Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | METRO BANCORP, INC. | |
Entity Central Index Key | 1,085,706 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 14,027,516 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and cash equivalents | $ 57,678 | $ 42,832 |
Securities, available for sale at fair value | 414,746 | 528,038 |
Securities, held to maturity at cost (fair value 2015: $345,775; 2014: $319,923) | 350,486 | 324,994 |
Loans, held for sale | 5,610 | 4,996 |
Loans receivable, net of allowance for loan losses (allowance 2015: $25,871; 2014: $24,998) | 2,044,570 | 1,973,536 |
Restricted investments in bank stock | 17,793 | 15,223 |
Premises and equipment, net | 73,318 | 75,182 |
Other assets | 37,156 | 32,771 |
Total assets | 3,001,357 | 2,997,572 |
Liabilities and Stockholders' Equity | ||
Noninterest-bearing | 569,663 | 478,724 |
Interest-bearing | 1,799,025 | 1,901,948 |
Total deposits | 2,368,688 | 2,380,672 |
Short-term borrowings | 322,675 | 333,475 |
Long-term debt | 25,000 | 0 |
Other liabilities | 18,013 | 17,902 |
Total liabilities | 2,734,376 | 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: 14,310,602; 2014: 14,232,844; outstanding shares 2015: 14,009,402; 2014: 14,220,544) | 14,311 | 14,233 |
Surplus | 163,248 | 160,588 |
Retained earnings | 102,369 | 94,496 |
Accumulated other comprehensive loss | (5,616) | (3,875) |
Treasury stock, at cost (common shares 2015: 301,200; 2014: 12,300) | (7,731) | (319) |
Total stockholders' equity | 266,981 | 265,523 |
Total liabilities and stockholders' equity | $ 3,001,357 | $ 2,997,572 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Held-to-maturity securities, fair value | $ 345,775,000 | $ 319,923,000 |
Allowance for loan losses | $ 25,871,000 | $ 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 | 14,310,602 | 14,232,844 |
Common stock, shares outstanding | 14,009,402 | 14,220,544 |
Treasury stock, shares | 301,200 | 12,300 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Loans receivable, including fees: | ||||
Taxable | $ 22,124 | $ 19,938 | $ 43,727 | $ 39,148 |
Tax-exempt | 680 | 834 | 1,409 | 1,695 |
Securities: | ||||
Taxable | 4,362 | 5,018 | 9,707 | 10,064 |
Tax-exempt | 241 | 191 | 481 | 381 |
Total interest income | 27,407 | 25,981 | 55,324 | 51,288 |
Interest Expense | ||||
Deposits | 1,560 | 1,401 | 3,107 | 2,835 |
Short-term borrowings | 195 | 278 | 434 | 509 |
Long-term debt | 83 | 307 | 153 | 614 |
Total interest expense | 1,838 | 1,986 | 3,694 | 3,958 |
Net interest income | 25,569 | 23,995 | 51,630 | 47,330 |
Provision for loan losses | 2,600 | 1,100 | 4,100 | 2,000 |
Net interest income after provision for loan losses | 22,969 | 22,895 | 47,530 | 45,330 |
Noninterest Income | ||||
Card income | 4,115 | 3,990 | 8,000 | 7,815 |
Service charges on deposit accounts | 2,156 | 2,233 | 4,193 | 4,269 |
Other noninterest income | 1,245 | 1,134 | 2,445 | 2,204 |
Net gains on sales of loans | 474 | 138 | 945 | 274 |
Net gains on sales of securities | 444 | 0 | 416 | 11 |
Total noninterest income | 8,434 | 7,495 | 15,999 | 14,573 |
Noninterest Expenses | ||||
Salaries and employee benefits | 12,084 | 11,055 | 22,963 | 22,482 |
Occupancy | 2,619 | 2,104 | 5,141 | 4,579 |
Furniture and equipment | 751 | 994 | 1,454 | 2,024 |
Advertising and marketing | 398 | 376 | 762 | 769 |
Data processing | 3,692 | 3,320 | 7,230 | 6,570 |
Regulatory assessments and related costs | 556 | 584 | 1,123 | 1,153 |
Telephone | 811 | 902 | 1,651 | 1,826 |
Loan expense | 206 | 881 | 1,608 | 1,016 |
Foreclosed real estate, net | 425 | 178 | 515 | 194 |
Professional services | 591 | 301 | 1,459 | 602 |
State shares tax | 536 | 546 | 1,098 | 1,086 |
Other | 2,285 | 1,780 | 3,827 | 3,502 |
Total noninterest expenses | 24,954 | 23,021 | 48,831 | 45,803 |
Income before taxes | 6,449 | 7,369 | 14,698 | 14,100 |
Provision for federal income taxes | 2,272 | 2,288 | 4,799 | 4,075 |
Net income | $ 4,177 | $ 5,081 | $ 9,899 | $ 10,025 |
Net Income per Common Share | ||||
Basic (in dollars per share) | $ 0.29 | $ 0.36 | $ 0.70 | $ 0.70 |
Diluted (in dollars per share) | 0.29 | 0.35 | 0.68 | 0.70 |
Cash Dividends per Common Share (in dollars per share) | $ 0.07 | $ 0 | $ 0.14 | $ 0 |
Average Common and Common Equivalent Shares Outstanding | ||||
Basic (in shares) | 14,112 | 14,184 | 14,140 | 14,172 |
Diluted (in shares) | 14,373 | 14,387 | 14,412 | 14,366 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net income | $ 4,177 | $ 5,081 | $ 9,899 | $ 10,025 | |
Other comprehensive income (loss), net of tax: | |||||
Net unrealized holding gains (losses) arising during the period (tax effects for the three months 2015: ($2,241); 2014: $1,207, tax effects for the six months 2015: ($840); 2014: $4,167) | (4,161) | 2,244 | (1,560) | 7,739 | |
Reclassification adjustment for net realized (gains) losses on securities recorded in income [1] (tax effects for the three months 2015: ($155), tax effects for the six months 2015: ($97)) | [1] | (289) | 0 | (181) | 0 |
Other comprehensive income (loss) | (4,450) | 2,244 | (1,741) | 7,739 | |
Total comprehensive income (loss) | $ (273) | $ 7,325 | $ 8,158 | $ 17,764 | |
[1] | Amounts are included in net gains on sales of securities on the Consolidated Statements of Income in total noninterest income. |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Taxes, unrealized holding gains (losses) arising during the period | $ (2,241) | $ 1,207 | $ (840) | $ 4,167 |
Taxes, reclassification adjustment for net realized (gains) losses on securities recorded in income | $ (155) | $ 0 | $ (97) | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Treasury Stock [Member] |
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 | 10,025 | 0 | 0 | 0 | 10,025 | 0 | |
Other comprehensive income | 7,739 | 0 | 0 | 0 | 0 | 7,739 | |
Dividends declared on preferred stock | (40) | 0 | 0 | 0 | (40) | 0 | |
Common stock issued under stock option plans, including tax benefit | 520 | 0 | 35 | 485 | 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 | 30 | 0 | 2 | 28 | 0 | 0 | |
Common stock share-based awards | 313 | 0 | 0 | 313 | 0 | 0 | |
Ending balance at Jun. 30, 2014 | 248,770 | 400 | 14,194 | 159,476 | 83,476 | (8,776) | 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 | 9,899 | 0 | 0 | 0 | 9,899 | 0 | |
Other comprehensive income | (1,741) | 0 | 0 | 0 | 0 | (1,741) | |
Dividends declared on preferred stock | (40) | 0 | 0 | 0 | (40) | 0 | |
Dividends declared on common stock | (1,986) | 0 | 0 | 0 | (1,986) | 0 | |
Common stock issued under stock option plans, including tax benefit | 1,037 | 0 | 76 | 961 | 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 | 45 | 0 | 2 | 43 | 0 | 0 | |
Common stock share-based awards | 1,654 | 0 | 0 | 1,654 | 0 | 0 | |
Purchase of shares of treasury stock | (7,412) | (7,412) | |||||
Ending balance at Jun. 30, 2015 | $ 266,981 | $ 400 | $ 14,311 | $ 163,248 | $ 102,369 | $ (5,616) | $ (7,731) |
Consolidated Statements of Sto8
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 75,944 | 34,846 |
Tax benefit on exercise of stock options | $ 328 | $ 68 |
Common stock, shares issued under employee stock purchase plan (shares) | 90 | 30 |
Common stock, shares issued in connection with dividend reinvestment and stock purchase plan (shares) | 1,674 | 1,418 |
Purchase of treasury stock (in shares) | 288,900 | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Activities | ||
Net income | $ 9,899 | $ 10,025 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 4,100 | 2,000 |
Depreciation, amortization and accretion | 1,959 | 1,858 |
Deferred income tax expense | (962) | (228) |
Gain on sales of available for sales securities (net) | (278) | 0 |
Gain on sales of held to maturity securities | (138) | (11) |
Proceeds/payments from sales of loans originated for sale | 28,900 | 15,677 |
Loans originated for sale | (28,947) | (15,059) |
Gains on sales of loans (net) | (945) | (274) |
Losses on write-down on foreclosed assets | 80 | 0 |
(Gains) losses on sales of foreclosed assets (net) | 11 | (61) |
Losses on disposal of premises and equipment (net) | 540 | 35 |
Stock-based compensation | 1,654 | 313 |
Increase in other assets | (3,956) | (1,687) |
Increase (decrease) in other liabilities | 111 | (2,061) |
Net cash provided by operating activities | 12,028 | 10,527 |
Securities available for sale: | ||
Proceeds from principal repayments and maturities | 39,096 | 30,819 |
Proceeds from sales | 71,666 | 0 |
Securities held to maturity: | ||
Proceeds from principal repayments and maturities | 25,395 | 6,249 |
Proceeds from sales | 1,448 | 614 |
Purchases | (52,105) | (1,018) |
Proceeds from sales of loans not originated for sale | 1,012 | 489 |
Proceeds from sales of foreclosed assets | 2,501 | 1,241 |
Increase in loans receivable (net) | (76,050) | (102,022) |
Purchase of restricted investment in bank stock (net) | (2,570) | (3,391) |
Purchases of premises and equipment | (1,435) | (1,095) |
Net cash provided by (used in) investing activities | 8,958 | (68,114) |
Financing Activities | ||
Decrease in demand, interest checking, money market, and savings deposits (net) | (20,639) | (47,368) |
Increase (decrease) in time and other noncore deposits (net) | 8,655 | (5,273) |
Increase (decrease) in short-term borrowings (net) | (10,800) | 123,925 |
Proceeds from long-term borrowings | 25,000 | 0 |
Proceeds from common stock options exercised | 709 | 452 |
Proceeds from dividend reinvestment and common stock purchase plan | 45 | 30 |
Tax benefit on exercise of stock options | 328 | 68 |
Cash dividends on preferred stock | (40) | (40) |
Cash dividends on common stock | (1,986) | 0 |
Purchase of treasury stock | (7,412) | 0 |
Net cash provided by (used in) financing activities | (6,140) | 71,794 |
Increase in cash and cash equivalents | 14,846 | 14,207 |
Cash and cash equivalents at beginning of year | 42,832 | 44,996 |
Cash and cash equivalents at end of period | 57,678 | 59,203 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest on deposits and borrowings | 3,685 | 4,016 |
Cash paid for income taxes | 5,750 | 3,850 |
Supplemental schedule of noncash activities: | ||
Transfer of loans to foreclosed assets | $ 784 | $ 505 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 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. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 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: Six months ended June 30, 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: Six months ended June 30, 2015 2014 Weighted-average risk-free interest rate 1.8 % 2.0 % Expected dividend yield 1.1 % — % Weighted-average volatility of Company's common stock 32.2 % 34.0 % Weighted-average assumed forfeiture rate 9.0 % 10.3 % Weighted-average expected term of options, in years 7.5 7.2 Options vesting annually 25.0 % 25.0 % The following table details the Company's stock-based compensation expense and related tax benefit associated with this expense: Six months ended June 30, (in thousands) 2015 2014 Stock-based compensation expense $ 1,654 $ 313 Tax benefit associated with compensation expense 308 87 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. Due to a material change in the number of members on the Company's board of directors over the previous twelve months, on June 19, 2015, a change in control was deemed to have occurred under a provision in the Company's 2006 Employee Stock Option and Restricted Stock Plan, whereby all outstanding employee stock options immediately became fully vested and exercisable. As a consequence, the Company recorded accelerated stock-based compensation expense totaling $1.4 million during the second quarter of 2015, $823,000 of which was related to ISOs and, therefore, not deductible for federal income tax purposes. The Company will not recognize any further compensation expense related to these vested options. The change in the number of members of the board of directors did not have an impact on the 2011 Directors Stock Option and Restricted Stock Plan (the 2011 Plan) and the outstanding options under this plan continue to vest over a four-year period. As of June 30, 2015, there was $799,000 of total unrecognized compensation cost related to nonvested stock option awards issued under the 2011 Plan. