Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 06, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Bancorp, Inc. | ' |
Entity Central Index Key | '0001295401 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 37,708,777 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cash and cash equivalents | ' | ' |
Cash and due from banks | $15,192 | $33,883 |
Interest earning deposits at Federal Reserve Bank | 441,422 | 1,196,515 |
Securities purchased under agreements to resell | 15,906 | 7,544 |
Total cash and cash equivalents | 472,520 | 1,237,942 |
Investment securities, available-for-sale, at fair value | 1,459,626 | 1,253,117 |
Investment securities, held-to-maturity (fair value $94,927 and $95,030, respectively) | 97,130 | 97,205 |
Commercial loans held for sale | 154,474 | 69,904 |
Loans, net of deferred loan fees and costs | 2,049,561 | 1,958,445 |
Allowance for loan and lease losses | -46,945 | -38,182 |
Loans, net | 2,002,616 | 1,920,263 |
Federal Home Loan and Atlantic Central Bankers Bank stock | 3,409 | 3,209 |
Premises and equipment, net | 16,236 | 15,659 |
Accrued interest receivable | 14,508 | 13,131 |
Intangible assets, net | 6,988 | 7,612 |
Other real estate owned | 26,781 | 26,295 |
Deferred tax asset, net | 24,606 | 30,415 |
Other assets | 36,270 | 31,313 |
Total assets | 4,315,164 | 4,706,065 |
Deposits | ' | ' |
Demand and interest checking | 3,563,447 | 3,722,602 |
Savings and money market | 307,927 | 536,162 |
Time deposits | 8,962 | 9,773 |
Time deposits, $100,000 and over | 1,474 | 4,452 |
Total deposits | 3,881,810 | 4,272,989 |
Securities sold under agreements to repurchase | 17,481 | 21,221 |
Subordinated debenture | 13,401 | 13,401 |
Other liabilities | 29,978 | 38,850 |
Total liabilities | 3,942,670 | 4,346,461 |
SHAREHOLDERS' EQUITY | ' | ' |
Common stock - authorized, 50,000,000 shares of $1.00 par value; 37,808,777 and 37,720,945 shares issued at June 30, 2014 and December 31, 2013, respectively | 37,809 | 37,721 |
Treasury stock, at cost (100,000 shares) | -866 | -866 |
Additional paid-in capital | 296,523 | 294,576 |
Retained earnings | 27,762 | 27,615 |
Accumulated other comprehensive income | 11,266 | 558 |
Total shareholders' equity | 372,494 | 359,604 |
Total liabilities and shareholders' equity | $4,315,164 | $4,706,065 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
ASSETS | ' | ' |
Investment securities, held-to-maturity, fair value | $94,927 | $95,030 |
SHAREHOLDERS' EQUITY | ' | ' |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, issued (in shares) | 37,808,777 | 37,720,945 |
Treasury stock (in shares) | 100,000 | 100,000 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest income | ' | ' | ' | ' |
Loans, including fees | $21,926 | $20,908 | $43,307 | $41,230 |
Interest on investment securities: | ' | ' | ' | ' |
Taxable interest | 5,356 | 3,801 | 10,493 | 7,288 |
Tax-exempt interest | 2,956 | 873 | 5,040 | 1,598 |
Federal funds sold / securities purchased under agreements to resell | 85 | 98 | 191 | 122 |
Interest bearing deposits | 411 | 505 | 1,175 | 1,343 |
Total interest income | 30,734 | 26,185 | 60,206 | 51,581 |
Interest expense | ' | ' | ' | ' |
Deposits | 2,695 | 2,476 | 5,472 | 4,974 |
Securities sold under agreements to repurchase | 11 | 12 | 23 | 26 |
Subordinated debenture | 113 | 118 | 228 | 318 |
Total interest expense | 2,819 | 2,606 | 5,723 | 5,318 |
Net interest income | 27,915 | 23,579 | 54,483 | 46,263 |
Provision for loan and lease losses | 15,500 | 9,500 | 32,800 | 15,000 |
Net interest income after provision for loan and lease losses | 12,415 | 14,079 | 21,683 | 31,263 |
Non-interest income | ' | ' | ' | ' |
Service fees on deposit accounts | 1,377 | 1,084 | 2,587 | 2,144 |
Card payment and ACH processing fees | 1,317 | 1,046 | 2,620 | 1,913 |
Prepaid card fees | 12,898 | 11,531 | 26,366 | 23,505 |
Gain on sale of loans | 5,212 | 5,748 | 10,696 | 7,926 |
Gain on sale of investment securities | 159 | 476 | 400 | 743 |
Other than temporary impairment on securities held-to-maturity | ' | ' | ' | -20 |
Leasing income | 1,015 | 642 | 1,396 | 1,229 |
Debit card income | 456 | 201 | 882 | 397 |
Affinity fees | 668 | 850 | 1,202 | 1,706 |
Other | 608 | 784 | 1,716 | 1,951 |
Total non-interest income | 23,710 | 22,362 | 47,865 | 41,494 |
Non-interest expense | ' | ' | ' | ' |
Salaries and employee benefits | 16,324 | 13,615 | 31,685 | 25,904 |
Depreciation and amortization | 1,133 | 935 | 2,183 | 1,731 |
Rent and related occupancy cost | 1,177 | 1,064 | 2,259 | 1,945 |
Data processing expense | 3,535 | 2,796 | 6,871 | 5,403 |
Printing and supplies | 626 | 437 | 1,197 | 869 |
Audit expense | 400 | 305 | 776 | 616 |
Legal expense | 915 | 791 | 2,247 | 1,410 |
Amortization of intangible assets | 304 | 250 | 608 | 500 |
Losses on sale and write downs on other real estate owned | -92 | 815 | -30 | 1,066 |
FDIC insurance | 1,116 | 858 | 2,805 | 1,834 |
Software | 1,133 | 982 | 2,308 | 1,791 |
Other real estate owned expense | 325 | 125 | 651 | 235 |
Bank Secrecy Act and lookback consulting expenses | 2,169 | ' | 2,169 | ' |
Other | 6,765 | 4,614 | 13,058 | 8,762 |
Total non-interest expense | 35,830 | 27,587 | 68,787 | 52,066 |
Net income before income tax | 295 | 8,854 | 761 | 20,691 |
Income tax provision (benefit) | -43 | 3,262 | 125 | 7,693 |
Net income | $338 | $5,592 | $636 | $12,998 |
Net income per share - basic (in dollars per share) | $0.01 | $0.15 | $0.02 | $0.35 |
Net income per share - diluted (in dollars per share) | $0.01 | $0.15 | $0.02 | $0.34 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ' | ' |
Net income | $636 | $12,998 |
Other comprehensive income (loss) | ' | ' |
Change in net unrealized gain/(loss) during the period | 16,863 | -13,121 |
Reclassification adjustments for gains included in income | -400 | -743 |
Amortization of losses previously held as available-for-sale | 11 | 79 |
Net unrealized gain/(loss) on investment securities | 16,474 | -13,785 |
Deferred tax expense (benefit) | ' | ' |
Change in net unrealized gain/(loss) during the period | 5,902 | -4,592 |
Reclassification adjustments for gains included in income | -140 | -261 |
Amortization of losses previously held as available-for-sale | 4 | 28 |
Income tax expense (benefit) related to items of other comprehensive income (loss) | 5,766 | -4,825 |
Other comprehensive income (loss), net of tax and reclassifications into net income | 10,708 | -8,960 |
Comprehensive income | $11,344 | $4,038 |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earning [Member] | Accumulated Other Comprehensive Income [Member] | Total |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2013 | $37,721 | ($866) | $294,576 | $27,615 | $558 | $359,604 |
Balance (in shares) at Dec. 31, 2013 | 37,720,945 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | 636 | ' | 636 |
Common stock issued from option exercises, net of tax benefits | 9 | ' | 94 | ' | ' | 103 |
Common stock issued from option exercises, net of tax benefits (in shares) | 9,249 | ' | ' | ' | ' | 63,874 |
Common stock issued from option exercises, cashless exercise, net of tax benefits | 30 | ' | 459 | -489 | ' | ' |
Common stock issued from option exercises, cashless exercise, net of tax benefits (in shares) | 29,208 | ' | ' | ' | ' | ' |
Common stock issued as restricted shares, net of tax benefits | 49 | ' | -49 | ' | ' | ' |
Common stock issued as restricted shares, net of tax benefits (in shares) | 49,375 | ' | ' | ' | ' | ' |
Stock-based compensation | ' | ' | 1,443 | ' | ' | 1,443 |
Other comprehensive loss, net of reclassification adjustments and tax | ' | ' | ' | ' | 10,708 | 10,708 |
Balance at Jun. 30, 2014 | $37,809 | ($866) | $296,523 | $27,762 | $11,266 | $372,494 |
Balance (in shares) at Jun. 30, 2014 | 37,808,777 | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities | ' | ' |
Net income | $636 | $12,998 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities | ' | ' |
Depreciation and amortization | 3,262 | 2,718 |
Provision for loan and lease losses | 32,800 | 15,000 |
Net amortization of investment securities premiums/discounts | 4,794 | 2,615 |
Stock-based compensation expense | 1,443 | 1,558 |
Loans originated for resale | -323,926 | -110,117 |
Sale of loans originated for resale | 243,960 | 101,721 |
Gain on sale of loans originated for resale | -4,604 | -7,926 |
Gain on sale of fixed assets | -2 | 1 |
Other than temporary impairment on securities held-to-maturity | ' | 20 |
(Gain) loss on sale and write downs on other real estate owned | -30 | 1,066 |
Gain on sale of investment securities | -400 | -743 |
Increase in accrued interest receivable | -1,377 | -2,503 |
Decrease in interest payable | -29 | -8 |
(Increase) decrease in other assets | -5,570 | 773 |
(Decrease) increase in other liabilities | -15,673 | 1,445 |
Net cash (used in) provided by operating activities | -64,716 | 18,618 |
Investing activities | ' | ' |
Purchase of investment securities available-for-sale | -343,628 | -442,958 |
Purchase of securities held-to-maturity | ' | -50,875 |
Proceeds from sale of investment securities available-for-sale | 46,507 | 51,149 |
Proceeds from redemptions and prepayments of securities held-to-maturity | 38 | ' |
Proceeds from redemptions and prepayments of securities available-for-sale | 109,559 | 103,091 |
Proceeds from sale of other real estate owned | 3,903 | 694 |
Net increase in loans | -119,512 | -97,813 |
Proceeds from sale of fixed assets | 11 | 79 |
Purchases of premises and equipment | -2,768 | -5,151 |
Net cash used in investing activities | -305,890 | -441,784 |
Financing activities | ' | ' |
Net (decrease) increase in deposits | -391,179 | 137,436 |
Net (decrease) increase in securities sold under agreements to repurchase | -3,740 | 511 |
Proceeds from issuance of common stock | ' | 1,629 |
Proceeds from the exercise of options | 103 | 290 |
Excess tax benefit from share-based payment arrangements | ' | -3 |
Net cash (used in) provided by financing activities | -394,816 | 139,863 |
Net decrease in cash and cash equivalents | -765,422 | -283,303 |
Cash and cash equivalents, beginning of period | 1,237,942 | 968,092 |
Cash and cash equivalents, end of period | 472,520 | 684,789 |
Supplemental disclosure: | ' | ' |
Interest paid | 5,734 | 5,326 |
Taxes paid | 2,093 | 8,349 |
Transfers of loans to other real estate owned | 4,359 | 3,827 |
Transfers of loans to held for sale | ' | $21,692 |
Organization_And_Nature_Of_Ope
Organization And Nature Of Operations | 6 Months Ended |
Jun. 30, 2014 | |
Organization And Nature Of Operations [Abstract] | ' |
Organization And Nature Of Operations | ' |
Note 1. Structure of Company | |
The Bancorp, Inc. (the Company) is a Delaware corporation and a registered financial holding company. Its primary subsidiary is The Bancorp Bank (the Bank) which is wholly owned by the Company. The Bank is a Delaware chartered commercial bank located in Wilmington, Delaware and is a Federal Deposit Insurance Corporation (FDIC) insured institution. Through the Bank, the Company provides retail and commercial banking services in the Philadelphia, Pennsylvania and Wilmington, Delaware areas and other banking services nationally, which include prepaid debit cards, health savings accounts, institutional banking and private label banking. In Europe, the Company maintains three operational service subsidiaries and one subsidiary through which it offers prepaid card issuing services. The principal medium for the delivery of the Company’s banking services is the Internet. | |
Significant_Accounting_Policie
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Significant Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
Note 2. Significant Accounting Policies | |
Basis of Presentation | |
The financial statements of the Company, as of June 30, 2014 and for the three and six month periods ended June 30, 2014 and 2013, are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principlesgenerally accepted in the United States of America have been condensed or omitted in this Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission. However, in the opinion of management, these interim financial statements include all necessary adjustments to fairly present the results of the interim periods presented. The unaudited interim consolidated financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 (Form 10-K report). The results of operations for the six month period ended June 30, 2014 may not necessarily be indicative of the results of operations for the full year ending December 31, 2014. | |
Sharebased_Compensation
Share-based Compensation | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Share-based Compensation [Abstract] | ' | |||||||
Share-based Compensation | ' | |||||||
Note 3. Share-based Compensation | ||||||||
The Company recognizes compensation expense for stock options in accordance with Financial Accounting Standards Board (FASB) Accounting Series Codification (ASC) 718, Stock Based Compensation. The expense of the option is generally measured at fair value at the grant date with compensation expense recognized over the service period, which is usually the vesting period. For grants subject to a service condition, the Company utilizes the Black-Scholes option-pricing model to estimate the fair value of each option on the date of grant. The Black-Scholes model takes into consideration the exercise price and expected life of the options, the current price of the underlying stock and its expected volatility, the expected dividends on the stock and the current risk-free interest rate for the expected life of the option. The Company’s estimate of the fair value of a stock option is based on expectations derived from historical experience and may not necessarily equate to its market value when fully vested. In accordance with ASC 718, the Company estimates the number of options for which the requisite service is expected to be rendered. At June 30, 2014, the Company had three stock-based compensation plans, which are more fully described in its Annual Report on Form 10-K for the year ended December 31, 2013 and the portions of the Company’s Proxy Statement dated March 18, 2014, incorporated therein by reference. | ||||||||
The Company did not grant stock options in the first six months of 2014. In the first quarter of 2013, the Company granted 215,000 common stock options; 35,000 had a vesting period of one year and 180,000 had a vesting period of four years. The weighted-average fair value of the stock options issued was $4.85. There were 63,874 common stock options exercised in the six month period ended June 30, 2014 and 64,149 common stock options exercised in the six month period ended June 30, 2013. The total intrinsic value of the options exercised during the six months ended June 30, 2014 and 2013 was $619,000 and $270,000, respectively. | ||||||||
The Company estimated the fair value of each grant on the date of grant using the Black-Scholes options pricing model with the following weighted average assumptions: | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Risk-free interest rate | 0.00% | 1.86% | ||||||
Expected dividend yield | - | - | ||||||
Expected volatility | 0.00% | 49.71%-56.81% | ||||||
Expected lives (years) | - | 4.03-4.22 | ||||||
Expected volatility is based on the historical volatility of the Company’s stock and peer group comparisons over the expected life of the grant. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury strip rate in effect at the time of the grant. The life of the option is based on historical factors which include the contractual term, vesting period, exercise behavior and employee terminations. In accordance with ASC 718, Stock Based Compensation, stock based compensation expense for the six month period ended June 30, 2014 is based on awards that are ultimately expected to vest and has been reduced for estimated forfeitures. The Company estimates forfeitures using historical data based upon the groups identified by management. | ||||||||
A summary of the status of the Company’s equity compensation plans is presented below. | ||||||||
Weighted- | ||||||||
average | ||||||||
Weighted | remaining | |||||||
average | contractual | Aggregate | ||||||
exercise | term | intrinsic | ||||||
Shares | price | (years) | value | |||||
(in thousands, except per share data) | ||||||||
Outstanding at January 1, 2014 | 2,620,874 | $ 9.70 | ||||||
Granted | - | - | - | - | ||||
Exercised | -63,874 | 9.27 | - | - | ||||
Expired | - | - | - | - | ||||
Forfeited | - | - | - | - | ||||
Outstanding at June 30, 2014 | 2,557,000 | $ 9.71 | 5.81 | $ - | ||||
Exercisable at June 30, 2014 | 1,891,250 | $ 10.06 | 5.24 | $ 4,986,887 | ||||
The Company granted 197,481 restricted stock units with a vesting period of four years at a fair value of $10.46 in the first six months of 2013. There were no restricted stock units granted in the first six months of 2014. The total fair value of restricted stock units vested for the six months ended June 30, 2014 and 2013 was $886,000 and $ 0, respectively. | ||||||||
A summary of the status of the Company’s restricted stock units is presented below. | ||||||||
Average | ||||||||
Weighted- | remaining | |||||||
average | contractual | |||||||
grant date | term | |||||||
Shares | fair value | (years) | ||||||
Outstanding at January 1, 2014 | 197,841 | $ 10.46 | 2.6 | |||||
Granted | - | - | - | |||||
Vested | -49,460 | - | - | |||||
Expired/forfeited | - | - | - | |||||
Outstanding at June 30, 2014 | 148,381 | |||||||
As of June 30, 2014, there was a total of $3.6 million of unrecognized compensation cost related to unvested awards under share-based plans. This cost is expected to be recognized over a weighted average period of 1.0 years. Related compensation expense for the six months ended June 30, 2014 and 2013 was $1.4 million and $1.6 million respectively. | ||||||||
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Earnings Per Share [Abstract] | ' | ||||||
Earnings Per Share | ' | ||||||
Note 4. Earnings Per Share | |||||||
The Company calculates earnings per share under ASC 260, Earnings Per Share. Basic earnings per share exclude dilution and are computed by dividing income available to common shareholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. | |||||||
The following tables show the Company’s earnings per share for the periods presented: | |||||||
For the three months ended | |||||||
30-Jun-14 | |||||||
Income | Shares | Per share | |||||
(numerator) | (denominator) | amount | |||||
(dollars in thousands except per share data) | |||||||
Basic earnings per share | |||||||
Net income available to common shareholders | $ 338 | 37,706,491 | $ 0.01 | ||||
Effect of dilutive securities | |||||||
Common stock options | - | 779,814 | - | ||||
Diluted earnings per share | |||||||
Net income available to common shareholders | $ 338 | 38,486,305 | $ 0.01 | ||||
Stock options for 227,750 shares, exercisable at prices between $15.94 and $25.43 per share, were outstanding at June 30, 2014 but were not included in dilutive shares because the exercise price per share was greater than the average market price. | |||||||
For the six months ended | |||||||
30-Jun-14 | |||||||
Income | Shares | Per share | |||||
(numerator) | (denominator) | amount | |||||
(dollars in thousands except per share data) | |||||||
Basic earnings per share | |||||||
Net income available to common shareholders | $ 636 | 37,693,624 | $ 0.02 | ||||
Effect of dilutive securities | |||||||
Common stock options | - | 892,109 | - | ||||
Diluted earnings per share | |||||||
Net income available to common shareholders | $ 636 | 38,585,733 | $ 0.02 | ||||
Stock options for 3,000 shares exercisable at prices between $20.98 and $25.43 per share, were outstanding at June 30, 2014 but were not included in dilutive shares because the exercise price per share was greater than the average market price. | |||||||
For the three months ended | |||||||
30-Jun-13 | |||||||
Income | Shares | Per share | |||||
(numerator) | (denominator) | amount | |||||
(dollars in thousands except per share data) | |||||||
Basic earnings per share | |||||||
Net income available to common shareholders | $ 5,592 | 37,343,396 | $ 0.15 | ||||
Effect of dilutive securities | |||||||
Common stock options | - | 631,418 | - | ||||
Diluted earnings per share | |||||||
Net income available to common shareholders | $ 5,592 | 37,974,814 | $ 0.15 | ||||
Stock options for 656,091 shares, exercisable at prices between $14.24 and $25.43 per share, were outstanding at June 30, 2013 but were not included in dilutive shares because the exercise price per share was greater than the average market price. | |||||||
For the six months ended | |||||||
30-Jun-13 | |||||||
Income | Shares | Per share | |||||
(numerator) | (denominator) | amount | |||||
(dollars in thousands except per share data) | |||||||
Basic earnings per share | |||||||
Net income available to common shareholders | $ 12,998 | 37,317,750 | $ 0.35 | ||||
Effect of dilutive securities | |||||||
Common stock options | - | 559,962 | -0.01 | ||||
Diluted earnings per share | |||||||
Net income available to common shareholders | $ 12,998 | 37,877,712 | $ 0.34 | ||||
Stock options for 656,091 shares, exercisable at prices between $14.24 and $25.43 per share, were outstanding at June 30, 2013 but were not included in dilutive shares because the exercise share price was greater than the average market price. | |||||||
Investment_Securities
Investment Securities | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Investment Securities [Abstract] | ' | ||||||||||||||
Investment Securities | ' | ||||||||||||||
Note 5. Investment Securities | |||||||||||||||
The amortized cost, gross unrealized gains and losses, and fair values of the Company’s investment securities classified as available-for-sale and held-to-maturity at June 30, 2014 and December 31, 2013 are summarized as follows (in thousands): | |||||||||||||||
Available-for-sale | 30-Jun-14 | ||||||||||||||
Gross | Gross | ||||||||||||||
