Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 21, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'CENTRAL VALLEY COMMUNITY BANCORP | ' | ' |
Entity Central Index Key | '0001127371 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 10,925,085 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Public Float | ' | ' | $66,029,000 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $25,878 | $22,405 |
Interest-earning deposits in other banks | 85,956 | 30,123 |
Federal funds sold | 218 | 428 |
Total cash and cash equivalents | 112,052 | 52,956 |
Available-for-sale investment securities (Amortized cost of $447,108 at December 31, 2013 and $381,074 at December 31, 2012) | 443,224 | 393,965 |
Loans, less allowance for credit losses of $9,208 at December 31, 2013 and $10,133 at December 31, 2012 | 503,149 | 385,185 |
Bank premises and equipment, net | 10,541 | 6,252 |
Other real estate owned | 190 | 0 |
Bank owned life insurance | 19,443 | 12,163 |
Federal Home Loan Bank stock | 4,499 | 3,850 |
Goodwill | 29,917 | 23,577 |
Core deposit intangibles | 1,680 | 583 |
Accrued interest receivable and other assets | 20,940 | 11,697 |
Total assets | 1,145,635 | 890,228 |
Deposits: | ' | ' |
Non-interest bearing | 356,392 | 240,169 |
Interest bearing | 647,751 | 511,263 |
Total deposits | 1,004,143 | 751,432 |
Short-term borrowings | 0 | 4,000 |
Junior subordinated deferrable interest debentures | 5,155 | 5,155 |
Accrued interest payable and other liabilities | 16,294 | 11,976 |
Total liabilities | 1,025,592 | 772,563 |
Commitments and contingencies (Note 13) | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock, no par value, $1,000 per share liquidation preference; 10,000,000 shares authorized, Series C, issued and outstanding: none at December 31, 2013 and 7,000 shares at December 31, 2012 | 0 | 7,000 |
Common stock, no par value; 80,000,000 shares authorized; issued and outstanding: 10,914,680 at December 31, 2013 and 9,558,746 at December 31, 2012 | 53,981 | 40,583 |
Retained earnings | 68,348 | 62,496 |
Accumulated other comprehensive (loss) income, net of tax | -2,286 | 7,586 |
Total shareholders’ equity | 120,043 | 117,665 |
Total liabilities and shareholders’ equity | $1,145,635 | $890,228 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Available-for-sale investment securities, Amortized cost | $447,108 | $381,074 |
Loans, allowance for credit losses | $9,208 | $10,133 |
Preferred stock, liquidation preference | $1,000 | $1,000 |
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, issued | 0 | 7,000 |
Preferred stock, outstanding | 0 | 7,000 |
Preferred stock, par value | $0 | $0 |
Common Stock, authorized | 80,000,000 | 80,000,000 |
Common Stock, issued | 10,914,680 | 9,558,746 |
Common Stock, outstanding | 10,914,680 | 9,558,746 |
Common stock, par value | $0 | $0 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest income: | ' | ' | ' |
Interest and fees on loans | $26,519 | $23,913 | $26,098 |
Interest on deposits in other banks | 164 | 108 | 187 |
Interest on Federal funds sold | 0 | 2 | 2 |
Interest and dividends on investment securities: | ' | ' | ' |
Taxable | 2,375 | 3,289 | 4,548 |
Exempt from Federal income taxes | 5,778 | 4,508 | 3,464 |
Total interest income | 34,836 | 31,820 | 34,299 |
Interest expense: | ' | ' | ' |
Interest on deposits | 1,270 | 1,630 | 2,662 |
Interest on junior subordinated deferrable interest debentures | 98 | 107 | 100 |
Other | 17 | 146 | 180 |
Total interest expense | 1,385 | 1,883 | 2,942 |
Net interest income before provision for credit losses | 33,451 | 29,937 | 31,357 |
Provision for credit losses | 0 | 700 | 1,050 |
Net interest income after provision for credit losses | 33,451 | 29,237 | 30,307 |
Non-interest income: | ' | ' | ' |
Service charges | 3,156 | 2,774 | 2,903 |
Appreciation in cash surrender value of bank owned life insurance | 495 | 391 | 382 |
Interchange fees | 962 | 767 | 758 |
Loan placement fees | 677 | 631 | 274 |
Gain on disposal of other real estate owned | 0 | 12 | 615 |
Net realized gain (loss) on sale of assets | 1 | 4 | -5 |
Net realized gains on sales and calls of investment securities | 1,265 | 1,639 | 298 |
Other-than-temporary impairment loss: | ' | ' | ' |
Total impairment loss | 0 | 0 | -31 |
Loss recognized in other comprehensive income | 0 | 0 | 0 |
Net impairment loss recognized in earnings | 0 | 0 | -31 |
Federal Home Loan Bank dividends | 177 | 36 | 9 |
Other income | 1,100 | 992 | 1,063 |
Total non-interest income | 7,832 | 7,242 | 6,271 |
Non-interest expenses: | ' | ' | ' |
Salaries and employee benefits | 17,427 | 15,597 | 15,762 |
Occupancy and equipment | 4,109 | 3,578 | 3,795 |
Regulatory assessments | 696 | 652 | 845 |
Data processing expense | 1,383 | 1,125 | 1,178 |
ATM/Debit card expenses | 527 | 369 | 369 |
License and maintenance contracts | 472 | 362 | 324 |
Consulting fees | 461 | 162 | 340 |
Advertising | 476 | 558 | 735 |
Audit and accounting fees | 511 | 514 | 491 |
Legal fees | 116 | 185 | 335 |
Acquisition and integration | 976 | 284 | 0 |
Amortization of core deposit intangibles | 268 | 200 | 414 |
Other expense | 4,264 | 3,688 | 3,652 |
Total non-interest expenses | 31,686 | 27,274 | 28,240 |
Income before provision for income taxes | 9,597 | 9,205 | 8,338 |
Provision for income taxes | 1,347 | 1,685 | 1,861 |
Net income | 8,250 | 7,520 | 6,477 |
Net income | 8,250 | 7,520 | 6,477 |
Preferred stock dividends and accretion | 350 | 350 | 486 |
Net income available to common shareholders | $7,900 | $7,170 | $5,991 |
Net income per common share: | ' | ' | ' |
Basic earnings per common share | $0.77 | $0.75 | $0.63 |
Diluted earnings per common share | $0.77 | $0.75 | $0.63 |
Cash dividends per common share | $0.20 | $0.05 | $0 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $8,250 | $7,520 | $6,477 |
Unrealized gains on securities: | ' | ' | ' |
Unrealized holding (losses) gains | -15,510 | 7,522 | 5,632 |
Less: reclassification for net gains included in net income | 1,265 | 1,639 | 267 |
Other comprehensive (loss) income, before tax | -16,775 | 5,883 | 5,365 |
Tax benefit (expense) related to items of other comprehensive income | 6,903 | -2,421 | -2,208 |
Total other comprehensive (loss) income | -9,872 | 3,462 | 3,157 |
Comprehensive (loss) income | ($1,622) | $10,982 | $9,634 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) | Total | Series A Preferred Stock [Member] | Series C Preferred Stock [Member] | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2010 | $97,391,000 | $6,864,000 | $0 | $39,745,000 | $49,815,000 | $967,000 |
Balance (shares) at Dec. 31, 2010 | ' | 7,000 | 0 | 9,368,016 | ' | ' |
Net income | 6,477,000 | ' | ' | ' | 6,477,000 | ' |
Net change in unrealized gain on available-for-sale investment securities | 3,157,000 | ' | ' | ' | ' | 3,157,000 |
Issuance of preferred stock Series C | 7,000,000 | ' | 7,000,000 | ' | ' | ' |
Issuance of preferred stock Series C, shares | ' | ' | 7,000 | ' | ' | ' |
Redemption of preferred stock Series A | -7,000,000 | -7,000,000 | ' | ' | ' | ' |
Redemption of preferred stock Series A, shares | ' | -7,000 | ' | ' | ' | ' |
Repurchase and retirement of common stock warrants | ' | ' | ' | -185,000 | ' | ' |
Repurchase and retirement of common stock warrants | -185,000 | ' | ' | ' | ' | ' |
Conversion of preferred stock Series B, non-voting, shares | ' | ' | ' | 0 | ' | ' |
Stock-based compensation expense | 196,000 | ' | ' | 196,000 | ' | ' |
Stock options exercised and related tax benefit | 796,000 | ' | ' | 796,000 | ' | ' |
Stock options exercised and related tax benefit, shares | ' | ' | ' | 179,800 | ' | ' |
Preferred stock dividends and accretion | -350,000 | 136,000 | ' | ' | -486,000 | ' |
Balance at Dec. 31, 2011 | 107,482,000 | 0 | 7,000,000 | 40,552,000 | 55,806,000 | 4,124,000 |
Balance (shares) at Dec. 31, 2011 | ' | 0 | 7,000 | 9,547,816 | ' | ' |
Net income | 7,520,000 | ' | ' | ' | 7,520,000 | ' |
Net change in unrealized gain on available-for-sale investment securities | 3,462,000 | ' | ' | ' | ' | 3,462,000 |
Stock-based compensation expense | 108,000 | ' | ' | 108,000 | ' | ' |
Cash dividend payment | -480,000 | ' | ' | ' | -480,000 | ' |
Repurchase and retirement of common stock | -488,000 | ' | ' | -488,000 | ' | ' |
Repurchase and retirement of common stock, shares | ' | ' | ' | -58,100 | ' | ' |
Stock options exercised and related tax benefit | 411,000 | ' | ' | 411,000 | ' | ' |
Stock options exercised and related tax benefit, shares | ' | ' | ' | 69,030 | ' | ' |
Preferred stock dividends and accretion | -350,000 | 0 | ' | ' | ' | ' |
Preferred stock dividends | ' | ' | ' | ' | -350,000 | ' |
Balance at Dec. 31, 2012 | 117,665,000 | 0 | 7,000,000 | 40,583,000 | 62,496,000 | 7,586,000 |
Balance (shares) at Dec. 31, 2012 | ' | 0 | 7,000 | 9,558,746 | ' | ' |
Net income | 8,250,000 | ' | ' | ' | 8,250,000 | ' |
Net change in unrealized gain on available-for-sale investment securities | -9,872,000 | ' | ' | ' | ' | -9,872,000 |
Stock issued for acquisition | -12,494,000 | ' | ' | -12,494,000 | ' | ' |
Stock issued for acquisition, shares | ' | ' | ' | -1,262,605 | ' | ' |
Redemption of preferred stock Series A | -7,000,000 | ' | -7,000,000 | ' | ' | ' |
Redemption of preferred stock Series A, shares | ' | ' | -7,000 | ' | ' | ' |
Stock-based compensation expense | 98,000 | ' | ' | 98,000 | ' | ' |
Cash dividend payment | -2,048,000 | ' | ' | ' | -2,048,000 | ' |
Repurchase and retirement of common stock | -488,000 | ' | ' | ' | ' | ' |
Repurchase and retirement of common stock, shares | -58,100 | ' | ' | ' | ' | ' |
Stock options exercised and related tax benefit | 806,000 | ' | ' | 806,000 | ' | ' |
Stock options exercised and related tax benefit, shares | 93,329 | ' | ' | 93,329 | ' | ' |
Preferred stock dividends | -350,000 | ' | ' | ' | -350,000 | ' |
Balance at Dec. 31, 2013 | $120,043,000 | $0 | $0 | $53,981,000 | $68,348,000 | ($2,286,000) |
Balance (shares) at Dec. 31, 2013 | ' | 0 | 0 | 10,914,680 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Cash dividends per common share | $0.20 | $0.05 | $0 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $8,250 | $7,520 | $6,477 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ' | ' | ' |
Net (decrease) increase in deferred loan fees | -294 | -311 | 266 |
Depreciation | 1,133 | 972 | 1,212 |
Accretion | -852 | -713 | -715 |
Amortization | 9,179 | 7,549 | 3,590 |
Stock-based compensation | 98 | 108 | 196 |
Excess tax benefit from exercise of stock options | -17 | -26 | -116 |
Provision for credit losses | 0 | 700 | 1,050 |
Net other than temporary impairment losses on investment securities | 0 | 0 | 31 |
Net realized gains on sales and calls of available-for-sale investment securities | -1,265 | -1,639 | -298 |
Net (gain) loss on sale and disposal of equipment | -1 | -4 | 5 |
Net gain on sale of other real estate owned | 0 | -12 | -615 |
Increase in bank owned life insurance, net of expenses | -495 | -391 | -204 |
Net gain on bank owned life insurance | 0 | 0 | -85 |
Net decrease (increase) in accrued interest receivable and other assets | 410 | -19 | -700 |
Net decrease in prepaid FDIC Assessments | 1,542 | 513 | 705 |
Net (decrease) increase in accrued interest payable and other liabilities | -1,805 | -7,425 | 8,515 |
(Benefit) provision for deferred income taxes | -296 | 440 | 1,270 |
Net cash provided by operating activities | 15,587 | 7,262 | 20,584 |
Cash Acquired from Acquisition | 40,935 | 0 | 0 |
Cash flows used in investing activities: | ' | ' | ' |
Purchases of available-for-sale investment securities | -222,668 | -194,583 | -214,569 |
Proceeds from sales or calls of available-for-sale investment securities | 88,146 | 39,119 | 44,700 |
Proceeds from maturity and principal repayment of available-for-sale investment securities | 76,512 | 90,798 | 35,951 |
Net (increase) decrease in loans | -4,393 | 28,089 | 2,815 |
Proceeds from sale of other real estate owned | 263 | 2,349 | 2,472 |
Purchases of premises and equipment | -1,159 | -1,353 | -1,246 |
Purchases of bank owned life insurance | 0 | -116 | ' |
FHLB stock redeemed (purchased) | 48 | -957 | 157 |
Proceeds from bank owned life insurance | 0 | 0 | 146 |
Proceeds from sale of premises and equipment | 1 | 5 | 0 |
Net cash used in investing activities | -22,315 | -36,649 | -129,574 |
Cash Flows From Financing Activities: | ' | ' | ' |
Net increase in demand, interest-bearing and savings deposits | 75,663 | 53,265 | 87,928 |
Net increase (decrease) in time deposits | 2,841 | -14,819 | -25,437 |
Repayments of short-term borrowings to Federal Home Loan Bank | -4,000 | 0 | -10,000 |
Redemption of preferred stock Series C | -7,000 | 0 | 0 |
Purchase and retirement of common stock | 0 | -488 | 0 |
Proceeds from exercise of stock options | 789 | 385 | 680 |
Repurchase of common stock warrant | 0 | 0 | -185 |
Excess tax benefit from exercise of stock options | 17 | 26 | 116 |
Cash dividend payments on common stock | -2,048 | -480 | 0 |
Cash dividend payments on preferred stock | -438 | -350 | -307 |
Net cash provided by financing activities | 65,824 | 37,539 | 52,795 |
Increase (decrease) in cash and cash equivalents | 59,096 | 8,152 | -56,195 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 52,956 | 44,804 | 100,999 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 112,052 | 52,956 | 44,804 |
Cash paid during the period for: | ' | ' | ' |
Interest | 1,430 | 1,939 | 3,186 |
Income taxes | 1,790 | 1,193 | 826 |
Non-cash investing and financing activities: | ' | ' | ' |
Redemption of preferred stock Series A and issuance of preferred stock Series C | 0 | 0 | 7,000 |
Transfer of loans to other real estate owned | 190 | 2,337 | 244 |
Assumption of other real estate owned liabilities | 0 | 0 | 288 |
Transfer of loans to other assets | 0 | 0 | 209 |
Common stock issued in Visalia Community Bank acquisition | 12,494 | 0 | 0 |
Accrued preferred stock dividends | $0 | $88 | $88 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
General - Central Valley Community Bancorp (the “Company”) was incorporated on February 7, 2000 and subsequently obtained approval from the Board of Governors of the Federal Reserve System to be a bank holding company in connection with its acquisition of Central Valley Community Bank (the “Bank”). The Company became the sole shareholder of the Bank on November 15, 2000 in a statutory merger, pursuant to which each outstanding share of the Bank’s common stock was exchanged for one share of common stock of the Company. | ||
Service 1st Capital Trust I (the Trust) is a business trust formed by Service 1st for the sole purpose of issuing trust preferred securities. The Company succeeded to all the rights and obligations of Service 1st in connection with the acquisition of Service 1st. The Trust is a wholly-owned subsidiary of the Company. | ||
The Bank operates 21 full service offices in Clovis, Exeter, Fresno, Kerman, Lodi, Madera, Merced, Modesto, Oakhurst, Prather, Sacramento, Stockton, Tracy, and Visalia, California. The Bank’s primary source of revenue is providing loans to customers who are predominately small and middle-market businesses and individuals. | ||
The deposits of the Bank are insured by the Federal Deposit Insurance Corporation (FDIC) up to applicable legal limits. Depositors’ accounts at an insured depository institution, including all non-interest bearing transactions accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount of $250,000 for each deposit insurance ownership category. | ||
The accounting and reporting policies of Central Valley Community Bancorp and Subsidiary conform with accounting principles generally accepted in the United States of America and prevailing practices within the banking industry. | ||
Management has determined that because all of the banking products and services offered by the Company are available in each branch of the Bank, all branches are located within the same economic environment and management does not allocate resources based on the performance of different lending or transaction activities, it is appropriate to aggregate the Bank branches and report them as a single operating segment. No customer accounts for more than 10 percent of revenues for the Company or the Bank. | ||
Principles of Consolidation - The consolidated financial statements include the accounts of the Company and the consolidated accounts of its wholly-owned subsidiary, the Bank. | ||
For financial reporting purposes, Service 1st Capital Trust I, is a wholly-owned subsidiary acquired in the merger of Service 1st Bancorp and formed for the exclusive purpose of issuing trust preferred securities. The Company is not considered the primary beneficiary of this trust (variable interest entity), therefore the trust is not consolidated in the Company’s financial statements, but rather the subordinated debentures are shown as a liability on the Company’s consolidated financial statements. The Company’s investment in the common stock of the Trust is included in accrued interest receivable and other assets on the consolidated balance sheet. | ||
Use of Estimates - The preparation of these financial statements requires management to make estimates and judgments that affect the reported amount of assets, liabilities, revenues and expenses. On an ongoing basis, management evaluates the estimates used. Estimates are based upon historical experience, current economic conditions and other factors that management considers reasonable under the circumstances. | ||
These estimates result in judgments regarding the carrying values of assets and liabilities when these values are not readily available from other sources, as well as assessing and identifying the accounting treatments of contingencies and commitments. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates under different assumptions. The allowance for credit losses, deferred taxes assets and fair values of financial instruments are estimates which are particularly subject to change. | ||
Cash and Cash Equivalents - For the purpose of the statement of cash flows, cash, due from banks with maturities less than 90 days, and Federal funds sold are considered to be cash equivalents. Generally, Federal funds are sold for one-day periods. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, and federal funds purchased. | ||
Investment Securities - Investments are classified into the following categories: | ||
• | Available-for-sale securities, reported at fair value, with unrealized gains and losses excluded from earnings and reported, net of taxes, as accumulated other comprehensive income (loss) within shareholders’ equity. | |
• | Held-to-maturity securities, which management has the positive intent and ability to hold to maturity, reported at amortized cost, adjusted for the accretion of discounts and amortization of premiums. | |
Management determines the appropriate classification of its investments at the time of purchase and may only change the classification in certain limited circumstances. All transfers between categories are accounted for at fair value. For the years ended December 31, 2013 and December 31, 2012, there were no transfers between categories. At December 31, 2013 and 2012, the Company had no held-to-maturity securities. | ||
Gains or losses on the sale of investment securities are computed on the specific identification method. Interest earned on investment securities is reported in interest income, net of applicable adjustments for accretion of discounts and amortization of premiums. Premiums and discounts on securities are amortized or accreted on the level yield method without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. | ||
An investment security is impaired when its carrying value is greater than its fair value. Investment securities that are impaired are evaluated on at least a quarterly basis and more frequently when economic or market conditions warrant such an evaluation to determine whether such a decline in their fair value is other than temporary. Management utilizes criteria such as the magnitude and duration of the decline and the intent and ability of the Company to retain its investment in the securities for a period of time sufficient to allow for an anticipated recovery in fair value, in addition to the reasons underlying the decline, to determine whether the loss in value is other than temporary. The term “other than temporary” is not intended to indicate that the decline is permanent, but indicates that the prospect for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of the investment. Once a decline in value is determined to be other than temporary, and management does not intend to sell the security or it is more likely than not that the Company will not be required to sell the security before recovery, for debt securities, only the portion of the impairment loss representing credit exposure is recognized as a charge to earnings, with the balance recognized as a charge to other comprehensive income. If management intends to sell the security or it is more likely than not that the Company will be required to sell the security before recovering its forecasted cost, the entire impairment loss is recognized as a charge to earnings. | ||
Loans - For all loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at principal balances outstanding net of deferred loan fees and costs, and the allowance for credit losses. Interest is accrued daily based upon outstanding loan balances. However, for all loans when, in the opinion of management, loans are considered impaired and the future collectibility of interest and principal is in serious doubt, a loan is placed on nonaccrual status and the accrual of interest income is suspended. Any loan 90 days or more delinquent is automatically placed on nonaccrual status. Any interest accrued but unpaid is charged against income. Payments received are applied to reduce principal to ensure collection. Subsequent payments on these loans, or payments received on nonaccrual loans for which the ultimate collectibility of principal is not in doubt, are applied first to principal until fully collected and then to interest. | ||
Interest income on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Consumer and credit card loans are typically charged off no later than 90 days past due. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are individually evaluated for impairment. A loan is moved to non-accrual status in accordance with the Company’s policy, typically after 90 days of non-payment. A loan placed on non-accrual status may be restored to accrual status when principal and interest are no longer past due and unpaid, or the loan otherwise becomes both well secured and in the process of collection. When a loan is brought current the Company must also have a reasonable assurance that the obligor has the ability to meet all contractual obligations in the future, that the loan will be repaid within a reasonable period of time, and that a minimum of six months of satisfactory repayment performance has occurred. | ||
Substantially all loan origination fees, commitment fees, direct loan origination costs and purchase premiums and discounts on loans are deferred and recognized as an adjustment of yield, and amortized to interest income over the contractual term of the loan. The unamortized balance of deferred fees and costs is reported as a component of net loans. | ||
Allowance for Credit Losses - The allowance for credit losses (the "allowance") is an estimate of probable credit losses in the Company’s loan portfolio that have been incurred as of the balance-sheet date. The allowance is established through a provision for credit losses which is charged to expense. Additions to the allowance are expected to maintain the adequacy of the total allowance after credit losses and loan growth. Credit exposures determined to be uncollectible are charged against the allowance. Cash received on previously charged off amounts is recorded as a recovery to the allowance. The overall allowance consists of two primary components, specific reserves related to impaired loans and general reserves for inherent losses related to loans that are not impaired. | ||
For all loan classes, a loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the original agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Loans determined to be impaired are individually evaluated for impairment. When a loan is impaired, the Company measures impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except that as a practical expedient, it may measure impairment based on a loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. A loan is collateral dependent if the repayment of the loan is expected to be provided solely by the underlying collateral. | ||
A restructuring of a debt constitutes a troubled debt restructuring (TDR) if the Company for economic or legal reasons related to the debtor’s financial difficulties grants a concession to the debtor that it would not otherwise consider. Restructured workout loans typically present an elevated level of credit risk as the borrowers are not able to perform according to the original contractual terms. Loans that are reported as TDRs are considered impaired and measured for impairment as described above. For TDRs that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for credit losses. | ||
The Company has loans that were acquired in an acquisition, for which there was, at acquisition, evidence of deterioration of credit quality since origination and for which it was probable, at acquisition, that all contractually required payments would not be collected. These purchased credit impaired loans are recorded at the amount paid, such that there is no carryover of the seller’s allowance for loan losses. After acquisition, losses are recognized by an increase in the allowance for loan losses. The Company estimates the amount and timing of expected cash flows for each loan and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan (accretable yield). The excess of the loan’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. | ||
For all portfolio segments, the determination of the general reserve for loans that are not impaired is based on estimates made by management, including but not limited to, consideration of a simple average of historical losses by portfolio segment over the most recent 20 quarters, and qualitative factors including economic trends in the Company’s service areas, industry experience and trends, geographic concentrations, estimated collateral values, the Company’s underwriting policies, the character of the loan portfolio, and probable losses inherent in the portfolio taken as a whole. | ||
The Company maintains a separate allowance for each portfolio segment. These portfolio segments include commercial, real estate, and consumer loans. The relative significance of risk considerations vary by portfolio segment. For commercial and real estate loans, the primary risk consideration is a borrower’s ability to generate sufficient cash flows to repay their loan. Secondary considerations include the creditworthiness of guarantors and the valuation of collateral. In addition to the creditworthiness of a borrower, the type and location of real estate collateral is an important risk factor for real estate loans. The primary risk considerations for consumer loans are a borrower’s personal cash flow and liquidity, as well as collateral value. The allowance for credit losses attributable to each portfolio segment, which includes both impaired loans and loans that are not impaired, is combined to determine the Company’s overall allowance, which is included on the consolidated balance sheet. | ||
The Company assigns a risk rating to all loans, and periodically performs detailed reviews of all such loans over a certain threshold to identify credit risks and to assess the overall collectibility of the portfolio. The most recent review of risk rating was completed in December 2013. These risk ratings are also subject to examination by independent specialists engaged by the Company and the Company’s regulators. During these internal reviews, management monitors and analyzes the financial condition of borrowers and guarantors, trends in the industries in which borrowers operate and the fair values of collateral securing these loans. These credit quality indicators are used to assign a risk rating to each individual loan. The risk ratings can be grouped into five major categories, defined as follows: | ||
Pass — A pass loan is a strong credit with no existing or known potential weaknesses deserving of management’s close attention. | ||
Special Mention — A special mention loan has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the Company’s credit position at some future date. Special Mention loans are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. | ||
Substandard — A substandard loan is not adequately protected by the current sound worth and paying capacity of the borrower or the value of the collateral pledged, if any. Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Well defined weaknesses include a project’s lack of marketability, inadequate cash flow or collateral support, failure to complete construction on time or the project’s failure to fulfill economic expectations. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. | ||
Doubtful — Loans classified doubtful have all the weaknesses inherent in those classified as substandard 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. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors, which may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral, and refinancing plans. Doubtful classification is considered temporary and short term. | ||
Loss — Loans classified as loss are considered uncollectible and charged off immediately. | ||
The general reserve component of the allowance for loan losses also consists of reserve factors that are based on management’s assessment of the following for each portfolio segment: (1) inherent credit risk, (2) historical losses and (3) other qualitative factors including economic trends in the Company’s service areas, industry experience and trends, geographic concentrations, estimated collateral values, the Company’s underwriting policies, the character of the loan portfolio, and probable losses inherent in the portfolio taken as a whole. Inherent credit risk and qualitative reserve factors are inherently subjective and are driven by the repayment risk associated with each class of loans described below. | ||
Commercial: | ||
Commercial and industrial — Commercial and industrial loans are generally underwritten to existing cash flows of operating businesses. Debt coverage is provided by business cash flows and economic trends influenced by unemployment rates and other key economic indicators are closely correlated to the credit quality of these loans. Past due receivables indicate the borrower's capacity to repay their obligations may be deteriorating. | ||
Agricultural land and production — Loans secured by crop production and livestock are especially vulnerable to two risk factors that are largely outside the control of Company and borrowers: commodity prices and weather conditions. | ||
Real Estate: | ||
Owner Occupied — Real estate collateral secured by commercial or professional properties with repayment arising from the owner’s business cash flows. To meet this classification, the owner’s operation must occupy no less than 50% of the real estate held. Financial profitability and capacity to meet the cyclical nature of the industry and related real estate market over a significant timeframe is essential. | ||
Real estate construction and other land loans — Land and construction loans generally possess a higher inherent risk of loss than other real estate portfolio segments. A major risk arises from the necessity to complete projects within specified cost and time lines. Trends in the construction industry significantly impact the credit quality of these loans, as demand drives construction activity. In addition, trends in real estate values significantly impact the credit quality of these loans, as property values determine the economic viability of construction projects. | ||
Agricultural real estate — Agricultural loans secured by real estate generally possess a higher inherent risk of loss caused by changes in concentration of permanent plantings, government subsidies, and the value of the U.S. dollar affecting the export of commodities. | ||
Commercial real estate — Commercial real estate loans generally possess a higher inherent risk of loss than other real estate portfolio segments, except land and construction loans. Adverse economic developments or an overbuilt market impact commercial real estate projects and may result in troubled loans. Trends in vacancy rates of commercial properties impact the credit quality of these loans. High vacancy rates reduce operating revenues and the ability for properties to produce sufficient cash flows to service debt obligations. | ||
Other Real Estate — Primarily loans secured by agricultural real estate for development and production of permanent plantings that have not reached maximum yields. Also real estate loans where agricultural vertical integration exists in packing and shipping of commodities. Risk is primarily based on the liquidity of the borrower to sustain payment during the development period. In addition, weather conditions and commodity prices within obligor’s existing agricultural production may affect repayment. | ||
Consumer: | ||
Equity loans and lines of credit — The degree of risk in residential real estate lending depends primarily on the loan amount in relation to collateral value, the interest rate and the borrower’s ability to repay in an orderly fashion. These loans generally possess a lower inherent risk of loss than other real estate portfolio segments. Economic trends determined by unemployment rates and other key economic indicators are closely correlated to the credit quality of these loans. Weak economic trends indicate that the borrowers’ capacity to repay their obligations may be deteriorating. | ||
Consumer and installment — An installment loan portfolio is usually comprised of a large number of small loans scheduled to be amortized over a specific period. Most installment loans are made directly for consumer purchases, but business loans granted for the purchase of heavy equipment or industrial vehicles may also be included. Consumer loans include credit card and other open ended unsecured consumer receivables. Credit card receivables and open ended unsecured receivables generally have a higher rate of default than all other portfolio segments and are also impacted by weak economic conditions and trends. Credit card receivables and open ended unsecured receivables in homogeneous loan portfolio segments are not evaluated for specific impairment. | ||
Although management believes the allowance to be adequate, ultimate losses may vary from its estimates. At least quarterly, the Board of Directors reviews the adequacy of the allowance, including consideration of the relative risks in the portfolio, current economic conditions and other factors. If the Board of Directors and management determine that changes are warranted based on those reviews, the allowance is adjusted. In addition, the Company’s primary regulators, the FDIC and California Department of Business Oversight, as an integral part of their examination process, review the adequacy of the allowance. Also, subject to examination by independent specialists. These regulatory agencies may require additions to the allowance based on their judgment about information available at the time of their examinations. | ||
Bank Premises and Equipment - Land is carried at cost. Bank premises and equipment are carried at cost less accumulated depreciation. Depreciation is determined using the straight-line method over the estimated useful lives of the related assets. The useful lives of Bank premises are estimated to be between twenty and forty years. The useful lives of improvements to Bank premises, furniture, fixtures and equipment are estimated to be three to ten years. Leasehold improvements are amortized over the life of the asset or the term of the related lease, whichever is shorter. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in income for the period. The cost of maintenance and repairs is charged to expense as incurred. | ||
The Bank evaluates premises and equipment for financial impairment as events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. | ||
Federal Home Loan Bank (FHLB) Stock - The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. | ||
Other Real Estate Owned - Other real estate owned (OREO) is comprised of property acquired through foreclosure proceedings or acceptance of deeds-in-lieu of foreclosure. Losses recognized at the time of acquiring property in full or partial satisfaction of debt are charged against the allowance for credit losses. OREO is initially recorded at fair value less estimated disposition costs. Fair value of OREO is generally based on an independent appraisal of the property. Subsequent to initial measurement, OREO is carried at the lower of the recorded investment or fair value less disposition costs. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through noninterest expense. Revenues and expenses associated with OREO are reported as a component of noninterest expense when incurred. | ||
Bank Owned Life Insurance - The Company has purchased life insurance policies on certain key executives. Company owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. | ||
Goodwill - Business combinations involving the Bank’s acquisition of the equity interests or net assets of another enterprise give rise to goodwill. Total goodwill at December 31, 2013 and 2012 represents the excess of the cost of Visalia Community Bank, Service 1st Bancorp and Bank of Madera County, respectively, over the net of the amounts assigned to assets acquired and liabilities assumed in the transactions accounted for under the purchase method of accounting. The value of goodwill is ultimately derived from the Bank’s ability to generate net earnings after the acquisitions and is not deductible for tax purposes. A decline in net earnings could be indicative of a decline in the fair value of goodwill and result in impairment. For that reason, goodwill is assessed at least annually for impairment. | ||
The Company has selected September 30 as the date to perform the annual impairment test. Management assessed qualitative factors including performance trends and noted no factors indicating goodwill impairment. Goodwill is also tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the Company below its carrying amount. No such events or circumstances arose during the fourth quarter of 2013, so goodwill was not required to be retested. Goodwill is the only intangible asset with an indefinite life on our balance sheet. | ||
Intangible Assets - The intangible assets at December 31, 2013 represent the estimated fair value of the core deposit relationships acquired in the acquisition of Service 1st Bank in 2008, and the 2013 acquisition of Visalia Community Bank. Core deposit intangibles are being amortized using the straight-line method over an estimated life of seven - ten years from the date of acquisition. Management evaluates the remaining useful lives quarterly to determine whether events or circumstances warrant a revision to the remaining periods of amortization. Based on the evaluation, no changes to the remaining useful lives was required. Management performed an annual impairment test on core deposit intangibles as of September 30, 2013 and determined no impairment was necessary. | ||
Loan Commitments and Related Financial Instruments - Financial instruments include off‑balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount of these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. | ||
Income Taxes - The Company files its income taxes on a consolidated basis with its Subsidiary. The allocation of income tax expense represents each entity’s proportionate share of the consolidated provision for income taxes. | ||
Income tax expense represents the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are recognized for the tax consequences of temporary differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. On the balance sheet, net deferred tax assets are included in accrued interest receivable and other assets. | ||
The realization of deferred income tax assets is assessed and a valuation allowance is recorded if it is “more likely than not” that all or a portion of the deferred tax assets will not be realized. “More likely than not” is defined as greater than a 50% chance. All available evidence, both positive and negative is considered to determine whether, based on the weight of that evidence, a valuation allowance is needed. | ||
Accounting for Uncertainty in Income Taxes - The Company uses a comprehensive model for recognizing, measuring, presenting and disclosing in the financial statements tax positions taken or expected to be taken on a tax return. A tax position is recognized as a benefit only if it is more likely than not that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the more likely than not test, no tax benefit is recorded. | ||
