Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 21, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | EAGLE BANCORP INC | ||
Entity Central Index Key | 1,050,441 | ||
Trading Symbol | egbn | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 34,119,169 | ||
Entity Public Float | $ 1,460 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and due from banks | $ 10,285 | $ 10,270 |
Federal funds sold | 2,397 | 3,791 |
Interest bearing deposits with banks and other short-term investments | 355,481 | 284,302 |
Investment securities available-for-sale, at fair value | 538,108 | 487,869 |
Federal Reserve and Federal Home Loan Bank stock | 21,600 | 16,903 |
Loans held for sale | 51,629 | 47,492 |
Loans | 5,677,893 | 4,998,368 |
Less allowance for credit losses | (59,074) | (52,687) |
Loans, net | 5,618,819 | 4,945,681 |
Premises and equipment, net | 20,661 | 18,254 |
Deferred income taxes | 48,220 | 40,311 |
Bank owned life insurance | 60,130 | 58,682 |
Intangible assets, net | 107,419 | 108,542 |
Other real estate owned | 2,694 | 5,852 |
Other assets | 52,653 | 47,628 |
Total Assets | 6,890,096 | 6,075,577 |
Liabilities and Shareholders' Equity | ||
Noninterest bearing demand | 1,775,684 | 1,405,067 |
Interest bearing transaction | 289,122 | 178,797 |
Savings and money market | 2,902,560 | 2,835,325 |
Time, $100,000 or more | 464,842 | 406,570 |
Other time | 283,906 | 332,685 |
Total deposits | 5,716,114 | 5,158,444 |
Customer repurchase agreements | 68,876 | 72,356 |
Long-term borrowings | 216,514 | 68,928 |
Other liabilities | 45,793 | 37,248 |
Total Liabilities | 6,047,297 | 5,336,976 |
Shareholders' Equity | ||
Common stock, par value $.01 per share; shares authorized 100,000,000, shares issued and outstanding 34,023,850 and 33,467,893, respectively | 338 | 331 |
Warrant | 946 | |
Additional paid in capital | 513,531 | 503,529 |
Retained earnings | 331,311 | 233,604 |
Accumulated other comprehensive (loss) income | (2,381) | 191 |
Total Shareholders' Equity | 842,799 | 738,601 |
Total Liabilities and Shareholders' Equity | $ 6,890,096 | $ 6,075,577 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 34,023,850 | 34,023,850 |
Common stock, shares outstanding (in shares) | 33,467,893 | 33,467,893 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest Income | |||
Interest and fees on loans | $ 274,488 | $ 242,340 | $ 181,775 |
Interest and dividends on investment securities | 9,629 | 10,092 | 9,286 |
Interest on balances with other banks and short-term investments | 1,654 | 732 | 496 |
Interest on federal funds sold | 34 | 16 | 16 |
Total interest income | 285,805 | 253,180 | 191,573 |
Interest Expense | |||
Interest on deposits | 19,248 | 14,343 | 9,638 |
Interest on customer repurchase agreements | 167 | 132 | 143 |
Interest on short-term borrowings | 732 | 86 | 31 |
Interest on long-term borrowings | 7,493 | 4,677 | 3,283 |
Total interest expense | 27,640 | 19,238 | 13,095 |
Net Interest Income | 258,165 | 233,942 | 178,478 |
Provision for Credit Losses | 11,331 | 14,638 | 10,879 |
Net Interest Income After Provision For Credit Losses | 246,834 | 219,304 | 167,599 |
Noninterest Income | |||
Service charges on deposits | 5,821 | 5,397 | 4,906 |
Gain on sale of loans | 11,564 | 11,973 | 6,886 |
Gain on sale of investment securities | 1,194 | 2,254 | 22 |
Loss on early extinguishment of debt | (1,130) | ||
Increase in the cash surrender value of bank owned life insurance | 1,554 | 1,589 | 1,283 |
Other income | 7,151 | 6,545 | 5,248 |
Total noninterest income | 27,284 | 26,628 | 18,345 |
Noninterest Expense | |||
Salaries and employee benefits | 67,010 | 61,749 | 57,268 |
Premises and equipment expenses | 15,118 | 16,026 | 13,317 |
Marketing and advertising | 3,495 | 2,748 | 1,999 |
Data processing | 7,747 | 7,533 | 6,163 |
Legal, accounting and professional fees | 3,673 | 3,729 | 3,439 |
FDIC insurance | 2,718 | 3,154 | 2,333 |
Merger expenses | 141 | 4,699 | |
Other expenses | 15,255 | 15,636 | 10,510 |
Total noninterest expense | 115,016 | 110,716 | 99,728 |
Income Before Income Tax Expense | 159,102 | 135,216 | 86,216 |
Income Tax Expense | 61,395 | 51,049 | 31,958 |
Net Income | 97,707 | 84,167 | 54,258 |
Preferred Stock Dividends | 601 | 614 | |
Net Income Available to Common Shareholders | $ 97,707 | $ 83,566 | $ 53,644 |
Earnings Per Common Share | |||
Basic (in dollars per share) | $ 2.91 | $ 2.54 | $ 2.01 |
Diluted (in dollars per share) | $ 2.86 | $ 2.50 | $ 1.95 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Income | $ 97,707 | $ 84,167 | $ 54,258 |
Other comprehensive (loss) income, net of tax: | |||
Unrealized (loss) gain on securities available for sale | (2,280) | (254) | 5,979 |
Reclassification adjustment for net gains included in net income | (716) | (1,352) | (13) |
Total unrealized (loss) gain | (2,996) | (1,606) | 5,966 |
Unrealized loss on derivatives | (934) | (850) | |
Reclassification adjustment for losses included in net income | 1,358 | ||
Total unrealized gain (loss) | 424 | (850) | |
Other comprehensive (loss) income | (2,572) | (2,456) | 5,966 |
Comprehensive Income | $ 95,135 | $ 81,711 | $ 60,224 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Warrant [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2013 | 56,600 | 25,885,863 | |||||
Balance at Dec. 31, 2013 | $ 56,600 | $ 253 | $ 946 | $ 242,990 | $ 96,393 | $ (3,319) | $ 393,863 |
Net Income | 54,258 | 54,258 | |||||
Other comprehensive income (loss), net of tax | 5,966 | 5,966 | |||||
Common stock issued to effect merger with Virginia Heritage (in shares) | 4,010,261 | ||||||
Common stock issued to effect merger with Virginia Heritage | $ 40 | 144,053 | 144,093 | ||||
Stock-based compensation | 3,981 | 3,981 | |||||
Issuance of common stock related to options exercised, net of shares withheld for payroll taxes (in shares) | 157,313 | ||||||
Issuance of common stock related to options exercised, net of shares withheld for payroll taxes | $ 1 | 2,312 | 2,313 | ||||
Tax benefits realized from stock compensation | 978 | 978 | |||||
Vesting of restricted stock awards issued at date of grant, net of shares withheld for payroll taxes (in shares) | (21,858) | ||||||
Vesting of restricted stock awards issued at date of grant, net of shares withheld for payroll taxes | $ 2 | (2) | |||||
Restricted stock awards (in shares) | 87,927 | ||||||
Restricted stock awards | |||||||
Issuance of common stock related to employee stock purchase plan (in shares) | 19,890 | ||||||
Issuance of common stock related to employee stock purchase plan | 621 | 621 | |||||
Issuance of Series C Preferred Stock (in shares) | 15,300 | ||||||
Issuance of Series C Preferred Stock | $ 15,300 | 15,300 | |||||
Preferred stock dividends | (614) | (614) | |||||
Balance (in shares) at Dec. 31, 2014 | 71,900 | 30,139,396 | |||||
Balance at Dec. 31, 2014 | $ 71,900 | $ 296 | 946 | 394,933 | 150,037 | 2,647 | 620,759 |
Shares issued in public offering, net of issuance costs (in shares) | 15,300 | ||||||
Shares issued in public offering, net of issuance costs | $ 15,300 | 15,300 | |||||
Net Income | 84,167 | 84,167 | |||||
Other comprehensive income (loss), net of tax | (2,456) | (2,456) | |||||
Stock-based compensation | 5,073 | 5,073 | |||||
Issuance of common stock related to options exercised, net of shares withheld for payroll taxes (in shares) | 439,582 | ||||||
Issuance of common stock related to options exercised, net of shares withheld for payroll taxes | $ 5 | 5,171 | 5,176 | ||||
Tax benefits realized from stock compensation | 2,984 | 2,984 | |||||
Vesting of restricted stock awards issued at date of grant, net of shares withheld for payroll taxes (in shares) | (26,701) | ||||||
Vesting of restricted stock awards issued at date of grant, net of shares withheld for payroll taxes | $ 2 | (2) | |||||
Restricted stock awards (in shares) | 78,070 | ||||||
Restricted stock awards | |||||||
Issuance of common stock related to employee stock purchase plan (in shares) | 20,646 | ||||||
Issuance of common stock related to employee stock purchase plan | 769 | 769 | |||||
Issuance of Series C Preferred Stock (in shares) | 2,816,900 | ||||||
Issuance of Series C Preferred Stock | $ 28 | 94,605 | 94,633 | ||||
Preferred stock dividends | (600) | (600) | |||||
Balance (in shares) at Dec. 31, 2015 | 33,467,893 | ||||||
Balance at Dec. 31, 2015 | $ 331 | 946 | 503,529 | 233,604 | 191 | 738,601 | |
Shares issued in public offering, net of issuance costs (in shares) | 2,816,900 | ||||||
Shares issued in public offering, net of issuance costs | $ 28 | 94,605 | 94,633 | ||||
Payment in lieu of fractional shares | (4) | (4) | |||||
Redemption of Series B & C Preferred Stock (in shares) | (71,900) | ||||||
Redemption of Series B & C Preferred Stock | $ (71,900) | (71,900) | |||||
Net Income | 97,707 | 97,707 | |||||
Other comprehensive income (loss), net of tax | (2,572) | (2,572) | |||||
Stock-based compensation | 6,907 | 6,907 | |||||
Issuance of common stock related to options exercised, net of shares withheld for payroll taxes (in shares) | 74,215 | ||||||
Issuance of common stock related to options exercised, net of shares withheld for payroll taxes | $ 1 | 954 | 955 | ||||
Tax benefits realized from stock compensation | 400 | 400 | |||||
Vesting of restricted stock awards issued at date of grant, net of shares withheld for payroll taxes (in shares) | (18,490) | ||||||
Vesting of restricted stock awards issued at date of grant, net of shares withheld for payroll taxes | $ 2 | (2) | |||||
Restricted stock awards (in shares) | 104,775 | ||||||
Restricted stock awards | |||||||
Issuance of common stock related to employee stock purchase plan (in shares) | 16,962 | ||||||
Issuance of common stock related to employee stock purchase plan | 801 | 801 | |||||
Balance (in shares) at Dec. 31, 2016 | 34,023,850 | ||||||
Balance at Dec. 31, 2016 | $ 338 | 513,531 | 331,311 | (2,381) | 842,799 | ||
Issuance of common stock in full redemption of warrants (in shares) | 378,495 | ||||||
Issuance of common stock in full redemption of warrants | $ 4 | $ (946) | $ 942 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Additional Paid-in Capital [Member] | |
Shares issued in public offering, issuance costs | $ 5,302 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows From Operating Activities: | |||
Net Income | $ 97,707 | $ 84,167 | $ 54,258 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for Credit Losses | 11,331 | 14,638 | 10,879 |
Depreciation and amortization | 6,226 | 7,780 | 9,027 |
Gains on sale of loans | (11,564) | (11,973) | (6,886) |
Securities premium amortization (discount accretion), net | 4,524 | 3,514 | 3,456 |
Origination of loans held for sale | (857,601) | (910,595) | (572,342) |
Proceeds from sale of loans held for sale | 865,028 | 919,393 | 576,941 |
Net increase in cash surrender value of Bank Owned Life Insurance | (1,554) | (1,589) | (1,283) |
Deferred income tax benefit | (5,628) | (6,729) | (7,540) |
Decrease in value of other real estate owned | 200 | 1,100 | 638 |
Net (gain) loss on sale of other real estate owned | (682) | 328 | 154 |
Net gain on sale of investment securities | (1,194) | (2,254) | (22) |
Loss on early extinguishment of debt | 1,130 | ||
Stock-based compensation expense | 6,907 | 5,073 | 3,981 |
Tax benefits realized from stock compensation | (400) | (2,984) | (978) |
Increase in other assets | (5,025) | (3,725) | (12,631) |
Increase in other liabilities | 8,545 | 1,315 | 1,856 |
Net cash provided by operating activities | 116,820 | 98,589 | 59,508 |
Cash Flows From Investing Activities: | |||
Decrease (increase) in interest bearing deposits with other banks and short-term investments | 2,496 | 3,058 | (634) |
Purchases of available for sale investment securities | (236,991) | (274,904) | (50,404) |
Proceeds from maturities of available for sale securities | 84,259 | 53,966 | 37,571 |
Proceeds from sale/call of available for sale securities | 94,310 | 111,696 | 49,902 |
Purchases of Federal Reserve and Federal Home Loan Bank stock | (8,502) | (2,443) | (5,650) |
Proceeds from redemption of Federal Reserve and Federal Home Loan Bank stock | (2,125) | (8,100) | (1,374) |
Net increase in loans | (687,362) | (695,720) | (595,543) |
Proceeds from sale of other real estate owned | 6,139 | 5,477 | 520 |
Purchases of BOLI | (499) | (1,058) | |
Purchases of annuities | (992) | ||
Acquisition of Virginia Heritage, net of cash | (156,581) | ||
Bank premises and equipment acquired | (7,426) | (4,660) | (5,223) |
Net cash used in investing activities | (750,952) | (796,921) | (725,726) |
Cash Flows From Financing Activities: | |||
Increase in deposits | 557,670 | 847,676 | 384,443 |
(Decrease) increase in customer repurchase agreements | (3,480) | 11,236 | (19,351) |
Issuance of Series C Preferred Stock | 15,300 | ||
Issuance of common stock | 94,633 | 144,093 | |
(Decrease) increase in short-term borrowings | (100,000) | 7,500 | |
Increase (decrease) in long-term borrowings | 147,586 | (49,300) | 80,000 |
Payment of dividends on preferred stock | (600) | (614) | |
Proceeds from exercise of equity compensation plans | 955 | 5,176 | 2,313 |
Tax benefits realized from stock compensation | 400 | 2,984 | 978 |
Payment in lieu of fractional shares | (4) | ||
Proceeds from employee stock purchase plan | 801 | 769 | 621 |
Net cash provided by financing activities | 703,932 | 740,670 | 615,283 |
Net Increase (Decrease) In Cash and Cash Equivalents | 69,800 | 42,338 | (50,935) |
Cash and Cash Equivalents at Beginning of Period | 298,363 | 256,025 | 306,960 |
Cash and Cash Equivalents at End of Period | 368,163 | 298,363 | 256,025 |
Supplemental Cash Flows Information: | |||
Interest paid | 24,031 | 19,586 | 11,742 |
Income taxes paid | 66,150 | 52,650 | 33,050 |
Non-Cash Investing Activities | |||
Transfers from loans to other real estate owned | 2,500 | 1,725 | 5,311 |
Transfers from other real estate owned to loans | 2,192 | ||
Series B Preferred Stock [Member] | |||
Cash Flows From Financing Activities: | |||
Redemption of Preferred Stock | (56,600) | ||
Series C Preferred Stock [Member] | |||
Cash Flows From Financing Activities: | |||
Redemption of Preferred Stock | $ (15,300) |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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 in the United States of America (“GAAP”) and to general practices in the banking industry. Certain reclassifications have been made to amounts previously reported to conform to the classification made in 2016. 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 December 31, 2016, twenty one five third 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 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 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 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. The Company has elected to carry loans held for sale at fair value. Fair value is derived from secondary 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, 2016 December 31, 2015. 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 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 90 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 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 the: (1) (2) (3) The entire amount of an impairment loss is recognized in earnings only when: (1) (2) (3) 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 (90 may Higher Risk Lending – Revenue Recognition The Company has occasionally made higher risk acquisition, development, and construction (“ADC”) loans that entail higher risks than ADC loans made following normal underwriting practices (“higher risk loan transactions”). These higher risk loan transactions are currently made through the Company’s subsidiary, ECV. This activity is limited as to individual transaction amount and total exposure amounts, based on capital levels, and is carefully monitored. The loans are carried on the balance sheet at amounts outstanding and meet the loan classification requirements of the Accounting Standard Executive Committee (“AcSEC”) guidance reprinted from the CPA Letter, Special Supplement, dated February 10, 1986 1 1). February 10, 1986 1 No.1) 101 2016, 2015 2014 three December 31, 2016, four December 31, 2015, $9.3 $9.2 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 The components of the allowance for credit losses represent an estimation done pursuant to ASC Topic 450, “Contingencies ,” ASC Topic 310, “Receivables.” may third 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 may 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 three seven three five five twenty may 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 may 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 is subject to impairment testing at the reporting unit level, which must be conducted at least annually. The Company performs impairment testing during the fourth 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 first second December 31, 2016. 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 three three (1) (2) (3) 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 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 third Marketing and Advertising Marketing and advertising costs are generally expensed as incurred. Income Taxes The Company employs the asset and liability method of accounting for income taxes as required by ASC Topic 740, Income Taxes may 740, may no December 31, 2016 December 31, 2015. 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) (2) (3) may 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 In accordance with ASC Topic 718, “Compensation,” Refer to Note 17 December 31, 2016, 2015 2014. New Authoritative Accounting Guidance ASU 2015 03, “Interest—Imputation of Interest (Subtopic 835 30): ” 2015 03 2016, ASU 2016 01, Financial Instruments —( Subtopic 825 10): . 2016 01 (1) may (2) (3) (4) (5) (6) (7) (8) 2016 01 December 15, 2017. (3) (6) 2016 01. 2016 01 ASU 2016 02, "Leases (Topic 842)." (1) (2) 2016 02 December 15, 2018; 2016 02 ASU 2016 09, "Improvements to Employee Share-Based Payment Accounting (Topic 718).” 2016 09 (1) (2) (3) 2016 09 December 15, 2016. 2016 09 ASU 2014 09, “Revenue from Contracts with Customers (Topic 606).” 2014 09 605, five December 15, 2017, 2014 09 ASU 2016 13, “Measurement of Credit Losses on Financial Instruments (Topic 326).” (1) (2) 2016 13 2016 13 December 15, 2019; December 15, 2018. first 2016 13 |
Note 2 - Mergers and Acquisitio
Note 2 - Mergers and Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 2 On October 31, 2014, June 9, 2014. 0.6632 $7.50 401,497 $45.4 4,010,261 $914 $800 $645 $189 15,300 $1,000 one $1,000 $1,000 1.00%. On November 2, 2015, 13. October 31, 2014, $4.7 December 31, 2014 Virginia Heritage’s results of operations have been included in the Company’s consolidated statements of income and comprehensive income for the two December 31, 2014. $102.3 $4.6 Additionally, in connection with the transaction, the Company recorded a fair value credit mark on the loan portfolio for approximately $12.5 October 31, 2015, $257 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 4 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 five 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, 2016 | |
Notes to Financial Statements | |
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 noninterest reserve balances with the Federal Reserve Bank based principally on the type and amount of their deposits. During 2016, 2008, 2008 July 2010. Additionally, the Bank maintains interest-bearing balances with the Federal Home Loan Bank of Atlanta and noninterest bearing balances with 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, 2016 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 4 - Investment Securities Available-for-Sale Amortized cost and estimated fair value of securities available-for-sale are summarized as follows: Gross Gross Estimated December 31, 2016 Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gains Losses Value U. S. agency securities $ 107,425 $ 519 $ 1,802 $ 106,142 Residential mortgage backed securities 329,606 324 3,691 326,239 Municipal bonds 94,607 1,723 400 95,930 Corporate bonds 9,508 82 11 9,579 Other equity investments 218 - - 218 $ 541,364 $ 2,648 $ 5,904 $ 538,108 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 In addition, at December 31, 2016 December 31, 2015, $21.6 $16.9 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% 3.8 December 31, 2016 may 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, 2016 2015 Less than 12 Months 12 Months or Greater Total Estimated Estimated Estimated December 31, 2016 Number of Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) Securities Value Losses Value Losses Value Losses U. S. agency securities 27 $ 88,991 $ 1,764 $ 3,768 $ 38 $ 92,759 $ 1,802 Residential mortgage backed securities 112 232,347 3,110 19,402 581 251,749 3,691 Municipal bonds 16 34,743 400 - - 34,743 400 Corporate bonds 2 4,998 11 - - 4,998 11 157 $ 361,079 $ 5,285 $ 23,170 $ 619 $ 384,249 $ 5,904 Less than 12 Months 12 Months or Greater Total Estimated Estimated Estimated December 31, 2015 Number of Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) Securities Value Losses Value Losses Value Losses U. S. agency securities 13 $ 32,927 $ 277 $ - $ - $ 32,927 $ 277 Residential mortgage backed securities 92 157,871 1,438 58,954 1,722 216,825 3,160 Municipal bonds 2 1,559 3 - - 1,559 3 Corporate bonds 4 14,938 152 - - 14,938 152 111 $ 207,295 $ 1,870 $ 58,954 $ 1,722 $ 266,249 $ 3,592 The amortized cost and estimated fair value of investments available-for-sale at December 31, 2016 2015 may December 31, 2016 December 31, 2015 Amortized Estimated Amortized Estimated (dollars in thousands) Cost Fair Value Cost Fair Value U. S. agency securities maturing: One year or less $ 83,885 $ 82,548 $ 31,436 $ 31,361 After one year through five years 20,736 20,897 18,826 19,047 Five years through ten years 2,804 2,697 6,513 6,567 Residential mortgage backed securities 329,606 326,239 299,709 297,241 Municipal bonds maturing: One year or less 1,056 1,070 4,450 4,478 After one year through five years 45,808 46,865 41,213 43,720 Five years through ten years 46,668 46,839 66,001 67,398 After ten years 1,075 1,156 2,589 2,785 Corporate bonds After one year through five years 8,008 8,079 15,090 14,938 After ten years 1,500 1,500 - - Other equity investments 218 218 307 334 $ 541,364 $ 538,108 $ 486,134 $ 487,869 In 2016, $1.4 $188 2015, $2.7 $475 2014, $298 $276 Proceeds from sales and calls of investment securities for 2016, 2015 2014 $94.3 $111.7 $49.9 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, 2016 $497.3 December 31, 2016 December 31, 2015, one ten |
Note 5 - Loans and Allowance fo
Note 5 - Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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, 2016 2015 December 31, 2016 December 31, 2015 (dollars in thousands) Amount % Amount % Commercial $ 1,200,728 21 % $ 1,052,257 21 % Income producing - commercial real estate 2,509,517 44 % 2,115,478 42 % Owner occupied - commercial real estate 640,870 12 % 498,103 10 % Real estate mortgage - residential 152,748 3 % 147,365 3 % Construction - commercial and residential 932,531 16 % 985,607 20 % Construction - C&I (owner occupied) 126,038 2 % 79,769 2 % Home equity 105,096 2 % 112,885 2 % Other consumer 10,365 - 6,904 - Total loans 5,677,893 100 % 4,998,368 100 % Less: Allowance for Credit Losses (59,074 ) (52,687 ) Net loans $ 5,618,819 $ 4,945,681 Unamortized net deferred fees amounted to $22.3 $18.4 December 31, 2016 2015, $120 $144 December 31, 2016 2015, Loans acquired from Virginia Heritage totaled $804 $801 $3.0 310 30 “Accounting for Certain Loans or Debt Securities Acquired in a Transfer” 310 30”). 2016. The Company sold the indirect consumer loan portfolio acquired in the Merger, amounting to approximately $80.3 $900 July 24, 2015. As of December 31, 2016 2015, $128.8 $78.8 Loan Origination/Risk Management The Company’s goal is to mitigate risks in the event of unforeseen threats to the loan portfolio as a result of economic downturn or other negative influences. Plans for mitigating inherent risks in managing loan assets include carefully enforcing loan policies and procedures, evaluating each borrower’s business plan during the underwriting process and throughout the loan term, identifying and monitoring primary and alternative sources for loan repayment, and obtaining collateral to mitigate economic loss in the event of liquidation. Specific loan reserves are established based upon credit and/or collateral risks on an individual loan basis. A risk rating system is employed to proactively estimate loss exposure and provide a measuring system for setting general and specific reserve allocations. The composition of the Company’s loan portfolio is heavily weighted toward commercial real estate, both owner occupied and income producing real estate. At December 31, 2016, 14% December 31, 2016, 60% 74% 80% 1.15 1.0. may five The Company is also an active traditional commercial lender providing loans for a variety of purposes, including working capital, equipment and account receivable financing. This loan category represents approximately 21% December 31, 2016 may 2% Approximately 2% December 31, 2016 Approximately 3% 22 first third Loans are secured primarily by duly recorded first may 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) 2) 36 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 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 their 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 1.00. 200 Commercial permanent loans generally are underwritten with a term not greater than 10 5 7 25 The Company’s loan portfolio includes ADC real estate loans including both investment and owner occupied projects. ADC loans amounted to $1.06 December 31, 2016. 