Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 30, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | PEOPLES FINANCIAL SERVICES CORP. | |
Trading Symbol | pfis | |
Entity Central Index Key | 1,056,943 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 7,396,404 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Cash and due from banks | $ 23,699 | $ 28,218 |
Interest-bearing deposits in other banks | 299 | 4,699 |
Investment securities: | ||
Available-for-sale | 264,175 | 284,935 |
Held-to-maturity: Fair value March 31, 2016, $12,322; December 31, 2015, $12,606 | 11,681 | 12,109 |
Total investment securities | 275,856 | 297,044 |
Loans held for sale | 78 | |
Loans, net | 1,409,691 | 1,340,865 |
Less: allowance for loan losses | 14,158 | 12,975 |
Net loans | 1,395,533 | 1,327,890 |
Premises and equipment, net | 29,386 | 28,157 |
Accrued interest receivable | 5,455 | 5,796 |
Goodwill | 63,370 | 63,370 |
Intangible assets | 5,091 | 5,397 |
Other assets | 63,603 | 58,487 |
Total assets | 1,862,370 | 1,819,058 |
Deposits: | ||
Noninterest-bearing | 323,456 | 320,978 |
Interest-bearing | 1,152,003 | 1,134,832 |
Total deposits | 1,475,459 | 1,455,810 |
Short-term borrowings | 60,350 | 38,325 |
Long-term debt | 59,773 | 60,354 |
Accrued interest payable | 506 | 560 |
Other liabilities | 14,837 | 15,241 |
Total liabilities | 1,610,925 | 1,570,290 |
Stockholders' equity: | ||
Common stock, par value $2.00, authorized 25,000,000 shares, issued 7,399,298 shares at March 31, 2016 and 7,410,616 shares at December 31, 2015 | 14,799 | 14,821 |
Capital surplus | 134,994 | 135,371 |
Retained earnings | 103,288 | 100,701 |
Accumulated other comprehensive loss | (1,636) | (2,125) |
Total stockholders' equity | 251,445 | 248,768 |
Total liabilities and stockholders' equity | $ 1,862,370 | $ 1,819,058 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Held-to-maturity, Fair Value | $ 12,322 | $ 12,606 |
Common stock, par value | $ 2 | $ 2 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 7,399,298 | 7,410,606 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest and fees on loans: | ||
Taxable | $ 14,346 | $ 13,340 |
Tax-exempt | 751 | 559 |
Interest and dividends on investment securities: | ||
Taxable | 687 | 900 |
Tax-exempt | 875 | 805 |
Dividends | 10 | 9 |
Interest on interest-bearing deposits in other banks | 17 | 8 |
Interest on federal funds sold | 7 | |
Total interest income | 16,686 | 15,628 |
Interest expense: | ||
Interest on deposits | 1,283 | 1,268 |
Interest on short-term borrowings | 77 | 8 |
Interest on long-term debt | 360 | 259 |
Total interest expense | 1,720 | 1,535 |
Net interest income | 14,966 | 14,093 |
Provision for loan losses | 1,200 | 750 |
Net interest income after provision for loan losses | 13,766 | 13,343 |
Noninterest income: | ||
Service charges, fees and commissions | 1,444 | 1,612 |
Merchant services income | 914 | 790 |
Commission and fees on fiduciary activities | 482 | 459 |
Wealth management income | 412 | 205 |
Mortgage banking income | 204 | 222 |
Life insurance investment income | 193 | 189 |
Net gain on sale of investment securities available-for-sale | 242 | 832 |
Total noninterest income | 3,891 | 4,309 |
Noninterest expense: | ||
Salaries and employee benefits expense | 5,332 | 5,233 |
Net occupancy and equipment expense | 2,437 | 2,468 |
Merchant services expense | 632 | 533 |
Amortization of intangible assets | 305 | 305 |
Other expenses | 2,912 | 2,555 |
Total noninterest expense | 11,618 | 11,094 |
Income before income taxes | 6,039 | 6,558 |
Income tax expense | 1,157 | 1,514 |
Net income | 4,882 | 5,044 |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on investment securities available-for-sale | 995 | 767 |
Reclassification adjustment for net gain on sales included in net income | (242) | (832) |
Other comprehensive income (loss) | 753 | (65) |
Income tax expense (benefit) related to other comprehensive loss | 264 | (23) |
Other comprehensive income (loss), net of income taxes | 489 | (42) |
Comprehensive income | $ 5,371 | $ 5,002 |
Net income: | ||
Basic | $ 0.66 | $ 0.67 |
Diluted | $ 0.66 | $ 0.67 |
Average common shares outstanding: | ||
Basic | 7,403,510 | 7,548,358 |
Diluted | 7,403,510 | 7,548,358 |
Dividends declared | $ 0.31 | $ 0.31 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Loss | Total |
Balance at Dec. 31, 2014 | $ 15,097 | $ 140,214 | $ 92,297 | $ (829) | $ 246,779 |
Stock based compensation | 18 | 18 | |||
Net income | 5,044 | 5,044 | |||
Other comprehensive loss, net of income taxes | 42 | 42 | |||
Dividends declared | (2,341) | (2,341) | |||
Balance at Mar. 31, 2015 | 15,097 | 140,232 | 95,000 | (871) | 249,458 |
Balance at Dec. 31, 2015 | 14,821 | 135,371 | 100,701 | (2,125) | 248,768 |
Stock based compensation | 18 | 18 | |||
Net income | 4,882 | 4,882 | |||
Other comprehensive loss, net of income taxes | 489 | 489 | |||
Dividends declared | (2,295) | (2,295) | |||
Shares retired | (22) | (395) | (417) | ||
Balance at Mar. 31, 2016 | $ 14,799 | $ 134,994 | $ 103,288 | $ (1,636) | $ 251,445 |
Consolidated Statements of Cha6
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Statement of Stockholders' Equity | |
Dividends declared (in dollars per share) | $ / shares | $ 0.31 |
Share retired, shares | shares | 11,308 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 4,882 | $ 5,044 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of premises and equipment | 392 | 388 |
Amortization of deferred loan costs | 169 | 132 |
Amortization of intangibles | 305 | 305 |
Net accretion of purchase accounting adjustments on tangible assets | (275) | (292) |
Amortization of loss on investment tax credits | 125 | 151 |
Provision for loan losses | 1,200 | 750 |
Net gain on sale of other real estate owned | (11) | (30) |
Loans originated for sale | (5,268) | (5,300) |
Proceeds from sale of loans originated for sale | 5,394 | 5,907 |
Net gain on sale of loans originated for sale | (204) | (222) |
Net amortization of investment securities | 1,041 | 1,022 |
Net gain on sale of investment securities | (242) | (832) |
Life insurance investment income | (193) | (189) |
Deferred income tax expense (benefit) | (142) | |
Stock based compensation | 18 | 18 |
Net change in: | ||
Accrued interest receivable | 341 | 658 |
Other assets | (583) | 559 |
Accrued interest payable | (54) | (114) |
Other liabilities | (404) | (452) |
Net cash provided by operating activities | 6,633 | 7,361 |
Cash flows from investing activities: | ||
Proceeds from sales of investment securities available-for-sale | 10,271 | 50,981 |
Proceeds from repayments of investment securities: | ||
Available-for-sale | 10,453 | 9,835 |
Held-to-maturity | 418 | 482 |
Purchases of investment securities: | ||
Available-for-sale | (1,774) | |
Net (purchase) redemption of restricted equity securities | (798) | 1,555 |
Net increase in lending activities | (69,321) | (27,689) |
Investment in low income housing tax credits | (2,050) | |
Purchases of premises and equipment | (1,646) | (1,097) |
Purchases of investment in life insurance | (1,500) | |
Proceeds from sale of other real estate owned | 83 | 338 |
Net cash (used in) provided by investing activities | (54,090) | 32,631 |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 19,798 | (9,081) |
Repayment of long-term debt | (573) | (808) |
Net increase (decrease) in short-term borrowings | 22,025 | (19,557) |
Retirement of common stock | (417) | |
Cash dividends paid | (2,295) | (2,341) |
Net cash provided by financing activities | 38,538 | (31,787) |
Net increase (decrease) in cash and cash equivalents | (8,919) | 8,205 |
Cash and cash equivalents at beginning of year | 32,917 | 31,426 |
Cash and cash equivalents at end of year | 23,998 | 39,631 |
Cash paid during the period for: | ||
Interest | 1,931 | 1,649 |
Noncash items: | ||
Transfers of loans to other real estate | 524 | 71 |
Fair value of assets acquired: | ||
Loans, net | 143 | 104 |
Premises and equipment | (25) | (25) |
Core deposit and other intangible assets | (267) | (304) |
Fair value of assets acquired, net | (149) | (225) |
Fair value of liabilities assumed: | ||
Deposits | 149 | 199 |
Long-term debt | 8 | 14 |
Fair value of liabilities assumed, net | $ 157 | $ 213 |
Summary of significant accounti
Summary of significant accounting policies | 3 Months Ended |
Mar. 31, 2016 | |
Summary of significant accounting policies | |
Summary of significant accounting policies | 1. Summary of significan t accounting policies: Nature of operations: Peoples Financial Services Corp., a bank holding company incorporated under the laws of Pennsylvania, provides a full range of financial services through its wholly-owned subsidiary, Peoples Security Bank and Trust Company (“Peoples Bank”), including its subsidiary, Peoples Advisors, LLC (collectively, the “Company” or “Peoples”). The Company services its retail and commercial customers through twenty- four full-service community banking offices located within the Bucks, Lackawanna, Lehigh, Luzerne, Monroe, Montgomery, Susquehanna, Wayne and Wyoming Counties of Pennsylvania and Broome County of New York. Basis of presentation: The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP’) for interim financial information and with the instructions to Form 10-Q and Article 10-01 of Regulation S-X. In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. All significant intercompany balances and transactions have been eliminated in consolidation. Prior-period amounts are reclassified when necessary to conform to the current year’s presentation. These reclassifications did not have any effect on the operating results or financial position of the Company. The operating results and financial position of the Company for the three months ended and as of March 31, 2016, are not necessarily indicative of the results of operations and financial position that may be expected in the future. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates that are particularly susceptible to material change in the near term relate to the determination of the allowance for loan losses, fair value of financial instruments, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of deferred tax assets, determination of other-than-temporary impairment losses on securities, impairment of goodwill and fair value of assets acquired and liabilities assumed in business combinations. Actual results could differ from those estimates. For additional information and disclosures required under GAAP, reference is made to the Company’s Annual Report on Form 10-K for the period ended December 31, 2015. Recent accounting standards: In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-03, “Intangibles—Goodwill and Other, Business Combinations, Consolidation, Derivatives and Hedging: Effective Date and Transition Guidance . ” The mandate removes the effective dates from the private company accounting alternatives for goodwill, intangible assets, consolidation, and derivatives and hedging. This allows private companies to elect the accounting alternatives at any time without a preferability assessment. However, any subsequent change to an accounting policy election would require justification that the change is preferable under Topic 250. The ASU also extends certain favorable transition provisions of the accounting alternatives. The amendments became effective immediately upon issuance of the ASU. The adoption of this ASU has not had a significant impact on the Company’s financial condition or results of operations. In March 2016, the FASB issued ASU 2016-04, “Liabilities—Extinguishments of Liabilities: Recognition of Breakage for Certain Prepaid Stored-Value Products” The standard amends exempting gift cards and other prepaid stored-value products from the guidance on extinguishing financial liabilities. Rather, they will be subject to breakage accounting consistent with the new revenue guidance in Topic 606. However, the exemption only applies to breakage liabilities that are not subject to unclaimed property laws or that are attached to segregated bank accounts (e.g., consumer debit cards). In this context, if an entity expects to be entitled to breakage, it should derecognize the amount of the liability in proportion to the pattern of rights expected to be exercised by the product holder. In addition, breakage should only be recognized to the extent that it is probable that a significant reversal of the recognized breakage amount will not subsequently occur. The amendments also require entities to update their estimates of breakage at the end of each reporting period, with changes accounted for as a change in accounting estimate. If an entity does not expect to be entitled to breakage, the entity should derecognize such liabilities within the scope of the ASU when the likelihood of the product holder exercising its remaining rights becomes remote. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The amendments are effective for all other entities for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company does not expect the adoption of this ASU to have a significant impact on its financial condition or results of operations. In March 2016, the FASB issued ASU 2016-05, “Derivatives and Hedging: Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships,” which requires an entity to discontinue a designated hedging relationship in certain circumstances, including termination of the derivative hedging instrument or if the entity wishes to change any of the critical terms of the hedging relationship. The mandate clarifies that novation of a derivative (replacing one of the parties to a derivative instrument with a new party) designated as the hedging instrument would not, in and of itself, be considered a termination of the derivative instrument or a change in critical terms requiring discontinuation of the designated hedging relationship. The amendments are effective for public business entities for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within fiscal years beginning after December 15, 2018. Early adoption is permitted. The Company does not expect the adoption of this ASU to have a significant impact on its financial condition or results of operations. In March 2016, the FASB issued ASU 2016-06, “Derivatives and Hedging: Contingent Put and Call Options in Debt Instruments”. The guidance in this ASU addresses how an entity should assess whether contingent call (put) options that can accelerate the payment of debt instruments are clearly and closely related to their debt hosts. This assessment is necessary to determine if the option(s) must be separately accounted for as a derivative. The ASU clarifies that an entity is required to assess the embedded call (put) options solely in accordance with a specific four-step decision sequence. This means entities are not also required to assess whether the contingency for exercising the option(s) is indexed to interest rates or credit risk. For example, when evaluating debt instruments puttable upon a change in control, the event triggering the change in control is not relevant to the assessment. Only the resulting settlement of debt is subject to the four-step decision sequence. The amendments are effective for public business entities for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within fiscal years beginning after December 15, 2018. Early adoption is permitted. However, if an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of that fiscal year. The Company does not expect the adoption of this ASU to have a significant impact on its financial condition or results of operations. In March 2016, the FASB issued ASU 2016-07, “Investments—Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting.” This mandate requires an investor to initially apply the equity method of accounting from the date it qualifies for that method, for example, the date the investor obtains significant influence over the operating and financial policies of an investee. The ASU eliminates the previous requirement to retroactively adjust the investment and record a cumulative catch up for the periods that the investment had been held, but did not qualify for the equity method of accounting. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the application of the equity method. Early adoption is permitted. The Company does not expect the adoption of this ASU to have a significant impact on its financial condition or results of operations. In March 2016, the FASB issued ASU 2016-08 “ Revenue from Contracts with Customers : Principal versus Agent Considerations (Reporting Revenue Gross versus Net) .” This amendment updates the new revenue standard by clarifying the principal versus agent implementation guidance, but does not change the core principle of the new standard. The updates to the principal versus agent guidance: (1) require an entity to determine whether it is a principal or an agent for each distinct good or service (or a distinct bundle of goods or services) to be provided to the customer; (2) illustrate how an entity that is a principal might apply the control principle to goods, services, or rights to services, when another party is involved in providing goods or services to a customer; (3) clarify that the purpose of certain specific control indicators is to support or assist in the assessment of whether an entity controls a good or service before it is transferred to the customer, provide more specific guidance on how the indicators should be considered, and clarify that their relevance will vary depending on the facts and circumstances; and (4) revise existing examples and add two new ones to more clearly depict how the guidance should be applied. The effective date and transition requirements for ASU 2016-08 are the same as the effective date and transition requirements of Topic 606. The Company does not expect the adoption of this ASU to have a significant impact on its financial condition or results of operations. In March 2016, the FASB issued ASU 2016-09, “Compensation—Stock Compensation: Improvements to Employee Share-Based Payment Accounting.” The new standard introduces targeted amendments intended to simplify the accounting for stock compensation. Specifically, the ASU requires all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) to be recognized as income tax expense or benefit in the income statement. The tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity also should recognize excess tax benefits, and assess the need for a valuation allowance, regardless of whether the benefit reduces taxes payable in the current period. That is, off balance sheet accounting for net operating losses stemming from excess tax benefits would no longer be required and instead such net operating losses would be recognized when they arise. Existing net operating losses that are currently tracked off balance sheet would be recognized, net of a valuation allowance if required, through an adjustment to opening retained earnings in the period of adoption. Entities will no longer need to maintain and track an “APIC pool.” The ASU also requires excess tax benefits to be classified along with other income tax cash flows as an operating activity in the statement of cash flows. In addition, the ASU elevates the statutory tax withholding threshold to qualify for equity classification up to the maximum statutory tax rates in the applicable jurisdiction(s). The ASU also clarifies that cash paid by an employer when directly withholding shares for tax withholding purposes should be classified as a financing activity. The ASU provides an optional accounting policy election (with limited exceptions), to be applied on an entity-wide basis, to either estimate the number of awards that are expected to vest (consistent with existing U.S. GAAP) or account for forfeitures when they occur. Further, the ASU provides two accounting alternatives to nonpublic entities: A nonpublic entity can make an accounting policy election to apply a practical expedient to estimate the expected term for all awards with performance or service conditions that meet certain conditions and a nonpublic entity can make a one-time accounting policy election to switch from measuring all liability-classified awards at fair value to intrinsic value. The amendments are effective for public business entities for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For all other entities, the amendments are effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted. The Company does not expect the adoption of this ASU to have a significant impact on its financial condition or results of operations. |
Other comprehensive income (los
Other comprehensive income (loss) | 3 Months Ended |
Mar. 31, 2016 | |
Other comprehensive income (loss) | |
Other comprehensive income (loss) | 2. Other comprehensive income (loss): The components of other comprehensive loss and their related tax effects are reported in the Consolidated Statements of Income and Comprehensive Income. The accumulated other comprehensive loss included in the Consolidated Balance Sheets relates to net unrealized gains and losses on investment securities available-for-sale and benefit plan adjustments. The components of accumulated other comprehensive loss included in stockholders’ equity at March 31, 2016 and December 31, 2015 is as follows: March 31, 2016 December 31, 2015 Net unrealized gain on investment securities available-for-sale $ $ Income tax expense Net of income taxes Benefit plan adjustments Income tax benefit Net of income taxes Accumulated other comprehensive loss $ $ Other comprehensive income (loss) and related tax effects for the three months ended March 31, 2016 and 2015 is as follows: Three Months Ended March 31, 2016 2015 Unrealized gain on investment securities available-for-sale $ $ Net gain on the sale of investment securities available-for-sale(1) Other comprehensive income (loss) gain before taxes Income tax expense (benefit) Other comprehensive income (loss) $ $ (1) Represents amounts reclassified out of accumulated comprehensive loss and included in gains on sale of investment securities on the consolidated statements of income and comprehensive income . |
Earnings per share
Earnings per share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings per share | |
Earnings per share | 3. Earnings per share: Basic earnings per share represent income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate solely to outstanding stock options, and are determined using the treasury stock method. There were no shares considered anti-dilutive for the three month periods ended March 31, 2016 and 2015. 2016 2015 Three Months Ended March 31 Basic Diluted Basic Diluted Net Income $ $ $ $ Average common shares outstanding Earnings per share $ $ $ $ |
Investment securities
Investment securities | 3 Months Ended |
Mar. 31, 2016 | |
Investment securities | |
Investment securities | 4. Investment securities: The amortized cost and fair value of investment securities aggregated by investment category at March 31, 2016 and December 31, 2015 are summarized as follows: Gross Gross Amortized Unrealized Unrealized Fair March 31, 2016 Cost Gains Losses Value Available-for-sale: U.S. Government-sponsored enterprises $ $ $ $ State and municipals: Taxable Tax-exempt Mortgage-backed securities: U.S. Government agencies U.S. Government-sponsored enterprises Total $ $ $ $ Held-to-maturity: Tax-exempt state and municipals $ $ $ $ Mortgage-backed securities: U.S. Government agencies U.S. Government-sponsored enterprises Total $ $ $ $ Gross Gross Amortized Unrealized Unrealized Fair December 31, 2015 Cost Gains Losses Value Available-for-sale: U.S. Treasury securities $ $ $ U.S. Government-sponsored enterprises $ State and municipals: Taxable Tax-exempt Mortgage-backed securities: U.S. Government agencies U.S. Government-sponsored enterprises Total $ $ $ $ Held-to-maturity: Tax-exempt state and municipals $ $ $ $ Mortgage-backed securities: U.S. Government agencies U.S. Government-sponsored enterprises Total $ $ $ The maturity distribution of the fair value, which is the net carrying amount, of the debt securities classified as available-for-sale at March 31, 2016, is summarized as follows: Fair March 31, 2016 Value Within one year $ After one but within five years After five but within ten years After ten years Mortgage-backed securities Total $ The maturity distribution of the amortized cost and fair value, of debt securities classified as held-to-maturity at March 31, 2016, is summarized as follows: Amortized Fair March 31, 2016 Cost Value Within one year After one but within five years After five but within ten years After ten years $ $ Mortgage-backed securities Total $ $ Securities with a carrying value of $163 ,514 and $180,478 at March 31, 2016 and December 31, 2015, respectively, were