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The amortized cost and fair value of securities are summarized in the following tables: June 30, 2015 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for Sale: U.S. Government agency securities $ 33,996 $ — $ (1,050 ) $ 32,946 Residential mortgage-backed securities 56,603 25 (809 ) 55,819 Agency collateralized mortgage obligations 302,796 1,385 (8,078 ) 296,103 Municipal securities 29,991 146 (259 ) 29,878 Total $ 423,386 $ 1,556 $ (10,196 ) $ 414,746 Held to Maturity: U.S. Government agency securities $ 149,122 $ — $ (4,366 ) $ 144,756 Residential mortgage-backed securities 11,741 175 (7 ) 11,909 Agency collateralized mortgage obligations 174,921 1,492 (2,046 ) 174,367 Corporate debt securities 5,000 17 — 5,017 Municipal securities 9,702 56 (32 ) 9,726 Total $ 350,486 $ 1,740 $ (6,451 ) $ 345,775 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 are shown in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations. June 30, 2015 Available for Sale Held to Maturity (in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ — $ — $ 5,000 $ 5,017 Due after one year through five years 6,742 6,770 — — Due after five years through ten years 51,825 50,852 111,383 107,596 Due after ten years 5,420 5,202 47,441 46,886 63,987 62,824 163,824 159,499 Residential mortgage-backed securities 56,603 55,819 11,741 11,909 Agency collateralized mortgage obligations 302,796 296,103 174,921 174,367 Total $ 423,386 $ 414,746 $ 350,486 $ 345,775 During the second quarter of 2015 , the Company sold five securities from the available for sale (AFS) portfolio with a total fair market value of $43.9 million and realized a gain of $444,000 . No securities were sold by the Company from the held to maturity (HTM) portfolio this quarter. The Company had no securities that were called by their respective issuers. During the second quarter of 2014 , the Company did not sell any securities and had no securities that were called by their respective issuers. During the first six months of 2015 , the Company sold nine securities from the AFS portfolio with a total fair market value of $71.7 million and realized net gains of $278,000 . One security with a fair market value of $1.4 million was sold by the Company from the HTM portfolio with a realized gain of $138,000 , however, it was an amortizing security that had 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 six months 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 returned more than 85% of its principal and could be sold without tainting the remaining HTM portfolio. No securities were sold by the Company from the AFS 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 Three Months Ended: June 30, 2015 $ 444 $ — $ 444 June 30, 2014 — — — Six months ended: June 30, 2015 $ 451 $ (173 ) $ 278 June 30, 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: June 30, 2015 Less than 12 months 12 months or more Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available for Sale: U.S. Government agency securities $ 24,173 $ (827 ) $ 8,773 $ (223 ) $ 32,946 $ (1,050 ) Residential mortgage-backed securities 39,250 (525 ) 8,470 (284 ) 47,720 (809 ) Agency collateralized mortgage obligations 50,738 (1,809 ) 125,559 (6,269 ) 176,297 (8,078 ) Municipal securities 3,154 (108 ) 2,218 (151 ) 5,372 (259 ) Total $ 117,315 $ (3,269 ) $ 145,020 $ (6,927 ) $ 262,335 $ (10,196 ) Held to Maturity: U.S. Government agency securities $ 45,644 $ (532 ) $ 99,112 $ (3,834 ) $ 144,756 $ (4,366 ) Residential mortgage-backed securities 1,889 (7 ) — — 1,889 (7 ) Agency collateralized mortgage obligations 41,412 (900 ) 15,735 (1,146 ) 57,147 (2,046 ) Municipal securities 2,854 (32 ) — — 2,854 (32 ) Total $ 91,799 $ (1,471 ) $ 114,847 $ (4,980 ) $ 206,646 $ (6,451 ) December 31, 2014 Less than 12 months 12 months or more Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized 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 June 30, 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 11 debentures, 23 CMOs and 9 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 nine securities that were in an unrealized loss position as of June 30, 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 or six months ended June 30, 2015 or 2014 . At June 30, 2015 , securities with a carrying value of $576.7 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 | 6 Months Ended |
Jun. 30, 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 $574.9 million at June 30, 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) June 30, 2015 December 31, 2014 Commercial and industrial $ 591,860 $ 525,127 Commercial tax-exempt 58,319 71,151 Owner occupied real estate 313,377 332,070 Commercial construction and land development 136,354 138,064 Commercial real estate 625,344 594,276 Residential 122,838 110,951 Consumer 222,349 226,895 Gross loans receivable 2,070,441 1,998,534 Less: allowance for loan losses 25,871 24,998 Net loans receivable $ 2,044,570 $ 1,973,536 The following table summarizes nonaccrual loans by loan type: (in thousands) June 30, 2015 December 31, 2014 Nonaccrual loans: Commercial and industrial $ 11,985 $ 11,634 Commercial tax-exempt — — Owner occupied real estate 7,720 7,416 Commercial construction and land development 3,226 3,228 Commercial real estate 6,384 5,824 Residential 5,336 4,987 Consumer 1,177 1,877 Total nonaccrual loans $ 35,828 $ 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 $35.8 million exceeds the $22.6 million balance of total loans that are 90 days past due at June 30, 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 June 30, 2015 Commercial and industrial $ 582,420 $ 919 $ 685 $ 7,836 $ 9,440 $ 591,860 $ — Commercial tax-exempt 58,319 — — — — 58,319 — Owner occupied real estate 303,563 1,734 1,913 6,167 9,814 313,377 — Commercial construction and 135,927 200 197 30 427 136,354 — Commercial real estate 618,125 883 1,572 4,764 7,219 625,344 — Residential 117,689 468 1,583 3,098 5,149 122,838 — Consumer 218,915 2,510 240 684 3,434 222,349 — Total $ 2,034,958 $ 6,714 $ 6,190 $ 22,579 $ 35,483 $ 2,070,441 $ — 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 — 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- sumer Unallo-cated Total June 30, 2015 Allowance for loan losses: Individually evaluated $ 3,521 $ — $ 1,315 $ — $ — $ — $ — $ — $ 4,836 Collectively evaluated 8,517 45 619 4,476 5,178 855 959 386 21,035 Total ALL $ 12,038 $ 45 $ 1,934 $ 4,476 $ 5,178 $ 855 $ 959 $ 386 $ 25,871 Loans receivable: Loans evaluated individually $ 16,609 $ — $ 7,759 $ 3,829 $ 10,529 $ 6,642 $ 1,827 $ — $ 47,195 Loans evaluated collectively 575,251 58,319 305,618 132,525 614,815 116,196 220,522 — 2,023,246 Total loans receivable $ 591,860 $ 58,319 $ 313,377 $ 136,354 $ 625,344 $ 122,838 $ 222,349 $ — $ 2,070,441 (in thousands) Comm. and industrial Comm. tax-exempt Owner occupied real estate Comm. construction and land development Comm. real estate Residen-tial Con- sumer Unallo-cated Total December 31, 2014 Allowance for loan losses: Individually evaluated $ 4,401 $ — $ 1,242 $ — $ — $ — $ — $ — $ 5,643 Collectively evaluated 7,313 55 689 4,242 4,707 796 931 622 19,355 Total ALL $ 11,714 $ 55 $ 1,931 $ 4,242 $ 4,707 $ 796 $ 931 $ 622 $ 24,998 Loans receivable: Loans evaluated individually $ 16,982 $ — $ 7,464 $ 3,810 $ 9,976 $ 5,657 $ 2,433 $ — $ 46,322 Loans evaluated collectively 508,145 71,151 324,606 134,254 584,300 105,294 224,462 — 1,952,212 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 April 1 $ 12,019 $ 52 $ 1,944 $ 4,529 $ 4,945 $ 803 $ 870 $ 593 $ 25,755 Provision charged to operating expenses 1,612 (7 ) 52 (53 ) 461 120 622 (207 ) 2,600 Recoveries of loans previously charged-off 53 — 3 — 10 1 15 — 82 Loans charged-off (1,646 ) — (65 ) — (238 ) (69 ) (548 ) — (2,566 ) Balance at June 30 $ 12,038 $ 45 $ 1,934 $ 4,476 $ 5,178 $ 855 $ 959 $ 386 $ 25,871 (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 2,142 (10 ) 118 232 1,149 140 565 (236 ) 4,100 Recoveries of loans previously charged-off 107 — 3 2 17 2 27 — 158 Loans charged-off (1,925 ) — (118 ) — (695 ) (83 ) (564 ) — (3,385 ) Balance at June 30 $ 12,038 $ 45 $ 1,934 $ 4,476 $ 5,178 $ 855 $ 959 $ 386 $ 25,871 (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 April 1 $ 7,914 $ 68 $ 2,236 $ 5,842 $ 4,640 $ 1,023 $ 1,329 $ 882 $ 23,934 Provision charged to operating expenses (557 ) (1 ) 125 1,270 99 37 68 59 1,100 Recoveries of loans previously charged-off 244 — 43 111 101 20 16 — 535 Loans charged-off (501 ) — (171 ) (527 ) — (19 ) (80 ) — (1,298 ) Balance at June 30 $ 7,100 $ 67 $ 2,233 $ 6,696 $ 4,840 $ 1,061 $ 1,333 $ 941 $ 24,271 (in thousands) Comm. and industrial Comm. tax-exempt Owner occupied real estate Comm. construction and land development Comm. real estate Residential 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 (1,472 ) (5 ) (37 ) 1,465 1,221 383 201 244 2,000 Recoveries of loans previously charged-off 1,249 — 286 211 174 20 39 — 1,979 Loans charged-off (855 ) — (196 ) (539 ) (716 ) (302 ) (210 ) — (2,818 ) Balance at June 30 $ 7,100 $ 67 $ 2,233 $ 6,696 $ 4,840 $ 1,061 $ 1,333 $ 941 $ 24,271 The following table presents information regarding the Company's impaired loans. The recorded investment represents the contractual obligation less any charged off principal. June 30, 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 $ 8,359 $ 10,575 $ — $ 8,766 $ 9,437 $ — Commercial tax-exempt — — — — — — Owner occupied real estate 5,042 5,533 — 6,155 6,636 — Commercial construction and land development 3,829 3,829 — 3,810 3,810 — Commercial real estate 10,529 10,638 — 9,976 10,097 — Residential 6,642 7,917 — 5,657 7,011 — Consumer 1,827 2,021 — 2,433 2,686 — Total impaired loans with no related allowance 36,228 40,513 — 36,797 39,677 — Impaired loans with an allowance recorded: Commercial and industrial 8,250 8,250 3,521 8,216 8,216 4,401 Owner occupied real estate 2,717 2,717 1,315 1,309 1,309 1,242 Total impaired loans with an allowance recorded 10,967 10,967 4,836 9,525 9,525 5,643 Total impaired loans: Commercial and industrial 16,609 18,825 3,521 16,982 17,653 4,401 Commercial tax-exempt — — — — — — Owner occupied real estate 7,759 8,250 1,315 7,464 7,945 1,242 Commercial construction and land development 3,829 3,829 — 3,810 3,810 — Commercial real estate 10,529 10,638 — 9,976 10,097 — Residential 6,642 7,917 — 5,657 7,011 — Consumer 1,827 2,021 — 2,433 2,686 — Total impaired loans $ 47,195 $ 51,480 $ 4,836 $ 46,322 $ 49,202 $ 5,643 The following table presents additional information regarding the Company's impaired loans: Three months ended June 30, Six months ended June 30, 2015 2015 2014 2014 2015 2015 2014 2014 (in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Impaired loans with no related allowance: Commercial and industrial $ 8,129 $ 58 $ 8,079 $ 36 $ 8,489 $ 128 $ 7,985 $ 76 Commercial tax-exempt — — — — — — — — Owner occupied real estate 5,108 — 3,896 — 5,284 — 4,341 10 Commercial construction and land development 3,776 7 4,133 14 3,727 13 6,187 31 Commercial real estate 10,736 39 10,035 40 10,699 78 10,403 88 Residential 5,915 12 4,218 14 5,792 20 4,353 27 Consumer 1,992 8 2,796 10 2,165 15 2,715 17 Total impaired loans with no related allowance 35,656 124 33,157 114 36,156 254 35,984 249 Impaired loans with an allowance recorded: Commercial and industrial 8,338 — 2,341 — 8,455 — 2,793 — Owner occupied real estate 2,734 — 2,325 — 2,260 — 2,006 — Commercial construction and land development — — 6,148 — — — 4,813 — Residential — — 3,069 — — — 3,074 — Consumer — — 465 — — — 471 — Total impaired loans with an allowance recorded 11,072 — 14,348 — 10,715 — 13,157 — Total impaired loans: Commercial and industrial 16,467 58 10,420 36 16,944 128 10,778 76 Commercial tax-exempt — — — — — — — — Owner occupied real estate 7,842 — 6,221 — 7,544 — 6,347 10 Commercial construction and land development 3,776 7 10,281 14 3,727 13 11,000 31 Commercial real estate 10,736 39 10,035 40 10,699 78 10,403 88 Residential 5,915 12 7,287 14 5,792 20 7,427 27 Consumer 1,992 8 3,261 10 2,165 15 3,186 17 Total impaired loans $ 46,728 $ 124 $ 47,505 $ 114 $ 46,871 $ 254 $ 49,141 $ 249 Impaired loans averaged approximately $46.9 million and $49.1 million for the six months ended June 30, 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 totaling $254,000 and $249,000 continued to accrue on certain impaired loans for the six months ended June 30, 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 June 30, 2015 or December 31, 2014 . June 30, 2015 (in thousands) Pass Special Mention Substandard Accrual Substandard Nonaccrual Total Commercial credit exposure: Commercial and industrial $ 552,444 $ 13,920 $ 13,511 $ 11,985 $ 591,860 Commercial tax-exempt 58,319 — — — 58,319 Owner occupied real estate 292,344 4,394 8,919 7,720 313,377 Commercial construction and land development 132,826 — 302 3,226 136,354 Commercial real estate 616,263 2,176 521 6,384 625,344 Total $ 1,652,196 $ 20,490 $ 23,253 $ 29,315 $ 1,725,254 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: June 30, 2015 (in thousands) Performing Nonperforming Total