Amortized | unrealized | unrealized | Fair | ||||||||||||
cost | gains | losses | value | ||||||||||||
U.S. Government agency securities | $ 20,617 | $ 71 | $ (3) | $ 20,685 | |||||||||||
Federally insured student loan securities | 128,901 | 946 | -113 | 129,734 | |||||||||||
Tax-exempt obligations of states and political subdivisions | 512,216 | 11,131 | -221 | 523,126 | |||||||||||
Taxable obligations of states and political subdivisions | 63,225 | 2,325 | -125 | 65,425 | |||||||||||
Residential mortgage-backed securities | 380,408 | 3,117 | -900 | 382,625 | |||||||||||
Commercial mortgage-backed securities | 142,960 | 1,813 | -784 | 143,989 | |||||||||||
Corporate and other debt securities | 192,981 | 1,292 | -231 | 194,042 | |||||||||||
$ 1,441,308 | $ 20,695 | $ (2,377) | $ 1,459,626 | ||||||||||||
Held-to-maturity | 30-Jun-14 | ||||||||||||||
Gross | Gross | ||||||||||||||
Amortized | unrealized | unrealized | Fair | ||||||||||||
cost | gains | losses | value | ||||||||||||
Other debt securities - single issuers | $ 21,036 | $ 473 | $ (4,177) | $ 17,332 | |||||||||||
Other debt securities - pooled | 76,094 | 1,501 | - | 77,595 | |||||||||||
$ 97,130 | $ 1,974 | $ (4,177) | $ 94,927 | ||||||||||||
Available-for-sale | 31-Dec-13 | ||||||||||||||
Gross | Gross | ||||||||||||||
Amortized | unrealized | unrealized | Fair | ||||||||||||
cost | gains | losses | value | ||||||||||||
U.S. Government agency securities | $ 10,680 | $ 46 | $ - | $ 10,726 | |||||||||||
Federally insured student loan securities | 147,717 | 575 | -719 | 147,573 | |||||||||||
Tax-exempt obligations of states and political subdivisions | 378,180 | 2,721 | -1,951 | 378,950 | |||||||||||
Taxable obligations of states and political subdivisions | 78,638 | 1,276 | -746 | 79,168 | |||||||||||
Residential mortgage-backed securities | 323,199 | 1,838 | -2,263 | 322,774 | |||||||||||
Commercial mortgage-backed securities | 118,838 | 1,919 | -410 | 120,347 | |||||||||||
Corporate and other debt securities | 194,010 | 789 | -1,220 | 193,579 | |||||||||||
$ 1,251,262 | $ 9,164 | $ (7,309) | $ 1,253,117 | ||||||||||||
Held-to-maturity | 31-Dec-13 | ||||||||||||||
Gross | Gross | ||||||||||||||
Amortized | unrealized | unrealized | Fair | ||||||||||||
cost | gains | losses | value | ||||||||||||
Other debt securities - single issuers | $ 21,027 | $ 367 | $ (4,222) | $ 17,172 | |||||||||||
Other debt securities - pooled | 76,178 | 1,680 | - | 77,858 | |||||||||||
$ 97,205 | $ 2,047 | $ (4,222) | $ 95,030 | ||||||||||||
Investments in Federal Home Loan and Atlantic Central Bankers Bank stock are recorded at cost and amounted to $3.2 million at June 30, 2014 and at December 31, 2013. | |||||||||||||||
The amortized cost and fair value of the Company’s investment securities at June 30, 2014, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||
Available-for-sale | Held-to-maturity | ||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||
cost | value | cost | value | ||||||||||||
Due before one year | $ 88,521 | $ 88,845 | $ - | $ - | |||||||||||
Due after one year through five years | 364,784 | 367,817 | - | - | |||||||||||
Due after five years through ten years | 274,007 | 279,089 | 10,203 | 10,276 | |||||||||||
Due after ten years | 713,996 | 723,875 | 86,927 | 84,651 | |||||||||||
$ 1,441,308 | $ 1,459,626 | $ 97,130 | $ 94,927 | ||||||||||||
At June 30, 2014 and December 31, 2013, investment securities with a book value of approximately $26.2 million and $29.1 million, respectively, were pledged to secure securities sold under repurchase agreements as required or permitted by law. | |||||||||||||||
Fair value of available-for-sale securities are based on the fair market value supplied by a third-party market data provider while the fair value of held-to-maturity securities are based on the present value of cash flows, which discounts expected cash flows from principal and interest using yield to maturity at the measurement date. The Company periodically reviews its investment portfolio to determine whether unrealized losses are other than temporary, based on an evaluations of the creditworthiness of the issuers/guarantors as well as the underlying collateral if applicable, in addition to the continuing performance of the securities. The Company did not recognize any other-than-temporary impairment charges in the first six months of 2014. The Company recognized other-than-temporary impairment charges of $20,000 on one trust preferred security in the first six months of 2013. The amount of the credit impairment was calculated by estimating the discounted cash flows for those securities. | |||||||||||||||
The table below indicates the length of time individual securities had been in a continuous unrealized loss position at June 30, 2014 (dollars in thousands): | |||||||||||||||
Available-for-sale | Less than 12 months | 12 months or longer | Total | ||||||||||||
Number of securities | Fair Value | Unrealized losses | Fair Value | Unrealized losses | Fair Value | Unrealized losses | |||||||||
Description of Securities | |||||||||||||||
U.S. Government agency securities | 1 | $ 1,792 | $ (3) | $ - | $ - | $ 1,792 | $ (3) | ||||||||
Federally insured student loan securities | 5 | - | - | 40,955 | -113 | 40,955 | -113 | ||||||||
Tax-exempt obligations of states and | |||||||||||||||
political subdivisions | 61 | 19,994 | -90 | 24,949 | -131 | 44,943 | -221 | ||||||||
Taxable obligations of states and | |||||||||||||||
political subdivisions | 13 | - | - | 11,377 | -125 | 11,377 | -125 | ||||||||
Residential mortgage-backed securities | 30 | 46,700 | -195 | 72,778 | -705 | 119,478 | -900 | ||||||||
Commercial mortgage-backed securities | 25 | 70,579 | -665 | 7,909 | -119 | 78,488 | -784 | ||||||||
Corporate and other debt securities | 34 | 4,424 | -8 | 30,546 | -223 | 34,970 | -231 | ||||||||
Total temporarily impaired | |||||||||||||||
investment securities | 169 | $ 143,489 | $ (961) | $ 188,514 | $ (1,416) | $ 332,003 | $ (2,377) | ||||||||
Held-to-maturity | Less than 12 months | 12 months or longer | Total | ||||||||||||
Number of securities | Fair Value | Unrealized losses | Fair Value | Unrealized losses | Fair Value | Unrealized losses | |||||||||
Description of Securities | |||||||||||||||
Single issuers | 2 | $ - | $ - | $ 7,941 | $ (4,177) | $ 7,941 | $ (4,177) | ||||||||
Total temporarily impaired | |||||||||||||||
investment securities | 2 | $ - | $ - | $ 7,941 | $ (4,177) | $ 7,941 | $ (4,177) | ||||||||
The table below indicates the length of time individual securities had been in a continuous unrealized loss position at December 31, 2013 (dollars in thousands): | |||||||||||||||
Available-for-sale | Less than 12 months | 12 months or longer | Total | ||||||||||||
Number of securities | Fair Value | Unrealized losses | Fair Value | Unrealized losses | Fair Value | Unrealized losses | |||||||||
Description of Securities | |||||||||||||||
Federally insured student loan securities | 4 | $ 3,300 | $ - | $ - | $ - | $ 3,300 | $ - | ||||||||
Tax-exempt obligations of states and | 9 | 50,498 | -676 | 6,202 | -44 | 56,700 | -720 | ||||||||
political subdivisions | |||||||||||||||
Taxable obligations of states and | 229 | 169,995 | -1,951 | - | - | 169,995 | -1,951 | ||||||||
political subdivisions | |||||||||||||||
Residential mortgage-backed securities | 52 | 46,888 | -737 | 1,808 | -9 | 48,696 | -746 | ||||||||
Commercial mortgage-backed securities | 38 | 147,717 | -1,656 | 55,064 | -606 | 202,781 | -2,262 | ||||||||
Corporate and other debt securities | 26 | 76,668 | -399 | 405 | -11 | 77,073 | -410 | ||||||||
Other equity securities | 101 | 97,904 | -1,024 | 4,255 | -196 | 102,159 | -1,220 | ||||||||
Total temporarily impaired | |||||||||||||||
investment securities | 459 | $ 592,970 | $ (6,443) | $ 67,734 | $ (866) | $ 660,704 | $ (7,309) | ||||||||
Held-to-maturity | Less than 12 months | 12 months or longer | Total | ||||||||||||
Number of securities | Fair Value | Unrealized losses | Fair Value | Unrealized losses | Fair Value | Unrealized losses | |||||||||
Description of Securities | |||||||||||||||
Single issuers | 2 | $ - | $ - | $ 7,887 | $ (4,222) | $ 7,887 | $ (4,222) | ||||||||
Total temporarily impaired | |||||||||||||||
investment securities | 2 | $ - | $ - | $ 7,887 | $ (4,222) | $ 7,887 | $ (4,222) | ||||||||
Other securities, included in the held-to-maturity classification at June 30, 2014, consisted of three securities secured by diversified portfolios of corporate securities, one bank senior note, three single issuer trust preferred securities and one pooled trust preferred security. | |||||||||||||||
A total of $21.0 million of other debt securities - single issuers is comprised of the following: the amortized cost of the three single issuer trust preferred securities was $14.0 million, of which one security for $1.9 million was issued by a bank and two securities totaling $12.1 million were issued by two different insurance companies. The book value of the bank senior note was $7.0 million. | |||||||||||||||
A total of $76.2 million of other debt securities – pooled is comprised of the following: the one pooled trust preferred security totaled $332,000 and was collateralized by bank trust preferred securities. The book value for the three securities consisting of diversified portfolios of corporate securities was $75.8 million. | |||||||||||||||
The following table provides additional information related to our single issuer trust preferred securities as of June 30, 2014 (in thousands): | |||||||||||||||
Single issuer | Book value | Fair value | Unrealized gain/(loss) | Credit rating | |||||||||||
Security A | $ 1,897 | $ 2,000 | $ 103 | Not rated | |||||||||||
Security B | 3,181 | 2,884 | -297 | Not rated | |||||||||||
Security C | 8,937 | 5,056 | -3,881 | Not rated | |||||||||||
Class: All of the above are trust preferred securities. | |||||||||||||||
The following table provides additional information related to our pooled trust preferred securities as of June 30, 2014: | |||||||||||||||
Pooled issue | Class | Book value | Fair value | Unrealized gain/(loss) | Credit rating | Subordination | |||||||||
Pool A (7 performing issuers) | Mezzanine * | $ 332 | $ 407 | $ 75 | CAA1 | ** | |||||||||
* The actual deferrals and defaults as a percentage of the original collateral were 20.27%. Assumed losses resulting from expected deferrals and defaults as a percentage of remaining collateral is .75% annually with 15% recovery with a two year lag. | |||||||||||||||
** There is no excess subordination in these securities. | |||||||||||||||
The Company has evaluated the securities in the above tables and has concluded that none of these securities has impairment that is other-than-temporary. The Company evaluates whether a credit impairment exists by considering primarily the following factors: (a) the length of time and extent to which the fair value has been less than the amortized cost of the security, (b) changes in the financial condition, credit rating and near-term prospects of the issuer, (c) whether the issuer is current on contractually obligated interest and principal payments, (d) changes in the financial condition of the security’s underlying collateral and (e) the payment structure of the security. The Company’s best estimate of expected future cash flows which is used to determine the credit loss amount is a quantitative and qualitative process that incorporates information received from third-party sources along with internal assumptions and judgments regarding the future performance of the security. The Company concluded that most of the securities that are in an unrealized loss position are in a loss position because of changes in interest rates after the securities were purchased. The securities that have been in an unrealized loss position for 12 months or longer include other securities whose market values are sensitive to interest rates and changes in credit quality. The Company’s unrealized loss for the debt securities, which includes three single issuer trust preferred securities and one pooled trust preferred security, is primarily related to general market conditions and the resultant lack of liquidity in the market. The severity of the impairments in relation to the carrying amounts of the individual investments is consistent with market developments. The Company’s analysis for each investment is performed at the security level. As a result of its review, the Company concluded that other-than-temporary impairment did not exist due to the Company’s ability and intention to hold these securities to recover their amortized cost basis. | |||||||||||||||
Loans
Loans | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Loans [Abstract] | ' | ||||||||||||||||
Loans | ' | ||||||||||||||||
Note 6. Loans | |||||||||||||||||
The Company originates loans for sale to other financial institutions which issue commercial mortgage backed securities or to secondary government guaranteed loan markets. The Company has elected fair value treatment for these loans to better reflect the economics of the transactions. At June 30, 2014 the Company had $154.5 million of loans held for sale, which were originated for sale either to institutions which issue commercial mortgage backed securities or to secondary government guaranteed loan markets. During the six months ended June 30, 2014, the Company recognized a related fair value gain of $4.6 million. In the six months ended June 30, 2014 the Company recognized $8.4 million in gains upon the sale of loans. | |||||||||||||||||
Major classifications of loans, excluding loans held for sale, are as follows (in thousands): | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Commercial | $ 476,799 | $ 450,113 | |||||||||||||||
Commercial mortgage | 593,622 | 625,810 | |||||||||||||||
Construction | 264,667 | 258,889 | |||||||||||||||
Total commercial loans | 1,335,088 | 1,334,812 | |||||||||||||||
Direct lease financing | 185,878 | 175,610 | |||||||||||||||
Residential mortgage | 96,009 | 94,850 | |||||||||||||||
Consumer and other loans | 422,835 | 346,334 | |||||||||||||||
2,039,810 | 1,951,606 | ||||||||||||||||
Unamortized loan fees and costs | 9,751 | 6,839 | |||||||||||||||
Total loans, net of deferred loan costs | $ 2,049,561 | $ 1,958,445 | |||||||||||||||
Supplemental loan data: | |||||||||||||||||
Construction 1-4 family | $ 40,226 | $ 48,394 | |||||||||||||||
Commercial construction, acquisition and development | 224,441 | 210,495 | |||||||||||||||
$ 264,667 | $ 258,889 | ||||||||||||||||
Included in the table above are demand deposit overdrafts reclassified as loan balances totaling $5.4 million and $2.7 million at June 30, 2014 and December 31, 2013, respectively. Overdraft charge-offs and recoveries are reflected in the allowance for loan and lease losses. | |||||||||||||||||
The following table provides information about impaired loans at June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||
investment | principal | allowance | recorded | income | |||||||||||||
balance | investment | recognized | |||||||||||||||
30-Jun-14 | |||||||||||||||||
Without an allowance recorded | |||||||||||||||||
Construction | $ 3,344 | $ 11,102 | $ - | $ 3,856 | $ - | ||||||||||||
Commercial mortgage | 8,240 | 8,583 | - | 3,950 | - | ||||||||||||
Commercial | 5,293 | 8,271 | - | 5,597 | - | ||||||||||||
Consumer - home equity | 827 | 827 | - | 894 | - | ||||||||||||
Residential | 1,175 | 1,175 | - | 1,175 | - | ||||||||||||
With an allowance recorded | |||||||||||||||||
Construction | 8,956 | 8,956 | 3,780 | 5,390 | - | ||||||||||||
Commercial mortgage | 2,550 | 2,550 | 522 | 4,404 | - | ||||||||||||
Commercial | 7,185 | 14,531 | 3,811 | 15,890 | - | ||||||||||||
Consumer - home equity | 1,353 | 1,778 | 282 | 1,153 | - | ||||||||||||
Residential | - | - | - | 280 | - | ||||||||||||
Total | |||||||||||||||||
Construction | 12,300 | 20,058 | 3,780 | 9,246 | - | ||||||||||||
Commercial mortgage | 10,790 | 11,133 | 522 | 8,354 | - | ||||||||||||
Commercial | 12,478 | 22,802 | 3,811 | 21,487 | - | ||||||||||||
Consumer - home equity | 2,180 | 2,605 | 282 | 2,047 | - | ||||||||||||
Residential | 1,175 | 1,175 | - | 1,455 | - | ||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||
investment | principal | allowance | recorded | income | |||||||||||||
balance | investment | recognized | |||||||||||||||
31-Dec-13 | |||||||||||||||||
Without an allowance recorded | |||||||||||||||||
Construction | $ 1,104 | $ 1,454 | $ - | $ 1,506 | $ - | ||||||||||||
Commercial mortgage | 1,759 | 1,759 | - | 4,662 | - | ||||||||||||
Commercial | 9,021 | 11,131 | - | 7,014 | - | ||||||||||||
Consumer - home equity | 927 | 927 | - | 927 | - | ||||||||||||
Residential | 1,175 | 1,175 | - | 873 | - | ||||||||||||
With an allowance recorded | |||||||||||||||||
Construction | 563 | 563 | 353 | 2,437 | - | ||||||||||||
Commercial mortgage | 4,102 | 4,102 | 1,476 | 4,581 | - | ||||||||||||
Commercial | 20,846 | 21,276 | 9,369 | 15,670 | - | ||||||||||||
Consumer - home equity | 429 | 429 | 135 | 190 | - | ||||||||||||
Residential | 841 | 841 | 84 | 373 | - | ||||||||||||
Total | |||||||||||||||||
Construction | 1,667 | 2,017 | 353 | 3,943 | - | ||||||||||||
Commercial mortgage | 5,861 | 5,861 | 1,476 | 9,243 | - | ||||||||||||
Commercial | 29,867 | 32,407 | 9,369 | 22,684 | - | ||||||||||||
Consumer - home equity | 1,356 | 1,356 | 135 | 1,117 | - | ||||||||||||
Residential | 2,016 | 2,016 | 84 | 1,246 | - | ||||||||||||
The following tables summarize the Company’s non-accrual loans, loans past due 90 days and still accruing and other real estate owned for the periods indicated (the Company had no non-accrual leases at June 30, 2014, June 30, 2013, or December 31, 2013) (in thousands): | |||||||||||||||||
June 30, | June 30, | December 31, | |||||||||||||||
2014 | 2013 | 2013 | |||||||||||||||
Non-accrual loans | |||||||||||||||||
Construction | $ 12,300 | $ 2,352 | $ 1,667 | ||||||||||||||
Commercial mortgage | 10,790 | 9,324 | 5,861 | ||||||||||||||
Commercial | 12,269 | 26,935 | 29,651 | ||||||||||||||
Consumer | 2,180 | 1,116 | 1,356 | ||||||||||||||
Residential | 1,175 | 2,016 | 2,016 | ||||||||||||||
Total non-accrual loans | 38,714 | 41,743 | 40,551 | ||||||||||||||
Loans past due 90 days or more | 1,031 | 755 | 110 | ||||||||||||||
Total non-performing loans | 39,745 | 42,498 | 40,661 | ||||||||||||||
Other real estate owned | 26,781 | 6,308 | 26,295 | ||||||||||||||
Total non-performing assets | $ 66,526 | $ 48,806 | $ 66,956 | ||||||||||||||
The Company’s loans that were modified as of June 30, 2014 and December 31, 2013 and considered troubled debt restructurings are as follows (dollars in thousands): | |||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||
Number | Pre-modification recorded investment | Post-modification recorded investment | Number | Pre-modification recorded investment | Post-modification recorded investment | ||||||||||||
Commercial | 1 | $ 209 | $ 209 | 1 | $ 217 | $ 217 | |||||||||||
Commercial mortgage | 4 | 3,977 | 3,977 | 3 | 3,055 | 3,055 | |||||||||||
Construction | 1 | 263 | 263 | 1 | 263 | 263 | |||||||||||
Residential mortgage | - | - | - | - | - | - | |||||||||||
Total | 6 | $ 4,449 | $ 4,449 | 5 | $ 3,535 | $ 3,535 | |||||||||||
The balances below provide information as to how the loans were modified as troubled debt restructurings loans as of June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||
Adjusted interest rate | Extended maturity | Combined rate and maturity | Adjusted interest rate | Extended maturity | Combined rate and maturity | ||||||||||||
Commercial | $ - | $ 209 | $ - | $ - | $ 217 | $ - | |||||||||||
Commercial mortgage | 3,763 | 214 | - | 681 | 214 | 2,160 | |||||||||||
Construction | - | 263 | - | - | 263 | - | |||||||||||
Residential mortgage | - | - | - | - | - | - | |||||||||||
Total | $ 3,763 | $ 686 | $ - | $ 681 | $ 694 | $ 2,160 | |||||||||||
As of June 30, 2014 loans there were no loans that were restructured within the last 12 months that have subsequently defaulted. | |||||||||||||||||
As of June 30, 2014 and December 31, 2013, the Company had no commitments to lend additional funds to loan customers whose terms have been modified in troubled debt restructurings. | |||||||||||||||||
A detail of the changes in the allowance for loan and lease losses by loan category is as follows (in thousands): | |||||||||||||||||
Commercial | Residential | Direct lease | |||||||||||||||
Six months ended | Commercial | mortgage | Construction | mortgage | Consumer | financing | Unallocated | Total | |||||||||
30-Jun-14 | |||||||||||||||||
Beginning balance | $ 18,206 | $ 6,884 | $ 10,559 | $ 661 | $ 937 | $ 311 | $ 624 | $ 38,182 | |||||||||
Charge-offs | -11,530 | -3,688 | -8,546 | -108 | -562 | - | -24,434 | ||||||||||
Recoveries | 60 | - | 317 | - | 20 | - | 397 | ||||||||||
Provision (credit) | 11,188 | 4,635 | 15,142 | -16 | 1,501 | 690 | -340 | 32,800 | |||||||||
Ending balance | $ 17,924 | $ 7,831 | $ 17,472 | $ 537 | $ 1,896 | $ 1,001 | $ 284 | $ 46,945 | |||||||||
Ending balance: Individually | |||||||||||||||||
evaluated for impairment | $ 3,811 | $ 522 | $ 3,780 | $ - | $ 282 | $ - | $ - | $ 8,395 | |||||||||
Ending balance: Collectively | |||||||||||||||||
evaluated for impairment | $ 14,113 | $ 7,309 | $ 13,692 | $ 537 | $ 1,614 | $ 1,001 | $ 284 | $ 38,550 | |||||||||
Loans: | |||||||||||||||||
Ending balance | $ 476,799 | $ 593,622 | $ 264,667 | $ 96,009 | $ 422,835 | $ 185,878 | $ 9,751 | $ 2,049,561 | |||||||||
Ending balance: Individually | |||||||||||||||||
evaluated for impairment | $ 12,478 | $ 10,790 | $ 12,300 | $ 1,175 | $ 2,180 | $ - | $ - | $ 38,923 | |||||||||
Ending balance: Collectively | |||||||||||||||||
evaluated for impairment | $ 464,321 | $ 582,832 | $ 252,367 | $ 94,834 | $ 420,655 | $ 185,878 | $ 9,751 | $ 2,010,638 | |||||||||
Commercial | Residential | Direct lease | |||||||||||||||
Twelve months ended | Commercial | mortgage | Construction | mortgage | Consumer | financing | Unallocated | Total | |||||||||
