Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | METRO BANCORP, INC. | |
Entity Central Index Key | 1085706 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 14,165,110 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and Cash Equivalents, at Carrying Value | $58,398 | $42,832 |
Securities, available for sale at fair value | 486,025 | 528,038 |
Securities, held to maturity at cost (fair value 2015: $323,056; 2014: $319,923) | 323,082 | 324,994 |
Loans, held for sale | 5,613 | 4,996 |
Loans receivable, net of allowance for loan losses (allowance 2015: $25,755; 2014: $24,998) | 1,977,955 | 1,973,536 |
Restricted investments in bank stock | 16,021 | 15,223 |
Premises and equipment, net | 74,921 | 75,182 |
Other assets | 32,600 | 32,771 |
Total assets | 2,974,615 | 2,997,572 |
Liabilities and Stockholders' Equity | ||
Noninterest-bearing | 561,232 | 478,724 |
Interest-bearing | 1,850,287 | 1,901,948 |
Total deposits | 2,411,519 | 2,380,672 |
Short-term borrowings | 246,986 | 333,475 |
Long-term debt | 25,000 | 0 |
Other liabilities | 20,346 | 17,902 |
Total liabilities | 2,703,851 | 2,732,049 |
Stockholders' Equity: | ||
Preferred stock - Series A noncumulative; $10.00 par value; $1,000 aggregate liquidation preference; (1,000,000 shares authorized; 40,000 shares issued and outstanding) | 400 | 400 |
Common stock - $1.00 par value; 25,000,000 shares authorized; (issued shares 2015: 14,292,761; 2014: 14,232,844; outstanding shares 2015: 14,163,461; 2014: 14,220,544) | 14,293 | 14,233 |
Surplus | 161,331 | 160,588 |
Retained earnings | 99,204 | 94,496 |
Accumulated other comprehensive loss | -1,166 | -3,875 |
Treasury stock, at cost (common shares 2015: 129,300; 2014: 12,300) | -3,298 | -319 |
Total stockholders' equity | 270,764 | 265,523 |
Total liabilities and stockholders' equity | $2,974,615 | $2,997,572 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Held-to-maturity securities, fair value | $323,056,000 | $319,923,000 |
Allowance for loan losses | 25,755,000 | 24,998,000 |
Stockholders' Equity: | ||
Preferred stock, par value (in dollars per share) | $10 | $10 |
Preferred stock, liquidation preference | $1,000,000 | $1,000,000 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 40,000 | 40,000 |
Preferred stock, shares outstanding | 40,000 | 40,000 |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 14,292,761 | 14,232,844 |
Common stock, shares outstanding | 14,163,461 | 14,220,544 |
Treasury stock, shares | 129,300 | 12,300 |
Participating Preferred Stock | ||
Stockholders' Equity: | ||
Preferred stock, par value (in dollars per share) | $10 | $0 |
Preferred stock, shares authorized | 14,162 | |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Loans receivable, including fees: | ||
Taxable | $21,603 | $19,210 |
Tax-exempt | 729 | 861 |
Securities: | ||
Taxable | 5,345 | 5,046 |
Tax-exempt | 240 | 190 |
Total interest income | 27,917 | 25,307 |
Interest Expense | ||
Deposits | 1,547 | 1,434 |
Short-term borrowings | 239 | 231 |
Long-term debt | 70 | 307 |
Total interest expense | 1,856 | 1,972 |
Net interest income | 26,061 | 23,335 |
Provision for loan losses | 1,500 | 900 |
Net interest income after provision for loan losses | 24,561 | 22,435 |
Noninterest Income | ||
Card income | 3,885 | 3,825 |
Service charges on deposit accounts | 2,037 | 2,036 |
Other noninterest income | 1,200 | 1,070 |
Net gains on sales of loans | 471 | 136 |
Net gains (losses) on sales/calls of securities | -28 | 11 |
Total noninterest income | 7,565 | 7,078 |
Noninterest Expenses | ||
Salaries and employee benefits | 10,879 | 11,427 |
Occupancy | 2,522 | 2,475 |
Furniture and equipment | 703 | 1,030 |
Advertising and marketing | 364 | 393 |
Data processing | 3,538 | 3,250 |
Regulatory assessments and related costs | 567 | 569 |
Telephone | 840 | 924 |
Loan expense | 1,402 | 135 |
Professional Services | 868 | 301 |
State shares tax | 562 | 540 |
Other | 1,632 | 1,738 |
Total noninterest expenses | 23,877 | 22,782 |
Income before taxes | 8,249 | 6,731 |
Provision for federal income taxes | 2,527 | 1,787 |
Net income | $5,722 | $4,944 |
Net Income per Common Share | ||
Basic (in dollars per share) | $0.40 | $0.35 |
Diluted (in dollars per share) | $0.39 | $0.34 |
Common Stock, Dividends, Per Share, Declared | $0.07 | $0 |
Average Common and Common Equivalent Shares Outstanding | ||
Basic (in shares) | 14,168 | 14,161 |
Diluted (in shares) | 14,437 | 14,344 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income | $5,722 | $4,944 | ||
Other comprehensive (loss) income, net of tax: | ||||
Net unrealized holding gains arising during the period (tax effects for the three months 2015: $1,401; 2014: $2,960) | 2,601 | 5,495 | ||
Reclassification adjustment for net realized losses on securities recorded in income [1] (tax effects for the three months 2015: $58) | 108 | [1] | 0 | [1] |
Other comprehensive income | 2,709 | 5,495 | ||
Total comprehensive income | $8,431 | $10,439 | ||
[1] | Amounts are included in net gains on sales/calls of securities on the Consolidated Statements of Income in total noninterest income. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Taxes, unrealized holding gains (losses) arising during the period | $1,401 | $2,960 |
Taxes, reclassification adjustment for net realized (gains) losses on securities recorded in income | $58 | $0 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (Unaudited) (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Treasury Stock [Member] |
In Thousands, unless otherwise specified | |||||||
Beginning balance at Dec. 31, 2013 | $230,183 | $400 | $14,157 | $158,650 | $73,491 | ($16,515) | $0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 4,944 | 0 | 0 | 0 | 4,944 | 0 | |
Other comprehensive (loss) income | 5,495 | 0 | 0 | 0 | 0 | 5,495 | |
Dividends declared on preferred stock | -20 | 0 | 0 | 0 | -20 | 0 | |
Common stock issued under stock option plans, including tax benefit | 119 | 0 | 9 | 110 | 0 | 0 | |
Common stock issued under employee stock purchase plan | 0 | 0 | 0 | 0 | 0 | 0 | |
Proceeds from issuance of common stock in connection with dividend reinvestment and stock purchase plan | 15 | 0 | 1 | 14 | 0 | 0 | |
Common stock share-based awards | 51 | 0 | 0 | 51 | 0 | 0 | |
Ending balance at Mar. 31, 2014 | 240,787 | 400 | 14,167 | 158,825 | 78,415 | -11,020 | 0 |
Beginning balance at Dec. 31, 2014 | 265,523 | 400 | 14,233 | 160,588 | 94,496 | -3,875 | -319 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 5,722 | 0 | 0 | 0 | 5,722 | 0 | |
Other comprehensive (loss) income | 2,709 | 0 | 0 | 0 | 0 | 2,709 | |
Dividends declared on preferred stock | -20 | 0 | 0 | 0 | -20 | 0 | |
Dividends declared on common stock | -994 | 0 | 0 | 0 | -994 | 0 | |
Common stock issued under stock option plans, including tax benefit | 707 | 0 | 59 | 648 | 0 | 0 | |
Common stock issued under employee stock purchase plan | 2 | 0 | 0 | 2 | 0 | 0 | |
Proceeds from issuance of common stock in connection with dividend reinvestment and stock purchase plan | 33 | 0 | 1 | 32 | 0 | 0 | |
Common stock share-based awards | 61 | 0 | 0 | 61 | 0 | 0 | |
Purchase of 117,000 shares of treasury stock | -2,979 | -2,979 | |||||
Ending balance at Mar. 31, 2015 | $270,764 | $400 | $14,293 | $161,331 | $99,204 | ($1,166) | ($3,298) |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Stockholders' Equity [Abstract] | ||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 58,570 | 9,007 |
Tax benefit on exercise of stock options | $236 | $19 |
Common stock, shares issued under employee stock purchase plan (shares) | 70 | 20 |
Common stock, shares issued in connection with dividend reinvestment and stock purchase plan (shares) | 1,277 | 714 |
Purchase of treasury stock (in shares) | 117,000 | 0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Activities | ||
Net income | $5,722 | $4,944 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 1,500 | 900 |
Depreciation, amortization and accretion | 2,861 | 2,029 |
Deferred income tax expense | 39 | 44 |
Losses on sales of available for sales securities (net) | 166 | 0 |
Gain on sales/calls of held to maturity securities | -138 | -11 |
Proceeds/payments from sales of loans originated for sale | 12,813 | 7,715 |
Loans originated for sale | -13,126 | -4,895 |
Gains on sales of loans (net) | -471 | -136 |
Gains on sales of foreclosed assets (net) | -22 | -62 |
Losses on disposal of premises and equipment (net) | 50 | 1 |
Stock-based compensation | 61 | 51 |
Increase in other assets | -952 | -1,612 |
Increase in other liabilities | 2,444 | 227 |
Net cash provided by operating activities | 10,947 | 9,195 |
Securities available for sale: | ||
Proceeds from principal repayments, calls and maturities | 18,151 | 14,499 |
Proceeds from sales | 27,806 | 0 |
Securities held to maturity: | ||
Proceeds from principal repayments, calls and maturities | 10,375 | 3,134 |
Proceeds from sales | 1,448 | 614 |
Purchases | -9,728 | 0 |
Proceeds from sales of loans not originated for sale | 401 | 0 |
Proceeds from sales of foreclosed assets | 301 | 1,134 |
Increase in loans receivable (net) | -8,369 | -52,534 |
Purchase of restricted investment in bank stock (net) | -798 | -993 |
Purchases of premises and equipment | -1,073 | -521 |
Net cash provided by (used in) investing activities | 38,514 | -34,667 |
Financing Activities | ||
Increase (decrease) in demand, interest checking, money market, and savings deposits (net) | 28,831 | -44,386 |
Increase in time and other noncore deposits (net) | 2,016 | 37 |
Increase (decrease) in short-term borrowings (net) | -86,489 | 102,439 |
Proceeds from long-term borrowings | 25,000 | 0 |
Proceeds from common stock options exercised | 471 | 100 |
Proceeds from dividend reinvestment and common stock purchase plan | 33 | 15 |
Tax benefit on exercise of stock options | 236 | 19 |
Cash dividends on preferred stock | -20 | -20 |
Cash dividends on common stock | -994 | 0 |
Purchase of treasury stock | -2,979 | 0 |
Net cash provided by (used in) financing activities | -33,895 | 58,204 |
Increase in cash and cash equivalents | 15,566 | 32,732 |
Cash and cash equivalents at beginning of year | 42,832 | 44,996 |
Cash and cash equivalents at end of period | 58,398 | 77,728 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest on deposits and borrowings | 1,756 | 1,667 |
Cash paid for income taxes | 550 | 0 |
Supplemental schedule of noncash activities: | ||
Transfer of loans to foreclosed assets | $494 | $373 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
Consolidated Financial Statements | |
The consolidated balance sheet at December 31, 2014 has been derived from audited consolidated financial statements and the consolidated interim financial statements included herein have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such rules and regulations. These consolidated financial statements were prepared in accordance with GAAP for interim financial statements and with instructions for Form 10-Q and Regulation S-X Section 210.10-01. Further information on Metro Bancorp, Inc.'s (Metro or the Company) accounting policies are available in Note 1 (Significant Accounting Policies) of the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. The accompanying consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented. Such adjustments are of a normal, recurring nature. | |
These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. Events occurring subsequent to the balance sheet date through the date of issuance have been evaluated for potential recognition or disclosure in the consolidated financial statements. The results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. | |
The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries including Metro Bank (the Bank). All material intercompany transactions have been eliminated. | |
Use of Estimates | |
The consolidated financial statements are prepared in conformity with GAAP. Accounting principles generally accepted in the United States of America require management to make estimates and assumptions that affect reported amounts of assets and liabilities and require disclosure of contingent assets and liabilities. In the opinion of management, all adjustments considered necessary for fair presentation have been included and are of a normal, recurring nature. Actual results could differ from these estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses (allowance or ALL), impaired loans, the valuation of foreclosed assets, the valuation of securities available for sale, the valuation of deferred tax assets, the determination of other-than-temporary impairment (OTTI) on the Company's investment securities portfolio and other fair value measurements. | |
Recent Accounting Standards | |
In January 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure, which clarifies when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate property recognized. This guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company adopted this guidance on January 1, 2015 using a prospective transition method; it did not have a material impact on our consolidated financial statements. The guidance requires disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The Company has included these disclosures in Note 5 Foreclosed Assets. | |
On April 7, 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability instead of presented as a deferred charge. For public business entities, the standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The new guidance will be applied on a retrospective basis. We do not believe the adoption of this guidance will have a material impact on our consolidated financial statements. | |
On April 15, 2015, the FASB issued ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement, which provides guidance to customers about whether a cloud computing arrangement includes a software license that should be accounted for as internal-use software. Additionally, ASU 2015-05 supersedes the requirement in ASC 350-04 to determine the accounting for a software license by analogy to the lease classification test. The ASU 2015-05 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. Entities may adopt the guidance either (1) prospectively to arrangements entered into or materially modified after the effective date or (2) retrospectively. We are currently evaluating the impact ASU 2015-05 will have on our consolidated financial statements. | |
Reclassifications | |
Certain amounts in the 2014 financial statements have been reclassified to conform to the 2015 presentation format. Such reclassifications had no impact on the Company's net operations and stockholders' equity. |
Stockbased_Compensation
Stock-based Compensation | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||
Stock-Based Compensation | Stock-based Compensation | ||||||
The following table presents the number of options granted to purchase shares of the Company’s stock and the respective ranges of exercise prices per share and the weighted-average fair value of those granted options: | |||||||
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Options granted | 133,279 | 116,990 | |||||
Range of exercise prices, per share | $25.43 to $26.97 | $19.55 to $21.57 | |||||
Weighted-average fair value, per option | $ | 8.19 | $ | 7.72 | |||
The fair value of each option grant was established at the date of the grant using the Black-Scholes option pricing model, with the following assumptions: | |||||||
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Weighted-average risk-free interest rate | 1.8 | % | 2 | % | |||
Expected dividend yield | 1.1 | % | — | % | |||
Weighted-average volatility of Company's common stock | 32.2 | % | 34 | % | |||
Weighted-average assumed forfeiture rate | 9 | % | 10.3 | % | |||
Weighted-average expected term of options, in years | 7.5 | 7.2 | |||||
Options vesting annually | 25 | % | 25 | % | |||
The following table details the Company's stock-based compensation expense and related tax benefit associated with this expense: | |||||||
Three Months Ended March 31, | |||||||
(in thousands) | 2015 | 2014 | |||||
Stock-based compensation expense | $ | 61 | $ | 51 | |||
Tax benefit associated with compensation expense | 64 | 44 | |||||
During the first three months of 2015 and 2014 the Company reversed $253,000 and $238,000, respectively, of previously recognized stock-based compensation expense due to differences between actual and estimated forfeiture rates of stock options granted during the first quarters of 2011 and 2010, respectively, primarily related to incentive stock options (ISOs), for which the Company generally does not receive a tax deduction on employee exercise of options. |
Securities
Securities | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||
Securities | Securities | ||||||||||||||||||
The amortized cost and fair value of securities are summarized in the following tables: | |||||||||||||||||||
March 31, 2015 | |||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||
Available for Sale: | |||||||||||||||||||
U.S. Government agency securities | $ | 33,996 | $ | — | $ | (455 | ) | $ | 33,541 | ||||||||||
Residential mortgage-backed securities | 58,453 | 498 | (222 | ) | 58,729 | ||||||||||||||
Agency collateralized mortgage obligations | 365,381 | 3,541 | (5,403 | ) | 363,519 | ||||||||||||||
Municipal securities | 29,988 | 330 | (82 | ) | 30,236 | ||||||||||||||
Total | $ | 487,818 | $ | 4,369 | $ | (6,162 | ) | $ | 486,025 | ||||||||||
Held to Maturity: | |||||||||||||||||||
U.S. Government agency securities | $ | 149,117 | $ | 321 | $ | (2,212 | ) | $ | 147,226 | ||||||||||
Residential mortgage-backed securities | 12,281 | 312 | — | 12,593 | |||||||||||||||
Agency collateralized mortgage obligations | 146,981 | 2,309 | (948 | ) | 148,342 | ||||||||||||||
Corporate debt securities | 5,000 | 41 | — | 5,041 | |||||||||||||||
Municipal securities | 9,703 | 151 | — | 9,854 | |||||||||||||||
Total | $ | 323,082 | $ | 3,134 | $ | (3,160 | ) | $ | 323,056 | ||||||||||
December 31, 2014 | |||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||
Available for Sale: | |||||||||||||||||||
U.S. Government agency securities | $ | 33,995 | $ | — | $ | (1,207 | ) | $ | 32,788 | ||||||||||
Residential mortgage-backed securities | 60,196 | 442 | (489 | ) | 60,149 | ||||||||||||||
Agency collateralized mortgage obligations | 409,823 | 2,250 | (7,064 | ) | 405,009 | ||||||||||||||
Municipal securities | 29,985 | 225 | (118 | ) | 30,092 | ||||||||||||||
Total | $ | 533,999 | $ | 2,917 | $ | (8,878 | ) | $ | 528,038 | ||||||||||
Held to Maturity: | |||||||||||||||||||
U.S. Government agency securities | $ | 149,112 | $ | — | $ | (4,658 | ) | $ | 144,454 | ||||||||||
Residential mortgage-backed securities | 14,226 | 480 | — | 14,706 | |||||||||||||||
Agency collateralized mortgage obligations | 146,952 | 649 | (1,711 | ) | 145,890 | ||||||||||||||
Corporate debt securities | 5,000 | 63 | — | 5,063 | |||||||||||||||
Municipal securities | 9,704 | 107 | (1 | ) | 9,810 | ||||||||||||||
Total | $ | 324,994 | $ | 1,299 | $ | (6,370 | ) | $ | 319,923 | ||||||||||
The amortized cost and fair value of debt securities by contractual maturity at March 31, 2015 are shown in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations. | |||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||
(in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||
Due in one year or less | $ | — | $ | — | $ | 5,000 | $ | 5,041 | |||||||||||
Due after one year through five years | 6,741 | 6,790 | — | — | |||||||||||||||
Due after five years through ten years | 50,144 | 49,903 | 111,383 | 109,332 | |||||||||||||||
Due after ten years | 7,099 | 7,084 | 47,437 | 47,748 | |||||||||||||||
63,984 | 63,777 | 163,820 | 162,121 | ||||||||||||||||
Residential mortgage-backed securities | 58,453 | 58,729 | 12,281 | 12,593 | |||||||||||||||
Agency collateralized mortgage obligations | 365,381 | 363,519 | 146,981 | 148,342 | |||||||||||||||
Total | $ | 487,818 | $ | 486,025 | $ | 323,082 | $ | 323,056 | |||||||||||
During the first quarter of 2015, the Company sold four securities from the available for sale (AFS) portfolio with a total fair market value of $27.8 million and realized net losses of $166,000. One security with a fair market value of $1.4 million was sold by the Company from the held to maturity (HTM) portfolio with a realized gain of $138,000, however, it was an amortizing security that returned more than 85% of its principal and could be sold without tainting the remaining HTM portfolio. The Company had no securities that were called by their respective issuers. | |||||||||||||||||||
