ 75,000 $ (368 ) Other Liabilities 1 month USD-LIBOR-BBA w/ -1 day lookback +10 basis points 1.71 % March 31, 2020 Interest rate swap (2) 100,000 (665 ) Other Liabilities Federal Funds Effective Rate +10 basis points 1.74 % April 15, 2021 Interest rate swap (3) 75,000 (384 ) Other Liabilities 1 month USD-LIBOR-BBA w/ -1 day lookback +10 basis points 1.92 % March 31, 2022 The table below presents the pre-tax net gains (losses) of the Company’s cash flow hedges for the year ended December 31, 2015. Since all transactions are forward starting swaps all amounts are balance sheet related (“AOCI”), and no amounts were recorded in the income statement. Year Ended December 31, 2015 Effective Portion Ineffective Portion Amount of Reclassified from AOCI Recognized in Income Pre-tax gain into income on Derivatives Swap (loss) Recognized Amount of Amount of Number in OCI Category Gain (Loss) Category Gain (Loss) (dollars in thousands) Interest rate swap (1) $ (368 ) $ - $ - Interest rate swap (2) (665 ) - - Interest rate swap (3) (384 ) - - |
Note 11 - Deposits
Note 11 - Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | Note 11 – 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, 2015, 2014 and 2013. 2015 2014 2013 (dollars in thousands) Average Average Average Balance Rate Balance Rate Balance Rate Noninterest bearing demand $ 1,405,067 - $ 1,175,799 - $ 849,409 - Interest bearing transaction 178,797 0.16 % 143,628 0.13 % 118,580 0.26 % Savings and money market 2,835,325 0.34 % 2,302,600 0.32 % 1,811,088 0.35 % Time, $100,000 or more 406,570 0.77 % 393,132 0.68 % 203,706 0.88 % Other time 332,685 0.74 % 295,609 0.70 % 242,631 0.54 % Total $ 5,158,444 $ 4,310,768 $ 3,225,414 The remaining maturity of time deposits at December 31, 2015, 2014 and 2013 are as follows: (dollars in thousands) 2015 2014 2013 Three months or less $ 88,483 $ 104,482 $ 82,790 More than three months through six months 123,789 106,861 109,101 More than six months through twelve months 234,684 182,187 118,646 Over twelve months 292,299 295,211 135,800 Total $ 739,255 $ 688,741 $ 446,337 Interest expense on deposits for the years ended December 31, 2015, 2014 and 2013 is as follows : (dollars in thousands) 2015 2014 2013 Interest bearing transaction $ 291 $ 178 $ 298 Savings and money market 8,185 6,265 5,765 Time, $100,000 or more 5,019 2,830 2,080 Other time 848 365 2,471 Total $ 14,343 $ 9,638 $ 10,614 Related Party Deposits totaled $57 million, $71 million, and $71 million at December 31, 2015, 2014, and 2013, respectively. As of December 31, 2015 and December 31, 2014, time deposit accounts in excess of $250 thousand totaled $180.1 million and $138.6, respectively. |
Note 12 - Borrowings
Note 12 - Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 12 – Borrowings Information relating to short-term and long-term borrowings is as follows for the years ended December 31: 2015 2014 2013 (dollars in thousands) Amount Rate Amount Rate Amount Rate Short-term: At Year-End: Customer repurchase agreements and federal funds purchased $ 72,356 0.23 % $ 61,120 0.25 % $ 80,471 0.28 % Federal Home Loan Bank – current portion - - 100,000 0.38 % - - Total $ 72,356 $ 161,120 $ 80,471 Average Daily Balance: Customer repurchase agreements and federal funds purchased $ 59,141 0.22 % $ 63,490 0.23 % $ 94,566 0.27 % Federal Home Loan Bank – current portion 27,659 0.31 % 7,288 0.42 % - - Total $ 86,800 $ 70,778 $ 94,566 Maximum Month-end Balance: Customer repurchase agreements and federal funds purchased $ 73,696 0.21 % $ 80,471 0.28 % $ 106,975 0.23 % Federal Home Loan Bank – current portion 140,000 0.20 % 100,000 0.38 % - - Total $ 213,696 $ 180,471 $ 106,975 Long-term: At Year-End: Federal Home Loan Bank $ 0 - $ 40,000 2.62 % $ 30,000 2.46 % Subordinated Notes 70,000 5.75 % 79,300 6.40 % 9,300 8.50 % United Bank Line of Credit - - - - - - Total $ 70,000 $ 119,300 $ 39,300 Average Daily Balance: Federal Home Loan Bank $ 8,329 2.25 % $ 39,205 2.00 % $ 30,000 2.46 % Subordinated Notes 74,117 6.06 % 37,875 6.59 % 9,300 9.64 % United Bank Line of Credit - - - - - - Total $ 82,446 $ 77,080 $ 39,300 Maximum Month-end Balance: Federal Home Loan Bank $ 40,000 0.37 % $ 122,500 0.68 % $ 30,000 2.46 % Subordinated Notes 79,300 6.52 % 79,300 6.52 % 9,300 10.00 % United Bank Line of Credit - - - - - - Total $ 119,300 $ 201,800 $ 39,300 The Company offers its business customers a repurchase agreement sweep account in which it collateralizes these funds with U.S. 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 can purchase up to $137.5 million in federal funds on an unsecured basis from its correspondents, against which there were no amounts outstanding at December 31, 2015 and can borrow unsecured funds under one-way CDARS brokered deposits in the amount of $909.5 million, against which there was $5.8 million outstanding at December 31, 2015. The Bank also has a commitment at December 31, 2015 from Promontory Interfinancial Network, LLC (“Promontory”) to place up to $300.0 million of brokered deposits from its Insured Network Deposit (“IND”) program with the Bank, with an actual balance of $236.4 million outstanding at December 31, 2015. At December 31, 2015, the Bank was also eligible to make advances from the FHLB up to $731.1 million based on collateral at the FHLB, against which there were no amounts outstanding at December 31, 2015. Also, the Bank may enter into repurchase agreements as well as obtaining 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. This facility, which amounts to approximately $408.0 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. During 2015, 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 seven 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, 2016. There were no amounts outstanding under this credit at December 31, 2015 or December 31, 2014. 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 and qualify as Tier 2 capital for regulatory purposes to the fullest extent permitted under capital regulations applicable under the Basel III Rule capital requirements. The net proceeds were approximately $68.8 million, net of $1.2 million in deferred financing costs which is being amortized over the life of the Notes. During 2015, the Company redeemed the remaining balance of $9.3 million of subordinated notes, due 2021. As a result, the only long-term borrowing outstanding at December 31, 2015 was the Company’s August 5, 2014, issuance of $70.0 million of subordinated notes, due September 1, 2024 noted above. During March 2015, the Company paid off its outstanding FHLB advances. A $1.1 million loss on the early extinguishment of debt was recorded in March of 2015 due to the early payoff of FHLB advances. This decision was made in light of deposit growth in the quarter and expected benefits to the cost of funds going forward. |
Note 13 - Preferred Stock and W
Note 13 - Preferred Stock and Warrants | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Preferred Stock [Text Block] | Note 13 – 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 Series B Preferred Stock 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 of one percent (1%). 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 Senior Series C Preferred Stock, which ranks equally with and has substantially identical terms and conditions as the Company’s Series B Preferred Stock. On November 2, 2015, the Company redeemed all of the 56,600 shares of the Series B Preferred Stock, and all of the 15,300 shares of the Company’s Series C Preferred Stock. The aggregate redemption price of the Series B Preferred Stock and Series C Preferred Stock was approximately $71.96 million, including dividends accrued but unpaid through, but not including the redemption date. On November 18, 2011 under provisions of the TARP Capital Purchase Program the Company issued to the U.S. Department of 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). The warrants 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. |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 1 4 – Income Taxes Federal and state income tax expense consists of the following for the years ended December 31: (dollars in thousands) 2015 2014 2013 Current federal income tax $ 46,758 $ 32,384 $ 26,136 Current state income tax 11,020 7,114 6,147 Total current 57,778 39,498 32,283 Deferred federal income tax benefit (6,642 ) (7,494 ) (3,909 ) Deferred state income tax benefit (87 ) (46 ) (56 ) Total deferred (6,729 ) (7,540 ) (3,965 ) Total income tax expense $ 51,049 $ 31,958 $ 28,318 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) 2015 2014 2013 Deferred tax assets Allowance for credit losses $ 21,191 $ 18,544 $ 16,440 Deferred loan fees and costs 9,724 10,337 5,039 Deferred rent 1,364 - - Stock-based compensation 2,068 1,714 1,370 Net operating loss 2,946 3,198 3,449 Unrealized loss on securities available for sale - - 2,213 SERP 1,776 1,421 - Premises and equipment 3,381 1,590 1,283 Other 383 71 4 Total deferred tax assets 42,833 36,875 29,798 Deferred tax liabilities Unrealized gain on securities available for sale (694 ) (1,765 ) - Excess servicing (157 ) (114 ) (95 ) Deferred rent - (162 ) (264 ) Intangible assets (1,671 ) (2,323 ) (490 ) Total deferred tax liabilities (2,522 ) (4,364 ) (849 ) Net deferred income tax amount $ 40,311 $ 32,511 $ 28,949 A reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate for the years ended December 31 follows: 2015 2014 2013 Statutory federal income tax rate 35.00 % 35.00 % 35.00 % Increase (decrease) due to State income taxes, net of federal income tax benefit 5.26 5.33 5.26 Tax exempt interest and dividend income (1.25 ) (2.28 ) (2.17 ) Stock-based compensation expense 0.02 0.04 0.06 Other (1.28 ) (1.02 ) (0.56 ) Effective tax rates 37.75 % 37.07 % 37.59 % 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, 2011. |
Note 15 - Net Income per Common
Note 15 - Net Income per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 15 – Net Income per Common Share The calculation of net income per common share for the years ended December 31 was as follows: 2015 2014 2013 (dollars and shares in thousands, except per share data) Basic: Net income available to common shareholders $ 83,566 $ 53,644 $ 46,441 Average common shares outstanding 32,836 26,684 25,726 Basic net income per common share $ 2.54 $ 2.01 $ 1.81 Diluted: Net income available to common shareholders $ 83,566 $ 53,644 $ 46,441 Average common shares outstanding 32,836 26,684 25,726 Adjustment for common share equivalents 643 867 633 Average common shares outstanding-diluted 33,479 27,551 26,359 Diluted net income per common share $ 2.50 $ 1.95 $ 1.76 Anti-dilutive shares 5 13 35 |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 1 6– Related Party Transactions During 2015, approximately $427 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 the Company’s subordinated notes, due 2021. See Note 12 for additional information regarding these subordinated notes. The Bank leases office space 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. During the fourth quarter of 2015, the Company entered into an agreement to lease office space for a second location with limited liability companies in which an executive officer indirectly owns a majority interest. The Company paid $1.6 million, $1.3 million, and $822 thousand excluding certain pass-through expenses for the years ended December 31, 2015, 2014 and 2013, respectively. A director is a partner in the law firm which has provided, and continues to provide, legal services to the Company and its subsidiaries. During 2015, the Company and its subsidiaries paid aggregate fees of $1.1 million to that firm. Under Mr. Roger’s arrangement with his firm, he does not participate significantly in the profits or revenues resulting from the provision of legal services to the Company and its subsidiaries. |
Note 17 - Stock-based Compensat
Note 17 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 1 7 – 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 of Directors. As amended, 1,996,500 shares of common stock are subject to issuance pursuant to awards under the 2006 Plan. Stock options awarded have 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, 2015. In February 2015, the Company awarded 77,370 shares of restricted stock to senior officers, directors and employees. The shares vest in three substantially equal installments beginning on the first anniversary of the date of grant. In March 2015, the Company awarded 700 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. In October 2015, the Company awarded an employee stock options to purchase 5,000 shares which have a ten-year term and vest in four 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, 2015, 2014 and 2013. The information excludes restricted stock awards. 2015 2014 2013 Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price Beginning balance 759,683 $ 11.36 503,834 $ 10.41 722,155 $ 10.18 Issued 5,000 46.50 21,000 32.77 5,800 22.11 Assumed from Virginia Heritage - - 401,497 13.16 - - Exercised (443,912 ) 12.03 (157,313 ) 14.71 (198,588 ) 9.99 Forfeited (12,380 ) 29.58 (8,110 ) 33.06 (2,420 ) 7.40 Expired (9,651 ) 18.19 (1,225 ) 9.00 (23,113 ) 10.05 Ending balance 298,740 $ 9.97 759,683 $ 11.36 503,834 $ 10.41 The following summarizes information about stock options outstanding at December 31, 2015. The information excludes restricted stock units and awards. Weighted-Average Outstanding: Stock Options Weighted-Average Remaining Range of Exercise Prices Outstanding Exercise Price Contractual Life $ 5.76 $ 9.21 162,269 $ 5.76 2.95 $ 9.22 $ 15.47 108,529 12.41 1.59 $ 15.48 $ 22.66 18,794 19.28 6.81 $ 22.67 $ 49.50 9,148 36.61 7.65 298,740 $ 9.97 2.84 Exercisable: Stock Options Weighted-Average Range of Exercise Prices Exercisable Exercise Price $ 5.76 $ 9.21 105,359 $ 5.76 $ 9.22 $ 15.47 101,859 12.51 $ 15.48 $ 22.66 15,714 19.45 $ 22.67 $ 49.50 2,648 24.59 225,580 $ 9.99 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, 2015, 2014 and 2013. Years Ended December 31, 2015 2014 2013 Expected volatility 31.21 % 34.25 % 34.12 % Weighted-Average volatility 31.21 % 34.25 % 34.12 % Expected dividends - - - Expected term (in years) 7.0 9.4 7.5 Risk-free rate 1.64 % 2.26 % 1.31 % Weighted-average fair value (grant date) $ 16.73 $ 13.49 $ 7.83 Weighted-average fair value (grant date) for Virginia Heritage Bank ("VHB") options assumed n/a $ 24.89 n/a The expected lives are based on the “simplified” method allowed by ASC Topic 718 “ Compensation,” The total intrinsic value of outstanding stock options was $12.2 million and $18.5 million, respectively, at December 31, 2015 and 2014. The total fair value of stock options vested was $90 thousand and $10.1 million (including $10.0 million of assumed stock options issued under the Virginia Heritage Plans), and $133 thousand for 2015, 2014 and 2013, respectively. Unrecognized stock-based compensation expense related to stock options totaled $138 thousand at December 31, 2015. At such date, the weighted-average period over which this unrecognized expense was expected to be recognized was 3.26 years. Cash proceeds, tax benefits and intrinsic value related to total stock options exercised is as follows: Years Ended December 31, (dollars in thousands) 2015 2014 2013 Proceeds from stock options exercised $ 5,176 $ 2,313 $ 1,984 Tax benefits realized from stock compensation 2,984 978 410 Intrinsic value of stock options exercised 11,042 3,184 3,060 The Company has unvested restricted stock awards of 369,093 shares under the 2006 Plan at December 31, 2015. Unrecognized stock based compensation expense related to restricted stock awards totaled $5.1 million at December 31, 2015. At such date, the weighted-average period over which this unrecognized expense was expected to be recognized was 1.46 years. The following table summarizes the unvested restricted stock awards at December 31, 2015 and 2014: Years Ended December 31, 2015 2014 Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Unvested at beginning 509,336 $ 21.58 614,580 $ 18.71 Issued 78,070 36.06 87,927 33.50 Forfeited (8,490 ) 33.57 (8,250 ) 25.28 Vested (209,823 ) 21.47 (184,921 ) 17.54 Unvested at end 369,093 $ 24.43 509,336 $ 21.58 Approved by shareholders in May 2011, the 2011 ESPP reserved 550,000 shares of common stock (as adjusted for stock dividends) 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, 2015, the 2011 ESPP had 434,277 shares remaining for issuance. Included in salaries and employee benefits the Company recognized $5.1 million, $4.0 million and $3.3 million in stock-based compensation expense for 2015, 2014 and 2013, respectively. Stock-based compensation expense is recognized ratably over the requisite service period for all awards. |
Note 18 - Employee Benefit Plan
Note 18 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Note 1 8 – 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 the years 2015, 2014 and 2013, the Company recognized $755 thousand, $833 thousand, and $878 thousand in expense, respectively. These amounts are included in salaries and employee benefits in the accompanying Consolidated Statements of Operations. |
Note 19 - Supplemental Executiv
Note 19 - Supplemental Executive Retirement Plan | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 1 9 – Supplemental Executive Retirement Plan The Bank has entered into Supplemental Executive Retirement and Death Benefit Agreements (the “SERP Agreements”) with certain 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 subject to certain death benefits described below. 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 financed the retirement benefits by purchasing fixed annuity contracts with four insurance carriers totaling $11.4 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 $84 thousand and $50 thousand respectively of income for the years ended December 31, 2015 and 2014, which is included in other noninterest income on the Consolidated Statement of Operations. The cash surrender value of the annuity contracts is $12.1 million at December 31, 2015 and is included in other assets on the Consolidated Balance Sheet. For the years ended December 31, 2015 and 2014, the Company recorded benefit expense accruals of $953 thousand and $1.9 million respectively for this post retirement benefit. Upon death of a named executive, the annuity contract related to such executive terminates. The Bank has purchased additional bank owned life insurance contracts, which would effectively finance payments (up to a 15 year certain amount) to the executives’ named beneficiaries. |
Note 20 - Financial Instruments
Note 20 - Financial Instruments with Off-Balance Sheet Risk | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Financial Instruments Disclosure [Text Block] | Note 20 – 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, 2015 and 2014 are as follows: (dollars in thousands) 2015 2014 Unfunded loan commitments $ 1,838,336 $ 1,625,957 Unfunded lines of credit 112,159 105,895 Letters of credit 83,511 75,615 Total $ 2,034,006 $ 1,807,467 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 $117 thousand at December 31, 2015 and $101 thousand at December 31, 2014. 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, 2015, no reserve charges have occurred related to fraud. 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 in the loan and rate 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 as a hedge of any interest rate risk. 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 while taking into consideration the probability that the rate lock commitments will close or will be funded. These transactions are further detailed in Note 9 to the Consolidated Financial Statements. |
Note 21 - Commitments and Conti
Note 21 - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 21 – Commitments and Contingent Liabilities The Company has various financial obligations, including contractual obligations and commitments that may require future cash payments. Except for its loan commitments, as shown in Note 20 to the Consolidated Financial Statements, the following table shows details on these fixed and determinable obligations as of December 31, 2015 in the time period indicated. Within One One to Three to Over Five (dollars in thousands) Year Three Years Five Years Years Total Deposits without a stated maturity (1) $ 4,419,189 $ - $ - $ - $ 4,419,189 Time deposits (1) 446,956 272,551 19,748 - 739,255 Borrowed funds (2) 72,356 - - 70,000 142,356 Operating lease obligations 8,061 13,942 12,402 11,398 45,803 Outside data processing (3) 2,369 4,526 2,158 - 9,053 George Mason sponsorship (4) 650 1,300 1,300 10,500 13,750 Total $ 4,949,581 $ 292,319 $ 35,608 $ 91,898 $ 5,369,406 (1) Excludes accrued interest payable at December 31, 2015. (2) Borrowed funds include customer repurchase agreements, and other short-term and long-term borrowings. (3) The Bank has outstanding obligations under its current core data processing contract that expires in December 2019 and one other vendor arrangement that relates to data communications and data software that expires in December 2017. (4) The Bank has the option of terminating the George Mason agreement at the end of contract years 10 and 15 (that is, effective June 30, 2025 or June 30, 2030). Should the Bank elect to exercise its right to terminate the George Mason contract, contractual obligations would decrease $3.5 million and $3.6 million for the first option period (years 11-15) and the second option period (16-20), respectively. Effective July 1, 2015, the Bank entered into a multi-faceted support agreement with George Mason University (“George Mason”), the Commonwealth of Virginia’s largest public research university. The agreement provides for significant educational support, and a strategic alliance including the Bank obtaining the naming rights to a multi-purpose sports and entertainment venue formerly known as the Patriot Center in Fairfax, VA for up to a 20 year term and now known as “EagleBank Arena”. Under the agreement, the Bank pays George Mason an annual fee to be used for scholarships, internships, overall educational and athletic support and beautification efforts. The Bank has the option to terminate the agreement at the end of contract years 10 and 15 (that is, effective June 30, 2025 or June 30, 2030). The payment schedule under the agreement is as follows: Contract Year Annual Fee 1-5 $ 650,000 6-10 $ 675,000 11-15 $ 700,000 16-20 $ 725,000 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 22 - Regulatory Matters
Note 22 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 22 – 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, Tier 1 capital and CET1 (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, 2015 and 2014, 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, 2015 and 2014 are presented in the table below: Company Bank Minimun Required For Capital To Be Well Under Prompt Corrective Actual Actual Adequacy Action (dollars in thousands) Amount Ratio Amount Ratio Purposes Regulations As of December 31, 2015 CET1 capital (to risk weighted assets) $ 632,408 10.68 % $ 620,879 10.52 % 4.50 % 6.5 % Total capital (to risk weighted assets) 755,212 12.75 % 673,442 11.41 % 8.00 % 10.0 % Tier 1 capital (to risk weighted assets) 632,408 10.68 % 620,879 10.52 % 6.00 % 8.0 % Tier 1 capital (to average assets) 632,408 10.90 % 620,879 10.74 % 4.00 % 5.0 % As of December 31, 2014 Total capital (to risk weighted assets) $ 631,340 12.97 % $ 568,637 11.73 % 8.0 % 10.0 % Tier 1 capital (to risk weighted assets) 505,864 10.39 % 522,637 10.78 % 4.0 % 6.0 % Tier 1 capital (to average assets) 505,864 10.69 % 522,637 11.09 % 3.0 % 5.0 % * 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, 2015, the Bank could pay dividends to the parent to the extent of its earnings so long as it maintained required capital ratios. |
Note 23 - Other Comprehensive I