Consumer credit exposure: Residential $ 117,502 $ 5,336 $ 122,838 Consumer 221,172 1,177 222,349 Total $ 338,674 $ 6,513 $ 345,187 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 and six month periods ended June 30, 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 June 30, Six months ended June 30, 2015 2015 2014 2014 2015 2015 2014 2014 (dollars in thousands) Number of Contracts Recorded Investment at Time of Restructure Number of Contracts Recorded Investment at Time of Restructure Number of Contracts Recorded Investment at Time of Restructure Number of Contracts Recorded Investment at Time of Restructure Commercial and industrial: Forbearance agreement — $ — 1 $ 229 1 $ 3,307 1 $ 229 Accepting interest only for 1 43 — — 1 43 — — Change in amortization — — — — — — 3 261 Combination of concessions — — — — — — 1 30 Owner occupied real estate: Accepting interest only for 1 407 3 1,601 1 407 3 1,601 Change in amortization — — — — — — 1 128 Commercial construction Material extension of time 1 186 — — 1 186 1 242 Forbearance agreement — — 3 2,185 — — 3 2,185 Change in amortization — — — — — — 1 214 Commercial real estate: Change in amortization — — — — — — 14 1,893 Residential: Interest rate adjustment — — — — — — 1 143 Combination of concessions 1 592 — — 1 592 — — Total 4 $ 1,228 7 $ 4,015 5 $ 4,535 29 $ 6,926 The following table represents loans receivable modified as TDRs within the 12 months previous to June 30, 2015 and 2014 , respectively, and that subsequently defaulted during the three and six month periods ended June 30, 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 June 30, Six months ended June 30, 2015 2015 2014 2014 2015 2015 2014 2014 (dollars in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment Commercial and industrial 3 $ 524 — $ — 3 $ 524 7 $ 1,288 Owner occupied real estate 1 326 1 871 3 1,057 4 1,792 Commercial construction and land development — — — — 1 236 2 1,930 Commercial real estate — — — — 3 2,667 — — Residential — — 1 258 — — 3 3,470 Consumer — — — — — — 1 476 Total 4 $ 850 2 $ 1,129 10 $ 4,484 17 $ 8,956 Of the ten contracts that subsequently payment defaulted during the six month period ended June 30, 2015 , five were still in payment default at June 30, 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 | 6 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
Foreclosed Assets | Foreclosed Assets Foreclosed assets are included in other assets on the Company's balance sheet and totaled $6.0 million as of June 30, 2015 and $7.7 million as of December 31, 2014 . The carrying value of foreclosed residential real estate included within foreclosed assets totaled $686,000 as of June 30, 2015 and $295,000 as of December 31, 2014 . Included within loans receivable as of June 30, 2015 was a recorded investment of $2.6 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 Le
Loan Commitments and Standby Letters of Credit | 6 Months Ended |
Jun. 30, 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 $35.5 million and $34.6 million of standby letters of credit at June 30, 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 June 30, 2015 , there was $800,000 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 further 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 $1.0 million 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. In June 2015, a partial draft of $200,000 was made on the letter of credit. The corresponding $1.0 million expense is included in loan expense in the Company's Statement of Income for the six months ended June 30, 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 $720.1 million and $637.1 million in total unused commitments, including the standby letters of credit, at June 30, 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 | 6 Months Ended |
Jun. 30, 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 owns land at 105 N. George Street, York City, York County, Pennsylvania. The Company has had plans to construct a full-service store on this property to be opened in the future. Given the Company's announcement on August 4, 2015 to merge with and into F.N.B. Corporation (FNB), the future use of this site can not be determined at this time with certainty. For further discussion regarding the announcement to merge with and into FNB, please refer to Note 12 of these Notes to the Interim Consolidated Financial Statements . |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 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 Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Total (Level 1) (Level 2) (Level 3) June 30, 2015 U.S. Government agency securities $ 32,946 $ — $ 32,946 $ — Residential MBSs 55,819 — 55,819 — Agency CMOs 296,103 — 296,103 — Municipal securities 29,878 — 29,878 — Securities available for sale $ 414,746 $ — $ 414,746 $ — Fair Value Measurements at Reporting Date Using Description Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable 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 June 30, 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 20% to 25% at June 30, 2015 as compared to 10% to 35% at December 31, 2014 ; the weighted-average rate was 21% as of June 30, 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 June 30, 2015 , the cumulative fair value of 13 impaired collateral-dependent loans with individual allowance allocations totaled $6.1 million , net of valuation allowances of $4.8 million , and the fair value of impaired loans that were partially charged off during the first six months of 2015 totaled $1.8 million at June 30, 2015 , net of charge-offs of $1.9 million . 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 June 30, 2015 , the carrying value of foreclosed assets with valuation allowances recorded subsequent to initial foreclosure was $170,000 , which was net of a valuation allowance of $80,000 . At 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 Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Total (Level 1) (Level 2) (Level 3) June 30, 2015 Impaired collateral dependent loans with specific allocations $ 6,131 $ — $ — $ 6,131 Impaired collateral dependent loans net of partial charge-offs 1,816 — — 1,816 Foreclosed assets 170 — — 170 Total $ 8,117 $ — $ — $ 8,117 Fair Value Measurements at Reporting Date Using Description Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable 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 six months ended June 30, 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 June 30, 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 June 30, 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 June 30, 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 June 30, 2015 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Carrying Amount Fair Value (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 57,678 $ 57,678 $ 57,678 $ — $ — Securities 765,232 760,521 — 760,521 — Loans, held for sale 5,610 5,662 — — 5,662 Loans receivable, net 2,044,570 2,050,938 — — 2,050,938 Restricted investments in bank stock 17,793 17,793 — — 17,793 Accrued interest receivable 7,148 7,148 7,148 — — Financial liabilities: Deposits $ 2,368,688 $ 2,371,438 $ — $ — $ 2,371,438 Short-term borrowings 322,675 322,675 322,675 — — Long-term debt 25,000 24,747 — — 24,747 Accrued interest payable 334 334 334 — — Off-balance sheet instruments: Standby letters of credit $ — $ — $ — $ — $ — Commitments to extend credit — — — — — Fair Value Measurements at December 31, 2014 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Carrying Amount Fair Value (Level 1) (Level 2) (Level 3) 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 | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The tax provision for federal income taxes was $2.3 million for both the second quarter of 2015 and for the second quarter of 2014 . The effective tax rate was 35% for the quarter ended June 30, 2015 compared to 31% for the quarter ended June 30, 2014 . The effective tax rate increased in the second quarter of 2015 primarily due to the accelerated full vesting of all outstanding employee stock options in June 2015, which resulted in $1.4 million of stock-based compensation expense, $823,000 of which is not deductible for federal income tax purposes. The tax provision for federal income taxes was $4.8 million for the first six months of 2015 , compared to $4.1 million for the same period in 2014 . The effective tax rates were 33% and 29% for the first six months ended June 30, 2015 and June 30, 2014 , respectively. The effective tax rate increased in the first six months of 2015 primarily due to the immediate vesting of options during the second quarter of 2015 mentioned above. |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt During the six months ended June 30, 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% January 12, 2018 $ 10,000,000 1.39% January 15, 2019 $ 5,000,000 1.62% January 15, 2020 Interest is payable quarterly on all long-term advances. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 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 originally had an expiration date of February 17, 2016. On May 15, 2015, the Company announced the Rights Agreement had been amended to change the expiration date to May 15, 2015, at which time the Rights expired and the Rights Agreement terminated. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On August 4, 2015, Metro entered into an Agreement and Plan of Merger (the Merger Agreement) with FNB. Subject to the terms and conditions set forth in the Merger Agreement, Metro will merge with and into FNB (the Merger), with FNB surviving the Merger, and, at the effective time of the Merger, each outstanding share of common stock, par value $1.00 per share, of Metro (other than certain shares held by Metro, FNB or their subsidiaries) will be converted into the right to receive 2.373 shares, par value $0.01 per share, of FNB common stock, with cash payable in lieu of fractional shares. Consummation of the Merger is subject to certain terms and conditions, including, but not limited to, receipt of various regulatory approvals and approval by both Metro's and FNB's shareholders. The merger is expected to be completed during the first quarter of 2016. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 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. |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 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: Six months ended June 30, 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: Six months ended June 30, 2015 2014 Weighted-average risk-free interest rate 1.8 % 2.0 % Expected dividend yield 1.1 % — % Weighted-average volatility of Company's common stock 32.2 % 34.0 % Weighted-average assumed forfeiture rate 9.0 % 10.3 % Weighted-average expected term of options, in years 7.5 7.2 Options vesting annually 25.0 % 25.0 % |
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: Six months ended June 30, (in thousands) 2015 2014 Stock-based compensation expense $ 1,654 $ 313 Tax benefit associated with compensation expense 308 87 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 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: June 30, 2015 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for Sale: U.S. Government agency securities $ 33,996 $ — $ (1,050 ) $ 32,946 Residential mortgage-backed securities 56,603 25 (809 ) 55,819 Agency collateralized mortgage obligations 302,796 1,385 (8,078 ) 296,103 Municipal securities 29,991 146 (259 ) 29,878 Total $ 423,386 $ 1,556 $ (10,196 ) $ 414,746 Held to Maturity: U.S. Government agency securities $ 149,122 $ — $ (4,366 ) $ 144,756 Residential mortgage-backed securities 11,741 175 (7 ) 11,909 Agency collateralized mortgage obligations 174,921 1,492 (2,046 ) 174,367 Corporate debt securities 5,000 17 — 5,017 Municipal securities 9,702 56 (32 ) 9,726 Total $ 350,486 $ 1,740 $ (6,451 ) $ 345,775 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 are shown in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations. June 30, 2015 Available for Sale Held to Maturity (in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ — $ — $ 5,000 $ 5,017 Due after one year through five years 6,742 6,770 — — Due after five years through ten years 51,825 50,852 111,383 107,596 Due after ten years 5,420 5,202 47,441 46,886 63,987 62,824 163,824 159,499 Residential mortgage-backed securities 56,603 55,819 11,741 11,909 Agency collateralized mortgage obligations 302,796 296,103 174,921 174,367 Total $ 423,386 $ 414,746 $ 350,486 $ 345,775 |