During the first quarter of 2014, the Company sold one security with a fair market value of $614,000 and realized a gain of $11,000. The security was from the HTM portfolio, however, it was an amortizing security that had already returned more than 85% of its principal and could be sold without tainting the remaining HTM portfolio. The Company had no securities that were called by their respective issuers. | |||||||||||||||||||
The following table summarizes the Company's gross realized gains and losses on the sales or calls of AFS debt securities: | |||||||||||||||||||
(in thousands) | Gross Realized Gains | Gross Realized Losses | Net Gains | ||||||||||||||||
(Losses) | |||||||||||||||||||
Three Months Ended: | |||||||||||||||||||
March 31, 2015 | $ | 7 | $ | (173 | ) | $ | (166 | ) | |||||||||||
March 31, 2014 | — | — | — | ||||||||||||||||
The Company does not maintain a trading portfolio and there were no transfers of securities between the AFS and HTM portfolios. The Company uses the specific identification method to record security sales. | |||||||||||||||||||
In determining fair market values for its portfolio holdings, the Company receives information from a third party provider which management evaluates and corroborates using amounts from one of its securities brokers. Under the current guidance, these values are considered Level 2 inputs, based upon mathematically derived matrix pricing and observed data from similar assets. They are not Level 1 direct quotes, nor do they reflect Level 3 inputs that would be derived from internal analysis or judgment. As the Company does not manage a trading portfolio and typically only sells from its AFS portfolio in order to manage interest rate risk or credit exposure, direct quotes, or street bids, are warranted on an as-needed basis. | |||||||||||||||||||
The following table shows the fair value and gross unrealized losses associated with the Company's investment portfolio, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: | |||||||||||||||||||
March 31, 2015 | |||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||
(in thousands) | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||
Losses | Losses | Losses | |||||||||||||||||
Available for Sale: | |||||||||||||||||||
U.S. Government agency securities | $ | 24,566 | $ | (435 | ) | $ | 8,975 | $ | (20 | ) | $ | 33,541 | $ | (455 | ) | ||||
Residential mortgage-backed securities | 15,475 | (117 | ) | 8,841 | (105 | ) | 24,316 | (222 | ) | ||||||||||
Agency collateralized mortgage obligations | 45,320 | (881 | ) | 131,560 | (4,522 | ) | 176,880 | (5,403 | ) | ||||||||||
Municipal securities | 1,962 | (28 | ) | 2,316 | (54 | ) | 4,278 | (82 | ) | ||||||||||
Total | $ | 87,323 | $ | (1,461 | ) | $ | 151,692 | $ | (4,701 | ) | $ | 239,015 | $ | (6,162 | ) | ||||
Held to Maturity: | |||||||||||||||||||
U.S. Government agency securities | $ | 9,969 | $ | (19 | ) | $ | 100,751 | $ | (2,193 | ) | $ | 110,720 | $ | (2,212 | ) | ||||
Agency collateralized mortgage obligations | 17,271 | (10 | ) | 16,383 | (938 | ) | 33,654 | (948 | ) | ||||||||||
Total | $ | 27,240 | $ | (29 | ) | $ | 117,134 | $ | (3,131 | ) | $ | 144,374 | $ | (3,160 | ) | ||||
December 31, 2014 | |||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||
(in thousands) | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||
Losses | Losses | Losses | |||||||||||||||||
Available for Sale: | |||||||||||||||||||
U.S. Government agency securities | $ | — | $ | — | $ | 32,788 | $ | (1,207 | ) | $ | 32,788 | $ | (1,207 | ) | |||||
Residential mortgage-backed securities | — | — | 24,636 | (489 | ) | 24,636 | (489 | ) | |||||||||||
Agency collateralized mortgage obligations | 21,687 | (77 | ) | 212,908 | (6,987 | ) | 234,595 | (7,064 | ) | ||||||||||
Municipal securities | — | — | 5,021 | (118 | ) | 5,021 | (118 | ) | |||||||||||
Total | $ | 21,687 | $ | (77 | ) | $ | 275,353 | $ | (8,801 | ) | $ | 297,040 | $ | (8,878 | ) | ||||
Held to Maturity: | |||||||||||||||||||
U.S. Government agency securities | $ | — | $ | — | $ | 144,454 | $ | (4,658 | ) | $ | 144,454 | $ | (4,658 | ) | |||||
Agency collateralized mortgage obligations | 31,289 | (255 | ) | 27,282 | (1,456 | ) | 58,571 | (1,711 | ) | ||||||||||
Municipal securities | 1,013 | (1 | ) | — | — | 1,013 | (1 | ) | |||||||||||
Total | $ | 32,302 | $ | (256 | ) | $ | 171,736 | $ | (6,114 | ) | $ | 204,038 | $ | (6,370 | ) | ||||
The Company's investment securities portfolio consists of U.S. Government agency debentures, U.S. Government-sponsored agency mortgage-backed securities (MBSs), agency collateralized mortgage obligations (CMOs), corporate bonds and municipal bonds. The Company considers securities of the U.S. Government sponsored agencies and the U.S. Government MBS/CMOs to have little credit risk because their principal and interest payments are backed by an agency of the U.S. Government. | |||||||||||||||||||
The unrealized losses in the Company's investment portfolio at March 31, 2015 were associated with two distinct types of securities. The first type, those backed by the U.S. Government or one of its agencies, included 10 debentures, 19 CMOs and 4 MBSs. Management believes that the unrealized losses on these investments were primarily caused by the movement of interest rates from the date of purchase and notes the contractual cash flows of those investments are guaranteed by an agency of the U.S. Government. The full and timely payment of all principal and interest is expected. The second type, municipal bonds, included three securities that were in an unrealized loss position as of March 31, 2015. In all cases, the bonds are general obligations of either a Pennsylvania municipality or school district and are backed by the ad valorem taxing power of the entity. The municipal bonds carry an investment grade rating of no lower than single-A by either Moody's or Standard & Poor's. The Company, however, conducts its own periodic, independent review and believes the unrealized losses in its municipal bond portfolio are the result of movements in long-term interest rates and are not reflective of any credit deterioration. The Company does not intend to sell these debt securities prior to recovery and it is more likely than not that the Company will not have to sell these debt securities prior to recovery. | |||||||||||||||||||
The Company did not recognize any credit losses related to the OTTI of investments during either the first three months ended March 31, 2015 or 2014. | |||||||||||||||||||
At March 31, 2015, securities with a carrying value of $646.3 million were pledged to secure public deposits and for other purposes as required or permitted by law. |
Loans_Receivable_and_Allowance
Loans Receivable and Allowance for Loan Losses | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||
Loans Receivable and Allowance for Loan Losses | Loans Receivable and Allowance for Loan Losses | |||||||||||||||||||||||||||
Loans receivable that management has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are stated at their outstanding unpaid principal balances, net of an allowance for loan losses (allowance or ALL) and any deferred fees and costs. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Company is generally amortizing these amounts over the contractual life of the loan or to the first review date if the loan is on demand. Certain qualifying loans of the Bank totaling $465.3 million at March 31, 2015, collateralize a letter of credit, a line of credit commitment and borrowings the Bank has with the Federal Home Loan Bank (FHLB). | ||||||||||||||||||||||||||||
A summary of the Bank's loans receivable is as follows: | ||||||||||||||||||||||||||||
(in thousands) | March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||
Commercial and industrial | $ | 536,349 | $ | 525,127 | ||||||||||||||||||||||||
Commercial tax-exempt | 67,176 | 71,151 | ||||||||||||||||||||||||||
Owner occupied real estate | 311,259 | 332,070 | ||||||||||||||||||||||||||
Commercial construction and land development | 137,063 | 138,064 | ||||||||||||||||||||||||||
Commercial real estate | 607,400 | 594,276 | ||||||||||||||||||||||||||
Residential | 116,143 | 110,951 | ||||||||||||||||||||||||||
Consumer | 228,320 | 226,895 | ||||||||||||||||||||||||||
Gross loans receivable | 2,003,710 | 1,998,534 | ||||||||||||||||||||||||||
Less: allowance for loan losses | 25,755 | 24,998 | ||||||||||||||||||||||||||
Net loans receivable | $ | 1,977,955 | $ | 1,973,536 | ||||||||||||||||||||||||
The following table summarizes nonaccrual loans by loan type: | ||||||||||||||||||||||||||||
(in thousands) | March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||
Nonaccrual loans: | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 12,375 | $ | 11,634 | ||||||||||||||||||||||||
Commercial tax-exempt | — | — | ||||||||||||||||||||||||||
Owner occupied real estate | 6,210 | 7,416 | ||||||||||||||||||||||||||
Commercial construction and land development | 3,241 | 3,228 | ||||||||||||||||||||||||||
Commercial real estate | 6,362 | 5,824 | ||||||||||||||||||||||||||
Residential | 4,971 | 4,987 | ||||||||||||||||||||||||||
Consumer | 1,573 | 1,877 | ||||||||||||||||||||||||||
Total nonaccrual loans | $ | 34,732 | $ | 34,966 | ||||||||||||||||||||||||
Generally, the Bank's policy is to move a loan to nonaccrual status when it becomes 90 days past due or when the Bank does not believe it will collect all of the contractual principal and interest payments. In addition, when a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the ALL. Interest received on nonaccrual loans generally is either applied against principal or reported as interest income, according to management's judgment as to the collectibility of principal. If a loan is substandard and accruing, accrued interest is recognized as income. Once a loan is on nonaccrual status, it is not returned to accrual status unless loan payments have been current for at least six consecutive months and the borrower and/or any guarantors demonstrate the ability to repay the loan in accordance with its contractual terms. Under certain circumstances such as bankruptcy, if a loan is under collateralized, or if the borrower and/or guarantors do not show evidence of the ability to pay, the loan may be placed on nonaccrual status even though it is not past due by 90 days or more. The total nonaccrual loan balance of $34.7 million exceeds the $16.0 million balance of total loans that are 90 days past due at March 31, 2015, as presented in the aging analysis tables that follow. | ||||||||||||||||||||||||||||
No additional funds were committed on nonaccrual loans including restructured loans that were nonaccruing. Typically, commitments are canceled and no additional advances are made when a loan is placed on nonaccrual. | ||||||||||||||||||||||||||||
The following tables present an aging analysis of loans receivable: | ||||||||||||||||||||||||||||
Past Due Loans | Recorded Investment in Loans 90 Days and Greater and Still Accruing | |||||||||||||||||||||||||||
(in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days Past Due and Greater | Total Past Due | Total Loans Receivable | ||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 527,272 | $ | 2,897 | $ | 1,212 | $ | 4,968 | $ | 9,077 | $ | 536,349 | $ | — | ||||||||||||||
Commercial tax-exempt | 67,176 | — | — | — | — | 67,176 | — | |||||||||||||||||||||
Owner occupied real estate | 299,018 | 2,504 | 5,024 | 4,713 | 12,241 | 311,259 | — | |||||||||||||||||||||
Commercial construction and | 136,468 | 236 | 328 | 31 | 595 | 137,063 | — | |||||||||||||||||||||
land development | ||||||||||||||||||||||||||||
Commercial real estate | 600,420 | 3,463 | 1,160 | 2,357 | 6,980 | 607,400 | — | |||||||||||||||||||||
Residential | 106,939 | 6,410 | 151 | 2,643 | 9,204 | 116,143 | — | |||||||||||||||||||||
Consumer | 222,739 | 4,097 | 201 | 1,283 | 5,581 | 228,320 | — | |||||||||||||||||||||
Total | $ | 1,960,032 | $ | 19,607 | $ | 8,076 | $ | 15,995 | $ | 43,678 | $ | 2,003,710 | $ | — | ||||||||||||||
Past Due Loans | Recorded Investment in Loans 90 Days and Greater and Still Accruing | |||||||||||||||||||||||||||
(in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days Past Due and Greater | Total Past Due | Total Loans Receivable | ||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 514,428 | $ | 1,574 | $ | 3,398 | $ | 5,727 | $ | 10,699 | $ | 525,127 | $ | — | ||||||||||||||
Commercial tax-exempt | 71,151 | — | — | — | — | 71,151 | — | |||||||||||||||||||||
Owner occupied real estate | 325,681 | 606 | 44 | 5,739 | 6,389 | 332,070 | 445 | |||||||||||||||||||||
Commercial construction and | 137,263 | 611 | 190 | — | 801 | 138,064 | — | |||||||||||||||||||||
land development | ||||||||||||||||||||||||||||
Commercial real estate | 591,383 | 1,104 | 175 | 1,614 | 2,893 | 594,276 | — | |||||||||||||||||||||
Residential | 101,233 | 5,067 | 1,900 | 2,751 | 9,718 | 110,951 | — | |||||||||||||||||||||
Consumer | 222,767 | 2,650 | 437 | 1,041 | 4,128 | 226,895 | — | |||||||||||||||||||||
Total | $ | 1,963,906 | $ | 11,612 | $ | 6,144 | $ | 16,872 | $ | 34,628 | $ | 1,998,534 | $ | 445 | ||||||||||||||
A summary of the ALL and balance of loans receivable by loan class and by impairment method is presented in the tables that follow: | ||||||||||||||||||||||||||||
(in thousands) | Comm. and industrial | Comm. tax-exempt | Owner occupied real estate | Comm. construction and land development | Comm. real estate | Residen-tial | Con- | Unallo-cated | Total | |||||||||||||||||||
sumer | ||||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||
Individually evaluated | $ | 4,365 | $ | — | $ | 1,355 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,720 | ||||||||||
for impairment | ||||||||||||||||||||||||||||
Collectively evaluated | 7,654 | 52 | 589 | 4,529 | 4,945 | 803 | 870 | 593 | 20,035 | |||||||||||||||||||
for impairment | ||||||||||||||||||||||||||||
Total ALL | $ | 12,019 | $ | 52 | $ | 1,944 | $ | 4,529 | $ | 4,945 | $ | 803 | $ | 870 | $ | 593 | $ | 25,755 | ||||||||||
Loans receivable: | ||||||||||||||||||||||||||||
Loans evaluated | $ | 17,722 | $ | — | $ | 6,249 | $ | 3,670 | $ | 10,504 | $ | 5,639 | $ | 2,229 | $ | — | $ | 46,013 | ||||||||||
individually | ||||||||||||||||||||||||||||
Loans evaluated | 518,627 | 67,176 | 305,010 | 133,393 | 596,896 | 110,504 | 226,091 | — | 1,957,697 | |||||||||||||||||||
collectively | ||||||||||||||||||||||||||||
Total loans receivable | $ | 536,349 | $ | 67,176 | $ | 311,259 | $ | 137,063 | $ | 607,400 | $ | 116,143 | $ | 228,320 | $ | — | $ | 2,003,710 | ||||||||||
(in thousands) | Comm. and industrial | Comm. tax-exempt | Owner occupied real estate | Comm. construction and land development | Comm. real estate | Residen-tial | Con- | Unallo-cated | Total | |||||||||||||||||||
sumer | ||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||
Individually evaluated | $ | 4,401 | $ | — | $ | 1,242 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,643 | ||||||||||
for impairment | ||||||||||||||||||||||||||||
Collectively evaluated | 7,313 | 55 | 689 | 4,242 | 4,707 | 796 | 931 | 622 | 19,355 | |||||||||||||||||||
for impairment | ||||||||||||||||||||||||||||
Total ALL | $ | 11,714 | $ | 55 | $ | 1,931 | $ | 4,242 | $ | 4,707 | $ | 796 | $ | 931 | $ | 622 | $ | 24,998 | ||||||||||
Loans receivable: | ||||||||||||||||||||||||||||
Loans evaluated | $ | 16,982 | $ | — | $ | 7,464 | $ | 3,810 | $ | 9,976 | $ | 5,657 | $ | 2,433 | $ | — | $ | 46,322 | ||||||||||
individually | ||||||||||||||||||||||||||||
Loans evaluated | 508,145 | 71,151 | 324,606 | 134,254 | 584,300 | 105,294 | 224,462 | — | 1,952,212 | |||||||||||||||||||
collectively | ||||||||||||||||||||||||||||
Total loans receivable | $ | 525,127 | $ | 71,151 | $ | 332,070 | $ | 138,064 | $ | 594,276 | $ | 110,951 | $ | 226,895 | $ | — | $ | 1,998,534 | ||||||||||
The Bank may create a specific allowance for all of or a part of a particular loan in lieu of a charge-off or charge-down as a result of management's evaluation of impaired loans. In these instances, the Bank has determined that a loss is not imminent based upon available information surrounding the credit at the time of the analysis including, but not limited to, unresolved legal matters; however, management believes an allowance is appropriate to acknowledge the probable risk of loss. | ||||||||||||||||||||||||||||
Typically, commercial construction and land development and commercial real estate loans present a greater risk of nonpayment by a borrower than other types of loans. The market value of and cash flow from real estate, particularly real estate held for investment, can fluctuate significantly in a relatively short period of time. Commercial and industrial, tax exempt and owner occupied real estate loans are generally of comparatively lower risk because the repayment of these loans relies primarily on the cash flow from a business which is typically more stable and predictable. | ||||||||||||||||||||||||||||
Consumer loan collections are dependent on the borrower's continued financial stability and thus are more likely to be affected by adverse personal circumstances. Consumer and residential loans are also impacted by the market value of real estate. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount that can be recovered on these loans. The risk of nonpayment is affected by changes in economic conditions, the credit risks of a particular borrower, the term of the loan and, in the case of a collateralized loan, the value of the collateral and other factors. | ||||||||||||||||||||||||||||
Management bases its quantitative analysis of probable future loan losses (when determining the ALL) on those loans collectively reviewed for impairment on a two-year period of actual historical losses. Management continuously assesses the quality of the Company's loan portfolio in conjunction with the current state of the economy and its impact on our borrowers repayment ability and on loan collateral values in order to determine the appropriate historical loss period to use in our quantitative analysis. Management may increase or decrease the historical loss period at some point in the future based on the state of the local, regional and national economies and other factors. | ||||||||||||||||||||||||||||
The qualitative factors such as changes in levels and trends of charge-offs and delinquencies; material changes in the mix, volume or duration of the loan portfolio; changes in lending policies and procedures including underwriting standards; changes in the experience, ability and depth of lending management and other relevant staff; the existence and effect of any concentrations of credit; changes in the overall values of collateral; changes in the quality of the loan review program and changes in national and local economic trends and conditions among other things, are factors which have not been identified by the quantitative analysis. The determination of qualitative factors inherently involves a higher degree of subjectivity and considers risk factors that may not have yet manifested themselves in historical loss experience. | ||||||||||||||||||||||||||||
The following tables summarize the transactions in the ALL: | ||||||||||||||||||||||||||||
(in thousands) | Comm. and industrial | Comm. tax-exempt | Owner occupied real estate | Comm. construction and land development | Comm. real estate | Residen-tial | Consumer | Unallo-cated | Total | |||||||||||||||||||
2015 | ||||||||||||||||||||||||||||
Balance at January 1 | $ | 11,714 | $ | 55 | $ | 1,931 | $ | 4,242 | $ | 4,707 | $ | 796 | $ | 931 | $ | 622 | $ | 24,998 | ||||||||||
Provision charged to operating expenses | 530 | (3 | ) | 66 | 285 | 688 | 20 | (57 | ) | (29 | ) | 1,500 | ||||||||||||||||
Recoveries of loans previously charged-off | 54 | — | — | 2 | 7 | 1 | 12 | — | 76 | |||||||||||||||||||
Loans charged-off | (279 | ) | — | (53 | ) | — | (457 | ) | (14 | ) | (16 | ) | — | (819 | ) | |||||||||||||
Balance at March 31 | $ | 12,019 | $ | 52 | $ | 1,944 | $ | 4,529 | $ | 4,945 | $ | 803 | $ | 870 | $ | 593 | $ | 25,755 | ||||||||||
(in thousands) | Comm. and industrial | Comm. tax-exempt | Owner occupied real estate | Comm. construction and land development | Comm. real estate | Residen-tial | Consumer | Unallo-cated | Total | |||||||||||||||||||
2014 | ||||||||||||||||||||||||||||
Balance at January 1 | $ | 8,178 | $ | 72 | $ | 2,180 | $ | 5,559 | $ | 4,161 | $ | 960 | $ | 1,303 | $ | 697 | $ | 23,110 | ||||||||||
Provision charged to operating expenses | (915 | ) | (4 | ) | (162 | ) | 195 | 1,122 | 346 | 133 | 185 | 900 | ||||||||||||||||
Recoveries of loans previously charged-off | 1,005 | — | 243 | 100 | 73 | — | 23 | — | 1,444 | |||||||||||||||||||
Loans charged-off | (354 | ) | — | (25 | ) | (12 | ) | (716 | ) | (283 | ) | (130 | ) | — | (1,520 | ) | ||||||||||||