Interest expense and penalties associated with unrecognized tax benefits, if any, are classified as income tax expense in the consolidated statement of income. | ||
Retirement Plans - Employee 401(k) plan expense is the amount of employer matching contributions. Profit sharing plan expense is the amount of employer contributions. Contributions to the profit sharing plan are determined at the discretion of the Board of Directors. Deferred compensation and supplemental retirement plan expense is allocated over years of service. | ||
Earnings Per Common Share - Basic earnings per common share (EPS), which excludes dilution, is computed by dividing income available to common shareholders (net income after deducting dividends on preferred stock and accretion of discount) by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options or warrants, result in the issuance of common stock which shares in the earnings of the Company. All data with respect to computing earnings per share is retroactively adjusted to reflect stock dividends and splits and the treasury stock method is applied to determine the dilutive effect of stock options in computing diluted EPS. | ||
Comprehensive Income - Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale which are also recognized as separate components of equity. | ||
Loss Contingencies - Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are such matters that will have a material effect on the financial statements. | ||
Restrictions on Cash: - Cash on hand or on deposit with the Federal Reserve Bank was required to meet regulatory reserve and clearing requirements. | ||
Share-Based Compensation - Compensation cost is recognized for stock options and restricted stock awards issued to employees, based on the fair value of these awards at the date of grant. A Black-Scholes-Merton model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. | ||
Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. | ||
The cash flows from the tax benefits resulting from tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) are classified as cash flows from financing activity in the statement of cash flows. Excess tax benefits for the years ended December 31, 2013, 2012, and 2011 were $17,000, $26,000, and $116,000, respectively. | ||
Dividend Restriction: - Banking regulations require maintaining certain capital levels and may limit the dividends paid by the Bank to the Company or by the Company to shareholders. | ||
Fair Value of Financial Instruments - Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 3. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. | ||
Reclassifications - Some items in the prior years’ financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior years’ net income or shareholders’ equity. | ||
Recent Accounting Pronouncements | ||
Impact of New Financial Accounting Standards | ||
Presentation of Comprehensive Income | ||
In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (“Topic 220”) - Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 13-02”). This ASU requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. ASU 13-02 is effective prospectively for annual and interim periods beginning after December 15, 2012. The Company adopted this standard on January 1, 2013. The adoption of this ASU did not have a material impact on the Company’s financial position, results of operations, or cash flows. |
Acquisition_of_Visalia_Communi
Acquisition of Visalia Community Bank | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Acquisition of Visalia Community Bank | ' | ||||||||
ACQUISITION OF VISALIA COMMUNITY BANK | |||||||||
Effective July 1, 2013, the Company acquired Visalia Community Bank, headquartered in Visalia, California, wherein Visalia Community Bank,with three branches in Visalia and one branch in Exeter, merged with and into Central Valley Community Bancorp’s subsidiary, Central Valley Community Bank, in a combined cash and stock transaction. The acquired assets and liabilities were recorded at fair value at the date of acquisition. | |||||||||
Under the terms of the merger agreement, the Company issued an aggregate of approximately 1.263 million shares of its common stock and cash totaling approximately $11.05 million to the former shareholders of Visalia Community Bank. Each Visalia Community Bank common shareholder of record at the effective time of the merger became entitled to receive 2.971 shares of common stock of the Company for each of their shares of Visalia Community Bank common stock. | |||||||||
In accordance with GAAP guidance for business combinations, the Company recorded $6.34 million of goodwill and $1.37 million of other intangible assets on the acquisition date. The other intangible assets are primarily related to core deposits and are being amortized using a straight-line method over a period of ten years with no significant residual value. For tax purposes purchase accounting adjustments, including goodwill are all non-taxable and/or non-deductible. | |||||||||
The acquisition was consistent with the Company’s strategy to build a regional presence in Central California. The acquisition offers the Company the opportunity to increase profitability by introducing existing products and services to the acquired customer base as well as add new customers in the expanded region. Goodwill arising from the acquisition consisted largely of synergies and the cost savings resulting from the combined operations. | |||||||||
The following table summarizes the consideration paid for Visalia Community Bank and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date (in thousands): | |||||||||
Merger consideration: | |||||||||
Cash | $ | 11,050 | |||||||
Common stock issued | 12,727 | ||||||||
Fair Value of Total Consideration Transferred | $ | 23,777 | |||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||
Cash and cash equivalents | $ | 51,985 | |||||||
Loans, net | 113,467 | ||||||||
Investments | 14,818 | ||||||||
Core deposit intangible | 1,365 | ||||||||
Premises and equipment | 4,263 | ||||||||
Federal Home Loan Bank stock | 698 | ||||||||
Other real estate owned | 263 | ||||||||
Deferred taxes and taxes receivable | 3,179 | ||||||||
Bank owned life insurance | 6,786 | ||||||||
Other assets | 797 | ||||||||
Total assets acquired | 197,621 | ||||||||
Deposits | 174,206 | ||||||||
Other liabilities | 5,978 | ||||||||
Total liabilities assumed | 180,184 | ||||||||
Total identifiable net assets | 17,437 | ||||||||
Goodwill | $ | 6,340 | |||||||
The fair value of net assets acquired includes fair value adjustments to certain loans that were not considered impaired as of the acquisition date. The fair value adjustments were determined using discounted contractual cash flows. However, the Company believes that all contractual cash flows related to these financial instruments will be collected. As such, these loans were not considered impaired at the acquisition date and were not subject to the guidance relating to purchased credit impaired loans, which have shown evidence of credit deterioration since origination. Loans acquired that were not subject to these requirements include non-impaired loans and customer receivables with a fair value and gross contractual amounts receivable of $110,891,000 and $113,743,000, respectively, on the date of acquisition. See Note 5 for discussion of purchased credit impaired loans. | |||||||||
Pro Forma Results of Operations | |||||||||
The following table presents pro forma results of operations information for the periods presented as if the acquisition had occurred on January 1, 2012 after giving effect to certain adjustments. The pro forma results of operations for the years ended December 31, 2013 and 2012 include the historical accounts of the Company and Visalia Community Bank and pro forma adjustments as may be required, including the amortization of intangibles with definite lives and the amortization or accretion of any premiums or discounts arising from fair value adjustments for assets acquired and liabilities assumed. The pro forma information is intended for informational purposes only and is not necessarily indicative of the Company’s future operating results or operating results that would have occurred had the acquisition been completed at the beginning of 2012. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies or asset dispositions. (In thousands, except per share amounts): | |||||||||
For the Years Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Net interest income | $ | 36,773 | 36,964 | ||||||
Provision for credit losses | 298 | 1,534 | |||||||
Non-interest income | 8,576 | 9,394 | |||||||
Non-interest expense | 36,917 | 35,531 | |||||||
Income before provision for income taxes | 8,134 | 9,293 | |||||||
Provision for income taxes | 783 | 1,625 | |||||||
Net income | $ | 7,351 | $ | 7,668 | |||||
Preferred stock dividends and accretion | 350 | 350 | |||||||
Net income available to common shareholders | $ | 7,001 | $ | 7,318 | |||||
Basic earnings per common share | $ | 0.68 | $ | 0.67 | |||||
Diluted earnings per common share | $ | 0.68 | $ | 0.68 | |||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. In accordance with applicable guidance, the Company groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Valuations within these levels are based upon: | |||||||||||||||||||||
Level 1 — Quoted market prices (unadjusted) for identical instruments traded in active exchange markets that the Company has the ability to access as of the measurement date. | |||||||||||||||||||||
Level 2 — Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable or can be corroborated by observable market data. | |||||||||||||||||||||
Level 3 — Model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect the Company’s estimates of assumptions that market participants would use on pricing the asset or liability. Valuation techniques include management judgment and estimation which may be significant. | |||||||||||||||||||||
Management monitors the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, we report the transfer at the beginning of the reporting period. | |||||||||||||||||||||
The estimated carrying and fair values of the Company’s financial instruments are as follows (in thousands): | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and due from banks | $ | 25,878 | $ | 25,878 | $ | — | $ | — | $ | 25,878 | |||||||||||
Interest-earning deposits in other banks | 85,956 | 85,956 | — | — | 85,956 | ||||||||||||||||
Federal funds sold | 218 | 218 | — | — | 218 | ||||||||||||||||
Available-for-sale investment securities | 443,224 | 7,514 | 435,710 | — | 443,224 | ||||||||||||||||
Loans, net | 503,149 | — | — | 507,361 | 507,361 | ||||||||||||||||
Federal Home Loan Bank stock | 4,499 | N/A | N/A | N/A | N/A | ||||||||||||||||
Accrued interest receivable | 5,026 | 21 | 2,976 | 2,029 | 5,026 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 1,004,143 | 834,864 | 169,065 | — | 1,003,929 | ||||||||||||||||
Short-term borrowings | — | — | — | — | — | ||||||||||||||||
Junior subordinated deferrable interest debentures | 5,155 | — | — | 2,750 | 2,750 | ||||||||||||||||
Accrued interest payable | 129 | — | 105 | 24 | 129 | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and due from banks | $ | 22,405 | $ | 22,405 | $ | — | $ | — | $ | 22,405 | |||||||||||
Interest-earning deposits in other banks | 30,123 | 30,123 | — | — | 30,123 | ||||||||||||||||
Federal funds sold | 428 | 428 | — | — | 428 | ||||||||||||||||
Available-for-sale investment securities | 393,965 | 7,948 | 386,017 | — | 393,965 | ||||||||||||||||
Loans, net | 385,185 | — | — | 388,834 | 388,834 | ||||||||||||||||
Federal Home Loan Bank stock | 3,850 | N/A | N/A | N/A | N/A | ||||||||||||||||
Accrued interest receivable | 4,267 | 22 | 2,395 | 1,850 | 4,267 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 751,432 | 614,556 | 137,401 | — | 751,957 | ||||||||||||||||
Short-term borrowings | 4,000 | — | 4,016 | — | 4,016 | ||||||||||||||||
Junior subordinated deferrable interest debentures | 5,155 | — | — | 2,990 | 2,990 | ||||||||||||||||
Accrued interest payable | 174 | — | 149 | 25 | 174 | ||||||||||||||||
These estimates do not reflect any premium or discount that could result from offering the Company’s entire holdings of a particular financial instrument for sale at one time, nor do they attempt to estimate the value of anticipated future business related to the instruments. In addition, the tax ramifications related to the realization of unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of these estimates. | |||||||||||||||||||||
These estimates are made at a specific point in time based on relevant market data and information about the financial instruments. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the fair values presented. | |||||||||||||||||||||
The methods and assumptions used to estimate fair values are described as follows: | |||||||||||||||||||||
(a) Cash and Cash Equivalents — The carrying amounts of cash and due from banks, interest-earning deposits in other banks, and Federal funds sold approximate fair values and are classified as Level 1. | |||||||||||||||||||||
(b) Available-for-Sale Investment Securities — Available-for-sale investment securities in Level 1 are mutual funds and fair values are based on quoted market prices for identical instruments traded in active markets. Fair values for available-for-sale investment securities classified in Level 2 are based on quoted market prices for similar securities in active markets. For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators. | |||||||||||||||||||||
(c) Loans — Fair values of loans are estimated as follows: For variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values resulting in a Level 3 classification. Purchased credit impaired (PCI) loans are measured at estimated fair value on the date of acquisition. Carrying value is calculated as the present value of expected cash flows and approximates fair value. Fair values for other loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality resulting in a Level 3 classification. Impaired loans are initially valued at the lower of cost or fair value. Impaired loans carried at fair value generally receive specific allocations of the allowance for loan losses. For collateral dependent loans, fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management's historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. The methods utilized to estimate the fair value of loans do not necessarily represent an exit price. | |||||||||||||||||||||
(d) FHLB Stock — It is not practicable to determine the fair value of FHLB stock due to restrictions placed on its transferability. | |||||||||||||||||||||
e) Other real state owned — OREO is measured at fair value less estimated costs to sell when acquired, establishing a new cost basis. Fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process to adjust for differences between the comparable sales and income data available. The Company records OREO as non-recurring with level 3 measurement inputs. | |||||||||||||||||||||
(f) Deposits — Fair value of demand deposit, savings, and money market accounts are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amount) resulting resulting in a Level 1 classification. Fair value for fixed and variable rate certificates of deposit are estimated using discounted cash flow analyses using interest rates offered at each reporting date by the Company for certificates with similar remaining maturities resulting in a Level 2 classification. | |||||||||||||||||||||
(g) Short-Term Borrowings — The carrying amounts of federal funds purchased, borrowings under repurchase agreements, and other short-term borrowings, generally maturing within ninety days, approximate their fair values resulting in a Level 2 classification. | |||||||||||||||||||||
(h) Other Borrowings — The fair values of the Company’s long-term borrowings are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 2 classification. | |||||||||||||||||||||
The fair values of the Company’s Subordinated Debentures are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 3 classification. | |||||||||||||||||||||
(i) Accrued Interest Receivable/Payable — The fair value of accrued interest receivable and payable is based on the fair value hierarchy of the related asset or liability. | |||||||||||||||||||||
(j) Off-Balance Sheet Instruments — Fair values for off-balance sheet, credit-related financial instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The fair value of commitments is not material. | |||||||||||||||||||||
Assets Recorded at Fair Value | |||||||||||||||||||||
The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring and non-recurring basis as of December 31, 2013: | |||||||||||||||||||||
Recurring Basis | |||||||||||||||||||||
The Company is required or permitted to record the following assets at fair value on a recurring basis under other accounting pronouncements (in thousands): | |||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Available-for-sale investment securities | |||||||||||||||||||||
Debt Securities: | |||||||||||||||||||||
U.S. Government agencies | $ | 18,203 | $ | — | $ | 18,203 | $ | — | |||||||||||||
Obligations of states and political subdivisions | 158,407 | — | 158,407 | — | |||||||||||||||||
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | 253,709 | — | 253,709 | — | |||||||||||||||||
Private label residential mortgage backed securities | 5,391 | — | 5,391 | — | |||||||||||||||||
Other equity securities | 7,514 | 7,514 | — | — | |||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 443,224 | $ | 7,514 | $ | 435,710 | $ | — | |||||||||||||
Securities in Level 1 are mutual funds and fair values are based on quoted market prices for identical instruments traded in active markets. Fair values for available-for-sale investment securities in Level 2 are based on quoted market prices for similar securities in active markets. For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators. | |||||||||||||||||||||
Management evaluates the significance of transfers between levels based upon the nature of the financial instrument and size of the transfer relative to total assets, total liabilities or total earnings. During the year ended December 31, 2013, no transfers between levels occurred. | |||||||||||||||||||||
There were no Level 3 assets measured at fair value on a recurring basis at December 31, 2013. Also there were no liabilities measured at fair value on a recurring basis at December 31, 2013. | |||||||||||||||||||||
Non-recurring Basis | |||||||||||||||||||||
The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a non-recurring basis. These include the following assets and liabilities that are measured at the lower of cost or fair value that were recognized at fair value which was below cost at December 31, 2013 (in thousands): | |||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||
Equity loans and lines of credit | $ | 133 | $ | — | $ | — | $ | 133 | |||||||||||||
Total consumer | 133 | — | — | 133 | |||||||||||||||||
Total impaired loans | $ | 133 | $ | — | $ | — | $ | 133 | |||||||||||||
Total assets measured at fair value on a non-recurring basis | $ | 133 | $ | — | $ | — | $ | 133 | |||||||||||||
At the time a loan is considered impaired, it is valued at the lower of cost or fair value. Impaired loans carried at fair value generally receive specific allocations of the allowance for loan losses. For collateral dependent loans, fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. The fair value of impaired loans is based on the fair value of the collateral. Impaired loans were determined to be collateral dependent and categorized as Level 3 due to ongoing real estate market conditions resulting in inactive market data, which in turn required the use of unobservable inputs and assumptions in fair value measurements. Impaired loans evaluated under the discounted cash flow method are excluded from the table above. The discounted cash flow method as prescribed by topic 310 is not a fair value measurement since the discount rate utilized is the loan’s effective interest rate which is not a market rate. There were no changes in valuation techniques used during the year ended December 31, 2013. | |||||||||||||||||||||
Appraisals for collateral-dependent impaired loans are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value is compared with independent data sources such as recent market data or industry-wide statistics. | |||||||||||||||||||||
Impaired loans that are measured for impairment using the fair value of the collateral for collateral dependent loans, had a principal balance of $194,000 with a valuation allowance of $61,000 at December 31, 2013, resulting in an additional allowance for loan losses of $61,000 for the year ended December 31, 2013, down to their fair value of $133,000. | |||||||||||||||||||||
The following two tables present information about the Company’s assets and liabilities measured at fair value on a recurring and nonrecurring basis as of December 31, 2012: | |||||||||||||||||||||
Recurring Basis | |||||||||||||||||||||
The Company is required or permitted to record the following assets at fair value on a recurring basis under other accounting pronouncements (in thousands): | |||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||
Debt Securities: | |||||||||||||||||||||
U.S. Government agencies | $ | 9,454 | $ | — | $ | 9,454 | $ | — | |||||||||||||
Obligations of states and political subdivisions | 161,678 | — | 161,678 | — | |||||||||||||||||
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | 208,510 | — | 208,510 | — | |||||||||||||||||
Private label residential mortgage backed securities | 6,375 | — | 6,375 | — | |||||||||||||||||
Other equity securities | 7,948 | 7,948 | — | — | |||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 393,965 | $ | 7,948 | $ | 386,017 | $ | — | |||||||||||||
Securities in Level 1 are mutual funds and fair values are based on quoted market prices for identical instruments traded in active markets. Fair values for available-for-sale investment securities in Level 2 are based on quoted market prices for similar securities in active markets. For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators. | |||||||||||||||||||||
There were no Level 3 assets measured at fair value on a recurring basis at December 31, 2012. Also there were no liabilities measured at fair value on a recurring basis at December 31, 2012. | |||||||||||||||||||||
Non-recurring Basis | |||||||||||||||||||||
The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a non-recurring basis. These include the following assets and liabilities that are measured at the lower of cost or fair value that were recognized at fair value which was below cost at December 31, 2012 (in thousands): | |||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Real estate: | |||||||||||||||||||||
Owner occupied | 194 | — | — | 194 | |||||||||||||||||
Real estate-construction and other land loans | 4,863 | — | — | 4,863 | |||||||||||||||||
Total real estate | 5,057 | — | — | 5,057 | |||||||||||||||||
Consumer: | |||||||||||||||||||||
Equity loans and lines of credit | 233 | — | — | 233 | |||||||||||||||||
Total consumer | 233 | — | — | 233 | |||||||||||||||||
Total impaired loans | 5,290 | — | — | 5,290 | |||||||||||||||||
Total assets measured at fair value on a non-recurring basis | $ | 5,290 | $ | — | $ | — | $ | 5,290 | |||||||||||||
At the time a loan is considered impaired, it is valued at the lower of cost or fair value. Impaired loans carried at fair value generally receive specific allocations of the allowance for loan losses. For collateral dependent loans, fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. The fair value of impaired loans is based on the fair value of the collateral. Impaired loans were determined to be collateral dependent and categorized as Level 3 due to ongoing real estate market conditions resulting in inactive market data, which in turn required the use of unobservable inputs and assumptions in fair value measurements. Impaired loans evaluated under the discounted cash flow method are excluded from the table above. The discounted cash flow method as prescribed by topic 310 is not a fair value measurement since the discount rate utilized is the loan’s effective interest rate which is not a market rate. There were no changes in valuation techniques used during the year ended December 31, 2012 | |||||||||||||||||||||
Appraisals for collateral-dependent impaired loans are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value is compared with independent data sources such as recent market data or industry-wide statistics. | |||||||||||||||||||||
Impaired loans that are measured for impairment using the fair value of the collateral for collateral collateral dependent loans had a principal balance of $5,386,000 with a valuation allowance of $96,000 at December 31, 2012, resulting in an additional allocation in the allowance for loan losses of $19,000 for the year ended December 31, 2012 down to their fair value of $5,290,000. The valuation allowance represents specific allocations for the allowance for credit losses for impaired loans. | |||||||||||||||||||||
There were no liabilities measured at fair value on a non-recurring basis at December 31, 2012. |
Investment_Securities
Investment Securities | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Investment securities | ' | |||||||||||||||||||||||
INVESTMENT SECURITIES | ||||||||||||||||||||||||
The fair value of the available-for-sale investment portfolio reflected an unrealized loss of $3,884,000 at December 31, 2013 compared to an unrealized gain of $12,891,000 at December 31, 2012. The unrealized loss or gain recorded is net of $1,598,000 in tax benefits and $5,305,000 in tax liabilities as accumulated other comprehensive income within shareholders’ equity at December 31, 2013 and 2012, respectively. The Company did not have any held-to-maturity securities during the years ended December 31, 2013 or 2012. | ||||||||||||||||||||||||
The following two tables set forth the carrying values and estimated fair values of our investment securities portfolio at the dates indicated (in thousands): | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Amortized | Gross Unrealized | Gross Unrealized | Estimated | |||||||||||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
Debt Securities: | ||||||||||||||||||||||||
U.S. Government agencies | $ | 18,172 | $ | 115 | $ | (84 | ) | $ | 18,203 | |||||||||||||||
Obligations of states and political subdivisions | 162,018 | 2,906 | (6,517 | ) | 158,407 | |||||||||||||||||||
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | 254,978 | 1,075 | (2,344 | ) | 253,709 | |||||||||||||||||||
Private label residential mortgage backed securities | 4,344 | 1,047 | — | 5,391 | ||||||||||||||||||||
Other equity securities | 7,596 | 2 | (84 | ) | 7,514 | |||||||||||||||||||
$ | 447,108 | $ | 5,145 | $ | (9,029 | ) | $ | 443,224 | ||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Amortized | Gross Unrealized | Gross Unrealized | Estimated | |||||||||||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
Debt Securities: | ||||||||||||||||||||||||
U.S. Government agencies | $ | 9,443 | $ | 34 | $ | (23 | ) | $ | 9,454 | |||||||||||||||
Obligations of states and political subdivisions | 151,312 | 10,751 | (385 | ) | 161,678 | |||||||||||||||||||
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | 206,465 | 3,152 | (1,107 | ) | 208,510 | |||||||||||||||||||
Private label residential mortgage backed securities | 6,258 | 323 | (206 | ) | 6,375 | |||||||||||||||||||
Other equity securities | 7,596 | 352 | — | 7,948 | ||||||||||||||||||||
` | $ | 381,074 | $ | 14,612 | $ | (1,721 | ) | $ | 393,965 | |||||||||||||||
Proceeds and gross realized gains (losses) on investment securities for the years ended December 31, 2013, 2012, and 2011 are shown below (in thousands): | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
Proceeds from sales or calls | $ | 88,146 | $ | 39,119 | $ | 44,700 | ||||||||||||||||||
Gross realized gains from sales or calls | $ | 2,728 | $ | 2,121 | $ | 1,119 | ||||||||||||||||||
Gross realized losses from sales or calls | $ | (1,463 | ) | $ | (482 | ) | $ | (821 | ) | |||||||||||||||
The provision for income taxes includes $521,000, $674,000, and $110,000 income tax impact from the reclassification of unrealized net gains on available-for-sale securities to realized net gains on available-for-sale securities for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||||||||||||
Investment securities with unrealized losses at December 31, 2013 and 2012 are summarized and classified according to the duration of the loss period as follows (in thousands): | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
Debt Securities: | ||||||||||||||||||||||||
U.S. Government agencies | $ | 4,132 | $ | (75 | ) | $ | 968 | $ | (9 | ) | $ | 5,100 | $ | (84 | ) | |||||||||
Obligations of states and political subdivisions | 89,556 | (5,007 | ) | 15,015 | (1,510 | ) | 104,571 | (6,517 | ) | |||||||||||||||
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | 148,853 | (2,070 | ) | 19,199 | (274 | ) | 168,052 | (2,344 | ) | |||||||||||||||
Other equity securities | 7,416 | (84 | ) | — | — | 7,416 | (84 | ) | ||||||||||||||||
$ | 249,957 | $ | (7,236 | ) | $ | 35,182 | $ | (1,793 | ) | $ | 285,139 | $ | (9,029 | ) | ||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
Debt Securities: | ||||||||||||||||||||||||
U.S. Government agencies | $ | 3,590 | $ | (23 | ) | $ | — | $ | — | $ | 3,590 | $ | (23 | ) | ||||||||||
Obligations of states and political subdivisions | $ | 30,572 | $ | (385 | ) | $ | — | $ | — | $ | 30,572 | $ | (385 | ) | ||||||||||
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | 76,764 | (809 | ) | 18,024 | (298 | ) | 94,788 | (1,107 | ) | |||||||||||||||
Private label residential mortgage backed securities | — | — | 2,886 | (206 | ) | 2,886 | (206 | ) | ||||||||||||||||
$ | 110,926 | $ | (1,217 | ) | $ | 20,910 | $ | (504 | ) | $ | 131,836 | $ | (1,721 | ) | ||||||||||
We periodically evaluate each investment security for other-than-temporary impairment, relying primarily on industry analyst reports, observation of market conditions and interest rate fluctuations. Under ASC 320-10, the portion of the impairment that is attributable to a shortage in the present value of expected future cash flows relative to the amortized cost should be recorded as a current period charge to earnings. The discount rate in this analysis is the original yield expected at time of purchase. | ||||||||||||||||||||||||
As of December 31, 2013, the Company performed an analysis of the investment portfolio to determine whether any of the investments held in the portfolio had an other-than-temporary impairment (OTTI). Management evaluated all available-for-sale investment securities with an unrealized loss at December 31, 2013, and identified those that had an unrealized loss for at least a consecutive 12 month period, which had an unrealized loss at December 31, 2013 greater than 10% of the recorded book value on that date, or which had an unrealized loss of more than $10,000. Management also analyzed any securities that may have been down graded by credit rating agencies. | ||||||||||||||||||||||||
For those bonds that met the evaluation criteria management obtained and reviewed the most recently published national credit ratings for those bonds. For those bonds that were municipal debt securities with an investment grade rating by the rating agencies, management also evaluated the financial condition of the municipality and any applicable municipal bond insurance provider and concluded that no credit related impairment existed. | ||||||||||||||||||||||||
U.S. Government Agencies - At December 31, 2013, the Company held seven U.S. Government agency securities of which two were in a loss position for less than 12 months and one was in a loss position and has been in a loss position for 12 months or more. The unrealized losses on the Company’s investments in U.S. Government Agencies were caused by interest rate changes. Because the decline in market value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell, and it is more likely than not that it will not be required to sell those investments until a recovery of fair value, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at December 31, 2013. | ||||||||||||||||||||||||
Obligations of States and Political Subdivisions - At December 31, 2013, the Company held 162 obligations of states and political subdivision securities of which 66 were in a loss position for less than 12 months and 14 were in a loss position and have been in a loss position for 12 months or more. The unrealized losses on the Company’s investments in obligations of states and political subdivision securities were caused by interest rate changes. Because the decline in market value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell, and it is more likely than not that it will not be required to sell those investments until a recovery of fair value, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at December 31, 2013. | ||||||||||||||||||||||||
U.S. Government Sponsored Entities and Agencies Collateralized by Residential Mortgage Obligations - At December 31, 2013, the Company held 209 U.S. Government sponsored entity and agency securities collateralized by residential mortgage obligation securities of which 65 were in a loss position for less than 12 months and 16 in a loss position for more than 12 months. The unrealized losses on the Company’s investments in U.S. Government sponsored entity and agencies collateralized by residential mortgage obligations were caused by interest rate changes. The contractual cash flows of those investments are guaranteed or supported by an agency or sponsored entity of the U.S. Government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost of the Company’s investment. Because the decline in market value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell, and it is more likely than not that it will not be required to sell those investments until a recovery of fair value, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at December 31, 2013. | ||||||||||||||||||||||||
Private Label Residential Mortgage Backed Securities - At December 31, 2013, the Company had a total of 21 PLRMBS with a remaining principal balance of $4,344,000 and a net unrealized gain of approximately $1,047,000. None of these securities had an unrealized loss at December 31, 2013. Eight of these PLRMBS with a remaining principal balance of $3,400,000 had credit ratings below investment grade, and the Company recorded an OTTI charge of $17,000 related to two of these securities. As of December 31, 2013, these two PLRMBS had an unrealized gain of $81,000. The Company continues to perform extensive analyses on all PLRMBS securities. | ||||||||||||||||||||||||
The following table provides a roll forward for the years ended December 31, 2013 and 2012 of investment securities credit losses recorded in earnings (in thousands). The beginning balance represents the credit loss component for which OTTI occurred on debt securities in prior periods. Additions represent the first time a debt security was credit impaired or when subsequent credit impairments have occurred on securities for which OTTI credit losses have been previously recognized. | ||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Beginning balance | $ | 783 | 783 | |||||||||||||||||||||
Amounts related to credit loss for which an OTTI charge was not previously recognized | 17 | — | ||||||||||||||||||||||
Increases to the amount related to credit loss for which OTTI was previously recognized | — | — | ||||||||||||||||||||||
Realized losses for securities sold | — | — | ||||||||||||||||||||||
Ending balance | $ | 800 | $ | 783 | ||||||||||||||||||||
The amortized cost and estimated fair value of investment securities at December 31, 2013 and 2012 by contractual maturity are shown in the two tables below (in thousands). Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||
December 31, 2013 | Amortized | Estimated | ||||||||||||||||||||||
Cost | Fair Value | |||||||||||||||||||||||
Within one year | $ | — | $ | — | ||||||||||||||||||||
After one year through five years | 1,769 | 1,939 | ||||||||||||||||||||||
After five years through ten years | 22,099 | 22,687 | ||||||||||||||||||||||
After ten years | 138,150 | 133,781 | ||||||||||||||||||||||
162,018 | 158,407 | |||||||||||||||||||||||
Investment securities not due at a single maturity date: | ||||||||||||||||||||||||
U.S. Government agencies | 18,172 | 18,203 | ||||||||||||||||||||||
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | 254,978 | 253,709 | ||||||||||||||||||||||
Private label residential mortgage backed securities | 4,344 | 5,391 | ||||||||||||||||||||||
Other equity securities | 7,596 | 7,514 | ||||||||||||||||||||||
$ | 447,108 | $ | 443,224 | |||||||||||||||||||||
December 31, 2012 | Amortized | Estimated | ||||||||||||||||||||||
Cost | Fair Value | |||||||||||||||||||||||
Within one year | $ | 150 | $ | 151 | ||||||||||||||||||||
After one year through five years | 10,355 | 11,250 | ||||||||||||||||||||||
After five years through ten years | 20,256 | 22,176 | ||||||||||||||||||||||
After ten years | 120,551 | 128,101 | ||||||||||||||||||||||
151,312 | 161,678 | |||||||||||||||||||||||
Investment securities not due at a single maturity date: | ||||||||||||||||||||||||
U.S. Government agencies | 9,443 | 9,454 | ||||||||||||||||||||||
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | 206,465 | 208,510 | ||||||||||||||||||||||
Private label residential mortgage backed securities | 6,258 | 6,375 | ||||||||||||||||||||||
Other equity securities | 7,596 | 7,948 | ||||||||||||||||||||||
Total | $ | 381,074 | $ | 393,965 | ||||||||||||||||||||
Investment securities with amortized costs totaling $98,701,000 and $81,245,000 and fair values totaling $99,209,000 and $89,343,000 were pledged as collateral for borrowing arrangements, public funds and for other purposes at December 31, 2013 and 2012, respectively. |
Loans
Loans | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ' | ||||||||||||||
Loans | ' | ||||||||||||||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||||||||||||||
Outstanding loans are summarized as follows (in thousands): | |||||||||||||||
Loan Type | December 31, | % of Total | December 31, | % of Total | |||||||||||
2013 | loans | 2012 | loans | ||||||||||||
Commercial: | |||||||||||||||
Commercial and industrial | $ | 87,082 | 17 | % | $ | 77,956 | 19.7 | % | |||||||
Agricultural land and production | 31,649 | 6.1 | % | 26,599 | 6.7 | % | |||||||||
Total commercial | 118,731 | 23.1 | % | 104,555 | 26.4 | % | |||||||||
Real estate: | |||||||||||||||
Owner occupied | 156,781 | 30.6 | % | 114,444 | 28.9 | % | |||||||||
Real estate construction and other land loans | 42,329 | 8.3 | % | 33,199 | 8.4 | % | |||||||||
Commercial real estate | 86,117 | 16.8 | % | 53,797 | 13.6 | % | |||||||||
Agricultural real estate | 44,164 | 8.6 | % | 28,400 | 7.2 | % | |||||||||
Other real estate | 4,548 | 0.9 | % | 8,098 | 2 | % | |||||||||
Total real estate | 333,939 | 65.2 | % | 237,938 | 60.1 | % | |||||||||
Consumer: | |||||||||||||||
Equity loans and lines of credit | 48,594 | 9.5 | % | 42,932 | 10.9 | % | |||||||||
Consumer and installment | 11,252 | 2.2 | % | 10,346 | 2.6 | % | |||||||||
Total consumer | 59,846 | 11.7 | % | 53,278 | 13.5 | % | |||||||||
Deferred loan fees, net | (159 | ) | (453 | ) | |||||||||||
Total gross loans | 512,357 | 100 | % | 395,318 | 100 | % | |||||||||
Allowance for credit losses | (9,208 | ) | (10,133 | ) | |||||||||||
Total loans | $ | 503,149 | $ | 385,185 | |||||||||||
The table above includes loans acquired at fair value on July 1, 2013 with outstanding balances of $99,948,000 as of December 31, 2013 | |||||||||||||||
At December 31, 2013 and 2012, loans originated under Small Business Administration (SBA) programs totaling $7,345,000 and $5,586,000, respectively, were included in the real estate and commercial categories. Approximately $119,539,000 in loans were pledged under a blanket lien as collateral to the FHLB for the Bank’s remaining borrowing capacity of $272,797,000 as of December 31, 2013. The Bank’s credit limit varies according to the amount and composition of the investment and loan portfolios pledged as collateral. | |||||||||||||||
Salaries and employee benefits totaling $1,373,000, $754,000, and $229,000 have been deferred as loan origination costs for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||
Purchased Credit Impaired Loans | |||||||||||||||
The Company has loans that were acquired in an acquisition, for which there was, at acquisition, evidence of deterioration of credit quality since origination and for which it was probable, at acquisition, that all contractually required payments would not be collected. | |||||||||||||||
These purchased credit impaired (PCI) loans are recorded at the amount paid, such that there is no carryover of the seller’s allowance for loan losses. After acquisition, losses are recognized by an increase in the allowance for loan losses. The Company estimates the amount and timing of expected cash flows for each PCI loan and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan (accretable yield). The excess of each PCI loan’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. | |||||||||||||||