pledged to secure public deposits and repurchase agreements as required or permitted by law. Securities and short-term investment activities are conducted with a diverse group of government entities, corporations and state and local municipalities. The counterparty’s creditworthiness and type of collateral is evaluated on a case-by-case basis. At March 31, 2016 and December 31, 2015, there were no significant concentrations of credit risk from any one issuer, with the exception of U.S. Government agencies and sponsored enterprises that exceeded 10.0 percent of stockholders’ equity. The fair value and gross unrealized losses of investment securities with unrealized losses for which an other-than-temporary impairment (“OTTI”) has not been recognized at March 31, 2016 and December 31, 2015, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, are summarized as follows: Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2016 Value Losses Value Losses Value Losses U.S. Government-sponsored enterprises $ $ $ $ State and municipals: Taxable $ $ Tax-exempt Mortgage-backed securities: U.S. Government agencies U.S. Government-sponsored enterprises Total $ $ $ $ $ $ Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2015 Value Losses Value Losses Value Losses U.S. Treasury securities $ $ $ $ U.S. Government-sponsored enterprises State and municipals: Taxable $ $ Tax-exempt Mortgage-backed securities: U.S. Government agencies U.S. Government-sponsored enterprises Total $ $ $ $ $ $ The Company had 60 investment securities, consisting of 31 tax-exempt state and municipal obligations, one taxable state and municipal obligation, three U.S. Government-sponsored enterprise securities, and 25 mortgage-backed securities that were in unrealized loss positions at March 31, 2016. Of these securities, one taxable state and municipal obligation, six mortgage-backed securities and three tax-exempt state and municipal securities were in a continuous unrealized loss position for twelve months or more. Management does not consider the unrealized losses on the debt securities, as a result of changes in interest rates, to be OTTI based on historical evidence that indicates the cost of these securities is recoverable within a reasonable period of time in relation to normal cyclical changes in the market rates of interest. Moreover, because there has been no material change in the credit quality of the issuers or other events or circumstances that may cause a significant adverse impact on the fair value of these securities, and management does not intend to sell these securities and it is unlikely that the Company will be required to sell these securities before recovery of their amortized cost basis, which may be maturity, the Company does not consider the unrealized losses to be OTTI at March 31, 2016. There was no OTTI recognized for the three months ended March 31, 2016 and 2015. The Company had 88 investment securities, consisting of 38 tax-exempt state and municipal obligations, one taxable state and municipal obligation, one U.S. Treasury security, 12 U.S. Government-sponsored enterprise securities and 36 mortgage-backed securities that were in unrealized loss positions at December 31, 2015. Of these securities, seven mortgage-backed securities , four tax-exempt state and municipal securities, and one taxable state and municipal obligation were in a continuous unrealized loss position for twelve months or more. |
Loans, net and allowance for lo
Loans, net and allowance for loan losses | 3 Months Ended |
Mar. 31, 2016 | |
Loans, net and allowance for loan losses | |
Loans, net and allowance for loan losses | 5. Loans, net and allowance for loan losses: The major classifications of loans outstanding, net of deferred loan origination fees and costs at March 31, 2016 and December 31, 2015 are summarized as follows. Net deferred loan costs were $7 57 and $6 90 at March 31, 2016 and December 31, 2015. March 31, 2016 December 31, 2015 Commercial $ $ Real estate: Commercial Residential Consumer Total $ $ The changes in the allowance for loan losses account by major classification of loan for the three months ended March 31, 2016 and 2015 are summarized as follows: Real estate March 31, 2016 Commercial Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 3,042 $ 4,245 $ 4,082 $ 1,583 $ $ 12,975 Charge-offs (3) (55) (65) (123) Recoveries 2 16 25 63 106 Provisions 281 410 252 65 1,200 Ending balance $ 3,322 $ 4,616 $ 4,359 $ 1,646 $ 215 $ 14,158 Real estate March 31, 2015 Commercial Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 2,321 $ $ $ $ $ Charge-offs (37) Recoveries 61 Provisions 75 Ending balance $ 2,420 $ $ $ $ $ The allocation of the allowance for loan losses and the related loans by major classifications of loans at March 31, 2016 and December 31, 2015 is summarized as follows: Real estate March 31, 2016 Commercial Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ $ $ $ $ $ Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Ending balance: loans acquired with deteriorated credit quality $ $ $ $ $ $ Loans receivable: Ending balance $ $ $ $ $ $ Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Ending balance: loans acquired with deteriorated credit quality $ $ $ $ $ $ Real estate December 31, 2015 Commercial Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ $ $ $ $ $ Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Ending balance: loans acquired with deteriorated credit quality $ $ $ $ $ $ Loans receivable: Ending balance $ $ $ $ $ $ Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Ending balance: loans acquired with deteriorated credit quality $ $ $ $ $ $ The Company segments loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. Loans are individually analyzed for credit risk by classifying them within the Company’s internal risk rating system. The Company’s risk rating classifications are defined as follows: · Pass- A loan to borrowers with acceptable credit quality and risk that is not adversely classified as Substandard, Doubtful, Loss nor designated as Special Mention. · Special Mention- A loan that has potential weaknesses that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the institution’s credit position at some future date. Special Mention loans are not adversely classified since they do not expose the Company to sufficient risk to warrant adverse classification. · Substandard- A loan that is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the bank will sustain some loss if the deficiencies are not corrected. · Doubtful – A loan classified as Doubtful has all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make the collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. · Loss- A loan classified as Loss is considered uncollectible and of such little value that its continuance as bankable loan is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. The following tables present the major classification of loans summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system at March 31, 2016 and December 31, 2015: Special March 31, 2016 Pass Mention Substandard Doubtful Total Commercial $ $ $ $ $ Real estate: Commercial Residential Consumer Total $ $ $ $ $ Special December 31, 2015 Pass Mention Substandard Doubtful Total Commercial $ $ $ $ $ Real estate: Commercial Residential Consumer Total $ $ $ $ $ Information concerning nonaccrual loans by major loan classification at March 31, 2016 and December 31, 2015 is summarized as follows: March 31, 2016 December 31, 2015 Commercial $ $ Real estate: Commercial Residential Consumer Total $ $ The major classifications of loans by past due status are summarized as follows: Greater Loans > 90 30-59 Days 60-89 Days than 90 Total Past Days and March 31, 2016 Past Due Past Due Days Due Current Total Loans Accruing Commercial $ $ $ $ $ $ Real estate: Commercial Residential $ Consumer Total $ $ $ $ $ $ $ Greater Loans > 90 30-59 Days 60-89 Days than 90 Total Past Days and December 31, 2015 Past Due Past Due Days Due Current Total Loans Accruing Commercial $ $ $ $ $ $ Real estate: Commercial Residential $ Consumer Total $ $ $ $ $ $ $ The following tables summarize information concerning impaired loans as of and for the three months ended March 31, 2016 and March 31, 2015, and as of and for the year ended, December 31, 2015 by major loan classification: For the Quarter Ended Unpaid Average Interest Recorded Principal Related Recorded Income March 31, 2016 Investment Balance Allowance Investment Recognized With no related allowance: Commercial $ $ $ $ Real estate: Commercial Residential Consumer Total With an allowance recorded: Commercial $ Real estate: Commercial Residential Consumer Total Commercial Real estate: Commercial Residential Consumer Total $ $ $ $ $ For the Year Ended Unpaid Average Interest Recorded Principal Related Recorded Income December 31, 2015 Investment Balance Allowance Investment Recognized With no related allowance: Commercial $ $ $ $ Real estate: Commercial Residential Consumer Total With an allowance recorded: Commercial $ Real estate: Commercial Residential Consumer Total Commercial Real estate: Commercial Residential Consumer Total $ $ $ $ $ For the Quarter Ended Unpaid Average Interest Recorded Principal Related Recorded Income March 31, 2015 Investment Balance Allowance Investment Recognized With no related allowance: Commercial $ $ $ $ Real estate: Commercial Residential Consumer Total With an allowance recorded: Commercial $ $ Real estate: Commercial Residential Consumer Total Commercial Real estate: Commercial Residential Consumer Total $ $ $ $ $ Included in the commercial loan and commercial and residential real estate categories are troubled debt restructurings that are classified as impaired. Troubled debt restructurings totaled $2,834 at March 31, 2016, $2,861 at December 31, 2015 and $2,967 at March 31, 2015. Troubled debt restructured loans are loans with original terms, interest rate, or both, that have been modified as a result of a deterioration in the borrower’s financial condition and a concession has been granted that the Company would not otherwise consider. Unless on nonaccrual, interest income on these loans is recognized when earned, using the interest method. The Company offers a variety of modifications to borrowers that would be considered concessions. The modification categories offered generally fall within the following categories: · Rate Modification - A modification in which the interest rate is changed to a below market rate. · Term Modification - A modification in which the maturity date, timing of payments or frequency of payments is changed. · Interest Only Modification - A modification in which the loan is converted to interest only payments for a period of time. · Payment Modification - A modification in which the dollar amount of the payment is changed, other than an interest only modification described above. · Combination Modification - Any other type of modification, including the use of multiple categories above. There was one loan modified as a troubled debt restructuring for the three months ended March 31, 2016, in the amount of $75 . There were four loans modified as troubled debt restructurings for the three months ended March 31, 2015, in the amount of $384 . D uring the three months ended March 31, 2016, there were two payment defaults on restructured residential real estate loans totaling $208; there were no payment defaults during the three months ended March 31, 2015. |
Other assets
Other assets | 3 Months Ended |
Mar. 31, 2016 | |
Other assets. | |
Other assets | 6. Other assets: The components of other assets at March 31, 2016, and December 31, 2015 are summarized as follows: March 31, 2016 December 31, 2015 Other real estate owned $ $ Investment in residential housing program Mortgage servicing rights Bank owned life insurance Restricted equity securities Other assets Total $ $ |
Fair value estimates
Fair value estimates | 3 Months Ended |
Mar. 31, 2016 | |
Fair value estimates | |