31-Dec-13 | |||||||||||||||||
Beginning balance | $ 12,244 | $ 6,223 | $ 9,505 | $ 2,089 | $ 1,799 | $ 239 | $ 941 | $ 33,040 | |||||||||
Charge-offs | -9,920 | -4,851 | -10,295 | -54 | -489 | -29 | - | -25,638 | |||||||||
Recoveries | 67 | 98 | 1,019 | - | 88 | 8 | - | 1,280 | |||||||||
Provision (credit) | 15,815 | 5,414 | 10,330 | -1,374 | -461 | 93 | -317 | 29,500 | |||||||||
Ending balance | $ 18,206 | $ 6,884 | $ 10,559 | $ 661 | $ 937 | $ 311 | $ 624 | $ 38,182 | |||||||||
Ending balance: Individually | |||||||||||||||||
evaluated for impairment | $ 9,369 | $ 1,476 | $ 353 | $ 84 | $ 135 | $ - | $ - | $ 11,417 | |||||||||
Ending balance: Collectively | |||||||||||||||||
evaluated for impairment | $ 8,837 | $ 5,408 | $ 10,206 | $ 577 | $ 802 | $ 311 | $ 624 | $ 26,765 | |||||||||
Loans: | |||||||||||||||||
Ending balance | $ 450,113 | $ 625,810 | $ 258,889 | $ 94,850 | $ 346,334 | $ 175,610 | $ 6,839 | $ 1,958,445 | |||||||||
Ending balance: Individually | |||||||||||||||||
evaluated for impairment | $ 29,867 | $ 5,861 | $ 1,667 | $ 2,016 | $ 1,356 | $ - | $ - | $ 40,767 | |||||||||
Ending balance: Collectively | |||||||||||||||||
evaluated for impairment | $ 420,246 | $ 619,949 | $ 257,222 | $ 92,834 | $ 344,978 | $ 175,610 | $ 6,839 | $ 1,917,678 | |||||||||
Commercial | Residential | Direct lease | |||||||||||||||
Six months ended | Commercial | mortgage | Construction | mortgage | Consumer | financing | Unallocated | Total | |||||||||
30-Jun-13 | |||||||||||||||||
Beginning balance | $ 12,244 | $ 6,223 | $ 9,505 | $ 2,089 | $ 1,799 | $ 239 | $ 941 | $ 33,040 | |||||||||
Charge-offs | -1,729 | -2,005 | -4,382 | -54 | -185 | - | -8,355 | ||||||||||
Recoveries | 38 | 12 | 481 | - | 50 | 8 | 589 | ||||||||||
Provision (credit) | 5,014 | 5,755 | 5,061 | -14 | -501 | 254 | -569 | 15,000 | |||||||||
Ending balance | $ 15,567 | $ 9,985 | $ 10,665 | $ 2,021 | $ 1,163 | $ 501 | $ 372 | $ 40,274 | |||||||||
Ending balance: Individually | |||||||||||||||||
evaluated for impairment | $ 7,302 | $ 1,249 | $ 90 | $ - | $ 51 | $ - | $ - | $ 8,692 | |||||||||
Ending balance: Collectively | |||||||||||||||||
evaluated for impairment | $ 8,265 | $ 8,736 | $ 10,575 | $ 2,021 | $ 1,112 | $ 501 | $ 372 | $ 31,582 | |||||||||
Loans: | |||||||||||||||||
Ending balance | $ 481,537 | $ 651,034 | $ 266,911 | $ 93,960 | $ 295,576 | $ 172,250 | $ 6,114 | $ 1,967,382 | |||||||||
Ending balance: Individually | |||||||||||||||||
evaluated for impairment | $ 26,936 | $ 9,323 | $ 2,352 | $ 2,016 | $ 1,116 | $ - | $ - | $ 41,743 | |||||||||
Ending balance: Collectively | |||||||||||||||||
evaluated for impairment | $ 454,601 | $ 641,711 | $ 264,559 | $ 91,944 | $ 294,460 | $ 172,250 | $ 6,114 | $ 1,925,639 | |||||||||
The Company did not have loans acquired with deteriorated credit quality at either June 30, 2014 or December 31, 2013. | |||||||||||||||||
A detail of the Company’s delinquent loans by loan category is as follows (in thousands): | |||||||||||||||||
30-59 Days | 60-89 Days | Greater than | Total | Total | |||||||||||||
30-Jun-14 | past due | past due | 90 days | Non-accrual | past due | Current | loans | ||||||||||
Commercial | $ 785 | $ - | $ - | $ 12,269 | $ 13,054 | $ 463,745 | $ 476,799 | ||||||||||
Commercial mortgage | 665 | - | - | 10,790 | 11,455 | 582,167 | 593,622 | ||||||||||
Construction | - | - | 913 | 12,300 | 13,213 | 251,454 | 264,667 | ||||||||||
Direct lease financing | 3,598 | 2,328 | 118 | - | 6,044 | 179,834 | 185,878 | ||||||||||
Consumer - other | 750 | - | - | 1,257 | 2,007 | 376,551 | 378,558 | ||||||||||
Consumer - home equity | 9 | - | - | 923 | 932 | 43,345 | 44,277 | ||||||||||
Residential mortgage | - | - | - | 1,175 | 1,175 | 94,834 | 96,009 | ||||||||||
Unamortized loan fees and costs | - | - | - | - | - | 9,751 | 9,751 | ||||||||||
$ 5,807 | $ 2,328 | $ 1,031 | $ 38,714 | $ 47,880 | $ 2,001,681 | $ 2,049,561 | |||||||||||
30-59 Days | 60-89 Days | Greater than | Total | Total | |||||||||||||
31-Dec-13 | past due | past due | 90 days | Non-accrual | past due | Current | loans | ||||||||||
Commercial | $ - | $ - | $ - | $ 29,651 | $ 29,651 | $ 420,462 | $ 450,113 | ||||||||||
Commercial mortgage | 998 | 5,999 | - | 5,861 | 12,858 | 612,952 | 625,810 | ||||||||||
Construction | - | - | - | 1,667 | 1,667 | 257,222 | 258,889 | ||||||||||
Direct lease financing | 3,427 | 1,293 | 110 | - | 4,830 | 170,780 | 175,610 | ||||||||||
Consumer - other | 425 | - | - | 1,356 | 1,781 | 300,909 | 302,690 | ||||||||||
Consumer - home equity | 18 | - | - | - | 18 | 43,626 | 43,644 | ||||||||||
Residential mortgage | - | - | - | 2,016 | 2,016 | 92,834 | 94,850 | ||||||||||
Unamortized loan fees and costs | - | - | - | - | - | 6,839 | 6,839 | ||||||||||
$ 4,868 | $ 7,292 | $ 110 | $ 40,551 | $ 52,821 | $ 1,905,624 | $ 1,958,445 | |||||||||||
The Company evaluates its loans under an internal loan risk rating system as a means of identifying problem loans. The following table provides information by credit risk rating indicator for each segment of the loan portfolio excluding loans held for sale at the dates indicated (in thousands): | |||||||||||||||||
Commercial | Residential | ||||||||||||||||
Commercial | Construction | mortgage | mortgage | ||||||||||||||
6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | ||||||||||
Risk Rating | |||||||||||||||||
Pass | $ 423,927 | $ 377,482 | $ 219,920 | $ 226,926 | $ 483,611 | $ 517,164 | $ 25,718 | $ 25,812 | |||||||||
Special Mention | 129 | 149 | 912 | - | 95 | 6,997 | - | - | |||||||||
Substandard | 7,760 | 29,867 | 15,957 | 1,667 | 11,455 | 5,861 | 1,175 | 2,016 | |||||||||
Doubtful | - | - | 2,500 | - | - | - | - | - | |||||||||
Loss | - | - | - | - | - | - | - | - | |||||||||
Unrated subject to review * | 6,159 | 6,854 | 20,330 | 25,255 | 17,491 | 29,467 | - | - | |||||||||
Unrated not subject to review * | 38,824 | 35,761 | 5,048 | 5,041 | 80,970 | 66,321 | 69,116 | 67,022 | |||||||||
Total | $ 476,799 | $ 450,113 | $ 264,667 | $ 258,889 | $ 593,622 | $ 625,810 | $ 96,009 | $ 94,850 | |||||||||
Direct lease | |||||||||||||||||
Consumer | financing | Unamortized costs | Total | ||||||||||||||
6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | ||||||||||
Risk Rating | |||||||||||||||||
Pass | $ 152,845 | $ 116,292 | $ 61,811 | $ 58,545 | $ - | $ - | $ 1,367,832 | $ 1,322,221 | |||||||||
Special Mention | - | 1,348 | - | - | - | - | 1,136 | 8,494 | |||||||||
Substandard | 3,807 | 1,356 | 2,057 | - | - | - | 42,211 | 40,767 | |||||||||
Doubtful | - | - | - | - | - | - | 2,500 | - | |||||||||
Loss | - | - | - | - | - | - | - | - | |||||||||
Unrated subject to review * | 17,102 | 524 | - | 2,244 | - | - | 61,082 | 64,344 | |||||||||
Unrated not subject to review * | 249,081 | 226,814 | 122,010 | 114,821 | 9,751 | 6,839 | 574,800 | 522,619 | |||||||||
Total | $ 422,835 | $ 346,334 | $ 185,878 | $ 175,610 | $ 9,751 | $ 6,839 | $ 2,049,561 | $ 1,958,445 | |||||||||
* Unrated loans consist of performing loans which did not exhibit any negative characteristics which would require the loan to be evaluated, or fell below the dollar threshold requiring review under the Bank’s internal policy and are not loans otherwise selected in ongoing portfolio evaluation. The scope of the Bank’s loan review policy encompasses commercial and construction loans and leases which singly, or in aggregate for loans to related borrowers, exceed $3.0 million. The loan portfolio review coverage was approximately 69% at June 30, 2014 and approximately 70% at December 31, 2013. This review is performed by the loan review department, which is independent of the loan origination department and reports directly to the audit committee. Potential problem loans, which are identified by either the independent loan review department or line management, are reviewed. Adversely classified loans are reviewed quarterly by the independent loan review function of the Bank. Additionally, all loans are subject to ongoing monitoring by portfolio managers and loan officers. Also, many of the Bank’s loans are relatively short term, and are subject to reconsideration with a full review in loan committee between one and three years after the loan is made and after the prior review. | |||||||||||||||||
Transactions_with_Affiliates
Transactions with Affiliates | 6 Months Ended |
Jun. 30, 2014 | |
Transactions with Affiliates [Abstract] | ' |
Transactions with Affiliates | ' |
Note 7. Transactions with Affiliates | |
The Company entered into a space sharing agreement for office space in New York, New York with Resource America Inc. commencing in September 2011. The Company pays only its proportionate share of the lease rate to a lessor which is an unrelated third party. The Chairman of the Board of Resource America, Inc. is the father of the Chairman of the Board and the spouse of the Chief Executive Officer of the Company. The Chief Executive Officer of Resource America, Inc. is the brother of the Chairman of the Board and the son of the Chief Executive Officer of the Company. Rent expense is 50% of the fixed rent, real estate tax payment and the base expense charges. Rent expense was $51,000 for the six months ended June 30, 2014 and 2013, respectively. | |
The Company entered into a space sharing agreement for office space in New York, New York with Atlas Energy, L.P. commencing in May 2012. The Company pays only its proportionate share of the lease rate to a lessor which is an unrelated third party. The Chairman of the Board of the general partner of Atlas Energy, L.P. is the brother of the Chairman of the Board and the son of the Chief Executive Officer of the Company. The Chief Executive Officer and President of Atlas Energy, L.P. is the father of the Chairman of the Board and the spouse of the Chief Executive Officer of the Company. Rent expense is 50% of the fixed rent, real estate tax payment and the base expense charges. Rent expense was $52,000 for the six months ended June 30, 2014 and 2013, respectively. | |
The Bank maintains deposits for various affiliated companies totaling approximately $11.8 million and $36.7 million as of June 30, 2014 and December 31, 2013, respectively. | |
The Bank has entered into lending transactions in the ordinary course of business with directors, executive officers, principal stockholders and affiliates of such persons on the same terms as those prevailing for comparable transactions with other borrowers. At June 30, 2014, these loans were current as to principal and interest payments and did not involve more than normal risk of collectability. At June 30, 2014, loans to these related parties amounted to $47.0 million as compared to $34.9 million at December 31, 2013. | |
The Company executed transactions through PrinceRidge Group LLC, now know as J.V.B. Financial Group, LLC, (“JVB”), a broker dealer in which the Company’s Chairman has a minority interest. The Company’s Chairman also serves as Vice Chairman of Institutional Financial Markets Inc., the parent company of JVB. For the six months ended June 30, 2014, the Company purchased $3.4 million of AAA rated SBA loans for Community Reinvestment Act purposes through JVB. The Company had no security purchases from JVB for the six months ended June 30, 2014. From time to time, the Company may also purchase securities under agreements to resell through JVB primarily consisting of G.N.M.A. certificiates which are full faith and credit obligations of the United States government issued at competitive rates. All terms under the resale agreement were met by JVB and $15.9 million was outstanding at June 30, 2014. | |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||
Fair Value Measurements | ' | |||||||||
Note 8. Fair Value Measurements | ||||||||||
ASC 825, Financial Instruments, requires disclosure of the estimated fair value of an entity’s assets and liabilities considered to be financial instruments. For the Company, as for most financial institutions, the majority of its assets and liabilities are considered to be financial instruments. However, many of such instruments lack an available trading market as characterized by a willing buyer and willing seller engaging in an exchange transaction. Also, it is the Company’s general practice and intent to hold its financial instruments to maturity whether or not categorized as “available-for-sale” and not to engage in trading or sales activities, except for certain loans. For fair value disclosure purposes, the Company utilized certain value measurement criteria required under the ASC 820, Fair Value Measurements and Disclosures, and discussed below. | ||||||||||
Estimated fair values have been determined by the Company using the best available data and an estimation methodology it believes to be suitable for each category of financial instruments. Changes in the assumptions or methodologies used to estimate fair values may materially affect the estimated amounts. Also, there may not be reasonable comparability between institutions due to the wide range of permitted assumptions and methodologies in the absence of active markets. This lack of uniformity gives rise to a high degree of subjectivity in estimating financial instrument fair values. | ||||||||||
Cash and cash equivalents, which are comprised of cash and due from banks, our balance at the Federal Reserve Bank and securities purchased under agreements to resell, had recorded values of $472.5 million and $1.24 billion as of June 30, 2014 and December 31, 2013, respectively, which approximated fair values. | ||||||||||
The estimated fair values of investment securities are based on quoted market prices, if available, or estimated using a methodology based on management’s inputs. The fair values of the Company’s investment securities held-to-maturity and loans held for sale are based on using “unobservable inputs” that are the best information available in the circumstances. | ||||||||||
The net loan portfolio at June 30, 2014 and December 31, 2013 has been valued using the present value of discounted cash flow where market prices were not available. The discount rate used in these calculations is the estimated current market rate adjusted for credit risk. The carrying value of accrued interest receivable approximates fair value. | ||||||||||
The estimated fair values of demand deposits (comprising interest-and noninterest-bearing checking accounts, savings, and certain types of demand and money market accounts) are equal to the amount payable on demand at the reporting date (generally, their carrying amounts). The fair values of securities sold under agreements to repurchase and short term borrowings are equal to their carrying amounts as they are overnight borrowings. | ||||||||||
The fair values of interest rate swaps are determined using models that use readily observable market inputs and a market standard methodology applied to the contractual terms of the derivatives, including the period to maturity and interest rate indices. | ||||||||||
The fair values of certificates of deposit and subordinated debentures are estimated using a discounted cash flow calculation that applies current interest rates to discounted expected cash flows. Based upon time deposit maturities at June 30, 2014, the carrying values approximate their fair values. The carrying amount of accrued interest payable approximates its fair value. The following tables provide information regarding carrying amounts and estimated fair values (in thousands): | ||||||||||
30-Jun-14 | ||||||||||
Quoted prices in | Significant other | Significant | ||||||||
active markets for | observable | unobservable | ||||||||
Carrying | Estimated | identical assets | inputs | inputs | ||||||
amount | fair value | (Level 1) | (Level 2) | (Level 3) | ||||||
(in thousands) | ||||||||||
Investment securities available-for-sale | $ 1,459,626 | $ 1,459,626 | $ 64,081 | $ 1,395,545 | $ - | |||||
Investment securities held-to-maturity | 97,130 | 94,927 | 7,392 | - | 87,535 | |||||
Securities purchased under agreements to resell | 15,906 | 15,906 | 15,906 | - | - | |||||
Federal Home Loan and Atlantic Central Bankers Bank stock | 3,409 | 3,409 | - | - | 3,409 | |||||
Commercial loans held for sale | 154,474 | 154,474 | - | - | 154,474 | |||||
Loans, net | 2,049,561 | 2,049,467 | - | - | 2,049,467 | |||||
Demand and interest checking | 3,563,447 | 3,563,447 | 3,563,447 | - | - | |||||
Savings and money market | 307,927 | 307,927 | 307,927 | - | - | |||||
Time deposits | 10,436 | 10,474 | - | - | 10,474 | |||||
Subordinated debenture | 13,401 | 7,963 | - | - | 7,963 | |||||
Securities sold under agreements to repurchase | 17,481 | 17,481 | 17,481 | - | - | |||||
Interest rate swaps | -1,267 | -1,267 | - | -1,267 | - | |||||
31-Dec-13 | ||||||||||
Quoted prices in | Significant other | Significant | ||||||||
active markets for | observable | unobservable | ||||||||
Carrying | Estimated | identical assets | inputs | inputs | ||||||
amount | fair value | (Level 1) | (Level 2) | (Level 3) | ||||||
(in thousands) | ||||||||||
Investment securities available-for-sale | $ 1,253,117 | $ 1,253,117 | $ 64,971 | $ 1,187,595 | $ 551 | |||||
Investment securities held-to-maturity | 97,205 | 95,030 | 7,286 | - | 87,744 | |||||
Securities purchased under agreements to resell | 7,544 | 7,544 | 7,544 | - | - | |||||
Federal Home Loan and Atlantic Central Bankers Bank stock | 3,209 | 3,209 | - | - | 3,209 | |||||
Commercial loans held for sale | 69,904 | 69,904 | - | - | 69,904 | |||||
Loans, net | 1,958,445 | 1,954,058 | - | - | 1,954,058 | |||||
Demand and interest checking | 3,722,602 | 3,722,602 | 3,722,602 | - | - | |||||
Savings and money market | 536,162 | 536,162 | 536,162 | - | - | |||||
Time deposits | 14,225 | 14,444 | - | - | 14,444 | |||||
Subordinated debentures | 13,401 | 9,287 | - | - | 9,287 | |||||
Securities sold under agreements to repurchase | 21,221 | 21,221 | 21,221 | - | - | |||||
Interest rate swaps | 481 | 481 | - | 481 | - | |||||
The fair value of commitments to extend credit is estimated based on the amount of unamortized deferred loan commitment fees. The fair value of letters of credit is based on the amount of unearned fees plus the estimated cost to terminate the letters of credit. Fair values of unrecognized financial instruments, including commitments to extend credit, and the fair value of letters of credit are considered immaterial. | ||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||
Quoted prices in active | Significant other | Significant | ||||||||
markets for identical | observable | unobservable | ||||||||
Fair value | assets | inputs | inputs | |||||||
30-Jun-14 | (Level 1) | (Level 2) | (Level 3) | |||||||
Investment securities available for sale | ||||||||||
U.S. Government agency securities | $ 20,685 | $ - | $ 20,685 | $ - | ||||||
Federally insured student loan securities | 129,734 | - | 129,734 | - | ||||||
Obligations of states and political subdivisions | 588,551 | 2,297 | 586,254 | - | ||||||
Residential mortgage-backed securities | 382,625 | - | 382,625 | - | ||||||
Commercial mortgage-backed securities | 143,989 | - | 143,989 | - | ||||||
Other debt securities | 194,042 | 61,784 | 132,258 | - | ||||||
Total investment securities available for sale | 1,459,626 | 64,081 | 1,395,545 | - | ||||||
Commercial loans held for sale | 154,474 | - | - | 154,474 | ||||||
Interest rate swaps | -1,267 | - | -1,267 | - | ||||||
$ 1,612,833 | $ 64,081 | $ 1,394,278 | $ 154,474 | |||||||
Fair Value Measurements at Reporting Date Using | ||||||||||
Quoted prices in active | Significant other | Significant | ||||||||
markets for identical | observable | unobservable | ||||||||
Fair value | assets | inputs | inputs | |||||||
31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | |||||||
Investment securities available for sale | ||||||||||
U.S. Government agency securities | $ 10,726 | $ 400 | $ 10,326 | $ - | ||||||
Federally insured student loan securities | 147,573 | - | 147,573 | - | ||||||
Obligations of states and political subdivisions | 458,118 | 2,277 | 455,841 | - | ||||||
Residential mortgage-backed securities | 322,774 | - | 322,774 | - | ||||||
Commercial mortgage-backed securities | 120,347 | - | 120,347 | - | ||||||
Other debt securities | 193,579 | 62,294 | 130,734 | 551 | ||||||
Total investment securities available for sale | 1,253,117 | 64,971 | 1,187,595 | 551 | ||||||
Commercial loans held for sale | 69,904 | - | - | 69,904 | ||||||
Interest rate swaps | 481 | - | 481 | - | ||||||
$ 1,323,502 | $ 64,971 | $ 1,188,076 | $ 70,455 | |||||||
In addition, ASC 820, Fair Value Measurements and Disclosures, establishes a common definition for fair value to be applied to assets and liabilities. It clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It also establishes a framework for measuring fair value and expands disclosures concerning fair value measurements. ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Level 1 valuation is based on quoted market prices for identical assets or liabilities to which the Company has access at the measurement date. Level 2 valuation is based on other observable inputs for the asset or liability, either directly or indirectly. This includes quoted prices for similar assets in active or inactive markets, inputs other than quoted prices that are observable for the asset or liability such as yield curves, volatilities, prepayment speeds, credit risks, default rates, or inputs that are derived principally from, or corroborated through, observable market data by market-corroborated reports. Level 3 valuation is based on “unobservable inputs” which the Company believes is the best information available in the circumstances. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The changes in the Company’s Level 3 assets measured at fair value on a recurring basis, segregated by fair value hierarchy level, are summarized below (in thousands): | ||||||||||
Fair Value Measurements Using | ||||||||||
Significant Unobservable Inputs | ||||||||||
(Level 3) | ||||||||||