Balance at March 31 | $ | 7,914 | $ | 68 | $ | 2,236 | $ | 5,842 | $ | 4,640 | $ | 1,023 | $ | 1,329 | $ | 882 | $ | 23,934 | ||||||||||
The following table presents information regarding the Company's impaired loans. The recorded investment represents the contractual obligation less any charged off principal. | ||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||||
(in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | Related Allowance | ||||||||||||||||||||||
Impaired loans with no related allowance: | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 7,601 | $ | 8,343 | $ | — | $ | 8,766 | $ | 9,437 | $ | — | ||||||||||||||||
Commercial tax-exempt | — | — | — | — | — | — | ||||||||||||||||||||||
Owner occupied real estate | 3,482 | 3,935 | — | 6,155 | 6,636 | — | ||||||||||||||||||||||
Commercial construction and land | 3,670 | 3,670 | — | 3,810 | 3,810 | — | ||||||||||||||||||||||
development | ||||||||||||||||||||||||||||
Commercial real estate | 10,504 | 10,567 | — | 9,976 | 10,097 | — | ||||||||||||||||||||||
Residential | 5,639 | 6,953 | — | 5,657 | 7,011 | — | ||||||||||||||||||||||
Consumer | 2,229 | 2,384 | — | 2,433 | 2,686 | — | ||||||||||||||||||||||
Total impaired loans with no related | 33,125 | 35,852 | — | 36,797 | 39,677 | — | ||||||||||||||||||||||
allowance | ||||||||||||||||||||||||||||
Impaired loans with an allowance recorded: | ||||||||||||||||||||||||||||
Commercial and industrial | 10,121 | 10,121 | 4,365 | 8,216 | 8,216 | 4,401 | ||||||||||||||||||||||
Owner occupied real estate | 2,767 | 2,767 | 1,355 | 1,309 | 1,309 | 1,242 | ||||||||||||||||||||||
Total impaired loans with an | 12,888 | 12,888 | 5,720 | 9,525 | 9,525 | 5,643 | ||||||||||||||||||||||
allowance recorded | ||||||||||||||||||||||||||||
Total impaired loans: | ||||||||||||||||||||||||||||
Commercial and industrial | 17,722 | 18,464 | 4,365 | 16,982 | 17,653 | 4,401 | ||||||||||||||||||||||
Commercial tax-exempt | — | — | — | — | — | — | ||||||||||||||||||||||
Owner occupied real estate | 6,249 | 6,702 | 1,355 | 7,464 | 7,945 | 1,242 | ||||||||||||||||||||||
Commercial construction and land | 3,670 | 3,670 | — | 3,810 | 3,810 | — | ||||||||||||||||||||||
development | ||||||||||||||||||||||||||||
Commercial real estate | 10,504 | 10,567 | — | 9,976 | 10,097 | — | ||||||||||||||||||||||
Residential | 5,639 | 6,953 | — | 5,657 | 7,011 | — | ||||||||||||||||||||||
Consumer | 2,229 | 2,384 | — | 2,433 | 2,686 | — | ||||||||||||||||||||||
Total impaired loans | $ | 46,013 | $ | 48,740 | $ | 5,720 | $ | 46,322 | $ | 49,202 | $ | 5,643 | ||||||||||||||||
The following table presents additional information regarding the Company's impaired loans for the three months ended: | ||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||||||||||||||
(in thousands) | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||||
Impaired loans with no related allowance: | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 8,849 | $ | 70 | $ | 7,890 | $ | 40 | ||||||||||||||||||||
Commercial tax-exempt | — | — | — | — | ||||||||||||||||||||||||
Owner occupied real estate | 5,459 | — | 4,786 | 10 | ||||||||||||||||||||||||
Commercial construction and | 3,679 | 6 | 8,241 | 17 | ||||||||||||||||||||||||
land development | ||||||||||||||||||||||||||||
Commercial real estate | 10,662 | 39 | 10,770 | 48 | ||||||||||||||||||||||||
Residential | 5,669 | 8 | 4,488 | 13 | ||||||||||||||||||||||||
Consumer | 2,337 | 7 | 2,635 | 7 | ||||||||||||||||||||||||
Total impaired loans with no | 36,655 | 130 | 38,810 | 135 | ||||||||||||||||||||||||
related allowance | ||||||||||||||||||||||||||||
Impaired loans with an allowance recorded: | ||||||||||||||||||||||||||||
Commercial and industrial | 8,572 | — | 3,246 | — | ||||||||||||||||||||||||
Owner occupied real estate | 1,787 | — | 1,686 | — | ||||||||||||||||||||||||
Commercial construction and | — | — | 3,477 | — | ||||||||||||||||||||||||
land development | ||||||||||||||||||||||||||||
Residential | — | — | 3,079 | — | ||||||||||||||||||||||||
Consumer | — | — | 476 | — | ||||||||||||||||||||||||
Total impaired loans with an | 10,359 | — | 11,964 | — | ||||||||||||||||||||||||
allowance recorded | ||||||||||||||||||||||||||||
Total impaired loans: | ||||||||||||||||||||||||||||
Commercial and industrial | 17,421 | 70 | 11,136 | 40 | ||||||||||||||||||||||||
Commercial tax-exempt | — | — | — | — | ||||||||||||||||||||||||
Owner occupied real estate | 7,246 | — | 6,472 | 10 | ||||||||||||||||||||||||
Commercial construction and | 3,679 | 6 | 11,718 | 17 | ||||||||||||||||||||||||
land development | ||||||||||||||||||||||||||||
Commercial real estate | 10,662 | 39 | 10,770 | 48 | ||||||||||||||||||||||||
Residential | 5,669 | 8 | 7,567 | 13 | ||||||||||||||||||||||||
Consumer | 2,337 | 7 | 3,111 | 7 | ||||||||||||||||||||||||
Total impaired loans | $ | 47,014 | $ | 130 | $ | 50,774 | $ | 135 | ||||||||||||||||||||
Impaired loans averaged approximately $47.0 million and $50.8 million for the three months ended March 31, 2015 and 2014, respectively. All nonaccrual loans are considered impaired and interest income is handled as discussed earlier in the nonaccrual section of this Note 4. Interest income continued to accrue on certain impaired loans totaling $130,000 and $135,000 for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||||||
The Bank assigns the following loan risk ratings to commercial loans as credit quality indicators of its loan portfolio: pass, special mention, substandard accrual, substandard nonaccrual and doubtful. Monthly, management tracks loans that are no longer pass rated. We review the cash flow, operating results and financial condition of the borrower and any guarantors, as well as the collateral position against established policy guidelines as a means of providing a targeted list of loans and loan relationships that require additional attention. Special mention loans are those loans that are currently adequately protected, but potentially weak. The potential weaknesses may, if not corrected, weaken the loan's credit quality or inadvertently jeopardize the Bank's credit position in the future. Substandard accrual and substandard nonaccrual assets are characterized by well-defined weaknesses that jeopardize the liquidation of the debt and by the possibility that the Bank will sustain some loss if the weaknesses are not corrected. Substandard accrual loans would move from accrual to nonaccrual when the Bank does not believe it will collect all of its contractual principal and interest payments. Some identifiers used to assess collectibility are as follows: when the loan is 90 days past due in principal or interest, there are triggering events in the borrower's or any guarantor's financial statements that show continuing deterioration, the borrower's or any guarantor's source of repayment is depleting, or if bankruptcy or other legal matters are present, regardless if the loan is 90 days past due or not. Doubtful loans have all of the weaknesses inherent in those classified as substandard accrual and substandard nonaccrual with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable. Pass rated loans are reviewed throughout the year through the recurring review process of an independent loan review function and through the application of other credit metrics. | ||||||||||||||||||||||||||||
Credit quality indicators for commercial loans broken out by loan type at period end are presented in the following tables. There were no loans classified as doubtful for the periods ended March 31, 2015 or December 31, 2014. | ||||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||
(in thousands) | Pass | Special Mention | Substandard Accrual | Substandard Nonaccrual | Total | |||||||||||||||||||||||
Commercial credit exposure: | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 488,040 | $ | 17,454 | $ | 18,480 | $ | 12,375 | $ | 536,349 | ||||||||||||||||||
Commercial tax-exempt | 67,176 | — | — | — | 67,176 | |||||||||||||||||||||||
Owner occupied real estate | 293,499 | 4,238 | 7,312 | 6,210 | 311,259 | |||||||||||||||||||||||
Commercial construction and land development | 133,494 | 187 | 141 | 3,241 | 137,063 | |||||||||||||||||||||||
Commercial real estate | 596,528 | 2,766 | 1,744 | 6,362 | 607,400 | |||||||||||||||||||||||
Total | $ | 1,578,737 | $ | 24,645 | $ | 27,677 | $ | 28,188 | $ | 1,659,247 | ||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Pass | Special Mention | Substandard Accrual | Substandard Nonaccrual | Total | |||||||||||||||||||||||
Commercial credit exposure: | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 473,984 | $ | 20,785 | $ | 18,724 | $ | 11,634 | $ | 525,127 | ||||||||||||||||||
Commercial tax-exempt | 71,151 | — | — | — | 71,151 | |||||||||||||||||||||||
Owner occupied real estate | 311,668 | 4,268 | 8,718 | 7,416 | 332,070 | |||||||||||||||||||||||
Commercial construction and land development | 133,033 | 190 | 1,613 | 3,228 | 138,064 | |||||||||||||||||||||||
Commercial real estate | 584,239 | 1,584 | 2,629 | 5,824 | 594,276 | |||||||||||||||||||||||
Total | $ | 1,574,075 | $ | 26,827 | $ | 31,684 | $ | 28,102 | $ | 1,660,688 | ||||||||||||||||||
Consumer loan credit exposures are rated either performing or nonperforming as detailed below at March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||
(in thousands) | Performing | Nonperforming | Total | |||||||||||||||||||||||||
Consumer credit exposure: | ||||||||||||||||||||||||||||
Residential | $ | 111,172 | $ | 4,971 | $ | 116,143 | ||||||||||||||||||||||
Consumer | 226,747 | 1,573 | 228,320 | |||||||||||||||||||||||||
Total | $ | 337,919 | $ | 6,544 | $ | 344,463 | ||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Performing | Nonperforming | Total | |||||||||||||||||||||||||
Consumer credit exposure: | ||||||||||||||||||||||||||||
Residential | $ | 105,964 | $ | 4,987 | $ | 110,951 | ||||||||||||||||||||||
Consumer | 225,018 | 1,877 | 226,895 | |||||||||||||||||||||||||
Total | $ | 330,982 | $ | 6,864 | $ | 337,846 | ||||||||||||||||||||||
A troubled debt restructuring (TDR) is a loan in which the contractual terms have been modified, resulting in the Bank granting a concession to a borrower which is experiencing financial difficulties, in order for the Bank to have a greater chance of collecting the indebtedness from the borrower. An additional benefit to the Bank in granting a concession is to possibly avoid foreclosure or repossession of loan collateral at a time when collateral values are low. | ||||||||||||||||||||||||||||
The following table presents the recorded investment at the time of restructure of new TDRs and their concession, modified during the three month periods ended March 31, 2015 and 2014. The recorded investment at the time of restructure was the same pre-modification and post-modification, therefore, there was no financial effect of the modification on the recorded investment. The loans included are considered TDRs as a result of the Bank implementing one or more of the following concessions: granting a material extension of time, entering into a forbearance agreement, adjusting the interest rate, accepting interest only payments for an extended period of time, a change in the amortization period or a combination of any of these concessions. | ||||||||||||||||||||||||||||
New TDRs with Concession Type: | Three Months Ended | |||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||||||||||||||
(dollars in thousands) | Number of Contracts | Recorded Investment at Time of Restructure | Number of Contracts | Recorded Investment at Time of Restructure | ||||||||||||||||||||||||
Commercial and industrial: | ||||||||||||||||||||||||||||
Forbearance agreement | 1 | $ | 3,307 | — | $ | — | ||||||||||||||||||||||
Change in amortization period | — | — | 3 | 261 | ||||||||||||||||||||||||
Combination of concessions | — | — | 1 | 30 | ||||||||||||||||||||||||
Owner occupied real estate: | ||||||||||||||||||||||||||||
Change in amortization period | — | — | 1 | 128 | ||||||||||||||||||||||||
Commercial construction and land development: | ||||||||||||||||||||||||||||
Material extension of time | — | — | 1 | 242 | ||||||||||||||||||||||||
Change in amortization period | — | — | 1 | 214 | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||
Change in amortization period | — | — | 14 | 1,893 | ||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||
Interest rate adjustment | — | — | 1 | 143 | ||||||||||||||||||||||||
Total | 1 | $ | 3,307 | 22 | $ | 2,911 | ||||||||||||||||||||||
The following table represents loans receivable modified as TDRs within the 12 months previous to March 31, 2015 and 2014, respectively, and that subsequently defaulted during the three month periods ended March 31, 2015 and 2014, respectively. The Bank's policy is to consider a loan past due and in default if payment is not received on or before the due date. | ||||||||||||||||||||||||||||
TDRs That Subsequently Payment Defaulted: | Three Months Ended | |||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||||||||||||||
(dollars in thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||||||||||||||
Commercial and industrial | — | $ | — | 7 | $ | 1,260 | ||||||||||||||||||||||
Owner occupied real estate | 2 | 731 | 3 | 914 | ||||||||||||||||||||||||
Commercial construction | 1 | 236 | 2 | 1,930 | ||||||||||||||||||||||||
and land development | ||||||||||||||||||||||||||||
Commercial real estate | 3 | 2,667 | — | — | ||||||||||||||||||||||||
Residential | — | — | 2 | 3,213 | ||||||||||||||||||||||||
Consumer | — | — | 1 | 476 | ||||||||||||||||||||||||
Total | 6 | $ | 3,634 | 15 | $ | 7,793 | ||||||||||||||||||||||
Of the six contracts that subsequently payment defaulted during the three month period ended March 31, 2015, three were still in payment default at March 31, 2015. | ||||||||||||||||||||||||||||
All TDRs are considered impaired and, therefore, are individually evaluated for impairment in the calculation of the ALL. Prior to their classification as TDRs, certain of these loans had been collectively evaluated for impairment in the calculation of the ALL. |
Foreclosed_Assets
Foreclosed Assets | 3 Months Ended |
Mar. 31, 2015 | |
Banking and Thrift [Abstract] | |
Foreclosed Assets | Foreclosed Assets |
Foreclosed assets are included in other assets on the Company's balance sheet and totaled $7.9 million as of March 31, 2015 and $7.7 million as of December 31, 2014. The carrying value of foreclosed residential real estate included within foreclosed assets totaled $618,000 as of March 31, 2015 and $295,000 as of December 31, 2014. | |
Included within loans receivable as of March 31, 2015 was a recorded investment of $1.7 million of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process according to local requirements of the applicable jurisdiction. |
Loan_Commitments_and_Standby_L
Loan Commitments and Standby Letters of Credit | 3 Months Ended |
Mar. 31, 2015 | |
Guarantees [Abstract] | |
Loan Commitments and Standby Letters of Credit | Loan Commitments and Standby Letters of Credit |
Loan commitments are made to accommodate the financial needs of the Bank's customers. Standby letters of credit commit the Bank to make payments on behalf of customers when certain specified future events occur. They primarily are issued to facilitate a customers' normal course of business transactions. Standby performance letters of credit are written conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. | |
The credit risk associated with letters of credit is essentially the same as that of traditional loan facilities and are subject to the Bank's standard underwriting and in accordance with its credit policy. Letters of credit generally have fixed expiration dates or other termination clauses. Management generally believes that the proceeds obtained through a liquidation of collateral, the enforcement of guarantees and normal collection activities against the borrower would be sufficient to cover the potential amount of future payment required under the corresponding letters of credit. Historically, almost all of the Company's standby letters of credit have expired unfunded. Since the majority of the commitments are expected to expire without being drawn upon, the total commitment amount does not necessarily represent future funding requirements. | |
The Company had $34.7 million and $34.6 million of standby letters of credit at March 31, 2015 and December 31, 2014, respectively. The Bank does not issue any guarantees that would require liability recognition or disclosure, other than standby letters of credit. At March 31, 2015, there was $1.0 million within other liabilities on the Company's balance sheet for guarantees under standby letters of credit. This liability relates to the possibility that the Company may be required to perform under one specific unsecured standby letter of credit. On March 27, 2015, the Company was notified of a planned intention to draw on this standby letter of credit unless an alternative financing was arranged. The Company determined the alternative financing to be undesirable compared to performing under the standby letter of credit and reserved for this contingency. The corresponding expense is included in loan expense in the Company's Statement of Income for the three months ended March 31, 2015. At December 31, 2014, there was no liability recorded for guarantees under standby letters of credit. | |
In addition to standby letters of credit, in the normal course of business there are unadvanced loan commitments. The Company had $629.4 million and $637.1 million in total unused commitments, including the standby letters of credit, at March 31, 2015 and December 31, 2014, respectively. Management does not anticipate any additional material losses as a result of these transactions. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
The Company is subject to certain routine legal proceedings and claims arising in the ordinary course of business. It is management's opinion that the ultimate resolution of these claims will not have a material adverse effect on the Company's financial position and results of operations. | |
Future Facilities | |
The Company has entered into a land lease for the premises located at the corner of Airport Rd & Rt. 501 (Lititz Pike), Manheim Township, Lancaster County, Pennsylvania. The Company plans to construct a full-service store on this property to be opened in the future. The 20-year lease term commences after all required regulatory approvals have been obtained. | |
The Company owns land at 105 N. George Street, York City, York County, Pennsylvania. The Company plans to construct a full-service store on this property to be opened in the future. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||
The Company uses its best judgment in estimating the fair value of its financial instruments and certain nonfinancial assets; however, there are inherent weaknesses in any estimation technique due to assumptions that are susceptible to significant change. Therefore, for substantially all financial instruments and certain nonfinancial assets, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sale transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective period-ends and have not been reevaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments and certain nonfinancial assets subsequent to the respective reporting dates may be different than the amounts reported at each period-end. | ||||||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses the following fair value hierarchy in selecting inputs with the highest priority given to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements): | ||||||||||||||||
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | ||||||||||||||||
Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability; | ||||||||||||||||
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). | ||||||||||||||||
As required, financial and certain nonfinancial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table sets forth the Company's financial assets that were measured at fair value on a recurring basis by level within the fair value hierarchy: | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Description | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
(in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
March 31, 2015 | ||||||||||||||||
U.S. Government agency securities | $ | 33,541 | $ | — | $ | 33,541 | $ | — | ||||||||
Residential MBSs | 58,729 | — | 58,729 | — | ||||||||||||
Agency CMOs | 363,519 | — | 363,519 | — | ||||||||||||
Municipal securities | 30,236 | — | 30,236 | — | ||||||||||||