The carrying amount of PCI loans is included in the balance sheet amounts of loans receivable at December 31, 2013. The amounts of PCI loans at December 31, 2013 and 2012 are as follows (in thousands): | |||||||||||||||
December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Real estate | $ | 2,465 | $ | — | |||||||||||
Outstanding balance | $ | 2,465 | $ | — | |||||||||||
Carrying amount, net of allowance of $0 | $ | 2,465 | $ | — | |||||||||||
Accretable yield, or income expected to be collected on PCI loans for the year ended December 31, 2013, 2012, and 2011 is as follows (in thousands): | |||||||||||||||
Years ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Balance at beginning of year | $ | — | $ | — | $ | — | |||||||||
New loans acquired | 105 | — | — | ||||||||||||
Accretion of income | (124 | ) | — | — | |||||||||||
Reclassification from (to) non-accretable difference | 113 | — | — | ||||||||||||
Disposals | — | — | — | ||||||||||||
Balance at end of year | $ | 94 | $ | — | $ | — | |||||||||
During the year ended December 31, 2013, the Company did not increase or decrease the allowance for loan losses with respect to PCI loans. | |||||||||||||||
Loans acquired during each period or year for which it was probable at acquisition that all contractually required payments would not be collected are as follows (in thousands): | |||||||||||||||
December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Contractually required payments receivable on PCI loans at acquisition: | |||||||||||||||
Real estate | $ | 6,912 | $ | — | |||||||||||
Total | $ | 6,912 | $ | — | |||||||||||
Cash flows expected to be collected at acquisition | $ | 2,681 | $ | — | |||||||||||
Fair value of acquired loans at acquisition | $ | 2,576 | $ | — | |||||||||||
Certain of the loans acquired by the Company that are within the scope of Topic ASC 310-30 are not accounted for using the income recognition model of the Topic because the Company cannot reliably estimate cash flows expected to be collected. The carrying amounts of such loans (which are included in the carrying amount, net of allowance, described above) are as follows (in thousands): | |||||||||||||||
December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Loans acquired during the year | $ | 1,324 | $ | — | |||||||||||
Loans at the end of the year | $ | 1,324 | $ | — | |||||||||||
Allowance_for_Credit_Losses
Allowance for Credit Losses | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Allowance For Credit Losses | ' | ||||||||||||||||||||||||||||||||
Changes in the allowance for credit losses were as follows (in thousands): | |||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 10,133 | $ | 11,396 | $ | 11,014 | |||||||||||||||||||||||||||
Provision charged to operations | — | 700 | 1,050 | ||||||||||||||||||||||||||||||
Losses charged to allowance | (1,446 | ) | (2,850 | ) | (1,532 | ) | |||||||||||||||||||||||||||
Recoveries | 521 | 887 | 864 | ||||||||||||||||||||||||||||||
Balance, end of year | $ | 9,208 | $ | 10,133 | $ | 11,396 | |||||||||||||||||||||||||||
The following table shows the summary of activities for the allowance for credit losses as of and for the years ended December 31, 2013 and 2012 by portfolio segment (in thousands): | |||||||||||||||||||||||||||||||||
Commercial | Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2013 | $ | 2,676 | $ | 5,877 | $ | 1,541 | $ | 39 | $ | 10,133 | |||||||||||||||||||||||
Provision charged to operations | 166 | (434 | ) | (115 | ) | 383 | — | ||||||||||||||||||||||||||
Losses charged to allowance | (713 | ) | (285 | ) | (448 | ) | — | (1,446 | ) | ||||||||||||||||||||||||
Recoveries | 315 | 16 | 190 | — | 521 | ||||||||||||||||||||||||||||
Ending balance, December 31, 2013 | $ | 2,444 | $ | 5,174 | $ | 1,168 | $ | 422 | $ | 9,208 | |||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2012 | $ | 2,266 | $ | 7,155 | $ | 1,836 | $ | 139 | $ | 11,396 | |||||||||||||||||||||||
Provision charged to operations | 18 | 643 | 139 | (100 | ) | 700 | |||||||||||||||||||||||||||
Losses charged to allowance | (123 | ) | (1,966 | ) | (761 | ) | — | (2,850 | ) | ||||||||||||||||||||||||
Recoveries | 515 | 45 | 327 | — | 887 | ||||||||||||||||||||||||||||
Ending balance, December 31, 2012 | $ | 2,676 | $ | 5,877 | $ | 1,541 | $ | 39 | $ | 10,133 | |||||||||||||||||||||||
The following is a summary of the allowance for credit losses by impairment methodology and portfolio segment as of December 31, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||||||||||||||
Commercial | Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||
Ending balance, December 31, 2013 | $ | 2,444 | $ | 5,174 | $ | 1,168 | $ | 422 | $ | 9,208 | |||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 469 | $ | 465 | $ | 73 | $ | — | $ | 1,007 | |||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 1,975 | $ | 4,709 | $ | 1,095 | $ | 422 | $ | 8,201 | |||||||||||||||||||||||
Ending balance, December 31, 2012 | $ | 2,676 | $ | 5,877 | $ | 1,541 | $ | 39 | $ | 10,133 | |||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 40 | $ | 465 | $ | 5 | $ | — | $ | 510 | |||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 2,636 | $ | 5,412 | $ | 1,536 | $ | 39 | $ | 9,623 | |||||||||||||||||||||||
The table above excludes the recorded investment in loans acquired with deteriorated quality of $2,465,000 with no allowance at December 31, 2013. | |||||||||||||||||||||||||||||||||
The following table shows the ending balances of loans as of December 31, 2013 and December 31, 2012 by portfolio segment and by impairment methodology (in thousands): | |||||||||||||||||||||||||||||||||
Commercial | Real Estate | Consumer | Total | ||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Ending balance, December 31, 2013 | $ | 118,731 | $ | 333,939 | $ | 59,846 | $ | 512,516 | |||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 1,527 | $ | 9,540 | $ | 2,290 | $ | 13,357 | |||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 117,204 | $ | 324,399 | $ | 57,556 | $ | 499,159 | |||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Ending balance, December 31, 2012 | $ | 104,555 | $ | 237,938 | $ | 53,278 | $ | 395,771 | |||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 2,405 | $ | 12,868 | $ | 1,832 | $ | 17,105 | |||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 102,150 | $ | 225,070 | $ | 51,446 | $ | 378,666 | |||||||||||||||||||||||||
The following table shows the loan portfolio by class allocated by management’s internal risk ratings at December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 81,732 | $ | 2,244 | $ | 3,106 | $ | — | $ | 87,082 | |||||||||||||||||||||||
Agricultural land and production | 31,649 | — | — | — | 31,649 | ||||||||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 144,082 | 5,229 | 7,470 | — | 156,781 | ||||||||||||||||||||||||||||
Real estate construction and other land loans | 31,776 | 3,959 | 6,594 | — | 42,329 | ||||||||||||||||||||||||||||
Commercial real estate | 77,589 | 3,718 | 4,810 | — | 86,117 | ||||||||||||||||||||||||||||
Agricultural real estate | 42,151 | 2,013 | — | — | 44,164 | ||||||||||||||||||||||||||||
Other real estate | 4,548 | — | — | — | 4,548 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Equity loans and lines of credit | 41,999 | 2,400 | 4,195 | — | 48,594 | ||||||||||||||||||||||||||||
Consumer and installment | 10,946 | 46 | 260 | — | 11,252 | ||||||||||||||||||||||||||||
Total | $ | 466,472 | $ | 19,609 | $ | 26,435 | $ | — | $ | 512,516 | |||||||||||||||||||||||
The following table shows the loan portfolio by class allocated by management’s internally assigned risk grade ratings at December 31, 2012 (in thousands): | |||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 71,125 | $ | 824 | $ | 6,007 | $ | — | $ | 77,956 | |||||||||||||||||||||||
Agricultural land and production | 26,599 | — | — | — | 26,599 | ||||||||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 107,281 | 1,831 | 5,332 | — | 114,444 | ||||||||||||||||||||||||||||
Real estate construction and other land loans | 18,517 | 3,377 | 11,305 | — | 33,199 | ||||||||||||||||||||||||||||
Commercial real estate | 44,880 | 3,952 | 4,965 | — | 53,797 | ||||||||||||||||||||||||||||
Agricultural real estate | 26,883 | 1,517 | — | — | 28,400 | ||||||||||||||||||||||||||||
Other real estate | 8,098 | — | — | — | 8,098 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Equity loans and lines of credit | 40,527 | 258 | 2,147 | — | 42,932 | ||||||||||||||||||||||||||||
Consumer and installment | 10,259 | 77 | 10 | — | 10,346 | ||||||||||||||||||||||||||||
Total | $ | 354,169 | $ | 11,836 | $ | 29,766 | $ | — | $ | 395,771 | |||||||||||||||||||||||
The following table shows an aging analysis of the loan portfolio by class and the time past due at December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
30-59 Days | 60-89 | Greater | Total Past | Current | Total | Recorded | Non-accrual | ||||||||||||||||||||||||||
Past Due | Days Past | Than | Due | Loans | Investment | ||||||||||||||||||||||||||||
Due | 90 Days | > 90 Days | |||||||||||||||||||||||||||||||
Past Due | Accruing | ||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 274 | $ | 236 | $ | — | $ | 510 | $ | 86,572 | $ | 87,082 | $ | — | $ | 1,527 | |||||||||||||||||
Agricultural land and production | — | — | — | — | 31,649 | 31,649 | — | — | |||||||||||||||||||||||||
Real estate: | — | — | — | ||||||||||||||||||||||||||||||
Owner occupied | 1,272 | 134 | 418 | 1,824 | 154,957 | 156,781 | — | 2,161 | |||||||||||||||||||||||||
Real estate construction and other land loans | — | — | — | — | 42,329 | 42,329 | — | 1,450 | |||||||||||||||||||||||||
Commercial real estate | — | — | — | — | 86,117 | 86,117 | — | 158 | |||||||||||||||||||||||||
Agricultural real estate | — | — | — | — | 44,164 | 44,164 | — | — | |||||||||||||||||||||||||
Other real estate | — | — | — | — | 4,548 | 4,548 | — | — | |||||||||||||||||||||||||
Consumer: | — | — | |||||||||||||||||||||||||||||||
Equity loans and lines of credit | 10 | 147 | 252 | 409 | 48,185 | 48,594 | — | 2,286 | |||||||||||||||||||||||||
Consumer and installment | 86 | — | — | 86 | 11,166 | 11,252 | — | 4 | |||||||||||||||||||||||||
Total | $ | 1,642 | $ | 517 | $ | 670 | $ | 2,829 | $ | 509,687 | $ | 512,516 | $ | — | $ | 7,586 | |||||||||||||||||
The following table shows an aging analysis of the loan portfolio by class and the time past due at December 31, 2012 (in thousands): | |||||||||||||||||||||||||||||||||
30-59 Days | 60-89 | Greater | Total Past | Current | Total | Recorded | Non- | ||||||||||||||||||||||||||
Past Due | Days Past | Than | Due | Loans | Investment | accrual | |||||||||||||||||||||||||||
Due | 90 Days | > 90 Days | |||||||||||||||||||||||||||||||
Past Due | Accruing | ||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | — | $ | — | $ | — | $ | — | $ | 77,956 | $ | 77,956 | $ | — | $ | — | |||||||||||||||||
Agricultural land and production | — | — | — | — | 26,599 | 26,599 | — | — | |||||||||||||||||||||||||
Real estate: | — | — | |||||||||||||||||||||||||||||||
Owner occupied | — | 213 | — | 213 | 114,231 | 114,444 | — | 1,575 | |||||||||||||||||||||||||
Real estate construction and other land loans | — | — | — | — | 33,199 | 33,199 | — | 6,288 | |||||||||||||||||||||||||
Commercial real estate | — | — | — | — | 53,797 | 53,797 | — | — | |||||||||||||||||||||||||
Agricultural real estate | — | — | — | — | 28,400 | 28,400 | — | — | |||||||||||||||||||||||||
Other real estate | — | — | — | — | 8,098 | 8,098 | — | — | |||||||||||||||||||||||||
Consumer: | — | ||||||||||||||||||||||||||||||||
Equity loans and lines of credit | — | — | — | — | 42,932 | 42,932 | — | 1,832 | |||||||||||||||||||||||||
Consumer and installment | 27 | — | — | 27 | 10,319 | 10,346 | — | — | |||||||||||||||||||||||||
Total | $ | 27 | $ | 213 | $ | — | $ | 240 | $ | 395,531 | $ | 395,771 | $ | — | $ | 9,695 | |||||||||||||||||
The following table shows information related to impaired loans by class at December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | |||||||||||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 350 | $ | 385 | $ | — | |||||||||||||||||||||||||||
Agricultural land and production | — | — | — | ||||||||||||||||||||||||||||||
Total commercial | 350 | 385 | — | ||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 3,160 | 4,159 | — | ||||||||||||||||||||||||||||||
Real estate construction and other land loans | 1,449 | 2,136 | — | ||||||||||||||||||||||||||||||
Commercial real estate | 502 | 891 | — | ||||||||||||||||||||||||||||||
Agricultural real estate | — | — | — | ||||||||||||||||||||||||||||||
Other real estate | — | — | — | ||||||||||||||||||||||||||||||
Total real estate | 5,111 | 7,186 | — | ||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Equity loans and lines of credit | 2,029 | 2,826 | — | ||||||||||||||||||||||||||||||
Consumer and installment | 4 | 5 | — | ||||||||||||||||||||||||||||||
Total consumer | 2,033 | 2,831 | — | ||||||||||||||||||||||||||||||
Total with no related allowance recorded | 7,494 | 10,402 | — | ||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial and industrial | 1,177 | 1,222 | 469 | ||||||||||||||||||||||||||||||
Agricultural land and production | — | — | — | ||||||||||||||||||||||||||||||
Total commercial | 1,177 | 1,222 | 469 | ||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 385 | 425 | 3 | ||||||||||||||||||||||||||||||
Real estate construction and other land loans | 4,044 | 4,044 | 462 | ||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | ||||||||||||||||||||||||||||||
Agricultural real estate | — | — | — | ||||||||||||||||||||||||||||||
Other real estate | — | — | — | ||||||||||||||||||||||||||||||
Total real estate | 4,429 | 4,469 | 465 | ||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Equity loans and lines of credit | 257 | 264 | 73 | ||||||||||||||||||||||||||||||
Consumer and installment | — | — | — | ||||||||||||||||||||||||||||||
Total consumer | 257 | 264 | 73 | ||||||||||||||||||||||||||||||
Total with an allowance recorded | 5,863 | 5,955 | 1,007 | ||||||||||||||||||||||||||||||
Total | $ | 13,357 | $ | 16,357 | $ | 1,007 | |||||||||||||||||||||||||||
The recorded investment in loans excludes accrued interest receivable and net loan origination fees, due to immateriality. | |||||||||||||||||||||||||||||||||
The following table shows information related to impaired loans by class at December 31, 2012 (in thousands): | |||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | |||||||||||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Agricultural land and production | — | — | — | ||||||||||||||||||||||||||||||
Total commercial | — | — | — | ||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | — | — | — | ||||||||||||||||||||||||||||||
Real estate construction and other land loans | 1,352 | 1,888 | — | ||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | ||||||||||||||||||||||||||||||
Agricultural real estate | — | — | — | ||||||||||||||||||||||||||||||
Other real estate | — | — | — | ||||||||||||||||||||||||||||||
Total real estate | 1,352 | 1,888 | — | ||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Equity loans and lines of credit | 1,523 | 1,834 | — | ||||||||||||||||||||||||||||||
Consumer and installment | — | — | — | ||||||||||||||||||||||||||||||
Total consumer | 1,523 | 1,834 | — | ||||||||||||||||||||||||||||||
Total with no related allowance recorded | 2,875 | 3,722 | — | ||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial and industrial | 2,405 | 2,405 | 40 | ||||||||||||||||||||||||||||||
Agricultural land and production | — | — | — | ||||||||||||||||||||||||||||||
Total commercial | 2,405 | 2,405 | 40 | ||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 1,575 | 1,733 | 165 | ||||||||||||||||||||||||||||||
Real estate construction and other land loans | 9,941 | 10,875 | 300 | ||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | ||||||||||||||||||||||||||||||
Agricultural real estate | — | — | — | ||||||||||||||||||||||||||||||
Other real estate | — | — | — | ||||||||||||||||||||||||||||||
Total real estate | 11,516 | 12,608 | 465 | ||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Equity loans and lines of credit | 309 | 323 | 5 | ||||||||||||||||||||||||||||||
Consumer and installment | — | — | — | ||||||||||||||||||||||||||||||
Total consumer | 309 | 323 | 5 | ||||||||||||||||||||||||||||||
Total with an allowance recorded | 14,230 | 15,336 | 510 | ||||||||||||||||||||||||||||||
Total | $ | 17,105 | $ | 19,058 | $ | 510 | |||||||||||||||||||||||||||
The recorded investment in loans excludes accrued interest receivable and net loan origination fees, due to immateriality. | |||||||||||||||||||||||||||||||||
The following presents by class, information related to the average recorded investment and interest income recognized on impaired loans for the years ended December 31, 2013, 2012, and 2011 (in thousands): | |||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | 31-Dec-11 | |||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 329 | $ | — | $ | 952 | $ | — | $ | 544 | $ | — | |||||||||||||||||||||
Agricultural land and production | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total commercial | 329 | — | 952 | — | 544 | — | |||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 2,321 | — | 1,053 | — | 1,100 | — | |||||||||||||||||||||||||||
Real estate construction and other land loans | 2,342 | — | 4,933 | — | 1,690 | — | |||||||||||||||||||||||||||
Commercial real estate | 279 | — | 301 | — | 1,591 | — | |||||||||||||||||||||||||||
Agricultural real estate | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other real estate | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total real estate | 4,942 | — | 6,287 | — | 4,381 | — | |||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Equity loans and lines of credit | 1,998 | — | 1,561 | — | 357 | — | |||||||||||||||||||||||||||
Consumer and installment | 9 | — | 6 | — | — | — | |||||||||||||||||||||||||||
Total consumer | 2,007 | — | 1,567 | — | 357 | — | |||||||||||||||||||||||||||
Total with no related allowance recorded | 7,278 | — | 8,806 | — | 5,282 | — | |||||||||||||||||||||||||||
— | |||||||||||||||||||||||||||||||||
With an allowance recorded: | — | ||||||||||||||||||||||||||||||||
Commercial: | 1,624,000 | 178,000 | 721,000 | — | 721,000 | — | |||||||||||||||||||||||||||
Commercial and industrial | 1,309 | 111 | 1,581 | 226 | 505 | 181 | |||||||||||||||||||||||||||
Agricultural land and production | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total commercial | 1,309 | 111 | 1,581 | 226 | 505 | 181 | |||||||||||||||||||||||||||
Real estate: | — | — | — | ||||||||||||||||||||||||||||||
Owner occupied | 997 | 86 | 633 | — | 1,193 | — | |||||||||||||||||||||||||||
Real estate construction and other land loans | 4,295 | 329 | 6,490 | 375 | 6,544 | 230 | |||||||||||||||||||||||||||
Commercial real estate | — | 47 | 145 | — | 849 | — | |||||||||||||||||||||||||||
Agricultural real estate | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other real estate | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total real estate | 5,292 | 462 | 7,268 | 375 | 8,586 | 230 | |||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Equity loans and lines of credit | 489 | — | 600 | — | 1,640 | — | |||||||||||||||||||||||||||
Consumer and installment | — | — | 37 | — | 101 | — | |||||||||||||||||||||||||||
Total consumer | 489 | — | 637 | — | 1,741 | — | |||||||||||||||||||||||||||
Total with an allowance recorded | 7,090 | 573 | 9,486 | 601 | 10,832 | 411 | |||||||||||||||||||||||||||
Total | $ | 14,368 | $ | 573 | $ | 18,292 | $ | 601 | $ | 16,114 | $ | 411 | |||||||||||||||||||||
Foregone interest on nonaccrual loans totaled $661,000, $693,000, and $954,000 for the year ended ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, the Company has a recorded investment in troubled debt restructurings of $10,366,000 and $16,655,000, respectively. The Company has allocated $946,000 and $487,000 of specific reserves for those loans at December 31, 2013 and 2012, respectively. The Company has committed to lend zero as of December 31, 2013 to customers with outstanding loans that are classified as troubled debt restructurings. | |||||||||||||||||||||||||||||||||
For the years ended December 31, 2013 and 2012 the terms of certain loans were modified as troubled debt restructurings. The modification of the terms of such loans included one or a combination of the following: a reduction of the stated interest rate of the loan or an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk. During the same periods, there were no troubled debt restructurings in which the amount of principal or accrued interest owed from the borrower were forgiven. | |||||||||||||||||||||||||||||||||
The following table presents loans by class modified as troubled debt restructurings that occurred during the year ended December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | Number of Loans | Pre-Modification Outstanding Recorded Investment (1) | Principal Modification | Post Modification Outstanding Recorded Investment (2) | Outstanding Recorded Investment | ||||||||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||||||
Real Estate - Commercial | 1 | $ | 620 | $ | — | $ | 620 | $ | 344 | ||||||||||||||||||||||||
-1 | Amounts represent the recorded investment in loans before recognizing effects of the TDR, if any. | ||||||||||||||||||||||||||||||||
-2 | Balance outstanding after principal modification, if any borrower reduction to recorded investment. | ||||||||||||||||||||||||||||||||
The following table presents loans by class modified as troubled debt restructurings that occurred during the year ended December 31, 2012 (in thousands): | |||||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | Number of Loans | Pre-Modification Outstanding Recorded Investment (1) | Principal Modification | Post Modification Outstanding Recorded Investment (2) | Outstanding Recorded Investment | ||||||||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 1 | 425 | — | 425 | 415 | ||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||
Equity loans and line of credit | 1 | 75 | — | 75 | 72 | ||||||||||||||||||||||||||||
Total | 2 | $ | 500 | $ | — | $ | 500 | $ | 487 | ||||||||||||||||||||||||
-1 | Amounts represent the recorded investment in loans before recognizing effects of the TDR, if any. | ||||||||||||||||||||||||||||||||
-2 | Balance outstanding after principal modification, if any borrower reduction to recorded investment. | ||||||||||||||||||||||||||||||||
A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. There was no defaults on troubled debt restructurings within twelve months following the modification during the year ended ended December 31, 2013. There was one default on troubled debt restructurings within twelve months following the modification during the year ended December 31, 2012. The recorded investment in the one default was zero at December 31, 2012. |
Bank_Premises_and_Equipment
Bank Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Bank Premises and Equipment | ' | ||||||||
BANK PREMISES AND EQUIPMENT | |||||||||
Bank premises and equipment consisted of the following (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Land | $ | 1,131 | $ | 838 | |||||
Buildings and improvements | 6,982 | 3,362 | |||||||
Furniture, fixtures and equipment | 8,875 | 8,351 | |||||||
Leasehold improvements | 4,091 | 3,804 | |||||||
21,079 | 16,355 | ||||||||
Less accumulated depreciation and amortization | (10,538 | ) | (10,103 | ) | |||||
$ | 10,541 | $ | 6,252 | ||||||
Depreciation and amortization included in occupancy and equipment expense totaled $1,133,000, $972,000 and $1,212,000 for the years ended December 31, 2013, 2012, and 2011, respectively. |
Other_Real_Estate_Owned
Other Real Estate Owned | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Real Estate [Abstract] | ' | ||||||||
Other Real Estate Owned | ' | ||||||||
OTHER REAL ESTATE OWNED | |||||||||
The Company had $190,000 in other real estate owned (OREO) at December 31, 2013 as compared to none at December 31, 2012. The table below provides a summary of the change in other real estate owned (OREO) balances for the years ended December 31, 2013 and 2012 (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Balance, beginning of year | $ | — | $ | — | |||||
Additions | 453 | 2,337 | |||||||
Dispositions | (263 | ) | (2,349 | ) | |||||
Write-downs | — | — | |||||||
Net gain on disposition | — | 12 | |||||||
Balance, end of year | $ | 190 | $ | — | |||||
As of December 31, 2013 the Bank had $190,000 in OREO properties. In 2013, the Bank foreclosed on one property collateralized by real estate. During the year ended December 31, 2013, the Bank assumed two properties via the Visalia Community Bank acquisition which were subsequently sold by year end 2013. Proceeds from OREO sales totaled $263,000 during 2013. The Company did not realize any gain or loss from the sale of all properties. | |||||||||
As of December 31, 2012 the Bank had no OREO properties. In 2012, the Bank foreclosed on six properties with net realizable values totaling $2,337,000 and sold them for a net gain of $12,000. The Bank received income of $90,000 during 2012 from operations of storage facilities held as OREO. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | |||||||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||||||||
The change in goodwill during the years ended December 31, 2013, 2012, and 2011 (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Beginning of year | $ | 23,577 | $ | 23,577 | $ | 23,577 | ||||||
Acquired goodwill | 6,340 | — | — | |||||||||
Impairment | — | — | — | |||||||||
End of year | $ | 29,917 | $ | 23,577 | $ | 23,577 | ||||||
Total goodwill at December 31, 2013 was $29,917,000 compared to $23,577,000. Total goodwill at December 31, 2013 consisted of $6,340,000, $14,643,000 and $8,934,000 representing the excess of the cost of Visalia Community Bank, Service 1st Bancorp and Bank of Madera County, respectively, over the net of the amounts assigned to assets acquired and liabilities assumed in the transactions accounted for under the purchase method of accounting. The value of goodwill is ultimately derived from the Company’s ability to generate net earnings after the acquisitions and is not deductible for tax purposes. A decline in net earnings could be indicative of a decline in the fair value of goodwill and result in impairment. For that reason, goodwill is assessed at least annually for impairment. | ||||||||||||
The Company has selected September 30 as the date to perform the annual impairment test. Management assessed qualitative factors including performance trends and noted no factors indicating goodwill impairment. | ||||||||||||
Goodwill is also tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the Company below its carrying amount. No such events or circumstances arose during the fourth quarter of 2013, so goodwill was not required to be retested. | ||||||||||||
The intangible assets at December 31, 2013 represent the estimated fair value of the core deposit relationships acquired in the acquisition of Service 1st Bank in 2008 of $1,400,000 and the 2013 acquisition of Visalia Community Bank of $1,365,000. Core deposit intangibles are being amortized using the straight-line method over an estimated life of seven to ten years from the date of acquisition. At December 31, 2013, the weighted average remaining amortization period is five years. The carrying value of intangible assets at December 31, 2013 was $1,680,000, net of $1,085,000 in accumulated amortization expense. The carrying value at December 31, 2012 was $583,000, net of $817,000 in accumulated amortization expense. Management evaluates the remaining useful lives quarterly to determine whether events or circumstances warrant a revision to the remaining periods of amortization. Based on the evaluation, no changes to the remaining useful lives was required. Management performed an annual impairment test on core deposit intangibles as of September 30, 2013 and determined no impairment was necessary. Amortization expense recognized was $268,000 for 2013, $200,000 for 2012, and $414,000 for 2011. | ||||||||||||
The following table summarizes the Company's estimated core deposit intangible amortization expense for each of the next five years (in thousands): | ||||||||||||
Years Ending December 31, | Estimated Core Deposit Intangible Amortization | |||||||||||
2014 | $ | 337 | ||||||||||
2015 | 320 | |||||||||||
2016 | 137 | |||||||||||
2017 | 137 | |||||||||||
2018 | 137 | |||||||||||
Thereafter | 612 | |||||||||||
Total | $ | 1,680 | ||||||||||
Deposits
Deposits | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||
Deposits | ' | ||||||||||||
DEPOSITS | |||||||||||||
Interest-bearing deposits consisted of the following (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Savings | $ | 61,918 | $ | 39,573 | |||||||||
Money market | 234,515 | 173,486 | |||||||||||
NOW accounts | 182,364 | 161,328 | |||||||||||
Time, $100,000 or more | 116,016 | 91,880 | |||||||||||
Time, under $100,000 | 52,938 | 44,996 | |||||||||||
$ | 647,751 | $ | 511,263 | ||||||||||
Aggregate annual maturities of time deposits are as follows (in thousands): | |||||||||||||
Years Ending December 31, | |||||||||||||
2014 | $ | 135,118 | |||||||||||
2015 | 16,461 | ||||||||||||
2016 | 2,639 | ||||||||||||
2017 | 10,335 | ||||||||||||
2018 | 4,401 | ||||||||||||
Thereafter | — | ||||||||||||
$ | 168,954 | ||||||||||||
Interest expense recognized on interest-bearing deposits consisted of the following (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Savings | $ | 40 | $ | 32 | $ | 47 | |||||||
Money market | 229 | 392 | 692 | ||||||||||
NOW accounts | 251 | 270 | 321 | ||||||||||
Time certificates of deposit | 750 | 936 | 1,602 | ||||||||||
$ | 1,270 | $ | 1,630 | $ | 2,662 | ||||||||
Borrowing_Arrangements
Borrowing Arrangements | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||
Borrowing Arrangements | ' | ||||||||||
BORROWING ARRANGEMENTS | |||||||||||
Federal Home Loan Bank Advances - Advances from the Federal Home Loan Bank (FHLB) of San Francisco consisted of the following (dollars in thousands): | |||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||
Amount | Amount | Rate | Maturity Date | ||||||||
$ | — | $ | 4,000 | 3.59% | February 12, 2013 | ||||||
— | 4,000 | ||||||||||
— | 4,000 | Less short-term portion | |||||||||
$ | — | $ | — | Long-term debt | |||||||
FHLB advances are secured by investment securities with amortized costs totaling $3,985,000 and $4,016,000 and market values totaling $4,084,000 and $4,225,000 at December 31, 2013 and 2012, respectively. The Bank’s credit limit varies according to the amount and composition of the investment and loan portfolios pledged as collateral. | |||||||||||
As of December 31, 2013 and 2012, the Company had no Federal funds purchased. | |||||||||||
Lines of Credit - The Bank had unsecured lines of credit with its correspondent banks which, in the aggregate, amounted to $40,000,000 at December 31, 2013 and $40,000,000 at December 31, 2012, at interest rates which vary with market conditions. The Bank also had a line of credit in the amount of $51,000 and $127,000 with the Federal Reserve Bank of San Francisco at December 31, 2013 and 2012, respectively which bears interest at the prevailing discount rate collateralized by investment securities with amortized costs totaling $48,000 and $115,000 and market values totaling $52,000 and $129,000, respectively. At December 31, 2013 and 2012, the Bank had no outstanding short-term borrowings under these lines of credit. |
Junior_Subordinated_Deferrable
Junior Subordinated Deferrable Interest Debentures | 12 Months Ended |
Dec. 31, 2013 | |
Brokers and Dealers [Abstract] | ' |
Junior Subordinated Deferrable Interest Debentures | ' |
JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES | |
Service 1st Capital Trust I is a Delaware business trust formed by Service 1st. The Company succeeded to all of the rights and obligations of Service 1st in connection with the merger with Service 1st as of November 12, 2008. The Trust was formed on August 17, 2006 for the sole purpose of issuing trust preferred securities fully and unconditionally guaranteed by Service 1st. Under applicable regulatory guidance, the amount of trust preferred securities that is eligible as Tier 1 capital is limited to 25% of the Company’s Tier 1 capital on a pro forma basis. At December 31, 2013, all of the trust preferred securities that have been issued qualify as Tier 1 capital. The trust preferred securities mature on October 7, 2036, are redeemable at the Company’s option, and require quarterly distributions by the Trust to the holder of the trust preferred securities at a variable interest rate which will adjust quarterly to equal the three month LIBOR plus 1.60%. | |
The Trust used the proceeds from the sale of the trust preferred securities to purchase approximately $5,155,000 in aggregate principal amount of Service 1st’s junior subordinated notes (the Notes). The Notes bear interest at the same variable interest rate during the same quarterly periods as the trust preferred securities. The Notes are redeemable by the Company on any January 7, April 7, July 7, or October 7 or at any time within 90 days following the occurrence of certain events, such as: (i) a change in the regulatory capital treatment of the Notes (ii) in the event the Trust is deemed an investment company or (iii) upon the occurrence of certain adverse tax events. In each such case, the Company may redeem the Notes for their aggregate principal amount, plus any accrued but unpaid interest. | |
The Notes may be declared immediately due and payable at the election of the trustee or holders of 25% of the aggregate principal amount of outstanding Notes in the event that the Company defaults in the payment of any interest following the nonpayment of any such interest for 20 or more consecutive quarterly periods. | |
Holders of the trust preferred securities are entitled to a cumulative cash distribution on the liquidation amount of $1,000 per security. For each January 7, April 7, July 7 or October 7 of each year, the rate will be adjusted to equal the three month LIBOR plus 1.60%. As of December 31, 2013, the rate was 1.84%. Interest expense recognized by the Company for the years ended December 31, 2013, 2012, and 2011 was $98,000, $107,000 and $100,000, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
INCOME TAXES | |||||||||||||
The provision for (benefit from) income taxes for the years ended December 31, 2013, 2012, and 2011 consisted of the following (in thousands): | |||||||||||||
Federal | State | Total | |||||||||||
2013 | |||||||||||||
Current | $ | 2,217 | $ | (445 | ) | $ | 1,772 | ||||||
Deferred | (645 | ) | 220 | (425 | ) | ||||||||
Provision for income taxes | $ | 1,572 | $ | (225 | ) | $ | 1,347 | ||||||
2012 | |||||||||||||
Current | $ | 1,196 | $ | 49 | $ | 1,245 | |||||||
Deferred | 249 | 191 | 440 | ||||||||||
Provision for income taxes | $ | 1,445 | $ | 240 | $ | 1,685 | |||||||
2011 | |||||||||||||
Current | $ | 686 | $ | (95 | ) | $ | 591 | ||||||
Deferred | 893 | 377 | 1,270 | ||||||||||
Benefit from income taxes | $ | 1,579 | $ | 282 | $ | 1,861 | |||||||
The determination of the amount of deferred income tax assets which are more likely than not to be realized is primarily dependent on projections of future earnings, which are subject to uncertainty and estimates that may change given economic conditions and other factors. The realization of deferred income tax assets is assessed and a valuation allowance is recorded if it is more likely than not that all or a portion of the deferred tax asset will not be realized. More likely than not is defined as greater than a 50% chance. All available evidence, both positive and negative is considered to determine whether, based on the weight of the evidence, a valuation allowance is needed. Based on management’s analysis as of December 31, 2013 and 2012, the Company established a deferred tax valuation allowance in the amount of $108,000 and $110,000, respectively, for California capital loss carryforwards. | |||||||||||||
Deferred tax assets (liabilities) consisted of the following (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for credit losses | $ | 3,492 | $ | 4,170 | |||||||||
Deferred compensation | 5,102 | 3,832 | |||||||||||
Unrealized loss on available-for-sale investment securities | 1,598 | — | |||||||||||
Net operating loss carryover from acquisition | 206 | 521 | |||||||||||
Bank premises and equipment | 264 | 862 | |||||||||||
Mark to market adjustment | 154 | 184 | |||||||||||
Other deferred taxes | 594 | 253 | |||||||||||
Other than temporary impairment | 289 | 282 | |||||||||||
Loan and investment impairment | 1,914 | 352 | |||||||||||
State Enterprise Zone credit carry-forward | 981 | 783 | |||||||||||
State capital loss carry-forward | 108 | 110 | |||||||||||
Alternative minimum tax credit | 2,238 | 1,025 | |||||||||||
State taxes | 32 | 20 | |||||||||||
Other | 7 | 7 | |||||||||||
Partnership income | 70 | 77 | |||||||||||
Total deferred tax assets | 17,049 | 12,478 | |||||||||||
Valuation allowance | (108 | ) | (110 | ) | |||||||||
Net deferred tax asset after valuation allowance | 16,941 | 12,368 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Finance leases | (1,963 | ) | (2,548 | ) | |||||||||
Unrealized gain on available-for-sale investment securities | — | (5,305 | ) | ||||||||||
Core deposit intangible | (692 | ) | (240 | ) | |||||||||
FHLB stock | (319 | ) | (241 | ) | |||||||||
Loan origination costs | (406 | ) | (256 | ) | |||||||||
Total deferred tax liabilities | (3,380 | ) | (8,590 | ) | |||||||||
Net deferred tax assets | $ | 13,561 | $ | 3,778 | |||||||||
The provision for income taxes differs from amounts computed by applying the statutory Federal income tax rates to operating income before income taxes. The significant items comprising these differences for the years ended December 31, 2013, 2012, and 2011 consisted of the following: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal income tax, at statutory rate | 34 | % | 34 | % | 34 | % | |||||||
State taxes, net of Federal tax benefit | 0.4 | % | 2.8 | % | 3.6 | % | |||||||
Tax exempt investment security income, net | (20.5 | )% | (16.7 | )% | (14.0 | )% | |||||||
Bank owned life insurance, net | (1.8 | )% | (1.4 | )% | (1.6 | )% | |||||||
Solar credits | (1.4 | )% | (1.4 | )% | (1.6 | )% | |||||||
Change in uncertain tax positions | (1.4 | )% | 0.5 | % | 0.5 | % | |||||||
Change in prior year estimates | 1.4 | % | — | % | — | % | |||||||
Other | 3.4 | % | 0.5 | % | 1.4 | % | |||||||
Effective tax rate | 14.1 | % | 18.3 | % | 22.3 | % | |||||||
At December 31, 2013, the Company had California net operating loss (“NOL”) carry-forwards of approximately $2,885,000 from the Service 1st and Visalia Community Bank acquisitions, subject to an Internal Revenue Code (IRC) Sec. 382 annual limitation of $1,802,000. Management expects to fully utilize the Service 1st and Visalia Community Bank California NOL carry-forwards. California suspended utilization of NOLs for 2009, 2010 and 2011 tax years for taxpayers with business income in excess of $300,000. The California NOL will begin to expire in 2019. | |||||||||||||
The Company and its Subsidiary file income tax returns in the U.S. federal and California jurisdictions. The Company conducts all of its business activities in the State of California. There are currently no pending U.S. federal, state or local income tax examinations by those taxing authorities. The Company is no longer subject to the examination by U.S. federal taxing authorities for the years ended before December 31, 2010 and by the state and local taxing authorities for the years ended before December 31, 2008. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | |||||||||||||
Balance at January 1, 2013 | $ | 316 | |||||||||||
Additions based on tax positions related to the current year | 55 | ||||||||||||
Reductions for tax positions of prior years | (191 | ) | |||||||||||
Balance at December 31, 2013 | $ | 180 | |||||||||||
This represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in future periods. The Company does not expect the total amount of unrecognized tax benefits to significantly increase or decrease in the next twelve months. | |||||||||||||
During the years ended December 31, 2013, 2012, and 2011, the Company did not recognize any interest or penalties related to uncertain tax positions. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies | ' | ||||||||
COMMITMENTS AND CONTINGENCIES | |||||||||
Leases - The Bank leases certain of its branch facilities and administrative offices under noncancelable operating leases. Rental expense included in occupancy and equipment and other expenses totaled $2,123,000, $1,947,000 and $1,982,000 for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||
Future minimum lease payments on noncancelable operating leases are as follows (in thousands): | |||||||||
Years Ending December 31, | |||||||||
2014 | $ | 2,267 | |||||||
2015 | 2,191 | ||||||||
2016 | 1,639 | ||||||||
2017 | 1,240 | ||||||||