Fair value estimates | 7. Fair value estimates: The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosure under GAAP. Fair value estimates are calculated without attempting to estimate the value of anticipated future business and the value of certain assets and liabilities that are not considered financial. Accordingly, such assets and liabilities are excluded from disclosure requirements. In accordance with FASB ASC 820, “Fair Value Measurements and Disclosures,” fair value is the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets. In many cases, these values cannot be realized in immediate settlement of the instrument. Current fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction that is not a forced liquidation or distressed sale between participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions. In accordance with GAAP, the Company groups its assets and liabilities generally measured at fair value into three levels based on market information or other fair value estimates in which the assets and liabilities are traded or valued and the reliability of the assumptions used to determine fair value. These levels include: · Level 1: Unadjusted quoted prices of identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. · Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. · Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. An asset’s or liability’s placement in the fair value hierarchy is based on the lowest level of input that is significant to the fair value estimate. The following methods and assumptions were used by the Company to calculate fair values and related carrying amounts of financial instruments: Cash and cash equivalents: The carrying values of cash and cash equivalents as reported on the balance sheet approximate fair value. Investment securities: The fair values of U.S. Treasury securities and marketable equity securities are based on quoted market prices from active exchange markets. The fair values of debt securities are based on pricing from a matrix pricing model. Loans held for sale: The fair values of loans held for sale are based upon current delivery prices in the secondary mortgage market. Net loans: For adjustable-rate loans that re-price frequently and with no significant credit risk, fair values are based on carrying values. The fair values of other non-impaired loans are estimated using discounted cash flow analysis, using interest rates currently offered in the market for loans with similar terms to borrowers of similar credit risk. Fair values for impaired loans are estimated using discounted cash flow analysis determined by the loan review function or underlying collateral values, where applicable. Loans acquired in connection with business combinations are recorded at their acquisition date fair value. In order to record the loans at fair value, management made three different types of fair value adjustments. A market rate adjustment was made to adjust for the movement in market interest rates, irrespective of credit adjustments, compared to the stated rates of the acquired loans. A credit adjustment was made on pools of homogeneous loans representing the changes in credit quality of the underlying borrowers from the loan inception to the acquisition date. The credit adjustment on distressed loans represents the portion of the loan balance that has been deemed uncollectible based on the management’s expectations of future cash flows for each respective loan. Mortgage servicing rights: To determine the fair value, the Company estimates the present value of future cash flows incorporating assumptions such as cost of servicing, discount rates, prepayment speeds and default rates. Accrued interest receivable: The carrying value of accrued interest receivable as reported on the balance sheet approximates fair value. Restricted equity securities: The carrying values of restricted equity securities approximate fair value, due to the lack of marketability for these securities. Deposits: The fair values of noninterest-bearing deposits and savings, NOW and money market accounts are the amounts payable on demand at the reporting date. The fair value estimates do not include the benefit that results from such low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market. The carrying values of adjustable-rate, fixed-term time deposits approximate their fair values at the reporting date. For fixed-rate time deposits, the present value of future cash flows is used to estimate fair values. The discount rates used are the current rates offered for time deposits with similar maturities. The fair value assigned to the core deposit intangible asset represents the future economic benefit of the potential cost savings from acquiring core deposits in the 2013 Penseco merger compared to the cost of obtaining alternative funding such as brokered deposits from market sources. Management utilized an income valuation approach to present value the estimated future cash savings in order to determine the fair value of the intangible asset. Short-term borrowings: The carrying values of short-term borrowings approximate fair value. Long-term debt: The fair value of fixed-rate long-term debt is based on the present value of future cash flows. The discount rate used is the current rate offered for long-term debt with the same maturity. Accrued interest payable: The carrying value of accrued interest payable as reported on the balance sheet approximates fair value. Off-balance sheet financial instruments: The majority of commitments to extend credit, unused portions of lines of credit and standby letters of credit carry current market interest rates if converted to loans. Because such commitments are generally unassignable of either the Company or the borrower, they only have value to the Company and the borrower. None of the commitments are subject to undue credit risk. The estimated fair values of off-balance sheet financial instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The fair value of off-balance sheet financial instruments was not material at March 31, 2016 and December 31, 2015. Assets and liabilities measured at fair value on a recurring basis at March 31, 2016 and December 31, 2015 are summarized as follows: Fair Value Measurement Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs March 31, 2016 Amount (Level 1) (Level 2) (Level 3) U.S. Government-sponsored enterprises $ $ $ $ State and Municipals: Taxable Tax-exempt Mortgage-backed securities: U.S. Government agencies U.S. Government-sponsored enterprises Total $ $ $ $ Fair Value Measurement Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs December 31, 2015 Amount (Level 1) (Level 2) (Level 3) U.S. Treasury securities $ $ $ U.S. Government-sponsored enterprises $ State and Municipals: Taxable Tax-exempt Mortgage-backed securities: U.S. Government agencies U.S. Government-sponsored enterprises Total $ $ $ $ Assets and liabilities measured at fair value on a nonrecurring basis at March 31, 2016 and December 31, 2015 are summarized as follows: Fair Value Measurement Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs March 31, 2016 Amount (Level 1) (Level 2) (Level 3) Impaired loans $ $ Other real estate owned $ $ Fair Value Measurement Using Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs December 31, 2015 Amount (Level 1) (Level 2) (Level 3) Impaired loans $ $ Other real estate owned $ $ Fair values of impaired loans are based on the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements Fair Value Range March 31, 2016 Estimate Valuation Techniques Unobservable Input (Weighted Average) Impaired loans $ Appraisal of collateral Appraisal adjustments 3.6% to 97.0% (59.7)% Liquidation expenses 3.0% to 6.0% (5.4)% Other real estate owned $ Appraisal of collateral Appraisal adjustments 19.8% to 77.3% (27.9)% Liquidation expenses 3.0% to 6.0% (5.0)% Quantitative Information about Level 3 Fair Value Measurements Fair Value Range December 31, 2015 Estimate Valuation Techniques Unobservable Input (Weighted Average) Impaired loans $ Appraisal of collateral Appraisal adjustments 3.3% to 97.0% (61.7)% Liquidation expenses 3.0% to 6.0% (5.4)% Other real estate owned $ Appraisal of collateral Appraisal adjustments 20.0% to 77.3% (30.3)% Liquidation expenses 3.0% to 6.0% (5.0)% Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 Inputs which are not identifiable. Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. The carrying and fair values of the Company’s financial instruments at March 31, 2016 and December 31, 2015 and their placement within the fair value hierarchy are as follows: Fair Value Hierarchy Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Fair Assets Inputs Inputs March 31, 2016 Value Value (level 1) (level 2) (Level 3) Financial assets: Cash and cash equivalents $ $ $ Investment securities: Available-for-sale $ Held-to-maturity Loans held for sale Net loans $ Accrued interest receivable Mortgage servicing rights Restricted equity securities Total $ $ Financial liabilities: Deposits $ $ Short-term borrowings Long-term debt Accrued interest payable $ Total $ $ Fair Value Hierarchy Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Fair Assets Inputs Inputs December 31, 2015 Value Value (level 1) (level 2) (Level 3) Financial assets: Cash and cash equivalents $ $ $ Investment securities: Available-for-sale $ $ Held-to-maturity Loans held for sale Net loans $ Accrued interest receivable Mortgage servicing rights Restricted equity securities Total $ $ Financial liabilities: Deposits $ $ Short-term borrowings Long-term debt Accrued interest payable $ Total $ $ |
Employee benefit plans
Employee benefit plans | 3 Months Ended |
Mar. 31, 2016 | |
Employee benefit plans | |
Employee benefit plans | 8. Employee benefit plans: The Company provides an Employee Stock Ownership Plan (“ESOP”) and a Retirement Profit Sharing Plan. The Company also maintains a Supplemental Executive Retirement Plan (“SERP”), an Employees’ Pension Plan, which is currently frozen, and a Postretirement Plan Life Insurance plan which was curtailed in 2013. For the three months ended March 31, salaries and employee benefits expense includes approximately $274 in 2016 and $ 279 in 2015 relating to the employee benefit plans. Components of net periodic benefit cost are as follows: Pension Benefits Three Months Ended March 31, 2016 2015 Components of net periodic pension cost: Service cost $ $ Interest cost Amortization of unrecognized net gain Net periodic other benefit cost $ $ |
Other comprehensive income (l16
Other comprehensive income (loss) (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Other comprehensive income (loss) | |
Components of Accumulated Other Comprehensive Loss | March 31, 2016 December 31, 2015 Net unrealized gain on investment securities available-for-sale $ $ Income tax expense Net of income taxes Benefit plan adjustments Income tax benefit Net of income taxes Accumulated other comprehensive loss $ $ |
Other Comprehensive Income (Loss) and Related Tax Effects | Three Months Ended March 31, 2016 2015 Unrealized gain on investment securities available-for-sale $ $ Net gain on the sale of investment securities available-for-sale(1) Other comprehensive income (loss) gain before taxes Income tax expense (benefit) Other comprehensive income (loss) $ $ (1) Represents amounts reclassified out of accumulated comprehensive loss and included in gains on sale of investment securities on the consolidated statements of income and comprehensive income. |
Earnings per share (Tables)
Earnings per share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings per share | |
Schedule of Earnings Per Share | 2016 2015 Three Months Ended March 31 Basic Diluted Basic Diluted Net Income $ $ $ $ Average common shares outstanding Earnings per share $ $ $ $ |
Investment securities (Tables)
Investment securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Amortized Cost and Fair Value of Investment Securities Aggregated by Investment Category | Gross Gross Amortized Unrealized Unrealized Fair March 31, 2016 Cost Gains Losses Value Available-for-sale: U.S. Government-sponsored enterprises $ $ $ $ State and municipals: Taxable Tax-exempt Mortgage-backed securities: U.S. Government agencies U.S. Government-sponsored enterprises Total $ $ $ $ Held-to-maturity: Tax-exempt state and municipals $ $ $ $ Mortgage-backed securities: U.S. Government agencies U.S. Government-sponsored enterprises Total $ $ $ $ Gross Gross Amortized Unrealized Unrealized Fair December 31, 2015 Cost Gains Losses Value Available-for-sale: U.S. Treasury securities $ $ $ U.S. Government-sponsored enterprises $ State and municipals: Taxable Tax-exempt Mortgage-backed securities: U.S. Government agencies U.S. Government-sponsored enterprises Total $ $ $ $ Held-to-maturity: Tax-exempt state and municipals $ $ $ $ Mortgage-backed securities: U.S. Government agencies U.S. Government-sponsored enterprises Total $ $ $ |