Note 23 - Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Note 23 – Other Comprehensive Income The following table presents the components of other comprehensive income (loss) for the years ended December 31, 2015, 2014 and 2013. (dollars in thousands) Before Tax Tax Effect Net of Tax Year Ended December 31, 2015 Net unrealized loss on securities available-for-sale $ (423 ) $ (169 ) $ (254 ) Net unrealized loss on derivatives (1,417 ) (567 ) (850 ) Less: Reclassification adjustment for net gains included in net income (2,254 ) (902 ) (1,352 ) Other comprehensive loss $ (4,094 ) $ (1,638 ) $ (2,456 ) 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 ) The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2015, 2014 and 2013. Securities Accumulated Other Comprehensive (dollars in thousands) Available For Sale Derivatives (Loss) Income Year Ended December 31, 2015 Balance at beginning of period $ 2,647 $ - $ 2,647 Other comprehensive income (loss) before reclassifications (254 ) (850 ) (1,104 ) Amounts reclassified from accumulated other comprehensive income (1,352 ) - (1,352 ) Net other comprehensive loss during the period (1,606 ) (850 ) (2,456 ) Balance at end of period $ 1,041 $ (850 ) $ 191 Year Ended December 31, 2014 Balance at beginning of period $ (3,319 ) $ - $ (3,319 ) Other comprehensive income before reclassifications 5,979 - 5,979 Amounts reclassified from accumulated other comprehensive income (13 ) - (13 ) Net other comprehensive income during the period 5,966 - 5,966 Balance at end of period $ 2,647 $ - $ 2,647 Year Ended December 31, 2013 Balance at beginning of period $ 5,465 $ - $ 5,465 Other comprehensive income before reclassifications (8,773 ) - (8,773 ) Amounts reclassified from accumulated other comprehensive income (11 ) - (11 ) Net other comprehensive loss during the period (8,784 ) - (8,784 ) Balance at end of period $ (3,319 ) $ - $ (3,319 ) The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the years ended December 31, 2015, 2014 and 2013. Amount Reclassified from Affected Line Item in Details about Accumulated Other Accumulated Other the Statement Where Comprehensive Income Components (dollars in thousands) Comprehensive Income (Loss) Net Income is Presented Year Ended December 31, 2015 2014 2013 Realized gain on sale of investment securities $ 2,254 $ 22 $ 19 Gain on sale of investment securities (902 ) (9 ) (8 ) Tax Expense Total reclassifications for the period $ 1,352 $ 13 $ 11 Net of Tax |
Note 24 - Fair Value Measuremen
Note 24 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | Note 2 4 – 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,” 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 a t 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, 2015 and 2014: (dollars in thousands) Quoted Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Total (Fair Value) December 31, 2015 Assets: Investment securities available for sale: U. S. Government agency securities $ - $ 56,975 $ - $ 56,975 Residential mortgage backed securities - 297,241 - 297,241 Municipal bonds - 118,381 - 118,381 Corporate bonds - 14,938 - 14,938 Other equity investments 115 - 219 334 Loans held for sale - 47,492 - 47,492 Mortgage banking derivatives - - 24 24 Total assets measured at fair value on a recurring basis as of December 31, 2015 $ 115 $ 535,027 $ 243 $ 535,385 Liabilities: Interest rate swap derivatives - 1,417 - 1,417 Total liabilities measured at fair value on a recurring basis as of December 31, 2015 $ - $ 1,417 $ - $ 1,417 (dollars in thousands) Quoted Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Total (Fair Value) December 31, 2014 Assets: 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 Loans held for sale - 44,317 - 44,317 Mortgage banking derivatives - - 146 146 Total assets measured at fair value on a recurring basis as of December 31, 2014 $ 198 $ 426,243 $ 365 $ 426,806 Liabilities: Interest rate swap derivatives - - - - Total liabilities measured at fair value on a recurring basis as of December 31, 2014 $ - $ - $ - $ - 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, U.S. 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. 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. Loans held for sale Interest rate swap derivatives: The following is a reconciliation of activity for assets and liabilities measured at fair value based on Significant Other Unobservable Inputs (Level 3): Other Equity Derivative (dollars in thousands) Investments Assets/(Liabilities) Total Assets: Beginning balance at January 1, 2015 $ 219 $ 146 $ 365 Realized gain (loss) included in earnings - net mortgage banking derivatives - (122 ) (122 ) Principal redemption - - - Ending balance at December 31, 2015 $ 219 $ 24 $ 243 Liabilities: Beginning balance at $ - $ 250 $ 250 Realized (gain) loss included in earnings - net mortgage banking derivatives - (220 ) (220 ) Principal redemption - - - Ending balance at December 31, 2015 $ - $ 30 $ 30 Other Equity Derivative (dollars in thousands) Investments Assets/(Liabilities) Total Assets: Beginning balance at $ 219 $ - $ 219 Realized gain (loss) included in earnings - net mortgage banking derivatives - 146 146 Ending balance at December 31, 2014 $ 219 $ 146 $ 365 Liabilities: Beginning balance at $ - $ - $ - Realized (gain) loss included in earnings - net mortgage banking derivatives - 250 250 Ending balance at December 31, 2014 $ - $ 250 $ 250 Securities classified as Level 3 include securities in less liquid markets, the carrying amount approximate the fair value. The securities consist of equity investments in the form of common stock of two local banking companies which are not publicly traded. The Company relies on a third-party pricing service to value its mortgage banking derivative financial assets and liabilities, which the Company classifies as a Level 3 valuation. The external valuation model to estimate the fair value of its interest rate lock commitments to originate residential mortgage loans held for sale includes grouping the interest rate lock commitments by interest rate and terms, applying an estimated pull-through rate based on historical experience, and then multiplying by quoted investor prices determined to be reasonably applicable to the loan commitment groups based on interest rate, terms, and rate lock expiration dates of the loan commitment groups. The Company also relies on an external valuation model to estimate the fair value of its forward commitments to sell residential mortgage loans (i.e., an estimate of what the Company would receive or pay to terminate the forward delivery contract based on market prices for similar financial instruments), which includes matching specific terms and maturities of the forward commitments against applicable investor pricing. 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. Impaired loans Other real estate owned (dollars in thousands) Quoted Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Total (Fair Value) December 31, 2015 Impaired loans: Commercial $ - $ 271 $ 8,930 $ 9,201 Income producing - commercial real estate - - 5,085 5,085 Owner occupied - commercial real estate - 282 1,071 1,353 Real estate mortgage - residential - - 329 329 Construction - commercial and residential - - 9,504 9,504 Home equity - - 123 123 Other consumer - - 19 19 Other real estate owned - 5,394 458 5,852 Total assets measured at fair value on a nonrecurring basis as of December 31, 2015 $ - $ 5,947 $ 25,519 $ 31,466 (dollars in thousands) Quoted Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Total (Fair Value) December 31, 2014 Impaired loans: Commercial $ - $ 781 $ 6,860 $ 7,641 Income producing - commercial real estate - 703 9,040 9,743 Owner occupied - commercial real estate - - 1,312 1,312 Real estate mortgage - residential - - 346 346 Construction - commercial and residential - - 7,858 7,858 Home equity - 5 963 968 Other consumer - - 13 13 Other real estate owned - 9,184 4,040 13,224 Total assets measured at fair value on a nonrecurring basis as of December 31, 2014 $ - $ 10,673 $ 30,432 $ 41,105 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 the impairment in accordance with ASC Topic 310, “Receivables.” 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: Interest bearing deposits with other banks: Investment securities: 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: Loans held for sale: The fair value of loans held for sale is based on commitments outstanding from investors as well as what secondary markets are currently offering for portfolios with similar characteristics for residential mortgage loans held for sale since such loans are typically committed to be sold (servicing released) at a profit. Loans: Bank owned life insurance: Annuity investment: Mortgage banking derivatives: The Company enters into interest rate lock commitments (IRLCs) with prospective residential mortgage borrowers. These commitments are carried at fair value based on the fair value of the underlying mortgage loans which are based on market data. These commitments are classified as Level 3 in the fair value disclosures, as the valuations are based on market unobservable inputs. The Company hedges the risk of the overall change in the fair value of loan commitments to borrowers by selling forward contracts on securities of GSEs. These forward settling contracts are classified as Level 3, as valuations are based on market unobservable inputs. See Note 9 to the Consolidated Financial Statements for additional detail. Interest rate swap derivatives: Noninterest bearing deposits: Interest bearing deposits: Certificates of deposit: Customer repurchase agreements: Borrowings: Off-balance sheet items: The estimated fair values of the Company’s financial instruments at December 31, 2015 and 2014 are as follows: Fair Value Measurements Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (dollars in thousands) Carrying Value Fair Value (Level 1) (Level 2) (Level 3) December 31, 2015 Assets Cash and due from banks $ 11,009 $ 11,009 $ - $ 11,009 $ - Federal funds sold 3,791 3,791 - 3,791 - Interest bearing deposits with other banks 283,563 283,563 - 283,563 - Investment securities 487,869 487,869 115 487,535 219 Federal Reserve and Federal Home Loan Bank stock 16,903 16,903 - 16,903 - Loans held for sale 47,492 47,492 - 47,492 - Loans 4,998,368 5,000,717 - 553 5,000,164 Bank owned life insurance 58,682 58,682 - 58,682 - Annuity investment 12,136 12,136 - 12,136 - Mortgage banking derivatives 24 24 - - 24 Interest rate swap derivatives - - - - - Liabilities Noninterest bearing deposits 1,405,067 1,405,067 - 1,405,067 - Interest bearing deposits 3,014,122 3,014,122 - 3,014,122 - Certificates of deposit 739,255 736,973 - 736,973 - Customer repurchase agreements 72,356 72,356 - 72,356 - Borrowings 70,000 69,992 - 69,992 - Mortgage banking derivatives 30 30 - - 30 Interest rate swap derivatives 1,417 1,417 - 1,417 - December 31, 2014 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 - Mortgage banking derivatives 146 146 - - 146 Liabilities Noninterest bearing deposits 1,175,799 1,175,799 - 1,175,799 - Interest bearing deposits 2,446,228 2,446,228 - 2,446,228 - Certificates of deposit 688,741 688,067 - 688,067 - Customer repurchase agreements 61,120 61,120 - 61,120 - Borrowings 219,300 220,838 - 220,838 - Mortgage banking derivatives 250 250 - - 250 |
Note 25 - Quarterly Results of
Note 25 - Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | Note 25 – Quarterly Results of Operations (unaudited) The following table reports quarterly results of operations (unaudited) for 2015, 2014 and 2013: 2015 (dollars in thousands except per share data) Fourth Quarter Third Quarter Second Quarter First Quarter Total interest income $ 67,311 $ 63,981 $ 62,423 $ 59,465 Total interest expense 4,735 4,896 4,873 4,734 Net interest income 62,576 59,085 57,550 54,731 Provision for credit losses 4,595 3,262 3,471 3,310 Net interest income after provision for credit losses 57,981 55,823 54,079 51,421 Noninterest income 6,492 6,099 6,233 7,804 Noninterest expense 28,640 27,405 26,598 28,073 Income before income tax expense 35,833 34,517 33,714 31,152 Income tax expense 13,485 13,054 12,776 11,734 Net income 22,348 21,463 20,938 19,418 Preferred stock dividends and discount accretion 62 180 179 180 Net income available to common shareholders $ 22,286 $ 21,283 $ 20,759 $ 19,238 Earnings per common share Basic (1) $ 0.67 $ 0.64 $ 0.62 $ 0.62 Diluted (1) $ 0.65 $ 0.63 $ 0.61 $ 0.61 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 (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 26 - Parent Company Financ
Note 26 - Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 26 – Parent Company Financial Information Condensed financial information for Eagle Bancorp, Inc. (Parent Company only) is as follows: (dollars in thousands) December 31, 2015 December 31, 2014 Assets Cash $ 65,692 $ 42,810 Cash equivalents - 8,739 Investment securities available-for-sale, at fair value 216 300 Investment in subsidiaries 740,804 647,633 Other assets 3,516 2,731 Total Assets $ 810,228 $ 702,213 Liabilities Other liabilities $ 1,627 $ 2,154 Long-term borrowings 70,000 79,300 Total liabilities $ 71,627 $ 81,454 Shareholders' Equity Preferred stock, Series B $ - $ 56,600 Preferred stock, Series C - 15,300 Common stock 331 296 Warrant 946 946 Additional paid in capital 503,529 394,933 Retained earnings 233,604 150,037 Accumulated other comprehensive income 191 2,647 Total Shareholders’ Equity 738,601 620,759 Total Liabilities and Shareholders' Equity $ 810,228 $ 702,213 Years Ended December 31, (dollars in thousands) 2015 2014 2013 Income Other interest and dividends $ 369 $ 171 $ 117 Total Income 369 171 117 Expenses Interest expense 4,490 2,497 897 Legal and professional 101 108 142 Directors’ compensation 224 257 187 Other 1,152 1,086 946 Total Expenses 5,967 3,948 2,172 Loss Before Income Tax (Benefit) and Equity in Undistributed Income of Subsidiaries (5,598 ) (3,777 ) (2,055 ) Income Tax Benefit (2,208 ) (1,490 ) (810 ) Loss Before Equity in Undistributed Income of Subsidiaries (3,390 ) (2,287 ) (1,245 ) Equity in Undistributed Income of Subsidiaries 87,557 56,545 48,252 Net Income 84,167 54,258 47,007 Preferred Stock Dividends 601 614 566 Net Income Available to Common Shareholders $ 83,566 $ 53,644 $ 46,441 Years Ended December 31, (dollars in thousands) 2015 2014 2013 Cash Flows From Operating Activities Net Income $ 84,167 $ 54,258 $ 47,007 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Equity in undistributed income of subsidiary (87,557 ) (56,545 ) (48,252 ) Excess tax benefit on stock-based compensation (2,984 ) (978 ) (410 ) Proceeds from sale of available for sale securities 84 - - (Increase) decrease in other assets (785 ) (1,731 ) 353 (Decrease) increase in other liabilities (121 ) 1,803 67 Net cash (used in) operating activities (7,196 ) (3,193 ) (1,235 ) Cash Flows From Investing Activities Investment in subsidiary (net) (419 ) (203,782 ) (810 ) Net cash used in investing activities (419 ) (203,782 ) (810 ) Cash Flows From Financing Activities Issuance of common stock 94,633 144,093 - Issuance of Series C Preferred Stock - 15,300 - Increase in long-term borrowings - 70,000 - Redemption of Series B Preferred Stock (56,600 ) - - Redemption of Series C Preferred Stock (15,300 ) - - Decrease in long-term borrowings (9,300 ) - - Proceeds from exercise of stock options 5,176 2,313 1,984 Preferred stock dividends (600 ) (614 ) (566 ) Excess tax benefit on stock-based compensation 2,984 978 410 Payment in lieu of fractional shares (4 ) - (11 ) Proceeds from employee stock purchase plan 769 621 543 Net cash provided by financing activities 21,758 232,691 2,360 Net Increase in Cash 14,143 25,716 315 Cash and Cash Equivalents at Beginning of Year 51,549 25,833 25,518 Cash and Cash Equivalents at End of Year $ 65,692 $ 51,549 $ 25,833 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Nature of Operations [Policy 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. 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, 2015, the Bank offers its products and services through twenty one 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 Refer to Note 2 for information relating to the Company’s acquisition of Virginia heritage Bank (“Virginia Heritage”). |
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 regularly 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 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, 2015 and December 31, 2014. 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. interest rate lock commitments). Such interest 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 decreases 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 Bank 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 interest 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 interest 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 Company manages the interest rate risk on interest 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, carried on the Consolidated Balance Sheet within other assets or other liabilities with changes in fair value recorded in other income within the Consolidated Statement of 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. The gross gains on loan sales are recognized based on new loan commitments with adjustment for price and pair-off activity. Commission expenses on loans held for sale are recognized based on loans closed. 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 to loans at fair value at date of transfer. Investment Securities The Company has no securities classified as trading, or 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 prepayment assumptions and call optionality, if any. 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 security; or (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 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 (90 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 a cash basis. Higher Risk Lending – Revenue Recognition T he 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 loan transactions during 2015, 2014 or 2013 (although normal interest income was recorded) and had four higher risk loan transactions outstanding as of December 31, 2015, as compared to four higher risk loan transactions outstanding as of December 31, 2014, amounting to $9.2 million and $6.2 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 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 ,” ASC Topic 310, “Receivables.” 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 banking 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. The review of the adequacy of the Allowance for Credit Losses includes an assessment of the fair value adjustment for acquired loans in accordance with generally accepted accounting principles. 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 five to 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 recorded at fair value less estimated selling costs when acquired, establishing a new cost basis. The new basis is supported by appraisals that are generally no more than twelve months old. 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, 2015. 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. Interest Rate Swap Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and through the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. With the exception of forward commitment contracts discussed above under “Loans Held for Sale”, the Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to certain variable rate deposits. At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to the likely effectiveness as a hedge. These three types are (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”), (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), or (3) an instrument with no hedging designation (“stand-alone derivative”). The Company has no fair value hedges or stand-alone derivatives, only cash flow hedges. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income (a Consolidated Balance Sheet component of shareholders’ equity) and is reclassified into earnings in the same period(s) during which the hedged transaction affects earnings (i.e. the period when cash flows are exchanged between counterparties). For both fair value and cash flow hedges, changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as noninterest income. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in noninterest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as noninterest income or expense. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods in which the hedged transactions will affect earnings. Please refer to Note 10 to the Consolidated Financial Statements for further detail. 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 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 obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets; and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. In certain cases, the recourse to the Bank to repurchase assets may exist but is 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. Stock-Based Compensation I n accordance with ASC Topic 718, “Compensation,” |
Marketable Securities, Policy [Policy Text Block] | Investment Securities The Company has no securities classified as trading, or 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 prepayment assumptions and call optionality, if any. 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 security; or (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 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 (90 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 a cash basis. |
Revenue Recognition, Policy [Policy Text Block] | Higher Risk Lending – Revenue Recognition T he 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 loan transactions during 2015, 2014 or 2013 (although normal interest income was recorded) and had four higher risk loan transactions outstanding as of December 31, 2015, as compared to four higher risk loan transactions outstanding as of December 31, 2014, amounting to $9.2 million and $6.2 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 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 ,” ASC Topic 310, “Receivables.” 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 banking 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. The review of the adequacy of the Allowance for Credit Losses includes an assessment of the fair value adjustment for acquired loans in accordance with generally accepted accounting principles. |
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 five to 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 recorded at fair value less estimated selling costs when acquired, establishing a new cost basis. The new basis is supported by appraisals that are generally no more than twelve months old. 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, 2015. 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. |
Derivatives, Policy [Policy Text Block] | Interest Rate Swap Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and through the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. With the exception of forward commitment contracts discussed above under “Loans Held for Sale”, the Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to certain variable rate deposits. At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to the likely effectiveness as a hedge. These three types are (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”), (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), or (3) an instrument with no hedging designation (“stand-alone derivative”). The Company has no fair value hedges or stand-alone derivatives, only cash flow hedges. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income (a Consolidated Balance Sheet component of shareholders’ equity) and is reclassified into earnings in the same period(s) during which the hedged transaction affects earnings (i.e. the period when cash flows are exchanged between counterparties). For both fair value and cash flow hedges, changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as noninterest income. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in noninterest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as noninterest income or expense. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods in which the hedged transactions will affect earnings. Please refer to Note 10 to the Consolidated Financial Statements for further detail. 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 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 obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets; and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. In certain cases, the recourse to the Bank to repurchase assets may exist but is 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. Stock-Based Compensation I n accordance with ASC Topic 718, “Compensation,” |