2018 | 1,227 | ||||||||
Thereafter | 3,138 | ||||||||
$ | 11,702 | ||||||||
Federal Reserve Requirements - Banks are required to maintain reserves with the Federal Reserve Bank equal to a percentage of their reservable deposits. The Bank had no reserve balances required at December 31, 2013. | |||||||||
Correspondent Banking Agreements - The Bank maintains funds on deposit with other federally insured financial institutions under correspondent banking agreements. Uninsured deposits totaled $11,480,000 at December 31, 2013. | |||||||||
Financial Instruments With Off-Balance-Sheet Risk - The Bank is a party to financial instruments with off-balance-sheet risk in the normal course of business in order to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments consist of commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized on the balance sheet. | |||||||||
The Bank’s exposure to credit loss in the event of nonperformance by the other party for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and standby letters of credit as it does for loans included on the balance sheet. | |||||||||
The following financial instruments represent off-balance-sheet credit risk (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Commitments to extend credit | $ | 191,072 | $ | 162,261 | |||||
Standby letters of credit | $ | 1,595 | $ | 590 | |||||
Commitments to extend credit consist primarily of unfunded commercial loan commitments and revolving lines of credit, single-family residential equity lines of credit and commercial real estate construction loans. Construction loans are established under standard underwriting guidelines and policies and are secured by deeds of trust, with disbursements made over the course of construction. Commercial revolving lines of credit have a high degree of industry diversification. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Standby letters of credit are generally secured and are issued by the Bank to guarantee the financial obligation or performance of a customer to a third party. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loans to customers. The fair value of the liability related to these standby letters of credit, which represents the fees received for issuing the guarantees, was not significant at December 31, 2013 and 2012. The Company recognizes these fees as revenue over the term of the commitment or when the commitment is used. | |||||||||
At December 31, 2013, commercial loan commitments represent 53% of total commitments and are generally secured by collateral other than real estate or unsecured. Real estate loan commitments represent 34% of total commitments and are generally secured by property with a loan-to-value ratio not to exceed 80%. Consumer loan commitments represent the remaining 13% of total commitments and are generally unsecured. In addition, the majority of the Bank’s loan commitments have variable interest rates. | |||||||||
At December 31, 2013, the balance of a contingent allocation for probable loan loss experience on unfunded obligations was $141,000. The contingent allocation for probable loan loss experience on unfunded obligations is calculated by management using an appropriate, systematic, and consistently applied process. While related to credit losses, this allocation is not a part of the ALLL and is considered separately as a liability for accounting and regulatory reporting purposes. There was no contingent allocation recorded at December 31, 2012. | |||||||||
Concentrations of Credit Risk - At December 31, 2013, in management’s judgment, a concentration of loans existed in commercial loans and real-estate-related loans, representing approximately 97.8% of total loans of which 23.1% were commercial and 74.7% were real-estate-related. | |||||||||
At December 31, 2012, in management’s judgment, a concentration of loans existed in commercial loans and real-estate-related loans, representing approximately 97.4% of total loans of which 26.4% were commercial and 71% were real-estate-related. | |||||||||
Management believes the loans within these concentrations have no more than the typical risks of collectibility. However, in light of the current economic environment, additional declines in the performance of the economy in general, or a continued decline in real estate values or drought-related decline in agricultural business in the Company’s primary market area could have an adverse impact on collectibility, increase the level of real-estate-related nonperforming loans, or have other adverse effects which alone or in the aggregate could have a material adverse effect on the financial condition, results of operations and cash flows of the Company. | |||||||||
Contingencies - The Company is subject to legal proceedings and claims which arise in the ordinary course of business. In the opinion of management, the amount of ultimate liability with respect to such actions will not materially affect the consolidated financial position or consolidated results of operations of the Company. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Equity [Abstract] | ' | ||||||||||||||
Shareholders' Equity | ' | ||||||||||||||
SHAREHOLDERS’ EQUITY | |||||||||||||||
Regulatory Capital - The Company and the Bank are subject to certain regulatory capital requirements administered by the Board of Governors of the Federal Reserve System and the FDIC. Failure to meet these minimum capital requirements could result in mandatory or, discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. | |||||||||||||||
The Company and the Bank each meet specific capital guidelines that involve quantitative measures of their respective assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. These quantitative measures are established by regulation and require that the Company and the Bank maintain minimum amounts and ratios of total and Tier 1 capital to risk-weighted assets and of Tier 1 capital to average assets. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. | |||||||||||||||
The Bank is also subject to additional capital guidelines under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the following table. The most recent notification from the FDIC categorized the Bank as well capitalized under these guidelines. Management knows of no conditions or events since that notification that would change the Bank’s category. | |||||||||||||||
Management considers capital requirements as part of its strategic planning process. The strategic plan calls for continuing increases in assets and liabilities, and if the capital required to support such increases is in excess of retained earnings, the Company may be required to go to the capital markets. The ability to obtain capital is dependent upon the capital markets as well as our performance. Management regularly evaluates sources of capital to meet its strategic objectives. The assessment of capital adequacy is dependent on several factors including asset quality, earnings trends, liquidity and economic conditions. Maintenance of adequate capital levels is integral to providing stability to the Company. The Company needs to maintain substantial levels of regulatory capital to give it maximum flexibility in the changing regulatory environment and to respond to changes in the market and economic conditions including acquisition opportunities. | |||||||||||||||
Management believes that the Company and the Bank met all their capital adequacy requirements as of December 31, 2013 and 2012. There are no conditions or events since those notifications that management believes have changed those categories. | |||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | |||||||||||
Tier 1 Leverage Ratio | |||||||||||||||
Central Valley Community Bancorp and Subsidiary | $ | 88,320 | 8.14 | % | $ | 90,866 | 10.56 | % | |||||||
Minimum regulatory requirement | $ | 43,394 | 4 | % | $ | 34,418 | 4 | % | |||||||
Central Valley Community Bank | $ | 87,674 | 8.09 | % | $ | 87,911 | 10.22 | % | |||||||
Minimum requirement for “Well-Capitalized” institution | $ | 54,218 | 5 | % | $ | 42,994 | 5 | % | |||||||
Minimum regulatory requirement | $ | 43,375 | 4 | % | $ | 34,395 | 4 | % | |||||||
Tier 1 Risk-Based Capital Ratio | |||||||||||||||
Central Valley Community Bancorp and Subsidiary | $ | 88,320 | 13.88 | % | $ | 90,866 | 18.24 | % | |||||||
Minimum regulatory requirement | $ | 25,454 | 4 | % | $ | 19,926 | 4 | % | |||||||
Central Valley Community Bank | $ | 87,674 | 13.79 | % | $ | 87,911 | 17.67 | % | |||||||
Minimum requirement for “Well-Capitalized” institution | $ | 38,151 | 6 | % | $ | 29,848 | 6 | % | |||||||
Minimum regulatory requirement | $ | 25,434 | 4 | % | $ | 19,899 | 4 | % | |||||||
Total Risk-Based Capital Ratio | |||||||||||||||
Central Valley Community Bancorp and Subsidiary | $ | 96,292 | 15.13 | % | $ | 97,299 | 19.53 | % | |||||||
Minimum regulatory requirement | $ | 50,908 | 8 | % | $ | 39,853 | 8 | % | |||||||
Central Valley Community Bank | $ | 95,639 | 15.04 | % | $ | 94,336 | 18.96 | % | |||||||
Minimum requirement for “Well-Capitalized” institution | $ | 63,585 | 10 | % | $ | 49,747 | 10 | % | |||||||
Minimum regulatory requirement | $ | 50,868 | 8 | % | $ | 39,798 | 8 | % | |||||||
Dividends - During 2013, the Bank declared and paid cash dividends to the Company in the amount of $18,000,000 in connection with the VCB acquisition, the Series C Preferred redemption, and cash dividends to the Company’s shareholders approved by the Company’s Board of Directors. The Bank may not pay any dividend that would cause it to be deemed not “well capitalized” under applicable banking laws and regulations. The Company declared and paid a total of $2,048,000 or $0.20 per common share cash dividend to shareholders of record during the year ended December 31, 2013. | |||||||||||||||
During 2012, the Bank declared and paid cash dividends to the Company in the amount of $3,000,000, in connection with stock repurchase agreements and cash dividends approved by the Company’s Board of Directors. On October 17, 2012, the Company declared a $480,000 or $0.05 per common share cash dividend to shareholders of record at the close of business on November 15, 2012 which was paid on November 30, 2012. No dividends on common shares were declared in 2011. | |||||||||||||||
The Company’s primary source of income with which to pay cash dividends are dividends from the Bank. The California Financial Code restricts the total amount of dividends payable by a bank at any time without obtaining the prior approval of the California Department of Business Oversight to the lesser of (1) the bank’s retained earnings or (2) the Bank’s net income for its last three fiscal years, less distributions made to shareholders during the same three-year period. At December 31, 2013, retained earnings of $2,433,000 were free of such restrictions. | |||||||||||||||
Share Repurchase Plan - On August 15, 2012, the Board of Directors of the Company approved the adoption of a program to effect repurchases of the Company's common stock. Under the program, the Company was to repurchase up to five percent of the Company’s outstanding shares of common stock, or approximately 479,850 shares based on the shares outstanding as of August 15, 2012, for the period beginning on August 15, 2012 and ending February 15, 2013. During 2012, the Company repurchased and retired a total of 58,100 shares at an average price of $8.41 for a total cost of $488,000. The stock repurchase program was suspended after the Company entered into a Reorganization Agreement and Plan of Merger (the Merger Agreement) with Visalia Community Bank on December 19, 2012. | |||||||||||||||
Stock Purchase Agreements - On December 23, 2009, the Company entered into Stock Purchase Agreements (Agreements) with a limited number of accredited investors (collectively, the Purchasers) to sell to the Purchasers a total of 1,264,952 shares of common stock, (Common Stock) at $5.25 per share and 1,359 shares of non-voting Series B Convertible Adjustable Rate Non-Cumulative Perpetual Preferred Stock (Series B Preferred Stock) at $1,000 per share, for an aggregate gross purchase price of $8,000,000 (the Offering) offset by issuance costs totaling $242,000. | |||||||||||||||
In May 2010, the shareholders of the Company approved an amendment to the Company’s governing instruments to create a series of non-voting common stock. In June 2010, the Company exercised its option to require the Purchasers to exchange the 1,359 shares of Series B Preferred Stock for 258,862 shares of non-voting common stock. In August, 2011, the Company agreed to exchange the 258,862 shares of the Company’s non-voting common stock to 258,862 shares of the Company’s voting common stock. The issuance of voting common stock was conducted in a privately negotiated transaction exempt from registration pursuant to Sections 3(a)(9) and 4(2) of the Securities Act of 1933, as amended. No shares of Series B Preferred Stock or non-voting common stock remain outstanding. | |||||||||||||||
Capital Purchase Program — Small Business Lending Fund - On August 18, 2011, the Company entered into a Securities Purchase Agreement (SPA) with the Small Business Lending Fund of the United States Department of the Treasury (the Treasury), under which the Company issued 7,000 shares of Senior Non-Cumulative Perpetual Preferred Stock, Series C (Series C Preferred) to the Treasury for an aggregate purchase price of $7,000,000. Simultaneously, the Company agreed with Treasury under a Letter Agreement to redeem, for an aggregate price of $7,000,000, the 7,000 shares of the Company’s Series A Fixed Rate Cumulative Preferred Stock (Series A Stock) originally issued pursuant to the Treasury’s Capital Purchase Program (CPP) in 2009. The redemption of the Series A Stock resulted in an acceleration of the remaining discount booked at the time of the CPP transaction. In connection with the repurchase of the Series A Stock, the Company also repurchased the warrant (the Warrant) to purchase 79,037 shares of the Company’s common stock that was originally issued to Treasury in connection with the CPP transaction for total consideration of $185,000. | |||||||||||||||
On December 31, 2013, the Company redeemed all 7,000 outstanding shares of its Series C Preferred from the Treasury, in exercise of its optional redemption rights pursuant to the terms of the Series C Preferred under the Company’s charter and the SPA. The Company paid the Treasury $7,087,500 in connection with the redemption, representing $1,000 per share of the Series C Preferred plus all accrued and unpaid dividends through the date of the redemption. The obligations of the Company under the SPA are terminated as a result of the redemption. No additional shares of Series C Preferred are outstanding. | |||||||||||||||
A reconciliation of the numerators and denominators of the basic and diluted earnings per common share computations is as follows (in thousands, except share and per share amounts): | |||||||||||||||
For the Years Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Basic Earnings Per Common Share: | |||||||||||||||
Net income | $ | 8,250 | $ | 7,520 | $ | 6,477 | |||||||||
Less: Preferred stock dividends and accretion | (350 | ) | (350 | ) | (486 | ) | |||||||||
Income available to common shareholders | $ | 7,900 | $ | 7,170 | $ | 5,991 | |||||||||
Weighted average shares outstanding | 10,245,448 | 9,587,784 | 9,522,066 | ||||||||||||
Net income per common share | $ | 0.77 | $ | 0.75 | $ | 0.63 | |||||||||
Diluted Earnings Per Common Share: | |||||||||||||||
Net income | $ | 8,250 | $ | 7,520 | $ | 6,477 | |||||||||
Less: Preferred stock dividends and accretion | (350 | ) | (350 | ) | (486 | ) | |||||||||
Income available to common shareholders | $ | 7,900 | $ | 7,170 | $ | 5,991 | |||||||||
Weighted average shares outstanding | 10,245,448 | 9,587,784 | 9,522,066 | ||||||||||||
Effect of dilutive stock options and warrants | 62,592 | 28,629 | 16,596 | ||||||||||||
Weighted average shares of common stock and common stock equivalents | 10,308,040 | 9,616,413 | 9,538,662 | ||||||||||||
Net income per diluted common share | $ | 0.77 | $ | 0.75 | $ | 0.63 | |||||||||
Outstanding options and warrants of 202,355, 352,319, and 436,619 were not factored into the calculation of dilutive stock options at December 31, 2013, 2012, and 2011, respectively, because they were anti-dilutive. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Share-Based Compensation | ' | |||||||||||||
SHARED-BASED COMPENSATION | ||||||||||||||
On December 31, 2013, the Company had two share-based compensation plans, which are described below. The Plans do not provide for the settlement of awards in cash and new shares are issued upon option exercise or restricted share grants. | ||||||||||||||
On November 15, 2000, the Company adopted, and subsequently amended on December 20, 2000, the Central Valley Community Bancorp 2000 Stock Option Plan (2000 Plan) for which 203,660 shares remain reserved for issuance for options already granted to employees and directors under incentive and nonstatutory agreements. The plan expired on November 15, 2010. Outstanding options under this plan are exercisable until their expiration, however, no new options will be granted under this plan. The plan required that the option price may not be less than the fair market value of the stock at the date the option was granted, and that the option price must be paid in full at the time it is exercised. The options under the plan expire on dates determined by the Board of Directors, but not later than 10 years from the date of grant. The vesting period was determined by the Board of Directors and was generally over 5 years. | ||||||||||||||
In May 2005, the Company adopted the Central Valley Community Bancorp 2005 Omnibus Incentive Plan (2005 Plan). The plan provides for awards in the form of incentive stock options, non-statutory stock options, stock appreciation rights, and restricted stock. The plan also allows for performance awards that may be in the form of cash or shares of the Company, including restricted stock. The maximum number of shares that can be issued with respect to all awards under the plan is 476,000. Currently under the 2005 Plan, there are 176,770 shares reserved for issuance for options already granted to employees and 296,540 remain reserved for future grants as of December 31, 2013. The 2005 plan requires that the exercise price may not be less than the fair market value of the stock at the date the option is granted, and that the option price must be paid in full at the time it is exercised. The options and awards under the plan expire on dates determined by the Board of Directors, but not later than 10 years from the date of grant. The vesting period for the options and option related stock appreciation rights is determined by the Board of Directors and is generally over five years. | ||||||||||||||
No options to purchase shares of the Company’s common stock were granted during the years ending December 31, 2013 and 2011 from any of the Company’s stock based compensation plans. In 2012, options to purchase 92,150 shares of common stock were granted from the 2005 Plan at exercise prices between $8.02 and $8.75. All options were granted with an exercise price equal to the market value on the grant date. | ||||||||||||||
The Company bases the fair value of the options previously granted on the date of grant using a Black-Scholes-Merton option pricing model that uses assumptions based on expected option life, the level of estimated forfeitures, dividend yields, expected stock volatility and the risk-free interest rate. Stock volatility is based on the historical volatility of the Company’s stock. The risk-free rate is based on the U.S. Treasury yield curve and the expected term of the options. Historical data is used to determine the expected term of its stock options and dividend yields. In addition to these assumptions, management makes estates regarding pre-vesting forfeitures that will impact total compensation expense recognized under the plans. | ||||||||||||||
The fair value of each option is estimated on the date of grant using the following assumptions: | ||||||||||||||
2012 | ||||||||||||||
Dividend yield | 0.00% | |||||||||||||
Expected volatility | 42% | |||||||||||||
Risk-free interest rate | 0.71% | |||||||||||||
Expected option term | 6.5 years | |||||||||||||
For the years ended December 31, 2013, 2012, and 2011, the compensation cost recognized for share based compensation was $98,000, $108,000, and $196,000, respectively. The recognized tax benefit for share based compensation expense was $28,000, $16,000, and $36,000 for 2013, 2012, and 2011, respectively. | ||||||||||||||
A summary of the combined activity of the Plans for the year ended December 31, 2013 follows (dollars in thousands, except per share amounts): | ||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic Value | ||||||||||||
Exercise | Remaining | |||||||||||||
Price | Contractual | |||||||||||||
Term (Years) | ||||||||||||||
Options outstanding at January 1, 2013 | 499,289 | $ | 8.78 | |||||||||||
Options exercised | (93,329 | ) | $ | 8.45 | ||||||||||
Options forfeited | (25,530 | ) | $ | 9.15 | ||||||||||
Options outstanding at December 31, 2013 | 380,430 | $ | 8.83 | 4.71 | $ | 1,176 | ||||||||
Options vested or expected to vest at December 31, 2013 | 375,055 | $ | 8.85 | 4.66 | $ | 2,928 | ||||||||
Options exercisable at December 31, 2013 | 278,890 | $ | 9.38 | 3.49 | $ | 776 | ||||||||
Information related to the stock option plan during each year follows (in thousands, except per share amounts): | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Weighted-average per share grant-date fair value of options granted | $ | — | $ | 3.4 | $ | — | ||||||||
Intrinsic value of options exercised | $ | 82 | $ | 93 | $ | 417 | ||||||||
Cash received from options exercised | $ | 789 | $ | 385 | $ | 680 | ||||||||
Excess tax benefit realized for option exercises | $ | 17 | $ | 26 | $ | 116 | ||||||||
As of December 31, 2013, there was $268,000 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under all Plans. The cost is expected to be recognized over a weighted average period of 3.15 years. The total fair value of options vested was $102,000 and $140,000 for the years ended December 31, 2013 and 2012, respectively. |
Employee_Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee Benefits | ' |
EMPLOYEE BENEFITS | |
401(k) and Profit Sharing Plan - The Bank has established a 401(k) and profit sharing plan. The 401(k) plan covers substantially all employees who have completed a three-month period in which they are credited with at least 1000 hours of service. Participants in the profit sharing plan are eligible to receive employer contributions after completion of 2 years of service. Bank contributions to the profit sharing plan are determined at the discretion of the Board of Directors. Participants are automatically vested 100% in all employer contributions. The Bank contributed $225,000 , $210,000, and $150,000 to the profit sharing plan in 2013, 2012 and 2011, respectively. | |
Additionally, the Bank may elect to make a matching contribution to the participants’ 401(k) plan accounts. The amount to be contributed is announced by the Bank at the beginning of the plan year. For the years ended December 31, 2013, 2012, and 2011, the Bank made a 100% matching contribution on all deferred amounts up to 3% of eligible compensation and a 50% matching contribution on all deferred amounts above 3% to a maximum of 5%. For the years ended December 31, 2013, 2012, and 2011, the Bank made matching contributions totaling $382,000, $388,000, and $352,000, respectively. | |
Deferred Compensation Plan - The Bank has a nonqualified Deferred Compensation Plan which provides directors with an unfunded, deferred compensation program. Under the plan, eligible participants may elect to defer some or all of their current compensation or director fees. Deferred amounts earn interest at an annual rate determined by the Board of Directors (2.85% at December 31, 2013). At December 31, 2013 and 2012, the total net deferrals included in accrued interest payable and other liabilities were $2,976,000 and $1,978,000, respectively. | |
In connection with the implementation of the above plan, single premium universal life insurance policies on the life of each participant were purchased by the Bank, which is beneficiary and owner of the policies. The cash surrender value of the policies totaled $3,416,000 and $3,308,000 and at December 31, 2013 and 2012, respectively. Income recognized on these policies, net of related expenses, for the years ended December 31, 2013, 2012, and 2011, was $108,000, $103,000, and $98,000, respectively. | |
Salary Continuation Plans - The Board of Directors approved salary continuation plans for certain key executives during 2002 and subsequently amended the plans in 2006. Under these plans, the Bank is obligated to provide the executives with annual benefits for 15 years after retirement. These benefits are substantially equivalent to those available under split-dollar life insurance policies purchased by the Bank on the life of the executives. The expense recognized under these plans for the years ended December 31, 2013, 2012, and 2011, totaled $581,000, $658,000, and $341,000, respectively. Accrued compensation payable under the salary continuation plans totaled $4,834,000 and $4,339,000 at December 31, 2013 and 2012, respectively. | |
In connection with these plans, the Bank purchased single premium life insurance policies with cash surrender values totaling $4,804,000 and $4,659,000 at December 31, 2013 and 2012, respectively. Income recognized on these policies, net of related expense, for the years ended December 31, 2013, 2012, and 2011 totaled $145,000, $150,000, and $144,000, respectively. | |
In connection with the acquisition of Service 1st Bank, the Bank assumed a liability for the estimated present value of future benefits payable to former key executives of Service 1st. The liability relates to change in control benefits associated with Service 1st’s salary continuation plans. The benefits are payable to the individuals when they reach retirement age. At December 31, 2013 and 2012, the total amount of the liability was $1,907,000 and $1,807,000, respectively. Expense recognized by the Bank in 2013, 2012 and 2011 associated with these plans was $194,000, $184,000, and $98,000, respectively. These benefits are substantially equivalent to those available under split-dollar life insurance policies acquired. These single premium life insurance policies had cash surrender values totaling $4,326,000, and $4,196,000 at December 31, 2013 and 2012, respectively. Income recognized on these policies, net of related expenses, for the years ended December 31, 2013, 2012, and 2011, was $130,000, $150,000, and $140,000, respectively. | |
In connection with the acquisition of Visalia Community Bank (VCB), the Bank assumed a liability for the estimated present value of future benefits payable to former key executives of VCB. The liability relates to change in control benefits associated with VCB’s salary continuation plans. The benefits are payable to the individuals when they reach retirement age. At December 31, 2013, the total amount of the liability was $863,000. Expense recognized by the Company in 2013 associated with these plans was $8,000. These benefits are substantially equivalent to those available under split-dollar life insurance policies acquired. These single premium life insurance policies had cash surrender values totaling $6,897,000 at December 31, 2013. Income recognized on these policies, net of related expenses, for the year ended December 31, 2013 was $111,000. | |
The current annual tax-free interest rate on all life insurance policies is 4.91%. |
Loans_To_Related_Parties
Loans To Related Parties | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Related Party Transactions [Abstract] | ' | |||
Loans to Related Parties | ' | |||
LOANS TO RELATED PARTIES | ||||
During the normal course of business, the Bank enters into loans with related parties, including executive officers and directors. The following is a summary of the aggregate activity involving related party borrowers (in thousands): | ||||
Balance, January 1, 2013 | $ | 716 | ||
Disbursements | 162 | |||
Amounts repaid | (71 | ) | ||
Balance, December 31, 2013 | $ | 807 | ||
Undisbursed commitments to related parties, December 31, 2013 | $ | 1,426 | ||
Parent_Only_Condensed_Financia
Parent Only Condensed Financial Statements | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Parent Only Condensed Financial Statements | ' | |||||||||||
PARENT ONLY CONDENSED FINANCIAL STATEMENTS | ||||||||||||
CONDENSED BALANCE SHEETS | ||||||||||||
December 31, 2013 and 2012 | ||||||||||||
(In thousands) | ||||||||||||
2013 | 2012 | |||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents | $ | 385 | $ | 2,807 | ||||||||
Investment in Bank subsidiary | 124,378 | 119,812 | ||||||||||
Other assets | 523 | 576 | ||||||||||
Total assets | $ | 125,286 | $ | 123,195 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Junior subordinated debentures due to subsidiary grantor trust | $ | 5,155 | $ | 5,155 | ||||||||
Other liabilities | 88 | 375 | ||||||||||
Total liabilities | 5,243 | 5,530 | ||||||||||
Shareholders’ equity: | ||||||||||||
Preferred stock, Series C | — | 7,000 | ||||||||||
Common stock | 53,981 | 40,583 | ||||||||||
Retained earnings | 68,348 | 62,496 | ||||||||||
Accumulated other comprehensive (loss) income, net of tax | (2,286 | ) | 7,586 | |||||||||
Total shareholders’ equity | 120,043 | 117,665 | ||||||||||
Total liabilities and shareholders’ equity | $ | 125,286 | $ | 123,195 | ||||||||
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||
For the Years Ended December 31, 2013, 2012, and 2011 | ||||||||||||
(In thousands) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income: | ||||||||||||
Dividends declared by Subsidiary - eliminated in consolidation | $ | 18,000 | $ | 3,000 | $ | — | ||||||
Other income | 5 | 3 | 3 | |||||||||
Total income | 18,005 | 3,003 | 3 | |||||||||
Expenses: | ||||||||||||
Interest on junior subordinated deferrable interest debentures | 98 | 107 | 100 | |||||||||
Professional fees | 102 | 140 | 148 | |||||||||
Other expenses | 424 | 587 | 352 | |||||||||
Total expenses | 624 | 834 | 600 | |||||||||
Income (loss) before equity in undistributed net income of Subsidiary | 17,381 | 2,169 | (597 | ) | ||||||||
Equity in undistributed net income of Subsidiary, net of distributions | (9,414 | ) | 4,993 | 6,854 | ||||||||
Income before income tax benefit | 7,967 | 7,162 | 6,257 | |||||||||
Benefit from income taxes | 283 | 358 | 220 | |||||||||
Net income | 8,250 | 7,520 | 6,477 | |||||||||
Preferred stock dividend and accretion of discount | 350 | 350 | 486 | |||||||||
Income available to common shareholders | $ | 7,900 | $ | 7,170 | $ | 5,991 | ||||||
Comprehensive (loss) income | $ | (1,622 | ) | $ | 10,982 | $ | 9,634 | |||||
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||||
For the Years Ended December 31, 2013, 2012, and 2011 | ||||||||||||
(In thousands) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 8,250 | $ | 7,520 | $ | 6,477 | ||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
Undistributed net income of subsidiary, net of distributions | 9,414 | (4,993 | ) | (6,854 | ) | |||||||
Stock-based compensation | 98 | 108 | 196 | |||||||||
Tax benefit from exercise of stock options | (17 | ) | (26 | ) | (116 | ) | ||||||
Net decrease (increase) in other assets | 86 | (28 | ) | (50 | ) | |||||||
Net (decrease) increase in other liabilities | (198 | ) | 179 | (23 | ) | |||||||
Benefit for deferred income taxes | (18 | ) | (15 | ) | (36 | ) | ||||||
Net cash provided by (used in) operating activities | 17,615 | 2,745 | (406 | ) | ||||||||
Cash flows used in investing activities: | ||||||||||||
Investment in subsidiary | (11,358 | ) | — | — | ||||||||
Cash flows from financing activities: | ||||||||||||
Cash dividend payments on common stock | (2,048 | ) | (480 | ) | — | |||||||
Cash dividend payments on preferred stock | (437 | ) | (350 | ) | (307 | ) | ||||||
Share repurchase and retirement | — | (488 | ) | — | ||||||||
Proceeds from exercise of stock options | 789 | 385 | 680 | |||||||||
Redemption of preferred stock Series C | (7,000 | ) | — | — | ||||||||
Warrant purchase | — | — | (185 | ) | ||||||||
Tax benefit from exercise of stock options | 17 | 26 | 116 | |||||||||
Net cash (used in) provided by financing activities | (8,679 | ) | (907 | ) | 304 | |||||||
(Decrease) increase in cash and cash equivalents | (2,422 | ) | 1,838 | (102 | ) | |||||||
Cash and cash equivalents at beginning of year | 2,807 | 969 | 1,071 | |||||||||
Cash and cash equivalents at end of year | $ | 385 | $ | 2,807 | $ | 969 | ||||||
Cash paid during the year for interest | $ | 125 | $ | 109 | $ | 98 | ||||||
Non-cash investing and financing activities: | ||||||||||||
Redemption of preferred stock Series A and issuance of preferred stock Series C | $ | — | $ | — | $ | 7,000 | ||||||
Common stock issued in Visalia Community Bank acquisition | 12,494 | — | — | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
General | ' | |
Central Valley Community Bancorp (the “Company”) was incorporated on February 7, 2000 and subsequently obtained approval from the Board of Governors of the Federal Reserve System to be a bank holding company in connection with its acquisition of Central Valley Community Bank (the “Bank”). The Company became the sole shareholder of the Bank on November 15, 2000 in a statutory merger, pursuant to which each outstanding share of the Bank’s common stock was exchanged for one share of common stock of the Company. | ||
Service 1st Capital Trust I (the Trust) is a business trust formed by Service 1st for the sole purpose of issuing trust preferred securities. The Company succeeded to all the rights and obligations of Service 1st in connection with the acquisition of Service 1st. The Trust is a wholly-owned subsidiary of the Company. | ||
The Bank operates 21 full service offices in Clovis, Exeter, Fresno, Kerman, Lodi, Madera, Merced, Modesto, Oakhurst, Prather, Sacramento, Stockton, Tracy, and Visalia, California. The Bank’s primary source of revenue is providing loans to customers who are predominately small and middle-market businesses and individuals. | ||
The deposits of the Bank are insured by the Federal Deposit Insurance Corporation (FDIC) up to applicable legal limits. Depositors’ accounts at an insured depository institution, including all non-interest bearing transactions accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount of $250,000 for each deposit insurance ownership category. | ||
The accounting and reporting policies of Central Valley Community Bancorp and Subsidiary conform with accounting principles generally accepted in the United States of America and prevailing practices within the banking industry. | ||
Management has determined that because all of the banking products and services offered by the Company are available in each branch of the Bank, all branches are located within the same economic environment and management does not allocate resources based on the performance of different lending or transaction activities, it is appropriate to aggregate the Bank branches and report them as a single operating segment. No customer accounts for more than 10 percent of revenues for the Company or the Bank. | ||
Principles of consolidation | ' | |
The consolidated financial statements include the accounts of the Company and the consolidated accounts of its wholly-owned subsidiary, the Bank. | ||
For financial reporting purposes, Service 1st Capital Trust I, is a wholly-owned subsidiary acquired in the merger of Service 1st Bancorp and formed for the exclusive purpose of issuing trust preferred securities. The Company is not considered the primary beneficiary of this trust (variable interest entity), therefore the trust is not consolidated in the Company’s financial statements, but rather the subordinated debentures are shown as a liability on the Company’s consolidated financial statements. The Company’s investment in the common stock of the Trust is included in accrued interest receivable and other assets on the consolidated balance sheet. | ||
Use of estimates | ' | |
The preparation of these financial statements requires management to make estimates and judgments that affect the reported amount of assets, liabilities, revenues and expenses. On an ongoing basis, management evaluates the estimates used. Estimates are based upon historical experience, current economic conditions and other factors that management considers reasonable under the circumstances. | ||
These estimates result in judgments regarding the carrying values of assets and liabilities when these values are not readily available from other sources, as well as assessing and identifying the accounting treatments of contingencies and commitments. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates under different assumptions. The allowance for credit losses, deferred taxes assets and fair values of financial instruments are estimates which are particularly subject to change. | ||
Cash and cash equivalents | ' | |
For the purpose of the statement of cash flows, cash, due from banks with maturities less than 90 days, and Federal funds sold are considered to be cash equivalents. Generally, Federal funds are sold for one-day periods. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, and federal funds purchased. | ||
Investment securities | ' | |
Investments are classified into the following categories: | ||
• | Available-for-sale securities, reported at fair value, with unrealized gains and losses excluded from earnings and reported, net of taxes, as accumulated other comprehensive income (loss) within shareholders’ equity. | |
• | Held-to-maturity securities, which management has the positive intent and ability to hold to maturity, reported at amortized cost, adjusted for the accretion of discounts and amortization of premiums. | |
Management determines the appropriate classification of its investments at the time of purchase and may only change the classification in certain limited circumstances. All transfers between categories are accounted for at fair value. For the years ended December 31, 2013 and December 31, 2012, there were no transfers between categories. At December 31, 2013 and 2012, the Company had no held-to-maturity securities. | ||
Gains or losses on the sale of investment securities are computed on the specific identification method. Interest earned on investment securities is reported in interest income, net of applicable adjustments for accretion of discounts and amortization of premiums. Premiums and discounts on securities are amortized or accreted on the level yield method without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. | ||
An investment security is impaired when its carrying value is greater than its fair value. Investment securities that are impaired are evaluated on at least a quarterly basis and more frequently when economic or market conditions warrant such an evaluation to determine whether such a decline in their fair value is other than temporary. Management utilizes criteria such as the magnitude and duration of the decline and the intent and ability of the Company to retain its investment in the securities for a period of time sufficient to allow for an anticipated recovery in fair value, in addition to the reasons underlying the decline, to determine whether the loss in value is other than temporary. The term “other than temporary” is not intended to indicate that the decline is permanent, but indicates that the prospect for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of the investment. Once a decline in value is determined to be other than temporary, and management does not intend to sell the security or it is more likely than not that the Company will not be required to sell the security before recovery, for debt securities, only the portion of the impairment loss representing credit exposure is recognized as a charge to earnings, with the balance recognized as a charge to other comprehensive income. If management intends to sell the security or it is more likely than not that the Company will be required to sell the security before recovering its forecasted cost, the entire impairment loss is recognized as a charge to earnings. | ||
Loans | ' | |
For all loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at principal balances outstanding net of deferred loan fees and costs, and the allowance for credit losses. Interest is accrued daily based upon outstanding loan balances. However, for all loans when, in the opinion of management, loans are considered impaired and the future collectibility of interest and principal is in serious doubt, a loan is placed on nonaccrual status and the accrual of interest income is suspended. Any loan 90 days or more delinquent is automatically placed on nonaccrual status. Any interest accrued but unpaid is charged against income. Payments received are applied to reduce principal to ensure collection. Subsequent payments on these loans, or payments received on nonaccrual loans for which the ultimate collectibility of principal is not in doubt, are applied first to principal until fully collected and then to interest. | ||