Securities available for sale | $ | 486,025 | $ | — | $ | 486,025 | $ | — | ||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Description | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
(in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
December 31, 2014 | ||||||||||||||||
U.S. Government agency securities | $ | 32,788 | $ | — | $ | 32,788 | $ | — | ||||||||
Residential MBSs | 60,149 | — | 60,149 | — | ||||||||||||
Agency CMOs | 405,009 | — | 405,009 | — | ||||||||||||
Municipal securities | 30,092 | — | 30,092 | — | ||||||||||||
Securities available for sale | $ | 528,038 | $ | — | $ | 528,038 | $ | — | ||||||||
As of March 31, 2015 and December 31, 2014, the Company did not have any liabilities that were measured at fair value on a recurring basis. | ||||||||||||||||
Impaired Loans (Generally Carried at Fair Value) | ||||||||||||||||
Impaired loans that are measured at fair value on a nonrecurring basis include collateral dependent loans for which an impairment has been recorded by the Company based on the fair value of the loan's collateral, net of expected selling costs. Fair value is generally determined based upon independent third party appraisals or valuations of the collateral properties. The discount rates used on collateral dependent loans vary based on the type of collateral. The range of discount rates used for real estate collateral ranged from 10% to 30% at March 31, 2015 as compared to 10% to 35% at December 31, 2014; the weighted-average rate was 19% as of March 31, 2015 as compared to 20% at December 31, 2014. Inventory is generally discounted at 50%, equipment is generally discounted by 30% to 50% and accounts receivable are generally discounted by 20%. These assets are included as Level 3 fair values, based upon the lowest level of unobservable input that is significant to the fair value measurements. The fair value consists of the loan balance less any valuation allowance. The valuation allowance amount is calculated as the difference between the recorded investment in a loan and the discounted collateral value. | ||||||||||||||||
At March 31, 2015, the cumulative fair value of 12 impaired collateral-dependent loans with individual allowance allocations totaled $7.2 million, net of valuation allowances of $5.7 million, and the fair value of impaired loans that were partially charged off during the first three months of 2015 totaled $244,000 at March 31, 2015, net of charge-offs of $119,000. At December 31, 2014, the cumulative fair value of nine impaired loans with individual allowance allocations totaled $3.9 million, net of valuation allowances of $5.6 million, and the fair value of impaired collateral dependent loans that were partially charged off during 2014 totaled $5.3 million at December 31, 2014, net of charge-offs of $2.4 million. The Company's impaired loans are more fully discussed in Note 4. | ||||||||||||||||
Foreclosed Assets (Carried at Lower of Cost or Fair Value) | ||||||||||||||||
The fair value of real estate acquired through foreclosure is based on independent third party appraisals of the properties, less estimated selling costs. A standard discount rate of 15%, to cover estimated costs to sell the property, is generally used on the most recent appraisal to determine the fair value of the real estate. These assets are included as Level 3 fair values, based upon the lowest level of unobservable input that is significant to the fair value measurements. At March 31, 2015 and December 31, 2014, there were no foreclosed assets with a valuation allowance recorded subsequent to initial foreclosure. | ||||||||||||||||
The determination of the fair value of assets measured on a nonrecurring basis is sensitive to changes in economic conditions and can fluctuate in a relatively short period of time. For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used were as follows: | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Description | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
(in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
March 31, 2015 | ||||||||||||||||
Impaired collateral dependent loans with specific allocations | $ | 7,168 | $ | — | $ | — | $ | 7,168 | ||||||||
Impaired collateral dependent loans net of partial charge-offs | 244 | — | — | 244 | ||||||||||||
Total | $ | 7,412 | $ | — | $ | — | $ | 7,412 | ||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Description | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
(in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
December 31, 2014 | ||||||||||||||||
Impaired collateral dependent loans with specific allocations | $ | 3,882 | $ | — | $ | — | $ | 3,882 | ||||||||
Impaired collateral dependent loans net of partial charge-offs | 5,263 | — | — | 5,263 | ||||||||||||
Total | $ | 9,145 | $ | — | $ | — | $ | 9,145 | ||||||||
The Company's policy is to recognize transfers between levels as of the beginning of the period. There were no transfers between Levels 1 and 2 or between Levels 2 and 3 for the three months ended March 31, 2015. | ||||||||||||||||
The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company's assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company's disclosures and those of other companies may not be meaningful. The following valuation techniques were used to estimate the fair values of the Company's financial instruments at March 31, 2015 and December 31, 2014: | ||||||||||||||||
Cash and Cash Equivalents (Carried at Cost) | ||||||||||||||||
Cash and cash equivalents include cash and balances due from banks, all of which have original maturities of 90 days or less. The carrying amounts reported in the balance sheet for cash and short-term instruments approximate those assets' fair values. | ||||||||||||||||
Securities | ||||||||||||||||
The fair value of securities available for sale (carried at fair value) and held to maturity (carried at amortized cost) are determined by matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities' relationship to other benchmark prices. In determining fair market values for its portfolio holdings, the Company receives information from a third party provider which management evaluates and corroborates. Under the current guidance, these values are considered Level 2 inputs, based upon mathematically derived matrix pricing and observed data from similar assets. They are not Level 1 direct quotes, nor do they reflect Level 3 inputs that would be derived from internal analysis or judgment. As the Company does not manage a trading portfolio and typically only sells from its AFS portfolio in order to manage interest rate risk or credit exposure, direct quotes, or street bids, are warranted on an as-needed basis only. | ||||||||||||||||
Loans Held for Sale (Carried at Lower of Cost or Fair Value) | ||||||||||||||||
The fair value of loans held for sale is determined, when possible, using quoted secondary-market prices. If no such quoted prices exist, the fair value of a loan is determined using quoted prices for a similar loan or loans, adjusted for the specific attributes of that loan. Loans held for sale at March 31, 2015 and December 31, 2014 did not have any write-downs to fair value and were carried at cost. | ||||||||||||||||
Loans Receivable (Carried at Cost) | ||||||||||||||||
The fair value of loans receivable, excluding all nonaccrual loans and accruing loans deemed impaired loans with specific loan allowances, are estimated using a discounted cash flow analysis, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the respective loans. Projected future cash flows are calculated based upon contractual maturity, projected repayments and prepayments of principal. Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. | ||||||||||||||||
Restricted Investments in Bank Stock (Carried at Cost) | ||||||||||||||||
The carrying amount of restricted investments in bank stock approximates fair value and considers the limited marketability of such securities. The restricted investments in bank stock consisted of FHLB and Atlantic Community Bankers Bank (ACBB) stock at March 31, 2015 and December 31, 2014. | ||||||||||||||||
Accrued Interest Receivable and Payable (Carried at Cost) | ||||||||||||||||
The carrying amount of accrued interest receivable and accrued interest payable approximates its fair value. | ||||||||||||||||
Deposit Liabilities (Carried at Cost) | ||||||||||||||||
The fair values disclosed for demand deposits (e.g., interest and noninterest-bearing checking) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The fair value of savings and money market accounts are reported based on the carrying amount. Fair values for fixed-rate certificates of deposits (CDs) are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits. | ||||||||||||||||
Short-Term Borrowings (Carried at Cost) | ||||||||||||||||
The carrying amounts of short-term borrowings approximate their fair values. | ||||||||||||||||
Long-Term Debt (Carried at Cost) | ||||||||||||||||
The fair value of long-term debt was estimated using a discounted cash flow analysis, based on quoted prices from a third party broker for new debt with similar characteristics, terms and remaining maturity. | ||||||||||||||||
Off-Balance Sheet Financial Instruments (Disclosed at Cost) | ||||||||||||||||
Fair values for the Company's off-balance sheet financial instruments (lending commitments and letters of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account, the remaining terms of the agreements and the counterparties' credit standing. | ||||||||||||||||
The estimated fair values of the Company's financial instruments were as follows: | ||||||||||||||||
Fair Value Measurements at March 31, 2015 | ||||||||||||||||
Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
(in thousands) | Carrying | Fair | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Amount | Value | |||||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 58,398 | $ | 58,398 | $ | 58,398 | $ | — | $ | — | ||||||
Securities | 809,107 | 809,081 | — | 809,081 | — | |||||||||||
Loans, held for sale | 5,613 | 5,628 | — | — | 5,628 | |||||||||||
Loans receivable, net | 1,977,955 | 1,985,025 | — | — | 1,985,025 | |||||||||||
Restricted investments in bank stock | 16,021 | 16,021 | — | — | 16,021 | |||||||||||
Accrued interest receivable | 7,644 | 7,644 | 7,644 | — | — | |||||||||||
Financial liabilities: | ||||||||||||||||
Deposits | $ | 2,411,519 | $ | 2,413,948 | $ | — | $ | — | $ | 2,413,948 | ||||||
Short-term borrowings | 246,986 | 246,986 | 246,986 | — | — | |||||||||||
Long-term debt | 25,000 | 24,909 | — | — | 24,909 | |||||||||||
Accrued interest payable | 425 | 425 | 425 | — | — | |||||||||||
Off-balance sheet instruments: | ||||||||||||||||
Standby letters of credit | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||
Commitments to extend credit | — | — | — | — | — | |||||||||||
Fair Value Measurements at December 31, 2014 | ||||||||||||||||
Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
(in thousands) | Carrying | Fair | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Amount | Value | |||||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 42,832 | $ | 42,832 | $ | 42,832 | $ | — | $ | — | ||||||
Securities | 853,032 | 847,961 | — | 847,961 | — | |||||||||||
Loans, held for sale | 4,996 | 5,037 | — | — | 5,037 | |||||||||||
Loans receivable, net | 1,973,536 | 1,980,846 | — | — | 1,980,846 | |||||||||||
Restricted investments in bank stock | 15,223 | 15,223 | — | — | 15,223 | |||||||||||
Accrued interest receivable | 7,349 | 7,349 | 7,349 | — | — | |||||||||||
Financial liabilities: | ||||||||||||||||
Deposits | $ | 2,380,672 | $ | 2,383,085 | $ | — | $ | — | $ | 2,383,085 | ||||||
Short-term borrowings | 333,475 | 333,475 | 333,475 | — | — | |||||||||||
Accrued interest payable | 325 | 325 | 325 | — | — | |||||||||||
Off-balance sheet instruments: | ||||||||||||||||
Standby letters of credit | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||
Commitments to extend credit | — | — | — | — | — | |||||||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The tax provision for federal income taxes was $2.5 million for the first quarter of 2015, compared to $1.8 million for the same period in 2014. The effective tax rate was 31% for the quarter ended March 31, 2015 compared to 27% for the quarter ended March 31, 2014. The effective tax rate increased in the first three months of 2015 primarily due to the smaller proportion of tax-free interest income to the Company's total pretax net income. |
Longterm_Debt
Long-term Debt | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Debt Disclosure [Abstract] | |||||
Long-term Debt | Long-term Debt | ||||
In the first quarter of 2015, the Company borrowed a total of $25.0 million from FHLB long-term fixed-rate advances, composed of three separate advances that are presented in the table that follows. | |||||
Amount | Interest Rate | Maturity Date | |||
$ | 10,000,000 | 1.11% | 12-Jan-18 | ||
$ | 10,000,000 | 1.39% | 15-Jan-19 | ||
$ | 5,000,000 | 1.62% | 15-Jan-20 | ||
Interest is payable quarterly on all long-term advances. |
Stockholders_Equity_Stockholde
Stockholders' Equity Stockholders' Equity | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity |
Shareholder Protection Rights Agreement (Rights Agreement) | |
On February 17, 2015, the board of directors adopted a Rights Agreement and declared a dividend of one Right on each outstanding share of the Company’s common stock. The record date to determine shareholders entitled to receive the Rights was February 27, 2015. The Rights Agreement will expire on February 17, 2016. | |
Until the earlier of (i) the Company’s announcing that a person or group (an Acquiring Person) has acquired 15% or more of its common stock (the Flip-in Date) and (ii) the tenth business day after any person or group commences a tender offer that will result in such person or group owning 15% or more of the Company’s common stock, the Rights will be evidenced by the common stock certificates, will automatically trade with the common stock and will not be exercisable. Thereafter, separate Rights certificates will be distributed and each Right will entitle its holder to purchase fractions of participating preferred stock having economic and voting terms similar to those of one share of common stock for an exercise price of $100.00. | |
Upon the occurrence of the Flip-in Date, each Right (other than Rights beneficially owned by any Acquiring Person or transferees thereof, which Rights become void) will be exchanged for one share of the Company’s common stock, unless the board of directors determines otherwise or any person owns more than 50% of the Company’s common stock. If the board of directors determines not to effect the exchange, each Right (other than the voided ones) will entitle its holder to purchase, for the exercise price, a number of shares of the Company’s common stock having a market value of twice the exercise price. Also, if after an Acquiring Person controls the board of directors or is the owner of 50% or more of the Company’s common stock, the Company is involved in a merger or sells more than 50% of its assets or earning power and, in the case of a merger, the Acquiring Person will receive different treatment than all other shareholders or the transaction is with the Acquiring Person, each Right will entitle its holder to purchase, for the exercise price, a number of shares of common stock of the Acquiring Person having a market value of twice the exercise price. | |
The Rights may generally be redeemed by the board of directors for $0.001 per Right prior to the Flip-in Date. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidated Financial Statements | Consolidated Financial Statements |
The consolidated balance sheet at December 31, 2014 has been derived from audited consolidated financial statements and the consolidated interim financial statements included herein have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such rules and regulations. These consolidated financial statements were prepared in accordance with GAAP for interim financial statements and with instructions for Form 10-Q and Regulation S-X Section 210.10-01. Further information on Metro Bancorp, Inc.'s (Metro or the Company) accounting policies are available in Note 1 (Significant Accounting Policies) of the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. The accompanying consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented. Such adjustments are of a normal, recurring nature. | |
These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. Events occurring subsequent to the balance sheet date through the date of issuance have been evaluated for potential recognition or disclosure in the consolidated financial statements. The results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. | |
The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries including Metro Bank (the Bank). All material intercompany transactions have been eliminated. | |
Use of Estimates | Use of Estimates |
The consolidated financial statements are prepared in conformity with GAAP. Accounting principles generally accepted in the United States of America require management to make estimates and assumptions that affect reported amounts of assets and liabilities and require disclosure of contingent assets and liabilities. In the opinion of management, all adjustments considered necessary for fair presentation have been included and are of a normal, recurring nature. Actual results could differ from these estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses (allowance or ALL), impaired loans, the valuation of foreclosed assets, the valuation of securities available for sale, the valuation of deferred tax assets, the determination of other-than-temporary impairment (OTTI) on the Company's investment securities portfolio and other fair value measurements. | |
Recent Accounting Standards | Recent Accounting Standards |
In January 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure, which clarifies when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate property recognized. This guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company adopted this guidance on January 1, 2015 using a prospective transition method; it did not have a material impact on our consolidated financial statements. The guidance requires disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The Company has included these disclosures in Note 5 Foreclosed Assets. | |
On April 7, 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability instead of presented as a deferred charge. For public business entities, the standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The new guidance will be applied on a retrospective basis. We do not believe the adoption of this guidance will have a material impact on our consolidated financial statements. | |
On April 15, 2015, the FASB issued ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement, which provides guidance to customers about whether a cloud computing arrangement includes a software license that should be accounted for as internal-use software. Additionally, ASU 2015-05 supersedes the requirement in ASC 350-04 to determine the accounting for a software license by analogy to the lease classification test. The ASU 2015-05 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. Entities may adopt the guidance either (1) prospectively to arrangements entered into or materially modified after the effective date or (2) retrospectively. We are currently evaluating the impact ASU 2015-05 will have on our consolidated financial statements. | |
Reclassifications | Reclassifications |
Certain amounts in the 2014 financial statements have been reclassified to conform to the 2015 presentation format. Such reclassifications had no impact on the Company's net operations and stockholders' equity. |
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | The following table presents the number of options granted to purchase shares of the Company’s stock and the respective ranges of exercise prices per share and the weighted-average fair value of those granted options: | ||||||
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Options granted | 133,279 | 116,990 | |||||
Range of exercise prices, per share | $25.43 to $26.97 | $19.55 to $21.57 | |||||
Weighted-average fair value, per option | $ | 8.19 | $ | 7.72 | |||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of each option grant was established at the date of the grant using the Black-Scholes option pricing model, with the following assumptions: | ||||||
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