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 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 obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets; and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. In certain cases, the recourse to the Bank to repurchase assets may exist but is 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. Stock-Based Compensation I n accordance with ASC Topic 718, “Compensation,” |
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 obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets; and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. In certain cases, the recourse to the Bank to repurchase assets may exist but is 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. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation I n accordance with ASC Topic 718, “Compensation,” |
New Accounting Pronouncements, Policy [Policy Text Block] | New Authoritative Accounting Guidance In April 2015, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplif ying the Presentation of Debt Issuance Costs.” In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805) – Simplifying the Accounting for Measurement-Period Adjustments.” In January 2016, the FASB issued ASU 2016-1, “No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. |
Note 4 - Investment Securitie36
Note 4 - Investment Securities Available-for-sale (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Gross Gross Estimated December 31, 2015 Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gains Losses Value U. S. agency securities $ 56,775 $ 477 $ 277 $ 56,975 Residential mortgage backed securities 299,709 692 3,160 297,241 Municipal bonds 114,253 4,131 3 118,381 Corporate bonds 15,090 - 152 14,938 Other equity investments 307 27 - 334 $ 486,134 $ 5,327 $ 3,592 $ 487,869 Gross Gross Estimated December 31, 2014 Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gains Losses Value U. S. 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 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less than 12 Months 12 Months or Greater Total Estimated Estimated Estimated December 31, 2015 Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) Value Losses Value Losses Value Losses U. S. Government agency securities $ 32,927 $ 277 $ - $ - $ 32,927 $ 277 Residential mortgage backed securities 157,871 1,438 58,954 1,722 216,825 3,160 Municipal bonds 1,559 3 - - 1,559 3 Corporate bonds 14,938 152 - - 14,938 152 $ 207,295 $ 1,870 $ 58,954 $ 1,722 $ 266,249 $ 3,592 Less than 12 Months 12 Months or Greater Total Estimated Estimated Estimated December 31, 2014 Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) Value Losses Value Losses Value Losses U. S. 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 |
Available-for-sale Securities [Table Text Block] | December 31, 2015 December 31, 2014 Amortized Estimated Amortized Estimated (dollars in thousands) Cost Fair Value Cost Fair Value U. S. agency securities maturing: One year or less $ 31,436 $ 31,361 $ 2,998 $ 3,051 After one year through five years 18,826 19,047 19,947 20,276 Five years through ten years 6,513 6,567 6,489 6,567 Residential mortgage backed securities 299,709 297,241 241,120 240,320 Municipal bonds maturing: One year or less 4,450 4,478 2,410 2,438 After one year through five years 41,213 43,720 47,038 49,607 Five years through ten years 66,001 67,398 54,983 56,927 After ten years 2,589 2,785 2,552 2,740 Corporate bonds After one year through five years 15,090 14,938 - - Other equity investments 307 334 396 417 $ 486,134 $ 487,869 $ 377,933 $ 382,343 |
Note 5 - Loans and Allowance 37
Note 5 - Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2015 December 31, 2014 (dollars in thousands) Amount % Amount % Commercial $ 1,052,257 21 % $ 916,226 21 % Income producing - commercial real estate 2,115,478 42 % 1,703,172 40 % Owner occupied - commercial real estate 498,103 10 % 461,581 11 % Real estate mortgage - residential 147,365 3 % 148,018 3 % Construction - commercial and residential 985,607 20 % 793,432 18 % Construction - C&I (owner occupied) 79,769 2 % 58,032 1 % Home equity 112,885 2 % 122,536 3 % Other consumer 6,904 - 109,402 3 % Total loans 4,998,368 100 % 4,312,399 100 % Less: Allowance for Credit Losses (52,687 ) (46,075 ) Net loans $ 4,945,681 $ 4,266,324 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Construction Income Producing Owner Occupied Real Estate Commercial Commercial Commercial Mortgage and Home Other (dollars in thousands) Commercial Real Estate Real Estate Residential Residential Equity Consumer Total For the Year Ended December 31, 2015 Allowance for credit losses: Balance at beginning of period $ 13,222 $ 11,442 $ 2,954 $ 1,259 $ 15,625 $ 1,469 $ 104 $ 46,075 Loans charged-off (4,693 ) (651 ) - - (1,884 ) (1,142 ) (228 ) (8,598 ) Recoveries of loans previously charged-off 195 26 3 7 206 25 110 572 Net loans (charged-off) recoveries (4,498 ) (625 ) 3 7 (1,678 ) (1,117 ) (118 ) (8,026 ) Provision for credit losses 2,839 3,305 322 2 7,141 940 89 14,638 Ending balance $ 11,563 $ 14,122 $ 3,279 $ 1,268 $ 21,088 $ 1,292 $ 75 $ 52,687 For the Year Ended December 31, 2015 Allowance for credit losses: Individually evaluated for impairment $ 3,478 $ 1,033 $ 400 $ - $ 950 $ 38 $ 3 $ 5,902 Collectively evaluated for impairment 8,085 13,089 2,879 1,268 20,138 1,254 72 46,785 Ending balance $ 11,563 $ 14,122 $ 3,279 $ 1,268 $ 21,088 $ 1,292 $ 75 $ 52,687 Construction Income Producing Owner Occupied Real Estate Commercial Commercial Commercial Mortgage and Home Other (dollars in thousands) Commercial Real Estate Real Estate Residential Residential Equity 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 |
Schedule of Recorded Investment in Loans [Table Text Block] | Construction Income Producing Owner occupied Real Estate Commercial Commercial Commercial Mortgage and Home Other (dollars in thousands) Commercial Real Estate Real Estate Residential Residential Equity Consumer Total December 31, 2015 Recorded investment in loans: Individually evaluated for impairment $ 13,008 $ 6,118 $ 1,753 $ - $ 10,454 $ 161 $ 22 $ 31,516 Collectively evaluated for impairment 1,039,249 2,109,360 496,350 147,365 1,054,922 112,724 6,882 4,966,852 Ending balance $ 1,052,257 $ 2,115,478 $ 498,103 $ 147,365 $ 1,065,376 $ 112,885 $ 6,904 $ 4,998,368 December 31, 2014 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 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Watch and Total (dollars in thousands) Pass Special Mention Substandard Doubtful Loans December 31, 2015 Commercial $ 1,021,427 $ 17,822 $ 13,008 $ - $ 1,052,257 Income producing - commercial real estate 2,096,032 13,328 6,118 - 2,115,478 Owner occupied - commercial real estate 488,496 7,854 1,753 - 498,103 Real estate mortgage – residential 146,651 714 - - 147,365 Construction - commercial and residential 1,049,926 4,996 10,454 - 1,065,376 Home equity 110,870 1,854 161 - 112,885 Other consumer 6,877 5 22 - 6,904 Total $ 4,920,279 $ 46,573 $ 31,516 $ - $ 4,998,368 December 31, 2014 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 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | (dollars in thousands) December 31, 2015 December 31, 2014 Commercial $ 4,940 $ 12,975 Income producing - commercial real estate 5,961 2,645 Owner occupied - commercial real estate 1,268 1,324 Real estate mortgage - residential 329 346 Construction - commercial and residential 557 3,697 Home equity 161 1,398 Other consumer 23 58 Total nonaccrual loans (1)(2) $ 13,239 $ 22,443 |
Past Due Financing Receivables [Table Text Block] | Loans Loans Loans Total Recorded 30-59 Days 60-89 Days 90 Days or Total Past Current Investment in (dollars in thousands) Past Due Past Due More Past Due Due Loans Loans Loans December 31, 2015 Commercial $ 4,130 $ 1,364 $ 4,940 $ 10,434 $ 1,041,823 $ 1,052,257 Income producing - commercial real estate 2,841 - 5,961 8,802 2,106,676 2,115,478 Owner occupied - commercial real estate 3,189 902 1,268 5,359 492,744 498,103 Real estate mortgage – residential - - 329 329 147,036 147,365 Construction - commercial and residential - 5,020 557 5,577 1,059,799 1,065,376 Home equity - 77 161 238 112,647 112,885 Other consumer 56 60 23 139 6,765 6,904 Total $ 10,216 $ 7,423 $ 13,239 $ 30,878 $ 4,967,490 $ 4,998,368 December 31, 2014 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 $ 4,274,185 $ 4,312,399 |
Impaired Financing Receivables [Table Text Block] | Unpaid Recorded Recorded Average Recorded Interest Income Contractual Investment Investment Total Investment Recognized Principal With No With Recorded Related Quarter Year Quarter Year (dollars in thousands) Balance Allowance Allowance Investment Allowance To Date To Date To Date To Date December 31, 2015 Commercial $ 16,123 $ 2,396 $ 10,283 $ 12,679 $ 3,478 $ 9,340 $ 9,973 $ 21 $ 69 Income producing - commercial real estate 6,811 1,190 4,928 6,118 1,033 10,675 10,294 95 354 Owner occupied - commercial real estate 1,753 946 807 1,753 400 1,772 1,810 - - Real estate mortgage – residential 329 329 - 329 - 331 336 - - Construction - commercial and residential 10,454 4,877 5,577 10,454 950 8,031 7,594 (93 ) 205 Home equity 161 116 45 161 38 411 650 - - Other consumer 22 19 3 22 3 47 31 (1 ) 1 Total $ 35,653 $ 9,873 $ 21,643 $ 31,516 $ 5,902 $ 30,607 $ 30,688 $ 22 $ 629 December 31, 2014 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 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Number of TDRs Performing to Modified TDRs Not Performing to Modified Total (dollars in thousands) Contracts Terms Terms TDRs December 31, 2015 Commercial 4 $ 1,171 $ 211 $ 1,382 Income producing - commercial real estate 2 5,160 - 5,160 Owner occupied - commercial real estate 1 485 - 485 Construction - commercial and residential 1 5,020 - 5,020 Total 8 $ 11,836 $ 211 $ 12,047 December 31, 2014 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 |
Changes in Accretable Yield [Table Text Block] | (dollars in thousands) Total Balance at December 31, 2014 $ (10,298 ) Net reclassifications from nonaccretable yield - Accretion 4,290 Balance at December 31, 2015 $ (6,008 ) |
Changes In Amounts Of Loans Outstanding [Table Text Block] | (dollars in thousands) 2015 2014 Balance at January 1, $ 17,082 $ 30,123 Additions 23,578 10,000 Repayments (10,711 ) (23,041 ) Balance at December 31, $ 29,949 $ 17,082 |
Note 6 - Premises and Equipme38
Note 6 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | (dollars in thousands) 2015 2014 Leasehold improvements $ 26,987 $ 23,050 Furniture and equipment 22,217 20,931 Less accumulated depreciation and amortization (30,950 ) (24,882 ) Total premises and equipment, net $ 18,254 $ 19,099 |
Operating Leases of Lessee Disclosure [Table Text Block] | Years Ending December 31: (dollars in thousands) 2016 $ 8,061 2017 7,186 2018 6,756 2019 6,448 2020 5,954 Thereafter 11,398 Total minimum lease payments $ 45,803 |
Note 7 - Intangible Assets (Tab
Note 7 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Gross Net Intangible Additions/ Accumulated Intangible (dollars in thousands) Assets (Adjustments) Amortization Assets December 31, 2015 Goodwill (1) $ 104,425 $ (257 ) $ - $ 104,168 Core deposit (2) 7,070 - (3,084 ) 3,986 Excess servicing (3) 282 379 (274 ) 387 $ 111,777 $ 122 $ (3,358 ) $ 108,541 December 31, 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 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years Ending December 31: (dollars in thousands) 2016 $ 1,207 2017 1,064 2018 957 2019 715 2020 43 Thereafter - Total $ 3,986 |
Note 8 - Other Real Estate Ow40
Note 8 - Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Other Real Estate, Roll Forward [Table Text Block] | Year Ended December 31, (dollars in thousands) 2015 2014 Balance beginning of period $ 13,224 $ 9,225 Real estate acquired from borrowers 1,725 5,310 Valuation allowance (1,100 ) (554 ) Properties sold (7,997 ) (757 ) Balance end of period $ 5,852 $ 13,224 |
Note 10 - Interest Rate Swap 41
Note 10 - Interest Rate Swap Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | Swap Notional Balance Sheet December 31, 2015 Number Amount Fair Value Category Receive Rate Pay Rate Maturity (dollars in thousands) Interest rate swap (1) $ 75,000 $ (368 ) Other Liabilities 1 month USD-LIBOR-BBA w/ -1 day lookback +10 basis points 1.71 % March 31, 2020 Interest rate swap (2) 100,000 (665 ) Other Liabilities Federal Funds Effective Rate +10 basis points 1.74 % April 15, 2021 Interest rate swap (3) 75,000 (384 ) Other Liabilities 1 month USD-LIBOR-BBA w/ -1 day lookback +10 basis points 1.92 % March 31, 2022 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Year Ended December 31, 2015 Effective Portion Ineffective Portion Amount of Reclassified from AOCI Recognized in Income Pre-tax gain into income on Derivatives Swap (loss) Recognized Amount of Amount of Number in OCI Category Gain (Loss) Category Gain (Loss) (dollars in thousands) Interest rate swap (1) $ (368 ) $ - $ - Interest rate swap (2) (665 ) - - Interest rate swap (3) (384 ) - - |
Note 11 - Deposits (Tables)
Note 11 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Deposit Composition And Interest Rate [Table Text Block] | 2015 2014 2013 (dollars in thousands) Average Average Average Balance Rate Balance Rate Balance Rate Noninterest bearing demand $ 1,405,067 - $ 1,175,799 - $ 849,409 - Interest bearing transaction 178,797 0.16 % 143,628 0.13 % 118,580 0.26 % Savings and money market 2,835,325 0.34 % 2,302,600 0.32 % 1,811,088 0.35 % Time, $100,000 or more 406,570 0.77 % 393,132 0.68 % 203,706 0.88 % Other time 332,685 0.74 % 295,609 0.70 % 242,631 0.54 % Total $ 5,158,444 $ 4,310,768 $ 3,225,414 |
Investments Classified by Contractual Maturity Date [Table Text Block] | (dollars in thousands) 2015 2014 2013 Three months or less $ 88,483 $ 104,482 $ 82,790 More than three months through six months 123,789 106,861 109,101 More than six months through twelve months 234,684 182,187 118,646 Over twelve months 292,299 295,211 135,800 Total $ 739,255 $ 688,741 $ 446,337 |
Interest Expense On Deposits [Table Text Block] | (dollars in thousands) 2015 2014 2013 Interest bearing transaction $ 291 $ 178 $ 298 Savings and money market 8,185 6,265 5,765 Time, $100,000 or more 5,019 2,830 2,080 Other time 848 365 2,471 Total $ 14,343 $ 9,638 $ 10,614 |
Note 12 - Borrowings (Tables)
Note 12 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | 2015 2014 2013 (dollars in thousands) Amount Rate Amount Rate Amount Rate Short-term: At Year-End: Customer repurchase agreements and federal funds purchased $ 72,356 0.23 % $ 61,120 0.25 % $ 80,471 0.28 % Federal Home Loan Bank – current portion - - 100,000 0.38 % - - Total $ 72,356 $ 161,120 $ 80,471 Average Daily Balance: Customer repurchase agreements and federal funds purchased $ 59,141 0.22 % $ 63,490 0.23 % $ 94,566 0.27 % Federal Home Loan Bank – current portion 27,659 0.31 % 7,288 0.42 % - - Total $ 86,800 $ 70,778 $ 94,566 Maximum Month-end Balance: Customer repurchase agreements and federal funds purchased $ 73,696 0.21 % $ 80,471 0.28 % $ 106,975 0.23 % Federal Home Loan Bank – current portion 140,000 0.20 % 100,000 0.38 % - - Total $ 213,696 $ 180,471 $ 106,975 Long-term: At Year-End: Federal Home Loan Bank $ 0 - $ 40,000 2.62 % $ 30,000 2.46 % Subordinated Notes 70,000 5.75 % 79,300 6.40 % 9,300 8.50 % United Bank Line of Credit - - - - - - Total $ 70,000 $ 119,300 $ 39,300 Average Daily Balance: Federal Home Loan Bank $ 8,329 2.25 % $ 39,205 2.00 % $ 30,000 2.46 % Subordinated Notes 74,117 6.06 % 37,875 6.59 % 9,300 9.64 % United Bank Line of Credit - - - - - - Total $ 82,446 $ 77,080 $ 39,300 Maximum Month-end Balance: Federal Home Loan Bank $ 40,000 0.37 % $ 122,500 0.68 % $ 30,000 2.46 % Subordinated Notes 79,300 6.52 % 79,300 6.52 % 9,300 10.00 % United Bank Line of Credit - - - - - - Total $ 119,300 $ 201,800 $ 39,300 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (dollars in thousands) 2015 2014 2013 Current federal income tax $ 46,758 $ 32,384 $ 26,136 Current state income tax 11,020 7,114 6,147 Total current 57,778 39,498 32,283 Deferred federal income tax benefit (6,642 ) (7,494 ) (3,909 ) Deferred state income tax benefit (87 ) (46 ) (56 ) Total deferred (6,729 ) (7,540 ) (3,965 ) Total income tax expense $ 51,049 $ 31,958 $ 28,318 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (dollars in thousands) 2015 2014 2013 Deferred tax assets Allowance for credit losses $ 21,191 $ 18,544 $ 16,440 Deferred loan fees and costs 9,724 10,337 5,039 Deferred rent 1,364 - - Stock-based compensation 2,068 1,714 1,370 Net operating loss 2,946 3,198 3,449 Unrealized loss on securities available for sale - - 2,213 SERP 1,776 1,421 - Premises and equipment 3,381 1,590 1,283 Other 383 71 4 Total deferred tax assets 42,833 36,875 29,798 Deferred tax liabilities Unrealized gain on securities available for sale (694 ) (1,765 ) - Excess servicing (157 ) (114 ) (95 ) Deferred rent - (162 ) (264 ) Intangible assets (1,671 ) (2,323 ) (490 ) Total deferred tax liabilities (2,522 ) (4,364 ) (849 ) Net deferred income tax amount $ 40,311 $ 32,511 $ 28,949 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2015 2014 2013 Statutory federal income tax rate 35.00 % 35.00 % 35.00 % Increase (decrease) due to State income taxes, net of federal income tax benefit 5.26 5.33 5.26 Tax exempt interest and dividend income (1.25 ) (2.28 ) (2.17 ) Stock-based compensation expense 0.02 0.04 0.06 Other (1.28 ) (1.02 ) (0.56 ) Effective tax rates 37.75 % 37.07 % 37.59 % |
Note 15 - Net Income per Comm45
Note 15 - Net Income per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2015 2014 2013 (dollars and shares in thousands, except per share data) Basic: Net income available to common shareholders $ 83,566 $ 53,644 $ 46,441 Average common shares outstanding 32,836 26,684 25,726 Basic net income per common share $ 2.54 $ 2.01 $ 1.81 Diluted: Net income available to common shareholders $ 83,566 $ 53,644 $ 46,441 Average common shares outstanding 32,836 26,684 25,726 Adjustment for common share equivalents 643 867 633 Average common shares outstanding-diluted 33,479 27,551 26,359 Diluted net income per common share $ 2.50 $ 1.95 $ 1.76 Anti-dilutive shares 5 13 35 |
Note 17 - Stock-based Compens46
Note 17 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | 2015 2014 2013 Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price Beginning balance 759,683 $ 11.36 503,834 $ 10.41 722,155 $ 10.18 Issued 5,000 46.50 21,000 32.77 5,800 22.11 Assumed from Virginia Heritage - - 401,497 13.16 - - Exercised (443,912 ) 12.03 (157,313 ) 14.71 (198,588 ) 9.99 Forfeited (12,380 ) 29.58 (8,110 ) 33.06 (2,420 ) 7.40 Expired (9,651 ) 18.19 (1,225 ) 9.00 (23,113 ) 10.05 Ending balance 298,740 $ 9.97 759,683 $ 11.36 503,834 $ 10.41 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Weighted-Average Outstanding: Stock Options Weighted-Average Remaining Range of Exercise Prices Outstanding Exercise Price Contractual Life $ 5.76 $ 9.21 162,269 $ 5.76 2.95 $ 9.22 $ 15.47 108,529 12.41 1.59 $ 15.48 $ 22.66 18,794 19.28 6.81 $ 22.67 $ 49.50 9,148 36.61 7.65 298,740 $ 9.97 2.84 Exercisable: Stock Options Weighted-Average Range of Exercise Prices Exercisable Exercise Price $ 5.76 $ 9.21 105,359 $ 5.76 $ 9.22 $ 15.47 101,859 12.51 $ 15.48 $ 22.66 15,714 19.45 $ 22.67 $ 49.50 2,648 24.59 225,580 $ 9.99 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years Ended December 31, 2015 2014 2013 Expected volatility 31.21 % 34.25 % 34.12 % Weighted-Average volatility 31.21 % 34.25 % 34.12 % Expected dividends - - - Expected term (in years) 7.0 9.4 7.5 Risk-free rate 1.64 % 2.26 % 1.31 % Weighted-average fair value (grant date) $ 16.73 $ 13.49 $ 7.83 Weighted-average fair value (grant date) for Virginia Heritage Bank ("VHB") options assumed n/a $ 24.89 n/a |
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] | Years Ended December 31, (dollars in thousands) 2015 2014 2013 Proceeds from stock options exercised $ 5,176 $ 2,313 $ 1,984 Tax benefits realized from stock compensation 2,984 978 410 Intrinsic value of stock options exercised 11,042 3,184 3,060 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Years Ended December 31, 2015 2014 Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Unvested at beginning 509,336 $ 21.58 614,580 $ 18.71 Issued 78,070 36.06 87,927 33.50 Forfeited (8,490 ) 33.57 (8,250 ) 25.28 Vested (209,823 ) 21.47 (184,921 ) 17.54 Unvested at end 369,093 $ 24.43 509,336 $ 21.58 |
Note 20 - Financial Instrumen47
Note 20 - Financial Instruments with Off-Balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | (dollars in thousands) 2015 2014 Unfunded loan commitments $ 1,838,336 $ 1,625,957 Unfunded lines of credit 112,159 105,895 Letters of credit 83,511 75,615 Total $ 2,034,006 $ 1,807,467 |
Note 21 - Commitments and Con48
Note 21 - Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | Within One One to Three to Over Five (dollars in thousands) Year Three Years Five Years Years Total Deposits without a stated maturity (1) $ 4,419,189 $ - $ - $ - $ 4,419,189 Time deposits (1) 446,956 272,551 19,748 - 739,255 Borrowed funds (2) 72,356 - - 70,000 142,356 Operating lease obligations 8,061 13,942 12,402 11,398 45,803 Outside data processing (3) 2,369 4,526 2,158 - 9,053 George Mason sponsorship (4) 650 1,300 1,300 10,500 13,750 Total $ 4,949,581 $ 292,319 $ 35,608 $ 91,898 $ 5,369,406 |
Schedule of Payment Agreement [Table Text Block] | Contract Year Annual Fee 1-5 $ 650,000 6-10 $ 675,000 11-15 $ 700,000 16-20 $ 725,000 |
Note 22 - Regulatory Matters (T
Note 22 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Company Bank Minimun Required For Capital To Be Well Under Prompt Corrective Actual Actual Adequacy Action (dollars in thousands) Amount Ratio Amount Ratio Purposes Regulations As of December 31, 2015 CET1 capital (to risk weighted assets) $ 632,408 10.68 % $ 620,879 10.52 % 4.50 % 6.5 % Total capital (to risk weighted assets) 755,212 12.75 % 673,442 11.41 % 8.00 % 10.0 % Tier 1 capital (to risk weighted assets) 632,408 10.68 % 620,879 10.52 % 6.00 % 8.0 % Tier 1 capital (to average assets) 632,408 10.90 % 620,879 10.74 % 4.00 % 5.0 % As of December 31, 2014 Total capital (to risk weighted assets) $ 631,340 12.97 % $ 568,637 11.73 % 8.0 % 10.0 % Tier 1 capital (to risk weighted assets) 505,864 10.39 % 522,637 10.78 % 4.0 % 6.0 % Tier 1 capital (to average assets) 505,864 10.69 % 522,637 11.09 % 3.0 % 5.0 % * Applies to Bank only |
Note 23 - Other Comprehensive50
