Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | ||
Mar. 31, 2014 | 7-May-14 | 7-May-14 | |
Voting common stock | Non-voting common stock | ||
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'INTERMOUNTAIN COMMUNITY BANCORP | ' | ' |
Entity Central Index Key | '0001284506 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 2,861,214 | 3,839,688 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Cash and cash equivalents: | ' | ' |
Interest-bearing | $16,712,000 | $44,946,000 |
Non-interest bearing and vault | 10,122,000 | 7,851,000 |
Total cash and cash equivalents | 26,834,000 | 52,797,000 |
Restricted cash | 10,747,000 | 12,333,000 |
Available-for-sale securities, at fair value | 261,097,000 | 251,638,000 |
Held-to-maturity securities, at amortized cost | 26,174,000 | 28,286,000 |
Federal Home Loan Bank (bFHLBb) of Seattle stock, at cost | 2,167,000 | 2,187,000 |
Loans held for sale | 628,000 | 614,000 |
Loans receivable, net | 507,000,000 | 514,834,000 |
Accrued interest receivable | 4,028,000 | 4,170,000 |
Office properties and equipment, net | 34,232,000 | 34,685,000 |
Deferred tax asset, net | 20,963,000 | 21,655,000 |
Bank-owned life insurance (BOLI) | 9,876,000 | 9,797,000 |
Other real estate owned (bOREOb) | 3,768,000 | 3,684,000 |
Prepaid expenses and other assets | 2,936,000 | 2,968,000 |
Total assets | 910,450,000 | 939,648,000 |
LIABILITIES | ' | ' |
Interest bearing deposits | 473,473,000 | 470,257,000 |
Noninterest bearing deposits | 237,077,000 | 235,793,000 |
Total deposits | 710,550,000 | 706,050,000 |
Securities sold subject to repurchase agreements | 64,720,000 | 99,888,000 |
Advances from Federal Home Loan Bank | 4,000,000 | 4,000,000 |
Unexercised stock warrant liability | 1,048,000 | 942,000 |
Cashier checks issued and payable | 2,959,000 | 3,620,000 |
Accrued interest payable | 219,000 | 219,000 |
Other borrowings | 23,235,000 | 23,410,000 |
Accrued expenses and other liabilities | 7,828,000 | 7,507,000 |
Total liabilities | 814,559,000 | 845,636,000 |
STOCKHOLDERSb EQUITY | ' | ' |
Accumulated other comprehensive loss, net of tax | -431,000 | -1,182,000 |
Accumulated deficit | -32,799,000 | -33,834,000 |
Total stockholdersb equity | 95,891,000 | 94,012,000 |
Total liabilities and stockholdersb equity | 910,450,000 | 939,648,000 |
Voting common stock | ' | ' |
STOCKHOLDERSb EQUITY | ' | ' |
Common stock | 97,180,000 | 97,087,000 |
Non-voting common stock | ' | ' |
STOCKHOLDERSb EQUITY | ' | ' |
Common stock | $31,941,000 | $31,941,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) | Mar. 31, 2014 | Dec. 31, 2013 |
Voting common stock | ' | ' |
STOCKHOLDERSb EQUITY | ' | ' |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 2,701,214 | 2,701,214 |
Common stock, shares outstanding | 2,651,214 | 2,651,214 |
Non-voting common stock | ' | ' |
STOCKHOLDERSb EQUITY | ' | ' |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 3,839,688 | 3,839,688 |
Common stock, shares outstanding | 3,839,688 | 3,839,688 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Interest income: | ' | ' | ||
Loans | $6,114 | $6,735 | ||
Investments and cash equivalents | 1,642 | 1,593 | ||
Total interest income | 7,756 | 8,328 | ||
Interest expense: | ' | ' | ||
Deposits | 424 | 561 | ||
Other borrowings | 358 | 424 | ||
Total interest expense | 782 | 985 | ||
Net interest income | 6,974 | 7,343 | ||
Provision for loan loss | -103 | -179 | ||
Net interest income after provision for losses on loans | 6,871 | 7,164 | ||
Other income: | ' | ' | ||
Fees and service charges | 1,122 | 1,079 | ||
Commissions & fees from trust & investment advisory services | 541 | 527 | ||
Loan related fee income | 305 | 611 | ||
Net gain on sale of securities | 5 | 40 | ||
Net gain on sale of other assets | 4 | 4 | ||
Other-than-temporary impairment (bOTTIb) losses on investments | 0 | [1] | -42 | [1] |
Bank-owned life insurance | 79 | 84 | ||
Fair value adjustment on cash flow hedge | 0 | 67 | ||
Unexercised warrant liability fair value adjustment | -106 | 56 | ||
Other | 48 | 113 | ||
Total other income | 1,998 | 2,539 | ||
Operating expenses | ' | ' | ||
Salaries and employee benefits | 3,876 | 4,175 | ||
Occupancy | 1,181 | 1,185 | ||
Technology | 822 | 876 | ||
Advertising | 149 | 113 | ||
Fees and service charges | 90 | 93 | ||
Printing, postage and supplies | 175 | 217 | ||
Legal and accounting | 403 | 349 | ||
FDIC assessment | 146 | 186 | ||
OREO operations | -63 | 111 | ||
Other expenses | 656 | 873 | ||
Total operating expenses | 7,435 | 8,178 | ||
Net income before income taxes | 1,434 | 1,525 | ||
Income tax expense | -400 | 0 | ||
Net income | 1,034 | 1,525 | ||
Preferred stock dividend | 0 | 458 | ||
Net income applicable to common stockholders | $1,034 | $1,067 | ||
Earnings per share b basic (in dollars per share) | $0.16 | $0.17 | ||
Earnings per share b diluted (in dollars per share) | $0.16 | $0.16 | ||
Weighted average common shares outstanding b basic (in shares) | 6,540,902 | 6,442,988 | ||
Weighted average common shares outstanding b diluted (in shares) | 6,606,489 | 6,480,024 | ||
[1] | Consisting of $0 and $0 of total other-than-temporary impairment net losses, net of $0 and $(42) recognized in other comprehensive income, for the three months ended MarchB 31, 2014 and 2013, respectively. |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Total other-than-temporary impairment net losses | $0 | $0 |
Other-than-temporary impairment losses, portion in other comprehensive income (loss) | $0 | ($42) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net income | $1,034 | $1,525 |
Other comprehensive income (loss): | ' | ' |
Change in unrealized gains/losses on investments, and mortgage backed securities (bMBSb) available for sale, excluding non-credit loss on impairment of securities | 1,249 | 495 |
Realized net gains reclassified from other comprehensive income | -5 | -40 |
Non-credit loss on impairment on available-for-sale debt securities | 0 | 42 |
Less deferred income tax provision on securities | -493 | -197 |
Net other comprehensive income | 751 | 300 |
Comprehensive income | $1,785 | $1,825 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Cash flows from operating activities: | ' | ' | ||
Net income | $1,034 | $1,525 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ||
Depreciation | 569 | 605 | ||
Stock-based compensation expense | 93 | 13 | ||
Net amortization of premiums on securities | 1,314 | 1,697 | ||
Provision for loan losses | 103 | 179 | ||
Amortization of core deposit intangibles | 12 | 17 | ||
(Gain) on sale of loans, investments, property and equipment | -163 | -369 | ||
Impact of hedge dedesignation and current fair value adjustment | 0 | 69 | ||
OTTI credit loss on available-for-sale investments | 0 | [1] | 42 | [1] |
OREO valuation adjustments | 0 | 26 | ||
Accretion of deferred gain on sale of branch property | -4 | -4 | ||
Net accretion of loan and deposit discounts and premiums | 0 | -3 | ||
Increase in cash surrender value of bank-owned life insurance | -79 | -84 | ||
Change in value of stock warrants | 106 | -56 | ||
Change in: | ' | ' | ||
Accrued interest receivable | 142 | 269 | ||
Prepaid expenses and other assets | 203 | 366 | ||
Accrued interest payable and other liabilities | 325 | -440 | ||
Accrued expenses and other cashiers checks | -661 | 743 | ||
Proceeds from sale of loans originated for sale | 6,934 | 13,711 | ||
Loans originated for sale | -6,792 | -13,721 | ||
Net cash provided by operating activities | 3,136 | 4,585 | ||
Cash flows from investing activities: | ' | ' | ||
Proceeds from Sale of Federal Reserve Bank Stock | 20 | 21 | ||
Purchases of available-for-sale securities | -28,680 | -23,575 | ||
Proceeds from sales, calls or maturities of available-for-sale securities | 11,229 | 2,003 | ||
Principal payments on mortgage-backed securities | 8,023 | 17,778 | ||
Purchases of held-to-maturity securities | -870 | 0 | ||
Proceeds from sales, calls or maturities of held-to-maturity securities | 2,885 | 24 | ||
Origination of loans, net of principal payments | 7,647 | 21,444 | ||
Purchase of office properties and equipment and software | -100 | -384 | ||
Proceeds from sale of other real estate owned | 0 | 656 | ||
Proceeds from sale of office properties and equipment | 3 | 0 | ||
Net change in restricted cash | 1,586 | 868 | ||
Net cash provided by investing activities | 1,743 | 18,835 | ||
Cash flows from financing activities: | ' | ' | ||
Net change in demand, money market and savings deposits | 5,744 | -16,214 | ||
Net change in certificates of deposit | -1,243 | -13,253 | ||
Net change in repurchase agreements | -35,168 | -10,581 | ||
Payments on borrowings | -175 | 0 | ||
Retirement of treasury stock | 0 | -1 | ||
Payment of preferred stock dividend | 0 | -338 | ||
Net cash used in financing activities | -30,842 | -40,387 | ||
Net change in cash and cash equivalents | -25,963 | -16,967 | ||
Cash and cash equivalents, beginning of period | 52,797 | 66,938 | ||
Cash and cash equivalents, end of period | 26,834 | 49,971 | ||
Cash paid during the period for: | ' | ' | ||
Interest | 783 | 1,833 | ||
Noncash investing and financing activities: | ' | ' | ||
Loans converted to other real estate owned | $84 | $394 | ||
[1] | Consisting of $0 and $0 of total other-than-temporary impairment net losses, net of $0 and $(42) recognized in other comprehensive income, for the three months ended MarchB 31, 2014 and 2013, respectively. |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Basis of Presentation: [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation: | |
The foregoing unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, these financial statements do not include all of the disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2013. In the opinion of management, the unaudited interim consolidated financial statements furnished herein include adjustments, all of which are of a normal recurring nature, necessary for a fair statement of the results for the interim periods presented. | |
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of Intermountain Community Bancorp’s (“Intermountain’s” or “the Company’s”) consolidated financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of Intermountain’s consolidated financial position and results of operations. |
Cash_and_Cash_Equivalents
Cash and Cash Equivalents | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Cash and Cash Equivalents [Abstract] | ' | |||||||
Cash and Cash Equivalents | ' | |||||||
Cash & Cash Equivalents: | ||||||||
The balances of the Company's cash and cash equivalents are as follows (in thousands): | ||||||||
3/31/14 | 12/31/13 | |||||||
Unrestricted interest-bearing cash and cash equivalents | $ | 16,712 | $ | 44,946 | ||||
Unrestricted non interest-bearing and vault cash | $ | 10,122 | $ | 7,851 | ||||
Restricted non-interest bearing cash | $ | 10,747 | $ | 12,333 | ||||
At March 31, 2014 and December 31, 2013, unrestricted interest bearing cash was deposited at the Federal Reserve ("FRB") and Federal Home Loan Bank of Seattle ("FHLB"). Unrestricted non-interest bearing cash includes overnight cash deposited at several of the Company's correspondent banks and balances kept in the vaults of its various offices. At March 31, 2014 restricted non-interest bearing cash consisted of the following: | ||||||||
• | At March 31, 2014, no reserve balance was required at the FRB; a $1.6 million reserve balance was required to meet FRB reserve requirements on December 31, 2013; | |||||||
• | At both March 31, 2014 and December 31, 2013, $172,000 was pledged to various correspondent banks to secure interest rate swap transactions and foreign currency exchange lines; | |||||||
• | At both March 31, 2014 and December 31, 2013, $1.1 million was held at the Company's subsidiary Bank to be used for future tenant improvements of the Sandpoint Center, as required by the agreement executed to sell the Sandpoint Center in 2009; | |||||||
• | At both March 31, 2014 and December 31, 2013, $9.5 million was held at the Company's subsidiary Bank as required by an intercompany agreement signed by the Company and the Bank as part of the Company's January 2012 capital raise, which represents a pledge of funds to the Bank to partially secure the loan made by the Bank to the third party who bought and subsequently leased the Sandpoint Center back to the Bank. |
Investments
Investments | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||
Investments | ' | |||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||
The amortized cost and fair values of investments are as follows (in thousands): | ||||||||||||||||||||||||
Available-for-Sale | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value/ | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Carrying Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Corporate Bonds | $ | 4,000 | $ | — | $ | (19 | ) | $ | 3,981 | |||||||||||||||
State and municipal securities | 60,636 | 1,088 | (967 | ) | 60,757 | |||||||||||||||||||
Mortgage-backed securities - Agency Pass Throughs | 48,171 | 820 | (382 | ) | 48,609 | |||||||||||||||||||
Mortgage-backed securities - Agency CMO's | 118,655 | 617 | (1,695 | ) | 117,577 | |||||||||||||||||||
SBA Pools | 25,620 | 363 | (29 | ) | 25,954 | |||||||||||||||||||
Mortgage-backed securities - Non Agency CMO's (investment grade) | 1,965 | — | (173 | ) | 1,792 | |||||||||||||||||||
Mortgage-backed securities - Non Agency CMO's (below investment grade) | 2,514 | 25 | (112 | ) | 2,427 | |||||||||||||||||||
$ | 261,561 | $ | 2,913 | $ | (3,377 | ) | $ | 261,097 | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Corporate Bonds | $ | 4,000 | $ | — | $ | (85 | ) | $ | 3,915 | |||||||||||||||
State and municipal securities | $ | 51,335 | $ | 469 | $ | (1,765 | ) | $ | 50,039 | |||||||||||||||
Mortgage-backed securities - Agency Pass Throughs | 52,104 | 768 | (499 | ) | 52,373 | |||||||||||||||||||
Mortgage-backed securities - Agency CMO's | 114,704 | 849 | (1,542 | ) | 114,011 | |||||||||||||||||||
SBA Pools | 26,518 | 355 | (46 | ) | 26,827 | |||||||||||||||||||
Mortgage-backed securities - Non Agency CMO's (investment grade) | 2,025 | — | (65 | ) | 1,960 | |||||||||||||||||||
Mortgage-backed securities - Non Agency CMO's (below investment grade) | 2,654 | 31 | (172 | ) | 2,513 | |||||||||||||||||||
$ | 253,340 | $ | 2,472 | $ | (4,174 | ) | $ | 251,638 | ||||||||||||||||
Held-to-Maturity | ||||||||||||||||||||||||
Carrying Value / Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
State and municipal securities | $ | 26,174 | $ | 918 | $ | (24 | ) | $ | 27,068 | |||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
State and municipal securities | $ | 28,286 | $ | 857 | $ | (119 | ) | $ | 29,024 | |||||||||||||||
The following table summarizes the duration of Intermountain’s unrealized losses on available-for-sale and held-to-maturity securities as of the dates indicated (in thousands). | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
March 31, 2014 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
Corporate Bonds | $ | 1,981 | $ | (19 | ) | $ | — | $ | — | $ | 1,981 | $ | (19 | ) | ||||||||||
Residential mortgage-back securities | 72,701 | (1,919 | ) | 15,196 | (443 | ) | 87,897 | (2,362 | ) | |||||||||||||||
SBA Pools | 2,745 | (3 | ) | 4,130 | (26 | ) | 6,875 | (29 | ) | |||||||||||||||
State and municipal securities | 30,134 | (840 | ) | 2,162 | (151 | ) | 32,296 | (991 | ) | |||||||||||||||
Total | $ | 107,561 | $ | (2,781 | ) | $ | 21,488 | $ | (620 | ) | $ | 129,049 | $ | (3,401 | ) | |||||||||
December 31, 2013 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
Corporate bonds | $ | 3,915 | $ | (85 | ) | $ | — | $ | — | $ | 3,915 | $ | (85 | ) | ||||||||||
Mortgage-backed securities & CMO's | $ | 69,297 | $ | (1,709 | ) | $ | 20,657 | $ | (569 | ) | $ | 89,954 | $ | (2,278 | ) | |||||||||
SBA Pools | 7,206 | (46 | ) | — | — | 7,206 | (46 | ) | ||||||||||||||||
State and municipal securities | 36,615 | (1,760 | ) | 1,586 | (124 | ) | 38,201 | (1,884 | ) | |||||||||||||||
Total | $ | 117,033 | $ | (3,600 | ) | $ | 22,243 | $ | (693 | ) | $ | 139,276 | $ | (4,293 | ) | |||||||||
At March 31, 2014, the amortized cost and fair value of available-for-sale and held-to-maturity debt securities, by contractual maturity, are as follows (in thousands): | ||||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||
One year or less | $ | — | $ | — | $ | 1,372 | $ | 1,390 | ||||||||||||||||
After one year through five years | 1,537 | 1,555 | 3,956 | 4,109 | ||||||||||||||||||||
After five years through ten years | 7,271 | 7,125 | 14,945 | 15,408 | ||||||||||||||||||||
After ten years | 55,828 | 56,057 | 5,901 | 6,161 | ||||||||||||||||||||
Subtotal | 64,636 | 64,737 | 26,174 | 27,068 | ||||||||||||||||||||
Mortgage-backed securities | 171,305 | 170,406 | — | — | ||||||||||||||||||||
SBA Pools | 25,620 | 25,954 | — | — | ||||||||||||||||||||
Total Securities | $ | 261,561 | $ | 261,097 | $ | 26,174 | $ | 27,068 | ||||||||||||||||
Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||
Intermountain’s investment portfolios are managed to provide and maintain liquidity; to maintain a balance of high quality, diversified investments to minimize risk; to offset other asset portfolio elements in managing interest rate risk; to provide collateral for pledging; and to maximize returns. At March 31, 2014, the Company does not intend to sell any of its available-for-sale securities that have a loss position and it is not likely that it will be required to sell the available-for-sale securities before the anticipated recovery of their remaining amortized cost or maturity date. The unrealized losses on residential mortgage-backed securities without other-than-temporary impairment (“OTTI”) were considered by management to be temporary in nature. | ||||||||||||||||||||||||
The following table presents the OTTI losses for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Held To | Available | Held To | Available | |||||||||||||||||||||
Maturity | For Sale | Maturity | For Sale | |||||||||||||||||||||
Total other-than-temporary impairment losses | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Portion of other-than-temporary impairment losses transferred from other comprehensive income (1) | — | — | — | 42 | ||||||||||||||||||||
Net impairment losses recognized in earnings (2) | $ | — | $ | — | $ | — | $ | 42 | ||||||||||||||||
-1 | Represents other-than-temporary impairment losses related to all other factors. | |||||||||||||||||||||||
-2 | Represents other-than-temporary impairment losses related to credit losses. | |||||||||||||||||||||||
The OTTI recognized on investment securities available for sale in 2013 relates to one non-agency collateralized mortgage obligation, that was sold in the fourth quarter of 2013. This security held various levels of credit subordination. This security was valued by third-party pricing services using matrix or model pricing methodologies and were corroborated by broker indicative bids. We estimated the cash flows of the underlying collateral for this security considering credit, interest and prepayment risk models that incorporate management’s estimate of projected key assumptions including prepayment rates, collateral default rates and loss severity. Assumptions utilized vary from security to security, and are influenced by factors such as underlying loan interest rates, geographic location, borrower characteristics, vintage, and historical experience. We then used a third party to obtain information about the structure of the security, including subordination and other credit enhancements, in order to determine how the underlying collateral cash flows will be distributed to each security issued in the structure. These cash flows were then discounted at the interest rate equal to the yield anticipated at the time the security was purchased. We reviewed the actual collateral performance of this security on a quarterly basis and updated the inputs as appropriate to determine the projected cash flows. | ||||||||||||||||||||||||
On June 30, 2013, six securities with an amortized cost of $8,512,039 were transferred from the available-for-sale category to the held-to-maturity category of the portfolio. The fair market value of the securities at the time of transfer was $8,234,244. The unrealized loss of $277,795 will continue to be reported as a component of accumulated other comprehensive income, net of tax, and amortized over the remaining life of the securities as an adjustment to yield. Upon transfer to the held-to-maturity category, premium and discount accounts were adjusted to reflect the fair market value of the security. The resulting premiums and discounts will also be amortized as an adjustment to yield. | ||||||||||||||||||||||||
See Note 9 “Fair Value of Financial Instruments” for more information on the calculation of fair or carrying value for the investment securities. |
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Loans and Allowance for Loan Losses: [Abstract] | ' | |||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | |||||||||||||||||||||||
Loans and Allowance for Loan Losses: | ||||||||||||||||||||||||
The components of loans receivable are as follows (in thousands): | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Loans | % | Individually | Collectively | |||||||||||||||||||||
Receivable | Evaluated for | Evaluated for | ||||||||||||||||||||||
Impairment | Impairment | |||||||||||||||||||||||
Commercial | $ | 110,879 | 21.5 | % | $ | 5,258 | $ | 105,621 | ||||||||||||||||
Commercial real estate | 174,371 | 33.9 | 2,824 | 171,547 | ||||||||||||||||||||
Commercial construction | 15,230 | 3 | — | 15,230 | ||||||||||||||||||||
Land and land development loans | 30,695 | 6 | 2,255 | 28,440 | ||||||||||||||||||||
Agriculture | 94,809 | 18.4 | 2,983 | 91,826 | ||||||||||||||||||||
Multifamily | 14,529 | 2.8 | — | 14,529 | ||||||||||||||||||||
Residential real estate | 58,333 | 11.3 | 3,321 | 55,012 | ||||||||||||||||||||
Residential construction | 1,533 | 0.3 | — | 1,533 | ||||||||||||||||||||
Consumer | 8,672 | 1.7 | 32 | 8,640 | ||||||||||||||||||||
Municipal | 5,928 | 1.1 | — | 5,928 | ||||||||||||||||||||
Total loans receivable | 514,979 | 100 | % | $ | 16,673 | $ | 498,306 | |||||||||||||||||
Allowance for loan losses | (7,779 | ) | ||||||||||||||||||||||
Deferred loan fees, net of direct origination costs | (200 | ) | ||||||||||||||||||||||
Loans receivable, net | $ | 507,000 | ||||||||||||||||||||||
Weighted average interest rate | 5.1 | % | ||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Loans | % | Individually | Collectively | |||||||||||||||||||||
Receivable | Evaluated for | Evaluated for | ||||||||||||||||||||||
Impairment | Impairment | |||||||||||||||||||||||
Commercial | $ | 113,736 | 21.8 | % | $ | 4,713 | $ | 109,023 | ||||||||||||||||
Commercial real estate | 181,207 | 34.7 | 3,128 | 178,079 | ||||||||||||||||||||
Commercial construction | 7,383 | 1.4 | — | 7,383 | ||||||||||||||||||||
Land and land development loans | 28,946 | 5.5 | 2,487 | 26,459 | ||||||||||||||||||||
Agriculture | 96,584 | 18.5 | 2,868 | 93,716 | ||||||||||||||||||||
Multifamily | 18,205 | 3.5 | — | 18,205 | ||||||||||||||||||||
Residential real estate | 59,172 | 11.3 | 3,157 | 56,015 | ||||||||||||||||||||
Residential construction | 2,531 | 0.5 | — | 2,531 | ||||||||||||||||||||
Consumer | 9,033 | 1.7 | 33 | 9,000 | ||||||||||||||||||||
Municipal | 5,964 | 1.1 | — | 5,964 | ||||||||||||||||||||
Total loans receivable | 522,761 | 100 | % | $ | 16,386 | $ | 506,375 | |||||||||||||||||
Allowance for loan losses | (7,687 | ) | ||||||||||||||||||||||
Deferred loan fees, net of direct origination costs | (240 | ) | ||||||||||||||||||||||
Loans receivable, net | $ | 514,834 | ||||||||||||||||||||||