Interest income on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Consumer and credit card loans are typically charged off no later than 90 days past due. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are individually evaluated for impairment. A loan is moved to non-accrual status in accordance with the Company’s policy, typically after 90 days of non-payment. A loan placed on non-accrual status may be restored to accrual status when principal and interest are no longer past due and unpaid, or the loan otherwise becomes both well secured and in the process of collection. When a loan is brought current the Company must also have a reasonable assurance that the obligor has the ability to meet all contractual obligations in the future, that the loan will be repaid within a reasonable period of time, and that a minimum of six months of satisfactory repayment performance has occurred. | ||
Substantially all loan origination fees, commitment fees, direct loan origination costs and purchase premiums and discounts on loans are deferred and recognized as an adjustment of yield, and amortized to interest income over the contractual term of the loan. The unamortized balance of deferred fees and costs is reported as a component of net loans. | ||
Allowance for credit losses | ' | |
The allowance for credit losses (the "allowance") is an estimate of probable credit losses in the Company’s loan portfolio that have been incurred as of the balance-sheet date. The allowance is established through a provision for credit losses which is charged to expense. Additions to the allowance are expected to maintain the adequacy of the total allowance after credit losses and loan growth. Credit exposures determined to be uncollectible are charged against the allowance. Cash received on previously charged off amounts is recorded as a recovery to the allowance. The overall allowance consists of two primary components, specific reserves related to impaired loans and general reserves for inherent losses related to loans that are not impaired. | ||
For all loan classes, a loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the original agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Loans determined to be impaired are individually evaluated for impairment. When a loan is impaired, the Company measures impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except that as a practical expedient, it may measure impairment based on a loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. A loan is collateral dependent if the repayment of the loan is expected to be provided solely by the underlying collateral. | ||
A restructuring of a debt constitutes a troubled debt restructuring (TDR) if the Company for economic or legal reasons related to the debtor’s financial difficulties grants a concession to the debtor that it would not otherwise consider. Restructured workout loans typically present an elevated level of credit risk as the borrowers are not able to perform according to the original contractual terms. Loans that are reported as TDRs are considered impaired and measured for impairment as described above. For TDRs that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for credit losses. | ||
The Company has loans that were acquired in an acquisition, for which there was, at acquisition, evidence of deterioration of credit quality since origination and for which it was probable, at acquisition, that all contractually required payments would not be collected. These purchased credit impaired loans are recorded at the amount paid, such that there is no carryover of the seller’s allowance for loan losses. After acquisition, losses are recognized by an increase in the allowance for loan losses. The Company estimates the amount and timing of expected cash flows for each loan and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan (accretable yield). The excess of the loan’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. | ||
For all portfolio segments, the determination of the general reserve for loans that are not impaired is based on estimates made by management, including but not limited to, consideration of a simple average of historical losses by portfolio segment over the most recent 20 quarters, and qualitative factors including economic trends in the Company’s service areas, industry experience and trends, geographic concentrations, estimated collateral values, the Company’s underwriting policies, the character of the loan portfolio, and probable losses inherent in the portfolio taken as a whole. | ||
The Company maintains a separate allowance for each portfolio segment. These portfolio segments include commercial, real estate, and consumer loans. The relative significance of risk considerations vary by portfolio segment. For commercial and real estate loans, the primary risk consideration is a borrower’s ability to generate sufficient cash flows to repay their loan. Secondary considerations include the creditworthiness of guarantors and the valuation of collateral. In addition to the creditworthiness of a borrower, the type and location of real estate collateral is an important risk factor for real estate loans. The primary risk considerations for consumer loans are a borrower’s personal cash flow and liquidity, as well as collateral value. The allowance for credit losses attributable to each portfolio segment, which includes both impaired loans and loans that are not impaired, is combined to determine the Company’s overall allowance, which is included on the consolidated balance sheet. | ||
The Company assigns a risk rating to all loans, and periodically performs detailed reviews of all such loans over a certain threshold to identify credit risks and to assess the overall collectibility of the portfolio. The most recent review of risk rating was completed in December 2013. These risk ratings are also subject to examination by independent specialists engaged by the Company and the Company’s regulators. During these internal reviews, management monitors and analyzes the financial condition of borrowers and guarantors, trends in the industries in which borrowers operate and the fair values of collateral securing these loans. These credit quality indicators are used to assign a risk rating to each individual loan. The risk ratings can be grouped into five major categories, defined as follows: | ||
Pass — A pass loan is a strong credit with no existing or known potential weaknesses deserving of management’s close attention. | ||
Special Mention — A special mention loan has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the Company’s credit position at some future date. Special Mention loans are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. | ||
Substandard — A substandard loan is not adequately protected by the current sound worth and paying capacity of the borrower or the value of the collateral pledged, if any. Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Well defined weaknesses include a project’s lack of marketability, inadequate cash flow or collateral support, failure to complete construction on time or the project’s failure to fulfill economic expectations. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. | ||
Doubtful — Loans classified doubtful have all the weaknesses inherent in those classified as substandard 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. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors, which may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidation procedures, capital injection, perfecting liens on additional collateral, and refinancing plans. Doubtful classification is considered temporary and short term. | ||
Loss — Loans classified as loss are considered uncollectible and charged off immediately. | ||
The general reserve component of the allowance for loan losses also consists of reserve factors that are based on management’s assessment of the following for each portfolio segment: (1) inherent credit risk, (2) historical losses and (3) other qualitative factors including economic trends in the Company’s service areas, industry experience and trends, geographic concentrations, estimated collateral values, the Company’s underwriting policies, the character of the loan portfolio, and probable losses inherent in the portfolio taken as a whole. Inherent credit risk and qualitative reserve factors are inherently subjective and are driven by the repayment risk associated with each class of loans described below. | ||
Commercial: | ||
Commercial and industrial — Commercial and industrial loans are generally underwritten to existing cash flows of operating businesses. Debt coverage is provided by business cash flows and economic trends influenced by unemployment rates and other key economic indicators are closely correlated to the credit quality of these loans. Past due receivables indicate the borrower's capacity to repay their obligations may be deteriorating. | ||
Agricultural land and production — Loans secured by crop production and livestock are especially vulnerable to two risk factors that are largely outside the control of Company and borrowers: commodity prices and weather conditions. | ||
Real Estate: | ||
Owner Occupied — Real estate collateral secured by commercial or professional properties with repayment arising from the owner’s business cash flows. To meet this classification, the owner’s operation must occupy no less than 50% of the real estate held. Financial profitability and capacity to meet the cyclical nature of the industry and related real estate market over a significant timeframe is essential. | ||
Real estate construction and other land loans — Land and construction loans generally possess a higher inherent risk of loss than other real estate portfolio segments. A major risk arises from the necessity to complete projects within specified cost and time lines. Trends in the construction industry significantly impact the credit quality of these loans, as demand drives construction activity. In addition, trends in real estate values significantly impact the credit quality of these loans, as property values determine the economic viability of construction projects. | ||
Agricultural real estate — Agricultural loans secured by real estate generally possess a higher inherent risk of loss caused by changes in concentration of permanent plantings, government subsidies, and the value of the U.S. dollar affecting the export of commodities. | ||
Commercial real estate — Commercial real estate loans generally possess a higher inherent risk of loss than other real estate portfolio segments, except land and construction loans. Adverse economic developments or an overbuilt market impact commercial real estate projects and may result in troubled loans. Trends in vacancy rates of commercial properties impact the credit quality of these loans. High vacancy rates reduce operating revenues and the ability for properties to produce sufficient cash flows to service debt obligations. | ||
Other Real Estate — Primarily loans secured by agricultural real estate for development and production of permanent plantings that have not reached maximum yields. Also real estate loans where agricultural vertical integration exists in packing and shipping of commodities. Risk is primarily based on the liquidity of the borrower to sustain payment during the development period. In addition, weather conditions and commodity prices within obligor’s existing agricultural production may affect repayment. | ||
Consumer: | ||
Equity loans and lines of credit — The degree of risk in residential real estate lending depends primarily on the loan amount in relation to collateral value, the interest rate and the borrower’s ability to repay in an orderly fashion. These loans generally possess a lower inherent risk of loss than other real estate portfolio segments. Economic trends determined by unemployment rates and other key economic indicators are closely correlated to the credit quality of these loans. Weak economic trends indicate that the borrowers’ capacity to repay their obligations may be deteriorating. | ||
Consumer and installment — An installment loan portfolio is usually comprised of a large number of small loans scheduled to be amortized over a specific period. Most installment loans are made directly for consumer purchases, but business loans granted for the purchase of heavy equipment or industrial vehicles may also be included. Consumer loans include credit card and other open ended unsecured consumer receivables. Credit card receivables and open ended unsecured receivables generally have a higher rate of default than all other portfolio segments and are also impacted by weak economic conditions and trends. Credit card receivables and open ended unsecured receivables in homogeneous loan portfolio segments are not evaluated for specific impairment. | ||
Although management believes the allowance to be adequate, ultimate losses may vary from its estimates. At least quarterly, the Board of Directors reviews the adequacy of the allowance, including consideration of the relative risks in the portfolio, current economic conditions and other factors. If the Board of Directors and management determine that changes are warranted based on those reviews, the allowance is adjusted. In addition, the Company’s primary regulators, the FDIC and California Department of Business Oversight, as an integral part of their examination process, review the adequacy of the allowance. Also, subject to examination by independent specialists. These regulatory agencies may require additions to the allowance based on their judgment about information available at the time of their examinations. | ||
Bank premises and equipment | ' | |
Land is carried at cost. Bank premises and equipment are carried at cost less accumulated depreciation. Depreciation is determined using the straight-line method over the estimated useful lives of the related assets. The useful lives of Bank premises are estimated to be between twenty and forty years. The useful lives of improvements to Bank premises, furniture, fixtures and equipment are estimated to be three to ten years. Leasehold improvements are amortized over the life of the asset or the term of the related lease, whichever is shorter. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in income for the period. The cost of maintenance and repairs is charged to expense as incurred. | ||
The Bank evaluates premises and equipment for financial impairment as events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. | ||
Federal Home Loan Bank (FHLB) Stock | ' | |
The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. | ||
Other real estate owned | ' | |
Other real estate owned (OREO) is comprised of property acquired through foreclosure proceedings or acceptance of deeds-in-lieu of foreclosure. Losses recognized at the time of acquiring property in full or partial satisfaction of debt are charged against the allowance for credit losses. OREO is initially recorded at fair value less estimated disposition costs. Fair value of OREO is generally based on an independent appraisal of the property. Subsequent to initial measurement, OREO is carried at the lower of the recorded investment or fair value less disposition costs. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through noninterest expense. Revenues and expenses associated with OREO are reported as a component of noninterest expense when incurred. | ||
Bank owned life insurance | ' | |
The Company has purchased life insurance policies on certain key executives. Company owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. | ||
Goodwill | ' | |
Business combinations involving the Bank’s acquisition of the equity interests or net assets of another enterprise give rise to goodwill. Total goodwill at December 31, 2013 and 2012 represents the excess of the cost of Visalia Community Bank, Service 1st Bancorp and Bank of Madera County, respectively, over the net of the amounts assigned to assets acquired and liabilities assumed in the transactions accounted for under the purchase method of accounting. The value of goodwill is ultimately derived from the Bank’s ability to generate net earnings after the acquisitions and is not deductible for tax purposes. A decline in net earnings could be indicative of a decline in the fair value of goodwill and result in impairment. For that reason, goodwill is assessed at least annually for impairment. | ||
The Company has selected September 30 as the date to perform the annual impairment test. Management assessed qualitative factors including performance trends and noted no factors indicating goodwill impairment. Goodwill is also tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the Company below its carrying amount. No such events or circumstances arose during the fourth quarter of 2013, so goodwill was not required to be retested. | ||
Intangible assets | ' | |
The intangible assets at December 31, 2013 represent the estimated fair value of the core deposit relationships acquired in the acquisition of Service 1st Bank in 2008, and the 2013 acquisition of Visalia Community Bank. Core deposit intangibles are being amortized using the straight-line method over an estimated life of seven - ten years from the date of acquisition. Management evaluates the remaining useful lives quarterly to determine whether events or circumstances warrant a revision to the remaining periods of amortization. Based on the evaluation, no changes to the remaining useful lives was required. Management performed an annual impairment test on core deposit intangibles as of September 30, 2013 and determined no impairment was necessary. | ||
Income taxes and income tax uncertainty | ' | |
The Company files its income taxes on a consolidated basis with its Subsidiary. The allocation of income tax expense represents each entity’s proportionate share of the consolidated provision for income taxes. | ||
Income tax expense represents the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are recognized for the tax consequences of temporary differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. On the balance sheet, net deferred tax assets are included in accrued interest receivable and other assets. | ||
The realization of deferred income tax assets is assessed and a valuation allowance is recorded if it is “more likely than not” that all or a portion of the deferred tax assets will not be realized. “More likely than not” is defined as greater than a 50% chance. All available evidence, both positive and negative is considered to determine whether, based on the weight of that evidence, a valuation allowance is needed. | ||
Accounting for Uncertainty in Income Taxes - The Company uses a comprehensive model for recognizing, measuring, presenting and disclosing in the financial statements tax positions taken or expected to be taken on a tax return. A tax position is recognized as a benefit only if it is more likely than not that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the more likely than not test, no tax benefit is recorded. | ||
Interest expense and penalties associated with unrecognized tax benefits, if any, are classified as income tax expense in the consolidated statement of income | ||
Retirement plans | ' | |
Employee 401(k) plan expense is the amount of employer matching contributions. Profit sharing plan expense is the amount of employer contributions. Contributions to the profit sharing plan are determined at the discretion of the Board of Directors. Deferred compensation and supplemental retirement plan expense is allocated over years of service. | ||
Earnings per common share | ' | |
Basic earnings per common share (EPS), which excludes dilution, is computed by dividing income available to common shareholders (net income after deducting dividends on preferred stock and accretion of discount) by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as stock options or warrants, result in the issuance of common stock which shares in the earnings of the Company. All data with respect to computing earnings per share is retroactively adjusted to reflect stock dividends and splits and the treasury stock method is applied to determine the dilutive effect of stock options in computing diluted EPS. | ||
Comprehensive income | ' | |
Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale which are also recognized as separate components of equity. | ||
Loss contingencies | ' | |
Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are such matters that will have a material effect on the financial statements. | ||
Share-based compensation | ' | |
Compensation cost is recognized for stock options and restricted stock awards issued to employees, based on the fair value of these awards at the date of grant. A Black-Scholes-Merton model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. | ||
Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. | ||
The cash flows from the tax benefits resulting from tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) are classified as cash flows from financing activity in the statement of cash flows. Excess tax benefits for the years ended December 31, 2013, 2012, and 2011 were $17,000, $26,000, and $116,000, respectively. | ||
Impact of new financial accounting standards | ' | |
Presentation of Comprehensive Income | ||
In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (“Topic 220”) - Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 13-02”). This ASU requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. ASU 13-02 is effective prospectively for annual and interim periods beginning after December 15, 2012. The Company adopted this standard on January 1, 2013. The adoption of this ASU did not have a material impact on the Company’s financial position, results of operations, or cash flows. |
Acquisition_of_Visalia_Communi1
Acquisition of Visalia Community Bank Acquisition of Visalia Community Bank (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Summary of consideration paid, assets acquired and liabilities assumed | ' | ||||||||
The following table summarizes the consideration paid for Visalia Community Bank and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date (in thousands): | |||||||||
Merger consideration: | |||||||||
Cash | $ | 11,050 | |||||||
Common stock issued | 12,727 | ||||||||
Fair Value of Total Consideration Transferred | $ | 23,777 | |||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||
Cash and cash equivalents | $ | 51,985 | |||||||
Loans, net | 113,467 | ||||||||
Investments | 14,818 | ||||||||
Core deposit intangible | 1,365 | ||||||||
Premises and equipment | 4,263 | ||||||||
Federal Home Loan Bank stock | 698 | ||||||||
Other real estate owned | 263 | ||||||||
Deferred taxes and taxes receivable | 3,179 | ||||||||
Bank owned life insurance | 6,786 | ||||||||
Other assets | 797 | ||||||||
Total assets acquired | 197,621 | ||||||||
Deposits | 174,206 | ||||||||
Other liabilities | 5,978 | ||||||||
Total liabilities assumed | 180,184 | ||||||||
Total identifiable net assets | 17,437 | ||||||||
Goodwill | $ | 6,340 | |||||||
Pro Forma Results of Operations | ' | ||||||||
The following table presents pro forma results of operations information for the periods presented as if the acquisition had occurred on January 1, 2012 after giving effect to certain adjustments. The pro forma results of operations for the years ended December 31, 2013 and 2012 include the historical accounts of the Company and Visalia Community Bank and pro forma adjustments as may be required, including the amortization of intangibles with definite lives and the amortization or accretion of any premiums or discounts arising from fair value adjustments for assets acquired and liabilities assumed. The pro forma information is intended for informational purposes only and is not necessarily indicative of the Company’s future operating results or operating results that would have occurred had the acquisition been completed at the beginning of 2012. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies or asset dispositions. (In thousands, except per share amounts): | |||||||||
For the Years Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Net interest income | $ | 36,773 | 36,964 | ||||||
Provision for credit losses | 298 | 1,534 | |||||||
Non-interest income | 8,576 | 9,394 | |||||||
Non-interest expense | 36,917 | 35,531 | |||||||
Income before provision for income taxes | 8,134 | 9,293 | |||||||
Provision for income taxes | 783 | 1,625 | |||||||
Net income | $ | 7,351 | $ | 7,668 | |||||
Preferred stock dividends and accretion | 350 | 350 | |||||||
Net income available to common shareholders | $ | 7,001 | $ | 7,318 | |||||
Basic earnings per common share | $ | 0.68 | $ | 0.67 | |||||
Diluted earnings per common share | $ | 0.68 | $ | 0.68 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Estimated Fair Value of Financial Instruments | ' | ||||||||||||||||||||
The estimated carrying and fair values of the Company’s financial instruments are as follows (in thousands): | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and due from banks | $ | 25,878 | $ | 25,878 | $ | — | $ | — | $ | 25,878 | |||||||||||
Interest-earning deposits in other banks | 85,956 | 85,956 | — | — | 85,956 | ||||||||||||||||
Federal funds sold | 218 | 218 | — | — | 218 | ||||||||||||||||
Available-for-sale investment securities | 443,224 | 7,514 | 435,710 | — | 443,224 | ||||||||||||||||
Loans, net | 503,149 | — | — | 507,361 | 507,361 | ||||||||||||||||
Federal Home Loan Bank stock | 4,499 | N/A | N/A | N/A | N/A | ||||||||||||||||
Accrued interest receivable | 5,026 | 21 | 2,976 | 2,029 | 5,026 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 1,004,143 | 834,864 | 169,065 | — | 1,003,929 | ||||||||||||||||
Short-term borrowings | — | — | — | — | — | ||||||||||||||||
Junior subordinated deferrable interest debentures | 5,155 | — | — | 2,750 | 2,750 | ||||||||||||||||
Accrued interest payable | 129 | — | 105 | 24 | 129 | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and due from banks | $ | 22,405 | $ | 22,405 | $ | — | $ | — | $ | 22,405 | |||||||||||
Interest-earning deposits in other banks | 30,123 | 30,123 | — | — | 30,123 | ||||||||||||||||
Federal funds sold | 428 | 428 | — | — | 428 | ||||||||||||||||
Available-for-sale investment securities | 393,965 | 7,948 | 386,017 | — | 393,965 | ||||||||||||||||
Loans, net | 385,185 | — | — | 388,834 | 388,834 | ||||||||||||||||
Federal Home Loan Bank stock | 3,850 | N/A | N/A | N/A | N/A | ||||||||||||||||
Accrued interest receivable | 4,267 | 22 | 2,395 | 1,850 | 4,267 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 751,432 | 614,556 | 137,401 | — | 751,957 | ||||||||||||||||
Short-term borrowings | 4,000 | — | 4,016 | — | 4,016 | ||||||||||||||||
Junior subordinated deferrable interest debentures | 5,155 | — | — | 2,990 | 2,990 | ||||||||||||||||
Accrued interest payable | 174 | — | 149 | 25 | 174 | ||||||||||||||||
Fair Value of Assets on a Recurring Basis | ' | ||||||||||||||||||||
The Company is required or permitted to record the following assets at fair value on a recurring basis under other accounting pronouncements (in thousands): | |||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Available-for-sale investment securities | |||||||||||||||||||||
Debt Securities: | |||||||||||||||||||||
U.S. Government agencies | $ | 18,203 | $ | — | $ | 18,203 | $ | — | |||||||||||||
Obligations of states and political subdivisions | 158,407 | — | 158,407 | — | |||||||||||||||||
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | 253,709 | — | 253,709 | — | |||||||||||||||||
Private label residential mortgage backed securities | 5,391 | — | 5,391 | — | |||||||||||||||||
Other equity securities | 7,514 | 7,514 | — | — | |||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 443,224 | $ | 7,514 | $ | 435,710 | $ | — | |||||||||||||
The Company is required or permitted to record the following assets at fair value on a recurring basis under other accounting pronouncements (in thousands): | |||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||
Debt Securities: | |||||||||||||||||||||
U.S. Government agencies | $ | 9,454 | $ | — | $ | 9,454 | $ | — | |||||||||||||
Obligations of states and political subdivisions | 161,678 | — | 161,678 | — | |||||||||||||||||
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | 208,510 | — | 208,510 | — | |||||||||||||||||
Private label residential mortgage backed securities | 6,375 | — | 6,375 | — | |||||||||||||||||
Other equity securities | 7,948 | 7,948 | — | — | |||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | 393,965 | $ | 7,948 | $ | 386,017 | $ | — | |||||||||||||
Fair Value of Assets on a Non-recurring Basis | ' | ||||||||||||||||||||
The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a non-recurring basis. These include the following assets and liabilities that are measured at the lower of cost or fair value that were recognized at fair value which was below cost at December 31, 2012 (in thousands): | |||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Real estate: | |||||||||||||||||||||
Owner occupied | 194 | — | — | 194 | |||||||||||||||||
Real estate-construction and other land loans | 4,863 | — | — | 4,863 | |||||||||||||||||
Total real estate | 5,057 | — | — | 5,057 | |||||||||||||||||
Consumer: | |||||||||||||||||||||
Equity loans and lines of credit | 233 | — | — | 233 | |||||||||||||||||
Total consumer | 233 | — | — | 233 | |||||||||||||||||
Total impaired loans | 5,290 | — | — | 5,290 | |||||||||||||||||
Total assets measured at fair value on a non-recurring basis | $ | 5,290 | $ | — | $ | — | $ | 5,290 | |||||||||||||
The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a non-recurring basis. These include the following assets and liabilities that are measured at the lower of cost or fair value that were recognized at fair value which was below cost at December 31, 2013 (in thousands): | |||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||
Equity loans and lines of credit | $ | 133 | $ | — | $ | — | $ | 133 | |||||||||||||
Total consumer | 133 | — | — | 133 | |||||||||||||||||
Total impaired loans | $ | 133 | $ | — | $ | — | $ | 133 | |||||||||||||
Total assets measured at fair value on a non-recurring basis | $ | 133 | $ | — | $ | — | $ | 133 | |||||||||||||
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Available-for-sale securities reconciliation | ' | |||||||||||||||||||||||
The following two tables set forth the carrying values and estimated fair values of our investment securities portfolio at the dates indicated (in thousands): | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Amortized | Gross Unrealized | Gross Unrealized | Estimated | |||||||||||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
Debt Securities: | ||||||||||||||||||||||||
U.S. Government agencies | $ | 18,172 | $ | 115 | $ | (84 | ) | $ | 18,203 | |||||||||||||||
Obligations of states and political subdivisions | 162,018 | 2,906 | (6,517 | ) | 158,407 | |||||||||||||||||||
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | 254,978 | 1,075 | (2,344 | ) | 253,709 | |||||||||||||||||||
Private label residential mortgage backed securities | 4,344 | 1,047 | — | 5,391 | ||||||||||||||||||||
Other equity securities | 7,596 | 2 | (84 | ) | 7,514 | |||||||||||||||||||
$ | 447,108 | $ | 5,145 | $ | (9,029 | ) | $ | 443,224 | ||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Amortized | Gross Unrealized | Gross Unrealized | Estimated | |||||||||||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
Debt Securities: | ||||||||||||||||||||||||
U.S. Government agencies | $ | 9,443 | $ | 34 | $ | (23 | ) | $ | 9,454 | |||||||||||||||
Obligations of states and political subdivisions | 151,312 | 10,751 | (385 | ) | 161,678 | |||||||||||||||||||
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | 206,465 | 3,152 | (1,107 | ) | 208,510 | |||||||||||||||||||
Private label residential mortgage backed securities | 6,258 | 323 | (206 | ) | 6,375 | |||||||||||||||||||
Other equity securities | 7,596 | 352 | — | 7,948 | ||||||||||||||||||||
` | $ | 381,074 | $ | 14,612 | $ | (1,721 | ) | $ | 393,965 | |||||||||||||||
Securities in a continuous unrealized loss position | ' | |||||||||||||||||||||||
Investment securities with unrealized losses at December 31, 2013 and 2012 are summarized and classified according to the duration of the loss period as follows (in thousands): | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
Debt Securities: | ||||||||||||||||||||||||
U.S. Government agencies | $ | 4,132 | $ | (75 | ) | $ | 968 | $ | (9 | ) | $ | 5,100 | $ | (84 | ) | |||||||||
Obligations of states and political subdivisions | 89,556 | (5,007 | ) | 15,015 | (1,510 | ) | 104,571 | (6,517 | ) | |||||||||||||||
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | 148,853 | (2,070 | ) | 19,199 | (274 | ) | 168,052 | (2,344 | ) | |||||||||||||||
Other equity securities | 7,416 | (84 | ) | — | — | 7,416 | (84 | ) | ||||||||||||||||
$ | 249,957 | $ | (7,236 | ) | $ | 35,182 | $ | (1,793 | ) | $ | 285,139 | $ | (9,029 | ) | ||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
Debt Securities: | ||||||||||||||||||||||||
U.S. Government agencies | $ | 3,590 | $ | (23 | ) | $ | — | $ | — | $ | 3,590 | $ | (23 | ) | ||||||||||
Obligations of states and political subdivisions | $ | 30,572 | $ | (385 | ) | $ | — | $ | — | $ | 30,572 | $ | (385 | ) | ||||||||||
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | 76,764 | (809 | ) | 18,024 | (298 | ) | 94,788 | (1,107 | ) | |||||||||||||||
Private label residential mortgage backed securities | — | — | 2,886 | (206 | ) | 2,886 | (206 | ) | ||||||||||||||||
$ | 110,926 | $ | (1,217 | ) | $ | 20,910 | $ | (504 | ) | $ | 131,836 | $ | (1,721 | ) | ||||||||||
Realized gains and losses | ' | |||||||||||||||||||||||
Proceeds and gross realized gains (losses) on investment securities for the years ended December 31, 2013, 2012, and 2011 are shown below (in thousands): | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
Proceeds from sales or calls | $ | 88,146 | $ | 39,119 | $ | 44,700 | ||||||||||||||||||
Gross realized gains from sales or calls | $ | 2,728 | $ | 2,121 | $ | 1,119 | ||||||||||||||||||
Gross realized losses from sales or calls | $ | (1,463 | ) | $ | (482 | ) | $ | (821 | ) | |||||||||||||||
Credit losses recorded in earnings | ' | |||||||||||||||||||||||
The following table provides a roll forward for the years ended December 31, 2013 and 2012 of investment securities credit losses recorded in earnings (in thousands). The beginning balance represents the credit loss component for which OTTI occurred on debt securities in prior periods. Additions represent the first time a debt security was credit impaired or when subsequent credit impairments have occurred on securities for which OTTI credit losses have been previously recognized. | ||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Beginning balance | $ | 783 | 783 | |||||||||||||||||||||
Amounts related to credit loss for which an OTTI charge was not previously recognized | 17 | — | ||||||||||||||||||||||
Increases to the amount related to credit loss for which OTTI was previously recognized | — | — | ||||||||||||||||||||||
Realized losses for securities sold | — | — | ||||||||||||||||||||||
Ending balance | $ | 800 | $ | 783 | ||||||||||||||||||||
Investments by contractual maturity | ' | |||||||||||||||||||||||
The amortized cost and estimated fair value of investment securities at December 31, 2013 and 2012 by contractual maturity are shown in the two tables below (in thousands). Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||
December 31, 2013 | Amortized | Estimated | ||||||||||||||||||||||
Cost | Fair Value | |||||||||||||||||||||||
Within one year | $ | — | $ | — | ||||||||||||||||||||
After one year through five years | 1,769 | 1,939 | ||||||||||||||||||||||
After five years through ten years | 22,099 | 22,687 | ||||||||||||||||||||||
After ten years | 138,150 | 133,781 | ||||||||||||||||||||||
162,018 | 158,407 | |||||||||||||||||||||||
Investment securities not due at a single maturity date: | ||||||||||||||||||||||||
U.S. Government agencies | 18,172 | 18,203 | ||||||||||||||||||||||
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | 254,978 | 253,709 | ||||||||||||||||||||||
Private label residential mortgage backed securities | 4,344 | 5,391 | ||||||||||||||||||||||
Other equity securities | 7,596 | 7,514 | ||||||||||||||||||||||
$ | 447,108 | $ | 443,224 | |||||||||||||||||||||
December 31, 2012 | Amortized | Estimated | ||||||||||||||||||||||
Cost | Fair Value | |||||||||||||||||||||||
Within one year | $ | 150 | $ | 151 | ||||||||||||||||||||
After one year through five years | 10,355 | 11,250 | ||||||||||||||||||||||
After five years through ten years | 20,256 | 22,176 | ||||||||||||||||||||||
After ten years | 120,551 | 128,101 | ||||||||||||||||||||||
151,312 | 161,678 | |||||||||||||||||||||||
Investment securities not due at a single maturity date: | ||||||||||||||||||||||||
U.S. Government agencies | 9,443 | 9,454 | ||||||||||||||||||||||
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations | 206,465 | 208,510 | ||||||||||||||||||||||
Private label residential mortgage backed securities | 6,258 | 6,375 | ||||||||||||||||||||||
Other equity securities | 7,596 | 7,948 | ||||||||||||||||||||||
Total | $ | 381,074 | $ | 393,965 | ||||||||||||||||||||
Loans_Tables
Loans (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ' | ||||||||||||||
Outstanding loans | ' | ||||||||||||||
Outstanding loans are summarized as follows (in thousands): | |||||||||||||||
Loan Type | December 31, | % of Total | December 31, | % of Total | |||||||||||
2013 | loans | 2012 | loans | ||||||||||||
Commercial: | |||||||||||||||
Commercial and industrial | $ | 87,082 | 17 | % | $ | 77,956 | 19.7 | % | |||||||
Agricultural land and production | 31,649 | 6.1 | % | 26,599 | 6.7 | % | |||||||||
Total commercial | 118,731 | 23.1 | % | 104,555 | 26.4 | % | |||||||||
Real estate: | |||||||||||||||
Owner occupied | 156,781 | 30.6 | % | 114,444 | 28.9 | % | |||||||||
Real estate construction and other land loans | 42,329 | 8.3 | % | 33,199 | 8.4 | % | |||||||||
Commercial real estate | 86,117 | 16.8 | % | 53,797 | 13.6 | % | |||||||||
Agricultural real estate | 44,164 | 8.6 | % | 28,400 | 7.2 | % | |||||||||
Other real estate | 4,548 | 0.9 | % | 8,098 | 2 | % | |||||||||
Total real estate | 333,939 | 65.2 | % | 237,938 | 60.1 | % | |||||||||
Consumer: | |||||||||||||||
Equity loans and lines of credit | 48,594 | 9.5 | % | 42,932 | 10.9 | % | |||||||||
Consumer and installment | 11,252 | 2.2 | % | 10,346 | 2.6 | % | |||||||||
Total consumer | 59,846 | 11.7 | % | 53,278 | 13.5 | % | |||||||||
Deferred loan fees, net | (159 | ) | (453 | ) | |||||||||||
Total gross loans | 512,357 | 100 | % | 395,318 | 100 | % | |||||||||
Allowance for credit losses | (9,208 | ) | (10,133 | ) | |||||||||||
Total loans | $ | 503,149 | $ | 385,185 | |||||||||||
Allowance_for_Credit_Losses_Ta
Allowance for Credit Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Allowance for credit losses | ' | ||||||||||||||||||||||||||||||||
Changes in the allowance for credit losses were as follows (in thousands): | |||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 10,133 | $ | 11,396 | $ | 11,014 | |||||||||||||||||||||||||||
Provision charged to operations | — | 700 | 1,050 | ||||||||||||||||||||||||||||||
Losses charged to allowance | (1,446 | ) | (2,850 | ) | (1,532 | ) | |||||||||||||||||||||||||||
Recoveries | 521 | 887 | 864 | ||||||||||||||||||||||||||||||
Balance, end of year | $ | 9,208 | $ | 10,133 | $ | 11,396 | |||||||||||||||||||||||||||
The following table shows the summary of activities for the allowance for credit losses as of and for the years ended December 31, 2013 and 2012 by portfolio segment (in thousands): | |||||||||||||||||||||||||||||||||
Commercial | Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2013 | $ | 2,676 | $ | 5,877 | $ | 1,541 | $ | 39 | $ | 10,133 | |||||||||||||||||||||||
Provision charged to operations | 166 | (434 | ) | (115 | ) | 383 | — | ||||||||||||||||||||||||||
Losses charged to allowance | (713 | ) | (285 | ) | (448 | ) | — | (1,446 | ) | ||||||||||||||||||||||||
Recoveries | 315 | 16 | 190 | — | 521 | ||||||||||||||||||||||||||||
Ending balance, December 31, 2013 | $ | 2,444 | $ | 5,174 | $ | 1,168 | $ | 422 | $ | 9,208 | |||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2012 | $ | 2,266 | $ | 7,155 | $ | 1,836 | $ | 139 | $ | 11,396 | |||||||||||||||||||||||
Provision charged to operations | 18 | 643 | 139 | (100 | ) | 700 | |||||||||||||||||||||||||||
Losses charged to allowance | (123 | ) | (1,966 | ) | (761 | ) | — | (2,850 | ) | ||||||||||||||||||||||||
Recoveries | 515 | 45 | 327 | — | 887 | ||||||||||||||||||||||||||||
Ending balance, December 31, 2012 | $ | 2,676 | $ | 5,877 | $ | 1,541 | $ | 39 | $ | 10,133 | |||||||||||||||||||||||
The following is a summary of the allowance for credit losses by impairment methodology and portfolio segment as of December 31, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||||||||||||||
Commercial | Real Estate | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||