Note 23 - Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 Net unrealized loss on securities available-for-sale $ (423 ) $ (169 ) $ (254 ) Net unrealized loss on derivatives (1,417 ) (567 ) (850 ) Less: Reclassification adjustment for net gains included in net income (2,254 ) (902 ) (1,352 ) Other comprehensive loss $ (4,094 ) $ (1,638 ) $ (2,456 ) 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 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Securities Accumulated Other Comprehensive (dollars in thousands) Available For Sale Derivatives (Loss) Income Year Ended December 31, 2015 Balance at beginning of period $ 2,647 $ - $ 2,647 Other comprehensive income (loss) before reclassifications (254 ) (850 ) (1,104 ) Amounts reclassified from accumulated other comprehensive income (1,352 ) - (1,352 ) Net other comprehensive loss during the period (1,606 ) (850 ) (2,456 ) Balance at end of period $ 1,041 $ (850 ) $ 191 Year Ended December 31, 2014 Balance at beginning of period $ (3,319 ) $ - $ (3,319 ) Other comprehensive income before reclassifications 5,979 - 5,979 Amounts reclassified from accumulated other comprehensive income (13 ) - (13 ) Net other comprehensive income during the period 5,966 - 5,966 Balance at end of period $ 2,647 $ - $ 2,647 Year Ended December 31, 2013 Balance at beginning of period $ 5,465 $ - $ 5,465 Other comprehensive income before reclassifications (8,773 ) - (8,773 ) Amounts reclassified from accumulated other comprehensive income (11 ) - (11 ) Net other comprehensive loss during the period (8,784 ) - (8,784 ) Balance at end of period $ (3,319 ) $ - $ (3,319 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Amount Reclassified from Affected Line Item in Details about Accumulated Other Accumulated Other the Statement Where Comprehensive Income Components (dollars in thousands) Comprehensive Income (Loss) Net Income is Presented Year Ended December 31, 2015 2014 2013 Realized gain on sale of investment securities $ 2,254 $ 22 $ 19 Gain on sale of investment securities (902 ) (9 ) (8 ) Tax Expense Total reclassifications for the period $ 1,352 $ 13 $ 11 Net of Tax |
Note 24 - Fair Value Measurem51
Note 24 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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) December 31, 2015 Assets: Investment securities available for sale: U. S. Government agency securities $ - $ 56,975 $ - $ 56,975 Residential mortgage backed securities - 297,241 - 297,241 Municipal bonds - 118,381 - 118,381 Corporate bonds - 14,938 - 14,938 Other equity investments 115 - 219 334 Loans held for sale - 47,492 - 47,492 Mortgage banking derivatives - - 24 24 Total assets measured at fair value on a recurring basis as of December 31, 2015 $ 115 $ 535,027 $ 243 $ 535,385 Liabilities: Interest rate swap derivatives - 1,417 - 1,417 Total liabilities measured at fair value on a recurring basis as of December 31, 2015 $ - $ 1,417 $ - $ 1,417 (dollars in thousands) Quoted Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Total (Fair Value) December 31, 2014 Assets: 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 Loans held for sale - 44,317 - 44,317 Mortgage banking derivatives - - 146 146 Total assets measured at fair value on a recurring basis as of December 31, 2014 $ 198 $ 426,243 $ 365 $ 426,806 Liabilities: Interest rate swap derivatives - - - - Total liabilities measured at fair value on a recurring basis as of December 31, 2014 $ - $ - $ - $ - |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Other Equity Derivative (dollars in thousands) Investments Assets/(Liabilities) Total Assets: Beginning balance at January 1, 2015 $ 219 $ 146 $ 365 Realized gain (loss) included in earnings - net mortgage banking derivatives - (122 ) (122 ) Principal redemption - - - Ending balance at December 31, 2015 $ 219 $ 24 $ 243 Liabilities: Beginning balance at $ - $ 250 $ 250 Realized (gain) loss included in earnings - net mortgage banking derivatives - (220 ) (220 ) Principal redemption - - - Ending balance at December 31, 2015 $ - $ 30 $ 30 Other Equity Derivative (dollars in thousands) Investments Assets/(Liabilities) Total Assets: Beginning balance at $ 219 $ - $ 219 Realized gain (loss) included in earnings - net mortgage banking derivatives - 146 146 Ending balance at December 31, 2014 $ 219 $ 146 $ 365 Liabilities: Beginning balance at $ - $ - $ - Realized (gain) loss included in earnings - net mortgage banking derivatives - 250 250 Ending balance at December 31, 2014 $ - $ 250 $ 250 |
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) December 31, 2015 Impaired loans: Commercial $ - $ 271 $ 8,930 $ 9,201 Income producing - commercial real estate - - 5,085 5,085 Owner occupied - commercial real estate - 282 1,071 1,353 Real estate mortgage - residential - - 329 329 Construction - commercial and residential - - 9,504 9,504 Home equity - - 123 123 Other consumer - - 19 19 Other real estate owned - 5,394 458 5,852 Total assets measured at fair value on a nonrecurring basis as of December 31, 2015 $ - $ 5,947 $ 25,519 $ 31,466 (dollars in thousands) Quoted Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Total (Fair Value) December 31, 2014 Impaired loans: Commercial $ - $ 781 $ 6,860 $ 7,641 Income producing - commercial real estate - 703 9,040 9,743 Owner occupied - commercial real estate - - 1,312 1,312 Real estate mortgage - residential - - 346 346 Construction - commercial and residential - - 7,858 7,858 Home equity - 5 963 968 Other consumer - - 13 13 Other real estate owned - 9,184 4,040 13,224 Total assets measured at fair value on a nonrecurring basis as of December 31, 2014 $ - $ 10,673 $ 30,432 $ 41,105 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (dollars in thousands) Carrying Value Fair Value (Level 1) (Level 2) (Level 3) December 31, 2015 Assets Cash and due from banks $ 11,009 $ 11,009 $ - $ 11,009 $ - Federal funds sold 3,791 3,791 - 3,791 - Interest bearing deposits with other banks 283,563 283,563 - 283,563 - Investment securities 487,869 487,869 115 487,535 219 Federal Reserve and Federal Home Loan Bank stock 16,903 16,903 - 16,903 - Loans held for sale 47,492 47,492 - 47,492 - Loans 4,998,368 5,000,717 - 553 5,000,164 Bank owned life insurance 58,682 58,682 - 58,682 - Annuity investment 12,136 12,136 - 12,136 - Mortgage banking derivatives 24 24 - - 24 Interest rate swap derivatives - - - - - Liabilities Noninterest bearing deposits 1,405,067 1,405,067 - 1,405,067 - Interest bearing deposits 3,014,122 3,014,122 - 3,014,122 - Certificates of deposit 739,255 736,973 - 736,973 - Customer repurchase agreements 72,356 72,356 - 72,356 - Borrowings 70,000 69,992 - 69,992 - Mortgage banking derivatives 30 30 - - 30 Interest rate swap derivatives 1,417 1,417 - 1,417 - December 31, 2014 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 - Mortgage banking derivatives 146 146 - - 146 Liabilities Noninterest bearing deposits 1,175,799 1,175,799 - 1,175,799 - Interest bearing deposits 2,446,228 2,446,228 - 2,446,228 - Certificates of deposit 688,741 688,067 - 688,067 - Customer repurchase agreements 61,120 61,120 - 61,120 - Borrowings 219,300 220,838 - 220,838 - Mortgage banking derivatives 250 250 - - 250 |
Note 25 - Quarterly Results o52
Note 25 - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | 2015 (dollars in thousands except per share data) Fourth Quarter Third Quarter Second Quarter First Quarter Total interest income $ 67,311 $ 63,981 $ 62,423 $ 59,465 Total interest expense 4,735 4,896 4,873 4,734 Net interest income 62,576 59,085 57,550 54,731 Provision for credit losses 4,595 3,262 3,471 3,310 Net interest income after provision for credit losses 57,981 55,823 54,079 51,421 Noninterest income 6,492 6,099 6,233 7,804 Noninterest expense 28,640 27,405 26,598 28,073 Income before income tax expense 35,833 34,517 33,714 31,152 Income tax expense 13,485 13,054 12,776 11,734 Net income 22,348 21,463 20,938 19,418 Preferred stock dividends and discount accretion 62 180 179 180 Net income available to common shareholders $ 22,286 $ 21,283 $ 20,759 $ 19,238 Earnings per common share Basic (1) $ 0.67 $ 0.64 $ 0.62 $ 0.62 Diluted (1) $ 0.65 $ 0.63 $ 0.61 $ 0.61 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 |
Note 26 - Parent Company Fina53
Note 26 - Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheet [Table Text Block] | (dollars in thousands) December 31, 2015 December 31, 2014 Assets Cash $ 65,692 $ 42,810 Cash equivalents - 8,739 Investment securities available-for-sale, at fair value 216 300 Investment in subsidiaries 740,804 647,633 Other assets 3,516 2,731 Total Assets $ 810,228 $ 702,213 Liabilities Other liabilities $ 1,627 $ 2,154 Long-term borrowings 70,000 79,300 Total liabilities $ 71,627 $ 81,454 Shareholders' Equity Preferred stock, Series B $ - $ 56,600 Preferred stock, Series C - 15,300 Common stock 331 296 Warrant 946 946 Additional paid in capital 503,529 394,933 Retained earnings 233,604 150,037 Accumulated other comprehensive income 191 2,647 Total Shareholders’ Equity 738,601 620,759 Total Liabilities and Shareholders' Equity $ 810,228 $ 702,213 |
Condensed Income Statement [Table Text Block] | Years Ended December 31, (dollars in thousands) 2015 2014 2013 Income Other interest and dividends $ 369 $ 171 $ 117 Total Income 369 171 117 Expenses Interest expense 4,490 2,497 897 Legal and professional 101 108 142 Directors’ compensation 224 257 187 Other 1,152 1,086 946 Total Expenses 5,967 3,948 2,172 Loss Before Income Tax (Benefit) and Equity in Undistributed Income of Subsidiaries (5,598 ) (3,777 ) (2,055 ) Income Tax Benefit (2,208 ) (1,490 ) (810 ) Loss Before Equity in Undistributed Income of Subsidiaries (3,390 ) (2,287 ) (1,245 ) Equity in Undistributed Income of Subsidiaries 87,557 56,545 48,252 Net Income 84,167 54,258 47,007 Preferred Stock Dividends 601 614 566 Net Income Available to Common Shareholders $ 83,566 $ 53,644 $ 46,441 |
Condensed Cash Flow Statement [Table Text Block] | Years Ended December 31, (dollars in thousands) 2015 2014 2013 Cash Flows From Operating Activities Net Income $ 84,167 $ 54,258 $ 47,007 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Equity in undistributed income of subsidiary (87,557 ) (56,545 ) (48,252 ) Excess tax benefit on stock-based compensation (2,984 ) (978 ) (410 ) Proceeds from sale of available for sale securities 84 - - (Increase) decrease in other assets (785 ) (1,731 ) 353 (Decrease) increase in other liabilities (121 ) 1,803 67 Net cash (used in) operating activities (7,196 ) (3,193 ) (1,235 ) Cash Flows From Investing Activities Investment in subsidiary (net) (419 ) (203,782 ) (810 ) Net cash used in investing activities (419 ) (203,782 ) (810 ) Cash Flows From Financing Activities Issuance of common stock 94,633 144,093 - Issuance of Series C Preferred Stock - 15,300 - Increase in long-term borrowings - 70,000 - Redemption of Series B Preferred Stock (56,600 ) - - Redemption of Series C Preferred Stock (15,300 ) - - Decrease in long-term borrowings (9,300 ) - - Proceeds from exercise of stock options 5,176 2,313 1,984 Preferred stock dividends (600 ) (614 ) (566 ) Excess tax benefit on stock-based compensation 2,984 978 410 Payment in lieu of fractional shares (4 ) - (11 ) Proceeds from employee stock purchase plan 769 621 543 Net cash provided by financing activities 21,758 232,691 2,360 Net Increase in Cash 14,143 25,716 315 Cash and Cash Equivalents at Beginning of Year 51,549 25,833 25,518 Cash and Cash Equivalents at End of Year $ 65,692 $ 51,549 $ 25,833 |
Note 1 - Summary of Significa54
Note 1 - Summary of Significant Accounting Policies (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Number of Stores | 35 | |
Held-to-maturity Securities | $ 0 | |
Goodwill and Intangible Asset Impairment | 0 | |
Deferred Tax Assets, Valuation Allowance | $ 0 | $ 0 |
Banking Services [Member] | ||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Number of Stores | 21 | |
Lending Services [Member] | ||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Number of Stores | 5 | |
Risk Level, High [Member] | ||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Number of Higher Risk Lending Transactions Outstanding | 4 | 4 |
Eagle Commercial Ventures, LLC [Member] | Risk Level, High [Member] | ||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Loans Receivable, Net | $ 9,200,000 | $ 6,200,000 |
Minimum [Member] | ||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Loan Period | 30 days | |
Minimum [Member] | Furniture and Fixtures [Member] | ||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Minimum [Member] | Building and Building Improvements [Member] | ||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Maximum [Member] | ||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Loan Period | 90 days | |
Maximum [Member] | Furniture and Fixtures [Member] | ||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Maximum [Member] | Building and Building Improvements [Member] | ||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
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 | |
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 |
Note 2 - Mergers and Acquisit55
Note 2 - Mergers and Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 31, 2014 | Oct. 01, 2011 | Dec. 31, 2015 | Oct. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Note 2 - Mergers and Acquisitions (Details) [Line Items] | ||||||
Share Based Compensation Arrangement by Share Based Payment Award Options Acquired in Business Combination (in Shares) | 0 | 401,497 | 0 | |||
Preferred Stock, Shares Outstanding (in Shares) | 15,300 | |||||
Business Combination, Acquisition Related Costs | $ 141 | $ 4,699 | ||||
Goodwill, Period Increase (Decrease) | $ (257) | |||||
Series C Preferred Stock [Member] | ||||||
Note 2 - Mergers and Acquisitions (Details) [Line Items] | ||||||
Preferred Stock, Shares Outstanding (in Shares) | 0 | 15,300 | ||||
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) | 0 | 56,600 | ||||
Preferred Stock, Liquidation Preference Per Share (in Dollars per share) | $ 1,000 | $ 1,000 | $ 1,000 | |||
Preferred Stock, Dividend Rate, Percentage | 1.00% | |||||
Virginia Heritage Bank [Member] | ||||||
Note 2 - Mergers and Acquisitions (Details) [Line Items] | ||||||
Goodwill | $ 102,300 | |||||
Virginia Heritage Bank [Member] | Series A Preferred Stock [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 | |||||
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 | |||||
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 | |||||
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 | |||||
Loans Fair Value At Acquisition | 800,000 | $ 804,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposit Liabilities | 645,000 | |||||
Business Combination, Consideration Transferred | 189,000 | |||||
Business Combination, Acquisition Related Costs | 4,700 | |||||
Goodwill | 102,300 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 4,600 | |||||
Goodwill, Period Increase (Decrease) | $ (257) | |||||
Virginia Heritage Bank [Member] | Series C Preferred Stock [Member] | ||||||
Note 2 - Mergers and Acquisitions (Details) [Line Items] | ||||||
Business Combination Shares Issued For Each Acquirees Share Converted (in Shares) | 1 | |||||
Minimum [Member] | Virginia Heritage Bank [Member] | ||||||
Note 2 - Mergers and Acquisitions (Details) [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 1 year | |||||
Maximum [Member] | Virginia Heritage Bank [Member] | ||||||
Note 2 - Mergers and Acquisitions (Details) [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 5 years | |||||
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 | $ 4,600 | $ 3,500 | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years |
Note 4 - Investment Securitie56
Note 4 - Investment Securities Available-for-sale (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | |||
Federal Home Loan Bank Stock and Federal Reserve Bank Stock | $ 16,903,000 | $ 22,560,000 | |
Debt Securities, Percentage | 99.90% | ||
Debt Securities, Weighted Average Duration | 3 years 328 days | ||
Available-for-sale Securities, Gross Realized Gains | $ 2,700,000 | 298,000 | $ 237,000 |
Available-for-sale Securities, Gross Realized Losses | 475,000 | 276,000 | 218,000 |
Proceeds from Sale of Available-for-sale Securities | 111,700,000 | 49,900,000 | $ 22,100,000 |
Available-for-sale Securities Pledged as Collateral | 416,500,000 | ||
Securities Holdings of any One Issuer Exceeding 10% of Shareholders' Equity | $ 0 | $ 0 |
Note 4 - Investment Securitie57
Note 4 - Investment Securities Available-for-sale (Details) - Securities Available-for-sale - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Note 4 - Investment Securities Available-for-sale (Details) - Securities Available-for-sale [Line Items] | ||
Amortized Cost | $ 486,134 | $ 377,933 |
Gross Unrealized gains | 5,327 | 7,087 |
Gross unrealized losses | 3,592 | 2,677 |
Estimated Fair Value | 487,869 | 382,343 |
US Government Agencies Debt Securities [Member] | ||
Note 4 - Investment Securities Available-for-sale (Details) - Securities Available-for-sale [Line Items] | ||
Amortized Cost | 56,775 | 29,434 |
Gross Unrealized gains | 477 | 500 |
Gross unrealized losses | 277 | 40 |
Estimated Fair Value | 56,975 | 29,894 |
Residential Mortgage Backed Securities [Member] | ||
Note 4 - Investment Securities Available-for-sale (Details) - Securities Available-for-sale [Line Items] | ||
Amortized Cost | 299,709 | 241,120 |
Gross Unrealized gains | 692 | 1,716 |
Gross unrealized losses | 3,160 | 2,516 |
Estimated Fair Value | 297,241 | 240,320 |
US States and Political Subdivisions Debt Securities [Member] | ||
Note 4 - Investment Securities Available-for-sale (Details) - Securities Available-for-sale [Line Items] | ||
Amortized Cost | 114,253 | 106,983 |
Gross Unrealized gains | 4,131 | 4,850 |
Gross unrealized losses | 3 | 121 |
Estimated Fair Value | 118,381 | 111,712 |
Corporate Debt Securities [Member] | ||
Note 4 - Investment Securities Available-for-sale (Details) - Securities Available-for-sale [Line Items] | ||
Amortized Cost | 15,090 | |
Gross Unrealized gains | 0 | |
Gross unrealized losses | 152 | |
Estimated Fair Value | 14,938 | |
Equity Investment Other [Member] | ||
Note 4 - Investment Securities Available-for-sale (Details) - Securities Available-for-sale [Line Items] | ||
Amortized Cost | 307 | 396 |
Gross Unrealized gains | 27 | 21 |
Gross unrealized losses | 0 | 0 |
Estimated Fair Value | $ 334 | $ 417 |
Note 4 - Investment Securitie58
Note 4 - Investment Securities Available-for-sale (Details) - Securities in Continuous Unrealized Loss Position - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Note 4 - Investment Securities Available-for-sale (Details) - Securities in Continuous Unrealized Loss Position [Line Items] | ||
Less than 12 Months Estimated Fair Value | $ 207,295 | $ 56,619 |
Less than 12 Months Unrealized Losses | 1,870 | 242 |
12 Months or Greater Estimated Fair Value | 58,954 | 98,693 |
12 Months or Greater Unrealized Losses | 1,722 | 2,435 |
Total Estimated Fair Value | 266,249 | 155,312 |
Total Unrealized Losses | 3,592 | 2,677 |
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 | 32,927 | 2,001 |
Less than 12 Months Unrealized Losses | 277 | 7 |
12 Months or Greater Estimated Fair Value | 0 | 1,750 |
12 Months or Greater Unrealized Losses | 0 | 33 |
Total Estimated Fair Value | 32,927 | 3,751 |
Total Unrealized Losses | 277 | 40 |
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 | 157,871 | 49,644 |
Less than 12 Months Unrealized Losses | 1,438 | 221 |
12 Months or Greater Estimated Fair Value | 58,954 | 86,028 |
12 Months or Greater Unrealized Losses | 1,722 | 2,295 |
Total Estimated Fair Value | 216,825 | 135,672 |
Total Unrealized Losses | 3,160 | 2,516 |
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 | 1,559 | 4,974 |
Less than 12 Months Unrealized Losses | 3 | 14 |
12 Months or Greater Estimated Fair Value | 0 | 10,915 |
12 Months or Greater Unrealized Losses | 0 | 107 |
Total Estimated Fair Value | 1,559 | 15,889 |
Total Unrealized Losses | 3 | $ 121 |
Corporate 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 | 14,938 | |
Less than 12 Months Unrealized Losses | 152 | |
12 Months or Greater Estimated Fair Value | 0 | |
12 Months or Greater Unrealized Losses | 0 | |
Total Estimated Fair Value | 14,938 | |
Total Unrealized Losses | $ 152 |
Note 4 - Investment Securitie59
Note 4 - Investment Securities Available-for-sale (Details) - Securities Available-for-sale by Contractual Maturity - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
U. S. agency securities maturing: | ||
Amortized cost | $ 486,134 | $ 377,933 |
Estimated fair value | 487,869 | 382,343 |
US Government Agencies Debt Securities [Member] | ||
U. S. agency securities maturing: | ||
One year or less, amortized cost | 31,436 | 2,998 |
One year or less, estimated fair value | 31,361 | 3,051 |
After one year through five years, amortized cost | 18,826 | 19,947 |
After one year through five years, estimated fair value | 19,047 | 20,276 |
Five years through ten years, amortized cost | 6,513 | 6,489 |
Five years through ten years, estimated fair value | 6,567 | 6,567 |
Residential Mortgage Backed Securities [Member] | ||
U. S. agency securities maturing: | ||
Amortized cost | 299,709 | 241,120 |
Estimated fair value | 297,241 | 240,320 |
US States and Political Subdivisions Debt Securities [Member] | ||
U. S. agency securities maturing: | ||
One year or less, amortized cost | 4,450 | 2,410 |
One year or less, estimated fair value | 4,478 | 2,438 |
After one year through five years, amortized cost | 41,213 | 47,038 |
After one year through five years, estimated fair value | 43,720 | 49,607 |
Five years through ten years, amortized cost | 66,001 | 54,983 |
Five years through ten years, estimated fair value | 67,398 | 56,927 |
After ten years | 2,589 | 2,552 |
After ten years | 2,785 | 2,740 |
Corporate Debt Securities [Member] | ||
U. S. agency securities maturing: | ||
After one year through five years, amortized cost | 15,090 | 0 |
After one year through five years, estimated fair value | 14,938 | 0 |
Equity Investment Other [Member] | ||
U. S. agency securities maturing: | ||
Amortized cost | 307 | 396 |
Estimated fair value | $ 334 | $ 417 |
Note 5 - Loans and Allowance 60
Note 5 - Loans and Allowance for Credit Losses (Details) | 12 Months Ended | ||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jul. 24, 2015USD ($) | Oct. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||||
Loans and Leases Receivable, Deferred Income | $ 18,400,000 | $ 15,600,000 | |||
Servicing Asset at Fair Value, Amount | $ 78,800,000 | 67,900,000 | |||
Minimum Debt Service Coverage | 1.15 | ||||
Stress Test Assumption, Increase in Interest Rates | 2.00% | ||||
Financing Receivable, Net | $ 4,998,368,000 | $ 4,312,399,000 | |||
Loan Percent | 100.00% | 100.00% | |||
Loans and Leases Receivable, Allowance | $ 52,687,000 | $ 46,075,000 | $ 40,921,000 | ||
Financing Receivable, Modifications, Recorded Investment | 1,900,000 | $ 8,000,000 | |||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 1,000,000 | ||||
Impaired Financing Receivable, Interest Income, Accrual Method | $ 629,000 | ||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 8 | |||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 11,600,000 | ||||
Financing Receivable, Modifications, Number of Contracts | 4 | 4 | |||
Performing Financial Instruments [Member] | |||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | $ 11,800,000 | $ 13,500,000 | |||
Sold [Member] | Nonperforming Financial Instruments [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 Financial Instruments [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 | ||||
Reclassified To Nonperforming Loans [Member] | Nonperforming Financial Instruments [Member] | |||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||||
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 | ||||
Paid Off [Member] | Performing Financial Instruments [Member] | |||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | $ 3,300,000 | ||||
Financing Receivable, Modifications, Number of Contracts | 2 | ||||
Home Equity Line of Credit [Member] | |||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||||
Loans and Leases Receivable, Deferred Income | $ 144,000 | $ 182,000 | |||
Consumer Portfolio Segment [Member] | |||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||||
Sale of Loan Receivable, Selling Price | $ 80,300,000 | ||||
Sale of Loan Receivable, Estimated Loss | $ 900,000 | ||||