Available for sale | Commercial loans | |||||||||
securities | held for sale | |||||||||
30-Jun-14 | 31-Dec-13 | 30-Jun-14 | 31-Dec-13 | |||||||
Beginning balance | $ 551 | $ 597 | $ 69,904 | $ 11,341 | ||||||
Transfers into level 3 | - | - | - | - | ||||||
Transfers out of level 3 | -551 | - | - | - | ||||||
Total gains or losses (realized/unrealized) | ||||||||||
Included in earnings | - | -1 | 4,604 | 3,082 | ||||||
Included in other comprehensive income | - | 21 | - | - | ||||||
Purchases, issuances, and settlements | ||||||||||
Purchases | - | - | ||||||||
Issuances | - | - | 325,592 | 309,358 | ||||||
Sales | - | -243,960 | -253,832 | |||||||
Settlements | - | -66 | -1,666 | -45 | ||||||
Ending balance | $ - | $ 551 | $ 154,474 | $ 69,904 | ||||||
The other debt securities and commercial loans held for sale included in level 3 at June 30, 2014 and December 31, 2013 have been valued on the present value of cash flows, which discounts expected cash flows from principal and interest using yield to maturity at the measurement date. The discount rate used in these calculations is the estimated current market rate adjusted for credit risk. | ||||||||||
Assets measured at fair value on a nonrecurring basis, segregated by fair value hierarchy, during the periods shown are summarized below (in thousands): | ||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||
Quoted prices in active | Significant other | Significant | ||||||||
markets for identical | observable | unobservable | ||||||||
Fair value | assets | inputs | inputs | |||||||
Description | 30-Jun-14 | (Level 1) | (Level 2) | (Level 3) | ||||||
Impaired loans | $ 38,923 | $ - | $ - | $ 38,923 | ||||||
Other real estate owned | 26,781 | - | - | 26,781 | ||||||
$ 65,704 | $ - | $ - | $ 65,704 | |||||||
Fair Value Measurements at Reporting Date Using | ||||||||||
Quoted prices in active | Significant other | Significant | ||||||||
markets for identical | observable | unobservable | ||||||||
Fair value | assets | inputs | inputs | |||||||
Description | 31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | ||||||
Impaired loans | $ 40,767 | $ - | $ - | $ 40,767 | ||||||
Other real estate owned | 26,295 | - | - | 26,295 | ||||||
Intangible assets | 7,612 | - | - | 7,612 | ||||||
$ 74,674 | $ - | $ - | $ 74,674 | |||||||
At June 30, 2014, impaired loans that are measured based on the value of underlying collateral have been presented at their fair value, less costs to sell, of $38.9 million through specific reserves and other write downs of $8.4 million or by recording charge-offs when the carrying value exceeds the fair value. Included in the impaired balance at June 30, 2014 were troubled debt restructured loans with a balance of $4.4 million which had specific reserves of $562,000. Valuation techniques consistent with the market and/or cost approach were used to measure fair value and primarily included observable inputs for the individual impaired loans being evaluated such as recent sales of similar assets or observable market data for operational or carrying costs. In cases where such inputs were unobservable, the loan balance is reflected within the Level 3 hierarchy. The fair value of other real estate owned is based on an appraisal of the property using the market approach for valuation. | ||||||||||
Derivatives
Derivatives | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Derivatives [Abstract] | ' | ||||||||
Derivatives | ' | ||||||||
Note 9. Derivatives | |||||||||
The Company utilizes derivative instruments to assist in the management of interest rate sensitivity by modifying the repricing, maturity and option characteristics on commercial real estate loans held for sale. These instruments are not accounted for as hedges. As of June 30, 2014, the Company had entered into twenty-one interest rate swap agreements with an aggregate notional amount of $100.1 million. These swap agreements provide for the Company to receive an adjustable rate of interest based upon the three-month London Interbank Offering Rate (LIBOR). The Company recorded a loss of $2.3 million for the six months ended June 30, 2014 on derivative instruments. The amount payable by the Company under these swap agreements was $1.3 million at June 30, 2014. | |||||||||
The maturity dates, notional amounts, interest rates paid and received and fair value of the Company’s remaining interest rate swap agreements as of June 30, 2014 are summarized below (in thousands): | |||||||||
30-Jun-14 | |||||||||
Maturity date | Notional amount | Interest rate paid | Interest rate received | Fair value | |||||
20-May-24 | $ 1,700 | 2.62% | 0.23% | $ (6) | |||||
3-Jun-24 | 2,600 | 2.60% | 0.23% | -3 | |||||
1-Jul-24 | 2,600 | 2.65% | 0.23% | -13 | |||||
23-Apr-19 | 2,800 | 1.83% | 0.23% | -27 | |||||
15-May-24 | 2,800 | 2.71% | 0.22% | -32 | |||||
9-Jun-24 | 3,300 | 2.72% | 0.23% | -38 | |||||
20-Jun-24 | 3,700 | 2.73% | 0.23% | -47 | |||||
12-Jun-14 | 4,000 | 2.77% | 0.23% | -64 | |||||
18-Mar-24 | 4,200 | 2.76% | 0.23% | -73 | |||||
23-Jun-24 | 4,200 | 2.71% | 0.23% | -38 | |||||
12-Jun-19 | 4,300 | 1.80% | 0.23% | -28 | |||||
14-Apr-24 | 4,300 | 2.75% | 0.23% | -70 | |||||
2-Jul-24 | 4,300 | 2.63% | 0.23% | -12 | |||||
7-Apr-24 | 5,100 | 2.91% | 0.23% | -156 | |||||
13-Jun-24 | 5,300 | 2.76% | 0.23% | -82 | |||||
14-May-24 | 6,000 | 2.73% | 0.23% | -80 | |||||
5-Nov-18 | 6,100 | 1.51% | 0.24% | -7 | |||||
6-Jan-24 | 6,200 | 3.07% | 0.24% | -288 | |||||
6-May-19 | 6,700 | 1.79% | 0.22% | -50 | |||||
4-Jun-24 | 7,800 | 2.63% | 0.23% | -31 | |||||
24-Mar-19 | 12,100 | 1.81% | 0.22% | -122 | |||||
Total | $ 100,100 | $ (1,267) | |||||||
Other_Identifiable_Intangible_
Other Identifiable Intangible Assets | 6 Months Ended |
Jun. 30, 2014 | |
Other Identifiable Intangible Assets [Abstract] | ' |
Other Identifiable Intangible Assets | ' |
Note 10. Other Identifiable Intangible Assets | |
On November 29, 2012, the Company acquired certain software rights and personnel of a prepaid card program manager in Europe for approximately $1.8 million. With this acquisition the Company expects to establish a European prepaid card presence. The Company allocated the majority of the $1.8 acquisition cost to software used for fraud monitoring for its prepaid card business, with related services provided by its European data processing subsidiary. The fraud monitoring software is being amortized over eight years. Amortization expense is $217,000 per year ($1.1 million over the next five years). The gross carrying amount of the software is $1.8 million and as of June 30, 2014 the accumulated amortization was $316,000. | |
The Company accounts for its customer list in accordance with ASC 350, Intangibles—Goodwill and Other. The acquisition of the Stored Value Solutions division of Marshall Bank First in 2007 resulted in a customer list intangible of $12.0 million which is being amortized over a 12 year period. Amortization expense is $1.0 million per year ($5.0 million over the next five years). The gross carrying amount of the customer list intangible is $12.0 million and as of June 30, 2014 the accumulated amortization was $6.5 million. For both 2014 and 2013, amortization expense for the second quarter was $250,000 and for the six months was $500,000. | |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
Recent Accounting Pronouncements [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Note 11. Recent Accounting Pronouncements | |
In December 2011, the FASB issued ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities, which amended disclosures by requiring improved information about financial instruments and derivative instruments that are either offset on the balance sheet or subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset on the balance sheet. Reporting entities are required to provide both net and gross information for these assets and liabilities in order to enhance comparability between those entities that prepare their financial statements on the basis of international financial reporting standards. Companies were required to apply the amendments for fiscal years beginning on or after January 1, 2013, and interim periods within those years. The adoption had no material impact on the Company’s financial position or results of operations. | |
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which requires a reporting entity to provide information about the amounts reclassified out of accumulated comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under accounting principles generally accepted in the United States (U.S. GAAP) to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional details about those amounts. Companies were required to apply these amendments prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2012. The adoption had no material impact on the Company’s financial position or results of operations. | |
Regulatory_Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 2014 | |
Regulatory Capital Requirements [Abstract] | ' |
Regulatory Matters | ' |
Note 12. Regulatory Matters | |
The Bank entered into a Stipulation and Consent to the Issuance of a Consent Order, or Order with the Federal Deposit Insurance Corporation, or the FDIC which became effective on June 5, 2014. The Bank took this action without admitting or denying any charges of unsafe or unsound banking practices or violations of law or regulation relating to weaknesses in the Bank’s Bank Secrecy Act, or BSA, Compliance Program. | |
The Order requires the Bank to take certain affirmative actions to comply with its BSA obligations. To date, the Bank has implemented multiple upgrades that address the requirements of the Order. These measures have and will increase non-interest expense. | |
Until approval by the FDIC of a BSA Report for which the Bank has already engaged a third party, the Order places some restrictions on certain activities: the Bank will be restricted from signing and boarding new independent sales organizations; the Bank will be restricted from issuing new non-benefit related reloadable prepaid card programs; and the Bank will be restricted from originating Automated Clearing House transactions for new merchant-related payments. | |
We learned through a compliance examination that certain actions of third parties through which we issue cards are being scrutinized by the FDIC. The FDIC has informed us that it may take the position that certain operational aspects related to these card programs may implicate non-compliance with unfair or deceptive acts or practices regulations. While the Bank is contractually indemnified for related losses, civil money penalties, if assessed against the Bank, are not indemnified. | |
While the Bank is prohibited by law from publicly releasing its examination ratings, such ratings, including compliance ratings, can impact the Bank’s FDIC premiums, which are also impacted by the amount of deposits classified as brokered. We have learned from the FDIC staff that it has recently taken the position that certain products offered in conjunction with third parties including general purpose reloadable cards should be classified as “brokered” deposits. The Bank has taken the position that such deposits should not be classified as brokered. However, if these deposits are required to be reported as brokered, the Bank’s FDIC insurance assessment could be increased up to 10 basis points (0.1%) annually, based on average liabilities. | |
Legal
Legal | 6 Months Ended |
Jun. 30, 2014 | |
Loss Contingency, Information about Litigation Matters [Abstract] | ' |
Legal | ' |
Note 13. Legal | |
We are a defendant in a class action filed in July 2014 which, if resolved adversely to us, could materially adversely affect our financial condition and results of operations. This litigation is in its preliminary stages. The Company believes that the complaint is without merit and intends to defend vigorously. | |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 14. Subsequent Events | |
The Company evaluated its June 30, 2014 financial statements for subsequent events through the date the financial statements were issued. The Company is not aware of any subsequent events which would require recognition or disclosure in the financial statements, not otherwise disclosed herein. | |
On July 10, 2014, the Company entered into agreements with two investment banks under which the Company may sell up to $50 million of common stock in at-the-market-offerings. (See Form 8-K filed July 11, 2014) | |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Significant Accounting Policies [Abstract] | ' |
Basis Of Presentation | ' |
Basis of Presentation | |
The financial statements of the Company, as of June 30, 2014 and for the three and six month periods ended June 30, 2014 and 2013, are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principlesgenerally accepted in the United States of America have been condensed or omitted in this Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission. However, in the opinion of management, these interim financial statements include all necessary adjustments to fairly present the results of the interim periods presented. The unaudited interim consolidated financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 (Form 10-K report). The results of operations for the six month period ended June 30, 2014 may not necessarily be indicative of the results of operations for the full year ending December 31, 2014. | |
Sharebased_Compensation_Tables
Share-based Compensation (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Share-based Compensation [Abstract] | ' | |||||||
Fair Value Of Grant On Date Of Grant Using The Black-Scholes Options Pricing Model | ' | |||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Risk-free interest rate | 0.00% | 1.86% | ||||||
Expected dividend yield | - | - | ||||||
Expected volatility | 0.00% | 49.71%-56.81% | ||||||
Expected lives (years) | - | 4.03-4.22 | ||||||
Summary Of Status Of Company's Equity Compensations Plans | ' | |||||||
Weighted- | ||||||||
average | ||||||||
Weighted | remaining | |||||||
average | contractual | Aggregate | ||||||
exercise | term | intrinsic | ||||||
Shares | price | (years) | value | |||||
(in thousands, except per share data) | ||||||||
Outstanding at January 1, 2014 | 2,620,874 | $ 9.70 | ||||||
Granted | - | - | - | - | ||||
Exercised | -63,874 | 9.27 | - | - | ||||
Expired | - | - | - | - | ||||
Forfeited | - | - | - | - | ||||
Outstanding at June 30, 2014 | 2,557,000 | $ 9.71 | 5.81 | $ - | ||||
Exercisable at June 30, 2014 | 1,891,250 | $ 10.06 | 5.24 | $ 4,986,887 | ||||
Summary Of Status Of Company's Stock Appreciation Rights | ' | |||||||
Average | ||||||||
Weighted- | remaining | |||||||
average | contractual | |||||||
grant date | term | |||||||
Shares | fair value | (years) | ||||||
Outstanding at January 1, 2014 | 197,841 | $ 10.46 | 2.6 | |||||
Granted | - | - | - | |||||
Vested | -49,460 | - | - | |||||
Expired/forfeited | - | - | - | |||||
Outstanding at June 30, 2014 | 148,381 | |||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Earnings Per Share [Abstract] | ' | ||||||
Earnings Per Share | ' | ||||||
For the three months ended | |||||||
30-Jun-14 | |||||||
Income | Shares | Per share | |||||
(numerator) | (denominator) | amount | |||||
(dollars in thousands except per share data) | |||||||
Basic earnings per share | |||||||
Net income available to common shareholders | $ 338 | 37,706,491 | $ 0.01 | ||||
Effect of dilutive securities | |||||||
Common stock options | - | 779,814 | - | ||||
Diluted earnings per share | |||||||
Net income available to common shareholders | $ 338 | 38,486,305 | $ 0.01 | ||||
Stock options for 227,750 shares, exercisable at prices between $15.94 and $25.43 per share, were outstanding at June 30, 2014 but were not included in dilutive shares because the exercise price per share was greater than the average market price. | |||||||
For the six months ended | |||||||
30-Jun-14 | |||||||
Income | Shares | Per share | |||||
(numerator) | (denominator) | amount | |||||
(dollars in thousands except per share data) | |||||||
Basic earnings per share | |||||||
Net income available to common shareholders | $ 636 | 37,693,624 | $ 0.02 | ||||
Effect of dilutive securities | |||||||
Common stock options | - | 892,109 | - | ||||
Diluted earnings per share | |||||||
Net income available to common shareholders | $ 636 | 38,585,733 | $ 0.02 | ||||
Stock options for 3,000 shares exercisable at prices between $20.98 and $25.43 per share, were outstanding at June 30, 2014 but were not included in dilutive shares because the exercise price per share was greater than the average market price. | |||||||
For the three months ended | |||||||
30-Jun-13 | |||||||
Income | Shares | Per share | |||||
(numerator) | (denominator) | amount | |||||
(dollars in thousands except per share data) | |||||||
Basic earnings per share | |||||||
Net income available to common shareholders | $ 5,592 | 37,343,396 | $ 0.15 | ||||
Effect of dilutive securities | |||||||
Common stock options | - | 631,418 | - | ||||
Diluted earnings per share | |||||||
Net income available to common shareholders | $ 5,592 | 37,974,814 | $ 0.15 | ||||
Stock options for 656,091 shares, exercisable at prices between $14.24 and $25.43 per share, were outstanding at June 30, 2013 but were not included in dilutive shares because the exercise price per share was greater than the average market price. | |||||||
For the six months ended | |||||||
30-Jun-13 | |||||||
Income | Shares | Per share | |||||
(numerator) | (denominator) | amount | |||||
(dollars in thousands except per share data) | |||||||
Basic earnings per share | |||||||
Net income available to common shareholders | $ 12,998 | 37,317,750 | $ 0.35 | ||||
Effect of dilutive securities | |||||||
Common stock options | - | 559,962 | -0.01 | ||||
Diluted earnings per share | |||||||
Net income available to common shareholders | $ 12,998 | 37,877,712 | $ 0.34 | ||||
Investment_Securities_Tables
Investment Securities (Tables) | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Investment Securities [Abstract] | ' | ||||||||||||||
Schedule Of Investment Securities Classified As Available-for-sale And Held-to-maturity | ' | ||||||||||||||
Available-for-sale | 30-Jun-14 | ||||||||||||||
Gross | Gross | ||||||||||||||
Amortized | unrealized | unrealized | Fair | ||||||||||||
cost | gains | losses | value | ||||||||||||
U.S. Government agency securities | $ 20,617 | $ 71 | $ (3) | $ 20,685 | |||||||||||
Federally insured student loan securities | 128,901 | 946 | -113 | 129,734 | |||||||||||
Tax-exempt obligations of states and political subdivisions | 512,216 | 11,131 | -221 | 523,126 | |||||||||||
Taxable obligations of states and political subdivisions | 63,225 | 2,325 | -125 | 65,425 | |||||||||||
Residential mortgage-backed securities | 380,408 | 3,117 | -900 | 382,625 | |||||||||||
Commercial mortgage-backed securities | 142,960 | 1,813 | -784 | 143,989 | |||||||||||
Corporate and other debt securities | 192,981 | 1,292 | -231 | 194,042 | |||||||||||
$ 1,441,308 | $ 20,695 | $ (2,377) | $ 1,459,626 | ||||||||||||
Held-to-maturity | 30-Jun-14 | ||||||||||||||
Gross | Gross | ||||||||||||||
Amortized | unrealized | unrealized | Fair | ||||||||||||
cost | gains | losses | value | ||||||||||||
Other debt securities - single issuers | $ 21,036 | $ 473 | $ (4,177) | $ 17,332 | |||||||||||
Other debt securities - pooled | 76,094 | 1,501 | - | 77,595 | |||||||||||
$ 97,130 | $ 1,974 | $ (4,177) | $ 94,927 | ||||||||||||
Available-for-sale | 31-Dec-13 | ||||||||||||||
Gross | Gross | ||||||||||||||
Amortized | unrealized | unrealized | Fair | ||||||||||||
cost | gains | losses | value | ||||||||||||
U.S. Government agency securities | $ 10,680 | $ 46 | $ - | $ 10,726 | |||||||||||
Federally insured student loan securities | 147,717 | 575 | -719 | 147,573 | |||||||||||
Tax-exempt obligations of states and political subdivisions | 378,180 | 2,721 | -1,951 | 378,950 | |||||||||||
Taxable obligations of states and political subdivisions | 78,638 | 1,276 | -746 | 79,168 | |||||||||||
Residential mortgage-backed securities | 323,199 | 1,838 | -2,263 | 322,774 | |||||||||||
Commercial mortgage-backed securities | 118,838 | 1,919 | -410 | 120,347 | |||||||||||
Corporate and other debt securities | 194,010 | 789 | -1,220 | 193,579 | |||||||||||
$ 1,251,262 | $ 9,164 | $ (7,309) | $ 1,253,117 | ||||||||||||
Held-to-maturity | 31-Dec-13 | ||||||||||||||
Gross | Gross | ||||||||||||||
Amortized | unrealized | unrealized | Fair | ||||||||||||
cost | gains | losses | value | ||||||||||||
Other debt securities - single issuers | $ 21,027 | $ 367 | $ (4,222) | $ 17,172 | |||||||||||
Other debt securities - pooled | 76,178 | 1,680 | - | 77,858 | |||||||||||
$ 97,205 | $ 2,047 | $ (4,222) | $ 95,030 | ||||||||||||
Amortized Cost And Fair Value Of Investment Securities By Contractual Maturity | ' | ||||||||||||||
Available-for-sale | Held-to-maturity | ||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||
cost | value | cost | value | ||||||||||||
Due before one year | $ 88,521 | $ 88,845 | $ - | $ - | |||||||||||
Due after one year through five years | 364,784 | 367,817 | - | - | |||||||||||
Due after five years through ten years | 274,007 | 279,089 | 10,203 | 10,276 | |||||||||||
Due after ten years | 713,996 | 723,875 | 86,927 | 84,651 | |||||||||||
$ 1,441,308 | $ 1,459,626 | $ 97,130 | $ 94,927 | ||||||||||||
Available-for-sale And Held-to-maturity Securities, Continuous Unrealized Loss Position | ' | ||||||||||||||
Available-for-sale | Less than 12 months | 12 months or longer | Total | ||||||||||||
Number of securities | Fair Value | Unrealized losses | Fair Value | Unrealized losses | Fair Value | Unrealized losses | |||||||||
Description of Securities | |||||||||||||||
U.S. Government agency securities | 1 | $ 1,792 | $ (3) | $ - | $ - | $ 1,792 | $ (3) | ||||||||
Federally insured student loan securities | 5 | - | - | 40,955 | -113 | 40,955 | -113 | ||||||||