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 Three Months Ended: June 30, 2015 $ 444 $ — $ 444 June 30, 2014 — — — Six months ended: June 30, 2015 $ 451 $ (173 ) $ 278 June 30, 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: June 30, 2015 Less than 12 months 12 months or more Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available for Sale: U.S. Government agency securities $ 24,173 $ (827 ) $ 8,773 $ (223 ) $ 32,946 $ (1,050 ) Residential mortgage-backed securities 39,250 (525 ) 8,470 (284 ) 47,720 (809 ) Agency collateralized mortgage obligations 50,738 (1,809 ) 125,559 (6,269 ) 176,297 (8,078 ) Municipal securities 3,154 (108 ) 2,218 (151 ) 5,372 (259 ) Total $ 117,315 $ (3,269 ) $ 145,020 $ (6,927 ) $ 262,335 $ (10,196 ) Held to Maturity: U.S. Government agency securities $ 45,644 $ (532 ) $ 99,112 $ (3,834 ) $ 144,756 $ (4,366 ) Residential mortgage-backed securities 1,889 (7 ) — — 1,889 (7 ) Agency collateralized mortgage obligations 41,412 (900 ) 15,735 (1,146 ) 57,147 (2,046 ) Municipal securities 2,854 (32 ) — — 2,854 (32 ) Total $ 91,799 $ (1,471 ) $ 114,847 $ (4,980 ) $ 206,646 $ (6,451 ) December 31, 2014 Less than 12 months 12 months or more Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized 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 Allowanc25
Loans Receivable and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Summary of Loans Receivable | A summary of the Bank's loans receivable is as follows: (in thousands) June 30, 2015 December 31, 2014 Commercial and industrial $ 591,860 $ 525,127 Commercial tax-exempt 58,319 71,151 Owner occupied real estate 313,377 332,070 Commercial construction and land development 136,354 138,064 Commercial real estate 625,344 594,276 Residential 122,838 110,951 Consumer 222,349 226,895 Gross loans receivable 2,070,441 1,998,534 Less: allowance for loan losses 25,871 24,998 Net loans receivable $ 2,044,570 $ 1,973,536 |
Summary of Nonaccrual Loans, by Type | The following table summarizes nonaccrual loans by loan type: (in thousands) June 30, 2015 December 31, 2014 Nonaccrual loans: Commercial and industrial $ 11,985 $ 11,634 Commercial tax-exempt — — Owner occupied real estate 7,720 7,416 Commercial construction and land development 3,226 3,228 Commercial real estate 6,384 5,824 Residential 5,336 4,987 Consumer 1,177 1,877 Total nonaccrual loans $ 35,828 $ 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 June 30, 2015 Commercial and industrial $ 582,420 $ 919 $ 685 $ 7,836 $ 9,440 $ 591,860 $ — Commercial tax-exempt 58,319 — — — — 58,319 — Owner occupied real estate 303,563 1,734 1,913 6,167 9,814 313,377 — Commercial construction and 135,927 200 197 30 427 136,354 — Commercial real estate 618,125 883 1,572 4,764 7,219 625,344 — Residential 117,689 468 1,583 3,098 5,149 122,838 — Consumer 218,915 2,510 240 684 3,434 222,349 — Total $ 2,034,958 $ 6,714 $ 6,190 $ 22,579 $ 35,483 $ 2,070,441 $ — 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 — 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 April 1 $ 12,019 $ 52 $ 1,944 $ 4,529 $ 4,945 $ 803 $ 870 $ 593 $ 25,755 Provision charged to operating expenses 1,612 (7 ) 52 (53 ) 461 120 622 (207 ) 2,600 Recoveries of loans previously charged-off 53 — 3 — 10 1 15 — 82 Loans charged-off (1,646 ) — (65 ) — (238 ) (69 ) (548 ) — (2,566 ) Balance at June 30 $ 12,038 $ 45 $ 1,934 $ 4,476 $ 5,178 $ 855 $ 959 $ 386 $ 25,871 (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 2,142 (10 ) 118 232 1,149 140 565 (236 ) 4,100 Recoveries of loans previously charged-off 107 — 3 2 17 2 27 — 158 Loans charged-off (1,925 ) — (118 ) — (695 ) (83 ) (564 ) — (3,385 ) Balance at June 30 $ 12,038 $ 45 $ 1,934 $ 4,476 $ 5,178 $ 855 $ 959 $ 386 $ 25,871 (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 April 1 $ 7,914 $ 68 $ 2,236 $ 5,842 $ 4,640 $ 1,023 $ 1,329 $ 882 $ 23,934 Provision charged to operating expenses (557 ) (1 ) 125 1,270 99 37 68 59 1,100 Recoveries of loans previously charged-off 244 — 43 111 101 20 16 — 535 Loans charged-off (501 ) — (171 ) (527 ) — (19 ) (80 ) — (1,298 ) Balance at June 30 $ 7,100 $ 67 $ 2,233 $ 6,696 $ 4,840 $ 1,061 $ 1,333 $ 941 $ 24,271 (in thousands) Comm. and industrial Comm. tax-exempt Owner occupied real estate Comm. construction and land development Comm. real estate Residential 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 (1,472 ) (5 ) (37 ) 1,465 1,221 383 201 244 2,000 Recoveries of loans previously charged-off 1,249 — 286 211 174 20 39 — 1,979 Loans charged-off (855 ) — (196 ) (539 ) (716 ) (302 ) (210 ) — (2,818 ) Balance at June 30 $ 7,100 $ 67 $ 2,233 $ 6,696 $ 4,840 $ 1,061 $ 1,333 $ 941 $ 24,271 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- sumer Unallo-cated Total June 30, 2015 Allowance for loan losses: Individually evaluated $ 3,521 $ — $ 1,315 $ — $ — $ — $ — $ — $ 4,836 Collectively evaluated 8,517 45 619 4,476 5,178 855 959 386 21,035 Total ALL $ 12,038 $ 45 $ 1,934 $ 4,476 $ 5,178 $ 855 $ 959 $ 386 $ 25,871 Loans receivable: Loans evaluated individually $ 16,609 $ — $ 7,759 $ 3,829 $ 10,529 $ 6,642 $ 1,827 $ — $ 47,195 Loans evaluated collectively 575,251 58,319 305,618 132,525 614,815 116,196 220,522 — 2,023,246 Total loans receivable $ 591,860 $ 58,319 $ 313,377 $ 136,354 $ 625,344 $ 122,838 $ 222,349 $ — $ 2,070,441 (in thousands) Comm. and industrial Comm. tax-exempt Owner occupied real estate Comm. construction and land development Comm. real estate Residen-tial Con- sumer Unallo-cated Total December 31, 2014 Allowance for loan losses: Individually evaluated $ 4,401 $ — $ 1,242 $ — $ — $ — $ — $ — $ 5,643 Collectively evaluated 7,313 55 689 4,242 4,707 796 931 622 19,355 Total ALL $ 11,714 $ 55 $ 1,931 $ 4,242 $ 4,707 $ 796 $ 931 $ 622 $ 24,998 Loans receivable: Loans evaluated individually $ 16,982 $ — $ 7,464 $ 3,810 $ 9,976 $ 5,657 $ 2,433 $ — $ 46,322 Loans evaluated collectively 508,145 71,151 324,606 134,254 584,300 105,294 224,462 — 1,952,212 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 additional information regarding the Company's impaired loans: Three months ended June 30, Six months ended June 30, 2015 2015 2014 2014 2015 2015 2014 2014 (in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Impaired loans with no related allowance: Commercial and industrial $ 8,129 $ 58 $ 8,079 $ 36 $ 8,489 $ 128 $ 7,985 $ 76 Commercial tax-exempt — — — — — — — — Owner occupied real estate 5,108 — 3,896 — 5,284 — 4,341 10 Commercial construction and land development 3,776 7 4,133 14 3,727 13 6,187 31 Commercial real estate 10,736 39 10,035 40 10,699 78 10,403 88 Residential 5,915 12 4,218 14 5,792 20 4,353 27 Consumer 1,992 8 2,796 10 2,165 15 2,715 17 Total impaired loans with no related allowance 35,656 124 33,157 114 36,156 254 35,984 249 Impaired loans with an allowance recorded: Commercial and industrial 8,338 — 2,341 — 8,455 — 2,793 — Owner occupied real estate 2,734 — 2,325 — 2,260 — 2,006 — Commercial construction and land development — — 6,148 — — — 4,813 — Residential — — 3,069 — — — 3,074 — Consumer — — 465 — — — 471 — Total impaired loans with an allowance recorded 11,072 — 14,348 — 10,715 — 13,157 — Total impaired loans: Commercial and industrial 16,467 58 10,420 36 16,944 128 10,778 76 Commercial tax-exempt — — — — — — — — Owner occupied real estate 7,842 — 6,221 — 7,544 — 6,347 10 Commercial construction and land development 3,776 7 10,281 14 3,727 13 11,000 31 Commercial real estate 10,736 39 10,035 40 10,699 78 10,403 88 Residential 5,915 12 7,287 14 5,792 20 7,427 27 Consumer 1,992 8 3,261 10 2,165 15 3,186 17 Total impaired loans $ 46,728 $ 124 $ 47,505 $ 114 $ 46,871 $ 254 $ 49,141 $ 249 The following table presents information regarding the Company's impaired loans. The recorded investment represents the contractual obligation less any charged off principal. June 30, 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 $ 8,359 $ 10,575 $ — $ 8,766 $ 9,437 $ — Commercial tax-exempt — — — — — — Owner occupied real estate 5,042 5,533 — 6,155 6,636 — Commercial construction and land development 3,829 3,829 — 3,810 3,810 — Commercial real estate 10,529 10,638 — 9,976 10,097 — Residential 6,642 7,917 — 5,657 7,011 — Consumer 1,827 2,021 — 2,433 2,686 — Total impaired loans with no related allowance 36,228 40,513 — 36,797 39,677 — Impaired loans with an allowance recorded: Commercial and industrial 8,250 8,250 3,521 8,216 8,216 4,401 Owner occupied real estate 2,717 2,717 1,315 1,309 1,309 1,242 Total impaired loans with an allowance recorded 10,967 10,967 4,836 9,525 9,525 5,643 Total impaired loans: Commercial and industrial 16,609 18,825 3,521 16,982 17,653 4,401 Commercial tax-exempt — — — — — — Owner occupied real estate 7,759 8,250 1,315 7,464 7,945 1,242 Commercial construction and land development 3,829 3,829 — 3,810 3,810 — Commercial real estate 10,529 10,638 — 9,976 10,097 — Residential 6,642 7,917 — 5,657 7,011 — Consumer 1,827 2,021 — 2,433 2,686 — Total impaired loans $ 47,195 $ 51,480 $ 4,836 $ 46,322 $ 49,202 $ 5,643 |
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 June 30, 2015 or December 31, 2014 . June 30, 2015 (in thousands) Pass Special Mention Substandard Accrual Substandard Nonaccrual Total Commercial credit exposure: Commercial and industrial $ 552,444 $ 13,920 $ 13,511 $ 11,985 $ 591,860 Commercial tax-exempt 58,319 — — — 58,319 Owner occupied real estate 292,344 4,394 8,919 7,720 313,377 Commercial construction and land development 132,826 — 302 3,226 136,354 Commercial real estate 616,263 2,176 521 6,384 625,344 Total $ 1,652,196 $ 20,490 $ 23,253 $ 29,315 $ 1,725,254 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: June 30, 2015 (in thousands) Performing Nonperforming Total Consumer credit exposure: Residential $ 117,502 $ 5,336 $ 122,838 Consumer 221,172 1,177 222,349 Total $ 338,674 $ 6,513 $ 345,187 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 and six month periods ended June 30, 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 June 30, Six months ended June 30, 2015 2015 2014 2014 2015 2015 2014 2014 (dollars in thousands) Number of Contracts Recorded Investment at Time of Restructure Number of Contracts Recorded Investment at Time of Restructure Number of Contracts Recorded Investment at Time of Restructure Number of Contracts Recorded Investment at Time of Restructure Commercial and industrial: Forbearance agreement — $ — 1 $ 229 1 $ 3,307 1 $ 229 Accepting interest only for 1 43 — — 1 43 — — Change in amortization — — — — — — 3 261 Combination of concessions — — — — — — 1 30 Owner occupied real estate: Accepting interest only for 1 407 3 1,601 1 407 3 1,601 Change in amortization — — — — — — 1 128 Commercial construction Material extension of time 1 186 — — 1 186 1 242 Forbearance agreement — — 3 2,185 — — 3 2,185 Change in amortization — — — — — — 1 214 Commercial real estate: Change in amortization — — — — — — 14 1,893 Residential: Interest rate adjustment — — — — — — 1 143 Combination of concessions 1 592 — — 1 592 — — Total 4 $ 1,228 7 $ 4,015 5 $ 4,535 29 $ 6,926 |
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 June 30, 2015 and 2014 , respectively, and that subsequently defaulted during the three and six month periods ended June 30, 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 June 30, Six months ended June 30, 2015 2015 2014 2014 2015 2015 2014 2014 (dollars in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment Commercial and industrial 3 $ 524 — $ — 3 $ 524 7 $ 1,288 Owner occupied real estate 1 326 1 871 3 1,057 4 1,792 Commercial construction and land development — — — — 1 236 2 1,930 Commercial real estate — — — — 3 2,667 — — Residential — — 1 258 — — 3 3,470 Consumer — — — — — — 1 476 Total 4 $ 850 2 $ 1,129 10 $ 4,484 17 $ 8,956 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 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 Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Total (Level 1) (Level 2) (Level 3) June 30, 2015 U.S. Government agency securities $ 32,946 $ — $ 32,946 $ — Residential MBSs 55,819 — 55,819 — Agency CMOs 296,103 — 296,103 — Municipal securities 29,878 — 29,878 — Securities available for sale $ 414,746 $ — $ 414,746 $ — Fair Value Measurements at Reporting Date Using Description Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable 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 Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Total (Level 1) (Level 2) (Level 3) June 30, 2015 Impaired collateral dependent loans with specific allocations $ 6,131 $ — $ — $ 6,131 Impaired collateral dependent loans net of partial charge-offs 1,816 — — 1,816 Foreclosed assets 170 — — 170 Total $ 8,117 $ — $ — $ 8,117 Fair Value Measurements at Reporting Date Using Description Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable 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 June 30, 2015 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Carrying Amount Fair Value (Level 1) (Level 2) (Level 3) Financial assets: Cash and cash equivalents $ 57,678 $ 57,678 $ 57,678 $ — $ — Securities 765,232 760,521 — 760,521 — Loans, held for sale 5,610 5,662 — — 5,662 Loans receivable, net 2,044,570 2,050,938 — — 2,050,938 Restricted investments in bank stock 17,793 17,793 — — 17,793 Accrued interest receivable 7,148 7,148 7,148 — — Financial liabilities: Deposits $ 2,368,688 $ 2,371,438 $ — $ — $ 2,371,438 Short-term borrowings 322,675 322,675 322,675 — — Long-term debt 25,000 24,747 — — 24,747 Accrued interest payable 334 334 334 — — Off-balance sheet instruments: Standby letters of credit $ — $ — $ — $ — $ — Commitments to extend credit — — — — — Fair Value Measurements at December 31, 2014 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Carrying Amount Fair Value (Level 1) (Level 2) (Level 3) 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 — — — — — |