Percent of Loan Portfolio | 2.00% | ||||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied and Construction [Member] | |||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||||
Percent of Loan Portfolio | 12.00% | ||||
Commercial Real Estate Portfolio Segment [Member] | ADC Loans [Member] | |||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||||
Financing Receivable, Net | $ 1,070,000 | ||||
Loan Percent | 49.00% | ||||
Commercial Real Estate and Real Estate Construction Loans [Member] | |||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||||
Percent of Loan Portfolio | 74.00% | ||||
Commercial Real Estate and Real Estate Construction Loans [Member] | 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 | 62.00% | ||||
Commercial Portfolio Segment [Member] | |||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||||
Percent of Loan Portfolio | 21.00% | ||||
Financing Receivable, Net | $ 1,052,257,000 | $ 916,226,000 | |||
Loan Percent | 21.00% | 21.00% | |||
Loans and Leases Receivable, Allowance | $ 11,563,000 | $ 13,222,000 | 9,780,000 | ||
Commercial Portfolio Segment [Member] | SBA Loans [Member] | |||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||||
Percent of Loan Portfolio | 1.00% | ||||
Residential Portfolio Segment [Member] | |||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||||
Financing Receivable, Net | $ 147,365,000 | $ 148,018,000 | |||
Loan Percent | 3.00% | 3.00% | |||
Loans and Leases Receivable, Allowance | $ 1,268,000 | $ 1,259,000 | $ 944,000 | ||
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | |||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||||
Percent of Loan Portfolio | 3.00% | ||||
Virginia Heritage Bank [Member] | |||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||||
Loans Fair Value At Acquisition | $ 804,000,000 | $ 800,000,000 | |||
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 3,000,000 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 1,300,000 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield | 0 | ||||
Virginia Heritage Bank [Member] | Nonperforming Financial Instruments [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 | 1,300,000 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 2,300,000 | ||||
Virginia Heritage Bank [Member] | Loans Not Impaired [Member] | |||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||||
Loans Fair Value At Acquisition | 801,000,000 | ||||
Fidelity [Member] | Nonperforming Financial Instruments [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 | 509,000 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 566,000 | ||||
Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||||
Loans and Leases Receivable, Allowance | $ 3,000 | ||||
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 Financial Instruments [Member] | |||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | $ 227,000 | ||||
Maximum [Member] | |||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||||
Loan to Value Ratio | 80.00% | ||||
Loan Period | 90 days | ||||
Maximum [Member] | Commercial Portfolio Segment [Member] | |||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||||
Loan Period | 10 years | ||||
Amortization Term | 25 years | ||||
Maximum [Member] | Commercial Portfolio Segment [Member] | Land Acquisition, Development, and Construction Loans [Member] | |||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||||
Loan Period | 24 months | ||||
Maximum [Member] | Commercial Portfolio Segment [Member] | Preferred Term [Member] | |||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||||
Loan Period | 7 years | ||||
Maximum [Member] | Residential Portfolio Segment [Member] | Real Estate Loan [Member] | |||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||||
Loan Period | 10 years | ||||
Maximum [Member] | Residential Portfolio Segment [Member] | Land Acquisition, Development, and Construction Loans [Member] | |||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||||
Loan Period | 36 months | ||||
Minimum [Member] | |||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||||
Interest Rate Adjustment Frequency | 5 years | ||||
Loan Period | 30 days | ||||
Minimum [Member] | Commercial Portfolio Segment [Member] | Preferred Term [Member] | |||||
Note 5 - Loans and Allowance for Credit Losses (Details) [Line Items] | |||||
Loan Period | 5 years |
Note 5 - Loans and Allowance 61
Note 5 - Loans and Allowance for Credit Losses (Details) - Loans - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | $ 4,998,368 | $ 4,312,399 |
Loans, percent | 100.00% | 100.00% |
Less: Allowance for Credit Losses | $ (52,687) | $ (46,075) |
Net loans | 4,945,681 | 4,266,324 |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | $ 1,052,257 | $ 916,226 |
Loans, percent | 21.00% | 21.00% |
Income Producing Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | $ 2,115,478 | $ 1,703,172 |
Loans, percent | 42.00% | 40.00% |
Owner Occupied Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | $ 498,103 | $ 461,581 |
Loans, percent | 10.00% | 11.00% |
Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | $ 147,365 | $ 148,018 |
Loans, percent | 3.00% | 3.00% |
Construction Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | $ 1,065,376 | $ 851,464 |
Construction Portfolio Segment [Member] | Commercial and Residential Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | $ 985,607 | $ 793,432 |
Loans, percent | 20.00% | 18.00% |
Construction Portfolio Segment [Member] | Commercial and Industrial Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | $ 79,769 | $ 58,032 |
Loans, percent | 2.00% | 1.00% |
Home Equity Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | $ 112,885 | $ 122,536 |
Loans, percent | 2.00% | 3.00% |
Other Consumer Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, amount | $ 6,904 | $ 109,402 |
Loans, percent | 0.00% | 3.00% |
Note 5 - Loans and Allowance 62
Note 5 - Loans and Allowance for Credit Losses (Details) - Allowance for Credit Losses by Portfolio Segment - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for credit losses: | ||
Balance at beginning of period | $ 46,075 | $ 40,921 |
Loans charged-off | (8,598) | (6,934) |
Recoveries of loans previously charged-off | 572 | 1,209 |
Net loan charged-off | (8,026) | (5,725) |
Provision for credit losses | 14,638 | 10,879 |
Individually evaluated for impairment | 5,902 | 8,064 |
Collectively evaluated for impairment | 46,785 | 38,011 |
Ending balance | 52,687 | 46,075 |
Commercial Portfolio Segment [Member] | ||
Allowance for credit losses: | ||
Balance at beginning of period | 13,222 | 9,780 |
Loans charged-off | (4,693) | (2,634) |
Recoveries of loans previously charged-off | 195 | 977 |
Net loan charged-off | (4,498) | (1,657) |
Provision for credit losses | 2,839 | 5,099 |
Individually evaluated for impairment | 3,478 | 5,334 |
Collectively evaluated for impairment | 8,085 | 7,888 |
Ending balance | 11,563 | 13,222 |
Income Producing Portfolio Segment [Member] | ||
Allowance for credit losses: | ||
Balance at beginning of period | 11,442 | 10,359 |
Loans charged-off | (651) | (121) |
Recoveries of loans previously charged-off | 26 | 42 |
Net loan charged-off | (625) | (79) |
Provision for credit losses | 3,305 | 1,162 |
Individually evaluated for impairment | 1,033 | 751 |
Collectively evaluated for impairment | 13,089 | 10,691 |
Ending balance | 14,122 | 11,442 |
Owner Occupied Portfolio Segment [Member] | ||
Allowance for credit losses: | ||
Balance at beginning of period | 2,954 | 3,899 |
Loans charged-off | 0 | (752) |
Recoveries of loans previously charged-off | 3 | 7 |
Net loan charged-off | 3 | (745) |
Provision for credit losses | 322 | (200) |
Individually evaluated for impairment | 400 | 577 |
Collectively evaluated for impairment | 2,879 | 2,377 |
Ending balance | 3,279 | 2,954 |
Residential Portfolio Segment [Member] | ||
Allowance for credit losses: | ||
Balance at beginning of period | 1,259 | 944 |
Loans charged-off | 0 | (138) |
Recoveries of loans previously charged-off | 7 | 0 |
Net loan charged-off | 7 | (138) |
Provision for credit losses | 2 | 453 |
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 1,268 | 1,259 |
Ending balance | 1,268 | 1,259 |
Construction Portfolio Segment [Member] | ||
Allowance for credit losses: | ||
Balance at beginning of period | 15,625 | 13,934 |
Loans charged-off | (1,884) | (2,721) |
Recoveries of loans previously charged-off | 206 | 83 |
Net loan charged-off | (1,678) | (2,638) |
Provision for credit losses | 7,141 | 4,329 |
Individually evaluated for impairment | 950 | 927 |
Collectively evaluated for impairment | 20,138 | 14,698 |
Ending balance | 21,088 | 15,625 |
Home Equity Portfolio Segment [Member] | ||
Allowance for credit losses: | ||
Balance at beginning of period | 1,469 | 1,871 |
Loans charged-off | (1,142) | (379) |
Recoveries of loans previously charged-off | 25 | 10 |
Net loan charged-off | (1,117) | (369) |
Provision for credit losses | 940 | (33) |
Individually evaluated for impairment | 38 | 430 |
Collectively evaluated for impairment | 1,254 | 1,039 |
Ending balance | 1,292 | 1,469 |
Other Consumer Portfolio Segment [Member] | ||
Allowance for credit losses: | ||
Balance at beginning of period | 104 | 134 |
Loans charged-off | (228) | (189) |
Recoveries of loans previously charged-off | 110 | 90 |
Net loan charged-off | (118) | (99) |
Provision for credit losses | 89 | 69 |
Individually evaluated for impairment | 3 | 45 |
Collectively evaluated for impairment | 72 | 59 |
Ending balance | $ 75 | $ 104 |
Note 5 - Loans and Allowance 63
Note 5 - Loans and Allowance for Credit Losses (Details) - Recorded Investment in Loans by Impairment Method - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Recorded investment in loans: | ||
Individually evaluated for impairment | $ 31,516 | $ 45,310 |
Collectively evaluated for impairment | 4,966,852 | 4,267,089 |
Ending balance | 4,998,368 | 4,312,399 |
Commercial Portfolio Segment [Member] | ||
Recorded investment in loans: | ||
Individually evaluated for impairment | 13,008 | 17,612 |
Collectively evaluated for impairment | 1,039,249 | 898,614 |
Ending balance | 1,052,257 | 916,226 |
Income Producing Portfolio Segment [Member] | ||
Recorded investment in loans: | ||
Individually evaluated for impairment | 6,118 | 5,109 |
Collectively evaluated for impairment | 2,109,360 | 1,698,063 |
Ending balance | 2,115,478 | 1,703,172 |
Owner Occupied Portfolio Segment [Member] | ||
Recorded investment in loans: | ||
Individually evaluated for impairment | 1,753 | 6,891 |
Collectively evaluated for impairment | 496,350 | 454,690 |
Ending balance | 498,103 | 461,581 |
Real Estate Mortgage Residential [Member] | ||
Recorded investment in loans: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 147,365 | 148,018 |
Ending balance | 147,365 | 148,018 |
Construction Portfolio Segment [Member] | ||
Recorded investment in loans: | ||
Individually evaluated for impairment | 10,454 | 14,241 |
Collectively evaluated for impairment | 1,054,922 | 837,223 |
Ending balance | 1,065,376 | 851,464 |
Home Equity Portfolio Segment [Member] | ||
Recorded investment in loans: | ||
Individually evaluated for impairment | 161 | 1,398 |
Collectively evaluated for impairment | 112,724 | 121,138 |
Ending balance | 112,885 | 122,536 |
Other Consumer Portfolio Segment [Member] | ||
Recorded investment in loans: | ||
Individually evaluated for impairment | 22 | 59 |
Collectively evaluated for impairment | 6,882 | 109,343 |
Ending balance | $ 6,904 | $ 109,402 |
Note 5 - Loans and Allowance 64
Note 5 - Loans and Allowance for Credit Losses (Details) - Loans and Leases by Credit Quality Indicator - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | $ 4,998,368 | $ 4,312,399 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 4,920,279 | 4,202,744 |
Watch and Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 46,573 | 64,345 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 31,516 | 45,310 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 1,052,257 | 916,226 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 1,021,427 | 875,102 |
Commercial Portfolio Segment [Member] | Watch and Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 17,822 | 23,512 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 13,008 | 17,612 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 0 | 0 |
Income Producing Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 2,115,478 | 1,703,172 |
Income Producing Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 2,096,032 | 1,679,101 |
Income Producing Portfolio Segment [Member] | Watch and Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 13,328 | 18,962 |
Income Producing Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 6,118 | 5,109 |
Income Producing Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 0 | 0 |
Owner Occupied Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 498,103 | 461,581 |
Owner Occupied Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 488,496 | 445,013 |
Owner Occupied Portfolio Segment [Member] | Watch and Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 7,854 | 9,677 |
Owner Occupied Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 1,753 | 6,891 |
Owner Occupied Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 147,365 | 148,018 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 146,651 | 147,262 |
Residential Portfolio Segment [Member] | Watch and Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 714 | 756 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 0 | 0 |
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 0 | 0 |
Construction Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 1,065,376 | 851,464 |
Construction Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 1,049,926 | 827,503 |
Construction Portfolio Segment [Member] | Watch and Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 4,996 | 9,720 |
Construction Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 10,454 | 14,241 |
Construction Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 0 | 0 |
Home Equity Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 112,885 | 122,536 |
Home Equity Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 110,870 | 119,420 |
Home Equity Portfolio Segment [Member] | Watch and Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 1,854 | 1,718 |
Home Equity Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 161 | 1,398 |
Home Equity Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 0 | 0 |
Other Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 6,904 | 109,402 |
Other Consumer Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 6,877 | 109,343 |
Other Consumer Portfolio Segment [Member] | Watch and Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 5 | 0 |
Other Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | 22 | 59 |
Other Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable Net of Deferred Income | $ 0 | $ 0 |
Note 5 - Loans and Allowance 65
Note 5 - Loans and Allowance for Credit Losses (Details) - Nonaccrual Loans - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Note 5 - Loans and Allowance for Credit Losses (Details) - Nonaccrual Loans [Line Items] | |||
Nonaccrual loan, recorded investment | [1],[2] | $ 13,239 | $ 22,443 |
Commercial Portfolio Segment [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) - Nonaccrual Loans [Line Items] | |||
Nonaccrual loan, recorded investment | 4,940 | 12,975 | |
Owner Occupied Portfolio Segment [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) - Nonaccrual Loans [Line Items] | |||
Nonaccrual loan, recorded investment | 1,268 | 1,324 | |
Residential Portfolio Segment [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) - Nonaccrual Loans [Line Items] | |||
Nonaccrual loan, recorded investment | 329 | 346 | |
Construction Portfolio Segment [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) - Nonaccrual Loans [Line Items] | |||
Nonaccrual loan, recorded investment | 557 | 3,697 | |
Home Equity Portfolio Segment [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) - Nonaccrual Loans [Line Items] | |||
Nonaccrual loan, recorded investment | 161 | 1,398 | |
Other Consumer Portfolio Segment [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) - Nonaccrual Loans [Line Items] | |||
Nonaccrual loan, recorded investment | 23 | 58 | |
Income Producing Portfolio Segment [Member] | |||
Note 5 - Loans and Allowance for Credit Losses (Details) - Nonaccrual Loans [Line Items] | |||
Nonaccrual loan, recorded investment | $ 5,961 | $ 2,645 | |
[1] | Excludes troubled debt restructurings ("TDRs") that were performing under their restructured terms totaling $11.8 million at December 31, 2015, and $13.5 million at December 31, 2014. | ||
[2] | Gross interest income of $1.0 million would have been recorded in 2015 if nonaccrual loans shown above had been current and in accordance with their original terms, while interest actually recorded on such loans was $629 thousand. See Note 1 to the Consolidated Financial Statements for a description of the Company's policy for placing loans on nonaccrual status. |
Note 5 - Loans and Allowance 66
Note 5 - Loans and Allowance for Credit Losses (Details) - Loans Past Due - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | $ 30,878 | $ 38,214 |
Current Loans | 4,967,490 | 4,274,185 |
Total recorded investment in loans | 4,998,368 | 4,312,399 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 10,216 | 4,703 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 7,423 | 11,068 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 13,239 | 22,443 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 10,434 | 18,512 |
Current Loans | 1,041,823 | 897,714 |
Total recorded investment in loans | 1,052,257 | 916,226 |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 4,130 | 1,505 |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 1,364 | 4,032 |
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 4,940 | 12,975 |
Income Producing Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 8,802 | 9,846 |
Current Loans | 2,106,676 | 1,693,326 |
Total recorded investment in loans | 2,115,478 | 1,703,172 |
Income Producing Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 2,841 | 1,825 |
Income Producing Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 0 | 5,376 |
Income Producing Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 5,961 | 2,645 |
Owner Occupied Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 5,359 | 2,627 |
Current Loans | 492,744 | 458,954 |
Total recorded investment in loans | 498,103 | 461,581 |
Owner Occupied Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 3,189 | 1,089 |
Owner Occupied Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 902 | 214 |
Owner Occupied Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 1,268 | 1,324 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 329 | 346 |
Current Loans | 147,036 | 147,672 |
Total recorded investment in loans | 147,365 | 148,018 |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 329 | 346 |
Construction Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 5,577 | 3,697 |
Current Loans | 1,059,799 | 847,767 |
Total recorded investment in loans | 1,065,376 | 851,464 |
Construction Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 0 | 0 |
Construction Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 5,020 | 0 |
Construction Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 557 | 3,697 |
Home Equity Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 238 | 2,763 |
Current Loans | 112,647 | 119,773 |
Total recorded investment in loans | 112,885 | 122,536 |
Home Equity Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 0 | 0 |
Home Equity Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 77 | 1,365 |
Home Equity Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 161 | 1,398 |
Other Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 139 | 423 |
Current Loans | 6,765 | 108,979 |
Total recorded investment in loans | 6,904 | 109,402 |
Other Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 56 | 284 |
Other Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 60 | 81 |
Other Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | $ 23 | $ 58 |
Note 5 - Loans and Allowance 67
Note 5 - Loans and Allowance for Credit Losses (Details) - Impaired Loans - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | $ 35,653 | $ 37,420 |
Recorded Investment With No Allowance | 9,873 | 20,454 |
Recorded Investment With Allowance | 21,643 | 15,491 |
Total Recorded Investment | 31,516 | 35,945 |
Related Allowance | 5,902 | 8,064 |
Interest Income Recognized | 629 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 16,123 | 14,075 |
Recorded Investment With No Allowance | 2,396 | 1,603 |
Recorded Investment With Allowance | 10,283 | 11,372 |
Total Recorded Investment | 12,679 | 12,975 |
Related Allowance | 3,478 | 5,334 |
Income Producing Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 6,811 | 10,869 |
Recorded Investment With No Allowance | 1,190 | 8,952 |
Recorded Investment With Allowance | 4,928 | 1,542 |
Total Recorded Investment | 6,118 | 10,494 |
Related Allowance | 1,033 | 751 |
Owner Occupied Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 1,753 | 1,889 |
Recorded Investment With No Allowance | 946 | 1,038 |
Recorded Investment With Allowance | 807 | 851 |
Total Recorded Investment | 1,753 | 1,889 |
Related Allowance | 400 | 577 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 329 | 346 |
Recorded Investment With No Allowance | 329 | 346 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 329 | 346 |
Related Allowance | 0 | 0 |
Construction Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 10,454 | 8,785 |
Recorded Investment With No Allowance | 4,877 | 8,176 |
Recorded Investment With Allowance | 5,577 | 609 |
Total Recorded Investment | 10,454 | 8,785 |
Related Allowance | 950 | 927 |
Home Equity Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 161 | 1,398 |
Recorded Investment With No Allowance | 116 | 339 |
Recorded Investment With Allowance | 45 | 1,059 |
Total Recorded Investment | 161 | 1,398 |
Related Allowance | 38 | 430 |
Other Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 22 | 58 |
Recorded Investment With No Allowance | 19 | 0 |
Recorded Investment With Allowance | 3 | 58 |
Total Recorded Investment | 22 | 58 |
Related Allowance | 3 | 45 |
Quarter to Date [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 30,607 | 36,584 |
Interest Income Recognized | 22 | 691 |
Quarter to Date [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 9,340 | 14,203 |
Interest Income Recognized | 21 | 20 |
Quarter to Date [Member] | Income Producing Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 10,675 | 8,202 |
Interest Income Recognized | 95 | 196 |
Quarter to Date [Member] | Owner Occupied Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 1,772 | 2,696 |
Interest Income Recognized | 0 | 0 |
Quarter to Date [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 331 | 348 |
Interest Income Recognized | 0 | 0 |
Quarter to Date [Member] | Construction Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 8,031 | 10,113 |
Interest Income Recognized | (93) | 436 |
Quarter to Date [Member] | Home Equity Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 411 | 993 |
Interest Income Recognized | 0 | 32 |
Quarter to Date [Member] | Other Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 47 | 29 |
Interest Income Recognized | (1) | 7 |
Year to Date [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 30,688 | 36,961 |
Interest Income Recognized | 629 | 1,650 |
Year to Date [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 9,973 | 13,681 |
Interest Income Recognized | 69 | 251 |
Year to Date [Member] | Income Producing Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 10,294 | 7,021 |
Interest Income Recognized | 354 | 203 |
Year to Date [Member] | Owner Occupied Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 1,810 | 3,986 |