Weighted average interest rate | 5.14 | % | ||||||||||||||||||||||
The components of the allowance for loan loss by types are as follows (in thousands): | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Total | Individually | Collectively | Total | Individually | Collectively | |||||||||||||||||||
Allowance | Evaluated | Evaluated | Allowance | Evaluated | Evaluated | |||||||||||||||||||
Allowance | Allowance | Allowance | Allowance | |||||||||||||||||||||
Commercial | $ | 1,838 | $ | 469 | $ | 1,369 | $ | 1,819 | $ | 398 | $ | 1,421 | ||||||||||||
Commercial real estate | 2,370 | 330 | 2,040 | 2,455 | 332 | 2,123 | ||||||||||||||||||
Commercial construction | 340 | — | 340 | 177 | — | 177 | ||||||||||||||||||
Land and land development loans | 888 | 78 | 810 | 1,067 | 257 | 810 | ||||||||||||||||||
Agriculture | 754 | 28 | 726 | 726 | 17 | 709 | ||||||||||||||||||
Multifamily | 31 | — | 31 | 33 | — | 33 | ||||||||||||||||||
Residential real estate | 1,402 | 728 | 674 | 1,192 | 495 | 697 | ||||||||||||||||||
Residential construction | 34 | — | 34 | 56 | — | 56 | ||||||||||||||||||
Consumer | 98 | 10 | 88 | 136 | 7 | 129 | ||||||||||||||||||
Municipal | 24 | — | 24 | 26 | — | 26 | ||||||||||||||||||
Total | $ | 7,779 | $ | 1,643 | $ | 6,136 | $ | 7,687 | $ | 1,506 | $ | 6,181 | ||||||||||||
A summary of current, past due and nonaccrual loans as of March 31, 2014 is as follows, (in thousands): | ||||||||||||||||||||||||
Current | 30-89 Days | 90 Days or More | Nonaccrual | Total | ||||||||||||||||||||
Past Due | Past Due | |||||||||||||||||||||||
and Accruing | ||||||||||||||||||||||||
Commercial | $ | 107,660 | $ | 253 | $ | — | $ | 2,966 | $ | 110,879 | ||||||||||||||
Commercial real estate | 174,273 | 19 | — | 79 | 174,371 | |||||||||||||||||||
Commercial construction | 15,230 | — | — | — | 15,230 | |||||||||||||||||||
Land and land development loans | 30,538 | — | — | 157 | 30,695 | |||||||||||||||||||
Agriculture | 94,196 | 2 | — | 611 | 94,809 | |||||||||||||||||||
Multifamily | 14,529 | — | — | — | 14,529 | |||||||||||||||||||
Residential real estate | 57,077 | 554 | — | 702 | 58,333 | |||||||||||||||||||
Residential construction | 1,533 | — | — | — | 1,533 | |||||||||||||||||||
Consumer | 8,635 | 34 | — | 3 | 8,672 | |||||||||||||||||||
Municipal | 5,928 | — | — | — | 5,928 | |||||||||||||||||||
Total | $ | 509,599 | $ | 862 | $ | — | $ | 4,518 | $ | 514,979 | ||||||||||||||
A summary of current, past due and nonaccrual loans as of December 31, 2013 is as follows, (in thousands): | ||||||||||||||||||||||||
Current | 30-89 Days | 90 Days or More | Nonaccrual | Total | ||||||||||||||||||||
Past Due | Past Due | |||||||||||||||||||||||
and Accruing | ||||||||||||||||||||||||
Commercial | $ | 111,353 | $ | 952 | $ | — | $ | 1,431 | $ | 113,736 | ||||||||||||||
Commercial real estate | 181,028 | 12 | — | 167 | 181,207 | |||||||||||||||||||
Commercial construction | 7,383 | — | — | — | 7,383 | |||||||||||||||||||
Land and land development loans | 28,776 | 9 | — | 161 | 28,946 | |||||||||||||||||||
Agriculture | 96,320 | 51 | — | 213 | 96,584 | |||||||||||||||||||
Multifamily | 18,205 | — | — | — | 18,205 | |||||||||||||||||||
Residential real estate | 58,238 | 241 | — | 693 | 59,172 | |||||||||||||||||||
Residential construction | 2,531 | — | — | — | 2,531 | |||||||||||||||||||
Consumer | 9,028 | 2 | — | 3 | 9,033 | |||||||||||||||||||
Municipal | 5,964 | — | — | — | 5,964 | |||||||||||||||||||
Total | $ | 518,826 | $ | 1,267 | $ | — | $ | 2,668 | $ | 522,761 | ||||||||||||||
The following table provides a summary of Troubled Debt Restructurings ("TDR") outstanding at period end by performing status, (in thousands). | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Nonaccrual | Accrual | Total | Nonaccrual | Accrual | Total | |||||||||||||||||||
Commercial | $ | 233 | $ | 1,940 | $ | 2,173 | $ | 249 | $ | 1,590 | $ | 1,839 | ||||||||||||
Commercial real estate | 37 | 2,008 | 2,045 | 38 | 1,931 | 1,969 | ||||||||||||||||||
Land and land development loans | 44 | 1,907 | 1,951 | 46 | 2,063 | 2,109 | ||||||||||||||||||
Agriculture | — | 2,065 | 2,065 | — | 2,483 | 2,483 | ||||||||||||||||||
Residential real estate | 496 | 1,129 | 1,625 | 498 | 1,140 | 1,638 | ||||||||||||||||||
Consumer | — | 7 | 7 | — | 9 | 9 | ||||||||||||||||||
Total | $ | 810 | $ | 9,056 | $ | 9,866 | $ | 831 | $ | 9,216 | $ | 10,047 | ||||||||||||
The Company's loans that were modified in the three-month period ended March 31, 2014 and 2013 and considered a TDR are as follows (dollars in thousands): | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||
Number | Pre-Modification Recorded Investment | Post-Modification Recorded Investment | Number | Pre-Modification Recorded Investment | Post-Modification Recorded Investment | |||||||||||||||||||
Commercial | 7 | $ | 425 | $ | 417 | 4 | $ | 263 | $ | 263 | ||||||||||||||
Land and land development loans | — | — | — | 2 | 153 | 153 | ||||||||||||||||||
Agriculture | — | — | — | 4 | 1,216 | 1,216 | ||||||||||||||||||
Consumer | — | — | — | 1 | 90 | 90 | ||||||||||||||||||
7 | $ | 425 | $ | 417 | 11 | $ | 1,722 | $ | 1,722 | |||||||||||||||
The balances below provide information as to how the loans were modified as TDRs during the three months ended March 31, 2014 and 2013, (in thousands). | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three months ended March 31, 2013 | |||||||||||||||||||||||
Adjusted Interest Rate Only | Other* | Adjusted Interest Rate Only | Other* | |||||||||||||||||||||
Commercial | $ | 111 | $ | 306 | $ | — | $ | 263 | ||||||||||||||||
Land and land development loans | — | — | 36 | 117 | ||||||||||||||||||||
Agriculture | — | — | 852 | 364 | ||||||||||||||||||||
Consumer | — | — | — | 90 | ||||||||||||||||||||
$ | 111 | $ | 306 | $ | 888 | $ | 834 | |||||||||||||||||
(*) Other includes term or principal concessions or a combination of concessions, including interest rates. | ||||||||||||||||||||||||
As of March 31, 2014, the Company had specific reserves of $693,000 on TDRs, and there were no TDRs in default. | ||||||||||||||||||||||||
The allowance for loan losses and reserve for unfunded commitments are maintained at levels considered adequate by management to provide for probable loan losses as of the reporting dates. The allowance for loan losses and reserve for unfunded commitments are based on management’s assessment of various factors affecting the loan portfolio, including problem loans, business conditions and loss experience, and an overall evaluation of the quality of the underlying collateral. Changes in the allowance for loan losses and the reserve for unfunded commitments during the three-month periods ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||
for the three months ended March 31, 2014 | ||||||||||||||||||||||||
Balance, | Charge-Offs | Recoveries | Provision | Balance, | ||||||||||||||||||||
Beginning of | Jan 1 through Mar 31, 2014 | Jan 1 through Mar 31, 2014 | End of | |||||||||||||||||||||
Quarter | Quarter | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial | $ | 1,819 | $ | (71 | ) | $ | 43 | $ | 47 | $ | 1,838 | |||||||||||||
Commercial real estate | 2,455 | (1 | ) | 3 | (87 | ) | 2,370 | |||||||||||||||||
Commercial construction | 177 | — | — | 163 | 340 | |||||||||||||||||||
Land and land development loans | 1,067 | — | 6 | (185 | ) | 888 | ||||||||||||||||||
Agriculture | 726 | — | 12 | 16 | 754 | |||||||||||||||||||
Multifamily | 33 | — | — | (2 | ) | 31 | ||||||||||||||||||
Residential real estate | 1,192 | (19 | ) | 24 | 205 | 1,402 | ||||||||||||||||||
Residential construction | 56 | — | 2 | (24 | ) | 34 | ||||||||||||||||||
Consumer | 136 | (42 | ) | 32 | (28 | ) | 98 | |||||||||||||||||
Municipal | 26 | — | — | (2 | ) | 24 | ||||||||||||||||||
Allowance for loan losses | $ | 7,687 | $ | (133 | ) | $ | 122 | $ | 103 | $ | 7,779 | |||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||
for the three months ended March 31, 2013 | ||||||||||||||||||||||||
Balance, | Charge-Offs | Recoveries | Provision | Balance, | ||||||||||||||||||||
Beginning of | Jan 1 through Mar 31, 2013 | Jan 1 through Mar 31, 2013 | End of | |||||||||||||||||||||
Quarter | Quarter | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial | $ | 2,156 | $ | (89 | ) | $ | 178 | $ | (482 | ) | $ | 1,763 | ||||||||||||
Commercial real estate | 2,762 | (566 | ) | 6 | 612 | 2,814 | ||||||||||||||||||
Commercial construction | 101 | — | 2 | 114 | 217 | |||||||||||||||||||
Land and land development loans | 1,197 | (7 | ) | 15 | 5 | 1,210 | ||||||||||||||||||
Agriculture | 228 | — | 19 | (6 | ) | 241 | ||||||||||||||||||
Multifamily | 51 | — | — | 4 | 55 | |||||||||||||||||||
Residential real estate | 1,144 | — | 25 | (66 | ) | 1,103 | ||||||||||||||||||
Residential construction | 24 | — | — | 11 | 35 | |||||||||||||||||||
Consumer | 202 | (65 | ) | 38 | 31 | 206 | ||||||||||||||||||
Municipal | 78 | — | — | (44 | ) | 34 | ||||||||||||||||||
Allowances for loan losses | $ | 7,943 | $ | (727 | ) | $ | 283 | $ | 179 | $ | 7,678 | |||||||||||||
Allowance for Unfunded Commitments | ||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Beginning of period | $ | 16 | $ | 15 | ||||||||||||||||||||
Adjustment | 1 | 2 | ||||||||||||||||||||||
Allowance — Unfunded Commitments at end of period | $ | 17 | $ | 17 | ||||||||||||||||||||
Management's policy is to charge off loans or portions of loans as soon as an identifiable loss amount can be determined from evidence obtained, such as current cash flow information, updated appraisals or similar real estate evaluations, equipment, inventory or similar collateral evaluations, accepted offers on loan sales or negotiated discounts, and/or guarantor asset valuations. In situations where problem loans are dependent on collateral liquidation for repayment, management obtains updated independent valuations, such as appraisals or broker opinions, generally no less frequently than once every twelve months and more frequently for larger or more troubled loans. In the time period between these independent valuations, the Company monitors market conditions for any significant event or events that would materially change the valuations, and updates them as appropriate. If the valuations suggest an increase in collateral values, the Company does not recover prior amounts charged off until the assets are actually sold and the increase realized. However, if the updated valuations suggest additional loss, the Company charges off the additional amount. | ||||||||||||||||||||||||
The following tables summarize impaired loans: | ||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | |||||||||||||||||||
Investment | Balance | Allowance | Investment | Balance | Allowance | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Commercial | $ | 1,622 | $ | 1,681 | $ | 469 | $ | 1,742 | $ | 1,896 | $ | 398 | ||||||||||||
Commercial real estate | 1,109 | 1,141 | 330 | 1,133 | 1,165 | 332 | ||||||||||||||||||
Land and land development loans | 632 | 636 | 78 | 843 | 848 | 257 | ||||||||||||||||||
Agriculture | 442 | 442 | 28 | 375 | 375 | 17 | ||||||||||||||||||
Residential real estate | 1,321 | 1,322 | 728 | 1,094 | 1,095 | 495 | ||||||||||||||||||
Consumer | 11 | 13 | 10 | 8 | 10 | 7 | ||||||||||||||||||
Total | $ | 5,137 | $ | 5,235 | $ | 1,643 | $ | 5,195 | $ | 5,389 | $ | 1,506 | ||||||||||||
Without an allowance recorded: | ||||||||||||||||||||||||
Commercial | $ | 3,636 | $ | 4,592 | $ | — | $ | 2,971 | $ | 3,780 | $ | — | ||||||||||||
Commercial real estate | 1,715 | 2,054 | — | 1,995 | 2,377 | — | ||||||||||||||||||
Land and land development loans | 1,623 | 1,782 | — | 1,644 | 1,799 | — | ||||||||||||||||||
Agriculture | 2,541 | 2,575 | — | 2,493 | 2,524 | — | ||||||||||||||||||
Residential real estate | 2,000 | 2,232 | — | 2,063 | 2,277 | — | ||||||||||||||||||
Consumer | 21 | 38 | — | 25 | 43 | — | ||||||||||||||||||
Total | $ | 11,536 | $ | 13,273 | $ | — | $ | 11,191 | $ | 12,800 | $ | — | ||||||||||||
Total: | ||||||||||||||||||||||||
Commercial | $ | 5,258 | $ | 6,273 | $ | 469 | $ | 4,713 | $ | 5,676 | $ | 398 | ||||||||||||
Commercial real estate | 2,824 | 3,195 | 330 | 3,128 | 3,542 | 332 | ||||||||||||||||||
Land and land development loans | 2,255 | 2,418 | 78 | 2,487 | 2,647 | 257 | ||||||||||||||||||
Agriculture | 2,983 | 3,017 | 28 | 2,868 | 2,899 | 17 | ||||||||||||||||||
Residential real estate | 3,321 | 3,554 | 728 | 3,157 | 3,372 | 495 | ||||||||||||||||||
Consumer | 32 | 51 | 10 | 33 | 53 | 7 | ||||||||||||||||||
Total | $ | 16,673 | $ | 18,508 | $ | 1,643 | $ | 16,386 | $ | 18,189 | $ | 1,506 | ||||||||||||
Impaired Loans | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||
Average | Interest Income | Average | Interest Income | |||||||||||||||||||||
Recorded | Recognized (*) | Recorded | Recognized (*) | |||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Commercial | $ | 1,682 | $ | 30 | $ | 1,360 | $ | 115 | ||||||||||||||||
Commercial real estate | 1,121 | 20 | 1,329 | 25 | ||||||||||||||||||||
Land and land development loans | 737 | 14 | 1,609 | 28 | ||||||||||||||||||||
Agriculture | 409 | 16 | 23 | 2 | ||||||||||||||||||||
Residential real estate | 1,207 | 25 | 978 | 15 | ||||||||||||||||||||
Consumer | 10 | 1 | 142 | 3 | ||||||||||||||||||||
Total | $ | 5,166 | $ | 106 | $ | 5,441 | $ | 188 | ||||||||||||||||
Without an allowance recorded: | ||||||||||||||||||||||||
Commercial | $ | 3,303 | $ | 203 | $ | 3,439 | $ | 207 | ||||||||||||||||
Commercial real estate | 1,855 | 107 | 2,847 | 160 | ||||||||||||||||||||
Land and land development loans | 1,634 | 25 | 380 | 22 | ||||||||||||||||||||
Agriculture | 2,517 | 57 | 2,316 | 111 | ||||||||||||||||||||
Residential real estate | 2,032 | 53 | 1,373 | 46 | ||||||||||||||||||||
Consumer | 23 | 1 | 36 | 1 | ||||||||||||||||||||
Total | $ | 11,364 | $ | 446 | $ | 10,391 | $ | 547 | ||||||||||||||||
Total: | ||||||||||||||||||||||||
Commercial | $ | 4,985 | $ | 233 | $ | 4,799 | $ | 322 | ||||||||||||||||
Commercial real estate | 2,976 | 127 | 4,176 | 185 | ||||||||||||||||||||
Land and land development loans | 2,371 | 39 | 1,989 | 50 | ||||||||||||||||||||
Agriculture | 2,926 | 73 | 2,339 | 113 | ||||||||||||||||||||
Residential real estate | 3,239 | 78 | 2,351 | 61 | ||||||||||||||||||||
Consumer | 33 | 2 | 178 | 4 | ||||||||||||||||||||
Total | $ | 16,530 | $ | 552 | $ | 15,832 | 735 | |||||||||||||||||
(*) Interest Income on individually impaired loans is calculated using the cash-basis method, using year to date interest on loans outstanding at March 31. | ||||||||||||||||||||||||
Loan Risk Characteristics | ||||||||||||||||||||||||
The following is a recap of the risk characteristics associated with each of the Company's major loan portfolio segments. | ||||||||||||||||||||||||
Commercial Loans: Although the impacts of the soft recovery continue to heighten risk in the commercial portfolio, management does not consider the portfolio to present “concentration risk” at this time. Management believes there is adequate diversification by type, industry, and geography to mitigate excessive risk. The commercial portfolio includes a mix of term loan facilities and operating loans and lines made to a variety of different business types in the markets it serves. The Company utilizes SBA, USDA and other government-assisted or guaranteed financing programs whenever advantageous to further mitigate risk in this area. With the exception of the agricultural portfolio discussed in more detail below, there is no other significant concentration of industry types in its loan portfolio, and no dominant employer or industry across all the markets it serves. Underwriting focuses on the evaluation of potential future cash flows to cover debt requirements, sufficient collateral margins to buffer against devaluations, credit history of the business and its principals, and additional support from willing and capable guarantors. | ||||||||||||||||||||||||
Commercial Real Estate Loans: Recovering economic conditions and stabilizing commercial property values have reduced risk in this segment from prior recent quarters. In comparison to its national peer group, the Company has less overall exposure to commercial real estate and a stronger mix of owner-occupied (where the borrower occupies and operates in at least part of the building) versus non-owner occupied loans. The loans represented in this category are spread across the Company's footprint, and there are no significant concentrations by industry type or borrower. The most significant property types represented in the portfolio are office 22.4%, industrial 16.3%, health care 13.7% and retail 14.2%. The other 33.4% is a mix of property types with smaller concentrations, including religious facilities, auto-related properties, restaurants, convenience stores, storage units, motels and commercial investment land. | ||||||||||||||||||||||||
While 70.3% of the Company's commercial real estate portfolio is in its Northern Idaho/Eastern Washington region, this region is a large and diverse region with differing local economies and real estate markets. Given this diversity, and the diversity of property types and industries represented, management does not believe that this concentration represents a significant concentration risk. | ||||||||||||||||||||||||
Non-owner occupied commercial real estate loans are made only to projects with strong debt-service-coverage and lower loan-to-value ratios and/or to borrowers with established track records and the ability to fund potential project cash flow shortfalls from other income sources or liquid assets. Project due diligence is conducted by the Bank, to help provide for adequate contingencies, collateral and/or government guaranties. The Company has largely avoided speculative financing of investment properties, particularly of the types most vulnerable in the recent downturn, including investment office buildings and retail strip developments. Management believes geographic, borrower and property-type diversification, and prudent underwriting and monitoring standards applied by seasoned commercial lenders mitigate concentration risk in this segment. | ||||||||||||||||||||||||
Construction and Development Loans: After the aggressive reduction efforts of the past few years, the land development and commercial construction loan components pose much lower concentration risk for the total loan portfolio, and now total $45.9 million, or 9.0% of the loan portfolio. The substantial portfolio reduction, combined with stabilizing real estate values, has reduced risk in this portfolio to a level where it no longer represents a significant concentration risk. | ||||||||||||||||||||||||
Agricultural Loans: The agricultural portfolio represents a larger percentage of the loans in the Bank's southern Idaho region. At the end of the period, agricultural loans and agricultural real estate loans totaled $94.8 million or 18.4% of the total loan portfolio. The agricultural portfolio consists of loans secured by livestock, crops and real estate. Agriculture has typically been a cyclical industry with periods of both strong and weak performance. Current conditions remain strong but may weaken in the next few years because of rising input costs, weaker commodity prices, and potential water shortages. To mitigate credit risk, specific underwriting is applied to retain only borrowers that have proven track records in the agricultural industry. Many of Intermountain's agricultural borrowers are third or fourth generation farmers and ranchers with limited real estate debt, which reduces overall debt coverage requirements and provides extra flexibility and collateral for equipment and operating borrowing needs. In addition, the Bank has hired senior lenders with significant experience in agricultural lending to administer these loans. Further mitigation is provided through frequent collateral inspections, adherence to farm operating budgets, and annual or more frequent review of financial performance. | ||||||||||||||||||||||||
Multifamily: The multifamily segment comprises $14.5 million or 2.8% of the total loan portfolio at the end of the period. This portfolio represents relatively low risk for the Company, as a result of the strong current market for multifamily properties and low vacancy rates across the Company's footprint. | ||||||||||||||||||||||||
Residential Real Estate, Residential Construction and Consumer: Residential real estate, residential construction and consumer loans total $68.5 million or 13.3% of the total loan portfolio. Management does not believe they represent significant concentration risk. However, continuing soft employment conditions and reduced home equity is putting pressure on some borrowers in this portfolio. | ||||||||||||||||||||||||
Municipal loans: Municipal loans comprise $5.9 million or 1.1% of the total loan portfolio. The small size of the portfolio and careful underwriting of the loans within it limit overall concentration risk in this segment. | ||||||||||||||||||||||||
Credit quality indicators | ||||||||||||||||||||||||
The risk grade analyses included as part of the Company's credit quality indicators for loans and leases are developed through review of individual borrowers on an ongoing basis. Each loan is evaluated at the time of origination and each subsequent renewal. Loans with principal balances exceeding $500,000 are evaluated on a more frequent basis. Trigger events (such as loan delinquencies, customer contact, and significant collateral devaluation) also require an updated credit quality review. Loans with risk grades four through eight are evaluated at least annually with more frequent evaluations often done as borrower, collateral or market conditions change. In situations where problem loans are dependent on collateral liquidation for repayment, management obtains updated independent valuations, generally no less frequently than once every twelve months and more frequently for larger or more troubled loans. | ||||||||||||||||||||||||
Other measurements used to assess credit quality, including delinquency statistics, nonaccrual and OREO levels, net chargeoff activity, and classified asset trends, are updated and evaluated monthly. | ||||||||||||||||||||||||
These risk grades are defined as follows: | ||||||||||||||||||||||||
Satisfactory — A satisfactory rated loan is not adversely classified because it does not display any of the characteristics for adverse classification. | ||||||||||||||||||||||||
Watch — A watch loan has a solid but vulnerable repayment source. There is loss exposure only if the primary repayment source and collateral experience prolonged deterioration. Loans in this risk grade category are subject to frequent review and change due to the increased vulnerability of repayment sources and collateral valuations. | ||||||||||||||||||||||||
Special mention — A special mention loan has potential weaknesses that deserve management’s close attention. If left uncorrected, such potential weaknesses may result in deterioration of the repayment prospects or collateral position at some future date. Special mention loans are not adversely classified and do not warrant adverse classification. | ||||||||||||||||||||||||
Substandard — A substandard loan is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as substandard generally have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility of loss if the deficiencies are not corrected. | ||||||||||||||||||||||||
Doubtful — A loan classified doubtful has all the weaknesses inherent in a loan classified substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions, and values. | ||||||||||||||||||||||||