Long-term Debt (Tables)
Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | During the six months ended June 30, 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% January 12, 2018 $ 10,000,000 1.39% January 15, 2019 $ 5,000,000 1.62% January 15, 2020 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Reversal of stock-based compensation, actual forfeitures | $ 253,000 | $ 238,000 | |||
Unrecognized compensation costs | $ 799,000 | $ 799,000 | |||
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 | $ 8.19 | $ 7.72 | ||
Stock-based compensation expense | $ 1,400,000 | $ 1,654,000 | $ 313,000 | ||
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 | ||||
Incentive Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 823,000 |
Stock-based Compensation (Fair
Stock-based Compensation (Fair Value Assumptions) (Details) - Stock Options [Member] | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
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% |
Stock-based Compensation (Stock
Stock-based Compensation (Stock-based Compensation and Related Tax Benefit) (Details) - Stock Options [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 1,400 | $ 1,654 | $ 313 |
Tax benefit associated with compensation expense | $ 308 | $ 87 |
Securities (Amortized cost and
Securities (Amortized cost and fair value of securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Available-for-sale Securities | ||
Available-for-sale securities, amortized cost basis | $ 423,386 | $ 533,999 |
Available-for-sale securities, gross unrealized gains | 1,556 | 2,917 |
Available-for-sale securities, gross unrealized losses | (10,196) | (8,878) |
Available-for-sale securities, fair value | 414,746 | 528,038 |
Held-to-maturity Securities | ||
Held-to-maturity securities, amortized cost | 350,486 | 324,994 |
Held-to-maturity securities, gross unrealized gains | 1,740 | 1,299 |
Held-to-maturity securities, gross unrealized losses | (6,451) | (6,370) |
Held-to-maturity securities, fair value | 345,775 | 319,923 |
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 | (1,050) | (1,207) |
Available-for-sale securities, fair value | 32,946 | 32,788 |
Held-to-maturity Securities | ||
Held-to-maturity securities, amortized cost | 149,122 | 149,112 |
Held-to-maturity securities, gross unrealized gains | 0 | 0 |
Held-to-maturity securities, gross unrealized losses | (4,366) | (4,658) |
Held-to-maturity securities, fair value | 144,756 | 144,454 |
Residential mortgage-backed securities [Member] | ||
Available-for-sale Securities | ||
Available-for-sale securities, amortized cost basis | 56,603 | 60,196 |
Available-for-sale securities, gross unrealized gains | 25 | 442 |
Available-for-sale securities, gross unrealized losses | (809) | (489) |
Available-for-sale securities, fair value | 55,819 | 60,149 |
Held-to-maturity Securities | ||
Held-to-maturity securities, amortized cost | 11,741 | 14,226 |
Held-to-maturity securities, gross unrealized gains | 175 | 480 |
Held-to-maturity securities, gross unrealized losses | (7) | 0 |
Held-to-maturity securities, fair value | 11,909 | 14,706 |
Agency CMOs [Member] | ||
Available-for-sale Securities | ||
Available-for-sale securities, amortized cost basis | 302,796 | 409,823 |
Available-for-sale securities, gross unrealized gains | 1,385 | 2,250 |
Available-for-sale securities, gross unrealized losses | (8,078) | (7,064) |
Available-for-sale securities, fair value | 296,103 | 405,009 |
Held-to-maturity Securities | ||
Held-to-maturity securities, amortized cost | 174,921 | 146,952 |
Held-to-maturity securities, gross unrealized gains | 1,492 | 649 |
Held-to-maturity securities, gross unrealized losses | (2,046) | (1,711) |
Held-to-maturity securities, fair value | 174,367 | 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 | 17 | 63 |
Held-to-maturity securities, gross unrealized losses | 0 | 0 |
Held-to-maturity securities, fair value | 5,017 | 5,063 |
Municipal securities [Member] | ||
Available-for-sale Securities | ||
Available-for-sale securities, amortized cost basis | 29,991 | 29,985 |
Available-for-sale securities, gross unrealized gains | 146 | 225 |
Available-for-sale securities, gross unrealized losses | (259) | (118) |
Available-for-sale securities, fair value | 29,878 | 30,092 |
Held-to-maturity Securities | ||
Held-to-maturity securities, amortized cost | 9,702 | 9,704 |
Held-to-maturity securities, gross unrealized gains | 56 | 107 |
Held-to-maturity securities, gross unrealized losses | (32) | (1) |
Held-to-maturity securities, fair value | $ 9,726 | $ 9,810 |
Securities (Amortized cost an32
Securities (Amortized cost and fair value of debt securities by contractrual maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Available-for-sale Securities | ||
Securities available for sale, amortized cost | $ 423,386 | $ 533,999 |
Available-for-sale securities, fair value | 414,746 | 528,038 |
Held-to-maturity Securities | ||
Securities held to maturity, amortized cost | 350,486 | 324,994 |
Securities held to maturity, fair value | 345,775 | 319,923 |
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 | 6,742 | |
Due after five years through ten years, amortized cost | 51,825 | |
Due after ten years, amortized cost | 5,420 | |
Securities available for sale, amortized cost | 63,987 | |
Due in one year or less, fair value | 0 | |
Due after one year through five years, fair value | 6,770 | |
Due after five years through ten years, fair value | 50,852 | |
Due after ten years, fair value | 5,202 | |
Available-for-sale securities, fair value | 62,824 | |
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 | 47,441 | |
Securities held to maturity, amortized cost | 163,824 | |
Due in one year or less, fair value | 5,017 | |
Due after one year through five years, fair value | 0 | |
Due after five years through ten years, fair value | 107,596 | |
Due after ten years, fair value | 46,886 | |
Securities held to maturity, fair value | 159,499 | |
Residential mortgage-backed securities [Member] | ||
Available-for-sale Securities | ||
Securities available for sale, amortized cost | 56,603 | 60,196 |
Available-for-sale securities, fair value | 55,819 | 60,149 |
Held-to-maturity Securities | ||
Securities held to maturity, amortized cost | 11,741 | 14,226 |
Securities held to maturity, fair value | 11,909 | 14,706 |
Agency CMOs [Member] | ||
Available-for-sale Securities | ||
Securities available for sale, amortized cost | 302,796 | 409,823 |
Available-for-sale securities, fair value | 296,103 | 405,009 |
Held-to-maturity Securities | ||
Securities held to maturity, amortized cost | 174,921 | 146,952 |
Securities held to maturity, fair value | $ 174,367 | $ 145,890 |
Securities (Gains (Losses) on t
Securities (Gains (Losses) on the sales of debt securities and credit losses for OTTI of investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Gain (Loss) on Investments [Line Items] | ||||
Net Gains | $ 278 | $ 0 | ||
Debt Securities [Member] | ||||
Gain (Loss) on Investments [Line Items] | ||||
Gross Realized Gains | $ 444 | $ 0 | 451 | 0 |
Gross Realized (Losses) | 0 | 0 | (173) | 0 |
Net Gains | $ 444 | $ 0 | $ 278 | $ 0 |
Securities (Fair value and gros
Securities (Fair value and gross unrealized losses) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Available-for-sale Securities | ||
Less than 12 months, fair value | $ 117,315 | $ 21,687 |
Less than 12 Months, Unrealized Loss | (3,269) | (77) |
12 months or more, fair value | 145,020 | 275,353 |
12 months or more, Unrealized Loss | (6,927) | (8,801) |
Total, fair value | 262,335 | 297,040 |
Total, Unrealized Loss | (10,196) | (8,878) |
Held-to-maturity Securities | ||
Less than 12 months, fair value | 91,799 | 32,302 |
Less than 12 months, Unrealized Loss | (1,471) | (256) |
12 months or more, fair value | 114,847 | 171,736 |
12 months or more, Unrealized Loss | (4,980) | (6,114) |
Total, fair value | 206,646 | 204,038 |
Total, Unrealized Loss | (6,451) | (6,370) |
U.S. Government agency securities [Member] | ||
Available-for-sale Securities | ||
Less than 12 months, fair value | 24,173 | 0 |
Less than 12 Months, Unrealized Loss | (827) | 0 |
12 months or more, fair value | 8,773 | 32,788 |
12 months or more, Unrealized Loss | (223) | (1,207) |
Total, fair value | 32,946 | 32,788 |
Total, Unrealized Loss | (1,050) | (1,207) |
Held-to-maturity Securities | ||
Less than 12 months, fair value | 45,644 | 0 |
Less than 12 months, Unrealized Loss | (532) | 0 |
12 months or more, fair value | 99,112 | 144,454 |
12 months or more, Unrealized Loss | (3,834) | (4,658) |
Total, fair value | 144,756 | 144,454 |
Total, Unrealized Loss | (4,366) | (4,658) |
Residential mortgage-backed securities [Member] | ||
Available-for-sale Securities | ||
Less than 12 months, fair value | 39,250 | 0 |
Less than 12 Months, Unrealized Loss | (525) | 0 |
12 months or more, fair value | 8,470 | 24,636 |
12 months or more, Unrealized Loss | (284) | (489) |
Total, fair value | 47,720 | 24,636 |
Total, Unrealized Loss | (809) | (489) |
Held-to-maturity Securities | ||
Less than 12 months, fair value | 1,889 | |
Less than 12 months, Unrealized Loss | (7) | |
12 months or more, fair value | 0 | |
12 months or more, Unrealized Loss | 0 | |
Total, fair value | 1,889 | |
Total, Unrealized Loss | (7) | |
Agency CMOs [Member] | ||
Available-for-sale Securities | ||
Less than 12 months, fair value | 50,738 | 21,687 |
Less than 12 Months, Unrealized Loss | (1,809) | (77) |
12 months or more, fair value | 125,559 | 212,908 |
12 months or more, Unrealized Loss | (6,269) | (6,987) |
Total, fair value | 176,297 | 234,595 |
Total, Unrealized Loss | (8,078) | (7,064) |
Held-to-maturity Securities | ||
Less than 12 months, fair value | 41,412 | 31,289 |
Less than 12 months, Unrealized Loss | (900) | (255) |
12 months or more, fair value | 15,735 | 27,282 |
12 months or more, Unrealized Loss | (1,146) | (1,456) |
Total, fair value | 57,147 | 58,571 |
Total, Unrealized Loss | (2,046) | (1,711) |
Municipal securities [Member] | ||
Available-for-sale Securities | ||
Less than 12 months, fair value | 3,154 | 0 |
Less than 12 Months, Unrealized Loss | (108) | 0 |
12 months or more, fair value | 2,218 | 5,021 |
12 months or more, Unrealized Loss | (151) | (118) |
Total, fair value | 5,372 | 5,021 |
Total, Unrealized Loss | (259) | (118) |
Held-to-maturity Securities | ||
Less than 12 months, fair value | 2,854 | 1,013 |
Less than 12 months, Unrealized Loss | (32) | (1) |
12 months or more, fair value | 0 | 0 |
12 months or more, Unrealized Loss | 0 | 0 |
Total, fair value | 2,854 | 1,013 |
Total, Unrealized Loss | $ (32) | $ (1) |
Securities (Narrative) (Details
Securities (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)security | Jun. 30, 2014USD ($)security | Jun. 30, 2015USD ($)CMO_Securitysecurity_typesecuritybondGovernment_Agency_Debenture | Jun. 30, 2014USD ($)security | Dec. 31, 2014USD ($) | |
Investment Securities [Line Items] | |||||
Held-to-maturity securities, fair value | $ 345,775,000 | $ 345,775,000 | $ 319,923,000 | ||
Number of securities called | security | 0 | 0 | 0 | ||
Net gains on sales of securities | 444,000 | $ 0 | $ 416,000 | $ 11,000 | |
Number of securities, type | security_type | 2 | ||||
Securities pledged to secure public deposits and other | 576,700,000 | $ 576,700,000 | |||
Mortgage Backed Securities, Other [Member] | |||||
Investment Securities [Line Items] | |||||
Number of securities, type | security | 9 | ||||
Collateralized mortgage obligations [Member] | |||||
Investment Securities [Line Items] | |||||
Number of securities, type | CMO_Security | 23 | ||||
Agency CMOs [Member] | |||||
Investment Securities [Line Items] | |||||