Ending balance, December 31, 2013 | $ | 2,444 | $ | 5,174 | $ | 1,168 | $ | 422 | $ | 9,208 | |||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 469 | $ | 465 | $ | 73 | $ | — | $ | 1,007 | |||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 1,975 | $ | 4,709 | $ | 1,095 | $ | 422 | $ | 8,201 | |||||||||||||||||||||||
Ending balance, December 31, 2012 | $ | 2,676 | $ | 5,877 | $ | 1,541 | $ | 39 | $ | 10,133 | |||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 40 | $ | 465 | $ | 5 | $ | — | $ | 510 | |||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 2,636 | $ | 5,412 | $ | 1,536 | $ | 39 | $ | 9,623 | |||||||||||||||||||||||
Loans by impairment methdology | ' | ||||||||||||||||||||||||||||||||
The following table shows the ending balances of loans as of December 31, 2013 and December 31, 2012 by portfolio segment and by impairment methodology (in thousands): | |||||||||||||||||||||||||||||||||
Commercial | Real Estate | Consumer | Total | ||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Ending balance, December 31, 2013 | $ | 118,731 | $ | 333,939 | $ | 59,846 | $ | 512,516 | |||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 1,527 | $ | 9,540 | $ | 2,290 | $ | 13,357 | |||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 117,204 | $ | 324,399 | $ | 57,556 | $ | 499,159 | |||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Ending balance, December 31, 2012 | $ | 104,555 | $ | 237,938 | $ | 53,278 | $ | 395,771 | |||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 2,405 | $ | 12,868 | $ | 1,832 | $ | 17,105 | |||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 102,150 | $ | 225,070 | $ | 51,446 | $ | 378,666 | |||||||||||||||||||||||||
Loan portfolio by internal risk rating | ' | ||||||||||||||||||||||||||||||||
The following table shows the loan portfolio by class allocated by management’s internal risk ratings at December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 81,732 | $ | 2,244 | $ | 3,106 | $ | — | $ | 87,082 | |||||||||||||||||||||||
Agricultural land and production | 31,649 | — | — | — | 31,649 | ||||||||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 144,082 | 5,229 | 7,470 | — | 156,781 | ||||||||||||||||||||||||||||
Real estate construction and other land loans | 31,776 | 3,959 | 6,594 | — | 42,329 | ||||||||||||||||||||||||||||
Commercial real estate | 77,589 | 3,718 | 4,810 | — | 86,117 | ||||||||||||||||||||||||||||
Agricultural real estate | 42,151 | 2,013 | — | — | 44,164 | ||||||||||||||||||||||||||||
Other real estate | 4,548 | — | — | — | 4,548 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Equity loans and lines of credit | 41,999 | 2,400 | 4,195 | — | 48,594 | ||||||||||||||||||||||||||||
Consumer and installment | 10,946 | 46 | 260 | — | 11,252 | ||||||||||||||||||||||||||||
Total | $ | 466,472 | $ | 19,609 | $ | 26,435 | $ | — | $ | 512,516 | |||||||||||||||||||||||
The following table shows the loan portfolio by class allocated by management’s internally assigned risk grade ratings at December 31, 2012 (in thousands): | |||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 71,125 | $ | 824 | $ | 6,007 | $ | — | $ | 77,956 | |||||||||||||||||||||||
Agricultural land and production | 26,599 | — | — | — | 26,599 | ||||||||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 107,281 | 1,831 | 5,332 | — | 114,444 | ||||||||||||||||||||||||||||
Real estate construction and other land loans | 18,517 | 3,377 | 11,305 | — | 33,199 | ||||||||||||||||||||||||||||
Commercial real estate | 44,880 | 3,952 | 4,965 | — | 53,797 | ||||||||||||||||||||||||||||
Agricultural real estate | 26,883 | 1,517 | — | — | 28,400 | ||||||||||||||||||||||||||||
Other real estate | 8,098 | — | — | — | 8,098 | ||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Equity loans and lines of credit | 40,527 | 258 | 2,147 | — | 42,932 | ||||||||||||||||||||||||||||
Consumer and installment | 10,259 | 77 | 10 | — | 10,346 | ||||||||||||||||||||||||||||
Total | $ | 354,169 | $ | 11,836 | $ | 29,766 | $ | — | $ | 395,771 | |||||||||||||||||||||||
Loan portfolio by time past due | ' | ||||||||||||||||||||||||||||||||
The following table shows an aging analysis of the loan portfolio by class and the time past due at December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
30-59 Days | 60-89 | Greater | Total Past | Current | Total | Recorded | Non-accrual | ||||||||||||||||||||||||||
Past Due | Days Past | Than | Due | Loans | Investment | ||||||||||||||||||||||||||||
Due | 90 Days | > 90 Days | |||||||||||||||||||||||||||||||
Past Due | Accruing | ||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 274 | $ | 236 | $ | — | $ | 510 | $ | 86,572 | $ | 87,082 | $ | — | $ | 1,527 | |||||||||||||||||
Agricultural land and production | — | — | — | — | 31,649 | 31,649 | — | — | |||||||||||||||||||||||||
Real estate: | — | — | — | ||||||||||||||||||||||||||||||
Owner occupied | 1,272 | 134 | 418 | 1,824 | 154,957 | 156,781 | — | 2,161 | |||||||||||||||||||||||||
Real estate construction and other land loans | — | — | — | — | 42,329 | 42,329 | — | 1,450 | |||||||||||||||||||||||||
Commercial real estate | — | — | — | — | 86,117 | 86,117 | — | 158 | |||||||||||||||||||||||||
Agricultural real estate | — | — | — | — | 44,164 | 44,164 | — | — | |||||||||||||||||||||||||
Other real estate | — | — | — | — | 4,548 | 4,548 | — | — | |||||||||||||||||||||||||
Consumer: | — | — | |||||||||||||||||||||||||||||||
Equity loans and lines of credit | 10 | 147 | 252 | 409 | 48,185 | 48,594 | — | 2,286 | |||||||||||||||||||||||||
Consumer and installment | 86 | — | — | 86 | 11,166 | 11,252 | — | 4 | |||||||||||||||||||||||||
Total | $ | 1,642 | $ | 517 | $ | 670 | $ | 2,829 | $ | 509,687 | $ | 512,516 | $ | — | $ | 7,586 | |||||||||||||||||
The following table shows an aging analysis of the loan portfolio by class and the time past due at December 31, 2012 (in thousands): | |||||||||||||||||||||||||||||||||
30-59 Days | 60-89 | Greater | Total Past | Current | Total | Recorded | Non- | ||||||||||||||||||||||||||
Past Due | Days Past | Than | Due | Loans | Investment | accrual | |||||||||||||||||||||||||||
Due | 90 Days | > 90 Days | |||||||||||||||||||||||||||||||
Past Due | Accruing | ||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | — | $ | — | $ | — | $ | — | $ | 77,956 | $ | 77,956 | $ | — | $ | — | |||||||||||||||||
Agricultural land and production | — | — | — | — | 26,599 | 26,599 | — | — | |||||||||||||||||||||||||
Real estate: | — | — | |||||||||||||||||||||||||||||||
Owner occupied | — | 213 | — | 213 | 114,231 | 114,444 | — | 1,575 | |||||||||||||||||||||||||
Real estate construction and other land loans | — | — | — | — | 33,199 | 33,199 | — | 6,288 | |||||||||||||||||||||||||
Commercial real estate | — | — | — | — | 53,797 | 53,797 | — | — | |||||||||||||||||||||||||
Agricultural real estate | — | — | — | — | 28,400 | 28,400 | — | — | |||||||||||||||||||||||||
Other real estate | — | — | — | — | 8,098 | 8,098 | — | — | |||||||||||||||||||||||||
Consumer: | — | ||||||||||||||||||||||||||||||||
Equity loans and lines of credit | — | — | — | — | 42,932 | 42,932 | — | 1,832 | |||||||||||||||||||||||||
Consumer and installment | 27 | — | — | 27 | 10,319 | 10,346 | — | — | |||||||||||||||||||||||||
Total | $ | 27 | $ | 213 | $ | — | $ | 240 | $ | 395,531 | $ | 395,771 | $ | — | $ | 9,695 | |||||||||||||||||
Impaired loans | ' | ||||||||||||||||||||||||||||||||
The following table shows information related to impaired loans by class at December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | |||||||||||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 350 | $ | 385 | $ | — | |||||||||||||||||||||||||||
Agricultural land and production | — | — | — | ||||||||||||||||||||||||||||||
Total commercial | 350 | 385 | — | ||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 3,160 | 4,159 | — | ||||||||||||||||||||||||||||||
Real estate construction and other land loans | 1,449 | 2,136 | — | ||||||||||||||||||||||||||||||
Commercial real estate | 502 | 891 | — | ||||||||||||||||||||||||||||||
Agricultural real estate | — | — | — | ||||||||||||||||||||||||||||||
Other real estate | — | — | — | ||||||||||||||||||||||||||||||
Total real estate | 5,111 | 7,186 | — | ||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Equity loans and lines of credit | 2,029 | 2,826 | — | ||||||||||||||||||||||||||||||
Consumer and installment | 4 | 5 | — | ||||||||||||||||||||||||||||||
Total consumer | 2,033 | 2,831 | — | ||||||||||||||||||||||||||||||
Total with no related allowance recorded | 7,494 | 10,402 | — | ||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial and industrial | 1,177 | 1,222 | 469 | ||||||||||||||||||||||||||||||
Agricultural land and production | — | — | — | ||||||||||||||||||||||||||||||
Total commercial | 1,177 | 1,222 | 469 | ||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 385 | 425 | 3 | ||||||||||||||||||||||||||||||
Real estate construction and other land loans | 4,044 | 4,044 | 462 | ||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | ||||||||||||||||||||||||||||||
Agricultural real estate | — | — | — | ||||||||||||||||||||||||||||||
Other real estate | — | — | — | ||||||||||||||||||||||||||||||
Total real estate | 4,429 | 4,469 | 465 | ||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Equity loans and lines of credit | 257 | 264 | 73 | ||||||||||||||||||||||||||||||
Consumer and installment | — | — | — | ||||||||||||||||||||||||||||||
Total consumer | 257 | 264 | 73 | ||||||||||||||||||||||||||||||
Total with an allowance recorded | 5,863 | 5,955 | 1,007 | ||||||||||||||||||||||||||||||
Total | $ | 13,357 | $ | 16,357 | $ | 1,007 | |||||||||||||||||||||||||||
The recorded investment in loans excludes accrued interest receivable and net loan origination fees, due to immateriality. | |||||||||||||||||||||||||||||||||
The following table shows information related to impaired loans by class at December 31, 2012 (in thousands): | |||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | |||||||||||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Agricultural land and production | — | — | — | ||||||||||||||||||||||||||||||
Total commercial | — | — | — | ||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | — | — | — | ||||||||||||||||||||||||||||||
Real estate construction and other land loans | 1,352 | 1,888 | — | ||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | ||||||||||||||||||||||||||||||
Agricultural real estate | — | — | — | ||||||||||||||||||||||||||||||
Other real estate | — | — | — | ||||||||||||||||||||||||||||||
Total real estate | 1,352 | 1,888 | — | ||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Equity loans and lines of credit | 1,523 | 1,834 | — | ||||||||||||||||||||||||||||||
Consumer and installment | — | — | — | ||||||||||||||||||||||||||||||
Total consumer | 1,523 | 1,834 | — | ||||||||||||||||||||||||||||||
Total with no related allowance recorded | 2,875 | 3,722 | — | ||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial and industrial | 2,405 | 2,405 | 40 | ||||||||||||||||||||||||||||||
Agricultural land and production | — | — | — | ||||||||||||||||||||||||||||||
Total commercial | 2,405 | 2,405 | 40 | ||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 1,575 | 1,733 | 165 | ||||||||||||||||||||||||||||||
Real estate construction and other land loans | 9,941 | 10,875 | 300 | ||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | ||||||||||||||||||||||||||||||
Agricultural real estate | — | — | — | ||||||||||||||||||||||||||||||
Other real estate | — | — | — | ||||||||||||||||||||||||||||||
Total real estate | 11,516 | 12,608 | 465 | ||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Equity loans and lines of credit | 309 | 323 | 5 | ||||||||||||||||||||||||||||||
Consumer and installment | — | — | — | ||||||||||||||||||||||||||||||
Total consumer | 309 | 323 | 5 | ||||||||||||||||||||||||||||||
Total with an allowance recorded | 14,230 | 15,336 | 510 | ||||||||||||||||||||||||||||||
Total | $ | 17,105 | $ | 19,058 | $ | 510 | |||||||||||||||||||||||||||
The recorded investment in loans excludes accrued interest receivable and net loan origination fees, due to immateriality. | |||||||||||||||||||||||||||||||||
The following presents by class, information related to the average recorded investment and interest income recognized on impaired loans for the years ended December 31, 2013, 2012, and 2011 (in thousands): | |||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | 31-Dec-11 | |||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 329 | $ | — | $ | 952 | $ | — | $ | 544 | $ | — | |||||||||||||||||||||
Agricultural land and production | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total commercial | 329 | — | 952 | — | 544 | — | |||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 2,321 | — | 1,053 | — | 1,100 | — | |||||||||||||||||||||||||||
Real estate construction and other land loans | 2,342 | — | 4,933 | — | 1,690 | — | |||||||||||||||||||||||||||
Commercial real estate | 279 | — | 301 | — | 1,591 | — | |||||||||||||||||||||||||||
Agricultural real estate | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other real estate | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total real estate | 4,942 | — | 6,287 | — | 4,381 | — | |||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Equity loans and lines of credit | 1,998 | — | 1,561 | — | 357 | — | |||||||||||||||||||||||||||
Consumer and installment | 9 | — | 6 | — | — | — | |||||||||||||||||||||||||||
Total consumer | 2,007 | — | 1,567 | — | 357 | — | |||||||||||||||||||||||||||
Total with no related allowance recorded | 7,278 | — | 8,806 | — | 5,282 | — | |||||||||||||||||||||||||||
— | |||||||||||||||||||||||||||||||||
With an allowance recorded: | — | ||||||||||||||||||||||||||||||||
Commercial: | 1,624,000 | 178,000 | 721,000 | — | 721,000 | — | |||||||||||||||||||||||||||
Commercial and industrial | 1,309 | 111 | 1,581 | 226 | 505 | 181 | |||||||||||||||||||||||||||
Agricultural land and production | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total commercial | 1,309 | 111 | 1,581 | 226 | 505 | 181 | |||||||||||||||||||||||||||
Real estate: | — | — | — | ||||||||||||||||||||||||||||||
Owner occupied | 997 | 86 | 633 | — | 1,193 | — | |||||||||||||||||||||||||||
Real estate construction and other land loans | 4,295 | 329 | 6,490 | 375 | 6,544 | 230 | |||||||||||||||||||||||||||
Commercial real estate | — | 47 | 145 | — | 849 | — | |||||||||||||||||||||||||||
Agricultural real estate | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other real estate | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total real estate | 5,292 | 462 | 7,268 | 375 | 8,586 | 230 | |||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||
Equity loans and lines of credit | 489 | — | 600 | — | 1,640 | — | |||||||||||||||||||||||||||
Consumer and installment | — | — | 37 | — | 101 | — | |||||||||||||||||||||||||||
Total consumer | 489 | — | 637 | — | 1,741 | — | |||||||||||||||||||||||||||
Total with an allowance recorded | 7,090 | 573 | 9,486 | 601 | 10,832 | 411 | |||||||||||||||||||||||||||
Total | $ | 14,368 | $ | 573 | $ | 18,292 | $ | 601 | $ | 16,114 | $ | 411 | |||||||||||||||||||||
Troubled Debt Restructurings | ' | ||||||||||||||||||||||||||||||||
The following table presents loans by class modified as troubled debt restructurings that occurred during the year ended December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | Number of Loans | Pre-Modification Outstanding Recorded Investment (1) | Principal Modification | Post Modification Outstanding Recorded Investment (2) | Outstanding Recorded Investment | ||||||||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||||||
Real Estate - Commercial | 1 | $ | 620 | $ | — | $ | 620 | $ | 344 | ||||||||||||||||||||||||
-1 | Amounts represent the recorded investment in loans before recognizing effects of the TDR, if any. | ||||||||||||||||||||||||||||||||
-2 | Balance outstanding after principal modification, if any borrower reduction to recorded investment. | ||||||||||||||||||||||||||||||||
The following table presents loans by class modified as troubled debt restructurings that occurred during the year ended December 31, 2012 (in thousands): | |||||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | Number of Loans | Pre-Modification Outstanding Recorded Investment (1) | Principal Modification | Post Modification Outstanding Recorded Investment (2) | Outstanding Recorded Investment | ||||||||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||||||
Owner occupied | 1 | 425 | — | 425 | 415 | ||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||
Equity loans and line of credit | 1 | 75 | — | 75 | 72 | ||||||||||||||||||||||||||||
Total | 2 | $ | 500 | $ | — | $ | 500 | $ | 487 | ||||||||||||||||||||||||
-1 | Amounts represent the recorded investment in loans before recognizing effects of the TDR, if any. | ||||||||||||||||||||||||||||||||
-2 | Balance outstanding after principal modification, if any borrower reduction to recorded investment. |
Bank_Premises_and_Equipment_Ta
Bank Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Schedule of bank premises and equipment | ' | ||||||||
Bank premises and equipment consisted of the following (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Land | $ | 1,131 | $ | 838 | |||||
Buildings and improvements | 6,982 | 3,362 | |||||||
Furniture, fixtures and equipment | 8,875 | 8,351 | |||||||
Leasehold improvements | 4,091 | 3,804 | |||||||
21,079 | 16,355 | ||||||||
Less accumulated depreciation and amortization | (10,538 | ) | (10,103 | ) | |||||
$ | 10,541 | $ | 6,252 | ||||||
Other_Real_Estate_Owned_Tables
Other Real Estate Owned (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Real Estate [Abstract] | ' | ||||||||
Change in other real estate owned (OREO) balances | ' | ||||||||
The table below provides a summary of the change in other real estate owned (OREO) balances for the years ended December 31, 2013 and 2012 (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Balance, beginning of year | $ | — | $ | — | |||||
Additions | 453 | 2,337 | |||||||
Dispositions | (263 | ) | (2,349 | ) | |||||
Write-downs | — | — | |||||||
Net gain on disposition | — | 12 | |||||||
Balance, end of year | $ | 190 | $ | — | |||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||
The change in goodwill during the years ended December 31, 2013, 2012, and 2011 (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Beginning of year | $ | 23,577 | $ | 23,577 | $ | 23,577 | ||||||
Acquired goodwill | 6,340 | — | — | |||||||||
Impairment | — | — | — | |||||||||
End of year | $ | 29,917 | $ | 23,577 | $ | 23,577 | ||||||
Schedule of Expected Amortization Expense [Table Text Block] | ' | |||||||||||
The following table summarizes the Company's estimated core deposit intangible amortization expense for each of the next five years (in thousands): | ||||||||||||
Years Ending December 31, | Estimated Core Deposit Intangible Amortization | |||||||||||
2014 | $ | 337 | ||||||||||
2015 | 320 | |||||||||||
2016 | 137 | |||||||||||
2017 | 137 | |||||||||||
2018 | 137 | |||||||||||
Thereafter | 612 | |||||||||||
Total | $ | 1,680 | ||||||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||
Components of interest-bearing deposits | ' | ||||||||||||
Interest-bearing deposits consisted of the following (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Savings | $ | 61,918 | $ | 39,573 | |||||||||
Money market | 234,515 | 173,486 | |||||||||||
NOW accounts | 182,364 | 161,328 | |||||||||||
Time, $100,000 or more | 116,016 | 91,880 | |||||||||||
Time, under $100,000 | 52,938 | 44,996 | |||||||||||
$ | 647,751 | $ | 511,263 | ||||||||||
Aggregate annual maturities of time deposits | ' | ||||||||||||
Aggregate annual maturities of time deposits are as follows (in thousands): | |||||||||||||
Years Ending December 31, | |||||||||||||
2014 | $ | 135,118 | |||||||||||
2015 | 16,461 | ||||||||||||
2016 | 2,639 | ||||||||||||
2017 | 10,335 | ||||||||||||
2018 | 4,401 | ||||||||||||
Thereafter | — | ||||||||||||
$ | 168,954 | ||||||||||||
Components of interest expense recognized on interest-bearing deposits | ' | ||||||||||||
Interest expense recognized on interest-bearing deposits consisted of the following (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Savings | $ | 40 | $ | 32 | $ | 47 | |||||||
Money market | 229 | 392 | 692 | ||||||||||
NOW accounts | 251 | 270 | 321 | ||||||||||
Time certificates of deposit | 750 | 936 | 1,602 | ||||||||||
$ | 1,270 | $ | 1,630 | $ | 2,662 | ||||||||
Borrowing_Arrangements_Tables
Borrowing Arrangements (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||
Federal Home Loan Bank Advances | ' | ||||||||||
Federal Home Loan Bank Advances - Advances from the Federal Home Loan Bank (FHLB) of San Francisco consisted of the following (dollars in thousands): | |||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||
Amount | Amount | Rate | Maturity Date | ||||||||
$ | — | $ | 4,000 | 3.59% | February 12, 2013 | ||||||
— | 4,000 | ||||||||||
— | 4,000 | Less short-term portion | |||||||||
$ | — | $ | — | Long-term debt | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components of income tax expense | ' | ||||||||||||
The provision for (benefit from) income taxes for the years ended December 31, 2013, 2012, and 2011 consisted of the following (in thousands): | |||||||||||||
Federal | State | Total | |||||||||||
2013 | |||||||||||||
Current | $ | 2,217 | $ | (445 | ) | $ | 1,772 | ||||||
Deferred | (645 | ) | 220 | (425 | ) | ||||||||
Provision for income taxes | $ | 1,572 | $ | (225 | ) | $ | 1,347 | ||||||
2012 | |||||||||||||
Current | $ | 1,196 | $ | 49 | $ | 1,245 | |||||||
Deferred | 249 | 191 | 440 | ||||||||||
Provision for income taxes | $ | 1,445 | $ | 240 | $ | 1,685 | |||||||
2011 | |||||||||||||
Current | $ | 686 | $ | (95 | ) | $ | 591 | ||||||
Deferred | 893 | 377 | 1,270 | ||||||||||
Benefit from income taxes | $ | 1,579 | $ | 282 | $ | 1,861 | |||||||
Components of deferred tax assets and liabilities | ' | ||||||||||||
Deferred tax assets (liabilities) consisted of the following (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for credit losses | $ | 3,492 | $ | 4,170 | |||||||||
Deferred compensation | 5,102 | 3,832 | |||||||||||
Unrealized loss on available-for-sale investment securities | 1,598 | — | |||||||||||
Net operating loss carryover from acquisition | 206 | 521 | |||||||||||
Bank premises and equipment | 264 | 862 | |||||||||||
Mark to market adjustment | 154 | 184 | |||||||||||
Other deferred taxes | 594 | 253 | |||||||||||
Other than temporary impairment | 289 | 282 | |||||||||||
Loan and investment impairment | 1,914 | 352 | |||||||||||
State Enterprise Zone credit carry-forward | 981 | 783 | |||||||||||
State capital loss carry-forward | 108 | 110 | |||||||||||
Alternative minimum tax credit | 2,238 | 1,025 | |||||||||||
State taxes | 32 | 20 | |||||||||||
Other | 7 | 7 | |||||||||||
Partnership income | 70 | 77 | |||||||||||
Total deferred tax assets | 17,049 | 12,478 | |||||||||||
Valuation allowance | (108 | ) | (110 | ) | |||||||||
Net deferred tax asset after valuation allowance | 16,941 | 12,368 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Finance leases | (1,963 | ) | (2,548 | ) | |||||||||
Unrealized gain on available-for-sale investment securities | — | (5,305 | ) | ||||||||||
Core deposit intangible | (692 | ) | (240 | ) | |||||||||
FHLB stock | (319 | ) | (241 | ) | |||||||||
Loan origination costs | (406 | ) | (256 | ) | |||||||||
Total deferred tax liabilities | (3,380 | ) | (8,590 | ) | |||||||||
Net deferred tax assets | $ | 13,561 | $ | 3,778 | |||||||||
Reconciliation of effective tax rate | ' | ||||||||||||
The significant items comprising these differences for the years ended December 31, 2013, 2012, and 2011 consisted of the following: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal income tax, at statutory rate | 34 | % | 34 | % | 34 | % | |||||||
State taxes, net of Federal tax benefit | 0.4 | % | 2.8 | % | 3.6 | % | |||||||
Tax exempt investment security income, net | (20.5 | )% | (16.7 | )% | (14.0 | )% | |||||||
Bank owned life insurance, net | (1.8 | )% | (1.4 | )% | (1.6 | )% | |||||||
Solar credits | (1.4 | )% | (1.4 | )% | (1.6 | )% | |||||||
Change in uncertain tax positions | (1.4 | )% | 0.5 | % | 0.5 | % | |||||||
Change in prior year estimates | 1.4 | % | — | % | — | % | |||||||
Other | 3.4 | % | 0.5 | % | 1.4 | % | |||||||
Effective tax rate | 14.1 | % | 18.3 | % | 22.3 | % | |||||||
Rollforward of unrecognized tax benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | |||||||||||||
Balance at January 1, 2013 | $ | 316 | |||||||||||
Additions based on tax positions related to the current year | 55 | ||||||||||||
Reductions for tax positions of prior years | (191 | ) | |||||||||||
Balance at December 31, 2013 | $ | 180 | |||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases [Abstract] | ' | ||||||||
Future minimum lease payments on noncancelable operating leases | ' | ||||||||
Future minimum lease payments on noncancelable operating leases are as follows (in thousands): | |||||||||
Years Ending December 31, | |||||||||
2014 | $ | 2,267 | |||||||
2015 | 2,191 | ||||||||
2016 | 1,639 | ||||||||
2017 | 1,240 | ||||||||
2018 | 1,227 | ||||||||
Thereafter | 3,138 | ||||||||
$ | 11,702 | ||||||||
Off-balance-sheet credit risk | ' | ||||||||
The following financial instruments represent off-balance-sheet credit risk (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Commitments to extend credit | $ | 191,072 | $ | 162,261 | |||||
Standby letters of credit | $ | 1,595 | $ | 590 | |||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Equity [Abstract] | ' | ||||||||||||||
Schedule of compliance with regulatory capital requirements | ' | ||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | |||||||||||
Tier 1 Leverage Ratio | |||||||||||||||
Central Valley Community Bancorp and Subsidiary | $ | 88,320 | 8.14 | % | $ | 90,866 | 10.56 | % | |||||||
Minimum regulatory requirement | $ | 43,394 | 4 | % | $ | 34,418 | 4 | % | |||||||
Central Valley Community Bank | $ | 87,674 | 8.09 | % | $ | 87,911 | 10.22 | % | |||||||
Minimum requirement for “Well-Capitalized” institution | $ | 54,218 | 5 | % | $ | 42,994 | 5 | % | |||||||
Minimum regulatory requirement | $ | 43,375 | 4 | % | $ | 34,395 | 4 | % | |||||||
Tier 1 Risk-Based Capital Ratio | |||||||||||||||
Central Valley Community Bancorp and Subsidiary | $ | 88,320 | 13.88 | % | $ | 90,866 | 18.24 | % | |||||||
Minimum regulatory requirement | $ | 25,454 | 4 | % | $ | 19,926 | 4 | % | |||||||
Central Valley Community Bank | $ | 87,674 | 13.79 | % | $ | 87,911 | 17.67 | % | |||||||
Minimum requirement for “Well-Capitalized” institution | $ | 38,151 | 6 | % | $ | 29,848 | 6 | % | |||||||
Minimum regulatory requirement | $ | 25,434 | 4 | % | $ | 19,899 | 4 | % | |||||||
Total Risk-Based Capital Ratio | |||||||||||||||
Central Valley Community Bancorp and Subsidiary | $ | 96,292 | 15.13 | % | $ | 97,299 | 19.53 | % | |||||||
Minimum regulatory requirement | $ | 50,908 | 8 | % | $ | 39,853 | 8 | % | |||||||
Central Valley Community Bank | $ | 95,639 | 15.04 | % | $ | 94,336 | 18.96 | % | |||||||
Minimum requirement for “Well-Capitalized” institution | $ | 63,585 | 10 | % | $ | 49,747 | 10 | % | |||||||
Minimum regulatory requirement | $ | 50,868 | 8 | % | $ | 39,798 | 8 | % | |||||||
Schedule of computation of basic and diluted earnings per common share | ' | ||||||||||||||
A reconciliation of the numerators and denominators of the basic and diluted earnings per common share computations is as follows (in thousands, except share and per share amounts): | |||||||||||||||
For the Years Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Basic Earnings Per Common Share: | |||||||||||||||
Net income | $ | 8,250 | $ | 7,520 | $ | 6,477 | |||||||||
Less: Preferred stock dividends and accretion | (350 | ) | (350 | ) | (486 | ) | |||||||||
Income available to common shareholders | $ | 7,900 | $ | 7,170 | $ | 5,991 | |||||||||
Weighted average shares outstanding | 10,245,448 | 9,587,784 | 9,522,066 | ||||||||||||
Net income per common share | $ | 0.77 | $ | 0.75 | $ | 0.63 | |||||||||
Diluted Earnings Per Common Share: | |||||||||||||||
Net income | $ | 8,250 | $ | 7,520 | $ | 6,477 | |||||||||
Less: Preferred stock dividends and accretion | (350 | ) | (350 | ) | (486 | ) | |||||||||
Income available to common shareholders | $ | 7,900 | $ | 7,170 | $ | 5,991 | |||||||||
Weighted average shares outstanding | 10,245,448 | 9,587,784 | 9,522,066 | ||||||||||||
Effect of dilutive stock options and warrants | 62,592 | 28,629 | 16,596 | ||||||||||||
Weighted average shares of common stock and common stock equivalents | 10,308,040 | 9,616,413 | 9,538,662 | ||||||||||||
Net income per diluted common share | $ | 0.77 | $ | 0.75 | $ | 0.63 | |||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Fair value assumptions | ' | |||||||||||||
The fair value of each option is estimated on the date of grant using the following assumptions: | ||||||||||||||
2012 | ||||||||||||||
Dividend yield | 0.00% | |||||||||||||
Expected volatility | 42% | |||||||||||||
Risk-free interest rate | 0.71% | |||||||||||||
Expected option term | 6.5 years | |||||||||||||
Stock option activity | ' | |||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic Value | ||||||||||||
Exercise | Remaining | |||||||||||||
Price | Contractual | |||||||||||||
Term (Years) | ||||||||||||||
Options outstanding at January 1, 2013 | 499,289 | $ | 8.78 | |||||||||||
Options exercised | (93,329 | ) | $ | 8.45 | ||||||||||
Options forfeited | (25,530 | ) | $ | 9.15 | ||||||||||
Options outstanding at December 31, 2013 | 380,430 | $ | 8.83 | 4.71 | $ | 1,176 | ||||||||
Options vested or expected to vest at December 31, 2013 | 375,055 | $ | 8.85 | 4.66 | $ | 2,928 | ||||||||
Options exercisable at December 31, 2013 | 278,890 | $ | 9.38 | 3.49 | $ | 776 | ||||||||
Information related to the stock option plan during each year follows (in thousands, except per share amounts): | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Weighted-average per share grant-date fair value of options granted | $ | — | $ | 3.4 | $ | — | ||||||||
Intrinsic value of options exercised | $ | 82 | $ | 93 | $ | 417 | ||||||||
Cash received from options exercised | $ | 789 | $ | 385 | $ | 680 | ||||||||
Excess tax benefit realized for option exercises | $ | 17 | $ | 26 | $ | 116 | ||||||||
Loans_To_Related_Parties_Table
Loans To Related Parties (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Related Party Transactions [Abstract] | ' | |||
Summary of aggregate activity involving related party borrowers | ' | |||
The following is a summary of the aggregate activity involving related party borrowers (in thousands): | ||||
Balance, January 1, 2013 | $ | 716 | ||
Disbursements | 162 | |||
Amounts repaid | (71 | ) | ||
Balance, December 31, 2013 | $ | 807 | ||
Undisbursed commitments to related parties, December 31, 2013 | $ | 1,426 | ||
Parent_Only_Condensed_Financia1
Parent Only Condensed Financial Statements (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Condensed Balance Sheets | ' | |||||||||||
CONDENSED BALANCE SHEETS | ||||||||||||
December 31, 2013 and 2012 | ||||||||||||
(In thousands) | ||||||||||||
2013 | 2012 | |||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents | $ | 385 | $ | 2,807 | ||||||||
Investment in Bank subsidiary | 124,378 | 119,812 | ||||||||||
Other assets | 523 | 576 | ||||||||||
Total assets | $ | 125,286 | $ | 123,195 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Junior subordinated debentures due to subsidiary grantor trust | $ | 5,155 | $ | 5,155 | ||||||||
Other liabilities | 88 | 375 | ||||||||||
Total liabilities | 5,243 | 5,530 | ||||||||||
Shareholders’ equity: | ||||||||||||
Preferred stock, Series C | — | 7,000 | ||||||||||
Common stock | 53,981 | 40,583 | ||||||||||
Retained earnings | 68,348 | 62,496 | ||||||||||
Accumulated other comprehensive (loss) income, net of tax | (2,286 | ) | 7,586 | |||||||||
Total shareholders’ equity | 120,043 | 117,665 | ||||||||||
Total liabilities and shareholders’ equity | $ | 125,286 | $ | 123,195 | ||||||||
Condensed Statements of Income and Comprehensive Income | ' | |||||||||||
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||
For the Years Ended December 31, 2013, 2012, and 2011 | ||||||||||||
(In thousands) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income: | ||||||||||||
Dividends declared by Subsidiary - eliminated in consolidation | $ | 18,000 | $ | 3,000 | $ | — | ||||||
Other income | 5 | 3 | 3 | |||||||||
Total income | 18,005 | 3,003 | 3 | |||||||||
Expenses: | ||||||||||||
Interest on junior subordinated deferrable interest debentures | 98 | 107 | 100 | |||||||||
Professional fees | 102 | 140 | 148 | |||||||||
Other expenses | 424 | 587 | 352 | |||||||||
Total expenses | 624 | 834 | 600 | |||||||||
Income (loss) before equity in undistributed net income of Subsidiary | 17,381 | 2,169 | (597 | ) | ||||||||
Equity in undistributed net income of Subsidiary, net of distributions | (9,414 | ) | 4,993 | 6,854 | ||||||||
Income before income tax benefit | 7,967 | 7,162 | 6,257 | |||||||||
Benefit from income taxes | 283 | 358 | 220 | |||||||||
Net income | 8,250 | 7,520 | 6,477 | |||||||||
Preferred stock dividend and accretion of discount | 350 | 350 | 486 | |||||||||
Income available to common shareholders | $ | 7,900 | $ | 7,170 | $ | 5,991 | ||||||
Comprehensive (loss) income | $ | (1,622 | ) | $ | 10,982 | $ | 9,634 | |||||
Condensed Statements of Cash Flows | ' | |||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||||
For the Years Ended December 31, 2013, 2012, and 2011 | ||||||||||||
(In thousands) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 8,250 | $ | 7,520 | $ | 6,477 | ||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
Undistributed net income of subsidiary, net of distributions | 9,414 | (4,993 | ) | (6,854 | ) | |||||||
Stock-based compensation | 98 | 108 | 196 | |||||||||
Tax benefit from exercise of stock options | (17 | ) | (26 | ) | (116 | ) | ||||||
Net decrease (increase) in other assets | 86 | (28 | ) | (50 | ) | |||||||
Net (decrease) increase in other liabilities | (198 | ) | 179 | (23 | ) | |||||||
Benefit for deferred income taxes | (18 | ) | (15 | ) | (36 | ) | ||||||
Net cash provided by (used in) operating activities | 17,615 | 2,745 | (406 | ) | ||||||||
Cash flows used in investing activities: | ||||||||||||
Investment in subsidiary | (11,358 | ) | — | — | ||||||||
Cash flows from financing activities: | ||||||||||||
Cash dividend payments on common stock | (2,048 | ) | (480 | ) | — | |||||||
Cash dividend payments on preferred stock | (437 | ) | (350 | ) | (307 | ) | ||||||
Share repurchase and retirement | — | (488 | ) | — | ||||||||
Proceeds from exercise of stock options | 789 | 385 | 680 | |||||||||
Redemption of preferred stock Series C | (7,000 | ) | — | — | ||||||||
Warrant purchase | — | — | (185 | ) | ||||||||
Tax benefit from exercise of stock options | 17 | 26 | 116 | |||||||||
Net cash (used in) provided by financing activities | (8,679 | ) | (907 | ) | 304 | |||||||
(Decrease) increase in cash and cash equivalents | (2,422 | ) | 1,838 | (102 | ) | |||||||
Cash and cash equivalents at beginning of year | 2,807 | 969 | 1,071 | |||||||||
Cash and cash equivalents at end of year | $ | 385 | $ | 2,807 | $ | 969 | ||||||
Cash paid during the year for interest | $ | 125 | $ | 109 | $ | 98 | ||||||
Non-cash investing and financing activities: | ||||||||||||
Redemption of preferred stock Series A and issuance of preferred stock Series C | $ | — | $ | — | $ | 7,000 | ||||||
Common stock issued in Visalia Community Bank acquisition | 12,494 | — | — | |||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Real Estate - owner-occupied percentage minimum for collateral | 50.00% | ' | ' |
Tax benefit from exercise of stock options | $17 | $26 | $116 |
Amortization expense, intangible asset | $268 | $200 | $414 |
Minimum | Core deposits | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful life of intangible asset | '7 years | ' | ' |
Maximum | Core deposits | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful life of intangible asset | '10 years | ' | ' |
Premises | Minimum | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives of premises and equipment | '20 | ' | ' |
Premises | Maximum | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives of premises and equipment | '40 | ' | ' |
Leasehold improvements, furniture, fixtures and equipment | Minimum | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives of premises and equipment | '3 | ' | ' |
Leasehold improvements, furniture, fixtures and equipment | Maximum | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives of premises and equipment | '10 | ' | ' |
Acquisition_of_Visalia_Communi2
Acquisition of Visalia Community Bank - Narrative (Details) (USD $) | Dec. 31, 2013 | Jul. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jul. 31, 2013 | Dec. 19, 2012 | Dec. 19, 2012 | Dec. 19, 2012 |
Visalia Community Bank [Member] | Visalia Community Bank [Member] | Visalia, California [Member] | Exeter, California [Member] | ||||||
Visalia Community Bank [Member] | Visalia Community Bank [Member] | ||||||||
branches | branches | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Branches to Be Acquired | ' | ' | ' | ' | ' | ' | ' | 3 | 1 |
Total assets acquired | ' | ' | ' | ' | ' | $197,621,000 | ' | ' | ' |
Business Acquisition Estimated Number Of Shares To Be Issued In Merger Transaction | ' | ' | ' | ' | ' | ' | 1,263,000 | ' | ' |
Business Acquisition Estimated Cash Payment Merger Agreement | ' | ' | ' | ' | ' | ' | 11,050,000 | ' | ' |
Business Acquisition Estimated Shares In Kind Payment Per Acquiree Company Share | ' | ' | ' | ' | ' | ' | 2.971 | ' | ' |
Goodwill | 29,917,000 | ' | 23,577,000 | 23,577,000 | 23,577,000 | 6,340,000 | ' | ' | ' |
Core deposit intangible | ' | ' | ' | ' | ' | 1,365,000 | ' | ' | ' |
Non Impaired Loans And Customer Receivables Acquired Fair Value | ' | 110,891,000 | ' | ' | ' | ' | ' | ' | ' |
Non Impaired Loans And Customer Receivables Acquired Contractual Amount | ' | $113,743,000 | ' | ' | ' | ' | ' | ' | ' |
Acquisition_of_Visalia_Communi3
Acquisition of Visalia Community Bank - Summary of consideration paid, assets acquired and liabilities assumed (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | Visalia Community Bank [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | $11,050 |
Common stock issued | ' | ' | ' | ' | 12,727 |
Fair Value of Total Consideration Transferred | ' | ' | ' | ' | 23,777 |
Cash and cash equivalents | ' | ' | ' | ' | 51,985 |
Loans, net | ' | ' | ' | ' | 113,467 |
Investments | ' | ' | ' | ' | 14,818 |
Core deposit intangible | ' | ' | ' | ' | 1,365 |
Premises and equipment | ' | ' | ' | ' | 4,263 |
Federal Home Loan Bank stock | ' | ' | ' | ' | 698 |
Other real estate owned | ' | ' | ' | ' | 263 |
Deferred taxes and taxes receivable | ' | ' | ' | ' | 3,179 |
Bank owned life insurance | ' | ' | ' | ' | 6,786 |
Other assets | ' | ' | ' | ' | 797 |
Total assets acquired | ' | ' | ' | ' | 197,621 |
Deposits | ' | ' | ' | ' | 174,206 |
Other liabilities | ' | ' | ' | ' | 5,978 |
Total liabilities assumed | ' | ' | ' | ' | 180,184 |
Total identifiable net assets | ' | ' | ' | ' | 17,437 |
Goodwill | $29,917 | $23,577 | $23,577 | $23,577 | $6,340 |
Acquisition_of_Visalia_Communi4
Acquisition of Visalia Community Bank - Proforma Results of Operations (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | ' | ' | ' |
Preferred stock dividends and accretion | ' | $350 | $350 |
Net income available to common shareholders | ' | 7,001 | 7,318 |
Visalia Community Bank [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Net interest income | ' | 36,773 | 36,964 |
Provision for credit losses | 298 | ' | 1,534 |
Non-interest income | ' | 8,576 | 9,394 |
Non-interest expense | ' | 36,917 | 35,531 |
Income before provision for income taxes | ' | 8,134 | 9,293 |
Provision for income taxes | ' | 783 | 1,625 |
Net income | ' | $7,351 | $7,668 |
Basic earnings per common share | ' | $0.68 | $0.67 |
Diluted earnings per common share | ' | $0.68 | $0.68 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Carrying Value | ' | ' |
Financial assets: | ' | ' |
Cash and due from banks | $25,878,000 | $22,405,000 |
Interest-earning deposits in other banks | 85,956,000 | 30,123,000 |
Federal funds sold | 218,000 | 428,000 |
Available-for-sale investment securities | 443,224,000 | 393,965,000 |
Loans, net | 503,149,000 | 385,185,000 |
Federal Home Loan Bank stock | 4,499,000 | 3,850,000 |
Accrued interest receivable | 5,026,000 | 4,267,000 |
Financial liabilities: | ' | ' |
Deposits | 1,004,143,000 | 751,432,000 |
Debt | 0 | 4,000,000 |
Junior subordinated deferrable interest debentures | 5,155,000 | 5,155,000 |
Accrued interest payable | 129,000 | 174,000 |
Level 1 | ' | ' |
Financial assets: | ' | ' |
Cash and due from banks | 25,878,000 | 22,405,000 |
Interest-earning deposits in other banks | 85,956,000 | 30,123,000 |
Federal funds sold | 218,000 | 428,000 |
Available-for-sale investment securities | 7,514,000 | 7,948,000 |
Loans, net | 0 | 0 |
Accrued interest receivable | 21,000 | 22,000 |
Financial liabilities: | ' | ' |
Deposits | 834,864,000 | 614,556,000 |
Debt | 0 | 0 |
Junior subordinated deferrable interest debentures | 0 | 0 |