67% December 31, 2016. (1) (2) (3) (4) (5) one (1) (2) (3) third (4) (5) From time to time the Company may may may may may The following tables detail activity in the allowance for credit losses by portfolio segment for the years ended December 31, 2016 2015. one Income Producing Owner Occupied Real Estate Construction Commercial Commercial Mortgage Commercial and Home Other (dollars in thousands) Commercial Real Estate Real Estate Residential Residential Equity Consumer Total For the Year Ended December 31, 2016 Allowance for credit losses: Balance at beginning of period $ 11,563 $ 14,122 $ 3,279 $ 1,268 $ 21,088 $ 1,292 $ 75 $ 52,687 Loans charged-off (3,745 ) (2,341 ) - - - (217 ) (37 ) (6,340 ) Recoveries of loans previously charged-off 220 908 3 7 215 12 31 1,396 Net loans charged-off (3,525 ) (1,433 ) 3 7 215 (205 ) (6 ) (4,944 ) Provision for credit losses 6,662 8,416 728 9 (4,816 ) 241 91 11,331 Ending balance $ 14,700 $ 21,105 $ 4,010 $ 1,284 $ 16,487 $ 1,328 $ 160 $ 59,074 For the Year Ended December 31, 2016 Allowance for credit losses: Individually evaluated for impairment $ 2,671 $ 1,943 $ 350 $ - $ 522 $ - $ 113 $ 5,599 Collectively evaluated for impairment 12,029 19,162 3,660 1,284 15,965 1,328 47 53,475 Ending balance $ 14,700 $ 21,105 $ 4,010 $ 1,284 $ 16,487 $ 1,328 $ 160 $ 59,074 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 (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 The Company’s recorded investments in loans as of December 31, 2016 December 31, 2015 Income Producing Owner occupied Real Estate Construction Commercial Commercial Mortgage Commercial and Home Other (dollars in thousands) Commercial Real Estate Real Estate Residential Residential Equity Consumer Total December 31, 2016 Recorded investment in loans: Individually evaluated for impairment $ 10,437 $ 15,057 $ 2,093 $ 241 $ 6,517 $ - $ 126 $ 34,471 Collectively evaluated for impairment 1,190,291 2,494,460 638,777 152,507 1,052,052 105,096 10,239 5,643,422 Ending balance $ 1,200,728 $ 2,509,517 $ 640,870 $ 152,748 $ 1,058,569 $ 105,096 $ 10,365 $ 5,677,893 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 At December 31, 2016, $491 $587 $548 $1.6 310 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 Classified: Classified (a) Substandard Classified (b) Doubtful may may The Company's credit quality indicators are updated generally on a quarterly basis, but no less frequently than annually. The following table presents by class and by credit quality indicator, the recorded investment in the Company's loans and leases as of December 31, 2016 2015. Watch and Total (dollars in thousands) Pass Special Mention Substandard Doubtful Loans December 31, 2016 Commercial $ 1,160,185 $ 30,106 $ 10,437 $ - $ 1,200,728 Income producing - commercial real estate 2,489,407 5,053 15,057 - 2,509,517 Owner occupied - commercial real estate 630,827 7,950 2,093 - 640,870 Real estate mortgage – residential 151,831 676 241 - 152,748 Construction - commercial and residential 1,051,445 607 6,517 - 1,058,569 Home equity 103,484 1,612 - - 105,096 Other consumer 10,237 2 126 - 10,365 Total $ 5,597,416 $ 46,006 $ 34,471 $ - $ 5,677,893 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 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 may The following table presents, by class of loan, information related to nonaccrual loans as of December 31, 2016 2015. (dollars in thousands) December 31, 2016 December 31, 2015 Commercial $ 2,490 $ 4,940 Income producing - commercial real estate 10,539 5,961 Owner occupied - commercial real estate 2,093 1,268 Real estate mortgage - residential 555 329 Construction - commercial and residential 2,072 557 Home equity - 161 Other consumer 126 23 Total nonaccrual loans (1)(2) $ 17,875 $ 13,239 (1) Excludes troubled debt restructurings (“TDRs”) that were performing under their restructured terms totaling $3.5 December 31, 2016, $11.8 December 31, 2015. (2) Gross interest income of $1.2 2016 $48 1 The following table presents, by class of loan, an aging analysis and the recorded investments in loans past due as of December 31, 2016 2015. 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, 2016 Commercial $ 1,634 $ 757 $ 2,490 $ 4,881 $ 1,195,847 $ 1,200,728 Income producing - commercial real estate 511 - 10,539 11,050 2,498,467 2,509,517 Owner occupied - commercial real estate 3,987 3,328 2,093 9,408 631,462 640,870 Real estate mortgage – residential 1,015 163 555 1,733 151,015 152,748 Construction - commercial and residential 360 1,342 2,072 3,774 1,054,795 1,058,569 Home equity - - - - 105,096 105,096 Other consumer 101 9 126 236 10,129 10,365 Total $ 7,608 $ 5,599 $ 17,875 $ 31,082 $ 5,646,811 $ 5,677,893 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 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 of loan, information related to impaired loans for the years ended December 31, 2016 2015. Unpaid Recorded Recorded Contractual Investment Investment Total Average Recorded Investment Interest Income 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, 2016 Commercial $ 8,296 $ 2,532 $ 3,095 $ 5,627 $ 2,671 $ 12,620 $ 12,755 $ 79 $ 191 Income producing - commercial real estate 14,936 5,048 9,888 14,936 1,943 16,742 17,533 54 198 Owner occupied - commercial real estate 2,483 1,691 792 2,483 350 2,233 2,106 - 13 Real estate mortgage – residential 555 555 - 555 - 246 249 - - Construction - commercial and residential 2,072 1,535 537 2,072 522 5,091 5,174 - - Home equity - - - - - 78 89 - - Other consumer 126 - 126 126 113 42 32 2 4 Total $ 28,468 $ 11,361 $ 14,438 $ 25,799 $ 5,599 $ 37,052 $ 37,938 $ 135 $ 406 December 31, 2015 Commercial $ 9,555 $ 2,396 $ 3,715 $ 6,111 $ 3,478 $ 9,671 $ 10,309 $ 21 $ 69 Income producing - commercial real estate 11,814 1,190 9,931 11,121 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 - - - - - Construction - commercial and residential 5,577 - 5,577 5,577 950 8,031 7,594 (93 ) 205 Home equity 161 116 45 161 38 411 650 - - Other consumer 23 20 3 23 3 47 31 (1 ) 1 Total $ 29,212 $ 4,997 $ 20,078 $ 25,075 $ 5,902 $ 30,607 $ 30,688 $ 22 $ 629 Modifications A modification of a loan constitutes a 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 December 31, 2016, Loans modified in a TDR for the Company may The following table presents, by class, the recorded investment of loans modified in TDRs held by the Company during the years ended December 31, 2016 2015. For the Year Ended December 31, 2016 Number of Income Producing - Owner Occupied - Construction - (dollars in thousands) Contracts Commercial Commercial Real Estate Commercial Real Estate Commercial Real Estate Total Troubled debt restructings Restructured accruing 7 $ 3,137 $ 4,397 $ 390 $ - $ 7,924 Restructured non-accruing 3 434 - - 4,933 5,367 Total 10 $ 3,571 $ 4,397 $ 390 $ 4,933 $ 13,291 Specific allowance $ 855 $ 920 $ - $ - $ 1,775 Restructured and subsequently defaulted $ - $ - $ - $ - $ - For the Year Ended December 31, 2015 Number of Income Producing - Owner Occupied - Construction - (dollars in thousands) Contracts Commercial Commercial Real Estate Commercial Real Estate Commercial Real Estate Total Troubled debt restructings Restructured accruing 7 $ 1,171 $ 5,160 $ 485 $ 5,020 $ 11,836 Restructured non-accruing 1 211 - - - 211 Total 8 $ 1,382 $ 5,160 $ 485 $ 5,020 $ 12,047 Specific allowance $ 49 $ 6 $ - $ 600 $ 655 Restructured and subsequently defaulted $ - $ - $ - $ - $ - The Company had ten December 31, 2016, $8.9 eight $12.1 December 31, 2015. December 31, 2016, seven $3.5 2016, four $2.2 four $1.9 December 31, 2015. During the year ended December 31, 2016, two $5.2 December 31, 2015, 2016, two 90 December 31, 2015. may may may 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 may Loans may 310. 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 may may 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 principal balance at the date of acquisition are recorded in interest income over the life of the loans. The following table presents changes in the credit mark accretable yield, which includes income recognized from contractual interest cash flows, for the dates indicated. (dollars in thousands) 2016 2015 Balance at January 1, $ (6,008 ) $ (10,298 ) Net reclassifications from nonaccretable yield - - Accretion 1,564 4,290 Balance at December 31, $ (4,444 ) $ (6,008 ) Related Party Loans Certain directors and executive officers have had loan transactions with the Company. Such loans were made in the ordinary course of business on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with outsiders. The following table summarizes changes in amounts of loans outstanding, both direct and indirect, to those persons during 2016 2015. (dollars in thousands) 2016 2015 Balance at January 1, $ 29,949 $ 17,082 Additions 31,158 23,578 Repayments (8,537 ) (10,711 ) Balance at December 31, $ 52,570 $ 29,949 |
Note 6 - Premises and Equipment
Note 6 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 6 - Premises and Equipment Premises and equipment include the following at December 31: (dollars in thousands) 2016 2015 Leasehold improvements $ 29,207 $ 26,987 Furniture and equipment 26,994 22,217 Less accumulated depreciation and amortization (35,540 ) (30,950 ) Total premises and equipment, net $ 20,661 $ 18,254 Total depreciation and amortization expense for the years ended December 31, 2016, 2015 2014, $5.0 $6.1 $4.6 The Company leases banking and office space in 29 five ten one five $8.5 2016, $8.5 2015, $7.5 2014. four 2016, six 2015, two 2013. $579 $435 $114 2016, 2015, 2014, At December 31, 2016, one Years ending December 31: (dollars in thousands) 2017 $ 8,016 2018 7,736 2019 7,464 2020 6,990 2021 6,069 Thereafter 16,179 Total minimum lease payments $ 52,454 |
Note 7 - Intangible Assets
Note 7 - Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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 Accumulated Intangible (dollars in thousands) Assets Additions Amortization Assets December 31, 2016 Goodwill (1) $ 104,168 $ - $ - $ 104,168 Core deposit (2) 7,070 - (4,291 ) 2,779 Excess servicing (3) 387 602 (517 ) 472 $ 111,625 $ 602 $ (4,808 ) $ 107,419 December 31, 2015 Goodwill (1) $ 104,425 $ (257 ) $ - $ 104,168 Core deposit (2) 7,070 - (3,084 ) 3,986 Excess servicing (3) 282 379 (273 ) 388 $ 111,777 $ 122 $ (3,357 ) $ 108,542 The aggregate amortization expense was $1.7 $1.5 $743 December 31, 2016, 2015 2014, (1) The Company recorded an initial amount of unidentified intangible (goodwill) incident to the acquisition of Fidelity of approximately $360 August 31, 2009, $2.2 $102.3 October 31, 2015, $257 (2) In connection with the Fidelity and Virginia Heritage acquisitions, the Company made an allocation of the purchase price of $2.3 $4.6 December 31, 2016 $209 2018 December 31, 2016 $2.6 2020 Amortization expense for core deposit intangibles totaled $1.2 December 31, 2016 2015. December 31, 2016 2015 $2.8 $4.0 (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) 2017 $ 1,064 2018 957 2019 715 2020 43 Total $ 2,779 |
Note 8 - Other Real Estate Owne
Note 8 - Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | Note 8 Other Real Estate Owned The activity within OREO for the years ended December 31, 2016 2015 December 31, 2016. December 31, 2016 2015, $6.1 $5.5 December 31, 2016, $682 $328 December 31, 2015. Year Ended December 31, (dollars in thousands) 2016 2015 Balance beginning of period $ 5,852 $ 13,224 Real estate acquired from borrowers 2,500 1,725 Valuation allowance (200 ) (1,100 ) Properties sold (5,458 ) (7,997 ) Balance end of period $ 2,694 $ 5,852 |
Note 9 - Mortgage Banking Deriv
Note 9 - Mortgage Banking Derivative | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [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 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, 2016 $34.2 December 31, 2016 $114 $55 December 31, 2015 $39.6 December 31, 2015 $24 $30 Included in other noninterest income for the year ended December 31, 2016 2015 $199 $155 December 31, 2016 2015 $730 $202 |
Note 10 - Interest Rate Swap De
Note 10 - Interest Rate Swap Derivatives | 12 Months Ended |
Dec. 31, 2016 | |
Interest Rate Swap [Member] | |
Notes to Financial Statements | |
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 Company’s objective in using interest rate derivatives is to add stability to interest 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 two April 2016. As of December 31, 2016 December 31, 2015, three $250 $692 December 31, 2016 $1.4 December 31, 2015. 2016 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 derivative hedging instrument with the changes in cash flows of the designated hedged transactions. The Company recognized an immaterial amount in earnings due to hedge ineffectiveness during the year ended December 31, 2016. December 31, 2015. Amounts reported in accumulated other comprehensive income related to 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, 2016, $2.3 December 31, 2015, twelve $1.9 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 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/adequately capitalized institution then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements. 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 $692 $1.4 December 31, 2016 December 31, 2015, $550 December 31, 2016 $2.9 December 31, 2015. December 31, 2016 December 31, 2015, The table below identifies the balance sheet category and fair values of the Company’s derivative instruments (all of which are designated as cash flow hedges) as of December 31, 2016 December 31, 2015. Swap Notional Balance Sheet December 31, 2016 Number Amount Fair Value Category Receive Rate Pay Rate Maturity (dollars in thousands) Interest rate swap (1) $ 75,000 $ (197 ) 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 (514 ) Other Liabilities Federal Funds Effective Rate +10 basis points 1.74 % April 15, 2021 Interest rate swap (3) 75,000 19 Other Liabilities 1 month USD-LIBOR-BBA w/ -1 day lookback +10 basis points 1.92 % March 31, 2022 Total $ 250,000 $ (692 ) 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 Total $ 250,000 $ (1,417 ) The table below presents the pre-tax net gains (losses) of the Company’s cash flow hedges for the years ended December 31, 2016 December 31, 2015. Year Ended December 31, 2016 Effective Portion Ineffective Portion Reclassified from AOCI Recognized in Income Amount of into income on Derivatives Swap Pre-tax gain (loss) Amount of Amount of Number Recognized in OCI Category Gain (Loss) Category Gain (Loss) (dollars in thousands) Interest rate swap (1 ) $ (197 ) Interest Expense $ (628 ) Other Expense $ - Interest rate swap (2 ) (514 ) Interest Expense (880 ) Other Expense - Interest rate swap (3 ) 19 Interest Expense (747 ) Other Expense 1 Total $ (692 ) $ (2,255 ) $ 1 Year Ended December 31, 2015 Effective Portion Ineffective Portion Reclassified from AOCI Recognized in Income Amount of into income on Derivatives Swap Pre-tax gain (loss) Amount of Amount of Number Recognized 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 ) - - Total $ (1,417 ) $ - $ - Balance Sheet Offsetting may The following table presents the liabilities subject to an enforceable master netting arrangement as of December 31, 2016 December 31, 2015. Year Ended December 31, 2016 Offsetting of Derivative Liabilities (dollars in thousands) Gross Amounts Not Offset in the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities presented in the Balance Sheet Financial Instruments Cash Collateral Posted Net Amount Counterparty 1 $ 514 $ (19 ) $ 495 $ - $ (380 ) $ 115 Counterparty 2 197 - 197 - (170 ) 27 $ 711 $ (19 ) $ 692 $ - $ (550 ) $ 142 Year Ended December 31, 2015 Offsetting of Derivative Liabilities (dollars in thousands) Gross Amounts Not Offset in the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities presented in the Balance Sheet Financial Instruments Cash Collateral Posted Net Amount Counterparty 1 $ 1,049 $ - $ 1,049 $ - $ (2,170 ) $ (1,121 ) Counterparty 2 368 - 368 - (740 ) (372 ) $ 1,417 $ - $ 1,417 $ - $ (2,910 ) $ (1,493 ) |
Note 11 - Deposits
Note 11 - Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 11 – Deposits The following table provides information regarding the Bank’s deposit composition at December 31, 2016, 2015 2014 December 31, 2016, 2015 2014. 2016 2015 2014 (dollars in thousands) Average Average Average Balance Rate Balance Rate Balance Rate Noninterest bearing demand $ 1,775,684 - $ 1,405,067 - $ 1,175,799 - Interest bearing transaction 289,122 0.16 % 178,797 0.16 % 143,628 0.13 % Savings and money market 2,902,560 0.54 % 2,835,325 0.34 % 2,302,600 0.32 % Time, $100,000 or more 464,842 0.95 % 406,570 0.77 % 393,132 0.68 % Other time 283,906 0.86 % 332,685 0.74 % 295,609 0.70 % Total $ 5,716,114 $ 5,158,444 $ 4,310,768 The remaining maturity of time deposits at December 31, 2016, 2015 2014 (dollars in thousands) 2016 2015 2014 Three months or less $ 120,238 $ 88,483 $ 104,482 More than three months through six months 151,422 123,789 106,861 More than six months through twelve months 207,141 234,684 182,187 Over twelve months 269,947 292,299 295,211 Total $ 748,748 $ 739,255 $ 688,741 Interest expense on deposits for the years ended December 31, 2016, 2015 2014 : (dollars in thousands) 2016 2015 2014 Interest bearing transaction $ 646 $ 291 $ 178 Savings and money market 12,038 8,185 6,265 Time, $100,000 or more 6,487 5,019 2,830 Other time 77 848 365 Total $ 19,248 $ 14,343 $ 9,638 Related Party Deposits totaled $57.5 $57.3 December 31, 2016 2015, As of December 31, 2016 December 31, 2015, $250 $241.3 $180.1 |
Note 12 - Borrowings
Note 12 - Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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: 2016 2015 2014 (dollars in thousands) Amount Rate Amount Rate Amount Rate Short-term: At Year-End: Customer repurchase agreements and federal funds purchased $ 68,876 0.35 % $ 72,356 0.23 % $ 61,120 0.25 % Federal Home Loan Bank – current portion - - - 100,000 0.38 % Total $ 68,876 $ 72,356 $ 161,120 Average Daily Balance: Customer repurchase agreements and federal funds purchased $ 77,833 0.21 % $ 59,141 0.22 % $ 63,490 0.23 % Federal Home Loan Bank – current portion 29,376 2.45 % 27,659 0.31 % 7,288 0.42 % Total $ 107,209 $ 86,800 $ 70,778 Maximum Month-end Balance: Customer repurchase agreements and federal funds purchased $ 136,689 0.16 % $ 73,696 0.21 % $ 80,471 0.28 % Federal Home Loan Bank – current portion 100,000 0.94 % 140,000 0.20 % 100,000 0.38 % Total $ 236,689 $ 213,696 $ 180,471 Long-term: At Year-End: Federal Home Loan Bank $ 0 - $ 0 - $ 40,000 2.62 % Subordinated Notes 220,000 5.42 % 70,000 5.75 % 79,300 6.40 % United Bank Line of Credit - - - - - - Total $ 220,000 $ 70,000 $ 119,300 Average Daily Balance: Federal Home Loan Bank $ 0 - $ 8,329 2.25 % $ 39,205 2.00 % Subordinated Notes 135,164 5.54 % 74,117 6.06 % 37,875 6.59 % United Bank Line of Credit - - - - - - Total $ 135,164 $ 82,446 $ 77,080 Maximum Month-end Balance: Federal Home Loan Bank $ 0 - $ 40,000 0.37 % $ 122,500 0.68 % Subordinated Notes 220,000 5.42 % 79,300 6.52 % 79,300 6.52 % United Bank Line of Credit - - - - - - Total $ 220,000 $ 119,300 $ 201,800 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 December 31, 2016 one $1.03 $19.9 December 31, 2016. December 31, 2016 $700.0 IND”) program with the Bank, with an actual balance of $356.5 December 31, 2016. December 31, 2016, $1.25 December 31, 2016. may $440.0 During 2016, may $50.0 August 2008 eight first 0.25% 3.50%. September 30, 2017. no December 31, 2016 December 31, 2015. On August 5, 2014, $70.0 5.75% September 1, 2024 2 $68.8 $1.2 During 2015, $9.3 2021. During March 2015, $1.1 March 2015 On July 26, 2016, $150.0 5.00% August 1, 2026 “2026 2 $147.35 $2.6 2026 |
Note 13 - Preferred Stock and W
Note 13 - Preferred Stock and Warrants | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | Note 13 – Preferred Stock and Warrants On November 2, 2015, 56,600 15,300 $71.96 On December 27, 2016, 378,495 423,977 |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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) 2016 2015 2014 Current federal income tax $ 53,290 $ 46,758 $ 32,384 Current state income tax 13,733 11,020 7,114 Total current 67,023 57,778 39,498 Deferred federal income tax benefit (5,523 ) (6,642 ) (7,494 ) Deferred state income tax benefit (105 ) (87 ) (46 ) Total deferred (5,628 ) (6,729 ) (7,540 ) Total income tax expense $ 61,395 $ 51,049 $ 31,958 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) 2016 2015 2014 Deferred tax assets Allowance for credit losses $ 23,738 $ 21,191 $ 18,544 Deferred loan fees and costs 10,728 9,724 10,337 Deferred rent 1,483 1,364 - Stock-based compensation 3,037 2,068 1,714 Net operating loss 2,695 2,946 3,198 Unrealized loss on securities available-for-sale 1,303 - - Unrealized loss on interest rate swap derivatives 284 - - SERP 2,088 1,776 1,421 Premises and equipment 3,838 3,381 1,590 Other 477 383 71 Total deferred tax assets 49,671 42,833 36,875 Deferred tax liabilities Unrealized gain on securities available for sale - (694 ) (1,765 ) Excess servicing (191 ) (157 ) (114 ) Deferred rent - - (162 ) Intangible assets (1,260 ) (1,671 ) (2,323 ) Total deferred tax liabilities (1,451 ) (2,522 ) (4,364 ) Net deferred income tax amount $ 48,220 $ 40,311 $ 32,511 A reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate for the years ended December 31 2016 2015 2014 Statutory federal income tax rate 35.00 % 35.00 % 35.00 % Increase (decrease) due to State income taxes, net of federal income tax benefit 5.57 5.26 5.33 Tax exempt interest and dividend income (0.98 ) (1.25 ) (2.28 ) Stock-based compensation expense 0.01 0.02 0.04 Other (1.01 ) (1.28 ) (1.02 ) Effective tax rates 38.59 % 37.75 % 37.07 % The net operating loss carry forward acquired in conjunction with the Fidelity acquisition is subject to annual limits under Section 382 $718 2027. December 31, 2012. |
Note 15 - Net Income Per Common
Note 15 - Net Income Per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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 2016 2015 2014 (dollars and shares in thousands, except per share data) Basic: Net income available to common shareholders $ 97,707 $ 83,566 $ 53,644 Average common shares outstanding 33,587 32,836 26,684 Basic net income per common share $ 2.91 $ 2.54 $ 2.01 Diluted: Net income available to common shareholders $ 97,707 $ 83,566 $ 53,644 Average common shares outstanding 33,587 32,836 26,684 Adjustment for common share equivalents 594 643 867 Average common shares outstanding-diluted 34,181 33,479 27,551 Diluted net income per common share $ 2.86 $ 2.50 $ 1.95 Anti-dilutive shares 7 5 13 |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 1 6– Related Party Transactions The Bank leases office space from a limited liability company in which a trust for the benefit of an executive officer’s children has a 51% fourth 2015, second $1.9 $1.6 $1.3 December 31, 2016, 2015 2014, 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 2016, $1.0 |
Note 17 - Stock-based Compensat
Note 17 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 1 7 – Stock- Based Compensation The Company maintains the 2016 (“2016 2006 (“2006 2011 (“2011 In connection with the acquisition of Fidelity, the Company assumed the Fidelity 2004 2005 In connection with the acquisition of Virginia Heritage, the Company assumed the Virginia Heritage 2006 2010 No additional options may 2006 The Company adopted the 2016 2016 May 12, 2016. 2016 2016 1,000,000 998,500 December 31, 2016. 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 under the 2006 In February 2016, 80,365 three first February 2016, 34,957 100% three three three In March 2016, 24,410 three first In May 2016, 1,500 ten four first In September 2016, 1,500 ten four first Below is a summary of stock option activity for the twelve December 31, 2016, 2015 2014. Years Ended December 31, 2016 2015 2014 Shares Weighted- Average Exercise Price Shares Weighted- Average Exercise Price Shares Weighted- Average Exercise Price Beginning balance 298,740 $ 9.97 759,683 $ 11.36 503,834 $ 10.41 Issued 3,000 49.49 5,000 46.50 21,000 32.77 Assumed from Virginia Heritage - - - - 401,497 13.16 Exercised (77,144 ) 14.48 (443,912 ) 12.03 (157,313 ) 14.71 Forfeited (1,100 ) 15.48 (12,380 ) 29.58 (8,110 ) 33.06 Expired (6,637 ) 12.87 (9,651 ) 18.19 (1,225 ) 9.00 Ending balance 216,859 $ 8.80 298,740 $ 9.97 759,683 $ 11.36 The following summarizes information about stock options outstanding at December 31, 2016. Weighted-Average Outstanding: Stock Options Weighted-Average Remaining Range of Exercise Prices Outstanding Exercise Price Contractual Life $ 5.76 $ 10.72 154,535 $ 5.76 2.02 $ 10.73 $ 15.45 47,886 10.83 1.49 $ 15.46 $ 20.01 447 16.66 6.22 $ 20.02 $ 49.91 13,991 35.12 7.23 216,859 $ 8.80 2.25 Exercisable: Stock Options Weighted-Average Range of Exercise Prices Exercisable Exercise Price $ 5.76 $ 10.72 102,488 $ 5.76 $ 10.73 $ 15.45 47,886 10.83 $ 15.46 $ 20.01 447 16.66 $ 20.02 $ 49.91 4,921 23.83 155,742 $ 7.92 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, 2016, 2015 2014. Years Ended December 31, 2016 2015 2014 Expected volatility 24.23 % 31.21 % 34.25 % Weighted-Average volatility 24.23 % 31.21 % 34.25 % Expected dividends - - - Expected term (in years) 7.0 7.0 9.4 Risk-free rate 1.37 % 1.64 % 2.26 % Weighted-average fair value (grant date) $ 14.27 $ 16.73 $ 13.49 Weighted-average fair value (grant date) for Virginia Heritage Bank ("VHB") options assumed n/a n/a $ 24.89 The expected lives are based on the “simplified” method allowed by ASC Topic 718 “ Compensation,” The total intrinsic value of outstanding stock options was $11.4 $12.2 December 31, 2016 2015. $66 $90 $10.1 $10.0 2016, 2015 2014, $128 December 31, 2016. 2.74 Cash proceeds, tax benefits and intrinsic value related to total stock options exercised is as follows: Years Ended December 31, (dollars in thousands) 2016 2015 2014 Proceeds from stock options exercised $ 955 $ 5,176 $ 2,313 Tax benefits realized from stock compensation 400 2,984 978 Intrinsic value of stock options exercised 2,824 11,042 3,184 The Company has unvested restricted stock awards and PRSU grants of 296,192 2006 December 31, 2016. $4.8 December 31, 2016. 1.81 December 31, 2016 2015: Years Ended December 31, 2016 2015 Shares Weighted- Average Grant Date Fair Value Shares Weighted- Average Grant Date Fair Value Unvested at beginning 369,093 $ 24.43 509,336 $ 21.58 Issued 139,732 45.45 78,070 36.06 Forfeited (10,480 ) 40.28 (8,490 ) 33.57 Vested (202,153 ) 23.22 (209,823 ) 21.47 Unvested at end 296,192 $ 34.61 369,093 $ 24.43 Approved by shareholders in May 2011, 2011 550,000 85% 2011 one 20 five may $10 $6,250 $25,000 10% December 31, 2016, 2011 416,543 Included in salaries and employee benefits in the accompanying Consolidated Statements of Operations, the Company recognized $6.9 $5.1 $4.0 2016, 2015 2014, |
Note 18 - Employee Benefit Plan
Note 18 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | Note 1 8 – Employee Benefit Plans The Company has a qualified 401(k) 21 one 2016, 2015 2014, $1.1 $755 $833 |
Note 19 - Supplemental Executiv
Note 19 - Supplemental Executive Retirement Plan | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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 67. six 67 180 180 The SERP Agreements are unfunded arrangements maintained primarily to provide supplemental retirement benefits and comply with Section 409A four 2013 $11.4 $46 $84 December 31, 2016 2015, $11.9 December 31, 2016 December 31, 2016 2015, $933 $953 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 |
Note 20 - Financial Instruments
Note 20 - Financial Instruments with Off-Balance Sheet Risk | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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 Loan commitments outstanding and lines and letters of credit at December 31, 2016 2015 (dollars in thousands) 2016 2015 Unfunded loan commitments $ 2,225,995 $ 1,891,934 Unfunded lines of credit 94,375 112,159 Letters of credit 72,084 83,511 Total $ 2,392,454 $ 2,087,604 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 $127 December 31, 2016 $117 December 31, 2015. December 31, 2016, 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 |
Note 21 - Commitments and Conti
Note 21 - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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 20 December 31, 2016 Within One One to Three to Over Five (dollars in thousands) Year Three Years Five Years Years Total Deposits without a stated maturity (1) $ 4,967,366 $ - $ - $ - $ 4,967,366 Time deposits (1) 478,801 239,055 30,892 - 748,748 Borrowed funds (2) 68,876 - - 220,000 288,876 Operating lease obligations 8,016 15,200 13,059 16,179 52,454 Outside data processing (3) 5,048 9,606 2,619 - 17,273 George Mason sponsorship (4) 650 1,300 1,325 9,825 13,100 Non-Compete agreement (5) 1,005 251 - - 1,256 Total $ 5,529,762 $ 265,412 $ 47,895 $ 246,004 $ 6,089,073 (1) Excludes accrued interest payable at December 31, 2016. (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 expire in May 2020 two one July 2020 December 2018. (4) The Bank has the option of terminating the George Mason agreement at the end of contract years 10 15 June 30, 2025 June 30, 2030). $3.5 $3.6 first 11 15) second (16 20), (5) Non-compete agreement with a retired Director. 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, 2016 | |
Notes to Financial Statements | |