Fair Value and Unrealized Losses of Investment Securities in Continuous Unrealized Loss Position | Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2016 Value Losses Value Losses Value Losses U.S. Government-sponsored enterprises $ $ $ $ State and municipals: Taxable $ $ Tax-exempt Mortgage-backed securities: U.S. Government agencies U.S. Government-sponsored enterprises Total $ $ $ $ $ $ Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2015 Value Losses Value Losses Value Losses U.S. Treasury securities $ $ $ $ U.S. Government-sponsored enterprises State and municipals: Taxable $ $ Tax-exempt Mortgage-backed securities: U.S. Government agencies U.S. Government-sponsored enterprises Total $ $ $ $ $ $ |
Available-for-Sale Securities | |
Maturity Distribution of Debt Securities | Fair March 31, 2016 Value Within one year $ After one but within five years After five but within ten years After ten years Mortgage-backed securities Total $ |
Held-to-maturity Securities | |
Maturity Distribution of Debt Securities | Amortized Fair March 31, 2016 Cost Value Within one year After one but within five years After five but within ten years After ten years $ $ Mortgage-backed securities Total $ $ |
Loans, net and allowance for 19
Loans, net and allowance for loan losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Loans, net and allowance for loan losses | |
Major Classifications of Loans Outstanding | March 31, 2016 December 31, 2015 Commercial $ $ Real estate: Commercial Residential Consumer Total $ $ |
Changes in Allowance for Loan Losses Account and Related Loans by Major Classification of Loans | The changes in the allowance for loan losses account by major classification of loan for the three months ended March 31, 2016 and 2015 are summarized as follows: Real estate March 31, 2016 Commercial Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 3,042 $ 4,245 $ 4,082 $ 1,583 $ $ 12,975 Charge-offs (3) (55) (65) (123) Recoveries 2 16 25 63 106 Provisions 281 410 252 65 1,200 Ending balance $ 3,322 $ 4,616 $ 4,359 $ 1,646 $ 215 $ 14,158 Real estate March 31, 2015 Commercial Commercial Residential Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 2,321 $ $ $ $ $ Charge-offs (37) Recoveries 61 Provisions 75 Ending balance $ 2,420 $ $ $ $ $ The allocation of the allowance for loan losses and the related loans by major classifications of loans at March 31, 2016 and December 31, 2015 is summarized as follows: Real estate March 31, 2016 Commercial Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ $ $ $ $ $ Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Ending balance: loans acquired with deteriorated credit quality $ $ $ $ $ $ Loans receivable: Ending balance $ $ $ $ $ $ Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Ending balance: loans acquired with deteriorated credit quality $ $ $ $ $ $ Real estate December 31, 2015 Commercial Commercial Residential Consumer Unallocated Total Allowance for loan losses: Ending balance $ $ $ $ $ $ Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Ending balance: loans acquired with deteriorated credit quality $ $ $ $ $ $ Loans receivable: Ending balance $ $ $ $ $ $ Ending balance: individually evaluated for impairment Ending balance: collectively evaluated for impairment Ending balance: loans acquired with deteriorated credit quality $ $ $ $ $ $ |
Major Classification of Loans Portfolio Summarized by Credit Quality | Special March 31, 2016 Pass Mention Substandard Doubtful Total Commercial $ $ $ $ $ Real estate: Commercial Residential Consumer Total $ $ $ $ $ Special December 31, 2015 Pass Mention Substandard Doubtful Total Commercial $ $ $ $ $ Real estate: Commercial Residential Consumer Total $ $ $ $ $ |
Information Concerning Nonaccrual Loans by Major Loan Classification | March 31, 2016 December 31, 2015 Commercial $ $ Real estate: Commercial Residential Consumer Total $ $ |
Major Classifications of Loans by Past Due Status | Greater Loans > 90 30-59 Days 60-89 Days than 90 Total Past Days and March 31, 2016 Past Due Past Due Days Due Current Total Loans Accruing Commercial $ $ $ $ $ $ Real estate: Commercial Residential $ Consumer Total $ $ $ $ $ $ $ Greater Loans > 90 30-59 Days 60-89 Days than 90 Total Past Days and December 31, 2015 Past Due Past Due Days Due Current Total Loans Accruing Commercial $ $ $ $ $ $ Real estate: Commercial Residential $ Consumer Total $ $ $ $ $ $ $ |
Summarize Information in Concerning to Impaired Loans | For the Quarter Ended Unpaid Average Interest Recorded Principal Related Recorded Income March 31, 2016 Investment Balance Allowance Investment Recognized With no related allowance: Commercial $ $ $ $ Real estate: Commercial Residential Consumer Total With an allowance recorded: Commercial $ Real estate: Commercial Residential Consumer Total Commercial Real estate: Commercial Residential Consumer Total $ $ $ $ $ For the Year Ended Unpaid Average Interest Recorded Principal Related Recorded Income December 31, 2015 Investment Balance Allowance Investment Recognized With no related allowance: Commercial $ $ $ $ Real estate: Commercial Residential Consumer Total With an allowance recorded: Commercial $ Real estate: Commercial Residential Consumer Total Commercial Real estate: Commercial Residential Consumer Total $ $ $ $ $ For the Quarter Ended Unpaid Average Interest Recorded Principal Related Recorded Income March 31, 2015 Investment Balance Allowance Investment Recognized With no related allowance: Commercial $ $ $ $ Real estate: Commercial Residential Consumer Total With an allowance recorded: Commercial $ $ Real estate: Commercial Residential Consumer Total Commercial Real estate: Commercial Residential Consumer Total $ $ $ $ $ |
Other assets (Tables)
Other assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Other assets. | |
Components of Other Assets | March 31, 2016 December 31, 2015 Other real estate owned $ $ Investment in residential housing program Mortgage servicing rights Bank owned life insurance Restricted equity securities Other assets Total $ $ |
Fair value estimates (Tables)
Fair value estimates (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair value estimates | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | Fair Value Measurement Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs March 31, 2016 Amount (Level 1) (Level 2) (Level 3) U.S. Government-sponsored enterprises $ $ $ $ State and Municipals: Taxable Tax-exempt Mortgage-backed securities: U.S. Government agencies U.S. Government-sponsored enterprises Total $ $ $ $ Fair Value Measurement Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs December 31, 2015 Amount (Level 1) (Level 2) (Level 3) U.S. Treasury securities $ $ $ U.S. Government-sponsored enterprises $ State and Municipals: Taxable Tax-exempt Mortgage-backed securities: U.S. Government agencies U.S. Government-sponsored enterprises Total $ $ $ $ |
Schedule of Assets and Liabilities Measured at Fair Value on Nonrecurring Basis | Fair Value Measurement Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs March 31, 2016 Amount (Level 1) (Level 2) (Level 3) Impaired loans $ $ Other real estate owned $ $ Fair Value Measurement Using Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs December 31, 2015 Amount (Level 1) (Level 2) (Level 3) Impaired loans $ $ Other real estate owned $ $ |
Additional Quantitative Information about Assets Measured at Fair Value on Nonrecurring Basis | Quantitative Information about Level 3 Fair Value Measurements Fair Value Range March 31, 2016 Estimate Valuation Techniques Unobservable Input (Weighted Average) Impaired loans $ Appraisal of collateral Appraisal adjustments 3.6% to 97.0% (59.7)% Liquidation expenses 3.0% to 6.0% (5.4)% Other real estate owned $ Appraisal of collateral Appraisal adjustments 19.8% to 77.3% (27.9)% Liquidation expenses 3.0% to 6.0% (5.0)% Quantitative Information about Level 3 Fair Value Measurements Fair Value Range December 31, 2015 Estimate Valuation Techniques Unobservable Input (Weighted Average) Impaired loans $ Appraisal of collateral Appraisal adjustments 3.3% to 97.0% (61.7)% Liquidation expenses 3.0% to 6.0% (5.4)% Other real estate owned $ Appraisal of collateral Appraisal adjustments 20.0% to 77.3% (30.3)% Liquidation expenses 3.0% to 6.0% (5.0)% |
Carrying and Fair Values of Financial Instruments | Fair Value Hierarchy Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Fair Assets Inputs Inputs March 31, 2016 Value Value (level 1) (level 2) (Level 3) Financial assets: Cash and cash equivalents $ $ $ Investment securities: Available-for-sale $ Held-to-maturity Loans held for sale Net loans $ Accrued interest receivable Mortgage servicing rights Restricted equity securities Total $ $ Financial liabilities: Deposits $ $ Short-term borrowings Long-term debt Accrued interest payable $ Total $ $ Fair Value Hierarchy Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Fair Assets Inputs Inputs December 31, 2015 Value Value (level 1) (level 2) (Level 3) Financial assets: Cash and cash equivalents $ $ $ Investment securities: Available-for-sale $ $ Held-to-maturity Loans held for sale Net loans $ Accrued interest receivable Mortgage servicing rights Restricted equity securities Total $ $ Financial liabilities: Deposits $ $ Short-term borrowings Long-term debt Accrued interest payable $ Total $ $ |
Employee benefit plans (Tables)
Employee benefit plans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Employee benefit plans | |
Components of Net Periodic Benefit Cost | Pension Benefits Three Months Ended March 31, 2016 2015 Components of net periodic pension cost: Service cost $ $ Interest cost Amortization of unrecognized net gain Net periodic other benefit cost $ $ |
Summary of significant accoun23
Summary of significant accounting policies - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2016Office | |
Summary of significant accounting policies | |
Number of full-service community banking offices | 24 |
Other comprehensive income (l24
Other comprehensive income (loss) - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Other comprehensive income (loss) | ||
Net unrealized gain on investment securities available-for-sale | $ 5,346 | $ 4,593 |
Income tax expense (benefit) | 1,871 | 1,607 |
Net of income taxes | 3,475 | 2,986 |
Benefit plan adjustments | (7,863) | (7,863) |
Income tax expense (benefit) | (2,752) | (2,752) |
Net of income taxes | (5,111) | (5,111) |
Accumulated other comprehensive loss | $ (1,636) | $ (2,125) |
Other comprehensive income (l25
Other comprehensive income (loss) - Other Comprehensive Income (Loss) and Related Tax Effects (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other comprehensive income (loss) | ||
Unrealized gain (loss) on investment securities available-for-sale | $ 995 | $ 767 |
Net gain on the sale of investment securities available-for-sale(1) | (242) | (832) |
Other comprehensive income (loss) gain before taxes | 753 | (65) |
Income tax expense (benefit) related to other comprehensive loss | 264 | (23) |
Other comprehensive income (loss) | $ 489 | $ (42) |
Earnings per share - Shares Con
Earnings per share - Shares Considered Anti-dilutive (Details) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings per share | ||
Anti-dilutive shares | 0 | 0 |
Earnings per share - Schedule o
Earnings per share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings per share | ||
Net Income (Numerator), Basic | $ 4,882 | $ 5,044 |
Average common shares outstanding (Denominator), Basic | 7,403,510 | 7,548,358 |
Earnings per share, Basic | $ 0.66 | $ 0.67 |
Net Income (Numerator), Diluted | $ 4,882 | $ 5,044 |
Average common shares outstanding (Denominator), Diluted | 7,403,510 | 7,548,358 |
Earnings per share, Diluted | $ 0.66 | $ 0.67 |
Investment securities - Amortiz
Investment securities - Amortized Cost and Fair Value of Investment Securities Aggregated by Investment Category (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Available-for-sale and Held-to-maturity securities | ||
Available-for-sale, Amortized Cost | $ 258,829 | $ 280,342 |
Available-for-sale, Gross Unrealized Gains | 5,549 | 5,133 |
Available-for-sale, Gross Unrealized Losses | 203 | 540 |
Available-for-sale, Fair Value | 264,175 | 284,935 |
Held-to-maturity, Amortized Cost | 11,681 | 12,109 |