Held-to-maturity securities, fair value | 174,367,000 | $ 174,367,000 | 145,890,000 | ||
Government Agency Debentures [Member] | |||||
Investment Securities [Line Items] | |||||
Held-to-maturity securities, fair value | 144,756,000 | $ 144,756,000 | 144,454,000 | ||
Number of securities, type | Government_Agency_Debenture | 11 | ||||
Corporate debt securities [Member] | |||||
Investment Securities [Line Items] | |||||
Held-to-maturity securities, fair value | $ 5,017,000 | $ 5,017,000 | $ 5,063,000 | ||
Municipal Bonds [Member] | |||||
Investment Securities [Line Items] | |||||
Number of securities, type | bond | 9 | ||||
Available-for-sale Securities [Member] | |||||
Investment Securities [Line Items] | |||||
Number of securities sold | security | 5 | 9 | |||
Proceeds from sale of securities | $ 43,900,000 | $ 71,700,000 | |||
Net gains on sales of securities | 444,000 | 278,000 | |||
Held-to-maturity Securities [Member] | |||||
Investment Securities [Line Items] | |||||
Net gains on sales of securities | $ 138,000 | $ 11,000 | |||
Held-to-maturity Securities [Member] | Amortizing Securities, Returned At Least 85% of Principal [Member] | |||||
Investment Securities [Line Items] | |||||
Number of securities sold | security | 1 | 1 | |||
Held-to-maturity securities, fair value | $ 1,400,000 | $ 614,000 | $ 1,400,000 | $ 614,000 | |
Investment securities, return on principal, percentage (at least) | 85.00% | 85.00% |
Loans Receivable and Allowanc36
Loans Receivable and Allowance for Loan Losses (Summary of Loans Receivable) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Qualifying loans pledged as FHLB collateral | $ 574,900 | |||||
Bank loans receivable, Gross | 2,070,441 | $ 1,998,534 | ||||
Bank loans receivable, Allowance for loan losses | 25,871 | $ 25,755 | 24,998 | $ 24,271 | $ 23,934 | $ 23,110 |
Bank loans receivable, Net | 2,044,570 | 1,973,536 | ||||
Commercial and industrial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Bank loans receivable, Gross | 591,860 | 525,127 | ||||
Bank loans receivable, Allowance for loan losses | 12,038 | 12,019 | 11,714 | 7,100 | 7,914 | 8,178 |
Commercial tax-exempt [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Bank loans receivable, Gross | 58,319 | 71,151 | ||||
Bank loans receivable, Allowance for loan losses | 45 | 52 | 55 | 67 | 68 | 72 |
Owner occupied real estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Bank loans receivable, Gross | 313,377 | 332,070 | ||||
Bank loans receivable, Allowance for loan losses | 1,934 | 1,944 | 1,931 | 2,233 | 2,236 | 2,180 |
Commercial construction and land development [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Bank loans receivable, Gross | 136,354 | 138,064 | ||||
Bank loans receivable, Allowance for loan losses | 4,476 | 4,529 | 4,242 | 6,696 | 5,842 | 5,559 |
Commercial real estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Bank loans receivable, Gross | 625,344 | 594,276 | ||||
Bank loans receivable, Allowance for loan losses | 5,178 | 4,945 | 4,707 | 4,840 | 4,640 | 4,161 |
Residential [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Bank loans receivable, Gross | 122,838 | 110,951 | ||||
Bank loans receivable, Allowance for loan losses | 855 | 803 | 796 | 1,061 | 1,023 | 960 |
Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Bank loans receivable, Gross | 222,349 | 226,895 | ||||
Bank loans receivable, Allowance for loan losses | $ 959 | $ 870 | $ 931 | $ 1,333 | $ 1,329 | $ 1,303 |
Loans Receivable and Allowanc37
Loans Receivable and Allowance for Loan Losses (Summary of Nonaccrual Loans, by Type) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 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 | $ 35,828 | $ 34,966 |
Total past due loans | 35,483 | 34,628 |
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 | $ 11,985 | 11,634 |
Total past due loans | 9,440 | 10,699 |
Commercial tax-exempt [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Total past due loans | 0 | 0 |
Owner occupied real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans | 7,720 | 7,416 |
Total past due loans | 9,814 | 6,389 |
Commercial construction and land development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans | 3,226 | 3,228 |
Total past due loans | 427 | 801 |
Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans | 6,384 | 5,824 |
Total past due loans | 7,219 | 2,893 |
Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans | 5,336 | 4,987 |
Total past due loans | 5,149 | 9,718 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual loans | 1,177 | 1,877 |
Total past due loans | 3,434 | 4,128 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total past due loans | 22,579 | 16,872 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total past due loans | 7,836 | 5,727 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial tax-exempt [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total past due loans | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Owner occupied real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total past due loans | 6,167 | 5,739 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial construction and land development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total past due loans | 30 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total past due loans | 4,764 | 1,614 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total past due loans | 3,098 | 2,751 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total past due loans | $ 684 | $ 1,041 |
Loans Receivable and Allowanc38
Loans Receivable and Allowance for Loan Losses (Age Analysis of Past Due Loan Receivables) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Current | $ 2,034,958 | $ 1,963,906 |
Past Due | 35,483 | 34,628 |
Total loans receivable | 2,070,441 | 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 | 582,420 | 514,428 |
Past Due | 9,440 | 10,699 |
Total loans receivable | 591,860 | 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 | 58,319 | 71,151 |
Past Due | 0 | 0 |
Total loans receivable | 58,319 | 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 | 303,563 | 325,681 |
Past Due | 9,814 | 6,389 |
Total loans receivable | 313,377 | 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 | 135,927 | 137,263 |
Past Due | 427 | 801 |
Total loans receivable | 136,354 | 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 | 618,125 | 591,383 |
Past Due | 7,219 | 2,893 |
Total loans receivable | 625,344 | 594,276 |
Recorded Investment in Loans 90 Days and Greater and Still Accruing | 0 | 0 |
Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 117,689 | 101,233 |
Past Due | 5,149 | 9,718 |
Total loans receivable | 122,838 | 110,951 |
Recorded Investment in Loans 90 Days and Greater and Still Accruing | 0 | 0 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 218,915 | 222,767 |
Past Due | 3,434 | 4,128 |
Total loans receivable | 222,349 | 226,895 |
Recorded Investment in Loans 90 Days and Greater and Still Accruing | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past Due | 6,714 | 11,612 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past Due | 919 | 1,574 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial tax-exempt [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past Due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Owner occupied real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past Due | 1,734 | 606 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial construction and land development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past Due | 200 | 611 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past Due | 883 | 1,104 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past Due | 468 | 5,067 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past Due | 2,510 | 2,650 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past Due | 6,190 | 6,144 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past Due | 685 | 3,398 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial tax-exempt [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Owner occupied real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past Due | 1,913 | 44 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial construction and land development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past Due | 197 | 190 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past Due | 1,572 | 175 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past Due | 1,583 | 1,900 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past Due | 240 | 437 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past Due | 22,579 | 16,872 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past Due | 7,836 | 5,727 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial tax-exempt [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Owner occupied real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past Due | 6,167 | 5,739 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial construction and land development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past Due | 30 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past Due | 4,764 | 1,614 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past Due | 3,098 | 2,751 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Past Due | $ 684 | $ 1,041 |
Loans Receivable and Allowanc39
Loans Receivable and Allowance for Loan Losses (Summary of Loans, Allowances and Impairment Balances, by Class and Impairment Method) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Allowance for loan losses: | ||
Individually evaluated for impairment | $ 4,836 | $ 5,643 |
Collectively evaluated for impairment | 21,035 | 19,355 |
Total allowance for loan losses | 25,871 | 24,998 |
Loans receivable: | ||
Loans evaluated individually | 47,195 | 46,322 |
Loans evaluated collectively | 2,023,246 | 1,952,212 |
Total loans receivable | 2,070,441 | 1,998,534 |
Commercial and industrial [Member] | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | 3,521 | 4,401 |
Collectively evaluated for impairment | 8,517 | 7,313 |
Total allowance for loan losses | 12,038 | 11,714 |
Loans receivable: | ||
Loans evaluated individually | 16,609 | 16,982 |
Loans evaluated collectively | 575,251 | 508,145 |
Total loans receivable | 591,860 | 525,127 |
Commercial tax-exempt [Member] | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 45 | 55 |
Total allowance for loan losses | 45 | 55 |
Loans receivable: | ||
Loans evaluated individually | 0 | 0 |
Loans evaluated collectively | 58,319 | 71,151 |
Total loans receivable | 58,319 | 71,151 |
Owner occupied real estate [Member] | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | 1,315 | 1,242 |
Collectively evaluated for impairment | 619 | 689 |
Total allowance for loan losses | 1,934 | 1,931 |
Loans receivable: | ||
Loans evaluated individually | 7,759 | 7,464 |
Loans evaluated collectively | 305,618 | 324,606 |
Total loans receivable | 313,377 | 332,070 |
Commercial construction and land development [Member] | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 4,476 | 4,242 |
Total allowance for loan losses | 4,476 | 4,242 |
Loans receivable: | ||
Loans evaluated individually | 3,829 | 3,810 |
Loans evaluated collectively | 132,525 | 134,254 |
Total loans receivable | 136,354 | 138,064 |
Commercial real estate [Member] | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 5,178 | 4,707 |
Total allowance for loan losses | 5,178 | 4,707 |
Loans receivable: | ||
Loans evaluated individually | 10,529 | 9,976 |
Loans evaluated collectively | 614,815 | 584,300 |
Total loans receivable | 625,344 | 594,276 |
Residential [Member] | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 855 | 796 |
Total allowance for loan losses | 855 | 796 |
Loans receivable: | ||
Loans evaluated individually | 6,642 | 5,657 |
Loans evaluated collectively | 116,196 | 105,294 |
Total loans receivable | 122,838 | 110,951 |
Consumer [Member] | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 959 | 931 |
Total allowance for loan losses | 959 | 931 |
Loans receivable: | ||
Loans evaluated individually | 1,827 | 2,433 |
Loans evaluated collectively | 220,522 | 224,462 |
Total loans receivable | 222,349 | 226,895 |
Unallocated [Member] | ||
Allowance for loan losses: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 386 | 622 |
Total allowance for loan losses | 386 | 622 |
Loans receivable: | ||
Loans evaluated individually | 0 | 0 |
Loans evaluated collectively | 0 | 0 |
Total loans receivable | $ 0 | $ 0 |
Loans Receivable and Allowanc40