Tax-exempt obligations of states and | |||||||||||||||
political subdivisions | 61 | 19,994 | -90 | 24,949 | -131 | 44,943 | -221 | ||||||||
Taxable obligations of states and | |||||||||||||||
political subdivisions | 13 | - | - | 11,377 | -125 | 11,377 | -125 | ||||||||
Residential mortgage-backed securities | 30 | 46,700 | -195 | 72,778 | -705 | 119,478 | -900 | ||||||||
Commercial mortgage-backed securities | 25 | 70,579 | -665 | 7,909 | -119 | 78,488 | -784 | ||||||||
Corporate and other debt securities | 34 | 4,424 | -8 | 30,546 | -223 | 34,970 | -231 | ||||||||
Total temporarily impaired | |||||||||||||||
investment securities | 169 | $ 143,489 | $ (961) | $ 188,514 | $ (1,416) | $ 332,003 | $ (2,377) | ||||||||
Held-to-maturity | Less than 12 months | 12 months or longer | Total | ||||||||||||
Number of securities | Fair Value | Unrealized losses | Fair Value | Unrealized losses | Fair Value | Unrealized losses | |||||||||
Description of Securities | |||||||||||||||
Single issuers | 2 | $ - | $ - | $ 7,941 | $ (4,177) | $ 7,941 | $ (4,177) | ||||||||
Total temporarily impaired | |||||||||||||||
investment securities | 2 | $ - | $ - | $ 7,941 | $ (4,177) | $ 7,941 | $ (4,177) | ||||||||
The table below indicates the length of time individual securities had been in a continuous unrealized loss position at December 31, 2013 (dollars in thousands): | |||||||||||||||
Available-for-sale | Less than 12 months | 12 months or longer | Total | ||||||||||||
Number of securities | Fair Value | Unrealized losses | Fair Value | Unrealized losses | Fair Value | Unrealized losses | |||||||||
Description of Securities | |||||||||||||||
Federally insured student loan securities | 4 | $ 3,300 | $ - | $ - | $ - | $ 3,300 | $ - | ||||||||
Tax-exempt obligations of states and | 9 | 50,498 | -676 | 6,202 | -44 | 56,700 | -720 | ||||||||
political subdivisions | |||||||||||||||
Taxable obligations of states and | 229 | 169,995 | -1,951 | - | - | 169,995 | -1,951 | ||||||||
political subdivisions | |||||||||||||||
Residential mortgage-backed securities | 52 | 46,888 | -737 | 1,808 | -9 | 48,696 | -746 | ||||||||
Commercial mortgage-backed securities | 38 | 147,717 | -1,656 | 55,064 | -606 | 202,781 | -2,262 | ||||||||
Corporate and other debt securities | 26 | 76,668 | -399 | 405 | -11 | 77,073 | -410 | ||||||||
Other equity securities | 101 | 97,904 | -1,024 | 4,255 | -196 | 102,159 | -1,220 | ||||||||
Total temporarily impaired | |||||||||||||||
investment securities | 459 | $ 592,970 | $ (6,443) | $ 67,734 | $ (866) | $ 660,704 | $ (7,309) | ||||||||
Held-to-maturity | Less than 12 months | 12 months or longer | Total | ||||||||||||
Number of securities | Fair Value | Unrealized losses | Fair Value | Unrealized losses | Fair Value | Unrealized losses | |||||||||
Description of Securities | |||||||||||||||
Single issuers | 2 | $ - | $ - | $ 7,887 | $ (4,222) | $ 7,887 | $ (4,222) | ||||||||
Total temporarily impaired | |||||||||||||||
investment securities | 2 | $ - | $ - | $ 7,887 | $ (4,222) | $ 7,887 | $ (4,222) | ||||||||
Schedule Of Additional Information Related To Single Issuer And Pooled Trust Preferred Securities | ' | ||||||||||||||
Single issuer | Book value | Fair value | Unrealized gain/(loss) | Credit rating | |||||||||||
Security A | $ 1,897 | $ 2,000 | $ 103 | Not rated | |||||||||||
Security B | 3,181 | 2,884 | -297 | Not rated | |||||||||||
Security C | 8,937 | 5,056 | -3,881 | Not rated | |||||||||||
Class: All of the above are trust preferred securities. | |||||||||||||||
The following table provides additional information related to our pooled trust preferred securities as of June 30, 2014: | |||||||||||||||
Pooled issue | Class | Book value | Fair value | Unrealized gain/(loss) | Credit rating | Subordination | |||||||||
Pool A (7 performing issuers) | Mezzanine * | $ 332 | $ 407 | $ 75 | CAA1 | ** | |||||||||
* The actual deferrals and defaults as a percentage of the original collateral were 20.27%. Assumed losses resulting from expected deferrals and defaults as a percentage of remaining collateral is .75% annually with 15% recovery with a two year lag. | |||||||||||||||
** There is no excess subordination in these securities. | |||||||||||||||
Loans_Tables
Loans (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Loans [Abstract] | ' | ||||||||||||||||
Major Classifications Of Loans | ' | ||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Commercial | $ 476,799 | $ 450,113 | |||||||||||||||
Commercial mortgage | 593,622 | 625,810 | |||||||||||||||
Construction | 264,667 | 258,889 | |||||||||||||||
Total commercial loans | 1,335,088 | 1,334,812 | |||||||||||||||
Direct lease financing | 185,878 | 175,610 | |||||||||||||||
Residential mortgage | 96,009 | 94,850 | |||||||||||||||
Consumer and other loans | 422,835 | 346,334 | |||||||||||||||
2,039,810 | 1,951,606 | ||||||||||||||||
Unamortized loan fees and costs | 9,751 | 6,839 | |||||||||||||||
Total loans, net of deferred loan costs | $ 2,049,561 | $ 1,958,445 | |||||||||||||||
Supplemental loan data: | |||||||||||||||||
Construction 1-4 family | $ 40,226 | $ 48,394 | |||||||||||||||
Commercial construction, acquisition and development | 224,441 | 210,495 | |||||||||||||||
$ 264,667 | $ 258,889 | ||||||||||||||||
Impaired Loans | ' | ||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||
investment | principal | allowance | recorded | income | |||||||||||||
balance | investment | recognized | |||||||||||||||
30-Jun-14 | |||||||||||||||||
Without an allowance recorded | |||||||||||||||||
Construction | $ 3,344 | $ 11,102 | $ - | $ 3,856 | $ - | ||||||||||||
Commercial mortgage | 8,240 | 8,583 | - | 3,950 | - | ||||||||||||
Commercial | 5,293 | 8,271 | - | 5,597 | - | ||||||||||||
Consumer - home equity | 827 | 827 | - | 894 | - | ||||||||||||
Residential | 1,175 | 1,175 | - | 1,175 | - | ||||||||||||
With an allowance recorded | |||||||||||||||||
Construction | 8,956 | 8,956 | 3,780 | 5,390 | - | ||||||||||||
Commercial mortgage | 2,550 | 2,550 | 522 | 4,404 | - | ||||||||||||
Commercial | 7,185 | 14,531 | 3,811 | 15,890 | - | ||||||||||||
Consumer - home equity | 1,353 | 1,778 | 282 | 1,153 | - | ||||||||||||
Residential | - | - | - | 280 | - | ||||||||||||
Total | |||||||||||||||||
Construction | 12,300 | 20,058 | 3,780 | 9,246 | - | ||||||||||||
Commercial mortgage | 10,790 | 11,133 | 522 | 8,354 | - | ||||||||||||
Commercial | 12,478 | 22,802 | 3,811 | 21,487 | - | ||||||||||||
Consumer - home equity | 2,180 | 2,605 | 282 | 2,047 | - | ||||||||||||
Residential | 1,175 | 1,175 | - | 1,455 | - | ||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||
investment | principal | allowance | recorded | income | |||||||||||||
balance | investment | recognized | |||||||||||||||
31-Dec-13 | |||||||||||||||||
Without an allowance recorded | |||||||||||||||||
Construction | $ 1,104 | $ 1,454 | $ - | $ 1,506 | $ - | ||||||||||||
Commercial mortgage | 1,759 | 1,759 | - | 4,662 | - | ||||||||||||
Commercial | 9,021 | 11,131 | - | 7,014 | - | ||||||||||||
Consumer - home equity | 927 | 927 | - | 927 | - | ||||||||||||
Residential | 1,175 | 1,175 | - | 873 | - | ||||||||||||
With an allowance recorded | |||||||||||||||||
Construction | 563 | 563 | 353 | 2,437 | - | ||||||||||||
Commercial mortgage | 4,102 | 4,102 | 1,476 | 4,581 | - | ||||||||||||
Commercial | 20,846 | 21,276 | 9,369 | 15,670 | - | ||||||||||||
Consumer - home equity | 429 | 429 | 135 | 190 | - | ||||||||||||
Residential | 841 | 841 | 84 | 373 | - | ||||||||||||
Total | |||||||||||||||||
Construction | 1,667 | 2,017 | 353 | 3,943 | - | ||||||||||||
Commercial mortgage | 5,861 | 5,861 | 1,476 | 9,243 | - | ||||||||||||
Commercial | 29,867 | 32,407 | 9,369 | 22,684 | - | ||||||||||||
Consumer - home equity | 1,356 | 1,356 | 135 | 1,117 | - | ||||||||||||
Residential | 2,016 | 2,016 | 84 | 1,246 | - | ||||||||||||
Non-accrual Loans, Loans Past Due 90 Days And Other Real Estate Owned And Delinquent Loans By Loan Category | ' | ||||||||||||||||
June 30, | June 30, | December 31, | |||||||||||||||
2014 | 2013 | 2013 | |||||||||||||||
Non-accrual loans | |||||||||||||||||
Construction | $ 12,300 | $ 2,352 | $ 1,667 | ||||||||||||||
Commercial mortgage | 10,790 | 9,324 | 5,861 | ||||||||||||||
Commercial | 12,269 | 26,935 | 29,651 | ||||||||||||||
Consumer | 2,180 | 1,116 | 1,356 | ||||||||||||||
Residential | 1,175 | 2,016 | 2,016 | ||||||||||||||
Total non-accrual loans | 38,714 | 41,743 | 40,551 | ||||||||||||||
Loans past due 90 days or more | 1,031 | 755 | 110 | ||||||||||||||
Total non-performing loans | 39,745 | 42,498 | 40,661 | ||||||||||||||
Other real estate owned | 26,781 | 6,308 | 26,295 | ||||||||||||||
Total non-performing assets | $ 66,526 | $ 48,806 | $ 66,956 | ||||||||||||||
Loans Modified And Considered Troubled Debt Restructurings | ' | ||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||
Number | Pre-modification recorded investment | Post-modification recorded investment | Number | Pre-modification recorded investment | Post-modification recorded investment | ||||||||||||
Commercial | 1 | $ 209 | $ 209 | 1 | $ 217 | $ 217 | |||||||||||
Commercial mortgage | 4 | 3,977 | 3,977 | 3 | 3,055 | 3,055 | |||||||||||
Construction | 1 | 263 | 263 | 1 | 263 | 263 | |||||||||||
Residential mortgage | - | - | - | - | - | - | |||||||||||
Total | 6 | $ 4,449 | $ 4,449 | 5 | $ 3,535 | $ 3,535 | |||||||||||
Loans Modified As Troubled Debt Restructurings | ' | ||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||
Adjusted interest rate | Extended maturity | Combined rate and maturity | Adjusted interest rate | Extended maturity | Combined rate and maturity | ||||||||||||
Commercial | $ - | $ 209 | $ - | $ - | $ 217 | $ - | |||||||||||
Commercial mortgage | 3,763 | 214 | - | 681 | 214 | 2,160 | |||||||||||
Construction | - | 263 | - | - | 263 | - | |||||||||||
Residential mortgage | - | - | - | - | - | - | |||||||||||
Total | $ 3,763 | $ 686 | $ - | $ 681 | $ 694 | $ 2,160 | |||||||||||
Changes In Allowance For Loan And Lease Losses By Loan Category | ' | ||||||||||||||||
Commercial | Residential | Direct lease | |||||||||||||||
Six months ended | Commercial | mortgage | Construction | mortgage | Consumer | financing | Unallocated | Total | |||||||||
30-Jun-14 | |||||||||||||||||
Beginning balance | $ 18,206 | $ 6,884 | $ 10,559 | $ 661 | $ 937 | $ 311 | $ 624 | $ 38,182 | |||||||||
Charge-offs | -11,530 | -3,688 | -8,546 | -108 | -562 | - | -24,434 | ||||||||||
Recoveries | 60 | - | 317 | - | 20 | - | 397 | ||||||||||
Provision (credit) | 11,188 | 4,635 | 15,142 | -16 | 1,501 | 690 | -340 | 32,800 | |||||||||
Ending balance | $ 17,924 | $ 7,831 | $ 17,472 | $ 537 | $ 1,896 | $ 1,001 | $ 284 | $ 46,945 | |||||||||
Ending balance: Individually | |||||||||||||||||
evaluated for impairment | $ 3,811 | $ 522 | $ 3,780 | $ - | $ 282 | $ - | $ - | $ 8,395 | |||||||||
Ending balance: Collectively | |||||||||||||||||
evaluated for impairment | $ 14,113 | $ 7,309 | $ 13,692 | $ 537 | $ 1,614 | $ 1,001 | $ 284 | $ 38,550 | |||||||||
Loans: | |||||||||||||||||
Ending balance | $ 476,799 | $ 593,622 | $ 264,667 | $ 96,009 | $ 422,835 | $ 185,878 | $ 9,751 | $ 2,049,561 | |||||||||
Ending balance: Individually | |||||||||||||||||
evaluated for impairment | $ 12,478 | $ 10,790 | $ 12,300 | $ 1,175 | $ 2,180 | $ - | $ - | $ 38,923 | |||||||||
Ending balance: Collectively | |||||||||||||||||
evaluated for impairment | $ 464,321 | $ 582,832 | $ 252,367 | $ 94,834 | $ 420,655 | $ 185,878 | $ 9,751 | $ 2,010,638 | |||||||||
Commercial | Residential | Direct lease | |||||||||||||||
Twelve months ended | Commercial | mortgage | Construction | mortgage | Consumer | financing | Unallocated | Total | |||||||||
31-Dec-13 | |||||||||||||||||
Beginning balance | $ 12,244 | $ 6,223 | $ 9,505 | $ 2,089 | $ 1,799 | $ 239 | $ 941 | $ 33,040 | |||||||||
Charge-offs | -9,920 | -4,851 | -10,295 | -54 | -489 | -29 | - | -25,638 | |||||||||
Recoveries | 67 | 98 | 1,019 | - | 88 | 8 | - | 1,280 | |||||||||
Provision (credit) | 15,815 | 5,414 | 10,330 | -1,374 | -461 | 93 | -317 | 29,500 | |||||||||
Ending balance | $ 18,206 | $ 6,884 | $ 10,559 | $ 661 | $ 937 | $ 311 | $ 624 | $ 38,182 | |||||||||
Ending balance: Individually | |||||||||||||||||
evaluated for impairment | $ 9,369 | $ 1,476 | $ 353 | $ 84 | $ 135 | $ - | $ - | $ 11,417 | |||||||||
Ending balance: Collectively | |||||||||||||||||
evaluated for impairment | $ 8,837 | $ 5,408 | $ 10,206 | $ 577 | $ 802 | $ 311 | $ 624 | $ 26,765 | |||||||||
Loans: | |||||||||||||||||
Ending balance | $ 450,113 | $ 625,810 | $ 258,889 | $ 94,850 | $ 346,334 | $ 175,610 | $ 6,839 | $ 1,958,445 | |||||||||
Ending balance: Individually | |||||||||||||||||
evaluated for impairment | $ 29,867 | $ 5,861 | $ 1,667 | $ 2,016 | $ 1,356 | $ - | $ - | $ 40,767 | |||||||||
Ending balance: Collectively | |||||||||||||||||
evaluated for impairment | $ 420,246 | $ 619,949 | $ 257,222 | $ 92,834 | $ 344,978 | $ 175,610 | $ 6,839 | $ 1,917,678 | |||||||||
Commercial | Residential | Direct lease | |||||||||||||||
Six months ended | Commercial | mortgage | Construction | mortgage | Consumer | financing | Unallocated | Total | |||||||||
30-Jun-13 | |||||||||||||||||
Beginning balance | $ 12,244 | $ 6,223 | $ 9,505 | $ 2,089 | $ 1,799 | $ 239 | $ 941 | $ 33,040 | |||||||||
Charge-offs | -1,729 | -2,005 | -4,382 | -54 | -185 | - | -8,355 | ||||||||||
Recoveries | 38 | 12 | 481 | - | 50 | 8 | 589 | ||||||||||
Provision (credit) | 5,014 | 5,755 | 5,061 | -14 | -501 | 254 | -569 | 15,000 | |||||||||
Ending balance | $ 15,567 | $ 9,985 | $ 10,665 | $ 2,021 | $ 1,163 | $ 501 | $ 372 | $ 40,274 | |||||||||
Ending balance: Individually | |||||||||||||||||
evaluated for impairment | $ 7,302 | $ 1,249 | $ 90 | $ - | $ 51 | $ - | $ - | $ 8,692 | |||||||||
Ending balance: Collectively | |||||||||||||||||
evaluated for impairment | $ 8,265 | $ 8,736 | $ 10,575 | $ 2,021 | $ 1,112 | $ 501 | $ 372 | $ 31,582 | |||||||||
Loans: | |||||||||||||||||
Ending balance | $ 481,537 | $ 651,034 | $ 266,911 | $ 93,960 | $ 295,576 | $ 172,250 | $ 6,114 | $ 1,967,382 | |||||||||
Ending balance: Individually | |||||||||||||||||
evaluated for impairment | $ 26,936 | $ 9,323 | $ 2,352 | $ 2,016 | $ 1,116 | $ - | $ - | $ 41,743 | |||||||||
Ending balance: Collectively | |||||||||||||||||
evaluated for impairment | $ 454,601 | $ 641,711 | $ 264,559 | $ 91,944 | $ 294,460 | $ 172,250 | $ 6,114 | $ 1,925,639 | |||||||||
Delinquent Loans By Loan Category | ' | ||||||||||||||||
30-59 Days | 60-89 Days | Greater than | Total | Total | |||||||||||||
30-Jun-14 | past due | past due | 90 days | Non-accrual | past due | Current | loans | ||||||||||
Commercial | $ 785 | $ - | $ - | $ 12,269 | $ 13,054 | $ 463,745 | $ 476,799 | ||||||||||
Commercial mortgage | 665 | - | - | 10,790 | 11,455 | 582,167 | 593,622 | ||||||||||
Construction | - | - | 913 | 12,300 | 13,213 | 251,454 | 264,667 | ||||||||||
Direct lease financing | 3,598 | 2,328 | 118 | - | 6,044 | 179,834 | 185,878 | ||||||||||
Consumer - other | 750 | - | - | 1,257 | 2,007 | 376,551 | 378,558 | ||||||||||
Consumer - home equity | 9 | - | - | 923 | 932 | 43,345 | 44,277 | ||||||||||
Residential mortgage | - | - | - | 1,175 | 1,175 | 94,834 | 96,009 | ||||||||||
Unamortized loan fees and costs | - | - | - | - | - | 9,751 | 9,751 | ||||||||||
$ 5,807 | $ 2,328 | $ 1,031 | $ 38,714 | $ 47,880 | $ 2,001,681 | $ 2,049,561 | |||||||||||
30-59 Days | 60-89 Days | Greater than | Total | Total | |||||||||||||
31-Dec-13 | past due | past due | 90 days | Non-accrual | past due | Current | loans | ||||||||||
Commercial | $ - | $ - | $ - | $ 29,651 | $ 29,651 | $ 420,462 | $ 450,113 | ||||||||||
Commercial mortgage | 998 | 5,999 | - | 5,861 | 12,858 | 612,952 | 625,810 | ||||||||||
Construction | - | - | - | 1,667 | 1,667 | 257,222 | 258,889 | ||||||||||
Direct lease financing | 3,427 | 1,293 | 110 | - | 4,830 | 170,780 | 175,610 | ||||||||||
Consumer - other | 425 | - | - | 1,356 | 1,781 | 300,909 | 302,690 | ||||||||||
Consumer - home equity | 18 | - | - | - | 18 | 43,626 | 43,644 | ||||||||||
Residential mortgage | - | - | - | 2,016 | 2,016 | 92,834 | 94,850 | ||||||||||
Unamortized loan fees and costs | - | - | - | - | - | 6,839 | 6,839 | ||||||||||
$ 4,868 | $ 7,292 | $ 110 | $ 40,551 | $ 52,821 | $ 1,905,624 | $ 1,958,445 | |||||||||||
Loans By Categories | ' | ||||||||||||||||
Commercial | Residential | ||||||||||||||||
Commercial | Construction | mortgage | mortgage | ||||||||||||||
6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | ||||||||||
Risk Rating | |||||||||||||||||
Pass | $ 423,927 | $ 377,482 | $ 219,920 | $ 226,926 | $ 483,611 | $ 517,164 | $ 25,718 | $ 25,812 | |||||||||
Special Mention | 129 | 149 | 912 | - | 95 | 6,997 | - | - | |||||||||
Substandard | 7,760 | 29,867 | 15,957 | 1,667 | 11,455 | 5,861 | 1,175 | 2,016 | |||||||||
Doubtful | - | - | 2,500 | - | - | - | - | - | |||||||||
Loss | - | - | - | - | - | - | - | - | |||||||||
Unrated subject to review * | 6,159 | 6,854 | 20,330 | 25,255 | 17,491 | 29,467 | - | - | |||||||||
Unrated not subject to review * | 38,824 | 35,761 | 5,048 | 5,041 | 80,970 | 66,321 | 69,116 | 67,022 | |||||||||
Total | $ 476,799 | $ 450,113 | $ 264,667 | $ 258,889 | $ 593,622 | $ 625,810 | $ 96,009 | $ 94,850 | |||||||||
Direct lease | |||||||||||||||||
Consumer | financing | Unamortized costs | Total | ||||||||||||||
6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | ||||||||||
Risk Rating | |||||||||||||||||
Pass | $ 152,845 | $ 116,292 | $ 61,811 | $ 58,545 | $ - | $ - | $ 1,367,832 | $ 1,322,221 | |||||||||
Special Mention | - | 1,348 | - | - | - | - | 1,136 | 8,494 | |||||||||
Substandard | 3,807 | 1,356 | 2,057 | - | - | - | 42,211 | 40,767 | |||||||||
Doubtful | - | - | - | - | - | - | 2,500 | - | |||||||||
Loss | - | - | - | - | - | - | - | - | |||||||||
Unrated subject to review * | 17,102 | 524 | - | 2,244 | - | - | 61,082 | 64,344 | |||||||||
Unrated not subject to review * | 249,081 | 226,814 | 122,010 | 114,821 | 9,751 | 6,839 | 574,800 | 522,619 | |||||||||
Total | $ 422,835 | $ 346,334 | $ 185,878 | $ 175,610 | $ 9,751 | $ 6,839 | $ 2,049,561 | $ 1,958,445 | |||||||||
* Unrated loans consist of performing loans which did not exhibit any negative characteristics which would require the loan to be evaluated, or fell below the dollar threshold requiring review under the Bank’s internal policy and are not loans otherwise selected in ongoing portfolio evaluation. The scope of the Bank’s loan review policy encompasses commercial and construction loans and leases which singly, or in aggregate for loans to related borrowers, exceed $3.0 million. The loan portfolio review coverage was approximately 69% at June 30, 2014 and approximately 70% at December 31, 2013. This review is performed by the loan review department, which is independent of the loan origination department and reports directly to the audit committee. Potential problem loans, which are identified by either the independent loan review department or line management, are reviewed. Adversely classified loans are reviewed quarterly by the independent loan review function of the Bank. Additionally, all loans are subject to ongoing monitoring by portfolio managers and loan officers. Also, many of the Bank’s loans are relatively short term, and are subject to reconsideration with a full review in loan committee between one and three years | |||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Carrying Amount And Estimated Fair Value Of Assets And Liabilities | ' | |||||||||
30-Jun-14 | ||||||||||
Quoted prices in | Significant other | Significant | ||||||||
active markets for | observable | unobservable | ||||||||
Carrying | Estimated | identical assets | inputs | inputs | ||||||
amount | fair value | (Level 1) | (Level 2) | (Level 3) | ||||||
(in thousands) | ||||||||||
Investment securities available-for-sale | $ 1,459,626 | $ 1,459,626 | $ 64,081 | $ 1,395,545 | $ - | |||||
Investment securities held-to-maturity | 97,130 | 94,927 | 7,392 | - | 87,535 | |||||
Securities purchased under agreements to resell | 15,906 | 15,906 | 15,906 | - | - | |||||
Federal Home Loan and Atlantic Central Bankers Bank stock | 3,409 | 3,409 | - | - | 3,409 | |||||
Commercial loans held for sale | 154,474 | 154,474 | - | - | 154,474 | |||||
Loans, net | 2,049,561 | 2,049,467 | - | - | 2,049,467 | |||||
Demand and interest checking | 3,563,447 | 3,563,447 | 3,563,447 | - | - | |||||
Savings and money market | 307,927 | 307,927 | 307,927 | - | - | |||||
Time deposits | 10,436 | 10,474 | - | - | 10,474 | |||||
Subordinated debenture | 13,401 | 7,963 | - | - | 7,963 | |||||
Securities sold under agreements to repurchase | 17,481 | 17,481 | 17,481 | - | - | |||||
Interest rate swaps | -1,267 | -1,267 | - | -1,267 | - | |||||
31-Dec-13 | ||||||||||
Quoted prices in | Significant other | Significant | ||||||||
active markets for | observable | unobservable | ||||||||
Carrying | Estimated | identical assets | inputs | inputs | ||||||
amount | fair value | (Level 1) | (Level 2) | (Level 3) | ||||||
(in thousands) | ||||||||||
Investment securities available-for-sale | $ 1,253,117 | $ 1,253,117 | $ 64,971 | $ 1,187,595 | $ 551 | |||||
Investment securities held-to-maturity | 97,205 | 95,030 | 7,286 | - | 87,744 | |||||
Securities purchased under agreements to resell | 7,544 | 7,544 | 7,544 | - | - | |||||
Federal Home Loan and Atlantic Central Bankers Bank stock | 3,209 | 3,209 | - | - | 3,209 | |||||
Commercial loans held for sale | 69,904 | 69,904 | - | - | 69,904 | |||||
Loans, net | 1,958,445 | 1,954,058 | - | - | 1,954,058 | |||||
Demand and interest checking | 3,722,602 | 3,722,602 | 3,722,602 | - | - | |||||
Savings and money market | 536,162 | 536,162 | 536,162 | - | - | |||||
Time deposits | 14,225 | 14,444 | - | - | 14,444 | |||||
Subordinated debentures | 13,401 | 9,287 | - | - | 9,287 | |||||
Securities sold under agreements to repurchase | 21,221 | 21,221 | 21,221 | - | - | |||||
Interest rate swaps | 481 | 481 | - | 481 | - | |||||
Changes In Company's Level 3 Assets | ' | |||||||||