Held-to-maturity, Gross Unrealized Gains | 642 | 513 |
Held-to-maturity, Gross Unrealized Losses | 1 | 16 |
Held-to-maturity, Fair Value | 12,322 | 12,606 |
Mortgage-backed Securities, U.S. Government agencies | ||
Available-for-sale and Held-to-maturity securities | ||
Available-for-sale, Amortized Cost | 29,156 | 31,612 |
Available-for-sale, Gross Unrealized Gains | 97 | 73 |
Available-for-sale, Gross Unrealized Losses | 45 | 117 |
Available-for-sale, Fair Value | 29,208 | 31,568 |
Held-to-maturity, Amortized Cost | 81 | 84 |
Held-to-maturity, Gross Unrealized Gains | 1 | 1 |
Held-to-maturity, Fair Value | 82 | 85 |
Mortgage-backed Securities, U.S. Government-sponsored enterprises | ||
Available-for-sale and Held-to-maturity securities | ||
Available-for-sale, Amortized Cost | 30,078 | 32,928 |
Available-for-sale, Gross Unrealized Gains | 145 | 119 |
Available-for-sale, Gross Unrealized Losses | 107 | 208 |
Available-for-sale, Fair Value | 30,116 | 32,839 |
Held-to-maturity, Amortized Cost | 4,736 | 5,160 |
Held-to-maturity, Gross Unrealized Gains | 308 | 326 |
Held-to-maturity, Fair Value | 5,044 | 5,486 |
U.S. Government-sponsored enterprises state and municipals | ||
Available-for-sale and Held-to-maturity securities | ||
Available-for-sale, Amortized Cost | 64,562 | 68,831 |
Available-for-sale, Gross Unrealized Gains | 499 | 291 |
Available-for-sale, Gross Unrealized Losses | 7 | 62 |
Available-for-sale, Fair Value | 65,054 | 69,060 |
U.S. Treasury securities | ||
Available-for-sale and Held-to-maturity securities | ||
Available-for-sale, Amortized Cost | 10,030 | |
Available-for-sale, Gross Unrealized Losses | 31 | |
Available-for-sale, Fair Value | 9,999 | |
State and Municipals, Taxable | ||
Available-for-sale and Held-to-maturity securities | ||
Available-for-sale, Amortized Cost | 14,801 | 15,842 |
Available-for-sale, Gross Unrealized Gains | 993 | 735 |
Available-for-sale, Gross Unrealized Losses | 11 | 32 |
Available-for-sale, Fair Value | 15,783 | 16,545 |
State and Municipals, Tax-exempt | ||
Available-for-sale and Held-to-maturity securities | ||
Available-for-sale, Amortized Cost | 120,232 | 121,099 |
Available-for-sale, Gross Unrealized Gains | 3,815 | 3,915 |
Available-for-sale, Gross Unrealized Losses | 33 | 90 |
Available-for-sale, Fair Value | 124,014 | 124,924 |
Held-to-maturity, Amortized Cost | 6,864 | 6,865 |
Held-to-maturity, Gross Unrealized Gains | 333 | 186 |
Held-to-maturity, Gross Unrealized Losses | 1 | 16 |
Held-to-maturity, Fair Value | $ 7,196 | $ 7,035 |
Investment securities - Maturit
Investment securities - Maturity Distribution of Debt Securities Classified as Available-for-Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investment securities | ||
Within one year | $ 26,168 | |
After one but within five years | 91,064 | |
After five but within ten years | 49,258 | |
After ten years | 38,361 | |
Available for sale securities | 204,851 | |
Mortgage-backed securities | 59,324 | |
Total | $ 264,175 | $ 284,935 |
Investment securities - Summary
Investment securities - Summary of Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investment securities | ||
Amortized Cost, After ten years, Held to maturity | $ 6,864 | |
Amortized Cost, Held to maturity | 6,864 | |
Amortized Cost, Mortgage-backed securities, Held to maturity | 4,817 | |
Held-to-maturity, Amortized Cost | 11,681 | $ 12,109 |
Fair Value, After ten years, Held to maturity | 7,196 | |
Fair Value, Held to maturity | 7,196 | |
Fair Value, Mortgage-backed securities, Held to maturity | 5,126 | |
Held to maturity, Fair Value | $ 12,322 | $ 12,606 |
Investment securities - Additio
Investment securities - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($)security | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)security | |
Available-for-sale and Held-to-maturity securities | |||
Carrying value of securities pledged | $ | $ 163,514 | $ 180,478 | |
Number of investment securities held | 60 | 88 | |
State and Municipals, Tax-exempt | |||
Available-for-sale and Held-to-maturity securities | |||
Number of investment securities held | 31 | 38 | |
Number of securities in continuous unrealized loss positions 12 months or longer | 4 | ||
State and Municipals, Taxable | |||
Available-for-sale and Held-to-maturity securities | |||
Number of investment securities held | 1 | 1 | |
Number of securities in continuous unrealized loss positions 12 months or longer | 1 | 1 | |
Credit Concentration Risk | Total Stockholders' Equity | US Government Agency and Sponsored Enterprises | Minimum | |||
Available-for-sale and Held-to-maturity securities | |||
Maximum percentage of stockholders' equity exceeded for securities of any individual issuer | 10.00% | 10.00% | |
U.S. Government-sponsored enterprises state and municipals | |||
Available-for-sale and Held-to-maturity securities | |||
Number of investment securities held | 3 | 12 | |
Number of securities in continuous unrealized loss positions 12 months or longer | 7 | ||
Other-than-temporary impairments recognized | $ | $ 0 | $ 0 | |
Mortgage-backed Securities, U.S. Government-sponsored enterprises | |||
Available-for-sale and Held-to-maturity securities | |||
Number of investment securities held | 25 | 36 | |
Number of securities in continuous unrealized loss positions 12 months or longer | 6 | ||
Mortgage-backed Securities, U.S. Government-sponsored enterprises | State and Municipals, Tax-exempt | |||
Available-for-sale and Held-to-maturity securities | |||
Number of securities in continuous unrealized loss positions 12 months or longer | 3 |
Investment securities - Fair Va
Investment securities - Fair Value and Unrealized Losses of Investment Securities in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Available-for-sale and Held-to-maturity securities | ||
Less Than 12 Months, Fair Value | $ 44,576 | $ 98,260 |
Less Than 12 Months, Unrealized Losses | 74 | 340 |
12 Months or More, Fair Value | 9,983 | 13,991 |
12 Months or More, Unrealized Losses | 130 | 216 |
Total, Fair Value | 54,559 | 112,251 |
Total, Unrealized Losses | 204 | 556 |
State and Municipals, Taxable | ||
Available-for-sale and Held-to-maturity securities | ||
12 Months or More, Fair Value | 551 | 532 |
12 Months or More, Unrealized Losses | 11 | 32 |
Total, Fair Value | 551 | 532 |
Total, Unrealized Losses | 11 | 32 |
State and Municipals, Tax-exempt | ||
Available-for-sale and Held-to-maturity securities | ||
Less Than 12 Months, Fair Value | 14,675 | 21,341 |
Less Than 12 Months, Unrealized Losses | 29 | 87 |
12 Months or More, Fair Value | 1,366 | 1,952 |
12 Months or More, Unrealized Losses | 5 | 19 |
Total, Fair Value | 16,041 | 23,293 |
Total, Unrealized Losses | 34 | 106 |
U.S. Treasury securities | ||
Available-for-sale and Held-to-maturity securities | ||
Less Than 12 Months, Fair Value | 9,999 | |
Less Than 12 Months, Unrealized Losses | 31 | |
Total, Fair Value | 9,999 | |
Total, Unrealized Losses | 31 | |
U.S. Government-sponsored enterprises state and municipals | ||
Available-for-sale and Held-to-maturity securities | ||
Less Than 12 Months, Fair Value | 10,987 | 34,159 |
Less Than 12 Months, Unrealized Losses | 7 | 62 |
Total, Fair Value | 10,987 | 34,159 |
Total, Unrealized Losses | 7 | 62 |
Mortgage-backed Securities, U.S. Government agencies | ||
Available-for-sale and Held-to-maturity securities | ||
Less Than 12 Months, Fair Value | 5,435 | 15,114 |
Less Than 12 Months, Unrealized Losses | 11 | 56 |
12 Months or More, Fair Value | 5,164 | 5,477 |
12 Months or More, Unrealized Losses | 34 | 61 |
Total, Fair Value | 10,599 | 20,591 |
Total, Unrealized Losses | 45 | 117 |
Mortgage-backed Securities, U.S. Government-sponsored enterprises | ||
Available-for-sale and Held-to-maturity securities | ||
Less Than 12 Months, Fair Value | 13,479 | 17,647 |
Less Than 12 Months, Unrealized Losses | 27 | 104 |
12 Months or More, Fair Value | 2,902 | 6,030 |
12 Months or More, Unrealized Losses | 80 | 104 |
Total, Fair Value | 16,381 | 23,677 |
Total, Unrealized Losses | $ 107 | $ 208 |
Loans, net and allowance for 33
Loans, net and allowance for loan losses - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($)loan | Mar. 31, 2015USD ($)loan | Dec. 31, 2015USD ($) | |
Net deferred loan costs | $ 757,000 | $ 690,000 | |
Loans receivable, related parties, considered as nonaccrual, past due or restructured or potential credit risk | 2,834,000 | $ 2,967,000 | 2,861,000 |
Number of defaults on loans restructured | 0 | 0 | |
Loans modified as troubled debt restructuring | 75,000 | 384,000 | |
Total impaired loans | $ 11,890,000 | $ 14,093,000 | 12,635,000 |
Number of loans modified as troubled debt restructuring | loan | 1 | 4 | |
Real estate Residential | |||
Number of defaults on loans restructured | $ 2 | ||
Loans modified as troubled debt restructuring | $ 208,000 | ||
Total impaired loans | $ 3,208,000 | $ 3,911,000 | $ 4,966,000 |
Loans, net and allowance for 34
Loans, net and allowance for loan losses - Major Classifications of Loans Outstanding (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable | ||
Loans, net | $ 1,409,691 | $ 1,340,865 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans, net | 395,407 | 365,767 |
Real estate Commercial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans, net | 598,875 | 567,277 |
Real estate Residential | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans, net | 301,686 | 306,218 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans, net | $ 113,723 | $ 101,603 |
Loans, net and allowance for 35
Loans, net and allowance for loan losses - Changes in Allowance for Loan Losses Account by Major Classification of Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | |
Allowance for loan losses: | ||||
Beginning Balance | $ 12,975 | $ 10,338 | ||
Charge-offs | (123) | (365) | ||
Recoveries | 106 | 80 | ||
Provisions | 1,200 | 750 | ||
Ending balance | 14,158 | 10,803 | ||
Beginning Balance | 12,975 | 10,338 | ||
Ending balance: individually evaluated for impairment | $ 2,096 | $ 2,140 | ||
Charge-offs | (123) | (365) | ||
Ending balance: collectively evaluated for impairment | 11,955 | 10,728 | ||
Recoveries | 106 | 80 | ||
Ending balance: loans acquired with deteriorated credit quality | 12,975 | 10,338 | 14,158 | 12,975 |
Provisions | 1,200 | 750 | ||
Loans receivable: | ||||
Total Loans | 1,409,691 | 1,340,865 | ||
Ending balance: individually evaluated for impairment | 9,566 | 10,267 | ||
Ending balance: collectively evaluated for impairment | 1,397,801 | 1,328,230 | ||
Total Loans | 1,409,691 | 1,340,865 | ||
Ending balance | 14,158 | 10,803 | ||
Ending balance: individually evaluated for impairment | 9,566 | 10,267 | ||
Ending balance: collectively evaluated for impairment | 1,397,801 | 1,328,230 | ||
Loans Acquired with Deteriorated Credit Quality | ||||
Allowance for loan losses: | ||||
Beginning Balance | 107 | |||
Ending balance | 107 | |||
Beginning Balance | 107 | |||
Ending balance: loans acquired with deteriorated credit quality | 107 | 107 | 107 | |
Loans receivable: | ||||
Ending balance | 2,324 | 2,368 | ||
Ending balance | 107 | |||
Ending balance | 2,324 | 2,368 | ||
Commercial | ||||
Allowance for loan losses: | ||||
Beginning Balance | 3,042 | 2,321 | ||
Charge-offs | (3) | (37) | ||
Recoveries | 2 | 61 | ||
Provisions | 281 | 75 | ||
Ending balance | 3,322 | 2,420 | ||
Beginning Balance | 3,042 | 2,321 | ||
Ending balance: individually evaluated for impairment | 1,040 | 759 | ||
Charge-offs | (3) | (37) | ||
Ending balance: collectively evaluated for impairment | 2,282 | 2,283 | ||
Recoveries | 2 | 61 | ||
Ending balance: loans acquired with deteriorated credit quality | 3,042 | 2,321 | 3,322 | 3,042 |
Provisions | 281 | 75 | ||
Loans receivable: | ||||
Total Loans | 395,407 | 365,767 | ||
Ending balance: individually evaluated for impairment | 1,399 | 1,196 | ||
Ending balance: collectively evaluated for impairment | 393,093 | 363,620 | ||
Total Loans | 395,407 | 365,767 | ||
Ending balance | 3,322 | 2,420 | ||
Ending balance: individually evaluated for impairment | 1,399 | 1,196 | ||
Ending balance: collectively evaluated for impairment | 393,093 | 363,620 | ||
Commercial | Loans Acquired with Deteriorated Credit Quality | ||||
Loans receivable: | ||||
Ending balance | 915 | 951 | ||
Ending balance | 915 | 951 | ||
Real estate Commercial | ||||
Allowance for loan losses: | ||||
Beginning Balance | 4,245 | 3,037 | ||
Charge-offs | (55) | (49) | ||
Recoveries | 16 | 1 | ||