Loans Receivable and Allowance for Loan Losses (Summary of Allowances on Loans Receivable, by Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, beginning | $ 25,755 | $ 23,934 | $ 24,998 | $ 23,110 |
Provision charged to operating expenses | 2,600 | 1,100 | 4,100 | 2,000 |
Recoveries of loans previously charged-off | 82 | 535 | 158 | 1,979 |
Loans charged-off | (2,566) | (1,298) | (3,385) | (2,818) |
Allowance for loan losses, ending | 25,871 | 24,271 | 25,871 | 24,271 |
Commercial and industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, beginning | 12,019 | 7,914 | 11,714 | 8,178 |
Provision charged to operating expenses | 1,612 | (557) | 2,142 | (1,472) |
Recoveries of loans previously charged-off | 53 | 244 | 107 | 1,249 |
Loans charged-off | (1,646) | (501) | (1,925) | (855) |
Allowance for loan losses, ending | 12,038 | 7,100 | 12,038 | 7,100 |
Commercial tax-exempt [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, beginning | 52 | 68 | 55 | 72 |
Provision charged to operating expenses | (7) | (1) | (10) | (5) |
Recoveries of loans previously charged-off | 0 | 0 | 0 | 0 |
Loans charged-off | 0 | 0 | 0 | 0 |
Allowance for loan losses, ending | 45 | 67 | 45 | 67 |
Owner occupied real estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, beginning | 1,944 | 2,236 | 1,931 | 2,180 |
Provision charged to operating expenses | 52 | 125 | 118 | (37) |
Recoveries of loans previously charged-off | 3 | 43 | 3 | 286 |
Loans charged-off | (65) | (171) | (118) | (196) |
Allowance for loan losses, ending | 1,934 | 2,233 | 1,934 | 2,233 |
Commercial construction and land development [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, beginning | 4,529 | 5,842 | 4,242 | 5,559 |
Provision charged to operating expenses | (53) | 1,270 | 232 | 1,465 |
Recoveries of loans previously charged-off | 0 | 111 | 2 | 211 |
Loans charged-off | 0 | (527) | 0 | (539) |
Allowance for loan losses, ending | 4,476 | 6,696 | 4,476 | 6,696 |
Commercial real estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, beginning | 4,945 | 4,640 | 4,707 | 4,161 |
Provision charged to operating expenses | 461 | 99 | 1,149 | 1,221 |
Recoveries of loans previously charged-off | 10 | 101 | 17 | 174 |
Loans charged-off | (238) | 0 | (695) | (716) |
Allowance for loan losses, ending | 5,178 | 4,840 | 5,178 | 4,840 |
Residential [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, beginning | 803 | 1,023 | 796 | 960 |
Provision charged to operating expenses | 120 | 37 | 140 | 383 |
Recoveries of loans previously charged-off | 1 | 20 | 2 | 20 |
Loans charged-off | (69) | (19) | (83) | (302) |
Allowance for loan losses, ending | 855 | 1,061 | 855 | 1,061 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, beginning | 870 | 1,329 | 931 | 1,303 |
Provision charged to operating expenses | 622 | 68 | 565 | 201 |
Recoveries of loans previously charged-off | 15 | 16 | 27 | 39 |
Loans charged-off | (548) | (80) | (564) | (210) |
Allowance for loan losses, ending | 959 | 1,333 | 959 | 1,333 |
Unallocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, beginning | 593 | 882 | 622 | 697 |
Provision charged to operating expenses | (207) | 59 | (236) | 244 |
Recoveries of loans previously charged-off | 0 | 0 | 0 | 0 |
Loans charged-off | 0 | 0 | 0 | 0 |
Allowance for loan losses, ending | $ 386 | $ 941 | $ 386 | $ 941 |
Loans Receivable and Allowanc41
Loans Receivable and Allowance for Loan Losses (Schedule of Impaired Loan Receivables) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Loans With No Related Allowance: | ||
Recorded Investment | $ 36,228 | $ 36,797 |
Unpaid Principal Balance | 40,513 | 39,677 |
Loans With An Allowance Recorded: | ||
Recorded Investment | 10,967 | 9,525 |
Unpaid Principal Balance | 10,967 | 9,525 |
Total Impaired Loans: | ||
Recorded Investment | 47,195 | 46,322 |
Unpaid Principal Balance | 51,480 | 49,202 |
Related Allowance | 4,836 | 5,643 |
Commercial and industrial [Member] | ||
Loans With No Related Allowance: | ||
Recorded Investment | 8,359 | 8,766 |
Unpaid Principal Balance | 10,575 | 9,437 |
Loans With An Allowance Recorded: | ||
Recorded Investment | 8,250 | 8,216 |
Unpaid Principal Balance | 8,250 | 8,216 |
Total Impaired Loans: | ||
Recorded Investment | 16,609 | 16,982 |
Unpaid Principal Balance | 18,825 | 17,653 |
Related Allowance | 3,521 | 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 | 5,042 | 6,155 |
Unpaid Principal Balance | 5,533 | 6,636 |
Loans With An Allowance Recorded: | ||
Recorded Investment | 2,717 | 1,309 |
Unpaid Principal Balance | 2,717 | 1,309 |
Total Impaired Loans: | ||
Recorded Investment | 7,759 | 7,464 |
Unpaid Principal Balance | 8,250 | 7,945 |
Related Allowance | 1,315 | 1,242 |
Commercial construction and land development [Member] | ||
Loans With No Related Allowance: | ||
Recorded Investment | 3,829 | 3,810 |
Unpaid Principal Balance | 3,829 | 3,810 |
Total Impaired Loans: | ||
Recorded Investment | 3,829 | 3,810 |
Unpaid Principal Balance | 3,829 | 3,810 |
Related Allowance | 0 | 0 |
Commercial real estate [Member] | ||
Loans With No Related Allowance: | ||
Recorded Investment | 10,529 | 9,976 |
Unpaid Principal Balance | 10,638 | 10,097 |
Total Impaired Loans: | ||
Recorded Investment | 10,529 | 9,976 |
Unpaid Principal Balance | 10,638 | 10,097 |
Related Allowance | 0 | 0 |
Residential [Member] | ||
Loans With No Related Allowance: | ||
Recorded Investment | 6,642 | 5,657 |
Unpaid Principal Balance | 7,917 | 7,011 |
Total Impaired Loans: | ||
Recorded Investment | 6,642 | 5,657 |
Unpaid Principal Balance | 7,917 | 7,011 |
Related Allowance | 0 | 0 |
Consumer [Member] | ||
Loans With No Related Allowance: | ||
Recorded Investment | 1,827 | 2,433 |
Unpaid Principal Balance | 2,021 | 2,686 |
Total Impaired Loans: | ||
Recorded Investment | 1,827 | 2,433 |
Unpaid Principal Balance | 2,021 | 2,686 |
Related Allowance | $ 0 | $ 0 |
Loans Receivable and Allowanc42
Loans Receivable and Allowance for Loan Losses (Schedule of Impaired Loan Receivables, Average) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Loans With No Related Allowance: | ||||
Average Recorded Investment | $ 35,656 | $ 33,157 | $ 36,156 | $ 35,984 |
Interest Income Recognized | 124 | 114 | 254 | 249 |
Loans With An Allowance Recorded: | ||||
Average Recorded Investment | 11,072 | 14,348 | 10,715 | 13,157 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Total Impaired Loans: | ||||
Average Recorded Investment | 46,728 | 47,505 | 46,871 | 49,141 |
Interest Income Recognized | 124 | 114 | 254 | 249 |
Commercial and industrial [Member] | ||||
Loans With No Related Allowance: | ||||
Average Recorded Investment | 8,129 | 8,079 | 8,489 | 7,985 |
Interest Income Recognized | 58 | 36 | 128 | 76 |
Loans With An Allowance Recorded: | ||||
Average Recorded Investment | 8,338 | 2,341 | 8,455 | 2,793 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Total Impaired Loans: | ||||
Average Recorded Investment | 16,467 | 10,420 | 16,944 | 10,778 |
Interest Income Recognized | 58 | 36 | 128 | 76 |
Commercial tax-exempt [Member] | ||||
Loans With No Related Allowance: | ||||
Average Recorded Investment | 0 | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Total Impaired Loans: | ||||
Average Recorded Investment | 0 | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Owner occupied real estate [Member] | ||||
Loans With No Related Allowance: | ||||
Average Recorded Investment | 5,108 | 3,896 | 5,284 | 4,341 |
Interest Income Recognized | 0 | 0 | 0 | 10 |
Loans With An Allowance Recorded: | ||||
Average Recorded Investment | 2,734 | 2,325 | 2,260 | 2,006 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Total Impaired Loans: | ||||
Average Recorded Investment | 7,842 | 6,221 | 7,544 | 6,347 |
Interest Income Recognized | 0 | 0 | 0 | 10 |
Commercial construction and land development [Member] | ||||
Loans With No Related Allowance: | ||||
Average Recorded Investment | 3,776 | 4,133 | 3,727 | 6,187 |
Interest Income Recognized | 7 | 14 | 13 | 31 |
Loans With An Allowance Recorded: | ||||
Average Recorded Investment | 0 | 6,148 | 0 | 4,813 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Total Impaired Loans: | ||||
Average Recorded Investment | 3,776 | 10,281 | 3,727 | 11,000 |
Interest Income Recognized | 7 | 14 | 13 | 31 |
Commercial real estate [Member] | ||||
Loans With No Related Allowance: | ||||
Average Recorded Investment | 10,736 | 10,035 | 10,699 | 10,403 |
Interest Income Recognized | 39 | 40 | 78 | 88 |
Total Impaired Loans: | ||||
Average Recorded Investment | 10,736 | 10,035 | 10,699 | 10,403 |
Interest Income Recognized | 39 | 40 | 78 | 88 |
Residential [Member] | ||||
Loans With No Related Allowance: | ||||
Average Recorded Investment | 5,915 | 4,218 | 5,792 | 4,353 |
Interest Income Recognized | 12 | 14 | 20 | 27 |
Loans With An Allowance Recorded: | ||||
Average Recorded Investment | 0 | 3,069 | 0 | 3,074 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Total Impaired Loans: | ||||
Average Recorded Investment | 5,915 | 7,287 | 5,792 | 7,427 |
Interest Income Recognized | 12 | 14 | 20 | 27 |
Consumer [Member] | ||||
Loans With No Related Allowance: | ||||
Average Recorded Investment | 1,992 | 2,796 | 2,165 | 2,715 |
Interest Income Recognized | 8 | 10 | 15 | 17 |
Loans With An Allowance Recorded: | ||||
Average Recorded Investment | 0 | 465 | 0 | 471 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Total Impaired Loans: | ||||
Average Recorded Investment | 1,992 | 3,261 | 2,165 | 3,186 |
Interest Income Recognized | $ 8 | $ 10 | $ 15 | $ 17 |
Loans Receivable and Allowanc43
Loans Receivable and Allowance for Loan Losses (Credit Quality Indicators for Commercial Loans, by Loan Type) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | $ 1,725,254 | $ 1,660,688 |
Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 591,860 | 525,127 |
Commercial tax-exempt [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 58,319 | 71,151 |
Owner occupied real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 313,377 | 332,070 |
Commercial construction and land development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 136,354 | 138,064 |
Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 625,344 | 594,276 |
Pass Rated Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 1,652,196 | 1,574,075 |
Pass Rated Loans [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 552,444 | 473,984 |
Pass Rated Loans [Member] | Commercial tax-exempt [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 58,319 | 71,151 |
Pass Rated Loans [Member] | Owner occupied real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 292,344 | 311,668 |
Pass Rated Loans [Member] | Commercial construction and land development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 132,826 | 133,033 |
Pass Rated Loans [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 616,263 | 584,239 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 20,490 | 26,827 |
Special Mention [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 13,920 | 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 | 4,394 | 4,268 |
Special Mention [Member] | Commercial construction and land development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 0 | 190 |
Special Mention [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 2,176 | 1,584 |
Substandard Accrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 23,253 | 31,684 |
Substandard Accrual [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 13,511 | 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 | 8,919 | 8,718 |
Substandard Accrual [Member] | Commercial construction and land development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 302 | 1,613 |
Substandard Accrual [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 521 | 2,629 |
Substandard Nonaccrual [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 29,315 | 28,102 |
Substandard Nonaccrual [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 11,985 | 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 | 7,720 | 7,416 |
Substandard Nonaccrual [Member] | Commercial construction and land development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | 3,226 | 3,228 |
Substandard Nonaccrual [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Credit exposure for commercial loans | $ 6,384 | $ 5,824 |
Loans Receivable and Allowanc44
Loans Receivable and Allowance for Loan Losses (Consumer Loan Credit Exposures, Performing or Nonperforming) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | $ 345,187 | $ 337,846 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 122,838 | 110,951 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 222,349 | 226,895 |
Performing Financing Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 338,674 | 330,982 |