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 CET1 1 December 31, 2016 2015, The actual capital amounts and ratios for the Company and Bank as of December 31, 2016 2015 Company Bank To Be Well Capitalized Under Actual Actual Minimum Required For Prompt Corrective Action (dollars in thousands) Amount Ratio Amount Ratio Capital Adequacy Purposes Regulations * As of December 31, 2016 CET1 capital (to risk weighted aseets) $ 737,512 10.80 % $ 854,226 12.55 % 5.125 % 6.5 % Total capital (to risk weighted assets) 1,016,712 14.89 % 913,100 13.41 % 8.625 % 10.0 % Tier 1 capital (to risk weighted assets) 737,512 10.80 % 854,226 12.55 % 6.625 % 8.0 % Tier 1 capital (to average assets) 737,512 10.72 % 854,226 12.44 % 5.000 % 5.0 % 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 % * 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, 2016, |
Note 23 - Other Comprehensive I
Note 23 - Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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, 2016, 2015 2014. (dollars in thousands) Before Tax Tax Effect Net of Tax Year Ended December 31, 2016 Net unrealized loss on securities available-for-sale $ (3,800 ) $ (1,520 ) $ (2,280 ) Less: Reclassification adjustment for net gains included in net income (1,194 ) (478 ) (716 ) Total unrealized loss (4,994 ) (1,998 ) (2,996 ) Net unrealized loss on derivatives (2,947 ) (2,018 ) (929 ) Less: Reclassification adjustment for losses included in net income 2,255 902 1,353 Total unrealized loss (692 ) (1,116 ) 424 Other Comprehensive Loss $ (5,686 ) $ (3,114 ) $ (2,572 ) Year Ended December 31, 2015 Net unrealized loss on securities available-for-sale $ (423 ) $ (169 ) $ (254 ) Less: Reclassification adjustment for net gains included in net income (2,254 ) (902 ) (1,352 ) Total unrealized loss (2,677 ) (1,071 ) (1,606 ) Net unrealized loss on derivatives (1,417 ) (567 ) (850 ) Less: Reclassification adjustment for losses included in net income - - - Total unrealized loss (1,417 ) (567 ) (850 ) 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 ) Total unrealized gain 9,943 3,977 5,966 Other Comprehensive Income $ 9,943 $ 3,977 $ 5,966 The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2016, 2015 2014. Securities Accumulated Other (dollars in thousands) Available For Sale Derivatives Comprehensive (Loss) Income Year Ended December 31, 2016 Balance at Beginning of Period $ 1,041 $ (850 ) $ 191 Other comprehensive income (loss) before reclassifications (2,280 ) (934 ) (3,214 ) Amounts reclassified from accumulated other comprehensive income (loss) (716 ) 1,358 642 Net other comprehensive income (loss) during period (2,996 ) 424 (2,572 ) Balance at End of Period $ (1,955 ) $ (426 ) $ (2,381 ) 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 (loss) (1,352 ) - (1,352 ) Net other comprehensive income (loss) during 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 (loss) before reclassifications 5,979 - 5,979 Amounts reclassified from accumulated other comprehensive income (loss) (13 ) - (13 ) Net other comprehensive income (loss) during period 5,966 - 5,966 Balance at End of Period $ 2,647 $ - $ 2,647 The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the years ended December 31, 2016, 2015 2014. Details about Accumulated Other Amount Reclassified from Affected Line Item in Comprehensive Income Components Accumulated Other the Statement Where (dollars in thousands) Comprehensive (Loss) Income Net Income is Presented Year Ended December 31, 2016 2015 2014 Realized gain on sale of investment securities $ 1,194 $ 2,254 $ 22 Gain on sale of investment securities Interest expense derivative deposits (1,695 ) - - Interest expense on deposits Interest expense derivative borrowings (569 ) - - Interest expense on short-term borrowings 428 (902 ) (9 ) Tax expense Total Reclassifications for the Period $ (642 ) $ 1,352 $ 13 Net Income |
Note 24 - Fair Value Measuremen
Note 24 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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 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, 2016 2015: (dollars in thousands) Quoted Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Total (Fair Value) December 31, 2016 Assets: Investment securities available for sale: U. S. agency securities $ - $ 106,142 $ - $ 106,142 Residential mortgage backed securities - 326,239 - 326,239 Municipal bonds - 95,930 - 95,930 Corporate bonds - 8,079 1,500 9,579 Other equity investments - - 218 218 Loans held for sale - 51,629 - 51,629 Mortgage banking derivatives - - 114 114 Total assets measured at fair value on a recurring basis as of December 31, 2016 $ - $ 588,019 $ 1,832 $ 589,851 Liabilities: Mortgage banking derivatives $ - $ - $ 55 $ 55 Interest rate swap derivatives - 692 - 692 Total liabilities measured at fair value on a recurring basis as of December 31, 2016 $ - $ 692 $ 55 $ 747 December 31, 2015 Assets: Investment securities available for sale: U. S. 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: Mortgage banking derivatives $ - $ - $ 30 $ 30 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 $ 30 $ 1,447 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 2 3 Loans held for sale secondary 2 Interest rate swap derivatives: 2 The following is a reconciliation of activity for assets and liabilities measured at fair value based on Significant Other Unobservable Inputs (Level 3): Investment Mortgage Banking (dollars in thousands) Securities Derivatives Total Assets: Beginning balance at January 1, 2016 $ 219 $ 24 $ 243 Realized gain (loss) included in earnings - net mortgage banking derivatives - 90 90 Purchases of available-for-sale securities 1,500 - 1,500 Principal redemption (1 ) - (1 ) Ending balance at December 31, 2016 $ 1,718 $ 114 $ 1,832 Liabilities: Beginning balance at January 1, 2016 $ - $ 30 $ 30 Realized loss (gain) included in earnings - net mortgage banking derivatives - 25 25 Principal redemption - - - Ending balance at December 31, 2016 $ - $ 55 $ 55 Other Equity Mortgage Banking (dollars in thousands) Investments Derivatives Total Assets: Beginning balance at January 1, 2015 $ 219 $ 146 $ 365 Realized (loss) gain included in earnings - net mortgage banking derivatives - (122 ) (122 ) Principal redemption - - - Ending balance at December 31, 2015 $ 219 $ 24 $ 243 Liabilities: Beginning balance at January 1, 2015 $ - $ 250 $ 250 Realized (gain) loss included in earnings - net mortgage banking derivatives - (220 ) (220 ) Principal redemption - - - Ending balance at December 31, 2015 $ - $ 30 $ 30 Securities classified as Level 3 $1.5 two The Company relies on a third 3 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 3 Other real estate owned 3 Assets measured at fair value on a nonrecurring basis are included in the table below: (dollars in thousands) Quoted Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Total (Fair Value) December 31, 2016 Impaired loans: Commercial $ - $ - $ 2,956 $ 2,956 Income producing - commercial real estate - - 12,993 12,993 Owner occupied - commercial real estate - - 2,133 2,133 Real estate mortgage - residential - - 555 555 Construction - commercial and residential - - 1,550 1,550 Other consumer - - 13 13 Other real estate owned - - 2,694 2,694 Total assets measured at fair value on a nonrecurring basis as of December 31, 2016 $ - $ - $ 22,894 $ 22,894 (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 $ - $ - $ 2,633 $ 2,633 Income producing - commercial real estate - - 10,088 10,088 Owner occupied - commercial real estate - - 1,353 1,353 Real estate mortgage - residential - - 329 329 Construction - commercial and residential - - 4,627 4,627 Home equity - - 123 123 Other consumer - - 20 20 Other real estate owned - - 5,852 5,852 Total assets measured at fair value on a nonrecurring basis as of December 31, 2015 $ - $ - $ 25,025 $ 25,025 Loans The Company does not record loans at fair value on a recurring basis; however, from time to time, a loan is considered impaired and an allowance for loan loss is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan are considered impaired. Once a loan is identified as individually impaired, management measures impairment in accordance with ASC Topic 310, “Receivables.” one December 31, 2016, 820, 2. 3. Fair Value of Financial Instruments 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 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: he fair value of loans held for sale is the carrying value and is based on commitments outstanding from investors as well as what secondary Loans: Bank owned life insurance: Annuity investment: Mortgage banking derivatives: 3 3, 9 Interest rate swap derivatives: 2 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, 2016 2015 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, 2016 Assets Cash and due from banks $ 10,285 $ 10,285 $ - $ 10,285 $ - Federal funds sold 2,397 2,397 - 2,397 - Interest bearing deposits with other banks 355,481 355,481 - 355,481 - Investment securities 538,108 538,108 - 536,390 1,718 Federal Reserve and Federal Home Loan Bank stock 21,600 21,600 - 21,600 - Loans held for sale 51,629 51,629 - 51,629 - Loans 5,677,893 5,683,158 - - 5,683,158 Bank owned life insurance 60,130 60,130 - 60,130 - Annuity investment 11,929 11,929 - 11,929 - Mortgage banking derivatives 114 114 - - 114 Liabilities Noninterest bearing deposits 1,775,684 1,775,684 - 1,775,684 - Interest bearing deposits 3,191,682 3,191,682 - 3,191,682 - Certificates of deposit 748,748 745,985 - 745,985 - Customer repurchase agreements 68,876 68,876 - 68,876 - Borrowings 216,514 203,657 - 203,657 - Mortgage banking derivatives 55 55 - - 55 Interst rate swap derivatives 692 692 - 692 - December 31, 2015 Assets Cash and due from banks $ 10,270 $ 10,270 $ - $ 10,270 $ - Federal funds sold 3,791 3,791 - 3,791 - Interest bearing deposits with other banks 284,302 284,302 - 284,302 - 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 - - 5,000,717 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 - |
Note 25 - Quarterly Results of
Note 25 - Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | Note 25 – Quarterly Results of Operations (unaudited) The following table reports quarterly results of operations (unaudited) for 2016, 2015 2014: 2016 (dollars in thousands except per share data) Fourth Quarter Third Quarter Second Quarter First Quarter Total interest income $ 75,795 $ 72,431 $ 69,772 $ 67,807 Total interest expense 8,771 7,703 5,950 5,216 Net interest income 67,024 64,728 63,822 62,591 Provision for credit losses 2,112 2,288 3,888 3,043 Net interest income after provision for credit losses 64,912 62,440 59,934 59,548 Noninterest income 7,014 6,405 7,575 6,290 Noninterest expense 29,780 28,838 28,295 28,103 Income before income tax expense 42,146 40,007 39,214 37,735 Income tax expense 16,429 15,484 15,069 14,413 Net income 25,717 24,523 24,145 23,322 Net income available to common shareholders $ 25,717 $ 24,523 $ 24,145 $ 23,322 Earnings per common share Basic (1) $ 0.76 $ 0.73 $ 0.72 $ 0.70 Diluted (1) $ 0.75 $ 0.72 $ 0.71 $ 0.68 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 (1) may amount. |
Note 26 - Parent Company Financ
Note 26 - Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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, 2016 December 31, 2015 Assets Cash $ 86,561 $ 65,692 Investment securities available for sale, at fair value 100 216 Investment in subsidiaries 973,530 740,804 Other assets 3,935 2,444 Total Assets $ 1,064,126 $ 809,156 Liabilities Other liabilities $ 4,813 $ 1,627 Long-term borrowings 216,514 68,928 Total liabilities 221,327 70,555 Shareholders' Equity Common stock 338 331 Warrant - 946 Additional paid in capital 513,531 503,529 Retained earnings 331,311 233,604 Accumulated other comprehensive income (loss) (2,381 ) 191 Total Shareholders’ Equity 842,799 738,601 Total Liabilities and Shareholders' Equity $ 1,064,126 $ 809,156 Years Ended December 31, (dollars in thousands) 2016 2015 2014 Income Other interest and dividends $ 280 $ 369 $ 171 Gain on sale of investment securities 43 60 - Total Income 323 429 171 Expenses Interest expense 7,493 4,490 2,497 Legal and professional 131 101 108 Directors compensation 202 224 257 Other 1,083 1,212 1,086 Total Expenses 8,909 6,027 3,948 Loss Before Income Tax (Benefit) and Equity in Undistributed Income of Subsidiaries (8,586 ) (5,598 ) (3,777 ) Income Tax Benefit (2,919 ) (2,208 ) (1,490 ) Loss Before Equity in Undistributed Income of Subsidiaries (5,667 ) (3,390 ) (2,287 ) Equity in Undistributed Income of Subsidiaries 103,374 87,557 56,545 Net Income 97,707 84,167 54,258 Preferred Stock Dividends and Discount Accretion - 601 614 Net Income Available to Common Shareholders $ 97,707 $ 83,566 $ 53,644 Years Ended December 31, (dollars in thousands) 2016 2015 2014 Cash Flows From Operating Activities Net Income $ 97,707 $ 84,167 $ 54,258 Adjustments to reconcile net income to net cash used in by operating activities: Equity in undistributed income of subsidiary (103,374 ) (87,557 ) (56,545 ) Excess tax benefit on stock-based compensation (400 ) (2,984 ) (978 ) Increase in other assets (1,491 ) (785 ) (1,731 ) Increase (decrease) in other liabilities 3,186 (121 ) 1,803 Net cash (used in) operating activities (4,372 ) (7,280 ) (3,193 ) Cash Flows From Investing Activities Proceeds from sale of available-for-sale securities 135 84 - Investment in subsidiary (net) (124,636 ) (419 ) (203,782 ) Net cash used in investing activities (124,501 ) (335 ) (203,782 ) Cash Flows From Financing Activities Issuance of common stock - 94,633 144,093 Issuance of Series C Preferred Stock - - 15,300 Issuance in long-term borrowings 147,586 - 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 955 5,176 2,313 Preferred stock dividends - (600 ) (614 ) Excess tax benefit on stock-based compensation 400 2,984 978 Payment in lieu of fractional shares - (4 ) - Proceeds from employee stock purchase plan 801 769 621 Net cash provided by financing activities 149,742 21,758 232,691 Net Increase in Cash 20,869 14,143 25,716 Cash and Cash Equivalents at Beginning of Year 65,692 51,549 25,833 Cash and Cash Equivalents at End of Year $ 86,561 $ 65,692 $ 51,549 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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 December 31, 2016, twenty one five third |
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 |
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 |
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 |
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. The Company has elected to carry loans held for sale at fair value. Fair value is derived from secondary The Company’s current practice is to sell residential mortgage loans on a servicing released basis, and, therefore, it has no December 31, 2016 December 31, 2015. 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 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 90 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. |
Marketable Securities, Policy [Policy Text Block] | Investment Securities The Company has no may 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 the: (1) (2) (3) The entire amount of an impairment loss is recognized in earnings only when: (1) (2) (3) |
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 (90 may |
Revenue Recognition, Policy [Policy Text Block] | Higher Risk Lending – Revenue Recognition The Company has occasionally made higher risk acquisition, development, and construction (“ADC”) loans that entail higher risks than ADC loans made following normal underwriting practices (“higher risk loan transactions”). These higher risk loan transactions are currently made through the Company’s subsidiary, ECV. This activity is limited as to individual transaction amount and total exposure amounts, based on capital levels, and is carefully monitored. The loans are carried on the balance sheet at amounts outstanding and meet the loan classification requirements of the Accounting Standard Executive Committee (“AcSEC”) guidance reprinted from the CPA Letter, Special Supplement, dated February 10, 1986 1 1). February 10, 1986 1 No.1) 101 2016, 2015 2014 three December 31, 2016, four December 31, 2015, $9.3 $9.2 |
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 The components of the allowance for credit losses represent an estimation done pursuant to ASC Topic 450, “Contingencies ,” ASC Topic 310, “Receivables.” may third 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 may |
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 three seven three five five twenty may |
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 may |
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 is subject to impairment testing at the reporting unit level, which must be conducted at least annually. The Company performs impairment testing during the fourth 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 first second no December 31, 2016. |
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 three three (1) (2) (3) 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 |
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 third |
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 asset and liability method of accounting for income taxes as required by ASC Topic 740, Income Taxes may 740, may no December 31, 2016 December 31, 2015. |
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) (2) (3) may |
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 In accordance with ASC Topic 718, “Compensation,” Refer to Note 17 December 31, 2016, 2015 2014. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Authoritative Accounting Guidance ASU 2015 03, “Interest—Imputation of Interest (Subtopic 835 30): ” 2015 03 2016, ASU 2016 01, Financial Instruments —( Subtopic 825 10): . 2016 01 (1) may (2) (3) (4) (5) (6) (7) (8) 2016 01 December 15, 2017. (3) (6) 2016 01. 2016 01 ASU 2016 02, "Leases (Topic 842)." (1) (2) 2016 02 December 15, 2018; 2016 02 ASU 2016 09, "Improvements to Employee Share-Based Payment Accounting (Topic 718).” 2016 09 (1) (2) (3) 2016 09 December 15, 2016. 2016 09 ASU 2014 09, “Revenue from Contracts with Customers (Topic 606).” 2014 09 605, five December 15, 2017, 2014 09 ASU 2016 13, “Measurement of Credit Losses on Financial Instruments (Topic 326).” (1) (2) 2016 13 2016 13 December 15, 2019; December 15, 2018. first 2016 13 |
Note 4 - Investment Securitie36
Note 4 - Investment Securities Available-for-Sale (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Gross Gross Estimated December 31, 2016 Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gains Losses Value U. S. agency securities $ 107,425 $ 519 $ 1,802 $ 106,142 Residential mortgage backed securities 329,606 324 3,691 326,239 Municipal bonds 94,607 1,723 400 95,930 Corporate bonds 9,508 82 11 9,579 Other equity investments 218 - - 218 $ 541,364 $ 2,648 $ 5,904 $ 538,108 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 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less than 12 Months 12 Months or Greater Total Estimated Estimated Estimated December 31, 2016 Number of Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) Securities Value Losses Value Losses Value Losses U. S. agency securities 27 $ 88,991 $ 1,764 $ 3,768 $ 38 $ 92,759 $ 1,802 Residential mortgage backed securities 112 232,347 3,110 19,402 581 251,749 3,691 Municipal bonds 16 34,743 400 - - 34,743 400 Corporate bonds 2 4,998 11 - - 4,998 11 157 $ 361,079 $ 5,285 $ 23,170 $ 619 $ 384,249 $ 5,904 Less than 12 Months 12 Months or Greater Total Estimated Estimated Estimated December 31, 2015 Number of Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) Securities Value Losses Value Losses Value Losses U. S. agency securities 13 $ 32,927 $ 277 $ - $ - $ 32,927 $ 277 Residential mortgage backed securities 92 157,871 1,438 58,954 1,722 216,825 3,160 Municipal bonds 2 1,559 3 - - 1,559 3 Corporate bonds 4 14,938 152 - - 14,938 152 111 $ 207,295 $ 1,870 $ 58,954 $ 1,722 $ 266,249 $ 3,592 |
Available-for-sale Securities [Table Text Block] | December 31, 2016 December 31, 2015 Amortized Estimated Amortized Estimated (dollars in thousands) Cost Fair Value Cost Fair Value U. S. agency securities maturing: One year or less $ 83,885 $ 82,548 $ 31,436 $ 31,361 After one year through five years 20,736 20,897 18,826 19,047 Five years through ten years 2,804 2,697 6,513 6,567 Residential mortgage backed securities 329,606 326,239 299,709 297,241 Municipal bonds maturing: One year or less 1,056 1,070 4,450 4,478 After one year through five years 45,808 46,865 41,213 43,720 Five years through ten years 46,668 46,839 66,001 67,398 After ten years 1,075 1,156 2,589 2,785 Corporate bonds After one year through five years 8,008 8,079 15,090 14,938 After ten years 1,500 1,500 - - Other equity investments 218 218 307 334 $ 541,364 $ 538,108 $ 486,134 $ 487,869 |
Note 5 - Loans and Allowance 37
Note 5 - Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2016 December 31, 2015 (dollars in thousands) Amount % Amount % Commercial $ 1,200,728 21 % $ 1,052,257 21 % Income producing - commercial real estate 2,509,517 44 % 2,115,478 42 % Owner occupied - commercial real estate 640,870 12 % 498,103 10 % Real estate mortgage - residential 152,748 3 % 147,365 3 % Construction - commercial and residential 932,531 16 % 985,607 20 % Construction - C&I (owner occupied) 126,038 2 % 79,769 2 % Home equity 105,096 2 % 112,885 2 % Other consumer 10,365 - 6,904 - Total loans 5,677,893 100 % 4,998,368 100 % Less: Allowance for Credit Losses (59,074 ) (52,687 ) Net loans $ 5,618,819 $ 4,945,681 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Income Producing Owner Occupied Real Estate Construction Commercial Commercial Mortgage Commercial and Home Other (dollars in thousands) Commercial Real Estate Real Estate Residential Residential Equity Consumer Total For the Year Ended December 31, 2016 Allowance for credit losses: Balance at beginning of period $ 11,563 $ 14,122 $ 3,279 $ 1,268 $ 21,088 $ 1,292 $ 75 $ 52,687 Loans charged-off (3,745 ) (2,341 ) - - - (217 ) (37 ) (6,340 ) Recoveries of loans previously charged-off 220 908 3 7 215 12 31 1,396 Net loans charged-off (3,525 ) (1,433 ) 3 7 215 (205 ) (6 ) (4,944 ) Provision for credit losses 6,662 8,416 728 9 (4,816 ) 241 91 11,331 Ending balance $ 14,700 $ 21,105 $ 4,010 $ 1,284 $ 16,487 $ 1,328 $ 160 $ 59,074 For the Year Ended December 31, 2016 Allowance for credit losses: Individually evaluated for impairment $ 2,671 $ 1,943 $ 350 $ - $ 522 $ - $ 113 $ 5,599 Collectively evaluated for impairment 12,029 19,162 3,660 1,284 15,965 1,328 47 53,475 Ending balance $ 14,700 $ 21,105 $ 4,010 $ 1,284 $ 16,487 $ 1,328 $ 160 $ 59,074 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 (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 |
Schedule of Recorded Investment in Loans [Table Text Block] | Income Producing Owner occupied Real Estate Construction Commercial Commercial Mortgage Commercial and Home Other (dollars in thousands) Commercial Real Estate Real Estate Residential Residential Equity Consumer Total December 31, 2016 Recorded investment in loans: Individually evaluated for impairment $ 10,437 $ 15,057 $ 2,093 $ 241 $ 6,517 $ - $ 126 $ 34,471 Collectively evaluated for impairment 1,190,291 2,494,460 638,777 152,507 1,052,052 105,096 10,239 5,643,422 Ending balance $ 1,200,728 $ 2,509,517 $ 640,870 $ 152,748 $ 1,058,569 $ 105,096 $ 10,365 $ 5,677,893 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 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Watch and Total (dollars in thousands) Pass Special Mention Substandard Doubtful Loans December 31, 2016 Commercial $ 1,160,185 $ 30,106 $ 10,437 $ - $ 1,200,728 Income producing - commercial real estate 2,489,407 5,053 15,057 - 2,509,517 Owner occupied - commercial real estate 630,827 7,950 2,093 - 640,870 Real estate mortgage – residential 151,831 676 241 - 152,748 Construction - commercial and residential 1,051,445 607 6,517 - 1,058,569 Home equity 103,484 1,612 - - 105,096 Other consumer 10,237 2 126 - 10,365 Total $ 5,597,416 $ 46,006 $ 34,471 $ - $ 5,677,893 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 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | (dollars in thousands) December 31, 2016 December 31, 2015 Commercial $ 2,490 $ 4,940 Income producing - commercial real estate 10,539 5,961 Owner occupied - commercial real estate 2,093 1,268 Real estate mortgage - residential 555 329 Construction - commercial and residential 2,072 557 Home equity - 161 Other consumer 126 23 Total nonaccrual loans (1)(2) $ 17,875 $ 13,239 |
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, 2016 Commercial $ 1,634 $ 757 $ 2,490 $ 4,881 $ 1,195,847 $ 1,200,728 Income producing - commercial real estate 511 - 10,539 11,050 2,498,467 2,509,517 Owner occupied - commercial real estate 3,987 3,328 2,093 9,408 631,462 640,870 Real estate mortgage – residential 1,015 163 555 1,733 151,015 152,748 Construction - commercial and residential 360 1,342 2,072 3,774 1,054,795 1,058,569 Home equity - - - - 105,096 105,096 Other consumer 101 9 126 236 10,129 10,365 Total $ 7,608 $ 5,599 $ 17,875 $ 31,082 $ 5,646,811 $ 5,677,893 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 |
Impaired Financing Receivables [Table Text Block] | Unpaid Recorded Recorded Contractual Investment Investment Total Average Recorded Investment Interest Income 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, 2016 Commercial $ 8,296 $ 2,532 $ 3,095 $ 5,627 $ 2,671 $ 12,620 $ 12,755 $ 79 $ 191 Income producing - commercial real estate 14,936 5,048 9,888 14,936 1,943 16,742 17,533 54 198 Owner occupied - commercial real estate 2,483 1,691 792 2,483 350 2,233 2,106 - 13 Real estate mortgage – residential 555 555 - 555 - 246 249 - - Construction - commercial and residential 2,072 1,535 537 2,072 522 5,091 5,174 - - Home equity - - - - - 78 89 - - Other consumer 126 - 126 126 113 42 32 2 4 Total $ 28,468 $ 11,361 $ 14,438 $ 25,799 $ 5,599 $ 37,052 $ 37,938 $ 135 $ 406 December 31, 2015 Commercial $ 9,555 $ 2,396 $ 3,715 $ 6,111 $ 3,478 $ 9,671 $ 10,309 $ 21 $ 69 Income producing - commercial real estate 11,814 1,190 9,931 11,121 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 - - - - - Construction - commercial and residential 5,577 - 5,577 5,577 950 8,031 7,594 (93 ) 205 Home equity 161 116 45 161 38 411 650 - - Other consumer 23 20 3 23 3 47 31 (1 ) 1 Total $ 29,212 $ 4,997 $ 20,078 $ 25,075 $ 5,902 $ 30,607 $ 30,688 $ 22 $ 629 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | For the Year Ended December 31, 2016 Number of Income Producing - Owner Occupied - Construction - (dollars in thousands) Contracts Commercial Commercial Real Estate Commercial Real Estate Commercial Real Estate Total Troubled debt restructings Restructured accruing 7 $ 3,137 $ 4,397 $ 390 $ - $ 7,924 Restructured non-accruing 3 434 - - 4,933 5,367 Total 10 $ 3,571 $ 4,397 $ 390 $ 4,933 $ 13,291 Specific allowance $ 855 $ 920 $ - $ - $ 1,775 Restructured and subsequently defaulted $ - $ - $ - $ - $ - For the Year Ended December 31, 2015 Number of Income Producing - Owner Occupied - Construction - (dollars in thousands) Contracts Commercial Commercial Real Estate Commercial Real Estate Commercial Real Estate Total Troubled debt restructings Restructured accruing 7 $ 1,171 $ 5,160 $ 485 $ 5,020 $ 11,836 Restructured non-accruing 1 211 - - - 211 Total 8 $ 1,382 $ 5,160 $ 485 $ 5,020 $ 12,047 Specific allowance $ 49 $ 6 $ - $ 600 $ 655 Restructured and subsequently defaulted $ - $ - $ - $ - $ - |
Changes in Accretable Yield [Table Text Block] | (dollars in thousands) 2016 2015 Balance at January 1, $ (6,008 ) $ (10,298 ) Net reclassifications from nonaccretable yield - - Accretion 1,564 4,290 Balance at December 31, $ (4,444 ) $ (6,008 ) |
Changes In Amounts Of Loans Outstanding [Table Text Block] | (dollars in thousands) 2016 2015 Balance at January 1, $ 29,949 $ 17,082 Additions 31,158 23,578 Repayments (8,537 ) (10,711 ) Balance at December 31, $ 52,570 $ 29,949 |
Note 6 - Premises and Equipme38