Weighted-average risk-free interest rate | 1.8 | % | 2 | % | |||
Expected dividend yield | 1.1 | % | — | % | |||
Weighted-average volatility of Company's common stock | 32.2 | % | 34 | % | |||
Weighted-average assumed forfeiture rate | 9 | % | 10.3 | % | |||
Weighted-average expected term of options, in years | 7.5 | 7.2 | |||||
Options vesting annually | 25 | % | 25 | % | |||
Schedule of Stock-based Compensation Expense and Related Tax Benefit | The following table details the Company's stock-based compensation expense and related tax benefit associated with this expense: | ||||||
Three Months Ended March 31, | |||||||
(in thousands) | 2015 | 2014 | |||||
Stock-based compensation expense | $ | 61 | $ | 51 | |||
Tax benefit associated with compensation expense | 64 | 44 | |||||
Securities_Tables
Securities (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||
Schedule of Available for Sale and Held to Maturity Securities Reconciliation | The amortized cost and fair value of securities are summarized in the following tables: | ||||||||||||||||||
March 31, 2015 | |||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||
Available for Sale: | |||||||||||||||||||
U.S. Government agency securities | $ | 33,996 | $ | — | $ | (455 | ) | $ | 33,541 | ||||||||||
Residential mortgage-backed securities | 58,453 | 498 | (222 | ) | 58,729 | ||||||||||||||
Agency collateralized mortgage obligations | 365,381 | 3,541 | (5,403 | ) | 363,519 | ||||||||||||||
Municipal securities | 29,988 | 330 | (82 | ) | 30,236 | ||||||||||||||
Total | $ | 487,818 | $ | 4,369 | $ | (6,162 | ) | $ | 486,025 | ||||||||||
Held to Maturity: | |||||||||||||||||||
U.S. Government agency securities | $ | 149,117 | $ | 321 | $ | (2,212 | ) | $ | 147,226 | ||||||||||
Residential mortgage-backed securities | 12,281 | 312 | — | 12,593 | |||||||||||||||
Agency collateralized mortgage obligations | 146,981 | 2,309 | (948 | ) | 148,342 | ||||||||||||||
Corporate debt securities | 5,000 | 41 | — | 5,041 | |||||||||||||||
Municipal securities | 9,703 | 151 | — | 9,854 | |||||||||||||||
Total | $ | 323,082 | $ | 3,134 | $ | (3,160 | ) | $ | 323,056 | ||||||||||
December 31, 2014 | |||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||
Available for Sale: | |||||||||||||||||||
U.S. Government agency securities | $ | 33,995 | $ | — | $ | (1,207 | ) | $ | 32,788 | ||||||||||
Residential mortgage-backed securities | 60,196 | 442 | (489 | ) | 60,149 | ||||||||||||||
Agency collateralized mortgage obligations | 409,823 | 2,250 | (7,064 | ) | 405,009 | ||||||||||||||
Municipal securities | 29,985 | 225 | (118 | ) | 30,092 | ||||||||||||||
Total | $ | 533,999 | $ | 2,917 | $ | (8,878 | ) | $ | 528,038 | ||||||||||
Held to Maturity: | |||||||||||||||||||
U.S. Government agency securities | $ | 149,112 | $ | — | $ | (4,658 | ) | $ | 144,454 | ||||||||||
Residential mortgage-backed securities | 14,226 | 480 | — | 14,706 | |||||||||||||||
Agency collateralized mortgage obligations | 146,952 | 649 | (1,711 | ) | 145,890 | ||||||||||||||
Corporate debt securities | 5,000 | 63 | — | 5,063 | |||||||||||||||
Municipal securities | 9,704 | 107 | (1 | ) | 9,810 | ||||||||||||||
Total | $ | 324,994 | $ | 1,299 | $ | (6,370 | ) | $ | 319,923 | ||||||||||
Amortized cost and fair value of debt securities by contractual maturity | The amortized cost and fair value of debt securities by contractual maturity at March 31, 2015 are shown in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations. | ||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||
(in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||
Due in one year or less | $ | — | $ | — | $ | 5,000 | $ | 5,041 | |||||||||||
Due after one year through five years | 6,741 | 6,790 | — | — | |||||||||||||||
Due after five years through ten years | 50,144 | 49,903 | 111,383 | 109,332 | |||||||||||||||
Due after ten years | 7,099 | 7,084 | 47,437 | 47,748 | |||||||||||||||
63,984 | 63,777 | 163,820 | 162,121 | ||||||||||||||||
Residential mortgage-backed securities | 58,453 | 58,729 | 12,281 | 12,593 | |||||||||||||||
Agency collateralized mortgage obligations | 365,381 | 363,519 | 146,981 | 148,342 | |||||||||||||||
Total | $ | 487,818 | $ | 486,025 | $ | 323,082 | $ | 323,056 | |||||||||||
Gains (Losses) on the sales or calls of debt securities and credit losses for OTTI of investments | The following table summarizes the Company's gross realized gains and losses on the sales or calls of AFS debt securities: | ||||||||||||||||||
(in thousands) | Gross Realized Gains | Gross Realized Losses | Net Gains | ||||||||||||||||
(Losses) | |||||||||||||||||||
Three Months Ended: | |||||||||||||||||||
March 31, 2015 | $ | 7 | $ | (173 | ) | $ | (166 | ) | |||||||||||
March 31, 2014 | — | — | — | ||||||||||||||||
Fair value and gross unrealized losses | The following table shows the fair value and gross unrealized losses associated with the Company's investment portfolio, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: | ||||||||||||||||||
March 31, 2015 | |||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||
(in thousands) | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||
Losses | Losses | Losses | |||||||||||||||||
Available for Sale: | |||||||||||||||||||
U.S. Government agency securities | $ | 24,566 | $ | (435 | ) | $ | 8,975 | $ | (20 | ) | $ | 33,541 | $ | (455 | ) | ||||
Residential mortgage-backed securities | 15,475 | (117 | ) | 8,841 | (105 | ) | 24,316 | (222 | ) | ||||||||||
Agency collateralized mortgage obligations | 45,320 | (881 | ) | 131,560 | (4,522 | ) | 176,880 | (5,403 | ) | ||||||||||
Municipal securities | 1,962 | (28 | ) | 2,316 | (54 | ) | 4,278 | (82 | ) | ||||||||||
Total | $ | 87,323 | $ | (1,461 | ) | $ | 151,692 | $ | (4,701 | ) | $ | 239,015 | $ | (6,162 | ) | ||||
Held to Maturity: | |||||||||||||||||||
U.S. Government agency securities | $ | 9,969 | $ | (19 | ) | $ | 100,751 | $ | (2,193 | ) | $ | 110,720 | $ | (2,212 | ) | ||||
Agency collateralized mortgage obligations | 17,271 | (10 | ) | 16,383 | (938 | ) | 33,654 | (948 | ) | ||||||||||
Total | $ | 27,240 | $ | (29 | ) | $ | 117,134 | $ | (3,131 | ) | $ | 144,374 | $ | (3,160 | ) | ||||
December 31, 2014 | |||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||
(in thousands) | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||
Losses | Losses | Losses | |||||||||||||||||
Available for Sale: | |||||||||||||||||||
U.S. Government agency securities | $ | — | $ | — | $ | 32,788 | $ | (1,207 | ) | $ | 32,788 | $ | (1,207 | ) | |||||
Residential mortgage-backed securities | — | — | 24,636 | (489 | ) | 24,636 | (489 | ) | |||||||||||
Agency collateralized mortgage obligations | 21,687 | (77 | ) | 212,908 | (6,987 | ) | 234,595 | (7,064 | ) | ||||||||||
Municipal securities | — | — | 5,021 | (118 | ) | 5,021 | (118 | ) | |||||||||||
Total | $ | 21,687 | $ | (77 | ) | $ | 275,353 | $ | (8,801 | ) | $ | 297,040 | $ | (8,878 | ) | ||||
Held to Maturity: | |||||||||||||||||||
U.S. Government agency securities | $ | — | $ | — | $ | 144,454 | $ | (4,658 | ) | $ | 144,454 | $ | (4,658 | ) | |||||
Agency collateralized mortgage obligations | 31,289 | (255 | ) | 27,282 | (1,456 | ) | 58,571 | (1,711 | ) | ||||||||||
Municipal securities | 1,013 | (1 | ) | — | — | 1,013 | (1 | ) | |||||||||||
Total | $ | 32,302 | $ | (256 | ) | $ | 171,736 | $ | (6,114 | ) | $ | 204,038 | $ | (6,370 | ) | ||||
Loans_Receivable_and_Allowance1
Loans Receivable and Allowance for Loan Losses (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||
Summary of Loans Receivable | A summary of the Bank's loans receivable is as follows: | |||||||||||||||||||||||||||
(in thousands) | March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||
Commercial and industrial | $ | 536,349 | $ | 525,127 | ||||||||||||||||||||||||
Commercial tax-exempt | 67,176 | 71,151 | ||||||||||||||||||||||||||
Owner occupied real estate | 311,259 | 332,070 | ||||||||||||||||||||||||||
Commercial construction and land development | 137,063 | 138,064 | ||||||||||||||||||||||||||
Commercial real estate | 607,400 | 594,276 | ||||||||||||||||||||||||||
Residential | 116,143 | 110,951 | ||||||||||||||||||||||||||
Consumer | 228,320 | 226,895 | ||||||||||||||||||||||||||
Gross loans receivable | 2,003,710 | 1,998,534 | ||||||||||||||||||||||||||
Less: allowance for loan losses | 25,755 | 24,998 | ||||||||||||||||||||||||||
Net loans receivable | $ | 1,977,955 | $ | 1,973,536 | ||||||||||||||||||||||||
Summary of Nonaccrual Loans, by Type | The following table summarizes nonaccrual loans by loan type: | |||||||||||||||||||||||||||
(in thousands) | March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||
Nonaccrual loans: | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 12,375 | $ | 11,634 | ||||||||||||||||||||||||
Commercial tax-exempt | — | — | ||||||||||||||||||||||||||
Owner occupied real estate | 6,210 | 7,416 | ||||||||||||||||||||||||||
Commercial construction and land development | 3,241 | 3,228 | ||||||||||||||||||||||||||
Commercial real estate | 6,362 | 5,824 | ||||||||||||||||||||||||||
Residential | 4,971 | 4,987 | ||||||||||||||||||||||||||
Consumer | 1,573 | 1,877 | ||||||||||||||||||||||||||
Total nonaccrual loans | $ | 34,732 | $ | 34,966 | ||||||||||||||||||||||||
Age Analysis of Past Due Loan Receivables | The following tables present an aging analysis of loans receivable: | |||||||||||||||||||||||||||
Past Due Loans | Recorded Investment in Loans 90 Days and Greater and Still Accruing | |||||||||||||||||||||||||||
(in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days Past Due and Greater | Total Past Due | Total Loans Receivable | ||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 527,272 | $ | 2,897 | $ | 1,212 | $ | 4,968 | $ | 9,077 | $ | 536,349 | $ | — | ||||||||||||||
Commercial tax-exempt | 67,176 | — | — | — | — | 67,176 | — | |||||||||||||||||||||
Owner occupied real estate | 299,018 | 2,504 | 5,024 | 4,713 | 12,241 | 311,259 | — | |||||||||||||||||||||
Commercial construction and | 136,468 | 236 | 328 | 31 | 595 | 137,063 | — | |||||||||||||||||||||
land development | ||||||||||||||||||||||||||||
Commercial real estate | 600,420 | 3,463 | 1,160 | 2,357 | 6,980 | 607,400 | — | |||||||||||||||||||||
Residential | 106,939 | 6,410 | 151 | 2,643 | 9,204 | 116,143 | — | |||||||||||||||||||||
Consumer | 222,739 | 4,097 | 201 | 1,283 | 5,581 | 228,320 | — | |||||||||||||||||||||
Total | $ | 1,960,032 | $ | 19,607 | $ | 8,076 | $ | 15,995 | $ | 43,678 | $ | 2,003,710 | $ | — | ||||||||||||||
Past Due Loans | Recorded Investment in Loans 90 Days and Greater and Still Accruing | |||||||||||||||||||||||||||
(in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days Past Due and Greater | Total Past Due | Total Loans Receivable | ||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 514,428 | $ | 1,574 | $ | 3,398 | $ | 5,727 | $ | 10,699 | $ | 525,127 | $ | — | ||||||||||||||
Commercial tax-exempt | 71,151 | — | — | — | — | 71,151 | — | |||||||||||||||||||||
Owner occupied real estate | 325,681 | 606 | 44 | 5,739 | 6,389 | 332,070 | 445 | |||||||||||||||||||||
Commercial construction and | 137,263 | 611 | 190 | — | 801 | 138,064 | — | |||||||||||||||||||||
land development | ||||||||||||||||||||||||||||
Commercial real estate | 591,383 | 1,104 | 175 | 1,614 | 2,893 | 594,276 | — | |||||||||||||||||||||
Residential | 101,233 | 5,067 | 1,900 | 2,751 | 9,718 | 110,951 | — | |||||||||||||||||||||
Consumer | 222,767 | 2,650 | 437 | 1,041 | 4,128 | 226,895 | — | |||||||||||||||||||||
Total | $ | 1,963,906 | $ | 11,612 | $ | 6,144 | $ | 16,872 | $ | 34,628 | $ | 1,998,534 | $ | 445 | ||||||||||||||
Summary of Allowances on Loan Receivables, by Class | The following tables summarize the transactions in the ALL: | |||||||||||||||||||||||||||
(in thousands) | Comm. and industrial | Comm. tax-exempt | Owner occupied real estate | Comm. construction and land development | Comm. real estate | Residen-tial | Consumer | Unallo-cated | Total | |||||||||||||||||||
2015 | ||||||||||||||||||||||||||||
Balance at January 1 | $ | 11,714 | $ | 55 | $ | 1,931 | $ | 4,242 | $ | 4,707 | $ | 796 | $ | 931 | $ | 622 | $ | 24,998 | ||||||||||
Provision charged to operating expenses | 530 | (3 | ) | 66 | 285 | 688 | 20 | (57 | ) | (29 | ) | 1,500 | ||||||||||||||||
Recoveries of loans previously charged-off | 54 | — | — | 2 | 7 | 1 | 12 | — | 76 | |||||||||||||||||||
Loans charged-off | (279 | ) | — | (53 | ) | — | (457 | ) | (14 | ) | (16 | ) | — | (819 | ) | |||||||||||||
Balance at March 31 | $ | 12,019 | $ | 52 | $ | 1,944 | $ | 4,529 | $ | 4,945 | $ | 803 | $ | 870 | $ | 593 | $ | 25,755 | ||||||||||
(in thousands) | Comm. and industrial | Comm. tax-exempt | Owner occupied real estate | Comm. construction and land development | Comm. real estate | Residen-tial | Consumer | Unallo-cated | Total | |||||||||||||||||||
2014 | ||||||||||||||||||||||||||||
Balance at January 1 | $ | 8,178 | $ | 72 | $ | 2,180 | $ | 5,559 | $ | 4,161 | $ | 960 | $ | 1,303 | $ | 697 | $ | 23,110 | ||||||||||
Provision charged to operating expenses | (915 | ) | (4 | ) | (162 | ) | 195 | 1,122 | 346 | 133 | 185 | 900 | ||||||||||||||||
Recoveries of loans previously charged-off | 1,005 | — | 243 | 100 | 73 | — | 23 | — | 1,444 | |||||||||||||||||||
Loans charged-off | (354 | ) | — | (25 | ) | (12 | ) | (716 | ) | (283 | ) | (130 | ) | — | (1,520 | ) | ||||||||||||
Balance at March 31 | $ | 7,914 | $ | 68 | $ | 2,236 | $ | 5,842 | $ | 4,640 | $ | 1,023 | $ | 1,329 | $ | 882 | $ | 23,934 | ||||||||||
A summary of the ALL and balance of loans receivable by loan class and by impairment method is presented in the tables that follow: | ||||||||||||||||||||||||||||
(in thousands) | Comm. and industrial | Comm. tax-exempt | Owner occupied real estate | Comm. construction and land development | Comm. real estate | Residen-tial | Con- | Unallo-cated | Total | |||||||||||||||||||
sumer | ||||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||
Individually evaluated | $ | 4,365 | $ | — | $ | 1,355 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,720 | ||||||||||
for impairment | ||||||||||||||||||||||||||||
Collectively evaluated | 7,654 | 52 | 589 | 4,529 | 4,945 | 803 | 870 | 593 | 20,035 | |||||||||||||||||||
for impairment | ||||||||||||||||||||||||||||
Total ALL | $ | 12,019 | $ | 52 | $ | 1,944 | $ | 4,529 | $ | 4,945 | $ | 803 | $ | 870 | $ | 593 | $ | 25,755 | ||||||||||
Loans receivable: | ||||||||||||||||||||||||||||
Loans evaluated | $ | 17,722 | $ | — | $ | 6,249 | $ | 3,670 | $ | 10,504 | $ | 5,639 | $ | 2,229 | $ | — | $ | 46,013 | ||||||||||
individually | ||||||||||||||||||||||||||||
Loans evaluated | 518,627 | 67,176 | 305,010 | 133,393 | 596,896 | 110,504 | 226,091 | — | 1,957,697 | |||||||||||||||||||
collectively | ||||||||||||||||||||||||||||
Total loans receivable | $ | 536,349 | $ | 67,176 | $ | 311,259 | $ | 137,063 | $ | 607,400 | $ | 116,143 | $ | 228,320 | $ | — | $ | 2,003,710 | ||||||||||
(in thousands) | Comm. and industrial | Comm. tax-exempt | Owner occupied real estate | Comm. construction and land development | Comm. real estate | Residen-tial | Con- | Unallo-cated | Total | |||||||||||||||||||
sumer | ||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||
Individually evaluated | $ | 4,401 | $ | — | $ | 1,242 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,643 | ||||||||||
for impairment | ||||||||||||||||||||||||||||
Collectively evaluated | 7,313 | 55 | 689 | 4,242 | 4,707 | 796 | 931 | 622 | 19,355 | |||||||||||||||||||
for impairment | ||||||||||||||||||||||||||||
Total ALL | $ | 11,714 | $ | 55 | $ | 1,931 | $ | 4,242 | $ | 4,707 | $ | 796 | $ | 931 | $ | 622 | $ | 24,998 | ||||||||||
Loans receivable: | ||||||||||||||||||||||||||||
Loans evaluated | $ | 16,982 | $ | — | $ | 7,464 | $ | 3,810 | $ | 9,976 | $ | 5,657 | $ | 2,433 | $ | — | $ | 46,322 | ||||||||||
individually | ||||||||||||||||||||||||||||
Loans evaluated | 508,145 | 71,151 | 324,606 | 134,254 | 584,300 | 105,294 | 224,462 | — | 1,952,212 | |||||||||||||||||||
collectively | ||||||||||||||||||||||||||||
Total loans receivable | $ | 525,127 | $ | 71,151 | $ | 332,070 | $ | 138,064 | $ | 594,276 | $ | 110,951 | $ | 226,895 | $ | — | $ | 1,998,534 | ||||||||||
Schedule of Impaired Loan Receivables | The following table presents information regarding the Company's impaired loans. The recorded investment represents the contractual obligation less any charged off principal. | |||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||||
(in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | Related Allowance | ||||||||||||||||||||||
Impaired loans with no related allowance: | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 7,601 | $ | 8,343 | $ | — | $ | 8,766 | $ | 9,437 | $ | — | ||||||||||||||||
Commercial tax-exempt | — | — | — | — | — | — | ||||||||||||||||||||||
Owner occupied real estate | 3,482 | 3,935 | — | 6,155 | 6,636 | — | ||||||||||||||||||||||
Commercial construction and land | 3,670 | 3,670 | — | 3,810 | 3,810 | — | ||||||||||||||||||||||
development | ||||||||||||||||||||||||||||
Commercial real estate | 10,504 | 10,567 | — | 9,976 | 10,097 | — | ||||||||||||||||||||||
Residential | 5,639 | 6,953 | — | 5,657 | 7,011 | — | ||||||||||||||||||||||
Consumer | 2,229 | 2,384 | — | 2,433 | 2,686 | — | ||||||||||||||||||||||
Total impaired loans with no related | 33,125 | 35,852 | — | 36,797 | 39,677 | — | ||||||||||||||||||||||
allowance | ||||||||||||||||||||||||||||
Impaired loans with an allowance recorded: | ||||||||||||||||||||||||||||
Commercial and industrial | 10,121 | 10,121 | 4,365 | 8,216 | 8,216 | 4,401 | ||||||||||||||||||||||
Owner occupied real estate | 2,767 | 2,767 | 1,355 | 1,309 | 1,309 | 1,242 | ||||||||||||||||||||||
Total impaired loans with an | 12,888 | 12,888 | 5,720 | 9,525 | 9,525 | 5,643 | ||||||||||||||||||||||
allowance recorded | ||||||||||||||||||||||||||||
Total impaired loans: | ||||||||||||||||||||||||||||
Commercial and industrial | 17,722 | 18,464 | 4,365 | 16,982 | 17,653 | 4,401 | ||||||||||||||||||||||
Commercial tax-exempt | — | — | — | — | — | — | ||||||||||||||||||||||
Owner occupied real estate | 6,249 | 6,702 | 1,355 | 7,464 | 7,945 | 1,242 | ||||||||||||||||||||||
Commercial construction and land | 3,670 | 3,670 | — | 3,810 | 3,810 | — | ||||||||||||||||||||||
development | ||||||||||||||||||||||||||||
Commercial real estate | 10,504 | 10,567 | — | 9,976 | 10,097 | — | ||||||||||||||||||||||
Residential | 5,639 | 6,953 | — | 5,657 | 7,011 | — | ||||||||||||||||||||||
Consumer | 2,229 | 2,384 | — | 2,433 | 2,686 | — | ||||||||||||||||||||||
Total impaired loans | $ | 46,013 | $ | 48,740 | $ | 5,720 | $ | 46,322 | $ | 49,202 | $ | 5,643 | ||||||||||||||||
The following table presents additional information regarding the Company's impaired loans for the three months ended: | ||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||||||||||||||
(in thousands) | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||||
Impaired loans with no related allowance: | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 8,849 | $ | 70 | $ | 7,890 | $ | 40 | ||||||||||||||||||||
Commercial tax-exempt | — | — | — | — | ||||||||||||||||||||||||
Owner occupied real estate | 5,459 | — | 4,786 | 10 | ||||||||||||||||||||||||
Commercial construction and | 3,679 | 6 | 8,241 | 17 | ||||||||||||||||||||||||
land development | ||||||||||||||||||||||||||||
Commercial real estate | 10,662 | 39 | 10,770 | 48 | ||||||||||||||||||||||||
Residential | 5,669 | 8 | 4,488 | 13 | ||||||||||||||||||||||||
Consumer | 2,337 | 7 | 2,635 | 7 | ||||||||||||||||||||||||
Total impaired loans with no | 36,655 | 130 | 38,810 | 135 | ||||||||||||||||||||||||
related allowance | ||||||||||||||||||||||||||||
Impaired loans with an allowance recorded: | ||||||||||||||||||||||||||||
Commercial and industrial | 8,572 | — | 3,246 | — | ||||||||||||||||||||||||
Owner occupied real estate | 1,787 | — | 1,686 | — | ||||||||||||||||||||||||
Commercial construction and | — | — | 3,477 | — | ||||||||||||||||||||||||
land development | ||||||||||||||||||||||||||||
Residential | — | — | 3,079 | — | ||||||||||||||||||||||||
Consumer | — | — | 476 | — | ||||||||||||||||||||||||
Total impaired loans with an | 10,359 | — | 11,964 | — | ||||||||||||||||||||||||
allowance recorded | ||||||||||||||||||||||||||||
Total impaired loans: | ||||||||||||||||||||||||||||
Commercial and industrial | 17,421 | 70 | 11,136 | 40 | ||||||||||||||||||||||||
Commercial tax-exempt | — | — | — | — | ||||||||||||||||||||||||
Owner occupied real estate | 7,246 | — | 6,472 | 10 | ||||||||||||||||||||||||
Commercial construction and | 3,679 | 6 | 11,718 | 17 | ||||||||||||||||||||||||
land development | ||||||||||||||||||||||||||||