Interest Income Recognized | 0 | 6 |
Year to Date [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 336 | 529 |
Interest Income Recognized | 0 | 0 |
Year to Date [Member] | Construction Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 7,594 | 10,967 |
Interest Income Recognized | 205 | 1,147 |
Year to Date [Member] | Home Equity Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 650 | 747 |
Interest Income Recognized | 0 | 36 |
Year to Date [Member] | Other Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 31 | 30 |
Interest Income Recognized | $ 1 | $ 7 |
Note 5 - Loans and Allowance 68
Note 5 - Loans and Allowance for Credit Losses (Details) - Troubled Debt Restructurings $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 8 | 6 |
TDRs | $ 12,047 | $ 13,729 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 4 | 1 |
TDRs | $ 1,382 | $ 227 |
Income Producing Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 2 | 3 |
TDRs | $ 5,160 | $ 7,849 |
Owner Occupied Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 1 | 1 |
TDRs | $ 485 | $ 565 |
Construction Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of contracts | 1 | 1 |
TDRs | $ 5,020 | $ 5,088 |
Performing Financial Instruments [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 11,836 | 13,502 |
Performing Financial Instruments [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 1,171 | 0 |
Performing Financial Instruments [Member] | Income Producing Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 5,160 | 7,849 |
Performing Financial Instruments [Member] | Owner Occupied Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 485 | 565 |
Performing Financial Instruments [Member] | Construction Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 5,020 | 5,088 |
Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 211 | 227 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 211 | 227 |
Nonperforming Financial Instruments [Member] | Income Producing Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 0 | 0 |
Nonperforming Financial Instruments [Member] | Owner Occupied Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | 0 | 0 |
Nonperforming Financial Instruments [Member] | Construction Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
TDRs | $ 0 | $ 0 |
Note 5 - Loans and Allowance 69
Note 5 - Loans and Allowance for Credit Losses (Details) - Changes in Accretable Yield $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Changes in Accretable Yield [Abstract] | |
Balance at December 31, 2014 | $ (10,298) |
Accretion | 4,290 |
Balance at December 31, 2015 | $ (6,008) |
Note 5 - Loans and Allowance 70
Note 5 - Loans and Allowance for Credit Losses (Details) - Changes in Amounts of Loans Outstanding, Direct and Indirect - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Changes in Amounts of Loans Outstanding, Direct and Indirect [Abstract] | ||
Balance at January 1, | $ 17,082 | $ 30,123 |
Additions | 23,578 | 10,000 |
Repayments | (10,711) | (23,041) |
Balance at December 31, | $ 29,949 | $ 17,082 |
Note 6 - Premises and Equipme71
Note 6 - Premises and Equipment (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Note 6 - Premises and Equipment (Details) [Line Items] | |||
Depreciation | $ 6,100 | $ 4,600 | $ 3,900 |
Number of Stores | 35 | ||
Lessor Leasing Arrangements, Operating Leases, Renewal Term | 5 years | ||
Operating Leases, Rent Expense, Net | $ 8,500 | $ 7,500 | $ 6,900 |
Number of Subleased Premises | 6 | 2 | 2 |
Reduction Of Rent Expense | $ 435 | $ 114 | $ 57 |
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 Equipme72
Note 6 - Premises and Equipment (Details) - Premises and Equipment - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Premises and Equipment [Abstract] | ||
Leasehold improvements | $ 26,987 | $ 23,050 |
Furniture and equipment | 22,217 | 20,931 |
Less accumulated depreciation and amortization | (30,950) | (24,882) |
Total premises and equipment, net | $ 18,254 | $ 19,099 |
Note 6 - Premises and Equipme73
Note 6 - Premises and Equipment (Details) - Future Minimum Lease Payments Under Non-cancelable Operating Leases $ in Thousands | Dec. 31, 2015USD ($) |
Future Minimum Lease Payments Under Non-cancelable Operating Leases [Abstract] | |
2,016 | $ 8,061 |
2,017 | 7,186 |
2,018 | 6,756 |
2,019 | 6,448 |
2,020 | 5,954 |
Thereafter | 11,398 |
Total minimum lease payments | $ 45,803 |
Note 7 - Intangible Assets (Det
Note 7 - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2015 | Oct. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2014 | Aug. 31, 2009 | Aug. 31, 2008 | |
Note 7 - Intangible Assets (Details) [Line Items] | |||||||
Amortization of Intangible Assets | $ 1,500 | $ 743 | $ 614 | ||||
Goodwill, Period Increase (Decrease) | $ (257) | ||||||
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 | ||||||
Goodwill, Period Increase (Decrease) | $ (257) | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 4,600 | ||||||
Core Deposits [Member] | Fidelity [Member] | |||||||
Note 7 - Intangible Assets (Details) [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 502 | $ 2,300 | |||||
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 | $ 3,500 | $ 4,600 |
Note 7 - Intangible Assets (D75
Note 7 - Intangible Assets (Details) - Intangible Assets - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Oct. 31, 2015 | Dec. 31, 2014 | ||
Note 7 - Intangible Assets (Details) - Intangible Assets [Line Items] | ||||
Goodwill (1) | $ (257) | |||
Gross intangible assets | $ 111,777 | $ 5,548 | ||
Additions | 122 | 107,142 | ||
Accumulated amortization | (3,358) | (2,782) | ||
Net intangible assets | 108,541 | 109,908 | ||
Goodwill [Member] | ||||
Note 7 - Intangible Assets (Details) - Intangible Assets [Line Items] | ||||
Goodwill (1) | [1] | 104,425 | 2,163 | |
Goodwill (1) | [1] | (257) | ||
Goodwill (1) | [1] | 0 | 0 | |
Goodwill (1) | [1] | 104,168 | 104,425 | |
December 31, 2014 | ||||
Goodwill (1) | [1] | 102,262 | ||
Core Deposits [Member] | ||||
Note 7 - Intangible Assets (Details) - Intangible Assets [Line Items] | ||||
Gross intangible assets | [2] | 7,070 | 2,520 | |
Additions | [2] | 0 | 4,550 | |
Accumulated amortization | [2] | (3,084) | (1,869) | |
Net intangible assets | [2] | 3,986 | 5,201 | |
Excess Servicing [Member] | ||||
Note 7 - Intangible Assets (Details) - Intangible Assets [Line Items] | ||||
Gross intangible assets | [3] | 282 | 865 | |
Additions | [3] | 379 | 330 | |
Accumulated amortization | [3] | (274) | (913) | |
Net intangible assets | [3] | $ 387 | $ 282 | |
[1] | The Company recorded an initial amount of unidentified intangible (goodwill) incident to the acquisition of 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. Based on allowable adjustments through October 31, 2015, the unidentified intangible(goodwill) was reduced by $257 thousand. | |||
[2] | In connection with the Fidelity and Virginia Heritage acquisitions, the Company made an allocation of the purchase price of $2.3 million and $4.6 million, respectively, to the core deposit intangibles. These allocations were based on independent evaluations, and are included in intangible assets, net of the Consolidated Balances Sheets. The amount of the core deposit intangible relating to the Fidelity acquisition at December 31, 2015 was $502 thousand, which is being amortized over its remaining economic life through 2018 as a component of other noninterest expense. The amount of the core deposit intangible relating to the Virginia Heritage acquisition at December 31, 2015 was $3.5 million, which is being amortized over its remaining economic life through 2020 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. |
Note 7 - Intangible Assets (D76
Note 7 - Intangible Assets (Details) - Future Estimated Annual Amortization Expense $ in Thousands | Dec. 31, 2015USD ($) |
Future Estimated Annual Amortization Expense [Abstract] | |
2,016 | $ 1,207 |
2,017 | 1,064 |
2,018 | 957 |
2,019 | 715 |
2,020 | 43 |
Thereafter | 0 |
Total | $ 3,986 |
Note 8 - Other Real Estate Ow77
Note 8 - Other Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | |||
Proceeds from Sale of Other Real Estate | $ 5,477 | $ 520 | $ 6,783 |
Gains (Losses) on Sales of Other Real Estate | $ (328) | $ (154) | $ (772) |
Note 8 - Other Real Estate Ow78
Note 8 - Other Real Estate Owned (Details) - Activity Within Other Real Estate Owned - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Activity Within Other Real Estate Owned [Abstract] | ||
Balance beginning of period | $ 13,224 | $ 9,225 |
Real estate acquired from borrowers | 1,725 | 5,310 |
Valuation allowance | (1,100) | (554) |
Properties sold | (7,997) | (757) |
Balance end of period | $ 5,852 | $ 13,224 |
Note 9 - Mortgage Banking Der79
Note 9 - Mortgage Banking Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 9 - Mortgage Banking Derivatives (Details) [Line Items] | ||
Derivative, Notional Amount | $ 39,600 | $ 45,100 |
Derivative Liability | 1,417 | 250 |
Other Assets [Member] | ||
Note 9 - Mortgage Banking Derivatives (Details) [Line Items] | ||
Derivative Asset | 24 | 146 |
Other Liabilities [Member] | ||
Note 9 - Mortgage Banking Derivatives (Details) [Line Items] | ||
Derivative Liability | 30 | 250 |
Derivative Instruments [Member] | ||
Note 9 - Mortgage Banking Derivatives (Details) [Line Items] | ||
Noninterest Income, Other | (155) | 140 |
Hedging Activities [Member] | ||
Note 9 - Mortgage Banking Derivatives (Details) [Line Items] | ||
Noninterest Income, Other | $ 202 | $ (108) |
Note 10 - Interest Rate Swap 80
Note 10 - Interest Rate Swap Derivatives (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Note 10 - Interest Rate Swap Derivatives (Details) [Line Items] | ||
Derivative, Number of Instruments Held | 0 | |
Derivative, Notional Amount | $ 39,600,000 | $ 45,100,000 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | 1,800,000 | |
Derivative, Net Liability Position, Aggregate Fair Value | 1,400,000 | |
Derivative Liability, Fair Value of Collateral | $ 2,900,000 | |
Interest Rate Swap [Member] | ||
Note 10 - Interest Rate Swap Derivatives (Details) [Line Items] | ||
Derivative, Number of Instruments Held | 3 | |
Derivative, Notional Amount | $ 250,000,000 | |
Unrealized Gain (Loss) on Derivatives | $ (1,400,000) | |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer | 12 years |
Note 10 - Interest Rate Swap 81
Note 10 - Interest Rate Swap Derivatives (Details) - Fair values of Derivative - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | ||
Notional amount | $ 39,600 | $ 45,100 |
Interest Rate Swap 1 [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Notional amount | 75,000 | |
Fair value | $ (368) | |
Pay rate | 1.71% | |
Maturity | Mar. 31, 2020 | |
Interest Rate Swap 2 [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 100,000 | |
Fair value | $ (665) | |
Pay rate | 1.74% | |
Maturity | Apr. 15, 2021 | |
Interest Rate Swap 3 [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 75,000 | |
Fair value | $ (384) | |
Pay rate | 1.92% | |
Maturity | Mar. 31, 2022 |
Note 10 - Interest Rate Swap 82
Note 10 - Interest Rate Swap Derivatives (Details) - Fair values of Derivative (Parentheticals) - Other Liabilities [Member] | Dec. 31, 2015 |
Interest Rate Swap 1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Derivative [Line Items] | |
Fair value, receive rate | 0.10% |
Interest Rate Swap 2 [Member] | Federal Funds Effective Swap Rate [Member] | |
Derivative [Line Items] | |
Fair value, receive rate | 0.10% |
Interest Rate Swap 3 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Derivative [Line Items] | |
Fair value, receive rate | 0.10% |
Note 10 - Interest Rate Swap 83
Note 10 - Interest Rate Swap Derivatives (Details) - Pre-tax Net Gains (Losses) of the Company's Cash Flow Hedges | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Recognized in income on derivatives | $ 0 |
Interest Rate Swap 1 [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Interest rate swap | (368,000) |
Reclassified from AOCI into income | 0 |
Recognized in income on derivatives | 0 |
Interest Rate Swap 2 [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Interest rate swap | (665,000) |
Reclassified from AOCI into income | 0 |
Recognized in income on derivatives | 0 |
Interest Rate Swap 3 [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Interest rate swap | (384,000) |
Reclassified from AOCI into income | 0 |
Recognized in income on derivatives | $ 0 |
Note 11 - Deposits (Details)
Note 11 - Deposits (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Disclosure Text Block [Abstract] | |||
Related Party Deposit Liabilities | $ 57 | $ 71 | $ 71 |
Time Deposists, $250,000 or More | $ 180.1 | $ 138.6 |
Note 11 - Deposits (Details) -
Note 11 - Deposits (Details) - Deposit Composition and Interest Rate - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Deposit Composition and Interest Rate [Abstract] | |||
Noninterest bearing demand | $ 1,405,067 | $ 1,175,799 | $ 849,409 |
Interest bearing transaction | $ 178,797 | $ 143,628 | $ 118,580 |
Interest bearing transaction | 0.16% | 0.13% | 0.26% |
Savings and money market | $ 2,835,325 | $ 2,302,600 | $ 1,811,088 |
Savings and money market | 0.34% | 0.32% | 0.35% |
Time, $100,000 or more | $ 406,570 | $ 393,132 | $ 203,706 |
Time, $100,000 or more | 0.77% | 0.68% | 0.88% |
Other time | $ 332,685 | $ 295,609 | $ 242,631 |
Other time | 0.74% | 0.70% | 0.54% |
Total | $ 5,158,444 | $ 4,310,768 | $ 3,225,414 |
Note 11 - Deposits (Details) 86
Note 11 - Deposits (Details) - Remaining Maturity of Time Deposits - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Remaining Maturity of Time Deposits [Abstract] | |||
Three months or less | $ 88,483 | $ 104,482 | $ 82,790 |
More than three months through six months | 123,789 | 106,861 | 109,101 |
More than six months through twelve months | 234,684 | 182,187 | 118,646 |
Over twelve months | 292,299 | 295,211 | 135,800 |
Total | $ 739,255 | $ 688,741 | $ 446,337 |
Note 11 - Deposits (Details) 87
Note 11 - Deposits (Details) - Interest Expense on Deposits - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Expense on Deposits [Abstract] | |||
Interest bearing transaction | $ 291 | $ 178 | $ 298 |
Savings and money market | 8,185 | 6,265 | 5,765 |
Time, $100,000 or more | 5,019 | 2,830 | 2,080 |
Other time | 848 | 365 | 2,471 |
Total | $ 14,343 | $ 9,638 | $ 10,614 |
Note 12 - Borrowings (Details)
Note 12 - Borrowings (Details) - USD ($) | Aug. 05, 2014 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Note 12 - Borrowings (Details) [Line Items] | ||||
Long-term Line of Credit | $ 112,159,000 | $ 105,895,000 | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 0 | |||
Gains (Losses) on Extinguishment of Debt | (1,130,000) | |||
Subordinated Notes [Member] | ||||
Note 12 - 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 | |||
Debt Instrument, Repurchase Amount | 9,300,000 | |||
CDARS [Member] | ||||
Note 12 - Borrowings (Details) [Line Items] | ||||
Long-term Line of Credit | 5,800,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 909,500,000 | |||
IND [Member] | ||||
Note 12 - Borrowings (Details) [Line Items] | ||||
Long-term Line of Credit | 236,400,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 300,000,000 | |||
Federal Reserve Bank Of Richmond [Member] | ||||
Note 12 - Borrowings (Details) [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 408,000,000 | |||
Loan Agreement and Related Stock Security Agreement [Member] | ||||
Note 12 - Borrowings (Details) [Line Items] | ||||
Long-term Line of Credit | 0 | $ 0 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 3.50% | |||
Loan Agreement and Related Stock Security Agreement [Member] | Prime Rate [Member] | ||||
Note 12 - Borrowings (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||
Federal Funds [Member] | ||||
Note 12 - Borrowings (Details) [Line Items] | ||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 137,500,000 | |||
Long-term Line of Credit | 0 | |||
Gains (Losses) on Extinguishment of Debt | $ (1,100,000) | |||
Maximum [Member] | ||||
Note 12 - Borrowings (Details) [Line Items] | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $ 731,100,000 |
Note 12 - Borrowings (Details)
Note 12 - Borrowings (Details) - Short-term and Long-term Borrowings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
At Year-End: | |||
Total | $ 70,000 | $ 119,300 | |
Year End [Member] | |||
At Year-End: | |||
Customer repurchase agreements and federal funds purchased | $ 72,356 | $ 61,120 | $ 80,471 |
Customer repurchase agreements and federal funds purchased | 0.23% | 0.25% | 0.28% |
Federal Home Loan Bank | $ 0 | $ 40,000 | $ 30,000 |
Federal Home Loan Bank | 2.62% | 2.46% | |
Federal Home Loan Bank | 2.62% | 2.46% | |
Subordinated Notes | $ 70,000 | $ 79,300 | $ 9,300 |
Subordinated Notes | 5.75% | 6.40% | 8.50% |
Total | $ 70,000 | $ 119,300 | $ 39,300 |
Total | 72,356 | 161,120 | 80,471 |
Year End [Member] | Current Portion [Member] | |||
At Year-End: | |||
Federal Home Loan Bank | $ 100,000 | ||
Federal Home Loan Bank | 0.38% | ||
Federal Home Loan Bank | 0.38% | ||
Average Daily Balance [Member] | |||
At Year-End: | |||
Customer repurchase agreements and federal funds purchased | $ 59,141 | $ 63,490 | $ 94,566 |
Customer repurchase agreements and federal funds purchased | 0.22% | 0.23% | 0.27% |
Federal Home Loan Bank | $ 8,329 | $ 39,205 | $ 30,000 |
Federal Home Loan Bank | 2.25% | 2.00% | 2.46% |
Subordinated Notes | $ 74,117 | $ 37,875 | $ 9,300 |
Subordinated Notes | 6.06% | 6.59% | 9.64% |
Total | $ 82,446 | $ 77,080 | $ 39,300 |
Total | 86,800 | 70,778 | 94,566 |
Average Daily Balance [Member] | Current Portion [Member] | |||
At Year-End: | |||
Federal Home Loan Bank | $ 27,659 | $ 7,288 | |
Federal Home Loan Bank | 0.31% | 0.42% | |
Maximum [Member] | Month End Balance [Member] | |||
At Year-End: | |||
Customer repurchase agreements and federal funds purchased | $ 73,696 | $ 80,471 | $ 106,975 |
Customer repurchase agreements and federal funds purchased | 0.21% | 0.28% | 0.23% |
Federal Home Loan Bank | 0.37% | 0.68% | 2.46% |
Federal Home Loan Bank | $ 40,000 | $ 122,500 | $ 30,000 |
Federal Home Loan Bank | 0.37% | 0.68% | 2.46% |
Subordinated Notes | $ 79,300 | $ 79,300 | $ 9,300 |
Subordinated Notes | 6.52% | 6.52% | 10.00% |
Total | $ 119,300 | $ 201,800 | $ 39,300 |
Total | 213,696 | 180,471 | $ 106,975 |
Maximum [Member] | Month End Balance [Member] | Current Portion [Member] | |||
At Year-End: | |||
Federal Home Loan Bank | $ 140,000 | $ 100,000 | |
Federal Home Loan Bank | 0.20% | 0.38% | |
Federal Home Loan Bank | 0.20% | 0.38% |
Note 13 - Preferred Stock and90
Note 13 - Preferred Stock and Warrants (Details) - USD ($) | Nov. 02, 2015 | Oct. 31, 2014 | Jun. 14, 2013 | Oct. 01, 2011 | Jul. 14, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 18, 2011 |
Note 13 - Preferred Stock and Warrants (Details) [Line Items] | |||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock (in Dollars) | $ 15,300,000 | ||||||||
Preferred Stock, Shares Outstanding | 15,300 | ||||||||
Business Combination Shares Per Acquirees Common Stock (in Dollars per share) | $ 1 | ||||||||
Stock Redeemed or Called During Period, Value (in Dollars) | $ 71,900,000 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 423,977 | ||||||||
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] | |||||||||
Note 13 - Preferred Stock and Warrants (Details) [Line Items] | |||||||||
Stock Issued During Period, Shares, New Issues | 56,600 | ||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock (in Dollars) | $ 56,600,000 | ||||||||
Preferred Stock, Dividend Rate, Percentage | 1.00% | ||||||||
Preferred Stock, Shares Outstanding | 0 | 56,600 | |||||||
Stock Redeemed or Called During Period, Shares | 56,600 | ||||||||
Series C Preferred Stock [Member] | |||||||||
Note 13 - Preferred Stock and Warrants (Details) [Line Items] | |||||||||
Preferred Stock, Dividend Rate, Percentage | 1.00% | ||||||||
Preferred Stock, Shares Outstanding | 0 | 15,300 | |||||||
Stock Redeemed or Called During Period, Shares | 15,300 | ||||||||
Preferred Stock, Series B & C [Member] | |||||||||
Note 13 - Preferred Stock and Warrants (Details) [Line Items] | |||||||||
Stock Redeemed or Called During Period, Value (in Dollars) | $ 71,960,000 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Income Tax Disclosure [Abstract] | |
Operating Loss Carryforwards | $ 718 |
Note 14 - Income Taxes (Detai92
Note 14 - Income Taxes (Details) - Federal and State Income Tax Expense - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | 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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Federal and State Income Tax Expense [Abstract] | |||||||||||||||
Current federal income tax | $ 46,758 | $ 32,384 | $ 26,136 | ||||||||||||
Current state income tax | 11,020 | 7,114 | 6,147 | ||||||||||||
Total current | 57,778 | 39,498 | 32,283 | ||||||||||||
Deferred federal income tax benefit | (6,642) | (7,494) | (3,909) | ||||||||||||
Deferred state income tax benefit | (87) | (46) | (56) | ||||||||||||
Total deferred | (6,729) | (7,540) | (3,965) | ||||||||||||
Total income tax expense | $ 13,485 | $ 13,054 | $ 12,776 | $ 11,734 | $ 9,347 | $ 8,054 | $ 7,618 | $ 6,939 | $ 6,983 | $ 7,137 | $ 7,212 | $ 6,986 | $ 51,049 | $ 31,958 | $ 28,318 |
Note 14 - Income Taxes (Detai93
Note 14 - Income Taxes (Details) - Gross Deferred Tax Assets and Liabilities - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets | |||
Allowance for credit losses | $ 21,191 | $ 18,544 | $ 16,440 |
Deferred loan fees and costs | 9,724 | 10,337 | 5,039 |
Deferred rent | 1,364 | 0 | 0 |
Stock-based compensation | 2,068 | 1,714 | 1,370 |
Net operating loss | 2,946 | 3,198 | 3,449 |
Unrealized loss on securities available for sale | 0 | 0 | 2,213 |
SERP | 1,776 | 1,421 | 0 |
Premises and equipment | 3,381 | 1,590 | 1,283 |
Other | 383 | 71 | 4 |
Total deferred tax assets | 42,833 | 36,875 | 29,798 |
Deferred tax liabilities | |||
Unrealized gain on securities available for sale | (694) | (1,765) | 0 |
Excess servicing | (157) | (114) | (95) |
Deferred rent | 0 | (162) | (264) |
Intangible assets | (1,671) | (2,323) | (490) |
Total deferred tax liabilities | (2,522) | (4,364) | (849) |
Net deferred income tax amount | $ 40,311 | $ 32,511 | $ 28,949 |
Note 14 - Income Taxes (Detai94
Note 14 - Income Taxes (Details) - Reconciliation of the Statutory Federal Income Tax Rate to the Company's Effective Income Tax Rate | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | 5.26% | 5.33% | 5.26% |
Tax exempt interest and dividend income | (1.25%) | (2.28%) | (2.17%) |
Stock-based compensation expense | 0.02% | 0.04% | 0.06% |
Other | (1.28%) | (1.02%) | (0.56%) |
Effective tax rates | 37.75% | 37.07% | 37.59% |
Note 15 - Net Income per Comm95
Note 15 - Net Income per Common Share (Details) - Net Income per Common Share Calculation - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | 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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||||||
Basic: | |||||||||||||||||||||||||||
Net income available to common shareholders (in Dollars) | $ 22,286 | $ 21,283 | $ 20,759 | $ 19,238 | $ 14,547 | $ 13,937 | $ 12,802 | $ 12,358 | $ 11,862 | $ 11,615 | $ 11,533 | $ 11,431 | $ 83,566 | $ 53,644 | $ 46,441 | ||||||||||||
Average common shares outstanding | 32,836 | 26,684 | 25,726 | ||||||||||||||||||||||||
Basic net income per common share (in Dollars per share) | $ 0.67 | [1] | $ 0.64 | [1] | $ 0.62 | [1] | $ 0.62 | [1] | $ 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] | $ 2.54 | $ 2.01 | $ 1.81 |
Diluted: | |||||||||||||||||||||||||||
Net income available to common shareholders (in Dollars) | $ 22,286 | $ 21,283 | $ 20,759 | $ 19,238 | $ 14,547 | $ 13,937 | $ 12,802 | $ 12,358 | $ 11,862 | $ 11,615 | $ 11,533 | $ 11,431 | $ 83,566 | $ 53,644 | $ 46,441 | ||||||||||||
Average common shares outstanding | 32,836 | 26,684 | 25,726 | ||||||||||||||||||||||||