Note 6 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (dollars in thousands) 2016 2015 Leasehold improvements $ 29,207 $ 26,987 Furniture and equipment 26,994 22,217 Less accumulated depreciation and amortization (35,540 ) (30,950 ) Total premises and equipment, net $ 20,661 $ 18,254 |
Operating Leases of Lessee Disclosure [Table Text Block] | Years ending December 31: (dollars in thousands) 2017 $ 8,016 2018 7,736 2019 7,464 2020 6,990 2021 6,069 Thereafter 16,179 Total minimum lease payments $ 52,454 |
Note 7 - Intangible Assets (Tab
Note 7 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Gross Net Intangible Accumulated Intangible (dollars in thousands) Assets Additions Amortization Assets December 31, 2016 Goodwill (1) $ 104,168 $ - $ - $ 104,168 Core deposit (2) 7,070 - (4,291 ) 2,779 Excess servicing (3) 387 602 (517 ) 472 $ 111,625 $ 602 $ (4,808 ) $ 107,419 December 31, 2015 Goodwill (1) $ 104,425 $ (257 ) $ - $ 104,168 Core deposit (2) 7,070 - (3,084 ) 3,986 Excess servicing (3) 282 379 (273 ) 388 $ 111,777 $ 122 $ (3,357 ) $ 108,542 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years ending December 31: (dollars in thousands) 2017 $ 1,064 2018 957 2019 715 2020 43 Total $ 2,779 |
Note 8 - Other Real Estate Ow40
Note 8 - Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Other Real Estate, Roll Forward [Table Text Block] | Year Ended December 31, (dollars in thousands) 2016 2015 Balance beginning of period $ 5,852 $ 13,224 Real estate acquired from borrowers 2,500 1,725 Valuation allowance (200 ) (1,100 ) Properties sold (5,458 ) (7,997 ) Balance end of period $ 2,694 $ 5,852 |
Note 10 - Interest Rate Swap 41
Note 10 - Interest Rate Swap Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Swap Notional Balance Sheet December 31, 2016 Number Amount Fair Value Category Receive Rate Pay Rate Maturity (dollars in thousands) Interest rate swap (1) $ 75,000 $ (197 ) 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 (514 ) Other Liabilities Federal Funds Effective Rate +10 basis points 1.74 % April 15, 2021 Interest rate swap (3) 75,000 19 Other Liabilities 1 month USD-LIBOR-BBA w/ -1 day lookback +10 basis points 1.92 % March 31, 2022 Total $ 250,000 $ (692 ) 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 Total $ 250,000 $ (1,417 ) |
Derivative Instruments, Gain (Loss) [Table Text Block] | Year Ended December 31, 2016 Effective Portion Ineffective Portion Reclassified from AOCI Recognized in Income Amount of into income on Derivatives Swap Pre-tax gain (loss) Amount of Amount of Number Recognized in OCI Category Gain (Loss) Category Gain (Loss) (dollars in thousands) Interest rate swap (1 ) $ (197 ) Interest Expense $ (628 ) Other Expense $ - Interest rate swap (2 ) (514 ) Interest Expense (880 ) Other Expense - Interest rate swap (3 ) 19 Interest Expense (747 ) Other Expense 1 Total $ (692 ) $ (2,255 ) $ 1 Year Ended December 31, 2015 Effective Portion Ineffective Portion Reclassified from AOCI Recognized in Income Amount of into income on Derivatives Swap Pre-tax gain (loss) Amount of Amount of Number Recognized 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 ) - - Total $ (1,417 ) $ - $ - |
Offsetting Liabilities [Table Text Block] | Year Ended December 31, 2016 Offsetting of Derivative Liabilities (dollars in thousands) Gross Amounts Not Offset in the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities presented in the Balance Sheet Financial Instruments Cash Collateral Posted Net Amount Counterparty 1 $ 514 $ (19 ) $ 495 $ - $ (380 ) $ 115 Counterparty 2 197 - 197 - (170 ) 27 $ 711 $ (19 ) $ 692 $ - $ (550 ) $ 142 Year Ended December 31, 2015 Offsetting of Derivative Liabilities (dollars in thousands) Gross Amounts Not Offset in the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities presented in the Balance Sheet Financial Instruments Cash Collateral Posted Net Amount Counterparty 1 $ 1,049 $ - $ 1,049 $ - $ (2,170 ) $ (1,121 ) Counterparty 2 368 - 368 - (740 ) (372 ) $ 1,417 $ - $ 1,417 $ - $ (2,910 ) $ (1,493 ) |
Note 11 - Deposits (Tables)
Note 11 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Deposit Composition And Interest Rate [Table Text Block] | 2016 2015 2014 (dollars in thousands) Average Average Average Balance Rate Balance Rate Balance Rate Noninterest bearing demand $ 1,775,684 - $ 1,405,067 - $ 1,175,799 - Interest bearing transaction 289,122 0.16 % 178,797 0.16 % 143,628 0.13 % Savings and money market 2,902,560 0.54 % 2,835,325 0.34 % 2,302,600 0.32 % Time, $100,000 or more 464,842 0.95 % 406,570 0.77 % 393,132 0.68 % Other time 283,906 0.86 % 332,685 0.74 % 295,609 0.70 % Total $ 5,716,114 $ 5,158,444 $ 4,310,768 |
Investments Classified by Contractual Maturity Date [Table Text Block] | (dollars in thousands) 2016 2015 2014 Three months or less $ 120,238 $ 88,483 $ 104,482 More than three months through six months 151,422 123,789 106,861 More than six months through twelve months 207,141 234,684 182,187 Over twelve months 269,947 292,299 295,211 Total $ 748,748 $ 739,255 $ 688,741 |
Interest Expense On Deposits [Table Text Block] | (dollars in thousands) 2016 2015 2014 Interest bearing transaction $ 646 $ 291 $ 178 Savings and money market 12,038 8,185 6,265 Time, $100,000 or more 6,487 5,019 2,830 Other time 77 848 365 Total $ 19,248 $ 14,343 $ 9,638 |
Note 12 - Borrowings (Tables)
Note 12 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | 2016 2015 2014 (dollars in thousands) Amount Rate Amount Rate Amount Rate Short-term: At Year-End: Customer repurchase agreements and federal funds purchased $ 68,876 0.35 % $ 72,356 0.23 % $ 61,120 0.25 % Federal Home Loan Bank – current portion - - - 100,000 0.38 % Total $ 68,876 $ 72,356 $ 161,120 Average Daily Balance: Customer repurchase agreements and federal funds purchased $ 77,833 0.21 % $ 59,141 0.22 % $ 63,490 0.23 % Federal Home Loan Bank – current portion 29,376 2.45 % 27,659 0.31 % 7,288 0.42 % Total $ 107,209 $ 86,800 $ 70,778 Maximum Month-end Balance: Customer repurchase agreements and federal funds purchased $ 136,689 0.16 % $ 73,696 0.21 % $ 80,471 0.28 % Federal Home Loan Bank – current portion 100,000 0.94 % 140,000 0.20 % 100,000 0.38 % Total $ 236,689 $ 213,696 $ 180,471 Long-term: At Year-End: Federal Home Loan Bank $ 0 - $ 0 - $ 40,000 2.62 % Subordinated Notes 220,000 5.42 % 70,000 5.75 % 79,300 6.40 % United Bank Line of Credit - - - - - - Total $ 220,000 $ 70,000 $ 119,300 Average Daily Balance: Federal Home Loan Bank $ 0 - $ 8,329 2.25 % $ 39,205 2.00 % Subordinated Notes 135,164 5.54 % 74,117 6.06 % 37,875 6.59 % United Bank Line of Credit - - - - - - Total $ 135,164 $ 82,446 $ 77,080 Maximum Month-end Balance: Federal Home Loan Bank $ 0 - $ 40,000 0.37 % $ 122,500 0.68 % Subordinated Notes 220,000 5.42 % 79,300 6.52 % 79,300 6.52 % United Bank Line of Credit - - - - - - Total $ 220,000 $ 119,300 $ 201,800 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (dollars in thousands) 2016 2015 2014 Current federal income tax $ 53,290 $ 46,758 $ 32,384 Current state income tax 13,733 11,020 7,114 Total current 67,023 57,778 39,498 Deferred federal income tax benefit (5,523 ) (6,642 ) (7,494 ) Deferred state income tax benefit (105 ) (87 ) (46 ) Total deferred (5,628 ) (6,729 ) (7,540 ) Total income tax expense $ 61,395 $ 51,049 $ 31,958 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (dollars in thousands) 2016 2015 2014 Deferred tax assets Allowance for credit losses $ 23,738 $ 21,191 $ 18,544 Deferred loan fees and costs 10,728 9,724 10,337 Deferred rent 1,483 1,364 - Stock-based compensation 3,037 2,068 1,714 Net operating loss 2,695 2,946 3,198 Unrealized loss on securities available-for-sale 1,303 - - Unrealized loss on interest rate swap derivatives 284 - - SERP 2,088 1,776 1,421 Premises and equipment 3,838 3,381 1,590 Other 477 383 71 Total deferred tax assets 49,671 42,833 36,875 Deferred tax liabilities Unrealized gain on securities available for sale - (694 ) (1,765 ) Excess servicing (191 ) (157 ) (114 ) Deferred rent - - (162 ) Intangible assets (1,260 ) (1,671 ) (2,323 ) Total deferred tax liabilities (1,451 ) (2,522 ) (4,364 ) Net deferred income tax amount $ 48,220 $ 40,311 $ 32,511 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2016 2015 2014 Statutory federal income tax rate 35.00 % 35.00 % 35.00 % Increase (decrease) due to State income taxes, net of federal income tax benefit 5.57 5.26 5.33 Tax exempt interest and dividend income (0.98 ) (1.25 ) (2.28 ) Stock-based compensation expense 0.01 0.02 0.04 Other (1.01 ) (1.28 ) (1.02 ) Effective tax rates 38.59 % 37.75 % 37.07 % |
Note 15 - Net Income Per Comm45
Note 15 - Net Income Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2016 2015 2014 (dollars and shares in thousands, except per share data) Basic: Net income available to common shareholders $ 97,707 $ 83,566 $ 53,644 Average common shares outstanding 33,587 32,836 26,684 Basic net income per common share $ 2.91 $ 2.54 $ 2.01 Diluted: Net income available to common shareholders $ 97,707 $ 83,566 $ 53,644 Average common shares outstanding 33,587 32,836 26,684 Adjustment for common share equivalents 594 643 867 Average common shares outstanding-diluted 34,181 33,479 27,551 Diluted net income per common share $ 2.86 $ 2.50 $ 1.95 Anti-dilutive shares 7 5 13 |
Note 17 - Stock-based Compens46
Note 17 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Years Ended December 31, 2016 2015 2014 Shares Weighted- Average Exercise Price Shares Weighted- Average Exercise Price Shares Weighted- Average Exercise Price Beginning balance 298,740 $ 9.97 759,683 $ 11.36 503,834 $ 10.41 Issued 3,000 49.49 5,000 46.50 21,000 32.77 Assumed from Virginia Heritage - - - - 401,497 13.16 Exercised (77,144 ) 14.48 (443,912 ) 12.03 (157,313 ) 14.71 Forfeited (1,100 ) 15.48 (12,380 ) 29.58 (8,110 ) 33.06 Expired (6,637 ) 12.87 (9,651 ) 18.19 (1,225 ) 9.00 Ending balance 216,859 $ 8.80 298,740 $ 9.97 759,683 $ 11.36 |
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 $ 10.72 154,535 $ 5.76 2.02 $ 10.73 $ 15.45 47,886 10.83 1.49 $ 15.46 $ 20.01 447 16.66 6.22 $ 20.02 $ 49.91 13,991 35.12 7.23 216,859 $ 8.80 2.25 Exercisable: Stock Options Weighted-Average Range of Exercise Prices Exercisable Exercise Price $ 5.76 $ 10.72 102,488 $ 5.76 $ 10.73 $ 15.45 47,886 10.83 $ 15.46 $ 20.01 447 16.66 $ 20.02 $ 49.91 4,921 23.83 155,742 $ 7.92 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years Ended December 31, 2016 2015 2014 Expected volatility 24.23 % 31.21 % 34.25 % Weighted-Average volatility 24.23 % 31.21 % 34.25 % Expected dividends - - - Expected term (in years) 7.0 7.0 9.4 Risk-free rate 1.37 % 1.64 % 2.26 % Weighted-average fair value (grant date) $ 14.27 $ 16.73 $ 13.49 Weighted-average fair value (grant date) for Virginia Heritage Bank ("VHB") options assumed n/a n/a $ 24.89 |
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] | Years Ended December 31, (dollars in thousands) 2016 2015 2014 Proceeds from stock options exercised $ 955 $ 5,176 $ 2,313 Tax benefits realized from stock compensation 400 2,984 978 Intrinsic value of stock options exercised 2,824 11,042 3,184 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Years Ended December 31, 2016 2015 Shares Weighted- Average Grant Date Fair Value Shares Weighted- Average Grant Date Fair Value Unvested at beginning 369,093 $ 24.43 509,336 $ 21.58 Issued 139,732 45.45 78,070 36.06 Forfeited (10,480 ) 40.28 (8,490 ) 33.57 Vested (202,153 ) 23.22 (209,823 ) 21.47 Unvested at end 296,192 $ 34.61 369,093 $ 24.43 |
Note 20 - Financial Instrumen47
Note 20 - Financial Instruments with Off-Balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | (dollars in thousands) 2016 2015 Unfunded loan commitments $ 2,225,995 $ 1,891,934 Unfunded lines of credit 94,375 112,159 Letters of credit 72,084 83,511 Total $ 2,392,454 $ 2,087,604 |
Note 21 - Commitments and Con48
Note 21 - Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
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) $ 4,967,366 $ - $ - $ - $ 4,967,366 Time deposits (1) 478,801 239,055 30,892 - 748,748 Borrowed funds (2) 68,876 - - 220,000 288,876 Operating lease obligations 8,016 15,200 13,059 16,179 52,454 Outside data processing (3) 5,048 9,606 2,619 - 17,273 George Mason sponsorship (4) 650 1,300 1,325 9,825 13,100 Non-Compete agreement (5) 1,005 251 - - 1,256 Total $ 5,529,762 $ 265,412 $ 47,895 $ 246,004 $ 6,089,073 |
Note 22 - Regulatory Matters (T
Note 22 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Company Bank To Be Well Capitalized Under Actual Actual Minimum Required For Prompt Corrective Action (dollars in thousands) Amount Ratio Amount Ratio Capital Adequacy Purposes Regulations * As of December 31, 2016 CET1 capital (to risk weighted aseets) $ 737,512 10.80 % $ 854,226 12.55 % 5.125 % 6.5 % Total capital (to risk weighted assets) 1,016,712 14.89 % 913,100 13.41 % 8.625 % 10.0 % Tier 1 capital (to risk weighted assets) 737,512 10.80 % 854,226 12.55 % 6.625 % 8.0 % Tier 1 capital (to average assets) 737,512 10.72 % 854,226 12.44 % 5.000 % 5.0 % 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 % |
Note 23 - Other Comprehensive50
Note 23 - Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
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, 2016 Net unrealized loss on securities available-for-sale $ (3,800 ) $ (1,520 ) $ (2,280 ) Less: Reclassification adjustment for net gains included in net income (1,194 ) (478 ) (716 ) Total unrealized loss (4,994 ) (1,998 ) (2,996 ) Net unrealized loss on derivatives (2,947 ) (2,018 ) (929 ) Less: Reclassification adjustment for losses included in net income 2,255 902 1,353 Total unrealized loss (692 ) (1,116 ) 424 Other Comprehensive Loss $ (5,686 ) $ (3,114 ) $ (2,572 ) Year Ended December 31, 2015 Net unrealized loss on securities available-for-sale $ (423 ) $ (169 ) $ (254 ) Less: Reclassification adjustment for net gains included in net income (2,254 ) (902 ) (1,352 ) Total unrealized loss (2,677 ) (1,071 ) (1,606 ) Net unrealized loss on derivatives (1,417 ) (567 ) (850 ) Less: Reclassification adjustment for losses included in net income - - - Total unrealized loss (1,417 ) (567 ) (850 ) 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 ) Total unrealized gain 9,943 3,977 5,966 Other Comprehensive Income $ 9,943 $ 3,977 $ 5,966 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Securities Accumulated Other (dollars in thousands) Available For Sale Derivatives Comprehensive (Loss) Income Year Ended December 31, 2016 Balance at Beginning of Period $ 1,041 $ (850 ) $ 191 Other comprehensive income (loss) before reclassifications (2,280 ) (934 ) (3,214 ) Amounts reclassified from accumulated other comprehensive income (loss) (716 ) 1,358 642 Net other comprehensive income (loss) during period (2,996 ) 424 (2,572 ) Balance at End of Period $ (1,955 ) $ (426 ) $ (2,381 ) 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 (loss) (1,352 ) - (1,352 ) Net other comprehensive income (loss) during 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 (loss) before reclassifications 5,979 - 5,979 Amounts reclassified from accumulated other comprehensive income (loss) (13 ) - (13 ) Net other comprehensive income (loss) during period 5,966 - 5,966 Balance at End of Period $ 2,647 $ - $ 2,647 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about Accumulated Other Amount Reclassified from Affected Line Item in Comprehensive Income Components Accumulated Other the Statement Where (dollars in thousands) Comprehensive (Loss) Income Net Income is Presented Year Ended December 31, 2016 2015 2014 Realized gain on sale of investment securities $ 1,194 $ 2,254 $ 22 Gain on sale of investment securities Interest expense derivative deposits (1,695 ) - - Interest expense on deposits Interest expense derivative borrowings (569 ) - - Interest expense on short-term borrowings 428 (902 ) (9 ) Tax expense Total Reclassifications for the Period $ (642 ) $ 1,352 $ 13 Net Income |
Note 24 - Fair Value Measurem51
Note 24 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
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, 2016 Assets: Investment securities available for sale: U. S. agency securities $ - $ 106,142 $ - $ 106,142 Residential mortgage backed securities - 326,239 - 326,239 Municipal bonds - 95,930 - 95,930 Corporate bonds - 8,079 1,500 9,579 Other equity investments - - 218 218 Loans held for sale - 51,629 - 51,629 Mortgage banking derivatives - - 114 114 Total assets measured at fair value on a recurring basis as of December 31, 2016 $ - $ 588,019 $ 1,832 $ 589,851 Liabilities: Mortgage banking derivatives $ - $ - $ 55 $ 55 Interest rate swap derivatives - 692 - 692 Total liabilities measured at fair value on a recurring basis as of December 31, 2016 $ - $ 692 $ 55 $ 747 December 31, 2015 Assets: Investment securities available for sale: U. S. 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: Mortgage banking derivatives $ - $ - $ 30 $ 30 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 $ 30 $ 1,447 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Investment Mortgage Banking (dollars in thousands) Securities Derivatives Total Assets: Beginning balance at January 1, 2016 $ 219 $ 24 $ 243 Realized gain (loss) included in earnings - net mortgage banking derivatives - 90 90 Purchases of available-for-sale securities 1,500 - 1,500 Principal redemption (1 ) - (1 ) Ending balance at December 31, 2016 $ 1,718 $ 114 $ 1,832 Liabilities: Beginning balance at January 1, 2016 $ - $ 30 $ 30 Realized loss (gain) included in earnings - net mortgage banking derivatives - 25 25 Principal redemption - - - Ending balance at December 31, 2016 $ - $ 55 $ 55 Other Equity Mortgage Banking (dollars in thousands) Investments Derivatives Total Assets: Beginning balance at January 1, 2015 $ 219 $ 146 $ 365 Realized (loss) gain included in earnings - net mortgage banking derivatives - (122 ) (122 ) Principal redemption - - - Ending balance at December 31, 2015 $ 219 $ 24 $ 243 Liabilities: Beginning balance at January 1, 2015 $ - $ 250 $ 250 Realized (gain) loss included in earnings - net mortgage banking derivatives - (220 ) (220 ) Principal redemption - - - Ending balance at December 31, 2015 $ - $ 30 $ 30 |
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, 2016 Impaired loans: Commercial $ - $ - $ 2,956 $ 2,956 Income producing - commercial real estate - - 12,993 12,993 Owner occupied - commercial real estate - - 2,133 2,133 Real estate mortgage - residential - - 555 555 Construction - commercial and residential - - 1,550 1,550 Other consumer - - 13 13 Other real estate owned - - 2,694 2,694 Total assets measured at fair value on a nonrecurring basis as of December 31, 2016 $ - $ - $ 22,894 $ 22,894 (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 $ - $ - $ 2,633 $ 2,633 Income producing - commercial real estate - - 10,088 10,088 Owner occupied - commercial real estate - - 1,353 1,353 Real estate mortgage - residential - - 329 329 Construction - commercial and residential - - 4,627 4,627 Home equity - - 123 123 Other consumer - - 20 20 Other real estate owned - - 5,852 5,852 Total assets measured at fair value on a nonrecurring basis as of December 31, 2015 $ - $ - $ 25,025 $ 25,025 |
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, 2016 Assets Cash and due from banks $ 10,285 $ 10,285 $ - $ 10,285 $ - Federal funds sold 2,397 2,397 - 2,397 - Interest bearing deposits with other banks 355,481 355,481 - 355,481 - Investment securities 538,108 538,108 - 536,390 1,718 Federal Reserve and Federal Home Loan Bank stock 21,600 21,600 - 21,600 - Loans held for sale 51,629 51,629 - 51,629 - Loans 5,677,893 5,683,158 - - 5,683,158 Bank owned life insurance 60,130 60,130 - 60,130 - Annuity investment 11,929 11,929 - 11,929 - Mortgage banking derivatives 114 114 - - 114 Liabilities Noninterest bearing deposits 1,775,684 1,775,684 - 1,775,684 - Interest bearing deposits 3,191,682 3,191,682 - 3,191,682 - Certificates of deposit 748,748 745,985 - 745,985 - Customer repurchase agreements 68,876 68,876 - 68,876 - Borrowings 216,514 203,657 - 203,657 - Mortgage banking derivatives 55 55 - - 55 Interst rate swap derivatives 692 692 - 692 - December 31, 2015 Assets Cash and due from banks $ 10,270 $ 10,270 $ - $ 10,270 $ - Federal funds sold 3,791 3,791 - 3,791 - Interest bearing deposits with other banks 284,302 284,302 - 284,302 - 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 - - 5,000,717 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 - |
Note 25 - Quarterly Results o52
Note 25 - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2016 (dollars in thousands except per share data) Fourth Quarter Third Quarter Second Quarter First Quarter Total interest income $ 75,795 $ 72,431 $ 69,772 $ 67,807 Total interest expense 8,771 7,703 5,950 5,216 Net interest income 67,024 64,728 63,822 62,591 Provision for credit losses 2,112 2,288 3,888 3,043 Net interest income after provision for credit losses 64,912 62,440 59,934 59,548 Noninterest income 7,014 6,405 7,575 6,290 Noninterest expense 29,780 28,838 28,295 28,103 Income before income tax expense 42,146 40,007 39,214 37,735 Income tax expense 16,429 15,484 15,069 14,413 Net income 25,717 24,523 24,145 23,322 Net income available to common shareholders $ 25,717 $ 24,523 $ 24,145 $ 23,322 Earnings per common share Basic (1) $ 0.76 $ 0.73 $ 0.72 $ 0.70 Diluted (1) $ 0.75 $ 0.72 $ 0.71 $ 0.68 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 |
Note 26 - Parent Company Fina53
Note 26 - Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | (dollars in thousands) December 31, 2016 December 31, 2015 Assets Cash $ 86,561 $ 65,692 Investment securities available for sale, at fair value 100 216 Investment in subsidiaries 973,530 740,804 Other assets 3,935 2,444 Total Assets $ 1,064,126 $ 809,156 Liabilities Other liabilities $ 4,813 $ 1,627 Long-term borrowings 216,514 68,928 Total liabilities 221,327 70,555 Shareholders' Equity Common stock 338 331 Warrant - 946 Additional paid in capital 513,531 503,529 Retained earnings 331,311 233,604 Accumulated other comprehensive income (loss) (2,381 ) 191 Total Shareholders’ Equity 842,799 738,601 Total Liabilities and Shareholders' Equity $ 1,064,126 $ 809,156 |
Condensed Income Statement [Table Text Block] | Years Ended December 31, (dollars in thousands) 2016 2015 2014 Income Other interest and dividends $ 280 $ 369 $ 171 Gain on sale of investment securities 43 60 - Total Income 323 429 171 Expenses Interest expense 7,493 4,490 2,497 Legal and professional 131 101 108 Directors compensation 202 224 257 Other 1,083 1,212 1,086 Total Expenses 8,909 6,027 3,948 Loss Before Income Tax (Benefit) and Equity in Undistributed Income of Subsidiaries (8,586 ) (5,598 ) (3,777 ) Income Tax Benefit (2,919 ) (2,208 ) (1,490 ) Loss Before Equity in Undistributed Income of Subsidiaries (5,667 ) (3,390 ) (2,287 ) Equity in Undistributed Income of Subsidiaries 103,374 87,557 56,545 Net Income 97,707 84,167 54,258 Preferred Stock Dividends and Discount Accretion - 601 614 Net Income Available to Common Shareholders $ 97,707 $ 83,566 $ 53,644 |
Condensed Cash Flow Statement [Table Text Block] | Years Ended December 31, (dollars in thousands) 2016 2015 2014 Cash Flows From Operating Activities Net Income $ 97,707 $ 84,167 $ 54,258 Adjustments to reconcile net income to net cash used in by operating activities: Equity in undistributed income of subsidiary (103,374 ) (87,557 ) (56,545 ) Excess tax benefit on stock-based compensation (400 ) (2,984 ) (978 ) Increase in other assets (1,491 ) (785 ) (1,731 ) Increase (decrease) in other liabilities 3,186 (121 ) 1,803 Net cash (used in) operating activities (4,372 ) (7,280 ) (3,193 ) Cash Flows From Investing Activities Proceeds from sale of available-for-sale securities 135 84 - Investment in subsidiary (net) (124,636 ) (419 ) (203,782 ) Net cash used in investing activities (124,501 ) (335 ) (203,782 ) Cash Flows From Financing Activities Issuance of common stock - 94,633 144,093 Issuance of Series C Preferred Stock - - 15,300 Issuance in long-term borrowings 147,586 - 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 955 5,176 2,313 Preferred stock dividends - (600 ) (614 ) Excess tax benefit on stock-based compensation 400 2,984 978 Payment in lieu of fractional shares - (4 ) - Proceeds from employee stock purchase plan 801 769 621 Net cash provided by financing activities 149,742 21,758 232,691 Net Increase in Cash 20,869 14,143 25,716 Cash and Cash Equivalents at Beginning of Year 65,692 51,549 25,833 Cash and Cash Equivalents at End of Year $ 86,561 $ 65,692 $ 51,549 |
Note 1 - Summary of Significa54
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Number of Stores | 29 | |
Deferred Tax Assets, Valuation Allowance | $ 0 | $ 0 |
Held-to-maturity Securities | 0 | |
Trading Securities | 0 | |
Goodwill, Impairment Loss | 0 | |
Servicing Contracts [Member] | ||
Other Intangible Assets, Net | $ 0 | $ 0 |
Risk Level, High [Member] | Eagle Commercial Ventures, LLC [Member] | ||
Number of Higher Risk Lending Transactions Outstanding | 3 | 4 |
Loans Receivable, Net | $ 9,300,000 | $ 9,200,000 |
Minimum [Member] | ||
Loan Period | 30 days | |
Minimum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Minimum [Member] | Computer Equipment [Member] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Minimum [Member] | Building Improvements [Member] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Maximum [Member] | ||
Loan Period | 90 days | |
Maximum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Maximum [Member] | Computer Equipment [Member] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Maximum [Member] | Building Improvements [Member] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Banking Services [Member] | ||
Number of Stores | 21 | |
Lending Services [Member] | ||
Number of Stores | 5 |
Note 2 - Mergers and Acquisit55
Note 2 - Mergers and Acquisitions (Details Textual) - USD ($) | Oct. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 31, 2015 | Dec. 31, 2014 | |||
Share Based Compensation Arrangement by Share Based Payment Award Options Acquired in Business Combination Weighted Average Grant Date Fair Value | $ 24.89 | |||||||
Business Combination, Acquisition Related Costs | $ 141,000 | $ 4,699,000 | ||||||
Goodwill | [1] | 104,168,000 | 104,168,000 | |||||
Goodwill, Period Increase (Decrease) | [1] | $ (257,000) | [1] | $ 257,000 | ||||
Virginia Heritage Bank [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 0.6632 | |||||||
Convertible Stock Cash Received Per Share | $ 7.50 | |||||||
Share Based Compensation Arrangement by Share Based Payment Award Options Acquired in Business Combination Weighted Average Grant Date Fair Value | $ 401,497 | |||||||
Payments to Acquire Businesses, Gross | $ 45,400,000 | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 4,010,261 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 914,000,000 | |||||||
Loans Fair Value At Acquisition | 800,000,000 | 804,000,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposit Liabilities | 645,000,000 | |||||||
Business Combination, Consideration Transferred | $ 189,000,000 | |||||||
Preferred Stock, Shares Outstanding | 15,300 | |||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | |||||||
Business Combination Shares Issued For Each Acquirees Share Converted | 1 | |||||||
Preferred Stock, Dividend Rate, Percentage | 1.00% | |||||||
Business Combination, Acquisition Related Costs | $ 4,700,000 | |||||||
Goodwill | $ 102,300,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 4,600,000 | |||||||
Business Combination, Fair Value Credit Mark on Loan Portfolio | $ 12,500,000 | |||||||
Goodwill, Period Increase (Decrease) | $ (257,000) | |||||||
Virginia Heritage Bank [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 1 year | |||||||
Virginia Heritage Bank [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 5 years | |||||||