Loss — Loans classified loss are considered uncollectible and of such little value that their continuing to be carried as an asset is not warranted. This classification does not necessarily mean that there is to no potential for recovery or salvage value, but rather that it is not appropriate to defer a full write-off even though partial recovery may be realized in the future. | ||||||||||||||||||||||||
Credit quality indicators by loan segment are summarized as follows: | ||||||||||||||||||||||||
Loan Portfolio Credit Grades by Type | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Satisfactory | Internal | Special | Substandard | Doubtful | Total | |||||||||||||||||||
Grade 1-3 | Watch | Mention | Grade 6 | Grade 7 | ||||||||||||||||||||
Grade 4 | Grade 5 | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial | $ | 78,051 | $ | 23,935 | $ | 1,308 | $ | 7,585 | $ | — | $ | 110,879 | ||||||||||||
Commercial real estate | 131,127 | 39,499 | — | 3,745 | — | 174,371 | ||||||||||||||||||
Commercial construction | 15,225 | 5 | — | — | — | 15,230 | ||||||||||||||||||
Land and land development loans | 16,658 | 13,216 | — | 821 | — | 30,695 | ||||||||||||||||||
Agriculture | 74,364 | 16,115 | 103 | 4,227 | — | 94,809 | ||||||||||||||||||
Multifamily | 3,703 | 10,826 | — | — | — | 14,529 | ||||||||||||||||||
Residential real estate | 46,918 | 8,266 | — | 3,149 | — | 58,333 | ||||||||||||||||||
Residential construction | 1,533 | — | — | — | — | 1,533 | ||||||||||||||||||
Consumer | 8,128 | 460 | 2 | 82 | — | 8,672 | ||||||||||||||||||
Municipal | 5,837 | 91 | — | — | — | 5,928 | ||||||||||||||||||
Loans receivable, net | $ | 381,544 | $ | 112,413 | $ | 1,413 | $ | 19,609 | $ | — | $ | 514,979 | ||||||||||||
Loan Portfolio Credit Grades by Type | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Satisfactory | Internal | Special | Substandard | Doubtful | Total | |||||||||||||||||||
Grade 1-3 | Watch | Mention | Grade 6 | Grade 7 | ||||||||||||||||||||
Grade 4 | Grade 5 | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial | $ | 81,303 | $ | 23,741 | $ | 1,172 | $ | 7,520 | $ | — | $ | 113,736 | ||||||||||||
Commercial real estate | 136,253 | 41,295 | — | 3,659 | — | 181,207 | ||||||||||||||||||
Commercial construction | 7,292 | 51 | 40 | — | — | 7,383 | ||||||||||||||||||
Land and land development loans | 14,187 | 13,718 | — | 1,041 | — | 28,946 | ||||||||||||||||||
Agriculture | 77,402 | 14,466 | 678 | 4,038 | — | 96,584 | ||||||||||||||||||
Multifamily | 6,368 | 8,086 | — | 3,751 | — | 18,205 | ||||||||||||||||||
Residential real estate | 47,441 | 8,771 | — | 2,960 | — | 59,172 | ||||||||||||||||||
Residential construction | 2,531 | — | — | — | — | 2,531 | ||||||||||||||||||
Consumer | 8,469 | 474 | 3 | 87 | — | 9,033 | ||||||||||||||||||
Municipal | 5,863 | 101 | — | — | — | 5,964 | ||||||||||||||||||
Loans receivable, net | $ | 387,109 | $ | 110,703 | $ | 1,893 | $ | 23,056 | $ | — | $ | 522,761 | ||||||||||||
The following table summarizes non-performing assets and classified loans at the dates indicated: | ||||||||||||||||||||||||
31-Mar-14 | December 31, 2013 | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Loans past due in excess of 90 days and still accruing | $ | — | $ | — | ||||||||||||||||||||
Non-accrual loans | 4,518 | 2,668 | ||||||||||||||||||||||
Total non-performing loans | 4,518 | 2,668 | ||||||||||||||||||||||
Other real estate owned (“OREO”) | 3,768 | 3,684 | ||||||||||||||||||||||
Total non-performing assets (“NPAs”) | $ | 8,286 | $ | 6,352 | ||||||||||||||||||||
Classified loans (1) | $ | 19,609 | $ | 23,056 | ||||||||||||||||||||
_____________________________ | ||||||||||||||||||||||||
1) | Classified loan totals are inclusive of non-performing loans and may also include troubled debt restructured loans, depending on the grading of these restructured loans. |
Other_Borrowings
Other Borrowings | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Borrowings: [Abstract] | ' | |||||||
Other Borrowings | ' | |||||||
Other Borrowings: | ||||||||
The components of other borrowings are as follows (in thousands): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Term note payable (1) | $ | 8,279 | $ | 8,279 | ||||
Term note payable (2) | 8,248 | 8,248 | ||||||
Term note payable (3) | 6,708 | 6,883 | ||||||
Total other borrowings | $ | 23,235 | $ | 23,410 | ||||
_____________________________ | ||||||||
-1 | In January 2003, the Company issued $8.0 million of Trust Preferred securities through its subsidiary, Intermountain Statutory Trust I. The debt associated with these securities bears interest on a variable basis tied to the 90-day LIBOR (London Inter-Bank Offering Rate) index plus 3.25%, with interest only paid quarterly. The rate on this borrowing was 3.49% at March 31, 2014. The debt is callable by the Company quarterly and matures in March 2033. See Note A below. | |||||||
-2 | In March 2004, the Company issued $8.0 million of Trust Preferred securities through its subsidiary, Intermountain Statutory Trust II. The debt associated with these securities bears interest on a variable basis tied to the 90-day LIBOR index plus 2.8%, with interest only paid quarterly. The rate on this borrowing was 3.04% at March 31, 2014. The debt is callable by the Company quarterly and matures in April 2034. See Note A below: | |||||||
A) | Intermountain’s obligations under the debentures issued to the trusts referred to above constitute a full and unconditional guarantee by Intermountain of the Statutory Trusts’ obligations under the Trust Preferred Securities. In accordance with ASC 810, Consolidation, the trusts are not consolidated and the debentures and related amounts are treated as debt of Intermountain. | |||||||
(3) In November 2013, the Company entered into a Loan Agreement with NexBank SSB (“Lender”) providing for | ||||||||
a term loan in the amount of $7,000,000 (the “Loan Agreement”). The loan accrues interest at three-month LIBOR plus 4% per annum and has a maturity date of November 19, 2018. The rate on the loan at March 31, 2014 was 4.28%. The Company used the net proceeds of the loan as part of its full repayment to Treasury to redeem the preferred shares issued to Treasury under the CPP. Commencing December 1, 2013, monthly installments of principal in the amount of $58,333.33, plus accrued interest are due and payable. The Company may prepay the loan (and all accrued interest) without fee or penalty. In connection with entering into the Loan Agreement, the Company issued to Lender a Promissory Note dated as of November 19, 2013 (“Note”). The obligations of the Company under the Loan Agreement and the Note are secured by a pledge of all of the common stock of the Company’s subsidiary, Panhandle State Bank (the “Bank”), pursuant to a Pledge and Security Agreement dated as of November 19, 2013 (the “Pledge Agreement”). In the event of a default by the Company under the Loan Agreement, the Lender may declare the Note to be immediately due and payable and exercise or pursue any other remedy permitted under or conferred on Lender by operation of law. The Loan Agreement and the related Note include various covenants and agreements that are customary for loan agreements and promissory notes of this type, including certain financial and capital ratios. Under the Loan Agreement, the Company among other things must limit any indebtedness that it incurs during the life of the loan and is restricted from merging or being acquired without Lender approval. As of March 31, 2014, the Company believes that it had met all covenants and other conditions of the Loan Agreement. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share | ' | |||||||
Earnings Per Share: | ||||||||
The following table presents the basic and diluted earnings per share computations (numbers in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net income - basic and diluted | $ | 1,034 | $ | 1,525 | ||||
Preferred stock dividend | — | 458 | ||||||
Net income applicable to common stockholders | $ | 1,034 | $ | 1,067 | ||||
Denominator: | ||||||||
Weighted average shares outstanding - basic | 6,490,902 | 6,442,988 | ||||||
Effect of unvested restricted stock awards considered participating securities | 50,000 | — | ||||||
Weighted-average shares outstanding - basic | 6,540,902 | 6,442,988 | ||||||
Dilutive effect of common stock options, warrants, restricted stock awards | 65,587 | 37,036 | ||||||
Weighted average shares outstanding — diluted | 6,606,489 | 6,480,024 | ||||||
Earnings per share — basic and diluted: | ||||||||
Earnings per share — basic | $ | 0.16 | $ | 0.17 | ||||
Effect of dilutive common stock options, warrants, restricted stock awards | — | (0.01 | ) | |||||
Earnings per share — diluted | $ | 0.16 | $ | 0.16 | ||||
At March 31, 2014 and March 31, 2013, there were 2,127 and 8,042 anti-dilutive common stock options, respectively, not included in diluted earnings per share. At March 31, 2014 and March 31, 2013, there were 65,323 anti-dilutive common stock warrants-Series A not included in diluted earnings per share. | ||||||||
As part of the Company's January 2012 capital raise (see Note 7 "Stockholders' Equity"), warrants were issued for 1,700,000 shares, and on a reverse-split adjusted basis, 170,000 shares of non-voting common stock. The impacts of these warrants were included in diluted earnings per share, and were calculated using the treasury stock method. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity | ' |
Stockholders' Equity: | |
On December 19, 2008, the Company issued 27,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, no par value with a liquidation preference of $1,000 per share (“Preferred Stock”) a 10-year warrant to purchase up to 653,226 shares, and on a reverse-split adjusted basis, 65,323 shares, of Common Stock, no par value, as part of the Troubled Asset Relief Program Capital Purchase Program of the U.S. Department of Treasury (“U.S. Treasury”). The $27.0 million cash proceeds were allocated between the Preferred Stock and the warrant to purchase common stock based on the relative estimated fair values at the date of issuance, and the estimated value of the warrants was included in equity. The fair value of the warrants was determined under the Black-Scholes model. The model includes assumptions regarding the Company’s common stock prices, dividend yield, and stock price volatility as well as assumptions regarding the risk-free interest rate. The strike price for the warrant, as adjusted for the 10-for-1 reverse stock split, is $62.00 per share. The Series A preferred stock was repurchased by the Company in November, 2013 for $27 million. The warrants, however, remain outstanding. Until its redemption, dividends on the Series A Preferred Stock accrued and were paid quarterly at a rate of 5% per year. | |
As part of the Company's capital raise in January, 2012, the Company authorized up to 864,600 shares of Mandatorily Convertible Cumulative Participating Preferred Stock, Series B, no par value with a liquidation preference of $0.01 per share (“Series B Preferred Stock”), 698,993 of which were issued. Each of these shares automatically converted into 50 shares of a new series of non-voting common stock at a conversion price of $1.00 per share (the “Non-Voting Common Stock”) in May, 2012 after shareholder approval of such Non-Voting Common Stock. The Non-Voting Common Stock has equal rights in terms of dividends and liquidation preference to the Company's Voting Common Stock, but does not provide holders with voting rights on shareholder matters. A 10-for-1 reverse stock split became effective October 5, 2012, which reduced the number of non-voting shares outstanding. The Series B Preferred Stock remains authorized, but unissued. | |
In addition, as part of the Company's January 2012 capital raise, warrants to purchase 1,700,000 shares, and on a reverse-split adjusted basis, 170,000 shares of the Company's Voting Common or Non-Voting Common were issued to two of the shareholders participating in the raise. The cash proceeds of the offering were allocated between the warrants, the Common Stock and the Series B Preferred Stock based on the relative estimated fair values at the date of issuance. The fair value of the warrants was determined using common valuation modeling. The modeling includes assumptions regarding the Company’s common stock prices, dividend yield, and stock price volatility as well as assumptions regarding the risk-free interest rate. The strike price for the warrant, on a reverse-split adjusted basis, is $10 per share, but is adjusted down if the Company recorded or otherwise issues shares at a price lower than the strike price. As such, the warrants are accounted for as a liability and listed at fair value on the Company's financial statements. Adjustments to the fair value are measured quarterly and any changes are recorded through non-interest income. | |
In May 2012, the Company successfully completed an $8.7 million Common Stock rights offering, including the purchase of unsubscribed shares by investors in the Company's January private placement. As a result of the raise, the Company, issued, on a reverse-split adjusted basis, 525,000 shares of Voting Common stock and 345,000 shares of Non-Voting Common Stock. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes: | |
For the three month period ended March 31, 2014, the Company recorded income tax expense of $400,000, as compared to no expense for the same period last year. In each of these periods, the Company generated positive net income before income taxes, but for the three months ended March 31, 2013, recorded no expense as it offset current income against carryforward losses from prior years. | |
The Company had deferred tax assets totaling $21.0 million at March 31, 2014 compared to $21.7 million at December 31, 2013. The decrease in the net deferred tax asset reflects the impacts of additional earnings and an increase in the unrealized market value of the Company's investment securities. | |
At March 31, 2014, Intermountain assessed whether it was more likely than not that it would realize the benefits of its deferred tax asset. It determined that the positive evidence associated with a three-year cumulative positive income, improving national and regional economic conditions, significantly reduced credit and other balance sheet risk, and improving Company performance offset the negative evidence of losses in 2009 and 2010. Intermountain used an estimate of future earnings, future reversals of taxable temporary differences, and tax planning strategies to determine whether it is more likely than not that the benefit of the deferred tax asset would be realized. In estimating the future earnings, management assumed moderately improving economic conditions. As such, its estimates included continued lower credit losses in 2014 and ensuing years as the Company’s loan portfolio continues to turn over. It also assumed: (1) a compressed but stable net interest margin in 2014, with gradual improvement in future years, as the Company is able to convert some of its cash position to higher yielding instruments; (2) stable other income as increased trust and investment income offsets reductions in mortgage origination income; and (3) stable operating expenses as continued cost reduction strategies offset inflationary increases. The Company analyzes the deferred tax asset on a quarterly basis and may establish a new allowance at some future time depending on actual results and estimates of future profitability. | |
Intermountain has performed an analysis of its uncertain tax positions and has not recorded any potential penalties, interest or additional tax in its financial statements as of March 31, 2014. If Intermountain did incur penalties or interest, they would be reported in income tax expense. Intermountain’s tax positions for the years after 2009 remain subject to review by the Internal Revenue Service. Intermountain does not expect its unrecognized tax benefits to significantly change within the next twelve months. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||||||
Fair Value of Financial Instruments: | ||||||||||||||||||||
Intermountain is required to disclose the estimated fair value of financial instruments, both assets and liabilities on and off the balance sheet, for which it is practicable to estimate fair value. These fair value estimates are made at March 31, 2014 based on relevant market information and information about the financial instruments. Fair value estimates are intended to represent the price an asset could be sold at or the price a liability could be settled for. However, given there is no active market or observable market transactions for many of the Company's financial instruments, the Company has made estimates of many of these fair values which are subjective in nature, involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimated values. | ||||||||||||||||||||
The estimated fair value of the instruments as of March 31, 2014 and December 31, 2013 are as follows (in thousands): | ||||||||||||||||||||
Fair Value Measurements as of | ||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||
Level | Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||
Amount | Amount | |||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash, cash equivalents, restricted cash and federal funds sold | 1 | $ | 37,581 | $ | 37,581 | $ | 65,130 | $ | 65,130 | |||||||||||
Available-for-sale securities | 2 | 261,097 | 261,097 | 251,638 | 251,638 | |||||||||||||||
Held-to-maturity securities | 2 | 26,174 | 27,068 | 28,286 | 29,024 | |||||||||||||||
Loans held for sale | 2 | 628 | 628 | 614 | 614 | |||||||||||||||
Loans receivable, net | 3 | 507,000 | 515,221 | 514,834 | 523,209 | |||||||||||||||
Accrued interest receivable | 2 | 4,028 | 4,028 | 4,170 | 4,170 | |||||||||||||||
BOLI | 1 | 9,876 | 9,876 | 9,797 | 9,797 | |||||||||||||||
Other assets | 2 & 3 | 2,124 | 2,124 | 2,060 | 2,060 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposit liabilities | 3 | 710,550 | 673,033 | 706,050 | 670,895 | |||||||||||||||
Borrowings | 3 | 91,955 | 92,519 | 127,298 | 127,656 | |||||||||||||||
Accrued interest payable | 2 | 219 | 219 | 219 | 219 | |||||||||||||||
Unexercised warrants | 3 | 1,048 | 1,048 | 942 | 942 | |||||||||||||||
Fair value is defined under ASC 820-10 as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value estimates are based on quoted market prices, if available. If quoted market prices are not available, fair value estimates are based on quoted market prices of similar assets or liabilities, or the present value of expected future cash flows and other valuation techniques. These valuations are significantly affected by discount rates, cash flow assumptions, and risk and other assumptions used. Therefore, fair value estimates may not be substantiated by comparison to independent markets and are not intended to reflect the proceeds that may be realizable in an immediate settlement of the instruments. | ||||||||||||||||||||
Fair value is determined at one point in time and is not representative of future value. These amounts do not reflect the total value of a going concern organization. Management does not have the intention to dispose of a significant portion of its assets and liabilities and therefore, the unrealized gains or losses should not be interpreted as a forecast of future earnings and cash flows. | ||||||||||||||||||||
In support of these representations, ASC 820-10 establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. The fair value hierarchy is as follows: | ||||||||||||||||||||
Level 1 inputs — Unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. | ||||||||||||||||||||
Level 2 inputs — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. | ||||||||||||||||||||
Level 3 inputs — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair values requires significant management judgment or estimation. | ||||||||||||||||||||
The methods and assumptions used to estimate the fair values of each class of financial instruments are as follows: | ||||||||||||||||||||
Cash, Cash Equivalents, Federal Funds and Certificates of Deposit | ||||||||||||||||||||
The carrying value of cash, cash equivalents, federal funds sold and certificates of deposit approximates fair value due to the relatively short-term nature of these instruments. | ||||||||||||||||||||
Securities | ||||||||||||||||||||
The fair values of securities are based principally on market prices and dealer quotes. Certain fair values are estimated using pricing models or are based on comparisons to market prices of similar securities. The Company obtained fair value measurements from an independent pricing service and internally validated these measurements. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus, prepayment speeds, credit information and the bond’s terms and conditions, among other things. | ||||||||||||||||||||
BOLI | ||||||||||||||||||||
The fair value of BOLI is equal to the cash surrender value of the life insurance policies. | ||||||||||||||||||||
Other Assets | ||||||||||||||||||||
Other assets include FHLB stock and an interest rate swap. The fair value of stock in the FHLB equals its carrying amount since such stock is only redeemable at its par value. The fair value of the interest rate swap is discussed below. | ||||||||||||||||||||
Loans Receivable and Loans Held For Sale | ||||||||||||||||||||
The fair value of performing mortgage loans, commercial real estate, construction, consumer and commercial loans is estimated by discounting the cash flows using interest rates that consider the interest rate risk inherent in the loans and current economic and lending conditions. See the discussion below for fair valuation of impaired loans. Non-accrual loans are assumed to be carried at their current fair value and therefore are not adjusted. | ||||||||||||||||||||
Deposits | ||||||||||||||||||||
The fair values for deposits subject to immediate withdrawal such as interest and non-interest bearing checking, savings and money market deposit accounts are discounted using market rates for replacement dollars and using Company and industry statistics for decay/maturity dates. The carrying amounts for variable-rate certificates of deposit approximate their fair value at the reporting date. Fair values for fixed-rate certificates of deposit are estimated by discounting future cash flows using interest rates currently offered on time deposits with similar remaining maturities. | ||||||||||||||||||||
Borrowings | ||||||||||||||||||||
The fair value of short-term borrowing under repurchase agreements is calculated using market rates for replacements and using the Bank's funding migration analysis. | ||||||||||||||||||||
The fair value of long-term FHLB Seattle advances and other long-term borrowings is estimated using discounted cash flow analyses based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements with similar remaining terms. The carrying amounts of variable rate long-term borrowings and Trust Preferred instruments approximate their fair values due to the short period of time between repricing dates. | ||||||||||||||||||||
Accrued Interest | ||||||||||||||||||||
The carrying amounts of accrued interest payable and receivable approximate their fair value. | ||||||||||||||||||||
Interest Rate Swaps | ||||||||||||||||||||
The Company holds interest rate swaps as a hedging strategy to help manage the Company's interest-rate-risk. Derivative contracts are valued by the counter party and are periodically validated by management. The counter-party determines the fair value of interest rate swaps using a discounted cash flow method based on current incremental rates for similar types of arrangements. | ||||||||||||||||||||
Unexercised Warrant Liability | ||||||||||||||||||||