Fair Value Measurements Using | ||||||||||
Significant Unobservable Inputs | ||||||||||
(Level 3) | ||||||||||
Available for sale | Commercial loans | |||||||||
securities | held for sale | |||||||||
30-Jun-14 | 31-Dec-13 | 30-Jun-14 | 31-Dec-13 | |||||||
Beginning balance | $ 551 | $ 597 | $ 69,904 | $ 11,341 | ||||||
Transfers into level 3 | - | - | - | - | ||||||
Transfers out of level 3 | -551 | - | - | - | ||||||
Total gains or losses (realized/unrealized) | ||||||||||
Included in earnings | - | -1 | 4,604 | 3,082 | ||||||
Included in other comprehensive income | - | 21 | - | - | ||||||
Purchases, issuances, and settlements | ||||||||||
Purchases | - | - | ||||||||
Issuances | - | - | 325,592 | 309,358 | ||||||
Sales | - | -243,960 | -253,832 | |||||||
Settlements | - | -66 | -1,666 | -45 | ||||||
Ending balance | $ - | $ 551 | $ 154,474 | $ 69,904 | ||||||
Fair Value, Measurements, Recurring [Member] | ' | |||||||||
Assets Measured At Fair Value On A Recurring And Nonrecurring Basis | ' | |||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||
Quoted prices in active | Significant other | Significant | ||||||||
markets for identical | observable | unobservable | ||||||||
Fair value | assets | inputs | inputs | |||||||
30-Jun-14 | (Level 1) | (Level 2) | (Level 3) | |||||||
Investment securities available for sale | ||||||||||
U.S. Government agency securities | $ 20,685 | $ - | $ 20,685 | $ - | ||||||
Federally insured student loan securities | 129,734 | - | 129,734 | - | ||||||
Obligations of states and political subdivisions | 588,551 | 2,297 | 586,254 | - | ||||||
Residential mortgage-backed securities | 382,625 | - | 382,625 | - | ||||||
Commercial mortgage-backed securities | 143,989 | - | 143,989 | - | ||||||
Other debt securities | 194,042 | 61,784 | 132,258 | - | ||||||
Total investment securities available for sale | 1,459,626 | 64,081 | 1,395,545 | - | ||||||
Commercial loans held for sale | 154,474 | - | - | 154,474 | ||||||
Interest rate swaps | -1,267 | - | -1,267 | - | ||||||
$ 1,612,833 | $ 64,081 | $ 1,394,278 | $ 154,474 | |||||||
Fair Value Measurements at Reporting Date Using | ||||||||||
Quoted prices in active | Significant other | Significant | ||||||||
markets for identical | observable | unobservable | ||||||||
Fair value | assets | inputs | inputs | |||||||
31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | |||||||
Investment securities available for sale | ||||||||||
U.S. Government agency securities | $ 10,726 | $ 400 | $ 10,326 | $ - | ||||||
Federally insured student loan securities | 147,573 | - | 147,573 | - | ||||||
Obligations of states and political subdivisions | 458,118 | 2,277 | 455,841 | - | ||||||
Residential mortgage-backed securities | 322,774 | - | 322,774 | - | ||||||
Commercial mortgage-backed securities | 120,347 | - | 120,347 | - | ||||||
Other debt securities | 193,579 | 62,294 | 130,734 | 551 | ||||||
Total investment securities available for sale | 1,253,117 | 64,971 | 1,187,595 | 551 | ||||||
Commercial loans held for sale | 69,904 | - | - | 69,904 | ||||||
Interest rate swaps | 481 | - | 481 | - | ||||||
$ 1,323,502 | $ 64,971 | $ 1,188,076 | $ 70,455 | |||||||
Fair Value, Measurements, Nonrecurring [Member] | ' | |||||||||
Assets Measured At Fair Value On A Recurring And Nonrecurring Basis | ' | |||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||
Quoted prices in active | Significant other | Significant | ||||||||
markets for identical | observable | unobservable | ||||||||
Fair value | assets | inputs | inputs | |||||||
Description | 30-Jun-14 | (Level 1) | (Level 2) | (Level 3) | ||||||
Impaired loans | $ 38,923 | $ - | $ - | $ 38,923 | ||||||
Other real estate owned | 26,781 | - | - | 26,781 | ||||||
$ 65,704 | $ - | $ - | $ 65,704 | |||||||
Fair Value Measurements at Reporting Date Using | ||||||||||
Quoted prices in active | Significant other | Significant | ||||||||
markets for identical | observable | unobservable | ||||||||
Fair value | assets | inputs | inputs | |||||||
Description | 31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | ||||||
Impaired loans | $ 40,767 | $ - | $ - | $ 40,767 | ||||||
Other real estate owned | 26,295 | - | - | 26,295 | ||||||
Intangible assets | 7,612 | - | - | 7,612 | ||||||
$ 74,674 | $ - | $ - | $ 74,674 | |||||||
Derivatives_Tables
Derivatives (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Derivatives [Abstract] | ' | ||||||||
Derivatives | ' | ||||||||
30-Jun-14 | |||||||||
Maturity date | Notional amount | Interest rate paid | Interest rate received | Fair value | |||||
20-May-24 | $ 1,700 | 2.62% | 0.23% | $ (6) | |||||
3-Jun-24 | 2,600 | 2.60% | 0.23% | -3 | |||||
1-Jul-24 | 2,600 | 2.65% | 0.23% | -13 | |||||
23-Apr-19 | 2,800 | 1.83% | 0.23% | -27 | |||||
15-May-24 | 2,800 | 2.71% | 0.22% | -32 | |||||
9-Jun-24 | 3,300 | 2.72% | 0.23% | -38 | |||||
20-Jun-24 | 3,700 | 2.73% | 0.23% | -47 | |||||
12-Jun-14 | 4,000 | 2.77% | 0.23% | -64 | |||||
18-Mar-24 | 4,200 | 2.76% | 0.23% | -73 | |||||
23-Jun-24 | 4,200 | 2.71% | 0.23% | -38 | |||||
12-Jun-19 | 4,300 | 1.80% | 0.23% | -28 | |||||
14-Apr-24 | 4,300 | 2.75% | 0.23% | -70 | |||||
2-Jul-24 | 4,300 | 2.63% | 0.23% | -12 | |||||
7-Apr-24 | 5,100 | 2.91% | 0.23% | -156 | |||||
13-Jun-24 | 5,300 | 2.76% | 0.23% | -82 | |||||
14-May-24 | 6,000 | 2.73% | 0.23% | -80 | |||||
5-Nov-18 | 6,100 | 1.51% | 0.24% | -7 | |||||
6-Jan-24 | 6,200 | 3.07% | 0.24% | -288 | |||||
6-May-19 | 6,700 | 1.79% | 0.22% | -50 | |||||
4-Jun-24 | 7,800 | 2.63% | 0.23% | -31 | |||||
24-Mar-19 | 12,100 | 1.81% | 0.22% | -122 | |||||
Total | $ 100,100 | $ (1,267) | |||||||
Sharebased_Compensation_Narrat
Share-based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted (in shares) | 215,000 | ' | ' |
Common stock option vested in one year (in shares) | ' | 35,000 | ' |
Common stock option vested in four years (in shares) | ' | 180,000 | ' |
Weighted-average fair value of the stock options issued (in dollars per share) | ' | $4.85 | ' |
Stock option exercised (in shares) | ' | 63,874 | 64,149 |
Total intrinsic value of options exercised | ' | $619,000 | $270,000 |
Fair value of restricted stock units vested | ' | 886,000 | 0 |
Unrecognized compensation cost related to unvested awards under share-based plans | ' | 3,600,000 | ' |
Cost expected to be recognized over a weighted average period | ' | '1 year | ' |
Related compensation expense | ' | $1,400,000 | $1,600,000 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | ' | '4 years | ' |
Outstanding, beginning of period (in shares) | ' | 197,841 | ' |
Outstanding, beginning of period (in dollars per share) | ' | $10.46 | ' |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | ' | '4 years | ' |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | ' | '1 year | ' |
Sharebased_Compensation_Fair_V
Share-based Compensation (Fair Value Of Grant On Date Of Grant Using The Black-Scholes Options Pricing Model) (Details) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Risk-free interest rate (in hundredths) | 0.00% | 1.86% |
Expected volatility (in hundredths) | 0.00% | ' |
Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected volatility (in hundredths) | ' | 56.81% |
Expected lives (years) | ' | '4 years 2 months 19 days |
Minimum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected volatility (in hundredths) | ' | 49.71% |
Expected lives (years) | ' | '4 years 11 days |
Sharebased_Compensation_Summar
Share-based Compensation (Summary Of Status Of Company's Equity Compensations Plans) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Shares [Roll Forward] | ' | ' | ' |
Granted (in shares) | 215,000 | ' | ' |
Exercised (in shares) | ' | -63,874 | -64,149 |
Aggregate intrinsic value [Abstract] | ' | ' | ' |
Exercised | ' | $619,000 | $270,000 |
Equity Compensations Plans [Member] | Stock Options [Member] | ' | ' | ' |
Shares [Roll Forward] | ' | ' | ' |
Outstanding, beginning of period (in shares) | ' | 2,620,874 | ' |
Exercised (in shares) | ' | -63,874 | ' |
Outstanding, end of period (in shares) | ' | 2,557,000 | ' |
Exercisable, end of period (in shares) | ' | 1,891,250 | ' |
Weighted average exercise price [Roll Forward] | ' | ' | ' |
Outstanding, beginning of period (in dollars per share) | ' | $9.70 | ' |
Exercised (in dollars per share) | ' | $9.27 | ' |
Outstanding, end of period (in dollars per share) | ' | $9.71 | ' |
Exercisable, end of period (in dollars per share) | ' | $10.06 | ' |
Weighted-average remaining contractual term [Abstract] | ' | ' | ' |
Outstanding, beginning of period | ' | '5 years 9 months 22 days | ' |
Outstanding, end of period | ' | '5 years 9 months 22 days | ' |
Exercisable, end of period | ' | '5 years 2 months 27 days | ' |
Aggregate intrinsic value [Abstract] | ' | ' | ' |
Exercisable, end of period | ' | $4,986,887 | ' |
Sharebased_Compensation_Summar1
Share-based Compensation (Summary Of Status Of Company's Stock Appreciation Rights) (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Shares [Roll Forward] | ' | ' |
Outstanding, beginning of period (in shares) | 197,841 | ' |
Granted (in shares) | ' | 0 |
Exercised (in shares) | -49,460 | ' |
Outstanding, end of period (in shares) | 148,381 | 197,841 |
Weighted-average price [Roll forward] | ' | ' |
Outstanding, beginning of period (in dollars per share) | $10.46 | ' |
Outstanding, end of period (in dollars per share) | ' | $10.46 |
Average remaining contractual term [Abstract] | ' | ' |
Outstanding at beginning of period | ' | '2 years 7 months 6 days |
Outstanding at end of period | ' | '2 years 7 months 6 days |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Minimum exercisable prices (in dollars per share) | $15.94 | $14.24 | $20.98 | $14.24 |
Maximum exercisable prices (in dollars per share) | $25.43 | $25.43 | $25.43 | $25.43 |
Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Common stock options (in shares) | 227,750 | 656,091 | 3,000 | 656,091 |
Earnings_Per_Share_Earnings_Pe
Earnings Per Share (Earnings Per Share) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income (numerator) [Abstract] | ' | ' | ' | ' |
Basic earnings per share, Net income available to common shareholders | $338 | $5,592 | $636 | $12,998 |
Diluted earnings per share, Net income available to common shareholders | $338 | $5,592 | $636 | $12,998 |
Shares (denominator) [Abstract] | ' | ' | ' | ' |
Basic earnings per share, Net income available to common shareholders (in shares) | 37,706,491 | 37,343,396 | 37,693,624 | 37,317,750 |
Effect of dilutive securities, Common stock options (in shares) | 779,814 | 631,418 | 892,109 | 559,962 |
Diluted earnings per share, Net income available to common shareholders (in shares) | 38,486,305 | 37,974,814 | 38,585,733 | 37,877,712 |
Per share amount [Abstract] | ' | ' | ' | ' |
Basic earnings per share, Net income available to common shareholders (in dollars per share) | $0.01 | $0.15 | $0.02 | $0.35 |
Effect of dilutive securities, Common stock options (in dollars per share) | ' | ' | ' | ($0.01) |
Diluted earnings per share, Net income available to common shareholders (in dollars per share) | $0.01 | $0.15 | $0.02 | $0.34 |
Investment_Securities_Narrativ
Investment Securities (Narrative) (Details) (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
security | security | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ' | ' | ' |
Investment in Federal Home Loan and Atlantic Central Bankers Bank stock recorded at cost | $3,200,000 | ' | $3,200,000 |
Investment securities pledged to secure securities sold under repurchase agreements | 26,200,000 | ' | 29,100,000 |
Other than temporary impairment charges | 0 | 20,000 | ' |
Number of trust preferred securities with impairment charges | ' | 1 | ' |
Number of security secured by diversified portfolio of corporate securities | 3 | ' | ' |
Number of security secured by corporate senior note | 1 | ' | ' |
Number of single issuer trust preferred securities | 3 | ' | ' |
Number of pooled issuer trust preferred securities | 1 | ' | ' |
Amortized cost | 97,130,000 | ' | 97,205,000 |
Amortized cost of single issuer trust preferred securities | 14,000,000 | ' | ' |
Amortized cost of single issuer trust preferred securities issued by banks | 1,900,000 | ' | ' |
Number of single issuer trust preferred securities issued by insurance companies | 2 | ' | ' |
Amortized cost of single issuer trust preferred securities issued by insurance companies | 12,100,000 | ' | ' |
Number of pooled issuer trust preferred securities | 1 | ' | ' |
Amortized cost of pooled trust preferred securities | 332,000 | ' | ' |
Book value of corporate securities | 75,800,000 | ' | ' |
Amortized cost of senior note | 7,000,000 | ' | ' |
Single Issuers [Member] | ' | ' | ' |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ' | ' | ' |
Amortized cost | 21,036,000 | ' | 21,027,000 |
Pooled [Member] | ' | ' | ' |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ' | ' | ' |
Number of pooled issuer trust preferred securities | 1 | ' | ' |
Amortized cost | $76,094,000 | ' | $76,178,000 |
Investment_Securities_Schedule
Investment Securities (Schedule Of Investment Securities Classified As Available-for-sale And Held-to-maturity) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Available-for-sale [Abstract] | ' | ' |
Amortized cost | $1,441,308 | $1,251,262 |
Gross unrealized gains | 20,695 | 9,164 |
Gross unrealized losses | -2,377 | -7,309 |
Fair value | 1,459,626 | 1,253,117 |
Held-to-maturity [Abstract] | ' | ' |
Amortized cost | 97,130 | 97,205 |
Gross unrealized gains | 1,974 | 2,047 |
Gross unrealized losses | -4,177 | -4,222 |
Fair value | 94,927 | 95,030 |
U.S. Government Agency Securities [Member] | ' | ' |
Available-for-sale [Abstract] | ' | ' |
Amortized cost | 20,617 | 10,680 |
Gross unrealized gains | 71 | 46 |
Gross unrealized losses | -3 | ' |
Fair value | 20,685 | 10,726 |
Federally insured student loan securities [Member] | ' | ' |
Available-for-sale [Abstract] | ' | ' |
Amortized cost | 128,901 | 147,717 |
Gross unrealized gains | 946 | 575 |
Gross unrealized losses | -113 | -719 |
Fair value | 129,734 | 147,573 |
Tax-exempt Obligations Of States And Political Subdivisions [Member] | ' | ' |
Available-for-sale [Abstract] | ' | ' |
Amortized cost | 512,216 | 378,180 |
Gross unrealized gains | 11,131 | 2,721 |
Gross unrealized losses | -221 | -1,951 |
Fair value | 523,126 | 378,950 |
Taxable obligations of states and political subdivisions [Member] | ' | ' |
Available-for-sale [Abstract] | ' | ' |
Amortized cost | 63,225 | 78,638 |
Gross unrealized gains | 2,325 | 1,276 |
Gross unrealized losses | -125 | -746 |
Fair value | 65,425 | 79,168 |
Residential Mortgage-backed Securities [Member] | ' | ' |
Available-for-sale [Abstract] | ' | ' |
Amortized cost | 380,408 | 323,199 |
Gross unrealized gains | 3,117 | 1,838 |
Gross unrealized losses | -900 | -2,263 |
Fair value | 382,625 | 322,774 |
Commercial Mortgage-backed Securities [Member] | ' | ' |
Available-for-sale [Abstract] | ' | ' |
Amortized cost | 142,960 | 118,838 |
Gross unrealized gains | 1,813 | 1,919 |
Gross unrealized losses | -784 | -410 |
Fair value | 143,989 | 120,347 |
Corporate And Other Debt Securities [Member] | ' | ' |
Available-for-sale [Abstract] | ' | ' |
Amortized cost | 192,981 | 194,010 |
Gross unrealized gains | 1,292 | 789 |
Gross unrealized losses | -231 | -1,220 |
Fair value | 194,042 | 193,579 |
Single Issuers [Member] | ' | ' |
Held-to-maturity [Abstract] | ' | ' |
Amortized cost | 21,036 | 21,027 |
Gross unrealized gains | 473 | 367 |
Gross unrealized losses | -4,177 | -4,222 |
Fair value | 17,332 | 17,172 |
Pooled [Member] | ' | ' |
Held-to-maturity [Abstract] | ' | ' |
Amortized cost | 76,094 | 76,178 |
Gross unrealized gains | 1,501 | 1,680 |
Fair value | $77,595 | $77,858 |
Investment_Securities_Amortize
Investment Securities (Amortized Cost And Fair Value Of Investment Securities By Contractual Maturity) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale, Amortized cost [Abstract] | ' | ' |
Due before one year | $88,521 | ' |
Due after one year through five years | 364,784 | ' |
Due after five years through ten years | 274,007 | ' |
Due after ten years | 713,996 | ' |
Total | 1,441,308 | ' |
Available-for-sale, Fair value [Abstract] | ' | ' |
Due before one year | 88,845 | ' |
Due after one year through five years | 367,817 | ' |
Due after five years through ten years | 279,089 | ' |
Due after ten years | 723,875 | ' |
Fair value | 1,459,626 | 1,253,117 |
Held-to-maturity, Amortized cost [Abstract] | ' | ' |
Due after five years through ten years | 10,203 | ' |
Due after ten years | 86,927 | ' |
Held-to-maturity Securities, Total | 97,130 | 97,205 |
Held-to-maturity, Fair value [Abstract] | ' | ' |
Due after five years through ten years | 10,276 | ' |
Due after ten years | 84,651 | ' |
Fair value | $94,927 | $95,030 |
Investment_Securities_Availabl
Investment Securities (Available-for-sale And Held-to-maturity Securities, Continuous Unrealized Loss Position) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
security | security | |
Available-for-sale, continuous unrealized loss position [Abstract] | ' | ' |
Number of securities | 169 | 459 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ' | ' |
Less than 12 months, Fair Value | $143,489 | $592,970 |
12 months or longer, Fair Value | 188,514 | 67,734 |
Total, Fair Value | 332,003 | 660,704 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ' | ' |
Less than 12 months, Unrealized losses | -961 | -6,443 |
12 months or longer, Unrealized losses | -1,416 | -866 |
Total, Unrealized losses | -2,377 | -7,309 |
Held-to-maturity, continuous unrealized loss position [Abstract] | ' | ' |
Number of securities | 2 | 2 |
Held-to-maturity, continuous unrealized loss position, Fair Value [Abstract] | ' | ' |
12 months or longer, Fair Value | 7,941 | 7,887 |
Total, Fair Value | 7,941 | 7,887 |
Held-to-maturity, continuous unrealized loss position, Unrealized losses [Abstract] | ' | ' |
12 months or longer, Unrealized losses | -4,177 | -4,222 |
Total, Unrealized losses | -4,177 | -4,222 |
U.S. Government Agency Securities [Member] | ' | ' |
Available-for-sale, continuous unrealized loss position [Abstract] | ' | ' |
Number of securities | 1 | ' |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ' | ' |
Less than 12 months, Fair Value | 1,792 | ' |
Total, Fair Value | 1,792 | ' |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ' | ' |
Less than 12 months, Unrealized losses | -3 | ' |
Total, Unrealized losses | -3 | ' |
Federally insured student loan securities [Member] | ' | ' |
Available-for-sale, continuous unrealized loss position [Abstract] | ' | ' |
Number of securities | 5 | 4 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ' | ' |
Less than 12 months, Fair Value | ' | 3,300 |
12 months or longer, Fair Value | 40,955 | ' |
Total, Fair Value | 40,955 | 3,300 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ' | ' |
12 months or longer, Unrealized losses | -113 | ' |
Total, Unrealized losses | -113 | ' |
Tax-exempt Obligations Of States And Political Subdivisions [Member] | ' | ' |
Available-for-sale, continuous unrealized loss position [Abstract] | ' | ' |
Number of securities | 61 | 9 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ' | ' |
Less than 12 months, Fair Value | 19,994 | 50,498 |
12 months or longer, Fair Value | 24,949 | 6,202 |
Total, Fair Value | 44,943 | 56,700 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ' | ' |
Less than 12 months, Unrealized losses | -90 | -676 |
12 months or longer, Unrealized losses | -131 | -44 |
Total, Unrealized losses | -221 | -720 |
Taxable obligations of states and political subdivisions [Member] | ' | ' |
Available-for-sale, continuous unrealized loss position [Abstract] | ' | ' |
Number of securities | 13 | 229 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ' | ' |
Less than 12 months, Fair Value | ' | 169,995 |
12 months or longer, Fair Value | 11,377 | ' |
Total, Fair Value | 11,377 | 169,995 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ' | ' |
Less than 12 months, Unrealized losses | ' | -1,951 |
12 months or longer, Unrealized losses | -125 | ' |
Total, Unrealized losses | -125 | -1,951 |
Residential Mortgage-backed Securities [Member] | ' | ' |
Available-for-sale, continuous unrealized loss position [Abstract] | ' | ' |
Number of securities | 30 | 52 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ' | ' |
Less than 12 months, Fair Value | 46,700 | 46,888 |
12 months or longer, Fair Value | 72,778 | 1,808 |
Total, Fair Value | 119,478 | 48,696 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ' | ' |
Less than 12 months, Unrealized losses | -195 | -737 |
12 months or longer, Unrealized losses | -705 | -9 |
Total, Unrealized losses | -900 | -746 |
Commercial Mortgage-backed Securities [Member] | ' | ' |
Available-for-sale, continuous unrealized loss position [Abstract] | ' | ' |
Number of securities | 25 | 38 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ' | ' |
Less than 12 months, Fair Value | 70,579 | 147,717 |
12 months or longer, Fair Value | 7,909 | 55,064 |
Total, Fair Value | 78,488 | 202,781 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ' | ' |
Less than 12 months, Unrealized losses | -665 | -1,656 |
12 months or longer, Unrealized losses | -119 | -606 |
Total, Unrealized losses | -784 | -2,262 |
Corporate And Other Debt Securities [Member] | ' | ' |
Available-for-sale, continuous unrealized loss position [Abstract] | ' | ' |
Number of securities | 34 | 26 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ' | ' |
Less than 12 months, Fair Value | 4,424 | 76,668 |
12 months or longer, Fair Value | 30,546 | 405 |
Total, Fair Value | 34,970 | 77,073 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ' | ' |
Less than 12 months, Unrealized losses | -8 | -399 |
12 months or longer, Unrealized losses | -223 | -11 |
Total, Unrealized losses | -231 | -410 |
Other Equity Securities [Member] | ' | ' |
Available-for-sale, continuous unrealized loss position [Abstract] | ' | ' |