Virginia Heritage Bank [Member] | Core Deposits [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 4,600,000 | $ 2,600,000 | ||||||
Finite-Lived Intangible Asset, Useful Life | 4 years | |||||||
[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. |
Note 4 - Investment Securitie56
Note 4 - Investment Securities Available-for-Sale (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Federal Home Loan Bank Stock and Federal Reserve Bank Stock | $ 21,600 | $ 16,903 | |
Debt Securities Percentage | 99.90% | ||
Debt Securities Weighted Average Duration | 3 years 292 days | ||
Available-for-sale Securities, Gross Realized Gains | $ 1,400 | 2,700 | $ 298 |
Available-for-sale Securities, Gross Realized Losses | 188 | 475 | 276 |
Proceeds from Sale of Available-for-sale Securities | 94,300 | $ 111,700 | $ 49,900 |
Available-for-sale Securities Pledged as Collateral | $ 497,300 | ||
Securities Holdings of Any One Issuer Exceeding Ten Percent of Shareholders' Equity | 0 | 0 |
Note 4 - Investment Securitie57
Note 4 - Investment Securities Available-for-sale - Securities Available-for-sale (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Amortized cost | $ 541,364 | $ 486,134 |
Gross unrealized gains | 2,648 | 5,327 |
Gross unrealized losses | 5,904 | 3,592 |
Available-for-sale Securities | 538,108 | 487,869 |
US Government Agencies Debt Securities [Member] | ||
Amortized cost | 107,425 | 56,775 |
Gross unrealized gains | 519 | 477 |
Gross unrealized losses | 1,802 | 277 |
Available-for-sale Securities | 106,142 | 56,975 |
Residential Mortgage Backed Securities [Member] | ||
Amortized cost | 329,606 | 299,709 |
Gross unrealized gains | 324 | 692 |
Gross unrealized losses | 3,691 | 3,160 |
Available-for-sale Securities | 326,239 | 297,241 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized cost | 94,607 | 114,253 |
Gross unrealized gains | 1,723 | 4,131 |
Gross unrealized losses | 400 | 3 |
Available-for-sale Securities | 95,930 | 118,381 |
Corporate Debt Securities [Member] | ||
Amortized cost | 9,508 | 15,090 |
Gross unrealized gains | 82 | |
Gross unrealized losses | 11 | 152 |
Available-for-sale Securities | 9,579 | 14,938 |
Equity Investment Other [Member] | ||
Amortized cost | 218 | 307 |
Gross unrealized gains | 27 | |
Gross unrealized losses | ||
Available-for-sale Securities | $ 218 | $ 334 |
Note 4 - Investment Securitie58
Note 4 - Investment Securities Available-for-sale - Securities in Continuous Unrealized Loss Position (Details) $ in Thousands | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Available-for-sale securities in a continuous loss position, number of securities | 157 | 111 |
Available-for-sale securities in a continuous loss position, less than 12 months, estimated fair value | $ 361,079 | $ 207,295 |
Available-for-sale securities in a continuous loss position, less than 12 months, unrealized losses | 5,285 | 1,870 |
Available-for-sale securities in a continuous loss position, 12 months or greater, estimated fair value | 23,170 | 58,954 |
Available-for-sale securities in a continuous loss position, 12 months or greater, unrealized losses | 619 | 1,722 |
Available-for-sale securities in a continuous loss position, estimated fair value | 384,249 | 266,249 |
Available-for-sale securities in a continuous loss position, unrealized losses | $ 5,904 | $ 3,592 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities in a continuous loss position, number of securities | 27 | 13 |
Available-for-sale securities in a continuous loss position, less than 12 months, estimated fair value | $ 88,991 | $ 32,927 |
Available-for-sale securities in a continuous loss position, less than 12 months, unrealized losses | 1,764 | 277 |
Available-for-sale securities in a continuous loss position, 12 months or greater, estimated fair value | 3,768 | |
Available-for-sale securities in a continuous loss position, 12 months or greater, unrealized losses | 38 | |
Available-for-sale securities in a continuous loss position, estimated fair value | 92,759 | 32,927 |
Available-for-sale securities in a continuous loss position, unrealized losses | $ 1,802 | $ 277 |
Residential Mortgage Backed Securities [Member] | ||
Available-for-sale securities in a continuous loss position, number of securities | 112 | 92 |
Available-for-sale securities in a continuous loss position, less than 12 months, estimated fair value | $ 232,347 | $ 157,871 |
Available-for-sale securities in a continuous loss position, less than 12 months, unrealized losses | 3,110 | 1,438 |
Available-for-sale securities in a continuous loss position, 12 months or greater, estimated fair value | 19,402 | 58,954 |
Available-for-sale securities in a continuous loss position, 12 months or greater, unrealized losses | 581 | 1,722 |
Available-for-sale securities in a continuous loss position, estimated fair value | 251,749 | 216,825 |
Available-for-sale securities in a continuous loss position, unrealized losses | $ 3,691 | $ 3,160 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities in a continuous loss position, number of securities | 16 | 2 |
Available-for-sale securities in a continuous loss position, less than 12 months, estimated fair value | $ 34,743 | $ 1,559 |
Available-for-sale securities in a continuous loss position, less than 12 months, unrealized losses | 400 | 3 |
Available-for-sale securities in a continuous loss position, 12 months or greater, estimated fair value | ||
Available-for-sale securities in a continuous loss position, 12 months or greater, unrealized losses | ||
Available-for-sale securities in a continuous loss position, estimated fair value | 34,743 | 1,559 |
Available-for-sale securities in a continuous loss position, unrealized losses | $ 400 | $ 3 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities in a continuous loss position, number of securities | 2 | 4 |
Available-for-sale securities in a continuous loss position, less than 12 months, estimated fair value | $ 4,998 | $ 14,938 |
Available-for-sale securities in a continuous loss position, less than 12 months, unrealized losses | 11 | 152 |
Available-for-sale securities in a continuous loss position, 12 months or greater, estimated fair value | ||
Available-for-sale securities in a continuous loss position, 12 months or greater, unrealized losses | ||
Available-for-sale securities in a continuous loss position, estimated fair value | 4,998 | 14,938 |
Available-for-sale securities in a continuous loss position, unrealized losses | $ 11 | $ 152 |
Note 4 - Investment Securitie59
Note 4 - Investment Securities Available-for-sale - Securities Available-for-sale by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Amortized cost | $ 541,364 | $ 486,134 |
Estimated fair value | 538,108 | 487,869 |
US Government Agencies Debt Securities [Member] | ||
One year or less, amortized cost | 83,885 | 31,436 |
One year or less, estimated fair value | 82,548 | 31,361 |
After one year through five years, amortized cost | 20,736 | 18,826 |
After one year through five years, estimated fair value | 20,897 | 19,047 |
Five years through ten years, amortized cost | 2,804 | 6,513 |
Five years through ten years, estimated fair value | 2,697 | 6,567 |
Residential Mortgage Backed Securities [Member] | ||
Amortized cost, without maturity date | 329,606 | 299,709 |
Estimated fair value, without maturity date | 326,239 | 297,241 |
US States and Political Subdivisions Debt Securities [Member] | ||
One year or less, amortized cost | 1,056 | 4,450 |
One year or less, estimated fair value | 1,070 | 4,478 |
After one year through five years, amortized cost | 45,808 | 41,213 |
After one year through five years, estimated fair value | 46,865 | 43,720 |
Five years through ten years, amortized cost | 46,668 | 66,001 |
Five years through ten years, estimated fair value | 46,839 | 67,398 |
After ten years, amortized cost | 1,075 | 2,589 |
After ten years, estimated fair value | 1,156 | 2,785 |
After ten years, estimated fair value | 1,156 | 2,785 |
Corporate Debt Securities [Member] | ||
After one year through five years, amortized cost | 8,008 | 15,090 |
After one year through five years, estimated fair value | 8,079 | 14,938 |
After ten years, amortized cost | 1,500 | |
After ten years, estimated fair value | 1,500 | |
After ten years, estimated fair value | 1,500 | |
Equity Investment Other [Member] | ||
Amortized cost, without maturity date | 218 | 307 |
Estimated fair value, without maturity date | $ 218 | $ 334 |
Note 5 - Loans and Allowance 60
Note 5 - Loans and Allowance for Credit Losses (Details Textual) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jul. 24, 2015USD ($) | Oct. 31, 2014USD ($) |
Loans and Leases Receivable, Deferred Income | $ 22,300,000 | $ 18,400,000 | $ 22,300,000 | $ 18,400,000 | ||
Sale of Loan Receivable, Selling Price | $ 80,300,000 | |||||
Sale of Loan Receivable, Estimated Loss | $ 900,000 | |||||
Servicing Asset at Fair Value, Amount | $ 128,800,000 | 78,800,000 | $ 128,800,000 | 78,800,000 | ||
Minimum Debt Service Coverage | 1.15% | 1.15% | ||||
Stress Test Assumption Increase Interest Rates | 2.00% | 2.00% | ||||
Financing Receivable, Net | $ 5,677,893,000 | 4,998,368,000 | $ 5,677,893,000 | 4,998,368,000 | ||
Financing Receivable, Modifications, Recorded Investment | $ 8,900,000 | $ 12,100,000 | 8,900,000 | $ 12,100,000 | ||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 1,200,000 | |||||
Impaired Financing Receivable, Interest Income, Accrual Method | $ 48,000 | |||||
Financing Receivable, Modifications, Number of Contracts | 10 | 8 | 4 | 4 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 2,200,000 | $ 1,900,000 | ||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 2 | 0 | ||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 5,200,000 | |||||
Performing Financial Instruments [Member] | ||||||
Financing Receivable, Modifications, Recorded Investment | $ 3,500,000 | $ 11,800,000 | $ 3,500,000 | $ 11,800,000 | ||
Financing Receivable, Modifications, Number of Contracts | 7 | |||||
Maximum [Member] | ||||||
Loan To Value Ratio | 80.00% | 80.00% | ||||
Loan Period | 90 days | |||||
Minimum [Member] | ||||||
Interest Rate Adjustment Frequency | 5 years | |||||
Loan Period | 30 days | |||||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied and Construction [Member] | ||||||
Percent Of Loan Portfolio | 14.00% | 14.00% | ||||
Commercial Real Estateand Real Estate Construction Loans [Member] | ||||||
Percent Of Loan Portfolio | 74.00% | 74.00% | ||||
Commercial Portfolio Segment [Member] | ||||||
Percent Of Loan Portfolio | 21.00% | 21.00% | ||||
Financing Receivable, Net | $ 1,200,728,000 | 1,052,257,000 | $ 1,200,728,000 | 1,052,257,000 | ||
Commercial Portfolio Segment [Member] | Maximum [Member] | ||||||
Loan Period | 10 years | |||||
Amortization Term | 25 years | |||||
Commercial Portfolio Segment [Member] | S B A Loans [Member] | ||||||
Percent Of Loan Portfolio | 2.00% | 2.00% | ||||
Commercial Portfolio Segment [Member] | Land Acquisition Development and Construction Loans [Member] | Maximum [Member] | ||||||
Loan Period | 2 years | |||||
Commercial Portfolio Segment [Member] | A D C Loans [Member] | ||||||
Percent Of Loan Portfolio | 67.00% | 67.00% | ||||
Financing Receivable, Net | $ 1,060,000 | $ 1,060,000 | ||||
Consumer Portfolio Segment [Member] | ||||||
Percent Of Loan Portfolio | 2.00% | 2.00% | ||||
Residential Portfolio Segment [Member] | ||||||
Financing Receivable, Net | $ 152,748,000 | 147,365,000 | $ 152,748,000 | $ 147,365,000 | ||
Residential Portfolio Segment [Member] | Real Estate Loan [Member] | ||||||
Percent Of Loan Portfolio | 3.00% | 3.00% | ||||
Loan Period | 1 year 300 days | |||||
Residential Portfolio Segment [Member] | Land Acquisition Development and Construction Loans [Member] | Maximum [Member] | ||||||
Loan Period | 3 years | |||||
Excluding Owner Occupied Commercial Real Estate And Commercial Construction Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||
Percent Of Loan Portfolio | 60.00% | 60.00% | ||||
Preferred Term [Member] | Commercial Portfolio Segment [Member] | Maximum [Member] | ||||||
Loan Period | 7 years | |||||
Preferred Term [Member] | Commercial Portfolio Segment [Member] | Minimum [Member] | ||||||
Loan Period | 5 years | |||||
Reclassified to Nonperforming Loans [Member] | Nonperforming Financial Instruments [Member] | ||||||
Financing Receivable, Modifications, Number of Contracts | 2 | 0 | ||||
Virginia Heritage Bank [Member] | ||||||
Loans Fair Value At Acquisition | $ 804,000,000 | $ 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 | 3,000,000 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield | 0 | 0 | ||||
Virginia Heritage Bank [Member] | Nonperforming Financial Instruments [Member] | ||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 587,000 | 587,000 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 1,600,000 | 1,600,000 | ||||
Virginia Heritage Bank [Member] | Loans Not Impaired [Member] | ||||||
Loans Fair Value At Acquisition | 801,000,000 | 801,000,000 | ||||
Fidelity [Member] | Nonperforming Financial Instruments [Member] | ||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 491,000 | 491,000 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 548,000 | 548,000 | ||||
Home Equity Line of Credit [Member] | ||||||
Loans and Leases Receivable, Deferred Income | $ 120,000 | $ 144,000 | $ 120,000 | $ 144,000 |
Note 5 - Loans and Allowance 61
Note 5 - Loans and Allowance for Credit Losses - Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans | $ 5,677,893 | $ 4,998,368 |
Loans, percent | 100.00% | 100.00% |
Less: Allowance for Credit Losses | $ (59,074) | $ (52,687) |
Net loans | 5,618,819 | 4,945,681 |
Commercial Portfolio Segment [Member] | ||
Loans | $ 1,200,728 | $ 1,052,257 |
Loans, percent | 21.00% | 21.00% |
Income Producing Portfolio Segment [Member] | ||
Loans | $ 2,509,517 | $ 2,115,478 |
Loans, percent | 44.00% | 42.00% |
Owner Occupied Portfolio Segment [Member] | ||
Loans | $ 640,870 | $ 498,103 |
Loans, percent | 12.00% | 10.00% |
Residential Portfolio Segment [Member] | ||
Loans | $ 152,748 | $ 147,365 |
Loans, percent | 3.00% | 3.00% |
Construction Portfolio Segment [Member] | ||
Loans | $ 1,058,569 | $ 1,065,376 |
Construction Portfolio Segment [Member] | Commercial and Residential Loan [Member] | ||
Loans | $ 932,531 | $ 985,607 |
Loans, percent | 16.00% | 20.00% |
Construction Portfolio Segment [Member] | Commercial and Industrial Loan [Member] | ||
Loans | $ 126,038 | $ 79,769 |
Loans, percent | 2.00% | 2.00% |
Home Equity Portfolio Segment [Member] | ||
Loans | $ 105,096 | $ 112,885 |
Loans, percent | 2.00% | 2.00% |
Other Consumer Portfolio Segment [Member] | ||
Loans | $ 10,365 | $ 6,904 |
Loans, percent |
Note 5 - Loans and Allowance 62
Note 5 - Loans and Allowance for Credit Losses - Allowance for Credit Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance | $ 52,687 | $ 46,075 | ||
Loans charged-off | (6,340) | (8,598) | ||
Recoveries of loans previously charged-off | 1,396 | 572 | ||
Net loans (charged-off) recoveries | (4,944) | (8,026) | ||
Provision for credit losses | 11,331 | 14,638 | ||
Balance | 59,074 | 52,687 | ||
Individually evaluated for impairment | $ 5,599 | $ 5,902 | ||
Collectively evaluated for impairment | 53,475 | 46,785 | ||
Balance | 59,074 | 52,687 | 59,074 | 52,687 |
Commercial Portfolio Segment [Member] | ||||
Balance | 11,563 | 13,222 | ||
Loans charged-off | (3,745) | (4,693) | ||
Recoveries of loans previously charged-off | 220 | 195 | ||
Net loans (charged-off) recoveries | (3,525) | (4,498) | ||
Provision for credit losses | 6,662 | 2,839 | ||
Balance | 14,700 | 11,563 | ||
Individually evaluated for impairment | 2,671 | 3,478 | ||
Collectively evaluated for impairment | 12,029 | 8,085 | ||
Balance | 11,563 | 11,563 | 14,700 | 11,563 |
Income Producing Portfolio Segment [Member] | ||||
Balance | 14,122 | 11,442 | ||
Loans charged-off | (2,341) | (651) | ||
Recoveries of loans previously charged-off | 908 | 26 | ||
Net loans (charged-off) recoveries | (1,433) | (625) | ||
Provision for credit losses | 8,416 | 3,305 | ||
Balance | 21,105 | 14,122 | ||
Individually evaluated for impairment | 1,943 | 1,033 | ||
Collectively evaluated for impairment | 19,162 | 13,089 | ||
Balance | 14,122 | 14,122 | 21,105 | 14,122 |
Owner Occupied Portfolio Segment [Member] | ||||
Balance | 3,279 | 2,954 | ||
Loans charged-off | ||||
Recoveries of loans previously charged-off | 3 | 3 | ||
Net loans (charged-off) recoveries | 3 | 3 | ||
Provision for credit losses | 728 | 322 | ||
Balance | 4,010 | 3,279 | ||
Individually evaluated for impairment | 350 | 400 | ||
Collectively evaluated for impairment | 3,660 | 2,879 | ||
Balance | 3,279 | 3,279 | 4,010 | 3,279 |
Residential Portfolio Segment [Member] | ||||
Balance | 1,268 | 1,259 | ||
Loans charged-off | ||||
Recoveries of loans previously charged-off | 7 | 7 | ||
Net loans (charged-off) recoveries | 7 | 7 | ||
Provision for credit losses | 9 | 2 | ||
Balance | 1,284 | 1,268 | ||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 1,284 | 1,268 | ||
Balance | 1,268 | 1,268 | 1,284 | 1,268 |
Construction Portfolio Segment [Member] | ||||
Balance | 21,088 | 15,625 | ||
Loans charged-off | (1,884) | |||
Recoveries of loans previously charged-off | 215 | 206 | ||
Net loans (charged-off) recoveries | 215 | (1,678) | ||
Provision for credit losses | (4,816) | 7,141 | ||
Balance | 16,487 | 21,088 | ||
Individually evaluated for impairment | 522 | 950 | ||
Collectively evaluated for impairment | 15,965 | 20,138 | ||
Balance | 21,088 | 21,088 | 16,487 | 21,088 |
Home Equity Portfolio Segment [Member] | ||||
Balance | 1,292 | 1,469 | ||
Loans charged-off | (217) | (1,142) | ||
Recoveries of loans previously charged-off | 12 | 25 | ||
Net loans (charged-off) recoveries | (205) | (1,117) | ||
Provision for credit losses | 241 | 940 | ||
Balance | 1,328 | 1,292 | ||
Individually evaluated for impairment | 38 | |||
Collectively evaluated for impairment | 1,328 | 1,254 | ||
Balance | 1,292 | 1,292 | 1,328 | 1,292 |
Other Consumer Portfolio Segment [Member] | ||||
Balance | 75 | 104 | ||
Loans charged-off | (37) | (228) | ||
Recoveries of loans previously charged-off | 31 | 110 | ||
Net loans (charged-off) recoveries | (6) | (118) | ||
Provision for credit losses | 91 | 89 | ||
Balance | 160 | 75 | ||
Individually evaluated for impairment | 113 | 3 | ||
Collectively evaluated for impairment | 47 | 72 | ||
Balance | $ 75 | $ 75 | $ 160 | $ 75 |
Note 5 - Loans and Allowance 63
Note 5 - Loans and Allowance for Credit Losses - Recorded Investment in Loans by Impairment Method (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Recorded investment in loans: | ||
Loans individually evaluated for impairment | $ 34,471 | $ 31,516 |
Loans collectively evaluated for impairment | 5,643,422 | 4,966,852 |
Net loans | 5,677,893 | 4,998,368 |
Commercial Portfolio Segment [Member] | ||
Recorded investment in loans: | ||
Loans individually evaluated for impairment | 10,437 | 13,008 |
Loans collectively evaluated for impairment | 1,190,291 | 1,039,249 |
Net loans | 1,200,728 | 1,052,257 |
Income Producing Portfolio Segment [Member] | ||
Recorded investment in loans: | ||
Loans individually evaluated for impairment | 15,057 | 6,118 |
Loans collectively evaluated for impairment | 2,494,460 | 2,109,360 |
Net loans | 2,509,517 | 2,115,478 |
Owner Occupied Portfolio Segment [Member] | ||
Recorded investment in loans: | ||
Loans individually evaluated for impairment | 2,093 | 1,753 |
Loans collectively evaluated for impairment | 638,777 | 496,350 |
Net loans | 640,870 | 498,103 |
Residential Portfolio Segment [Member] | ||
Recorded investment in loans: | ||
Loans individually evaluated for impairment | 241 | |
Loans collectively evaluated for impairment | 152,507 | 147,365 |
Net loans | 152,748 | 147,365 |
Construction Portfolio Segment [Member] | ||
Recorded investment in loans: | ||
Loans individually evaluated for impairment | 6,517 | 10,454 |
Loans collectively evaluated for impairment | 1,052,052 | 1,054,922 |
Net loans | 1,058,569 | 1,065,376 |
Home Equity Portfolio Segment [Member] | ||
Recorded investment in loans: | ||
Loans individually evaluated for impairment | 161 | |
Loans collectively evaluated for impairment | 105,096 | 112,724 |
Net loans | 105,096 | 112,885 |
Other Consumer Portfolio Segment [Member] | ||
Recorded investment in loans: | ||
Loans individually evaluated for impairment | 126 | 22 |
Loans collectively evaluated for impairment | 10,239 | 6,882 |
Net loans | $ 10,365 | $ 6,904 |
Note 5 - Loans and Allowance 64
Note 5 - Loans and Allowance for Credit Losses - Loans and Leases by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans and leases receivable, net of deferred income | $ 5,677,893 | $ 4,998,368 |
Pass [Member] | ||
Loans and leases receivable, net of deferred income | 5,597,416 | 4,920,279 |
Watch and Special Mention [Member] | ||
Loans and leases receivable, net of deferred income | 46,006 | 46,573 |
Substandard [Member] | ||
Loans and leases receivable, net of deferred income | 34,471 | 31,516 |
Doubtful [Member] | ||
Loans and leases receivable, net of deferred income | ||
Commercial Portfolio Segment [Member] | ||
Loans and leases receivable, net of deferred income | 1,200,728 | 1,052,257 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans and leases receivable, net of deferred income | 1,160,185 | 1,021,427 |
Commercial Portfolio Segment [Member] | Watch and Special Mention [Member] | ||
Loans and leases receivable, net of deferred income | 30,106 | 17,822 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans and leases receivable, net of deferred income | 10,437 | 13,008 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans and leases receivable, net of deferred income | ||
Income Producing Portfolio Segment [Member] | ||
Loans and leases receivable, net of deferred income | 2,509,517 | 2,115,478 |
Income Producing Portfolio Segment [Member] | Pass [Member] | ||
Loans and leases receivable, net of deferred income | 2,489,407 | 2,096,032 |
Income Producing Portfolio Segment [Member] | Watch and Special Mention [Member] | ||
Loans and leases receivable, net of deferred income | 5,053 | 13,328 |
Income Producing Portfolio Segment [Member] | Substandard [Member] | ||
Loans and leases receivable, net of deferred income | 15,057 | 6,118 |
Income Producing Portfolio Segment [Member] | Doubtful [Member] | ||
Loans and leases receivable, net of deferred income | ||
Owner Occupied Portfolio Segment [Member] | ||
Loans and leases receivable, net of deferred income | 640,870 | 498,103 |
Owner Occupied Portfolio Segment [Member] | Pass [Member] | ||
Loans and leases receivable, net of deferred income | 630,827 | 488,496 |
Owner Occupied Portfolio Segment [Member] | Watch and Special Mention [Member] | ||
Loans and leases receivable, net of deferred income | 7,950 | 7,854 |
Owner Occupied Portfolio Segment [Member] | Substandard [Member] | ||
Loans and leases receivable, net of deferred income | 2,093 | 1,753 |
Owner Occupied Portfolio Segment [Member] | Doubtful [Member] | ||
Loans and leases receivable, net of deferred income | ||
Residential Portfolio Segment [Member] | ||
Loans and leases receivable, net of deferred income | 152,748 | 147,365 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Loans and leases receivable, net of deferred income | 151,831 | 146,651 |
Residential Portfolio Segment [Member] | Watch and Special Mention [Member] | ||
Loans and leases receivable, net of deferred income | 676 | 714 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans and leases receivable, net of deferred income | 241 | |
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans and leases receivable, net of deferred income | ||
Construction Portfolio Segment [Member] | ||
Loans and leases receivable, net of deferred income | 1,058,569 | 1,065,376 |
Construction Portfolio Segment [Member] | Pass [Member] | ||
Loans and leases receivable, net of deferred income | 1,051,445 | 1,049,926 |
Construction Portfolio Segment [Member] | Watch and Special Mention [Member] | ||
Loans and leases receivable, net of deferred income | 607 | 4,996 |
Construction Portfolio Segment [Member] | Substandard [Member] | ||
Loans and leases receivable, net of deferred income | 6,517 | 10,454 |
Construction Portfolio Segment [Member] | Doubtful [Member] | ||
Loans and leases receivable, net of deferred income | ||
Home Equity Portfolio Segment [Member] | ||
Loans and leases receivable, net of deferred income | 105,096 | 112,885 |
Home Equity Portfolio Segment [Member] | Pass [Member] | ||
Loans and leases receivable, net of deferred income | 103,484 | 110,870 |
Home Equity Portfolio Segment [Member] | Watch and Special Mention [Member] | ||
Loans and leases receivable, net of deferred income | 1,612 | 1,854 |
Home Equity Portfolio Segment [Member] | Substandard [Member] | ||
Loans and leases receivable, net of deferred income | 161 | |
Home Equity Portfolio Segment [Member] | Doubtful [Member] | ||
Loans and leases receivable, net of deferred income | ||
Other Consumer Portfolio Segment [Member] | ||
Loans and leases receivable, net of deferred income | 10,365 | 6,904 |
Other Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans and leases receivable, net of deferred income | 10,237 | 6,877 |
Other Consumer Portfolio Segment [Member] | Watch and Special Mention [Member] | ||
Loans and leases receivable, net of deferred income | 2 | 5 |
Other Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans and leases receivable, net of deferred income | 126 | 22 |
Other Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans and leases receivable, net of deferred income |
Note 5 - Loans and Allowances f
Note 5 - Loans and Allowances for Credit Losses - Nonaccrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Nonaccrual loan, recorded investment | [1],[2] | $ 17,875 | $ 13,239 |
Commercial Portfolio Segment [Member] | |||
Nonaccrual loan, recorded investment | 2,490 | 4,940 | |
Income Producing Portfolio Segment [Member] | |||
Nonaccrual loan, recorded investment | 10,539 | 5,961 | |
Owner Occupied Portfolio Segment [Member] | |||
Nonaccrual loan, recorded investment | 2,093 | 1,268 | |
Residential Portfolio Segment [Member] | |||
Nonaccrual loan, recorded investment | 555 | 329 | |
Construction Portfolio Segment [Member] | |||
Nonaccrual loan, recorded investment | 2,072 | 557 | |
Home Equity Portfolio Segment [Member] | |||
Nonaccrual loan, recorded investment | 161 | ||
Other Consumer Portfolio Segment [Member] | |||
Nonaccrual loan, recorded investment | $ 126 | $ 23 | |
[1] | Excludes troubled debt restructurings ("TDRs") that were performing under their restructured terms totaling $3.5 million at December 31, 2016, and $11.8 million at December 31, 2015. | ||
[2] | Gross interest income of $1.2 million would have been recorded in 2016 if nonaccrual loans shown above had been current and in accordance with their original terms, while interest actually recorded on such loans was $48 thousand. See Note 1 to the Consolidated Financial Statements for a description of the Company's policy for placing loans on nonaccrual status. |
Note 5 - Loans and Allowance 66
Note 5 - Loans and Allowance for Credit Losses - Loans Past Due (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans past due | $ 31,082 | $ 30,878 |
Current loans | 5,646,811 | 4,967,490 |
Total recorded investment in loans | 5,677,893 | 4,998,368 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 7,608 | 10,216 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 5,599 | 7,423 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 17,875 | 13,239 |
Commercial Portfolio Segment [Member] | ||
Loans past due | 4,881 | 10,434 |
Current loans | 1,195,847 | 1,041,823 |