Accrued interest payable | 0 | 0 |
Level 2 | ' | ' |
Financial assets: | ' | ' |
Cash and due from banks | 0 | 0 |
Interest-earning deposits in other banks | 0 | 0 |
Federal funds sold | 0 | 0 |
Available-for-sale investment securities | 435,710,000 | 386,017,000 |
Loans, net | 0 | 0 |
Accrued interest receivable | 2,976,000 | 2,395,000 |
Financial liabilities: | ' | ' |
Deposits | 169,065,000 | 137,401,000 |
Debt | 0 | 4,016,000 |
Junior subordinated deferrable interest debentures | 0 | 0 |
Accrued interest payable | 105,000 | 149,000 |
Level 3 | ' | ' |
Financial assets: | ' | ' |
Cash and due from banks | 0 | 0 |
Interest-earning deposits in other banks | 0 | 0 |
Federal funds sold | 0 | 0 |
Available-for-sale investment securities | 0 | 0 |
Loans, net | 507,361,000 | 388,834,000 |
Accrued interest receivable | 2,029,000 | 1,850,000 |
Financial liabilities: | ' | ' |
Deposits | 0 | 0 |
Debt | 0 | 0 |
Junior subordinated deferrable interest debentures | 2,750,000 | 2,990,000 |
Accrued interest payable | 24,000 | 25,000 |
Fair Value | ' | ' |
Financial assets: | ' | ' |
Cash and due from banks | 25,878,000 | 22,405,000 |
Interest-earning deposits in other banks | 85,956,000 | 30,123,000 |
Federal funds sold | 218,000 | 428,000 |
Available-for-sale investment securities | 443,224,000 | 393,965,000 |
Loans, net | 507,361,000 | 388,834,000 |
Accrued interest receivable | 5,026,000 | 4,267,000 |
Financial liabilities: | ' | ' |
Deposits | 1,003,929,000 | 751,957,000 |
Debt | 0 | 4,016,000 |
Junior subordinated deferrable interest debentures | 2,750,000 | 2,990,000 |
Accrued interest payable | $129,000 | $174,000 |
Fair_Value_Measurements_Recurr
Fair Value Measurements - Recurring and Nonrecurring (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Valuation allowance | $9,208,000 | $10,133,000 | $11,396,000 | $11,014,000 |
Provision for credit losses | 0 | 700,000 | 1,050,000 | ' |
Carrying Value | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale investment securities | 443,224,000 | 393,965,000 | ' | ' |
Loans receivable | 503,149,000 | 385,185,000 | ' | ' |
Level 1 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale investment securities | 7,514,000 | 7,948,000 | ' | ' |
Loans receivable | 0 | 0 | ' | ' |
Level 2 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale investment securities | 435,710,000 | 386,017,000 | ' | ' |
Loans receivable | 0 | 0 | ' | ' |
Level 3 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale investment securities | 0 | 0 | ' | ' |
Loans receivable | 507,361,000 | 388,834,000 | ' | ' |
Fair Value | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale investment securities | 443,224,000 | 393,965,000 | ' | ' |
Loans receivable | 507,361,000 | 388,834,000 | ' | ' |
Nonrecurring | Level 1 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets, fair value | 0 | 0 | ' | ' |
Nonrecurring | Level 2 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets, fair value | 0 | 0 | ' | ' |
Nonrecurring | Level 3 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets, fair value | 133,000 | 5,290,000 | ' | ' |
Nonrecurring | Fair Value | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets, fair value | 133,000 | 5,290,000 | ' | ' |
Recurring | Level 1 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets, fair value | 7,514,000 | 7,948,000 | ' | ' |
Recurring | Level 2 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets, fair value | 435,710,000 | 386,017,000 | ' | ' |
Recurring | Level 3 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets, fair value | 0 | 0 | ' | ' |
Recurring | Fair Value | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets, fair value | 443,224,000 | 393,965,000 | ' | ' |
U.S. Government agencies | Recurring | Level 1 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale investment securities | 0 | 0 | ' | ' |
U.S. Government agencies | Recurring | Level 2 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale investment securities | 18,203,000 | 9,454,000 | ' | ' |
U.S. Government agencies | Recurring | Level 3 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale investment securities | 0 | 0 | ' | ' |
U.S. Government agencies | Recurring | Fair Value | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale investment securities | 18,203,000 | 9,454,000 | ' | ' |
Obligations of states and political subdivisions | Recurring | Level 1 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale investment securities | 0 | 0 | ' | ' |
Obligations of states and political subdivisions | Recurring | Level 2 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale investment securities | 158,407,000 | 161,678,000 | ' | ' |
Obligations of states and political subdivisions | Recurring | Level 3 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale investment securities | 0 | 0 | ' | ' |
Obligations of states and political subdivisions | Recurring | Fair Value | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale investment securities | 158,407,000 | 161,678,000 | ' | ' |
U.S. Government agencies collateralized by residential mortgage obligations | Recurring | Level 1 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale investment securities | 0 | 0 | ' | ' |
U.S. Government agencies collateralized by residential mortgage obligations | Recurring | Level 2 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale investment securities | 253,709,000 | 208,510,000 | ' | ' |
U.S. Government agencies collateralized by residential mortgage obligations | Recurring | Level 3 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale investment securities | 0 | 0 | ' | ' |
U.S. Government agencies collateralized by residential mortgage obligations | Recurring | Fair Value | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale investment securities | 253,709,000 | 208,510,000 | ' | ' |
Private label residential mortgage backed securities | Recurring | Level 1 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale investment securities | 0 | 0 | ' | ' |
Private label residential mortgage backed securities | Recurring | Level 2 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale investment securities | 5,391,000 | 6,375,000 | ' | ' |
Private label residential mortgage backed securities | Recurring | Level 3 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale investment securities | 0 | 0 | ' | ' |
Private label residential mortgage backed securities | Recurring | Fair Value | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale investment securities | 5,391,000 | 6,375,000 | ' | ' |
Other equity securities | Recurring | Level 1 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale investment securities | 7,514,000 | 7,948,000 | ' | ' |
Other equity securities | Recurring | Level 2 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale investment securities | 0 | 0 | ' | ' |
Other equity securities | Recurring | Level 3 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale investment securities | 0 | 0 | ' | ' |
Other equity securities | Recurring | Fair Value | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Available-for-sale investment securities | 7,514,000 | 7,948,000 | ' | ' |
Impaired loans | Nonrecurring | Carrying Value | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans receivable | 194,000 | 5,386,000 | ' | ' |
Valuation allowance | 61,000 | 96,000 | ' | ' |
Provision for credit losses | 61,000 | 19,000 | ' | ' |
Impaired loans | Nonrecurring | Level 1 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans receivable | 0 | 0 | ' | ' |
Impaired loans | Nonrecurring | Level 2 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans receivable | 0 | 0 | ' | ' |
Impaired loans | Nonrecurring | Level 3 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans receivable | 133,000 | 5,290,000 | ' | ' |
Impaired loans | Nonrecurring | Fair Value | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans receivable | 133,000 | 5,290,000 | ' | ' |
Commercial | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Valuation allowance | 2,444,000 | 2,676,000 | 2,266,000 | ' |
Real Estate Portfolio Segment | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Valuation allowance | 5,174,000 | 5,877,000 | 7,155,000 | ' |
Real Estate Portfolio Segment | Impaired loans | Nonrecurring | Level 1 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans receivable | ' | 0 | ' | ' |
Real Estate Portfolio Segment | Impaired loans | Nonrecurring | Level 2 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans receivable | ' | 0 | ' | ' |
Real Estate Portfolio Segment | Impaired loans | Nonrecurring | Level 3 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans receivable | ' | 5,057,000 | ' | ' |
Real Estate Portfolio Segment | Impaired loans | Nonrecurring | Fair Value | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans receivable | ' | 5,057,000 | ' | ' |
Real Estate Portfolio Segment | Impaired loans | Owner occupied | Nonrecurring | Level 1 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans receivable | ' | 0 | ' | ' |
Real Estate Portfolio Segment | Impaired loans | Owner occupied | Nonrecurring | Level 2 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans receivable | ' | 0 | ' | ' |
Real Estate Portfolio Segment | Impaired loans | Owner occupied | Nonrecurring | Level 3 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans receivable | ' | 194,000 | ' | ' |
Real Estate Portfolio Segment | Impaired loans | Owner occupied | Nonrecurring | Fair Value | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans receivable | ' | 194,000 | ' | ' |
Real Estate Portfolio Segment | Impaired loans | Real estate construction and other land loans | Nonrecurring | Level 1 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans receivable | ' | 0 | ' | ' |
Real Estate Portfolio Segment | Impaired loans | Real estate construction and other land loans | Nonrecurring | Level 2 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans receivable | ' | 0 | ' | ' |
Real Estate Portfolio Segment | Impaired loans | Real estate construction and other land loans | Nonrecurring | Level 3 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans receivable | ' | 4,863,000 | ' | ' |
Real Estate Portfolio Segment | Impaired loans | Real estate construction and other land loans | Nonrecurring | Fair Value | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans receivable | ' | 4,863,000 | ' | ' |
Consumer | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Valuation allowance | 1,168,000 | 1,541,000 | 1,836,000 | ' |
Consumer | Impaired loans | Nonrecurring | Level 1 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans receivable | 0 | 0 | ' | ' |
Consumer | Impaired loans | Nonrecurring | Level 2 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans receivable | 0 | 0 | ' | ' |
Consumer | Impaired loans | Nonrecurring | Level 3 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans receivable | 133,000 | 233,000 | ' | ' |
Consumer | Impaired loans | Nonrecurring | Fair Value | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans receivable | 133,000 | 233,000 | ' | ' |
Consumer | Impaired loans | Equity loans and lines of credit | Nonrecurring | Level 1 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans receivable | 0 | 0 | ' | ' |
Consumer | Impaired loans | Equity loans and lines of credit | Nonrecurring | Level 2 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans receivable | 0 | 0 | ' | ' |
Consumer | Impaired loans | Equity loans and lines of credit | Nonrecurring | Level 3 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans receivable | 133,000 | 233,000 | ' | ' |
Consumer | Impaired loans | Equity loans and lines of credit | Nonrecurring | Fair Value | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans receivable | $133,000 | $233,000 | ' | ' |
Investment_Securities_Carrying
Investment Securities - Carrying value and estimated fair value (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities | ' | ' |
Available-for-sale investment securities, Amortized cost | $447,108 | $381,074 |
Gross Unrealized Gains | 5,145 | 14,612 |
Gross Unrealized Losses | -9,029 | -1,721 |
Equity Securities, Estimated Fair Value | 7,514 | 7,948 |
Available-for-sale Securities | 443,224 | 393,965 |
U.S. Government agencies | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Debt Securities, Amortized Cost | 18,172 | 9,443 |
Gross Unrealized Gains | 115 | 34 |
Gross Unrealized Losses | -84 | -23 |
Debt Securities, Estimated Fair Value | 18,203 | 9,454 |
Obligations of states and political subdivisions | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Debt Securities, Amortized Cost | 162,018 | 151,312 |
Gross Unrealized Gains | 2,906 | 10,751 |
Gross Unrealized Losses | -6,517 | -385 |
Debt Securities, Estimated Fair Value | 158,407 | 161,678 |
U.S. Government agencies collateralized by residential mortgage obligations | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Debt Securities, Amortized Cost | 254,978 | 206,465 |
Gross Unrealized Gains | 1,075 | 3,152 |
Gross Unrealized Losses | -2,344 | -1,107 |
Debt Securities, Estimated Fair Value | 253,709 | 208,510 |
Private label residential mortgage backed securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Debt Securities, Amortized Cost | 4,344 | 6,258 |
Gross Unrealized Gains | 1,047 | 323 |
Gross Unrealized Losses | 0 | -206 |
Debt Securities, Estimated Fair Value | 5,391 | 6,375 |
Other equity securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Equity Securities, Amortized Cost | 7,596 | 7,596 |
Gross Unrealized Gains | 2 | 352 |
Gross Unrealized Losses | ($84) | $0 |
Investment_Securities_Realized
Investment Securities - Realized gains and losses (Details) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' |
Proceeds from sales or calls | $88,146 | $39,119 | $44,700 |
Gross realized gains from sales or calls | 2,728 | 2,121 | 1,119 |
Available-for-sale Securities, Gross Realized Losses | $1,463 | $482 | $821 |
Investment_Securities_Unrealiz
Investment Securities - Unrealized losses (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities | ' | ' |
Less than 12 Months, Fair Value | $249,957 | $110,926 |
Less than 12 Months, Unrealized Losses | -7,236 | -1,217 |
12 Months or More, Fair Value | 35,182 | 20,910 |
12 Months or More, Unrealized Losses | -1,793 | -504 |
Total Fair Value | 285,139 | 131,836 |
Total Unrealized Losses | -9,029 | -1,721 |
U.S. Government agencies | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Less than 12 Months, Fair Value | 4,132 | 3,590 |
Less than 12 Months, Unrealized Losses | -75 | -23 |
12 Months or More, Fair Value | 968 | 0 |
12 Months or More, Unrealized Losses | -9 | 0 |
Total Fair Value | 5,100 | 3,590 |
Total Unrealized Losses | -84 | -23 |
Obligations of states and political subdivisions | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Less than 12 Months, Fair Value | 89,556 | 30,572 |
Less than 12 Months, Unrealized Losses | -5,007 | -385 |
12 Months or More, Fair Value | 15,015 | 0 |
12 Months or More, Unrealized Losses | -1,510 | 0 |
Total Fair Value | 104,571 | 30,572 |
Total Unrealized Losses | -6,517 | -385 |
U.S. Government agencies collateralized by residential mortgage obligations | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Less than 12 Months, Fair Value | 148,853 | 76,764 |
Less than 12 Months, Unrealized Losses | -2,070 | -809 |
12 Months or More, Fair Value | 19,199 | 18,024 |
12 Months or More, Unrealized Losses | -274 | -298 |
Total Fair Value | 168,052 | 94,788 |
Total Unrealized Losses | -2,344 | -1,107 |
Other equity securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Less than 12 Months, Fair Value | 7,416 | ' |
Less than 12 Months, Unrealized Losses | -84 | ' |
12 Months or More, Fair Value | 0 | ' |
12 Months or More, Unrealized Losses | 0 | ' |
Total Fair Value | 7,416 | ' |
Total Unrealized Losses | -84 | ' |
Private label residential mortgage backed securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Less than 12 Months, Fair Value | ' | 0 |
Less than 12 Months, Unrealized Losses | ' | 0 |
12 Months or More, Fair Value | ' | 2,886 |
12 Months or More, Unrealized Losses | ' | -206 |
Total Fair Value | ' | 2,886 |
Total Unrealized Losses | ' | ($206) |
Investment_Securities_Gross_re
Investment Securities - Gross realized gains and losses (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Available-for-sale Securities | ' | ' | ' |
Proceeds from sales or calls | $88,146 | $39,119 | $44,700 |
Gross realized gains from sales or calls | 2,728 | 2,121 | 1,119 |
Gross realized losses from sales or calls | ($1,463) | ($482) | ($821) |
Investment_Securities_Credit_l
Investment Securities - Credit loss rollforward (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ' | ' |
Beginning balance | $783 | $783 |
Amounts related to credit loss for which an OTTI charge was not previously recognized | 17 | 0 |
Increases to the amount related to credit loss for which OTTI was previously recognized | 0 | 0 |
Realized losses for securities sold | 0 | 0 |
Ending balance | $800 | $783 |
Investment_Securities_Investme
Investment Securities - Investments by contractual maturity (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities | ' | ' |
Within one year, amortized cost | $0 | $150 |
Within one year, estimated fair value | 0 | 151 |
After one year through five years, amortized cost | 1,769 | 10,355 |
After one year through five years, estimated fair value | 1,939 | 11,250 |
After five years through ten years, amortized cost | 22,099 | 20,256 |
After five years through ten years, estimated fair value | 22,687 | 22,176 |
After ten years, amortized cost | 138,150 | 120,551 |
After ten years, estimated fair value | 133,781 | 128,101 |
Total securities with single maturity date, amortized cost | 162,018 | 151,312 |
Total securities with single maturity date, estimated fair value | 158,407 | 161,678 |
Debt securities, amortized cost | 447,108 | 381,074 |
Available-for-sale Securities | 443,224 | 393,965 |
U.S. Government agencies | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Investment securities not due at a single maturity date, amortized cost | 18,172 | 9,443 |
Investment securities not due at a single maturity date, estimated fair value | 18,203 | 9,454 |
U.S. Government agencies collateralized by residential mortgage obligations | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Investment securities not due at a single maturity date, amortized cost | 254,978 | 206,465 |
Investment securities not due at a single maturity date, estimated fair value | 253,709 | 208,510 |
Private label residential mortgage backed securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Investment securities not due at a single maturity date, amortized cost | 4,344 | 6,258 |
Investment securities not due at a single maturity date, estimated fair value | 5,391 | 6,375 |
Other equity securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Investment securities not due at a single maturity date, amortized cost | 7,596 | 7,596 |
Investment securities not due at a single maturity date, estimated fair value | $7,514 | $7,948 |
Investment_Securities_Textual_
Investment Securities - Textual (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Available-for-sale Securities | ' | ' | ' |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | ($3,884,000) | $12,891,000 | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 521,000 | 674,000 | 110,000 |
Accumulated Other Comprehensive Income Available For Sale Securities Adjustment Tax | -1,598,000 | 5,305,000 | ' |
Threshold Period of Value Decline in Available-for-sale Securities to be considered Other than Temporary Impairment | '12 months | ' | ' |
Threshold Percentage of Value Decline in Available-for-sale Securities to be considered Other than Temporary Impairment | 10.00% | ' | ' |
Threshold Amount of Value Decline in Available-for-sale Securities to be considered Other than Temporary Impairment | 10,000 | ' | ' |
OTTI charge | 17,000 | 0 | ' |
Available-for-sale investment securities, Amortized cost | 447,108,000 | 381,074,000 | ' |
Available-for-sale Securities Pledged as Collateral | 99,209,000 | 89,343,000 | ' |
U.S. Government agencies | ' | ' | ' |
Schedule of Available-for-sale Securities | ' | ' | ' |
Available-for-sale Securities, Number of Positions | 7 | ' | ' |
Debt Securities, Amortized Cost | 18,172,000 | 9,443,000 | ' |
Obligations of states and political subdivisions | ' | ' | ' |
Schedule of Available-for-sale Securities | ' | ' | ' |
Available-for-sale Securities, Number of Positions | 162 | ' | ' |
Debt Securities, Amortized Cost | 162,018,000 | 151,312,000 | ' |
U.S. Government agencies collateralized by residential mortgage obligations | ' | ' | ' |
Schedule of Available-for-sale Securities | ' | ' | ' |
Available-for-sale Securities, Number of Positions | 209 | ' | ' |
Debt Securities, Amortized Cost | 254,978,000 | 206,465,000 | ' |
Private label residential mortgage backed securities | ' | ' | ' |
Schedule of Available-for-sale Securities | ' | ' | ' |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 1,047,000 | ' | ' |
Available-for-sale Securities, Number of Positions | 21 | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Number of Positions | 0 | ' | ' |
Debt Securities, Amortized Cost | 4,344,000 | 6,258,000 | ' |
Less than 12 months | U.S. Government agencies | ' | ' | ' |
Schedule of Available-for-sale Securities | ' | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Number of Positions | 2 | ' | ' |
Less than 12 months | Obligations of states and political subdivisions | ' | ' | ' |
Schedule of Available-for-sale Securities | ' | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Number of Positions | 66 | ' | ' |
Less than 12 months | U.S. Government agencies collateralized by residential mortgage obligations | ' | ' | ' |
Schedule of Available-for-sale Securities | ' | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Number of Positions | 65 | ' | ' |
Greater than 12 months | U.S. Government agencies | ' | ' | ' |
Schedule of Available-for-sale Securities | ' | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Number of Positions | 1 | ' | ' |
Greater than 12 months | Obligations of states and political subdivisions | ' | ' | ' |
Schedule of Available-for-sale Securities | ' | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Number of Positions | 14 | ' | ' |
Greater than 12 months | U.S. Government agencies collateralized by residential mortgage obligations | ' | ' | ' |
Schedule of Available-for-sale Securities | ' | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Number of Positions | 16 | ' | ' |
Below investment grade | Private label residential mortgage backed securities | ' | ' | ' |
Schedule of Available-for-sale Securities | ' | ' | ' |
Available-for-sale Securities, Number of Positions | 8 | ' | ' |
Debt Securities, Amortized Cost | 3,400,000 | ' | ' |
Below investment grade, two of eight positions | Private label residential mortgage backed securities | ' | ' | ' |
Schedule of Available-for-sale Securities | ' | ' | ' |
Available-for-sale Securities, Number of Positions | 2 | ' | ' |
OTTI charge | 17,000 | ' | ' |
Debt securities, gross unrealized gain | 81,000 | ' | ' |
Securities Pledged as Collateral | ' | ' | ' |
Schedule of Available-for-sale Securities | ' | ' | ' |
Available-for-sale investment securities, Amortized cost | $98,701,000 | $81,245,000 | ' |
Loans_Summary_of_outstanding_l
Loans - Summary of outstanding loans (Details) (USD $) | 12 Months Ended | ||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Commercial | Commercial | Real Estate Portfolio Segment | Real Estate Portfolio Segment | Consumer | Consumer | Acquired During Period [Member] | Owner occupied | Owner occupied | Agricultural land and production | Agricultural land and production | Commercial and industrial | Commercial and industrial | Real estate construction and other land loans | Real estate construction and other land loans | Commercial real estate | Commercial real estate | Agricultural real estate | Agricultural real estate | Other real estate | Other real estate | Equity loans and lines of credit | Equity loans and lines of credit | Consumer and installment | Consumer and installment | Small Business Administration Programs [Member] | Small Business Administration Programs [Member] | Federal Home Loan Bank Advances | ||||
Real Estate Portfolio Segment | Real Estate Portfolio Segment | Commercial | Commercial | Commercial | Commercial | Real Estate Portfolio Segment | Real Estate Portfolio Segment | Real Estate Portfolio Segment | Real Estate Portfolio Segment | Real Estate Portfolio Segment | Real Estate Portfolio Segment | Real Estate Portfolio Segment | Real Estate Portfolio Segment | Consumer | Consumer | Consumer | Consumer | ||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans | $512,516 | $395,771 | ' | $118,731 | $104,555 | $333,939 | $237,938 | $59,846 | $53,278 | ' | $156,781 | $114,444 | $31,649 | $26,599 | $87,082 | $77,956 | $42,329 | $33,199 | $86,117 | $53,797 | $44,164 | $28,400 | $4,548 | $8,098 | $48,594 | $42,932 | $11,252 | $10,346 | ' | ' | ' |
% of Total Loans | 100.00% | ' | ' | 23.10% | 26.40% | 65.20% | 60.10% | 11.70% | 13.50% | ' | 30.60% | 28.90% | 6.10% | 6.70% | 17.00% | 19.70% | 8.30% | 8.40% | 16.80% | 13.60% | 8.60% | 7.20% | 0.90% | 2.00% | 9.50% | 10.90% | 2.20% | 2.60% | ' | ' | ' |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | -159 | -453 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Gross | 512,357 | 395,318 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans, allowance for credit losses | 9,208 | 10,133 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Net Amount | 503,149 | 385,185 | ' | ' | ' | ' | ' | ' | ' | 99,948 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Gross, Real Estate and Commercial | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,345 | 5,586 | ' |
Loans Pledged as Collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 119,539 |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 272,797 |
Salaries and Employee Benefits Deferred As Loan Origination Costs | $1,373 | $754 | $229 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans_Purchased_creditimpaired
Loans - Purchased credit-impaired loans (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | ' | $2,465 | $0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 2,465 | ' | 0 |
Real estate | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | $2,465 | ' | $0 |
Loans_Accretable_yield_movemen
Loans - Accretable yield movement schedule (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Loans and Leases Receivable Disclosure [Abstract] | ' | ' | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield | $94 | $0 | $0 | $0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Additions | 105 | 0 | 0 | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | 124 | 0 | 0 | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications (to) from Nonaccretable Difference | 113 | 0 | 0 | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Disposals of Loans | $0 | $0 | $0 | ' |
Loans_Credit_impaired_loans_ac
Loans - Credit impaired loans acquired during the period (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | $6,912 | $0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 2,681 | 0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 2,576 | 0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Not Accounted for Using Income Recognition Model, at Acquisition | 1,324 | 0 |
All Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Not Accounted for Using Income Recognition Model | 1,324 | 0 |
Real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | $6,912 | $0 |
Allowance_for_Credit_Losses_Ch
Allowance for Credit Losses - Changes in Allowance for Credit Losses (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Allowance for credit losses, beginning balance | $10,133 | $11,396 | $11,014 |
Provision charged to operations | 0 | 700 | 1,050 |
Losses charged to allowance | -1,446 | -2,850 | -1,532 |
Recoveries | 521 | 887 | 864 |
Allowance for credit losses, ending balance | 9,208 | 10,133 | 11,396 |
Ending balance: individually evaluated for impairment | 1,007 | 510 | ' |
Ending balance: collectively evaluated for impairment | 8,201 | 9,623 | ' |
Commercial | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Allowance for credit losses, beginning balance | 2,676 | 2,266 | ' |
Provision charged to operations | 166 | 18 | ' |
Losses charged to allowance | -713 | -123 | ' |
Recoveries | 315 | 515 | ' |
Allowance for credit losses, ending balance | 2,444 | 2,676 | ' |
Ending balance: individually evaluated for impairment | 469 | 40 | ' |
Ending balance: collectively evaluated for impairment | 1,975 | 2,636 | ' |
Real Estate Portfolio Segment | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Allowance for credit losses, beginning balance | 5,877 | 7,155 | ' |
Provision charged to operations | -434 | 643 | ' |
Losses charged to allowance | -285 | -1,966 | ' |
Recoveries | 16 | 45 | ' |
Allowance for credit losses, ending balance | 5,174 | 5,877 | ' |
Ending balance: individually evaluated for impairment | 465 | 465 | ' |
Ending balance: collectively evaluated for impairment | 4,709 | 5,412 | ' |
Consumer | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Allowance for credit losses, beginning balance | 1,541 | 1,836 | ' |
Provision charged to operations | -115 | 139 | ' |
Losses charged to allowance | -448 | -761 | ' |
Recoveries | 190 | 327 | ' |
Allowance for credit losses, ending balance | 1,168 | 1,541 | ' |
Ending balance: individually evaluated for impairment | 73 | 5 | ' |
Ending balance: collectively evaluated for impairment | 1,095 | 1,536 | ' |
Unallocated | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Allowance for credit losses, beginning balance | 39 | 139 | ' |
Provision charged to operations | 383 | -100 | ' |
Losses charged to allowance | 0 | 0 | ' |
Recoveries | 0 | 0 | ' |
Allowance for credit losses, ending balance | 422 | 39 | ' |
Ending balance: individually evaluated for impairment | 0 | 0 | ' |
Ending balance: collectively evaluated for impairment | $422 | $39 | ' |
Allowance_for_Credit_Losses_Lo
Allowance for Credit Losses - Loan Portfolio by Impairment Methodology (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans | $512,516 | $395,771 |
Ending balance: individually evaluated for impairment | 13,357 | 17,105 |
Ending balance: collectively evaluated for impairment | 499,159 | 378,666 |
Commercial | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans | 118,731 | 104,555 |
Ending balance: individually evaluated for impairment | 1,527 | 2,405 |
Ending balance: collectively evaluated for impairment | 117,204 | 102,150 |
Real estate | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans | 333,939 | 237,938 |
Ending balance: individually evaluated for impairment | 9,540 | 12,868 |
Ending balance: collectively evaluated for impairment | 324,399 | 225,070 |
Consumer | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans | 59,846 | 53,278 |
Ending balance: individually evaluated for impairment | 2,290 | 1,832 |
Ending balance: collectively evaluated for impairment | $57,556 | $51,446 |
Allowance_for_Credit_Losses_Lo1
Allowance for Credit Losses - Loan Portfolio by Risk Rating (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment | ' | ' |
Loans | $512,516 | $395,771 |
Pass | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 466,472 | 354,169 |
Special Mention | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 19,609 | 11,836 |
Substandard | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 26,435 | 29,766 |
Doubtful | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 0 | 0 |
Commercial | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 118,731 | 104,555 |
Commercial | Commercial and industrial | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 87,082 | 77,956 |
Commercial | Agricultural land and production | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 31,649 | 26,599 |
Commercial | Pass | Commercial and industrial | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 81,732 | 71,125 |
Commercial | Pass | Agricultural land and production | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 31,649 | 26,599 |
Commercial | Special Mention | Commercial and industrial | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 2,244 | 824 |
Commercial | Special Mention | Agricultural land and production | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 0 | 0 |
Commercial | Substandard | Commercial and industrial | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 3,106 | 6,007 |
Commercial | Substandard | Agricultural land and production | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 0 | 0 |
Commercial | Doubtful | Commercial and industrial | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 0 | 0 |
Commercial | Doubtful | Agricultural land and production | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 0 | 0 |
Real Estate Portfolio Segment | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 333,939 | 237,938 |
Real Estate Portfolio Segment | Owner occupied | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 156,781 | 114,444 |
Real Estate Portfolio Segment | Real estate construction and other land loans | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 42,329 | 33,199 |
Real Estate Portfolio Segment | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 86,117 | 53,797 |
Real Estate Portfolio Segment | Agricultural real estate | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 44,164 | 28,400 |
Real Estate Portfolio Segment | Other real estate | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 4,548 | 8,098 |
Real Estate Portfolio Segment | Pass | Owner occupied | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 144,082 | 107,281 |
Real Estate Portfolio Segment | Pass | Real estate construction and other land loans | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 31,776 | 18,517 |
Real Estate Portfolio Segment | Pass | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 77,589 | 44,880 |
Real Estate Portfolio Segment | Pass | Agricultural real estate | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 42,151 | 26,883 |
Real Estate Portfolio Segment | Pass | Other real estate | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 4,548 | 8,098 |
Real Estate Portfolio Segment | Special Mention | Owner occupied | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 5,229 | 1,831 |
Real Estate Portfolio Segment | Special Mention | Real estate construction and other land loans | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 3,959 | 3,377 |
Real Estate Portfolio Segment | Special Mention | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 3,718 | 3,952 |
Real Estate Portfolio Segment | Special Mention | Agricultural real estate | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 2,013 | 1,517 |
Real Estate Portfolio Segment | Special Mention | Other real estate | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 0 | 0 |
Real Estate Portfolio Segment | Substandard | Owner occupied | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 7,470 | 5,332 |
Real Estate Portfolio Segment | Substandard | Real estate construction and other land loans | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 6,594 | 11,305 |
Real Estate Portfolio Segment | Substandard | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 4,810 | 4,965 |
Real Estate Portfolio Segment | Substandard | Agricultural real estate | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 0 | 0 |
Real Estate Portfolio Segment | Substandard | Other real estate | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 0 | 0 |
Real Estate Portfolio Segment | Doubtful | Owner occupied | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 0 | 0 |
Real Estate Portfolio Segment | Doubtful | Real estate construction and other land loans | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 0 | 0 |
Real Estate Portfolio Segment | Doubtful | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 0 | 0 |
Real Estate Portfolio Segment | Doubtful | Agricultural real estate | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 0 | 0 |
Real Estate Portfolio Segment | Doubtful | Other real estate | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 0 | 0 |
Consumer | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 59,846 | 53,278 |
Consumer | Equity loans and lines of credit | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 48,594 | 42,932 |
Consumer | Consumer and installment | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 11,252 | 10,346 |
Consumer | Pass | Equity loans and lines of credit | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 41,999 | 40,527 |
Consumer | Pass | Consumer and installment | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 10,946 | 10,259 |
Consumer | Special Mention | Equity loans and lines of credit | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 2,400 | 258 |
Consumer | Special Mention | Consumer and installment | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 46 | 77 |
Consumer | Substandard | Equity loans and lines of credit | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 4,195 | 2,147 |
Consumer | Substandard | Consumer and installment | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 260 | 10 |
Consumer | Doubtful | Equity loans and lines of credit | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | 0 | 0 |
Consumer | Doubtful | Consumer and installment | ' | ' |
Financing Receivable, Recorded Investment | ' | ' |
Loans | $0 | $0 |
Allowance_for_Credit_Losses_Lo2
Allowance for Credit Losses - Loan Portfolio Aging (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | $1,642 | $27 |
60-89 Days Past Due | 517 | 213 |
Greater Than 90 Days Past Due | 670 | 0 |
Total Past Due | 2,829 | 240 |
Current | 509,687 | 395,531 |
Loans | 512,516 | 395,771 |
Recorded Investment Greater Than 90 Days Accruing | 0 | 0 |
Non-accrual | 7,586 | 9,695 |
Commercial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans | 118,731 | 104,555 |
Commercial | Commercial and industrial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 274 | 0 |
60-89 Days Past Due | 236 | 0 |
Greater Than 90 Days Past Due | 0 | 0 |
Total Past Due | 510 | 0 |
Current | 86,572 | 77,956 |
Loans | 87,082 | 77,956 |
Recorded Investment Greater Than 90 Days Accruing | 0 | 0 |
Non-accrual | 1,527 | 0 |
Commercial | Agricultural land and production | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater Than 90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 31,649 | 26,599 |
Loans | 31,649 | 26,599 |
Recorded Investment Greater Than 90 Days Accruing | 0 | 0 |
Non-accrual | 0 | 0 |
Real Estate Portfolio Segment | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans | 333,939 | 237,938 |
Real Estate Portfolio Segment | Owner occupied | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 1,272 | 0 |
60-89 Days Past Due | 134 | 213 |
Greater Than 90 Days Past Due | 418 | 0 |
Total Past Due | 1,824 | 213 |
Current | 154,957 | 114,231 |
Loans | 156,781 | 114,444 |
Recorded Investment Greater Than 90 Days Accruing | 0 | 0 |
Non-accrual | 2,161 | 1,575 |
Real Estate Portfolio Segment | Real estate construction and other land loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater Than 90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 42,329 | 33,199 |
Loans | 42,329 | 33,199 |
Recorded Investment Greater Than 90 Days Accruing | 0 | 0 |
Non-accrual | 1,450 | 6,288 |
Real Estate Portfolio Segment | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater Than 90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 86,117 | 53,797 |
Loans | 86,117 | 53,797 |
Recorded Investment Greater Than 90 Days Accruing | 0 | 0 |
Non-accrual | 158 | 0 |
Real Estate Portfolio Segment | Agricultural real estate | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater Than 90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 44,164 | 28,400 |
Loans | 44,164 | 28,400 |
Recorded Investment Greater Than 90 Days Accruing | 0 | 0 |
Non-accrual | 0 | 0 |
Real Estate Portfolio Segment | Other real estate | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater Than 90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 4,548 | 8,098 |
Loans | 4,548 | 8,098 |
Recorded Investment Greater Than 90 Days Accruing | 0 | 0 |
Non-accrual | 0 | 0 |
Consumer | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans | 59,846 | 53,278 |
Consumer | Equity loans and lines of credit | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 10 | 0 |
60-89 Days Past Due | 147 | 0 |
Greater Than 90 Days Past Due | 252 | 0 |
Total Past Due | 409 | 0 |
Current | 48,185 | 42,932 |
Loans | 48,594 | 42,932 |
Recorded Investment Greater Than 90 Days Accruing | 0 | 0 |
Non-accrual | 2,286 | 1,832 |
Consumer | Consumer and installment | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 86 | 27 |
60-89 Days Past Due | 0 | 0 |
Greater Than 90 Days Past Due | 0 | 0 |
Total Past Due | 86 | 27 |
Current | 11,166 | 10,319 |
Loans | 11,252 | 10,346 |
Recorded Investment Greater Than 90 Days Accruing | 0 | 0 |
Non-accrual | $4 | $0 |
Allowance_for_Credit_Losses_Im
Allowance for Credit Losses - Impaired Loans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | $7,494 | $2,875 | ' |