Commercial real estate | 10,662 | 39 | 10,770 | 48 | ||||||||||||||||||||||||
Residential | 5,669 | 8 | 7,567 | 13 | ||||||||||||||||||||||||
Consumer | 2,337 | 7 | 3,111 | 7 | ||||||||||||||||||||||||
Total impaired loans | $ | 47,014 | $ | 130 | $ | 50,774 | $ | 135 | ||||||||||||||||||||
Credit Quality Indicators for Loans, by Loan Type | Credit quality indicators for commercial loans broken out by loan type at period end are presented in the following tables. There were no loans classified as doubtful for the periods ended March 31, 2015 or December 31, 2014. | |||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||
(in thousands) | Pass | Special Mention | Substandard Accrual | Substandard Nonaccrual | Total | |||||||||||||||||||||||
Commercial credit exposure: | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 488,040 | $ | 17,454 | $ | 18,480 | $ | 12,375 | $ | 536,349 | ||||||||||||||||||
Commercial tax-exempt | 67,176 | — | — | — | 67,176 | |||||||||||||||||||||||
Owner occupied real estate | 293,499 | 4,238 | 7,312 | 6,210 | 311,259 | |||||||||||||||||||||||
Commercial construction and land development | 133,494 | 187 | 141 | 3,241 | 137,063 | |||||||||||||||||||||||
Commercial real estate | 596,528 | 2,766 | 1,744 | 6,362 | 607,400 | |||||||||||||||||||||||
Total | $ | 1,578,737 | $ | 24,645 | $ | 27,677 | $ | 28,188 | $ | 1,659,247 | ||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Pass | Special Mention | Substandard Accrual | Substandard Nonaccrual | Total | |||||||||||||||||||||||
Commercial credit exposure: | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 473,984 | $ | 20,785 | $ | 18,724 | $ | 11,634 | $ | 525,127 | ||||||||||||||||||
Commercial tax-exempt | 71,151 | — | — | — | 71,151 | |||||||||||||||||||||||
Owner occupied real estate | 311,668 | 4,268 | 8,718 | 7,416 | 332,070 | |||||||||||||||||||||||
Commercial construction and land development | 133,033 | 190 | 1,613 | 3,228 | 138,064 | |||||||||||||||||||||||
Commercial real estate | 584,239 | 1,584 | 2,629 | 5,824 | 594,276 | |||||||||||||||||||||||
Total | $ | 1,574,075 | $ | 26,827 | $ | 31,684 | $ | 28,102 | $ | 1,660,688 | ||||||||||||||||||
Consumer loan credit exposures are rated either performing or nonperforming as detailed below at March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||
(in thousands) | Performing | Nonperforming | Total | |||||||||||||||||||||||||
Consumer credit exposure: | ||||||||||||||||||||||||||||
Residential | $ | 111,172 | $ | 4,971 | $ | 116,143 | ||||||||||||||||||||||
Consumer | 226,747 | 1,573 | 228,320 | |||||||||||||||||||||||||
Total | $ | 337,919 | $ | 6,544 | $ | 344,463 | ||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Performing | Nonperforming | Total | |||||||||||||||||||||||||
Consumer credit exposure: | ||||||||||||||||||||||||||||
Residential | $ | 105,964 | $ | 4,987 | $ | 110,951 | ||||||||||||||||||||||
Consumer | 225,018 | 1,877 | 226,895 | |||||||||||||||||||||||||
Total | $ | 330,982 | $ | 6,864 | $ | 337,846 | ||||||||||||||||||||||
Troubled Debt Restructurings on Loan Receivables, by Concession Type | The following table presents the recorded investment at the time of restructure of new TDRs and their concession, modified during the three month periods ended March 31, 2015 and 2014. The recorded investment at the time of restructure was the same pre-modification and post-modification, therefore, there was no financial effect of the modification on the recorded investment. The loans included are considered TDRs as a result of the Bank implementing one or more of the following concessions: granting a material extension of time, entering into a forbearance agreement, adjusting the interest rate, accepting interest only payments for an extended period of time, a change in the amortization period or a combination of any of these concessions. | |||||||||||||||||||||||||||
New TDRs with Concession Type: | Three Months Ended | |||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||||||||||||||
(dollars in thousands) | Number of Contracts | Recorded Investment at Time of Restructure | Number of Contracts | Recorded Investment at Time of Restructure | ||||||||||||||||||||||||
Commercial and industrial: | ||||||||||||||||||||||||||||
Forbearance agreement | 1 | $ | 3,307 | — | $ | — | ||||||||||||||||||||||
Change in amortization period | — | — | 3 | 261 | ||||||||||||||||||||||||
Combination of concessions | — | — | 1 | 30 | ||||||||||||||||||||||||
Owner occupied real estate: | ||||||||||||||||||||||||||||
Change in amortization period | — | — | 1 | 128 | ||||||||||||||||||||||||
Commercial construction and land development: | ||||||||||||||||||||||||||||
Material extension of time | — | — | 1 | 242 | ||||||||||||||||||||||||
Change in amortization period | — | — | 1 | 214 | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||
Change in amortization period | — | — | 14 | 1,893 | ||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||
Interest rate adjustment | — | — | 1 | 143 | ||||||||||||||||||||||||
Total | 1 | $ | 3,307 | 22 | $ | 2,911 | ||||||||||||||||||||||
Loans Receivable Modified as Troubled Debt Restructurings, Previous 12 Months, Subsequently Defaulted | The following table represents loans receivable modified as TDRs within the 12 months previous to March 31, 2015 and 2014, respectively, and that subsequently defaulted during the three month periods ended March 31, 2015 and 2014, respectively. The Bank's policy is to consider a loan past due and in default if payment is not received on or before the due date. | |||||||||||||||||||||||||||
TDRs That Subsequently Payment Defaulted: | Three Months Ended | |||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||||||||||||||
(dollars in thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||||||||||||||
Commercial and industrial | — | $ | — | 7 | $ | 1,260 | ||||||||||||||||||||||
Owner occupied real estate | 2 | 731 | 3 | 914 | ||||||||||||||||||||||||
Commercial construction | 1 | 236 | 2 | 1,930 | ||||||||||||||||||||||||
and land development | ||||||||||||||||||||||||||||
Commercial real estate | 3 | 2,667 | — | — | ||||||||||||||||||||||||
Residential | — | — | 2 | 3,213 | ||||||||||||||||||||||||
Consumer | — | — | 1 | 476 | ||||||||||||||||||||||||
Total | 6 | $ | 3,634 | 15 | $ | 7,793 | ||||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Financial Assets Measured at Fair Value on Recurring Basis | The following table sets forth the Company's financial assets that were measured at fair value on a recurring basis by level within the fair value hierarchy: | |||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Description | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
(in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
March 31, 2015 | ||||||||||||||||
U.S. Government agency securities | $ | 33,541 | $ | — | $ | 33,541 | $ | — | ||||||||
Residential MBSs | 58,729 | — | 58,729 | — | ||||||||||||
Agency CMOs | 363,519 | — | 363,519 | — | ||||||||||||
Municipal securities | 30,236 | — | 30,236 | — | ||||||||||||
Securities available for sale | $ | 486,025 | $ | — | $ | 486,025 | $ | — | ||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Description | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
(in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
December 31, 2014 | ||||||||||||||||
U.S. Government agency securities | $ | 32,788 | $ | — | $ | 32,788 | $ | — | ||||||||
Residential MBSs | 60,149 | — | 60,149 | — | ||||||||||||
Agency CMOs | 405,009 | — | 405,009 | — | ||||||||||||
Municipal securities | 30,092 | — | 30,092 | — | ||||||||||||
Securities available for sale | $ | 528,038 | $ | — | $ | 528,038 | $ | — | ||||||||
Financial Assets Measured at Fair Value on Nonrecurring Basis | For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used were as follows: | |||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Description | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
(in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
March 31, 2015 | ||||||||||||||||
Impaired collateral dependent loans with specific allocations | $ | 7,168 | $ | — | $ | — | $ | 7,168 | ||||||||
Impaired collateral dependent loans net of partial charge-offs | 244 | — | — | 244 | ||||||||||||
Total | $ | 7,412 | $ | — | $ | — | $ | 7,412 | ||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Description | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
(in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
December 31, 2014 | ||||||||||||||||
Impaired collateral dependent loans with specific allocations | $ | 3,882 | $ | — | $ | — | $ | 3,882 | ||||||||
Impaired collateral dependent loans net of partial charge-offs | 5,263 | — | — | 5,263 | ||||||||||||
Total | $ | 9,145 | $ | — | $ | — | $ | 9,145 | ||||||||
Estimated Fair Values of Financial Instruments | The estimated fair values of the Company's financial instruments were as follows: | |||||||||||||||
Fair Value Measurements at March 31, 2015 | ||||||||||||||||
Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
(in thousands) | Carrying | Fair | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Amount | Value | |||||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 58,398 | $ | 58,398 | $ | 58,398 | $ | — | $ | — | ||||||
Securities | 809,107 | 809,081 | — | 809,081 | — | |||||||||||
Loans, held for sale | 5,613 | 5,628 | — | — | 5,628 | |||||||||||
Loans receivable, net | 1,977,955 | 1,985,025 | — | — | 1,985,025 | |||||||||||
Restricted investments in bank stock | 16,021 | 16,021 | — | — | 16,021 | |||||||||||
Accrued interest receivable | 7,644 | 7,644 | 7,644 | — | — | |||||||||||
Financial liabilities: | ||||||||||||||||
Deposits | $ | 2,411,519 | $ | 2,413,948 | $ | — | $ | — | $ | 2,413,948 | ||||||
Short-term borrowings | 246,986 | 246,986 | 246,986 | — | — | |||||||||||
Long-term debt | 25,000 | 24,909 | — | — | 24,909 | |||||||||||
Accrued interest payable | 425 | 425 | 425 | — | — | |||||||||||
Off-balance sheet instruments: | ||||||||||||||||
Standby letters of credit | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||
Commitments to extend credit | — | — | — | — | — | |||||||||||
Fair Value Measurements at December 31, 2014 | ||||||||||||||||
Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
(in thousands) | Carrying | Fair | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Amount | Value | |||||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 42,832 | $ | 42,832 | $ | 42,832 | $ | — | $ | — | ||||||
Securities | 853,032 | 847,961 | — | 847,961 | — | |||||||||||
Loans, held for sale | 4,996 | 5,037 | — | — | 5,037 | |||||||||||
Loans receivable, net | 1,973,536 | 1,980,846 | — | — | 1,980,846 | |||||||||||
Restricted investments in bank stock | 15,223 | 15,223 | — | — | 15,223 | |||||||||||
Accrued interest receivable | 7,349 | 7,349 | 7,349 | — | — | |||||||||||
Financial liabilities: | ||||||||||||||||
Deposits | $ | 2,380,672 | $ | 2,383,085 | $ | — | $ | — | $ | 2,383,085 | ||||||
Short-term borrowings | 333,475 | 333,475 | 333,475 | — | — | |||||||||||
Accrued interest payable | 325 | 325 | 325 | — | — | |||||||||||
Off-balance sheet instruments: | ||||||||||||||||
Standby letters of credit | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||
Commitments to extend credit | — | — | — | — | — | |||||||||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Debt Disclosure [Abstract] | |||||
Schedule of Debt | In the first quarter of 2015, the Company borrowed a total of $25.0 million from FHLB long-term fixed-rate advances, composed of three separate advances that are presented in the table that follows. | ||||
Amount | Interest Rate | Maturity Date | |||
$ | 10,000,000 | 1.11% | 12-Jan-18 | ||
$ | 10,000,000 | 1.39% | 15-Jan-19 | ||
$ | 5,000,000 | 1.62% | 15-Jan-20 | ||
Stockbased_Compensation_Detail
Stock-based Compensation (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Reversal of stock-based compensation, actual forfeitures | $253 | $238 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options granted (in shares) | 133,279 | 116,990 |
Weighted-average fair value, per option (in dollars per share) | $8.19 | $7.72 |
Stock Options [Member] | Exercise Price Range, Range 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of exercise prices, per share, minimum (in dollars per share) | $25.43 | |
Range of exercise prices, per share, maximum (in dollars per share) | $26.97 | |
Stock Options [Member] | Exercise Price Range, Range 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of exercise prices, per share, minimum (in dollars per share) | $19.55 | |
Range of exercise prices, per share, maximum (in dollars per share) | $21.57 |
Stockbased_Compensation_Fair_V
Stock-based Compensation (Fair Value Assumptions) (Details) (Stock Options [Member]) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average risk-free interest rates | 1.80% | 2.00% |
Expected dividend yields | 1.10% | 0.00% |
Volatility factors of expected market price of Company's common stock | 32.20% | 34.00% |
Assumed forfeiture rates | 9.00% | 10.30% |
Weighted-average expected term of options, in years | 7 years 6 months | 7 years 2 months 12 days |
Options vesting annually | 25.00% | 25.00% |
Stockbased_Compensation_Stockb
Stock-based Compensation (Stock-based Compensation and Related Tax Benefit) (Details) (Stock Options [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $61 | $51 |
Tax benefit associated with compensation expense | $64 | $44 |
Securities_Amortized_cost_and_
Securities (Amortized cost and fair value of securities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities | ||
Available-for-sale securities, amortized cost basis | $487,818 | $533,999 |
Available-for-sale securities, gross unrealized gains | 4,369 | 2,917 |
Available-for-sale securities, gross unrealized losses | -6,162 | -8,878 |
Available-for-sale securities, fair value | 486,025 | 528,038 |
Held-to-maturity Securities | ||
Held-to-maturity securities, amortized cost | 323,082 | 324,994 |
Held-to-maturity securities, gross unrealized gains | 3,134 | 1,299 |
Held-to-maturity securities, gross unrealized losses | -3,160 | -6,370 |
Held-to-maturity securities, fair value | 323,056 | 319,923 |
U.S. Government agency securities [Member] | ||
Held-to-maturity Securities | ||
Held-to-maturity securities, amortized cost | 149,117 | 149,112 |
Held-to-maturity securities, gross unrealized gains | 321 | 0 |
Held-to-maturity securities, gross unrealized losses | -2,212 | -4,658 |
Held-to-maturity securities, fair value | 147,226 | 144,454 |
Residential mortgage-backed securities [Member] | ||
Held-to-maturity Securities | ||
Held-to-maturity securities, amortized cost | 12,281 | 14,226 |
Held-to-maturity securities, gross unrealized gains | 312 | 480 |
Held-to-maturity securities, gross unrealized losses | 0 | 0 |
Held-to-maturity securities, fair value | 12,593 | 14,706 |
Agency CMOs [Member] | ||
Held-to-maturity Securities | ||
Held-to-maturity securities, amortized cost | 146,981 | 146,952 |
Held-to-maturity securities, gross unrealized gains | 2,309 | 649 |
Held-to-maturity securities, gross unrealized losses | -948 | -1,711 |
Held-to-maturity securities, fair value | 148,342 | 145,890 |
Corporate debt securities [Member] | ||
Held-to-maturity Securities | ||
Held-to-maturity securities, amortized cost | 5,000 | 5,000 |
Held-to-maturity securities, gross unrealized gains | 41 | 63 |
Held-to-maturity securities, gross unrealized losses | 0 | 0 |
Held-to-maturity securities, fair value | 5,041 | 5,063 |
Municipal securities [Member] | ||
Held-to-maturity Securities | ||
Held-to-maturity securities, amortized cost | 9,703 | 9,704 |
Held-to-maturity securities, gross unrealized gains | 151 | 107 |
Held-to-maturity securities, gross unrealized losses | 0 | -1 |
Held-to-maturity securities, fair value | 9,854 | 9,810 |
U.S. Government agency securities [Member] | ||
Available-for-sale Securities | ||
Available-for-sale securities, amortized cost basis | 33,996 | 33,995 |
Available-for-sale securities, gross unrealized gains | 0 | 0 |
Available-for-sale securities, gross unrealized losses | -455 | -1,207 |
Available-for-sale securities, fair value | 33,541 | 32,788 |
Residential mortgage-backed securities [Member] | ||
Available-for-sale Securities | ||
Available-for-sale securities, amortized cost basis | 58,453 | 60,196 |
Available-for-sale securities, gross unrealized gains | 498 | 442 |
Available-for-sale securities, gross unrealized losses | -222 | -489 |
Available-for-sale securities, fair value | 58,729 | 60,149 |
Agency CMOs [Member] | ||
Available-for-sale Securities | ||
Available-for-sale securities, amortized cost basis | 365,381 | 409,823 |
Available-for-sale securities, gross unrealized gains | 3,541 | 2,250 |
Available-for-sale securities, gross unrealized losses | -5,403 | -7,064 |
Available-for-sale securities, fair value | 363,519 | 405,009 |
Municipal securities [Member] | ||
Available-for-sale Securities | ||
Available-for-sale securities, amortized cost basis | 29,988 | 29,985 |
Available-for-sale securities, gross unrealized gains | 330 | 225 |
Available-for-sale securities, gross unrealized losses | -82 | -118 |
Available-for-sale securities, fair value | $30,236 | $30,092 |
Securities_Amortized_cost_and_1
Securities (Amortized cost and fair value of debt securities by contractrual maturity) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities | ||
Securities available for sale, amortized cost | $487,818 | $533,999 |
Available-for-sale securities, fair value | 486,025 | 528,038 |
Held-to-maturity Securities | ||
Securities held to maturity, amortized cost | 323,082 | 324,994 |
Securities held to maturity, fair value | 323,056 | 319,923 |
Debt Securities [Member] | ||
Held-to-maturity Securities | ||
Due in one year or less, amortized cost | 5,000 | |
Due after one year through five years, amortized cost | 0 | |
Due after five years through ten years, amortized cost | 111,383 | |
Due after ten years, amortized cost | 47,437 | |
Securities held to maturity, amortized cost | 163,820 | |
Due in one year or less, fair value | 5,041 | |
Due after one year through five years, fair value | 0 | |
Due after five years through ten years, fair value | 109,332 | |
Due after ten years, fair value | 47,748 | |
Securities held to maturity, fair value | 162,121 | |
Residential mortgage-backed securities [Member] | ||
Held-to-maturity Securities | ||
Securities held to maturity, amortized cost | 12,281 | 14,226 |
Securities held to maturity, fair value | 12,593 | 14,706 |
Agency CMOs [Member] | ||
Held-to-maturity Securities | ||
Securities held to maturity, amortized cost | 146,981 | 146,952 |
Securities held to maturity, fair value | 148,342 | 145,890 |
Debt Securities [Member] | ||
Available-for-sale Securities | ||
Due in one year or less, amortized cost | 0 | |
Due after one year through five years, amortized cost | 6,741 | |
Due after five years through ten years, amortized cost | 50,144 | |
Due after ten years, amortized cost | 7,099 | |
Securities available for sale, amortized cost | 63,984 | |
Due in one year or less, fair value | 0 | |
Due after one year through five years, fair value | 6,790 | |
Due after five years through ten years, fair value | 49,903 | |
Due after ten years, fair value | 7,084 | |
Available-for-sale securities, fair value | 63,777 | |
Residential mortgage-backed securities [Member] | ||
Available-for-sale Securities | ||
Securities available for sale, amortized cost | 58,453 | 60,196 |
Available-for-sale securities, fair value | 58,729 | 60,149 |
Agency CMOs [Member] | ||
Available-for-sale Securities | ||
Securities available for sale, amortized cost | 365,381 | 409,823 |
Available-for-sale securities, fair value | $363,519 | $405,009 |
Securities_Gains_Losses_on_the
Securities (Gains (Losses) on the sales of debt securities and credit losses for OTTI of investments) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Gain (Loss) on Investments [Line Items] | ||
Net Gains (Losses) | ($166) | $0 |
Debt Securities [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Gross Realized Gains | 7 | 0 |
Gross Realized (Losses) | -173 | 0 |
Net Gains (Losses) | ($166) | $0 |
Securities_Fair_value_and_gros
Securities (Fair value and gross unrealized losses) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities | ||
Less than 12 months, fair value | $87,323 | $21,687 |
Less than 12 Months, Unrealized Loss | -1,461 | -77 |
12 months or more, fair value | 151,692 | 275,353 |
12 months or more, Unrealized Loss | -4,701 | -8,801 |
Total, fair value | 239,015 | 297,040 |
Total, Unrealized Loss | -6,162 | -8,878 |
Held-to-maturity Securities | ||
Less than 12 months, fair value | 27,240 | 32,302 |