Total recorded investment in loans | 1,200,728 | 1,052,257 |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 1,634 | 4,130 |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 757 | 1,364 |
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 2,490 | 4,940 |
Income Producing Portfolio Segment [Member] | ||
Loans past due | 11,050 | 8,802 |
Current loans | 2,498,467 | 2,106,676 |
Total recorded investment in loans | 2,509,517 | 2,115,478 |
Income Producing Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 511 | 2,841 |
Income Producing Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | ||
Income Producing Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 10,539 | 5,961 |
Owner Occupied Portfolio Segment [Member] | ||
Loans past due | 9,408 | 5,359 |
Current loans | 631,462 | 492,744 |
Total recorded investment in loans | 640,870 | 498,103 |
Owner Occupied Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 3,987 | 3,189 |
Owner Occupied Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 3,328 | 902 |
Owner Occupied Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 2,093 | 1,268 |
Residential Portfolio Segment [Member] | ||
Loans past due | 1,733 | 329 |
Current loans | 151,015 | 147,036 |
Total recorded investment in loans | 152,748 | 147,365 |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 1,015 | |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 163 | |
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 555 | 329 |
Construction Portfolio Segment [Member] | ||
Loans past due | 3,774 | 5,577 |
Current loans | 1,054,795 | 1,059,799 |
Total recorded investment in loans | 1,058,569 | 1,065,376 |
Construction Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 360 | |
Construction Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 1,342 | 5,020 |
Construction Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 2,072 | 557 |
Home Equity Portfolio Segment [Member] | ||
Loans past due | 238 | |
Current loans | 105,096 | 112,647 |
Total recorded investment in loans | 105,096 | 112,885 |
Home Equity Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | ||
Home Equity Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 77 | |
Home Equity Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 161 | |
Other Consumer Portfolio Segment [Member] | ||
Loans past due | 236 | 139 |
Current loans | 10,129 | 6,765 |
Total recorded investment in loans | 10,365 | 6,904 |
Other Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 101 | 56 |
Other Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 9 | 60 |
Other Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | $ 126 | $ 23 |
Note 5 - Loans and Allowance 67
Note 5 - Loans and Allowance for Credit Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Unpaid Contractual Principal Balance | $ 28,468 | $ 29,212 | $ 28,468 | $ 29,212 |
Recorded Investment With No Allowance | 11,361 | 4,997 | 11,361 | 4,997 |
Recorded Investment With Allowance | 14,438 | 20,078 | 14,438 | 20,078 |
Total Recorded Investment | 25,799 | 25,075 | 25,799 | 25,075 |
Related Allowance | 5,599 | 5,902 | 5,599 | 5,902 |
Quarter to Date [Member] | ||||
Average Recorded Investment | 37,052 | 30,607 | ||
Interest Income Recognized | 135 | 22 | ||
Year to Date [Member] | ||||
Average Recorded Investment | 37,938 | 30,688 | ||
Interest Income Recognized | 406 | 629 | ||
Commercial Portfolio Segment [Member] | ||||
Unpaid Contractual Principal Balance | 8,296 | 9,555 | 8,296 | 9,555 |
Recorded Investment With No Allowance | 2,532 | 2,396 | 2,532 | 2,396 |
Recorded Investment With Allowance | 3,095 | 3,715 | 3,095 | 3,715 |
Total Recorded Investment | 5,627 | 6,111 | 5,627 | 6,111 |
Related Allowance | 2,671 | 3,478 | 2,671 | 3,478 |
Commercial Portfolio Segment [Member] | Quarter to Date [Member] | ||||
Average Recorded Investment | 12,620 | 9,671 | ||
Interest Income Recognized | 79 | 21 | ||
Commercial Portfolio Segment [Member] | Year to Date [Member] | ||||
Average Recorded Investment | 12,755 | 10,309 | ||
Interest Income Recognized | 191 | 69 | ||
Income Producing Portfolio Segment [Member] | ||||
Unpaid Contractual Principal Balance | 14,936 | 11,814 | 14,936 | 11,814 |
Recorded Investment With No Allowance | 5,048 | 1,190 | 5,048 | 1,190 |
Recorded Investment With Allowance | 9,888 | 9,931 | 9,888 | 9,931 |
Total Recorded Investment | 14,936 | 11,121 | 14,936 | 11,121 |
Related Allowance | 1,943 | 1,033 | 1,943 | 1,033 |
Income Producing Portfolio Segment [Member] | Quarter to Date [Member] | ||||
Average Recorded Investment | 16,742 | 10,675 | ||
Interest Income Recognized | 54 | 95 | ||
Income Producing Portfolio Segment [Member] | Year to Date [Member] | ||||
Average Recorded Investment | 17,533 | 10,294 | ||
Interest Income Recognized | 198 | 354 | ||
Owner Occupied Portfolio Segment [Member] | ||||
Unpaid Contractual Principal Balance | 2,483 | 1,753 | 2,483 | 1,753 |
Recorded Investment With No Allowance | 1,691 | 946 | 1,691 | 946 |
Recorded Investment With Allowance | 792 | 807 | 792 | 807 |
Total Recorded Investment | 2,483 | 1,753 | 2,483 | 1,753 |
Related Allowance | 350 | 400 | 350 | 400 |
Owner Occupied Portfolio Segment [Member] | Quarter to Date [Member] | ||||
Average Recorded Investment | 2,233 | 1,772 | ||
Interest Income Recognized | ||||
Owner Occupied Portfolio Segment [Member] | Year to Date [Member] | ||||
Average Recorded Investment | 2,106 | 1,810 | ||
Interest Income Recognized | 13 | |||
Residential Portfolio Segment [Member] | ||||
Unpaid Contractual Principal Balance | 555 | 329 | 555 | 329 |
Recorded Investment With No Allowance | 555 | 329 | 555 | 329 |
Recorded Investment With Allowance | ||||
Total Recorded Investment | 555 | 329 | 555 | 329 |
Related Allowance | ||||
Average Recorded Investment | ||||
Interest Income Recognized | ||||
Residential Portfolio Segment [Member] | Quarter to Date [Member] | ||||
Average Recorded Investment | 246 | |||
Interest Income Recognized | ||||
Residential Portfolio Segment [Member] | Year to Date [Member] | ||||
Average Recorded Investment | 249 | |||
Interest Income Recognized | ||||
Construction Portfolio Segment [Member] | ||||
Unpaid Contractual Principal Balance | 2,072 | 5,577 | 2,072 | 5,577 |
Recorded Investment With No Allowance | 1,535 | 1,535 | ||
Recorded Investment With Allowance | 537 | 5,577 | 537 | 5,577 |
Total Recorded Investment | 2,072 | 5,577 | 2,072 | 5,577 |
Related Allowance | 522 | 950 | 522 | 950 |
Construction Portfolio Segment [Member] | Quarter to Date [Member] | ||||
Average Recorded Investment | 5,091 | 8,031 | ||
Interest Income Recognized | (93) | |||
Construction Portfolio Segment [Member] | Year to Date [Member] | ||||
Average Recorded Investment | 5,174 | 7,594 | ||
Interest Income Recognized | 205 | |||
Home Equity Portfolio Segment [Member] | ||||
Unpaid Contractual Principal Balance | 161 | 161 | ||
Recorded Investment With No Allowance | 116 | 116 | ||
Recorded Investment With Allowance | 45 | 45 | ||
Total Recorded Investment | 161 | 161 | ||
Related Allowance | 38 | 38 | ||
Home Equity Portfolio Segment [Member] | Quarter to Date [Member] | ||||
Average Recorded Investment | 78 | 411 | ||
Interest Income Recognized | ||||
Home Equity Portfolio Segment [Member] | Year to Date [Member] | ||||
Average Recorded Investment | 89 | 650 | ||
Interest Income Recognized | ||||
Other Consumer Portfolio Segment [Member] | ||||
Unpaid Contractual Principal Balance | 126 | 23 | 126 | 23 |
Recorded Investment With No Allowance | 20 | 20 | ||
Recorded Investment With Allowance | 126 | 3 | 126 | 3 |
Total Recorded Investment | 126 | 23 | 126 | 23 |
Related Allowance | 113 | 3 | 113 | 3 |
Other Consumer Portfolio Segment [Member] | Quarter to Date [Member] | ||||
Average Recorded Investment | 42 | 47 | ||
Interest Income Recognized | 2 | (1) | ||
Other Consumer Portfolio Segment [Member] | Year to Date [Member] | ||||
Average Recorded Investment | $ 32 | $ 31 | ||
Interest Income Recognized | $ 4 | $ 1 |
Note 5 - Loans and Allowance 68
Note 5 - Loans and Allowance for Credit Losses - Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Number of Contracts | 10 | 8 |
Troubled debt restructings | $ 13,291 | $ 12,047 |
Specific allowance | 1,775 | 655 |
Commercial Portfolio Segment [Member] | ||
Troubled debt restructings | 3,571 | 1,382 |
Specific allowance | 855 | 49 |
Income Producing Portfolio Segment [Member] | ||
Troubled debt restructings | 4,397 | 5,160 |
Specific allowance | 920 | 6 |
Owner Occupied Portfolio Segment [Member] | ||
Troubled debt restructings | 390 | 485 |
Specific allowance | ||
Construction Portfolio Segment [Member] | Commercial and Residential Loan [Member] | ||
Troubled debt restructings | 4,933 | 5,020 |
Specific allowance | $ 600 | |
Performing Financial Instruments [Member] | ||
Number of Contracts | 7 | 7 |
Troubled debt restructings | $ 7,924 | $ 11,836 |
Performing Financial Instruments [Member] | Commercial Portfolio Segment [Member] | ||
Troubled debt restructings | 3,137 | 1,171 |
Performing Financial Instruments [Member] | Income Producing Portfolio Segment [Member] | ||
Troubled debt restructings | 4,397 | 5,160 |
Performing Financial Instruments [Member] | Owner Occupied Portfolio Segment [Member] | ||
Troubled debt restructings | 390 | 485 |
Performing Financial Instruments [Member] | Construction Portfolio Segment [Member] | Commercial and Residential Loan [Member] | ||
Troubled debt restructings | $ 5,020 | |
Nonperforming Financial Instruments [Member] | ||
Number of Contracts | 3 | 1 |
Troubled debt restructings | $ 5,367 | $ 211 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | ||
Troubled debt restructings | 434 | 211 |
Nonperforming Financial Instruments [Member] | Income Producing Portfolio Segment [Member] | ||
Troubled debt restructings | ||
Nonperforming Financial Instruments [Member] | Owner Occupied Portfolio Segment [Member] | ||
Troubled debt restructings | ||
Nonperforming Financial Instruments [Member] | Construction Portfolio Segment [Member] | Commercial and Residential Loan [Member] | ||
Troubled debt restructings | $ 4,933 |
Note 5 - Loans and Allowance 69
Note 5 - Loans and Allowance for Credit Losses - Changes in Accretable Yield (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Balance at January 1, | $ (6,008) | $ (10,298) |
Accretion | 1,564 | 4,290 |
Balance at December 31, | $ (4,444) | $ (6,008) |
Note 5 - Loans and Allowance 70
Note 5 - Loans and Allowance for Credit Losses - Related Party Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Balance | $ 29,949 | $ 17,082 |
Additions | 31,158 | 23,578 |
Repayments | (8,537) | (10,711) |
Balance | $ 52,570 | $ 29,949 |
Note 6 - Premises and Equipme71
Note 6 - Premises and Equipment (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013 | |
Depreciation | $ 5,000 | $ 6,100 | $ 4,600 | |
Number of Stores | 29 | |||
Lessor Leasing Arrangements, Operating Leases, Renewal Term | 5 years | |||
Operating Leases, Rent Expense, Net | $ 8,500 | $ 8,500 | 7,500 | |
Number of Subleased Premises | 4 | 6 | 2 | |
Reduction Of Rent Expense | $ 579 | $ 435 | $ 114 | |
Minimum [Member] | ||||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 5 years | |||
Maximum [Member] | ||||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 10 years |
Note 6 - Premises and Equipme72
Note 6 - Premises and Equipment - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Leasehold improvements | $ 29,207 | $ 26,987 |
Furniture and equipment | 26,994 | 22,217 |
Less accumulated depreciation and amortization | (35,540) | (30,950) |
Total premises and equipment, net | $ 20,661 | $ 18,254 |
Note 6 - Premises and Equipme73
Note 6 - Premises and Equipment - Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 8,016 |
2,018 | 7,736 |
2,019 | 7,464 |
2,020 | 6,990 |
2,021 | 6,069 |
Thereafter | 16,179 |
Total minimum lease payments | $ 52,454 |
Note 7 - Intangible Assets (Det
Note 7 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||||||||
Dec. 31, 2016 | Dec. 31, 2015 | Oct. 31, 2015 | Dec. 31, 2014 | Oct. 31, 2014 | Aug. 31, 2009 | Aug. 31, 2008 | ||||
Amortization of Intangible Assets | $ 1,700 | $ 1,500 | $ 743 | |||||||
Goodwill | [1] | 104,168 | 104,168 | |||||||
Goodwill, Period Increase (Decrease) | [1] | (257) | [1] | $ 257 | ||||||
Core Deposits [Member] | ||||||||||
Amortization of Intangible Assets | 1,200 | 1,200 | ||||||||
Finite-Lived Intangible Assets, Net | 2,779 | $ 3,986 | ||||||||
Fidelity [Member] | ||||||||||
Goodwill | $ 2,200 | $ 360 | ||||||||
Fidelity [Member] | Core Deposits [Member] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 209 | $ 2,300 | ||||||||
Virginia Heritage Bank [Member] | ||||||||||
Goodwill | $ 102,300 | |||||||||
Goodwill, Period Increase (Decrease) | $ (257) | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 4,600 | |||||||||
Virginia Heritage Bank [Member] | Core Deposits [Member] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 2,600 | $ 4,600 | ||||||||
[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 $257 thousand. |
Note 7 - Intangible Assets - In
Note 7 - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Oct. 31, 2015 | ||||
Goodwill, gross | [1] | $ 104,168 | $ 104,425 | |||
Goodwill, additions | [1] | (257) | [1] | $ 257 | ||
Goodwill, accumulated amortization | [1] | |||||
Goodwill, net | [1] | 104,168 | 104,168 | |||
Intangible assets and goodwill, gross | 111,625 | 111,777 | ||||
Intangible assets and goodwill, additions | 602 | 122 | ||||
Intangible assets and goodwill, accumulated amortization | (4,808) | (3,357) | ||||
Intangible assets, net | 107,419 | 108,542 | ||||
Core Deposits [Member] | ||||||
Intangible assets, gross | [2] | 7,070 | 7,070 | |||
Intangible assets, additions | [2] | |||||
Intangible assets, accumulated amortization | [2] | (4,291) | (3,084) | |||
Finite-Lived Intangible Assets, Net | 2,779 | 3,986 | ||||
Excess Servicing [Member] | ||||||
Intangible assets, gross | [3] | 387 | 282 | |||
Intangible assets, additions | [3] | 602 | 379 | |||
Intangible assets, accumulated amortization | [3] | (517) | (273) | |||
Finite-Lived Intangible Assets, Net | [3] | $ 472 | $ 388 | |||
[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 accumulated amortization on the Consolidated Balances Sheets. The amount of the core deposit intangible relating to the Fidelity acquisition at December 31, 2016 was $209 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, 2016 was $2.6 million, which is being amortized over its remaining economic life through the year 2020 as a component of other noninterest expense. Amortization expense for core deposit intangibles totaled $1.2 million for both the years ended December 31, 2016 and 2015. The unamortized assets at December 31, 2016 and 2015 were $2.8 million and $4.0 million, respectively. | |||||
[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 - Fu
Note 7 - Intangible Assets - Future Estimated Annual Amortization Expense (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 1,064 |
2,018 | 957 |
2,019 | 715 |
2,020 | 43 |
Total | $ 2,779 |
Note 8 - Other Real Estate Ow77
Note 8 - Other Real Estate Owned (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Proceeds from Sale of Other Real Estate | $ 6,139 | $ 5,477 | $ 520 |
Gains (Losses) on Sales of Other Real Estate | $ 682 | $ (328) | $ (154) |
Note 8 - Other Real Estate Ow78
Note 8 - Other Real Estate Owned - Activity Within Other Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Balance beginning of period | $ 5,852 | $ 13,224 |
Real estate acquired from borrowers | 2,500 | 1,725 |
Valuation allowance | (200) | (1,100) |
Properties sold | (5,458) | (7,997) |
Balance end of period | $ 2,694 | $ 5,852 |
Note 9 - Mortgage Banking Der79
Note 9 - Mortgage Banking Derivative (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative, Notional Amount | $ 250,000 | $ 250,000 |
Mortgage Banking Derivative [Member] | ||
Derivative, Notional Amount | 34,200 | 39,600 |
Derivative Asset | 114 | 24 |
Derivative Liability | 55 | 30 |
Noninterest Income, Other | 199 | 155 |
Mortgage Banking Derivative [Member] | Other Assets [Member] | ||
Derivative Asset | 114 | 24 |
Mortgage Banking Derivative [Member] | Other Liabilities [Member] | ||
Derivative Liability | 55 | 30 |
Hedging Activities [Member] | ||
Noninterest Income, Other | $ 730 | $ 202 |
Note 10 - Interest Rate Swap 80
Note 10 - Interest Rate Swap Derivatives (Details Textual) | 12 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Derivative, Notional Amount | $ 250,000,000 | $ 250,000,000 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (2,255,000) | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 1,000 | |
Interest Rate Swap [Member] | ||
Derivative, Number of Instruments Held | 3 | |
Derivative, Notional Amount | $ 250,000,000 | |
Unrealized Gain (Loss) on Derivatives | (692,000) | (1,400,000) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 2,300,000 | 0 |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer | 1 year | |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ 1,900,000 | |
Derivative, Net Liability Position, Aggregate Fair Value | 692,000 | 1,400,000 |
Derivative Liability, Fair Value of Collateral | $ 550,000 | 2,900,000 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 |
Note 10 - Interest Rate Swap 81
Note 10 - Interest Rate Swap Derivatives - Fair Values of Derivative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Notional amount | $ 250,000 | $ 250,000 |
Fair value | $ (692) | $ (1,417) |
Pay rate | ||
Interest Rate Swap 1 [Member] | Other Liabilities [Member] | ||
Notional amount | $ 75,000 | $ 75,000 |
Fair value | $ (197) | $ (368) |
Pay rate | 1.71% | 1.71% |
Maturity | Mar. 31, 2020 | Mar. 31, 2020 |
Interest Rate Swap 2 [Member] | Other Liabilities [Member] | ||
Notional amount | $ 100,000 | $ 100,000 |
Fair value | $ (514) | $ (665) |
Pay rate | 1.74% | 1.74% |
Maturity | Apr. 15, 2021 | Apr. 15, 2021 |
Interest Rate Swap 3 [Member] | Other Liabilities [Member] | ||
Notional amount | $ 75,000 | $ 75,000 |
Fair value | $ 19 | $ (384) |
Pay rate | 1.92% | 1.92% |
Maturity | Mar. 31, 2022 | Mar. 31, 2022 |
Note 10 - Interest Rate Swap 82
Note 10 - Interest Rate Swap Derivatives - Fair Values of Derivative (Details) (Parentheticals) - Other Liabilities [Member] | Dec. 31, 2016 |
Interest Rate Swap 1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Basis points | 10.00% |
Interest Rate Swap 2 [Member] | Federal Funds Effective Swap Rate [Member] | |
Basis points | 10.00% |
Interest Rate Swap 3 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Basis points | 10.00% |
Note 10 - Interest Rate Swap 83
Note 10 - Interest Rate Swap Derivatives - Pre-tax Net Gains (Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Amount of pre-tax gain (loss) recognized in OCI | $ (692) | $ (1,417) |
Effective portion reclassified from AOCI into income | (2,255) | |
Ineffective portion recognized in income on derivatives | 1 | |
Interest Rate Swap 1 [Member] | ||
Amount of pre-tax gain (loss) recognized in OCI | (197) | (368) |
Effective portion reclassified from AOCI into income | (628) | |
Ineffective portion recognized in income on derivatives | ||
Interest Rate Swap 2 [Member] | ||
Amount of pre-tax gain (loss) recognized in OCI | (514) | (665) |
Effective portion reclassified from AOCI into income | (880) | |
Ineffective portion recognized in income on derivatives | ||
Interest Rate Swap 3 [Member] | ||
Amount of pre-tax gain (loss) recognized in OCI | 19 | (384) |
Effective portion reclassified from AOCI into income | (747) | |
Ineffective portion recognized in income on derivatives | $ 1 |
Note 10 - Interest Rate Swap 84
Note 10 - Interest Rate Swap Derivatives - Offsetting of Derivative Liabilities (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Gross amounts of recognized liabilities | $ 711 | $ 1,417 |
Gross amounts offset in the balance sheet | (19) | |
Net amounts of liabilities presented in the balance sheet | 692 | 1,417 |
Gross amounts not offset in the balance sheet cash collateral posted | (550) | (2,910) |
Gross amounts not offset in the balance sheet net amount | 142 | (1,493) |
Counter Party 1 [Member] | ||
Gross amounts of recognized liabilities | 514 | 1,049 |
Gross amounts offset in the balance sheet | (19) | |
Net amounts of liabilities presented in the balance sheet | 495 | 1,049 |
Gross amounts not offset in the balance sheet cash collateral posted | (380) | (2,170) |
Gross amounts not offset in the balance sheet net amount | 115 | (1,121) |
Counter Party 2 [Member] | ||
Gross amounts of recognized liabilities | 197 | 368 |
Gross amounts offset in the balance sheet | ||
Net amounts of liabilities presented in the balance sheet | 197 | 368 |
Gross amounts not offset in the balance sheet cash collateral posted | (170) | (740) |
Gross amounts not offset in the balance sheet net amount | $ 27 | $ (372) |
Note 11 - Deposits (Details Tex
Note 11 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Related Party Deposit Liabilities | $ 57.5 | $ 57.3 |
Time Deposists, $250,000 or More | $ 241.3 | $ 180.1 |
Note 11 - Deposits - Deposit Co
Note 11 - Deposits - Deposit Composition and Interest Rate (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Noninterest bearing demand, balance | $ 1,775,684 | $ 1,405,067 | $ 1,175,799 |
Interest bearing transaction, balance | $ 289,122 | $ 178,797 | $ 143,628 |
Interest bearing transaction | 0.16% | 0.16% | 0.13% |
Savings and money market, balance | $ 2,902,560 | $ 2,835,325 | $ 2,302,600 |
Savings and money market | 0.54% | 0.34% | 0.32% |
Time, $100,000 or more, balance | $ 464,842 | $ 406,570 | $ 393,132 |
Time, $100,000 or more | 0.95% | 0.77% | 0.68% |
Other time, balance | $ 283,906 | $ 332,685 | $ 295,609 |
Other time | 0.86% | 0.74% | 0.70% |
Total, balance | $ 5,716,114 | $ 5,158,444 | $ 4,310,768 |
Note 11 - Deposits - Remaining
Note 11 - Deposits - Remaining Maturity of Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Three months or less | $ 120,238 | $ 88,483 | $ 104,482 |
More than three months through six months | 151,422 | 123,789 | 106,861 |
More than six months through twelve months | 207,141 | 234,684 | 182,187 |
Over twelve months | 269,947 | 292,299 | 295,211 |
Total | $ 748,748 | $ 739,255 | $ 688,741 |
Note 11 - Deposits - Interest E
Note 11 - Deposits - Interest Expense on Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest bearing transaction | $ 646 | $ 291 | $ 178 |
Savings and money market | 12,038 | 8,185 | 6,265 |
Time, $100,000 or more | 6,487 | 5,019 | 2,830 |
Other time | 77 | 848 | 365 |
Total | $ 19,248 | $ 14,343 | $ 9,638 |
Note 12 - Borrowings (Details T
Note 12 - Borrowings (Details Textual) - USD ($) | Jul. 26, 2016 | Aug. 05, 2014 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Long-term Line of Credit | $ 94,375,000 | $ 112,159,000 | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 0 | |||||
Proceeds from Issuance of Subordinated Long-term Debt | $ 147,350,000 | $ 68,800,000 | ||||
Gain (Loss) on Extinguishment of Debt | (1,130,000) | |||||
Subordinated Debt [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.75% | ||||
Debt Instrument, Face Amount | $ 150,000,000 | $ 70,000,000 | ||||
Payments of Debt Issuance Costs | $ 2,600,000 | $ 1,200,000 | ||||
Debt Instrument, Repurchase Amount | 9,300,000 | |||||
Maximum [Member] | ||||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 1,250,000,000 | |||||
C D A R S [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,030,000,000 | |||||
Long-term Line of Credit | 19,900,000 | |||||
I N D [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 700,000,000 | |||||
Long-term Line of Credit | 356,500,000 | |||||
Federal Reserve Bank of Richmond [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 440,000,000 | |||||
Loan Agreement and Related Stock Security Agreement [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000,000 | |||||
Long-term Line of Credit | $ 0 | $ 0 | ||||
Loan Agreement and Related Stock Security Agreement [Member] | Prime Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||
Loan Agreement and Related Stock Security Agreement [Member] | Minimum [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | |||||
Federal Funds [Member] | ||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 137,500,000 | |||||
Long-term Line of Credit | $ 0 | |||||
Gain (Loss) on Extinguishment of Debt | $ 1,100,000 |
Note 12 - Borrowings - Short-te
Note 12 - Borrowings - Short-term and Long-term Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Long-term borrowings | $ 216,514 | $ 68,928 | |
Year End [Member] | |||
Customer repurchase agreements and federal funds purchased, short term at year end | $ 68,876 | $ 72,356 | $ 61,120 |
Customer repurchase agreements and federal funds purchased, short term at year end | 0.35% | 0.23% | 0.25% |
Federal Home Loan Bank – current portion, short term at year end | $ 0 | $ 0 | $ 40,000 |
Federal Home Loan Bank – current portion, short term at year end | 2.62% | ||
Total, short term at year end | $ 68,876 | $ 72,356 | $ 161,120 |
Subordinated Notes, long-term at year end | $ 220,000 | $ 70,000 | $ 79,300 |
Subordinated Notes, long-term at year end | 5.42% | 5.75% | 6.40% |
Long-term borrowings | $ 220,000 | $ 70,000 | $ 119,300 |
Year End [Member] | Current Portion [Member] | |||
Federal Home Loan Bank – current portion, short term at year end | $ 100,000 | ||
Federal Home Loan Bank – current portion, short term at year end | 0.38% | ||
Average Daily Balance [Member] | |||
Customer repurchase agreements and federal funds purchased, short term at year end | $ 77,833 | $ 59,141 | $ 63,490 |
Customer repurchase agreements and federal funds purchased, short term at year end | 0.21% | 0.22% | 0.23% |
Total, short term at year end | $ 107,209 | $ 86,800 | $ 70,778 |
Subordinated Notes, long-term at year end | $ 135,164 | $ 74,117 | $ 37,875 |
Subordinated Notes, long-term at year end | 5.54% | 6.06% | 6.59% |
Long-term borrowings | $ 135,164 | $ 82,446 | $ 77,080 |
Federal Home Loan Bank, long-term average daily balance | $ 0 | $ 8,329 | $ 39,205 |
Federal Home Loan Bank, long-term average daily balance | 2.25% | 2.00% | |
Average Daily Balance [Member] | Current Portion [Member] | |||
Federal Home Loan Bank – current portion, short term at year end | $ 29,376 | $ 27,659 | $ 7,288 |
Federal Home Loan Bank – current portion, short term at year end | 2.45% | 0.31% | 0.42% |
Month End Balance [Member] | Maximum [Member] | |||
Customer repurchase agreements and federal funds purchased, short term at year end | $ 136,689 | $ 73,696 | $ 80,471 |
Customer repurchase agreements and federal funds purchased, short term at year end | 0.16% | 0.21% | 0.28% |
Federal Home Loan Bank – current portion, short term at year end | 0.37% | 0.68% | |
Total, short term at year end | $ 236,689 | $ 213,696 | $ 180,471 |
Subordinated Notes, long-term at year end | $ 220,000 | $ 79,300 | $ 79,300 |
Subordinated Notes, long-term at year end | 5.42% | 6.52% | 6.52% |
Long-term borrowings | $ 220,000 | $ 119,300 | $ 201,800 |
Federal Home Loan Bank, long-term maximum month-end balance | 0 | 40,000 | 122,500 |
Month End Balance [Member] | Current Portion [Member] | Maximum [Member] | |||
Federal Home Loan Bank – current portion, short term at year end | $ 100,000 | $ 140,000 | $ 100,000 |
Federal Home Loan Bank – current portion, short term at year end | 0.94% | 0.20% | 0.38% |
Note 13 - Preferred Stock and91
Note 13 - Preferred Stock and Warrants (Details Textual) - USD ($) $ in Thousands | Dec. 27, 2016 | Nov. 02, 2015 | Dec. 31, 2015 |
Stock Redeemed or Called During Period, Value | $ 71,900 | ||
Stock Issued During Period, Shares, Redemption of Warrants | 378,495 | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 423,977 | ||
Series B Preferred Stock [Member] | |||
Stock Redeemed or Called During Period, Shares | 56,600 | ||