A liability for unexercised warrants was created as part of the Company's capital raise in January, 2012 (see Note 7--Stockholders' Equity). The liability is carried at fair value and adjustments are made periodically through non-interest income to record changes in the fair value. The fair value is measured using warrant valuation modeling techniques, which seek to estimate the market price that the unexercised options would bring if sold. Assumptions used in calculating the value include the volatility of the underlying stock, the risk-free interest rate, the expected term of the warrants, the market price of the underlying stock and the dividend yield on the stock. | ||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||
The following tables present information about the Company’s assets measured at fair value on a recurring basis as of March 31, 2014, and December 31, 2013, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands). | ||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Balance at March 31, 2014 | ||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||
Corporate Bonds | $ | 3,981 | $ | — | $ | 3,981 | $ | — | ||||||||||||
State and municipal bonds | 60,757 | — | 60,757 | — | ||||||||||||||||
Residential mortgage backed securities and SBA Pools | 196,359 | — | 196,359 | — | ||||||||||||||||
Other Assets — Derivative | (43 | ) | — | — | (43 | ) | ||||||||||||||
Total Assets Measured at Fair Value | $ | 261,054 | $ | — | $ | 261,097 | $ | (43 | ) | |||||||||||
Unexercised Warrants | $ | 1,048 | $ | — | $ | — | $ | 1,048 | ||||||||||||
Total Liabilities Measured at Fair Value | $ | 1,048 | $ | — | $ | — | $ | 1,048 | ||||||||||||
Balance at December 31, 2013 | ||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||
Corporate bonds | $ | 3,915 | $ | — | $ | 3,915 | $ | — | ||||||||||||
State and municipal bonds | 50,039 | — | 50,039 | — | ||||||||||||||||
Residential mortgage backed securities and SBA Pools | 197,684 | — | 197,684 | — | ||||||||||||||||
Other Assets — Derivative | (127 | ) | — | — | (127 | ) | ||||||||||||||
Total Assets Measured at Fair Value | $ | 251,511 | $ | — | $ | 251,638 | $ | (127 | ) | |||||||||||
Unexercised Warrants | $ | 942 | $ | — | $ | — | $ | 942 | ||||||||||||
Total Liabilities Measured at Fair Value | $ | 942 | $ | — | $ | — | $ | 942 | ||||||||||||
The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows (in thousands): | ||||||||||||||||||||
Fair Value Measurements Using Significant | ||||||||||||||||||||
Unobservable Inputs ( Level 3) | ||||||||||||||||||||
Quarter to Date | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Description | Derivatives (net) | Unexercised Warrants | Residential MBS | Derivatives (net) | Unexercised Warrants | |||||||||||||||
January 1, Balance | $ | (127 | ) | (942 | ) | $ | 10,242 | $ | (573 | ) | $ | (828 | ) | |||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||||
Included in earnings | 84 | (106 | ) | (1 | ) | 93 | 56 | |||||||||||||
Included in other comprehensive income | — | — | 181 | — | — | |||||||||||||||
Principal Payments | — | — | (340 | ) | — | — | ||||||||||||||
Sales of Securities | — | — | (1,862 | ) | — | — | ||||||||||||||
Transfers in and /or out of Level 3 | — | — | — | — | — | |||||||||||||||
March 31, Balance | $ | (43 | ) | $ | (1,048 | ) | $ | 8,220 | $ | (480 | ) | $ | (772 | ) | ||||||
The following tables present additional quantitative information about assets and liabilities measured at fair value on a recurring basis and for which the company has utilized Level 3 inputs to determine fair value, as of March 31, 2014: | ||||||||||||||||||||
Valuation Techniques | Unobservable Input | Range of Inputs | ||||||||||||||||||
Interest Rate Derivatives | Discounted cash flow modeling and market indications | Cash flows of underlying instruments | Various payment mismatches based on characteristics of underlying loans | |||||||||||||||||
Swap rates | 0.50% to 1.00% | |||||||||||||||||||
Unexercised Warrants | Warrant valuation models | Estimated underlying stock price volatility | 25% to 75% | |||||||||||||||||
Duration | 0.5 to 2.0 years | |||||||||||||||||||
Risk-free rate | 0.12% to 0.36% | |||||||||||||||||||
There were no material changes in the unobservable inputs since December 31, 2013. | ||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | ||||||||||||||||||||
Intermountain may be required, from time to time, to measure certain other financial assets at fair value on a non-recurring basis. The following table presents the carrying value for these financial assets as of dates indicated (in thousands): | ||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Balance at March 31, 2014 | ||||||||||||||||||||
Loans(1) | $ | 15,030 | $ | — | $ | — | $ | 15,030 | ||||||||||||
OREO | 3,768 | — | — | 3,768 | ||||||||||||||||
Total Assets Measured at Fair Value | $ | 18,798 | $ | — | $ | — | $ | 18,798 | ||||||||||||
Balance at December 31, 2013 | ||||||||||||||||||||
Loans(1) | $ | 14,880 | $ | — | $ | — | $ | 14,880 | ||||||||||||
OREO | 3,684 | — | — | 3,684 | ||||||||||||||||
Total Assets Measured at Fair Value | $ | 18,564 | $ | — | $ | — | $ | 18,564 | ||||||||||||
_____________________________ | ||||||||||||||||||||
-1 | Represents impaired loans, net of allowance for loan loss, which are included in loans. | |||||||||||||||||||
The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the company has utilized Level 3 inputs to determine fair value at March 31, 2014: | ||||||||||||||||||||
Valuation Techniques | Unobservable Input | Range of Inputs | ||||||||||||||||||
Impaired Loans | Discounted cash flows and appraisal of collateral | Amount and timing of cash flows | No payment deferral to indefinite payment deferral | |||||||||||||||||
Discount Rate | 4% to 9% | |||||||||||||||||||
Appraisal adjustments | 10% to 35% | |||||||||||||||||||
Liquidation Expenses | 10% to 15% | |||||||||||||||||||
OREO | Discounted cash flows of future installment payments on sale of OREO | Amount and timing of cash flows | $4.2 million over 5 years | |||||||||||||||||
Discount Rate | 4% | |||||||||||||||||||
Appraisal of Collateral | Appraisal adjustments | 10% to 35% | ||||||||||||||||||
Liquidation Expenses | 10% to 15% | |||||||||||||||||||
Impaired Loans | ||||||||||||||||||||
Periodically, the Company records nonrecurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of those loans. Nonrecurring adjustments also include certain impairment amounts for impaired loans when establishing the allowance for credit losses. Such amounts are generally based on either the estimated fair value of the cash flows to be received or the fair value of the underlying collateral supporting the loan less selling costs. Real estate collateral on these loans and the Company’s OREO is typically valued using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace. Management reviews these valuations and makes additional valuation adjustments, as necessary, including subtracting estimated costs of liquidating the collateral or selling the OREO. If the value of the impaired loan is determined to be less than the recorded investment in the loans, the impairment is recognized and the carrying value of the loan is adjusted to fair value through the allowance for loan and lease losses. The carrying value of loans fully charged off is zero. The related nonrecurring fair value measurement adjustments have generally been classified as Level 3 because of the significant assumptions required in estimating future cash flows on these loans, and the uncertain collateral values underlying the loans. Volatility and the lack of relevant and current sales data in the Company’s market areas for various types of collateral create additional uncertainties and require the use of multiple sources and management judgment to make adjustments. Loans subject to nonrecurring fair value measurement were $15.0 million at March 31, 2014 all of which were classified as Level 3. | ||||||||||||||||||||
OREO | ||||||||||||||||||||
OREO represents real estate which the Company has taken control of in partial or full satisfaction of loans. At the time of foreclosure, Generally Accepted Accounting Principles (“GAAP”) states that OREO is recorded at its fair value less cost to sell. Any write-downs based on the asset’s fair value at the date of acquisition are charged to the allowance for loan and lease losses. After foreclosure, management periodically performs valuations such that the real estate is carried at the lower of its new cost basis or fair value, net of estimated costs to sell. Fair value adjustments on other real estate owned are recognized within net loss on real estate owned as a component of non-interest expense. Fair value is determined from external appraisals and other valuations using judgments and estimates of external professionals. Many of these inputs are not observable and, accordingly, these measurements are classified as Level 3. The Company’s OREO at March 31, 2014 totaled $3.8 million, all of which was classified as Level 3. | ||||||||||||||||||||
The majority of the Company’s OREO balance, comprising $3.7 million of the total $3.8 million at March 31, 2014, was valued differently, however, because it is subject to an installment sales agreement. While the contract requires full payment of the balance recorded by the Company, because of the installment sales contract, accounting guidance requires the maintenance of the OREO balance on the Company's books and the establishment of a $539,000 valuation reserve against the balance. The Company anticipates recovery of this reserve over the five-year period. In valuing the OREO, the Company discounted the expected cash flows from the installment sale at a rate similar to rates provided on loans similar to the subject transaction. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements | ' |
New Accounting Pronouncements: | |
In July 2013, the FASB issued ASU 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." ASU 2013-11 provides guidance on the presentation of unrecognized tax benefits related to any disallowed portion of net operating loss carryforwards, similar tax losses, or tax credit carryforwards, if they exist. ASU 2013-11 is effective for fiscal years beginning after December 15, 2013, and is not expected to have a material impact on the Company's consolidated financial statements. | |
In January 2014, the FASB issued ASU No. 2014-04, "Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon foreclosure." ASU 2014-04 clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. ASU 2014-04 is effective for fiscal years beginning after December 15, 2014, and is not expected to have a material impact on the Company's consolidated financial statements. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events: | |
At the Company's 2014 Annual Meeting of Shareholders (the “Annual Meeting”) held on April 2, 2014, Intermountain’s shareholders approved an amendment to the Company's 2012 Stock Option and Equity Compensation Plan (the “Plan”) increasing the number of shares available for issuance under the Plan by 175,000 (the “Amended and Restated Plan”). The Amended and Restated Plan authorizes the issuance of stock awards for up to 275,000 shares of Intermountain’s common stock to employees and directors in the form of incentive and nonqualified stock options, restricted stock, stock appreciation rights and restricted stock units. Prior to shareholders approving the Amended and Restated Plan, all shares under the Plan had been granted and no shares remained available for grant. Subject to shareholders approving the Amended and Restated Plan, Intermountain’s Compensation Committee and Board of Directors approved the grant of 160,000 shares in the form of restricted stock awards to certain executive officers and employees, leaving 15,000 shares remaining available for future grant under the Amended and Restated Plan. The awards are subject to participants meeting certain performance thresholds and are subject to vesting conditions. |
Cash_and_Cash_Equivalents_Tabl
Cash and Cash Equivalents (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Cash and Cash Equivalents [Abstract] | ' | |||||||
Schedule of Cash and Cash Equivalents | ' | |||||||
The balances of the Company's cash and cash equivalents are as follows (in thousands): | ||||||||
3/31/14 | 12/31/13 | |||||||
Unrestricted interest-bearing cash and cash equivalents | $ | 16,712 | $ | 44,946 | ||||
Unrestricted non interest-bearing and vault cash | $ | 10,122 | $ | 7,851 | ||||
Restricted non-interest bearing cash | $ | 10,747 | $ | 12,333 | ||||
Investments_Tables
Investments (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||
Schedule of Available for Sale and Held to Maturity Securities | ' | |||||||||||||||||||||||
The amortized cost and fair values of investments are as follows (in thousands): | ||||||||||||||||||||||||
Available-for-Sale | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value/ | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Carrying Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Corporate Bonds | $ | 4,000 | $ | — | $ | (19 | ) | $ | 3,981 | |||||||||||||||
State and municipal securities | 60,636 | 1,088 | (967 | ) | 60,757 | |||||||||||||||||||
Mortgage-backed securities - Agency Pass Throughs | 48,171 | 820 | (382 | ) | 48,609 | |||||||||||||||||||
Mortgage-backed securities - Agency CMO's | 118,655 | 617 | (1,695 | ) | 117,577 | |||||||||||||||||||
SBA Pools | 25,620 | 363 | (29 | ) | 25,954 | |||||||||||||||||||
Mortgage-backed securities - Non Agency CMO's (investment grade) | 1,965 | — | (173 | ) | 1,792 | |||||||||||||||||||
Mortgage-backed securities - Non Agency CMO's (below investment grade) | 2,514 | 25 | (112 | ) | 2,427 | |||||||||||||||||||
$ | 261,561 | $ | 2,913 | $ | (3,377 | ) | $ | 261,097 | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Corporate Bonds | $ | 4,000 | $ | — | $ | (85 | ) | $ | 3,915 | |||||||||||||||
State and municipal securities | $ | 51,335 | $ | 469 | $ | (1,765 | ) | $ | 50,039 | |||||||||||||||
Mortgage-backed securities - Agency Pass Throughs | 52,104 | 768 | (499 | ) | 52,373 | |||||||||||||||||||
Mortgage-backed securities - Agency CMO's | 114,704 | 849 | (1,542 | ) | 114,011 | |||||||||||||||||||
SBA Pools | 26,518 | 355 | (46 | ) | 26,827 | |||||||||||||||||||
Mortgage-backed securities - Non Agency CMO's (investment grade) | 2,025 | — | (65 | ) | 1,960 | |||||||||||||||||||
Mortgage-backed securities - Non Agency CMO's (below investment grade) | 2,654 | 31 | (172 | ) | 2,513 | |||||||||||||||||||
$ | 253,340 | $ | 2,472 | $ | (4,174 | ) | $ | 251,638 | ||||||||||||||||
Held-to-Maturity | ||||||||||||||||||||||||
Carrying Value / Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
State and municipal securities | $ | 26,174 | $ | 918 | $ | (24 | ) | $ | 27,068 | |||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
State and municipal securities | $ | 28,286 | $ | 857 | $ | (119 | ) | $ | 29,024 | |||||||||||||||
Available-for-sale and Held To Maturity Securities Continuous Unrealized Loss Position, Fair Value | ' | |||||||||||||||||||||||
The following table summarizes the duration of Intermountain’s unrealized losses on available-for-sale and held-to-maturity securities as of the dates indicated (in thousands). | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
March 31, 2014 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
Corporate Bonds | $ | 1,981 | $ | (19 | ) | $ | — | $ | — | $ | 1,981 | $ | (19 | ) | ||||||||||
Residential mortgage-back securities | 72,701 | (1,919 | ) | 15,196 | (443 | ) | 87,897 | (2,362 | ) | |||||||||||||||
SBA Pools | 2,745 | (3 | ) | 4,130 | (26 | ) | 6,875 | (29 | ) | |||||||||||||||
State and municipal securities | 30,134 | (840 | ) | 2,162 | (151 | ) | 32,296 | (991 | ) | |||||||||||||||
Total | $ | 107,561 | $ | (2,781 | ) | $ | 21,488 | $ | (620 | ) | $ | 129,049 | $ | (3,401 | ) | |||||||||
December 31, 2013 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
Corporate bonds | $ | 3,915 | $ | (85 | ) | $ | — | $ | — | $ | 3,915 | $ | (85 | ) | ||||||||||
Mortgage-backed securities & CMO's | $ | 69,297 | $ | (1,709 | ) | $ | 20,657 | $ | (569 | ) | $ | 89,954 | $ | (2,278 | ) | |||||||||
SBA Pools | 7,206 | (46 | ) | — | — | 7,206 | (46 | ) | ||||||||||||||||
State and municipal securities | 36,615 | (1,760 | ) | 1,586 | (124 | ) | 38,201 | (1,884 | ) | |||||||||||||||
Total | $ | 117,033 | $ | (3,600 | ) | $ | 22,243 | $ | (693 | ) | $ | 139,276 | $ | (4,293 | ) | |||||||||
Investments Classified by Contractual Maturity Date | ' | |||||||||||||||||||||||
At March 31, 2014, the amortized cost and fair value of available-for-sale and held-to-maturity debt securities, by contractual maturity, are as follows (in thousands): | ||||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||
One year or less | $ | — | $ | — | $ | 1,372 | $ | 1,390 | ||||||||||||||||
After one year through five years | 1,537 | 1,555 | 3,956 | 4,109 | ||||||||||||||||||||
After five years through ten years | 7,271 | 7,125 | 14,945 | 15,408 | ||||||||||||||||||||
After ten years | 55,828 | 56,057 | 5,901 | 6,161 | ||||||||||||||||||||
Subtotal | 64,636 | 64,737 | 26,174 | 27,068 | ||||||||||||||||||||
Mortgage-backed securities | 171,305 | 170,406 | — | — | ||||||||||||||||||||
SBA Pools | 25,620 | 25,954 | — | — | ||||||||||||||||||||
Total Securities | $ | 261,561 | $ | 261,097 | $ | 26,174 | $ | 27,068 | ||||||||||||||||
Other Than Temporary Impairment Losses | ' | |||||||||||||||||||||||
The following table presents the OTTI losses for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Held To | Available | Held To | Available | |||||||||||||||||||||
Maturity | For Sale | Maturity | For Sale | |||||||||||||||||||||
Total other-than-temporary impairment losses | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Portion of other-than-temporary impairment losses transferred from other comprehensive income (1) | — | — | — | 42 | ||||||||||||||||||||
Net impairment losses recognized in earnings (2) | $ | — | $ | — | $ | — | $ | 42 | ||||||||||||||||
-1 | Represents other-than-temporary impairment losses related to all other factors. | |||||||||||||||||||||||
-2 | Represents other-than-temporary impairment losses related to credit losses. |
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Loans and Allowance for Loan Losses: [Abstract] | ' | |||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | ' | |||||||||||||||||||||||
The components of loans receivable are as follows (in thousands): | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Loans | % | Individually | Collectively | |||||||||||||||||||||
Receivable | Evaluated for | Evaluated for | ||||||||||||||||||||||
Impairment | Impairment | |||||||||||||||||||||||
Commercial | $ | 110,879 | 21.5 | % | $ | 5,258 | $ | 105,621 | ||||||||||||||||
Commercial real estate | 174,371 | 33.9 | 2,824 | 171,547 | ||||||||||||||||||||
Commercial construction | 15,230 | 3 | — | 15,230 | ||||||||||||||||||||
Land and land development loans | 30,695 | 6 | 2,255 | 28,440 | ||||||||||||||||||||
Agriculture | 94,809 | 18.4 | 2,983 | 91,826 | ||||||||||||||||||||
Multifamily | 14,529 | 2.8 | — | 14,529 | ||||||||||||||||||||
Residential real estate | 58,333 | 11.3 | 3,321 | 55,012 | ||||||||||||||||||||
Residential construction | 1,533 | 0.3 | — | 1,533 | ||||||||||||||||||||
Consumer | 8,672 | 1.7 | 32 | 8,640 | ||||||||||||||||||||
Municipal | 5,928 | 1.1 | — | 5,928 | ||||||||||||||||||||
Total loans receivable | 514,979 | 100 | % | $ | 16,673 | $ | 498,306 | |||||||||||||||||
Allowance for loan losses | (7,779 | ) | ||||||||||||||||||||||
Deferred loan fees, net of direct origination costs | (200 | ) | ||||||||||||||||||||||
Loans receivable, net | $ | 507,000 | ||||||||||||||||||||||
Weighted average interest rate | 5.1 | % | ||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Loans | % | Individually | Collectively | |||||||||||||||||||||
Receivable | Evaluated for | Evaluated for | ||||||||||||||||||||||
Impairment | Impairment | |||||||||||||||||||||||
Commercial | $ | 113,736 | 21.8 | % | $ | 4,713 | $ | 109,023 | ||||||||||||||||
Commercial real estate | 181,207 | 34.7 | 3,128 | 178,079 | ||||||||||||||||||||
Commercial construction | 7,383 | 1.4 | — | 7,383 | ||||||||||||||||||||
Land and land development loans | 28,946 | 5.5 | 2,487 | 26,459 | ||||||||||||||||||||
Agriculture | 96,584 | 18.5 | 2,868 | 93,716 | ||||||||||||||||||||
Multifamily | 18,205 | 3.5 | — | 18,205 | ||||||||||||||||||||
Residential real estate | 59,172 | 11.3 | 3,157 | 56,015 | ||||||||||||||||||||
Residential construction | 2,531 | 0.5 | — | 2,531 | ||||||||||||||||||||
Consumer | 9,033 | 1.7 | 33 | 9,000 | ||||||||||||||||||||
Municipal | 5,964 | 1.1 | — | 5,964 | ||||||||||||||||||||
Total loans receivable | 522,761 | 100 | % | $ | 16,386 | $ | 506,375 | |||||||||||||||||
Allowance for loan losses | (7,687 | ) | ||||||||||||||||||||||
Deferred loan fees, net of direct origination costs | (240 | ) | ||||||||||||||||||||||
Loans receivable, net | $ | 514,834 | ||||||||||||||||||||||
Weighted average interest rate | 5.14 | % | ||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables | ' | |||||||||||||||||||||||
The components of the allowance for loan loss by types are as follows (in thousands): | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Total | Individually | Collectively | Total | Individually | Collectively | |||||||||||||||||||
Allowance | Evaluated | Evaluated | Allowance | Evaluated | Evaluated | |||||||||||||||||||
Allowance | Allowance | Allowance | Allowance | |||||||||||||||||||||
Commercial | $ | 1,838 | $ | 469 | $ | 1,369 | $ | 1,819 | $ | 398 | $ | 1,421 | ||||||||||||
Commercial real estate | 2,370 | 330 | 2,040 | 2,455 | 332 | 2,123 | ||||||||||||||||||
Commercial construction | 340 | — | 340 | 177 | — | 177 | ||||||||||||||||||
Land and land development loans | 888 | 78 | 810 | 1,067 | 257 | 810 | ||||||||||||||||||
Agriculture | 754 | 28 | 726 | 726 | 17 | 709 | ||||||||||||||||||
Multifamily | 31 | — | 31 | 33 | — | 33 | ||||||||||||||||||
Residential real estate | 1,402 | 728 | 674 | 1,192 | 495 | 697 | ||||||||||||||||||
Residential construction | 34 | — | 34 | 56 | — | 56 | ||||||||||||||||||
Consumer | 98 | 10 | 88 | 136 | 7 | 129 | ||||||||||||||||||
Municipal | 24 | — | 24 | 26 | — | 26 | ||||||||||||||||||
Total | $ | 7,779 | $ | 1,643 | $ | 6,136 | $ | 7,687 | $ | 1,506 | $ | 6,181 | ||||||||||||
Changes in the allowance for loan losses and the reserve for unfunded commitments during the three-month periods ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||
for the three months ended March 31, 2014 | ||||||||||||||||||||||||
Balance, | Charge-Offs | Recoveries | Provision | Balance, | ||||||||||||||||||||
Beginning of | Jan 1 through Mar 31, 2014 | Jan 1 through Mar 31, 2014 | End of | |||||||||||||||||||||
Quarter | Quarter | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial | $ | 1,819 | $ | (71 | ) | $ | 43 | $ | 47 | $ | 1,838 | |||||||||||||
Commercial real estate | 2,455 | (1 | ) | 3 | (87 | ) | 2,370 | |||||||||||||||||
Commercial construction | 177 | — | — | 163 | 340 | |||||||||||||||||||
Land and land development loans | 1,067 | — | 6 | (185 | ) | 888 | ||||||||||||||||||
Agriculture | 726 | — | 12 | 16 | 754 | |||||||||||||||||||
Multifamily | 33 | — | — | (2 | ) | 31 | ||||||||||||||||||
Residential real estate | 1,192 | (19 | ) | 24 | 205 | 1,402 | ||||||||||||||||||
Residential construction | 56 | — | 2 | (24 | ) | 34 | ||||||||||||||||||
Consumer | 136 | (42 | ) | 32 | (28 | ) | 98 | |||||||||||||||||
Municipal | 26 | — | — | (2 | ) | 24 | ||||||||||||||||||
Allowance for loan losses | $ | 7,687 | $ | (133 | ) | $ | 122 | $ | 103 | $ | 7,779 | |||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||