Performing Financing Receivable [Member] | Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 117,502 | 105,964 |
Performing Financing Receivable [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 221,172 | 225,018 |
Nonperforming Financing Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 6,513 | 6,864 |
Nonperforming Financing Receivable [Member] | Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 5,336 | 4,987 |
Nonperforming Financing Receivable [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | $ 1,177 | $ 1,877 |
Loans Receivable and Allowanc45
Loans Receivable and Allowance for Loan Losses (Troubled Debt Restructurings on Loan Receivables) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)Contract | Jun. 30, 2014USD ($)Contract | Jun. 30, 2015USD ($)Contractconcession | Jun. 30, 2014USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 4 | 7 | 5 | 29 |
Recorded Investment at Time of Restructure | $ | $ 1,228 | $ 4,015 | $ 4,535 | $ 6,926 |
Minimum [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Concessions for Classifying Loans Receivable as TDR | concession | 1 | |||
Commercial and industrial [Member] | Forbearance Agreement [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 0 | 1 | 1 | 1 |
Recorded Investment at Time of Restructure | $ | $ 0 | $ 229 | $ 3,307 | $ 229 |
Commercial and industrial [Member] | Accepting Interest Only for a Period of Time [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 1 | 0 | 1 | 0 |
Recorded Investment at Time of Restructure | $ | $ 43 | $ 0 | $ 43 | $ 0 |
Commercial and industrial [Member] | Change in Amortization Period [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 0 | 0 | 0 | 3 |
Recorded Investment at Time of Restructure | $ | $ 0 | $ 0 | $ 0 | $ 261 |
Commercial and industrial [Member] | Combination of Concessions [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 0 | 0 | 0 | 1 |
Recorded Investment at Time of Restructure | $ | $ 0 | $ 0 | $ 0 | $ 30 |
Owner occupied real estate [Member] | Accepting Interest Only for a Period of Time [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 1 | 3 | 1 | 3 |
Recorded Investment at Time of Restructure | $ | $ 407 | $ 1,601 | $ 407 | $ 1,601 |
Owner occupied real estate [Member] | Change in Amortization Period [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 0 | 0 | 0 | 1 |
Recorded Investment at Time of Restructure | $ | $ 0 | $ 0 | $ 0 | $ 128 |
Commercial construction and land development [Member] | Forbearance Agreement [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 0 | 3 | 0 | 3 |
Recorded Investment at Time of Restructure | $ | $ 0 | $ 2,185 | $ 0 | $ 2,185 |
Commercial construction and land development [Member] | Material Extension of Time [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 1 | 0 | 1 | 1 |
Recorded Investment at Time of Restructure | $ | $ 186 | $ 0 | $ 186 | $ 242 |
Commercial construction and land development [Member] | Change in Amortization Period [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 0 | 0 | 0 | 1 |
Recorded Investment at Time of Restructure | $ | $ 0 | $ 0 | $ 0 | $ 214 |
Commercial real estate [Member] | Change in Amortization Period [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 0 | 0 | 0 | 14 |
Recorded Investment at Time of Restructure | $ | $ 0 | $ 0 | $ 0 | $ 1,893 |
Residential [Member] | Combination of Concessions [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 1 | 0 | 1 | 0 |
Recorded Investment at Time of Restructure | $ | $ 592 | $ 0 | $ 592 | $ 0 |
Residential [Member] | Interest Rate Adjustment [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 0 | 0 | 0 | 1 |
Recorded Investment at Time of Restructure | $ | $ 0 | $ 0 | $ 0 | $ 143 |
Loans Receivable and Allowanc46
Loans Receivable and Allowance for Loan Losses (Loans Receivable Modified as Troubled Debt Restructurings, Previous 12 Months) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)Contract | Jun. 30, 2014USD ($)Contract | Jun. 30, 2015USD ($)Contract | Jun. 30, 2014USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 5 | |||
TDR's, Subsequently Defaulted [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 4 | 2 | 10 | 17 |
Recorded Investment | $ | $ 850 | $ 1,129 | $ 4,484 | $ 8,956 |
TDR's, Subsequently Defaulted [Member] | Commercial and industrial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 3 | 0 | 3 | 7 |
Recorded Investment | $ | $ 524 | $ 0 | $ 524 | $ 1,288 |
TDR's, Subsequently Defaulted [Member] | Owner occupied real estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 1 | 1 | 3 | 4 |
Recorded Investment | $ | $ 326 | $ 871 | $ 1,057 | $ 1,792 |
TDR's, Subsequently Defaulted [Member] | Commercial construction and land development [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 0 | 0 | 1 | 2 |
Recorded Investment | $ | $ 0 | $ 0 | $ 236 | $ 1,930 |
TDR's, Subsequently Defaulted [Member] | Commercial real estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 0 | 0 | 3 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 2,667 | $ 0 |
TDR's, Subsequently Defaulted [Member] | Residential [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 0 | 1 | 0 | 3 |
Recorded Investment | $ | $ 0 | $ 258 | $ 0 | $ 3,470 |
TDR's, Subsequently Defaulted [Member] | Consumer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | 0 | 0 | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 476 |
Foreclosed Assets (Details)
Foreclosed Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | ||
Foreclosed assets secured by consumer mortgage loans in process of foreclosure | $ 2,600 | |
Other Assets [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Foreclosed assets | 6,000 | $ 7,700 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Foreclosed assets | $ 686 | $ 295 |
Loan Commitments and Standby 48
Loan Commitments and Standby Letters of Credit (Details) | Mar. 27, 2015USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2015USD ($)Standby_letter_of_credit | Dec. 31, 2014USD ($) |
Guarantor Obligations [Line Items] | ||||
Maximum exposure to credit loss for loan commitments | $ 720,100,000 | $ 720,100,000 | $ 637,100,000 | |
Standby Letters of Credit [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Guarantor Obligations, Current Carrying Value | 800,000 | $ 800,000 | 0 | |
Guarantor Obligations, Number of Unsecured Standby Letters of Credit | Standby_letter_of_credit | 1 | |||
Guarantor Obligations, Intention to Draw on Standby Letter of Credit | $ 1,000,000 | |||
Guarantor Obligations, Partial Draw on Standby Letter of Credit | 200,000 | |||
Maximum exposure to credit loss for loan commitments | $ 35,500,000 | $ 35,500,000 | $ 34,600,000 | |
Loan Expense [Member] | Standby Letters of Credit [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Guarantor Obligation, Standby Letter of Credit Expense | $ 1,000,000 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | $ 414,746 | $ 528,038 |
U.S. Government agency securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 32,946 | 32,788 |
Residential MBSs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 55,819 | 60,149 |
Fair value measurements, recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Securities available for sale | 414,746 | 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 | 414,746 | 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 | 32,946 | 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 | 32,946 | 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 | 55,819 | 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 | 55,819 | 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 | 296,103 | 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 | 296,103 | 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 | 29,878 | 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 | 29,878 | 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 (Fina50
Fair Value Measurements (Financial Assets Measured at Fair Value on Nonrecurring Basis) (Details) - Fair value measurements, nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Impaired loans with specific allocation | $ 6,131 | $ 3,882 |
Impaired loans net of partial charge-offs | 1,816 | 5,263 |
Foreclosed assets | 170 | 0 |
Total | 8,117 | 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 |
Foreclosed assets | 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 |
Foreclosed assets | 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 | 6,131 | 3,882 |
Impaired loans net of partial charge-offs | 1,816 | 5,263 |
Foreclosed assets | 170 | |
Total | $ 8,117 | $ 9,145 |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financial assets: | ||
Cash and cash equivalents | $ 57,678 | $ 42,832 |
Securities | 760,521 | 847,961 |
Loans held for sale | 5,662 | 5,037 |
Loans, net | 2,050,938 | 1,980,846 |
Restricted investments in bank stock | 17,793 | 15,223 |
Accrued interest receivable | 7,148 | 7,349 |
Financial liabilities: | ||
Deposits | 2,371,438 | 2,383,085 |
Short-term borrowings | 322,675 | 333,475 |
Long-term debt | 24,747 | |
Accrued interest payable | 334 | 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 | 57,678 | 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 | 7,148 | 7,349 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Short-term borrowings | 322,675 | 333,475 |
Long-term debt | 0 | |
Accrued interest payable | 334 | 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 | 760,521 | 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 | 5,662 | 5,037 |
Loans, net | 2,050,938 | 1,980,846 |
Restricted investments in bank stock | 17,793 | 15,223 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Deposits | 2,371,438 | 2,383,085 |
Short-term borrowings | 0 | 0 |
Long-term debt | 24,747 | |
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 | 57,678 | 42,832 |
Securities | 765,232 | 853,032 |
Loans held for sale | 5,610 | 4,996 |
Loans, net | 2,044,570 | 1,973,536 |
Restricted investments in bank stock | 17,793 | 15,223 |
Accrued interest receivable | 7,148 | 7,349 |
Financial liabilities: | ||
Deposits | 2,368,688 | 2,380,672 |
Short-term borrowings | 322,675 | 333,475 |
Long-term debt | 25,000 | |
Accrued interest payable | 334 | 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) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015USD ($)impaired_loan | Dec. 31, 2014USD ($)impaired_loan | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of impaired loans | impaired_loan | 13 | 9 |
Allowance related to impaired loans | $ 4,836,000 | $ 5,643,000 |
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 | 20.00% | 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 | 25.00% | 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 | 21.00% | 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 | $ 6,131,000 | $ 3,882,000 |
Allowance related to impaired loans | 4,800,000 | 5,600,000 |
Impaired loans net of partial charge-offs | 1,816,000 | 5,263,000 |
Impaired loans, financial assets, fair value, charge-offs | 1,932,000 | 2,400,000 |
Foreclosed assets, net of valuation allowance | 170,000 | $ 0 |
Foreclosed assets, valuation allowance | $ 80,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Loss Carryforwards [Line Items] | ||||
Provision for federal income taxes | $ 2,272 | $ 2,288 | $ 4,799 | $ 4,075 |
Effective income tax rate | 35.00% | 31.00% | 33.00% | 29.00% |
Stock Options [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Stock-based compensation expense | $ 1,400 | $ 1,654 | $ 313 | |
Incentive Stock Options [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Stock-based compensation expense | $ 823 |
Long-term Debt (Details)
Long-term Debt (Details) - Jun. 30, 2015 - Federal Home Loan Bank Advances [Member] - USD ($) | Total |
Debt Instrument [Line Items] | |
Amount | $ 25,000,000 |
FHLB Advance Due January 2018 [Member] | |
Debt Instrument [Line Items] | |
Amount | $ 10,000,000 |
Interest Rate | 1.10963% |
FHLB Advance Due January 2019 [Member] | |
Debt Instrument [Line Items] | |
Amount | $ 10,000,000 |
Interest Rate | 1.387% |
FHLB Advance Due January 2020 [Member] | |
Debt Instrument [Line Items] | |
Amount | $ 5,000,000 |
Interest Rate | 1.62% |
Subsequent Events (Details)
Subsequent Events (Details) | Aug. 04, 2015Right / shares$ / shares | Jun. 30, 2015$ / shares | Dec. 31, 2014$ / shares |
Subsequent Event [Line Items] | |||
Common stock, par value (in dollars per share) | $ 1 | $ 1 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Common stock, par value (in dollars per share) | $ 1 | ||
Number of rights to receive acquirer shares, per one outstanding share | Right / shares | 2.373 | ||
F.N.B. Corporation [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.01 |