Upaid Principal Balance, With no related allowance recorded | 10,402 | 3,722 | ' |
Recorded Investment, With an allowance recorded | 5,863 | 14,230 | ' |
Unpaid Principal Balance, With an allowance recorded | 5,955 | 15,336 | ' |
Related Allowance | 1,007 | 510 | ' |
Total Recorded Investment | 13,357 | 17,105 | ' |
Total Unpaid Principal Balance | 16,357 | 19,058 | ' |
Average Recorded Investment, With no related allowance recorded | 7,278 | 8,806 | 5,282 |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With an allowance recorded | 7,090 | 9,486 | 10,832 |
Interest Income Recognized, With an allowance recorded | 573 | 601 | 411 |
Average Recorded Investment, Total | 14,368 | 18,292 | 16,114 |
Interest Income Recognized, Total | 573 | 601 | 411 |
Forgone interest on nonaccrual loans | 661 | 693 | 954 |
Commercial | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 350 | 0 | ' |
Upaid Principal Balance, With no related allowance recorded | 385 | 0 | ' |
Recorded Investment, With an allowance recorded | 1,177 | 2,405 | ' |
Unpaid Principal Balance, With an allowance recorded | 1,222 | 2,405 | ' |
Related Allowance | 469 | 40 | ' |
Average Recorded Investment, With no related allowance recorded | 329 | 952 | 544 |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With an allowance recorded | 1,309 | 1,581 | 505 |
Interest Income Recognized, With an allowance recorded | 111 | 226 | 181 |
Commercial and industrial | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 350 | 0 | ' |
Upaid Principal Balance, With no related allowance recorded | 385 | 0 | ' |
Recorded Investment, With an allowance recorded | 1,177 | 2,405 | ' |
Unpaid Principal Balance, With an allowance recorded | 1,222 | 2,405 | ' |
Related Allowance | 469 | 40 | ' |
Average Recorded Investment, With no related allowance recorded | 329 | 952 | 544 |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With an allowance recorded | 1,309 | 1,581 | 505 |
Interest Income Recognized, With an allowance recorded | 111 | 226 | 181 |
Agricultural land and production | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 0 | 0 | ' |
Upaid Principal Balance, With no related allowance recorded | 0 | 0 | ' |
Recorded Investment, With an allowance recorded | 0 | 0 | ' |
Unpaid Principal Balance, With an allowance recorded | 0 | 0 | ' |
Related Allowance | 0 | 0 | ' |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | 0 |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With an allowance recorded | 0 | 0 | 0 |
Interest Income Recognized, With an allowance recorded | 0 | 0 | 0 |
Real estate | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 5,111 | 1,352 | ' |
Upaid Principal Balance, With no related allowance recorded | 7,186 | 1,888 | ' |
Recorded Investment, With an allowance recorded | 4,429 | 11,516 | ' |
Unpaid Principal Balance, With an allowance recorded | 4,469 | 12,608 | ' |
Related Allowance | 465 | 465 | ' |
Average Recorded Investment, With no related allowance recorded | 4,942 | 6,287 | 4,381 |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With an allowance recorded | 5,292 | 7,268 | 8,586 |
Interest Income Recognized, With an allowance recorded | 462 | 375 | 230 |
Owner occupied | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 3,160 | 0 | ' |
Upaid Principal Balance, With no related allowance recorded | 4,159 | 0 | ' |
Recorded Investment, With an allowance recorded | 385 | 1,575 | ' |
Unpaid Principal Balance, With an allowance recorded | 425 | 1,733 | ' |
Related Allowance | 3 | 165 | ' |
Average Recorded Investment, With no related allowance recorded | 2,321 | 1,053 | 1,100 |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With an allowance recorded | 997 | 633 | 1,193 |
Interest Income Recognized, With an allowance recorded | 86 | 0 | 0 |
Real estate construction and other land loans | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 1,449 | 1,352 | ' |
Upaid Principal Balance, With no related allowance recorded | 2,136 | 1,888 | ' |
Recorded Investment, With an allowance recorded | 4,044 | 9,941 | ' |
Unpaid Principal Balance, With an allowance recorded | 4,044 | 10,875 | ' |
Related Allowance | 462 | 300 | ' |
Average Recorded Investment, With no related allowance recorded | 2,342 | 4,933 | 1,690 |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With an allowance recorded | 4,295 | 6,490 | 6,544 |
Interest Income Recognized, With an allowance recorded | 329 | 375 | 230 |
Commercial real estate | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 502 | 0 | ' |
Upaid Principal Balance, With no related allowance recorded | 891 | 0 | ' |
Recorded Investment, With an allowance recorded | 0 | 0 | ' |
Unpaid Principal Balance, With an allowance recorded | 0 | 0 | ' |
Related Allowance | 0 | 0 | ' |
Average Recorded Investment, With no related allowance recorded | 279 | 301 | 1,591 |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With an allowance recorded | 0 | 145 | 849 |
Interest Income Recognized, With an allowance recorded | 47 | 0 | 0 |
Agricultural real estate | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 0 | 0 | ' |
Upaid Principal Balance, With no related allowance recorded | 0 | 0 | ' |
Recorded Investment, With an allowance recorded | 0 | 0 | ' |
Unpaid Principal Balance, With an allowance recorded | 0 | 0 | ' |
Related Allowance | 0 | 0 | ' |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | 0 |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With an allowance recorded | 0 | 0 | 0 |
Interest Income Recognized, With an allowance recorded | 0 | 0 | 0 |
Other real estate | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 0 | 0 | ' |
Upaid Principal Balance, With no related allowance recorded | 0 | 0 | ' |
Recorded Investment, With an allowance recorded | 0 | 0 | ' |
Unpaid Principal Balance, With an allowance recorded | 0 | 0 | ' |
Related Allowance | 0 | 0 | ' |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | 0 |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With an allowance recorded | 0 | 0 | 0 |
Interest Income Recognized, With an allowance recorded | 0 | 0 | 0 |
Consumer | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 2,033 | 1,523 | ' |
Upaid Principal Balance, With no related allowance recorded | 2,831 | 1,834 | ' |
Recorded Investment, With an allowance recorded | 257 | 309 | ' |
Unpaid Principal Balance, With an allowance recorded | 264 | 323 | ' |
Related Allowance | 73 | 5 | ' |
Average Recorded Investment, With no related allowance recorded | 2,007 | 1,567 | 357 |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With an allowance recorded | 489 | 637 | 1,741 |
Interest Income Recognized, With an allowance recorded | 0 | 0 | 0 |
Equity loans and lines of credit | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 2,029 | 1,523 | ' |
Upaid Principal Balance, With no related allowance recorded | 2,826 | 1,834 | ' |
Recorded Investment, With an allowance recorded | 257 | 309 | ' |
Unpaid Principal Balance, With an allowance recorded | 264 | 323 | ' |
Related Allowance | 73 | 5 | ' |
Average Recorded Investment, With no related allowance recorded | 1,998 | 1,561 | 357 |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With an allowance recorded | 489 | 600 | 1,640 |
Interest Income Recognized, With an allowance recorded | 0 | 0 | 0 |
Consumer and installment | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 4 | 0 | ' |
Upaid Principal Balance, With no related allowance recorded | 5 | 0 | ' |
Recorded Investment, With an allowance recorded | 0 | 0 | ' |
Unpaid Principal Balance, With an allowance recorded | 0 | 0 | ' |
Related Allowance | 0 | 0 | ' |
Average Recorded Investment, With no related allowance recorded | 9 | 6 | 0 |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With an allowance recorded | 0 | 37 | 101 |
Interest Income Recognized, With an allowance recorded | $0 | $0 | $0 |
Allowance_for_Credit_Losses_Tr
Allowance for Credit Losses - Troubled Debt Restructurings (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | |
Loans | Loans | ||
Financing Receivable, Modifications [Line Items] | ' | ' | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $2,465 | $0 | |
Financing Receivable, Modifications, Recorded Investment | 10,366 | 16,655 | |
Reserves specific to modified loans | 946 | 487 | |
Additional commitments to lend | 0 | ' | |
Number of Loans | ' | 2 | |
Pre-Modification Outstanding Recorded Investment | ' | 500 | [1] |
Principal Modification | ' | 0 | |
Post Modification Outstanding Recorded Investment | ' | 500 | [2] |
Outstanding Recorded Investment | ' | 487 | |
Defaults on troubled debt restructurings | 0 | 1 | |
Recorded investment of TDR's with subsequent defaults | ' | 0 | |
Real Estate Portfolio Segment | Owner occupied | ' | ' | |
Financing Receivable, Modifications [Line Items] | ' | ' | |
Number of Loans | ' | 1 | |
Pre-Modification Outstanding Recorded Investment | ' | 425 | [1] |
Principal Modification | ' | 0 | |
Post Modification Outstanding Recorded Investment | ' | 425 | [2] |
Outstanding Recorded Investment | ' | 415 | |
Real Estate Portfolio Segment | Commercial real estate | ' | ' | |
Financing Receivable, Modifications [Line Items] | ' | ' | |
Number of Loans | ' | 1 | |
Pre-Modification Outstanding Recorded Investment | ' | 620 | [1] |
Principal Modification | ' | 0 | |
Post Modification Outstanding Recorded Investment | ' | 620 | [2] |
Outstanding Recorded Investment | ' | 344 | |
Consumer Portfolio Segment [Member] | Equity loans and lines of credit | ' | ' | |
Financing Receivable, Modifications [Line Items] | ' | ' | |
Number of Loans | ' | 1 | |
Pre-Modification Outstanding Recorded Investment | ' | 75 | [1] |
Principal Modification | ' | 0 | |
Post Modification Outstanding Recorded Investment | ' | 75 | [2] |
Outstanding Recorded Investment | ' | $72 | |
[1] | Amounts represent the recorded investment in loans before recognizing effects of the TDR, if any. | ||
[2] | Balance outstanding after principal modification, if any borrower reduction to recorded investment. |
Bank_Premises_and_Equipment_De
Bank Premises and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Bank premises and equipment, gross | $21,079 | $16,355 | ' |
Less accumulated depreciation and amortization | -10,538 | -10,103 | ' |
Bank premises and equipment, net | 10,541 | 6,252 | ' |
Depreciation and amortization | 1,133 | 972 | 1,212 |
Land | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Bank premises and equipment, gross | 1,131 | 838 | ' |
Buildings and improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Bank premises and equipment, gross | 6,982 | 3,362 | ' |
Furniture, fixtures and equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Bank premises and equipment, gross | 8,875 | 8,351 | ' |
Leasehold improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Bank premises and equipment, gross | $4,091 | $3,804 | ' |
Other_Real_Estate_Owned_Change
Other Real Estate Owned - Change in other real estate owned balances (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Change in other real estate owned: | ' | ' |
Balance, beginning of year | $0 | $0 |
Additions | 453 | 2,337 |
Dispositions | -263 | -2,349 |
Write-downs | 0 | 0 |
Net gain on disposition | 0 | 12 |
Balance, end of year | $190 | $0 |
Other_Real_Estate_Owned_Additi
Other Real Estate Owned - Additional information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
properties | properties | ||
Schedule of Other Real Estate Owned [Line Items] | ' | ' | ' |
Other real estate | $190,000 | $0 | $0 |
Number of properties foreclosed upon | 1 | 6 | ' |
Proceeds from sale of other real estate owned | 263,000 | 2,349,000 | 2,472,000 |
Disposal of OREO | ' | 2,337,000 | ' |
Net gain (loss) on disposition | 0 | 12,000 | ' |
Income received on operation of foreclosed assets | ' | $90,000 | ' |
Visalia Community Bank [Member] | ' | ' | ' |
Schedule of Other Real Estate Owned [Line Items] | ' | ' | ' |
Number of properties foreclosed upon | 2 | ' | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Goodwill [Line Items] | ' | ' | ' | ' |
Goodwill | $29,917 | $23,577 | $23,577 | $23,577 |
Core deposit intangibles | 1,680 | 583 | ' | ' |
Intangible assets, accumulated amortization | 1,085 | 817 | ' | ' |
Amortization of core deposit intangibles | 268 | 200 | 414 | ' |
Visalia Community Bank [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Goodwill | 6,340 | ' | ' | ' |
Service 1st Bank | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Goodwill | 14,643 | ' | ' | ' |
Bank of Madera County | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Goodwill | 8,934 | ' | ' | ' |
Core deposits | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '5 years | ' | ' | ' |
Core deposits | Visalia Community Bank [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Acquired Finite-lived Intangible Asset, Amount | 1,365 | ' | ' | ' |
Core deposits | Service 1st Bank | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Intangible assets, gross | $1,400 | ' | ' | ' |
Minimum | Core deposits | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Estimated useful life of intangible asset | '7 years | ' | ' | ' |
Maximum | Core deposits | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Estimated useful life of intangible asset | '10 years | ' | ' | ' |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Change in Goodwill (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Roll Forward] | ' | ' | ' |
Beginning of year | $23,577 | $23,577 | $23,577 |
Acquired goodwill | 6,340 | 0 | 0 |
Impairment | 0 | 0 | 0 |
End of year | $29,917 | $23,577 | $23,577 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Future Amortization Expense (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
2014 | $337 | ' |
2015 | 320 | ' |
2016 | 137 | ' |
2017 | 137 | ' |
2018 | 137 | ' |
Thereafter | 612 | ' |
Finite-Lived Intangible Assets, Net | $1,680 | $583 |
Deposits_Components_of_deposit
Deposits - Components of deposit liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deposits by type: | ' | ' |
Savings | $61,918 | $39,573 |
Money market | 234,515 | 173,486 |
NOW accounts | 182,364 | 161,328 |
Time, $100,000 or more | 116,016 | 91,880 |
Time, under $100,000 | 52,938 | 44,996 |
Total deposit liabilities | $647,751 | $511,263 |
Deposits_Aggregate_maturities_
Deposits - Aggregate maturities of time deposits (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Aggregate maturities of time deposits: | ' |
2013 | $135,118 |
2014 | 16,461 |
2015 | 2,639 |
2016 | 10,335 |
2017 | 4,401 |
Thereafter | 0 |
Total time deposits | $168,954 |
Deposits_Components_of_interes
Deposits - Components of interest expense recognized on interest-bearing deposits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest expense recognized on interest-bearing deposits | ' | ' | ' |
Savings | $40 | $32 | $47 |
Money market | 229 | 392 | 692 |
NOW accounts | 251 | 270 | 321 |
Time certificates of deposit | 750 | 936 | 1,602 |
Total interest expense recognized | $1,270 | $1,630 | $2,662 |
Borrowing_Arrangements_Details
Borrowing Arrangements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Borrowing Arrangements | ' | ' |
FHLB Advances, short-term | $0 | ($4,000,000) |
Maximum borrowing capacity on lines of credit | 40,000,000 | 40,000,000 |
Federal Home Loan Bank Advances | Securities Pledged as Collateral | ' | ' |
Borrowing Arrangements | ' | ' |
Investments securing FHLB advances, amortized cost | 3,985,000 | 4,016,000 |
Investments securing FHLB advances, market value | 4,084,000 | 4,225,000 |
Federal Reserve Bank Advances | ' | ' |
Borrowing Arrangements | ' | ' |
Line of Credit, Current | 51,000 | 127,000 |
Federal Reserve Bank Advances | Securities Pledged as Collateral | ' | ' |
Borrowing Arrangements | ' | ' |
Investments securing FHLB advances, amortized cost | 48,000 | 115,000 |
Investments securing FHLB advances, market value | 52,000 | 129,000 |
San Francisco Branch | ' | ' |
Borrowing Arrangements | ' | ' |
Advances from FHLB | 0 | 4,000,000 |
Interest rate of FHLB advances | 3.59% | ' |
Advances from FHLB | 0 | 4,000,000 |
FHLB Advances, short-term | 0 | -4,000,000 |
FHLB Advances, long-term | $0 | $0 |
Junior_Subordinated_Deferrable1
Junior Subordinated Deferrable Interest Debentures (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
quarter | |||
Debt Instrument [Line Items] | ' | ' | ' |
Percentage of Trust Preferred Securities eligible as Tier 1 capital | 25.00% | ' | ' |
Spread on LIBOR | 1.60% | ' | ' |
Redemption period | '90 days | ' | ' |
Percentage of notes outstanding required to call payment | 25.00% | ' | ' |
Number of consecutive quarterly periods of nonpayment required to call notes | 20 | ' | ' |
Liquidation value per security | 1,000 | ' | ' |
Interest rate at period end | 1.84% | ' | ' |
Interest expense for the period | $98 | $107 | $100 |
Service 1st Bank | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Aggregate Principal Amount Junior Subordinated Notes | $5,155 | ' | ' |
Income_Taxes_Components_of_inc
Income Taxes - Components of income tax expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current Federal income tax expense | $2,217 | $1,196 | $686 |
Current State income tax expense (benefit) | -445 | 49 | -95 |
Total current income tax expense | 1,772 | 1,245 | 591 |
Deferred Federal income tax expense (benefit) | -645 | 249 | 893 |
Deferred State income tax expense (benefit) | 220 | 191 | 377 |
Total deferred income tax expense (benefit) | -425 | 440 | 1,270 |
Provision (benefit) from income taxes, Federal | 1,572 | 1,445 | 1,579 |
Provision (benefit) from income taxes, State | -225 | 240 | 282 |
Provision for income taxes | $1,347 | $1,685 | $1,861 |
Income_Taxes_Components_of_def
Income Taxes - Components of deferred income taxes (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Allowance for credit losses | $3,492 | $4,170 |
Deferred compensation | 5,102 | 3,832 |
Unrealized loss on available-for-sale investment securities | 1,598 | 0 |
Net operating loss carryover from acquisition | 206 | 521 |
Bank premises and equipment | 264 | 862 |
Mark to market adjustment | 154 | 184 |
Other deferred taxes | 594 | 253 |
Other than temporary impairment | 289 | 282 |
Loan and investment impairment | 1,914 | 352 |
State Enterprise Zone credit carry-forward | 981 | 783 |
State capital loss carry-forward | 108 | 110 |
Alternative minimum tax credit | 2,238 | 1,025 |
State taxes | 32 | 20 |
Other | 7 | 7 |
Partnership income | 70 | 77 |
Total deferred tax assets | 17,049 | 12,478 |
Valuation allowance | -108 | -110 |
Net deferred tax asset after valuation allowance | 16,941 | 12,368 |
Deferred tax liabilities: | ' | ' |
Finance leases | -1,963 | -2,548 |
Unrealized gain on available-for-sale investment securities | 0 | -5,305 |
Core deposit intangible | -692 | -240 |
FHLB stock | -319 | -241 |
Loan origination costs | -406 | -256 |
Total deferred tax liabilities | -3,380 | -8,590 |
Net deferred tax assets | $13,561 | $3,778 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of effective tax rate (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal income tax, at statutory rate | 34.00% | 34.00% | 34.00% |
State taxes, net of Federal tax benefit | 0.40% | 2.80% | 3.60% |
Tax exempt investment security income, net | -20.50% | -16.70% | -14.00% |
Bank owned life insurance, net | -1.80% | -1.40% | -1.60% |
Solar credits | -1.40% | -1.40% | -1.60% |
Change in uncertain tax positions | -1.40% | 0.50% | 0.50% |
Change in prior year estimates | 1.40% | 0.00% | 0.00% |
Other | 3.40% | 0.50% | 1.40% |
Effective tax rate | 14.10% | 18.30% | 22.30% |
Income_Taxes_Rollforward_of_un
Income Taxes - Rollforward of uncertain tax positions (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' |
Balance at beginning of year | $316 |
Additions based on tax positions related to the current year | 55 |
Reductions for tax positions of prior years | -191 |
Balance at end of year | $180 |
Income_Taxes_Narrative_Details
Income Taxes - Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | California | California | Federal | Capital Loss Carryforward | Capital Loss Carryforward | ||
Tax Years 2009-2011 | California | California | |||||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Valuation allowance | $108 | $110 | ' | ' | ' | ($108) | ($110) |
Operating loss carryforwards | ' | ' | 2,885 | ' | ' | ' | ' |
Loss Carryforward Annual Limitation on Use | ' | ' | ' | ' | 1,802 | ' | ' |
Operating Loss, Suspension Threshold | ' | ' | ' | $300 | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Leases (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Rental expense for period | $2,123 | $1,947 | $1,982 |
2013 | 2,267 | ' | ' |
2014 | 2,191 | ' | ' |
2015 | 1,639 | ' | ' |
2016 | 1,240 | ' | ' |
2017 | 1,227 | ' | ' |
Thereafter | 3,138 | ' | ' |
Total future minimum lease payments | $11,702 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies | ' | ' |
Uninsured deposits | $11,480,000 | ' |
% of Total Loans | 100.00% | ' |
Probable loan loss experience on unfunded obligations | ' | ' |
Commitments and Contingencies | ' | ' |
Loss Contingency, Estimate of Possible Loss | 141,000 | ' |
Undisbursed lines of credit | ' | ' |
Commitments and Contingencies | ' | ' |
Commitments to extend credit | 191,072,000 | 162,261,000 |
Standby letters of credit and financial guarantees | ' | ' |
Commitments and Contingencies | ' | ' |
Commitments to extend credit | $1,595,000 | $590,000 |
Commercial | ' | ' |
Commitments and Contingencies | ' | ' |
Percentage Of Loan Commitments | 53.00% | ' |
% of Total Loans | 23.10% | 26.40% |
Real Estate Portfolio Segment | ' | ' |
Commitments and Contingencies | ' | ' |
Percentage Of Loan Commitments | 34.00% | ' |
Maximum loan to value ratio | 80.00% | ' |
% of Total Loans | 65.20% | 60.10% |
Consumer | ' | ' |
Commitments and Contingencies | ' | ' |
Percentage Of Loan Commitments | 13.00% | ' |
% of Total Loans | 11.70% | 13.50% |
Real estate related | ' | ' |
Commitments and Contingencies | ' | ' |
% of Total Loans | 74.70% | 71.00% |
Commercial and Real estate related | ' | ' |
Commitments and Contingencies | ' | ' |
% of Total Loans | 97.80% | 97.40% |
Shareholders_Equity_Regulatory
Shareholders' Equity - Regulatory Capital (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Central Valley Community Bank | ' | ' |
Tier 1 Leverage Ratio | ' | ' |
Tier One Leverage Capital | $87,674 | $87,911 |
Tier One Leverage Capital to Average Assets | 8.09% | 10.22% |
Tier One Leverage Capital Required for Capital Adequacy | 43,375 | 34,395 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | 54,218 | 42,994 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Tier 1 Risk-Based Capital Ratio | ' | ' |
Tier One Risk Based Capital | 87,674 | 87,911 |
Tier One Risk Based Capital to Risk Weighted Assets | 13.79% | 17.67% |
Tier One Risk Based Capital Required to be Well Capitalized | 38,151 | 29,848 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.00% | 6.00% |
Tier One Risk Based Capital Required for Capital Adequacy | 25,434 | 19,899 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% |
Total Risk-Based Capital Ratio | ' | ' |
Capital | 95,639 | 94,336 |
Capital to Risk Weighted Assets | 15.04% | 18.96% |
Capital Required to be Well Capitalized | 63,585 | 49,747 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Capital Required for Capital Adequacy | 50,868 | 39,798 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Central Valley Community Bancorp and Subsidiary | ' | ' |
Tier 1 Leverage Ratio | ' | ' |
Tier One Leverage Capital | 88,320 | 90,866 |
Tier One Leverage Capital to Average Assets | 8.14% | 10.56% |
Tier One Leverage Capital Required for Capital Adequacy | 43,394 | 34,418 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier 1 Risk-Based Capital Ratio | ' | ' |
Tier One Risk Based Capital | 88,320 | 90,866 |
Tier One Risk Based Capital to Risk Weighted Assets | 13.88% | 18.24% |
Tier One Risk Based Capital Required for Capital Adequacy | 25,454 | 19,926 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% |
Total Risk-Based Capital Ratio | ' | ' |
Capital | 96,292 | 97,299 |
Capital to Risk Weighted Assets | 15.13% | 19.53% |
Capital Required for Capital Adequacy | $50,908 | $39,853 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Shareholders_Equity_Dividends_
Shareholders' Equity - Dividends and Share Repurchases (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Oct. 17, 2012 | Aug. 15, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Dividends | ' | ' | ' | ' |
Dividends declared and paid by subsidiary | ' | ' | $18,000 | $3,000 |
Dividends declared and paid during the period | 480 | ' | 2,048 | 480 |
Dividends declared, per share | $0.05 | ' | $0.20 | ' |
Retained earnings available for dividends without prior regulatory approval | ' | ' | 2,433 | ' |
Share Repurchase Plan | ' | ' | ' | ' |
Repurchase authorization, percentage | ' | 5.00% | ' | ' |
Repurchase authorization, shares | ' | 479,850 | ' | ' |
Shares repurchased and retired during the period | ' | ' | 58,100 | ' |
Average price per share of shares repurchased and retired | ' | ' | $8.41 | ' |
Shares repurchased and retired during the period, value | ' | ' | $488 | $488 |
Shareholders_Equity_Share_Capi
Shareholders' Equity - Share Capital Transactions (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Dec. 23, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 28, 2011 | Dec. 23, 2009 | Aug. 31, 2011 | Dec. 23, 2009 | Jun. 30, 2010 | Aug. 31, 2011 | Jun. 30, 2010 | Aug. 18, 2011 | Dec. 31, 2013 | Aug. 18, 2011 | |
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Nonvoting Common Stock [Member] | Nonvoting Common Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Series A Preferred Stock [Member] | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued during the period | ' | ' | ' | ' | ' | 1,264,952 | ' | 1,359 | ' | ' | ' | 7,000 | ' | ' |
Shares issued, price per share | ' | ' | ' | ' | ' | $5.25 | ' | $1,000 | ' | ' | ' | ' | ' | ' |
Shares issued during the period, value | $8,000,000 | ' | ' | $7,000,000 | ' | ' | ' | ' | ' | ' | ' | $7,000,000 | ' | ' |
Issuance costs | 242,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of preferred stock Series B, non-voting, shares | ' | ' | ' | ' | ' | ' | 258,862 | ' | ' | ' | 258,862 | ' | ' | ' |
Shares redeemed or converted in the period | ' | ' | ' | ' | ' | ' | ' | ' | 1,359 | 258,862 | ' | ' | 7,000 | 7,000 |
Redemption or conversion of preferred stock | ' | 7,000,000 | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 7,087,500 | 7,000,000 |
Number of shares called by warrant | ' | ' | ' | ' | 79,037 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common stock warrant | ' | $0 | $0 | $185,000 | $185,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Redemption Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | ' |
Shareholders_Equity_Earnings_P
Shareholders' Equity - Earnings Per Share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity [Abstract] | ' | ' | ' |
Net income | $8,250 | $7,520 | $6,477 |
Preferred stock dividends and accretion | -350 | -350 | -486 |
Income available to common shareholders | 7,900 | 7,170 | 5,991 |
Weighted average shares outstanding | 10,245,448 | 9,587,784 | 9,522,066 |
Net income per common share | $0.77 | $0.75 | $0.63 |
Net income available to common shareholders, diluted | $7,900 | $7,170 | $5,991 |
Effect of dilutive stock options and warrants | 62,592 | 28,629 | 16,596 |
Weighted average shares of common stock and common stock equivalents | 10,308,040 | 9,616,413 | 9,538,662 |
Net income per diluted common share | $0.77 | $0.75 | $0.63 |
Antidilutive options and warrants excluded from computation of earnings per share | 202,355 | 352,319 | 436,619 |
ShareBased_Compensation_Valuat
Share-Based Compensation - Valuation Assumptions (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Dividend yield | 0.00% |
Expected volatility | 42.00% |
Risk-free interest rate | 0.71% |
Expected option term | '6 years 6 months |
ShareBased_Compensation_Stock_
Share-Based Compensation - Stock Option Activity (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 |
Stock option activity | ' |
Options outstanding (in shares) | 499,289 |
Options exercised (in shares) | -93,329 |
Options forfeited (in shares) | -25,530 |
Options outstanding (in shares) | 380,430 |
Options vested or expected to vest (in shares) | 375,055 |
Options exercisable (in shares) | 278,890 |
Stock option activity, weighted average exercise price | ' |
Options Outstanding, weighted average exercise price (in dollars per share) | $8.78 |
Options exercised, weighted average exercise price (in dollars per share) | $8.45 |
Options canceled, weighted average exercise price (in dollars per share) | $9.15 |
Options Outstanding, weighted average exercise price (in dollars per share) | $8.83 |
Options vested or expected to vest, weighted average exercise price (in dollars per share) | $8.85 |
Options exercisable, weighted average exercise price (in dollars per share) | $9.38 |
Options outstanding, weighted average remaining contractual term | '4 years 8 months 15 days |
Options vested or expected to vest, weighted average remaining contractual term | '4 years 7 months 29 days |
Options exercisable, weighted average remaining contractual term | '3 years 5 months 25 days |
Options outstanding, aggregate intrinsic value | $1,176 |
Options vested or expected to vest, aggregate intrinsic value | 2,928 |
Options exercisable, aggregate intrinsic value | $776 |
ShareBased_Compensation_Textua
Share-Based Compensation - Textual (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 15, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | 2000 Plan | 2000 Plan | 2005 Plan | 2005 Plan | 2005 Plan | 2005 Plan | Minimum | Maximum | ||||
Stock Options [Member] | Stock Options [Member] | 2000 Plan | 2000 Plan | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | ' | ' | ' | 203,660 | ' | ' | ' | ' | 296,540 | ' | ' |
Share Based Compensation Life of Option | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | '10 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | '5 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 476,000 | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 176,770 | ' | ' |
Share-based compensation expense | $98 | $108 | $196 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit of stock option compensation expense | ' | ' | ' | 28 | 16 | 36 | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 92,150 | 0 | ' | ' | ' |
Weighted average exercise price of options granted in period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.02 | $8.75 |
Weighted average grant date fair value of options granted in period | $0 | $3.40 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of options exercised | 82 | 93 | 417 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from options exercised | 789 | 385 | 680 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess tax benefit realized for option exercises | 17 | 26 | 116 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to non-vested share-based compensation arrangements | 268 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period to recognize unrecognized share-based compensation cost | '3 years 1 month 26 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $102 | $140 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Benefits_401k_and_pro
Employee Benefits - 401(k) and profit sharing plan (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
H | |||
401(k) plan | ' | ' | ' |
Schedule of Defined Contribution Plans Disclosures [Line Items] | ' | ' | ' |
Requisite service period | '3 months | ' | ' |
Minimum number of hours in service period | 1,000 | ' | ' |
Employer contribution amount | $382 | $388 | $352 |
Profit sharing plan | ' | ' | ' |
Schedule of Defined Contribution Plans Disclosures [Line Items] | ' | ' | ' |
Requisite service period | '2 years | ' | ' |
Percentage vesting annually | 100.00% | ' | ' |
Employer contribution amount | $225 | $210 | $150 |
Up to 3% of eligible compensation | 401(k) plan | ' | ' | ' |
Schedule of Defined Contribution Plans Disclosures [Line Items] | ' | ' | ' |
Employer matching of employee contributions, percentage | 100.00% | ' | ' |
Employer matching contribution, percentage of compensation | 3.00% | ' | ' |
Over 3% of eligible compensation | 401(k) plan | ' | ' | ' |
Schedule of Defined Contribution Plans Disclosures [Line Items] | ' | ' | ' |
Employer matching of employee contributions, percentage | 50.00% | ' | ' |
Employer matching contribution, percentage of compensation | 3.00% | ' | ' |
Maximum | 401(k) plan | ' | ' | ' |
Schedule of Defined Contribution Plans Disclosures [Line Items] | ' | ' | ' |
Employer matching contribution, percentage of compensation | 5.00% | ' | ' |
Employee_Benefits_Deferred_com
Employee Benefits - Deferred compensation plan (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' |
Appreciation in cash surrender value of bank owned life insurance | $495 | $391 | $382 |
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | Director [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' |
Interest rate on deferred amounts | 2.85% | ' | ' |
Net deferrals included in accrued interest payable and other liabilities | 2,976 | 1,978 | ' |
Cash surrender value of life insurance | 3,416 | 3,308 | ' |
Appreciation in cash surrender value of bank owned life insurance | $108 | $103 | $98 |
Employee_Benefits_Salary_conti
Employee Benefits - Salary continuation plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Appreciation in cash surrender value of bank owned life insurance | $495 | $391 | $382 |
Annual tax free interest rate on life insurance policies | 4.91% | ' | ' |
Certain Key Executives [Member] | Salary Continuation [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Contractual term | '15 years | ' | ' |
Salary continuation plans, expense for period | 581 | 658 | 341 |
Total liability | 4,834 | 4,339 | ' |
Cash surrender value of life insurance | 4,804 | 4,659 | ' |
Appreciation in cash surrender value of bank owned life insurance | 145 | 150 | 144 |
Service 1st Bank | Certain Key Executives [Member] | Salary Continuation [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Salary continuation plans, expense for period | 194 | 184 | 98 |
Total liability | 1,907 | 1,807 | ' |
Cash surrender value of life insurance | 4,326 | 4,196 | ' |
Appreciation in cash surrender value of bank owned life insurance | 130 | 150 | 140 |
Visalia Community Bank [Member] | Certain Key Executives [Member] | Salary Continuation [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Salary continuation plans, expense for period | 8 | ' | ' |
Total liability | 863 | ' | ' |
Cash surrender value of life insurance | 6,897 | ' | ' |
Appreciation in cash surrender value of bank owned life insurance | $111 | ' | ' |
Loans_To_Related_Parties_Detai
Loans To Related Parties (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Loans to related parties | ' |
Balance at beginning of year | $716 |
Disbursements | 162 |
Amounts repaid | -71 |
Balance at end of year | 807 |
Undisbursed commitments to related parties | $1,426 |
Parent_Only_Condensed_Financia2
Parent Only Condensed Financial Statements Condensed Balance Sheets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $112,052 | $52,956 | $44,804 | $100,999 |
Total assets | 1,145,635 | 890,228 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Junior subordinated debentures due to subsidiary grantor trust | 5,155 | 5,155 | ' | ' |
Total liabilities | 1,025,592 | 772,563 | ' | ' |
Shareholders’ equity: | ' | ' | ' | ' |
Preferred stock, Series C | 0 | 7,000 | ' | ' |
Common stock | 53,981 | 40,583 | ' | ' |
Retained earnings | 68,348 | 62,496 | ' | ' |
Accumulated other comprehensive (loss) income, net of tax | -2,286 | 7,586 | ' | ' |
Total shareholders' equity | 120,043 | 117,665 | 107,482 | 97,391 |
Total liabilities and shareholders' equity | 1,145,635 | 890,228 | ' | ' |
Parent Company | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 385 | 2,807 | 969 | 1,071 |
Investment in Bank subsidiary | 124,378 | 119,812 | ' | ' |
Other assets | 523 | 576 | ' | ' |
Total assets | 125,286 | 123,195 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Junior subordinated debentures due to subsidiary grantor trust | 5,155 | 5,155 | ' | ' |
Other liabilities | 88 | 375 | ' | ' |
Total liabilities | 5,243 | 5,530 | ' | ' |
Shareholders’ equity: | ' | ' | ' | ' |
Preferred stock, Series C | 0 | 7,000 | ' | ' |
Common stock | 53,981 | 40,583 | ' | ' |
Retained earnings | 68,348 | 62,496 | ' | ' |
Accumulated other comprehensive (loss) income, net of tax | -2,286 | 7,586 | ' | ' |
Total shareholders' equity | 120,043 | 117,665 | ' | ' |
Total liabilities and shareholders' equity | $125,286 | $123,195 | ' | ' |
Parent_Only_Condensed_Financia3
Parent Only Condensed Financial Statements Condensed Statements of Income and Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income: | ' | ' | ' |
Dividends declared by Subsidiary - eliminated in consolidation | $18,000 | $3,000 | ' |
Expenses: | ' | ' | ' |
Interest on junior subordinated deferrable interest debentures | 98 | 107 | 100 |
Professional fees | 511 | 514 | 491 |
Income before provision for income taxes | 9,597 | 9,205 | 8,338 |
Benefit from income taxes | -1,347 | -1,685 | -1,861 |
Net income | 8,250 | 7,520 | 6,477 |
Preferred stock dividend and accretion of discount | ' | 350 | 350 |
Income available to common shareholders | 7,900 | 7,170 | 5,991 |
Comprehensive income | -1,622 | 10,982 | 9,634 |
Parent Company | ' | ' | ' |
Income: | ' | ' | ' |
Dividends declared by Subsidiary - eliminated in consolidation | 18,000 | 3,000 | 0 |
Other income | 5 | 3 | 3 |
Total income | 18,005 | 3,003 | 3 |
Expenses: | ' | ' | ' |
Interest on junior subordinated deferrable interest debentures | 98 | 107 | 100 |
Professional fees | 102 | 140 | 148 |
Other expenses | 424 | 587 | 352 |
Total expenses | 624 | 834 | 600 |
Income before provision for income taxes | 17,381 | 2,169 | -597 |
Equity in undistributed net income of Subsidiary | -9,414 | 4,993 | 6,854 |
Income before income tax benefit | 7,967 | 7,162 | 6,257 |
Benefit from income taxes | 283 | 358 | 220 |
Net income | 8,250 | 7,520 | 6,477 |
Preferred stock dividend and accretion of discount | 350 | 350 | 486 |
Income available to common shareholders | 7,900 | 7,170 | 5,991 |
Comprehensive income | ($1,622) | $10,982 | $9,634 |
Parent_Only_Condensed_Financia4
Parent Only Condensed Financial Statements Condensed Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $8,250 | $7,520 | $6,477 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ' |
Stock-based compensation | 98 | 108 | 196 |
Tax benefit from exercise of stock options | -17 | -26 | -116 |
Benefit for deferred income taxes | -296 | 440 | 1,270 |
Cash flows from financing activities: | ' | ' | ' |
Cash dividend payments on common stock | -2,048 | -480 | 0 |
Cash dividend payments on preferred stock | -438 | -350 | -307 |
Share repurchase and retirement | 0 | -488 | 0 |
Proceeds from exercise of stock options | 789 | 385 | 680 |
Redemption of preferred stock Series C | -7,000 | 0 | 0 |
Repurchase of warrant | 0 | 0 | -185 |
Tax benefit from exercise of stock options | 17 | 26 | 116 |
Net cash (used in) provided by financing activities | 65,824 | 37,539 | 52,795 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 52,956 | 44,804 | 100,999 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 112,052 | 52,956 | 44,804 |
Cash paid during the year for interest | 1,430 | 1,939 | 3,186 |
Non-cash investing and financing activities: | ' | ' | ' |
Redemption of preferred stock Series A and issuance of preferred stock Series C | 0 | 0 | 7,000 |
Common stock issued in Visalia Community Bank acquisition | 12,494 | 0 | 0 |
Parent Company | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income | 8,250 | 7,520 | 6,477 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ' |
Undistributed net income of subsidiary, net of distributions | 9,414 | -4,993 | -6,854 |
Stock-based compensation | 98 | 108 | 196 |
Tax benefit from exercise of stock options | -17 | -26 | -116 |
Net (increase) decrease in other assets | 86 | -28 | -50 |
Net increase (decrease) in other liabilities | -198 | 179 | -23 |
Benefit for deferred income taxes | -18 | -15 | -36 |
Net cash provided by (used in) operating activities | 17,615 | 2,745 | -406 |
Cash flows used in investing activities: | ' | ' | ' |
Investment in subsidiary | -11,358 | 0 | 0 |
Cash flows from financing activities: | ' | ' | ' |
Cash dividend payments on common stock | -2,048 | -480 | 0 |
Cash dividend payments on preferred stock | -437 | -350 | -307 |
Share repurchase and retirement | 0 | -488 | 0 |
Proceeds from exercise of stock options | 789 | 385 | 680 |
Repurchase of warrant | 0 | 0 | -185 |
Tax benefit from exercise of stock options | 17 | 26 | 116 |
Net cash (used in) provided by financing activities | -8,679 | -907 | 304 |
Increase (decrease) in cash and cash equivalents | -2,422 | 1,838 | -102 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 2,807 | 969 | 1,071 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 385 | 2,807 | 969 |
Cash paid during the year for interest | 125 | 109 | 98 |
Non-cash investing and financing activities: | ' | ' | ' |
Redemption of preferred stock Series A and issuance of preferred stock Series C | $0 | $0 | $7,000 |