for the three months ended March 31, 2013 | ||||||||||||||||||||||||
Balance, | Charge-Offs | Recoveries | Provision | Balance, | ||||||||||||||||||||
Beginning of | Jan 1 through Mar 31, 2013 | Jan 1 through Mar 31, 2013 | End of | |||||||||||||||||||||
Quarter | Quarter | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial | $ | 2,156 | $ | (89 | ) | $ | 178 | $ | (482 | ) | $ | 1,763 | ||||||||||||
Commercial real estate | 2,762 | (566 | ) | 6 | 612 | 2,814 | ||||||||||||||||||
Commercial construction | 101 | — | 2 | 114 | 217 | |||||||||||||||||||
Land and land development loans | 1,197 | (7 | ) | 15 | 5 | 1,210 | ||||||||||||||||||
Agriculture | 228 | — | 19 | (6 | ) | 241 | ||||||||||||||||||
Multifamily | 51 | — | — | 4 | 55 | |||||||||||||||||||
Residential real estate | 1,144 | — | 25 | (66 | ) | 1,103 | ||||||||||||||||||
Residential construction | 24 | — | — | 11 | 35 | |||||||||||||||||||
Consumer | 202 | (65 | ) | 38 | 31 | 206 | ||||||||||||||||||
Municipal | 78 | — | — | (44 | ) | 34 | ||||||||||||||||||
Allowances for loan losses | $ | 7,943 | $ | (727 | ) | $ | 283 | $ | 179 | $ | 7,678 | |||||||||||||
Past Due Financing Receivables | ' | |||||||||||||||||||||||
A summary of current, past due and nonaccrual loans as of March 31, 2014 is as follows, (in thousands): | ||||||||||||||||||||||||
Current | 30-89 Days | 90 Days or More | Nonaccrual | Total | ||||||||||||||||||||
Past Due | Past Due | |||||||||||||||||||||||
and Accruing | ||||||||||||||||||||||||
Commercial | $ | 107,660 | $ | 253 | $ | — | $ | 2,966 | $ | 110,879 | ||||||||||||||
Commercial real estate | 174,273 | 19 | — | 79 | 174,371 | |||||||||||||||||||
Commercial construction | 15,230 | — | — | — | 15,230 | |||||||||||||||||||
Land and land development loans | 30,538 | — | — | 157 | 30,695 | |||||||||||||||||||
Agriculture | 94,196 | 2 | — | 611 | 94,809 | |||||||||||||||||||
Multifamily | 14,529 | — | — | — | 14,529 | |||||||||||||||||||
Residential real estate | 57,077 | 554 | — | 702 | 58,333 | |||||||||||||||||||
Residential construction | 1,533 | — | — | — | 1,533 | |||||||||||||||||||
Consumer | 8,635 | 34 | — | 3 | 8,672 | |||||||||||||||||||
Municipal | 5,928 | — | — | — | 5,928 | |||||||||||||||||||
Total | $ | 509,599 | $ | 862 | $ | — | $ | 4,518 | $ | 514,979 | ||||||||||||||
A summary of current, past due and nonaccrual loans as of December 31, 2013 is as follows, (in thousands): | ||||||||||||||||||||||||
Current | 30-89 Days | 90 Days or More | Nonaccrual | Total | ||||||||||||||||||||
Past Due | Past Due | |||||||||||||||||||||||
and Accruing | ||||||||||||||||||||||||
Commercial | $ | 111,353 | $ | 952 | $ | — | $ | 1,431 | $ | 113,736 | ||||||||||||||
Commercial real estate | 181,028 | 12 | — | 167 | 181,207 | |||||||||||||||||||
Commercial construction | 7,383 | — | — | — | 7,383 | |||||||||||||||||||
Land and land development loans | 28,776 | 9 | — | 161 | 28,946 | |||||||||||||||||||
Agriculture | 96,320 | 51 | — | 213 | 96,584 | |||||||||||||||||||
Multifamily | 18,205 | — | — | — | 18,205 | |||||||||||||||||||
Residential real estate | 58,238 | 241 | — | 693 | 59,172 | |||||||||||||||||||
Residential construction | 2,531 | — | — | — | 2,531 | |||||||||||||||||||
Consumer | 9,028 | 2 | — | 3 | 9,033 | |||||||||||||||||||
Municipal | 5,964 | — | — | — | 5,964 | |||||||||||||||||||
Total | $ | 518,826 | $ | 1,267 | $ | — | $ | 2,668 | $ | 522,761 | ||||||||||||||
Troubled Debt Restructurings on Financing Receivables | ' | |||||||||||||||||||||||
The following table provides a summary of Troubled Debt Restructurings ("TDR") outstanding at period end by performing status, (in thousands). | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Nonaccrual | Accrual | Total | Nonaccrual | Accrual | Total | |||||||||||||||||||
Commercial | $ | 233 | $ | 1,940 | $ | 2,173 | $ | 249 | $ | 1,590 | $ | 1,839 | ||||||||||||
Commercial real estate | 37 | 2,008 | 2,045 | 38 | 1,931 | 1,969 | ||||||||||||||||||
Land and land development loans | 44 | 1,907 | 1,951 | 46 | 2,063 | 2,109 | ||||||||||||||||||
Agriculture | — | 2,065 | 2,065 | — | 2,483 | 2,483 | ||||||||||||||||||
Residential real estate | 496 | 1,129 | 1,625 | 498 | 1,140 | 1,638 | ||||||||||||||||||
Consumer | — | 7 | 7 | — | 9 | 9 | ||||||||||||||||||
Total | $ | 810 | $ | 9,056 | $ | 9,866 | $ | 831 | $ | 9,216 | $ | 10,047 | ||||||||||||
The Company's loans that were modified in the three-month period ended March 31, 2014 and 2013 and considered a TDR are as follows (dollars in thousands): | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||
Number | Pre-Modification Recorded Investment | Post-Modification Recorded Investment | Number | Pre-Modification Recorded Investment | Post-Modification Recorded Investment | |||||||||||||||||||
Commercial | 7 | $ | 425 | $ | 417 | 4 | $ | 263 | $ | 263 | ||||||||||||||
Land and land development loans | — | — | — | 2 | 153 | 153 | ||||||||||||||||||
Agriculture | — | — | — | 4 | 1,216 | 1,216 | ||||||||||||||||||
Consumer | — | — | — | 1 | 90 | 90 | ||||||||||||||||||
7 | $ | 425 | $ | 417 | 11 | $ | 1,722 | $ | 1,722 | |||||||||||||||
The balances below provide information as to how the loans were modified as TDRs during the three months ended March 31, 2014 and 2013, (in thousands). | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three months ended March 31, 2013 | |||||||||||||||||||||||
Adjusted Interest Rate Only | Other* | Adjusted Interest Rate Only | Other* | |||||||||||||||||||||
Commercial | $ | 111 | $ | 306 | $ | — | $ | 263 | ||||||||||||||||
Land and land development loans | — | — | 36 | 117 | ||||||||||||||||||||
Agriculture | — | — | 852 | 364 | ||||||||||||||||||||
Consumer | — | — | — | 90 | ||||||||||||||||||||
$ | 111 | $ | 306 | $ | 888 | $ | 834 | |||||||||||||||||
(*) Other includes term or principal concessions or a combination of concessions, including interest rates. | ||||||||||||||||||||||||
Schedule of Allowance for Unfunded Commitments | ' | |||||||||||||||||||||||
Allowance for Unfunded Commitments | ||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Beginning of period | $ | 16 | $ | 15 | ||||||||||||||||||||
Adjustment | 1 | 2 | ||||||||||||||||||||||
Allowance — Unfunded Commitments at end of period | $ | 17 | $ | 17 | ||||||||||||||||||||
Impaired Financing Receivables | ' | |||||||||||||||||||||||
The following tables summarize impaired loans: | ||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | |||||||||||||||||||
Investment | Balance | Allowance | Investment | Balance | Allowance | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Commercial | $ | 1,622 | $ | 1,681 | $ | 469 | $ | 1,742 | $ | 1,896 | $ | 398 | ||||||||||||
Commercial real estate | 1,109 | 1,141 | 330 | 1,133 | 1,165 | 332 | ||||||||||||||||||
Land and land development loans | 632 | 636 | 78 | 843 | 848 | 257 | ||||||||||||||||||
Agriculture | 442 | 442 | 28 | 375 | 375 | 17 | ||||||||||||||||||
Residential real estate | 1,321 | 1,322 | 728 | 1,094 | 1,095 | 495 | ||||||||||||||||||
Consumer | 11 | 13 | 10 | 8 | 10 | 7 | ||||||||||||||||||
Total | $ | 5,137 | $ | 5,235 | $ | 1,643 | $ | 5,195 | $ | 5,389 | $ | 1,506 | ||||||||||||
Without an allowance recorded: | ||||||||||||||||||||||||
Commercial | $ | 3,636 | $ | 4,592 | $ | — | $ | 2,971 | $ | 3,780 | $ | — | ||||||||||||
Commercial real estate | 1,715 | 2,054 | — | 1,995 | 2,377 | — | ||||||||||||||||||
Land and land development loans | 1,623 | 1,782 | — | 1,644 | 1,799 | — | ||||||||||||||||||
Agriculture | 2,541 | 2,575 | — | 2,493 | 2,524 | — | ||||||||||||||||||
Residential real estate | 2,000 | 2,232 | — | 2,063 | 2,277 | — | ||||||||||||||||||
Consumer | 21 | 38 | — | 25 | 43 | — | ||||||||||||||||||
Total | $ | 11,536 | $ | 13,273 | $ | — | $ | 11,191 | $ | 12,800 | $ | — | ||||||||||||
Total: | ||||||||||||||||||||||||
Commercial | $ | 5,258 | $ | 6,273 | $ | 469 | $ | 4,713 | $ | 5,676 | $ | 398 | ||||||||||||
Commercial real estate | 2,824 | 3,195 | 330 | 3,128 | 3,542 | 332 | ||||||||||||||||||
Land and land development loans | 2,255 | 2,418 | 78 | 2,487 | 2,647 | 257 | ||||||||||||||||||
Agriculture | 2,983 | 3,017 | 28 | 2,868 | 2,899 | 17 | ||||||||||||||||||
Residential real estate | 3,321 | 3,554 | 728 | 3,157 | 3,372 | 495 | ||||||||||||||||||
Consumer | 32 | 51 | 10 | 33 | 53 | 7 | ||||||||||||||||||
Total | $ | 16,673 | $ | 18,508 | $ | 1,643 | $ | 16,386 | $ | 18,189 | $ | 1,506 | ||||||||||||
Impaired Loans | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||
Average | Interest Income | Average | Interest Income | |||||||||||||||||||||
Recorded | Recognized (*) | Recorded | Recognized (*) | |||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Commercial | $ | 1,682 | $ | 30 | $ | 1,360 | $ | 115 | ||||||||||||||||
Commercial real estate | 1,121 | 20 | 1,329 | 25 | ||||||||||||||||||||
Land and land development loans | 737 | 14 | 1,609 | 28 | ||||||||||||||||||||
Agriculture | 409 | 16 | 23 | 2 | ||||||||||||||||||||
Residential real estate | 1,207 | 25 | 978 | 15 | ||||||||||||||||||||
Consumer | 10 | 1 | 142 | 3 | ||||||||||||||||||||
Total | $ | 5,166 | $ | 106 | $ | 5,441 | $ | 188 | ||||||||||||||||
Without an allowance recorded: | ||||||||||||||||||||||||
Commercial | $ | 3,303 | $ | 203 | $ | 3,439 | $ | 207 | ||||||||||||||||
Commercial real estate | 1,855 | 107 | 2,847 | 160 | ||||||||||||||||||||
Land and land development loans | 1,634 | 25 | 380 | 22 | ||||||||||||||||||||
Agriculture | 2,517 | 57 | 2,316 | 111 | ||||||||||||||||||||
Residential real estate | 2,032 | 53 | 1,373 | 46 | ||||||||||||||||||||
Consumer | 23 | 1 | 36 | 1 | ||||||||||||||||||||
Total | $ | 11,364 | $ | 446 | $ | 10,391 | $ | 547 | ||||||||||||||||
Total: | ||||||||||||||||||||||||
Commercial | $ | 4,985 | $ | 233 | $ | 4,799 | $ | 322 | ||||||||||||||||
Commercial real estate | 2,976 | 127 | 4,176 | 185 | ||||||||||||||||||||
Land and land development loans | 2,371 | 39 | 1,989 | 50 | ||||||||||||||||||||
Agriculture | 2,926 | 73 | 2,339 | 113 | ||||||||||||||||||||
Residential real estate | 3,239 | 78 | 2,351 | 61 | ||||||||||||||||||||
Consumer | 33 | 2 | 178 | 4 | ||||||||||||||||||||
Total | $ | 16,530 | $ | 552 | $ | 15,832 | 735 | |||||||||||||||||
(*) Interest Income on individually impaired loans is calculated using the cash-basis method, using year to date interest on loans outstanding at March 31. | ||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators | ' | |||||||||||||||||||||||
Credit quality indicators by loan segment are summarized as follows: | ||||||||||||||||||||||||
Loan Portfolio Credit Grades by Type | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Satisfactory | Internal | Special | Substandard | Doubtful | Total | |||||||||||||||||||
Grade 1-3 | Watch | Mention | Grade 6 | Grade 7 | ||||||||||||||||||||
Grade 4 | Grade 5 | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial | $ | 78,051 | $ | 23,935 | $ | 1,308 | $ | 7,585 | $ | — | $ | 110,879 | ||||||||||||
Commercial real estate | 131,127 | 39,499 | — | 3,745 | — | 174,371 | ||||||||||||||||||
Commercial construction | 15,225 | 5 | — | — | — | 15,230 | ||||||||||||||||||
Land and land development loans | 16,658 | 13,216 | — | 821 | — | 30,695 | ||||||||||||||||||
Agriculture | 74,364 | 16,115 | 103 | 4,227 | — | 94,809 | ||||||||||||||||||
Multifamily | 3,703 | 10,826 | — | — | — | 14,529 | ||||||||||||||||||
Residential real estate | 46,918 | 8,266 | — | 3,149 | — | 58,333 | ||||||||||||||||||
Residential construction | 1,533 | — | — | — | — | 1,533 | ||||||||||||||||||
Consumer | 8,128 | 460 | 2 | 82 | — | 8,672 | ||||||||||||||||||
Municipal | 5,837 | 91 | — | — | — | 5,928 | ||||||||||||||||||
Loans receivable, net | $ | 381,544 | $ | 112,413 | $ | 1,413 | $ | 19,609 | $ | — | $ | 514,979 | ||||||||||||
Loan Portfolio Credit Grades by Type | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Satisfactory | Internal | Special | Substandard | Doubtful | Total | |||||||||||||||||||
Grade 1-3 | Watch | Mention | Grade 6 | Grade 7 | ||||||||||||||||||||
Grade 4 | Grade 5 | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Commercial | $ | 81,303 | $ | 23,741 | $ | 1,172 | $ | 7,520 | $ | — | $ | 113,736 | ||||||||||||
Commercial real estate | 136,253 | 41,295 | — | 3,659 | — | 181,207 | ||||||||||||||||||
Commercial construction | 7,292 | 51 | 40 | — | — | 7,383 | ||||||||||||||||||
Land and land development loans | 14,187 | 13,718 | — | 1,041 | — | 28,946 | ||||||||||||||||||
Agriculture | 77,402 | 14,466 | 678 | 4,038 | — | 96,584 | ||||||||||||||||||
Multifamily | 6,368 | 8,086 | — | 3,751 | — | 18,205 | ||||||||||||||||||
Residential real estate | 47,441 | 8,771 | — | 2,960 | — | 59,172 | ||||||||||||||||||
Residential construction | 2,531 | — | — | — | — | 2,531 | ||||||||||||||||||
Consumer | 8,469 | 474 | 3 | 87 | — | 9,033 | ||||||||||||||||||
Municipal | 5,863 | 101 | — | — | — | 5,964 | ||||||||||||||||||
Loans receivable, net | $ | 387,109 | $ | 110,703 | $ | 1,893 | $ | 23,056 | $ | — | $ | 522,761 | ||||||||||||
Schedule Of Nonperforming Assets and Classified Loans | ' | |||||||||||||||||||||||
The following table summarizes non-performing assets and classified loans at the dates indicated: | ||||||||||||||||||||||||
31-Mar-14 | December 31, 2013 | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Loans past due in excess of 90 days and still accruing | $ | — | $ | — | ||||||||||||||||||||
Non-accrual loans | 4,518 | 2,668 | ||||||||||||||||||||||
Total non-performing loans | 4,518 | 2,668 | ||||||||||||||||||||||
Other real estate owned (“OREO”) | 3,768 | 3,684 | ||||||||||||||||||||||
Total non-performing assets (“NPAs”) | $ | 8,286 | $ | 6,352 | ||||||||||||||||||||
Classified loans (1) | $ | 19,609 | $ | 23,056 | ||||||||||||||||||||
_____________________________ | ||||||||||||||||||||||||
1) | Classified loan totals are inclusive of non-performing loans and may also include troubled debt restructured loans, depending on the grading of these restructured loans. |
Other_Borrowings_Tables
Other Borrowings (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Borrowings: [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments | ' | |||||||
The components of other borrowings are as follows (in thousands): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Term note payable (1) | $ | 8,279 | $ | 8,279 | ||||
Term note payable (2) | 8,248 | 8,248 | ||||||
Term note payable (3) | 6,708 | 6,883 | ||||||
Total other borrowings | $ | 23,235 | $ | 23,410 | ||||
_____________________________ | ||||||||
-1 | In January 2003, the Company issued $8.0 million of Trust Preferred securities through its subsidiary, Intermountain Statutory Trust I. The debt associated with these securities bears interest on a variable basis tied to the 90-day LIBOR (London Inter-Bank Offering Rate) index plus 3.25%, with interest only paid quarterly. The rate on this borrowing was 3.49% at March 31, 2014. The debt is callable by the Company quarterly and matures in March 2033. See Note A below. | |||||||
-2 | In March 2004, the Company issued $8.0 million of Trust Preferred securities through its subsidiary, Intermountain Statutory Trust II. The debt associated with these securities bears interest on a variable basis tied to the 90-day LIBOR index plus 2.8%, with interest only paid quarterly. The rate on this borrowing was 3.04% at March 31, 2014. The debt is callable by the Company quarterly and matures in April 2034. See Note A below: | |||||||
A) | Intermountain’s obligations under the debentures issued to the trusts referred to above constitute a full and unconditional guarantee by Intermountain of the Statutory Trusts’ obligations under the Trust Preferred Securities. In accordance with ASC 810, Consolidation, the trusts are not consolidated and the debentures and related amounts are treated as debt of Intermountain. | |||||||
(3) In November 2013, the Company entered into a Loan Agreement with NexBank SSB (“Lender”) providing for | ||||||||
a term loan in the amount of $7,000,000 (the “Loan Agreement”). The loan accrues interest at three-month LIBOR plus 4% per annum and has a maturity date of November 19, 2018. The rate on the loan at March 31, 2014 was 4.28%. The Company used the net proceeds of the loan as part of its full repayment to Treasury to redeem the preferred shares issued to Treasury under the CPP. Commencing December 1, 2013, monthly installments of principal in the amount of $58,333.33, plus accrued interest are due and payable. The Company may prepay the loan (and all accrued interest) without fee or penalty. In connection with entering into the Loan Agreement, the Company issued to Lender a Promissory Note dated as of November 19, 2013 (“Note”). The obligations of the Company under the Loan Agreement and the Note are secured by a pledge of all of the common stock of the Company’s subsidiary, Panhandle State Bank (the “Bank”), pursuant to a Pledge and Security Agreement dated as of November 19, 2013 (the “Pledge Agreement”). In the event of a default by the Company under the Loan Agreement, the Lender may declare the Note to be immediately due and payable and exercise or pursue any other remedy permitted under or conferred on Lender by operation of law. The Loan Agreement and the related Note include various covenants and agreements that are customary for loan agreements and promissory notes of this type, including certain financial and capital ratios. Under the Loan Agreement, the Company among other things must limit any indebtedness that it incurs during the life of the loan and is restricted from merging or being acquired without Lender approval. As of March 31, 2014, the Company believes that it had met all covenants and other conditions of the Loan Agreement. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||
The following table presents the basic and diluted earnings per share computations (numbers in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net income - basic and diluted | $ | 1,034 | $ | 1,525 | ||||
Preferred stock dividend | — | 458 | ||||||
Net income applicable to common stockholders | $ | 1,034 | $ | 1,067 | ||||
Denominator: | ||||||||
Weighted average shares outstanding - basic | 6,490,902 | 6,442,988 | ||||||
Effect of unvested restricted stock awards considered participating securities | 50,000 | — | ||||||
Weighted-average shares outstanding - basic | 6,540,902 | 6,442,988 | ||||||
Dilutive effect of common stock options, warrants, restricted stock awards | 65,587 | 37,036 | ||||||
Weighted average shares outstanding — diluted | 6,606,489 | 6,480,024 | ||||||
Earnings per share — basic and diluted: | ||||||||
Earnings per share — basic | $ | 0.16 | $ | 0.17 | ||||
Effect of dilutive common stock options, warrants, restricted stock awards | — | (0.01 | ) | |||||
Earnings per share — diluted | $ | 0.16 | $ | 0.16 | ||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | |||||||||||||||||||
The estimated fair value of the instruments as of March 31, 2014 and December 31, 2013 are as follows (in thousands): | ||||||||||||||||||||
Fair Value Measurements as of | ||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||
Level | Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||
Amount | Amount | |||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash, cash equivalents, restricted cash and federal funds sold | 1 | $ | 37,581 | $ | 37,581 | $ | 65,130 | $ | 65,130 | |||||||||||
Available-for-sale securities | 2 | 261,097 | 261,097 | 251,638 | 251,638 | |||||||||||||||
Held-to-maturity securities | 2 | 26,174 | 27,068 | 28,286 | 29,024 | |||||||||||||||
Loans held for sale | 2 | 628 | 628 | 614 | 614 | |||||||||||||||
Loans receivable, net | 3 | 507,000 | 515,221 | 514,834 | 523,209 | |||||||||||||||
Accrued interest receivable | 2 | 4,028 | 4,028 | 4,170 | 4,170 | |||||||||||||||
BOLI | 1 | 9,876 | 9,876 | 9,797 | 9,797 | |||||||||||||||
Other assets | 2 & 3 | 2,124 | 2,124 | 2,060 | 2,060 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposit liabilities | 3 | 710,550 | 673,033 | 706,050 | 670,895 | |||||||||||||||
Borrowings | 3 | 91,955 | 92,519 | 127,298 | 127,656 | |||||||||||||||
Accrued interest payable | 2 | 219 | 219 | 219 | 219 | |||||||||||||||
Unexercised warrants | 3 | 1,048 | 1,048 | 942 | 942 | |||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring | ' | |||||||||||||||||||
The following tables present information about the Company’s assets measured at fair value on a recurring basis as of March 31, 2014, and December 31, 2013, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands). | ||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Balance at March 31, 2014 | ||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||
Corporate Bonds | $ | 3,981 | $ | — | $ | 3,981 | $ | — | ||||||||||||
State and municipal bonds | 60,757 | — | 60,757 | — | ||||||||||||||||
Residential mortgage backed securities and SBA Pools | 196,359 | — | 196,359 | — | ||||||||||||||||
Other Assets — Derivative | (43 | ) | — | — | (43 | ) | ||||||||||||||
Total Assets Measured at Fair Value | $ | 261,054 | $ | — | $ | 261,097 | $ | (43 | ) | |||||||||||
Unexercised Warrants | $ | 1,048 | $ | — | $ | — | $ | 1,048 | ||||||||||||
Total Liabilities Measured at Fair Value | $ | 1,048 | $ | — | $ | — | $ | 1,048 | ||||||||||||
Balance at December 31, 2013 | ||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||
Corporate bonds | $ | 3,915 | $ | — | $ | 3,915 | $ | — | ||||||||||||
State and municipal bonds | 50,039 | — | 50,039 | — | ||||||||||||||||
Residential mortgage backed securities and SBA Pools | 197,684 | — | 197,684 | — | ||||||||||||||||
Other Assets — Derivative | (127 | ) | — | — | (127 | ) | ||||||||||||||
Total Assets Measured at Fair Value | $ | 251,511 | $ | — | $ | 251,638 | $ | (127 | ) | |||||||||||
Unexercised Warrants | $ | 942 | $ | — | $ | — | $ | 942 | ||||||||||||
Total Liabilities Measured at Fair Value | $ | 942 | $ | — | $ | — | $ | 942 | ||||||||||||
Fair Value Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||||||
The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows (in thousands): | ||||||||||||||||||||
Fair Value Measurements Using Significant | ||||||||||||||||||||
Unobservable Inputs ( Level 3) | ||||||||||||||||||||
Quarter to Date | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Description | Derivatives (net) | Unexercised Warrants | Residential MBS | Derivatives (net) | Unexercised Warrants | |||||||||||||||
January 1, Balance | $ | (127 | ) | (942 | ) | $ | 10,242 | $ | (573 | ) | $ | (828 | ) | |||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||||
Included in earnings | 84 | (106 | ) | (1 | ) | 93 | 56 | |||||||||||||
Included in other comprehensive income | — | — | 181 | — | — | |||||||||||||||
Principal Payments | — | — | (340 | ) | — | — | ||||||||||||||
Sales of Securities | — | — | (1,862 | ) | — | — | ||||||||||||||
Transfers in and /or out of Level 3 | — | — | — | — | — | |||||||||||||||
March 31, Balance | $ | (43 | ) | $ | (1,048 | ) | $ | 8,220 | $ | (480 | ) | $ | (772 | ) | ||||||
Fair Value Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||||||
The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows (in thousands): | ||||||||||||||||||||
Fair Value Measurements Using Significant | ||||||||||||||||||||
Unobservable Inputs ( Level 3) | ||||||||||||||||||||
Quarter to Date | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Description | Derivatives (net) | Unexercised Warrants | Residential MBS | Derivatives (net) | Unexercised Warrants | |||||||||||||||
January 1, Balance | $ | (127 | ) | (942 | ) | $ | 10,242 | $ | (573 | ) | $ | (828 | ) | |||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||||
Included in earnings | 84 | (106 | ) | (1 | ) | 93 | 56 | |||||||||||||