Adjustment for common share equivalents | 643 | 867 | 633 | ||||||||||||||||||||||||
Average common shares outstanding-diluted | 33,479 | 27,551 | 26,359 | ||||||||||||||||||||||||
Diluted net income per common share (in Dollars per share) | $ 0.65 | [1] | $ 0.63 | [1] | $ 0.61 | [1] | $ 0.61 | [1] | $ 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] | $ 2.50 | $ 1.95 | $ 1.76 |
Anti-dilutive shares | 5 | 13 | 35 | ||||||||||||||||||||||||
[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 16 - Related Party Trans96
Note 16 - Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 16 - Related Party Transactions (Details) [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $ 1,600 | $ 1,300 | $ 822 |
Director [Member] | Interest [Member] | |||
Note 16 - Related Party Transactions (Details) [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $ 427 | ||
Limited Liability Company A [Member] | |||
Note 16 - Related Party Transactions (Details) [Line Items] | |||
Ownership Interest In Trust | 85.00% | ||
Limited Liability Company B [Member] | |||
Note 16 - Related Party Transactions (Details) [Line Items] | |||
Ownership Interest In Trust | 51.00% | ||
Mr Rogers [Member] | |||
Note 16 - Related Party Transactions (Details) [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 1,100 |
Note 17 - Stock-based Compens97
Note 17 - Stock-based Compensation (Details) | 1 Months Ended | 12 Months Ended | |||||
Oct. 31, 2015shares | Mar. 31, 2015shares | Feb. 28, 2015shares | May. 31, 2011shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | |
Note 17 - Stock-based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 5,000 | 21,000 | 5,800 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ | $ 12,200,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 18,500,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ | 90,000 | 10,100,000 | $ 133,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ | $ 138,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 94 days | ||||||
Allocated Share-based Compensation Expense | $ | $ 5,073,000 | 3,981,000 | 3,304,000 | ||||
Virginia Heritage Plans [Member] | |||||||
Note 17 - Stock-based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 0 | ||||||
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 17 - Stock-based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 0 | ||||||
The Fidelity Plans [Member] | |||||||
Note 17 - Stock-based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 0 | ||||||
2006 Stock Plan [Member] | |||||||
Note 17 - Stock-based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 1,996,500 | ||||||
The 2011 ESPP [Member] | |||||||
Note 17 - Stock-based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 434,277 | ||||||
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% | ||||||
Salaries and Employee Benefits [Member] | |||||||
Note 17 - Stock-based Compensation (Details) [Line Items] | |||||||
Allocated Share-based Compensation Expense | $ | $ 5,100,000 | $ 4,000,000 | $ 3,300,000 | ||||
Performance Shares [Member] | |||||||
Note 17 - Stock-based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number (in Shares) | 0 | ||||||
Restricted Stock [Member] | |||||||
Note 17 - Stock-based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 700 | 77,370 | 78,070 | 87,927 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Vesting Periods | 5 | 3 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 167 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in Shares) | 369,093 | 509,336 | 614,580 | ||||
Restricted Stock [Member] | 2006 Stock Plan [Member] | |||||||
Note 17 - Stock-based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in Shares) | 369,093 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ | $ 5,100,000 | ||||||
Employee Stock Option [Member] | |||||||
Note 17 - Stock-based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Vesting Periods | 4 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 5,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||
Minimum [Member] | The 2011 ESPP [Member] | |||||||
Note 17 - Stock-based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year | ||||||
Minimum [Member] | Pay Period [Member] | The 2011 ESPP [Member] | |||||||
Note 17 - Stock-based Compensation (Details) [Line Items] | |||||||
Amount Contributed To ESPP | $ | $ 10 | ||||||
Minimum Hours Per Week [Member] | The 2011 ESPP [Member] | |||||||
Note 17 - 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] | The 2011 ESPP [Member] | |||||||
Note 17 - Stock-based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 5 months | ||||||
Maximum [Member] | The 2011 ESPP [Member] | |||||||
Note 17 - Stock-based Compensation (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 10.00% | ||||||
Maximum [Member] | Offering Period [Member] | The 2011 ESPP [Member] | |||||||
Note 17 - Stock-based Compensation (Details) [Line Items] | |||||||
Amount Contributed To ESPP | $ | $ 6,250 | ||||||
Maximum [Member] | Annually [Member] | The 2011 ESPP [Member] | |||||||
Note 17 - Stock-based Compensation (Details) [Line Items] | |||||||
Amount Contributed To ESPP | $ | $ 25,000 |
Note 17 - Stock-based Compens98
Note 17 - Stock-based Compensation (Details) - Changes in Shares Under Option Plans - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Changes in Shares Under Option Plans [Abstract] | |||
Beginning balance | 759,683 | 503,834 | 722,155 |
Beginning balance | $ 11.36 | $ 10.41 | $ 10.18 |
Issued | 5,000 | 21,000 | 5,800 |
Issued | $ 46.50 | $ 32.77 | $ 22.11 |
Assumed from | |||
Virginia Heritage | 0 | 401,497 | 0 |
Virginia Heritage | $ 0 | $ 13.16 | $ 0 |
Exercised | (443,912) | (157,313) | (198,588) |
Exercised | $ 12.03 | $ 14.71 | $ 9.99 |
Forfeited | (12,380) | (8,110) | (2,420) |
Forfeited | $ 29.58 | $ 33.06 | $ 7.40 |
Expired | (9,651) | (1,225) | (23,113) |
Expired | $ 18.19 | $ 9 | $ 10.05 |
Ending balance | 298,740 | 759,683 | 503,834 |
Ending balance | $ 9.97 | $ 11.36 | $ 10.41 |
Note 17 - Stock-based Compens99
Note 17 - Stock-based Compensation (Details) - Stock Options Outstanding and Exercisable - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Stock options outstanding (in Shares) | 298,740 | 759,683 | 503,834 | 722,155 |
Outstanding options, weighted-average exercise price | $ 9.97 | $ 11.36 | $ 10.41 | $ 10.18 |
Outstanding options, weighted-average remaining contractual life | 2 years 306 days | |||
Stock options exercisable (in Shares) | 225,580 | |||
Exercisable options, weighted-average exercise price | $ 9.99 | |||
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 | $ 9.21 | |||
Stock options outstanding (in Shares) | 162,269 | |||
Outstanding options, weighted-average exercise price | $ 5.76 | |||
Outstanding options, weighted-average remaining contractual life | 2 years 346 days | |||
Exercisable options, exercise price range, lower limit | $ 5.76 | |||
Exercisable options, exercise price range, upper limit | $ 9.21 | |||
Stock options exercisable (in Shares) | 105,359 | |||
Exercisable options, weighted-average exercise price | $ 5.76 | |||
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) | 108,529 | |||
Outstanding options, weighted-average exercise price | $ 12.41 | |||
Outstanding options, weighted-average remaining contractual life | 1 year 215 days | |||
Exercisable options, exercise price range, lower limit | $ 9.22 | |||
Exercisable options, exercise price range, upper limit | $ 15.47 | |||
Stock options exercisable (in Shares) | 101,859 | |||
Exercisable options, weighted-average exercise price | $ 12.51 | |||
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 | $ 22.66 | |||
Stock options outstanding (in Shares) | 18,794 | |||
Outstanding options, weighted-average exercise price | $ 19.28 | |||
Outstanding options, weighted-average remaining contractual life | 6 years 295 days | |||
Exercisable options, exercise price range, lower limit | $ 15.48 | |||
Exercisable options, exercise price range, upper limit | $ 22.66 | |||
Stock options exercisable (in Shares) | 15,714 | |||
Exercisable options, weighted-average exercise price | $ 19.45 | |||
Range 4 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding options, exercise price range, lower limit | 22.67 | |||
Outstanding options, exercise price range, upper Limit | $ 49.50 | |||
Stock options outstanding (in Shares) | 9,148 | |||
Outstanding options, weighted-average exercise price | $ 36.61 | |||
Outstanding options, weighted-average remaining contractual life | 7 years 237 days | |||
Exercisable options, exercise price range, lower limit | $ 22.67 | |||
Exercisable options, exercise price range, upper limit | $ 49.50 | |||
Stock options exercisable (in Shares) | 2,648 | |||
Exercisable options, weighted-average exercise price | $ 24.59 |
Note 17 - Stock-based Compen100
Note 17 - Stock-based Compensation (Details) - Fair Value of Each Stock Option Grant - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value of Each Stock Option Grant [Abstract] | |||
Expected volatility | 31.21% | 34.25% | 34.12% |
Weighted-Average volatility | 31.21% | 34.25% | 34.12% |
Expected dividends | 0.00% | 0.00% | 0.00% |
Expected term (in years) | 7 years | 9 years 146 days | 7 years 6 months |
Risk-free rate | 1.64% | 2.26% | 1.31% |
Weighted-average fair value (grant date) (in Dollars per share) | $ 16.73 | $ 13.49 | $ 7.83 |
Weighted-average fair value (grant date) for Virginia Heritage Bank ("VHB") options assumed (in Dollars per share) | $ 24.89 |
Note 17 - Stock-based Compen101
Note 17 - Stock-based Compensation (Details) - Cash Proceeds, Tax Benefits and Intrinsic Value Related to Stock Options - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Proceeds, Tax Benefits and Intrinsic Value Related to Stock Options [Abstract] | |||
Proceeds from stock options exercised | $ 5,176 | $ 2,313 | $ 1,984 |
Tax benefits realized from stock compensation | 2,984 | 978 | 410 |
Intrinsic value of stock options exercised | $ 11,042 | $ 3,184 | $ 3,060 |
Note 17 - Stock-based Compen102
Note 17 - Stock-based Compensation (Details) - Unvested Restricted Stock Award Grants - Restricted Stock [Member] - $ / shares | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Feb. 28, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Note 17 - Stock-based Compensation (Details) - Unvested Restricted Stock Award Grants [Line Items] | ||||
Unvested at beginning | 509,336 | 614,580 | ||
Unvested at beginning | $ 21.58 | $ 18.71 | ||
Issued | 700 | 77,370 | 78,070 | 87,927 |
Issued | $ 36.06 | $ 33.50 | ||
Forfeited | (8,490) | (8,250) | ||
Forfeited | $ 33.57 | $ 25.28 | ||
Vested | (209,823) | (184,921) | ||
Vested | $ 21.47 | $ 17.54 | ||
Unvested at end | 369,093 | 509,336 | ||
Unvested at end | $ 24.43 | $ 21.58 |
Note 18 - Employee Benefit P103
Note 18 - Employee Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | $ 755 | $ 833 | $ 878 |
Note 19 - Supplemental Execu104
Note 19 - Supplemental Executive Retirement Plan (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Note 19 - Supplemental Executive Retirement Plan (Details) [Line Items] | |||
Cash Surrender Value of Life Insurance | $ 12,136 | $ 11,277 | |
Supplemental Executive Retirement and Death Benefit Agreements [Member] | |||
Note 19 - 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 | 953 | 1,900 | |
Purchased Fixed Annuity for Financing Retirement Benefits [Member] | Supplemental Executive Retirement and Death Benefit Agreements [Member] | |||
Note 19 - Supplemental Executive Retirement Plan (Details) [Line Items] | |||
Other Investments | $ 11,400 | ||
Noninterest Income, Other | 84 | $ 50 | |
Purchased Fixed Annuity for Financing Retirement Benefits [Member] | Supplemental Executive Retirement and Death Benefit Agreements [Member] | Other Assets [Member] | |||
Note 19 - Supplemental Executive Retirement Plan (Details) [Line Items] | |||
Cash Surrender Value of Life Insurance | $ 12,100 |
Note 20 - Financial Instrume105
Note 20 - Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure Text Block Supplement [Abstract] | ||
Mortgage Loans on Real Estate, Write-down or Reserve, Amount | $ 117 | $ 101 |
Note 20 - Financial Instrume106
Note 20 - Financial Instruments with Off-Balance Sheet Risk (Details) - Loan Commitments Outstanding and Lines and Letters of Credit - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Loan Commitments Outstanding and Lines and Letters of Credit [Abstract] | ||
Unfunded loan commitments | $ 1,838,336 | $ 1,625,957 |
Unfunded lines of credit | 112,159 | 105,895 |
Letters of credit | 83,511 | 75,615 |
Total | $ 2,034,006 | $ 1,807,467 |
Note 21 - Commitments and Co107
Note 21 - Commitments and Contingent Liabilities (Details) - George Mason Sponsorship [Member] - USD ($) $ in Millions | Jul. 01, 2015 | Dec. 31, 2015 |
Note 21 - Commitments and Contingent Liabilities (Details) [Line Items] | ||
Agreement Term | 20 years | |
Effective June 30, 2025 [Member] | ||
Note 21 - Commitments and Contingent Liabilities (Details) [Line Items] | ||
Option to Terminate | 10 years | |
Effective June 30, 2030 [Member] | ||
Note 21 - Commitments and Contingent Liabilities (Details) [Line Items] | ||
Option to Terminate | 15 years | |
Termination Option One [Member] | ||
Note 21 - Commitments and Contingent Liabilities (Details) [Line Items] | ||
Increase (Decrease) in Contractual Obligation, Termination Option (in Dollars) | $ 3.5 | |
Termination Option Two [Member] | ||
Note 21 - Commitments and Contingent Liabilities (Details) [Line Items] | ||
Increase (Decrease) in Contractual Obligation, Termination Option (in Dollars) | $ 3.6 | |
Minimum [Member] | Termination Option One [Member] | ||
Note 21 - Commitments and Contingent Liabilities (Details) [Line Items] | ||
Contractual Obligation, Option Period | 11 years | |
Minimum [Member] | Termination Option Two [Member] | ||
Note 21 - Commitments and Contingent Liabilities (Details) [Line Items] | ||
Contractual Obligation, Option Period | 16 years | |
Maximum [Member] | Termination Option One [Member] | ||
Note 21 - Commitments and Contingent Liabilities (Details) [Line Items] | ||
Contractual Obligation, Option Period | 15 years | |
Maximum [Member] | Termination Option Two [Member] | ||
Note 21 - Commitments and Contingent Liabilities (Details) [Line Items] | ||
Contractual Obligation, Option Period | 20 years |
Note 21 - Commitments and Co108
Note 21 - Commitments and Contingent Liabilities (Details) - Contractual Obligations and Commitments $ in Thousands | Dec. 31, 2015USD ($) | |
Note 21 - Commitments and Contingent Liabilities (Details) - Contractual Obligations and Commitments [Line Items] | ||
Within one year | $ 4,949,581 | |
One to two years | 292,319 | |
Three to five years | 35,608 | |
Over five years | 91,898 | |
Total | 5,369,406 | |
Deposits Without a Stated Maturity [Member] | ||
Note 21 - Commitments and Contingent Liabilities (Details) - Contractual Obligations and Commitments [Line Items] | ||
Within one year | $ 4,419,189 | [1] |
One to two years | [1] | |
Three to five years | [1] | |
Over five years | [1] | |
Total | $ 4,419,189 | [1] |
Time Deposits [Member] | ||
Note 21 - Commitments and Contingent Liabilities (Details) - Contractual Obligations and Commitments [Line Items] | ||
Within one year | 446,956 | [1] |
One to two years | 272,551 | [1] |
Three to five years | $ 19,748 | [1] |
Over five years | [1] | |
Total | $ 739,255 | [1] |
Borrowed Funds [Member] | ||
Note 21 - Commitments and Contingent Liabilities (Details) - Contractual Obligations and Commitments [Line Items] | ||
Within one year | $ 72,356 | [2] |
One to two years | [2] | |
Three to five years | [2] | |
Over five years | $ 70,000 | [2] |
Total | 142,356 | [2] |
Operating Lease Obligations [Member] | ||
Note 21 - Commitments and Contingent Liabilities (Details) - Contractual Obligations and Commitments [Line Items] | ||
Within one year | 8,061 | |
One to two years | 13,942 | |
Three to five years | 12,402 | |
Over five years | 11,398 | |
Total | 45,803 | |
Outside Data Processing [Member] | ||
Note 21 - Commitments and Contingent Liabilities (Details) - Contractual Obligations and Commitments [Line Items] | ||
Within one year | 2,369 | [3] |
One to two years | 4,526 | [3] |
Three to five years | $ 2,158 | [3] |
Over five years | [3] | |
Total | $ 9,053 | [3] |
George Mason Sponsorship [Member] | ||
Note 21 - Commitments and Contingent Liabilities (Details) - Contractual Obligations and Commitments [Line Items] | ||
Within one year | 650 | [4] |
One to two years | 1,300 | [4] |
Three to five years | 1,300 | [4] |
Over five years | 10,500 | [4] |
Total | $ 13,750 | [4] |
[1] | Excludes accrued interest payable at December 31, 2015. | |
[2] | Borrowed funds include customer repurchase agreements, and other short-term and long-term borrowings. | |
[3] | The Bank has outstanding obligations under its current core data processing contract that expires in December 2019 and one other vendor arrangement that relates to data communications and data software that expires in December 2017. | |
[4] | The Bank has the option of terminating the George Mason agreement at the end of contract years 10 and 15 (that is, effective June 30, 2025 or June 30, 2030). Should the Bank elect to exercise its right to terminate the George Mason contract, contractual obligations would decrease $3.5 million and $3.6 million for the first option period (years 11-15) and the second option period (16-20), respectively. |
Note 21 - Commitments and Co109
Note 21 - Commitments and Contingent Liabilities (Details) - Commitment Payment Schedule - George Mason Sponsorship [Member] | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Note 21 - Commitments and Contingent Liabilities (Details) - Commitment Payment Schedule [Line Items] | |
1-5 | $ 650,000 |
6-10 | 675,000 |
11-15 | 700,000 |
16-20 | $ 725,000 |
Note 22 - Regulatory Matters (D
Note 22 - Regulatory Matters (Details) - Capital Amounts and Ratios for the Company and Bank - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 capital (to risk weighted assets) | 4.50% | |
CET1 capital (to risk weighted assets) | 6.50% | |
Total capital (to risk weighted assets), minimum required for capital adequacy purposes | 8.00% | 8.00% |
Total capital (to risk weighted assets), to be well capitalized under prompt corrective action | 10.00% | 10.00% |
Tier 1 capital (to risk weighted assets), minimum required for capital adequacy purposes | 6.00% | 4.00% |
Tier 1 capital (to risk weighted assets), to be well capitalized under prompt corrective action | 8.00% | 6.00% |
Tier 1 capital (to average assets), minimum required for capital adequacy purposes | 4.00% | 3.00% |
Tier 1 capital (to average assets), to be well capitalized under prompt corrective action | 5.00% | 5.00% |
Parent Company [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 capital (to risk weighted assets) (in Dollars) | $ 632,408 | |
CET1 capital (to risk weighted assets) | 10.68% | |
Total capital (to risk weighted assets), actual (in Dollars) | $ 755,212 | $ 631,340 |
Total capital (to risk weighted assets), ratio | 12.75% | 12.97% |
Tier 1 capital (to risk weighted assets), actual (in Dollars) | $ 632,408 | $ 505,864 |
Tier 1 capital (to risk weighted assets), ratio | 10.68% | 10.39% |
Tier 1 capital (to average assets), actual (in Dollars) | $ 632,408 | $ 505,864 |
Tier 1 capital (to average assets), ratio | 10.90% | 10.69% |
Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 capital (to risk weighted assets) (in Dollars) | $ 620,879 | |
CET1 capital (to risk weighted assets) | 10.52% | |
Total capital (to risk weighted assets), actual (in Dollars) | $ 673,442 | $ 568,637 |
Total capital (to risk weighted assets), ratio | 11.41% | 11.73% |
Tier 1 capital (to risk weighted assets), actual (in Dollars) | $ 620,879 | $ 522,637 |
Tier 1 capital (to risk weighted assets), ratio | 10.52% | 10.78% |
Tier 1 capital (to average assets), actual (in Dollars) | $ 620,879 | $ 522,637 |
Tier 1 capital (to average assets), ratio | 10.74% | 11.09% |
Note 23 - Other Comprehensiv111
Note 23 - Other Comprehensive Income (Details) - Components of Other Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Components of Other Comprehensive Income (Loss) [Abstract] | |||
Net unrealized gain (loss) on securities available-for-sale, before tax | $ (423) | $ 9,965 | $ (14,622) |
Net unrealized gain (loss) on securities available-for-sale, tax effect | (169) | 3,986 | (5,849) |
Net unrealized gain (loss) on securities available-for-sale, net of tax | (254) | 5,979 | (8,773) |
Net unrealized loss on derivatives | (1,417) | ||
Net unrealized loss on derivatives | (567) | ||
Net unrealized loss on derivatives | (850) | ||
Less: Reclassification adjustment for net gains included in net income-before tax | (2,254) | (22) | (19) |
Less: Reclassification adjustment for net gains included in net income-tax effect | (902) | (9) | (8) |
Less: Reclassification adjustment for net gains included in net income-net of tax | (1,352) | (13) | (11) |
Other Comprehensive Income (Loss), before tax | (4,094) | 9,943 | (14,641) |
Other Comprehensive Income (Loss), tax effect | (1,638) | 3,977 | (5,857) |
Other Comprehensive Income (Loss), net of tax | $ (2,456) | $ 5,966 | $ (8,784) |
Note 23 - Other Comprehensiv112
Note 23 - Other Comprehensive Income (Details) - Changes in Each Component of Accumulated Other Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at Beginning of Period | $ 2,647 | $ (3,319) | $ 5,465 |
Other comprehensive income (loss) before reclassifications | (1,104) | 5,979 | (8,773) |
Amounts reclassified from accumulated other comprehensive income | (1,352) | (13) | (11) |
Net other comprehensive income (loss) during period | (2,456) | 5,966 | (8,784) |
Balance at End of Period | 191 | 2,647 | (3,319) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at Beginning of Period | 2,647 | (3,319) | 5,465 |
Other comprehensive income (loss) before reclassifications | (254) | 5,979 | (8,773) |
Amounts reclassified from accumulated other comprehensive income | (1,352) | (13) | (11) |
Net other comprehensive income (loss) during period | (1,606) | 5,966 | (8,784) |
Balance at End of Period | 1,041 | $ 2,647 | $ (3,319) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss) before reclassifications | (850) | ||
Net other comprehensive income (loss) during period | (850) | ||
Balance at End of Period | $ (850) |
Note 23 - Other Comprehensiv113
Note 23 - Other Comprehensive Income (Details) - Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Realized gain on sale of investment securities | $ 2,254 | $ 22 | $ 19 |
(902) | (9) | (8) | |
Total reclassifications for the period | $ 1,352 | $ 13 | $ 11 |
Note 24 - Fair Value Measure114
Note 24 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value On a Recurring Basis - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investment securities available for sale: | ||
Available for Sale Securities | $ 535,385 | $ 426,806 |
Liabilities: | ||
Interest rate swap liabilities | 1,417 | |
US Government Agencies Debt Securities [Member] | ||
Investment securities available for sale: | ||
Available for Sale Securities | 56,975 | 29,894 |
Residential Mortgage Backed Securities [Member] | ||
Investment securities available for sale: | ||
Available for Sale Securities | 297,241 | 240,320 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities available for sale: | ||
Available for Sale Securities | 118,381 | 111,712 |
Corporate Debt Securities [Member] | ||
Investment securities available for sale: | ||
Available for Sale Securities | 14,938 | |
Equity Securities [Member] | ||
Investment securities available for sale: | ||
Available for Sale Securities | 334 | 417 |
Residential Mortgage Loan Long-Term [Member] | ||
Investment securities available for sale: | ||
Available for Sale Securities | 47,492 | 44,317 |
Mortgage Banking Derivative [Member] | ||
Investment securities available for sale: | ||
Available for Sale Securities | 24 | |