Series C Preferred Stock [Member] | |||
Stock Redeemed or Called During Period, Shares | 15,300 | ||
Preferred Stock, Series B & C [Member] | |||
Stock Redeemed or Called During Period, Value | $ 71,960 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Loss Carryforwards | $ 718 |
Note 14 - Income Taxes - Federa
Note 14 - Income Taxes - Federal and State Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | 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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current federal income tax | $ 53,290 | $ 46,758 | $ 32,384 | ||||||||||||
Current state income tax | 13,733 | 11,020 | 7,114 | ||||||||||||
Total current | 67,023 | 57,778 | 39,498 | ||||||||||||
Deferred federal income tax benefit | (5,523) | (6,642) | (7,494) | ||||||||||||
Deferred state income tax benefit | (105) | (87) | (46) | ||||||||||||
Total deferred | (5,628) | (6,729) | (7,540) | ||||||||||||
Total income tax expense | $ 16,429 | $ 15,484 | $ 15,069 | $ 14,413 | $ 13,485 | $ 13,054 | $ 12,776 | $ 11,734 | $ 9,347 | $ 8,054 | $ 7,618 | $ 6,939 | $ 61,395 | $ 51,049 | $ 31,958 |
Note 14 - Income Taxes - Gross
Note 14 - Income Taxes - Gross Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets | |||
Allowance for credit losses | $ 23,738 | $ 21,191 | $ 18,544 |
Deferred loan fees and costs | 10,728 | 9,724 | 10,337 |
Deferred rent | 1,483 | 1,364 | |
Stock-based compensation | 3,037 | 2,068 | 1,714 |
Net operating loss | 2,695 | 2,946 | 3,198 |
Unrealized loss on securities available-for-sale | 1,303 | ||
Unrealized loss on interest rate swap derivatives | 284 | ||
SERP | 2,088 | 1,776 | 1,421 |
Premises and equipment | 3,838 | 3,381 | 1,590 |
Other | 477 | 383 | 71 |
Total deferred tax assets | 49,671 | 42,833 | 36,875 |
Deferred tax liabilities | |||
Unrealized gain on securities available for sale | (694) | (1,765) | |
Excess servicing | (191) | (157) | (114) |
Deferred rent | (162) | ||
Intangible assets | (1,260) | (1,671) | (2,323) |
Total deferred tax liabilities | (1,451) | (2,522) | (4,364) |
Net deferred income tax amount | $ 48,220 | $ 40,311 | $ 32,511 |
Note 14 - Income Taxes - Reconc
Note 14 - Income Taxes - Reconciliation of the Statutory Federal Income Tax Rate to the Company's Effective Income Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) due to | |||
State income taxes, net of federal income tax benefit | 5.57% | 5.26% | 5.33% |
Tax exempt interest and dividend income | (0.98%) | (1.25%) | (2.28%) |
Stock-based compensation expense | 0.01% | 0.02% | 0.04% |
Other | (1.01%) | (1.28%) | (1.02%) |
Effective tax rates | 38.59% | 37.75% | 37.07% |
Note 15 - Net Income Per Comm96
Note 15 - Net Income Per Common Share - Net Income Per Common Share Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | 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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||||||
Basic: | |||||||||||||||||||||||||||
Net income available to common shareholders | $ 25,717 | $ 24,523 | $ 24,145 | $ 23,322 | $ 22,286 | $ 21,283 | $ 20,759 | $ 19,238 | $ 14,547 | $ 13,937 | $ 12,802 | $ 12,358 | $ 97,707 | $ 83,566 | $ 53,644 | ||||||||||||
Average common shares outstanding (in shares) | 33,587 | 32,836 | 26,684 | ||||||||||||||||||||||||
Basic net income per common share (in dollars per share) | $ 0.76 | [1] | $ 0.73 | [1] | $ 0.72 | [1] | $ 0.70 | [1] | $ 0.67 | [1] | $ 0.64 | [1] | $ 0.62 | [1] | $ 0.62 | [1] | $ 0.51 | [1] | $ 0.54 | [1] | $ 0.49 | [1] | $ 0.48 | [1] | $ 2.91 | $ 2.54 | $ 2.01 |
Diluted: | |||||||||||||||||||||||||||
Net income available to common shareholders | $ 25,717 | $ 24,523 | $ 24,145 | $ 23,322 | $ 22,286 | $ 21,283 | $ 20,759 | $ 19,238 | $ 14,547 | $ 13,937 | $ 12,802 | $ 12,358 | $ 97,707 | $ 83,566 | $ 53,644 | ||||||||||||
Average common shares outstanding (in shares) | 33,587 | 32,836 | 26,684 | ||||||||||||||||||||||||
Adjustment for common share equivalents (in shares) | 594 | 643 | 867 | ||||||||||||||||||||||||
Average common shares outstanding-diluted (in shares) | 34,181 | 33,479 | 27,551 | ||||||||||||||||||||||||
Diluted net income per common share (in dollars per share) | $ 0.75 | [1] | $ 0.72 | [1] | $ 0.71 | [1] | $ 0.68 | [1] | $ 0.65 | [1] | $ 0.63 | [1] | $ 0.61 | [1] | $ 0.61 | [1] | $ 0.49 | [1] | $ 0.52 | [1] | $ 0.48 | [1] | $ 0.47 | [1] | $ 2.86 | $ 2.50 | $ 1.95 |
Anti-dilutive shares (in shares) | 7 | 5 | 13 | ||||||||||||||||||||||||
[1] | Earnings per common share are calculated on a quarterly basis and may not be additive to the year to date amount. |
Note 16 - Related Party Trans97
Note 16 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction, Expenses from Transactions with Related Party | $ 1.9 | $ 1.6 | $ 1.3 |
Related Party Transaction, Amounts of Transaction | $ 1 | ||
Limited Liability Company A [Member] | |||
Ownership Interest In Trust | 51.00% |
Note 17 - Stock-based Compens98
Note 17 - Stock-based Compensation (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2016 | May 31, 2016 | Mar. 31, 2016 | Feb. 29, 2016 | May 31, 2011 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | May 12, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,500 | 1,500 | 3,000 | 5,000 | 21,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 11,400,000 | $ 12,200,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 66,000 | 90,000 | $ 10,100,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 128,000 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 270 days | ||||||||
Allocated Share-based Compensation Expense | $ 6,900,000 | $ 5,100,000 | $ 4,000,000 | ||||||
Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 24,410 | 80,365 | 139,732 | 78,070 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 296,192 | 369,093 | 509,336 | ||||||
Performance Shares [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 34,957 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||||||||
Employee Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | 4 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | 10 years | |||||||
The2016 Plan [Member] | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 998,500 | 1,000,000 | |||||||
Virginia Heritage Bank [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 10,000,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | ||||||||
Stock Plan 2006 [Member] | Restricted Stock [Member] | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 295 days | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 296,192 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 4.80 | ||||||||
The 2011 ESPP [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 550,000 | ||||||||
Employee Stock Purchase Plan Percentage Of Market Value | 85.00% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 416,543 | ||||||||
The 2011 ESPP [Member] | Minimum Months Per Year [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 150 days | ||||||||
The 2011 ESPP [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year | ||||||||
The 2011 ESPP [Member] | Minimum [Member] | Pay Period [Member] | |||||||||
Amount Contributed to ESPP | $ 10 | ||||||||
The 2011 ESPP [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 10.00% | ||||||||
The 2011 ESPP [Member] | Maximum [Member] | Offering Period [Member] | |||||||||
Amount Contributed to ESPP | $ 6,250 | ||||||||
The 2011 ESPP [Member] | Maximum [Member] | Annually [Member] | |||||||||
Amount Contributed to ESPP | $ 25,000 | ||||||||
The Fidelity Plans [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 |
Note 17 - Stock-based Compens99
Note 17 - Stock-based Compensation - Changes in Shares Under Option Plans (Details) - $ / shares | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | May 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Beginning balance (in shares) | 298,740 | 759,683 | 503,834 | ||
Beginning balance (in dollars per share) | $ 9.97 | $ 11.36 | $ 10.41 | ||
Issued (in shares) | 1,500 | 1,500 | 3,000 | 5,000 | 21,000 |
Issued (in dollars per share) | $ 49.49 | $ 46.50 | $ 32.77 | ||
Virginia Heritage (in shares) | 401,497 | ||||
Virginia Heritage (in dollars per share) | $ 13.16 | ||||
Exercised (in shares) | (77,144) | (443,912) | (157,313) | ||
Exercised (in dollars per share) | $ 14.48 | $ 12.03 | $ 14.71 | ||
Forfeited (in shares) | (1,100) | (12,380) | (8,110) | ||
Forfeited (in dollars per share) | $ 15.48 | $ 29.58 | $ 33.06 | ||
Expired (in shares) | (6,637) | (9,651) | (1,225) | ||
Expired (in dollars per share) | $ 12.87 | $ 18.19 | $ 9 | ||
Ending balance (in shares) | 216,859 | 298,740 | 759,683 | ||
Ending balance (in dollars per share) | $ 8.80 | $ 9.97 | $ 11.36 |
Note 17 - Stock-based Compen100
Note 17 - Stock-based Compensation - Stock Options Outstanding and Exercisable (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock options outstanding (in shares) | 216,859 | 298,740 | 759,683 | 503,834 |
Outstanding options, weighted-average exercise price (in dollars per share) | $ 8.80 | $ 9.97 | $ 11.36 | $ 10.41 |
Outstanding options, weighted-average remaining contractual life (Year) | 2 years 91 days | |||
Stock options exercisable (in shares) | 155,742 | |||
Exercisable options, weighted-average exercise price (in dollars per share) | $ 7.92 | |||
Range 1 [Member] | ||||
Outstanding options, exercise price range, lower limit (in dollars per share) | 5.76 | |||
Outstanding options, exercise price range, upper limit (in dollars per share) | $ 10.72 | |||
Stock options outstanding (in shares) | 154,535 | |||
Outstanding options, weighted-average exercise price (in dollars per share) | $ 5.76 | |||
Outstanding options, weighted-average remaining contractual life (Year) | 2 years 7 days | |||
Stock options exercisable (in shares) | 102,488 | |||
Exercisable options, weighted-average exercise price (in dollars per share) | $ 5.76 | |||
Range 2 [Member] | ||||
Outstanding options, exercise price range, lower limit (in dollars per share) | 10.73 | |||
Outstanding options, exercise price range, upper limit (in dollars per share) | $ 15.45 | |||
Stock options outstanding (in shares) | 47,886 | |||
Outstanding options, weighted-average exercise price (in dollars per share) | $ 10.83 | |||
Outstanding options, weighted-average remaining contractual life (Year) | 1 year 178 days | |||
Stock options exercisable (in shares) | 47,886 | |||
Exercisable options, weighted-average exercise price (in dollars per share) | $ 10.83 | |||
Range 3 [Member] | ||||
Outstanding options, exercise price range, lower limit (in dollars per share) | 15.46 | |||
Outstanding options, exercise price range, upper limit (in dollars per share) | $ 20.01 | |||
Stock options outstanding (in shares) | 447 | |||
Outstanding options, weighted-average exercise price (in dollars per share) | $ 16.66 | |||
Outstanding options, weighted-average remaining contractual life (Year) | 6 years 80 days | |||
Stock options exercisable (in shares) | 447 | |||
Exercisable options, weighted-average exercise price (in dollars per share) | $ 16.66 | |||
Range 4 [Member] | ||||
Outstanding options, exercise price range, lower limit (in dollars per share) | 20.02 | |||
Outstanding options, exercise price range, upper limit (in dollars per share) | $ 49.91 | |||
Stock options outstanding (in shares) | 13,991 | |||
Outstanding options, weighted-average exercise price (in dollars per share) | $ 35.12 | |||
Outstanding options, weighted-average remaining contractual life (Year) | 7 years 83 days | |||
Stock options exercisable (in shares) | 4,921 | |||
Exercisable options, weighted-average exercise price (in dollars per share) | $ 23.83 |
Note 17 - Stock-Based Compen101
Note 17 - Stock-Based Compensation - Fair Value of Each Stock Option Grant (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Expected volatility | 24.23% | 31.21% | 34.25% |
Weighted-Average volatility | 24.23% | 31.21% | 34.25% |
Expected dividends | |||
Expected term (in years) (Year) | 7 years | 7 years | 9 years 146 days |
Risk-free rate | 1.37% | 1.64% | 2.26% |
Weighted-average fair value (grant date) (in dollars per share) | $ 14.27 | $ 16.73 | $ 13.49 |
Weighted-average fair value (grant date) for Virginia Heritage Bank ("VHB") options assumed (in dollars per share) | $ 24.89 |
Note 17 - Stock-based Compen102
Note 17 - Stock-based Compensation - Cash Proceeds, Tax Benefits and Intrinsic Value Related to Stock Options (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Proceeds from exercise of equity compensation plans | $ 955 | $ 5,176 | $ 2,313 |
Tax benefits realized from stock compensation | 400 | 2,984 | 978 |
Intrinsic value of stock options exercised | $ 2,824 | $ 11,042 | $ 3,184 |
Note 17 - Stock-based Compen103
Note 17 - Stock-based Compensation - Unvested Restricted Stock Award Grants (Details) - Restricted Stock [Member] - $ / shares | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Feb. 29, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Unvested at beginning (in shares) | 369,093 | 509,336 | ||
Unvested at beginning (in dollars per share) | $ 24.43 | $ 21.58 | ||
Issued (in shares) | 24,410 | 80,365 | 139,732 | 78,070 |
Issued (in dollars per share) | $ 45.45 | $ 36.06 | ||
Forfeited (in shares) | (10,480) | (8,490) | ||
Forfeited (in dollars per share) | $ 40.28 | $ 33.57 | ||
Vested (in shares) | (202,153) | (209,823) | ||
Vested (in dollars per share) | $ 23.22 | $ 21.47 | ||
Unvested at end (in shares) | 296,192 | 369,093 | ||
Unvested at end (in dollars per share) | $ 34.61 | $ 24.43 |
Note 18 - Employee Benefit P104
Note 18 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Compensation Arrangement With Individual Minimum Age | 21 years | ||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 30 days | ||
Defined Contribution Plan, Cost Recognized | $ 1,100,000 | $ 755 | $ 833 |
Note 19 - Supplemental Execu105
Note 19 - Supplemental Executive Retirement Plan (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 29, 2016 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2013USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Cash Surrender Value of Life Insurance | $ 11,929 | $ 12,136 | ||
Supplemental Executive Retirement and Death Benefit Agreements [Member] | ||||
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 | $ 933 | 953 | ||
Supplemental Executive Retirement and Death Benefit Agreements [Member] | Purchased Fixed Annuity for Financing Retirement Benefits [Member] | ||||
Other Investments | $ 11,400 | |||
Noninterest Income, Other | 46 | $ 84 | ||
Supplemental Executive Retirement and Death Benefit Agreements [Member] | Purchased Fixed Annuity for Financing Retirement Benefits [Member] | Other Assets [Member] | ||||
Cash Surrender Value of Life Insurance | $ 11,900 |
Note 20 - Financial Instrume106
Note 20 - Financial Instruments with Off-Balance Sheet Risk (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Mortgage Loans on Real Estate, Write-down or Reserve, Amount | $ 127 | $ 117 |
Note 20 - Financial Instrume107
Note 20 - Financial Instruments with Off-Balance Sheet Risk - Loan Commitments Outstanding and Lines and Letters of Credit (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Unfunded loan commitments | $ 2,225,995 | $ 1,891,934 |
Unfunded lines of credit | 94,375 | 112,159 |
Letters of credit | 72,084 | 83,511 |
Total | $ 2,392,454 | $ 2,087,604 |
Note 21 - Commitments and Co108
Note 21 - Commitments and Contingent Liabilities (Details Textual) - George Mason Sponsorship [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Termination Option One [Member] | |
Increase (Decrease) in Contractual Obligation, Termination Option | $ 3.5 |
Termination Option One [Member] | Minimum [Member] | |
Contractual Obligation, Option Period | 11 years |
Termination Option One [Member] | Maximum [Member] | |
Contractual Obligation, Option Period | 15 years |
Termination Option Two [Member] | |
Increase (Decrease) in Contractual Obligation, Termination Option | $ 3.6 |
Termination Option Two [Member] | Minimum [Member] | |
Contractual Obligation, Option Period | 16 years |
Termination Option Two [Member] | Maximum [Member] | |
Contractual Obligation, Option Period | 20 years |
Effective June 30, 2025 [Member] | |
Option to Terminate | 10 years |
Effective June 30, 2030 [Member] | |
Option to Terminate | 15 years |
Note 21 - Commitments and Co109
Note 21 - Commitments and Contingent Liabilities - Contractual Obligations and Commitments (Details) $ in Thousands | Dec. 31, 2016USD ($) | |
Within one year | $ 5,529,762 | |
One to three years | 265,412 | |
Three to five years | 47,895 | |
Over five years | 246,004 | |
Total | 6,089,073 | |
Deposits Without a Stated Maturity [Member] | ||
Within one year | 4,967,366 | [1] |
One to three years | [1] | |
Three to five years | [1] | |
Over five years | [1] | |
Total | 4,967,366 | [1] |
Time Deposits [Member] | ||
Within one year | 478,801 | [1] |
One to three years | 239,055 | [1] |
Three to five years | 30,892 | [1] |
Over five years | [1] | |
Total | 748,748 | [1] |
Borrowed Funds [Member] | ||
Within one year | 68,876 | [2] |
One to three years | [2] | |
Three to five years | [2] | |
Over five years | 220,000 | [2] |
Total | 288,876 | [2] |
Operating Lease Obligations [Member] | ||
Within one year | 8,016 | |
One to three years | 15,200 | |
Three to five years | 13,059 | |
Over five years | 16,179 | |
Total | 52,454 | |
Outside Data Processing [Member] | ||
Within one year | 5,048 | [3] |
One to three years | 9,606 | [3] |
Three to five years | 2,619 | [3] |
Over five years | [3] | |
Total | 17,273 | [3] |
George Mason Sponsorship [Member] | ||
Within one year | 650 | [4] |
One to three years | 1,300 | [4] |
Three to five years | 1,325 | [4] |
Over five years | 9,825 | [4] |
Total | 13,100 | [4] |
Non-compete Agreement [Member] | ||
Within one year | 1,005 | [5] |
One to three years | 251 | [5] |
Three to five years | [5] | |
Over five years | [5] | |
Total | $ 1,256 | [5] |
[1] | Excludes accrued interest payable at December 31, 2016. | |
[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 expire in May 2020 and two other vendor arrangements that relate to network infrastructure and data center services, one expires in July 2020 and the other expires in December 2018. | |
[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 $3.6 million for the first option period (years 11-15) and the second option period (16-20), respectively. | |
[5] | Non-compete agreement with a retired Director. |
Note 22 - Regulatory Matters -
Note 22 - Regulatory Matters - Capital Amounts and Ratios for the Company and Bank (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | ||
CET1 capital (to risk weighted aseets) minimum required for capital adequacy purposes | 5.125% | 4.50% | ||
CET1 capital (to risk weighted aseets) to be well capitalized under prompt corrective action regulations | [1] | 6.50% | 6.50% | |
Total capital (to risk weighted assets) minimum required for capital adequacy purposes | 8.625% | 8.00% | ||
Total capital (to risk weighted assets) to be well capitalized under prompt corrective action regulations | [1] | 10.00% | 10.00% | |
Tier 1 capital (to risk weighted assets) minimum required for capital adequacy purposes | 6.625% | 6.00% | ||
Tier 1 capital (to risk weighted assets) to be well capitalized under prompt corrective action regulations | [1] | 8.00% | 8.00% | |
Tier 1 capital (to average assets) minimum required for capital adequacy purposes | 5.00% | 4.00% | ||
Tier 1 capital (to average assets) to be well capitalized under prompt corrective action regulations | 5.00% | [1] | 5.00% | |
Parent Company [Member] | ||||
CET1 capital (to risk weighted aseets) actual amount | $ 737,512 | $ 632,408 | ||
CET1 capital (to risk weighted aseets) actual ratio | 10.80% | 10.68% | ||
Total capital (to risk weighted assets) actual amount | $ 1,016,712 | $ 755,212 | ||
Total capital (to risk weighted assets) actual ratio | 14.89% | 12.75% | ||
Tier 1 capital (to risk weighted assets) actual amount | $ 737,512 | $ 632,408 | ||
Tier 1 capital (to risk weighted assets) actual ratio | 10.80% | 10.68% | ||
Tier 1 capital (to average assets) actual amount | $ 737,512 | $ 632,408 | ||
Tier 1 capital (to average assets) actual ratio | 10.72% | 10.90% | ||
Bank [Member] | ||||
CET1 capital (to risk weighted aseets) actual amount | $ 854,226 | $ 620,879 | ||
CET1 capital (to risk weighted aseets) actual ratio | 12.55% | 10.52% | ||
Total capital (to risk weighted assets) actual amount | $ 913,100 | $ 673,442 | ||
Total capital (to risk weighted assets) actual ratio | 13.41% | 11.41% | ||
Tier 1 capital (to risk weighted assets) actual amount | $ 854,226 | $ 620,879 | ||
Tier 1 capital (to risk weighted assets) actual ratio | 12.55% | 10.52% | ||
Tier 1 capital (to average assets) actual amount | $ 854,226 | $ 620,879 | ||
Tier 1 capital (to average assets) actual ratio | 12.44% | 10.74% | ||
[1] | Applies to Bank only |
Note 23 - Other Comprehensiv111
Note 23 - Other Comprehensive Income - Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net unrealized gain (loss) on securities available-for-sale, before tax | $ (3,800) | $ (423) | $ 9,965 |
Net unrealized gain (loss) on securities available-for-sale, tax | (1,520) | (169) | 3,986 |
Net unrealized gain (loss) on securities available-for-sale, net of tax | (2,280) | (254) | 5,979 |
Less: Reclassification adjustment for net gains included in net income, before tax | (1,194) | (2,254) | (22) |
Less: Reclassification adjustment for net gains included in net income, tax | (478) | (902) | (9) |
Less: Reclassification adjustment for net gains included in net income, net of tax | (716) | (1,352) | (13) |
Total unrealized gain (loss) on securities available-for-sale, before tax | (4,994) | (2,677) | 9,943 |
Total unrealized gain (loss) on securities available-for-sale, tax | (1,998) | (1,071) | 3,977 |
Total unrealized gain (loss) on securities available-for-sale, net of tax | (2,996) | (1,606) | 5,966 |
Net unrealized gain (loss) on derivatives, before tax | (2,947) | (1,417) | |
Net unrealized gain (loss) on derivatives, tax | (2,018) | (567) | |
Unrealized loss on derivatives | (934) | (850) | |
Less: Reclassification adjustment for losses included in net income, before tax | 2,255 | ||
Less: Reclassification adjustment for losses included in net income, tax | 902 | ||
Less: Reclassification adjustment for losses included in net income, net of tax | 1,358 | ||
Total unrealized gain (loss) on derivatives, before tax | (692) | (1,417) | |
Total unrealized gain (loss) on derivatives, tax | (1,116) | (567) | |
Total unrealized gain (loss) on derivatives, net of tax | 424 | (850) | |
Other comprehensive income (loss), before tax | (5,686) | (4,094) | 9,943 |
Other comprehensive income (loss), tax | (3,114) | (1,638) | 3,977 |
Other comprehensive income (loss), net of tax | $ (2,572) | $ (2,456) | $ 5,966 |
Note 23 - Other Comprehensiv112
Note 23 - Other Comprehensive Income - Changes in Each Component of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance at Beginning of Period | $ 191 | $ 2,647 | $ (3,319) |
Other comprehensive income (loss) before reclassifications | (3,214) | (1,104) | 5,979 |
Amounts reclassified from accumulated other comprehensive income (loss) | 642 | (1,352) | (13) |
Net other comprehensive income (loss) during period | (2,572) | (2,456) | 5,966 |
Balance at End of Period | (2,381) | 191 | 2,647 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Balance at Beginning of Period | 1,041 | 2,647 | (3,319) |
Other comprehensive income (loss) before reclassifications | (2,280) | (254) | 5,979 |
Amounts reclassified from accumulated other comprehensive income (loss) | (716) | (1,352) | (13) |
Net other comprehensive income (loss) during period | (2,996) | (1,606) | 5,966 |
Balance at End of Period | (1,955) | 1,041 | 2,647 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Balance at Beginning of Period | (850) | ||
Other comprehensive income (loss) before reclassifications | (934) | (850) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,358 | ||
Net other comprehensive income (loss) during period | 424 | (850) | |
Balance at End of Period | $ (426) | $ (850) |
Note 23 - Other Comprehensiv113
Note 23 - Other Comprehensive Income - Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | 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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total interest expense | $ 8,771 | $ 7,703 | $ 5,950 | $ 5,216 | $ 4,735 | $ 4,896 | $ 4,873 | $ 4,734 | $ 4,275 | $ 3,251 | $ 2,739 | $ 2,830 | $ 27,640 | $ 19,238 | $ 13,095 |
Tax expense | 16,429 | 15,484 | 15,069 | 14,413 | 13,485 | 13,054 | 12,776 | 11,734 | 9,347 | 8,054 | 7,618 | 6,939 | 61,395 | 51,049 | 31,958 |
Net Income | $ 25,717 | $ 24,523 | $ 24,145 | $ 23,322 | $ 22,348 | $ 21,463 | $ 20,938 | $ 19,418 | $ 14,727 | $ 14,088 | $ 12,944 | $ 12,499 | 97,707 | 84,167 | 54,258 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||||
Realized gain on sale of investment securities | 1,194 | 2,254 | 22 | ||||||||||||
Tax expense | 428 | (902) | (9) | ||||||||||||
Net Income | (642) | 1,352 | 13 | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivative Deposits [Member] | |||||||||||||||
Total interest expense | (1,695) | ||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivative Borrowings [Member] | |||||||||||||||
Total interest expense | $ (569) |
Note 24 - Fair Value Measure114
Note 24 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Available-for-sale Securities | $ 538,108 | $ 487,869 |
Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale Securities | 1,718 | 219 |
Corporate Debt Securities [Member] | ||
Available-for-sale Securities | 9,579 | $ 14,938 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale Securities | $ 1,500 |
Note 24 - Fair Value Measure115
Note 24 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value On a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets measured at fair value on a recurring basis | $ 589,851 | $ 535,385 |
Liabilities measured at fair value on a recurring basis | 747 | 1,447 |
Derivative Financial Instruments, Liabilities [Member] | Mortgage Banking Derivative [Member] | ||
Liabilities measured at fair value on a recurring basis | 55 | 30 |
Derivative Financial Instruments, Liabilities [Member] | Interest Rate Swap [Member] | ||
Liabilities measured at fair value on a recurring basis | 692 | 1,417 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets measured at fair value on a recurring basis | 115 | |
Liabilities measured at fair value on a recurring basis | ||
Fair Value, Inputs, Level 1 [Member] | Derivative Financial Instruments, Liabilities [Member] | Mortgage Banking Derivative [Member] | ||
Liabilities measured at fair value on a recurring basis | ||
Fair Value, Inputs, Level 1 [Member] | Derivative Financial Instruments, Liabilities [Member] | Interest Rate Swap [Member] | ||
Liabilities measured at fair value on a recurring basis | ||
Fair Value, Inputs, Level 2 [Member] | ||
Assets measured at fair value on a recurring basis | 588,019 | 535,027 |
Liabilities measured at fair value on a recurring basis | 692 | 1,417 |
Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Liabilities [Member] | Mortgage Banking Derivative [Member] | ||
Liabilities measured at fair value on a recurring basis | ||
Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Liabilities [Member] | Interest Rate Swap [Member] | ||
Liabilities measured at fair value on a recurring basis | 692 | 1,417 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets measured at fair value on a recurring basis | 1,832 | 243 |
Liabilities measured at fair value on a recurring basis | 55 | 30 |
Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member] | Mortgage Banking Derivative [Member] | ||
Liabilities measured at fair value on a recurring basis | 55 | 30 |
Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member] | Interest Rate Swap [Member] | ||
Liabilities measured at fair value on a recurring basis | ||
US Government Agencies Debt Securities [Member] | ||
Assets measured at fair value on a recurring basis | 106,142 | 56,975 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets measured at fair value on a recurring basis | ||
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets measured at fair value on a recurring basis | 106,142 | 56,975 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets measured at fair value on a recurring basis | ||
Residential Mortgage Backed Securities [Member] | ||
Assets measured at fair value on a recurring basis | 326,239 | 297,241 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets measured at fair value on a recurring basis | ||
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets measured at fair value on a recurring basis | 326,239 | 297,241 |
Residential Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets measured at fair value on a recurring basis | ||
US States and Political Subdivisions Debt Securities [Member] | ||
Assets measured at fair value on a recurring basis | 95,930 | 118,381 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets measured at fair value on a recurring basis | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets measured at fair value on a recurring basis | 95,930 | 118,381 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets measured at fair value on a recurring basis | ||
Corporate Debt Securities [Member] | ||
Assets measured at fair value on a recurring basis | 9,579 | 14,938 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets measured at fair value on a recurring basis | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets measured at fair value on a recurring basis | 8,079 | 14,938 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets measured at fair value on a recurring basis | 1,500 | |
Equity Securities [Member] | ||
Assets measured at fair value on a recurring basis | 218 | 334 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets measured at fair value on a recurring basis | 115 | |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets measured at fair value on a recurring basis | ||
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets measured at fair value on a recurring basis | 218 | 219 |
Residential Mortgage Loan Long Term [Member] | ||
Assets measured at fair value on a recurring basis | 51,629 | 47,492 |
Residential Mortgage Loan Long Term [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets measured at fair value on a recurring basis | ||
Residential Mortgage Loan Long Term [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets measured at fair value on a recurring basis | 51,629 | 47,492 |
Residential Mortgage Loan Long Term [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets measured at fair value on a recurring basis | ||
Mortgage Banking Derivative [Member] | ||
Assets measured at fair value on a recurring basis | 114 | 24 |
Mortgage Banking Derivative [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets measured at fair value on a recurring basis | ||
Mortgage Banking Derivative [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets measured at fair value on a recurring basis | ||
Mortgage Banking Derivative [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets measured at fair value on a recurring basis | $ 114 | $ 24 |
Note 24 - Fair Value Measure116
Note 24 - Fair Value Measurements - Assets Measured at Fair Value Based on Significant Unobservable Inputs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Beginning balance | $ 243 | $ 365 |
Realized gain (loss) included in earnings - net mortgage banking derivatives | 90 | (122) |
Purchases of available-for-sale securities | 1,500 | |
Principal redemption | (1) | |
Ending balance | 1,832 | 243 |
Beginning balance | 30 | 250 |
Realized loss (gain) included in earnings - net mortgage banking derivatives | 25 | (220) |
Ending balance | 55 | 30 |
Equity Investment Other [Member] | ||
Beginning balance | 219 | 219 |
Realized gain (loss) included in earnings - net mortgage banking derivatives | ||
Purchases of available-for-sale securities | 1,500 | |
Principal redemption | (1) | |
Ending balance | 1,718 | 219 |
Beginning balance | ||
Realized loss (gain) included in earnings - net mortgage banking derivatives | ||
Ending balance | ||
Derivative Assets and Liabilities [Member] | ||
Beginning balance | 24 | 146 |
Realized gain (loss) included in earnings - net mortgage banking derivatives | 90 | (122) |
Purchases of available-for-sale securities | ||
Principal redemption | ||
Ending balance | 114 | 24 |
Beginning balance | 30 | 250 |
Realized loss (gain) included in earnings - net mortgage banking derivatives | 25 | (220) |
Ending balance | $ 55 | $ 30 |
Note 24 - Fair Value Measure117
Note 24 - Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other real estate owned | $ 2,694 | $ 5,852 |
Total assets measured at fair value on a nonrecurring basis | 22,894 | 25,025 |
Fair Value, Inputs, Level 1 [Member] | ||
Other real estate owned | ||
Total assets measured at fair value on a nonrecurring basis | ||
Fair Value, Inputs, Level 2 [Member] | ||
Other real estate owned | ||
Total assets measured at fair value on a nonrecurring basis | ||
Fair Value, Inputs, Level 3 [Member] | ||
Other real estate owned | 2,694 | 5,852 |
Total assets measured at fair value on a nonrecurring basis | 22,894 | 25,025 |
Commercial Portfolio Segment [Member] | ||
Impaired loans | 2,956 | 2,633 |
Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | ||
Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | ||
Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | 2,956 | 2,633 |
Income Producing Portfolio Segment [Member] | ||
Impaired loans | 12,993 | 10,088 |
Income Producing Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | ||
Income Producing Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | ||
Income Producing Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | 12,993 | 10,088 |
Owner Occupied Portfolio Segment [Member] | ||
Impaired loans | 2,133 | 1,353 |
Owner Occupied Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | ||
Owner Occupied Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | ||
Owner Occupied Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | 2,133 | 1,353 |
Residential Portfolio Segment [Member] | ||
Impaired loans | 555 | 329 |
Residential Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | ||
Residential Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | ||
Residential Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | 555 | 329 |
Construction Portfolio Segment [Member] | ||
Impaired loans | 1,550 | 4,627 |
Construction Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | ||
Construction Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | ||
Construction Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | 1,550 | 4,627 |
Other Consumer Portfolio Segment [Member] | ||
Impaired loans | 13 | 20 |
Other Consumer Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | ||
Other Consumer Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | ||
Other Consumer Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | $ 13 | 20 |
Home Equity Portfolio Segment [Member] | ||
Impaired loans | 123 | |
Home Equity Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | ||
Home Equity Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | ||
Home Equity Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | $ 123 |
Note 24 - Fair Value Measure118
Note 24 - Fair Value Measurements - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and due from banks | $ 10,285 | $ 10,270 | |
Cash and due from banks, fair value | 10,285 | 10,270 | |
Federal funds sold | 2,397 | 3,791 | |
Federal funds sold, fair value | 2,397 | 3,791 | |
Interest bearing deposits with banks and other short-term investments | 355,481 | 284,302 | |
Interest bearing deposits with other banks, fair value | 355,481 | 284,302 | |
Investment securities available-for-sale, at fair value | 538,108 | 487,869 | |
Available-for-sale Securities | 538,108 | 487,869 | |
Federal Reserve and Federal Home Loan Bank stock, carrying value | 21,600 | 16,903 | |
Federal Reserve and Federal Home Loan Bank stock, fair value | 21,600 | 16,903 | |
Loans held for sale | 51,629 | 47,492 | |
Loans held for sale, fair value | 51,629 | 47,492 | |
Loans | 5,677,893 | 4,998,368 | |
Loans, fair value | 5,683,158 | 5,000,717 | |
Bank owned life insurance | 60,130 | 58,682 | |
Bank owned life insurance, fair value | 60,130 | 58,682 | |
Annuity investment, carrying value | 11,929 | 12,136 | |
Annuity investment, fair value | 11,929 | 12,136 | |
Noninterest bearing demand | 1,775,684 | 1,405,067 | $ 1,175,799 |
Noninterest bearing deposits, fair value | 1,775,684 | 1,405,067 | |
Interest bearing transaction | 289,122 | 178,797 | 143,628 |
Certificates of deposit, carrying value | 748,748 | 739,255 | $ 688,741 |
Certificates of deposit, fair value | 745,985 | 736,973 | |
Customer repurchase agreements, carrying value | 68,876 | 72,356 | |
Customer repurchase agreements, fair value | 68,876 | 72,356 | |
Borrowings, carrying value | 216,514 | 70,000 | |
Borrowings, fair value | 203,657 | 69,992 | |
Interest-bearing Deposits [Member] | |||
Interest bearing transaction | 3,191,682 | 3,014,122 | |
Interest bearing deposits, fair value | 3,191,682 | 3,014,122 | |
Mortgage Banking Derivative [Member] | |||
Derivative assets, carrying value | 114 | 24 | |
Derivative Asset | 114 | 24 | |
Net amounts of liabilities presented in the balance sheet | 55 | 30 | |
Derivative Liability | 55 | 30 | |
Interest Rate Swap [Member] | |||
Derivative assets, carrying value | |||
Derivative Asset | |||
Net amounts of liabilities presented in the balance sheet | 692 | 1,417 | |
Derivative Liability | 692 | 1,417 | |
Fair Value, Inputs, Level 1 [Member] | |||
Cash and due from banks, fair value | |||
Federal funds sold | |||
Federal funds sold, fair value | |||
Interest bearing deposits with banks and other short-term investments | |||
Interest bearing deposits with other banks, fair value | |||
Investment securities available-for-sale, at fair value | 115 | ||
Available-for-sale Securities | 115 | ||
Federal Reserve and Federal Home Loan Bank stock, fair value | |||
Loans held for sale, fair value | |||
Loans, fair value | |||
Bank owned life insurance | |||
Bank owned life insurance, fair value | |||
Annuity investment, fair value | |||
Noninterest bearing deposits, fair value | |||
Certificates of deposit, fair value | |||
Customer repurchase agreements, fair value | |||
Borrowings, fair value | |||
Fair Value, Inputs, Level 1 [Member] | Interest-bearing Deposits [Member] | |||
Interest bearing deposits, fair value | |||
Fair Value, Inputs, Level 1 [Member] | Mortgage Banking Derivative [Member] | |||
Derivative assets, carrying value | |||
Derivative Asset | |||
Net amounts of liabilities presented in the balance sheet | |||
Derivative Liability | |||
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | |||
Derivative assets, carrying value | |||
Derivative Asset | |||
Net amounts of liabilities presented in the balance sheet | |||
Derivative Liability | |||
Fair Value, Inputs, Level 2 [Member] | |||
Cash and due from banks, fair value | 10,285 | 10,270 | |
Federal funds sold | 2,397 | 3,791 | |
Federal funds sold, fair value | 2,397 | 3,791 | |
Interest bearing deposits with banks and other short-term investments | 355,481 | 284,302 | |
Interest bearing deposits with other banks, fair value | 355,481 | 284,302 | |
Investment securities available-for-sale, at fair value | 536,390 | 487,535 | |
Available-for-sale Securities | 536,390 | 487,535 | |
Federal Reserve and Federal Home Loan Bank stock, fair value | 21,600 | 16,903 | |
Loans held for sale, fair value | 51,629 | 47,492 | |
Loans, fair value | |||
Bank owned life insurance | 60,130 | 58,682 | |
Bank owned life insurance, fair value | 60,130 | 58,682 | |
Annuity investment, fair value | 11,929 | 12,136 | |
Noninterest bearing deposits, fair value | 1,775,684 | 1,405,067 | |
Certificates of deposit, fair value | 745,985 | 736,973 | |
Customer repurchase agreements, fair value | 68,876 | 72,356 | |
Borrowings, fair value | 203,657 | 69,992 | |
Fair Value, Inputs, Level 2 [Member] | Interest-bearing Deposits [Member] | |||
Interest bearing deposits, fair value | 3,191,682 | 3,014,122 | |
Fair Value, Inputs, Level 2 [Member] | Mortgage Banking Derivative [Member] | |||
Derivative assets, carrying value | |||
Derivative Asset | |||
Net amounts of liabilities presented in the balance sheet | |||
Derivative Liability | |||
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||
Derivative assets, carrying value | |||
Derivative Asset | |||
Net amounts of liabilities presented in the balance sheet | 692 | 1,417 | |
Derivative Liability | 692 | 1,417 | |
Fair Value, Inputs, Level 3 [Member] | |||
Cash and due from banks, fair value | |||
Federal funds sold | |||
Federal funds sold, fair value | |||
Interest bearing deposits with banks and other short-term investments | |||
Interest bearing deposits with other banks, fair value | |||
Investment securities available-for-sale, at fair value | 1,718 | 219 | |
Available-for-sale Securities | 1,718 | 219 | |
Federal Reserve and Federal Home Loan Bank stock, fair value | |||
Loans held for sale, fair value | |||
Loans, fair value | 5,683,158 | 5,000,717 | |
Bank owned life insurance | |||
Bank owned life insurance, fair value | |||
Annuity investment, fair value | |||
Noninterest bearing deposits, fair value | |||
Certificates of deposit, fair value | |||
Customer repurchase agreements, fair value | |||
Borrowings, fair value | |||
Fair Value, Inputs, Level 3 [Member] | Interest-bearing Deposits [Member] | |||
Interest bearing deposits, fair value | |||
Fair Value, Inputs, Level 3 [Member] | Mortgage Banking Derivative [Member] | |||
Derivative assets, carrying value | 114 | 24 | |
Derivative Asset | 114 | 24 | |
Net amounts of liabilities presented in the balance sheet | 55 | 30 | |
Derivative Liability | 55 | 30 | |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | |||
Derivative assets, carrying value | |||
Derivative Asset | |||
Net amounts of liabilities presented in the balance sheet | |||
Derivative Liability |
Note 25 - Quarterly Results 119
Note 25 - Quarterly Results of Operations (Unaudited) - Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | 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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||||||
Total interest income | $ 75,795 | $ 72,431 | $ 69,772 | $ 67,807 | $ 67,311 | $ 63,981 | $ 62,423 | $ 59,465 | $ 56,091 | $ 47,886 | $ 44,759 | $ 42,837 | $ 285,805 | $ 253,180 | $ 191,573 | ||||||||||||
Total interest expense | 8,771 | 7,703 | 5,950 | 5,216 | 4,735 | 4,896 | 4,873 | 4,734 | 4,275 | 3,251 | 2,739 | 2,830 | 27,640 | 19,238 | 13,095 | ||||||||||||
Net interest income | 67,024 | 64,728 | 63,822 | 62,591 | 62,576 | 59,085 | 57,550 | 54,731 | 51,816 | 44,635 | 42,020 | 40,007 | 258,165 | 233,942 | 178,478 | ||||||||||||
Provision for credit losses | 2,112 | 2,288 | 3,888 | 3,043 | 4,595 | 3,262 | 3,471 | 3,310 | 3,700 | 2,111 | 3,134 | 1,934 | |||||||||||||||
Net interest income after provision for credit losses | 64,912 | 62,440 | 59,934 | 59,548 | 57,981 | 55,823 | 54,079 | 51,421 | 48,116 | 42,524 | 38,886 | 38,073 | 246,834 | 219,304 | 167,599 | ||||||||||||
Noninterest income | 7,014 | 6,405 | 7,575 | 6,290 | 6,492 | 6,099 | 6,233 | 7,804 | 5,310 | 4,761 | 3,811 | 4,463 | 27,284 | 26,628 | 18,345 | ||||||||||||
Noninterest expense | 29,780 | 28,838 | 28,295 | 28,103 | 28,640 | 27,405 | 26,598 | 28,073 | 29,352 | 25,143 | 22,135 | 23,098 | 115,016 | 110,716 | 99,728 | ||||||||||||
Income before income tax expense | 42,146 | 40,007 | 39,214 | 37,735 | 35,833 | 34,517 | 33,714 | 31,152 | 24,074 | 22,142 | 20,562 | 19,438 | 159,102 | 135,216 | 86,216 | ||||||||||||
Income Tax Expense | 16,429 | 15,484 | 15,069 | 14,413 | 13,485 | 13,054 | 12,776 | 11,734 | 9,347 | 8,054 | 7,618 | 6,939 | 61,395 | 51,049 | 31,958 | ||||||||||||
Net Income | 25,717 | 24,523 | 24,145 | 23,322 | 22,348 | 21,463 | 20,938 | 19,418 | 14,727 | 14,088 | 12,944 | 12,499 | 97,707 | 84,167 | 54,258 | ||||||||||||
Net income available to common shareholders | $ 25,717 | $ 24,523 | $ 24,145 | $ 23,322 | $ 22,286 | $ 21,283 | $ 20,759 | $ 19,238 | $ 14,547 | $ 13,937 | $ 12,802 | $ 12,358 | $ 97,707 | $ 83,566 | $ 53,644 | ||||||||||||
Earnings Per Common Share | |||||||||||||||||||||||||||
Basic (in dollars per share) | $ 0.76 | [1] | $ 0.73 | [1] | $ 0.72 | [1] | $ 0.70 | [1] | $ 0.67 | [1] | $ 0.64 | [1] | $ 0.62 | [1] | $ 0.62 | [1] | $ 0.51 | [1] | $ 0.54 | [1] | $ 0.49 | [1] | $ 0.48 | [1] | $ 2.91 | $ 2.54 | $ 2.01 |
Diluted (in dollars per share) | $ 0.75 | [1] | $ 0.72 | [1] | $ 0.71 | [1] | $ 0.68 | [1] | $ 0.65 | [1] | $ 0.63 | [1] | $ 0.61 | [1] | $ 0.61 | [1] | $ 0.49 | [1] | $ 0.52 | [1] | $ 0.48 | [1] | $ 0.47 | [1] | $ 2.86 | $ 2.50 | $ 1.95 |
Total interest income | $ 75,795 | $ 72,431 | $ 69,772 | $ 67,807 | $ 67,311 | $ 63,981 | $ 62,423 | $ 59,465 | $ 56,091 | $ 47,886 | $ 44,759 | $ 42,837 | $ 285,805 | $ 253,180 | $ 191,573 | ||||||||||||
Total interest expense | 8,771 | 7,703 | 5,950 | 5,216 | 4,735 | 4,896 | 4,873 | 4,734 | 4,275 | 3,251 | 2,739 | 2,830 | 27,640 | 19,238 | 13,095 | ||||||||||||
Net interest income | 67,024 | 64,728 | 63,822 | 62,591 | 62,576 | 59,085 | 57,550 | 54,731 | 51,816 | 44,635 | 42,020 | 40,007 | 258,165 | 233,942 | 178,478 | ||||||||||||
Provision for credit losses | 2,112 | 2,288 | 3,888 | 3,043 | 4,595 | 3,262 | 3,471 | 3,310 | 3,700 | 2,111 | 3,134 | 1,934 | |||||||||||||||
Net interest income after provision for credit losses | 64,912 | 62,440 | 59,934 | 59,548 | 57,981 | 55,823 | 54,079 | 51,421 | 48,116 | 42,524 | 38,886 | 38,073 | 246,834 | 219,304 | 167,599 | ||||||||||||
Noninterest income | 7,014 | 6,405 | 7,575 | 6,290 | 6,492 | 6,099 | 6,233 | 7,804 | 5,310 | 4,761 | 3,811 | 4,463 | 27,284 | 26,628 | 18,345 | ||||||||||||
Noninterest expense | 29,780 | 28,838 | 28,295 | 28,103 | 28,640 | 27,405 | 26,598 | 28,073 | 29,352 | 25,143 | 22,135 | 23,098 | 115,016 | 110,716 | 99,728 | ||||||||||||
Income before income tax expense | 42,146 | 40,007 | 39,214 | 37,735 | 35,833 | 34,517 | 33,714 | 31,152 | 24,074 | 22,142 | 20,562 | 19,438 | 159,102 | 135,216 | 86,216 | ||||||||||||
Income Tax Expense | 16,429 | 15,484 | 15,069 | 14,413 | 13,485 | 13,054 | 12,776 | 11,734 | 9,347 | 8,054 | 7,618 | 6,939 | 61,395 | 51,049 | 31,958 | ||||||||||||
Net Income | 25,717 | 24,523 | 24,145 | 23,322 | 22,348 | 21,463 | 20,938 | 19,418 | 14,727 | 14,088 | 12,944 | 12,499 | 97,707 | 84,167 | 54,258 | ||||||||||||
Preferred Stock Dividends | 62 | 180 | 179 | 180 | 180 | 151 | 142 | 141 | 601 | 614 | |||||||||||||||||
Net income available to common shareholders | $ 25,717 | $ 24,523 | $ 24,145 | $ 23,322 | $ 22,286 | $ 21,283 | $ 20,759 | $ 19,238 | $ 14,547 | $ 13,937 | $ 12,802 | $ 12,358 | $ 97,707 | $ 83,566 | $ 53,644 | ||||||||||||
[1] | Earnings per common share are calculated on a quarterly basis and may not be additive to the year to date amount. |
Note 26 - Parent Company Fin120
Note 26 - Parent Company Financial Information - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | ||||
Investment securities available-for-sale, at fair value | $ 538,108 | $ 487,869 | ||
Other assets | 52,653 | 47,628 | ||
Total Assets | 6,890,096 | 6,075,577 | ||
Liabilities | ||||
Other liabilities | 45,793 | 37,248 | ||
Long-term borrowings | 216,514 | 68,928 | ||
Total Liabilities | 6,047,297 | 5,336,976 | ||
Shareholders' Equity | ||||
Common stock, par value $.01 per share; shares authorized 100,000,000, shares issued and outstanding 34,023,850 and 33,467,893, respectively | 338 | 331 | ||
Warrant | 946 | |||
Additional paid in capital | 513,531 | 503,529 | ||
Retained earnings | 331,311 | 233,604 | ||
Accumulated other comprehensive (loss) income | (2,381) | 191 | $ 2,647 | $ (3,319) |
Total Shareholders’ Equity | 842,799 | 738,601 | $ 620,759 | $ 393,863 |
Total Liabilities and Shareholders' Equity | 6,890,096 | 6,075,577 | ||
Parent Company [Member] | ||||
Assets | ||||
Cash | 86,561 | 65,692 | ||
Investment securities available-for-sale, at fair value | 100 | 216 | ||
Investment in subsidiaries | 973,530 | 740,804 | ||
Other assets | 3,935 | 2,444 | ||
Total Assets | 1,064,126 | 809,156 | ||
Liabilities | ||||
Other liabilities | 4,813 | 1,627 | ||
Long-term borrowings | 216,514 | 68,928 | ||
Total Liabilities | 221,327 | 70,555 | ||
Shareholders' Equity | ||||
Common stock, par value $.01 per share; shares authorized 100,000,000, shares issued and outstanding 34,023,850 and 33,467,893, respectively | 338 | 331 | ||
Warrant | 946 | |||
Additional paid in capital | 513,531 | 503,529 | ||
Retained earnings | 331,311 | 233,604 | ||
Accumulated other comprehensive (loss) income | (2,381) | 191 | ||
Total Shareholders’ Equity | 842,799 | 738,601 | ||
Total Liabilities and Shareholders' Equity | $ 1,064,126 | $ 809,156 |
Note 26 - Parent Company Fin121
Note 26 - Parent Company Financial Information - Condensed Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | 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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Gain on sale of investment securities | $ 1,194 | $ 2,254 | $ 22 | ||||||||||||
Total interest expense | $ 8,771 | $ 7,703 | $ 5,950 | $ 5,216 | $ 4,735 | $ 4,896 | $ 4,873 | $ 4,734 | $ 4,275 | $ 3,251 | $ 2,739 | $ 2,830 | 27,640 | 19,238 | 13,095 |
Legal, accounting and professional fees | 3,673 | 3,729 | 3,439 | ||||||||||||
Other expenses | 15,255 | 15,636 | 10,510 | ||||||||||||
Income Before Income Tax Expense | 42,146 | 40,007 | 39,214 | 37,735 | 35,833 | 34,517 | 33,714 | 31,152 | 24,074 | 22,142 | 20,562 | 19,438 | 159,102 | 135,216 | 86,216 |
Income Tax Expense | 16,429 | 15,484 | 15,069 | 14,413 | 13,485 | 13,054 | 12,776 | 11,734 | 9,347 | 8,054 | 7,618 | 6,939 | 61,395 | 51,049 | 31,958 |
Net Income | 25,717 | 24,523 | 24,145 | 23,322 | 22,348 | 21,463 | 20,938 | 19,418 | 14,727 | 14,088 | 12,944 | 12,499 | 97,707 | 84,167 | 54,258 |
Preferred Stock Dividends | 62 | 180 | 179 | 180 | 180 | 151 | 142 | 141 | 601 | 614 | |||||
Net income available to common shareholders | $ 25,717 | $ 24,523 | $ 24,145 | $ 23,322 | $ 22,286 | $ 21,283 | $ 20,759 | $ 19,238 | $ 14,547 | $ 13,937 | $ 12,802 | $ 12,358 | 97,707 | 83,566 | 53,644 |
Parent Company [Member] | |||||||||||||||
Other interest and dividends | 280 | 369 | 171 | ||||||||||||
Gain on sale of investment securities | 43 | 60 | |||||||||||||
Total Income | 323 | 429 | 171 | ||||||||||||
Total interest expense | 7,493 | 4,490 | 2,497 | ||||||||||||
Legal, accounting and professional fees | 131 | 101 | 108 | ||||||||||||
Directors compensation | 202 | 224 | 257 | ||||||||||||
Other expenses | 1,083 | 1,212 | 1,086 | ||||||||||||
Total Expenses | 8,909 | 6,027 | 3,948 | ||||||||||||
Income Before Income Tax Expense | (8,586) | (5,598) | (3,777) | ||||||||||||
Income Tax Expense | (2,919) | (2,208) | (1,490) | ||||||||||||
Loss Before Equity in Undistributed Income of Subsidiaries | (5,667) | (3,390) | (2,287) | ||||||||||||
Equity in Undistributed Income of Subsidiaries | 103,374 | 87,557 | 56,545 | ||||||||||||
Net Income | 97,707 | 84,167 | 54,258 | ||||||||||||
Preferred Stock Dividends | 601 | 614 | |||||||||||||
Net income available to common shareholders | $ 97,707 | $ 83,566 | $ 53,644 |
Note 26 - Parent Company Fin122
Note 26 - Parent Company Financial Information - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | 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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows From Operating Activities: | |||||||||||||||
Net Income | $ 25,717 | $ 24,523 | $ 24,145 | $ 23,322 | $ 22,348 | $ 21,463 | $ 20,938 | $ 19,418 | $ 14,727 | $ 14,088 | $ 12,944 | $ 12,499 | $ 97,707 | $ 84,167 | $ 54,258 |
Proceeds from sale of available-for-sale securities | 94,300 | 111,700 | 49,900 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
Tax benefits realized from stock compensation | (400) | (2,984) | (978) | ||||||||||||
Increase in other assets | (5,025) | (3,725) | (12,631) | ||||||||||||
Increase in other liabilities | 8,545 | 1,315 | 1,856 | ||||||||||||
Cash Flows From Financing Activities: | |||||||||||||||
Issuance of common stock | 94,633 | 144,093 | |||||||||||||
Issuance of Series C Preferred Stock | 15,300 | ||||||||||||||
Proceeds from exercise of equity compensation plans | 955 | 5,176 | 2,313 | ||||||||||||
Preferred stock dividends | 600 | 614 | |||||||||||||
Excess tax benefit on stock-based compensation | 400 | 2,984 | 978 | ||||||||||||
Payment in lieu of fractional shares | (4) | ||||||||||||||
Proceeds from employee stock purchase plan | 801 | 769 | 621 | ||||||||||||
Net Increase in Cash | 69,800 | 42,338 | (50,935) | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | 298,363 | 256,025 | 306,960 | 298,363 | 256,025 | 306,960 | |||||||||
Cash and Cash Equivalents at End of Period | 368,163 | 298,363 | 256,025 | 368,163 | 298,363 | 256,025 | |||||||||
Series B Preferred Stock [Member] | |||||||||||||||
Cash Flows From Financing Activities: | |||||||||||||||
Redemption of Preferred Stock | (56,600) | ||||||||||||||
Series C Preferred Stock [Member] | |||||||||||||||
Cash Flows From Financing Activities: | |||||||||||||||
Redemption of Preferred Stock | (15,300) | ||||||||||||||
Parent Company [Member] | |||||||||||||||
Cash Flows From Operating Activities: | |||||||||||||||
Net Income | 97,707 | 84,167 | 54,258 | ||||||||||||
Proceeds from sale of available-for-sale securities | 135 | 84 | |||||||||||||
Investment in subsidiary (net) | (124,636) | (419) | (203,782) | ||||||||||||
Net cash used in investing activities | (124,501) | (335) | (203,782) | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
Equity in undistributed income of subsidiary | (103,374) | (87,557) | (56,545) | ||||||||||||
Tax benefits realized from stock compensation | (400) | (2,984) | (978) | ||||||||||||
Increase in other assets | (1,491) | (785) | (1,731) | ||||||||||||
Increase in other liabilities | 3,186 | (121) | 1,803 | ||||||||||||
Net cash (used in) operating activities | (4,372) | (7,280) | (3,193) | ||||||||||||
Cash Flows From Financing Activities: | |||||||||||||||
Issuance of common stock | 94,633 | 144,093 | |||||||||||||
Issuance of Series C Preferred Stock | 15,300 | ||||||||||||||
Issuance in long-term borrowings | 147,586 | 70,000 | |||||||||||||
Decrease in long-term borrowings | (9,300) | ||||||||||||||
Proceeds from exercise of equity compensation plans | 955 | 5,176 | 2,313 | ||||||||||||
Preferred stock dividends | (600) | (614) | |||||||||||||
Excess tax benefit on stock-based compensation | 400 | 2,984 | 978 | ||||||||||||
Payment in lieu of fractional shares | (4) | ||||||||||||||
Proceeds from employee stock purchase plan | 801 | 769 | 621 | ||||||||||||
Net cash provided by financing activities | 149,742 | 21,758 | 232,691 | ||||||||||||
Net Increase in Cash | 20,869 | 14,143 | 25,716 | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | $ 65,692 | $ 51,549 | $ 25,833 | 65,692 | 51,549 | 25,833 | |||||||||
Cash and Cash Equivalents at End of Period | $ 86,561 | $ 65,692 | $ 51,549 | 86,561 | 65,692 | 51,549 | |||||||||
Parent Company [Member] | Series B Preferred Stock [Member] | |||||||||||||||
Cash Flows From Financing Activities: | |||||||||||||||
Redemption of Preferred Stock | (56,600) | ||||||||||||||
Parent Company [Member] | Series C Preferred Stock [Member] | |||||||||||||||
Cash Flows From Financing Activities: | |||||||||||||||
Redemption of Preferred Stock | $ (15,300) |