Included in other comprehensive income | — | — | 181 | — | — | |||||||||||||||
Principal Payments | — | — | (340 | ) | — | — | ||||||||||||||
Sales of Securities | — | — | (1,862 | ) | — | — | ||||||||||||||
Transfers in and /or out of Level 3 | — | — | — | — | — | |||||||||||||||
March 31, Balance | $ | (43 | ) | $ | (1,048 | ) | $ | 8,220 | $ | (480 | ) | $ | (772 | ) | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | ' | |||||||||||||||||||
The following tables present additional quantitative information about assets and liabilities measured at fair value on a recurring basis and for which the company has utilized Level 3 inputs to determine fair value, as of March 31, 2014: | ||||||||||||||||||||
Valuation Techniques | Unobservable Input | Range of Inputs | ||||||||||||||||||
Interest Rate Derivatives | Discounted cash flow modeling and market indications | Cash flows of underlying instruments | Various payment mismatches based on characteristics of underlying loans | |||||||||||||||||
Swap rates | 0.50% to 1.00% | |||||||||||||||||||
Unexercised Warrants | Warrant valuation models | Estimated underlying stock price volatility | 25% to 75% | |||||||||||||||||
Duration | 0.5 to 2.0 years | |||||||||||||||||||
Risk-free rate | 0.12% to 0.36% | |||||||||||||||||||
There were no material changes in the unobservable inputs since December 31, 2013. | ||||||||||||||||||||
Fair Value Measurements, Nonrecurring | ' | |||||||||||||||||||
Intermountain may be required, from time to time, to measure certain other financial assets at fair value on a non-recurring basis. The following table presents the carrying value for these financial assets as of dates indicated (in thousands): | ||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Balance at March 31, 2014 | ||||||||||||||||||||
Loans(1) | $ | 15,030 | $ | — | $ | — | $ | 15,030 | ||||||||||||
OREO | 3,768 | — | — | 3,768 | ||||||||||||||||
Total Assets Measured at Fair Value | $ | 18,798 | $ | — | $ | — | $ | 18,798 | ||||||||||||
Balance at December 31, 2013 | ||||||||||||||||||||
Loans(1) | $ | 14,880 | $ | — | $ | — | $ | 14,880 | ||||||||||||
OREO | 3,684 | — | — | 3,684 | ||||||||||||||||
Total Assets Measured at Fair Value | $ | 18,564 | $ | — | $ | — | $ | 18,564 | ||||||||||||
_____________________________ | ||||||||||||||||||||
-1 | Represents impaired loans, net of allowance for loan loss, which are included in loans. | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques | ' | |||||||||||||||||||
The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the company has utilized Level 3 inputs to determine fair value at March 31, 2014: | ||||||||||||||||||||
Valuation Techniques | Unobservable Input | Range of Inputs | ||||||||||||||||||
Impaired Loans | Discounted cash flows and appraisal of collateral | Amount and timing of cash flows | No payment deferral to indefinite payment deferral | |||||||||||||||||
Discount Rate | 4% to 9% | |||||||||||||||||||
Appraisal adjustments | 10% to 35% | |||||||||||||||||||
Liquidation Expenses | 10% to 15% | |||||||||||||||||||
OREO | Discounted cash flows of future installment payments on sale of OREO | Amount and timing of cash flows | $4.2 million over 5 years | |||||||||||||||||
Discount Rate | 4% | |||||||||||||||||||
Appraisal of Collateral | Appraisal adjustments | 10% to 35% | ||||||||||||||||||
Liquidation Expenses | 10% to 15% |
Cash_and_Cash_Equivalents_Summ
Cash and Cash Equivalents (Summary of cash) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cash and Cash Equivalents [Abstract] | ' | ' |
Unrestricted interest-bearing cash and cash equivalents | $16,712 | $44,946 |
Unrestricted non interest-bearing and vault cash | 10,122 | 7,851 |
Restricted non-interest bearing cash | $10,747 | $12,333 |
Cash_and_Cash_Equivalents_Rest
Cash and Cash Equivalents (Restricted cash) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted non-interest bearing cash | $10,747,000 | $12,333,000 |
Reserve for FRB requirement | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted non-interest bearing cash | 0 | 1,600,000 |
Secure interest swap transactions and foreign currency exchange | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted non-interest bearing cash | 172,000 | ' |
Held for future tenant improvement by company's subsidiary | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted non-interest bearing cash | 1,100,000 | ' |
Held for intercompanyagreement by company's subsidiary | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted non-interest bearing cash | $9,500,000 | ' |
Investments_Amortized_cost_and
Investments (Amortized cost and fair values of investments) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities [Abstract] | ' | ' |
Amortized cost | $261,561 | $253,340 |
Gross Unrealized Gains | 2,913 | 2,472 |
Gross Unrealized Losses | -3,377 | -4,174 |
Fair value/ carrying value | 261,097 | 251,638 |
Held-to-maturity Securities, Unclassified [Abstract] | ' | ' |
Carrying value/ amortized cost | 26,174 | 28,286 |
Fair value | 27,068 | ' |
Corporate bonds | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Amortized cost | 4,000 | 4,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -19 | -85 |
Fair value/ carrying value | 3,981 | 3,915 |
State and municipal bonds | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Amortized cost | 60,636 | 51,335 |
Gross Unrealized Gains | 1,088 | 469 |
Gross Unrealized Losses | -967 | -1,765 |
Fair value/ carrying value | 60,757 | 50,039 |
Held-to-maturity Securities, Unclassified [Abstract] | ' | ' |
Carrying value/ amortized cost | 26,174 | 28,286 |
Gross Unrealized Gains | 918 | 857 |
Gross Unrealized Losses | -24 | -119 |
Fair value | 27,068 | 29,024 |
Mortgage-backed Securities | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Amortized cost | 48,171 | 52,104 |
Gross Unrealized Gains | 820 | 768 |
Gross Unrealized Losses | -382 | -499 |
Fair value/ carrying value | 48,609 | 52,373 |
SBA Pools | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Amortized cost | 25,620 | 26,518 |
Gross Unrealized Gains | 363 | 355 |
Gross Unrealized Losses | -29 | -46 |
Fair value/ carrying value | 25,954 | 26,827 |
Agency securities | CMO's | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Amortized cost | 118,655 | 114,704 |
Gross Unrealized Gains | 617 | 849 |
Gross Unrealized Losses | -1,695 | -1,542 |
Fair value/ carrying value | 117,577 | 114,011 |
Non-agency (investment grade) [Member] | CMO's | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Amortized cost | 1,965 | 2,025 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -173 | -65 |
Fair value/ carrying value | 1,792 | 1,960 |
Non-agency (below investment grade) | CMO's | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Amortized cost | 2,514 | 2,654 |
Gross Unrealized Gains | 25 | 31 |
Gross Unrealized Losses | -112 | -172 |
Fair value/ carrying value | $2,427 | $2,513 |
Investments_Continuous_unreali
Investments (Continuous unrealized loss position) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale And Held-To-Maturity Securities, Continuous Unrealized Loss Position [Abstract] [Abstract] | ' | ' |
Less than 12 months, fair value | $107,561 | $117,033 |
Less than 12 months, unrealized losses | -2,781 | -3,600 |
12 months or longer, fair value | 21,488 | 22,243 |
12 months or longer, unrealized losses | -620 | -693 |
Total, fair value | 129,049 | 139,276 |
Total, unrealized losses | -3,401 | -4,293 |
Corporate bonds | ' | ' |
Available-for-sale And Held-To-Maturity Securities, Continuous Unrealized Loss Position [Abstract] [Abstract] | ' | ' |
Less than 12 months, fair value | 1,981 | 3,915 |
Less than 12 months, unrealized losses | -19 | -85 |
12 months or longer, fair value | 0 | 0 |
12 months or longer, unrealized losses | 0 | 0 |
Total, fair value | 1,981 | 3,915 |
Total, unrealized losses | -19 | -85 |
Residential mortgage-backed securities | ' | ' |
Available-for-sale And Held-To-Maturity Securities, Continuous Unrealized Loss Position [Abstract] [Abstract] | ' | ' |
Less than 12 months, fair value | 72,701 | ' |
Less than 12 months, unrealized losses | -1,919 | ' |
12 months or longer, fair value | 15,196 | ' |
12 months or longer, unrealized losses | -443 | ' |
Total, fair value | 87,897 | ' |
Total, unrealized losses | -2,362 | ' |
SBA Pools | ' | ' |
Available-for-sale And Held-To-Maturity Securities, Continuous Unrealized Loss Position [Abstract] [Abstract] | ' | ' |
Less than 12 months, fair value | 2,745 | 7,206 |
Less than 12 months, unrealized losses | -3 | -46 |
12 months or longer, fair value | 4,130 | 0 |
12 months or longer, unrealized losses | -26 | 0 |
Total, fair value | 6,875 | 7,206 |
Total, unrealized losses | -29 | -46 |
State and municipal bonds | ' | ' |
Available-for-sale And Held-To-Maturity Securities, Continuous Unrealized Loss Position [Abstract] [Abstract] | ' | ' |
Less than 12 months, fair value | 30,134 | 36,615 |
Less than 12 months, unrealized losses | -840 | -1,760 |
12 months or longer, fair value | 2,162 | 1,586 |
12 months or longer, unrealized losses | -151 | -124 |
Total, fair value | 32,296 | 38,201 |
Total, unrealized losses | -991 | -1,884 |
Mortgage-backed Securities & CMO's | ' | ' |
Available-for-sale And Held-To-Maturity Securities, Continuous Unrealized Loss Position [Abstract] [Abstract] | ' | ' |
Less than 12 months, fair value | ' | 69,297 |
Less than 12 months, unrealized losses | ' | -1,709 |
12 months or longer, fair value | ' | 20,657 |
12 months or longer, unrealized losses | ' | -569 |
Total, fair value | ' | 89,954 |
Total, unrealized losses | ' | ($2,278) |
Investments_Debt_maturities_De
Investments (Debt maturities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities, Amortized Cost: | ' | ' |
One year or less | $0 | ' |
After one year through five years | 1,537 | ' |
After five years through ten years | 7,271 | ' |
After ten years | 55,828 | ' |
Subtotal | 64,636 | ' |
Total securities | 261,561 | ' |
Available-for-sale Securities, Fair Value: | ' | ' |
One year or less | 0 | ' |
After one year through five years | 1,555 | ' |
After five years through ten years | 7,125 | ' |
After ten years | 56,057 | ' |
Subtotal | 64,737 | ' |
Fair value/ carrying value | 261,097 | 251,638 |
Held-to-maturity Securities, Amortized Cost: | ' | ' |
One year or less | 1,372 | ' |
After one year through five years | 3,956 | ' |
After five years through ten years | 14,945 | ' |
After ten years | 5,901 | ' |
Subtotal | 26,174 | ' |
Total securities | 26,174 | 28,286 |
Held-to-maturity Securities, Fair Value: | ' | ' |
One year or less | 1,390 | ' |
After one year through five years | 4,109 | ' |
After five years through ten years | 15,408 | ' |
After ten years | 6,161 | ' |
Subtotal | 27,068 | ' |
Fair value | 27,068 | ' |
Mortgage-backed Securities | ' | ' |
Available-for-sale Securities, Amortized Cost: | ' | ' |
No single maturity date | 171,305 | ' |
Available-for-sale Securities, Fair Value: | ' | ' |
No single maturity | 170,406 | ' |
Held-to-maturity Securities, Amortized Cost: | ' | ' |
No single maturity date | 0 | ' |
Held-to-maturity Securities, Fair Value: | ' | ' |
No single maturity date | 0 | ' |
SBA Pools | ' | ' |
Available-for-sale Securities, Amortized Cost: | ' | ' |
No single maturity date | 25,620 | ' |
Available-for-sale Securities, Fair Value: | ' | ' |
No single maturity | 25,954 | ' |
Fair value/ carrying value | 25,954 | 26,827 |
Held-to-maturity Securities, Amortized Cost: | ' | ' |
No single maturity date | 0 | ' |
Held-to-maturity Securities, Fair Value: | ' | ' |
No single maturity date | $0 | ' |
Investments_Components_of_othe
Investments (Components of other-than-temporary impairment losses) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Gain (Loss) on Investments [Line Items] | ' | ' | ||
Total other-than-temporary impairment net losses | $0 | $0 | ||
Net impairment losses recognized in earnings, available-for-sale | 0 | [1] | 42 | [1] |
Held-to-maturity securities | ' | ' | ||
Gain (Loss) on Investments [Line Items] | ' | ' | ||
Total other-than-temporary impairment net losses | 0 | 0 | ||
Portion of other-than-temporary impairment losses transferred from (recognized in) other comprehensive income, held-to-maturity securities | 0 | [2] | 0 | [2] |
Net impairment losses recognized in earnings, held-to-maturity securities | 0 | [3] | 0 | [3] |
Available-for-sale securities | ' | ' | ||
Gain (Loss) on Investments [Line Items] | ' | ' | ||
Total other-than-temporary impairment net losses | 0 | 0 | ||
Portion of other-than-temporary impairment loss transferred from (recognized in) other comprehensive income, available-for-sale securities | 0 | [2] | 42 | [2] |
Net impairment losses recognized in earnings, available-for-sale | $0 | [3] | $42 | [3] |
Available-for-sale securities | Collateralized mortgage obligations | Non-agency (below investment grade) | ' | ' | ||
Gain (Loss) on Investments [Line Items] | ' | ' | ||
Number of instruments with other than temporary impairments (in contracts) | 1 | ' | ||
[1] | Consisting of $0 and $0 of total other-than-temporary impairment net losses, net of $0 and $(42) recognized in other comprehensive income, for the three months ended MarchB 31, 2014 and 2013, respectively. | |||
[2] | Represents other-than-temporary impairment losses related to all other factors. | |||
[3] | Represents other-than-temporary impairment losses related to credit losses. |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Jun. 30, 2013 | |
security | ||
Investement [Abstract] | ' | ' |
Number of available-for-sale securities transferred to held-to-maturity | ' | 6 |
Security transferred to held-to-maturity, amortized cost | ' | $8,512,039 |
Security transferred to held-to-maturity, fair value | ' | 8,234,244 |
Security transferred to held-to-maturity, unrealized loss | $277,795 | ' |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses (Components of loans receivable) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total loans receivable | $514,979,000 | $522,761,000 | ' | ' |
Percentage of loans receivable | 100.00% | 100.00% | ' | ' |
Individually evaluated for impairment | 16,673,000 | 16,386,000 | ' | ' |
Collectively evaluated for impairment | 498,306,000 | 506,375,000 | ' | ' |
Allowance for loan losses | -7,779,000 | -7,687,000 | -7,678,000 | -7,943,000 |
Deferred loan fees, net of direct origination costs | -200,000 | -240,000 | ' | ' |
Loans receivable, net | 507,000,000 | 514,834,000 | ' | ' |
Weighted average interest rate | 5.10% | 5.14% | ' | ' |
Commercial | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total loans receivable | 110,879,000 | 113,736,000 | ' | ' |
Percentage of loans receivable | 21.50% | 21.80% | ' | ' |
Individually evaluated for impairment | 5,258,000 | 4,713,000 | ' | ' |
Collectively evaluated for impairment | 105,621,000 | 109,023,000 | ' | ' |
Allowance for loan losses | -1,838,000 | -1,819,000 | -1,763,000 | -2,156,000 |
Commercial real estate | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total loans receivable | 174,371,000 | 181,207,000 | ' | ' |
Percentage of loans receivable | 33.90% | 34.70% | ' | ' |
Individually evaluated for impairment | 2,824,000 | 3,128,000 | ' | ' |
Collectively evaluated for impairment | 171,547,000 | 178,079,000 | ' | ' |
Allowance for loan losses | -2,370,000 | -2,455,000 | -2,814,000 | -2,762,000 |
Commercial construction | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total loans receivable | 15,230,000 | 7,383,000 | ' | ' |
Percentage of loans receivable | 3.00% | 1.40% | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' | ' |
Collectively evaluated for impairment | 15,230,000 | 7,383,000 | ' | ' |
Allowance for loan losses | -340,000 | -177,000 | -217,000 | -101,000 |
Land and land development loans | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total loans receivable | 30,695,000 | 28,946,000 | ' | ' |
Percentage of loans receivable | 6.00% | 5.50% | ' | ' |
Individually evaluated for impairment | 2,255,000 | 2,487,000 | ' | ' |
Collectively evaluated for impairment | 28,440,000 | 26,459,000 | ' | ' |
Allowance for loan losses | -888,000 | -1,067,000 | -1,210,000 | -1,197,000 |
Agriculture | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total loans receivable | 94,809,000 | 96,584,000 | ' | ' |
Percentage of loans receivable | 18.40% | 18.50% | ' | ' |
Individually evaluated for impairment | 2,983,000 | 2,868,000 | ' | ' |
Collectively evaluated for impairment | 91,826,000 | 93,716,000 | ' | ' |
Allowance for loan losses | -754,000 | -726,000 | -241,000 | -228,000 |
Multifamily | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total loans receivable | 14,529,000 | 18,205,000 | ' | ' |
Percentage of loans receivable | 2.80% | 3.50% | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' | ' |
Collectively evaluated for impairment | 14,529,000 | 18,205,000 | ' | ' |
Allowance for loan losses | -31,000 | -33,000 | -55,000 | -51,000 |
Residential real estate | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total loans receivable | 58,333,000 | 59,172,000 | ' | ' |
Percentage of loans receivable | 11.30% | 11.30% | ' | ' |
Individually evaluated for impairment | 3,321,000 | 3,157,000 | ' | ' |
Collectively evaluated for impairment | 55,012,000 | 56,015,000 | ' | ' |
Allowance for loan losses | -1,402,000 | -1,192,000 | -1,103,000 | -1,144,000 |
Residential construction | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total loans receivable | 1,533,000 | 2,531,000 | ' | ' |
Percentage of loans receivable | 0.30% | 0.50% | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' | ' |
Collectively evaluated for impairment | 1,533,000 | 2,531,000 | ' | ' |
Allowance for loan losses | -34,000 | -56,000 | -35,000 | -24,000 |
Consumer | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total loans receivable | 8,672,000 | 9,033,000 | ' | ' |
Percentage of loans receivable | 1.70% | 1.70% | ' | ' |
Individually evaluated for impairment | 32,000 | 33,000 | ' | ' |
Collectively evaluated for impairment | 8,640,000 | 9,000,000 | ' | ' |
Allowance for loan losses | -98,000 | -136,000 | -206,000 | -202,000 |
Municipal | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Total loans receivable | 5,928,000 | 5,964,000 | ' | ' |
Percentage of loans receivable | 1.10% | 1.10% | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' | ' |
Collectively evaluated for impairment | 5,928,000 | 5,964,000 | ' | ' |
Allowance for loan losses | ($24,000) | ($26,000) | ($34,000) | ($78,000) |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses (Components of allowance for loan losses) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Total allowance | $7,779 | $7,687 | $7,678 | $7,943 |
Individually evaluated allowance | 1,643 | 1,506 | ' | ' |
Collectively evaluated allowance | 6,136 | 6,181 | ' | ' |
Commercial | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Total allowance | 1,838 | 1,819 | 1,763 | 2,156 |
Individually evaluated allowance | 469 | 398 | ' | ' |
Collectively evaluated allowance | 1,369 | 1,421 | ' | ' |
Commercial real estate | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Total allowance | 2,370 | 2,455 | 2,814 | 2,762 |
Individually evaluated allowance | 330 | 332 | ' | ' |
Collectively evaluated allowance | 2,040 | 2,123 | ' | ' |
Commercial construction | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Total allowance | 340 | 177 | 217 | 101 |
Individually evaluated allowance | 0 | 0 | ' | ' |
Collectively evaluated allowance | 340 | 177 | ' | ' |
Land and land development loans | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Total allowance | 888 | 1,067 | 1,210 | 1,197 |
Individually evaluated allowance | 78 | 257 | ' | ' |
Collectively evaluated allowance | 810 | 810 | ' | ' |
Agriculture | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Total allowance | 754 | 726 | 241 | 228 |
Individually evaluated allowance | 28 | 17 | ' | ' |
Collectively evaluated allowance | 726 | 709 | ' | ' |
Multifamily | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Total allowance | 31 | 33 | 55 | 51 |
Individually evaluated allowance | 0 | 0 | ' | ' |
Collectively evaluated allowance | 31 | 33 | ' | ' |
Residential real estate | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Total allowance | 1,402 | 1,192 | 1,103 | 1,144 |
Individually evaluated allowance | 728 | 495 | ' | ' |
Collectively evaluated allowance | 674 | 697 | ' | ' |
Residential construction | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Total allowance | 34 | 56 | 35 | 24 |
Individually evaluated allowance | 0 | 0 | ' | ' |
Collectively evaluated allowance | 34 | 56 | ' | ' |
Consumer | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Total allowance | 98 | 136 | 206 | 202 |
Individually evaluated allowance | 10 | 7 | ' | ' |
Collectively evaluated allowance | 88 | 129 | ' | ' |
Municipal | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Total allowance | 24 | 26 | 34 | 78 |
Individually evaluated allowance | 0 | 0 | ' | ' |
Collectively evaluated allowance | $24 | $26 | ' | ' |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses (Aging of loan receivables) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | $509,599,000 | $518,826,000 |
30 to 89 days past due | 862,000 | 1,267,000 |
90 days past due and accruing | 0 | 0 |
Nonaccrual | 4,518,000 | 2,668,000 |
Total loans receivable | 514,979,000 | 522,761,000 |
Commercial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 107,660,000 | 111,353,000 |
30 to 89 days past due | 253,000 | 952,000 |
90 days past due and accruing | 0 | 0 |
Nonaccrual | 2,966,000 | 1,431,000 |
Total loans receivable | 110,879,000 | 113,736,000 |
Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 174,273,000 | 181,028,000 |
30 to 89 days past due | 19,000 | 12,000 |
90 days past due and accruing | 0 | 0 |
Nonaccrual | 79,000 | 167,000 |
Total loans receivable | 174,371,000 | 181,207,000 |
Commercial construction | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 15,230,000 | 7,383,000 |
30 to 89 days past due | 0 | 0 |
90 days past due and accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Total loans receivable | 15,230,000 | 7,383,000 |
Land and land development loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 30,538,000 | 28,776,000 |
30 to 89 days past due | 0 | 9,000 |
90 days past due and accruing | 0 | 0 |
Nonaccrual | 157,000 | 161,000 |
Total loans receivable | 30,695,000 | 28,946,000 |
Agriculture | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 94,196,000 | 96,320,000 |
30 to 89 days past due | 2,000 | 51,000 |
90 days past due and accruing | 0 | 0 |
Nonaccrual | 611,000 | 213,000 |
Total loans receivable | 94,809,000 | 96,584,000 |
Multifamily | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 14,529,000 | 18,205,000 |
30 to 89 days past due | 0 | 0 |
90 days past due and accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Total loans receivable | 14,529,000 | 18,205,000 |
Residential real estate | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 57,077,000 | 58,238,000 |
30 to 89 days past due | 554,000 | 241,000 |
90 days past due and accruing | 0 | 0 |
Nonaccrual | 702,000 | 693,000 |
Total loans receivable | 58,333,000 | 59,172,000 |
Residential construction | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 1,533,000 | 2,531,000 |
30 to 89 days past due | 0 | 0 |
90 days past due and accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Total loans receivable | 1,533,000 | 2,531,000 |
Consumer | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 8,635,000 | 9,028,000 |
30 to 89 days past due | 34,000 | 2,000 |
90 days past due and accruing | 0 | 0 |
Nonaccrual | 3,000 | 3,000 |
Total loans receivable | 8,672,000 | 9,033,000 |
Municipal | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 5,928,000 | 5,964,000 |