Provisions | 410 | 98 | ||
Ending balance | 4,616 | 3,087 | ||
Beginning Balance | 4,245 | 3,037 | ||
Ending balance: individually evaluated for impairment | 434 | 126 | ||
Charge-offs | (55) | (49) | ||
Ending balance: collectively evaluated for impairment | 4,075 | 4,012 | ||
Recoveries | 16 | 1 | ||
Ending balance: loans acquired with deteriorated credit quality | 4,245 | 3,037 | 4,616 | 4,245 |
Provisions | 410 | 98 | ||
Loans receivable: | ||||
Total Loans | 598,875 | 567,277 | ||
Ending balance: individually evaluated for impairment | 4,827 | 4,006 | ||
Ending balance: collectively evaluated for impairment | 592,685 | 561,903 | ||
Total Loans | 598,875 | 567,277 | ||
Ending balance | 4,616 | 3,087 | ||
Ending balance: individually evaluated for impairment | 4,827 | 4,006 | ||
Ending balance: collectively evaluated for impairment | 592,685 | 561,903 | ||
Real estate Commercial | Loans Acquired with Deteriorated Credit Quality | ||||
Allowance for loan losses: | ||||
Beginning Balance | 107 | |||
Ending balance | 107 | |||
Beginning Balance | 107 | |||
Ending balance: loans acquired with deteriorated credit quality | 107 | 107 | 107 | |
Loans receivable: | ||||
Ending balance | 1,363 | 1,368 | ||
Ending balance | 107 | |||
Ending balance | 1,363 | 1,368 | ||
Real estate Residential | ||||
Allowance for loan losses: | ||||
Beginning Balance | 4,082 | 3,690 | ||
Charge-offs | (199) | |||
Recoveries | 25 | 5 | ||
Provisions | 252 | 413 | ||
Ending balance | 4,359 | 3,909 | ||
Beginning Balance | 4,082 | 3,690 | ||
Ending balance: individually evaluated for impairment | 533 | 1,138 | ||
Charge-offs | (199) | |||
Ending balance: collectively evaluated for impairment | 3,826 | 2,944 | ||
Recoveries | 25 | 5 | ||
Ending balance: loans acquired with deteriorated credit quality | 4,082 | 3,690 | 4,359 | 4,082 |
Provisions | 252 | 413 | ||
Loans receivable: | ||||
Total Loans | 301,686 | 306,218 | ||
Ending balance: individually evaluated for impairment | 3,162 | 4,917 | ||
Ending balance: collectively evaluated for impairment | 298,478 | 301,252 | ||
Total Loans | 301,686 | 306,218 | ||
Ending balance | 4,359 | 3,909 | ||
Ending balance: individually evaluated for impairment | 3,162 | 4,917 | ||
Ending balance: collectively evaluated for impairment | 298,478 | 301,252 | ||
Real estate Residential | Loans Acquired with Deteriorated Credit Quality | ||||
Loans receivable: | ||||
Ending balance | 46 | 49 | ||
Ending balance | 46 | 49 | ||
Consumer | ||||
Allowance for loan losses: | ||||
Beginning Balance | 1,583 | 1,290 | ||
Charge-offs | (65) | (80) | ||
Recoveries | 63 | 13 | ||
Provisions | 65 | 164 | ||
Ending balance | 1,646 | 1,387 | ||
Beginning Balance | 1,583 | 1,290 | ||
Ending balance: individually evaluated for impairment | 89 | 117 | ||
Charge-offs | (65) | (80) | ||
Ending balance: collectively evaluated for impairment | 1,557 | 1,466 | ||
Recoveries | 63 | 13 | ||
Ending balance: loans acquired with deteriorated credit quality | 1,583 | 1,290 | 1,646 | 1,583 |
Provisions | 65 | 164 | ||
Loans receivable: | ||||
Total Loans | 113,723 | 101,603 | ||
Ending balance: individually evaluated for impairment | 178 | 148 | ||
Ending balance: collectively evaluated for impairment | 113,545 | 101,455 | ||
Total Loans | 113,723 | 101,603 | ||
Ending balance | 1,646 | $ 1,387 | ||
Ending balance: individually evaluated for impairment | 178 | 148 | ||
Ending balance: collectively evaluated for impairment | 113,545 | 101,455 | ||
Unallocated | ||||
Allowance for loan losses: | ||||
Beginning Balance | 23 | |||
Provisions | 192 | |||
Ending balance | 215 | |||
Beginning Balance | 23 | |||
Ending balance: collectively evaluated for impairment | 215 | 23 | ||
Ending balance: loans acquired with deteriorated credit quality | 23 | $ 215 | $ 23 | |
Provisions | 192 | |||
Loans receivable: | ||||
Ending balance | $ 215 |
Loans, net and allowance for 36
Loans, net and allowance for loan losses - Allocation of Allowance for Loan Losses and Related Loans by Major Classification of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Allowance for loan losses: | ||||
Ending balance | $ 14,158 | $ 12,975 | $ 10,803 | $ 10,338 |
Ending balance: individually evaluated for impairment | 2,096 | 2,140 | ||
Ending balance: collectively evaluated for impairment | 11,955 | 10,728 | ||
Loans receivable: | ||||
Ending balance | 1,409,691 | 1,340,865 | ||
Ending balance: individually evaluated for impairment | 9,566 | 10,267 | ||
Ending balance: collectively evaluated for impairment | 1,397,801 | 1,328,230 | ||
Loans Acquired with Deteriorated Credit Quality | ||||
Allowance for loan losses: | ||||
Ending balance | 107 | 107 | ||
Loans receivable: | ||||
Ending balance | 2,324 | 2,368 | ||
Commercial | ||||
Allowance for loan losses: | ||||
Ending balance | 3,322 | 3,042 | 2,420 | 2,321 |
Ending balance: individually evaluated for impairment | 1,040 | 759 | ||
Ending balance: collectively evaluated for impairment | 2,282 | 2,283 | ||
Loans receivable: | ||||
Ending balance | 395,407 | 365,767 | ||
Ending balance: individually evaluated for impairment | 1,399 | 1,196 | ||
Ending balance: collectively evaluated for impairment | 393,093 | 363,620 | ||
Commercial | Loans Acquired with Deteriorated Credit Quality | ||||
Loans receivable: | ||||
Ending balance | 915 | 951 | ||
Real estate Commercial | ||||
Allowance for loan losses: | ||||
Ending balance | 4,616 | 4,245 | 3,087 | 3,037 |
Ending balance: individually evaluated for impairment | 434 | 126 | ||
Ending balance: collectively evaluated for impairment | 4,075 | 4,012 | ||
Loans receivable: | ||||
Ending balance | 598,875 | 567,277 | ||
Ending balance: individually evaluated for impairment | 4,827 | 4,006 | ||
Ending balance: collectively evaluated for impairment | 592,685 | 561,903 | ||
Real estate Commercial | Loans Acquired with Deteriorated Credit Quality | ||||
Allowance for loan losses: | ||||
Ending balance | 107 | 107 | ||
Loans receivable: | ||||
Ending balance | 1,363 | 1,368 | ||
Real estate Residential | ||||
Loans receivable: | ||||
Ending balance | 301,686 | 306,218 | ||
Consumer | ||||
Allowance for loan losses: | ||||
Ending balance | 1,646 | 1,583 | $ 1,387 | $ 1,290 |
Ending balance: individually evaluated for impairment | 89 | 117 | ||
Ending balance: collectively evaluated for impairment | 1,557 | 1,466 | ||
Loans receivable: | ||||
Ending balance | 113,723 | 101,603 | ||
Ending balance: individually evaluated for impairment | 178 | 148 | ||
Ending balance: collectively evaluated for impairment | 113,545 | 101,455 | ||
Unallocated | ||||
Allowance for loan losses: | ||||
Ending balance | 215 | 23 | ||
Ending balance: collectively evaluated for impairment | $ 215 | $ 23 |
Loans, net and allowance for 37
Loans, net and allowance for loan losses - Major Classification of Loans Portfolio Summarized by Credit Quality (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable | ||
Loans, net | $ 1,409,691 | $ 1,340,865 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans, net | 395,407 | 365,767 |
Real estate Commercial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans, net | 598,875 | 567,277 |
Real estate Residential | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans, net | 301,686 | 306,218 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans, net | 113,723 | 101,603 |
Pass | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans, net | 1,354,754 | 1,294,097 |
Pass | Commercial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans, net | 388,364 | 357,894 |
Pass | Real estate Commercial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans, net | 559,346 | 538,130 |
Pass | Real estate Residential | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans, net | 293,467 | 296,587 |
Pass | Consumer | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans, net | 113,577 | 101,486 |
Special Mention | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans, net | 25,740 | 14,699 |
Special Mention | Commercial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans, net | 3,564 | 3,566 |
Special Mention | Real estate Commercial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans, net | 20,401 | 10,150 |
Special Mention | Real estate Residential | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans, net | 1,775 | 983 |
Substandard | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans, net | 29,197 | 32,069 |
Substandard | Commercial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans, net | 3,479 | 4,307 |
Substandard | Real estate Commercial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans, net | 19,128 | 18,997 |
Substandard | Real estate Residential | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans, net | 6,444 | 8,648 |
Substandard | Consumer | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans, net | $ 146 | $ 117 |
Loans, net and allowance for 38
Loans, net and allowance for loan losses - Information Concerning Nonaccrual Loans by Major Loan Classification (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due | ||
Nonaccrual loans, Total | $ 9,651 | $ 10,371 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due | ||
Nonaccrual loans, Total | 1,813 | 1,632 |
Real estate Commercial | ||
Financing Receivable, Recorded Investment, Past Due | ||
Nonaccrual loans, Total | 4,683 | 3,859 |
Real estate Residential | ||
Financing Receivable, Recorded Investment, Past Due | ||
Nonaccrual loans, Total | 2,977 | 4,732 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due | ||
Nonaccrual loans, Total | $ 178 | $ 148 |
Loans, net and allowance for 39
Loans, net and allowance for loan losses - Major Classifications of Loans by Past Due Status (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due | ||
Total Past Due | $ 21,103 | $ 18,805 |
Current | 1,388,588 | 1,322,060 |
Total Loans | 1,409,691 | 1,340,865 |
Loans > 90 Days and Accruing | 977 | 763 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Past Due | 9,613 | 6,086 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Past Due | 862 | 1,585 |
Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Past Due | 10,628 | 11,134 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Past Due | 2,252 | 1,758 |
Current | 393,155 | 364,009 |
Total Loans | 395,407 | 365,767 |
Commercial | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Past Due | 383 | 126 |
Commercial | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Past Due | 56 | |
Commercial | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Past Due | 1,813 | 1,632 |
Real estate Commercial | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Past Due | 7,901 | 5,388 |
Current | 590,974 | 561,889 |
Total Loans | 598,875 | 567,277 |
Real estate Commercial | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Past Due | 2,837 | 1,364 |
Real estate Commercial | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Past Due | 381 | 165 |
Real estate Commercial | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Past Due | 4,683 | 3,859 |
Real estate Residential | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Past Due | 9,343 | 10,215 |
Current | 292,343 | 296,003 |
Total Loans | 301,686 | 306,218 |
Loans > 90 Days and Accruing | 703 | 525 |
Real estate Residential | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Past Due | 5,472 | 3,891 |
Real estate Residential | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Past Due | 191 | 1,067 |
Real estate Residential | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Past Due | 3,680 | 5,257 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Past Due | 1,607 | 1,444 |
Current | 112,116 | 100,159 |
Total Loans | 113,723 | 101,603 |
Loans > 90 Days and Accruing | 274 | 238 |
Consumer | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Past Due | 921 | 705 |
Consumer | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Past Due | 234 | 353 |
Consumer | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due | ||
Total Past Due | $ 452 | $ 386 |
Loans, net and allowance for 40
Loans, net and allowance for loan losses - Summarize Information in Concerning to Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Financing Receivable, Impaired | |||
Recorded Investment, With no related allowance, Total | $ 6,640 | $ 6,800 | $ 7,162 |
Unpaid Principal Balance, With no related allowance, Total | 8,703 | 9,303 | 9,390 |
Average Recorded Investment, With no related allowance, Total | 6,902 | 7,433 | 6,923 |