Derivative Instruments [Member] | ||
Investment securities available for sale: | ||
Available for Sale Securities | 146 | |
Derivative Financial Instruments, Liabilities [Member] | Interest Rate Swap [Member] | ||
Liabilities: | ||
Interest rate swap liabilities | 1,417 | |
Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale: | ||
Available for Sale Securities | 115 | 198 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Investment securities available for sale: | ||
Available for Sale Securities | 115 | 198 |
Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale: | ||
Available for Sale Securities | 535,027 | 426,243 |
Liabilities: | ||
Interest rate swap liabilities | 1,417 | |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
Investment securities available for sale: | ||
Available for Sale Securities | 56,975 | 29,894 |
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ||
Investment securities available for sale: | ||
Available for Sale Securities | 297,241 | 240,320 |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities available for sale: | ||
Available for Sale Securities | 118,381 | 111,712 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Investment securities available for sale: | ||
Available for Sale Securities | 14,938 | |
Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Loan Long-Term [Member] | ||
Investment securities available for sale: | ||
Available for Sale Securities | 47,492 | 44,317 |
Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Liabilities [Member] | Interest Rate Swap [Member] | ||
Liabilities: | ||
Interest rate swap liabilities | 1,417 | |
Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale: | ||
Available for Sale Securities | 243 | 365 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
Investment securities available for sale: | ||
Available for Sale Securities | 219 | 219 |
Fair Value, Inputs, Level 3 [Member] | Mortgage Banking Derivative [Member] | ||
Investment securities available for sale: | ||
Available for Sale Securities | $ 24 | |
Fair Value, Inputs, Level 3 [Member] | Derivative Instruments [Member] | ||
Investment securities available for sale: | ||
Available for Sale Securities | $ 146 |
Note 24 - Fair Value Measure115
Note 24 - Fair Value Measurements (Details) - Assets Measured at Fair Value Based on Significant Unobservable Inputs - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Assets: | ||
Beginning balance at December 31, | $ 365 | $ 219 |
Ending balance at December 31, | 243 | 365 |
Liabilities: | ||
Beginning balance at December 31, | 250 | |
Ending balance at December 31, | 30 | 250 |
Assets: | ||
Realized gain (loss) included in earnings - net mortgage banking derivatives | (122) | 146 |
Realized (gain) loss included in earnings - net mortgage banking derivatives | (220) | 250 |
Equity Investment Other [Member] | ||
Assets: | ||
Beginning balance at December 31, | 219 | 219 |
Ending balance at December 31, | 219 | 219 |
Derivative Assets and Liabilities [Member] | ||
Assets: | ||
Beginning balance at December 31, | 146 | |
Ending balance at December 31, | 24 | 146 |
Liabilities: | ||
Beginning balance at December 31, | 250 | |
Ending balance at December 31, | 30 | 250 |
Assets: | ||
Realized gain (loss) included in earnings - net mortgage banking derivatives | (122) | 146 |
Realized (gain) loss included in earnings - net mortgage banking derivatives | $ (220) | $ 250 |
Note 24 - Fair Value Measure116
Note 24 - Fair Value Measurements (Details) - Assets Measured at Fair Value on a Nonrecurring Basis - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Impaired loans: | ||
Other real estate owned | $ 5,852 | $ 13,224 |
Total assets measured at fair value on a nonrecurring basis | 31,466 | 41,105 |
Commercial Portfolio Segment [Member] | ||
Impaired loans: | ||
Impaired loans | 9,201 | 7,641 |
Income Producing Portfolio Segment [Member] | ||
Impaired loans: | ||
Impaired loans | 5,085 | 9,743 |
Owner Occupied Portfolio Segment [Member] | ||
Impaired loans: | ||
Impaired loans | 1,353 | 1,312 |
Residential Portfolio Segment [Member] | ||
Impaired loans: | ||
Impaired loans | 329 | 346 |
Construction Portfolio Segment [Member] | ||
Impaired loans: | ||
Impaired loans | 9,504 | 7,858 |
Home Equity Portfolio Segment [Member] | ||
Impaired loans: | ||
Impaired loans | 123 | 968 |
Other Consumer Portfolio Segment [Member] | ||
Impaired loans: | ||
Impaired loans | 19 | 13 |
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans: | ||
Other real estate owned | 5,394 | 9,184 |
Total assets measured at fair value on a nonrecurring basis | 5,947 | 10,673 |
Fair Value, Inputs, Level 2 [Member] | Commercial Portfolio Segment [Member] | ||
Impaired loans: | ||
Impaired loans | 271 | 781 |
Fair Value, Inputs, Level 2 [Member] | Income Producing Portfolio Segment [Member] | ||
Impaired loans: | ||
Impaired loans | 703 | |
Fair Value, Inputs, Level 2 [Member] | Owner Occupied Portfolio Segment [Member] | ||
Impaired loans: | ||
Impaired loans | 282 | |
Fair Value, Inputs, Level 2 [Member] | Home Equity Portfolio Segment [Member] | ||
Impaired loans: | ||
Impaired loans | 5 | |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans: | ||
Other real estate owned | 458 | 4,040 |
Total assets measured at fair value on a nonrecurring basis | 25,519 | 30,432 |
Fair Value, Inputs, Level 3 [Member] | Commercial Portfolio Segment [Member] | ||
Impaired loans: | ||
Impaired loans | 8,930 | 6,860 |
Fair Value, Inputs, Level 3 [Member] | Income Producing Portfolio Segment [Member] | ||
Impaired loans: | ||
Impaired loans | 5,085 | 9,040 |
Fair Value, Inputs, Level 3 [Member] | Owner Occupied Portfolio Segment [Member] | ||
Impaired loans: | ||
Impaired loans | 1,071 | 1,312 |
Fair Value, Inputs, Level 3 [Member] | Residential Portfolio Segment [Member] | ||
Impaired loans: | ||
Impaired loans | 329 | 346 |
Fair Value, Inputs, Level 3 [Member] | Construction Portfolio Segment [Member] | ||
Impaired loans: | ||
Impaired loans | 9,504 | 7,858 |
Fair Value, Inputs, Level 3 [Member] | Home Equity Portfolio Segment [Member] | ||
Impaired loans: | ||
Impaired loans | 123 | 963 |
Fair Value, Inputs, Level 3 [Member] | Other Consumer Portfolio Segment [Member] | ||
Impaired loans: | ||
Impaired loans | $ 19 | $ 13 |
Note 24 - Fair Value Measure117
Note 24 - Fair Value Measurements (Details) - Fair Values of Financial Instruments - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | |||
Cash and due from banks, carrying value | $ 11,009 | $ 9,097 | |
Cash and due from banks, fair value | 11,009 | 9,097 | |
Federal funds sold, carrying value | 3,791 | 3,516 | |
Federal funds sold, fair value | 3,791 | 3,516 | |
Interest bearing deposits with other banks, carrying value | 283,563 | 243,412 | |
Interest bearing deposits with other banks, fair value | 283,563 | 243,412 | |
Investment securities, carrying value | 487,869 | 382,343 | |
Investment securities, fair value | 487,869 | 382,343 | |
Federal Reserve and Federal Home Loan Bank stock, carrying value | 16,903 | 22,560 | |
Federal Reserve and Federal Home Loan Bank stock, fair value | 16,903 | 22,560 | |
Loans held for sale, carrying value | 47,492 | 44,317 | |
Loans held for sale, fair value | 47,492 | 44,669 | |
Loans, carrying value | 4,998,368 | 4,312,399 | |
Loans, fair value | 5,000,717 | 4,314,618 | |
Bank owned life insurance, carrying value | 58,682 | 56,594 | |
Bank owned life insurance, fair value | 58,682 | 56,594 | |
Annuity investment, carrying value | 12,136 | 11,277 | |
Annuity investment, fair value | 12,136 | 11,277 | |
Liabilities | |||
Noninterest bearing deposits, carrying value | 5,158,444 | 4,310,768 | $ 3,225,414 |
Certificates of deposit, carrying value | 739,255 | 688,741 | $ 446,337 |
Certificates of deposit, fair value | 736,973 | 688,067 | |
Customer repurchase agreements, carrying value | 72,356 | 61,120 | |
Customer repurchase agreements, fair value | 72,356 | 61,120 | |
Borrowings, carrying value | 70,000 | 219,300 | |
Borrowings, fair value | 69,992 | 220,838 | |
Mortgage banking derivatives, carrying value | 1,417 | 250 | |
Mortgage banking derivatives, fair value | 1,417 | 250 | |
Mortgage Banking Derivative [Member] | |||
Assets | |||
Mortgage banking derivatives, carrying value | 24 | 146 | |
Mortgage banking derivatives, fair value | 24 | 146 | |
Liabilities | |||
Mortgage banking derivatives, carrying value | 30 | ||
Mortgage banking derivatives, fair value | 30 | ||
Noninterest-bearing Deposits [Member] | |||
Liabilities | |||
Noninterest bearing deposits, carrying value | 1,405,067 | 1,175,799 | |
Noninterest bearing deposits, fair value | 1,405,067 | 1,175,799 | |
Interest-bearing Deposits [Member] | |||
Liabilities | |||
Noninterest bearing deposits, carrying value | 3,014,122 | 2,446,228 | |
Noninterest bearing deposits, fair value | 3,014,122 | 2,446,228 | |
Fair Value, Inputs, Level 1 [Member] | |||
Assets | |||
Investment securities, carrying value | 115 | 198 | |
Investment securities, fair value | 115 | 198 | |
Fair Value, Inputs, Level 2 [Member] | |||
Assets | |||
Cash and due from banks, fair value | 11,009 | 9,097 | |
Federal funds sold, carrying value | 3,791 | 3,516 | |
Federal funds sold, fair value | 3,791 | 3,516 | |
Interest bearing deposits with other banks, carrying value | 283,563 | 243,412 | |
Interest bearing deposits with other banks, fair value | 283,563 | 243,412 | |
Investment securities, carrying value | 487,535 | 381,926 | |
Investment securities, fair value | 487,535 | 381,926 | |
Federal Reserve and Federal Home Loan Bank stock, fair value | 16,903 | 22,560 | |
Loans held for sale, fair value | 47,492 | 44,669 | |
Loans, fair value | 553 | 1,489 | |
Bank owned life insurance, carrying value | 58,682 | 56,594 | |
Bank owned life insurance, fair value | 58,682 | 56,594 | |
Annuity investment, fair value | 12,136 | 11,277 | |
Liabilities | |||
Certificates of deposit, fair value | 736,973 | 688,067 | |
Customer repurchase agreements, fair value | 72,356 | 61,120 | |
Borrowings, fair value | 69,992 | 220,838 | |
Mortgage banking derivatives, carrying value | 1,417 | ||
Mortgage banking derivatives, fair value | 1,417 | ||
Fair Value, Inputs, Level 2 [Member] | Noninterest-bearing Deposits [Member] | |||
Liabilities | |||
Noninterest bearing deposits, fair value | 1,405,067 | 1,175,799 | |
Fair Value, Inputs, Level 2 [Member] | Interest-bearing Deposits [Member] | |||
Liabilities | |||
Noninterest bearing deposits, fair value | 3,014,122 | 2,446,228 | |
Fair Value, Inputs, Level 3 [Member] | |||
Assets | |||
Investment securities, carrying value | 219 | 219 | |
Investment securities, fair value | 219 | 219 | |
Loans, fair value | 5,000,164 | 4,313,129 | |
Liabilities | |||
Mortgage banking derivatives, carrying value | 250 | ||
Mortgage banking derivatives, fair value | 250 | ||
Fair Value, Inputs, Level 3 [Member] | Mortgage Banking Derivative [Member] | |||
Assets | |||
Mortgage banking derivatives, fair value | 24 | $ 146 | |
Liabilities | |||
Mortgage banking derivatives, carrying value | 30 | ||
Mortgage banking derivatives, fair value | $ 30 |
Note 25 - Quarterly Results 118
Note 25 - Quarterly Results of Operations (Unaudited) (Details) | Jun. 14, 2013 | Dec. 31, 2013 |
Quarterly Financial Information Disclosure [Abstract] | ||
10.00% | 10.00% |
Note 25 - Quarterly Results 119
Note 25 - Quarterly Results of Operations (Unaudited) (Details) - Quarterly Results of Operations - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | 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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||||||
Quarterly Results of Operations [Abstract] | |||||||||||||||||||||||||||
Total interest income | $ 67,311 | $ 63,981 | $ 62,423 | $ 59,465 | $ 56,091 | $ 47,886 | $ 44,759 | $ 42,837 | $ 41,652 | $ 39,724 | $ 37,985 | $ 37,933 | $ 253,180 | $ 191,573 | $ 157,294 | ||||||||||||
Total interest expense | 4,735 | 4,896 | 4,873 | 4,734 | 4,275 | 3,251 | 2,739 | 2,830 | 2,938 | 3,021 | 3,121 | 3,424 | 19,238 | 13,095 | 12,504 | ||||||||||||
Net interest income | 62,576 | 59,085 | 57,550 | 54,731 | 51,816 | 44,635 | 42,020 | 40,007 | 38,714 | 36,703 | 34,864 | 34,509 | 233,942 | 178,478 | 144,790 | ||||||||||||
Provision for credit losses | 4,595 | 3,262 | 3,471 | 3,310 | 3,700 | 2,111 | 3,134 | 1,934 | 2,508 | 1,372 | 2,357 | 3,365 | |||||||||||||||
Net interest income after provision for credit losses | 57,981 | 55,823 | 54,079 | 51,421 | 48,116 | 42,524 | 38,886 | 38,073 | 36,206 | 35,331 | 32,507 | 31,144 | 219,304 | 167,599 | 135,188 | ||||||||||||
Noninterest income | 6,492 | 6,099 | 6,233 | 7,804 | 5,310 | 4,761 | 3,811 | 4,463 | 4,304 | 5,236 | 7,065 | 8,111 | 26,628 | 18,345 | 24,716 | ||||||||||||
Noninterest expense | 28,640 | 27,405 | 26,598 | 28,073 | 29,352 | 25,143 | 22,135 | 23,098 | 21,524 | 21,673 | 20,685 | 20,697 | 110,716 | 99,728 | 84,579 | ||||||||||||
Income before income tax expense | 35,833 | 34,517 | 33,714 | 31,152 | 24,074 | 22,142 | 20,562 | 19,438 | 18,986 | 18,894 | 18,887 | 18,558 | 135,216 | 86,216 | 75,325 | ||||||||||||
Income tax expense | 13,485 | 13,054 | 12,776 | 11,734 | 9,347 | 8,054 | 7,618 | 6,939 | 6,983 | 7,137 | 7,212 | 6,986 | 51,049 | 31,958 | 28,318 | ||||||||||||
Net income | 22,348 | 21,463 | 20,938 | 19,418 | 14,727 | 14,088 | 12,944 | 12,499 | 12,003 | 11,757 | 11,675 | 11,572 | 84,167 | 54,258 | 47,007 | ||||||||||||
Preferred stock dividends and discount accretion | 62 | 180 | 179 | 180 | 180 | 151 | 142 | 141 | 141 | 142 | 142 | 141 | 601 | 614 | 566 | ||||||||||||
Net income available to common shareholders | $ 22,286 | $ 21,283 | $ 20,759 | $ 19,238 | $ 14,547 | $ 13,937 | $ 12,802 | $ 12,358 | $ 11,862 | $ 11,615 | $ 11,533 | $ 11,431 | $ 83,566 | $ 53,644 | $ 46,441 | ||||||||||||
Earnings per common share | |||||||||||||||||||||||||||
Basic (1) (in Dollars per share) | $ 0.67 | [1] | $ 0.64 | [1] | $ 0.62 | [1] | $ 0.62 | [1] | $ 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] | $ 2.54 | $ 2.01 | $ 1.81 |
Diluted (1) (in Dollars per share) | $ 0.65 | [1] | $ 0.63 | [1] | $ 0.61 | [1] | $ 0.61 | [1] | $ 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] | $ 2.50 | $ 1.95 | $ 1.76 |
[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 26 - Parent Company Fin120
Note 26 - Parent Company Financial Information (Details) - Condensed Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ||||
Investment securities available-for-sale, at fair value | $ 487,869 | $ 382,343 | ||
Other assets | 48,700 | 44,975 | ||
Total Assets | 6,076,649 | 5,247,880 | ||
Liabilities | ||||
Other liabilities | 37,248 | 35,933 | ||
Long-term borrowings | 70,000 | 119,300 | ||
Total liabilities | 5,338,048 | 4,627,121 | ||
Shareholders' Equity | ||||
Preferred stock | 71,900 | |||
Common stock | 331 | 296 | ||
Warrant | 946 | 946 | ||
Additional paid in capital | 503,529 | 394,933 | ||
Retained earnings | 233,604 | 150,037 | ||
Accumulated other comprehensive income | 191 | 2,647 | $ (3,319) | $ 5,465 |
Total Shareholders’ Equity | 738,601 | 620,759 | $ 393,863 | $ 349,976 |
Total Liabilities and Shareholders' Equity | 6,076,649 | 5,247,880 | ||
Parent Company [Member] | ||||
Assets | ||||
Cash | 65,692 | 42,810 | ||
Cash equivalents | 8,739 | |||
Investment securities available-for-sale, at fair value | 216 | 300 | ||
Investment in subsidiaries | 740,804 | 647,633 | ||
Other assets | 3,516 | 2,731 | ||
Total Assets | 810,228 | 702,213 | ||
Liabilities | ||||
Other liabilities | 1,627 | 2,154 | ||
Long-term borrowings | 70,000 | 79,300 | ||
Total liabilities | 71,627 | 81,454 | ||
Shareholders' Equity | ||||
Common stock | 331 | 296 | ||
Warrant | 946 | 946 | ||
Additional paid in capital | 503,529 | 394,933 | ||
Retained earnings | 233,604 | 150,037 | ||
Accumulated other comprehensive income | 191 | 2,647 | ||
Total Shareholders’ Equity | 738,601 | 620,759 | ||
Total Liabilities and Shareholders' Equity | $ 810,228 | 702,213 | ||
Parent Company [Member] | Series B Preferred Stock [Member] | ||||
Shareholders' Equity | ||||
Preferred stock | 56,600 | |||
Parent Company [Member] | Series C Preferred Stock [Member] | ||||
Shareholders' Equity | ||||
Preferred stock | $ 15,300 |
Note 26 - Parent Company Fin121
Note 26 - Parent Company Financial Information (Details) - Condensed Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | 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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Expenses | |||||||||||||||
Interest expense | $ 4,735 | $ 4,896 | $ 4,873 | $ 4,734 | $ 4,275 | $ 3,251 | $ 2,739 | $ 2,830 | $ 2,938 | $ 3,021 | $ 3,121 | $ 3,424 | $ 19,238 | $ 13,095 | $ 12,504 |
Legal and professional | 3,729 | 3,439 | 2,969 | ||||||||||||
Other | 15,636 | 10,510 | 12,354 | ||||||||||||
Loss Before Income Tax (Benefit) and Equity in Undistributed Income of Subsidiaries | 35,833 | 34,517 | 33,714 | 31,152 | 24,074 | 22,142 | 20,562 | 19,438 | 18,986 | 18,894 | 18,887 | 18,558 | 135,216 | 86,216 | 75,325 |
Income Tax Benefit | 13,485 | 13,054 | 12,776 | 11,734 | 9,347 | 8,054 | 7,618 | 6,939 | 6,983 | 7,137 | 7,212 | 6,986 | 51,049 | 31,958 | 28,318 |
Net Income | 22,348 | 21,463 | 20,938 | 19,418 | 14,727 | 14,088 | 12,944 | 12,499 | 12,003 | 11,757 | 11,675 | 11,572 | 84,167 | 54,258 | 47,007 |
Preferred Stock Dividends | 62 | 180 | 179 | 180 | 180 | 151 | 142 | 141 | 141 | 142 | 142 | 141 | 601 | 614 | 566 |
Net Income Available to Common Shareholders | $ 22,286 | $ 21,283 | $ 20,759 | $ 19,238 | $ 14,547 | $ 13,937 | $ 12,802 | $ 12,358 | $ 11,862 | $ 11,615 | $ 11,533 | $ 11,431 | 83,566 | 53,644 | 46,441 |
Parent Company [Member] | |||||||||||||||
Income | |||||||||||||||
Other interest and dividends | 369 | 171 | 117 | ||||||||||||
Total Income | 369 | 171 | 117 | ||||||||||||
Expenses | |||||||||||||||
Interest expense | 4,490 | 2,497 | 897 | ||||||||||||
Legal and professional | 101 | 108 | 142 | ||||||||||||
Directors’ compensation | 224 | 257 | 187 | ||||||||||||
Other | 1,152 | 1,086 | 946 | ||||||||||||
Total Expenses | 5,967 | 3,948 | 2,172 | ||||||||||||
Loss Before Income Tax (Benefit) and Equity in Undistributed Income of Subsidiaries | (5,598) | (3,777) | (2,055) | ||||||||||||
Income Tax Benefit | (2,208) | (1,490) | (810) | ||||||||||||
Loss Before Equity in Undistributed Income of Subsidiaries | (3,390) | (2,287) | (1,245) | ||||||||||||
Equity in Undistributed Income of Subsidiaries | 87,557 | 56,545 | 48,252 | ||||||||||||
Net Income | 84,167 | 54,258 | 47,007 | ||||||||||||
Preferred Stock Dividends | 601 | 614 | 566 | ||||||||||||
Net Income Available to Common Shareholders | $ 83,566 | $ 53,644 | $ 46,441 |
Note 26 - Parent Company Fin122
Note 26 - Parent Company Financial Information (Details) - Condensed Statements of Cash Flows - USD ($) | Jul. 14, 2011 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | 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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Cash Flows From Operating Activities | ||||||||||||||||
Net Income | $ 22,348,000 | $ 21,463,000 | $ 20,938,000 | $ 19,418,000 | $ 14,727,000 | $ 14,088,000 | $ 12,944,000 | $ 12,499,000 | $ 12,003,000 | $ 11,757,000 | $ 11,675,000 | $ 11,572,000 | $ 84,167,000 | $ 54,258,000 | $ 47,007,000 | |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||||||||||||||||
Excess tax benefit on stock-based compensation | (2,984,000) | (978,000) | (410,000) | |||||||||||||
Proceeds from sale of available for sale securities | 111,700,000 | 49,900,000 | 22,100,000 | |||||||||||||
(Increase) decrease in other assets | (3,725,000) | (12,631,000) | (26,000) | |||||||||||||
(Decrease) increase in other liabilities | 1,315,000 | 1,856,000 | 10,850,000 | |||||||||||||
Net cash (used in) operating activities | 98,589,000 | 59,508,000 | 258,677,000 | |||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||
Net cash used in investing activities | (796,921,000) | (725,726,000) | (600,736,000) | |||||||||||||
Cash Flows From Financing Activities | ||||||||||||||||
Issuance of common stock | 94,633,000 | 144,093,000 | ||||||||||||||
Issuance of Series C Preferred Stock | 15,300,000 | |||||||||||||||
Proceeds from exercise of stock options | 5,176,000 | 2,313,000 | 1,984,000 | |||||||||||||
Preferred stock dividends | (600,000) | (614,000) | (566,000) | |||||||||||||
Excess tax benefit on stock-based compensation | 2,984,000 | 978,000 | 410,000 | |||||||||||||
Payment in lieu of fractional shares | 4,000 | 11,000 | ||||||||||||||
Proceeds from employee stock purchase plan | 769,000 | 621,000 | 543,000 | |||||||||||||
Net cash provided by financing activities | 740,670,000 | 615,283,000 | 309,685,000 | |||||||||||||
Net Increase in Cash | 42,338,000 | (50,935,000) | (32,374,000) | |||||||||||||
Cash and Cash Equivalents at Beginning of Year | 256,025,000 | 306,960,000 | 339,334,000 | 256,025,000 | 306,960,000 | 339,334,000 | ||||||||||
Cash and Cash Equivalents at End of Year | 298,363,000 | 256,025,000 | 306,960,000 | 298,363,000 | 256,025,000 | 306,960,000 | ||||||||||
Series C Preferred Stock [Member] | ||||||||||||||||
Cash Flows From Financing Activities | ||||||||||||||||
Redemption of preferred stock | (15,300,000) | |||||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||||
Cash Flows From Financing Activities | ||||||||||||||||
Issuance of Series C Preferred Stock | $ 56,600,000 | |||||||||||||||
Redemption of preferred stock | (56,600,000) | |||||||||||||||
Parent Company [Member] | ||||||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||
Net Income | 84,167,000 | 54,258,000 | 47,007,000 | |||||||||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||||||||||||||||
Equity in undistributed income of subsidiary | (87,557,000) | (56,545,000) | (48,252,000) | |||||||||||||
Excess tax benefit on stock-based compensation | (2,984,000) | (978,000) | (410,000) | |||||||||||||
Proceeds from sale of available for sale securities | 84,000 | |||||||||||||||
(Increase) decrease in other assets | (785,000) | (1,731,000) | 353,000 | |||||||||||||
(Decrease) increase in other liabilities | (121,000) | 1,803,000 | 67,000 | |||||||||||||
Net cash (used in) operating activities | (7,196,000) | (3,193,000) | (1,235,000) | |||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||
Investment in subsidiary (net) | (419,000) | (203,782,000) | (810,000) | |||||||||||||
Net cash used in investing activities | (419,000) | (203,782,000) | (810,000) | |||||||||||||
Cash Flows From Financing Activities | ||||||||||||||||
Issuance of common stock | 94,633,000 | 144,093,000 | ||||||||||||||
Increase in long-term borrowings | 70,000,000 | |||||||||||||||
Decrease in long-term borrowings | (9,300,000) | |||||||||||||||
Proceeds from exercise of stock options | 5,176,000 | 2,313,000 | 1,984,000 | |||||||||||||
Preferred stock dividends | (600,000) | (614,000) | (566,000) | |||||||||||||
Excess tax benefit on stock-based compensation | 2,984,000 | 978,000 | 410,000 | |||||||||||||
Payment in lieu of fractional shares | (4,000) | (11,000) | ||||||||||||||
Proceeds from employee stock purchase plan | 769,000 | 621,000 | 543,000 | |||||||||||||
Net cash provided by financing activities | 21,758,000 | 232,691,000 | 2,360,000 | |||||||||||||
Net Increase in Cash | 14,143,000 | 25,716,000 | 315,000 | |||||||||||||
Cash and Cash Equivalents at Beginning of Year | $ 51,549,000 | $ 25,833,000 | $ 25,518,000 | 51,549,000 | 25,833,000 | 25,518,000 | ||||||||||
Cash and Cash Equivalents at End of Year | $ 65,692,000 | $ 51,549,000 | $ 25,833,000 | 65,692,000 | 51,549,000 | $ 25,833,000 | ||||||||||
Parent Company [Member] | Series C Preferred Stock [Member] | ||||||||||||||||
Cash Flows From Financing Activities | ||||||||||||||||
Issuance of Series C Preferred Stock | $ 15,300,000 | |||||||||||||||
Redemption of preferred stock | (15,300,000) | |||||||||||||||
Parent Company [Member] | Series B Preferred Stock [Member] | ||||||||||||||||
Cash Flows From Financing Activities | ||||||||||||||||
Redemption of preferred stock | $ (56,600,000) |