30 to 89 days past due | 0 | 0 |
90 days past due and accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Total loans receivable | $5,928,000 | $5,964,000 |
Loans_and_Allowance_for_Loan_L5
Loans and Allowance for Loan Losses (Troubled loan receivables, by accrual status) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ' | ' |
Troubled debt restructurings, nonaccrual | $810 | $831 |
Troubled debt restructurings, accrual | 9,056 | 9,216 |
Troubled debt restructurings, total | 9,866 | 10,047 |
Commercial | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Troubled debt restructurings, nonaccrual | 233 | 249 |
Troubled debt restructurings, accrual | 1,940 | 1,590 |
Troubled debt restructurings, total | 2,173 | 1,839 |
Commercial real estate | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Troubled debt restructurings, nonaccrual | 37 | 38 |
Troubled debt restructurings, accrual | 2,008 | 1,931 |
Troubled debt restructurings, total | 2,045 | 1,969 |
Land and land development loans | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Troubled debt restructurings, nonaccrual | 44 | 46 |
Troubled debt restructurings, accrual | 1,907 | 2,063 |
Troubled debt restructurings, total | 1,951 | 2,109 |
Agriculture | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Troubled debt restructurings, nonaccrual | 0 | 0 |
Troubled debt restructurings, accrual | 2,065 | 2,483 |
Troubled debt restructurings, total | 2,065 | 2,483 |
Residential real estate | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Troubled debt restructurings, nonaccrual | 496 | 498 |
Troubled debt restructurings, accrual | 1,129 | 1,140 |
Troubled debt restructurings, total | 1,625 | 1,638 |
Consumer | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Troubled debt restructurings, nonaccrual | 0 | 0 |
Troubled debt restructurings, accrual | 7 | 9 |
Troubled debt restructurings, total | $7 | $9 |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses (Troubled debt restructurings) (Details) (USD $) | 3 Months Ended | ||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2012 | |||||
Loans | Loans | Commercial | Commercial | Land and land development loans | Land and land development loans | Agriculture | Agriculture | Consumer | Consumer | Adjusted interest rate only | Adjusted interest rate only | Adjusted interest rate only | Adjusted interest rate only | Adjusted interest rate only | Adjusted interest rate only | Adjusted interest rate only | Adjusted interest rate only | Adjusted interest rate only | Adjusted interest rate only | Other concessions | Other concessions | Other concessions | Other concessions | Other concessions | Other concessions | Other concessions | Other concessions | Other concessions | Other concessions | ||||||
Loans | Loans | Loans | Loans | Loans | Loans | Loans | Loans | Commercial | Commercial | Land and land development loans | Land and land development loans | Agriculture | Agriculture | Consumer | Consumer | Commercial | Commercial | Land and land development loans | Land and land development loans | Agriculture | Agriculture | Consumer | Consumer | ||||||||||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Number of loans | 7 | 11 | 7 | 4 | 0 | 2 | 0 | 4 | 0 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Pre-modification recorded investment | $425 | $1,722 | $425 | $263 | $0 | $153 | $0 | $1,216 | $0 | $90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Post-modification recorded investment | 417 | 1,722 | 417 | 263 | 0 | 153 | 0 | 1,216 | 0 | 90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Information as to how TDRs were modified during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111 | 888 | 111 | 0 | 0 | 36 | 0 | 852 | 0 | 0 | 306 | [1] | 834 | 306 | [1] | 263 | 0 | [1] | 117 | 0 | [1] | 364 | 0 | [1] | 90 |
Allowance For Unfunded Commitments [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Balance, beginning of period | 16 | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Adjustments | 1 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Balance, end of period | $17 | $17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
[1] | Other includes term or principal concessions or a combination of concessions, including interest rates. |
Loans_and_Allowance_for_Loan_L7
Loans and Allowance for Loan Losses (Allowance for loan losses, rollforward) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Balance, beginning of period | $7,687 | $7,943 |
Charge-offs during period | -133 | -727 |
Recoveries during period | 122 | 283 |
Provision | 103 | 179 |
Balance, end of period | 7,779 | 7,678 |
Commercial | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Balance, beginning of period | 1,819 | 2,156 |
Charge-offs during period | -71 | -89 |
Recoveries during period | 43 | 178 |
Provision | 47 | -482 |
Balance, end of period | 1,838 | 1,763 |
Commercial real estate | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Balance, beginning of period | 2,455 | 2,762 |
Charge-offs during period | -1 | -566 |
Recoveries during period | 3 | 6 |
Provision | -87 | 612 |
Balance, end of period | 2,370 | 2,814 |
Commercial construction | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Balance, beginning of period | 177 | 101 |
Charge-offs during period | 0 | 0 |
Recoveries during period | 0 | 2 |
Provision | 163 | 114 |
Balance, end of period | 340 | 217 |
Land and land development loans | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Balance, beginning of period | 1,067 | 1,197 |
Charge-offs during period | 0 | -7 |
Recoveries during period | 6 | 15 |
Provision | -185 | 5 |
Balance, end of period | 888 | 1,210 |
Agriculture | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Balance, beginning of period | 726 | 228 |
Charge-offs during period | 0 | 0 |
Recoveries during period | 12 | 19 |
Provision | 16 | -6 |
Balance, end of period | 754 | 241 |
Multifamily | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Balance, beginning of period | 33 | 51 |
Charge-offs during period | 0 | 0 |
Recoveries during period | 0 | 0 |
Provision | -2 | 4 |
Balance, end of period | 31 | 55 |
Residential real estate | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Balance, beginning of period | 1,192 | 1,144 |
Charge-offs during period | -19 | 0 |
Recoveries during period | 24 | 25 |
Provision | 205 | -66 |
Balance, end of period | 1,402 | 1,103 |
Residential construction | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Balance, beginning of period | 56 | 24 |
Charge-offs during period | 0 | 0 |
Recoveries during period | 2 | 0 |
Provision | -24 | 11 |
Balance, end of period | 34 | 35 |
Consumer | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Balance, beginning of period | 136 | 202 |
Charge-offs during period | -42 | -65 |
Recoveries during period | 32 | 38 |
Provision | -28 | 31 |
Balance, end of period | 98 | 206 |
Municipal | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Balance, beginning of period | 26 | 78 |
Charge-offs during period | 0 | 0 |
Recoveries during period | 0 | 0 |
Provision | -2 | -44 |
Balance, end of period | $24 | $34 |
Loans_and_Allowance_for_Loan_L8
Loans and Allowance for Loan Losses (Impaired loans) (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Principal balance: | ' | ' | ' | ||
Principal balance, with an allowance recorded | $5,235 | ' | $5,389 | ||
Principal balance, without an allowance recorded | 13,273 | ' | 12,800 | ||
Principal balance, total | 18,508 | ' | 18,189 | ||
Recorded investment: | ' | ' | ' | ||
Recorded investments, with an allowance recorded | 5,137 | ' | 5,195 | ||
Recorded investment, without an allowance recorded | 11,536 | ' | 11,191 | ||
Recorded investment, total | 16,673 | ' | 16,386 | ||
Related allowance | 1,643 | ' | 1,506 | ||
Average recorded investment: | ' | ' | ' | ||
Average recorded investment, with an allowance recorded | 5,166 | 5,441 | ' | ||
Average recorded investment, without an allowance recorded | 11,364 | 10,391 | ' | ||
Average recorded investment, total | 16,530 | 15,832 | ' | ||
Interest income recognized: | ' | ' | ' | ||
Interest income recognized, with an allowance recorded | 106 | [1] | 188 | [1] | ' |
Interest income recognized, without an allowance recorded | 446 | [1] | 547 | [1] | ' |
Interest income recognized, total | 552 | [1] | 735 | [1] | ' |
Commercial | ' | ' | ' | ||
Principal balance: | ' | ' | ' | ||
Principal balance, with an allowance recorded | 1,681 | ' | 1,896 | ||
Principal balance, without an allowance recorded | 4,592 | ' | 3,780 | ||
Principal balance, total | 6,273 | ' | 5,676 | ||
Recorded investment: | ' | ' | ' | ||
Recorded investments, with an allowance recorded | 1,622 | ' | 1,742 | ||
Recorded investment, without an allowance recorded | 3,636 | ' | 2,971 | ||
Recorded investment, total | 5,258 | ' | 4,713 | ||
Related allowance | 469 | ' | 398 | ||
Average recorded investment: | ' | ' | ' | ||
Average recorded investment, with an allowance recorded | 1,682 | 1,360 | ' | ||
Average recorded investment, without an allowance recorded | 3,303 | 3,439 | ' | ||
Average recorded investment, total | 4,985 | 4,799 | ' | ||
Interest income recognized: | ' | ' | ' | ||
Interest income recognized, with an allowance recorded | 30 | [1] | 115 | [1] | ' |
Interest income recognized, without an allowance recorded | 203 | [1] | 207 | [1] | ' |
Interest income recognized, total | 233 | [1] | 322 | [1] | ' |
Commercial real estate | ' | ' | ' | ||
Principal balance: | ' | ' | ' | ||
Principal balance, with an allowance recorded | 1,141 | ' | 1,165 | ||
Principal balance, without an allowance recorded | 2,054 | ' | 2,377 | ||
Principal balance, total | 3,195 | ' | 3,542 | ||
Recorded investment: | ' | ' | ' | ||
Recorded investments, with an allowance recorded | 1,109 | ' | 1,133 | ||
Recorded investment, without an allowance recorded | 1,715 | ' | 1,995 | ||
Recorded investment, total | 2,824 | ' | 3,128 | ||
Related allowance | 330 | ' | 332 | ||
Average recorded investment: | ' | ' | ' | ||
Average recorded investment, with an allowance recorded | 1,121 | 1,329 | ' | ||
Average recorded investment, without an allowance recorded | 1,855 | 2,847 | ' | ||
Average recorded investment, total | 2,976 | 4,176 | ' | ||
Interest income recognized: | ' | ' | ' | ||
Interest income recognized, with an allowance recorded | 20 | [1] | 25 | [1] | ' |
Interest income recognized, without an allowance recorded | 107 | [1] | 160 | [1] | ' |
Interest income recognized, total | 127 | [1] | 185 | [1] | ' |
Land and land development loans | ' | ' | ' | ||
Principal balance: | ' | ' | ' | ||
Principal balance, with an allowance recorded | 636 | ' | 848 | ||
Principal balance, without an allowance recorded | 1,782 | ' | 1,799 | ||
Principal balance, total | 2,418 | ' | 2,647 | ||
Recorded investment: | ' | ' | ' | ||
Recorded investments, with an allowance recorded | 632 | ' | 843 | ||
Recorded investment, without an allowance recorded | 1,623 | ' | 1,644 | ||
Recorded investment, total | 2,255 | ' | 2,487 | ||
Related allowance | 78 | ' | 257 | ||
Average recorded investment: | ' | ' | ' | ||
Average recorded investment, with an allowance recorded | 737 | 1,609 | ' | ||
Average recorded investment, without an allowance recorded | 1,634 | 380 | ' | ||
Average recorded investment, total | 2,371 | 1,989 | ' | ||
Interest income recognized: | ' | ' | ' | ||
Interest income recognized, with an allowance recorded | 14 | [1] | 28 | [1] | ' |
Interest income recognized, without an allowance recorded | 25 | [1] | 22 | [1] | ' |
Interest income recognized, total | 39 | [1] | 50 | [1] | ' |
Agriculture | ' | ' | ' | ||
Principal balance: | ' | ' | ' | ||
Principal balance, with an allowance recorded | 442 | ' | 375 | ||
Principal balance, without an allowance recorded | 2,575 | ' | 2,524 | ||
Principal balance, total | 3,017 | ' | 2,899 | ||
Recorded investment: | ' | ' | ' | ||
Recorded investments, with an allowance recorded | 442 | ' | 375 | ||
Recorded investment, without an allowance recorded | 2,541 | ' | 2,493 | ||
Recorded investment, total | 2,983 | ' | 2,868 | ||
Related allowance | 28 | ' | 17 | ||
Average recorded investment: | ' | ' | ' | ||
Average recorded investment, with an allowance recorded | 409 | 23 | ' | ||
Average recorded investment, without an allowance recorded | 2,517 | 2,316 | ' | ||
Average recorded investment, total | 2,926 | 2,339 | ' | ||
Interest income recognized: | ' | ' | ' | ||
Interest income recognized, with an allowance recorded | 16 | [1] | 2 | [1] | ' |
Interest income recognized, without an allowance recorded | 57 | [1] | 111 | [1] | ' |
Interest income recognized, total | 73 | [1] | 113 | [1] | ' |
Residential real estate | ' | ' | ' | ||
Principal balance: | ' | ' | ' | ||
Principal balance, with an allowance recorded | 1,322 | ' | 1,095 | ||
Principal balance, without an allowance recorded | 2,232 | ' | 2,277 | ||
Principal balance, total | 3,554 | ' | 3,372 | ||
Recorded investment: | ' | ' | ' | ||
Recorded investments, with an allowance recorded | 1,321 | ' | 1,094 | ||
Recorded investment, without an allowance recorded | 2,000 | ' | 2,063 | ||
Recorded investment, total | 3,321 | ' | 3,157 | ||
Related allowance | 728 | ' | 495 | ||
Average recorded investment: | ' | ' | ' | ||
Average recorded investment, with an allowance recorded | 1,207 | 978 | ' | ||
Average recorded investment, without an allowance recorded | 2,032 | 1,373 | ' | ||
Average recorded investment, total | 3,239 | 2,351 | ' | ||
Interest income recognized: | ' | ' | ' | ||
Interest income recognized, with an allowance recorded | 25 | [1] | 15 | [1] | ' |
Interest income recognized, without an allowance recorded | 53 | [1] | 46 | [1] | ' |
Interest income recognized, total | 78 | [1] | 61 | [1] | ' |
Consumer | ' | ' | ' | ||
Principal balance: | ' | ' | ' | ||
Principal balance, with an allowance recorded | 13 | ' | 10 | ||
Principal balance, without an allowance recorded | 38 | ' | 43 | ||
Principal balance, total | 51 | ' | 53 | ||
Recorded investment: | ' | ' | ' | ||
Recorded investments, with an allowance recorded | 11 | ' | 8 | ||
Recorded investment, without an allowance recorded | 21 | ' | 25 | ||
Recorded investment, total | 32 | ' | 33 | ||
Related allowance | 10 | ' | 7 | ||
Average recorded investment: | ' | ' | ' | ||
Average recorded investment, with an allowance recorded | 10 | 142 | ' | ||
Average recorded investment, without an allowance recorded | 23 | 36 | ' | ||
Average recorded investment, total | 33 | 178 | ' | ||
Interest income recognized: | ' | ' | ' | ||
Interest income recognized, with an allowance recorded | 1 | [1] | 3 | [1] | ' |
Interest income recognized, without an allowance recorded | 1 | [1] | 1 | [1] | ' |
Interest income recognized, total | $2 | [1] | $4 | [1] | ' |
[1] | Interest Income on individually impaired loans is calculated using the cash-basis method, using year to date interest on loans outstanding at March 31. |
Loans_and_Allowance_for_Loan_L9
Loans and Allowance for Loan Losses (Credit quality indicators by loan segment) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | $514,979,000 | $522,761,000 |
Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 110,879,000 | 113,736,000 |
Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 174,371,000 | 181,207,000 |
Commercial construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 15,230,000 | 7,383,000 |
Land and land development loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 30,695,000 | 28,946,000 |
Agriculture | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 94,809,000 | 96,584,000 |
Multifamily | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 14,529,000 | 18,205,000 |
Residential real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 58,333,000 | 59,172,000 |
Residential construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 1,533,000 | 2,531,000 |
Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 8,672,000 | 9,033,000 |
Municipal | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 5,928,000 | 5,964,000 |
Satisfactory - Grade 1-3 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 381,544,000 | 387,109,000 |
Satisfactory - Grade 1-3 | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 78,051,000 | 81,303,000 |
Satisfactory - Grade 1-3 | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 131,127,000 | 136,253,000 |
Satisfactory - Grade 1-3 | Commercial construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 15,225,000 | 7,292,000 |
Satisfactory - Grade 1-3 | Land and land development loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 16,658,000 | 14,187,000 |
Satisfactory - Grade 1-3 | Agriculture | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 74,364,000 | 77,402,000 |
Satisfactory - Grade 1-3 | Multifamily | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 3,703,000 | 6,368,000 |
Satisfactory - Grade 1-3 | Residential real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 46,918,000 | 47,441,000 |
Satisfactory - Grade 1-3 | Residential construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 1,533,000 | 2,531,000 |
Satisfactory - Grade 1-3 | Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 8,128,000 | 8,469,000 |
Satisfactory - Grade 1-3 | Municipal | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 5,837,000 | 5,863,000 |
Internal Watch - Grade 4 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 112,413,000 | 110,703,000 |
Internal Watch - Grade 4 | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 23,935,000 | 23,741,000 |
Internal Watch - Grade 4 | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 39,499,000 | 41,295,000 |
Internal Watch - Grade 4 | Commercial construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 5,000 | 51,000 |
Internal Watch - Grade 4 | Land and land development loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 13,216,000 | 13,718,000 |
Internal Watch - Grade 4 | Agriculture | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 16,115,000 | 14,466,000 |
Internal Watch - Grade 4 | Multifamily | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 10,826,000 | 8,086,000 |
Internal Watch - Grade 4 | Residential real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 8,266,000 | 8,771,000 |
Internal Watch - Grade 4 | Residential construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Internal Watch - Grade 4 | Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 460,000 | 474,000 |
Internal Watch - Grade 4 | Municipal | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 91,000 | 101,000 |
Special Mention - Grade 5 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 1,413,000 | 1,893,000 |
Special Mention - Grade 5 | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 1,308,000 | 1,172,000 |
Special Mention - Grade 5 | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Special Mention - Grade 5 | Commercial construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 40,000 |
Special Mention - Grade 5 | Land and land development loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Special Mention - Grade 5 | Agriculture | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 103,000 | 678,000 |
Special Mention - Grade 5 | Multifamily | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Special Mention - Grade 5 | Residential real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Special Mention - Grade 5 | Residential construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Special Mention - Grade 5 | Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 2,000 | 3,000 |
Special Mention - Grade 5 | Municipal | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Substandard - Grade 6 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 19,609,000 | 23,056,000 |
Substandard - Grade 6 | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 7,585,000 | 7,520,000 |
Substandard - Grade 6 | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 3,745,000 | 3,659,000 |
Substandard - Grade 6 | Commercial construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Substandard - Grade 6 | Land and land development loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 821,000 | 1,041,000 |
Substandard - Grade 6 | Agriculture | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 4,227,000 | 4,038,000 |
Substandard - Grade 6 | Multifamily | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 3,751,000 |
Substandard - Grade 6 | Residential real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 3,149,000 | 2,960,000 |
Substandard - Grade 6 | Residential construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Substandard - Grade 6 | Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 82,000 | 87,000 |
Substandard - Grade 6 | Municipal | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Doubtful - Grade 7 | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Doubtful - Grade 7 | Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Doubtful - Grade 7 | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Doubtful - Grade 7 | Commercial construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Doubtful - Grade 7 | Land and land development loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Doubtful - Grade 7 | Agriculture | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Doubtful - Grade 7 | Multifamily | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Doubtful - Grade 7 | Residential real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Doubtful - Grade 7 | Residential construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Doubtful - Grade 7 | Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Doubtful - Grade 7 | Municipal | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | $0 | $0 |
Recovered_Sheet1
Loans and Allowance for Loan Losses (Nonperforming assets and classified loans) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Loans and Allowance for Loan Losses: [Abstract] | ' | ' | ||
Loans past due in excess of 90 days and still accruing | $0 | $0 | ||
Non-accrual loans | 4,518 | 2,668 | ||
Total non-performing loans | 4,518 | 2,668 | ||
Other real estate owned (bOREOb) | 3,768 | 3,684 | ||
Total non-performing assets ('NPA's') | 8,286 | 6,352 | ||
Classified loans | $19,609 | [1] | $23,056 | [1] |
[1] | Classified loan totals are inclusive of non-performing loans and may also include troubled debt restructured loans, depending on the grading of these restructured loans. |
Recovered_Sheet2
Loans and Allowance for Loan Losses (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Specific reserves | $693,000 | ' |
Percentage of loans receivable | 100.00% | 100.00% |
Loans receivable | 514,979,000 | 522,761,000 |
Financing receivable credit quality review threshold | 500,000 | ' |
Commercial real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Percentage of loans receivable | 33.90% | 34.70% |
Loans receivable | 174,371,000 | 181,207,000 |
Commercial real estate | Northern Idaho / Eastern Washington | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Percentage of loans receivable | 70.30% | ' |
Commercial real estate | Office | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Percentage of loans receivable | 22.40% | ' |
Commercial real estate | Industrial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Percentage of loans receivable | 16.30% | ' |
Commercial real estate | Health care | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Percentage of loans receivable | 13.70% | ' |
Commercial real estate | Retail | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Percentage of loans receivable | 14.20% | ' |
Commercial real estate | Other | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Percentage of loans receivable | 33.40% | ' |
Construction and development loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Percentage of loans receivable | 9.00% | ' |