Less than 12 months, Unrealized Loss | -29 | -256 |
12 months or more, fair value | 117,134 | 171,736 |
12 months or more, Unrealized Loss | -3,131 | -6,114 |
Total, fair value | 144,374 | 204,038 |
Total, Unrealized Loss | -3,160 | -6,370 |
U.S. Government agency securities [Member] | ||
Held-to-maturity Securities | ||
Less than 12 months, fair value | 9,969 | 0 |
Less than 12 months, Unrealized Loss | -19 | 0 |
12 months or more, fair value | 100,751 | 144,454 |
12 months or more, Unrealized Loss | -2,193 | -4,658 |
Total, fair value | 110,720 | 144,454 |
Total, Unrealized Loss | -2,212 | -4,658 |
Agency CMOs [Member] | ||
Held-to-maturity Securities | ||
Less than 12 months, fair value | 17,271 | 31,289 |
Less than 12 months, Unrealized Loss | -10 | -255 |
12 months or more, fair value | 16,383 | 27,282 |
12 months or more, Unrealized Loss | -938 | -1,456 |
Total, fair value | 33,654 | 58,571 |
Total, Unrealized Loss | -948 | -1,711 |
Municipal securities [Member] | ||
Held-to-maturity Securities | ||
Less than 12 months, fair value | 1,013 | |
Less than 12 months, Unrealized Loss | -1 | |
12 months or more, fair value | 0 | |
12 months or more, Unrealized Loss | 0 | |
Total, fair value | 1,013 | |
Total, Unrealized Loss | -1 | |
U.S. Government agency securities [Member] | ||
Available-for-sale Securities | ||
Less than 12 months, fair value | 24,566 | 0 |
Less than 12 Months, Unrealized Loss | -435 | 0 |
12 months or more, fair value | 8,975 | 32,788 |
12 months or more, Unrealized Loss | -20 | -1,207 |
Total, fair value | 33,541 | 32,788 |
Total, Unrealized Loss | -455 | -1,207 |
Residential mortgage-backed securities [Member] | ||
Available-for-sale Securities | ||
Less than 12 months, fair value | 15,475 | 0 |
Less than 12 Months, Unrealized Loss | -117 | 0 |
12 months or more, fair value | 8,841 | 24,636 |
12 months or more, Unrealized Loss | -105 | -489 |
Total, fair value | 24,316 | 24,636 |
Total, Unrealized Loss | -222 | -489 |
Agency CMOs [Member] | ||
Available-for-sale Securities | ||
Less than 12 months, fair value | 45,320 | 21,687 |
Less than 12 Months, Unrealized Loss | -881 | -77 |
12 months or more, fair value | 131,560 | 212,908 |
12 months or more, Unrealized Loss | -4,522 | -6,987 |
Total, fair value | 176,880 | 234,595 |
Total, Unrealized Loss | -5,403 | -7,064 |
Municipal securities [Member] | ||
Available-for-sale Securities | ||
Less than 12 months, fair value | 1,962 | 0 |
Less than 12 Months, Unrealized Loss | -28 | 0 |
12 months or more, fair value | 2,316 | 5,021 |
12 months or more, Unrealized Loss | -54 | -118 |
Total, fair value | 4,278 | 5,021 |
Total, Unrealized Loss | ($82) | ($118) |
Securities_Narrative_Details
Securities (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
security_type | security | ||
security | |||
Investment Securities [Line Items] | |||
Held-to-maturity Securities, Fair Value | $323,056,000 | $319,923,000 | |
Number of securities called | 0 | 0 | |
Net gains (losses) on sales/calls of securities | -28,000 | 11,000 | |
Number of securities, type | 2 | ||
Securities pledged to secure public deposits and other | 646,300,000 | ||
Available-for-sale Securities [Member] | |||
Investment Securities [Line Items] | |||
Number of securities sold | 4 | ||
Proceeds from sale of securities | 27,800,000 | ||
Mortgage Backed Securities, Other [Member] | |||
Investment Securities [Line Items] | |||
Number of securities, type | 4 | ||
Collateralized mortgage obligations [Member] | |||
Investment Securities [Line Items] | |||
Number of securities, type | 19 | ||
Government Agency Debentures [Member] | |||
Investment Securities [Line Items] | |||
Number of securities, type | 10 | ||
Amortizing Securities, Returned At Least 85% of Principal [Member] | Held-to-maturity Securities [Member] | |||
Investment Securities [Line Items] | |||
Number of securities sold | 1 | 1 | |
Held-to-maturity Securities, Fair Value | 1,400,000 | 614,000 | |
Net gains (losses) on sales/calls of securities | 11,000 | ||
Investment securities, return on principal, percentage (at least) | 85.00% | 85.00% | |
Municipal Bonds [Member] | |||
Investment Securities [Line Items] | |||
Number of securities, type | 3 | ||
Available-for-sale Securities [Member] | |||
Investment Securities [Line Items] | |||
Net gains (losses) on sales/calls of securities | 166,000 | ||
Held-to-maturity Securities [Member] | |||
Investment Securities [Line Items] | |||
Net gains (losses) on sales/calls of securities | $138,000 |
Loans_Receivable_and_Allowance2
Loans Receivable and Allowance for Loan Losses (Summary of Loans Receivable) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Qualifying loans pledged as FHLB collateral | $465,300,000 | |||
Bank loans receivable, Gross | 2,003,710,000 | 1,998,534,000 | ||
Bank loans receivable, Allowance for loan losses | 25,755,000 | 24,998,000 | 23,934,000 | 23,110,000 |
Bank loans receivable, Net | 1,977,955,000 | 1,973,536,000 | ||
Commercial and industrial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Bank loans receivable, Gross | 536,349,000 | 525,127,000 | ||
Bank loans receivable, Allowance for loan losses | 12,019,000 | 11,714,000 | 7,914,000 | 8,178,000 |
Commercial tax-exempt [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Bank loans receivable, Gross | 67,176,000 | 71,151,000 | ||
Bank loans receivable, Allowance for loan losses | 52,000 | 55,000 | 68,000 | 72,000 |
Owner occupied real estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Bank loans receivable, Gross | 311,259,000 | 332,070,000 | ||
Bank loans receivable, Allowance for loan losses | 1,944,000 | 1,931,000 | 2,236,000 | 2,180,000 |
Commercial construction and land development [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Bank loans receivable, Gross | 137,063,000 | 138,064,000 | ||
Bank loans receivable, Allowance for loan losses | 4,529,000 | 4,242,000 | 5,842,000 | 5,559,000 |
Commercial real estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Bank loans receivable, Gross | 607,400,000 | 594,276,000 | ||
Bank loans receivable, Allowance for loan losses | 4,945,000 | 4,707,000 | 4,640,000 | 4,161,000 |
Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Bank loans receivable, Gross | 116,143,000 | 110,951,000 | ||
Bank loans receivable, Allowance for loan losses | 803,000 | 796,000 | 1,023,000 | 960,000 |
Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Bank loans receivable, Gross | 228,320,000 | 226,895,000 | ||
Bank loans receivable, Allowance for loan losses | $870,000 | $931,000 | $1,329,000 | $1,303,000 |
Loans_Receivable_and_Allowance3
Loans Receivable and Allowance for Loan Losses (Summary of Nonaccrual Loans, by Type) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Period used to determine when a loan receivable is moved to nonaccrual status | 90 days | |
Nonaccrual loans | $34,732 | $34,966 |
Loans receivable, equal to greater than 90 days past due | 15,995 | 16,872 |
Nonaccrual loans, unused commitment | 0 | |
Period used to analyze future loan losses | 2 years | |
Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans | 12,375 | 11,634 |
Loans receivable, equal to greater than 90 days past due | 4,968 | 5,727 |
Commercial tax-exempt [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Loans receivable, equal to greater than 90 days past due | 0 | 0 |
Owner occupied real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans | 6,210 | 7,416 |
Loans receivable, equal to greater than 90 days past due | 4,713 | 5,739 |
Commercial construction and land development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans | 3,241 | 3,228 |
Loans receivable, equal to greater than 90 days past due | 31 | 0 |
Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans | 6,362 | 5,824 |
Loans receivable, equal to greater than 90 days past due | 2,357 | 1,614 |
Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans | 4,971 | 4,987 |
Loans receivable, equal to greater than 90 days past due | 2,643 | 2,751 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans | 1,573 | 1,877 |
Loans receivable, equal to greater than 90 days past due | $1,283 | $1,041 |
Loans_Receivable_and_Allowance4
Loans Receivable and Allowance for Loan Losses (Age Analysis of Past Due Loan Receivables) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | $1,960,032 | $1,963,906 |
30-59 Days Past Due | 19,607 | 11,612 |
60-89 Days Past Due | 8,076 | 6,144 |
90 Days Past Due and Greater | 15,995 | 16,872 |
Total Past Due | 43,678 | 34,628 |
Total loans receivable | 2,003,710 | 1,998,534 |
Recorded Investment in Loans 90 Days and Greater and Still Accruing | 0 | 445 |
Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 527,272 | 514,428 |
30-59 Days Past Due | 2,897 | 1,574 |
60-89 Days Past Due | 1,212 | 3,398 |
90 Days Past Due and Greater | 4,968 | 5,727 |
Total Past Due | 9,077 | 10,699 |
Total loans receivable | 536,349 | 525,127 |
Recorded Investment in Loans 90 Days and Greater and Still Accruing | 0 | 0 |
Commercial tax-exempt [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 67,176 | 71,151 |
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
90 Days Past Due and Greater | 0 | 0 |
Total Past Due | 0 | 0 |
Total loans receivable | 67,176 | 71,151 |
Recorded Investment in Loans 90 Days and Greater and Still Accruing | 0 | 0 |
Owner occupied real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 299,018 | 325,681 |
30-59 Days Past Due | 2,504 | 606 |
60-89 Days Past Due | 5,024 | 44 |
90 Days Past Due and Greater | 4,713 | 5,739 |
Total Past Due | 12,241 | 6,389 |
Total loans receivable | 311,259 | 332,070 |
Recorded Investment in Loans 90 Days and Greater and Still Accruing | 0 | 445 |
Commercial construction and land development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 136,468 | 137,263 |
30-59 Days Past Due | 236 | 611 |
60-89 Days Past Due | 328 | 190 |
90 Days Past Due and Greater | 31 | 0 |
Total Past Due | 595 | 801 |
Total loans receivable | 137,063 | 138,064 |
Recorded Investment in Loans 90 Days and Greater and Still Accruing | 0 | 0 |
Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 600,420 | 591,383 |
30-59 Days Past Due | 3,463 | 1,104 |
60-89 Days Past Due | 1,160 | 175 |
90 Days Past Due and Greater | 2,357 | 1,614 |
Total Past Due | 6,980 | 2,893 |
Total loans receivable | 607,400 | 594,276 |
Recorded Investment in Loans 90 Days and Greater and Still Accruing | 0 | 0 |
Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 106,939 | 101,233 |
30-59 Days Past Due | 6,410 | 5,067 |
60-89 Days Past Due | 151 | 1,900 |
90 Days Past Due and Greater | 2,643 | 2,751 |
Total Past Due | 9,204 | 9,718 |
Total loans receivable | 116,143 | 110,951 |
Recorded Investment in Loans 90 Days and Greater and Still Accruing | 0 | 0 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 222,739 | 222,767 |
30-59 Days Past Due | 4,097 | 2,650 |
60-89 Days Past Due | 201 | 437 |
90 Days Past Due and Greater | 1,283 | 1,041 |
Total Past Due | 5,581 | 4,128 |
Total loans receivable | 228,320 | 226,895 |
Recorded Investment in Loans 90 Days and Greater and Still Accruing | $0 | $0 |
Loans_Receivable_and_Allowance5
Loans Receivable and Allowance for Loan Losses (Summary of Loans, Allowances and Impairment Balances, by Class and Impairment Method) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | $5,720 | $5,643 |
Collectively evaluated for impairment | 20,035 | 19,355 |
Total allowance for loan losses | 25,755 | 24,998 |
Loans receivable: | ||
Loans evaluated individually | 46,013 | 46,322 |
Loans evaluated collectively | 1,957,697 | 1,952,212 |
Total loans receivable | 2,003,710 | 1,998,534 |
Commercial and industrial [Member] | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | 4,365 | 4,401 |
Collectively evaluated for impairment | 7,654 | 7,313 |
Total allowance for loan losses | 12,019 | 11,714 |
Loans receivable: | ||
Loans evaluated individually | 17,722 | 16,982 |
Loans evaluated collectively | 518,627 | 508,145 |
Total loans receivable | 536,349 | 525,127 |
Commercial tax-exempt [Member] | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 52 | 55 |
Total allowance for loan losses | 52 | 55 |
Loans receivable: | ||
Loans evaluated individually | 0 | 0 |
Loans evaluated collectively | 67,176 | 71,151 |
Total loans receivable | 67,176 | 71,151 |
Owner occupied real estate [Member] | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | 1,355 | 1,242 |
Collectively evaluated for impairment | 589 | 689 |
Total allowance for loan losses | 1,944 | 1,931 |
Loans receivable: | ||
Loans evaluated individually | 6,249 | 7,464 |
Loans evaluated collectively | 305,010 | 324,606 |
Total loans receivable | 311,259 | 332,070 |
Commercial construction and land development [Member] | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 4,529 | 4,242 |
Total allowance for loan losses | 4,529 | 4,242 |
Loans receivable: | ||
Loans evaluated individually | 3,670 | 3,810 |
Loans evaluated collectively | 133,393 | 134,254 |
Total loans receivable | 137,063 | 138,064 |
Commercial real estate [Member] | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 4,945 | 4,707 |
Total allowance for loan losses | 4,945 | 4,707 |
Loans receivable: | ||
Loans evaluated individually | 10,504 | 9,976 |
Loans evaluated collectively | 596,896 | 584,300 |
Total loans receivable | 607,400 | 594,276 |
Residential [Member] | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 803 | 796 |
Total allowance for loan losses | 803 | 796 |
Loans receivable: | ||
Loans evaluated individually | 5,639 | 5,657 |
Loans evaluated collectively | 110,504 | 105,294 |
Total loans receivable | 116,143 | 110,951 |
Consumer [Member] | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 870 | 931 |
Total allowance for loan losses | 870 | 931 |
Loans receivable: | ||
Loans evaluated individually | 2,229 | 2,433 |
Loans evaluated collectively | 226,091 | 224,462 |
Total loans receivable | 228,320 | 226,895 |
Unallocated [Member] | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 593 | 622 |
Total allowance for loan losses | 593 | 622 |
Loans receivable: | ||
Loans evaluated individually | 0 | 0 |
Loans evaluated collectively | 0 | 0 |
Total loans receivable | $0 | $0 |
Loans_Receivable_and_Allowance6
Loans Receivable and Allowance for Loan Losses (Summary of Allowances on Loans Receivable, by Class) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, beginning | $24,998 | $23,110 |
Provision charged to operating expenses | 1,500 | 900 |
Recoveries of loans previously charged-off | 76 | 1,444 |
Loans charged-off | -819 | -1,520 |
Allowance for loan losses, ending | 25,755 | 23,934 |
Commercial and industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, beginning | 11,714 | 8,178 |
Provision charged to operating expenses | 530 | -915 |
Recoveries of loans previously charged-off | 54 | 1,005 |
Loans charged-off | -279 | -354 |
Allowance for loan losses, ending | 12,019 | 7,914 |
Commercial tax-exempt [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, beginning | 55 | 72 |
Provision charged to operating expenses | -3 | -4 |
Recoveries of loans previously charged-off | 0 | 0 |
Loans charged-off | 0 | 0 |
Allowance for loan losses, ending | 52 | 68 |
Owner occupied real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, beginning | 1,931 | 2,180 |
Provision charged to operating expenses | 66 | -162 |
Recoveries of loans previously charged-off | 0 | 243 |
Loans charged-off | -53 | -25 |
Allowance for loan losses, ending | 1,944 | 2,236 |
Commercial construction and land development [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, beginning | 4,242 | 5,559 |
Provision charged to operating expenses | 285 | 195 |
Recoveries of loans previously charged-off | 2 | 100 |
Loans charged-off | 0 | -12 |
Allowance for loan losses, ending | 4,529 | 5,842 |
Commercial real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, beginning | 4,707 | 4,161 |
Provision charged to operating expenses | 688 | 1,122 |
Recoveries of loans previously charged-off | 7 | 73 |
Loans charged-off | -457 | -716 |
Allowance for loan losses, ending | 4,945 | 4,640 |
Residential [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, beginning | 796 | 960 |
Provision charged to operating expenses | 20 | 346 |
Recoveries of loans previously charged-off | 1 | 0 |
Loans charged-off | -14 | -283 |
Allowance for loan losses, ending | 803 | 1,023 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, beginning | 931 | 1,303 |
Provision charged to operating expenses | -57 | 133 |
Recoveries of loans previously charged-off | 12 | 23 |
Loans charged-off | -16 | -130 |
Allowance for loan losses, ending | 870 | 1,329 |
Unallocated [Member] | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, beginning | 622 | 697 |
Provision charged to operating expenses | -29 | 185 |
Recoveries of loans previously charged-off | 0 | 0 |
Loans charged-off | 0 | 0 |
Allowance for loan losses, ending | $593 | $882 |
Loans_Receivable_and_Allowance7
Loans Receivable and Allowance for Loan Losses (Schedule of Impaired Loan Receivables) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Loans With No Related Allowance: | ||
Recorded Investment | $33,125 | $36,797 |
Unpaid Principal Balance | 35,852 | 39,677 |
Loans With An Allowance Recorded: | ||
Recorded Investment | 12,888 | 9,525 |
Unpaid Principal Balance | 12,888 | 9,525 |
Total Impaired Loans: | ||
Recorded Investment | 46,013 | 46,322 |
Unpaid Principal Balance | 48,740 | 49,202 |
Related Allowance | 5,720 | 5,643 |
Commercial and industrial [Member] | ||
Loans With No Related Allowance: | ||
Recorded Investment | 7,601 | 8,766 |
Unpaid Principal Balance | 8,343 | 9,437 |
Loans With An Allowance Recorded: | ||
Recorded Investment | 10,121 | 8,216 |
Unpaid Principal Balance | 10,121 | 8,216 |
Total Impaired Loans: | ||
Recorded Investment | 17,722 | 16,982 |
Unpaid Principal Balance | 18,464 | 17,653 |
Related Allowance | 4,365 | 4,401 |
Commercial tax-exempt [Member] | ||
Loans With No Related Allowance: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Total Impaired Loans: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Owner occupied real estate [Member] | ||
Loans With No Related Allowance: | ||
Recorded Investment | 3,482 | 6,155 |
Unpaid Principal Balance | 3,935 | 6,636 |
Loans With An Allowance Recorded: | ||
Recorded Investment | 2,767 | 1,309 |
Unpaid Principal Balance | 2,767 | 1,309 |
Total Impaired Loans: | ||
Recorded Investment | 6,249 | 7,464 |
Unpaid Principal Balance | 6,702 | 7,945 |
Related Allowance | 1,355 | 1,242 |
Commercial construction and land development [Member] | ||
Loans With No Related Allowance: | ||
Recorded Investment | 3,670 | 3,810 |
Unpaid Principal Balance | 3,670 | 3,810 |
Total Impaired Loans: | ||
Recorded Investment | 3,670 | 3,810 |
Unpaid Principal Balance | 3,670 | 3,810 |
Related Allowance | 0 | 0 |
Commercial real estate [Member] | ||
Loans With No Related Allowance: | ||
Recorded Investment | 10,504 | 9,976 |
Unpaid Principal Balance | 10,567 | 10,097 |
Total Impaired Loans: | ||
Recorded Investment | 10,504 | 9,976 |
Unpaid Principal Balance | 10,567 | 10,097 |
Related Allowance | 0 | 0 |
Residential [Member] | ||
Loans With No Related Allowance: | ||
Recorded Investment | 5,639 | 5,657 |
Unpaid Principal Balance | 6,953 | 7,011 |
Total Impaired Loans: | ||
Recorded Investment | 5,639 | 5,657 |
Unpaid Principal Balance | 6,953 | 7,011 |
Related Allowance | 0 | 0 |
Consumer [Member] | ||
Loans With No Related Allowance: | ||
Recorded Investment | 2,229 | 2,433 |
Unpaid Principal Balance | 2,384 | 2,686 |
Total Impaired Loans: | ||
Recorded Investment | 2,229 | 2,433 |
Unpaid Principal Balance | 2,384 | 2,686 |
Related Allowance | $0 | $0 |
Loans_Receivable_and_Allowance8
Loans Receivable and Allowance for Loan Losses (Schedule of Impaired Loan Receivables, Average) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Loans With No Related Allowance: | ||
Average Recorded Investment | $36,655 | $38,810 |
Interest Income Recognized | 130 | 135 |
Loans With An Allowance Recorded: | ||
Average Recorded Investment | 10,359 | 11,964 |
Interest Income Recognized | 0 | 0 |
Total Impaired Loans: | ||
Average Recorded Investment | 47,014 | 50,774 |
Interest Income Recognized | 130 | 135 |
Commercial and industrial [Member] | ||
Loans With No Related Allowance: | ||
Average Recorded Investment | 8,849 | 7,890 |
Interest Income Recognized | 70 | 40 |
Loans With An Allowance Recorded: | ||
Average Recorded Investment | 8,572 | 3,246 |
Interest Income Recognized | 0 | 0 |
Total Impaired Loans: | ||
Average Recorded Investment | 17,421 | 11,136 |
Interest Income Recognized | 70 | 40 |
Commercial tax-exempt [Member] | ||
Loans With No Related Allowance: | ||