Interest Income Recognized, With no related allowance, Total | 50 | 40 | 186 |
Recorded Investment, With an allowance recorded, Total | 5,250 | 7,293 | 5,473 |
Unpaid Principal Balance, With an allowance recorded, Total | 5,250 | 7,293 | 5,473 |
Related Allowance, With an allowance recorded, Total | 2,203 | 3,131 | 2,247 |
Average Recorded Investment, With an allowance recorded, Total | 5,362 | 6,909 | 7,737 |
Interest Income Recognized, With an allowance recorded, Total | 2 | 41 | 156 |
Recorded Investment, Total | 11,890 | 14,093 | 12,635 |
Unpaid Principal Balance, Total | 13,953 | 16,596 | 14,863 |
Related Allowance, With an allowance recorded, Total | 2,203 | 3,131 | 2,247 |
Average Recorded Investment, Total | 12,264 | 14,342 | 14,660 |
Interest Income Recognized, Total | 52 | 81 | 342 |
Commercial | |||
Financing Receivable, Impaired | |||
Recorded Investment, With no related allowance, Total | 1,173 | 2,319 | 1,352 |
Unpaid Principal Balance, With no related allowance, Total | 2,383 | 3,900 | 2,720 |
Average Recorded Investment, With no related allowance, Total | 1,263 | 2,349 | 1,848 |
Interest Income Recognized, With no related allowance, Total | 17 | 20 | 87 |
Recorded Investment, With an allowance recorded, Total | 1,141 | 1,625 | 795 |
Unpaid Principal Balance, With an allowance recorded, Total | 1,141 | 1,625 | 795 |
Related Allowance, With an allowance recorded, Total | 1,040 | 1,466 | 759 |
Average Recorded Investment, With an allowance recorded, Total | 968 | 1,597 | 1,680 |
Interest Income Recognized, With an allowance recorded, Total | 14 | 40 | |
Recorded Investment, Total | 2,314 | 3,944 | 2,147 |
Unpaid Principal Balance, Total | 3,524 | 5,525 | 3,515 |
Related Allowance, With an allowance recorded, Total | 1,040 | 1,466 | 759 |
Average Recorded Investment, Total | 2,231 | 3,946 | 3,528 |
Interest Income Recognized, Total | 17 | 34 | 127 |
Real estate Commercial | |||
Financing Receivable, Impaired | |||
Recorded Investment, With no related allowance, Total | 3,162 | 2,198 | 2,731 |
Unpaid Principal Balance, With no related allowance, Total | 3,832 | 2,936 | 3,408 |
Average Recorded Investment, With no related allowance, Total | 2,947 | 2,565 | 2,394 |
Interest Income Recognized, With no related allowance, Total | 32 | 19 | 95 |
Recorded Investment, With an allowance recorded, Total | 3,028 | 3,939 | 2,643 |
Unpaid Principal Balance, With an allowance recorded, Total | 3,028 | 3,939 | 2,643 |
Related Allowance, With an allowance recorded, Total | 541 | 732 | 233 |
Average Recorded Investment, With an allowance recorded, Total | 2,836 | 3,732 | 4,155 |
Interest Income Recognized, With an allowance recorded, Total | 17 | 86 | |
Recorded Investment, Total | 6,190 | 6,137 | 5,374 |
Unpaid Principal Balance, Total | 6,860 | 6,875 | 6,051 |
Related Allowance, With an allowance recorded, Total | 541 | 732 | 233 |
Average Recorded Investment, Total | 5,783 | 6,297 | 6,549 |
Interest Income Recognized, Total | 32 | 36 | 181 |
Real estate Residential | |||
Financing Receivable, Impaired | |||
Recorded Investment, With no related allowance, Total | 2,216 | 2,272 | 3,048 |
Unpaid Principal Balance, With no related allowance, Total | 2,399 | 2,456 | 3,231 |
Average Recorded Investment, With no related allowance, Total | 2,632 | 2,472 | 2,664 |
Interest Income Recognized, With no related allowance, Total | 1 | 1 | 4 |
Recorded Investment, With an allowance recorded, Total | 992 | 1,639 | 1,918 |
Unpaid Principal Balance, With an allowance recorded, Total | 992 | 1,639 | 1,918 |
Related Allowance, With an allowance recorded, Total | 533 | 843 | 1,138 |
Average Recorded Investment, With an allowance recorded, Total | 1,455 | 1,513 | 1,776 |
Interest Income Recognized, With an allowance recorded, Total | 2 | 10 | 30 |
Recorded Investment, Total | 3,208 | 3,911 | 4,966 |
Unpaid Principal Balance, Total | 3,391 | 4,095 | 5,149 |
Related Allowance, With an allowance recorded, Total | 533 | 843 | 1,138 |
Average Recorded Investment, Total | 4,087 | 3,985 | 4,440 |
Interest Income Recognized, Total | 3 | 11 | 34 |
Consumer | |||
Financing Receivable, Impaired | |||
Recorded Investment, With no related allowance, Total | 89 | 11 | 31 |
Unpaid Principal Balance, With no related allowance, Total | 89 | 11 | 31 |
Average Recorded Investment, With no related allowance, Total | 60 | 47 | 17 |
Recorded Investment, With an allowance recorded, Total | 89 | 90 | 117 |
Unpaid Principal Balance, With an allowance recorded, Total | 89 | 90 | 117 |
Related Allowance, With an allowance recorded, Total | 89 | 90 | 117 |
Average Recorded Investment, With an allowance recorded, Total | 103 | 67 | 126 |
Recorded Investment, Total | 178 | 101 | 148 |
Unpaid Principal Balance, Total | 178 | 101 | 148 |
Related Allowance, With an allowance recorded, Total | 89 | 90 | 117 |
Average Recorded Investment, Total | $ 163 | $ 114 | $ 143 |
Other assets - Components of Ot
Other assets - Components of Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Other assets. | ||
Other real estate owned | $ 1,409 | $ 957 |
Investment in residential housing program | 8,669 | 6,744 |
Mortgage servicing rights | 669 | 465 |
Bank owned life insurance | 32,476 | 30,782 |
Restricted equity securities | 6,201 | 5,403 |
Other assets | 14,179 | 14,136 |
Total | $ 63,603 | $ 58,487 |
Fair value estimates - Addition
Fair value estimates - Additional Information (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Fair value estimates | |
Commitments subject to undue credit risk | $ 0 |
Fair value estimates - Schedule
Fair value estimates - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets measured at fair value | $ 264,175 | $ 284,935 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets measured at fair value | 9,999 | |
U.S. Government-sponsored enterprises state and municipals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets measured at fair value | 65,054 | 69,060 |
State and Municipals, Taxable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets measured at fair value | 15,783 | 16,545 |
State and Municipals, Tax-exempt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets measured at fair value | 124,014 | 124,924 |
Mortgage-backed Securities, U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets measured at fair value | 29,208 | 31,568 |
Mortgage-backed Securities, U.S. Government-sponsored enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets measured at fair value | 30,116 | 32,839 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets measured at fair value | 9,999 | |
Level 1 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets measured at fair value | 9,999 | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets measured at fair value | 264,175 | 274,936 |
Level 2 | U.S. Government-sponsored enterprises state and municipals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets measured at fair value | 65,054 | 69,060 |
Level 2 | State and Municipals, Taxable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets measured at fair value | 15,783 | 16,545 |
Level 2 | State and Municipals, Tax-exempt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets measured at fair value | 124,014 | 124,924 |
Level 2 | Mortgage-backed Securities, U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets measured at fair value | 29,208 | 31,568 |
Level 2 | Mortgage-backed Securities, U.S. Government-sponsored enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets measured at fair value | $ 30,116 | $ 32,839 |
Fair value estimates - Schedu44
Fair value estimates - Schedule of Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Details) - Nonrecurring Fair Value Measurements [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Impaired loans | $ 4,549 | $ 4,944 |
Other real estate owned | 1,242 | 878 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Impaired loans | 4,549 | 4,944 |
Other real estate owned | $ 1,242 | $ 878 |
Fair value estimates - Additi45
Fair value estimates - Additional Quantitative Information about Assets Measured at Fair Value on Nonrecurring Basis (Details) - Nonrecurring Fair Value Measurements [Member] - Level 3 - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Impaired Loans | ||
Fair Value Inputs, Assets, Quantitative Information | ||
Assets, Fair Value Estimate | $ 4,549 | $ 4,944 |
Range and weighted average of appraisal adjustments | 59.70% | 61.70% |
Range and weighted average of liquidation expenses | 5.40% | 5.40% |
Impaired Loans | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information | ||
Range and weighted average of appraisal adjustments | 3.60% | 3.30% |
Range and weighted average of liquidation expenses | 3.00% | 3.00% |
Impaired Loans | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information | ||
Range and weighted average of appraisal adjustments | 97.00% | 97.00% |
Range and weighted average of liquidation expenses | 6.00% | 6.00% |
Other Real Estate Owned | ||
Fair Value Inputs, Assets, Quantitative Information | ||
Assets, Fair Value Estimate | $ 1,242 | $ 878 |
Range and weighted average of appraisal adjustments | 27.90% | 30.30% |
Range and weighted average of liquidation expenses | 5.00% | 5.00% |
Other Real Estate Owned | Minimum | ||
Fair Value Inputs, Assets, Quantitative Information | ||
Range and weighted average of appraisal adjustments | 19.80% | 20.00% |
Range and weighted average of liquidation expenses | 3.00% | 3.00% |
Other Real Estate Owned | Maximum | ||
Fair Value Inputs, Assets, Quantitative Information | ||
Range and weighted average of appraisal adjustments | 77.30% | 77.30% |
Range and weighted average of liquidation expenses | 6.00% | 6.00% |
Fair value estimates - Carrying
Fair value estimates - Carrying and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investment securities: | ||
Available-for-sale | $ 264,175 | $ 284,935 |
Held-to-maturity | 12,322 | 12,606 |
Mortgage servicing rights | 669 | 465 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 23,998 | 32,917 |
Investment securities: | ||
Available-for-sale | 9,999 | |
Level 2 | ||
Investment securities: | ||
Available-for-sale | 264,175 | 274,936 |
Held-to-maturity | 12,322 | 12,606 |
Accrued interest receivable | 5,455 | 5,796 |
Mortgage servicing rights | 1,543 | 1,543 |
Restricted equity securities | 6,201 | 5,403 |
Financial liabilities: | ||
Deposits | 1,477,233 | 1,455,979 |
Short-term borrowings | 60,338 | 38,325 |
Long-term debt | 61,681 | 61,412 |
Accrued interest payable | 506 | 560 |
Level 3 | ||
Investment securities: | ||
Net loans | 1,406,148 | 1,330,900 |
Carrying Value | ||
Financial assets: | ||
Cash and cash equivalents | 23,998 | 32,917 |
Investment securities: | ||
Available-for-sale | 264,175 | 284,935 |
Held-to-maturity | 11,681 | 12,109 |
Net loans | 1,395,533 | 1,327,890 |
Accrued interest receivable | 5,455 | 5,796 |
Mortgage servicing rights | 669 | 465 |
Restricted equity securities | 6,201 | 5,403 |
Assets, Fair Value Disclosure | 1,707,712 | 1,669,515 |
Financial liabilities: | ||
Deposits | 1,475,459 | 1,455,810 |
Short-term borrowings | 60,350 | 38,325 |
Long-term debt | 59,773 | 60,354 |
Accrued interest payable | 506 | 560 |
Liabilities, total | 1,596,088 | 1,555,049 |
Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 23,998 | 32,917 |
Investment securities: | ||
Available-for-sale | 264,175 | 284,935 |
Held-to-maturity | 12,322 | 12,606 |
Net loans | 1,406,148 | 1,330,900 |
Accrued interest receivable | 5,455 | 5,796 |
Mortgage servicing rights | 1,543 | 1,543 |
Restricted equity securities | 6,201 | 5,403 |
Assets, Fair Value Disclosure | 1,719,842 | 1,674,100 |
Financial liabilities: | ||
Deposits | 1,477,233 | 1,455,979 |
Short-term borrowings | 60,338 | 38,325 |
Long-term debt | 61,681 | 61,412 |
Accrued interest payable | 506 | 560 |
Liabilities, total | $ 1,599,758 | $ 1,556,276 |
Employee benefit plans - Salari
Employee benefit plans - Salaries and Employee Benefits Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Benefit Plans | ||
Defined Benefit Plan Disclosure | ||
Salaries and employee benefits expense | $ 274 | $ 279 |
Employee benefit plans - Net Pe
Employee benefit plans - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Employee benefit plans | ||
Service cost | $ 166 | $ 174 |
Interest cost | (223) | (233) |
Amortization of unrecognized net loss | 52 | 50 |
Net periodic pension cost | $ (5) | $ (9) |