Loans receivable | 45,900 | ' |
Agriculture | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Percentage of loans receivable | 18.40% | 18.50% |
Loans receivable | 94,809,000 | 96,584,000 |
Multifamily | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Percentage of loans receivable | 2.80% | 3.50% |
Loans receivable | 14,529,000 | 18,205,000 |
Residential | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Percentage of loans receivable | 13.30% | ' |
Loans receivable | 68,500,000 | ' |
Municipal | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Percentage of loans receivable | 1.10% | 1.10% |
Loans receivable | $5,928,000 | $5,964,000 |
Other_Borrowings_Details
Other Borrowings (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2003 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2004 | Dec. 31, 2013 | Mar. 31, 2014 | Nov. 30, 2013 | Dec. 31, 2013 | ||||||
Term note payable | Term note payable | Term note payable | Term note payable | Term note payable | Term note payable | Term note payable | Term note payable | Term note payable | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Intermountain statutory trust I trust preferred securities | Intermountain statutory trust I trust preferred securities | Intermountain statutory trust I trust preferred securities | Intermountain statutory trust II trust preferred securities | Intermountain statutory trust II trust preferred securities | Intermountain statutory trust II trust preferred securities | Loan Agreement | Loan Agreement | Loan Agreement | Term note payable | |||||||||
Loan Agreement | ||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Other borrowings | $23,235,000 | $23,410,000 | $8,279,000 | [1] | $8,279,000 | [1] | ' | $8,248,000 | [2] | $8,248,000 | [2] | ' | $6,883,000 | [2] | $6,708,000 | [2] | ' | ' |
Debt issuance | ' | ' | ' | ' | 8,000,000 | ' | ' | 8,000,000 | ' | ' | ' | ' | ||||||
Description of variable rate basis | ' | ' | '90-day LIBOR | ' | ' | '90-day LIBOR | ' | ' | ' | ' | ' | 'three-month LIBOR | ||||||
Basis spread on variable rate | ' | ' | 3.25% | ' | ' | 2.80% | ' | ' | ' | ' | ' | 4.00% | ||||||
Interest rate at period end | ' | ' | 3.49% | ' | ' | 3.04% | ' | ' | ' | 4.28% | ' | ' | ||||||
Term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ||||||
Monthly installment of principal | ' | ' | ' | ' | ' | ' | ' | ' | $58,333.33 | ' | ' | ' | ||||||
[1] | In JanuaryB 2003, the Company issued $8.0 million of Trust Preferred securities through its subsidiary, Intermountain Statutory Trust I. The debt associated with these securities bears interest on a variable basis tied to the 90-day LIBOR (London Inter-Bank Offering Rate) index plus 3.25%, with interest only paid quarterly. The rate on this borrowing was 3.49% at MarchB 31, 2014. The debt is callable by the Company quarterly and matures in MarchB 2033. See Note A below. | |||||||||||||||||
[2] | In MarchB 2004, the Company issued $8.0 million of Trust Preferred securities through its subsidiary, Intermountain Statutory Trust II. The debt associated with these securities bears interest on a variable basis tied to the 90-day LIBOR index plus 2.8%, with interest only paid quarterly. The rate on this borrowing was 3.04% at MarchB 31, 2014. The debt is callable by the Company quarterly and matures in AprilB 2034. See Note A below:A)Intermountainbs obligations under the debentures issued to the trusts referred to above constitute a full and unconditional guarantee by Intermountain of the Statutory Trustsb obligations under the Trust Preferred Securities. In accordance with ASC 810, Consolidation, the trusts are not consolidated and the debentures and related amounts are treated as debt of Intermountain.(3) In November 2013, the Company entered into a Loan Agreement with NexBank SSB (bLenderb) providing fora term loan in the amount of $7,000,000 (the bLoan Agreementb). The loan accrues interest at three-month LIBOR plus 4% per annum and has a maturity date of November 19, 2018. The rate on the loan at March 31, 2014 was 4.28%. The Company used the net proceeds of the loan as part of its full repayment to Treasury to redeem the preferred shares issued to Treasury under the CPP. Commencing December 1, 2013, monthly installments of principal in the amount of $58,333.33, plus accrued interest are due and payable. The Company may prepay the loan (and all accrued interest) without fee or penalty. In connection with entering into the Loan Agreement, the Company issued to Lender a Promissory Note dated as of November 19, 2013 (bNoteb). The obligations of the Company under the Loan Agreement and the Note are secured by a pledge of all of the common stock of the Companybs subsidiary, Panhandle State Bank (the bBankb), pursuant to a Pledge and Security Agreement dated as of November 19, 2013 (the bPledge Agreementb). In the event of a default by the Company under the Loan Agreement, the Lender may declare the Note to be immediately due and payable and exercise or pursue any other remedy permitted under or conferred on Lender by operation of law. The Loan Agreement and the related Note include various covenants and agreements that are customary for loan agreements and promissory notes of this type, including certain financial and capital ratios. Under the Loan Agreement, the Company among other things must limit any indebtedness that it incurs during the life of the loan and is restricted from merging or being acquired without Lender approval. As of March 31, 2014, the Company believes that it had met all covenants and other conditions of the Loan Agreement. |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Jan. 31, 2012 |
Numerator: | ' | ' | ' |
Net income (loss) - basic and diluted | $1,034 | $1,525 | ' |
Preferred stock dividend | 0 | 458 | ' |
Net income applicable to common stockholders | $1,034 | $1,067 | ' |
Denominator: | ' | ' | ' |
Weighted average shares outstanding - basic | 6,490,902 | 6,442,988 | ' |
Incremental Common Shares Attributable to Participating Nonvested Shares with Non-forfeitable Dividend Rights | 50,000 | 0 | ' |
Weighted average common shares outstanding b basic (in shares) | 6,540,902 | 6,442,988 | ' |
Dilutive effect of common stock options, warrants, restricted stock awards | 65,587 | 37,036 | ' |
Weighted average common shares outstanding b diluted | 6,606,489 | 6,480,024 | ' |
Earnings (loss) per share b basic (in dollars per share) | $0.16 | $0.17 | ' |
Effect of dilutive common stock options, warrants, restricted stock awards (in dollars per share) | $0 | ($0.01) | ' |
Earnings (loss) per share b diluted (in dollars per share) | $0.16 | $0.16 | ' |
Number of securities called by warrants | ' | ' | 1,700,000 |
Reverse stock split | ' | ' | ' |
Denominator: | ' | ' | ' |
Number of securities called by warrants | ' | ' | 170,000 |
Stock Options | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive common stock options not included in diluted earnings per share | 2,127 | 8,042 | ' |
Common stock warrant - Series A | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive common stock options not included in diluted earnings per share | 65,323 | 65,323 | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 1 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | 31-May-12 | Jan. 31, 2012 | Oct. 05, 2012 | Jan. 31, 2012 | Dec. 19, 2008 | Nov. 30, 2013 | Dec. 19, 2008 | Jan. 31, 2012 | Mar. 31, 2014 | 31-May-12 | 31-May-12 | Mar. 31, 2014 | Dec. 19, 2008 | Dec. 19, 2008 | Dec. 19, 2008 | Mar. 31, 2014 | Jan. 31, 2012 | Jan. 31, 2012 |
Reverse stock split | Reverse stock split | Fixed rate cumulative perpetual preferred stock, Series A | Fixed rate cumulative perpetual preferred stock, Series A | Unexercised warrants | Mandatorily convertible cumulative participating preferred stock, Series B | Mandatorily convertible cumulative participating preferred stock, Series B | Voting common stock | Non-voting common stock | First five years | December 2008 capital raise | December 2008 capital raise | December 2008 capital raise | January 2012 capital raise | January 2012 capital raise | January 2012 capital raise | |||
Reverse stock split | quarterly_periods | Reverse stock split | Reverse stock split | Fixed rate cumulative perpetual preferred stock, Series A | Fixed rate cumulative perpetual preferred stock, Series A | Unexercised warrants | shareholders | Reverse stock split | ||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 525,000 | 345,000 | ' | ' | 27,000 | ' | ' | ' | ' |
Liquidation preference per share | ' | ' | ' | ' | $1,000 | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Length of warrant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' |
Number of securities called by warrants | ' | 1,700,000 | ' | 170,000 | ' | ' | ' | ' | ' | ' | ' | ' | 65,323 | ' | 653,226 | ' | 1,700,000 | 170,000 |
Proceeds from issuance of preferred stock and preference stock | ' | ' | ' | ' | $27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of warrants or rights (dollar per share) | ' | ' | ' | ' | ' | ' | 62 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 |
Value of stock repurchased | ' | ' | ' | ' | ' | 27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, dividend rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | ' | ' | ' | ' | ' | ' | 864,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares outstanding | ' | ' | ' | ' | ' | ' | ' | 698,993 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible preferred stock, shares issued upon conversion | ' | ' | ' | ' | ' | ' | ' | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price per share | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion ratio for reverse stock split | ' | ' | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock | $8.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shareholders participating in warrant offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Maximum number of periods for dividend deferral trigger | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income tax provision | $400,000 | $0 | ' |
Net deferred tax assets | $21,000,000 | ' | $21,700,000 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Fair value by balance sheet grouping) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial assets: | ' | ' |
Available-for-sale securities | $261,097 | $251,638 |
Held-to-maturity securities | 27,068 | ' |
Fair value | Significant unobservable inputs (Level 3) | ' | ' |
Financial assets: | ' | ' |
Loans receivable, net | 515,221 | 523,209 |
Financial liabilities | ' | ' |
Deposit liabilities | 673,033 | 670,895 |
Borrowings | 92,519 | 127,656 |
Unexercised warrants | 1,048 | 942 |
Fair value | Other observable inputs (Level 2) | ' | ' |
Financial assets: | ' | ' |
Held-to-maturity securities | 27,068 | 29,024 |
Loans held for sale | 628 | 614 |
Accrued interest receivable | 4,028 | 4,170 |
Other assets | 2,124 | 2,060 |
Financial liabilities | ' | ' |
Accrued interest payable | 219 | 219 |
Fair value | Quoted prices in active markets for identical assets (Level 1) | ' | ' |
Financial assets: | ' | ' |
Cash, cash equivalents, restricted cash and federal funds sold | 37,581 | 65,130 |
BOLI | 9,876 | 9,797 |
Fair value | Other observable inputs and Significant unobservable inputs (Level 2 and 3) | ' | ' |
Financial assets: | ' | ' |
Available-for-sale securities | 261,097 | 251,638 |
Carrying amount | Significant unobservable inputs (Level 3) | ' | ' |
Financial assets: | ' | ' |
Loans receivable, net | 507,000 | 514,834 |
Financial liabilities | ' | ' |
Deposit liabilities | 710,550 | 706,050 |
Borrowings | 91,955 | 127,298 |
Unexercised warrants | 1,048 | 942 |
Carrying amount | Other observable inputs (Level 2) | ' | ' |
Financial assets: | ' | ' |
Held-to-maturity securities | 26,174 | 28,286 |
Loans held for sale | 628 | 614 |
Accrued interest receivable | 4,028 | 4,170 |
Other assets | 2,124 | 2,060 |
Financial liabilities | ' | ' |
Accrued interest payable | 219 | 219 |
Carrying amount | Quoted prices in active markets for identical assets (Level 1) | ' | ' |
Financial assets: | ' | ' |
Cash, cash equivalents, restricted cash and federal funds sold | 37,581 | 65,130 |
BOLI | 9,876 | 9,797 |
Carrying amount | Other observable inputs and Significant unobservable inputs (Level 2 and 3) | ' | ' |
Financial assets: | ' | ' |
Available-for-sale securities | $261,097 | $251,638 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Fair value hierarchy) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair value | Nonrecurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | $18,798 | $18,564 | ||
Fair value | Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 261,054 | 251,511 | ||
Unexercised warrants | 1,048 | 942 | ||
Total liabilities measured at fair value | 1,048 | 942 | ||
Quoted prices in active markets for identical assets (Level 1) | Nonrecurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 0 | 0 | ||
Quoted prices in active markets for identical assets (Level 1) | Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 0 | 0 | ||
Unexercised warrants | 0 | 0 | ||
Total liabilities measured at fair value | 0 | 0 | ||
Other observable inputs (Level 2) | Nonrecurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 0 | 0 | ||
Other observable inputs (Level 2) | Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 261,097 | 251,638 | ||
Unexercised warrants | 0 | 0 | ||
Total liabilities measured at fair value | 0 | 0 | ||
Significant unobservable inputs (Level 3) | Nonrecurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 18,798 | 18,564 | ||
Significant unobservable inputs (Level 3) | Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | -43 | -127 | ||
Unexercised warrants | 1,048 | 942 | ||
Total liabilities measured at fair value | 1,048 | 942 | ||
Corporate bonds | Fair value | Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 3,981 | 3,915 | ||
Corporate bonds | Quoted prices in active markets for identical assets (Level 1) | Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 0 | 0 | ||
Corporate bonds | Other observable inputs (Level 2) | Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 3,981 | 3,915 | ||
Corporate bonds | Significant unobservable inputs (Level 3) | Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 0 | 0 | ||
State and municipal bonds | Fair value | Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 60,757 | 50,039 | ||
State and municipal bonds | Quoted prices in active markets for identical assets (Level 1) | Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 0 | 0 | ||
State and municipal bonds | Other observable inputs (Level 2) | Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 60,757 | 50,039 | ||
State and municipal bonds | Significant unobservable inputs (Level 3) | Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 0 | 0 | ||
Residential mortgage backed securities and SBA pools | Fair value | Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 196,359 | 197,684 | ||
Residential mortgage backed securities and SBA pools | Quoted prices in active markets for identical assets (Level 1) | Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 0 | 0 | ||
Residential mortgage backed securities and SBA pools | Other observable inputs (Level 2) | Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 196,359 | 197,684 | ||
Residential mortgage backed securities and SBA pools | Significant unobservable inputs (Level 3) | Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 0 | 0 | ||
Derivative | Fair value | Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | -43 | -127 | ||
Derivative | Quoted prices in active markets for identical assets (Level 1) | Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 0 | 0 | ||
Derivative | Other observable inputs (Level 2) | Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 0 | 0 | ||
Derivative | Significant unobservable inputs (Level 3) | Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | -43 | -127 | ||
Loans | Fair value | Nonrecurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 15,030 | [1] | 14,880 | [1] |
Loans | Quoted prices in active markets for identical assets (Level 1) | Nonrecurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 0 | [1] | 0 | [1] |
Loans | Other observable inputs (Level 2) | Nonrecurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 0 | [1] | 0 | [1] |
Loans | Significant unobservable inputs (Level 3) | Nonrecurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 15,030 | [1] | 14,880 | [1] |
OREO | Fair value | Nonrecurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 3,768 | 3,684 | ||
OREO | Quoted prices in active markets for identical assets (Level 1) | Nonrecurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 0 | 0 | ||
OREO | Other observable inputs (Level 2) | Nonrecurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 0 | 0 | ||
OREO | Significant unobservable inputs (Level 3) | Nonrecurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | $3,768 | $3,684 | ||
[1] | Represents impaired loans, net of allowance for loan loss, which are included in loans. |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments (Unobservable inputs reconciliation - assets) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Residential MBS | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Balance at beginning of period | ' | $10,242 |
Total gains or losses (realized/unrealized) included in earnings | ' | -1 |
Total gains or losses (realized/unrealized) included in other comprehensive income | ' | 181 |
Principal payments | ' | -340 |
Sales of securities | ' | -1,862 |
Transfers in and /or out of Level 3 | ' | 0 |
Balance at end of period | ' | 8,220 |
Derivatives (net) | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | -127 | -573 |
Included in earnings | 84 | 93 |
Included in other comprehensive income | 0 | 0 |
Principal Payments | 0 | 0 |
Sales of Securities | 0 | 0 |
Transfers in and /or out of Level 3 | 0 | 0 |
Ending balance | -43 | -480 |
Unexercised Warrants | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | -942 | -828 |
Included in earnings | -106 | 56 |
Included in other comprehensive income | 0 | 0 |
Principal Payments | 0 | 0 |
Sales of Securities | 0 | 0 |
Transfers in and /or out of Level 3 | 0 | 0 |
Ending balance | ($1,048) | ($772) |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments (Quantative information regarding valuation techniques and inputs) (Details) (Significant unobservable inputs (Level 3), USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | |
Recurring | Residential mortgage-backed securities | Minimum | Discounted cash flow and consensus pricing | ' | |
Fair Value Inputs, Assets And Liabilities, Quantitative Information [Line Items] | ' | |
Prepayment | 9.90% | [1] |
Default rates | -0.15% | [2] |
Loss severities | 0.00% | |
Recurring | Residential mortgage-backed securities | Maximum | Discounted cash flow and consensus pricing | ' | |
Fair Value Inputs, Assets And Liabilities, Quantitative Information [Line Items] | ' | |
Prepayment | 52.73% | [1] |
Default rates | -15.88% | [2] |
Loss severities | 85.09% | |
Recurring | Interest rate contract | Minimum | Discounted cash flow and market indicators | ' | |
Fair Value Inputs, Assets And Liabilities, Quantitative Information [Line Items] | ' | |
Swap rates | 0.50% | |
LIBOR rates | 0.19% | |
Recurring | Interest rate contract | Maximum | Discounted cash flow and market indicators | ' | |
Fair Value Inputs, Assets And Liabilities, Quantitative Information [Line Items] | ' | |
Swap rates | 1.00% | |
LIBOR rates | 0.42% | |
Recurring | Unexercised warrants | Minimum | Black Scholes | ' | |
Fair Value Inputs, Assets And Liabilities, Quantitative Information [Line Items] | ' | |
Estimated underlying stock price volatility | 25.00% | |
Duration | '6 months | |
Risk-free rate | 0.12% | |
Recurring | Unexercised warrants | Maximum | Black Scholes | ' | |
Fair Value Inputs, Assets And Liabilities, Quantitative Information [Line Items] | ' | |
Estimated underlying stock price volatility | 75.00% | |
Duration | '2 years | |
Risk-free rate | 0.36% | |
Recurring | Interest rate swap | Minimum | Discounted cash flow and market indicators | ' | |
Fair Value Inputs, Assets And Liabilities, Quantitative Information [Line Items] | ' | |
Swap rates | 0.50% | |
Recurring | Interest rate swap | Maximum | Discounted cash flow and market indicators | ' | |
Fair Value Inputs, Assets And Liabilities, Quantitative Information [Line Items] | ' | |
Swap rates | 1.00% | |
Nonrecurring | OREO | Amount and timing of cash flows | ' | |
Fair Value Inputs, Assets And Liabilities, Quantitative Information [Line Items] | ' | |
Discount rate | 4.00% | |
Amount of cash flow | 4.2 | |
Timing of cash flow | '5 years | |
Nonrecurring | OREO | Minimum | Appraisal of collateral | ' | |
Fair Value Inputs, Assets And Liabilities, Quantitative Information [Line Items] | ' | |
Appraisal adjustments | 10.00% | |
Liquidation expenses | 10.00% | |
Nonrecurring | OREO | Maximum | Appraisal of collateral | ' | |
Fair Value Inputs, Assets And Liabilities, Quantitative Information [Line Items] | ' | |
Appraisal adjustments | 35.00% | |
Liquidation expenses | 15.00% | |
Nonrecurring | Loans | Minimum | Discounted cash flows and appraisal of collateral | ' | |
Fair Value Inputs, Assets And Liabilities, Quantitative Information [Line Items] | ' | |
Discount rate | 4.00% | |
Appraisal adjustments | 10.00% | |
Liquidation expenses | 10.00% | |
Nonrecurring | Loans | Maximum | Discounted cash flows and appraisal of collateral | ' | |
Fair Value Inputs, Assets And Liabilities, Quantitative Information [Line Items] | ' | |
Discount rate | 9.00% | |
Appraisal adjustments | 35.00% | |
Liquidation expenses | 15.00% | |
[1] | CPR =onstant prepayment rate | |
[2] | CDR =onstant default rate |
Fair_Value_of_Financial_Instru6
Fair Value of Financial Instruments (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Nonrecurring | Significant unobservable inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | $18,798 | $18,564 | ||
Nonrecurring | Other observable inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 0 | 0 | ||
Recurring | Significant unobservable inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | -43 | -127 | ||
Recurring | Other observable inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 261,097 | 251,638 | ||
Loans | Nonrecurring | Significant unobservable inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 15,030 | [1] | 14,880 | [1] |
Loans | Nonrecurring | Other observable inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 0 | [1] | 0 | [1] |
OREO | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Valuation reserve established for OREO | 539 | ' | ||
OREO | Nonrecurring | Significant unobservable inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 3,768 | 3,684 | ||
OREO | Nonrecurring | Other observable inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 0 | 0 | ||
Carrying amount | OREO | Nonrecurring | Significant unobservable inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | 3,768 | ' | ||
Discounted Cash Flow Technique | OREO | Nonrecurring | Significant unobservable inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets measured at fair value | $3,700 | ' | ||
[1] | Represents impaired loans, net of allowance for loan loss, which are included in loans. |
Subsequent_Events_Details
Subsequent Events (Details) (2012 Plan, Subsequent Event) | 0 Months Ended |
Apr. 02, 2014 | |
Subsequent Event [Line Items] | ' |
Additional shares authorized | 175,000 |
Number of shares authorized | 275,000 |
Shares remaining available for future grants | 15,000 |
Restricted Stock | ' |
Subsequent Event [Line Items] | ' |
Grants approved | 160,000 |