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Total Impaired Loans: | ||
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Owner occupied real estate [Member] | ||
Loans With No Related Allowance: | ||
Average Recorded Investment | 5,459 | 4,786 |
Interest Income Recognized | 0 | 10 |
Loans With An Allowance Recorded: | ||
Average Recorded Investment | 1,787 | 1,686 |
Interest Income Recognized | 0 | 0 |
Total Impaired Loans: | ||
Average Recorded Investment | 7,246 | 6,472 |
Interest Income Recognized | 0 | 10 |
Commercial construction and land development [Member] | ||
Loans With No Related Allowance: | ||
Average Recorded Investment | 3,679 | 8,241 |
Interest Income Recognized | 6 | 17 |
Loans With An Allowance Recorded: | ||
Average Recorded Investment | 0 | 3,477 |
Interest Income Recognized | 0 | 0 |
Total Impaired Loans: | ||
Average Recorded Investment | 3,679 | 11,718 |
Interest Income Recognized | 6 | 17 |
Commercial real estate [Member] | ||
Loans With No Related Allowance: | ||
Average Recorded Investment | 10,662 | 10,770 |
Interest Income Recognized | 39 | 48 |
Total Impaired Loans: | ||
Average Recorded Investment | 10,662 | 10,770 |
Interest Income Recognized | 39 | 48 |
Residential [Member] | ||
Loans With No Related Allowance: | ||
Average Recorded Investment | 5,669 | 4,488 |
Interest Income Recognized | 8 | 13 |
Loans With An Allowance Recorded: | ||
Average Recorded Investment | 0 | 3,079 |
Interest Income Recognized | 0 | 0 |
Total Impaired Loans: | ||
Average Recorded Investment | 5,669 | 7,567 |
Interest Income Recognized | 8 | 13 |
Consumer [Member] | ||
Loans With No Related Allowance: | ||
Average Recorded Investment | 2,337 | 2,635 |
Interest Income Recognized | 7 | 7 |
Loans With An Allowance Recorded: | ||
Average Recorded Investment | 0 | 476 |
Interest Income Recognized | 0 | 0 |
Total Impaired Loans: | ||
Average Recorded Investment | 2,337 | 3,111 |
Interest Income Recognized | $7 | $7 |
Loans_Receivable_and_Allowance9
Loans Receivable and Allowance for Loan Losses (Credit Quality Indicators for Commercial Loans, by Loan Type) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | $1,659,247 | $1,660,688 |
Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 536,349 | 525,127 |
Commercial tax-exempt [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 67,176 | 71,151 |
Owner occupied real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 311,259 | 332,070 |
Commercial construction and land development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 137,063 | 138,064 |
Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 607,400 | 594,276 |
Pass Rated Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 1,578,737 | 1,574,075 |
Pass Rated Loans [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 488,040 | 473,984 |
Pass Rated Loans [Member] | Commercial tax-exempt [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 67,176 | 71,151 |
Pass Rated Loans [Member] | Owner occupied real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 293,499 | 311,668 |
Pass Rated Loans [Member] | Commercial construction and land development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 133,494 | 133,033 |
Pass Rated Loans [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 596,528 | 584,239 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 24,645 | 26,827 |
Special Mention [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 17,454 | 20,785 |
Special Mention [Member] | Commercial tax-exempt [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 0 | 0 |
Special Mention [Member] | Owner occupied real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 4,238 | 4,268 |
Special Mention [Member] | Commercial construction and land development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 187 | 190 |
Special Mention [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 2,766 | 1,584 |
Substandard Accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 27,677 | 31,684 |
Substandard Accrual [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 18,480 | 18,724 |
Substandard Accrual [Member] | Commercial tax-exempt [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 0 | 0 |
Substandard Accrual [Member] | Owner occupied real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 7,312 | 8,718 |
Substandard Accrual [Member] | Commercial construction and land development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 141 | 1,613 |
Substandard Accrual [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 1,744 | 2,629 |
Substandard Nonaccrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 28,188 | 28,102 |
Substandard Nonaccrual [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 12,375 | 11,634 |
Substandard Nonaccrual [Member] | Commercial tax-exempt [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 0 | 0 |
Substandard Nonaccrual [Member] | Owner occupied real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 6,210 | 7,416 |
Substandard Nonaccrual [Member] | Commercial construction and land development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 3,241 | 3,228 |
Substandard Nonaccrual [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | $6,362 | $5,824 |
Recovered_Sheet1
Loans Receivable and Allowance for Loan Losses (Consumer Loan Credit Exposures, Performing or Nonperforming) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | $344,463 | $337,846 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 116,143 | 110,951 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 228,320 | 226,895 |
Performing Financing Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 337,919 | 330,982 |
Performing Financing Receivable [Member] | Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 111,172 | 105,964 |
Performing Financing Receivable [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 226,747 | 225,018 |
Nonperforming Financing Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 6,544 | 6,864 |
Nonperforming Financing Receivable [Member] | Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 4,971 | 4,987 |
Nonperforming Financing Receivable [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | $1,573 | $1,877 |
Recovered_Sheet2
Loans Receivable and Allowance for Loan Losses (Troubled Debt Restructurings on Loan Receivables) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Contract | Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 1 | 22 |
Recorded Investment at Time of Restructure | $3,307 | $2,911 |
Minimum [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Concessions for Classifying Loans Receivable as TDR | 1 | |
Forbearance Agreement [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 1 | 0 |
Recorded Investment at Time of Restructure | 3,307 | 0 |
Material Extension of Time [Member] | Commercial construction and land development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 0 | 1 |
Recorded Investment at Time of Restructure | 0 | 242 |
Change in Amortization Period [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 0 | 3 |
Recorded Investment at Time of Restructure | 0 | 261 |
Change in Amortization Period [Member] | Owner occupied real estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 0 | 1 |
Recorded Investment at Time of Restructure | 0 | 128 |
Change in Amortization Period [Member] | Commercial construction and land development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 0 | 1 |
Recorded Investment at Time of Restructure | 0 | 214 |
Change in Amortization Period [Member] | Commercial real estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 0 | 14 |
Recorded Investment at Time of Restructure | 0 | 1,893 |
Combination of Concessions [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 0 | 1 |
Recorded Investment at Time of Restructure | 0 | 30 |
Interest Rate Adjustment [Member] | Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 0 | 1 |
Recorded Investment at Time of Restructure | $0 | $143 |
Recovered_Sheet3
Loans Receivable and Allowance for Loan Losses (Loans Receivable Modified as Troubled Debt Restructurings, Previous 12 Months) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Contract | Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 3 | |
TDR's, Subsequently Defaulted [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 6 | 15 |
Recorded Investment | $3,634 | $7,793 |
TDR's, Subsequently Defaulted [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 0 | 7 |
Recorded Investment | 0 | 1,260 |
TDR's, Subsequently Defaulted [Member] | Owner occupied real estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 2 | 3 |
Recorded Investment | 731 | 914 |
TDR's, Subsequently Defaulted [Member] | Commercial construction and land development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 1 | 2 |
Recorded Investment | 236 | 1,930 |
TDR's, Subsequently Defaulted [Member] | Commercial real estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 3 | 0 |
Recorded Investment | 2,667 | 0 |
TDR's, Subsequently Defaulted [Member] | Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 0 | 2 |
Recorded Investment | 0 | 3,213 |
TDR's, Subsequently Defaulted [Member] | Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 0 | 1 |
Recorded Investment | $0 | $476 |
Foreclosed_Assets_Details
Foreclosed Assets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | ||
Foreclosed assets secured by consumer mortgage loans in process of foreclosure | $1,700,000 | |
Other Assets [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Foreclosed assets | 7,900,000 | 7,700,000 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Foreclosed assets | $618,000 | $295,000 |
Loan_Commitments_and_Standby_L1
Loan Commitments and Standby Letters of Credit (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Guarantor Obligations [Line Items] | ||
Maximum exposure to credit loss for loan commitments | $629,400,000 | $637,100,000 |
Standby Letters of Credit [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 1,000,000 | 0 |
Maximum exposure to credit loss for loan commitments | $34,700,000 | $34,600,000 |
Fair_Value_Measurements_Financ
Fair Value Measurements (Financial Assets Measured at Fair Value on Recurring Basis) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | $486,025 | $528,038 |
U.S. Government agency securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 33,541 | 32,788 |
Residential MBSs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 58,729 | 60,149 |
Fair value measurements, recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 486,025 | 528,038 |
Fair value measurements, recurring [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Fair value measurements, recurring [Member] | Significant Other Observable Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 486,025 | 528,038 |
Fair value measurements, recurring [Member] | Significant Unobservable Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Fair value measurements, recurring [Member] | U.S. Government agency securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 33,541 | 32,788 |
Fair value measurements, recurring [Member] | U.S. Government agency securities [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Fair value measurements, recurring [Member] | U.S. Government agency securities [Member] | Significant Other Observable Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 33,541 | 32,788 |
Fair value measurements, recurring [Member] | U.S. Government agency securities [Member] | Significant Unobservable Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Fair value measurements, recurring [Member] | Residential MBSs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 58,729 | 60,149 |
Fair value measurements, recurring [Member] | Residential MBSs [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Fair value measurements, recurring [Member] | Residential MBSs [Member] | Significant Other Observable Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 58,729 | 60,149 |
Fair value measurements, recurring [Member] | Residential MBSs [Member] | Significant Unobservable Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Fair value measurements, recurring [Member] | Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 363,519 | 405,009 |
Fair value measurements, recurring [Member] | Collateralized Mortgage Obligations [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Fair value measurements, recurring [Member] | Collateralized Mortgage Obligations [Member] | Significant Other Observable Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 363,519 | 405,009 |
Fair value measurements, recurring [Member] | Collateralized Mortgage Obligations [Member] | Significant Unobservable Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Fair value measurements, recurring [Member] | Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 30,236 | 30,092 |
Fair value measurements, recurring [Member] | Municipal Securities [Member] | Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Fair value measurements, recurring [Member] | Municipal Securities [Member] | Significant Other Observable Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 30,236 | 30,092 |
Fair value measurements, recurring [Member] | Municipal Securities [Member] | Significant Unobservable Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | $0 | $0 |
Fair_Value_Measurements_Financ1
Fair Value Measurements (Financial Assets Measured at Fair Value on Nonrecurring Basis) (Details) (Fair value measurements, nonrecurring [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Impaired loans with specific allocation | $7,168 | $3,882 |
Impaired loans net of partial charge-offs | 244 | 5,263 |
Total | 7,412 | 9,145 |
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Impaired loans with specific allocation | 0 | 0 |
Impaired loans net of partial charge-offs | 0 | 0 |
Total | 0 | 0 |
Significant Other Observable Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Impaired loans with specific allocation | 0 | 0 |
Impaired loans net of partial charge-offs | 0 | 0 |
Total | 0 | 0 |
Significant Unobservable Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Impaired loans with specific allocation | 7,168 | 3,882 |
Impaired loans net of partial charge-offs | 244 | 5,263 |
Total | $7,412 | $9,145 |
Fair_Value_Measurements_Estima
Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financial assets: | ||
Cash and cash equivalents | $58,398 | $42,832 |
Securities | 809,081 | 847,961 |
Loans held for sale | 5,628 | 5,037 |
Loans, net | 1,985,025 | 1,980,846 |
Restricted investments in bank stock | 16,021 | 15,223 |
Accrued interest receivable | 7,644 | 7,349 |
Financial liabilities: | ||
Deposits | 2,413,948 | 2,383,085 |
Short-term borrowings | 246,986 | 333,475 |
Long-term debt | 24,909 | |
Accrued interest payable | 425 | 325 |
Commitments to Extend Credit [Member] | ||
Financial liabilities: | ||
Off-balance sheet instruments | 0 | 0 |
Standby Letters of Credit [Member] | ||
Financial liabilities: | ||
Off-balance sheet instruments | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 58,398 | 42,832 |
Securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Restricted investments in bank stock | 0 | 0 |
Accrued interest receivable | 7,644 | 7,349 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Short-term borrowings | 246,986 | 333,475 |
Long-term debt | 0 | |
Accrued interest payable | 425 | 325 |
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Commitments to Extend Credit [Member] | ||
Financial liabilities: | ||
Off-balance sheet instruments | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets, Level 1 [Member] | Standby Letters of Credit [Member] | ||
Financial liabilities: | ||
Off-balance sheet instruments | 0 | 0 |
Significant Other Observable Inputs, Level 2 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities | 809,081 | 847,961 |
Loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Restricted investments in bank stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | |
Accrued interest payable | 0 | 0 |
Significant Other Observable Inputs, Level 2 [Member] | Commitments to Extend Credit [Member] | ||
Financial liabilities: | ||
Off-balance sheet instruments | 0 | 0 |
Significant Other Observable Inputs, Level 2 [Member] | Standby Letters of Credit [Member] | ||
Financial liabilities: | ||
Off-balance sheet instruments | 0 | 0 |
Significant Unobservable Inputs, Level 3 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities | 0 | 0 |
Loans held for sale | 5,628 | 5,037 |
Loans, net | 1,985,025 | 1,980,846 |
Restricted investments in bank stock | 16,021 | 15,223 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Deposits | 2,413,948 | 2,383,085 |
Short-term borrowings | 0 | 0 |
Long-term debt | 24,909 | |
Accrued interest payable | 0 | 0 |
Significant Unobservable Inputs, Level 3 [Member] | Commitments to Extend Credit [Member] | ||
Financial liabilities: | ||
Off-balance sheet instruments | 0 | 0 |
Significant Unobservable Inputs, Level 3 [Member] | Standby Letters of Credit [Member] | ||
Financial liabilities: | ||
Off-balance sheet instruments | 0 | 0 |
Carrying Amount [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 58,398 | 42,832 |
Securities | 809,107 | 853,032 |
Loans held for sale | 5,613 | 4,996 |
Loans, net | 1,977,955 | 1,973,536 |
Restricted investments in bank stock | 16,021 | 15,223 |
Accrued interest receivable | 7,644 | 7,349 |
Financial liabilities: | ||
Deposits | 2,411,519 | 2,380,672 |
Short-term borrowings | 246,986 | 333,475 |
Long-term debt | 25,000 | |
Accrued interest payable | 425 | 325 |
Carrying Amount [Member] | Commitments to Extend Credit [Member] | ||
Financial liabilities: | ||
Off-balance sheet instruments | 0 | 0 |
Carrying Amount [Member] | Standby Letters of Credit [Member] | ||
Financial liabilities: | ||
Off-balance sheet instruments | $0 | $0 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of impaired loans | 12 | 9 |
Allowance related to impaired loans | 5,720 | 5,643 |
Inventories [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, collateral, discount rate | 50.00% | |
Accounts Receivable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, collateral, discount rate | 20.00% | |
Foreclosed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, collateral, discount rate | 15.00% | |
Minimum [Member] | Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, collateral, discount rate | 10.00% | 10.00% |
Minimum [Member] | Equipment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, collateral, discount rate | 30.00% | |
Maximum [Member] | Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, collateral, discount rate | 30.00% | 35.00% |
Maximum [Member] | Equipment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, collateral, discount rate | 50.00% | |
Weighted average [Member] | Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, collateral, discount rate | 19.00% | 20.00% |
Fair value measurements, nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans with specific allocation | 7,168 | 3,882 |
Allowance related to impaired loans | 5,700 | 5,600 |
Impaired loans net of partial charge-offs | 244 | 5,263 |
Impaired Loans, Financial Assets, Fair Value, Charge-offs | 119 | 2,400 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Provision for federal income taxes | $2,527 | $1,787 |
Effective income tax rate | 31.00% | 27.00% |
Longterm_Debt_Details
Long-term Debt (Details) (Federal Home Loan Bank Advances [Member], USD $) | Mar. 31, 2015 |
Debt Instrument [Line Items] | |
Amount | $25,000,000 |
FHLB Advance Due January 2018 [Member] | |
Debt Instrument [Line Items] | |
Amount | 10,000,000 |
Interest Rate | 1.11% |
FHLB Advance Due January 2019 [Member] | |
Debt Instrument [Line Items] | |
Amount | 10,000,000 |
Interest Rate | 1.39% |
FHLB Advance Due January 2020 [Member] | |
Debt Instrument [Line Items] | |
Amount | $5,000,000 |
Interest Rate | 1.62% |
Stockholders_Equity_Stockholde1
Stockholders' Equity Stockholders' Equity (Details) (USD $) | Feb. 17, 2015 |
Class of Warrant or Right [Line Items] | |
Investor, Ownership Percentage in Company Stock | 50.00% |
Flip-in Date [Member] | |
Class of Warrant or Right [Line Items] | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | 100 |
Flip-in Date [Member] | Minimum [Member] | |
Class of Warrant or Right [Line Items] | |
Investor, Ownership Percentage in Company Stock | 15.00% |
Flip-in Date [Member] | Maximum [Member] | |
Class of Warrant or Right [Line Items] | |
Investor, Ownership Percentage in Company Stock | 50.00% |
Director [Member] | Prior to Flip-in Date [Member] | |
Class of Warrant or Right [Line Items] | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | 0.001 |