Number of securities | ' | 101 |
Available-for-sale, continuous unrealized loss position, Fair Value [Abstract] | ' | ' |
Less than 12 months, Fair Value | ' | 97,904 |
12 months or longer, Fair Value | ' | 4,255 |
Total, Fair Value | ' | 102,159 |
Available-for-sale, continuous unrealized loss position, Unrealized losses [Abstract] | ' | ' |
Less than 12 months, Unrealized losses | ' | -1,024 |
12 months or longer, Unrealized losses | ' | -196 |
Total, Unrealized losses | ' | -1,220 |
Single Issuers [Member] | ' | ' |
Held-to-maturity, continuous unrealized loss position [Abstract] | ' | ' |
Number of securities | 2 | 2 |
Held-to-maturity, continuous unrealized loss position, Fair Value [Abstract] | ' | ' |
12 months or longer, Fair Value | 7,941 | 7,887 |
Total, Fair Value | 7,941 | 7,887 |
Held-to-maturity, continuous unrealized loss position, Unrealized losses [Abstract] | ' | ' |
12 months or longer, Unrealized losses | -4,177 | -4,222 |
Total, Unrealized losses | ($4,177) | ($4,222) |
Investment_Securities_Schedule1
Investment Securities (Schedule Of Additional Information Related To Single Issuer And Pooled Trust Preferred Securities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | |
In Thousands, unless otherwise specified | Single Issuers [Member] | Single Issuers [Member] | Single Issuers [Member] | Single Issuers [Member] | Single Issuers [Member] | Pooled [Member] | Pooled [Member] | Pooled [Member] | |||
Security A [Member] | Security B [Member] | Security C [Member] | Pool A [Member] | ||||||||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Class | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Mezzanine * | [1] |
Book value | $97,130 | $97,205 | ' | ' | $1,897 | $3,181 | $8,937 | ' | ' | $332 | |
Fair value | 94,927 | 95,030 | 17,332 | 17,172 | 2,000 | 2,884 | 5,056 | 77,595 | 77,858 | 407 | |
Unrealized gain/(loss) | ' | ' | ' | ' | $103 | ($297) | ($3,881) | ' | ' | $75 | |
Credit rating | ' | ' | ' | ' | 'Not rated | 'Not rated | 'Not rated | ' | ' | 'CAA1 | |
Actual deferrals and defaults as a percentage of original collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.27% | |
Expected deferrals and defaults as a percentage of remaining collateral, annual | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | |
Recovery | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | |
Lag | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | |
[1] | The actual deferrals and defaults as a percentage of the original collateral were 20.27%. Assumed losses resulting from expected deferrals and defaults as a percentage of remaining collateral is .75% annually with 15% recovery with a two year lag. |
Loans_Narrative_Details
Loans (Narrative) (Details) (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | |
Loans [Abstract] | ' | ' | ' |
Commercial loans held for sale | $154,474,000 | $69,904,000 | ' |
Related fair value gains | 4,600,000 | ' | ' |
Gain from loans held-for-sale | 8,400,000 | ' | ' |
Demand deposit overdrafts reclassified as loan balances | 5,400,000 | 2,700,000 | ' |
Non-accrual leases | 0 | 0 | 0 |
Pre-modification recorded investment | 0 | ' | ' |
Commitments to lend additional funds to loan customers whose terms have been modified in troubled debt restructurings | 0 | 0 | ' |
Loans acquired with deteriorated credit quality | $0 | $0 | ' |
Loans_Major_Classifications_Of
Loans (Major Classifications Of Loans) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Major classifications of loans [Abstract] | ' | ' | ' |
Total loans, gross | $2,039,810 | $1,951,606 | ' |
Unamortized loan fees and costs | 9,751 | 6,839 | ' |
Total loans, net of deferred loan fees and costs | 2,049,561 | 1,958,445 | 1,967,382 |
Commercial [Member] | ' | ' | ' |
Major classifications of loans [Abstract] | ' | ' | ' |
Total loans, gross | 476,799 | 450,113 | ' |
Total loans, net of deferred loan fees and costs | 476,799 | 450,113 | 481,537 |
Commercial Mortgage [Member] | ' | ' | ' |
Major classifications of loans [Abstract] | ' | ' | ' |
Total loans, gross | 593,622 | 625,810 | ' |
Total loans, net of deferred loan fees and costs | 593,622 | 625,810 | 651,034 |
Construction [Member] | ' | ' | ' |
Major classifications of loans [Abstract] | ' | ' | ' |
Total loans, gross | 264,667 | 258,889 | ' |
Total loans, net of deferred loan fees and costs | 264,667 | 258,889 | 266,911 |
Total commercial loans [Member] | ' | ' | ' |
Major classifications of loans [Abstract] | ' | ' | ' |
Total loans, gross | 1,335,088 | 1,334,812 | ' |
Direct Lease Financing [Member] | ' | ' | ' |
Major classifications of loans [Abstract] | ' | ' | ' |
Total loans, gross | 185,878 | 175,610 | ' |
Total loans, net of deferred loan fees and costs | 185,878 | 175,610 | 172,250 |
Residential Mortgage [Member] | ' | ' | ' |
Major classifications of loans [Abstract] | ' | ' | ' |
Total loans, gross | 96,009 | 94,850 | ' |
Total loans, net of deferred loan fees and costs | 96,009 | 94,850 | 93,960 |
Consumer - other [Member] | ' | ' | ' |
Major classifications of loans [Abstract] | ' | ' | ' |
Total loans, gross | 422,835 | 346,334 | ' |
Total loans, net of deferred loan fees and costs | 378,558 | 302,690 | ' |
Construction 1-4 Family [Member] | ' | ' | ' |
Major classifications of loans [Abstract] | ' | ' | ' |
Total loans, gross | 40,226 | 48,394 | ' |
Commercial Construction, Acquisition And Development [Member] | ' | ' | ' |
Major classifications of loans [Abstract] | ' | ' | ' |
Total loans, gross | $224,441 | $210,495 | ' |
Loans_Impaired_Loans_Details
Loans (Impaired Loans) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
With an allowance recorded [Abstract] | ' | ' |
Related allowance | $8,400 | ' |
Construction [Member] | ' | ' |
Without an allowance recorded [Abstract] | ' | ' |
Recorded investment | 3,344 | 1,104 |
Unpaid principal balance | 11,102 | 1,454 |
Average recorded investment | 3,856 | 1,506 |
With an allowance recorded [Abstract] | ' | ' |
Recorded investment | 8,956 | 563 |
Unpaid principal balance | 8,956 | 563 |
Related allowance | 3,780 | 353 |
Average recorded investment | 5,390 | 2,437 |
Total allowance recorded [Abstract] | ' | ' |
Recorded investment | 12,300 | 1,667 |
Unpaid principal balance | 20,058 | 2,017 |
Related allowance | 3,780 | 353 |
Average recorded investment | 9,246 | 3,943 |
Commercial Mortgage [Member] | ' | ' |
Without an allowance recorded [Abstract] | ' | ' |
Recorded investment | 8,240 | 1,759 |
Unpaid principal balance | 8,583 | 1,759 |
Average recorded investment | 3,950 | 4,662 |
With an allowance recorded [Abstract] | ' | ' |
Recorded investment | 2,550 | 4,102 |
Unpaid principal balance | 2,550 | 4,102 |
Related allowance | 522 | 1,476 |
Average recorded investment | 4,404 | 4,581 |
Total allowance recorded [Abstract] | ' | ' |
Recorded investment | 10,790 | 5,861 |
Unpaid principal balance | 11,133 | 5,861 |
Related allowance | 522 | 1,476 |
Average recorded investment | 8,354 | 9,243 |
Commercial [Member] | ' | ' |
Without an allowance recorded [Abstract] | ' | ' |
Recorded investment | 5,293 | 9,021 |
Unpaid principal balance | 8,271 | 11,131 |
Average recorded investment | 5,597 | 7,014 |
With an allowance recorded [Abstract] | ' | ' |
Recorded investment | 7,185 | 20,846 |
Unpaid principal balance | 14,531 | 21,276 |
Related allowance | 3,811 | 9,369 |
Average recorded investment | 15,890 | 15,670 |
Total allowance recorded [Abstract] | ' | ' |
Recorded investment | 12,478 | 29,867 |
Unpaid principal balance | 22,802 | 32,407 |
Related allowance | 3,811 | 9,369 |
Average recorded investment | 21,487 | 22,684 |
Consumer - Home Equity [Member] | ' | ' |
Without an allowance recorded [Abstract] | ' | ' |
Recorded investment | 827 | 927 |
Unpaid principal balance | 827 | 927 |
Average recorded investment | 894 | 927 |
With an allowance recorded [Abstract] | ' | ' |
Recorded investment | 1,353 | 429 |
Unpaid principal balance | 1,778 | 429 |
Related allowance | 282 | 135 |
Average recorded investment | 1,153 | 190 |
Total allowance recorded [Abstract] | ' | ' |
Recorded investment | 2,180 | 1,356 |
Unpaid principal balance | 2,605 | 1,356 |
Related allowance | 282 | 135 |
Average recorded investment | 2,047 | 1,117 |
Residential Mortgage [Member] | ' | ' |
Without an allowance recorded [Abstract] | ' | ' |
Recorded investment | 1,175 | 1,175 |
Unpaid principal balance | 1,175 | 1,175 |
Average recorded investment | 1,175 | 873 |
With an allowance recorded [Abstract] | ' | ' |
Recorded investment | ' | 841 |
Unpaid principal balance | ' | 841 |
Related allowance | ' | 84 |
Average recorded investment | 280 | 373 |
Total allowance recorded [Abstract] | ' | ' |
Recorded investment | 1,175 | 2,016 |
Unpaid principal balance | 1,175 | 2,016 |
Related allowance | ' | 84 |
Average recorded investment | $1,455 | $1,246 |
Loans_Nonaccrual_Loans_Loans_P
Loans (Non-accrual Loans, Loans Past Due 90 Days And Other Real Estate Owned And Delinquent Loans By Loan Category) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ' | ' | ' |
Total non-accrual loans | $38,714 | $40,551 | $41,743 |
Loans past due 90 days or more | 1,031 | 110 | 755 |
Total non-performing loans | 2,039,810 | 1,951,606 | ' |
Other real estate owned | 26,781 | 26,295 | 6,308 |
Total non-performing assets | 66,526 | 66,956 | 48,806 |
Nonperforming Financing Receivable [Member] | ' | ' | ' |
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ' | ' | ' |
Total non-performing loans | 39,745 | 40,661 | 42,498 |
Construction [Member] | ' | ' | ' |
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ' | ' | ' |
Total non-accrual loans | 12,300 | 1,667 | 2,352 |
Total non-performing loans | 264,667 | 258,889 | ' |
Commercial Mortgage [Member] | ' | ' | ' |
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ' | ' | ' |
Total non-accrual loans | 10,790 | 5,861 | 9,324 |
Total non-performing loans | 593,622 | 625,810 | ' |
Commercial [Member] | ' | ' | ' |
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ' | ' | ' |
Total non-accrual loans | 12,269 | 29,651 | 26,935 |
Total non-performing loans | 476,799 | 450,113 | ' |
Consumer Loan [Member] | ' | ' | ' |
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ' | ' | ' |
Total non-accrual loans | 2,180 | 1,356 | 1,116 |
Residential Mortgage [Member] | ' | ' | ' |
Financing Receivables Past Due and Other Real Estate Owned [Line Items] | ' | ' | ' |
Total non-accrual loans | 1,175 | 2,016 | 2,016 |
Total non-performing loans | $96,009 | $94,850 | ' |
Loans_Loans_Modified_And_Consi
Loans (Loans Modified And Considered Troubled Debt Restructurings) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
loan | loan | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number | 6 | 5 |
Pre-modification recorded investment | $4,449 | $3,535 |
Post-modification recorded investment | 4,449 | 3,535 |
Commercial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number | 1 | 1 |
Pre-modification recorded investment | 209 | 217 |
Post-modification recorded investment | 209 | 217 |
Commercial Mortgage [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number | 4 | 3 |
Pre-modification recorded investment | 3,977 | 3,055 |
Post-modification recorded investment | 3,977 | 3,055 |
Construction [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number | 1 | 1 |
Pre-modification recorded investment | 263 | 263 |
Post-modification recorded investment | $263 | $263 |
Loans_Loans_Modified_As_Troubl
Loans (Loans Modified As Troubled Debt Restructurings) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ' | ' |
Adjusted interest rate | $3,763 | $681 |
Extended maturity | 686 | 694 |
Combined rate and maturity | ' | 2,160 |
Commercial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Extended maturity | 209 | 217 |
Commercial Mortgage [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Adjusted interest rate | 3,763 | 681 |
Extended maturity | 214 | 214 |
Combined rate and maturity | ' | 2,160 |
Construction [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Extended maturity | $263 | $263 |
Loans_Changes_In_Allowance_For
Loans (Changes In Allowance For Loan And Lease Losses By Loan Category) (Details) (USD $) | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Changes in allowance for loan and lease losses by loan category [Abstract] | ' | ' | ' |
Beginning balance | $38,182 | $33,040 | $33,040 |
Charge-offs | -24,434 | -8,355 | -25,638 |
Recoveries | 397 | 589 | 1,280 |
Provision (credit) | 32,800 | 15,000 | 29,500 |
Ending balance | 46,945 | 40,274 | 38,182 |
Ending balance: Individually evaluated for impairment | 8,395 | 8,692 | 11,417 |
Ending balance: Collectively evaluated for impairment | 38,550 | 31,582 | 26,765 |
Loans [Abstract] | ' | ' | ' |
Ending balance | 2,049,561 | 1,967,382 | 1,958,445 |
Ending balance: Individually evaluated for impairment | 38,923 | 41,743 | 40,767 |
Ending balance: Collectively evaluated for impairment | 2,010,638 | 1,925,639 | 1,917,678 |
Commercial [Member] | ' | ' | ' |
Changes in allowance for loan and lease losses by loan category [Abstract] | ' | ' | ' |
Beginning balance | 18,206 | 12,244 | 12,244 |
Charge-offs | -11,530 | -1,729 | -9,920 |
Recoveries | 60 | 38 | 67 |
Provision (credit) | 11,188 | 5,014 | 15,815 |
Ending balance | 17,924 | 15,567 | 18,206 |
Ending balance: Individually evaluated for impairment | 3,811 | 7,302 | 9,369 |
Ending balance: Collectively evaluated for impairment | 14,113 | 8,265 | 8,837 |
Loans [Abstract] | ' | ' | ' |
Ending balance | 476,799 | 481,537 | 450,113 |
Ending balance: Individually evaluated for impairment | 12,478 | 26,936 | 29,867 |
Ending balance: Collectively evaluated for impairment | 464,321 | 454,601 | 420,246 |
Commercial Mortgage [Member] | ' | ' | ' |
Changes in allowance for loan and lease losses by loan category [Abstract] | ' | ' | ' |
Beginning balance | 6,884 | 6,223 | 6,223 |
Charge-offs | -3,688 | -2,005 | -4,851 |
Recoveries | ' | 12 | 98 |
Provision (credit) | 4,635 | 5,755 | 5,414 |
Ending balance | 7,831 | 9,985 | 6,884 |
Ending balance: Individually evaluated for impairment | 522 | 1,249 | 1,476 |
Ending balance: Collectively evaluated for impairment | 7,309 | 8,736 | 5,408 |
Loans [Abstract] | ' | ' | ' |
Ending balance | 593,622 | 651,034 | 625,810 |
Ending balance: Individually evaluated for impairment | 10,790 | 9,323 | 5,861 |
Ending balance: Collectively evaluated for impairment | 582,832 | 641,711 | 619,949 |
Construction [Member] | ' | ' | ' |
Changes in allowance for loan and lease losses by loan category [Abstract] | ' | ' | ' |
Beginning balance | 10,559 | 9,505 | 9,505 |
Charge-offs | -8,546 | -4,382 | -10,295 |
Recoveries | 317 | 481 | 1,019 |
Provision (credit) | 15,142 | 5,061 | 10,330 |
Ending balance | 17,472 | 10,665 | 10,559 |
Ending balance: Individually evaluated for impairment | 3,780 | 90 | 353 |
Ending balance: Collectively evaluated for impairment | 13,692 | 10,575 | 10,206 |
Loans [Abstract] | ' | ' | ' |
Ending balance | 264,667 | 266,911 | 258,889 |
Ending balance: Individually evaluated for impairment | 12,300 | 2,352 | 1,667 |
Ending balance: Collectively evaluated for impairment | 252,367 | 264,559 | 257,222 |
Residential Mortgage [Member] | ' | ' | ' |
Changes in allowance for loan and lease losses by loan category [Abstract] | ' | ' | ' |
Beginning balance | 661 | 2,089 | 2,089 |
Charge-offs | -108 | -54 | -54 |
Provision (credit) | -16 | -14 | -1,374 |
Ending balance | 537 | 2,021 | 661 |
Ending balance: Individually evaluated for impairment | ' | ' | 84 |
Ending balance: Collectively evaluated for impairment | 537 | 2,021 | 577 |
Loans [Abstract] | ' | ' | ' |
Ending balance | 96,009 | 93,960 | 94,850 |
Ending balance: Individually evaluated for impairment | 1,175 | 2,016 | 2,016 |
Ending balance: Collectively evaluated for impairment | 94,834 | 91,944 | 92,834 |
Consumer Loan [Member] | ' | ' | ' |
Changes in allowance for loan and lease losses by loan category [Abstract] | ' | ' | ' |
Beginning balance | 937 | 1,799 | 1,799 |
Charge-offs | -562 | -185 | -489 |
Recoveries | 20 | 50 | 88 |
Provision (credit) | 1,501 | -501 | -461 |
Ending balance | 1,896 | 1,163 | 937 |
Ending balance: Individually evaluated for impairment | 282 | 51 | 135 |
Ending balance: Collectively evaluated for impairment | 1,614 | 1,112 | 802 |
Loans [Abstract] | ' | ' | ' |
Ending balance | 422,835 | 295,576 | 346,334 |
Ending balance: Individually evaluated for impairment | 2,180 | 1,116 | 1,356 |
Ending balance: Collectively evaluated for impairment | 420,655 | 294,460 | 344,978 |
Direct Lease Financing [Member] | ' | ' | ' |
Changes in allowance for loan and lease losses by loan category [Abstract] | ' | ' | ' |
Beginning balance | 311 | 239 | 239 |
Charge-offs | ' | ' | -29 |
Recoveries | ' | 8 | 8 |
Provision (credit) | 690 | 254 | 93 |
Ending balance | 1,001 | 501 | 311 |
Ending balance: Collectively evaluated for impairment | 1,001 | 501 | 311 |
Loans [Abstract] | ' | ' | ' |
Ending balance | 185,878 | 172,250 | 175,610 |
Ending balance: Collectively evaluated for impairment | 185,878 | 172,250 | 175,610 |
Unallocated [Member] | ' | ' | ' |
Changes in allowance for loan and lease losses by loan category [Abstract] | ' | ' | ' |
Beginning balance | 624 | 941 | 941 |
Provision (credit) | -340 | -569 | -317 |
Ending balance | 284 | 372 | 624 |
Ending balance: Collectively evaluated for impairment | 284 | 372 | 624 |
Loans [Abstract] | ' | ' | ' |
Ending balance | 9,751 | 6,114 | 6,839 |
Ending balance: Collectively evaluated for impairment | $9,751 | $6,114 | $6,839 |
Loans_Delinquent_Loans_By_Loan
Loans (Delinquent Loans By Loan Category) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days past due | $5,807 | $4,868 | ' |
60-89 Days past due | 2,328 | 7,292 | ' |
Greater than 90 days | 1,031 | 110 | ' |
Non-accrual | 38,714 | 40,551 | 41,743 |
Total past due | 47,880 | 52,821 | ' |
Current | 2,001,681 | 1,905,624 | ' |
Total loans, net of deferred loan fees and costs | 2,049,561 | 1,958,445 | 1,967,382 |
Commercial [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days past due | 785 | ' | ' |
Non-accrual | 12,269 | 29,651 | 26,935 |
Total past due | 13,054 | 29,651 | ' |
Current | 463,745 | 420,462 | ' |
Total loans, net of deferred loan fees and costs | 476,799 | 450,113 | 481,537 |
Commercial Mortgage [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days past due | 665 | 998 | ' |
60-89 Days past due | ' | 5,999 | ' |
Non-accrual | 10,790 | 5,861 | 9,324 |
Total past due | 11,455 | 12,858 | ' |
Current | 582,167 | 612,952 | ' |
Total loans, net of deferred loan fees and costs | 593,622 | 625,810 | 651,034 |
Construction [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Greater than 90 days | 913 | ' | ' |
Non-accrual | 12,300 | 1,667 | 2,352 |
Total past due | 13,213 | 1,667 | ' |
Current | 251,454 | 257,222 | ' |
Total loans, net of deferred loan fees and costs | 264,667 | 258,889 | 266,911 |
Direct Lease Financing [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days past due | 3,598 | 3,427 | ' |
60-89 Days past due | 2,328 | 1,293 | ' |
Greater than 90 days | 118 | 110 | ' |
Total past due | 6,044 | 4,830 | ' |
Current | 179,834 | 170,780 | ' |
Total loans, net of deferred loan fees and costs | 185,878 | 175,610 | 172,250 |
Consumer - other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days past due | 750 | 425 | ' |
Non-accrual | 1,257 | 1,356 | ' |
Total past due | 2,007 | 1,781 | ' |
Current | 376,551 | 300,909 | ' |
Total loans, net of deferred loan fees and costs | 378,558 | 302,690 | ' |
Consumer - Home Equity [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days past due | 9 | 18 | ' |
Non-accrual | 923 | ' | ' |
Total past due | 932 | 18 | ' |
Current | 43,345 | 43,626 | ' |
Total loans, net of deferred loan fees and costs | 44,277 | 43,644 | ' |
Residential Mortgage [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Non-accrual | 1,175 | 2,016 | 2,016 |
Total past due | 1,175 | 2,016 | ' |
Current | 94,834 | 92,834 | ' |
Total loans, net of deferred loan fees and costs | 96,009 | 94,850 | 93,960 |
Unallocated [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | 9,751 | 6,839 | ' |
Total loans, net of deferred loan fees and costs | $9,751 | $6,839 | $6,114 |
Loans_Loans_By_Categories_Deta
Loans (Loans By Categories) (Details) (USD $) | 6 Months Ended | ||||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | |||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | $2,049,561,000 | $1,958,445,000 | $1,967,382,000 | ||
Threshold amount of commercial and construction loans and leases subject to loan review | 3,000,000 | ' | ' | ||
Percentage of loan portfolio review coverage (in hundredths) | 69.00% | 70.00% | ' | ||
Period of full review in loan committee for loans with relatively short term, minimum | '1 year | ' | ' | ||
Period of full review in loan committee for loans with relatively short term, maximum | '3 years | ' | ' | ||
Commercial [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 476,799,000 | 450,113,000 | 481,537,000 | ||
Construction [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 264,667,000 | 258,889,000 | 266,911,000 | ||
Commercial Mortgage [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 593,622,000 | 625,810,000 | 651,034,000 | ||
Residential Mortgage [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 96,009,000 | 94,850,000 | 93,960,000 | ||
Consumer Loan [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 422,835,000 | 346,334,000 | 295,576,000 | ||
Direct Lease Financing [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 185,878,000 | 175,610,000 | 172,250,000 | ||
Unallocated [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 9,751,000 | 6,839,000 | 6,114,000 | ||
Pass [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 1,367,832,000 | 1,322,221,000 | ' | ||
Pass [Member] | Commercial [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 423,927,000 | 377,482,000 | ' | ||
Pass [Member] | Construction [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 219,920,000 | 226,926,000 | ' | ||
Pass [Member] | Commercial Mortgage [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 483,611,000 | 517,164,000 | ' | ||
Pass [Member] | Residential Mortgage [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 25,718,000 | 25,812,000 | ' | ||
Pass [Member] | Consumer Loan [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 152,845,000 | 116,292,000 | ' | ||
Pass [Member] | Direct Lease Financing [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 61,811,000 | 58,545,000 | ' | ||
Special Mention [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 1,136,000 | 8,494,000 | ' | ||
Special Mention [Member] | Commercial [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 129,000 | 149,000 | ' | ||
Special Mention [Member] | Construction [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 912,000 | ' | ' | ||
Special Mention [Member] | Commercial Mortgage [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 95,000 | 6,997,000 | ' | ||
Special Mention [Member] | Consumer Loan [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | ' | 1,348,000 | ' | ||
Substandard [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 42,211,000 | 40,767,000 | ' | ||
Substandard [Member] | Commercial [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 7,760,000 | 29,867,000 | ' | ||
Substandard [Member] | Construction [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 15,957,000 | 1,667,000 | ' | ||
Substandard [Member] | Commercial Mortgage [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 11,455,000 | 5,861,000 | ' | ||
Substandard [Member] | Residential Mortgage [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 1,175,000 | 2,016,000 | ' | ||
Substandard [Member] | Consumer Loan [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 3,807,000 | 1,356,000 | ' | ||
Substandard [Member] | Direct Lease Financing [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 2,057,000 | ' | ' | ||
Doubtful [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 2,500,000 | ' | ' | ||
Doubtful [Member] | Construction [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 2,500,000 | ' | ' | ||
Unrated subject to review [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 61,082,000 | [1] | 64,344,000 | [1] | ' |
Unrated subject to review [Member] | Commercial [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 6,159,000 | [1] | 6,854,000 | [1] | ' |
Unrated subject to review [Member] | Construction [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 20,330,000 | [1] | 25,255,000 | [1] | ' |
Unrated subject to review [Member] | Commercial Mortgage [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 17,491,000 | [1] | 29,467,000 | [1] | ' |
Unrated subject to review [Member] | Consumer Loan [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 17,102,000 | [1] | 524,000 | [1] | ' |
Unrated subject to review [Member] | Direct Lease Financing [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | ' | 2,244,000 | [1] | ' | |
Unrated Not Subject To Review [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 574,800,000 | [1] | 522,619,000 | [1] | ' |
Unrated Not Subject To Review [Member] | Commercial [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 38,824,000 | [1] | 35,761,000 | [1] | ' |
Unrated Not Subject To Review [Member] | Construction [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 5,048,000 | [1] | 5,041,000 | [1] | ' |
Unrated Not Subject To Review [Member] | Commercial Mortgage [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 80,970,000 | [1] | 66,321,000 | [1] | ' |
Unrated Not Subject To Review [Member] | Residential Mortgage [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 69,116,000 | [1] | 67,022,000 | [1] | ' |
Unrated Not Subject To Review [Member] | Consumer Loan [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 249,081,000 | [1] | 226,814,000 | [1] | ' |
Unrated Not Subject To Review [Member] | Direct Lease Financing [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | 122,010,000 | [1] | 114,821,000 | [1] | ' |
Unrated Not Subject To Review [Member] | Unallocated [Member] | ' | ' | ' | ||
Loans by categories [Abstract] | ' | ' | ' | ||
Total loans | $9,751,000 | [1] | $6,839,000 | [1] | ' |
[1] | Unrated loans consist of performing loans which did not exhibit any negative characteristics which would require the loan to be evaluated, or fell below the dollar threshold requiring review under the Bankbs internal policy and are not loans otherwise selected in ongoing portfolio evaluation. The scope of the Bankbs loan review policy encompasses commercial and construction loans and leases which singly, or in aggregate for loans to related borrowers, exceed $3.0 million. The loan portfolio review coverage was approximately 69% at June 30, 2014 and approximately 70% at December 31, 2013. This review is performed by the loan review department, which is independent of the loan origination department and reports directly to the audit committee. Potential problem loans, which are identified by either the independent loan review department or line management, are reviewed. Adversely classified loans are reviewed quarterly by the independent loan review function of the Bank. Additionally, all loans are subject to ongoing monitoring by portfolio managers and loan officers. Also, many of the Bankbs loans are relatively short term, and are subject to reconsideration with a full review in loan committee between one and three years |
Transactions_With_Affiliates_D
Transactions With Affiliates (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
Resource America, Inc. [Member] | Resource America, Inc. [Member] | Atlas Energy, L.P. [Member] | Atlas Energy, L.P. [Member] | Affiliated Entity [Member] | Affiliated Entity [Member] | Directors, Executive Officers, Principal Stockholders and Affiliates [Member] | Directors, Executive Officers, Principal Stockholders and Affiliates [Member] | J.V.B. Financial Group, LLC (Formerly PrinceRidge Group LLC) [Member] | |||
SBA Loan [Member] | |||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent expense | ' | ' | $51,000 | $51,000 | $52,000 | $52,000 | ' | ' | ' | ' | ' |
Percentage of expenses paid as rent (in hundredths) | ' | ' | 50.00% | ' | 50.00% | ' | ' | ' | ' | ' | ' |
Deposits | 3,881,810,000 | 4,272,989,000 | ' | ' | ' | ' | 11,800,000 | 36,700,000 | ' | ' | ' |
Due from related parties | ' | ' | ' | ' | ' | ' | ' | ' | 47,000,000 | 34,900,000 | ' |
Payments to acquire available-for-sale securities, debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,400,000 |
Securities purchased under agreements to resell | $15,906,000 | $7,544,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | $472,500,000 | $1,240,000,000 |
Specific reserves and other write downs on impaired loans | 8,400,000 | ' |
Troubled debt restructured loans balance | 4,449,000 | 3,535,000 |
Troubled debt restructured loans, specific reserve | 562,000 | ' |
Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | $38,923,000 | $40,767,000 |
Fair_Value_Measurements_Carryi
Fair Value Measurements (Carrying Amount And Estimated Fair Value Of Assets And Liabilities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ' | ' |
Cash and cash equivalents | $472,500,000 | $1,240,000,000 |
Investment securities available-for-sale | 1,459,626,000 | 1,253,117,000 |
Investment securities held-to-maturity | 94,927,000 | 95,030,000 |
Securities purchased under agreements to resell | 15,906,000 | 7,544,000 |
Interest rate swaps | 1,300,000 | ' |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ' | ' |
Investment securities available-for-sale | 64,081,000 | 64,971,000 |
Investment securities held-to-maturity | 7,392,000 | 7,286,000 |
Securities purchased under agreements to resell | 15,906,000 | 7,544,000 |
Demand and interest checking | 3,563,447,000 | 3,722,602,000 |
Savings and money market | 307,927,000 | 536,162,000 |
Securities sold under agreements to repurchase | 17,481,000 | 21,221,000 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ' | ' |
Investment securities available-for-sale | 1,395,545,000 | 1,187,595,000 |
Interest rate swaps | -1,267,000 | 481,000 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ' | ' |
Investment securities available-for-sale | ' | 551,000 |
Investment securities held-to-maturity | 87,535,000 | 87,744,000 |
Federal Home Loan and Atlantic Central Bankers Bank stock | 3,409,000 | 3,209,000 |
Commercial loans held for sale | 154,474,000 | 69,904,000 |
Loans, net | 2,049,467,000 | 1,954,058,000 |
Time deposits | 10,474,000 | 14,444,000 |
Subordinated debentures | 7,963,000 | 9,287,000 |
Carrying Amount [Member] | ' | ' |
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ' | ' |
Investment securities available-for-sale | 1,459,626,000 | 1,253,117,000 |
Investment securities held-to-maturity | 97,130,000 | 97,205,000 |
Securities purchased under agreements to resell | 15,906,000 | 7,544,000 |
Federal Home Loan and Atlantic Central Bankers Bank stock | 3,409,000 | 3,209,000 |
Commercial loans held for sale | 154,474,000 | 69,904,000 |
Loans, net | 2,049,561,000 | 1,958,445,000 |
Demand and interest checking | 3,563,447,000 | 3,722,602,000 |
Savings and money market | 307,927,000 | 536,162,000 |
Time deposits | 10,436,000 | 14,225,000 |
Subordinated debentures | 13,401,000 | 13,401,000 |
Securities sold under agreements to repurchase | 17,481,000 | 21,221,000 |
Interest rate swaps | -1,267,000 | 481,000 |
Estimate of Fair Value [Member] | ' | ' |
Carrying amount and estimated fair value of assets and liabilities [Abstract] | ' | ' |
Investment securities available-for-sale | 1,459,626,000 | 1,253,117,000 |
Investment securities held-to-maturity | 94,927,000 | 95,030,000 |
Securities purchased under agreements to resell | 15,906,000 | 7,544,000 |
Federal Home Loan and Atlantic Central Bankers Bank stock | 3,409,000 | 3,209,000 |
Commercial loans held for sale | 154,474,000 | 69,904,000 |
Loans, net | 2,049,467,000 | 1,954,058,000 |
Demand and interest checking | 3,563,447,000 | 3,722,602,000 |
Savings and money market | 307,927,000 | 536,162,000 |
Time deposits | 10,474,000 | 14,444,000 |
Subordinated debentures | 7,963,000 | 9,287,000 |
Securities sold under agreements to repurchase | 17,481,000 | 21,221,000 |
Interest rate swaps | ($1,267,000) | $481,000 |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets Measured At Fair Value On A Recurring And Nonrecurring Basis) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets measured at fair value on a recurring basis [Abstract] | ' | ' |
Fair value | $1,459,626 | $1,253,117 |
Other assets: Derivative instrument - interest rate swaps | 1,300 | ' |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets measured at fair value on a recurring basis [Abstract] | ' | ' |
U.S. Government gency securities | 20,685 | 10,726 |
Federally insured student loan securities | 129,734 | 147,573 |
Obligations of states and political subdivisions | 588,551 | 458,118 |
Residential mortgage-backed securities | 382,625 | 322,774 |
Commercial mortgage-backed securities | 143,989 | 120,347 |
Other debt securities | 194,042 | 193,579 |
Fair value | 1,459,626 | 1,253,117 |
Commercial loans held for sale | 154,474 | 69,904 |
Other assets: Derivative instrument - interest rate swaps | -1,267 | 481 |
Total assets | 1,612,833 | 1,323,502 |
Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Assets measured on a nonrecurring basis [Abstract] | ' | ' |
Impaired loans | 38,923 | 40,767 |
Other real estate owned | 26,781 | 26,295 |
Intangible assets | ' | 7,612 |
Assets nonrecurring | 65,704 | 74,674 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Assets measured at fair value on a recurring basis [Abstract] | ' | ' |
Fair value | 64,081 | 64,971 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets measured at fair value on a recurring basis [Abstract] | ' | ' |
U.S. Government gency securities | ' | 400 |
Obligations of states and political subdivisions | 2,297 | 2,277 |
Other debt securities | 61,784 | 62,294 |
Fair value | 64,081 | 64,971 |
Total assets | 64,081 | 64,971 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets measured at fair value on a recurring basis [Abstract] | ' | ' |
Fair value | 1,395,545 | 1,187,595 |
Other assets: Derivative instrument - interest rate swaps | -1,267 | 481 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets measured at fair value on a recurring basis [Abstract] | ' | ' |
U.S. Government gency securities | 20,685 | 10,326 |
Federally insured student loan securities | 129,734 | 147,573 |
Obligations of states and political subdivisions | 586,254 | 455,841 |
Residential mortgage-backed securities | 382,625 | 322,774 |
Commercial mortgage-backed securities | 143,989 | 120,347 |
Other debt securities | 132,258 | 130,734 |
Fair value | 1,395,545 | 1,187,595 |
Other assets: Derivative instrument - interest rate swaps | -1,267 | 481 |
Total assets | 1,394,278 | 1,188,076 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets measured at fair value on a recurring basis [Abstract] | ' | ' |
Fair value | ' | 551 |
Commercial loans held for sale | 154,474 | 69,904 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets measured at fair value on a recurring basis [Abstract] | ' | ' |
Other debt securities | ' | 551 |
Fair value | ' | 551 |
Commercial loans held for sale | 154,474 | 69,904 |
Total assets | 154,474 | 70,455 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Assets measured on a nonrecurring basis [Abstract] | ' | ' |
Impaired loans | 38,923 | 40,767 |
Other real estate owned | 26,781 | 26,295 |
Intangible assets | ' | 7,612 |
Assets nonrecurring | $65,704 | $74,674 |
Fair_Value_Measurements_Unobse
Fair Value Measurements, Unobservable Input Reconciliation (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Available-for-sale Securities [Member] | ' | ' |
Changes in Company's Level 3 assets [Roll Forward] | ' | ' |
Beginning balance | $551 | $597 |
Transfers out of level 3 | -551 | ' |
Total gains or losses (realized/unrealized) Included in earnings | ' | -1 |
Included in other comprehensive income | ' | 21 |
Purchases, issuances, and settlements [Abstract] | ' | ' |
Settlements | ' | -66 |
Ending balance | ' | 551 |
Commercial Loans Held For Sale [Member] | ' | ' |
Changes in Company's Level 3 assets [Roll Forward] | ' | ' |
Beginning balance | 69,904 | 11,341 |
Total gains or losses (realized/unrealized) Included in earnings | 4,604 | 3,082 |
Purchases, issuances, and settlements [Abstract] | ' | ' |
Issuances | 325,592 | 309,358 |
Sales | -243,960 | -253,832 |
Settlements | -1,666 | -45 |
Ending balance | $154,474 | $69,904 |
Derivatives_Narrative_Details
Derivatives (Narrative) (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
agreement | |
Derivative [Line Items] | ' |
Notional Amount | $100,100,000 |
Payable under agreements | 1,300,000 |
Interest Rate Swap [Member] | ' |
Derivative [Line Items] | ' |
Number of interest rate swap agreements | 21 |
Fair value adjustment on loans held-for-sale | $2,300,000 |
Derivatives_Derivatives_Detail
Derivatives (Derivatives) (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Derivative [Line Items] | ' |
Notional Amount | $100,100 |
Fair Value | -1,267 |
Interest Rate Swaps, Maturing May 20, 2024 [Member] | ' |
Derivative [Line Items] | ' |
Maturity Date | 20-May-24 |
Notional Amount | 1,700 |
Interest rate paid (in hundredths) | 2.62% |
Interest rate received (in hundredths) | 0.23% |
Fair Value | -6 |
Interest Rate Swaps, Maturing June 3, 2024 [Member] | ' |
Derivative [Line Items] | ' |
Maturity Date | 3-Jun-24 |
Notional Amount | 2,600 |
Interest rate paid (in hundredths) | 2.60% |
Interest rate received (in hundredths) | 0.23% |
Fair Value | -3 |
Interest Rate Swaps, Maturing July 1, 2024 [Member] | ' |
Derivative [Line Items] | ' |
Maturity Date | 1-Jul-24 |
Notional Amount | 2,600 |
Interest rate paid (in hundredths) | 2.65% |
Interest rate received (in hundredths) | 0.23% |
Fair Value | -13 |
Interest Rate Swaps, Maturing April 23, 2019 [Member] | ' |
Derivative [Line Items] | ' |
Maturity Date | 23-Apr-19 |
Notional Amount | 2,800 |
Interest rate paid (in hundredths) | 1.83% |
Interest rate received (in hundredths) | 0.23% |
Fair Value | -27 |
Interest Rate Swaps, Maturing May 15, 2024 [Member] | ' |
Derivative [Line Items] | ' |
Maturity Date | 15-May-24 |
Notional Amount | 2,800 |
Interest rate paid (in hundredths) | 2.71% |
Interest rate received (in hundredths) | 0.22% |
Fair Value | -32 |
Interest Rate Swaps, Maturing June 9, 2024 [Member] | ' |
Derivative [Line Items] | ' |
Maturity Date | 9-Jun-24 |
Notional Amount | 3,300 |
Interest rate paid (in hundredths) | 2.72% |
Interest rate received (in hundredths) | 0.23% |
Fair Value | -38 |
Interest Rate Swaps, Maturing June 20, 2024 [Member] | ' |
Derivative [Line Items] | ' |
Maturity Date | 20-Jun-24 |
Notional Amount | 3,700 |
Interest rate paid (in hundredths) | 2.73% |
Interest rate received (in hundredths) | 0.23% |
Fair Value | -47 |
Interest Rate Swaps, Maturing June 12, 2014 [Member] | ' |
Derivative [Line Items] | ' |
Maturity Date | 12-Jun-14 |
Notional Amount | 4,000 |
Interest rate paid (in hundredths) | 2.77% |
Interest rate received (in hundredths) | 0.23% |
Fair Value | -64 |
Interest Rate Swaps, Maturing March 18, 2024 [Member] | ' |
Derivative [Line Items] | ' |
Maturity Date | 18-Mar-24 |
Notional Amount | 4,200 |
Interest rate paid (in hundredths) | 2.76% |
Interest rate received (in hundredths) | 0.23% |
Fair Value | -73 |
Interest Rate Swaps, Maturing June 23, 2024 [Member] | ' |
Derivative [Line Items] | ' |
Maturity Date | 23-Jun-24 |
Notional Amount | 4,200 |
Interest rate paid (in hundredths) | 2.71% |
Interest rate received (in hundredths) | 0.23% |
Fair Value | -38 |
Interest Rate Swaps, Maturing June 12, 2019 [Member] | ' |
Derivative [Line Items] | ' |
Maturity Date | 12-Jun-19 |
Notional Amount | 4,300 |
Interest rate paid (in hundredths) | 1.80% |
Interest rate received (in hundredths) | 0.23% |
Fair Value | -28 |
Interest Rate Swaps, Maturing April 14, 2024 [Member] | ' |
Derivative [Line Items] | ' |
Maturity Date | 14-Apr-24 |
Notional Amount | 4,300 |
Interest rate paid (in hundredths) | 2.75% |
Interest rate received (in hundredths) | 0.23% |
Fair Value | -70 |
Interest Rate Swaps, Maturing July 2, 2024 [Member] | ' |
Derivative [Line Items] | ' |
Maturity Date | 2-Jul-24 |
Notional Amount | 4,300 |
Interest rate paid (in hundredths) | 2.63% |
Interest rate received (in hundredths) | 0.23% |
Fair Value | -12 |
Interest Rate Swaps, Maturing April 7, 2024 [Member] | ' |
Derivative [Line Items] | ' |
Maturity Date | 7-Apr-24 |
Notional Amount | 5,100 |
Interest rate paid (in hundredths) | 2.91% |
Interest rate received (in hundredths) | 0.23% |
Fair Value | -156 |
Interest Rate Swaps, Maturing June 13, 2024 [Member] | ' |
Derivative [Line Items] | ' |
Maturity Date | 13-Jun-24 |
Notional Amount | 5,300 |
Interest rate paid (in hundredths) | 2.76% |
Interest rate received (in hundredths) | 0.23% |
Fair Value | -82 |
Interest Rate Swaps, Maturing May 14, 2024 [Member] | ' |
Derivative [Line Items] | ' |
Maturity Date | 14-May-24 |
Notional Amount | 6,000 |
Interest rate paid (in hundredths) | 2.73% |
Interest rate received (in hundredths) | 0.23% |
Fair Value | -80 |
Interest Rate Swaps, Maturing November 5, 2018 [Member] | ' |
Derivative [Line Items] | ' |
Maturity Date | 5-Nov-18 |
Notional Amount | 6,100 |
Interest rate paid (in hundredths) | 1.51% |
Interest rate received (in hundredths) | 0.24% |
Fair Value | -7 |
Interest Rate Swaps, Maturing January 6, 2024 [Member] | ' |
Derivative [Line Items] | ' |
Maturity Date | 6-Jan-24 |
Notional Amount | 6,200 |
Interest rate paid (in hundredths) | 3.07% |
Interest rate received (in hundredths) | 0.24% |
Fair Value | -288 |
Interest Rate Swaps, Maturing May 6, 2019 [Member] | ' |
Derivative [Line Items] | ' |
Maturity Date | 6-May-19 |
Notional Amount | 6,700 |
Interest rate paid (in hundredths) | 1.79% |
Interest rate received (in hundredths) | 0.22% |
Fair Value | -50 |
Interest Rate Swaps, Maturing June 4, 2024 [Member] | ' |
Derivative [Line Items] | ' |
Maturity Date | 4-Jun-24 |
Notional Amount | 7,800 |
Interest rate paid (in hundredths) | 2.63% |
Interest rate received (in hundredths) | 0.23% |
Fair Value | -31 |
Interest Rate Swaps, Maturing March 24, 2019 [Member] | ' |
Derivative [Line Items] | ' |
Maturity Date | 24-Mar-19 |
Notional Amount | 12,100 |
Interest rate paid (in hundredths) | 1.81% |
Interest rate received (in hundredths) | 0.22% |
Fair Value | ($122) |
Other_Identifiable_Intangible_1
Other Identifiable Intangible Assets (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Nov. 29, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2007 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Acquisition date | 29-Nov-12 | ' | ' | ' | ' | ' |
Acquisition purchase price | $1,800,000 | ' | ' | ' | ' | ' |
Customer list intangible asset | ' | 12,000,000 | ' | 12,000,000 | ' | 12,000,000 |
Intangible asset amortization period | '8 years | ' | ' | ' | ' | '12 years |
Amortization of intangible assets per year | 217,000 | ' | ' | ' | ' | 1,000,000 |
Amortization of intangible assets over five years | 1,100,000 | ' | ' | ' | ' | 5,000,000 |
Accumulated amortization | 316,000 | 6,500,000 | ' | 6,500,000 | ' | ' |
Amortization of intangible assets | ' | 304,000 | 250,000 | 608,000 | 500,000 | ' |
Customer Lists [Member] | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Amortization of intangible assets | ' | $250,000 | $250,000 | $500,000 | $500,000 | ' |
Regulatory_Matters_Details
Regulatory Matters (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Regulatory Capital Requirements [Abstract] | ' |
Potential rate increase for FDIC assessment | 0.10% |
Subsequent_Events_Details
Subsequent Events (Details) | Jun. 30, 2014 | Dec. 31, 2013 | Jul. 10, 2014 |
Subsequent Event [Member] | |||
item | |||
Subsequent Event [Line Items] | ' | ' | ' |
Number of investment banks | ' | ' | 2 |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 |